Category: Asia Pacific

  • MIL-OSI: Cardano Foundation and Switzerland for UNHCR cooperate in Industry-First ETP That Funds Refugee Support Through Crypto Staking, Geneva, Switzerland

    Source: GlobeNewswire (MIL-OSI)

     With over 100 million people forcibly displaced worldwide, the humanitarian system faces unprecedented challenges in funding essential services. In response, an innovative financial product—the Cardano Impact for UNHCR ETP (CASL)—launches on 28 May on the SIX Swiss Exchange, creating a bridge between institutional capital and humanitarian relief through blockchain.

    The CASL ETP (Ticker: CASL | ISIN: CH1327686056) is the first-ever regulated exchange-traded product that converts blockchain staking rewards into continuous funding for UNHCR, the UN Refugee Agency. The product offers investors exposure to Cardano (ADA), while automatically donating 100% of staking rewards—not principal—toward field operations supporting refugees across over 135 countries, including Syria, Sudan, and Venezuela.

    “This launch represents a world first in sustainable finance and humanitarian aid,” said Oliver Anselmo, Deputy Executive Director at Switzerland for UNHCR. “It transforms passive investment returns into a recurring, scalable stream of support for people who have lost everything.”

    Quantifying Impact

    Based on current ADA staking yields (~3.5% APY) and projections of initial fund inflows, the CASL ETP could generate $1.5 to $2 million in annual donations with $50 million in assets under management—funds that directly power UNHCR’s emergency response and innovative refugee programs.

    Industry-First Technical and Regulatory Design

    Structured by issuance.swiss AG and operated under Swiss regulatory approval, CASL is physically backed 1:1 by ADA, with a 1.5% management fee. It bypasses crypto-native complexities through a familiar ISIN, allowing institutions to invest using USD, EUR, or CHF—with no wallets, private keys, or blockchain knowledge required.

    “CASL is an industry-first that merges full regulatory compliance, institutional-grade staking infrastructure, and humanitarian aid in one product,” said Laurent Kssis, CIO at issuance.swiss AG. “We’ve eliminated the operational barriers—from fiat on-ramps to staking—and embedded impact at the protocol layer of capital allocation.”

    Powered by Trusted Partners

    Custody and staking are operated by Taurus SA, a FINMA-regulated securities firm and leader in digital asset infrastructure, based in Geneva, Switzerland. ADA contributions to the underlying stake pool include 3.5 million ADA from the Cardano Foundation, alongside more than 200 delegations of holdings from the HOSKY team and their fans for a total amount of 6.3 million ADA, underscoring community trust and sustainability.

    “Our infrastructure secures the ADA and operates staking pools to maximize both yield and impact,” said Lamine Brahimi, Managing Partner at Taurus SA. “We are extremely proud to extend our partnership with UNHCR for Switzerland and with Cardano, and to demonstrate how innovation can be a force for good by providing support to forcibly displaced people.”

    Why Cardano? Why UNHCR?

    From funding streams to digital ID, one thing is clear: blockchain has the potential to be a great leveler, providing innovative ways of solving some of the administrative problems that make seeking refuge even harder. With the technology and use cases now at a stage where they have the capacity to substantially facilitate daily operations, the widespread adoption of humanitarian blockchain solutions must become one of the industry’s key priorities,” said Frederik Gregaard, CEO of the Cardano Foundation.

    Cardano currently ranks among the top 10 cryptocurrencies by market cap (~$22 billion), with ADA priced at approximately $0.62 as of May 2025. Its proof-of-stake consensus, peer-reviewed architecture, and environmental efficiency make it uniquely suited for mission-critical applications.

    The Bigger Picture

    This model is already drawing attention from other humanitarian and philanthropic entities.

    “We believe this model can and should be replicated,” added Pavel Izmaylov, CEO of issuance.swiss AG. “Discussions are already underway to launch additional impact-linked ETPs supporting education, climate resilience, and public health within the next 6 to 12 months.”

    An early institutional investor Florian Volery, Liqwid.Finance, commented: “CASL gives us ADA exposure, recently included in US Fed Reserve digital assets and the only blockchain never experienced any technical outage, while automatically contributing to one of the most urgent causes of our time—it’s smart capital at its best.”

    Product Summary

    • Name: Cardano Impact for UNHCR ETP (CASL)
    • Ticker: CASL | ISIN: CH1327686056
    • Launch Date: May 28, 2025
    • Exchange: SIX Swiss Exchange
    • Management Fee: 1.5%
    • Custodian & Staking Operator: Taurus SA
    • Currency: USD / EUR / CHF
    • Underlying: 100% physically backed Cardano (ADA)

    About UNHCR
    UNHCR, the UN Refugee Agency, protects and assists people forced to flee due to conflict and persecution. Operating in over 135 countries, UNHCR delivers life-saving aid and solutions to refugees and stateless people.

    About Switzerland for UNHCR

    Switzerland for UNHCR is the national partner of the UN Refugee Agency for Switzerland and Liechtenstein. Its mission is to support UNHCR’s mission by mobilizing essential resources and raising awareness on behalf of those who are forced to flee.   

    About Cardano Foundation
    The Cardano Foundation advances Cardano’s global adoption and is committed to unlocking blockchain for good. It stewards the development of the Cardano protocol and ecosystem.

    About issuance.swiss AG
    issuance.swiss AG is a Swiss-based issuer of regulated digital asset products, pioneering accessible, transparent, and socially impactful investment structures.

    About Taurus SA
    Taurus SA provides regulated infrastructure for digital assets, enabling custody, tokenization, and staking services trusted by top-tier institutions.

