Category: Trade

MIL-OSI: Abacus Global Management Announces Commencement of Exchange Offer and Consent Solicitation Relating to Warrants

Source: GlobeNewswire (MIL-OSI)

ORLANDO, Fla., June 30, 2025 (GLOBE NEWSWIRE) — Abacus Global Management, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leader in the alternative asset management space, today announced that it has commenced an exchange offer (the “Offer”) and consent solicitation (the “Consent Solicitation”) relating to its (i) outstanding public warrants (the “public warrants”) and (ii) outstanding private placement warrants (the “private placement warrants” and, together with the public warrants, the “warrants”) to purchase shares of common stock, par value $0.0001 per share, of the Company (“common stock”). The Company’s common stock and public warrants are listed on the Nasdaq Capital Market under the symbols “ABL” and “ABLLW,” respectively. The purpose of the Offer and Consent Solicitation is to simplify the Company’s capital structure and reduce the potential dilutive impact of the warrants, thereby providing the Company with more flexibility for financing its operations in the future.

Exchange Offer and Consent Solicitation Relating to Warrants

The Company is offering to all holders of the outstanding warrants the opportunity to receive 0.23 shares of common stock in exchange for each warrant tendered by the holder and exchanged pursuant to the Offer. Pursuant to the Offer, the Company is offering up to an aggregate of 4,743,381 shares of its common stock in exchange for the warrants. The offering period will continue until 11:59 p.m., Eastern Time, on July 29, 2025, or such later time and date to which the Company may extend (the “Expiration Date”), as described in the Company’s Schedule TO and Prospectus/Offer to Exchange (each as defined below). Tendered warrants may be withdrawn by holders at any time prior to the Expiration Date.

Concurrently with the Offer, the Company is also soliciting consents from holders of the public warrants to amend the warrant agreement that governs all of the warrants (the “Warrant Agreement”) to permit the Company to require that each warrant that is outstanding upon the closing of the Offer be exchanged for 0.207 shares of common stock, which is a ratio 10% less than the exchange ratio applicable to the Offer (such amendment, the “Warrant Amendment”). Pursuant to the terms of the Warrant Agreement, all except certain specified modifications or amendments require the vote or written consent of holders of at least 50% of the outstanding public warrants. Parties representing approximately 25% of our outstanding public warrants and 94% of our outstanding private placement warrants have agreed to tender their warrants in the Offer and to consent to the proposed Warrant Amendment in the Consent Solicitation pursuant to tender and support agreements. Accordingly, if holders of an additional approximately 25% of our outstanding public warrants agree to consent to the Warrant Amendment in the Consent Solicitation, and the other conditions described in the Offer and Consent Solicitation are satisfied or waived, then the Warrant Amendment will be adopted.

The Offer and Consent Solicitation are being made pursuant to a prospectus/offer to exchange, dated June 30, 2025 (the “Prospectus/Offer to Exchange”), and Schedule TO, dated June 30, 2025 (the “Schedule TO”), each of which has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and more fully sets forth the terms and conditions of the Offer and Consent Solicitation.

As of June 30, 2025, there were (i) 97,867,821 shares of common stock outstanding and (ii) a total of 20,623,395 warrants outstanding, including 11,723,395 public warrants and 8,900,000 private placement warrants. Assuming all warrant holders tender their warrants for exchange in the Offer, the Company would expect to issue up to 4,743,381 shares of common stock, resulting in 102,611,202 shares of common stock outstanding (an increase of approximately 5%), and no warrants outstanding.

D.F. King & Co., Inc. has been appointed as the information agent for the Offer and Consent Solicitation (the “Information Agent”), and Continental Stock Transfer & Trust Company has been appointed as the exchange agent (the “Exchange Agent”).

Important Additional Information Has Been Filed with the SEC

Copies of the Schedule TO and Prospectus/Offer to Exchange will be available free of charge at the website of the SEC at www.sec.gov. Requests for documents may also be directed to the Information Agent at (866) 796-3441 (for warrant holders) or (212) 257-2075 (for banks and brokers) or via the following email address: abacus@dfking.com. A registration statement on Form S-4 relating to the securities to be issued in the Offer has been filed with the SEC but has not yet become effective. Such securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This announcement is for informational purposes only and shall not constitute an offer to purchase or a solicitation of an offer to sell the warrants or an offer to sell or a solicitation of an offer to buy any shares of common stock in any state in which such offer, solicitation, or sale would be unlawful before registration or qualification under the laws of any such state. The Offer and Consent Solicitation are being made only through the Schedule TO and Prospectus/Offer to Exchange, and the complete terms and conditions of the Offer and Consent Solicitation are set forth in the Schedule TO and Prospectus/Offer to Exchange.

Holders of the warrants are urged to read the Schedule TO and Prospectus/Offer to Exchange carefully before making any decision with respect to the Offer and Consent Solicitation because they contain important information, including the various terms of, and conditions to, the Offer and Consent Solicitation.

None of the Company, any of its management or its board of directors, or the Information Agent, or the Exchange Agent, makes any recommendation as to whether or not holders of warrants should tender the warrants for exchange in the Offer or consent to the Warrant Amendment in the Consent Solicitation.

About Abacus

Abacus Global Management (NASDAQ: ABL) is a leading financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide.

Contacts:

Investor Relations
Robert F. Phillips – SVP Investor Relations and Corporate Affairs
rob@abacusgm.com
(321) 290-1198

David Jackson – Director of IR/Capital Markets
david@abacusgm.com
(321) 299-0716

Abacus Global Management Public Relations
press@abacusgm.com

The MIL Network –

July 1, 2025
MIL-OSI Submissions: South Africa has failed to deliver access to enough water for millions – a new approach is needed
Source: The Conversation – Africa – By Tracy Ledger, Head: Energy and Society Programme, University of Johannesburg

South Africa is one of only 52 countries that guarantee access to water as a human right. “Access” from a human rights perspective means that water is physically accessible, clean and safe for consumption, and affordable. Section 27 of the country’s constitution stipulates that everyone has the right to access sufficient water.

But South Africa is not doing well on meeting the standards of a full human rights approach to water access. In a recent paper, I and my colleagues at the Public Affairs Research Institute’s Just Transition Programme set out the extent of this failure, and mapped out what needs to be done to rectify the situation.

The Just Transition Programme aims to contribute to a successful climate transition that prioritises social justice, equity and poverty reduction.

Part of our research method is ethnography – spending time in communities struggling to access water. We do this to learn what concrete changes are required to improve people’s lives, from their own perspective.

Physical access to water for households has increased significantly since the country’s first democratic elections in 1994. Nevertheless, water quality and safety has declined over the past ten years. Almost half the country’s drinking water is considered unsafe
for human consumption. Water service interruptions – sometimes lasting days – are becoming more common.

Read more:
Basic water services in South Africa are in decay after years of progress

South Africa’s household poverty rate (the number of households who live below the upper bound poverty line) is now at 55%. We found that water is becoming more and more unaffordable for impoverished households. The result is that these families have to limit the amount of water they use. This worsens poverty and inequality.

To solve this problem, the South African government needs to embrace a human rights approach to access to water, where people are given enough water to live a full life.

What went wrong?

The first problem is affordability. People cannot access water if they don’t have the money to pay for it, but most clean and safe water in South Africa must be paid for. Poverty is a key barrier to access.

The United Nations special rapporteur on the human rights to water and sanitation has emphasised that it is the responsibility of the state to assess whether households can afford to pay for water, without sacrificing other basic essential items such as food. It is up to governments to take steps to make water affordable.

The country’s Free Basic Water policy was originally intended to address this issue. It guaranteed impoverished households access to a free 6,000 litres of water per month. This is roughly 200 litres per household of eight people per day. However, in practice this policy is not a meaningful solution, for two reasons:
- the amount provided is an average of 25 litres of water per person per day. This is way below the World Health Organization recommendation of a minimum water allowance of between 50 and 100 litres of water per person per day.
- many millions of poor households are excluded from the benefit because of poor implementation of the policy by municipalities.
This situation reflects the failure to create, implement and oversee a regulatory environment that is necessary to realise affordable access to sufficient, clean water for all South Africans.

The policy failures

Firstly, water policy – at both national and municipal levels – has failed to take a human rights approach. A human rights approach requires that access to sufficient, quality and affordable water is the starting point for all policy making and resource allocation decisions. This has not been the case.

Secondly, access to water has been narrowly defined as making water physically available without considering affordability. Most water access policy in South Africa includes statements declaring that water must be affordable for everyone. Unfortunately, all of these policy promises have remained exactly that – just promises.

Meeting the goal of affordability requires more from the government than stating that water should be affordable. The state must develop affordability standards – in other words, calculate a water tariff that everyone can afford – and monitor it. At the moment, there is no national government oversight of water tariffs and so the affordability policy is effectively meaningless.

Read more:
The lack of water in South Africa is the result of a long history of injustice — and legislation should start there

The actual state practices of tariff setting and approval, particularly in local municipalities, have not translated any of these promises into reality.

Thirdly, many households are denied access to even the 25 litres of free water per person per day, because municipalities don’t always implement the free basic water policy as intended.

Read more:
Why ordinary people must have a say in water governance

Fourthly, the state has failed to acknowledge the contradiction between providing universal access to services, and requiring municipalities to generate enough money to cover 90% of their running costs. Tariffs for water have increased at rates well above inflation over the past 20 years. But in a very impoverished environment where many people cannot afford to pay for water, up to two thirds of South Africa’s municipalities have been classified as being in financial distress.

There is a fundamental – and currently insoluble – conflict between the tariffs that municipalities must charge in order to maintain fully funded budgets, and the tariffs that could be defined as affordable.

What needs to be done?

These actions should be taken in the short term:
- the free basic water allowance must be increased
- the household indigent policy, which determines how households can access free municipal services like water, must be restructured.
- affordability standards must be developed in close consultation with affected communities. This is the only way to set water tariffs that are based on what households are actually able to pay.
- there must be oversight of the provision of sufficient, affordable water for everyone.
In the longer term, these two additional problems must be solved:
- municipalities are losing revenue from water, particularly from leaking pipes and other infrastructure
- the local government fiscal framework requires that municipalities earn a surplus on trading services such as water. This must be changed so that municipal finances prioritise affordability of water instead.
The ethnographic research team for this work was led by Mahlatse Rampedi, who holds a master’s degree and has ten years of experience, together with Ntokozo Ndhlovu, who holds an honours degree.

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

– ref. South Africa has failed to deliver access to enough water for millions – a new approach is needed – https://theconversation.com/south-africa-has-failed-to-deliver-access-to-enough-water-for-millions-a-new-approach-is-needed-247831
MIL OSI –
July 1, 2025
MIL-OSI Russia: Xinjiang hosts event to establish agricultural trade and economic cooperation and promote local agricultural brands to overseas markets

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

URUMQI, June 30 (Xinhua) — An event to boost agricultural economic and trade cooperation and promote Xinjiang’s agricultural brands to overseas markets was held in Urumqi, capital of northwest China’s Xinjiang Uygur Autonomous Region, on June 29. The event is an important part of the trade promotion program of the 2025 Eurasian Goods and Trade Expo.

According to local newspaper Xinjiang Daily, the event aims to promote interactions between agricultural enterprises and organizations, make full use of the advantages of Xinjiang’s geographical location, openness and strengths of the industry, and serve high-quality agricultural economic and trade cooperation between China and participating countries in the framework of jointly building the Belt and Road.

On that day, representatives of agricultural departments, research institutes, and enterprise associations from 14 countries, including Russia, Kazakhstan, and Pakistan, as well as heads of relevant departments in Xinjiang and representatives of leading agricultural enterprises in the region, gathered together to present their products and consolidate opinions on cooperation issues.

According to Tan Mingze, an official with the Xinjiang Uygur Autonomous Region’s Bureau of Agriculture and Rural Affairs, Xinjiang has been comprehensively promoting international cooperation in the agricultural sector in recent years by relying on its advantages. In 2024, Xinjiang’s agricultural trade volume reached 2.77 billion US dollars, with an average annual growth rate of 35 percent over the past three years. Xinjiang’s elite crop varieties, water-saving irrigation technologies and advanced agricultural machinery have been widely applied in neighboring countries. In the future, Xinjiang will continue to promote facilitation of agricultural economic and trade cooperation and fully support local agricultural enterprises in entering international markets.

“This event is of great significance to promoting trade in Xinjiang’s high-quality agricultural products, establishing links between enterprises and deepening cooperation in agricultural supply chains,” said Zhang Qian, chief project appraisal specialist at the Foreign Economic Cooperation Center under the Ministry of Agriculture and Rural Affairs.

During the event, foreign participants expressed hope for joint efforts with other participants to expand agricultural trade and economic cooperation. -0-

MIL OSI Russia News –

July 1, 2025
MIL-OSI Russia: “Talents and Leaders”: the Academic Council discussed the Polytechnic University’s personnel policy

Translation. Region: Russian Federal

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

At the next meeting, members of the SPbPU Academic Council considered issues of forming personnel policy, the results of the work of the selection committee of the faculty, held elections of heads of departments and voted for the nomination of employees for academic titles.

Before the start of work on the agenda, a ceremonial presentation of awards and honoring of polytechnic students who have distinguished themselves both in the professional field and in other areas was held.

Special attention was given to the Rector’s Advisor, Doctor of Economics, Professor Nina Pankova. For many years of work and contribution to the development of education, she received a Letter of Gratitude from the President of the Russian Federation. Nina Vladimirovna’s great contribution to the development of the Polytechnic University was noted with the SPbPU “For Merit” badge of distinction.

Also, the highest award of the university “For Merit” was received by Professor of the Higher School of Service and Trade Sergey Barykin, Director of the Center for Scientific and Technological Partnership and Targeted Training Oleg Ipatov and Assistant Vice-Rector Elena Stuchinskaya. In addition, Elena Georgievna was awarded a Gratitude from the Committee for Science and Higher Education of St. Petersburg for many years of conscientious work, a great personal contribution to the development of the higher education system and the scientific potential of the city.

The Director of the Center for Intellectual Property and Technology Transfer, Ismail Kadiev, was also awarded a letter of gratitude from the KNVSh.

Director of the Higher Engineering School Alexander Kudakov received from the hands of the First Vice-Rector of SPbPU Vitaly Sergeev the Certificate of Honor of SPbPU for many years of conscientious work, professional excellence, achievement of high indicators, successful completion of especially important and complex tasks.

A group of employees of the Public Relations Department was awarded a gratitude from SPbPU for the successful holding and coverage of large-scale corporate events: the head of the news portal department Evgeny Gusev, the head of the special projects department Olesya Stepanova, the head of the media relations department Evgeny Pleshachkov and the head of the visual communications department Anastasia Eliseenko.

Then the awarding of diplomas for conferring academic degrees took place. The diploma of Doctor of Technical Sciences was received by Wang Qingsheng (scientific supervisor — Director of IMMIT Anatoly Popovich). The diploma of Candidate of Economic Sciences was awarded to Ekaterina Tereshko (scientific supervisor — Professor Irina Rudskaya). Diplomas of Candidates of Technical Sciences were received by: Arseniy Repnin (scientific supervisor — Director of IMMIT Anatoly Popovich), Arslan Khazem, Yulia Logvinova and Alexander Chusov.

The first vice-rector Vitaly Sergeev presented diplomas of candidates of physical and mathematical sciences to Gavriil Voloshin andTo Vadim Kozhevnikov.

The academic title of associate professor was awarded to seven Polytechnic employees: Dmitry Budanov, Natalia Goncharova, Ivan Ivanov, Alex Krasnov, Ivan Pyatak, Konstantin Semenov and Viktor Yanchus.

Students also achieved significant success. Ekaterina Kondaurova became a gold medalist of the VIII season of the All-Russian Olympiad “I am a professional” 2024/2025 in the category “Master’s degree/specialist” in the direction of “Psychology”.

Student of IPMET Alena Akentyeva won the All-Russian Engineering Competition (VIC) 2024/2025 year (scientific supervisor — associate professor of the Higher School of Public Administration Olga Makarova). Student of the Institute of Economics and Telecommunications Ekaterina Isupova received a first-degree diploma (scientific supervisor — associate professor Alexander Sochava). A second-degree diploma was awarded to a team of students of the Institute of Economics and Telecommunications for second place in the university standings of the city student interuniversity Olympiad on the fundamentals of radio engineering and telecommunications.

Polytechnic University athletes returned with two victories from the XV Summer Spartakiad of Nuclear Power, Industry and Science Workers “Atomiada-2025”. At the Academic Council, the winners of first place in 3×3 basketball among women’s teams were represented by the coach of the Student Sports Club “Black Bears-Polytechnic” Darya Tikhmyanova and the student of the Institute of Professional Education Vasilisa Yampolskaya. Congratulations for the gold in mini-football among men’s teams were received by the coach Timur Guseinov and the player Artem Terentyev.

The bronze medalists of the Student Mini-Football Competition among women’s university teams were represented at the Academic Council by coach Vladimir Kalinin, leading specialist of the Black Bears-Polytech Sports Club Daria Khadjaridi and IMMiT graduate Alina Asanova.

Senior lecturer of the Department of Physical Training and Sports Andrey Skorokhodov became the winner of the internship program “Top-100″ of the Association of Student Sports Clubs of Russia” in the direction of “Coach” within the framework of the All-Russian festival of student sports “ASSK.Fest”.

