Category: Asia Pacific

  • MIL-OSI Asia-Pac: Government building sustainable, resilient and future-ready infra: Union Commerce and Industry Minister Piyush Goyal

    Source: Government of India (2)

    Government building sustainable, resilient and future-ready infra: Union Commerce and Industry Minister Piyush Goyal

    Build India Infra Awards recognise excellence, celebrate innovation and inspire the next generation to dream bigger and build better: Shri Goyal

    Posted On: 25 FEB 2025 5:01PM by PIB Delhi

    With smart cities and green highways, the Government is building an infrastructure ecosystem that is sustainable, resilient and future-ready. This was stated by Union Minister of Commerce & Industry Shri Piyush Goyal during his virtual address at the second edition of Build India Infra Awards 2025 on January 24. He elaborated that the Budget 2025-26 allocates Rs 11.21 trillion for the infrastructure sector to not only help build roads and railways but also create jobs and businesses enabling citizens to experience better mobility and convenience.

    The Minister noted that under the leadership of Prime Minister Shri Narendra Modi, PM Gati Shakti initiative is ensuring integrated and multimodal infra development – making transport seamless, reducing logistical costs & boosting our economic potential.

    Shri Goyal stated that the Build India Infra Awards recognise excellence, celebrate innovation and inspire the next generation to dream bigger and build better. He further noted that these awards honour not just projects, but perseverance that is transforming India’s infra and shaping our nation’s future. From highways that redefine connectivity to railways driving economic growth; world-class ports boosting trade efficiency to modern airports strengthening regional and global connectivity – every milestone reflects India’s bold vision and commitment to progress, the Minister pointed out.

    In conclusion, the Minister urged the participants to continue collaborating, innovating and accelerating, ensuring that India’s infrastructure remains the backbone of its economic development.

    ***

    Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2106144) Visitor Counter : 30

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: EPFO Adds 16.05 Lakh Net Members during December 2024

    Source: Government of India (2)

    EPFO Adds 16.05 Lakh Net Members during December 2024

    8.47 Lakh New Members Enrolled

    Posted On: 25 FEB 2025 4:58PM by PIB Delhi

    The Employees’ Provident Fund Organization (EPFO) has released provisional payroll data for December 2024, revealing a net addition of 16.05 lakh members. An increase of 9.69% has been registered in net payroll addition during the current month as compared to the previous month of November 2024.

    Further, the year-on-year analysis reveals a growth of 2.74% in net payroll additions compared to December 2023, signifying increased employment opportunities and heightened awareness of employee benefits, bolstered by EPFO’s effective outreach initiatives.

    EPFO enrolled around 8.47 lakh new subscribers in December 2024. The new subscribers’ addition shows

    year on year growth of 0.73% from the previous year in December 2023. This surge in new subscribers can be attributed to growing employment opportunities, increased awareness of employee benefits, and EPFO’s successful outreach programs.

    A noticeable aspect of the data is the dominance of the 18-25 age group, 4.85 lakh new subscribers added in the 18-25 age group, constituting a significant 57.29% of the total new subscribers added in December 2024. New subscribers in the 18-25 age group added in the month shows an increase of 0.91% compared with the previous month of November 2024 and a growth of 0.92% from the previous year in December 2023.

    Further, the net payroll addition for the age group 18-25 for December 2024 is approximately 6.85 lakh reflecting an increase of 16.91% compared to the previous month of November 2024. This is in consonance with the earlier trend which indicates that most individuals joining the organized workforce are youth, primarily first-time job seekers.

    The payroll data highlights that approximately 15.12 lakh members exited and subsequently rejoined EPFO. This figure represents a 5.10% increase compared to the previous month of November 2024. It also depicts a significant year-over-year growth of 25.76% compared to December 2023. These members switched their jobs and re-joined the establishments covered under the ambit of EPFO and opted to transfer their accumulations instead of applying for final settlement thus safeguarding long-term financial well-being and extending their social security protection.

    Gender-wise analysis of payroll data unveils that out of the total new subscribers added during the month, around 2.22 lakhs are new female subscribers. This figure exhibits significant year-over-year growth of 6.34% compared to December 2023. Also, the net female payroll addition during the month stood at around

    3.03 lakh reflecting a year over year growth of 4.77% compared to December 2023. The increase in female member additions is indicative of a broader shift towards a more inclusive and diverse workforce

    State-wise analysis of payroll data denotes that the top five states/ UTs constitute around 59.84% of net payroll addition, adding a total around 9.60 lakh net payroll during the month. Of all the states, Maharashtra is leading by adding 21.71% of net payroll during the month. The states/UTs of Maharashtra, Karnataka, Gujarat, Haryana, Delhi, Tamil Nadu, Uttar Pradesh and Telangana individually added more than 5% of the total net payroll during the month.

    Industry-wise Trends:

    Month-on-month comparison of industry-wise data displays significant growth in the net payroll addition working in establishments engaged in the industries viz.

    1. EXPERT SERVICES,
    2. BUILDING AND CONSTRUCTION INDUSTRY,
    3. OTHERS,
    4. TRADING – COMMERCIAL ESTABLISHMENTS,
    5. FINANCING ESTABLISHMENT.

    Of the total net payroll addition, around 41.23% addition is from expert services (consisting of manpower suppliers, normal contractors, security services, miscellaneous activities etc.).

    The above payroll data is provisional since data generation is a continuous exercise, as updating employee record is a continuous process. The previous data gets updated every month on account of:

    1. ECRs being filed for previous months after generation of payroll report.
    2. ECRs filed earlier being modified after generation of payroll reports.
    3. Date of exit from EPF membership for previous months being updated after generation of payroll report.

    From the month of April 2018, EPFO has been releasing payroll data covering the period September 2017 onwards. In monthly payroll data, the count of members joining EPFO for the first time through Aadhaar validated Universal Account Number (UAN), existing members exiting from coverage of EPFO and those who exited but re-joined as members, is taken to arrive at net monthly payroll.

    *****

    Himanshu Pathak

    (Release ID: 2106143) Visitor Counter : 57

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Written question – The future of ArcelorMittal and the steel industry in the EU – E-000737/2025

    Source: European Parliament

    Question for written answer  E-000737/2025
    to the Commission
    Rule 144
    Anthony Smith (The Left), Manon Aubry (The Left), Marina Mesure (The Left), Emma Fourreau (The Left), Damien Carême (The Left), Leila Chaibi (The Left)

    On 11 February 2025, the management of the ArcelorMittal Europe group announced that it was considering relocating certain activities to India. This decision follows Donald Trump’s introduction of 25 % tariffs on European steel and aluminium.

    In November 2024, ArcelorMittal announced the suspension of all its European decarbonisation projects, including the flagship hydrogen furnace project in Dunkirk, despite having received state aid to the tune of EUR 850 million. The company also chose to invest almost a billion dollars in a new ‘electrical steel’ plant in the USA, rather than in Europe.

    But this is not an isolated case. The entire European metallurgical industry is in crisis, with the threat of tens of thousands of direct and indirect job losses.

    Can the Commission say whether:

    • 1.it intends to reform the European electricity market to combat high electricity prices?
    • 2.it intends to respond to the US proclamations on raising tariffs by imposing retaliatory measures?
    • 3.it reaffirms its intent to exempt 80 % of European companies from the Carbon Border Adjustment Mechanism, even though it protects European metallurgy from unfair competition?

    Submitted: 18.2.2025

    Last updated: 25 February 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Briefing – China’s increasing presence in Latin America: Implications for the European Union – 25-02-2025

    Source: European Parliament

    Within just two decades, China has transformed from an insignificant player to a dominant force in Latin America, alongside the United States (US) and the European Union (EU). Predictions suggest that by 2035, China may even overtake the US as Latin America’s most important trading partner. China has been South America’s top trading partner for quite some time. The region holds strategic importance for the future of the global economy due to its abundance of resources and critical raw materials, such as lithium and copper. In parallel to maintaining economic ties with Latin America and the Caribbean (LAC), China is also enhancing its political relationship with the region, primarily through the China-Community of Latin American and Caribbean States (CELAC) forum. In 2018, China extended its vast global infrastructure development strategy – the Belt and Road Initiative – to Latin America. A recent example of Chinese strategic investment in the region is the Chancay megaport in Peru, which could be a game changer in Latin American logistics, as it will reroute trade between Latin America and Asia, bypassing the Atlantic and the Panama Canal. Recent actions by the Trump administration aimed at countering China’s influence in LAC may inadvertently strengthen China’s position in the region even further, as was seen during the first Trump administration. For the EU, which is in urgent need of a diversified supply of critical raw materials to navigate the clean and digital transition of its economy, the LAC region is now more strategically important than ever. The EU’s envisaged partnership agreement with Mercosur, the South American trading block, will test the EU’s commitment to deepening its partnership with Latin America through the conclusion of this agreement. The European Parliament is expected to vote on the proposed agreement during its current legislative term.

    MIL OSI Europe News

  • MIL-OSI Australia: Historic road to World Heritage site transformed

    Source: New South Wales Government 2

    Headline: Historic road to World Heritage site transformed

    Published: 25 February 2025

    Released by: Minister for Regional Transport and Roads


    The Minns and Albanese Labor Governments have partnered with Balranald Shire Council to deliver a major road upgrade which is improving safety and access to the World Heritage Mungo National Park and Willandra Lakes Region.

    Marma Box Creek Road is a critical link to the World Heritage listed sites in remote south-western New South Wales and historically, around 26 kilometres of the road was dirt.

    Now thanks to a $3.25 million investment from the NSW Government’s Fixing Local Roads program and $900,000 from Balranald Shire Council, a 23.1 kilometre stretch of the road has been sealed.

    Additionally, with investment from the Australian Government’s Roads to Recovery program of over $1.35 million, council is working to seal the final 2.9 kilometres of Marma Box Creek Road before the end of 2025, weather permitting.

    These upgrades will significantly reduce road closures during wet weather and improve safety for local farmers, families and school students.

    Tourists who visit the site will also benefit from safer journeys in the world-famous region where Mungo Lady and Mungo Man were discovered.

    For the Mutthi Mutthi, Paakantji and Ngyimpaa people, the 40,000-year-old remains, and other evidence of their ancestors found in the area are an important part of their communal history.

    The remains of Mungo Lady were returned to Lake Mungo in 1992, while Mungo Man’s remains were repatriated in 2017, both via Marma Box Creek Road.

    Quotes attributable to Minister for Regional Transport and Roads Jenny Aitchison:

    “The upgraded Marma Box Creek Road represents more than just improved tourism and freight infrastructure; it signifies a crucial link to the ancient cultural heritage of First Peoples.

    “This investment not only enhances access to the area but also supports the preservation and sharing of Indigenous history dating back over 40,000 years.

    “By facilitating safer and more accessible travel, this initiative promises to enrich tourism experiences and foster greater appreciation for the profound cultural significance of this unique landscape.”

    Quotes attributable to Deborah O’Neill, Senator for New South Wales:

    “This is a very special part of the world and a place that all Australians can be proud of.

    “The Australian Government’s Roads to Recovery program provides critical funding directly to local councils for maintenance and upgrades like these works for Marma Box Creek Road. Investments like this mean better local roads for residents, and for tourists – and less pressure on councils and ratepayers.”

    Quotes attributable to Member for Murray, Helen Dalton:

    “Government investment in maintaining and upgrading rural and remote transport infrastructure is vital to keeping our communities connected, and for their economic growth. It’s reassuring to see continued investment in rural and remote NSW.

    “Mungo National Park is a spectacular location in my electorate, a significant cultural site and hidden gem.

    “It’s fantastic that the government is making this incredible part of the world more accessible for us to improve our knowledge of the heritage, culture and history of our First Nations people.”

    Quotes attributable to Balranald Shire Council Mayor, Cr Louie Zaffina:

    “This road is ‘the gateway’ to major tourism attractions in the area and an integral freight route for the area’s mining interests and local farms.

    “Ensuring the road’s safety and resilience supports the longevity of the significant economic benefits and employment opportunities that are fed back into the nearby communities through these industries.”

