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China’s Xi offers backing for Myanmar’s SCO membership bid

6 days ago

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Xi Jinping, fourth right, speaks during a bilateral meeting with Min Aung Hlaing, second left, ahead of the Shanghai Cooperation Organization (SCO) Summit 2025 in Tianjin, China, on Aug. 30.

CHINESE President Xi Jinping pledged Saturday to support Myanmar’s efforts to become a full member of the Shanghai Cooperation Organization in his meeting with junta chief Min Aung Hlaing in Tianjin.

Xi spoke about “opposing foreign interference in Myanmar’s politics, China’s positive stance and future actions for the country’s stability and peace,” as well as follow-up talks on issues agreed upon during the two leaders’ meeting in Moscow in May, the National Defence and Security Council said in a statement.

The leaders also discussed China’s support for the Southeast Asian nation to become a SCO member, Myanmar’s Ministry of Information said in a post on its website.

Other key topics included strengthening bilateral cooperation in Myanmar’s peace process, trade promotion, accelerating the implementation of Belt and Road projects and the Myanmar Economic Corridor, making effective use of natural resources, and the plan to invite international observers in the Southeast Asian nation’s December elections. The two countries signed multiple bilateral cooperation agreements, including on customs and news media.

Myanmar has been struggling with an economic decline and ongoing civil war since the military seized power in 2021. Sanctioned by western countries including the US, generals have been strengthening ties with long-time partner countries like China and Russia since Myanmar became a dialogue partner of the SCO in May 2023.

Myanmar will actively contribute to the development of the SCO as a dialogue partner, the Chinese foreign ministry cited Min Aung Hlaing as saying in the meeting with Xi.

“I would like to express my gratitude for the peaceful situations that have been achieved as the result of China’s pressure on armed groups in the border areas for the development of northern Myanmar,” Min Aung Hlaing said. –BLOOMBERG

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SoftBank, Rakuten tap Japan’s booming retail demand for bonds

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SALES of corporate bonds to Japan’s mom and pop investors are booming, on track to surpass last year’s record as bigger returns draw buyers looking to protect their savings from inflation.

Well-known names such as railway operator Keio Corp. and supermarket giant Aeon Co. are among those tapping the retail bond market, with the latter selling its debut retail bond on Friday.

The offerings are tempting non-professional investors with rates as high as 3.34% on five-year notes from SoftBank Group Corp., a prominent technology and telecoms holding company. That’s almost triple the yield on government bonds of the same maturity.

Sales have reached about ¥1.5 trillion ($10.2 billion) in the first five months of the fiscal year started April 1, according to data compiled by Bloomberg. That’s after companies in Japan sold a record about ¥2.4 trillion of bonds to individuals last fiscal year, the data show.

Expectations that the Bank of Japan may raise interest rates again this year as inflation takes hold — a marked shift from years of sub-zero policy — has increased the focus on higher returns. While the country’s major stock indexes are trading around record highs, offering enticing returns, the volatility in equities this year has highlighted the attractiveness of regular income payments on bonds.

“Bonds offer interest income and return the principal as long as there’s no default, so they’re more attractive than just leaving money in the bank,” said Koji Ota, a 37-year-old worker in the transportation industry in Osaka, who’s been investing in corporate debt for the past three years.

A person who bought ¥1 million of the two-year retail notes sold by e-commerce giant Rakuten Group Inc. in February 2023 with a coupon of 3.3% would have received about ¥1.07 million in total, including both regular interest payments and the principal at maturity. In contrast, two-year time deposits at Mizuho Bank Ltd. offer an interest rate of 0.325%, and comparable government notes yield about 0.87%.

While the Topix index of stocks has rallied about 30% since the start of last year, the gains were punctuated by sharp selloffs of around 20% in August last year and this April.

“Jumping into stocks felt too risky,” said Kyoko Takahata, a 37-year-old housewife in Okayama in western Japan, who last year moved a fifth of her savings into bonds sold by three Japanese firms as rising interest rates led her to reassess finances. She chose corporate bonds because they offer higher yields than government debt and provide predictable income.

Some of the issuers looking to get a bigger slice of Japan’s ¥2,200 trillion of household assets offered themed bonds, or non-monetary incentives, to leverage their name recognition. The ‘Rakuten Cardman Bond’ featured a superhero-like character, and a deal from Fukui Prefecture — where prehistoric sauropod and theropod skeletons have been found — offered a lottery for dinosaur-themed goods.

With its first retail bond in 31 years, rail and leisure group Keio ran a lottery for prizes including a stay at the luxury Keio Plaza Hotel in Tokyo, dinner at high-end teppanyaki restaurant Ukai-tei and FC Tokyo soccer gear.

“We see this as a way to build stronger ties with retail investors,” said Yuki Iimuro, who handles fundraising at Keio’s treasury department.

Yet the freebies linked to many deals may detract buyers from seeking an understanding of the risks involved in the investments.

The broader corporate bond market in Japan for retail and institutional investors alike isn’t without its flaws. The Japan Securities Dealers Association sent questionnaires to nine major local and foreign brokerages asking about bond selling irregularities, such as overstating to issuers how much demand there is for their debt, according to people familiar with the matter.