    For media inquiries:
    press@issuance.swiss
    media@cardanofoundation.org
    UNHCR/Switzerland for UNHCR: alvaro.cosi@unrefugees.ch
    press@taurusgroup.ch

    Disclaimer 
    This document and the information contained herein are not for distribution in or into (directly or indirectly) the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful. This document does not constitute an offer of securities for sale in or into the United States, Canada, Australia or Japan.This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. This document is only being distributed to and is only directed at: (i) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”); or (iv) persons who fall within Article 43(2) of the Order, including existing members and creditors of the Company or (v) any other persons to whom this document can be lawfully distributed in circumstances where section 21(1) of the FSMA does not apply. The approval of the 2024 Base Prospectus (EU) should not be understood as an endorsement by the FMA of the securities offered or admitted to trading on a regulated market. Eligible potential investors should read the 2024 Base Prospectus (EU) and the relevant Final Terms before making an investment decision in order to understand the potential risks associated with the decision to invest in the securities.

    The MIL Network

  • MIL-OSI: Elite Capital & Co. Appointed as Exclusive Manager of NextGen Industrial Development Fund in Landmark 10-Year Tenure

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 27, 2025 (GLOBE NEWSWIRE) — Mr. George Matharu, President and CEO of Elite Capital & Co. Limited, announced today that Elite Capital & Co. has been appointed as the exclusive manager of the NextGen Industrial Development Fund® for the next decade, effective 1st May 2025. This strategic transition follows a rigorous evaluation by the Fund’s Board of Trustees, underscoring Elite Capital’s proven expertise in large-scale industrial financing and sustainable development.

    “This partnership marks a pivotal shift in how industrial growth is catalysed across the MENA region and beyond. By merging NextGen’s innovative equity-based model with our global financial acumen, we are redefining risk-sharing and entrepreneurial empowerment. Our ISO triple-certified governance (ISO 9001, 27001, and 37001) ensures transparency, security, and anti-bribery compliance, critical for fostering trust in high-stakes industrial projects,” Mr. George Matharu said.

    A paradigm shift in industrial financing, the NextGen Fund’s unique “equity-not-debt” approach eliminates traditional barriers like collateral requirements and predatory loans, which historically contribute to a 72% failure rate among industrial startups in emerging markets (World Bank, 2023). Under Elite Capital’s stewardship, the Fund will scale its mission to:

    1. Build factories via shared-equity partnerships, covering land, infrastructure, and licensing.
    2. Leverage MENA’s logistical edge, reducing supply chain costs by 30% compared to Asia-Europe routes (McKinsey, 2024).
    3. Fast-track bureaucratic processes, cutting 18-month licensing delays through government alliances (IMF data).

    Dr. Faisal Khazaal, Chairman of Elite Capital & Co. Limited and Head of the Government Future Financing 2030 Program®, added, “This aligns with our vision of ‘finance without sovereignty burdens.’ Just as the Government Future Financing 2030 Program funds 80% of national projects without sovereign debt, NextGen’s model allows entrepreneurs to thrive without personal guarantees. Our partnership with MENA governments ensures factories are co-owned by local stakeholders, blending public oversight with private innovation.”

    Decade of transformation, Elite Capital’s tenure will focus on:

    – Risk-sharing: Partners retain 100% of early profits; losses are mutual.
    – Cross-border solutions: NextGen’s trusted partner USD/EUR accounts mitigate forex risks for international sales.
    – Sustainability: Factories engineered for ESG compliance, from energy grids to R&D hubs.

    Mr. George Matharu concluded his statement by saying: “To every entrepreneur who has been told “your sector isn’t bankable”, NextGen is proof otherwise. We don’t just fund factories; we build legacies. The industrial revolution of the 21st century begins here.”

    NextGen Industrial Development Fund – Contact Details –

    Suite RA01, 64 Nile Street
    London, N1 7SR
    United Kingdom

    Website: nidfund.org

    Elite Capital & Co. – Contact Details –

    Elite Capital & Co. Limited
    33 St. James Square
    London, SW1Y4JS
    United Kingdom

    Telephone: +44 (0) 203 709 5060
    SWIFT Code: ELCTGB21
    LEI Code: 254900NNN237BBHG7S26

    Website: ec.uk.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/576e981b-b506-4054-9f2d-83c7f6a7da0b

    The MIL Network

  • Why Grassroot Leadership is Important for India and the Modi Government’s Vision in Facilitating the same.

    Source: Government of India

    Source: Government of India (4)

    Grassroots leadership refers to the vision, action and success that emerges from the local levels, often in communities or organizations, rather than from top-tier or centralized authorities. It involves ordinary people stepping up to address issues that directly affect their lives, using their unique insights and experiences to drive a significant change – which impacts not only their immediate surroundings but the people at large. This type of leadership invents new systems from ground zero, because adversities are many and resources are scanty.

    Grassroots leadership is crucial for a country because it fosters solutions that are more personalized and customized with reference to the sensitivities of the people, having acknowledged the first-hand experiences of dealing with the problems. The policies and decisions under such leadership are more in sync with the needs and priorities of the target users, rather than being formulated by distant, detached bosses. This kind of leadership promotes self-sufficiency where people are empowered to identify and resolve their own problems, while raising a network group dedicated to the cause. It also improves social equity by giving marginalized or underrepresented groups a voice and a platform. Grassroots leaders build trust and solidarity within their communities, creating a more resilient society. When communities learn to lead change from within, it involves people directly in the shaping of their future.