    Quotes attributable to Tanya Charles, Discovery Ranger at Mungo National Park:

    “The improved all weather access to Mungo National Park and the Willandra Lakes World Heritage Area brings added safety for visitors, tour operators, local and staff using the new road.”

    MIL OSI News

  • MIL-OSI: Barnwell Industries, Inc. Informs Ned Sherwood of Defective and Insufficient Director Nomination Notice and Investigation of Circumstances that May Have Triggered Shareholder Rights Plan

    Source: GlobeNewswire (MIL-OSI)

    Actions Continue Ned Sherwood’s Long History of Disruption, Breaches of Settlement Agreements and Blatant Disregard for Established Bylaws and Shareholder Protections

    Board Forms Executive Committee to Protect Shareholder Interests

    Executive Committee Believes Sherwood’s Nomination of Himself, His Friends and His Affiliates Underscores Desire to Take Control of Barnwell at Shareholders’ Expense and Without Paying a Premium for Control

    HONOLULU, Feb. 25, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) (“Barnwell” or the “Company”) today announced that it has informed Ned Sherwood, a shareholder who recently submitted a control slate of five nominees comprising friends and affiliates, that his nomination notice is defective and insufficient. Sherwood’s nomination notice fails to include material information required by the Company’s bylaws, and in light of these material deficiencies and omissions required both by the bylaws and federal securities regulations, the Executive Committee of the Barnwell Board of Directors is strongly inclined to reject the nomination notice as defective and insufficient and to disqualify Sherwood’s nominees.

    In light of the inherent conflicts of interest of Sherwood’s candidates, one of who is a current Board member, the Board has formed an Executive Committee comprising independent Vice Chairman, Kenneth Grossman, independent director Joshua Horowitz and Executive Chairman, Alexander Kinzler, to protect the interests of all other shareholders.

    The Executive Committee has requested that a Special Committee consisting of independent directors Grossman and Horowitz investigate, among other things, the facts and circumstances of the relationship between Sherwood and his board nominee, Ben Pierson, who has privately purchased shares of Barnwell while also currently serving as the Chief Investment Officer of Sherwood’s family office, to determine whether a distribution under the Company’s Shareholder Rights Plan has been triggered.

    Sherwood is Nominating Himself, His Friends and His Business Associates to
    Steal Control of the Company

    Notwithstanding the obvious conflicts, the Board remains open to considering new candidates and intends to vet the individuals proposed by Sherwood through its usual governance process. However, the Executive Committee cautions shareholders that a preliminary review shows clearly that two of the four nominees other than Sherwood cannot be expected to exercise judgement independent of Sherwood, and three of Sherwood’s five nominees have no public company Board experience.

    • Ben Pierson has been employed by the Sherwood Family Office as its Chief Investment Officer since 2021.
    • Doug Woodrum has been a Director at Barnwell since 2020 as Sherwood’s designee having joined the Board following an earlier proxy contest and then through a prior settlement with the Company. Woodrum has been the mouthpiece for all of Sherwood’s misguided policy proposals, including the sale of assets at fire sale prices and various attempts at co-opting day-to-day control, which have only resulted in damaging management morale and creating distrust of Sherwood’s motives, as well as incurring significant costs for the Company to address these matters.
    • Woodrum has been reprimanded on multiple occasions for leaking confidential board matters to Sherwood. Woodrum has also attempted to end-run the Board of Directors by directly interfering with management. Sherwood has stated many times he would elevate Woodrum to CEO or CFO, but no member of management or director not affiliated with Sherwood has endorsed or supports Woodrum as qualified for either position.

    The Company further notes that Sherwood’s nomination of a control slate continues his long history of disrupting the Company’s governance processes and interfering with the Company’s operations, while creating significant expense to the Company. Sherwood’s nomination of himself, his friends and business associates, without any credible plan for the Company and without paying a premium to shareholders for control, flies directly in the face of shareholder interests.

    Sherwood and His Director Appointees Have Hid Investments and
    Acted to Intentionally Undermine Management and the Board

    • Sherwood made a significant investment in a Canadian Oil and Gas venture founded and operated by one of his former director designees, which investment was only belatedly and incompletely disclosed. The Executive Committee believes this arrangement was undertaken as a quid pro quo so that Sherwood’s nominee would execute on Sherwood’s self-serving agenda.
    • From 2021-2022, Sherwood and Woodrum offered a then-new member of the Board, Colin O’Farrell, the Company’s CEO position. Sherwood and Woodrum did so without consulting the Board and seemingly to co-opt O’Farrell’s independence. This conduct was in breach of a then-valid standstill agreement, resulted in a costly investigation, severely damaged the morale of the Canadian-based management team, and resulted in O’Farrell’s resignation from the Board only seven months after his appointment.
    • In April 2024, without prior Board discussion or direction, Sherwood and his director appointee Woodrum demanded that management immediately begin a search for a Calgary-based CFO and that Woodrum would help lead the search.
    • Sherwood continues to interfere with the Company’s executive leadership transition. Ten months ago, Craig Hopkins succeeded Kinzler as CEO of the Company with the support of Sherwood’s nominees and as part of an overall succession plan for the retirement of the Company’s prior senior management and expense reduction efforts. Both Kinzler and Russell Gifford, the Company’s longtime CFO, have expressed their desire to retire from day-to-day operations of the Company by the end of the fiscal year and have indicated their willingness to support CEO Craig Hopkins during the transition to the extent desired by him and the Board. Multiple directors supported by Sherwood, including former director Laurance Narbut, have expressed the belief that the decades of experience and knowledge held by Kinzler and Gifford will enable the Company to undertake a smooth transition and maintain its excellent track record of accounting and legal compliance.

    Despite Repeated Requests, Sherwood Has Failed to Propose a Different Plan or
    Business Strategy

    Sherwood has NO PLAN for Barnwell Other than to Take Over the Company
    Without Paying a Control Premium

    The Company has repeatedly asked Sherwood to specify what Company plans and policies he opposes or would change. The only response has been incessant demands “to shut down Hawaii,” which lacks any semblance of thoughtful consideration. It has no backing from a single budget, spreadsheet or alternative strategy that would adequately support the back-office functions of a publicly listed company. Barnwell can only conclude that Sherwood’s current nomination notice is merely an attempt to take full control of a company where he holds a 30% stake and no articulated plan to change any personnel, policies or business practices. Sherwood and his designees on the Board have been engaged in a steady stream of actions interfering with management and compromising Board confidentiality and function, all in pursuit of full control of the Company and often in violation of the standstill agreement that the Company and Sherwood entered into in 2023.

    Sherwood has accused the Company of excessive expenditures for lawyers and other professionals when the vast majority of these expenditures were necessitated by the abusive, improper and often illegal actions of Sherwood and his designees on the Board. Sherwood’s group recently served the Company with a books and records request, which will require significant legal expense to address, ironically asking for shareholder records when Sherwood’s own group has played fast and loose with their own Section 16 and Section 13 SEC reporting obligations.

    The Barnwell Executive Committee Comprises Majority Independent and
    Highly Experienced Directors Acting on Behalf of All Shareholders

    The current Board was expressly approved by Sherwood under a 2023 settlement whereby the Company and Sherwood each designated two directors and a fifth director, Joshua Horowitz, was selected as a compromise board member who was vetted by Sherwood and expressly endorsed by both parties to the settlement agreement.

    The current Board is overseeing the transition out of the Company’s water well drilling activities and is currently completing its final well project. The water well subsidiary recently sold one of its rigs for approximately $585,000 and will shut down its operations and sell its remaining assets in the near term. This is part of a larger plan to transition out of the Company’s Hawaii main office and move those executives to transitional roles, to streamline the Company’s accounting operations and further reduce general and administrative expenses in order to increase funds available for investment.

    The Company’s Twining oil & gas property in Alberta continues to be the engine for the Company’s future growth. We are pleased that our newest development well is online and producing as expected. There are approximately 50 additional wells that can be drilled, which would enable the Company to grow its revenues and results organically, as a major portion of the costs of the operations are fixed.

    Forward-Looking Statements

    The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

    Important Additional Information and Where to Find It

    Barnwell Industries, Inc. (the “Company”) plans to file proxy materials with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Company’s 2025 annual meeting of stockholders (the “2025 Annual Meeting”). Prior to the 2025 Annual Meeting, the Company will file a definitive proxy statement (the “Proxy Statement”) together with a WHITE proxy card. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain, free of charge, copies of the Proxy Statement, any amendments or supplements thereto and any other documents (including the WHITE proxy card) when filed by the Company with the SEC in connection with the 2025 Annual Meeting at the SEC’s website (http://www.sec.gov) or at the Company’s website at https://ir.brninc.com/ or by contacting Alexander Kinzler, Secretary and General Counsel of the Company, by phone at (808) 531-8400, by email at akinzler@brninc.com or by mail at Barnwell Industries, Inc., 1100 Alakea Street, Suite 500, Honolulu, Hawaii 96813.

    Certain Information Regarding Participants

    The Company, its directors and certain of its executive officers and other employees may be deemed to be “participants” (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from stockholders in connection with the 2025 Annual Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Proxy Statement and other materials to be filed with the SEC in connection with the 2025 Annual Meeting. Information relating to the foregoing can also be found in the Company’s definitive proxy statement for its 2024 annual meeting of stockholders, filed with the SEC on April 2, 2024. To the extent holdings of such participants in the Company’s securities have changed since the amounts described in the Proxy Statement, such changes have been reflected on Statements of Change in Ownership on Form 3 and Form 4 filed with the SEC: Form 3, filed by Craig Hopkins, with the filings of the Company on May 16, 2024; Form 4, filed by Craig Hopkins, with the filings of the Company on May 20, 2024, August 29, 2024, January 13, 2025 and January 17, 2025; Form 4, filed by Joshua Horowitz, with the filings of the Company on August 23, 2024 and October 28, 2024; Form 4, filed by Kenneth Grossman, with the filings of the Company on October 28, 2024; and Form 4, filed by Douglas Woodrum, with the filings of the Company on October 28, 2024. These filings can be found at the SEC’s website at www.sec.gov. More detailed and updated information regarding the identity of potential participants, and their direct or indirect interests (by security holdings or otherwise), will be set forth in the proxy statement and other materials to be filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

    CONTACT: Kenneth S. Grossman
      Vice Chairman of the Board of Directors
      Email: kensgrossman@gmail.com

    The MIL Network

  • MIL-OSI: Stable versus Struggling: Canada’s Financial Divide Widens

    Source: GlobeNewswire (MIL-OSI)

    – Mortgage Delinquencies Rising in Ontario Amidst Rising Consumer Debt –

    Equifax Canada Market Pulse Quarterly Consumer Credit Trends Report

    TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — A growing financial divide is emerging across Canada, with some borrowers benefiting from lower interest rates while others struggle under mounting debt. According to Equifax Canada’s Q4 2024 Market Pulse Consumer Credit Trends Report, some Ontario mortgage holders are experiencing severe financial distress, with delinquencies more than 50 per cent higher than pre-pandemic levels.

    Total consumer debt in Canada reached $2.56 trillion at the end of 2024, a 4.6 per cent increase over 2023. Non-bank auto loans drove much of this increase, rising 11.7 per cent year-over-year, while the average non-mortgage debt per consumer reached $21,931, exceeding pre-pandemic levels.

    “While some consumers are doing better and seeing financial improvements from lower interest rates, financial pressures have intensified for some Canadians, as well as mortgage holders in certain regions, in particular in Ontario and British Columbia,” said Rebecca Oakes, Vice President of Advanced Analytics at Equifax Canada. “At first glance, the numbers are not concerning, but when we look deeper at a more granular level, many are feeling the strain of high living costs and mortgage renewals with higher payments, while other consumers are doing better and seeing financial improvements from lower interest rates and income growth.”

    For some homeowners, rate cuts have provided some relief. Some borrowers with home equity lines of credit have seen delinquency rates stabilize. Many of these consumers have improved their credit card repayment habits, with more people paying off balances in full.