After the formal part, work on the meeting agenda began. Vice-Rector for Human Resources Policy Maria Vrublevskaya presented the concept of the university’s human capital management policy to her colleagues. Having discussed the report, the members of the Academic Council noted that the policy meets the goals of achieving technological leadership, increasing the competitiveness and managerial maturity of the university. The policy, in particular, assumes the creation of an effective HR cycle, support for talents and leaders, the formation of a personnel reserve, the introduction of a competency-based approach, the systematic development of employees, increasing their motivation and the formation of a favorable environment for productive work. The Academic Council focused on the points requiring revision, and generally approved the concept of the university’s human capital management policy until 2036.

Vice-Rector for Educational Activities Lyudmila Pankova presented a report on the second issue, “On the results of the work of the Faculty Competition Commission within the framework of competition procedures for applicants for positions of teaching staff related to the faculty of SPbPU.”

The third issue was the election of department heads. As a result of the voting, Vladimir Okrepilov was elected head of the UNESCO department “Quality Management in Education for Sustainable Development”, Alexander Semencha was elected head of the department of applied chemistry at IMMiT, Alexander Kashtanov was elected head of the basic department of “Functional Materials and Technologies” at the Central Research Institute of Structural Materials “Prometey” at IMMiT, Svetlana Golovkina was elected head of the department of economic theory at IPMEiT, German Shatsky was elected head of the basic department of “Financial Monitoring” at the Interregional Department of Rosfinmonitoring for the Northwestern Federal District of IPMEiT, and Olga Zybina was elected head of the basic department of “Fire Safety” at OOO “Gefest” at ISI.

The fourth issue considered the nomination for the assignment of academic titles. Three people were nominated for the title of associate professor: Olga Anisimova (Humanities Institute), Nikita Ivanov (Institute of Electronics and Telecommunications) and Tigran Ovasapyan (Institute of Computer Science and Cybersecurity).

After a brief report from the Academic Secretary of SPbPU Dmitry Karpov on the execution of all instructions of the Academic Council and the consideration of current issues, the meeting ended.

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 –

July 1, 2025
MIL-OSI Russia: “Academic Council about People”: competition of teaching staff, remuneration, awards and incentives

Translation. Region: Russian Federal

Source: State University Higher School of Economics – State University Higher School of Economics –

© Higher School of Economics

The final meeting of this academic year took place on June 25. Academic Council of the National Research University Higher School of Economics. And if at previous meetings issues of technological development, international cooperation and financial stability of the university were considered, now the emphasis was placed on social issues.

“Today, the Academic Council is about people,” said HSE Rector Nikita Anisimov, opening the meeting. Before discussing the main agenda, he reported that the day before, on June 24, in accordance with the decree of the President of Russia, several university employees became recipients of state awards.

The Order of Friendship was awarded to full professors Viktor Bolotov and Anton Ivanov, and the medal of the Order of Merit for the Fatherland, 2nd degree, was awarded to research professor FSN Leonid Polyakov. The honorary title “Honored Worker of Higher Education of the Russian Federation” was awarded to full professor Andrei Klimenko, “Honored Scientist of the Russian Federation” – to full professor Vladislav Podinovsky.

Nikita Anisimov also recalled that in the recent elections to the Russian Academy of Sciences, four HSE employees elected academicians, seven – corresponding members. “This is evidence of the good potential and power of our university, the dynamics of its development and the attitude towards it,” the rector emphasized.

The first item on the agenda was the traditional summer competition for filling positions of professorial and teaching staff (PTS). Its preliminary results were reported by HSE Vice-Rector Alexey Koshel and Head of the Commission on Personnel and Awards of the Academic Council Marina Oleshek.

Alexey Koshel noted that the number of recommended candidates for three- and four-year contracts in Moscow has increased compared to the winter competition. The vice-rector noted that the St. Petersburg campus demonstrated high activity in terms of staff renewal: there are almost as many external candidates for professor vacancies there as internal ones.

All this speaks to the effectiveness of the chosen vector of development of personnel policy: the university attracts talented teachers and scientists to the positions of teaching staff, with whom it is ready to enter into long-term cooperation. At the same time, the status of a professor at the National Research University Higher School of Economics is highly attractive on the market, ensuring serious competition and stable renewal of the academic environment.

The second issue on the agenda is the system of material motivation of HSE employees. The key element of this system is the Regulation on Remuneration, adopted back in 2015. At that time, it represented a set of the most modern solutions in the education system. Since then, many changes have occurred at the university, in legislation and in the labor market, the requirements and basic expectations of employees have been transformed, the range of best practices for working with material motivation has expanded, so there was a need to develop a new version of the document.

“A high level of guaranteed wages for full-time employees and a system of academic bonuses have been and remain a serious factor and incentive for the development of the university. The revision of the Regulation on wages has become a logical and necessary step to maintain leadership and motivation of the team, which today works on global projects in science and education, and faces serious professional challenges,” said Alexey Koshel.

The new regulation includes a support system for young professionals: financial support for the period of adaptation to professional activity, a paid mentoring system, and an allowance for defending dissertations for the degree of candidate of science. The regulation revises and supplements the list of incentive payments and social measures. The model for remuneration of external part-time workers has been changed, and business processes for concluding civil law contracts have been simplified. In addition, digital tools are being developed that allow employees to see all the financial incentives available at the university.

Vice-Rector of the National Research University Higher School of Economics Alexander Balyshev also noted the importance of maintaining the volume of the university’s investments in academic allowances taking into account inflation. Changes in their structure are possible, but they will remain an incentive tool.

The proposed innovations were approved by the relevant commissions of the Academic Council, as well as Trade Union of HSE Employees, as its chairman, ordinary professor Dmitry Kuznetsov, spoke about.

The Academic Council supported the changes: they will come into force in 2026. As Nikita Anisimov emphasized, the material motivation system is a framework that is designed to streamline wages and make people’s lives easier. The new system will become more balanced, transparent and fair, aimed at a systematic increase in the salaries of university employees.

The meeting also focused on non-material motivation. The Academic Council approved the Regulation on the system of awards and incentives at the National Research University Higher School of Economics. This system exists at the university, but, like the remuneration system, it needs to be modernized. “Its principles should also be clear to the team,” Nikita Anisimov noted. Alexey Koshel spoke in more detail about the innovations in this matter.

He noted that professional recognition as a tool of non-material motivation does not lose its relevance. “Today, it is important to focus efforts on ensuring that managers at all levels have complete and up-to-date information about the award system and actively use the available tools. The University plans to develop the practice of presenting awards in a solemn atmosphere and make professional recognition a significant event for colleagues and the University as a whole,” said Alexey Koshel.

The incentive system includes a letter of gratitude and a thank-you note, which will be available to any employee from the first days of work (according to the previously effective rules – with at least one year of experience). The award system includes a certificate of honor from HSE, medals from HSE, honorary badges from HSE and honorary titles (statuses). Two new statuses are “Honorary Worker of HSE” and “Honorary Professor of HSE”, and the latter can be assigned to external colleagues – partners, trustees of the university.

About the results XXV Yasinsky (April) International Scientific Conference on Problems of Economic and Social Development said the chairman of its program committee, full professor at the National Research University Higher School of Economics Fuad Aleskerov.

He stated that it was possible to preserve all the advantages of the scientific conference: a stable brand, an interdisciplinary program, the involvement of different scientific schools, and the attraction of young scientists, including those from Russian regions. The top 10 countries by the number of foreign speakers included China, India, Qatar, the USA, Belarus, Brazil, Kazakhstan, the UK, South Africa, and Kyrgyzstan.

The Academic Council decided to rename the conference. Now it will be called the April International Scientific Conference named after E.G. Yasin.

Concluding the meeting, Nikita Anisimov thanked his colleagues for the involved discussion and for their effective work in the past academic year. He recalled that the admissions campaign had begun at the Higher School of Economics, which would continue after the vacation period.

“It is important that the university has formed a united and diverse team, which is well represented in the Academic Council. In this unity and diversity lies our strength and our future,” the HSE rector concluded.

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 –

June 30, 2025
MIL-OSI United Kingdom: UK Introduces New Trade Measures to Support Steel Sector
Source: United Kingdom – Executive Government & Departments

Press release

UK Introduces New Trade Measures to Support Steel Sector

UK strengthens steel safeguard measures
UK steel producers to benefit from stronger trade safeguards that better protect against surges in cheap imports. 

These changes will adjust how much steel countries around the world can send to the UK, protecting British jobs while making sure the UK still has a reliable supply.  

Reinforces the Government’s commitment as part of the Plan for Change to rebuild Britain’s industrial strength and reversing decades of decline. 

Steel producers across the UK will benefit from stronger trade measures from 1 July, as the government moves to better protect domestic industry from unforeseen surges in foreign imports as part of the Plan for Change.  

Following a recommendation from the Trade Remedies Authority (TRA), the Business Secretary has confirmed the final decision on the current steel safeguard, taking decisive action in the national interest to strengthen existing protections against spikes in foreign imports- delivering on the Government’s commitment to rebuild Britain’s industrial strength.

The changes to the steel safeguard will make the measure more effective by slowing future increases, capping certain import levels and tightening country-specific limits- ensuring UK steel producers won’t be undercut while still making sure the UK has a steady and reliable supply.

They will also strike the right balance between maintaining open trade and ensuring long-term viability for the UK’s steel sector which remains critical to the economy and to communities across the country.

This decision builds on the Trade Strategy published last week, which set out how the UK Government will strengthen its trade defences to protect key industries like steel, ensuring a fairer and more secure trading environment.

Business and Trade Secretary Jonathan Reynolds said:  

This Government is unapologetic in our support for the UK steel sector-it underpins Britain’s industrial strength, our national security, and our status as a global power.  

These measures back our producers and the thousands of families and communities who rely on steel production in the UK.  

We’ve taken decisive action to protect the UK market and level the playing field, and we’ll go further with our new Steel Strategy to build a stronger, more competitive future for British steel making central to our Plan for Change.

Today’s announcement delivers immediate protection and builds on the Industrial and Trade Strategies announced last week, reinforcing the government’s commitment to protecting jobs and securing the long-term success of domestic industry.  

This decision sits alongside a call for stakeholder views to shape the UK’s future trade approach to steel after June 2026. Yet another example of the UK’s commitment to strengthened trade defences.   

Notes to editors: 

The steel safeguard Tariff Rate Quota (TRQ) review assessed whether the UK should make changes to its steel safeguard measure to ensure more effective protection for producers from unforeseen import surges whilst balancing security of supply.

The Business and Trade Secretary’s decision on the Steel Safeguard TRQ  was informed by stakeholder engagement, legal analysis, and broader strategic considerations. 

The UK steel industry employs thousands of people in key manufacturing regions and supports critical supply chains in construction, automotive, and defence. 

The UK Government is committed to taking effective action to support a level playing field for domestic industry and will publish a comprehensive Steel Strategy later this year. 

The current UK steel safeguard measure ends in June 2026 and cannot be extended. The Call for Evidence launched on 26 June invites industry views to help shape new, future-ready trade measures that will protect UK businesses and jobs nationwide. 

A letter outlining the government’s intended decision was issued to the TRA on 24 June to enable WTO engagement.

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Published 30 June 2025
MIL OSI United Kingdom –
June 30, 2025
MIL-OSI: Lantronix Enters Into Cooperation Agreement With Investor Group Led by Chain of Lakes Investment Fund LLC

Source: GlobeNewswire (MIL-OSI)

IRVINE, Calif., June 30, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX) (the “Company”), a global leader in compute and connectivity IoT solutions enabling Edge AI intelligence, today announced that it has entered into a cooperation agreement with Lantronix stockholders Chain of Lakes Investment Fund LLC (“Chain of Lakes”), Haluk L. Bayraktar and Emre Aciksoz. Under the terms of the agreement, James (Jim) C. Auker will be appointed to the Lantronix Board of Directors (the “Board”) and will be nominated for election at the Company’s 2025 Annual Meeting of Stockholders. The date of the Annual Meeting has not yet been announced.

“Lantronix is committed to maximizing value for all Lantronix shareholders,” said Saleel Awsare, CEO and president of Lantronix. “We appreciate the constructive discussions with Chain of Lakes and are pleased to welcome Jim Auker to our Board. His perspective and experience will be valuable as we continue to execute on our strategic priorities.”

“We value the collaborative approach taken by Saleel and the Lantronix Board to reach a positive outcome for the benefit of all Lantronix shareholders,” said Tim O’Connell, chief investment officer of Chain of Lakes. “We believe Jim Auker will be a strong addition to the Board and are confident his contributions will help guide Lantronix in its efforts to explore opportunities to enhance shareholder value.”

Pursuant to their agreement with the Company, Chain of Lakes, Mr. Bayraktar and Mr. Aciksoz have agreed to customary standstill and voting commitments, among other provisions. The full agreement and required information in connection with the election of Mr. Auker to the Board will be filed with the U.S. Securities and Exchange Commission.

About Lantronix

Lantronix Inc. is a global leader in compute and connectivity IoT solutions that target high-growth industries, including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to achieve success in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

For more information, visit the Lantronix website.

Forward-Looking Statements

This news release contains forward-looking statements, including statements concerning management’s expectations about the future benefits of our entry into the cooperation agreement and the election of Mr. Auker to our Board. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. We have based our forward-looking statements on our current expectations and projections about trends affecting our business and industry and other future events. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Forward-looking statements are subject to substantial risks and uncertainties that could cause our results or experiences, or future business, financial condition, results of operations or performance, to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. Other factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to a pandemic or similar outbreak, wars and recent conflicts in Europe, Asia and the Middle East, hostilities in the Red Sea, or other causes; our ability to successfully convert our backlog and current demand; the impact of a pandemic or similar outbreak on our business, employees, customers, supply and distribution chains and the global economy; our ability to successfully implement our acquisition strategy or integrate acquired companies; uncertainty as to the future profitability of acquired businesses, and delays in the realization of, or the failure to realize, any accretion from acquisition transactions; acquiring, managing and integrating new operations, businesses or assets, and the associated diversion of management attention or other related costs or difficulties; our ability to continue to generate revenue from products sold into mature markets; our ability to develop, market, and sell new products; our ability to succeed with our new software offerings; our use of AI may result in reputational, competitive or financial harm and liability; fluctuations in our revenue due to the project-based timing of orders from certain customers; unpredictable timing of our revenues due to the lengthy sales cycle for our products and services and potential delays in customer completion of projects; our ability to accurately forecast future demand for our products; delays in qualifying revisions of existing products; constraints or delays in the supply of, or quality control issues with, certain materials or components; difficulties associated with the delivery, quality or cost of our products from our contract manufacturers or suppliers; risks related to the outsourcing of manufacturing and international operations; difficulties associated with our distributors or resellers; intense competition in our industry and resultant downward price pressure; rises in inventory levels and inventory obsolescence; undetected software or hardware errors or defects in our products; cybersecurity risks; our ability to obtain appropriate industry certifications or approvals from governmental regulatory bodies; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to protect patents and other proprietary rights and avoid infringement of others’ proprietary technology rights; issues relating to the stability of our financial and banking institutions and relationships; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; the impact of rising interest rates; our ability to attract and retain qualified management; and any additional factors included in our Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report; in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, filed with the SEC on May 9, 2025, including in the section entitled “Risk Factors” in Item 1A of Part II of such report; and in our other public filings with the SEC. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

Important Additional Information Regarding Proxy Solicitation

We intend to file a proxy statement and proxy card with the SEC in connection with the solicitation of proxies for our 2025 Annual Meeting of Stockholders (the “Proxy Statement” and such meeting, the “2025 Annual Meeting”). The Company, our directors and certain of our executive officers are participants in the solicitation. Information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement and other relevant documents to be filed with the SEC.

Additional information regarding the participants and their respective interests in the Company by security holdings or otherwise is set forth under the captions “Corporate Governance and Board Matters,” “Executive Compensation” and “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” in our proxy statement for the 2024 Annual Meeting of Stockholders, filed with the SEC on Sept.30, 2024 (the “2024 Proxy Statement”) and available at sec.gov/Archives/edgar/data/1114925/000114036124042340/ny20032265x1_def14a.htm.

To the extent holdings of such participants in our securities have changed since the amounts described in the 2024 Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of our Board of Directors for election at the 2025 Annual Meeting will be included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT, THE ACCOMPANYING PROXY CARD AND ANY AMENDMENTS AND SUPPLEMENTS THERETO BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. These documents, including the definitive Proxy Statement (and any amendments or supplements thereto) and other documents filed by us with the SEC, are available for no charge at the SEC’s website at http://www.sec.gov and at our investor relations website at https://www.lantronix.com/investor-relations/sec-filings.

© 2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

Lantronix Media Contact:
Gail Kathryn Miller
Corporate Marketing &
Communications Manager
media@lantronix.com
949-212-0960

Lantronix Analyst and Investor Contact:
investors@lantronix.com

The MIL Network –

June 30, 2025
Govt drafts emission targets for over 460 industries under carbon market plan

Source: Government of India

Source: Government of India (4)

The Ministry of Environment has issued a draft notification proposing legally binding greenhouse gas (GHG) emission targets for over 460 industrial units as part of India’s first compliance-based carbon market.

The move, aimed at curbing industrial emissions and accelerating decarbonisation, will apply to sectors such as aluminium, iron and steel, petroleum refining, petrochemicals, and textiles.

Titled the Greenhouse Gas Emission Intensity Target Rules, 2025, the draft, dated June 23, forms part of the Carbon Credit Trading Scheme (CCTS), 2023.

The scheme requires designated industries – referred to as “obligated entities” – to reduce their GHG emissions per unit of output over time, or compensate by purchasing carbon credit certificates from the Indian Carbon Market.