    Grassroots leadership in India has evolved significantly from ancient times to the present day, reflecting the country’s changing social, political, and economic landscape. In ancient India, village councils, or panchayats, played a crucial role in self-governance, with elders and community leaders making collective decisions. These decentralized governance systems were deeply rooted in local traditions and ensured community participation. During the colonial period, grassroots leadership took on a resistance role, as leaders like Mahatma Gandhi mobilized people through movements such as Satyagraha and Swadeshi, emphasizing self-reliance and local empowerment. Post-independence, India institutionalized grassroots leadership through the 73rd and 74th Constitutional Amendments in 1992, which strengthened Panchayati Raj institutions and urban local bodies, giving power to local representatives, including women and marginalized groups. 

    Women have been at the forefront of grassroots leadership, often playing pivotal roles in community-building and social change. Their contributions however, frequently go unnoticed and undervalued. Women’s presence as grassroot visionaries are powerfully reflected in the ancient culture and history of India. Both the Ramayana and the Mahabharata introduce female characters playing pivotal roles in shaping events, often through resilience, wisdom, and influence at the community or familial level. In the Ramayana, Sita expresses agrarian expertise and herbal knowledge while she was in exile. Shabari, a tribal woman, demonstrates unwavering faith and service, engaged in gathering fruits and berries. Damayanti and Draupadi, in the Mahabharata, became servants at other’s kingdoms demonstrating their adaptations to economic hardships or adverse conditions. While Hidimbi and Satyabhama were war-trained agro experts, Gargi, Maitreyi and Sulabha took up the roles of teachers and scholars. Kunti, Gandhari and Draupadi guided their men through political and existential dilemmas, questioning injustice and lawlessness, ultimately influencing the course of history. 

    Given that we are the descendants of such a strong and able society, it is only obvious that women’s grassroots leadership in India would be powerfully rooted in empathy, inclusivity, and long-term sustainability. Other than the women-led businesses that contribute to the GDP directly, women are often the driving force behind social movements focused on justice, peace, and human rights which cleanse a society and raise better individuals, thus multiplying the number of capable contributors who can make direct contributions to the GDP. Examples are Jumde Yomgam Gamlin fighting against substance abuse in Arunachal Pradesh, Bharatanatyam artist Dr. Narthaki Nataraj spreading the message for gender equality, Moirangthem Muktamani Devi from Manipur initiating a knitted shoe-start up, uplifting knitting from its women’s hobby status and simultaneously making her way out of poverty, and many others. By recognizing and supporting the leadership of women at the grassroots level, who have made their way up battling systemic barriers and unequal access to opportunities, societies can unlock tremendous potential for social and political transformation.

    India was always a land of great leaders operating from the grassroots. What had been lacking over a long period of time was their recognition. Right from the beginning of its tenure in 2014, the Modi government had focussed on rerouting towards its roots because the world is standing at the threshold where every moment would usher a gigantic change. The model was clear. In order for the top leadership of the country to face larger storms before taming and integrating new policies and regulations into the Indian business scenario, the support of the grassroot leaders would be very essential in maintaining a healthy social and economic movement for the citizens!

    Today, grassroots leadership in India has expanded beyond governance into social activism, environmental movements, and digital advocacy, with local leaders addressing issues like climate change, gender equality, and rural development. The rise of social entrepreneurship and technology-driven initiatives has further amplified grassroots leadership, making it more inclusive and dynamic. This is increasingly vital for sustainability in the present and future, especially as rapid technological advancements and climate change are expected to disrupt the traditional ways of life. With global automation and artificial intelligence revolutionizing industries, many conventional jobs, particularly in agriculture, manufacturing, and services, will increasingly face obsolescence. This shift threatens the livelihoods of millions, especially in rural and semi-urban areas, making localized leadership essential for retraining, skill development, and economic adaptation. Grassroots leaders play a key role in preparing communities for this transformation by challenging stagnation of the masses and promoting new dreams through embracing digital literacy, fostering entrepreneurship, and encouraging sustainable employment opportunities that align with emerging industries.

    At this juncture, the world along with India is facing severe climate challenges, including unpredictable monsoons, rising temperatures, and extreme weather events that threaten agriculture, water security, and infrastructure. Grassroots leadership is critical here in mobilizing communities for climate adaptation, implementing sustainable practices, promoting water conservation, and developing disaster-resilient infrastructure. Local leaders, often deeply connected with their environments, can drive impactful change by integrating indigenous knowledge with modern solutions. India being a huge country with diverse culture, it would be difficult for a centralized system to address the exponentially growing concerns of the vast population. Growth of grassroots leaders ensures decentralized, community-driven, innovative and people-centric governance – stabilizing the effects of automation and ecological uncertainties. 