    Ontario Mortgage Holders Under Pressure and Missing Payments
    More than 11,000 mortgages in Ontario recorded a missed payment in Q4 2024 — nearly three times the number seen in 2022. Mortgage holders who are falling behind in their payments are also carrying substantially higher mortgage balances, reflecting the continued financial strain of higher than pre-pandemic interest rates. The 90+ day mortgage balance delinquency rate in Ontario surged 90.2 per cent year-over-year to 0.22%, far outpacing the change in delinquency rates in other provinces, with BC at 37.7 per cent, Alberta at -3.6 per cent, Quebec at 41.2 per cent, the Prairies (MB and SK) at 0.6 per cent, and the Atlantic provinces (NL, PE, NB, NS) at 15.7 per cent.

    Ontarian mortgage holders are struggling with other forms of debt as well. The 90+ day non-mortgage balance delinquency rate jumped 46.1 per cent from Q4 2023, while other provinces saw smaller rate jumps, with BC at 21.6 per cent, Quebec at 23.3 per cent, Alberta at 6.1 per cent, the Prairies (MB and SK) at 4.1 per cent, and the Atlantic provinces (NL, PE, NB, NS) at 1.5 per cent. In addition, Ontario’s overall rise in non-mortgage delinquency rate was 23.9 per cent, above the national average of 18 per cent.

    “Mortgage holders will typically do everything they can to keep up with payments,” Oakes explained. “The fact that we’re seeing missed payments rise so sharply suggests deeper financial strain. Depending on the type of credit, missed payments have increased from 10 to 80 per cent, compared to pre-pandemic levels.”

    In Toronto, 90+ day non mortgage delinquency rates hit 2.06 per cent, higher than most major cities, reflecting the region’s unique financial challenges.

    Canadian Housing Market: Rebound Tempered by Renewal Challenges

    The overall Canadian mortgage market showed signs of recovery, with new mortgage originations rising 39 per cent year-over-year. First-time homebuyers returned, with a 28.2 per cent increase from the extreme lows of purchases in Q4 2023. Although the average loan amount for first-time buyers remains 6.6 per cent higher than Q4 2023, monthly payments have decreased 7.9 per cent, or $200 lower, to an average loan amount of $2,330.

    Mortgage renewals and refinancing accounted for over 50 per cent of new mortgage originations in Q4 2024, increasing 10.6 per cent from 2023. The average loan amount and balance on mortgage renewals in 2024 surpassed those in 2023 and 2022, with the average balance increasing by 2.9 per cent in 2024 compared to 2023.

    Many consumers renewing their mortgage continue to have higher monthly payments due to elevated interest rates compared to pre-pandemic and pandemic levels, when they last locked in their low rates. This reality is expected to affect around a million mortgages due for renewal in 2025, originating from the low-interest-rate environment of 2020. These borrowers may face significantly higher payments despite recent rate reductions. A quarter of mortgage-holders saw their monthly mortgage payment increase by over $150 at renewal in Q4 2024.

    Consumer Spending and Credit Behaviour

    Credit card debt climbed 7.8 per cent in Q4 2024, though at the slowest rate since 2022. Seasonal spending in December hit a two-year high, with average credit card purchases adjusted for inflation reaching $2,228 per cardholder, a 2.2 per cent increase from 2023.

    Younger and lower income Canadians are experiencing missed payments on credit cards, auto loans, and lines of credit, signaling financial strain among these groups.

    “Despite recent rate cuts and GST tax relief, challenges persist for certain consumers, particularly in consumer debt and housing. The added uncertainty of U.S. tariffs underscores the need for a balanced approach to debt, affordability, and trade. The coming year will be critical for Canada’s economic stability,” said Oakes.

    Age Group Analysis – Debt & Delinquency Rates (excluding mortgages)

      Average
    Debt
    (Q4 2024)
    Average Debt Change
    Year-over-Year
    (Q4 2024 vs. Q4 2023)
    Delinquency Rate ($)
    (Q4 2024)
    Delinquency Rate ($) Change
    Year-over-Year
    (Q4 2024 vs. Q4 2023)
    18-25 $8,483 3.84% 1.92% 15.17%
    26-35 $17,467 0.87% 2.24% 21.24%
    36-45 $27,042 1.96% 1.85% 23.20%
    46-55 $34,564 3.71% 1.33% 19.04%
    56-65 $28,714 5.53% 1.11% 14.26%
    65+ $14,635 3.82% 1.11% 5.55%
    Canada $21,931 2.98% 1.53% 17.98%


    Major City Analysis
    – Debt & Delinquency Rates (excluding mortgages)

    City Average
    Debt
    (Q4 2024)
    Average Debt Change
    Year-over-Year
    (Q4 2024 vs. Q4 2023)
    Delinquency Rate ($)
    (Q4 2024)
    Delinquency Rate ($) Change
    Year-over-Year
    (Q4 2024 vs. Q4 2023)
    Calgary $24,078 0.81% 1.67% 16.23%
    Edmonton $23,665 -0.22% 2.17% 19.00%
    Halifax $21,278 1.46% 1.53% 21.37%
    Montreal $17,057 3.16% 1.43% 20.48%
    Ottawa $19,634 1.75% 1.47% 24.45%
    Toronto $21,054 3.34% 2.06% 23.75%
    Vancouver $23,251 4.12% 1.24% 15.81%
    St. John’s $23,968 1.02% 1.47% 3.62%
    Fort McMurray $37,861 0.26% 2.41% 11.72%


    Province Analysis
    – Debt & Delinquency Rates (excluding mortgages)

    Province Average
    Debt
    (Q4 2024)
    Average Debt Change
    Year-over-Year
    (Q4 2024 vs. Q4 2023)
    Delinquency Rate ($)
    (Q4 2024)
    Delinquency Rate ($) Change
    Year-over-Year
    (Q4 2024 vs. Q4 2023)
    Ontario $22,597 3.51% 1.64% 23.91%
    Quebec $19,156 2.83% 1.08% 16.88%
    Nova Scotia $21,349 2.45% 1.66% 9.28%
    New Brunswick $21,548 2.71% 1.68% 5.80%
    PEI $23,664 3.44% 1.23% 14.34%
    Newfoundland $24,843 3.82% 1.49% 0.05%
    Eastern Region $22,272 2.88% 1.59% 6.32%
    Alberta $24,537 0.74% 1.91% 17.11%
    Manitoba $18,150 2.64% 1.69% 3.14%
    Saskatchewan $23,265 2.29% 1.77% 11.09%
    British Columbia $22,583 3.61% 1.36% 14.16%
    Western Region $22,911 2.34% 1.64% 14.09%
    Canada $21,931 2.98% 1.53% 17.98%

    * Based on Equifax data for Q4 2024

    About Equifax
    At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.

    Contact:

    Andrew Findlater
    SELECT Public Relations
    afindlater@selectpr.ca
    (647) 444-1197

    Angie Andich
    Equifax Canada Media Relations
    MediaRelationsCanada@equifax.com

    The MIL Network

  • MIL-OSI Economics: Secretary-General of ASEAN meets the French Ambassador for Indo-Pacific in Ha Noi

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with the Ambassador of France for Indo-Pacific Marc Abensour, on the sidelines of the 2nd ASEAN Future Forum in Hanoi, Viet Nam. Both sides discussed ways and means to strengthen the ASEAN-France Development Partnership, particularly in areas under the ASEAN Outlook on the Indo-Pacific (AOIP).

    The post Secretary-General of ASEAN meets the French Ambassador for Indo-Pacific in Ha Noi appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Secretary-General of ASEAN meets with the UK Delegation at the 2nd ASEAN Future Forum

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with the UK Delegation led by Foreign, Commonwealth and Development Office (FCDO) Director of Southeast Asia and Pacific Directorate Charles Hay, on the margins of the 2nd ASEAN Future Forum. They discussed ways and means to further substantiate the ASEAN-UK Dialogue Partnership and identified mutually beneficial opportunities for future cooperation.

    The post Secretary-General of ASEAN meets with the UK Delegation at the 2nd ASEAN Future Forum appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-Evening Report: Smart is sexy – new study on fish doing puzzles hints intelligence partly evolved via sexual selection

    Source: The Conversation (Au and NZ) – By Ivan Vinogradov, Animal Behaviour Researcher, Australian National University

    Turner Brockman/iNaturalist, CC BY-SA

    We humans often underestimate the intelligence of other animals. You’ve probably seen videos of monkeys, ravens or parrots solving puzzles.

    But fish also possess impressive problem-solving skills, despite the notorious slander that goldfish have a three-second memory.

    The intelligence of animals can be a useful tool when testing various ideas in biology. For example, could intelligence have evolved in part thanks to sexual selection, rather than as a means of survival?

    In a new study published in Nature Ecology & Evolution, we used distinct tests to measure cognitive abilities of male mosquitofish – a thumb-sized fish endemic to central America but now a major pest in many parts of the world, including Australia.

    We then tracked how many offspring each male produced when competing for mates in small ponds. Our study showed that smarter males had more offspring than their less intelligent brethren.

    Our findings imply that the evolution of cognitive abilities may have been driven by sexual selection, with smarter males gaining more mating opportunities.

    To be smart is to survive

    Cognitive abilities, such as learning and problem solving, likely arose because they helped animals gather food, find shelter and avoid predators.

    Individuals that were better at these tasks lived longer and passed on genes to their offspring that improved the offspring’s performance. Natural selection favoured smarter survivors who had more descendants than the average individual.

    As a result, populations became smarter over time.

    But there is another explanation for the evolution of intelligence: smarter is sexy. A better brain might help an animal find more mates, have more sex, and eventually have more babies.

    If this is the case, intelligence partly evolved through sexual selection, where traits that boost mating and fertilisation success become more common over generations.

    We did our study on male fish – sexual selection is usually stronger on males than females, because in most species there are more males seeking mates than females ready to mate and breed.

    A shoal of mosquitofish.
    David Fanner

    Measuring animal IQ

    Even in humans, intelligence can be difficult to pin down: maths skills, creativity, street smarts, and standardised IQ tests all capture different aspects of human braininess.

    For animals, this challenge is tougher still. But biologists broadly agree that cognition is the ability to acquire, store, process, and act on information; and that distinct cognitive abilities are governed by different brain regions.

    We designed four special underwater tests to tap into these distinct cognitive abilities of our male mosquitofish.

    First, we measured their spatial learning by placing fish in a maze with a single correct route that led them to a shoal of their compatriots. Mosquitofish are highly motivated to swim with other fish, so reaching this shoal acts as a reward for solving the maze.

    Second, we measured their self-control (formally called “inhibitory control”) by placing a transparent barrier between the fish and a reward. We then documented how quickly a male learned not to swim into the barrier but to detour around it.

    A variation of the apparatus used to test self-control in mosquitofish. Fish needed to overcome their impulse to swim straight through the transparent barrier and detour it instead.
    Ivan Vinogradov

    Then, we measured associative learning by presenting a fish with two coloured corridors once a day. One colour (for example, green) led to a dead end, while the other (for example, red) to a reward.

    The number of days it took a male to consistently choose the correct corridor – the one with a reward – indicated how quickly they learned the association.

    Lastly, we reversed the colour cues to measure reversal learning. If green, for example, was previously the dead end, it now became the reward corridor, while red became the dead end. This tested how quickly the fish could “overwrite” his previously learned association to learn the new one.

    A winning edge in mating

    After these tests, we moved the males to ponds where they competed for mates. Two months later, the females gave birth, and genetic paternity tests revealed who fathered each offspring.

    Males that scored highly on self-control and spatial learning had significantly more children. But why?

    Something about these males seemingly gave them an edge in securing mating opportunities. Perhaps females recognised and preferred smarter males? Maybe smarter males were better at chasing the females and forcing them to mate (a common, if unpleasant, practice in mosquitofish).

    Future research is needed to observe the males’ mating behaviours more closely and see if smarter and dumber males differ in how they court mates.

    Our research sheds light on the evolution of our most prized possession – the brain. It seems that sophisticated intelligence isn’t only driven by our need to find food or avoid danger to survive, but also by the complex challenges of finding love.