“As rates climb, retail investors are paying more attention to yields,” said Toshiyasu Ohashi, a visiting professor at the Graduate School of Chiba University of Commerce and a veteran of Japan’s credit market. “Yet higher yields usually mean higher risk. We need to raise financial literacy and rethink how these bonds are structured, marketed and regulated to protect individuals.”

Deals keep coming to the market, though. Aeon priced ¥60 billion of notes on Aug. 29 with a coupon of 2.025%.

Takatoshi Kabayama, who oversees debt issuance at Aeon’s finance department, said the expansion of tax-free investment accounts has led to growing investor appetite. “With benchmark interest rates having risen, we judged that this bond can attract investors even without offering promotional perks,” he said. –BLOOMBERG

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News World

Indonesia revokes lawmaker perks as Prabowo tries to end unrest

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Indonesia Army stand guard outside the resident of Finance Minister Sri Mulyani Indrawati in Jakarta on Aug. 31. (Photographer: Harry Suhartono/Bloomberg)

PRESIDENT Prabowo Subianto moved to quell widespread protests across Indonesia with parliament removing hefty lawmaker allowances that had sparked public outrage, while warning that firm action will be taken against violent demonstrators.

The government will listen and act on people’s concerns, Prabowo said in a televised briefing from the presidential palace on Sunday, flanked by political party leaders. Parliament will also place a moratorium on overseas visits by lawmakers, while parties will take firm action against their erring members, he said.

Protests over rising living costs and inequality intensified over the weekend, with government buildings being burned and looters reportedly targeting the homes of the finance minister and several lawmakers. Prabowo on Saturday scrapped a trip to China to attend a major security summit, underlining growing concern about the protests that have rocked the nation in the past week and hurt stocks and the rupiah.

The protests were sparked by outrage over lawmakers’ housing allowances— nearly 10 times the monthly minimum wage — and fueled by tax hikes, mass layoffs, and inflation that have disproportionately hit lower-income Indonesians. The death of a motorcycle taxi driver, Affan Kurniawan, who was run over by a police vehicle during a rally, further inflamed tensions.

“I call on all citizens to trust the government and remain calm,” Prabowo said. “The government under my leadership is determined to always fight for the people’s interests, including those of the most vulnerable and marginalized.”

Rioters entered Finance Minister Sri Mulyani Indrawati’s residence near Jakarta early Sunday, but were repelled by armed forces personnel. Items were taken from the homes of lawmaker Ahmad Sahroni and two others, according to Detik.com. The finance ministry did not responded to requests for comment.

Embassies in Jakarta, including those of the US, Japan, Australia and Singapore, earlier issued warnings for their citizens in Indonesia to avoid crowds and protest areas.

A police spokesperson on Sunday said any anarchic acts would face “decisive but measured” action under standard procedures, calling it a last resort the force hopes to avoid. Jakarta Police will deploy over 300 personnel to patrol the city, he said.

The situation is “indeed very concerning,” said Rajeev De Mello, global macro portfolio manager at Gama Asset Management. “We expect this to translate into heightened volatility for the rupiah and broader Indonesian assets, as markets reassess both political risk and policy continuity.”

Even before Prabowo’s announcement on Sunday, Indonesia’s Democratic Party of Struggle and Gerindra issued separate statements over the weekend pledging to scrap or review a controversial monthly housing allowance of 50 million rupiah ($3,030) along with other perks deemed excessive.

“A worsening economy, spending cuts, corruption – no one believes that anything good is being done to fix those issues and the feeling is Parliament has lost touch with the people,” said Vedi Hadiz, director of the Asia Institute at the University of Melbourne. “These are the organic grievances of the people.”

Empty Showrooms

While calm prevailed in Jakarta’s Chinatown — a historic flashpoint for unrest that fueled the 1998 riots and led to the fall of former President Suharto — businesses took precautions. Armored personnel carriers were stationed outside major shopping centers, and a nearby BMW showroom, ransacked during the 1998 violence, pulled its cars from display. In downtown Jakarta, a Toyota showroom also removed vehicles from public view.

Police also blocked road access to the Sudirman Central Business District, the location of the Indonesian Stock Exchange building and headquarters of several international banks.

Protests in major cities have turned deadly, with at least three people killed in Makassar and dozens of buildings and public facilities destroyed, despite the president’s earlier plea for calm. In response to the escalating violence, TikTok announced it has “voluntarily” suspended its Live feature.

While citizens have the right to expression and assembly, “demonstrations currently taking place in several regions tend to violate” the law, National Police chief Listyo Sigit Prabowo said on television on Saturday, speaking alongside Indonesian military commander Agus Subiyanto. He cited the burning of buildings and public facilities and the attacks on police headquarters.

Indonesia’s equity benchmark has retreated from a record and was the world’s worst-performing primary index on Friday after it dropped 1.5%. –BLOOMBERG

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News Wheels

Volkswagen subsidiary in Brazil faces US$30m fine over modern slavery

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RIO DE JANEIRO — German car manufacturer Volkswagen (VW) has been handed a massive fine in Brazil over allegations of modern slavery on an Amazonian farm during the country’s military dictatorship reported German news agency dpa.

The Redenção labour court, in the Amazonian state of Pará, on Friday ordered VW’s Brazilian subsidiary to pay compensation of 165 million reais (US$30.4 million) over the illegal exploitation of workers in the 1970s and 1980s, the Brazilian public prosecutor’s office for labour said.