    The Modi government has undertaken numerous schemes and development initiatives to empower grassroots leadership across India, fostering local governance, entrepreneurship, and community-driven progress. Recognizing that true development stems from the empowerment of people at the ground level, these initiatives aim to equip individuals with the necessary skills, resources, and platforms to lead change in their communities, both in remote rural areas and urban centers. One of the most significant steps in this direction has been the Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM), which focuses on mobilizing rural women into self-help groups (SHGs) to enhance their economic participation. By providing financial assistance, skill training, and market linkages, this initiative has empowered millions of women to emerge as local leaders in micro-entrepreneurship. The government has also promoted StartUp India and StandUp India, encouraging young entrepreneurs, including women and marginalized communities, to establish innovative businesses, ensuring a culture of self-reliance and leadership at the grassroots level. In governance, the Gram Panchayat Development Plan (GPDP) and the Panchayati Raj System Digitization aim to strengthen local self-governance by integrating digital tools, transparency, and community-driven decision-making. The 73rd Constitutional Amendment has been further reinforced with increased financial grants and capacity-building programs, ensuring that local leaders can effectively plan and implement development projects. Additionally, the Rashtriya Gram Swaraj Abhiyan (RGSA) has been instrumental in enhancing the capabilities of panchayat leaders through leadership training and technological integration, fostering accountable and efficient governance. Recognizing the importance of urban grassroots leadership, initiatives like the Smart Cities Mission and AMRUT (Atal Mission for Rejuvenation and Urban Transformation) encourage local urban bodies to take an active role in planning sustainable and technologically advanced cities. These programs prioritize participatory governance, where local communities and leaders contribute to urban planning, infrastructure development, and environmental sustainability. Another major initiative strengthening grassroots leadership is the PM Kisan Samman Nidhi, which provides direct income support to farmers, ensuring economic stability and empowering them to adopt innovative agricultural practices. Complementing this is the Fasal Bima Yojana, which secures farmers against climate uncertainties, allowing them to take calculated risks and lead agricultural advancements. Similarly, the Jal Jeevan Mission empowers village-level committees to oversee water supply management, ensuring sustainable water access in remote areas through decentralized governance.

    Women’s leadership at the grassroots level has been specifically encouraged through the Beti Bachao Beti Padhao scheme, which not only promotes female education but also fosters leadership among young girls. Likewise, the Mahila E-Haat initiative provides a digital marketplace for women entrepreneurs, strengthening their financial independence and influence within their communities. Programs like Digital India and Skill India have further enabled grassroots leaders to integrate modern technology into local governance, small businesses, and educational initiatives. The PM SVANidhi Yojana, supporting street vendors with easy credit access, has also uplifted informal sector entrepreneurs, making them active contributors to urban economies.

    The Modi government achieved 100% electrification of India through initiatives like Saubhagya Yojana, bringing power to even the remotest villages. This milestone has transformed lives by boosting education, healthcare, and businesses, ensuring energy access for all, fostering economic growth, and enhancing India’s global standing in sustainable development and infrastructure advancement. The Digital India initiative by the Modi government has revolutionized governance, economy, and daily life through increased internet penetration, digital payments (UPI), e-governance, and Aadhaar-linked services. It has empowered citizens, boosted startups, enhanced transparency, and made services more accessible, driving India toward a digitally inclusive and self-reliant future. The financial push offered through UPI, Jan Dhan Yojana, and MSME digital lending has empowered small businesses by ensuring easy transactions, financial inclusion, and quick credit access. This has reduced dependency on cash, increased transparency, and boosted economic growth, making India a global leader in fintech innovation.

    Through these initiatives and more, the Modi government is creating an environment where grassroots leaders—whether in villages, towns, or metropolitan areas—are equipped with resources and skills to drive change. This holistic approach ensures that leadership is not concentrated at the top but flourishes at every level, securing a resilient and innovative future for India. The call for action at local and individual levels has also been topped with fair recognition systems to celebrate the front-runners and inspire others to follow suit. The transformation of the Padma Awards into a “People’s Award,” where citizens can nominate deserving individuals through a democratic process, plays a significant role in that vision. Traditionally perceived as honors reserved for elites, bureaucrats, or celebrities, the Modi government has repositioned these awards to recognize the contributions of unsung heroes—ordinary individuals making extraordinary impacts in their communities. This shift not only elevates grassroots leaders but also creates a ripple effect, inspiring millions to take initiative in their own spheres.

    By celebrating success stories of farmers innovating in agriculture, social workers uplifting marginalized communities, artisans preserving cultural heritage, and environmentalists leading conservation efforts, the Padma Awards highlight real-life examples of leadership that emerges from the urban, rural and remote geographies. These stories showcase how dedication, resilience, and ingenuity can drive meaningful change, regardless of formal authority or social status. When local leaders, who often work in anonymity, receive national recognition, it reinforces the idea that transformative contributions are valued and acknowledged by the nation. Also, making the nomination process open to the public allows citizens to identify and elevate role models from their own communities, fostering a sense of collective responsibility toward nation-building. By honoring individuals from remote villages, tribal communities, and lesser-known professions, the awards challenge traditional notions of success, promoting a broader, more inclusive definition of leadership. In the era of remarkable changes, it is only obvious for the citizens of the country to participate and take ownership of change, instead of staying detached, ensuring the spirit of nation-building is a shared emotion across every corner of the country.

    (Koral Dasgupta is an accomplished author and content curator with over 20 years of experience. Her diverse work spans academic non-fiction to relationship dramas, focusing on gender narratives and complex human emotions. Koral founded Tell Me Your Story, a platform that uses literature to inspire social engagement and drive behavioral change for inclusion and diversity. She designs and executes learning programs, conducts writing workshops, and curates content for events focused on gender and mythology. Koral has been an advisory member of the Central Board for Film Certification.

    She holds an MBA in Marketing and a BA in Economics. With her qualifications, she continues to explore the journeys of mythological women further through the lenses of spirituality, leadership, and sexuality, and her Sati Series is widely acclaimed across the circles. Her notable achievements include being shortlisted for the Sahitya Academy Awards in 2023, securing a five-book contract with Pan Macmillan, and cataloging her books in prestigious libraries such as Harvard and Columbia University. Her works have earned her recognition as an Innovator25 Asia Pacific in 2019 and a spot in Outlook Business’ Women of Wonder list. Koral continues to weave narratives that empower voices, inspire change, and reshape perspectives on gender and human connection.)