    Ivan Vinogradov 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. Smart is sexy – new study on fish doing puzzles hints intelligence partly evolved via sexual selection – https://theconversation.com/smart-is-sexy-new-study-on-fish-doing-puzzles-hints-intelligence-partly-evolved-via-sexual-selection-249862

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Europe: ASIA/PHILIPPINES – Sister Ana, a missionary among young Filipinos: this is how we help them discover their talents

    Source: Agenzia Fides – MIL OSI

    Tuesday, 25 February 2025

    Photo: Suor Ana Palma

    by Pascale RizkSan Carlos (Agenzia Fides) – A few days ago the seventh edition of the “Asian Mission” initiative ended, which this year had the motto “Made for a mission. Made for peace”. The event brought together 50 participants, including eight young people from Japan, five from the diocese of Daejon in South Korea, five from the Philippine diocese of Nampicuan and two from San Fabian, as well as 30 young people from the “Servants Missionary Youth” group from Malasiqui. The meeting, organized by the Congregation of the Servants of the Gospel of the Divine Mercy, takes place once a year and was held from February 6 to 16 in San Carlos, in the Philippine province of Pangasinan.”While young people in the Philippines suffer from poverty, young people in South Korea and Japan suffer from their families’ crushing expectations of success within a very competitive, rigid and demanding social system that causes a high suicide rate. The Asia Mission initiative aims to support all these young people,” says Sister Ana Palma, a Spanish missionary who has been in the Philippines with her community since 2015. “By creating this space, we want to sensitize young people to realities that are different from their own.””They should experience ‘human fraternity’ by being able to participate in pastoral activities with young people, children and university students. At the Pangasinan State University, young people meet with the university pastoral staff to share experiences of life in their respective societies and discuss ways to promote peace. In general, games, workshops and key meetings are held on human values such as freedom of expression, human dignity and work, depending on the age group,” explains the nun.San Carlos is 122 kilometers from Manila and is characterized by great poverty. It is usually the fathers who provide for the families by working in agriculture; families are made up of an average of five or six people and the most common work is building bamboo houses, called “Bahay-kubo”. The daily wage is 450 pesos, which is about 9,900 pesos a month, or about 200 euros. Women who do the cleaning work receive 350 pesos a day. With this income, families cannot afford to send all their children to university, and they only choose those who have the best prospects of success.The different needs of these young people also include the financial aspect. The parishes promote university scholarships of 1,500 pesos (about 26 euros) per month for the entire academic year. “My community sponsors 20 students with financial support of 1,750 pesos – 360 euros per year – from private donors,” adds Sister Ana, who continues: “Our work with young people aims above all to give them the confidence to change their lives. We encourage them to discover their potential, their talents and abilities. They are all very gifted, but at the same time they are crushed by the reality of poverty, which always makes them underestimate their potential.”According to Sister Ana, young people who are unable to continue their studies at university help their fathers with construction work, and the girls act as “laundresses,” washing the clothes by hand for families who do not have washing machines. It also happens that girls enrolled in university have difficulty paying the exam fees and therefore turn to prostitution.In addition to their work with young people, the missionaries of the Congregation of the Servants of the Gospel of Divine Mercy are involved in children’s catechism in parishes, in the distribution of the Eucharist to the elderly from door to door and in various educational, recreational and entertainment programs for young people. Every week, the missionary community meet with the youth group of the “Servants Missionary Youth” to pray. “The strength and power of prayer is very important. Filipino Catholics have a strong sense of popular piety,” emphasizes the missionary from Granada.”I am very happy that these young people, who come from very poor families – I know, for example, a family with up to fourteen members – can study at university. Many study nursing, political science or education. It is beautiful to see how they mature through open-mindedness,” says Sister Ana, “Even if, unfortunately,” reports Sister Ana, “today many are leaving the Catholic Church to join the ‘Born Again’ sect, attracted by music and animation”. (Agenzia Fides, 25/2/2025)
    Photo: Suor Ana Palma

    Photo: Suor Ana Palma

    Photo: Suor Ana Palma

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    MIL OSI Europe News

  • MIL-OSI Submissions: Asia Pacific – Regional UN forum calls for targeted and evidence-based solutions to speed up sustainable development progress

    Source: United Nations – ESCAP

    Sustained economic growth in Asia and the Pacific has lifted millions out of poverty. Yet, the attainment of the 17 Sustainable Development Goals (SDGs) by 2030 remains well beyond the region’s grasp as less than a sixth of SDG targets will be met on current trends.

    At the opening of the 12th Asia-Pacific Forum on Sustainable Development today, government officials, civil society, youth and international organization representatives called for prioritized, targeted actions with strong multiplier effects across different sectors so that the region moves closer to as many targets as possible.

    “With the technology and finance that drive the world now largely coming from the region, the means to attain sustainable development lie within us. Our commitments must be translated into concrete actions,” urged Armida Salsiah Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP).

    “This region has immense potential to accelerate SDG progress – through action to harness the power of technology, accelerate the energy transition and transform food systems, driving progress across all the Goals,” said United Nations Deputy Secretary-General Amina J. Mohammed in her video remarks. “Use your voice to ensure that the needs and priorities of this region shape action over the coming years.”

    Asia and the Pacific faces defining challenges, urgent actions needed

    With recent years being the warmest on record, the world is rapidly approaching the critical +1.5°C threshold. The consequences — ranging from disruptions in agriculture and health to the increasing frequency of disasters and challenges for human settlements — are set to reshape livelihoods and economies. Delegates at the opening further called for urgent action to mitigate climate change risks and build resilience. This includes an accelerated shift towards renewable energy and regional power systems, integrating cooling solutions into sectoral policies and investing in climate adaptation to safeguard communities.

    Additionally, they drew attention to the fundamental demographic shift taking place with increasingly ageing populations, especially in countries still developing. Delegates highlighted the need to invest in future generations: better education, health and youth employment as well as intergenerational collaboration to ensure everyone remain well-integrated into society.

    “It is time to move beyond conversations, trust young people with inclusive, innovative and science-based solutions and facilitate intergenerational linking and learning for a cohesive sustainable development agenda,” said Shayal Nand, who presented the Youth Call to Action at the session.

    Speaking on behalf of the Asia-Pacific Regional Civil Society Engagement Mechanism, Beena Pallical said, “We call on all states and UN agencies to commit to comprehensive redressal of systemic barriers, centering people and the planet over profits, in line with the principle of equity and inclusivity to realize development justice for a far better world for our tomorrow.”

    APFSD serves as a crucial regional platform to shape global development dialogue

    Suman Bery, Vice Chair of NITI Aayog of India was elected Chair of the session. He underscored the Forum’s importance as a key platform to review regional progress and discuss sustainable development priorities moving forward at a fast pace.

    Over the next four days, Forum participants will undertake an in-depth review of the region’s progress on Sustainable Development Goals 3 (good health and well-being); 5 (gender equality); 8 (decent work and economic growth); 14 (life below water) and 17 (partnership for the Goals). The outcome of the regional Forum will feed into the global High-Level Political Forum in July.

    Bob Rae, President of the United Nations Economic and Social Council noted that of the 39 countries that will present their Voluntary National Reviews at the High-Level Political Forum in July in New York, 12 are ESCAP members. “This very strong number demonstrates the region’s commitment to evidence-based follow-up and shared learning which is so critical in pursuit of the SDGs,” he said.

    ESCAP, ADB and UNDP launch report on advancing a just transition

    At the Forum, ESCAP, the Asian Development Bank and the United Nations Development Programme jointly launched the latest edition of the Asia-Pacific SDG Partnership Report 2025, which highlights the critical need for a just transition to green and blue economies. This is a necessary step to addressing climate change while ensuring sustainable development, but it must be fair and inclusive, creating decent work opportunities and leaving no one behind.

    The report reveals that a just transition has the potential to generate millions of new jobs while addressing the risks of disruptions to employment and livelihoods, particularly for workers in carbon-intensive industries, the informal sector and those lacking social protection. It further highlights more than 50 examples of potential solutions and good practices implemented across the region, showcasing how a just transition can be pursued on many fronts as well as scalable and adaptable across diverse national contexts.

    Note:
    The Asia-Pacific Forum on Sustainable Development is hosted annually by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) to assess regional progress on the Sustainable Development Goals and explore solutions to accelerate action. The forum provides a space for countries to identify regional trends, discuss best practices and lessons learned as well as strengthen regional collaboration to ensure no one is left behind.  

    For more information on the 12th APFSD: https://www.unescap.org/events/apfsd12
     
    Access the full Asia-Pacific SDG Partnership Report 2025: https://www.unescap.org/kp/2025/delivering-just-transition-advancing-decent-work-gender-equality-and-social-protection

    MIL OSI – Submitted News

  • MIL-OSI Submissions: Business – Gebrüder Weiss expands its logistics services in Poland

    Source: Gebrüder Weiss

    Since the beginning of the year, Gebrüder Weiss has been offering partial and full truck loads (LTL / FTL) as well as extended logistics solutions in addition to air and sea freight services / Poland continues to gain in importance as a logistics center for the transport of goods in Europe

    Krakow / Lauterach, February 25, 2025. Gebrüder Weiss is further expanding its transport and logistics services in Poland: since the beginning of 2025, the international logistics company has also been offering its customers national and international partial and full truck loads (LTL / FTL) as well as additional warehousing and logistics solutions, including order picking. Companies can use the myGW customer portal to track their shipments in real time and have all documents available in digital form. The new services complement Gebrüder Weiss’ existing logistics, air and sea freight services on offer since 2020. As a result, the team is growing to 70 employees.

    “Our goal is to offer companies in Poland with a first-class and comprehensive range of logistics services,” emphasizes René Stranz, Area Manager Slovakia and Poland at Gebrüder Weiss. “By combining different modes of transport, our customers will be able to react even more flexibly to market requirements and make their supply chains more efficient in the future.” Poland has become a sought-after production and warehousing location within Europe. Its economy grew three times faster than the EU average in 2024 thanks to rising consumer spending. Poland is an important trading partner and export market, especially for German companies, but also for imports from Asia and the US. At the same time, the transport infrastructure is being continually expanded, including a new major airport with an international freight center.

    Today, Gebrüder Weiss in Poland has branches in Krakow, Wroclaw, Gdynia and Warsaw. Its customers come mainly from the high-tech, automotive, consumer goods and e-commerce industries. In addition to transport, the logistics provider also handles the storage and order picking of pharmaceuticals that require special refrigeration for companies in the pharmaceutical industry. In order to optimize its customers’ supply chains even more comprehensively, the logistics company is also planning to expand its offer as a Lead Logistics Provider in the medium term. “Depending on how the economy develops, further locations are also possible,” says Maciej Szczyglowski, Country Manager Poland Land & Logistics at Gebrüder Weiss. “For example, in Wroclaw or Katowice, where we can imagine new logistics terminals for goods handling.”

    About Gebrüder Weiss

    Gebrüder Weiss Holding AG, based in Lauterach, Austria, is a globally operative full-service logistics provider with about 8,600 employees at 180 company-owned locations. The company generated revenues of 2.46 billion euros in 2023. Its portfolio encompasses transport and logistics solutions, digital services, and supply chain management. The twin strengths of digital and physical competence enable Gebrüder Weiss to respond swiftly and flexibly to customers’ needs. The family-run organization – with a history going back more than half a millennium – has implemented a wide variety of environmental, economic, and social initiatives. Today, it is also considered a pioneer in sustainable business practices. www.gw-world.com

    MIL OSI – Submitted News

  • MIL-OSI Asia-Pac: Budget to go live online tomorrow

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan will deliver the 2025-26 Budget at the Legislative Council tomorrow, from 11am.

    The full text of the Budget Speech, and other related materials, will be released simultaneously on the Budget website.

    The public can also watch a live broadcast of the Budget speech, followed by a Budget-related press conference, a television forum and a radio programme, on the website.

    Copies of the speech and a leaflet highlighting key Budget proposals will be available for collection from the 20 Home Affairs Enquiry Centres.