According to the office, the fine is the highest ever imposed in Brazil for modern slave labour.

The VW subsidiary has announced it will appeal the decision.

“With a 72-year tradition, the company consistently upholds the principles of human dignity and strictly adheres to all applicable labour laws and regulations,” said Volkswagen do Brasil.

The allegations relate to conditions at the Fazenda Vale do Rio Cristalino farm, which belonged to a subsidiary of Volkswagen do Brasil.

The cattle farm was founded with the support of the military dictatorship as part of a national strategy to develop and colonise the Amazon region.

The investigation began in 2019 after priest Ricardo Rezende, then regional coordinator of the Rural Pastoral Commission, documented the case.

An out-of-court settlement failed in 2023. As a result, the company was finally sued in December 2024.

According to the allegations, hundreds of temporary workers at the farm, also known as Fazenda Volkswagen, were subjected to long working days and degrading working conditions.

Armed guards and a system of debt bondage prevented the workers from leaving the farm, investigators said. –BERNAM-dpa

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PR Newswire

InvroMining Expands Multi-Asset Mining Platform, Launches New AI-Driven Infrastructure

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LONDON, Aug. 31, 2025 /PRNewswire/ — Chainwire

InvroMining

InvroMining, a London-based cryptocurrency mining platform founded in 2016, today announced the latest upgrade to its global operations, introducing expanded support for multi-asset mining and new AI-driven resource management features.

Expanded Asset Support
With this update, InvroMining now offers infrastructure supporting major cryptocurrencies, including BTC, LTC, ETH, DOGE, BCH, BNB, and USDT. This multi-asset framework allows participants to participate in a wider range of mining operations on a single platform.

The company also confirmed the launch of the BTC and XRP futures programs, two structured products that align with InvroMining’s mission to provide a transparent and systematic approach to digital asset mining.

AI-Powered Operations
InvroMining’s proprietary AI engine dynamically manages mining allocations and adjusts to network difficulty and energy conditions in real time. This ensures efficiency, transparency, and optimized performance for all supported cryptocurrencies.

Sustainability at its Core
As part of its commitment to responsible innovation, InvroMining operates over 130 renewable energy mining facilities worldwide, leveraging hydro, solar, and wind power. The company has reaffirmed its goal to achieve carbon neutrality for all operations by 2030.

Leadership Comments
“At InvroMining, we firmly believe that cryptocurrency mining must combine innovation with responsibility,” said InvroMining’s CEO. “By adding asset-backed and structured contract programs, we are strengthening our role as a global partner in the development of digital infrastructure.”

Roadmap

Expanding mining facilities in Asia Pacific and Latin America.
Deploying predictive AI modules for operational monitoring.
Enhanced developer SDK to integrate custom strategy modules with the InvroMining ecosystem.

About InvroMining
Founded in 2016, InvroMining is a global cryptocurrency mining platform focused on supporting multi-asset, AI-driven efficiency, and renewable energy infrastructure. InvroMining operates in 175 countries and regions, providing a convenient foundation for sustainable digital asset mining..

Disclaimer
This press release is for informational purposes only and does not constitute investment advice.

Contact

InvroMining PR Team
[email protected]

InvroMining

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SOURCE InvroMining

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6 days ago 0 comments

PR Newswire

MyExpatTaxes Highlights Impact of SAVE Act on Americans Abroad

6 days ago

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VIENNA, Aug. 31, 2025 /PRNewswire/ — FinanceWire

MyExpatTaxes

Leading US expat tax firm MyExpatTaxes is highlighting the potential impact of the SAVE Act (H.R.22) on millions of Americans living abroad, as the bill moves toward a critical Senate vote.

President Trump signed the Executive Order on March 25, 2025, and the bill narrowly passed the House on April 10 by a 220–208 margin. To become law, it must secure 60 votes in the Senate — a decision that could determine the future of voting rights for millions of Americans abroad.

The SAVE Act would restrict mail-in and online voter registration by requiring in-person identity verification, effectively undoing protections from the 1993 National Voter Registration Act (NVRA). For Americans abroad, who rely almost entirely on absentee ballots, this could mean significant new barriers to registration and participation.

Against this backdrop, MyExpatTaxes warns that requiring in-person verification could effectively disenfranchise millions of citizens living overseas.

To better understand how expats view the intersection of taxation and representation, MyExpatTaxes conducted the 2024 US Election Survey, the largest of its kind, with responses from over 1,500 Americans living in 89 countries. Findings included:

64% agreed with the sentiment that “no taxation without representation” still applies today.
Nearly 60% said they would give up the right to vote if it meant not having to file US taxes.
73% reported casting ballots from abroad, underscoring the importance of absentee voting.

The 2024 MyExpatTaxes US Election Survey showed that expats are closely following the issue, with results suggesting the outcome may reshape how Americans abroad engage with US democracy in the years ahead.

The full survey, the most comprehensive record of expat perspectives on voting, is available here.

About MyExpatTaxes
MyExpatTaxes is the leading US expat tax software and services provider, helping Americans abroad remain compliant with IRS requirements. Headquartered in Vienna, Austria, the company also conducts research on issues affecting the global expat community.