According to the draft, “The obligated entity shall achieve the Greenhouse Gases Emissions Intensity (GEI) targets in the respective compliance year… or meet its GEI target by purchasing carbon credit certificates from the Indian carbon market.”

If implemented, the targets will become legally enforceable from the date of final notification.

As per the draft, failure to comply will attract financial penalties and legal consequences under the Environment (Protection) Act, 1986.

The targets will be assigned for two compliance years – 2025-26 and 2026-27 – based on baseline emission intensity data from 2023-24.

The draft includes a list of 264 industrial units along with their baseline emission levels and reduction targets for the compliance years 2025-26 and 2026-27.

The Bureau of Energy Efficiency (BEE) will determine these targets using sectoral benchmarks and past performance. Greenhouse gas emission intensity (GEI) is defined as tonnes of CO2 equivalent emitted per unit of output or product.

For example, Hindalco Industries’ Taloja aluminium plant in Maharashtra, which had a baseline GEI of 1.3386 tCO2 per tonne in 2023-24, must reduce that figure to 1.2563 by 2026-27. In the steel sector, Arcelor Mittal Nippon Steel India’s Hazira facility – India’s largest obligated entity by production volume – must cut its emission intensity from 2.2701 to 2.1696 tCO2 per tonne during the same period.

The rules also cover the petroleum refining sector. BPCL’s Bina Refinery in Madhya Pradesh, with a crude throughput of over 51 million barrels, has been assigned a GEI reduction trajectory from 5.2312 tCO2/MBBLS in 2023-24 to 4.8553 by 2026-27. BPCL’s Kochi
Refinery, one of the largest in the country, must bring down its GEI from 4.5745 to 4.4230 tCO2/MBBLS in the same time frame.

Entities that emit less than their targets will receive carbon credit certificates, calculated as the difference between the GEI target and actual GEI, multiplied by the total production volume.

Conversely, those exceeding their targets must buy the difference in credits from the Indian Carbon Market. “The number of carbon credit certificates to be issued… shall be determined as per the following formula: (GEI Target – GEI Achieved) x Unit of equivalent product produced,” the draft states.

Unused credits can be banked for future use, allowing companies some flexibility across compliance years.

However, if an entity fails to meet its target and does not purchase the required credits, the Central Pollution Control Board (CPCB) will impose an Environmental Compensation.

This amount will be “equal to twice the average price at which a carbon credit certificate is traded during the trading cycle,” as per the notification. The penalty must be paid within 90 days.

Funds collected will be used to support carbon market operations, upon recommendation of the National Steering Committee and approval of the Centre.

The ministry has invited comments, objections, or suggestions from the public and industry stakeholders. Submissions must be made within 60 days of the draft’s publication and can be emailed to ccts.hsm-moefcc@gov.in.

(ANI)

June 30, 2025
Govt drafts emission targets for over 460 industries under carbon market plan

Source: Government of India

Source: Government of India (4)

The Ministry of Environment has issued a draft notification proposing legally binding greenhouse gas (GHG) emission targets for over 460 industrial units as part of India’s first compliance-based carbon market.

The move, aimed at curbing industrial emissions and accelerating decarbonisation, will apply to sectors such as aluminium, iron and steel, petroleum refining, petrochemicals, and textiles.

Titled the Greenhouse Gas Emission Intensity Target Rules, 2025, the draft, dated June 23, forms part of the Carbon Credit Trading Scheme (CCTS), 2023.

The scheme requires designated industries – referred to as “obligated entities” – to reduce their GHG emissions per unit of output over time, or compensate by purchasing carbon credit certificates from the Indian Carbon Market.

According to the draft, “The obligated entity shall achieve the Greenhouse Gases Emissions Intensity (GEI) targets in the respective compliance year… or meet its GEI target by purchasing carbon credit certificates from the Indian carbon market.”

If implemented, the targets will become legally enforceable from the date of final notification.

As per the draft, failure to comply will attract financial penalties and legal consequences under the Environment (Protection) Act, 1986.

The targets will be assigned for two compliance years – 2025-26 and 2026-27 – based on baseline emission intensity data from 2023-24.

The draft includes a list of 264 industrial units along with their baseline emission levels and reduction targets for the compliance years 2025-26 and 2026-27.

The Bureau of Energy Efficiency (BEE) will determine these targets using sectoral benchmarks and past performance. Greenhouse gas emission intensity (GEI) is defined as tonnes of CO2 equivalent emitted per unit of output or product.

For example, Hindalco Industries’ Taloja aluminium plant in Maharashtra, which had a baseline GEI of 1.3386 tCO2 per tonne in 2023-24, must reduce that figure to 1.2563 by 2026-27. In the steel sector, Arcelor Mittal Nippon Steel India’s Hazira facility – India’s largest obligated entity by production volume – must cut its emission intensity from 2.2701 to 2.1696 tCO2 per tonne during the same period.

The rules also cover the petroleum refining sector. BPCL’s Bina Refinery in Madhya Pradesh, with a crude throughput of over 51 million barrels, has been assigned a GEI reduction trajectory from 5.2312 tCO2/MBBLS in 2023-24 to 4.8553 by 2026-27. BPCL’s Kochi
Refinery, one of the largest in the country, must bring down its GEI from 4.5745 to 4.4230 tCO2/MBBLS in the same time frame.

Entities that emit less than their targets will receive carbon credit certificates, calculated as the difference between the GEI target and actual GEI, multiplied by the total production volume.

Conversely, those exceeding their targets must buy the difference in credits from the Indian Carbon Market. “The number of carbon credit certificates to be issued… shall be determined as per the following formula: (GEI Target – GEI Achieved) x Unit of equivalent product produced,” the draft states.

Unused credits can be banked for future use, allowing companies some flexibility across compliance years.

However, if an entity fails to meet its target and does not purchase the required credits, the Central Pollution Control Board (CPCB) will impose an Environmental Compensation.

This amount will be “equal to twice the average price at which a carbon credit certificate is traded during the trading cycle,” as per the notification. The penalty must be paid within 90 days.

Funds collected will be used to support carbon market operations, upon recommendation of the National Steering Committee and approval of the Centre.

The ministry has invited comments, objections, or suggestions from the public and industry stakeholders. Submissions must be made within 60 days of the draft’s publication and can be emailed to ccts.hsm-moefcc@gov.in.

(ANI)

June 30, 2025
Govt drafts emission targets for over 460 industries under carbon market plan

Source: Government of India

Source: Government of India (4)

The Ministry of Environment has issued a draft notification proposing legally binding greenhouse gas (GHG) emission targets for over 460 industrial units as part of India’s first compliance-based carbon market.

The move, aimed at curbing industrial emissions and accelerating decarbonisation, will apply to sectors such as aluminium, iron and steel, petroleum refining, petrochemicals, and textiles.

Titled the Greenhouse Gas Emission Intensity Target Rules, 2025, the draft, dated June 23, forms part of the Carbon Credit Trading Scheme (CCTS), 2023.

The scheme requires designated industries – referred to as “obligated entities” – to reduce their GHG emissions per unit of output over time, or compensate by purchasing carbon credit certificates from the Indian Carbon Market.

According to the draft, “The obligated entity shall achieve the Greenhouse Gases Emissions Intensity (GEI) targets in the respective compliance year… or meet its GEI target by purchasing carbon credit certificates from the Indian carbon market.”

If implemented, the targets will become legally enforceable from the date of final notification.

As per the draft, failure to comply will attract financial penalties and legal consequences under the Environment (Protection) Act, 1986.

The targets will be assigned for two compliance years – 2025-26 and 2026-27 – based on baseline emission intensity data from 2023-24.

The draft includes a list of 264 industrial units along with their baseline emission levels and reduction targets for the compliance years 2025-26 and 2026-27.

The Bureau of Energy Efficiency (BEE) will determine these targets using sectoral benchmarks and past performance. Greenhouse gas emission intensity (GEI) is defined as tonnes of CO2 equivalent emitted per unit of output or product.

For example, Hindalco Industries’ Taloja aluminium plant in Maharashtra, which had a baseline GEI of 1.3386 tCO2 per tonne in 2023-24, must reduce that figure to 1.2563 by 2026-27. In the steel sector, Arcelor Mittal Nippon Steel India’s Hazira facility – India’s largest obligated entity by production volume – must cut its emission intensity from 2.2701 to 2.1696 tCO2 per tonne during the same period.

The rules also cover the petroleum refining sector. BPCL’s Bina Refinery in Madhya Pradesh, with a crude throughput of over 51 million barrels, has been assigned a GEI reduction trajectory from 5.2312 tCO2/MBBLS in 2023-24 to 4.8553 by 2026-27. BPCL’s Kochi
Refinery, one of the largest in the country, must bring down its GEI from 4.5745 to 4.4230 tCO2/MBBLS in the same time frame.

Entities that emit less than their targets will receive carbon credit certificates, calculated as the difference between the GEI target and actual GEI, multiplied by the total production volume.

Conversely, those exceeding their targets must buy the difference in credits from the Indian Carbon Market. “The number of carbon credit certificates to be issued… shall be determined as per the following formula: (GEI Target – GEI Achieved) x Unit of equivalent product produced,” the draft states.

Unused credits can be banked for future use, allowing companies some flexibility across compliance years.

However, if an entity fails to meet its target and does not purchase the required credits, the Central Pollution Control Board (CPCB) will impose an Environmental Compensation.

This amount will be “equal to twice the average price at which a carbon credit certificate is traded during the trading cycle,” as per the notification. The penalty must be paid within 90 days.

Funds collected will be used to support carbon market operations, upon recommendation of the National Steering Committee and approval of the Centre.

The ministry has invited comments, objections, or suggestions from the public and industry stakeholders. Submissions must be made within 60 days of the draft’s publication and can be emailed to ccts.hsm-moefcc@gov.in.

(ANI)

June 30, 2025
MIL-OSI: As New Energy Tax Policy Takes Shape, T1 Energy Confident It is Well Positioned

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas and NEW YORK, June 30, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) values the ongoing support in the current draft of the budget bill under consideration in the U.S. Senate for the 45X Production Tax Credit, which encourages domestic production of solar modules and component pieces. This tax policy, backed by both houses of Congress and provisionally extended through 2032, provides a foundation for the growth of a domestic solar supply chain. T1 Energy expects to participate in and benefit from that growth.

In addition, the proposed language in the budget bill maintains transferability and stackability of 45X credits. T1 views both as important incentives for the domestic solar manufacturing industry in general, and specifically for T1 by providing financing options and flexibility. The ability to potentially stack the 45X credits from integrated U.S. cell and module production is expected to contribute meaningfully to T1’s EBITDA generation.

These elements of the budget bill are important for T1 as the Company continues to advance several capital formation initiatives to fund development of G2_Austin, its planned 5 GW U.S. Solar Cell Facility in Milam County, Texas. Finalization of the budget bill and a policy framework that supports T1’s domestic content strategy are key steps to advance T1’s project financing, customer offtake discussions and other related funding initiatives. The Company expects to complete the capital formation process to reach the start of construction at G2_Austin in Q3 2025.

T1 Energy is evaluating the recently added proposal to implement an excise tax on certain solar projects that include a substantial percentage of components from a Foreign Entity of Concern (“FEOC”) nation. As a young and nimble company, T1 Energy believes it will be able to align its manufacturing operations with the final version of the bill. If the FEOC tax is in the final draft, T1 expects to be able to provide American solar modules exempt from the tax. If the provision is removed, T1 will continue with existing plans to provide high efficiency, cost-competitive modules from G1_Dallas, its operational 5 GW Solar Module Facility, while the Company evaluates its most attractive value creation opportunities.

“Solar energy strengthens our electric grids and lowers electricity prices for Americans and American businesses. We see this every day on the Texas grid as solar supports the state’s dynamic population and economic growth through abundance and affordability. Solar is not a problem. It’s an answer. And it needs to be made in America,” said T1 Chairman of the Board and Chief Executive Officer Daniel Barcelo.

About T1 Energy

T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

To learn more about T1, please visit www.T1energy.com and follow us on social media.

Investor contact:

Jeffrey Spittel
EVP, Investor Relations and Corporate Development
jeffrey.spittel@T1energy.com
Tel: +1 409 599 5706

Media contact:

Russell Gold
EVP, Strategic Communications
russell.gold@T1energy.com
Tel: +1 214 616 9715

Cautionary Statement Concerning Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: the Company’s ability to deliver solar modules exempt from proposed tax and any associated advantage in the solar marketplace; the duration of the 45X Production Tax Credit policy; the proposed tax policy providing a foundation for the growth of a domestic solar supply chain and the Company’s expected participation and benefit from such growth; the final form of the budget bill, including the transferability and stackability of 45X credits, and any benefits to the Company on its financing options and flexibility; the extent to which potential stackability of 45X credits may contribute meaningfully to T1’s EBITDA generation; T1’s ability to align its manufacturing operations with the final version of the budget bill and comply with the bill; the Company’s commitment to shareholders and customers; the Company’s capital formation initiatives to fund G2_Austin and the timeline for its construction; the Company’s ongoing customer offtake discussions; and the Company’s commitment to provide modules that are exempt from the proposed FEOC tax. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, and T1’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the SEC on May 15, 2025, (ii) T1’s post-effective Amendment No. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

The MIL Network –

June 30, 2025
MIL-OSI: Global Net Lease Credit Ratings Upgraded By S&P Global

Source: GlobeNewswire (MIL-OSI)

NEW YORK, June 30, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) announced today that S&P Global has upgraded its corporate credit rating to BB+ from BB following the successful $1.8 billion sale of GNL’s multi-tenant portfolio, which enabled a substantial paydown of GNL’s debt. S&P also raised its issue-level rating on GNL’s unsecured notes to an investment-grade BBB- from BB+.

As a result of the multi-tenant portfolio sale, GNL’s streamlined portfolio of diversified, long-term triple-net leases features a broad tenant base, minimal near-term lease expirations, high occupancy, and strengthened operating metrics.

“We believe S&P’s upgrade of our credit ratings further validates the decisive actions we’ve taken to strengthen GNL’s balance sheet and portfolio,” said Michael Weil, CEO of GNL. “Our disciplined execution of a capital strategy designed to improve our credit profile and enhance shareholder value has created tangible results that we intend to build upon in the second half of 2025 and beyond. We are committed to further strengthening GNL’s financial position though continued leverage reduction and lowering our cost of capital.”

About Global Net Lease, Inc.

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded internally managed real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S., and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

Important Notice

The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

Contacts:
Investor Relations
Email: investorrelations@globalnetlease.com
Phone: (332) 265-2020

The MIL Network –

June 30, 2025
MIL-OSI United Kingdom: Convicted supplier of fake tobacco in Portsmouth has been ordered to pay

Source: City of Portsmouth

Two members of staff from Fratton Food Store in Portsmouth have been convicted for their roles in supplying counterfeit and smuggled tobacco products.

Following the previous sentencing, Portsmouth City Council Trading Standards carried out a financial investigation into the two store owners, Mr. Salar Karim Karam and Mr. Ali Kader Ismi to find out how much financial gain had been made from the illegal activities, leading to final conviction.

On Wednesday 11 June 2025, at Portsmouth Crown Court, Mr Salar Karim Karam was handed a Proceeds of Crime Act ‘Confiscation Order’ totalling £27,260.20 for contributing to the supply of over 45,000 counterfeit cigarettes from Fratton Food Store in Portsmouth. Karam has 3 months to pay this order or face 12 months in prison. Portsmouth City Council’s Trading Standards service brought this action and were subsequently awarded £5,248.28 in costs. The financial enquiries into Mr Ali Kader Ismil are ongoing.

Cllr Lee Hunt, Portsmouth City Council Cabinet Member for Community Safety, Leisure, and Sport, said:

“Portsmouth City Council will use the full weight of the law to pursue criminal trading. We have a highly motivated and skilled Trading Standards team constantly investigating premises and individuals who break the law; we will catch them just as we have been able to bring these individuals to justice. Those selling counterfeit items and tobacco products will be caught and risk severe penalties.”

The Council’s trading standards team helps to protect residents from unscrupulous traders and ensure that businesses comply with the law. The team works with trained tobacco detection dogs to sniff out illegal tobacco at premises across the city, often based on information provided by members of the public or other businesses.

If you know or suspect businesses in Portsmouth are supplying illicit tobacco, you can report it at trading.standards@portsmouthcc.gov.uk. For more information search ‘trading standards’ at portsmouth.gov.uk

The Council’s wellbeing service provides free support to help Portsmouth residents to stop smoking. Visit www.wellbeingportsmouth.co.uk or call 023 9229 4001 to find out more.

MIL OSI United Kingdom –

June 30, 2025
MIL-OSI Asia-Pac: Government announces appointments to four committees under Hong Kong Maritime and Port Development Board

Source: Hong Kong Government special administrative region

The Government today (June 30) announced the appointments to the four committees under the Hong Kong Maritime and Port Development Board (HKMPDB). The appointments will be effective from tomorrow (July 1), for a term of three years.