    MIL OSI Asia Pacific News

  • MIL-OSI China: New air route links China’s Xinjiang, Kuala Lumpur

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

    URUMQI, Feb. 25 — A new air route linking Urumqi, capital of northwest China’s Xinjiang Uygur Autonomous Region, and Kuala Lumpur, capital of Malaysia, via the southern Chinese city of Guangzhou, has been launched.

    The maiden flight left Urumqi Diwopu International Airport on Monday morning, marking the first regular passenger service from Xinjiang to Kuala Lumpur, according to the airport.

    The new route reduces the one-way travel time from Urumqi to Kuala Lumpur to eight hours, offering passengers a more diverse, convenient and efficient travel option, and further boosting cultural and people-to-people exchanges and economic ties between China and Malaysia, said the airport.

    To date, Urumqi Diwopu International Airport has international passenger routes to 23 regions in 20 countries, including Kazakhstan and Kyrgyzstan.

    Xinjiang’s tourism revenue jumped by 21 percent to over 359 billion yuan (about 50.05 billion U.S. dollars) last year with more than 300 million tourist visits received.

    Since November 2023, China has continuously adjusted and optimized its visa-free transit policy to boost openness and people-to-people exchanges. Last year, over 20.1 million foreign visitors entered China under the visa exemption policy, marking a year-on-year increase of 113.5 percent in eligible transit visa-exemption travelers.

    MIL OSI China News

  • MIL-OSI Australia: Universities Australia Solutions Summit

    Source: Australia Government Ministerial Statements

    Thank you for the opportunity to speak here again tonight.

    It’s a real privilege.

    We are now on the cusp of a federal election.

    And so, I think it is probably appropriate to talk tonight about where we have come over the last few years, and what comes next.

    I think you know me now and what drives me.

    You know I think we have got a good education system, but it can be a lot better and a lot fairer.

    And I want to make it better and fairer.

    The first time I spoke here I told you my own story. How I was the first person in my family to finish high school or even finish year 10.

    How that wasn’t really an option for people like my mum and dad when they were growing up.

    How much we have changed since then.

    And how that change still hasn’t reached into every corner of this country or every home.

    I talked about the fact that almost one in two Australians in their 30s today have a uni degree, but not everywhere.

    Not where I grew up. Not amongst poor kids. Not in our outer suburbs or in the regions.

    And how I want to do something about this.

    I also made the point that fixing this doesn’t start and end at university.

    How we have got to reform our entire education system.

    There’s a pretty simple reason for that.

    It’s because the same people who aren’t at your universities are the same people who aren’t finishing high school.

    And they are the same people who are falling behind in primary school. And never catch up.

    A lot of those kids also start school behind.

    And a lot of them have never set foot in a child care centre or a pre-school at all.

    It is all connected.  

    If we are going to fix this, we have to fix all of this.

    Not just because of the individual lives this will change.

    But something bigger than that.

    A good education changes lives.

    A good education system changes countries. It’s changed ours.

    If you want the proof of that think about what’s happened in our own lifetimes.

    The big reforms of Bob Hawke and Paul Keating weren’t just Super, Medicare or floating the dollar.

    Under them the percentage of people who finished high school basically doubled.

    From 40 percent to almost 80 percent.

    One of the real privileges of being a Labor MP is I got to meet Bob and talk to him.

    And he used to talk to me about this, a lot.

    It was one of the things he was proudest of.

    Because he knew what it did. Not just the lives it changed.

    The businesses it helped create. The economy it helped build.

    It was real microeconomic reform.

    We’re a stronger and wealthier and a better country today than we were back when I was a kid, and education is one the reasons for that.

    It’s the fuel in the tank.

    What the Accord tells us is that the tank is only half full.

    That there is more that we have to do.

    That by the middle of this century we are going to need a workforce where 80 percent haven’t just finished school, but they’ve got a trade certificate or a diploma or a uni degree as well.

    That’s a big change.

    And that means reform.

    To build the education system Australia needs.

    Two and a half years ago, or so, when I got this job, this is what we were faced with.

    Child care costs had skyrocketed. Up 49 percent over 10 years. Double the OECD average.

    Child care workers were leaving in droves.

    So were school teachers.

    Billions had been ripped out of our public schools. And if you doubt me let me point you the 2014 Budget Overview, page 7. There it is in black and white.

    Nothing had been done to reform what was happening in our schools.

    The number of kids finishing high school was falling. Not everywhere. In particular in public schools.

    School teachers were being called duds and university students were being ignored.

    A lot has happened since then.

    In the last two years we have cut the cost of childcare for more than 1 million families nationwide.

    Now there are more kids in early education than ever before. 100,000 more.

    Child care workers are also getting a 15 percent pay rise. Getting the sort of wage they deserve.

    And guess what, applications are up and vacancies are down. People are coming back. Turns out when you pay people more, more people want to do the job.

    A couple of weeks ago something else really important happened.

    We passed laws through this place that will change the lives of some of the most disadvantaged children in Australia.

    The sort of children who need access to early education the most and are the least likely to get it.

    The sort of children who, because of no fault of their own, start school behind most of their classmates, because their parents don’t meet the requirements of something called the Activity Test, put in place by the last Liberal Government.

    The legislation we passed a few weeks ago gets rid of that test and replaces it with a three day guarantee.

    A guarantee of three days a week of government supported early education and care for every child who needs it.

    No one blinks when you say every child has a right to go to school and government has a responsibility to help fund it.

    The same has got to be true today for early education.  That doesn’t mean it should be compulsory. But it should be there for every parent who wants it and every child who needs it.

    To help make sure they start school ready to go. Ready to learn.

    That’s the sort of reform that changes lives. The sort of reform only Labor Governments do. And that our country needs.

    Next is schools. What our schools need.

    If we are going to hit that 80 percent target we need more people to finish school.

    For most of the last decade things have been going in the wrong direction.

    The number of students finishing school dropped. From 83 percent to 73 percent. That’s in public schools.

    Last year, for the first time in about 10 years, that percentage went up. A bit. That’s a good sign, but there is a long way to go.

    And that’s what the agreements I have struck with States and Territories across the country are all about.

    They set a target that by 2030 the proportion of students finishing high school will be the highest it has ever been.

    To do that we need to fix the funding of our public schools. But not just that. That funding needs to be tied to the sort of reforms that will help young people who fall behind to catch up and keep up and finish school.

    Things like evidenced-based teaching.

    Things like phonics checks and numeracy checks in Year 1 to identify kids who need additional help.

    And then making sure they get the help they need through individualised support, things like catch-up tutoring.

    I have signed agreements now with Western Australia, South Australia, Victoria, Tasmania, with the ACT and the NT.

    And I want to do the same with Queensland and NSW.

    This is the biggest new investment by an Australian Government in public schools ever.

    And it’s the biggest reform to school education in decades.

    I am telling you this, because all of this is an indispensable part of making the Accord a reality.

    Here tonight is Professor Mary O’Kane and I want to pay tribute to you again Mary.

    You have provided us with a blueprint for how we can reform higher education.

    It’s big. Bigger than one government. 47 recommendations.

    But we have already bitten off a big chunk of it. 31, in part or in full.

    That includes things like Paid Prac for teachers and nurses, midwives and social work students. That starts on 1 July.

    A massive expansion of enabling courses. To help get people started. That’s already started.

    More than doubling the number of study hubs. In the bush and now the suburbs. All of these will be open this year.

    On the weekend, as part of our announcement to help more Australians see a GP for free, we also announced funding to train more GPs.

    Part of that is more Commonwealth Supported Places.

    It’s all part of the biggest GP training program in Australian history.

    We have also fixed the way student debt is indexed. That’s cut the debt of three million Australians by more than $3 billion in December last year.

    And if we win the election, we will cut everyone’s student debt by a further 20 percent.

    It means for someone with an average student debt today of 27 grand, we will cut their debt by another $5,500. That’s a lot.

    The first time I spoke at this dinner I talked about the fact that universities aren’t just places where people study or work. They are also places where people live.

    And I talked about sexual assault on campus and in student accommodation.

    For years organisations like End Rape on Campus have been asking for someone to listen. For someone to act.

    Asking for a dedicated Ombudsman.

    The Accord recommended it. And now it exists.

    Sarah Bendall, is the first National Student Ombudsman.

    Sarah’s powers are real. Like a Royal Commission. And the scope of what she covers is broad. Not just sexual violence. It covers antisemitism and all forms of racism. It covers the quality of the education and services students receive as well.

    And I hope you will see the work that Sarah and her team will do as an asset. Helping to make sure students are safe and get the education they are paying for.

    I also want to recognise in the room tonight the new Chief Commissioner of TEQSA, Professor Kerri-Lee Krause and congratulate her on her recent appointment, and acknowledge TEQSA’s CEO, Dr Mary Russell and thank you for the work that you are doing.

    Just one example of that is the roundtable we held earlier today with university leaders focussed on ongoing action to ensure universities are safe places for students and staff.

    There is also another big piece of work that has just kicked off on improving university governance.

    It was a recommendation of the Accord.

    I have set up an Expert Council that will look at everything from how universities pay staff, to the remuneration settings of senior university staff, and report to Education Ministers later this year.

    On international education, the Accord recommended a fund that universities would have to chip into based on the revenue they make.

    We opted not to do that.

    I proposed a cap. The Liberal Party opted not to do that.

    So instead, we have got rid of Ministerial Direction 107 and replaced it with something else.

    Something that is better and fairer.

    Something that makes sure it’s not just the big universities that get the benefit of international education.

    I get how contentious this is.

    How important this revenue is.

    But it is not the main game.

    What I am focused on, what I want all of us to focus on is how we build the sort of education system that Australia needs. That Australians need.

    I spoke a moment ago about how we are building an early education system based on need.

    And how we are fixing the funding of public schools so they are fully funded based on need.

    And we need to apply the same model to universities.

    That’s what the Accord recommended, and that’s what I announced in December last year.

    For the first time real demand driven needs-based funding for universities. Where the money follows the student.

    The evidence tells us that students in the bush and regions, students from disadvantaged backgrounds, are less likely to finish their uni degree than other students.

    This is designed to fix that.

    This, and the changes to the funding system that start next year, and all the other reforms we are funding already, add up to an extra $6.7 billion injection into higher education over the next decade.

    The Accord also recommended something else. Something to make sure that it doesn’t gather dust or a future government doesn’t just forget about it.

    It recommended an ATEC. An Australian Tertiary Education Commission. An independent body to help drive and steer reform over the long term. Help break down the barriers between TAFE and university. Help implement the funding model and provide advice on pricing and a lot more.

    If we win the election, I will introduce legislation in the second half of this year to formally establish the ATEC and I want it fully operational by this time next year.

    But I can announce tonight the team I have appointed to get it up and running on an interim basis from the 1st of July this year.

    The interim Chief Commissioner will be Professor Mary O’Kane, and she will be supported by Jobs and Skills Australia Commissioner, Barney Glover and Distinguished Professor Larissa Behrendt.

    I am getting the band back together.

    The people who wrote the Accord will help to make it real.

    I started tonight by saying that we are on the cusp of an election. 

    I want to end by saying thank you. 

    Nothing is certain or permanent. 

    None of us are in these jobs forever.

    But for the last two and a half years or so it has been a real privilege to work with you. 

    The UA campaign is right.

    Universities do matter. To all of us. 

    A few days ago, I met a young woman called Narges. 

    She is a refugee from Afghanistan. 

    She fled to Pakistan when Kabul fell a few years ago.

    About 18 months ago she made it here. 

    She now lives in Mt Druitt in western Sydney. 

    She speaks six languages. 

    The sixth is English. 

    She’s learnt it in the last year, at TAFE. 

    Last year she also completed a diploma in community service. 

    Next week she starts at Western Sydney University. She’s going to study social work. 

    Think about that. 

    After fleeing a country where girls can’t even go to school anymore. 

    Just imagine what this young woman is capable of, and what will happen next in her life, with your help. 

    The lives she will change. 

    Now imagine a million more stories just like that. 