Contact

Mackenzie Passegger
MyExpatTaxes
[email protected]

MyExpatTaxes

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SOURCE MyExpatTaxes

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PR Newswire

Digital Shovel Completes 493 MW Busway Delivery for IREN Ahead of Schedule

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TORONTO, Aug. 31, 2025 /PRNewswire/ — Digital Shovel, a provider of modular infrastructure solutions for data centers and cryptocurrency mining operations, has completed the delivery of its final batch of busway systems to IREN (formerly Iris Energy Limited). The delivery, totaling 493 MW in active and spare units, marks the conclusion of a partnership agreement established in February 2024.

Digital Shovel Completes 493 MW Busway Delivery for IREN Ahead of Schedule

The project, completed ahead of schedule, involved supplying busways essential to IREN’s development of data centers configured for Bitcoin mining and AI cloud computing. These facilities are powered exclusively by renewable energy. According to the companies, the early completion of the project allowed IREN to progress its infrastructure deployment without reported delays.

“We are incredibly proud of the seamless execution of this partnership with IREN,” said Scot Johnson, CEO of Digital Shovel. “Delivering all 493 MW of busway sets ahead of schedule is a testament to our team’s dedication and the strength of our innovative solutions. IREN’s vision for sustainable, high-performance data centers aligns perfectly with our mission, and we’re excited about the impact this project will have on their growth.”The early completion of this contract also positions both companies for future collaboration. “This project has been a fantastic opportunity to showcase what we can achieve together,” Johnson added. “We’re eager to explore new ventures with IREN as they continue to lead in renewable energy-powered data centers for Bitcoin mining and AI applications.”

The success of this deployment lays the foundation for expanded collaboration as demand for infrastructure solutions continues to surge. With proven capacity to deliver at scale and speed, Digital Shovel is positioned to help power the next generation of energy-efficient data centers across North America.

For more information about Digital Shovel and its solutions, users can visit www.digitalshovel.com.

About Digital Shovel

Digital Shovel is a leading vertically integrated HPC, AI, and Bitcoin Mining systems manufacturer, building critical elements for datacenter construction. This includes turnkey modular datacenters, as well as infrastructure including switchgear, Smart PDUs, busway system,s and more. For more info, users can visit www.DigitalShovel.com

About IREN

IREN, formerly Iris Energy Limited, is an Australia-based company operating next-generation data centers powered by 100% renewable energy. With facilities optimized for Bitcoin mining, AI cloud services, and other power-dense computing applications, IREN is a global leader in sustainable, high-performance data center solutions. For more information, users can visit www.iren.com.

Contact

Digital Shovel

[email protected]

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SOURCE Digital Shovel

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PR Newswire

SCO summit in Tianjin to usher in a new era of cooperation

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BEIJING, Aug. 31, 2025 /PRNewswire/ — A report from People’s Daily:

Shanghai Cooperation Organization (SCO) Summit 2025 will be held in Tianjin from Aug. 31 to Sept. 1. This will be the fifth time China hosts the gathering and the largest summit in the organization’s history.

Chinese President Xi Jinping will join leaders from more than 20 countries and heads of 10 international organizations on the banks of the Haihe River to review the SCO’s achievements, chart its future course, build consensus among member states, and steer the organization toward the goal of building a closer SCO community with a shared future.

The SCO has become a model of new international relations and regional cooperation, and a constructive force of global significance. Since its founding 24 years ago, the organization has adhered to the Shanghai Spirit, which is founded on mutual trust, mutual benefit, equality, consultation, respect for diversity of civilizations, and the pursuit of common development.

Since its inception in China’s Shanghai in 2001, the SCO has expanded from a regional organization with six members into a trans-regional organization with 10 full members, two observer countries, and 14 dialogue partners. Over the years, it has deepened solidarity and mutual trust, strengthened security cooperation with tangible results, advanced integrated development to the benefit of all parties, enhanced cultural and people-to-people exchanges, and expanded its influence and appeal.

At a time of turbulence and uncertainty in the international landscape, the SCO has remained confident and taken practical steps to advance cooperation. It serves as the torchbearer of the Shanghai Spirit, a practitioner of deeper collaboration, and a contributor to building a community with a shared future for humanity, providing more stability and positive momentum to the world.

As a founding member, China has always prioritized the SCO in its neighborhood diplomacy. Since China took over the SCO rotating chairmanship in July last year, China has acted on the slogan “Upholding the Shanghai Spirit: SCO on the Move,” and made solid progress in its work as the SCO chair.

It has hosted over 100 events, and worked with all member states to advance reform and innovation in various aspects such as the deliberation mechanism, cooperation pattern and permanent bodies, to ensure smoother and more efficient operation of the organization. Together with SCO member states, it has actively carried out exchanges and dialogues among political parties, media and think tanks, giving people a better understanding of the “Shanghai Spirit” and bringing the big family of the SCO closer.

Modernization is the common aspiration of SCO members. This year, Pakistan’s New Gwadar International Airport, built with China’s support, welcomed its inaugural commercial flight. The mainline construction of the China–Kyrgyzstan–Uzbekistan railway entered the substantive construction phase, accelerating the development of a multidimensional regional connectivity network. In Nepal, the Sanjen Khola hydropower station, built by a Chinese company, has been put into operation and connected to the national grid, contributing to efforts in alleviating local power shortage.

Through active participation in high-quality Belt and Road cooperation and alignment with the Global Development Initiative, the SCO is steadily evolving into a reliable strategic backbone for common prosperity and vitalization of its member states.