The HKMPDB will be established tomorrow as a high-level advisory body to assist the Government in formulating policies and long-term development strategies. In a press release issued on June 13, the Government announced the appointment and terms of reference of the HKMPDB, and the setting up of four committees under the HKMPDB to focus on specific areas of work, namely the Port Development Committee, the Maritime Services Development Committee, the Promotion and External Relations Committee and the Manpower Development Committee.————
Dr Moses Cheng Mo-chi————
Mr Mohamed Butt
Mr Ivor Chow
Mr Horace Lo Wai-man
Ms Ma Xiaoli
Mr Simon Wong Kwong-yeung
Mr Yim Kong
Professor Zou Ying-ying————
Hong Kong Container Terminal Operators Association
Hong Kong Liner Shipping Association
Hong Kong Shippers’ Council
Guangdong and Hong Kong Feeder Association————
Permanent Secretary for Transport and Logistics
Commissioner for Maritime and Port Development
Representative from Marine Department
Representative from Invest Hong Kong————
Ms Sabrina Chao Sih-ming————
Mr Feng Xiongya
Dr David Fong
Mr Bjorn Hojgaard
Mr Timothy Lee Kwok-lam
Mr Clarence Leung Ka-fai
Mr Brad Wang
Mr Paul Yeung Wai-keung————
Hong Kong Shipowners Association
Hong Kong Chamber of Shipping————
Commissioner for Maritime and Port Development
Representative from Marine Department
Representative from Invest Hong Kong————
Mr Angad Banga————
Mr Ryan Ip Man-ki
Mr Wilson Kwong Wing-tsuen
Mr Edward Liu Yang
Ms Tabitha Logan————
Hong Kong Container Terminal Operators Association
Hong Kong Liner Shipping Association
Hong Kong Shipowners Association
Hong Kong Maritime Museum————
Commissioner for Maritime and Port Development
Representative from Hong Kong Trade Development Council
Representative from Marine Department
Representative from Invest Hong Kong————
Mr Wellington Koo Tse-hau————
Mr Cheung Tai-kee
Mr Lothair Lam Ming-fung
Mr Kenneth Lam Sze-ken
Mr Joseph Li
Dr Venus Lun Yuen-ha
Dr Billy Mak Sui-choi
Mr Alan Tung Lieh-sing
Ms Cherry Xu Qili
Professor Yip Tsz-leung
Mr Chris Zhao Peng————
Hong Kong Shipowners Association
Hong Kong Seamen’s Union
Institute of Seatransport
Hong Kong Federation of Insurers
The Law Society of Hong Kong————
Commissioner for Maritime and Port Development
Representative from Vocational Training Council
Representative from Marine Department

MIL OSI Asia Pacific News –

June 30, 2025
MIL-OSI Europe: Producer and Import Price Index with average annual inflation rate of –1.7% in 2024

Source: Switzerland – Department of Foreign Affairs in English

The Producer and Import Price Index remained unchanged in December 2024 compared with the previous month, at 106.3 points (December 2020 = 100). Compared with December 2023, the price level of the whole range of domestic and imported products fell by 0.9%. Average annual inflation stood at –1.7% in 2024. These are the results from the Federal Statistical Office (FSO).

MIL OSI Europe News –

June 30, 2025
MIL-OSI Europe: Federal Councillor Guy Parmelin signs free trade agreement with Thailand

Source: Switzerland – Department of Foreign Affairs in English

On 23 January on the margins of the WEF Annual Meeting in Davos, Federal Councillor Guy Parmelin and representatives of Switzerland’s fellow EFTA states Iceland, Liechtenstein and Norway signed a free trade agreement with Thailand, represented by Pichai Naripthaphan, Thailand’s Minister of Commerce. Prime Minister Paetongtarn Shinawatra was also present at the signing ceremony.

MIL OSI Europe News –

June 30, 2025
MIL-OSI Europe: Federal Councillor Guy Parmelin signs free trade agreement with Kosovo

Source: Switzerland – Department of Foreign Affairs in English

On 22 January on the margins of the World Economic Forum Annual Meeting in Davos, Federal Councillor Guy Parmelin and representatives of Switzerland’s fellow EFTA states Iceland, Liechtenstein and Norway signed a free trade agreement with Kosovo, represented by Rozeta Hajdari, Minister of Industry, Entrepreneurship and Trade. Prime Minister Albin Kurti was also present at the signing ceremony.

MIL OSI Europe News –

June 30, 2025
MIL-OSI Submissions: 50 years after ‘Jaws,’ researchers have retired the man-eater myth and revealed more about sharks’ amazing biology

Source: The Conversation – USA – By Gareth J. Fraser, Associate Professor of Evolutionary Developmental Biology, University of Florida

The shark in ‘Jaws’ became a terrifying icon. Universal Pictures via Getty Images

The summer of 1975 was the summer of “Jaws.”

The movie was adapted from a novel by Peter Benchley.
Universal History Archive/Universal Images Group via Getty Images

The first blockbuster movie sent waves of panic and awe through audiences. “Jaws” – the tale of a killer great white shark that terrorizes a coastal tourist town – captured people’s imaginations and simultaneously created a widespread fear of the water.

To call Steven Spielberg’s masterpiece a creature feature is trite. Because the shark isn’t shown for most of the movie – mechanical difficulties meant production didn’t have one ready to use until later in the filming process – suspense and fear build. The movie unlocked in viewers an innate fear of the unknown, encouraging the idea that monsters lurk beneath the ocean’s surface, even in the shallows.

And because in 1975 marine scientists knew far less than we do now about sharks and their world, it was easy for the myth of the rogue shark as a murderous eating machine to take hold, along with the assumption that all sharks must be bloodthirsty, mindless killers.

People lined up to get scared by the murderous shark at the center of the ‘Jaws’ movie.
Bettmann Archive via Getty Images

But in addition to scaring many moviegoers that “it’s not safe to go in the water,” “Jaws” has over the years inspired generations of researchers, including me. The scientific curiosity sparked by this horror fish flick has helped reveal so much more about what lies beneath the waves than was known 50 years ago. My own research focuses on the secret lives of sharks, their evolution and development, and how people can benefit from the study of these enigmatic animals.

The business end of sharks: Their jaws and teeth

My own work has focused on perhaps the most terrifying aspect of these apex predators, the jaws and teeth. I study the development of shark teeth in embryos.

Small-spotted catshark embryo (Scyliorhinus canicula), still attached to the yolk sac. This is the stage when the teeth begin developing.
Ella Nicklin, Fraser Lab, University of Florida

Sharks continue to make an unlimited supply of tooth replacements throughout life – it’s how they keep their bite constantly sharp.

Hard-shelled prey, such as mollusks and crustaceans, from sandy substrates can be more abrasive for teeth, requiring quicker replacement. Depending on the water temperature, the conveyor belt-like renewal of an entire row of teeth can take between nine and 70 days, for example, in nurse sharks, or much longer in larger sharks. In the great white, a full-row replacement can take an estimated 250 days. That’s still an advantage over humans – we never regrow damaged or worn-out adult teeth.

Magnified microscope image of a zebra shark (Stegostoma tigrinum) jaw. They have 20 to 30 rows of teeth in each jaw, each a new generation ready to move into position like on a conveyor belt. Humans have only two sets!
Gareth Fraser, University of Florida

Interestingly, shark teeth are much like our own, developing from equivalent cells, patterned by the same genes, creating the same hard tissues, enamel and dentin. Sharks could potentially teach researchers how to master the process of tooth renewal. It would be huge for dentistry if scientists could use sharks to figure out how to engineer a new generation of teeth for human patients.

Extraordinary fish with extraordinary biology

As a group, sharks and their cartilaginous fish relatives – including skates, rays and chimaeras – are evolutionary relics that have inhabited the Earth’s oceans for over 400 million years. They’ve been around since long before human beings and most of the other animals on our planet today hit the scene, even before dinosaurs emerged.

Sharks have a vast array of super powers that scientists have only recently discovered.

Their electroreceptive pores, located around the head and jaws, have amazing sensory capabilities, allowing sharks to detect weak electrical fields emitted from hidden prey.

CT scan of the head of a small-spotted catshark (Scyliorhinus canicula) as it hatches. Skin denticles cover the surface, and colored rows of teeth are present on the jaws.
Ella Nicklin, Fraser Lab, University of Florida

Their skin is protected with an armor of tiny teeth, called dermal denticles, composed of sensitive dentin, that also allows for better drag-reducing hydrodynamics. Biologists and engineers are also using this “shark skin technology” to design hydrodynamic and aerodynamic solutions for future fuel-efficient vehicles.

Fluorescent skin of the chain catshark (Scyliorhinus retifer).
Gareth Fraser, University of Florida

Some sharks are biofluorescent, meaning they emit light in different wavelengths after absorbing natural blue light. This emitted fluorescent color pattern suggests visual communication and recognition among members of the same species is possible in the dark depths.

Sharks can migrate across huge global distances. For example, a silky shark was recorded traveling 17,000 miles (over 27,000 kilometers) over a year and a half. Hammerhead sharks can even home in on the Earth’s magnetic field to help them navigate.

Greenland sharks exhibit a lengthy aging process and live for hundreds of years. Scientists estimated that one individual was 392 years old, give or take 120 years.

Still much about sharks remains mysterious. We know little about their breeding habits and locations of their nursery grounds. Conservation efforts are beginning to target the identification of shark nurseries as a way to manage and protect fragile populations.

Tagging programs and their “follow the shark” apps allow researchers to learn more about these animals’ lives and where they roam – highlighting the benefit of international collaboration and public engagement for conserving threatened shark populations.

Sharks under attack

Sharks are an incredible evolutionary success story. But they’re also vulnerable in the modern age of human-ocean interactions.

Sharks are an afterthought for the commercial fishing industry, but overfishing of other species can cause dramatic crashes in shark populations. Their late age of sexual maturity – as old as 15 to 20 years or more in larger species or potentially 150 years in Greenland sharks – along with slow growth, long gestation periods and complex social structures make shark populations fragile and less capable of quick recoveries.

Take the white shark (Carcharodon carcharias), for example – Jaws’ own species. Trophy hunting, trade in their body parts and commercial fishery impacts caused their numbers to dwindle. As a result, they received essential protections at the international level. In turn, their numbers have rebounded, especially around the United States, leading to a shift from critically endangered to vulnerable status worldwide. However, they remain critically endangered in Europe and the Mediterranean.

Protections and conservation measures have helped white sharks make a comeback.
Dave Fleetham/Design Pics Editorial/Universal Images Group via Getty Images

“Jaws” was filmed on the island of Martha’s Vineyard, in Massachusetts. After careful management and the designation of white sharks as a prohibited species in federal waters in 1997 and in Massachusetts in 2005, their populations have recovered well over recent years in response to more seals in the area and recovering fish stocks.

You might assume more sharks would mean more attacks, but that is not what we observe. Shark attacks have always been few and far between in Massachusetts and elsewhere, and they remain rare. It’s only a “Jaws”-perpetuated myth that sharks have a taste for humans. Sure, they might mistake a person for prey; for instance, surfers and swimmers can mimic the appearance of seals at the surface. Sharks in murky water might opportunistically take a test bite of what seem to be prey.

But these attacks are rare enough that people can shed their “Jaws”-driven irrational fears of sharks. Almost all sharks are timid, and the likelihood of an interaction – let alone a negative one – is incredibly rare. Importantly, there more than 500 species of sharks in the world’s oceans, each one a unique member of a particular ecosystem with a vital role. Sharks come in all shapes and sizes, and inhabit every ocean, both the shallow and deep-end ecosystems.

Most recorded human-shark interactions are awe-inspiring and not terrifying. Sharks don’t really care about people – at most they may be curious, but not hungry for human flesh. Whether or not “Jaws” fans have grown beyond the fear of movie monster sharks, we’re gonna need a bigger conservation effort to continue to protect these important ocean guardians.

Gareth J. Fraser receives funding from the National Science Foundation (NSF).

– ref. 50 years after ‘Jaws,’ researchers have retired the man-eater myth and revealed more about sharks’ amazing biology – https://theconversation.com/50-years-after-jaws-researchers-have-retired-the-man-eater-myth-and-revealed-more-about-sharks-amazing-biology-258151

MIL OSI –

June 30, 2025
MIL-OSI Asia-Pac: Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area to visit Portugal to promote development opportunities in GBA

Source: Hong Kong Government special administrative region

Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area to visit Portugal to promote development opportunities in GBA
On July 3, Ms Chan will attend a business luncheon titled “Unlocking New Horizons: Affordable Housing and Opportunities in Hong Kong and the Greater Bay Area”, co-organised by the Guangdong-Hong Kong-Macao Greater Bay Area Development Office and the Hong Kong Economic and Trade Office in Brussels. She will deliver a keynote speech to promote the enormous business opportunities brought about by the GBA to the Portuguese business community and how Hong Kong can play its important function as a “super-connector” and “super value-adder” between the two places.

During her stay in Lisbon, Ms Chan will call on the Chinese Embassy in the Portuguese Republic to learn about the latest developments in Portugal and Sino-Portuguese culture, and will also attend the International Forum on Urbanism there.

Ms Chan will return to Hong Kong on July 4.
Issued at HKT 14:29

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

June 30, 2025

MIL-OSI Asia-Pac: Government’s financial results for two months ended May 31, 2025

Source: Hong Kong Government special administrative region

The Government announced today (June 30) its financial results for the two months ended May 31, 2025.

Expenditure and revenue from April to May 2025 amounted to HK$129.7 billion and HK$55.9 billion respectively, resulting in a deficit of HK$78.4 billion after taking into account HK$15.5 billion received from issuance of Government Bonds and repayment of HK$20.1 billion principal on Government Bonds.

A Government spokesperson said that the deficit for the period was mainly due to the fact that some major types of revenue including salaries and profits taxes, are mostly received towards the end of a financial year.

The fiscal reserves stood at HK$575.9 billion as at May 31, 2025.

Detailed figures are shown in Tables 1 and 2.

TABLE 1. CONSOLIDATED ACCOUNT (Note 1)

	Month ended May 31, 2025 HK$ million	Two months ended May 31, 2025 HK$ million
Revenue	17,448.6	55,906.5
Expenditure	(66,328.1)	(129,774.6)

Deficit before issuance and repayment of Government Bonds	(48,879.5)	(73,868.1)

Proceeds received from issuance of Government Bonds	9,435.9	15,534.8

Repayment of Government Bonds*	(20,070.1)	(20,120.5)

Deficit after issuance and repayment of Government Bonds	(59,513.7)	(78,453.8)

Financing
Domestic
Banking Sector (Note 2)	59,210.2	75,933.7
Non-Banking Sector	303.5	2,520.1
External	–	–

Total	59,513.7	78,453.8
* Being repayment of principal on Government Bonds and does not include the associated interest and other expenses.

Government Debts as at May 31, 2025 (Note 3)
HK$298,332 million
Debts Guaranteed by Government as at May 31, 2025 (Note 4)
HK$123,199 million

TABLE 2. FISCAL RESERVES

	Month ended May 31, 2025 HK$ million	Two months ended May 31, 2025 HK$ million
Fiscal Reserves at start of period	635,376.7	654,316.8
Consolidated Deficit after issuance and repayment of Government Bonds	(59,513.7)	(78,453.8)

Fiscal Reserves at end of period (Note 5)	575,863.0	575,863.0

Notes:

1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at May 31, 2025, was HK$216,896 million.

2. Includes transactions with the Exchange Fund and resident banks.

3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:

(i) the Green Bonds (equivalent to HK$177,761 million as at May 31, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (4,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB34,000 million with maturity from June 2025 to July 2054) and Hong Kong dollars (HK$22,000 million with maturity from February 2026 to October 2026);

(ii) the Infrastructure Bonds (equivalent to HK$65,900 million as at May 31, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB19,000 million with maturity from December 2025 to May 2035) and Hong Kong dollars (HK$45,230 million with maturity from November 2025 to March 2045); and

(iii) the Silver Bonds with nominal value of HK$54,671 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.

They do not include the outstanding bonds with nominal value of HK$168,090 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,841 million as at May 31, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$96,090 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$66,959 million will mature within the period from June 2025 to May 2026 and the rest within the period from June 2026 to May 2042.

4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.

5. Includes HK$250,041 million, being the balance of the Land Fund held in the name of “Future Fund”, for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.

MIL OSI Asia Pacific News –

June 30, 2025

MIL-OSI Asia-Pac: Secretary for Housing to visit Portugal and Spain

Source: Hong Kong Government special administrative region

The Secretary for Housing, Ms Winnie Ho, will depart for a visit to Lisbon, Portugal, tomorrow night (July 1). She will attend the International Forum on Urbanism on July 2 and speak at the forum on the various housing initiatives implemented by the Housing Bureau and the Hong Kong Housing Authority in recent years to enhance people’s livelihoods, encourage upward mobility, and promote innovative construction technologies, as well as the “Well-being design” guide launched last year.

During her stay in Lisbon, she will meet with relevant local officials. She will also officiate at a business luncheon co-organised by the Guangdong-Hong Kong-Macao Greater Bay Area Development Office under the Constitutional and Mainland Affairs Bureau and the Hong Kong Economic and Trade Office in Brussels, to share Hong Kong’s experiences in enhancing the quantity, speed, efficiency and quality of public housing construction by embracing various innovative rapid construction technologies and construction robotics, and continuously enhancing smart public estate management to build a more pleasant living environment for its residents. She also invited over 20 construction trade representatives from Hong Kong and the Mainland, including construction companies and consultant companies participating in the construction of public housing, Light Public Housing and transitional housing, to attend the luncheon. They will share in person with the participants Hong Kong’s experience in applying and promoting innovative construction technologies, such as Modular Integrated Construction (MiC), Multi-trade integrated Mechanical, Electrical and Plumbing (MiMEP) and construction robots, and take this opportunity to strengthen connections between the Hong Kong and Portuguese trades and explore opportunities. Ms Ho will also call on the Embassy of the People’s Republic of China in the Portuguese Republic.