    That’s what you do. 

    Change lives.  

    Change countries. 

    We are the best country in the world, but we can be even better. 

    And you are an indispensable part of making that a reality. 

    Turning the country of our imagination into something real. 

    That’s exciting. 

    That’s why I love this job. 

    And I really look forward to addressing this gala dinner again, this time next year.
     

    MIL OSI News

  • MIL-OSI Economics: Trump’s tariffs threaten profitability of North American insurers, says GlobalData

    Source: GlobalData

    Trump’s tariffs threaten North American insurers’ profitability, says GlobalData

    Posted in Insurance

    On 1 February 2025, US President Donald Trump signed three executive orders to impose tariffs on imports from Canada, Mexico, and China. In retaliation, Canada announced it would impose a 25% tariff on CAD155 billion ($117.8 billion) worth of US goods. Moreover, Trump increased the US tariff rate on steel and aluminum to 25% on 10 February, removing country-specific exceptions and quota arrangements. Consequently, North American region insurers may see increased claims costs in 2025 across various insurance lines, potentially affecting their profitability, says GlobalData, a leading data and analytics company.

    After discussions between the US President and leaders from Mexico and Canada, the proposed tariffs on imports from Canada and Mexico and the retaliatory tariff are delayed by a month. In its retaliation, Canada specified that tariffs on CAD30 billion ($22.8 billion) would take effect immediately from 4 February 2025, and tariffs on the remaining CAD125 billion ($95 billion) would follow within 21 days. Set to take effect on 12 March 2025, the US tariffs will impact imports of millions of tons of steel and aluminum, affecting goods previously duty-free from countries like Canada, Brazil, Mexico, and South Korea.

    Manogna Vangari, Insurance Analyst at GlobalData, comments: “Upon implementation, high tariffs will significantly affect trade throughout North America, not solely due to the substantial volume of commerce but also owing to the critical role of supply chains, which account for more than half of intra-regional trade, as per GlobalData’s estimates.

    “Furthermore, the Trump administration plans to raise tariffs on oil and gas in March 2025. This is expected to have a detrimental impact on the insurance industry, manifested by reduced economic activity and consumer spending. However, it is expected that Canada, Mexico, and China will soon contest these tariffs by initiating a legal case with the World Trade Organization (WTO).”

    The North America region’s property and motor insurance claims are projected to represent a 13.4% and 16.1% share of total general insurance claims in 2025. However, the full and actual implementation of the tariff rates may push actual claims even higher. Consequently, the profitability of North America’s general insurance sector is expected to be notably affected, with claims projected to grow at a rate of 6.9% in 2025 from 3.3% in 2024.

    According to GlobalData’s Global Insurance Database, North America’s general insurance industry is expected to grow at a compound annual growth rate (CAGR) of 6.7% over 2025–29, from $2.7 trillion in 2025 to $3.5 trillion in 2029, in terms of written premiums.

    Vangari continues: “Tariffs on imported materials like building supplies, car parts, and electronics will increase the cost of vehicle repairs and property reconstruction after disasters, causing insurers to pay more claims across the region. Insurance companies may raise premiums for property and motor policies.”

    Around 90% of auto exports from Mexico and Canada go to the US, according to the Mexican and Canadian Automotive Manufacturers’ Associations. High tariffs and supply chain delays will increase repair times, causing higher costs for living arrangements and rental vehicles, and protracted business interruptions. This could impact the competitiveness of the North American production and manufacturing industry, and the insurance industry.

    Vangari concludes: “A global trade war is a looming concern. If tariffs escalate or supply chains get tangled, economic growth could take a hit, which would change the fundamental risk pool for insurers across North America’s region. As broader tariffs on Canada and Mexico remain on hold, businesses and insurance companies must prepare for potential adverse outcomes across the region in the next few years.”

    MIL OSI Economics

  • MIL-OSI Economics: Tesla job postings suggest renewed focus on India, reveals GlobalData

    Source: GlobalData

    Tesla is ramping up its hiring efforts in India, marking a pivotal move in its strategy to strengthen its presence in the country. The recent job postings across various roles highlights the American electric vehicle (EV) and clean energy company’s renewed focus on establishing a foothold in India’s rapidly growing EV market, underscoring its long-awaited expansion plans, according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Job Analytics Database reveals that the company has posted around 15 jobs in February 2025 across Mumbai and Pune, reflecting its commitment to building a strong sales, service, and support network in India.

    Tesla’s hiring strategy in India is aimed at driving growth and increasing brand presence in the market. The company is focusing on building a strong service infrastructure, improving customer engagement, and expanding its market share through targeted marketing strategies.

    Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “These job postings indicate a focus on areas such as charging, engineering & information technology, vehicle service, sales & customer support, operations & business support, among others. This also indicates plans for possibly more hires and setting up new EV market team in India.”

    Tesla is focusing on strengthening its sales support infrastructure with the introduction of Consumer Engagement Manager positions. These roles are pivotal in analyzing local market trends, generating leads, and supporting the sales process through content creation, event management, and targeted marketing strategies.

    Additionally, Tesla is prioritizing exceptional customer service by recruiting Service Advisors and Parts Advisors. These positions are designed to address customer concerns, oversee vehicle servicing, manage parts inventory, ensure effective communication, and ultimately deliver a seamless customer experience

    A deep dive into GlobalData’s News Database also reveals several media reports indicating that the company is already scouting for showroom sites in some Indian cities.

    Sriprada concludes: “The recent job postings, along with media reports on potential showroom locations, not only suggest the company’s renewed focus on the Indian market but also its serious strategic intent to establish a strong operational presence in the country.”

    MIL OSI Economics

  • MIL-OSI Economics: Huawei’s FDD Tri-Band Massive MIMO Goes Global, Boosting 4G Capacity and 5G Experience Feb 25, 2025

    Source: Huawei

    Headline: Huawei’s FDD Tri-Band Massive MIMO Goes Global, Boosting 4G Capacity and 5G Experience
    Feb 25, 2025

    [Shenzhen, China, February 25, 2025] Huawei officially initiated the global commercial deployment of its FDD tri-band Massive MIMO (1.8 GHz, 2.1 GHz, and 2.6 GHz) to help operators maximize the value of sub-3 GHz spectrum. The solution meets the growing demand for 4G network traffic and unlocks traffic dividends, while further improving service experience for 5G users.
    Commercial deployment has started in several African countries, including Nigeria, Angola, and Côte d’Ivoire. Operators have found that the FDD tri-band Massive MIMO outperforms the conventional 4T4R solution by handling 90% more 4G traffic during busy hours, increasing user-perceived speeds by 320%, and reducing physical resource block (PRB) usage by 50%. Operators in 15 countries across Asia Pacific, Central Asia, and Latin America will deploy this solution soon.
    Market Demand Drives Technological Innovation
    Africa’s rapid urbanization and large population are driving the rapid growth of mobile data needs. 4G traffic demand increases by 50% every year, which causes widespread service congestion and leaves operators in the region with user experience deterioration challenges. Although conventional Massive MIMO technology has been deployed at some sites, networks are still heavily loaded, underscoring the need for a more efficient capacity solution.
    Huawei’s FDD tri-band Massive MIMO solution uses state-of-the-art Real Wide Bandwidth and Compact Dipole technologies to enable the 1.8 GHz, 2.1 GHz, and 2.6 GHz bands to share the same filter, antenna array, and power amplifier. It offers outstanding performance and is the smallest, lightest, and most energy-efficient in its class. Compared to the conventional Massive MIMO capacity expansion solution, this product is 48% lighter and smaller, uses 10% less power, and significantly reduces tower rental and electricity costs. This product also delivers better 4G and 5G network experiences to users. It leverages industry-leading intelligent beamforming and TM4-TM9 joint scheduling algorithms to boost 4G downlink capacity by three to four times. And after evolution to 5G, the capacity gain compared to 4G 4T4R can reach up to seven times and the uplink coverage can be improved by 8 dB.
    Upgrading Network Capabilities Through Innovation
    “The current and future rapid increase in 4G and 5G service traffic, along with the explosive growth of mobile AI services, will require higher uplink bandwidth and wider coverage,” said Fang Xiang, Vice President of Huawei Wireless Network Product Line. “This is not only an opportunity for service development, but also a challenge for networks. We have been working closely with global operators to tackle network development hurdles by pursuing innovations in core technologies and solutions. We are committed to helping operators boost revenue, cut costs, and enhance efficiency, advancing towards a fully connected, intelligent world.”

    MIL OSI Economics

  • MIL-OSI Economics: Huawei’s FDD Tri-Band Massive MIMO Goes Global, Boosting 4G Capacity and 5G Experience

    Source: Huawei

    Headline: Huawei’s FDD Tri-Band Massive MIMO Goes Global, Boosting 4G Capacity and 5G Experience

    [Shenzhen, China, February 25, 2025] Huawei officially initiated the global commercial deployment of its FDD tri-band Massive MIMO (1.8 GHz, 2.1 GHz, and 2.6 GHz) to help operators maximize the value of sub-3 GHz spectrum. The solution meets the growing demand for 4G network traffic and unlocks traffic dividends, while further improving service experience for 5G users.
    Commercial deployment has started in several African countries, including Nigeria, Angola, and Côte d’Ivoire. Operators have found that the FDD tri-band Massive MIMO outperforms the conventional 4T4R solution by handling 90% more 4G traffic during busy hours, increasing user-perceived speeds by 320%, and reducing physical resource block (PRB) usage by 50%. Operators in 15 countries across Asia Pacific, Central Asia, and Latin America will deploy this solution soon.
    Market Demand Drives Technological Innovation
    Africa’s rapid urbanization and large population are driving the rapid growth of mobile data needs. 4G traffic demand increases by 50% every year, which causes widespread service congestion and leaves operators in the region with user experience deterioration challenges. Although conventional Massive MIMO technology has been deployed at some sites, networks are still heavily loaded, underscoring the need for a more efficient capacity solution.
    Huawei’s FDD tri-band Massive MIMO solution uses state-of-the-art Real Wide Bandwidth and Compact Dipole technologies to enable the 1.8 GHz, 2.1 GHz, and 2.6 GHz bands to share the same filter, antenna array, and power amplifier. It offers outstanding performance and is the smallest, lightest, and most energy-efficient in its class. Compared to the conventional Massive MIMO capacity expansion solution, this product is 48% lighter and smaller, uses 10% less power, and significantly reduces tower rental and electricity costs. This product also delivers better 4G and 5G network experiences to users. It leverages industry-leading intelligent beamforming and TM4-TM9 joint scheduling algorithms to boost 4G downlink capacity by three to four times. And after evolution to 5G, the capacity gain compared to 4G 4T4R can reach up to seven times and the uplink coverage can be improved by 8 dB.
    Upgrading Network Capabilities Through Innovation
    “The current and future rapid increase in 4G and 5G service traffic, along with the explosive growth of mobile AI services, will require higher uplink bandwidth and wider coverage,” said Fang Xiang, Vice President of Huawei Wireless Network Product Line. “This is not only an opportunity for service development, but also a challenge for networks. We have been working closely with global operators to tackle network development hurdles by pursuing innovations in core technologies and solutions. We are committed to helping operators boost revenue, cut costs, and enhance efficiency, advancing towards a fully connected, intelligent world.”

    MIL OSI Economics

  • MIL-OSI Economics: Hong Kong card payments market to surpass $185 billion in 2025, forecasts GlobalData

    Source: GlobalData

    Hong Kong card payments market to surpass $185 billion in 2025, forecasts GlobalData

    Posted in Banking

    The card payment market in Hong Kong is poised to register 11.0% growth in 2025, reaching HKD1.5 trillion ($186.5 billion), driven by rising consumer spending and growing consumer preference for electronic payments, reveals GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Hong Kong (China SAR) Cards and Payments: Opportunities and Risks to 2028,” reveals that card payment value in Hong Kong registered a growth of 15.7% in 2023, driven by the rise in consumer spending. The value grew further to register an estimated growth of 12.2% in 2024 to reach HKD1.3 trillion ($168.1 billion).