Today’s world remains overshadowed by power politics, unilateral bullying, and persistent conflicts, underscoring the urgent need for fairness and justice. By standing firmly on the right side of history, the SCO is redoubling efforts to safeguard peace, fairness, and justice in global affairs.

This year marks the 80th anniversary of the victory in the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War, as well as the 80th anniversary of the founding of the United Nations. Against this historical backdrop, the SCO has amplified the collective voice of its member states on major international and regional issues, made the system of global governance fairer and more equitable, and united and guided the Global South in building a community with a shared future for humanity.

The upcoming SCO Tianjin Summit is expected to be an event of friendship, solidarity, and tangible achievements, highlighting the SCO’s resilience and stability amid global uncertainties.

Together with all member states, China will remain committed to the SCO’s founding mission, fulfill its responsibilities through concrete actions, and seek common prosperity through cooperation. By leading the organization into a new stage of stronger unity, deeper collaboration, greater vitality, and broader achievements, China and its partners will contribute more “SCO strength” to lasting world peace and shared development.

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SOURCE People’s Daily

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PR Newswire

Novo Nordisk’s Wegovy® cuts risk of heart attack, stroke or death by 57% compared to tirzepatide in real-world study of people with obesity and cardiovascular disease

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Compared with tirzepatide, Wegovy^® (semaglutide) 2.4 mg showed a significant 57% greater reduction in the risk of heart attack, stroke or death from any cause, in people with overweight or obesity and cardiovascular disease (CVD) while on treatment¹
Similarly, the study showed a significant 29% reduction in the risk for heart attack, stroke and death from any cause in the Wegovy^® users compared with tirzepatide users in all treated people, regardless of any gaps in their treatment¹
The findings support growing evidence that the established CV benefit seen with Wegovy^® is specific to the semaglutide molecule and therefore cannot be generalized to the GLP-1 or GIP/GLP-1-receptor agonist classes¹

PLAINSBORO, N.J., Aug. 31, 2025 /PRNewswire/ — Novo Nordisk today presented data from the STEER real-world study of evidence gathered from actual patient experiences at the European Society of Cardiology (ESC) Congress 2025 in Madrid, Spain. The STEER study investigated the risk of major adverse cardiovascular events (MACE) with Wegovy^® (semaglutide) 2.4 mg compared with tirzepatide treatment in people with overweight or obesity and established CVD without diabetes.¹

Compared with tirzepatide, Wegovy^® showed a significant 57% greater risk reduction for heart attack, stroke and cardiovascular-related death or death from any cause, in people with overweight or obesity and CVD, while on treatment with no treatment gaps more than 30 days. There were 15 (0.1%) of these cardiovascular events recorded with Wegovy^®, and 39 events (0.4%) were recorded with tirzepatide. The average follow-up duration was 3.8 months for the Wegovy^® group and 4.3 months for the tirzepatide group.¹

In all treated people, regardless of any gaps in their treatment, Wegovy^® showed a significant 29% risk reduction for heart attack, stroke and death from any cause compared with tirzepatide (over an average follow-up of 8.3 months for Wegovy^® and 8.6 months for tirzepatide). There were 56 (0.5%) of these cardiovascular events recorded with Wegovy^®, and 83 events (0.8%) were recorded with tirzepatide.¹

“In the STEER study, patients using Wegovy^® had greater cardiovascular improvements compared to tirzepatide, indicating that the same CV benefit cannot be generalized across other molecules in the GLP-1 or GIP/GLP-1 classes and may come specifically from the semaglutide molecule,” said Anna Windle, Senior Vice President, Clinical Development, Medical and Regulatory Affairs at Novo Nordisk. “Real-world studies, like STEER, provide us with important insights into how treatments may serve patients outside of controlled clinical trials as we continue to learn more about the benefits of Wegovy^® beyond weight management.”

Additionally, in all treated people, regardless of any gaps in their treatment, people treated with Wegovy^® experienced fewer events of heart attack, stroke and cardiovascular-related death than people treated with tirzepatide.¹

It is important to note that semaglutide injection 2.4 mg contains a Boxed Warning for possible thyroid tumors, including cancer and should not be used in those with a personal or family history of medullary thyroid carcinoma (MTC) or Multiple Endocrine Neoplasia syndrome type 2 (MEN 2). The most common side effects include nausea, diarrhea, vomiting, constipation, stomach (abdomen) pain, headache, tiredness (fatigue), upset stomach, dizziness, feeling bloated, belching, low blood sugar in people with type 2 diabetes, gas, stomach flu, heartburn, and runny nose or sore throat.

About obesity and cardiovascular disease
Every year, almost 21 million people die from CVD, which is the leading cause of disability and death worldwide.² Obesity directly leads to cardiovascular morbidity, mortality and hospitalization.^3,4 While cardiovascular mortality has decreased over the past two decades, obesity-related cardiovascular deaths have increased significantly, with two in three obesity-related deaths being linked to CVD.^5,6

About the real-world STEER study
Real-world studies of evidence gathered from actual patient experiences can complement randomized control trials, which are the gold standard for evaluating the safety and efficacy of a treatment.⁷ Real-world data analyses also have several limitations; while associations can be demonstrated, causal relationships cannot be definitively established. Results may reflect potential unmeasured confounding, the relatively recent approval of both treatments limited follow-up duration, and administrative claims data may be subject to coding inaccuracies.