Ms Ho will depart for Barcelona, Spain, on the evening of July 3 (Lisbon time) to visit local social housing projects, meet with relevant government officials to learn about housing issues there and their policies implemented, and promote Hong Kong’s housing ladder that encourages upward mobility, as well as the application of innovative construction technologies in Hong Kong’s public housing developments and management, the concepts of the “Well-being design” guide, and more.

Ms Ho will return to Hong Kong on the morning of July 6. During her absence, the Under Secretary for Housing, Mr Victor Tai, will be the Acting Secretary for Housing.

MIL OSI Asia Pacific News –

June 30, 2025
MIL-OSI Submissions: Nostalgic foods and scents like fresh-cut grass and hamburgers grilling bring comfort, connection and well-being

Source: The Conversation – USA – By Chelsea Reid, Associate Professor of Psychology, College of Charleston

The foods and scents we associate with our childhoods can provide a meaningful source of comfort and connection. zeljkosantrac/E+ via Getty Images

Walking around my neighborhood in the evening, I am hit by the smells of summer: fresh-cut grass, hamburgers grilling and a hint of swimming pool chlorine. These are also the smells of summers from my adolescence, and they remind me of Friday evenings at the community pool with my friends and our families gathered around picnic tables between swims. The memories always brings a smile to my face.

As a social psychologist, I shouldn’t feel surprised to experience this warm glow. My research focuses on nostalgia – a sentimental longing for treasured moments in our personal pasts – and how nostalgia is linked to our well-being and feelings of connection with others.

Triggered by sensory stimuli such as music, scents and foods, nostalgia has the power to mentally transport us back in time. This might be to important occasions, to moments of triumph and – importantly – moments revolving around close family and friends and other important people in our lives.

As it turns out, this experience is good for us.

How the concept of nostalgia evolved

For centuries, nostalgia was considered unhealthy.

In the 1600s, a Swiss medical student named Johannes Hofer studied mercenaries in the Italian and French lowlands who longed desperately for their mountain homelands. Witnessing their weeping and despondency, he coined the term nostalgia and attributed it to a brain disease. Other thinkers of the time echoed this view, which persisted through the 18th and 19th centuries.

However, early thinkers made an error: They assumed that nostalgia was causing unpleasant symptoms. It may have been the reverse. Unpleasant experiences, such as loneliness and grief, can arouse nostalgia, which can then help people cope more effectively with these hardships.

Today, researchers view nostalgia as a predominantly positive, albeit bittersweet, emotional experience that serves as a source of psychological well-being. Importantly, this view has been supported by scientific research.

Part of what makes nostalgia so intense is the bittersweet blend of feelings that it brings up.

How nostalgia inspires connection and belonging

Nostalgia provides many benefits. It enhances feelings of optimism and inspiration and makes people view themselves more positively. When people feel nostalgic, they feel a greater sense that their lives are meaningful.

The social benefits of nostalgia are particularly well supported. Nostalgia increases empathy and the willingness of people to give to those around them, such as volunteering for community events and donating to charities.

Nostalgia also makes people feel more socially connected to their loved ones by enhancing feelings that they are loved by, connected to, protected by and trusting of others. Nostalgia helps people feel more secure in their close relationships and enhances relationship satisfaction.

While nostalgia is a universal experience, it is also deeply personal. The moments for which we are each nostalgic and the stimuli that might trigger our nostalgic memories can vary from one person to the next depending on the experiences that each of us have. But people within the same culture may find similar stimuli to be nostalgic for them. In a 2013 study, for instance, my team found that American participants rated pumpkin pie spice as the most nostalgia-evoking scent out of a variety of options.

Many nostalgia-inducing scents vary from person to person, but pumpkin pie spice may be one of the most evocative scents in the U.S.
Redjina Ph/Moment via Getty Images

The nostalgic power of scents and foods

In 1922, the French novelist Marcel Proust wrote about the strength of scents and foods to elicit nostalgia. He vividly described how the experience of smelling and eating a tea-soaked cake mentally transported him back to childhood experiences with his aunt in her home and village. This sort of experience is now often referred to as the Proust effect.

Science has confirmed what Proust described. Our olfactory system, the sensory system responsible for our sense of smell, is closely linked to brain structures associated with emotions and autobiographical memory. Smells combine with tastes to create our perception of flavor.

Foods also tend to be central to social gatherings, making them easily associated with these memories. For instance, a summer barbecue might feel incomplete to some without slices of juicy watermelon. And homemade pumpkin pie may be an essential dessert at many Thanksgiving tables. The watermelon or pie may then serve as what are known in social psychology as social surrogates, foods that serve as stand-ins for valued relationships due to their inclusion at past occasions with loved ones.

My research team and I wanted to know how people benefited from feeling nostalgic when they encountered the scents and foods of their pasts. We began in 2011 by exposing study participants to 33 scents and chose 12 of them for our study. Participants rated some scents, such as pumpkin pie spice and baby powder, as highly evocative of nostalgia, while rating others – such as money and cappuccino –as less evocative.

Those who experienced more nostalgia when smelling the scents experienced greater positive emotions, greater self-esteem, greater feelings of connection to their past selves, greater optimism, greater feelings of social connectedness and a greater sense that life is meaningful.

We came to similar conclusions when we studied nostalgia for foods. Foods seemed to be more strongly linked to nostalgia than either scents or music when comparing the amount of nostalgia our participants experienced for foods to what previous research participants experienced for scents and songs. More recently, we found that nostalgic foods are comforting and that people find nostalgic foods comforting because those nostalgic foods remind them of important or meaningful moments with their loved ones.

For some, a summer barbecue wouldn’t be complete without the smell and taste of juicy watermelon.
GMVozd/E+ via Getty Images

Balancing benefits and trade-offs

Although nostalgia can be associated with foods that should be eaten only in moderation – such as burgers and cookies – there are other ways to channel our nostalgia through foods.

We can have nostalgia with healthy foods. For instance, orange slices remind me of halftime at childhood soccer matches. And many people, including our research participants, feel intense nostalgia around watermelon. Other researchers have found that tofu is a nostalgic food for Chinese participants.

But when nostalgia does involve consumption of unhealthy foods, there are still other ways to experience it without the health trade-offs. We found that participants experienced the benefits of food-evoked nostalgia just from imagining and writing about the foods – no consumption necessary. Other researchers have found that drawing comforting foods can enhance well-being. Even consuming less healthy foods more mindfully helps people enjoy their food while reducing their caloric consumption.

Once seen as detrimental to our health, nostalgia provides us with an opportunity to reap numerous rewards. With nostalgic foods, we might be able to nourish both our bodies and our psychological health.

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

– ref. Nostalgic foods and scents like fresh-cut grass and hamburgers grilling bring comfort, connection and well-being – https://theconversation.com/nostalgic-foods-and-scents-like-fresh-cut-grass-and-hamburgers-grilling-bring-comfort-connection-and-well-being-256192

MIL OSI –

June 30, 2025
MIL-OSI Banking: World Chambers Federation announces new leadership for 2025–2028

Source: International Chamber of Commerce

Headline: World Chambers Federation announces new leadership for 2025–2028
Mr. Marcelo Elizondo Secretary and Member of the Board, Argentine Chamber of Commerce and Services (Argentina) Mr. Andrew McKellar CEO, Australian Chamber of Commerce and Industry (Australia) Mr. Atef Al Khaja CEO, Bahrain Chamber of Commerce and Industry (Bahrain) Mr. Tom Laveren CEO, Voka Chamber of Commerce Mechelen-Kempen (Belgium) Mr. Jean Pierre Antelo President, CAINCO (Bolivia) Ms. Maria Bustamante President, FIESC Chamber of Foreign Trade (Brazil) Mr. Daniel Campos Caramori Vice-President, Canadian Chamber of Commerce (Canada) Mr. José Ovidio Claros Polanco President, Bogota Chamber of Commerce (Colombia) Ms. Rim Siam President of the Economic Business Women Council, Alexandria Chamber of Commerce (Egypt) Ms. Leticia Escobar President, Chamber of Commerce and Industry of El Salvador (El Salvador) Mr. Giorgi Pertaia President, Georgian Chamber of Commerce and Industry (Georgia) Mr. Volker Treier Chief Executive of Foreign Trade and Board Member, German Chamber of Commerce and Industry (Germany) Mr. Ashish Vaid Past President, IMC Chamber of Commerce and Industry (India) Mr. Mohammad Khazaee Torshizi Senior Advisor to the President, Iran Chamber of Commerce, Industries, Mines and Agriculture (Iran) Ms. Gilit Rubinstein CEO, Federation of Israeli Chambers of Commerce (Israel) Mr. Dario Gallina Past President, Torino Chamber of Commerce (Italy) Mr. Aigars Rostovskis President, Latvian Chamber of Commerce and Industry (Latvia) Mr. Katsuya Igarashi Executive Director, Japan Chamber of Commerce and Industry (Japan) Dr. Erick Rutto President, Kenya National Chamber of Commerce and Industry (Kenya) Mr. Rabih Sabra Director General, Chamber of Commerce, Industry and Agriculture of Beirut and Mount Lebanon (Lebanon) Ms. Charlotte Parkhill Chair, Auckland Business Chamber (New Zealand) Mr. Gabriel Idahosa President, Lagos Chamber of Commerce and Industry (Nigeria) Mr. Trajan Angeloski President, Macedonian Chamber of Commerce (North Macedonia) Ms. Tamader Al Thani Director of International Relations and Chamber Affairs, Qatar Chamber of Commerce and Industry (Qatar) Mr. Ovidiu Ioan Silaghi Secretary General, Chamber of Commerce and Industry of Romania (Romania) Mr. Marko Cadez President, Chamber of Commerce and Industry of Serbia (Serbia) Ms. Melanie Veness CEO and Chairperson, PMCB and Association of South African Chambers (South Africa) Mr. Seong Woo Lee Vice-President, Korea Chamber of Commerce and Industry (South Korea) Mr. Adolfo Díaz-Ambrona Secretary General, Spain Chamber of Commerce (Spain) Mr. Izzet Volkan Chairman of the Board, Corlu Chamber of Commerce and Industry (Türkiye) Mr. Salem Al Shamsi Vice-President for International Relations, Dubai Chambers (United Arab Emirates) Mr. Gennadiy Chyzhykov President, Ukrainian Chamber of Commerce (Ukraine) Mr. Ahmed M. El Wakil President, Association of the Mediterranean Chambers of Commerce and Industry (ASCAME) (Transnational) Mr. Yousef Khalawi Secretary General, Islamic Chamber of Commerce and Development (Transnational) Mr. Natalio Mario Grinman President, Ibero-American Association of Chambers of Commerce (AICO) (Transnational) Mr. Peter McMullin President, Confederation of Asia Pacific Chambers of Commerce and Industry (CACCI) (Transnational) Mr. Ben Butters CEO, Eurochambres (Transnational) Dr. Khaled Hanafy Secretary General, Union of Arab Chambers (Transnational)

MIL OSI Global Banks –

June 30, 2025
MIL-OSI Video: Opening & 1st Plenary- 4th International Conference on Financing for Development FFD4 Sevilla, Spain

Source: United Nations (video statements)

The 4th International Conference on Financing for Development (FFD4) will be held in Sevilla, Spain, from 30 June to 3 July 2025. The Conference will bring together global leaders and key stakeholders to accelerate action and partnerships to finance sustainable development and achieve the SDGs. The opening will mark the official launch of the Conference and set the tone for a week of high-level engagement and dialogue.

The opening of the FFD4 Conference will feature statements by high-level dignitaries including Pedro Sánchez, President of the Conference and the President of the Government of Spain; António Guterres, Secretary-General of the United Nations; Philemon Yang, President of the UN General Assembly; Bob Rae, President of ECOSOC; Ajay Banga, President of the World Bank Group; Ngozi Okonjo-Iweala, Director-General of the WTO; and Li Junhua, Secretary-General of the Conference and a Representative of the International Monetary Fund. Following the opening remarks, the Conference will address key procedural matters. The opeing statments will be followed a general debate and statements by Heads of State or Government, ministers, and heads of delegation, setting the stage for a week of high-level discussions on mobilizing financing for the SDGs.

More info: https://financing.desa.un.org/FFD4

To watch all other events from FF4D in all languages, visit: https://webtv.un.org/en/search/categories/meetings-events/conferences/international-conference-financing-development/fourth-session

https://www.youtube.com/watch?v=G03SASjftAE

MIL OSI Video –

June 30, 2025
MIL-OSI Russia: NSU has completed an internship program for foreign specialists in the field of engineering InteRussia

Translation. Region: Russian Federal

Source: Novosibirsk State University – Novosibirsk State University –

The Novosibirsk State University has completed the InteRussia internship program for foreign engineering specialists, which ran from June 2 to 27. Akademgorodok was visited by 17 students from 14 countries, including Chile, Jordan, India, Pakistan, Brazil, Albania, Serbia, Bangladesh, Turkmenistan, Belarus, Indonesia, Ecuador, Uzbekistan, and Tanzania. This was the first experience for the university in holding such a long event with the participation of young researchers from different countries.

The internship was organized by the Gorchakov Fund, the Siberian Branch of the Russian Academy of Sciences, and the ANO “Mezhdunarodniki” with the support of the Directorate of the World Youth Festival and the Presidential Grants Fund.

Adelina Kozulina, an employee of the NSU Education Export Department and coordinator of the InteRussia international internship, summed up the results of the project and commented:

— This is our second experience of holding an international internship Interussia together with the Gorchakov Fund. I think that this time the experience was very positive. The guys were friendly and sociable, they really successfully integrated into our team and the academic atmosphere. It was very easy to interact and communicate with them. This time we had a wider geography, the participants came from different countries. For the NSU Education Export Department, this was a very interesting experience.

For a month, young researchers were trained at the university in two promising areas – “Artificial Intelligence and Medicine” and “Modern Quantum and Information Technologies in Electronics and Photonics”. The event resulted in the preparation and presentation of their own scientific project.

Evgeny Pavlovsky, Head of the Laboratory of Streaming Data Analytics and Machine Learning Faculty of Mechanics and Mathematics of NSU and the head of the Artificial Intelligence and Medicine department, noted at the school’s closing ceremony:

— I am glad that we successfully held and completed this school, which involved very talented young researchers. Thanks to this internship, you not only learned something new, but also got imbued with the special atmosphere of Akademgorodok. You made new contacts and will continue to work together. I am sure that you can become those who will shape our good future with artificial intelligence both in healthcare and in other areas.

Artur Pogosov, professor of the Department of Semiconductor Physics Physics Department of NSU, Head of the Department of General Physics at NSU Physics Department, thanked the participants for their energy, attention and curiosity:

— Quantum mechanics and quantum computing is an amazing and complex field of knowledge, based on deep philosophical ideas. As a rule, our students spend an entire academic year to master this area. For you, it was rather a quick and unexpected jump. But even this short period allowed you to see the complexity, beauty and mystery of the quantum world. I wish you success in your further studies, research, a brilliant career and future.

The school participants thanked the organizers and noted the special friendly atmosphere that had developed during the internship. They also expressed confidence that they would interact and continue their joint research work.

Annageldi Khydyrov, Turkmenistan:

— I work as a leading programmer and developer in the field of AI. This is not my first trip to Russia. This time I chose the direction of “Artificial Intelligence and Medicine”. My experience here will be very helpful for my further research. The professors taught at the highest level, we not only studied theory, but also practiced. Previously, I was little familiar with the use of AI in medicine, thanks to this internship, new horizons of understanding opened up for me. We became very close friends with all the participants, I am sure that we will continue to cooperate.

Bashar Firas Issaf Al-Sayegh, Jordan:

— I chose quantum technologies because I have a basic background in physics and am currently deciding in which area to continue my studies and research. This international internship allowed me to make a choice regarding the topic of my master’s and later doctoral dissertations. This concerns the technical side and training. I would also like to note the social aspect. It was a wonderful experience for all participants. We met people from all over the world, we talked about our cultures, languages, traditions, heritage and religions. This is a unique experience for me as well, because now I know that there are people on this planet who have the same ambitions, needs and human feelings. I am returning home more confident and with a stock of interesting stories.

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 –

June 30, 2025
MIL-OSI: Bitget Lists NodeOps (NODE) for Spot Trading

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, June 30, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the listing of NodeOps (NODE) in the Innovation, AI, and DePIN Zone, adding it to spot trading. NodeOps is a DePIN infrastructure platform. Trading for the NODE/USDT pair will begin on 30 June 2025, 10:00 (UTC), with withdrawals available from 1 July 2025, 11:00 (UTC).

NodeOps is building a full-stack solution to make make decentralized computing simple, reliable, and accessible at scale. Its architecture is built on two layers: the foundational NodeOps Network protocol, which coordinates decentralized physical infrastructure (DePIN), and a suite of user-facing products, including NodeOps Cloud, Console, Agent Terminal, Staking Hub, and Security Hub, that streamlines deployment and management. At the core of the ecosystem is the NODE token, which powers coordination, rewards real work, and governs the network. With a revenue-backed mint-and-burn model, NODE ensures sustainable value, secures the infrastructure, and enables access to premium features, aligning incentives and supporting long-term growth across the NodeOps ecosystem. NodeOps Network has built the foundation for sustainable infrastructure coordination that scales with actual demand while maintaining the decentralization and cost advantages that make Web3 infrastructure superior to traditional cloud services.