    Shivani Gupta, Senior Banking and Payments Analyst at GlobalData, comments: “Cash payments are on the decline in Hong Kong as electronic methods increasingly gain popularity, supported by a high adult population, rising consumer awareness of electronic payments and a well-established payment infrastructure. This shift in consumer behavior signals a move away from conventional payment approaches to embrace digital alternatives.”

    Among the card types, credit and charge cards accounted for 77.7% share of the overall card payment value in 2024. This is mainly due to the value-added benefits associated with these cards, such as flexible payment options and reward programs.

    Debit cards, on the other hand, account for the remaining 22.3% share. Although debit cards are traditionally preferred for cash withdrawals, they are now increasingly being used for payments as well, especially low-to-medium value transactions. Consumers are embracing debit cards, with the domestic scheme Electronic Payment Service (EPS) driving growth. EPS cards are accepted at over 30,000 merchant locations in Hong Kong and Macau.

    Gupta adds: “Widespread adoption and usage of contactless cards are contributing to overall card payments usage. Consumers and merchants in Hong Kong are increasingly becoming aware of the benefits of contactless cards, leading to their increased usage. According to GlobalData’s 2024 Financial Services Consumer Survey*, over 56% of the respondents in Hong Kong indicated having access to a contactless card and used it for payments.”

    The rising usage of contactless payments for public transport payments is also contributing to card payments growth. For instance, in August 2024, Mastercard announced its integration into the mass transit railway system MTR Corporation’s contactless credit and debit card payment services. This allows Mastercard cardholders to use their contactless payment cards at MTR entry and exit gates when traveling on the MTR heavy rail network, excluding the Airport Express.

    Gupta concludes: “The upward trajectory of Hong Kong’s card payments market is expected to persist in the coming years, driven by the convenience of electronic payments, widespread payment infrastructure, and the increased accessibility of contactless technology. The card payments market is anticipated to increase at a CAGR of 7.3% between 2025 and 2029 to reach HKD1.9 trillion ($247.5 billion) in 2029.”

    *GlobalData’s 2024 Financial Services Consumer Survey was carried out in Q2 2024. Approximately 67,292 respondents aged 18+ were surveyed across 41 countries.

    MIL OSI Economics

  • MIL-OSI Economics: Development Asia: Expanding Access to Housing in Uzbekistan through Market Reforms

    Source: Asia Development Bank

    Through the Mortgage Market Sector Development Program, ADB is providing a $50-million policy-based loan to support mortgage market reforms that will economize the government’s housing subsidy and policy framework and create a conducive environment and infrastructure for market-based mortgage lending. It is also providing a $300-million financial intermediation loan to finance the country’s new mortgage refinancing company that enables domestic commercial banks to provide residential mortgage and housing improvement loans. A technical assistance grant of $800,000 supports the implementation of the program.

    Strengthening the policy, regulatory, and legal framework. Findings from a review of the policy, regulatory, and legal framework for the mortgage finance sector and housing market assessment formed the basis for the design of the program. The study recommended that subsidy arrangements be revised to ensure that higher subsidies are provided to lower income households and regressive subsidies are changed.

    Improving the housing strategy and subsidy framework. ADB provided the Ministry of Economy and Finance recommendations on revising the housing finance and subsidy approach as a result of which the government adopted series of changes to enable gradual transformation of state housing programs toward a market-based principles and improving the subsidy targeting.

    Establishing and operationalizing a wholesale mortgage refinance company. The government established the Uzbekistan Mortgage Refinancing Company with ADB support and equity investment from government and commercial banks. It provides banks with access to local currency long-term funding. The company prefinances and refinances eligible mortgage loans and housing improvement loans issued by participating banks at an interest rate close to market rates.

    To support operationalization of the company, the project tapped the Frankfurt School of Finance & Management and its consulting team of experts, most of them active and retired CEOs and board chairpersons of international and national mortgage refinance corporations including from Armenia, France, Malaysia, and Pakistan. The team prepared the company’s business plan, human resources plan, legal framework, institutional arrangement, internal policies and procedures, list of products and services, and risk management plan. The government believed that the first CEO of the mortgage refinancing company was of utmost importance to building everyone’s confidence in this new institution and was directly involved in vetting and hiring the CEO.

    Expanding and improving data collection. The project supported work on improving housing statistics, introducing a housing price index in Uzbekistan, and developing a mortgage market database and website. International experts provided in-person and on-line training to ministries, banks, and other stakeholders. A new system was introduced to collect housing sector data (i.e., mortgage loans by type, terms, program and other categories) through updates to the annual statistical reporting forms for commercial banks. The collected data is also shared with the Ministry of Finance.

    MIL OSI Economics

  • MIL-OSI: Futu to Report Fourth Quarter and Full Year 2024 Financial Results on March 13, 2025

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 25, 2025 (GLOBE NEWSWIRE) — Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced that it will report its financial results for the fourth quarter and full year ended December 31, 2024, before U.S. markets open on March 13, 2025.

    Futu’s management will hold an earnings conference call on Thursday, March 13, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).

    Please note that all participants will need to pre-register for the conference call, using the link
    https://register.vevent.com/register/BIb8967ae69ba64a7eab0c02d765ce1339.

    It will automatically lead to the registration page of “Futu Holdings Ltd Fourth Quarter and Full Year 2024 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of this conference call will be available at https://ir.futuholdings.com/.

    About Futu Holdings Limited

    Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.

    Investor Contact

    Investor Relations
    Futu Holdings Limited
    ir@futuholdings.com

    The MIL Network

  • MIL-OSI Economics: Samsung Launches High-Performance SSD 9100 PRO with PCIe 5.0 Interface – Delivering Breakthrough Performance for AI, Gaming, and Content Creation

    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, today launched the Samsung 9100 PRO SSD, the latest addition to its consumer SSD lineup. Equipped with the PCIe 5.0 interface, the 9100 PRO delivers industry-leading speeds, improved power efficiency, and expanded storage capacity, rendering it the perfect option for gaming, content creation in AI, and multitasking across a wide range of devices, including laptops, desktops, and gaming consoles.
     
    With its advanced architecture, the 9100 PRO offers a significant boost in sequential read and write speeds, reaching up to 14,800 MB/s and 13,400 MB/s. This is a 99% performance improvement over its predecessor, the 990 PRO.
     
    Additionally, its enhanced random read and write speeds, reaching up to 2,200K IOPS and 2,600K IOPS, ensure seamless multitasking and accelerated data processing.  This makes the 9100 PRO an exceptional choice for professional creators managing AI-driven workloads and gaming enthusiasts seeking a truly immersive experience.
     
    “With the launch of the Samsung 9100 PRO SSD, we’re proud to offer a ground-breaking storage solution that sets new standards in speed, power efficiency, and capacity. Designed for the next generation of gaming, content creation, and multitasking, the 9100 PRO’s PCIe 5.0 interface and innovative architecture deliver unmatched performance, enabling professionals and enthusiasts alike to push the limits of their devices. Whether it’s accelerating AI-driven workloads or enhancing the gaming experience, the 9100 PRO is built to keep up with the demands of tomorrow’s technology,” said Puneet Sethi, Vice President, Head of Enterprise & Display Business, Samsung India.
     
    The 9100 PRO is designed with an advanced heat management solution that improves power efficiency by 49% compared to previous models. Its optimized thermal control, achieved through an integrated 8.8mmT heatsink for 1TB to 4TB models and an 11.25mmT heatsink for the 8TB variant, ensures consistent high-speed performance without overheating. The introduction of the 8TB model, a first for Samsung’s consumer NVMe SSD lineup, further enhances the product’s appeal by providing ample storage for high-performance gaming, next-generation content creation, and professional workloads.
     
    Ensuring broad compatibility, the 9100 PRO supports installation across a wide range of devices, including laptops, desktops, and gaming consoles, enabling users to upgrade their systems effortlessly. The SSD is also equipped with Samsung’s proprietary Magician software that offers a suite of optimization tools, streamlined data migration, and advanced security features to enhance functionality and ensure data protection in the long run.
     
    Samsung will roll out the 9100 PRO models worldwide in four capacities — 1TB, 2TB, 4TB, and 8TB. Starting March 18, 2025, the 1TB, 2TB, and 4TB models, along with the 8TB model is expected to be released in the second half of 2025. The manufacturer’s suggested retail prices (MSRPs) for the 1TB, 2TB, and 4TB variants are set at INR 14999, INR 25499, and INR 49999, respectively.
     
    For further details on availability, warranty, and technical specifications, please visit samsung.com/SSD or semiconductor.samsung.com/internal-ssd.

    MIL OSI Economics

  • MIL-OSI New Zealand: Fatal crash, Pahiatua-Mangahao Road, Tararua

    Source: New Zealand Police (National News)

    Police can confirm one person has died following a single-vehicle crash near Pahiatua this afternoon.

    Emergency services were alerted to the crash on Pahiatua-Mangahao Road, between Ridge Road North and Soldiers Road, about 5pm.

    Two people are being treated for minor injuries. Sadly, another occupant died a short time later.

    The Serious Crash Unit is conducting a scene examination and the road remains closed.

    Support is being offered to the victim’s family and the death will be referred to the Coroner.

    ENDS

    Issued by the Police Media Centre

    MIL OSI New Zealand News

  • MIL-OSI USA: Padilla Presses for Answers on DOGE Cuts to Critical Housing Programs and Staff

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    WASHINGTON, D.C. — U.S. Senator Alex Padilla (D-Calif.) and 24 other Senators sounded the alarm on concerning reports that President Trump’s Department of Government Efficiency (DOGE) Task Force will make wide-ranging, harmful cuts hampering the Department of Housing and Urban Development’s (HUD) ability to support vulnerable communities and combat the housing and homelessness crises.

    The DOGE Task Force plans reportedly include laying off 50 percent of its workforce, eliminating half of HUD’s field offices, and gutting critical programs that protect families and people with disabilities from discrimination, help address the housing and homelessness crises, and support communities recovering from disasters. HUD has three field offices in California, and these cuts are especially concerning as Southern California recovers from the devastating fires last month. HUD only recently rebuilt its workforce after a 20 percent drop between 2012 and 2019, and further cuts threaten disaster recovery efforts while delaying housing development.

    “HUD engages in critical work supporting communities in expanding their housing supply, providing rental assistance, and preventing homelessness—work that is urgently important for millions of Americans looking to purchase a home to build generational wealth or find an affordable place to rent,” wrote the Senators. “Axing these offices will handicap the Department’s ability to serve the American public and exacerbate the housing crisis we currently find ourselves in.”

    “DOGE’s actions thus far at other agencies have caused widespread chaos, hampered the ability of agencies to do their work, and provided potentially illegal data access to individuals with conflicts of interest,” continued the Senators. “There is no indication that DOGE’s work at HUD will be any less detrimental.”

    There are also reports that HUD is terminating the Green and Resilient Retrofit Program, which was authorized by Congress to help repair and improve efficiency in homes for families, seniors, and people with disabilities. These funds have already been awarded and obligated to nonprofits and other housing providers to improve more than 30,000 homes all across the country — but now DOGE at HUD is trying to claw these funds back. In 2024, California received five green and resilient retrofit program grants.

    The Senators also expressed confusion and frustration at the lack of transparency surrounding the launch of a HUD DOGE Task Force identifying a purported $260 million in wasteful HUD contracts, and asked HUD Secretary Scott Turner to provide additional information and a precise accounting of the alleged wasteful spending identified by DOGE.

    The letter, led by Senators Angela Alsobrooks (D-Md.), Elizabeth Warren (D-Mass.), and Tina Smith (D-Minn.), was signed by Padilla as well as Senators Richard Blumenthal (D-Conn.), Maria Cantwell (D-Wash.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Chuck Schumer (D-N.Y.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), and Ron Wyden (D-Ore.).