STEER was a retrospective, observational real-world study, evaluating the efficacy of Wegovy^® (semaglutide) 2.4 mg versus tirzepatide in lowering the risk of MACE in US adults with overweight or obesity and established CVD with no prior history of diabetes, with a primary outcome measure of revised 5-point MACE (heart attack, stroke, hospitalization for heart failure, coronary revascularization, and death from any cause) and revised 3-point MACE (heart attack, stroke and death from any cause). Non-revised 5-point and 3-point MACE was also studied, which included cardiovascular-related death rather than death from any cause.¹

The study included people from the US Komodo Research database (January 1, 2016 to January 31, 2025) aged ≥45 years and started treatment with Wegovy^® or tirzepatide on or after May 13, 2022. Each treatment group comprised 10,625 people. To ensure both groups were comparable, researchers used propensity score matching to compare Wegovy^® users and tirzepatide users with similar characteristics. After matching, characteristics were well-balanced between the treatment groups.¹

The main analysis included all people who started treatment, regardless of any gaps in their therapy, while a sensitivity analysis evaluated outcomes only in people who did not have any gaps in their treatment lasting more than 30 consecutive days.¹

About the SELECT trial and SCORE real-world study
SELECT was a randomized, double-blind, parallel-group, placebo-controlled trial designed to evaluate the efficacy of Wegovy^® (semaglutide) 2.4 mg versus placebo as an adjunct to standard of care for the prevention of MACE in people with overweight or obesity and established CVD with no prior history of diabetes. People included in the trial were aged ≥45 years with a body mass index (BMI) of ≥27 kg/m².⁸

The primary objective of the SELECT trial was to demonstrate the superiority of Wegovy^® compared to placebo with respect to reducing the incidence of 3-point MACE consisting of cardiovascular death, non-fatal heart attack (myocardial infarction) or non-fatal stroke.⁸

SCORE was a real-world study in the US that analyzed MACE outcomes among Wegovy^® (semaglutide) 2.4 mg users and non-users in real-world clinical practice, who met similar inclusion criteria as in the SELECT trial and were aged ≥45 years with overweight or obesity and established CVD without diabetes.⁹

About Wegovy^®WEGOVY^® (semaglutide) injection 2.4 mg is an injectable prescription medicine used with a reduced calorie diet and increased physical activity.¹⁰

to reduce the risk of major cardiovascular events such as death, heart attack, or stroke in adults with known heart disease and with either obesity or overweight
that may help adults and children aged 12 years and older with obesity, or some adults with excess weight (overweight) who also have weight-related medical problems to lose excess body weight and keep the weight off

Wegovy^®contains semaglutide and should not be used with other semaglutide-containing products or other GLP-1 receptor agonist medicines.

It is not known if Wegovy^® is safe and effective:

to reduce the risk of major cardiovascular events (death, heart attack, or stroke) in children under 18 years
for the treatment of long-term weight loss in children under 12 years

About Novo Nordisk
Novo Nordisk is a leading global healthcare company that’s been making innovative medicines to help people with diabetes lead longer, healthier lives for more than 100 years. This heritage has given us experience and capabilities that also enable us to drive change to help people defeat other serious chronic diseases such as obesity, rare blood, and endocrine disorders. We remain steadfast in our conviction that the formula for lasting success is to stay focused, think long-term, and do business in a financially, socially, and environmentally responsible way. With a US presence spanning 40 years, Novo Nordisk US is headquartered in New Jersey and employs over 10,000 people throughout the country across 12 manufacturing, R&D and corporate locations in eight states plus Washington DC. For more information, visit novonordisk-us.com, Facebook, Instagram, and X.

Novo Nordisk is committed to the responsible use of our semaglutide-containing medicines which represent distinct products with different indications, dosages, prescribing information, titration schedules, and delivery forms. These products are not interchangeable and should not be used outside of their approved indications. Learn more at semaglutide.com.

Contacts for further information

Media:
Ambre James-Brown +45 3079 9289 [email protected]	Liz Skrbkova (US) +1 609 917 0632 [email protected]

Investors:
Jacob Martin Wiborg Rode +45 3075 5956 [email protected]	Sina Meyer +45 3079 6656 [email protected]

Max Ung +45 3077 6414 [email protected]	Christoffer Sho Togo Tullin +45 3079 1471 [email protected]

Alex Bruce +45 34 44 26 13 [email protected]	Frederik Taylor Pitter +1 609 613 0568 [email protected]