Bitget continues to expand its offerings, positioning itself as a leading platform for cryptocurrency trading. The exchange has established a reputation for innovative solutions that empower users to explore crypto within a secure CeDeFi ecosystem. With an extensive selection of over 800 cryptocurrency broadening and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON. The addition of NodeOps into Bitget’s portfolio marks a significant step toward expanding its ecosystem by embracing niche communities and fostering innovation in decentralized economies, further solidifying its role as a gateway to diverse Web3 projects and cultural movements.

For more details on NodeOps, visit here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

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

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/455f6a0f-61f1-4444-b37c-416c594a97a3

The MIL Network –

June 30, 2025
MIL-OSI Asia-Pac: LegCo to consider Import and Export (Amendment) Bill 2025

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Legislative Council Secretariat:

The Legislative Council (LegCo) will hold a meeting on Wednesday (July 2) at 11am in the Chamber of the LegCo Complex. During the meeting, the Second Reading debate on the Import and Export (Amendment) Bill 2025 will resume. If the Bill is supported by Members and receive its Second Reading, it will stand committed to the committee of the whole Council. After the committee of the whole Council has completed consideration of the Bill and its report is adopted by the Council, the Bill will be set down for the Third Reading.

     Meanwhile, the Betting Duty (Amendment) Bill 2025 will be introduced into the Council for the First Reading and the Second Reading. The Second Reading debate on the Bill will be adjourned.

     On Members’ motions, Dr Wendy Hong will move a motion on establishing innovative institutional mechanisms to move full steam ahead with the development of the Core Area of the Northern Metropolis. The motion is set out in Appendix 1. Mr Louis Loong, Ms Chan Yuet-ming, Mr Michael Tien, Mr Lau Kwok-fan and Mr Gary Zhang will move separate amendments to Dr Hong’s motion.

     Ms Doreen Kong will move a motion on developing a personal data protection regime framework to address the challenges in the age of artificial intelligence. The motion is set out in Appendix 2. Mr Duncan Chiu, Mr Lam San-keung and Mr Lee Chun-keung will move separate amendments to Ms Kong’s motion.

     Members will also ask the Government 22 questions on various policy areas, six of which require oral replies.

The agenda of the above meeting can be obtained via the LegCo Website (www.legco.gov.hk). Members of the public can watch or listen to the meeting via the “Webcast” system on the LegCo Website. To observe the proceedings of the meeting at the LegCo Complex, members of the public may call 3919 3399 during office hours to reserve seats.

MIL OSI Asia Pacific News –

June 30, 2025
MIL-OSI: Notice of Digitalist Group Plc’s Extraordinary General Meeting
Source: GlobeNewswire (MIL-OSI)

Digitalist Group Plc 30 June 2025 at 09:00

NOTICE OF DIGITALIST GROUP PLC’S EXTRAORDINARY GENERAL MEETING

Notice is given to the shareholders of Digitalist Group Plc (“Company”) of the Extraordinary General Meeting to be held on Wednesday 13 August 2025 at 10 a.m. at the address Siltasaarenkatu 18-20 C, 00530 Helsinki, Finland. The reception of persons who have registered for the meeting and the distribution of voting tickets will commence at 9.15 a.m. Coffee will be served before the meeting to participants in the meeting.

A. MATTERS ON THE AGENDA OF THE EXTRAORDINARY GENERAL MEETING

The following matters will be considered at the Extraordinary General Meeting:
1. Opening of the meeting
1. Calling the meeting to order
1. Election of persons to scrutinise the minutes and to supervise the counting of votes
1. Recording the legality of the meeting
1. Recording the attendance at the meeting and adoption of the list of votes
1. Share consolidation and the related free directed share issue and redemption of shares
The Board of Directors proposes to the Extraordinary General Meeting that the Extraordinary General Meeting resolve on the consolidation of the Company’s shares, meaning a reduction in the number of shares. The arrangement is proposed to be implemented through a free directed share issue by transferring the Company’s own shares held in treasury without consideration, and by redeeming the Company’s shares without consideration, so that after the measures proposed herein, each current 250 shares of the Company would correspond to one (1) share in the Company. The current total number of shares in the Company is 693,430,455.

The objective of the share consolidation is to improve the trading conditions of the Company’s shares by increasing the value per share and improving the price formation of the share. It would not be possible to implement the share redemption required for the consolidation with a sufficiently high redemption ratio without the simultaneous free share issue. The Board considers that the share consolidation is in the best interests of the Company and all its shareholders and that there is thus a particularly weighty financial reason from the Company’s perspective and considering the interests of all shareholders for the consolidation and the related share issue and redemption. The arrangement will not affect the Company’s equity.

To avoid the creation of fractional shares, the Board proposes that as part of the share consolidation, the Company will transfer its own shares held in treasury without consideration through a directed free share issue in such a way that the number of shares recorded on each book-entry account holding Digitalist Group Plc’s shares on the consolidation date (“Consolidation Date”) will be made divisible by 250. The theoretical maximum number of own shares to be transferred will be calculated by multiplying the total number of such book-entry accounts on the Consolidation Date by 249. Based on an estimate made at the time of the notice to the Extraordinary General Meeting, the theoretical maximum number of shares to be transferred in the directed free share issue would be approximately 1,650,000 shares held by the Company, but to ensure the execution of the share consolidation arrangement, the maximum number of own shares to be transferred in the share issue is proposed to be 4,850,000 shares. The Board is authorized to decide on all other matters related to the transfer of own shares without consideration.

Simultaneously with the aforementioned transfer of the Company’s shares, the Company will redeem from each shareholder’s book-entry account on the Consolidation Date without consideration a number of shares determined by multiplying the number of shares on each book-entry account by the factor 249/250 (the “Redemption Ratio”). Thus, for every 250 Company shares, 249 Company shares will be redeemed. Based on the situation on the date of the General Meeting notice, the number of shares to be redeemed would be approximately 691,500,000 shares. The Board is authorized to decide on all other matters relating to the redemption of shares. The shares redeemed in connection with the share consolidation will be cancelled immediately upon redemption and will not increase the number of the Company’s own shares held in treasury. Additionally, in connection with the consolidation, a number of the Company’s own treasury shares will be cancelled so that the number of own shares held by the Company and the total number of shares in the Company will both become divisible by 250, and the number of treasury shares will decrease proportionally to the Redemption Ratio.

The share consolidation will, according to the proposal, be implemented in the book-entry system after the close of trading on 15 August 2025 (the “Consolidation Date”). The cancellation of shares and the new total number of shares in the Company are intended to be registered with the Finnish Trade Register by approximately 18 August 2025. Trading with the Company’s shares under the new total number of shares is expected to commence on Nasdaq Helsinki with a new ISIN code on or about 18 August 2025.

The proposals included under this item 6 form a single entirety, which requires that both the related directed free share issue and the redemption of shares be approved in a single resolution. The implementation of the proposed share consolidation is conditional on the ability to make the number of shares recorded in each book-entry account divisible by 250 on the Consolidation Date within the maximum number of own shares to be transferred as described above. The consolidation in the proposed manner would not lead to the redemption of all shares from any shareholder.

Furthermore, the Board proposes that the Extraordinary General Meeting authorize the Board to amend the terms of the Company’s issued special rights and option rights to take into account the share consolidation. If implemented, the arrangement will not require any action from shareholders. If necessary, the trading of the Company’s shares on Nasdaq Helsinki may be temporarily suspended to allow for the required technical arrangements related to the consolidation.
1. Authorisation of the Board of Directors to decide on share issues and on granting special rights entitling to shares
The Board of Directors proposes that the Extraordinary General Meeting authorise the Board to decide on a share issue, which may be either against payment or without payment, as well as on granting option rights and other special rights entitling to shares that are set out in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act, or on the combination of all or some of the aforementioned instruments in one or more tranches on the following terms and conditions:

The total number of the Company’s treasury shares and new shares to be issued under the authorisation may not exceed 1,386,000, which corresponds to approximately 50 per cent of all the Company’s shares following the proposed share consolidation as set out in section 6 above.

Within the limits of the aforementioned authorisation, the Board of Directors may decide on all terms and conditions applied to the share issue and to the special rights entitling to shares, such as that the payment of the subscription price may take place not only by cash but also by setting off receivables that the subscriber has from the Company.

The Board of Directors shall be entitled to decide on crediting the subscription price either to the Company’s share capital or, entirely or in part, to the invested unrestricted equity fund.

The share issue and the issuance of special rights entitling to shares may also take place in a directed manner in deviation from the pre-emptive rights of shareholders if there is a weighty financial reason for the Company to do so, as set out the Limited Liability Companies Act. In such a case, the authorisation may be used to finance corporate acquisitions or other investments related to the operations of the Company, to implement corporate restructuring arrangements as well as to maintain and improve the solvency of the Group and to carry out an incentive scheme.

The authorization is proposed to remain in force until the Annual General Meeting to be held in 2026, however no longer than until 30 June 2026, and it is proposed to revoke the corresponding authorization granted by the Annual General Meeting on 29 April 2025.

The decision concerning the authorisation requires a qualified majority of at least two thirds of the votes cast and shares represented at the meeting.
1. Authorising the Board of Directors to decide on the acquisition and/or on the acceptance as pledge of the Company’s treasury shares
The Board of Directors proposes that the Extraordinary General Meeting authorise the Board to decide on acquiring or accepting as pledge, using the Company’s distributable funds, a maximum of 270,000 treasury shares, which corresponds to approximately 10 per cent of the Company’s total shares following the proposed share consolidation as set out in section 6 above. The acquisition may take place in one or more tranches. The acquisition price shall not exceed the highest market price of the share in public trading at the time of the acquisition.

In executing the acquisition of treasury shares, the Company may enter into derivative, share lending or other contracts customary in the capital market, within the limits set out in laws and regulations. The authorisation entitles the Board to decide on an acquisition in a manner other than in a proportion to the shares held by the shareholders (directed acquisition).

The Company may acquire the shares to execute corporate acquisitions or other business arrangements related to the Company’s operations, to improve its capital structure, or to otherwise further transfer the shares or cancel them.

The authorisation is proposed to include the right for the Board of Directors to decide on all other matters related to the acquisition of shares.

The authorization is proposed to remain in force until the Annual General Meeting to be held in 2026, however no longer than until 30 June 2026, and it is proposed to revoke the corresponding authorization granted by the Annual General Meeting on 29 April 2025.

The decision concerning the authorisation requires a qualified majority of at least two thirds of the votes cast and shares represented at the meeting.
1. Closing of the Meeting
B. DOCUMENTS OF THE EXTRAORDINARY GENERAL MEETING

The above-mentioned proposals on the agenda of the Extraordinary General Meeting, the financial statements, the report of the Board of Directors, and the auditor’s report of Digitalist Group Plc, the minutes of the Annual General Meeting held on April 29, 2025, the management’s interim statement for Q1/2025, and the Board of Directors’ report on material events affecting the company’s position after the preparation of the financial statements, as well as this notice to the meeting, will be available to shareholders on Digitalist Group Plc’s website at https://investor.digitalistgroup.com/fi/investor/governance/annual-general-meeting no later than three weeks before the Extraordinary General Meeting. These documents will also be available at the Extraordinary General Meeting, and copies of them as well as this notice will be sent to shareholders upon request. A separate invitation to the Extraordinary General Meeting will not be sent to shareholders. The minutes of the Extraordinary General Meeting will be available on the above-mentioned website no later than August 27, 2025.

C. INSTRUCTIONS FOR THE PARTICIPANTS IN THE EXTRAORDINARY GENERAL MEETING
1. Right to participate and registration
Shareholders who are on the record date of the Extraordinary General Meeting, 1 August 2025, registered in the Company’s shareholders’ register, maintained by Euroclear Finland Ltd, are entitled to attend the meeting. Shareholders whose shares are registered on their personal Finnish book-entry accounts are registered in the shareholders’ register of the Company.

Shareholders who wish to attend the Extraordinary General Meeting must give advance notice of their attendance, and the Company must receive such notice, no later than by 4 p.m. on 8 August 2025. Registration for the Extraordinary General Meeting takes place:
1. Via Company’s website at https://investor.digitalistgroup.com/fi/investor/governance/annual-general-meeting in accordance with the instructions provided therein;
2. by email to yhtiokokous@digitalistgroup.com;
3. by mail to Digitalist Group Plc/Extraordinary General Meeting, Siltasaarenkatu 18-20, 00530 Helsinki, Finland;
4. by telephone between 9:00 and 16:00 to Aila Mettälä at +358 40 531 0678;
When giving an advance notice of attendance, please state the shareholder’s name, date of birth / business ID, address, telephone number and the name of any assistant or proxy representative and date of birth of the proxy representative. Personal data provided to the Company by its shareholders is used only in connection with the Extraordinary General Meeting and with processing the necessary registrations related to the meeting.
1. Proxy representative and proxy documents
A shareholder may participate in the Extraordinary General Meeting, and exercise their rights at the Extraordinary General Meeting, by way of proxy representation.

The shareholder’s proxy representative must produce a dated proxy document or otherwise in a reliable manner demonstrate their right to represent the shareholder. If a shareholder participates in the Extraordinary General Meeting through several proxy representatives representing the shareholder with shares on different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the Extraordinary General Meeting.

Please furnish the Company with any proxy documents as an email attachment (e.g. in PDF) or by mail, using the above-mentioned contact information for registration, before the last date for registration. In addition to submitting proxy documents, shareholders or their proxy representatives must ensure that they have registered for the Extraordinary General Meeting in the manner described above in this notice.

Shareholders can also use the electronic Suomi.fi authorization service instead of a traditional proxy document. In this case, the shareholder authorizes a proxy that he/she/it nominates in the Suomi.fi authorization service on the website suomi.fi/e-authorizations (using the mandate theme “Representation at the General Meeting “). In connection with the Extraordinary General Meeting service, any person so authorized must identify themselves with strong electronic identification in connection with the registration, after which the electronic authorization will be checked automatically. Strong electronic identification works with online banking credentials or Mobile ID. More information on the electronic authorization service is available on the website suomi.fi/e-authorizations.
1. Holders of nominee-registered shares
A holder of nominee registered shares has the right to participate in the Extraordinary General Meeting by virtue of such shares based on which they would be entitled to be registered in the shareholders’ register of the Company, maintained by Euroclear Finland Ltd, on 1 August 2025.

Holders of nominee-registered shares are advised to contact their asset managers for information on how to enter the shareholders’ register, on the issuance of proxies and on submitting their notice of attendance in the Extraordinary General Meeting well before the meeting. The account management organisation of the custodian bank must register any holder of nominee-registered shares who wishes to participate in the Extraordinary General Meeting into the temporary shareholders’ register of the Company by 10 a.m. on 8 August 2025 at the latest.
1. Other instructions and information
The language of the meeting is mainly Finnish.

Pursuant to Chapter 5 Section 25 of the Finnish Limited Liability Companies Act, a shareholder who is present at the Extraordinary General Meeting has the right to request information with respect to the matters to be considered at the meeting.

Changes in shareholding after the record date of the Extraordinary General Meeting will not affect the right to participate in the Extraordinary General Meeting or the number of voting rights held by a shareholder in the meeting.

On the date of this notice of the Extraordinary General Meeting the total number of shares in Digitalist Group Plc, and votes represented by such shares, is 693,430,455. As of June 30, 2025, the company holds a total of 7,664,943 own shares, which do not carry voting rights at the Extraordinary General Meeting.

In Helsinki on 30 June 2025

DIGITALIST GROUP PLC
Board of Directors

For further information, please contact:

CEO Magnus Leijonborg, tel. +46 76 315 8422,
magnus.leijonborg@digitalistgroup.com

Chair of the Board: Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

Distribution:

Nasdaq Helsinki Ltd
Main media
https://digitalist.global


The MIL Network –
June 30, 2025

MIL-OSI: Haffner Energy Reports Annual Results for Fiscal Year 2024-2025

Source: GlobeNewswire (MIL-OSI)

Haffner Energy Reports Annual Results for Fiscal Year 2024-2025

Strategic milestones were reached, opening up the prospect of a commercial and economic ramp-up in the current financial year

Vitry-le-François, France – June 30, 2025, 08:00am (CEST)

2024-2025, a year of milestones demonstrating Haffner Energy‘s technological maturity: commissioning of the Marolles showcase site and green hydrogen production kick-off; signature of a first contract essential to the development of a hydrogen, electricity, and biochar production unit at the Corbat Group site in Glovelier, Switzerland; new strategic partnerships with recognized international players, particularly in the SAF industry;
Launch of a capital increase¹ that resulted, after the close of the fiscal year, in a €7M fundraising with widening of the free float to almost 25%;
Net cash available of €559k at 03/31/2025 and a significantly reduced cash-burn rate, thanks to the ramp-up of the cash preservation plan initiated in November 2023;
EBITDA* improved significantly to -€10,011k, driven by revenue returning to positive at €378k and cost reductions, and a net loss of -€12,311k for the year ended 03/31/2025;
A consolidated 2025-2026 commercial outlook (total pipeline of €1.55Bn and €388M weighted pipeline² at the end of March 2025) and a confirmed EBITDA-breakeven target at 03/31/2026.

HAFFNER ENERGY (ISIN code: FR0014007ND6 – Ticker: ALHAF), just published its consolidated annual results at 03/31/2025, as approved on 06/27/2025 by the Board of Directors. On this occasion, the Company provided an update on its progress and outlook.