    Senator Padilla believes everyone deserves access to affordable and safe housing and recognizes the need to drastically increase the affordable housing stock to address the homelessness crisis facing California and the country, including to support disaster victims. In the aftermath of the Los Angeles fires, Padilla introduced the bipartisan Disaster Housing Reform for American Families Act to expedite, expand, and improve temporary housing available to victims of disasters like wildfires and storms. Last year, he announced the reintroduction of his Housing for All Act, a comprehensive approach to invest in proven, locally-developed solutions to address the homelessness and affordable housing crises.

    Full text of the letter is available here and below:

    Dear Secretary Turner:

    We write regarding your recent announcement that you have launched a “Department of Government Efficiency” (DOGE) Task Force at the Department of Housing and Urban Development (HUD) and your statement indicating that DOGE has identified $260 million in wasteful contracts at HUD. We are also seeking additional information about alarming reports of HUD’s plans to cancel a program serving families, seniors, and people with disabilities and fire half of its workforce. To address these questions, we request information about DOGE’s involvement at HUD, and the impact it is having on HUD funding and staffing needed to implement its mission.

    HUD engages in critical work supporting communities in expanding their housing supply, providing rental assistance, and preventing homelessness—work that is urgently important for millions of Americans looking to purchase a home to build generational wealth or find an affordable place to rent.

    According to public reports, HUD plans to lay off 50 percent of its workforce. These cuts would eliminate half of HUD’s field offices serving local communities across the country and gut the offices of Fair Housing and Equal Opportunity (FHEO), Policy Development and Research (PD&R), and Community Planning and Development (CPD), which protect families and people with disabilities from discrimination, address our homelessness crisis, and provide resources to communities to tackle our housing shortage and recover from disasters. Axing these offices will handicap the Department’s ability to serve the American public and exacerbate the housing crisis we currently find ourselves in.

    In addition to personnel cuts, you also announced that HUD and DOGE have identified $260 million in savings on wasteful contracts. If this represents legitimate waste, we are happy to work with you to wipe it out. But to date, there has been no transparency about DOGE’s involvement, or what exactly it is finding. We ask that you provide additional information on the allegedly wasteful spending identified by DOGE, and a clear accounting of how these funds have been misused. This is particularly important because, even before implementing any cuts, HUD’s DOGE Task Force is already interfering with the department’s future planning and funding which is critical to boosting our nation’s housing supply. Public reporting suggests that DOGE’s request for information on HUD’s contracts has put all “future funding grants […] effectively on pause.”

    Further, reports indicate HUD is now terminating the Green and Resilient Retrofit Program, which was provided by Congress to help repair and improve efficiency in homes for families, seniors, and people with disabilities. These funds have already been awarded and obligated to nonprofits and other housing providers to improve more than 30,000 homes all across the country.

    But now, HUD is trying to claw these funds back, cancelling signed contracts and breaking its word to residents and owners. Not only is this bad faith, but it also cuts a program that will reduce operating costs and protect families and seniors from the effects of disasters. Without these funds or continued trust in HUD as a reliable partner, some properties in dire need of rehabilitation may opt out of the program and be permanently lost from our country’s already limited stock of affordable housing, in red and blue states alike.

    DOGE’s actions thus far at other agencies have caused widespread chaos, hampered the ability of agencies to do their work, and provided potentially illegal data access to individuals with conflicts of interest. There is no indication that DOGE’s work at HUD will be any less detrimental.

    During your testimony in front of the Senate Committee on Banking, Housing, and Urban Affairs, you spoke about empowering HUD employees and serving HUD’s mission “to create strong and sustainable communities and support quality affordable homes — serving the most vulnerable of our nation.”

    It is not clear how laying off half its staff serves HUD’s mission, or whether the $260 million figure you referred to in your interview represents legitimate waste and abuse. As HUD Secretary, it is your job to ensure that the millions of Americans who rely on HUD can continue to do so without DOGE’s interference.

    As members of the Senate who have authorized and funded HUD’s programs and are responsible for its oversight, it is critical that we understand the scope of DOGE’s activities at HUD. We request that you answer the following questions by February 26, 2025:

    1. How many individuals are currently part of HUD’s DOGE Task Force? Please provide the names of all Task Force members and whether they are considered employees of HUD or any other federal agency.

    2. What are the specific components of the $260 million in contracts that you described in your February 11, 2025, interview on The Charlie Kirk Show? Please provide a list of all contracts that DOGE employees have identified as wasteful and the justification for cancellation.

    3. Do members of the DOGE Task Force have access to any non-public HUD information, including data systems, contracting systems, personnel records, or other legal records? Does this include proprietary Tribal enrollment data submitted for Native American Housing Assistance and Self-Determination Act (NAHASDA) funding?

    4. What steps have you taken to protect Americans’ data and ensure compliance with the Privacy Act?

    5. What are the objectives of the HUD DOGE Task Force and how long will the Task Force be in place?

    6. Has there been any pause or delay in disbursing or obligating HUD funds, including delays in signing grant agreements, since January 20, 2025? Please provide a detailed accounting of any pauses or delays.

    7. Has HUD cancelled – or does HUD intend to cancel – the Green and Resilient Retrofit Program, including terminating or failing to enter into awards or contracts?

    8. Please explain in detail any plans to reduce HUD staffing below the level of staff employed at the agency on January 20, 2025, including:

    a. Current or planned changes in staffing by HUD Office and the reason for any change, including retirement, participation in a Deferred Resignation Program, or other actions;

    b. The number of staff that would be present in each HUD Office after planned changes; and

    c. Whether any programs or functions of HUD would be reduced or eliminated.

    9. Are there any programs, functions, or offices you plan to eliminate at HUD? If so, please provide a list of those programs, functions, or offices. If not, please detail how you intend to perform HUD’s critical functions and prevent mismanagement of funds with the proposed staff reductions.

    As DOGE’s work is already affecting HUD programs and personnel, it is critical that Congress, which funds and oversees HUD activities, understands the full scope of DOGE’s work within HUD immediately. Thank you for your prompt attention to this urgent matter.

    Sincerely,

    MIL OSI USA News

  • MIL-OSI: BlackLine Expands Bengaluru Operations to Drive Global Growth and Innovation

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 25, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL), the intelligent financial data platform that powers the modern Office of the CFO, announced today the expansion of its presence in Bengaluru, India, reinforcing its commitment to global growth, operational scalability, and continuous, best-in-class customer support.

    Scaling to Meet Growing Demand

    Since establishing operations in Bengaluru in 2022, BlackLine has steadily expanded its teams in the region to meet increasing demand for its solutions. The new 50,000-square-foot office strengthens BlackLine’s ability to provide continuous service, accelerate product development, enhance operational efficiencies, and support coverage across multiple time zones.

    “Our Bengaluru expansion represents a critical step in our continued commitment to scaling our global operations and enhancing support for customers worldwide,” said Therese Tucker, Founder and co-CEO at BlackLine. “India’s deep talent pool and thriving technology ecosystem make it an ideal location to drive innovation, expand our capabilities, and accelerate our global impact to meet growing customer demand.”

    Enhancing Innovation and Customer Support

    The expanded facility includes a Network Operations Center (NOC) to enhance system monitoring and support BlackLine’s global infrastructure, strengthening the company’s already-leading ability to provide real-time assistance to customers across different regions. The space also serves as a hub for BlackLine’s engineering, customer success, and operations teams, fostering greater collaboration and agility in delivering new solutions.

    “Bengaluru has been an essential part of BlackLine’s global strategy, and this new office reflects our commitment to innovation and operational excellence,” said Raghu Dwarakanath, Managing Director, India. “With this expansion, we are better positioned to enhance customer engagement, drive product advancements, and strengthen our ability to support finance and accounting teams as they transform their financial operations.”

    Customer Perspective: Strengthening Local Support & Innovation

    Leading organizations in the region are already seeing the benefits of BlackLine’s expanded presence.

    “With BlackLine’s expanded presence in Bengaluru, we look forward to even greater collaboration, faster innovation, and stronger local support to drive our finance transformation efforts”, said Mr. Narottam Sharma, CIO, Jubilant FoodWorks.”

    Commitment to Global Growth

    The launch of the Bengaluru office marks the latest step in BlackLine’s broader strategy to strengthen its global presence and innovation capabilities. With an expanded footprint in India, the company is well-positioned to drive customer success, accelerate product innovation, scale its world-class support, and further its mission to inspire, power, and guide digital finance transformation worldwide.

    About BlackLine

    BlackLine is the intelligent financial data platform that powers the modern Office of the CFO. As the central nervous system for financial data, BlackLine seamlessly connects systems, automates workflows, and orchestrates the complex flow of financial information across the enterprise. By transforming raw transactions into strategic insights, BlackLine empowers finance & accounting teams to achieve future-ready financial operations that are accurate, efficient, and intelligent.

    Media Contact

    Samantha Darilek
    VP, Communications
    P. 877-777-7750
    E: samantha.darilek@blackline.com

    The MIL Network

  • MIL-OSI Asia-Pac: Art fair funding rejection explained

    Source: Hong Kong Information Services

    The Culture, Sports & Tourism Bureau today said an art fair that has been cancelled was not offered funding from the Mega Arts & Cultural Events Fund due to inadequate information being provided by its organisers.

    The bureau made the statement in response to discussions and media enquiries arising from the cancellation of the event, which was originally scheduled to take place next month.

    The bureau explained that the fair did apply to the Mega Arts & Cultural Events Fund, but failed to provide adequate information for assessment of its artistic merits, attractiveness to tourists, economic benefits, and other aspects. As such, the fund did not award funding to the fair.

    When the fund received the application, tickets for the event were already on sale.

    The bureau appealed to event organisers to prepare sufficient funding for their events before tickets are put on sale in order to avoid cancellations and having to issue ticket refunds due to insufficient resources.

    It said the fair’s organisers should handle cancellation and ticket refund arrangements properly, and maintain good communication with affected ticket holders.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Secretary-General of ASEAN to participate in the 31st AEM Retreat

    Source: ASEAN

    At the invitation of H.E. Tengku Zafrul Tengku Abdul Aziz, Chair of the ASEAN Economic Ministers’ (AEM) Meeting for 2025, and Minister of Investment, Trade and Industry of Malaysia, Secretary-General of ASEAN, Dr. Kao Kim Hourn, will lead the delegation of the ASEAN Secretariat to participate in the 31st AEM Retreat, scheduled to be held in Johor, Malaysia, on 28 February 2025. This year’s Retreat will consider and discuss Malaysia’s Priority Economic Deliverables (PEDs) for its Chairmanship in 2025 under the theme “Inclusivity and Sustainability,” as well as a number of key initiatives to further integrate ASEAN’s economy, including the ongoing negotiations for the ASEAN Trade in Goods Agreement (ATIGA) upgrade and ASEAN Digital Economy Framework Agreement (DEFA), as well as Timor-Leste’s accession to ASEAN economic agreements, among others. The Retreat will also include an open session with the ASEAN Business Advisory Council (ASEAN-BAC), the Economic Research Institute for ASEAN and East Asia (ERIA), and McKinsey.
    The post Secretary-General of ASEAN to participate in the 31st AEM Retreat appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: Secretary-General of ASEAN lauds Viet Nam’s achievements at Opening Ceremony of the Photo Exhibition on Viet Nam’s ASEAN Journey

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning started his first official engagement in Hanoi, during his participation in the 2nd ASEAN Future Forum.  He was invited to deliver remarks at the Opening Ceremony of the Photo Exhibition on “Viet Nam’s ASEAN Journey: 30 Years of Progress and Future Aspirations,” held at the Diplomatic Academy of Viet Nam. In his remarks, Dr. Kao highlighted the several achievements of Viet Nam in its ASEAN journey, which includes Viet Nam’s contributions to ASEAN’s efforts to bridge the development gap. Dr. Kao also commended the Photo Exhibition for capturing Viet Nam’s growth as one of ASEAN’s most dynamic and influential members through its photographs, diplomatic artifacts and interactive displays.

    Download the full remarks here

    The post Secretary-General of ASEAN lauds Viet Nam’s achievements at Opening Ceremony of the Photo Exhibition on Viet Nam’s ASEAN Journey appeared first on ASEAN Main Portal.

    MIL OSI Economics