References

Wilson L, Zhao Z, Divino V, et al. Semaglutide is associated with lower risk of cardiovascular events compared with tirzepatide in patients with overweight or obesity and ASCVD and without diabetes in routine clinical practice. Oral presentation presented at the European Society of Cardiology Congress 2025; 29 August–01 September 2025; IFEMA Madrid, Madrid, Spain.
World Heart Federation. World Heart Report 2023: Confronting the World’s Number One Killer. Available at: https://world-heart-federation.org/wp-content/uploads/World-Heart-Report-2023.pdf. Last accessed: July 2025.
Haidar A and Horwich T. Obesity, Cardiorespiratory Fitness, and Cardiovascular Disease. Curr Cardiol Rep. 2023;25:1565–1571.
Zizza C, Herring AH, Stevens J, et al. Length of Hospital Stays Among Obese Individuals. Am J Public Health. 2004;94:1587–1591.
Raisi-Estabragh Z, Kobo O, Mieres JH, et al. Racial Disparities in Obesity-Related Cardiovascular Mortality in the United States: Temporal Trends From 1999 to 2020. J Am Heart Assoc. 2023;12: e028409.
Collaborators GBDO, Afshin A, Forouzanfar MH, et al. Health Effects of Overweight and Obesity in 195 Countries over 25 Years. N Engl J Med. 2017;377:13–27.
Blonde L, Khunti K, Harris SB, et al. Interpretation and Impact of Real-World Clinical Data for the Practicing Clinician. Adv Ther. 2018;35:1763–1774.
Lincoff AM, Brown-Frandsen K, Colhoun HM, et al. Semaglutide and Cardiovascular Outcomes in Obesity without Diabetes. N Engl J Med. 2023;389:2221–2232.
Zhao Z, Song J, Faurby M, et al. Lower Risk of MACE and All-Cause Death in Patients Initiated on Semaglutide 2.4 mg in Routine Clinical Care: Results from the SCORE Study (Semaglutide Effects on Cardiovascular Outcomes in People with Overweight or Obesity in the Real World). Moderated poster presentation presented at the American College of Cardiology Scientific Session & Expo 2025; 29–31 March 2025; McCormick Place Convention Center, Chicago, US. Presentation 947-13.
Wegovy^® Prescribing information. Available at: https://www.accessdata.fda.gov/drugsatfda_docs/label/2024/215256s015lbl.pdf. Last accessed: August 2025.

Novo Nordisk, Inc. (PRNewsFoto/Novo Nordisk)

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Global Times: Witnesses, insiders share insights on how this Chinese metropolis has nurtured, continuously practiced the Shanghai Spirit

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BEIJING, Aug. 31, 2025 /PRNewswire/ — In the tranquil garden of the Xijiao State Guest Hotel in downtown Shanghai, beside a gentle stream, stands a quaint pavilion named “Yixing Pavilion.” This pavilion witnessed a historic moment that marked the dawn of a new era.

On June 14, 2001, it was at the pavilion that the then leaders of the “Shanghai Five,” the predecessor to the SCO, held an informal meeting. The following day, the heads of state of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and lately-joined Uzbekistan jointly signed the Declaration of the Shanghai Cooperation Organization, pronouncing the launch of a new transnational cooperation organization alongside Shanghai’s iconic Huangpu River.

Shanghai, a city renowned for its openness and inclusiveness, hosted both the first and the sixth SCO summits in 2001 and 2006, respectively. Over the years, the city has not only witnessed the evolution of the SCO but has also grown alongside it.

Now, as the SCO Summit 2025 is set to kick off this Sunday in Tianjin, Pan Guang, founding director of the SCO research center at the Shanghai Academy of Social Sciences, shared deep sentiment on the creation of the organization 24 years ago.

“The founding of the SCO was a visionary initiative,” Pan, who witnessed the organization’s establishment firsthand, told the Global Times.

A proactive response to the era

Looking back at the establishment of the SCO in 2001, the world was at a critical juncture where the old order was giving way to the new.

Pan was directly involved in the founding of the SCO. He reminisced about its origins with the “Shanghai Five.” On April 17, 1996, the leaders of the five countries signed the Agreement on Enhancing Trust in the Military Fields among the People’s Republic of China, the Russian Federation, the Republic of Kazakstan, the Kyrgyz Republic and the Republic of Tajikstan at the Shanghai Exhibition Center. After several years of communication and development, on June 14, 2001, the leaders gathered in Shanghai to officially announce Uzbekistan’s accession, transforming the “Shanghai Five” into the “Shanghai Six.” The following day, the SCO was formally established with the signing of documents at the Pudong Shangri-La hotel, Pan recalled.

Pan was present at many significant moments during this process, witnessing the lively discussions among the early leaders. “However, just a few days before the official establishment of the SCO, I was unexpectedly called to Beijing to participate in a live broadcast on CCTV News to introduce the member countries of the SCO,” he said.

Pan said that the initial focus of the SCO was on security and counter-terrorism. “That was attractive to the countries of what we now call the Global South,” he told the Global Times. “Some countries gradually realized that the SCO’s approach to multilateral relations resonated more with their mindset.”

The establishment of the SCO represented China’s proactive response to the challenges of the era, showcasing its foresight on the international stage, said Ma Bin, deputy director of the Center for Shanghai Cooperation Organization Studies (CSCOS) at Fudan University in Shanghai.

The year 2001 is destined to be remembered in history. That year, China officially joined the World Trade Organization (WTO), taking a crucial step toward integrating into the global economic system. The establishment of the SCO that same year became another significant response from China in exploring regional cooperation, Ma said.

“At that time, the core question in international relations research was how China would position itself within the post-Cold War international system,” Ma told the Global Times. “Joining the WTO was China’s answer in the economic realm, while the SCO represented a practical approach in the political and diplomatic sphere – we were no longer just participants in existing international organizations, but actively building platforms to maintain regional stability and promote cooperation.”

Broader cooperation, greater recognition

On a summer night in 2006, the skyline along the Huangpu River sparkled with lights. Close to the river, the Shanghai International Conference Center at the Lujiazui financial hub welcomed familiar guests.