  • MIL-OSI Russia: South Korean police impose foreign travel ban on former prime minister and vice prime minister

    Translation. Region: Russian Federal

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

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

    SEOUL, May 27 (Xinhua) — South Korean police have imposed an overseas travel ban on former Prime Minister Han Deok-soo and former Vice Prime Minister and Finance Minister Choi Sang-mok as part of an investigation into an alleged coup, local media reported Tuesday.

    According to them, the former high-ranking officials are suspected of mutiny. The ban on their foreign travel came into force in mid-May.

    The police’s special investigation unit summoned Han Duk-soo and Choi Sang-mok, as well as former Interior Minister Ri Sang-min, who was barred from leaving the country last December, for questioning on Monday.

    Three former government officials are suspected of involvement in a failed attempt by former President Yoon Seok-yeol, who was ousted in April, to impose martial law. –0–

    MIL OSI Russia News

  • MIL-OSI Russia: Breaking News: China Seeks Deeper Strategic Coordination with ASEAN, GCC – Li Qiang

    Translation. Region: Russian Federal

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

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

    KUALA LUMPUR, May 27 (Xinhua) — China is willing to deepen strategic coordination and strengthen macroeconomic policy alignment with the Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC) on the basis of mutual respect and equality, Chinese Premier Li Qiang said here on Tuesday while addressing the ASEAN-China-GCC summit.

    He called on the three sides to support each other in addressing new challenges in the development process and encourage new models of international industrial and economic cooperation. –0–

    MIL OSI Russia News

  • MIL-OSI Economics: Secretary-General of ASEAN holds bilateral meeting with President of AIIB

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today held a bilateral meeting with President of the Asian Infrastructure Investment Bank (AIIB), H.E. Jin Liqun, on the sidelines of the 46th ASEAN Summit and Related Summits, in Kuala Lumpur, Malaysia.
     
    The meeting exchanged views on key initiatives such as the ASEAN Power Grid (APG) and the development of the ASEAN Connectivity Strategic Plan, as well as other potential areas of further cooperation in infrastructure connectivity and resilience.

    The post Secretary-General of ASEAN holds bilateral meeting with President of AIIB appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI Economics: ASEAN Leaders’ Statement on an Extended and Expanded Ceasefire in Myanmar

    Source: ASEAN

    We remain deeply concerned over the escalation of conflicts and the deteriorating humanitarian situation in Myanmar, further compounded by the impact of the 7.7-magnitude earthquake that struck central Myanmar on 28 March 2025.
    We are committed to assisting Myanmar in finding a peaceful and durable solution to the ongoing crisis. We reiterate that the Five-Point Consensus remains the main reference to address the political crisis in Myanmar, and it should be implemented in its entirety to help the people of Myanmar achieve an inclusive and durable peaceful resolution that is Myanmar-owned and Myanmar led, thus contributing to peace, security and stability in the region.

    Download the full statement here.
    The post ASEAN Leaders’ Statement on an Extended and Expanded Ceasefire in Myanmar appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI: Non-Mortgage Delinquencies Reach Levels Not Seen Since 2009

    Source: GlobeNewswire (MIL-OSI)

    – 1.4 million people in Canada missed a credit payment as refinancing and renewals dominate the Q1 Mortgage market –

    Equifax Canada Market Pulse Quarterly Consumer Credit Trends and Insights

    TORONTO, May 27, 2025 (GLOBE NEWSWIRE) — Economic uncertainty continued to impact credit usage and consumer financial health across Canada during the first quarter of 2025 according to Equifax® Canada’s latest Market Pulse Consumer Credit Trends and Insights. Total consumer debt in Canada was $2.55T at the end of Q1, up four per cent year over year, but down more than $6B from the end of 2024. Average non-mortgage debt per consumer rose to $21,859 in Q1 2025, primarily driven by a strong auto loan market as buyers looked to lock in purchases before anticipated price hikes.

    “We often observe seasonal changes in credit usage during the first quarter. Generally speaking in the spring, we tend to see mortgage debt rising, however for Q1 2025 we saw mortgage debt levels fall compared to last quarter,” said Rebecca Oakes, Vice President of Advanced Analytics at Equifax Canada.” Despite a slowdown in demand for non-mortgage debt, overall balances remained fairly flat, an indication that consumer payment levels may be falling.”

    Card spending slows but balances continue to rise
    After experiencing high numbers for new credit card openings in 2023 and 2024, the first quarter of 2025 saw a 10.3 per cent decline in new card originations. Consumers that have lower credit scores accounted for an increase in new card openings, potentially indicating heightened credit reliance and financial strain in this consumer group.

    Average monthly credit card spend1 per card holder fell by $107 dollars during Q1, dropping to the lowest level since March 2022. Ontario, British Columbia, Prince Edward Island, Nova Scotia and Yukon saw the biggest pull back in spending, dropping between six and seven per cent compared to the prior year.

    “A drop in credit card spending when combined with increased payment amounts can imply improving financial conditions of consumers,” said Oakes. “Our data shows card payment levels, especially for younger consumers, are starting to fall, indicating this spending slowdown is likely driven more by consumers trying to be prudent rather than switching from credit to debit for financing.”

    The average credit card pay rate2 decreased to 52.9 per cent in Q1, down 32 basis points. Notably, younger consumers (under 35 years old) showed a more dramatic shift, with their average pay rate falling 392 basis points from 62.9 per cent to 58.9 per cent. This same group also exhibited the greatest increase in the level of minimum payers, rising 25 basis points year-over-year.