Philippe HAFFNER, Co-founder and CEO of Haffner Energy said:

“The 2024-2025 financial year is in continuity with the path we embarked on back in the second half of 2023. After launching new offers to expand our addressable market beyond hydrogen and achieving a significant increase in our project portfolio, we continue to roll out our roadmap. This year, we have carried out structuring projects that bring us closer to our objective of profitable growth: first, we have set up an industrial-scale showcase site in Marolles presenting all our technologies, whether in operation or still in development – seemingly the first site in the world to produce green hydrogen from solid biomass; this decisive element for the conversion of our project pipeline into contracts has already enabled us to sign a first contract for the installation of a hydrogen, electricity, and biochar production unit in Switzerland. To support our development, we have also continued to strengthen our network of partnerships with leading players, such as LanzaJet, LanzaTech, Atoba, and Luxaviation for the SAF market.

In terms of financial results, although the conversion of our project pipeline into contracts had not yet materialized at 03/31/2025 and we remain in a loss-making position, we have recorded an improvement in our EBITDA thanks to the cost-cutting efforts undertaken to preserve our cash. With the first significant contracts expected to be signed, the 2025-2026 financial year should enable us to achieve our target of breakeven EBITDA by March 31, 2026.

The capital increase launched at the end of the financial year, to which the family holding company Haffner Participation contributed €950k, resulted in a €7M fundraising in early April 2025. It will enable us to support the Company’s development. The success of this operation is due in particular to the commitment of most of our historical shareholders and to the arrival of new investors. We would like to thank them for their confidence in our project and our prospects, despite the recent turbulence on the Haffner Energy stock market.”

I. 2024-2025: ADVANCES ILLUSTRATE HAFFNER ENERGY’S TECHNOLOGICAL MATURITY

During the FY 2024-2025, Haffner Energy took crucial steps to accelerate its commercial and industrial development, with the creation of the Marolles showcase site and the signing of major partnership agreements, particularly in the SAF industry.

Operational commissioning of the Marolles hydrogen and renewable gas production, testing and training center: a strategic priority for the year

During the period, the attention of the Haffner Energy team was particularly focused on the installation and commissioning of a showcase site for the Company’s technologies and expertise in the Vitry-Marolles business park (Marne County), near its headquarters. Started in late 2023, the development of this production, testing and training center unfolded in several stages: after archaeological excavations, site preparation and equipment assembly, the center entered the renewable gas (syngas) production phase on June 18, 2024 (cf. 06/20/2024 press release). Equipped with new-generation equipment and intended to operate continuously 8,000 hours per year, this site was inaugurated on November 22, 2024, during Industry Week (cf. 11/22/2024 press release and press kit).

After obtaining regulatory approvals and installing additional equipment, the team dedicated to this project reached a strategic milestone for Haffner Energy’s industrial and commercial development with, in February 2025, the commissioning of mobility-grade green hydrogen production (cf. 02/26/2025 press releases). Green hydrogen produced as part of the activities on the Marolles site – 120 tonnes/year – is to be commercialized. Haffner Energy already signed an offtake Memorandum of Understanding on December 16, 2024, with a French operator specializing in hydrogen removal and resale in order to decarbonize mobility and industry.

This site now allows the Company’s customers and prospects to test the range of possibilities offered by Haffner Energy technologies at full-scale and with their own biomass: production of “super green” gas and hydrogen, co-production of electricity, production and/or gasification of biocarbon and/or biochar. This site is also intended to train their teams in operating and maintaining the equipment.

This project, which has resulted in the world’s first known site producing hydrogen from solid biomass residues, was made possible thanks to the support and commitment of the French public authorities through various local and national entities. It has thus benefited from more than €1.5M in public funding³, demonstrating the trust placed in Haffner Energy to contribute to the green reindustrialization strategy led by the French government.

While the success of this structuring project attests to Haffner Energy’s technological and industrial maturity, it will also demonstrate the economic and ecological relevance of its technologies. Indeed, compared to alternative technologies, water electrolysis in particular, the “super green” hydrogen produced by Haffner Energy through its thermolysis technology is especially competitive due to the low cost of the primary energy used (biomass), combined with excellent energy efficiency (+ 75% for installations > 20MW). In addition, this hydrogen is carbon negative when co-produced biochar is used to sequester biogenic carbon.

This showcase site is therefore a decisive tool to realize the Company’s commercial potential. In the short term, it will allow several contracts awaiting signature to move forward, as evidenced by the recent signing of a first contract for the construction of a hydrogen, electricity, and biochar production unit from forestry residues on the Corbat Group site in Glovelier, Switzerland, for H₂bois SA. This unit, which is expected to be commissioned in July 2026, represents a total order value for Haffner Energy that is likely to reach €8.3M including options (cf. 03/12/2025 press release).

2024-2025: new strategic partnerships with leading players

The growing maturity of Haffner Energy’s technologies in their various applications has enabled the Company to amplify the process of building strategic partnerships already underway and to gain the trust of leading players. During this past year, new agreements have mainly occurred in the SAF industry, the Company’s priority segment given its market potential.

Haffner Energy established a first partnership with the American company LanzaJet in June 2024 in the context of its SAF production plant project, Paris-Vatry SAF (cf. 06/06/2024 press release). A global leader in ATJ (Alcohol-to-Jet) technology, LanzaJet is a remarkably advanced player in the industry with more than 90 SAF projects in its portfolio. It was named in 2024 by Time Magazine as one of the “100 Most Influential Companies”. Its investors include the Aéroport de Paris (ADP) group, British Airways, Airbus, Southwest Airlines and Microsoft, among others.

A key agreement was also signed in September 2024 with IðunnH2, the green hydrogen and sustainable e-fuel project developer in charge of Iceland’s largest e-SAF production plant project (65,000-tonne capacity). Located near Keflavík International Airport, the site is to be commissioned in 2028, using biogenic carbon from on-site biocarbon gasification with Haffner Energy’s patented technology. This solution was chosen by IðunnH2 for its ability to significantly reduce costs and increase productivity in the e-SAF production process. Indeed, in Iceland, the limited volumes of local biomass mean low access to biogenic carbon, an essential component of SAF. Haffner Energy’s supplies of solid biocarbon, gasified on-site by its Gasiliner®, will provide a competitive and flexible alternative to the usual option of biogenic CO₂, a gas that is expensive to capture, transport and store. (cf. 09/02/2024 press release).

Keen to amplify the scope of their first partnership, Haffner Energy and LanzaJet announced another partnership agreement in January 2025 (cf. 01/28/2025 press release), accompanied by LanzaTech, the developer of a differentiating solution for transforming syngas into ethanol and a LanzaJet shareholder. The Nasdaq-listed company is a recognized leader in commercial carbon management solutions.

The objective of the tripartite agreement is to explore joint projects for the conversion of biomass residues into sustainable aviation fuel across the entire SAF production value chain by combining the technologies of the three companies. It also involves exploring a variety of opportunities, including the development of industrial facilities, fuel purchase agreements, and joint technology licenses, as well as financial support and/or investment in specific SAF projects.

Haffner Energy also entered into a partnership agreement with ATOBA Energy in February 2025 (cf. 02/20/2025 press release), a SAF aggregator whose purpose is to solve the financial dilemma between airlines and producers by allowing different players to benefit from long-term SAF contracts at optimized prices, in particular through off-takes from diversified producers and technologies. This partnership should facilitate the financing of Haffner Energy’s SAF projects by removing the barriers of this value chain, as production plant projects struggle with signing the necessary contracts to guarantee investment returns. The identification of Haffner Energy by ATOBA Energy as a strategic player in the SAF ecosystem is another testament to the competitiveness of its technological solutions.

Lastly, after the end of the fiscal year, Haffner Energy announced a partnership agreement with global business aviation leader Luxaviation to accelerate the production and promotion of SAF. Luxaviation is to take an active role in SAF Zero (cf. 06/18/2024 press release), an initiative launched by Haffner Energy in September 2024 (cf. 09/12/2024 press release).

In addition, Haffner Energy has pursued its partnership approach aimed at diversifying its sustainable biomass supply sources. In France, a new agreement was signed in August 2024 with Bambbco, leader in the development of the bamboo industry in France (cf. 09/24/2024 press release). The partnership aims to improve the energy use of biomass, particularly on marginal lands and semi-desert areas, by creating local ecosystems for SAF projects. In a similar fashion, Haffner Energy had signed a partnership early 2024 with the US company Hexas, specialized in the production of raw plant-based materials from its regenerative crop: XanoGrass™ (cf. 03/13/2024 press release).

II. SUCCESSFULLY RAISING THE FUNDS NEEDED TO FINANCE THE COMPANY’S GROWTH

Shortly before FY 2024-2025 ended, Haffner Energy launched a capital increase through the issue of shares with share subscription warrants (ABSA), while maintaining shareholders’ preferential subscription rights (DPS).

This operation’s final completion, materialized by the settlement-delivery of the shares on April 4, 2025, i.e. just after the close of the fiscal year, enabled the company to raise €7M and expand its free float, which now stands at almost 25% of the capital.

As announced in June 2024, and within the framework of the authorizations granted by the Annual General Meeting of September 12, 2024, Haffner Energy raised funds to accelerate the Company’s development. Following a decision by the Board of Directors at its meeting of March 12, 2025, this took the form of a €7M capital increase through the issue of ABSAs with shareholders’ preferential subscription rights (DPS).

A two-stage transaction: €7M through the issue of ABSAs, potentially doubled if the warrants are exercised within 18 months.

As a reminder, the operation had the following characteristics:

– Transaction eligible for the IR-PME, PEA and PEA-PME, FIP-FCPI and Article 150-0 B ter schemes
– Allocation of preferential subscription rights (DPS): on the basis of 1 preferential subscription right for 1 share held on 03/14/2025
– Negotiability of DPS from 03/17/2025 to 03/26/2025 inclusive
– Subscription ratio: 9 ABSA for 23 Existing Shares
– Subscription price per ABSA: €0.40, i.e. a 59% discount to the closing price on 03/12/2025, the day before the transaction was announced (€0.98).
– ABSA subscription period from 03/19/2025 to 03/28/2025 inclusive
– Final completion of the issue recorded on 04/04/2025, for an amount of €6,995,497.60, of which €1,748,874.40 par value and €5,246,623.20 issue premium, bringing the Company’s share capital to €6,218,220.10.
– Settlement-delivery of the ABSA: 04/04/2025
– Trading of New Shares (ISIN: FR0014007ND6 – Ticker: ALHAF) and BSAs (ISIN FR001400Y4X9) on Euronext Growth in Paris since 04/04/2025Trading of New Shares (ISIN: FR0014007ND6 – Ticker: ALHAF) and BSAs (ISIN FR001400Y4X9) on Euronext Growth in Paris since 04/04/2025
– Terms and conditions of exercise of the warrants attached to the ABSAs (on the basis of 1 warrant per New Share): as from 04/04/2026 for a period of 6 months, 3 warrants entitling the holder to subscribe to one New Share at a price of €1.20. Exercise of all the warrants would ultimately represent a potential capital increase of €6,995,498 gross.

This operation benefited from the renewed support of historical shareholders (Haffner Participation, VICAT, EUREFI) and new investors, who had committed to participate in the transaction up to €5.5M.

It was carried out with the assistance of Gilbert Dupont, as global coordinator and bookrunner, and CIC Market Solutions as custodian.

Post-transaction, a modified capital structure and a near-doubling of the free float

The gross capital increase recorded by the Board of Directors at its meeting on April 1, 2025 amounted to €6,995,497.60, including €1,748,874.40 nominal value and €5,246,623.60 share premium, and resulted in the issuance of 17,488,744 ABSAs at a subscription price of €0.40 per share, including €0.10 nominal value and €0.30 issue premium (cf. press releases of 2/04/2025 and 4/04/2025).

Following the issuance of ABSA, Haffner Energy’s share capital was increased to €6,218,220.10 divided into 62,182,201 ordinary shares with a nominal value of €0.10.

The operation led to a change in the breakdown of capital and voting rights. In particular, the capital increase led to a significant increase in the free float (from 12.83% to 24.75%), which should ultimately prove positive for the share’s attractiveness.

Table: Impact of the ABSA issue on the breakdown of share capital and Differential Voting Rights

	Before Capital Increase				After Capital Increase
	Number of shares	% of Capital	Number of DVR	% of exercisable DVRs	Number of shares	% of Capital	Number of DVR	% of exercisable DVRs
Haffner Participation	17 824 000	39,88%	35 648 000	45,15%	20 199 000	32,48%	38 023 000	39,42%
Eurefi	5 741 600	12,85%	11 483 200	14,54%	8 311 600	13,37%	14 053 200	14,57%
*Sous total Concert*	*23 565 600*	*52,73%*	*47 131 200*	*59,69%*	*28 510 600*	*45,85%*	*52 076 200*	*53,99%*
Vicat	1 175 000	2,63%	1 175 000	1,49%	3 675 000	5,91%	3 675 000	3,81%
Eren Industries	1 000 000	2,24%	2 000 000	2,53%	1 391 302	2,24%	2 391 302	2,48%
Kouros	11 826 112	26,46%	21 920 542	27,76%	11 826 112	19,02%	21 920 542	22,73%
HRS	1 000 000	2,24%	1 000 000	1,27%	1 000 000	1,61%	1 000 000	1,04%
Flottant	5 736 238	12,83%	5 736 238	7,26%	15 388 680	24,75%	15 388 680	15,95%
Self-holding	390 507	0,87%	–	0,00%	390 507	0,63%	–	0,00%
TOTAL	44 693 457	100%	78 962 980	100%	62 182 201	100%	96 451 724	100%

For the record, a shareholder who did not take part in the operation and previously held 1% of the capital saw a dilutive effect of 0.72% applied to his position.

After the operation, stock price in turmoil

Mechanically, and all other things being equal, Haffner Energy’s share price should have fallen by around 28%, in line with the dilutive effect. However, following the capital increase, the share experienced unexpectedly high trading volumes, due first and foremost to massive and disorderly selling, leading to a drop in the share price to a low of €0.25 on 04/18/2025. Since then, the stock price has begun to rise again (to €0.35 on 06/23/2025). Trade is still occurring in very high volumes, without Haffner Energy having any specific information on their origin.

III. CONSOLIDATED FINANCIAL RESULTS OF LOW SIGNIFICANCE, MARKED BY EFFORTS TO IMPROVE EBITDA AND PRESERVE CASH

The consolidated financial statements presented below, for which audit procedures are in progress, were approved by the Board of Directors at its 06/27/2025 meeting. The scope of consolidation and accounting methods used at March 31, 2025, are unchanged from the previous year: Haffner Energy’s consolidated financial statements have been prepared in accordance with IFRS; the only consolidated subsidiary is Jacquier.

In terms of consolidated financial results, FY 2024-2025 displays a similar profile to the previous one, albeit with a few changes.

In thousands of euros	03.31.25 (12 months)	03.31.24 (12 months)
Net sales Other income	378 79	-157 69
EBITDA	-10,011	-12,791
Operating result	-12,275	-10,263
Net income	-12,311	-9,935
Shareholders’ equity	14,300	26,768
Cash available	559⁴	11,042

At 03/31/025, consolidated revenue remained amounted to €378k. It mainly comprised sales of boiler-making equipment by Jacquier and various services and studies by Haffner Energy.

As a reminder, consolidated revenue was negative for FY 2023-2024 (-157 k€) due to the impact of the termination of the R-Hynoca contract in December 2023⁵ (cf. 14/12/2023 press release).

Confirmed EBIDTA improvement thanks to cost-cutting measures

Extending the trend of the first half of the year, EBITDA⁶continued to improve to -€10,011k, under the combined effect of the decrease in purchases consumed (-15%), personnel costs (-17%) and external expenses (-23%), resulting from the full impact of the cash preservation plan initiated in November 2023.

Operating result nevertheless deteriorated (-€12,275k at 03/31/2025, down €2,012k compared to 03/31/2024). This change is mainly due to the reversal of provisions for losses on completion from the previous year in the amount of €5,787k.

As of 03/31/2025, consolidated net income stood at -€12,311k, registering a larger loss than last year (-€9,935k at 03/31/2024).

After appropriation of net income, shareholders’ equity amounted to €14,300k, excluding the impact of the capital increase which will be taken into account in FY 2025-2026 due to its completion after the closing date.

Haffner Energy’s other assets and liabilities are as follows:

On the assets side, non-current assets (€11,250k, or +€309k) were almost stable, mainly composed of intangible assets representing the Company’s intellectual property (€8,105k as of 03/31/2025 compared to €7,843k as of 03/31/2024). Current assets, on the other hand, contracted significantly to €22,456k (-€12,321k), mainly due to:

the consumption of a significant portion of cash (€559k as of 03/31/2025 compared to €11,042k as of 03/31/2024).
the decrease in other current assets (advances paid to suppliers for €2,464k and Research Tax Credit for €941k).

Conversely, inventories and outstandings increased, reaching €13,432k at the end of the financial year (+€3,287k) mainly due to the installation of the Marolles site.

On the liabilities side, shareholders’ equity amounted to €14,300k at 03/31/2025 (a decrease of €12,468k) mainly due to the allocation of the year’s profit to reserves. It should be noted that the capital increase is not taken into account as of 03/31/2025.
Non-current liabilities decreased slightly (-€268k at 03/31/2025 to €5,833k). This change takes into account the €500k RDI loan received from Bpifrance in March 2025.
Current liabilities, meanwhile, increased +€725k to €13,574k at 31/03/2025. This change is mainly due to the net increase in provisions ongoing litigations (+€882k to €1,116k at 31/03/2025).

It should be noted that, as the proceedings with Sara and Carbonloop are still in progress, the balance sheet position of previous years has been maintained. In addition, a provision has been booked in respect of employee-related litigation.

Net cash position necessitates fundraising despite reduced cash-burn rate

As of 03/31/2025, net cash and cash equivalents amounted to €559k.