Five years after the SCO was officially established in Shanghai, the city once again served as the venue for the SCO summit.

That year, Ma, then a student majoring in international relations, experienced this significant international event as a volunteer at the summit’s press center. He recalled the intense interest from foreign media, particularly regarding topics such as regional security in the context of the Afghanistan war, and economic cooperation among member states. This attention made him realize that, the SCO had gradually gained greater influence on the international stage after five years of development.

It was around that time, that academic studies on the SCO began to gain more traction in China. As the birthplace of the SCO and a witness to its development, Shanghai has also taken the lead in academic research related to the SCO.

In 2005, the Shanghai-based FDU established the CSCOS, becoming the first institution in domestic universities dedicated to SCO research, according to Ma. He told the Global Times that the establishment of the center not only filled a gap in domestic academic research on the SCO at the time, but also provided a platform for integrating resources to train students from SCO member states across various disciplines.

For years, an increasing number of students from SCO member countries have come to Shanghai for their studies, being young “ambassadors” of the SCO who promote regional cooperation and friendly exchanges.

Margarita Cherkasskaya, a 27-year-old Russian doctoral student at the center, speaks fluent Putonghua. She recalled that during her undergraduate studies in regional studies, her teachers frequently mentioned the SCO, and she answered questions about it in her final exams, earning top marks. “At that time, the SCO continued to evolve, with new members, dialogue partners, and observer states joining, so I closely followed its developments,” she told the Global Times.

In the eyes of Cherkasskaya, the general public in SCO member countries is now relatively well informed about the organization and its spirit. “The SCO is a model for transnational communication and cooperation, which attracts a lot of public attention,” she said. Moreover, the SCO is not only increasingly recognized by the people of member states, but also influences them in various aspects. Cherkasskaya mentioned a young man from Kazakhstan who learned about the opportunity to apply for Chinese scholarships to study in China through the SCO Summit 2024 in Astana. He later became an overseas student in China.

Twenty-four years on, the areas of cooperation within the SCO have expanded from initial focuses on security and geopolitics to include economics, education, culture, and even archaeology. At Fudan University, for instance, history professors have participated in archaeological projects along the ancient Silk Road in Central Asia, according to Ma.

The growing cooperation across these diverse fields within the SCO framework has also gained wide recognition in member states.

A survey conducted among people aged 18-60 in 10 full member states of the SCO showed that over 80 percent of respondents believe the SCO plays a positive role in global governance, providing member states with enhanced international cooperation, increased development opportunities, access to advanced technologies, and more development experience.

Particularly, an overwhelming 95 percent of those surveyed agreed that partnering with China brings tangible benefits to their countries, said the survey jointly released by the International News Department of the People’s Daily and the Global Times Institute in May.

A city resonating with the Shanghai Spirit

From the bustling streets of Shanghai to the various global events hosted in the city, people can feel that the Shanghai Spirit has deeply intertwined with the city’s character.

Ma commented that Shanghai’s openness as an international metropolis has provided fertile ground for the nurturing of the Shanghai Spirit. Additionally, the influence of international events such as the SCO summits has further propelled Shanghai’s transformation, from merely showcasing international influence to deepening exchanges across various fields.

Shanghai has witnessed frequent economic and cultural exchanges among SCO member states. At the Greenland Global Commodity Trading Hub in the Shanghai suburbs, the Global Times reporter saw permanent pavilions from SCO member countries such as Uzbekistan, Kazakhstan, and Iran, showcasing their unique products. As a year-round exhibition and trading platform for the annual China International Import Expo (CIIE) in Shanghai, this venue has become a window for global exporters, including SCO member states, to reach the Chinese market.

On Tuesday afternoon, at the Iranian pavilion of the trading hub, Hossein Bordbar, an exporter and CEO of an art foundation, had just concluded an online meeting. Bordbar and his colleagues will bring some of their products, such as carpets, turquoise, saffron, and rose water, to the upcoming SCO Summit 2025 in Tianjin, where there will be a dedicated exhibition area for showcasing the culture and products of member countries.

Bordbar acknowledged the role of events like the CIIE and the upcoming SCO Summit in helping them connect with more Chinese customers. “During the fairs and exhibitions, we always make new contacts,” he told the Global Times.

Similar scenes happen almost every day in Shanghai. At the Shanghai Auto Show, automakers from SCO countries are busy negotiating collaborations; at the Shanghai International Film Festival, films from Russia and Iran attract large audiences… In various fields, these collaborations have deepened mutual understanding and friendship among SCO member states, while also promoting technological exchanges and industrial upgrades in Shanghai, resulting in numerous fruitful “two-way engagements.”

“I love the diversity of Shanghai. Here, we engage in cross-cultural exchanges, allowing us to develop ourselves and share our experiences with others,” Cherkasskaya told the Global Times in Putonghua. “Every person in this city embodies the Shanghai Spirit.”

From the pavilion at the Xijiao State Guest Hotel to the Shanghai International Conference Center at Lujiazui, and further to the year-round cycle of international exhibitions, trade fairs, forums, cultural events, and sports competitions, Shanghai has consistently witnessed the establishment and development of the SCO while embodying the Shanghai Spirit with its unique charm and open-mindedness. The dazzling lights along the Huangpu River at night reflect the brilliance of the SCO as it shines on the international stage, contributing to global peace and development with its wisdom.

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SOURCE Global Times

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