    Mortgage growth driven primarily by renewals and refinancing
    New mortgage originations jumped 57.7 per cent year-over-year in Q1 2025, but much of this activity stemmed from renewals and refinancing. This reflects the onset of the so-called “Great Renewal,” as a wave of pandemic-era mortgages come up for renewal.

    Renewal and refinancing activity surged, particularly in Ontario, Alberta, and B.C., with an estimated 28 per cent of mortgages switching lenders as Canadians shop around and seek better rates. Almost half of those switching (46 per cent) moved between the “Big Five” banks, reflecting intense competition among major lenders.

    “The shift in the mortgage market is clear – this is currently about existing homeowners navigating a complex refinancing environment,” added Oakes. “But even as some find relief, affordability challenges haven’t eased for everyone.”

    First-time homebuyers returned to the market, with activity up 40 per cent from Q1 2024. Affordability remained a hurdle and while average monthly payments dropped by 7.8 per cent to $2,300, the average loan size increased by 7.5 per cent year-over-year.

    Debt divide deepens as missed payments rise for some
    While some consumers showed signs of prudence in their spending choices during the first quarter, missed payments continued to rise across most credit products. In total, more than 1.4 million consumers (1 in 22) missed at least one credit payment during the quarter.

    Although mortgage holders experienced some stabilization thanks to steady interest rates, financial strain remained acute for non-mortgage consumers. Consumer level delinquency rates among non-mortgage holders rose 8.9 per cent year-over-year, compared to 6.5 per cent for mortgage holders. Younger Canadians were hit hardest, with the 18–25 age group experiencing a 15.1 per cent increase in delinquency rates.

    Ontario consumers under stress
    Ontario continued to remain a hotspot for financial stress in Canada, experiencing the most pronounced increase in delinquency rates across all credit products. Ontario’s 90+ day mortgage delinquency rate rose to 0.24 per cent, a substantial 71.5 per cent increase since Q1 2024. British Columbia followed with a notable rise of 33.3 per cent, reaching 0.18 per cent, while the rest of Canada (excluding these two provinces) showed a comparatively modest increase of 3.3 per cent, reaching an average of 0.19 per cent overall.

    Ontario also led the rise in non-mortgage delinquencies, up 24 per cent year-over-year, followed by Alberta at 15.9 per cent and Quebec at 13.9 per cent.

    Significant increases for younger consumers and auto loans
    The highest credit card 90+ day delinquency rates were observed among younger consumers under the age of 26, at 5.38 per cent, a significant 21.7 per cent increase year-over-year for this group. Overall, this rate stood at 3.76 per cent, marking a 15.8 per cent increase.

    Auto loans followed a similar trend, with the delinquency rate for younger consumers rising by 30 per cent to 1.95 per cent, compared to an overall rate of 1.08 per cent, which represented a 15.3 per cent increase.

    “We’re observing positive shifts in consumer behaviour, with reduced credit card usage and early signs of delinquency stabilization for some consumers. However, headwinds will likely persist, such as rising unemployment and rising food prices, in already strained regions,” concluded Oakes.

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

      Average
    Debt
    (Q1 2025)
    Average Debt Change
    Year-over-Year
    (Q1 2025 vs. Q1 2024)
    Delinquency Rate ($)
    (Q1 2025)
    Delinquency Rate ($) Change
    Year-over-Year
    (Q1 2025 vs. Q1 2024)
    18-25 $8,459 4.63% 2.17% 20.06%
    26-35 $17,394 1.14% 2.37% 21.04%
    36-45 $26,873 1.57% 1.91% 21.20%
    46-55 $34,371 2.94% 1.38% 17.53%
    56-65 $28,780 5.25% 1.15% 13.25%
    65+ $14,596 3.57% 1.13% 3.93%
    Canada $21,859 2.74% 1.60% 17.06%
             

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

    City Average
    Debt
    (Q1 2025)
    Average Debt Change
    Year-over-Year
    (Q1 2025 vs. Q1 2024)
    Delinquency Rate ($)
    (Q1 2025)
    Delinquency Rate ($) Change
    Year-over-Year
    (Q1 2025 vs. Q1 2024)
    Calgary $23,922 1.11% 1.71% 14.25%
    Edmonton $23,547 -0.03 2.26% 18.29%
    Halifax $21,263 1.86% 1.56% 15.13%
    Montreal $16,971 2.56% 1.49% 18.52%
    Ottawa $19,501 1.16% 1.52% 22.03%
    Toronto $21,048 3.46% 2.17% 24.28%
    Vancouver $23,304 3.93% 1.28% 14.27%
    St. John’s $23,872 1.41% 1.49% 1.19%
    Fort McMurray $37,269 0.81% 2.56% 18.37%
             

    Province Analysis – Debt & Delinquency Rates (excluding mortgages)

    Province Average
    Debt
    (Q1 2025)
    Average Debt Change
    Year-over-Year
    (Q1 2025 vs. Q1 2024)
    Delinquency Rate ($)
    (Q1 2025)
    Delinquency Rate ($) Change
    Year-over-Year
    (Q1 2025 vs. Q1 2024)
    Ontario $22,543 3.08% 1.73% 24.00%
    Quebec $18,985 2.28% 1.12% 13.95%
    Nova Scotia $21,296 2.62% 1.68% 5.72%
    New Brunswick $21,490 2.82% 1.77% 9.18%
    PEI $23,707 4.09% 1.19% 8.21%
    Newfoundland $24,770 4.02% 1.56% 0.48%
    Eastern Region $22,218 3.09% 1.65% 5.74%
    Alberta $24,398 1.00% 1.97% 15.93%
    Manitoba $18,171 3.68% 1.72% 2.04%
    Saskatchewan $23,194 2.82% 1.82% 6.24%
    British Columbia $22,631 3.33% 1.40% 12.63%
    Western Region $22,878 2.44% 1.69% 12.49%
    Canada $21,859 2.74% 1.60% 17.06%
             