As a reminder, the main measures of the cash preservation plan initiated since November 2023 and implemented during the year have focused on:

Overheads in addition to reinforced budget management and expense control measures, the company reduced fees, cancelled non-essential service or subcontracting contracts whose tasks could be handled internally, changed payroll managers, renegotiated the commercial terms of other contracts, and limited travel and related expenses to essentials.
- Payroll: in addition to the freeze on recruitment and replacements, as well as the absence of a general salary increase over FY 2023-24 and FY 2024-2025, Haffner Energy implemented a targeted redundancy plan in the summer of 2024, resulting in the loss of nine (9) positions. Subsequent to the balance sheet date, a redundancy plan for economic reasons was launched at SAS Jacquier. This redundancy plan resulted in the departure of three (3) employees from the workforce on 06/16/2025.
- Leased surface areas: these have been reduced in both Nantes and Paris, thanks to the relocation of the Paris offices in January 2025 and the termination of the lease on the 1st floor of the Nantes offices.
- Postponement of non-priority investments, such as the deployment of a new ERP system (€1.3M).
- Renegotiations with strategic partners and service providers to review certain delivery schedules and invoice payment deadlines (€3M)
- Deferrals of payments illustrating the commitment of all internal stakeholders to the company, such as the deferral of the payment of the individual portion of employees’ target-based bonuses and the payment of directors’ fees; lastly, we note the waiver by the two executives and founding investors, Philippe and Marc Haffner, of the variable portion of their remuneration for FY 2023-2024, as well as the temporary two-stage reduction of part of their fixed remuneration for FY 2023-2024 and FY 2024-2025. These amounts have been provisioned in the financial statements.

Thanks to the implementation of these cost-saving measures, the average monthly cash-burn rate was significantly reduced during the year, gradually falling from €1.4M at the end of 2023 to €1M at the end of 2024, to about €0.6M per month in Q1 2025 (calendar year), excluding income and non-recurring expenses.

In order to ensure that the Company would have the necessary resources to pursue its development until the expected ramp-up in revenue, and as announced as early as June 2024, Haffner Energy therefore initiated the above-mentioned capital increase during the year (see page 4).

Having carried out a review of its liquidity risk, the Company considers that it will have sufficient cash to finance its activities until at least 03/31/2026.

This cash outlook takes into account:

– The €7M capital increase finally subscribed on April 4, 2025, after the closing of FY 2024-2025;

– The receipt, in March 2025, of a €500k innovation grant from Bpifrance (RDI loan) for the hydrogen production, testing and training center project in Marolles (Marl’Hy);

– Cost reductions undertaken by the Company (see page 8) that cap the average monthly cash burn-rate, excluding non-recurring income and expenses, at around €600k (compared with €1M at the end of 2024).

In the 1st half of the year, this is subject to the successful completion of the endurance test at the Marolles site and the signature of the resulting contracts, as well as to the obtaining, during the year, of additional financing linked to the equipment at the Marolles site.

IV. PROJECTS AND PROSPECTS: FOUR NEW OPERATIONAL PRIORITIES

For the current financial year, the Haffner Energy team, boosted by the confidence and support from its business partners, shareholders and institutional ecosystem, has set four new operational priorities: accelerating the conversion of its pipeline, moving forward with the implementation of targeted strategic projects, continuing to structure its action, and simplifying its governance.

Accelerating pipeline conversion

At the end of FY 2024-2025, Haffner Energy had an estimated total sales pipeline of €1.55Bn compared to €1.4Bn at 03/31/2024, confirming a high level of commercial activity due to the various initiatives undertaken since mid-2023: launch of a high-capacity offer for the renewable gas market (syngas) and a SAF offer; business development in the United States through the creation of a subsidiary; increased presence in various US trade fairs dedicated to renewable energies and hydrogen⁷.

On the occasion of its capital increase, and in order to offer a clearer and more representative view of its business and prospects, the Company decided to adopt a communication based on a weighted sales pipeline** instead of medium-term annual revenue targets, as was previously practiced, as projects typically convert into backlog over a two-year cycle. This weighted pipeline is determined by applying a probability of success to the potential revenue of each project that counts in the sales pipeline

At the end of March 2025, Haffner Energy’s weighted sales pipeline stood at €388M.

Two contracts for hydrogen production equipment had been identified as likely to be signed following the start of hydrogen production at the Marolles site in February 2025 (cf. 02/26/2025 press release).

The first of these is the H₂bois project, for which Haffner Energy signed an initial contract on 03/12/2025, which is essential for the creation of this unit to produce hydrogen, electricity, and biochar from biomass at the Swiss Corbat group’s site (cf. 03/12/2025 press release). With delivery of the site scheduled for July 2026, orders for Haffner Energy are expected to be staggered between now and the end of FY 2025-2026.

The second regards REFORMERS’ Renewable Energy Valley project in Alkmaar in the Netherlands. The latter was awarded the 2025 World Hydrogen Award, “Clean Project” category, May 22, 2025, in Rotterdam, thanks to the choice of HYNOCA® as the green hydrogen production technology included in the project.

Advancing the implementation of a number of targeted strategic projects: R&D, Marolles, and commercial partnerships

While growing the market for existing solutions is the priority for the current financial year, Haffner Energy has continued and will continue to invest time in Research & Development in order to offer its customers new or optimized solutions. The performance of its biomass thermolysis technology is indeed the source of the recognition enjoyed by the Group. In particular, before the end of FY 2024-2025, the Company was awarded the “Innovative Company” label by Bpifrance. This recognition enabled the company to welcome an FCPI fund to its capital.

In April 2025, the Group presented a new line of production units, Hynoca® Flex 500 IG, capable of producing 12 tonnes per day of marketable green hydrogen for less than €3/kg without subsidies, and of generating profitable renewable electricity at peak times (cf. 24/04/2025 press release). Competitive with grey hydrogen and fossil fuels thanks to its energy efficiency of over 80%, this new solution offers all the flexibility of hydrogen and electricity cogeneration, enabling producers’ sites to manage random hydrogen demand and benefit from continuous operation without having to lock themselves into rigid off-take contracts.

The current year’s priorities also include optimizing equipment at the strategic Marolles site, and in particular finalizing the installation of the Gasiliner® (cf. 11/22/2024 press release).

The Haffner Energy team has also been working to advance the strategic Paris-Vatry SAF project. During FY 2024-2025, the Company finalized the creation of SPV (Special Project Vehicle) PARIS VATRY SAF SAS. In addition, Luxembourg-based Luxaviation, a global business aviation leader, confirmed its interest in playing an active role in spin-off SAF Zero at the International Paris Air Show this month. Luxaviation’s participation could take the form of financing the initial development of SAF activities, supporting strategy and global visibility, as well as off-take agreements in SAF Zero projects such as Paris-Vatry SAF (cf. 06/18/2025 press release).

Finally, the FactorHy project of a first plant to assemble renewable gas and hydrogen production modules is still underway. Preliminary studies have been completed and detailed studies for the building permit application are continuing.

Continuing to structure its action

Having completed the creation of Haffner Energy Inc., an unconsolidated US subsidiary, in May 2024, Haffner Energy will continue to work on structuring its action and future developments with a view, in particular, to making effective progress in the SAF market. For current FY, the Company intends to launch SAF Zero, a spin-off designed to maximize its potential in this booming market (cf. 12/09/2024 press release and 18/06/2025 press releases).

Simplifying its governance

In addition, Haffner Energy has decided to simplify its corporate governance to enhance efficiency.

At its meeting on 05/09/2025, the Board of Directors decided to propose the following to the 06/23/2025 Combined General Meeting of Shareholders:

a reduction in the number of Board members, with the early termination of the terms of office of Kouros France and Kouros SA, who also undertook to reduce their shareholding following the capital increase in which they did not wish to participate;
a partial renewal of the Board’s membership, to allow the entry of a new director representing the Luxembourg company Eren Industries, one of Haffner Energy’s industrial shareholders. A partner of Haffner Energy’s since the Company’s IPO, this recognized player in the energy transition is dedicated to technological innovation in the service of the natural resource economy. Eren Industries develops and invests in infrastructure projects, particularly in low-carbon energy production (hydrogen, biogas, biomethane, etc.), some of which could be projects of interest to Haffner Energy, and will provide the Board with all its sector expertise.
An update of the statutes simplifying the majority rules applicable to certain Board decisions, in line with common practice.

All the resolutions were adopted at the June 23, 2025 General Shareholders’ Meeting.

It should be noted that the Board of Directors has decided to reduce the attendance fees of independent directors as from the next financial year. Non-independent directors will not be remunerated.

In addition, Mrs Bich Van Ngo and Mrs Sophie Dutordoir, independent directors, resigned from the Board at the close of the Annual General Meeting on 06/23/2025.

Mr. Olivier Piron (Société E-Venture Management and Investment srl) was co-opted to the Board of Directors as an independent director at the close of the Board meeting of 06/27/2025.

As a result, Haffner Energy’s Board of Directors is now composed of six (6) members, up from eight (8) previously:

Mr. Philippe Haffner, Chairman and CEO of Haffner Energy
Mr. Marc Haffner, Deputy Chief Executive Officer of Haffner Energy
Mrs. Francesca Ecsery, independent
Société E-Venture Management and Investment srl, with Mr. Olivier Piron as permanent representative
Europe and Growth, with Mr. Xavier Dethier as permanent representative
Eren Industries SA, with Mr. David Corchia as permanent representative

Next events

Shareholder webinar : July 1, 2025 – register here

Annual General Meeting : September 10, 2025

More detailed financial information on the annual accounts at 03/31/2025 is available on the website www.haffner-energy.com.

About Haffner Energy

Haffner Energy designs, manufactures, supplies, and operates biofuel and hydrogen solutions using biomass residues. Its innovative, patented thermolysis technology produces Sustainable Aviation Fuel, as well as renewable gas, hydrogen, and methanol. The company also contributes to regenerating the planet through the co-production of biogenic CO₂ and biochar. A company co-founded 32 years ago by Marc and Philippe Haffner, Haffner Energy has been working from the outset to decarbonize industry and all forms of mobility, as well as governments and local communities. Haffner Energy is listed on Euronext Growth (ISIN code : FR0014007ND6 – Mnémonique : ALHAF).

Investor relations

investisseurs@haffner-energy.com

Media relations

Laure BOURDON
laure.bourdon@haffner-energy.com
+33 (0) 7 87 96 35 15

Glossary:

The Company is now adopting a communication based on a weighted sales pipeline instead of medium-term annual revenue targets, as was previously practiced, as projects typically convert into backlog over a two-year cycle.

* Pipeline designates a business opportunity when at least one of the following situations occurs:
– a preliminary feasibility study for the installation of equipment is, or has been, carried out; or
– a budget offer, or a preliminary business plan for the project, or a complete commercial offer including specifications, has been sent to the customer and Haffner Energy is awaiting its response; or
– a letter of intent has been sent to Haffner Energy by the customer; or
– Haffner Energy has received an invitation to participate and is part of a tender process.

** The weighted pipeline is determined by applying a probability of success to the potential sales of each project included in the total pipeline. Thus, given a total pipeline of projects worth €1.55Bn at March 31, 2025, the weighted pipeline at March 31, 2025 stood at €388M, with “hydrogen projects” now accounting for only 18% of the weighted pipeline.

1 Subscription period for the Capital Increase closed on 03/29/2025, Settlement-Delivery on 04/04/2025.
2 In order to offer a clearer and more representative view of its business and prospects, the Company is now adopting a communication based on a weighted sales pipeline instead of medium-term annual revenue targets, as was previously practiced, as projects typically convert into backlog over a two-year cycle. This weighted pipeline is determined by applying a probability of success to the potential revenue of each project that counts in the sales pipeline.

3 Including an Innovation-Research and Development Loan (PIRD) in the amount of €500k granted by Bpifrance and received in early March 2025.
4 Cash and cash equivalents at 03/31/2025 do not include the €7M fundraising, which was completed after closing on 04/04/2025
5 The termination of the R-Hynoca contract was accompanied by a memorandum of understanding under which Haffner Energy will have to make two residual payments (€1M before 12/31/2025 and €0.85M before 12/31/2026).
6 EBITDA corresponds to operating income before depreciation and amortization, impairment net of reversals of fixed assets and current assets, and before operating provisions net of reversals.
7 Since January 2025, Haffner Energy has participated in Hyvolution Paris 2025, Bio360 Expo 2025 in Nantes, World Electrolysis Congress 2025 in Cologne, World Hydrogen Summit 2025 in Rotterdam, for example.

Attachment

PR_Annual results 2024-2025_Haffner Energy SA VF EN v2

The MIL Network –

June 30, 2025

MIL-Evening Report: ‘I’m just exhausted’: sexual harassment at work is still rife. These new laws would help

Source: The Conversation (Au and NZ) – By Sarah Ailwood, Associate Professor, School of Law, University of Wollongong

FG Trade/Getty

Last week, the Australian Human Rights Commission launched a new report on sexual harassment, called Speaking From Experience. It includes the voices of more than 300 victim-survivors of workplace sexual harassment from vulnerable communities.

In it, the commission calls for a new wave of robust law reform measures to protect and support victim-survivors and hold employers accountable.

This report comes five years after the 2020 Respect@Work report, which made 55 recommendations to address workplace sexual harassment. Yet, in 2022, a survey by the commission found one in three workers had experienced sexual harassment.

This new report is a watershed one, building on the work already done since 2020. So how far have we come in dealing with workplace sexual harassment? And how would new laws help?

What’s in the new report?

The Australian Human Rights Commission’s new report, Speaking From Experience, emerges from the Respect@Work recommendations.

Recommendation 27 of the Respect@Work report suggested the commission establish a way to hear historical disclosures of workplace sexual harassment. The commission then turned this recommendation into its latest release.

This report was a listening process that put victim-survivors front and centre. First Nations, migrant, LGBTQIA+, disabled and young workers were the main contributors to the report.

An example of the experiences of the contributors is a fast food worker, who said:

I know personally for me, as a queer person, I’m just exhausted […] it’s
just a lot of mental energy and for nothing to happen, or for it to cause
more problems, it’s just like really a deterrent…

The commission was particularly concerned with identifying what does – and what does not – help victim-survivors of workplace sexual harassment. The contributors shed light on what needs to change in the workplace and in the law.

One major theme was about non-disclosure agreements (NDAs), which are commonly used to settle workplace sexual harassment claims.

NDAs restrict who victim-survivors can speak to about their experience of workplace sexual harassment, including colleagues, friends, family and in public. Sometimes these agreements can hamper attempts to get support for the harassment.

The commission found victim-survivors are often pressured to sign NDAs in circumstances where the employer has far more power.

The commission recommended new legislation to restrict using agreements in this way.

This recommendation extends well beyond Respect@Work, which only produced best-practice guidelines. Extending the regulation is an important step forward, as subsequent research has revealed how ineffective these guidelines have been in practice.

Australia is now out of step with the United States, United Kingdom, Ireland and Canada, which have all regulated the use of NDAs after the #MeToo movement.

Working Women’s Centres are currently leading a sector-wide campaign for change, and the regulation of NDAs is underway in Victoria.

Improving the positive duty

Respect@Work introduced a positive duty on people running a business or undertaking to take reasonable and proportionate measures to eliminate sexual harassment from the workplace.

In Speaking From Experience, the commission is asking for enhanced regulatory powers to enforce the positive duty to make it more effective.

Read more:
Explainer: what is a ‘positive duty’ to prevent workplace sexual harassment and why is it so important?

The commission is currently prevented from speaking publicly, or to other regulatory agencies, about its enforcement activities unless it has entered an “enforceable undertaking” with an organisation or applied for a Federal Court order.

This means that, 18 months after being empowered to enforce the positive duty, the commission can’t speak publicly about how it is doing so.

To be an effective regulator, it must be able to publicise its enforcement actions and share information with other agencies.

The current law actually contributes to the culture of silencing and secrecy that continues to shroud workplace sexual harassment.

Further, there are currently no civil penalties for breaching the positive duty. In Speaking From Experience, the commission found this limits the extent to which some workplace leaders will take the positive duty seriously. It found this risks turning the prevention of workplace sexual harassment into a box-ticking compliance process.

The recommendations about penalties and transparency represent an acknowledgement that the commission’s powers to create systemic and structural change to target workplace sexual harassment are too limited.

In the absence of penalties, risk to reputation – the fear that public exposure of inaction or permissive workplace cultures concerning sexual harassment – remains the greatest incentive for employers to comply with the positive duty.

But workplace sexual harassment has been unlawful for more than 30 years. The current law does little more than continue to ask employers to do the right thing.

If the commission is not given the powers it needs to effectively enforce the law, too much reliance is placed on individual complainants to take action. As the Speaking From Experience report reveals, that means victim-survivors would need to overcome massive social, economic, cultural and legal barriers.

Over to the government

Speaking From Experience is a significant moment for workplace sexual harassment law reform and policy in Australia. It continues the work that Respect@Work started and takes it in a new direction, focusing on protecting and supporting victim-survivors and accountability for employers.

The Albanese government says it’s serious about addressing workplace gender equality and the prevention of violence against women. If that’s true, it should implement the commission’s recommendations in full, and quickly.

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

– ref. ‘I’m just exhausted’: sexual harassment at work is still rife. These new laws would help – https://theconversation.com/im-just-exhausted-sexual-harassment-at-work-is-still-rife-these-new-laws-would-help-259884

MIL OSI Analysis – EveningReport.nz –

June 30, 2025

Category: Trade

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