    * Based on Equifax data for Q1 2025

    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


    1 average spend comparisons have been adjusted for inflation
    2 pay rate = payments / last months balance

    The MIL Network

  • MIL-OSI: 仙境传说之约定好的冒险 (Ragnarok: Promised Adventure, Tentative English Title) Received an ISBN Code by Chinese Government

    Source: GlobeNewswire (MIL-OSI)

    Seoul, South Korea, May 27, 2025 (GLOBE NEWSWIRE) — GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games, announced that 仙境传说定好的冒 (Ragnarok: Promised Adventure, tentative English title), an adventure MMORPG game, received an ISBN code by Chinese government disclosed on May 21, 2025.

    Ragnarok: Promised Adventure marks the second ISBN in 2025 following 仙境传说:初心 (PROJECT ABYSS, tentative English title) in January. Ragnarok: Promised Adventure is an adventure MMORPG game utilizing Ragnarok IP, built upon an original Ragnarok Online universe, and features multiple character training system and idle reward. Ragnarok: Promised Adventure was developed in collaboration with Kingnet Network Co., Ltd., a Chinese game developer and publisher.

    In February 2025, Gravity launched 仙境传说: (Ragnarok: Dawn, tentative English title), an HTML5 based idle MMORPG game, on WeChat, the largest mobile messenger platform in China, and achieved notable success by ranking eighth in top grossing of Mini Programs. Gravity is further strengthening a presence of the Ragnarok IP in Chinese region and accelerating preparation for the launch of Ragnarok: Promised Adventure to continue building on this momentum.

    Gravity stated, “In 2025, Ragnarok IP titles have continued to receive ISBN, marking meaningful milestones. Ragnarok: Promised Adventure is expected to continue the success of previous titles while delivering a fresh experience. We will do our utmost to prepare for the launch of Ragnarok: Promised Adventure in Chinese region as soon as possible and we sincerely ask for your interest and support.”

    [Gravity Official Website]
    http://www.gravity.co.kr

    About GRAVITY Co., Ltd. —————————————————

    Gravity is a developer and publisher of online and mobile games. Gravity’s principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

    Contact:

    Mr. Heung Gon Kim
    Chief Financial Officer
    Gravity Co., Ltd.
    Email: kheung@gravity.co.kr

    Ms. Jin Lee
    Ms. Yujin Oh
    Gravity Co., Ltd.
    Email: ir@gravity.co.kr
    Telephone: +82-2-2132-7801

    The MIL Network

  • MIL-OSI Economics: Steven Maijoor: A race we cannot afford to lose – cybersecurity in an age of geopolitical tensions

    Source: Bank for International Settlements

    On April 22 the Dutch Military Intelligence and Security Service reported that it had detected a Russian cyberattack targeted at a Dutch critical public service. It was the first time a state-sponsored cyberattack was reported in the Netherlands. Which is not the same as saying that it happened for the first time.

    Geopolitical tensions have been rising for more than a decade, but over the past few years they have accelerated. Needless to say this is bad news for the world economy and the financial sector. But perhaps in no area is the geopolitical threat so real and acute as in the digital domain.

    State-sponsored cyberattacks are often very well concealed, so we do not have reliable numbers on how often they occur. But anecdotal information from intelligence agencies suggest their number is increasing.

    Traditionally, the financial sector has been targeted by cyber criminals with financial motives. But with the changing geopolitical climate, nation-state cyberattacks on financial institutions have become a realistic possibility. The aim of nation-state actors is usually not financial gain, but disruption. For them, the financial sector is an attractive target. The sector is crucial to the functioning of the economy. Also, many financial firms depend on the same third-party service providers. If one of these suppliers is attacked, large chunks of the financial sector may experience the knock-on effects. As we showed in our latest Financial Stability overview, a quarter of all reported global cyberattacks – so including energy and telecom – can potentially affect the financial sector through this channel.

    Artificial Intelligence is likely to reinforce the cybersecurity threat. AI makes cyber-attacks more sophisticated. At least some of them, like phishing. Also, the scale, access and speed of cyber-attacks will probably go up.

    Recently, we have seen this very clearly in the context of cyber-crime. For example, by enabling very advanced deepfakes. We had the rather spectacular case of a finance worker in Hong Kong, who was tricked into paying out $ 25 million. The fraudsters used deepfakes to pose as the company’s CFO in a videoconference call. Although nation-state actors use AI, we have not yet observed them using these techniques to create large scale disruptions. But what if nation-state actors fully exploit the potential of AI, and use it to disrupt vital processes on a larger scale?

    When we talk about financial institutions in this context, most people will first of all think of banks. But for you, I think Central Counterparty Clearing Houses and other market infrastructures are perhaps just as important. Many of you depend on them for the trading, clearing and settlement of transactions in foreign exchange, securities, options and derivatives.

    Market infrastructures occupy a unique position in the cyberthreat landscape. They seem to be targeted less, but if, for example, CCPs are attacked successfully, the impact could be very high. This is partly because there are relatively few of them. If party A goes down, it can be difficult for party B to compensate. Their attack surface is also relatively smaller because they offer fewer types of services compared to banks. Also, they have fewer public-facing web applications, and fewer customers than banks. However, the systems they do operate are highly advanced and very important for the functioning of the financial system.

    All of these features make them an attractive target for nation-state actors who want to cause maximum disruption. This does not mean that market infrastructure parties are currently being attacked. But given the geopolitical situation, tomorrow’s reality could be different.

    What makes CCPs potentially more vulnerable than banks is that most of them have outsourced part of their cybersecurity. That is understandable. If you are a large bank, having a few hundred cybersecurity experts is an affordable investment. CCPs do not have the resources for this. To them, outsourcing provides access to expertise and higher standards for cyber and information security. But the drawback of course is that it makes CCPs dependent on external parties, and it makes their cyber defence more complex.

    All this means CCPs need to stay alert. Cyber resilience is at least as important for CCPs as it is for other financials.

    Many financial institutions have taken big steps in recent years to boost their cyber resilience. But given the size, urgency and evolving nature of the threat, we need to do even more to keep financial services safe. It seems more and more that we are involved in a digital arms race. A race with a sophisticated and cunning opponent. A race in which we want to be roadrunner, and not the coyote.

    This is why cyber resilience will absolutely be a key focus area in our supervision of the financial industry in the coming years. Our aim as a supervisor is to make financial services and the financial system safer against cyber threats. Not only by increasing the resilience of the financial sector itself, but also by stepping up the robustness of the entire chain of ICT service providers. DORA, the European Digital Operational Resilience Act, that came into effect at the beginning of this year, gives us additional tools to accomplish this aim.

    To start with, under DORA, threat-led penetration tests are mandatory for the largest financial institutions in Europe. In the Netherlands we have been conducting these kinds of tests voluntarily for over eight years with good results, and we are very pleased that it is now becoming the norm at the European level. The largest CCPs within the EU will be part of the group of financial institutions for which the penetration tests will be mandatory.

    But DORA also imposes stricter requirements for managing cyber risks in outsourcing chains. For example, financial firms face stricter rules for conducting due diligence on potential ICT providers. And very importantly, under DORA, European supervisors can conduct inspections of critical third-party ICT service providers in tandem with national supervisory authorities. We expect big techs like Google and Microsoft to be placed under EU-wide supervision. And, just as with the banks, we are going to test their readiness to detect and withstand cyberattacks.

    Despite all efforts, there is no such thing as perfect cyber security. It is therefore vital that financial institutions take measures to recover quickly after cyber incidents. This is crucial to ensure that services can continue and people don’t lose trust in financial firms or the financial sector as a whole.

    The results of the ECB’s 2024 cyber stress test of a group of banks show that there is room for improvement on the recovery front. So it’s a very good thing that DORA also imposes new requirements on institutions’ continuity plans and backup policies. They need to develop a culture where cyber incidents are quickly detected and reported. They need to have their playbooks in place. And they need to have clearly defined management roles and responsibilities. And this includes good crisis communication, which is absolutely essential. These are all key ingredients for an effective response after a cyberattack.

    But even if we all have our own house in order, that is not enough. Because on a digital level the financial sector is so interconnected, and connected to other vital sectors of the economy as well, that some degree of overall coordination and cooperation is necessary.

    Governments should take the lead to improve cross-sectoral cooperation and coordination. They must continue to conduct large-scale cyber-drills and practice activating crisis plans. The insights gained should be used to enhance resilience.

    Under the new legislation supervisors also have an obligation to cooperate closely with other sectors. DNB is putting this into practice by working with sectors that are most critical to the financial sector, such as energy and telecommunications. Within our mandate, we support these sectors with information, cooperation and ethical hacking experience.

    To keep financial institutions and the financial system safe, resilience against cyberattacks has become just as important as holding sufficient capital and liquidity. So we need to do whatever we can to further boost it. Both in terms of detection and recovery. And we need to work together. Governments, banks, market infrastructures, supervisors, telecom, energy and other vital players in the outsourcing chain. Because this is a race we cannot afford to lose.

    MIL OSI Economics

  • MIL-OSI Economics: Inclusion of “The Vishweshwar Sahakari Bank Ltd., Pune” in the Second Schedule of the Reserve Bank of India Act, 1934

    Source: Reserve Bank of India

    RBI/2025-26/41
    DoR.RET.REC.21/12.07.160/2025-26

    May 27, 2025

    All Banks,

    Madam / Sir,

    Inclusion of “The Vishweshwar Sahakari Bank Ltd., Pune” in the Second Schedule of the Reserve Bank of India Act, 1934

    It is advised that “The Vishweshwar Sahakari Bank Ltd., Pune” has been included in the Second Schedule of the Reserve Bank of India Act, 1934 vide Notification DoR.REG./LIC.No.S75/08.27.300/2025-26 dated April 07, 2025 and published in the Gazette of India (Part III – Section 4) dated May 09, 2025.

    Yours faithfully,

    (Manoranjan Padhy)
    Chief General Manager

    MIL OSI Economics

  • The Next Decade Will be About India’s Per Capita Income Rise

    Source: Government of India

    Source: Government of India (4)

    Comfortably seated in the world’s top five economies, India is now inviting the envious ire of several economists, who are questioning its per-capita income. The bears expect India not to celebrate its triumph, for its per capita income continues to trail many Western nations.

    Their numbers might be sound, but their rationale remains incomplete. In the last decade, our per capita income has gone from Rs. 80,000-odd to more than Rs. 200,000, and much of this increase has been driven by the overall rural transformation.

    The decades until 2014 were about deadlock. Policymakers in the power corridors realised the need for a change in India’s villages, but were unable to drive any significant change on the ground. The pursuit of food, clothing, and shelter was known to all, but beyond political philosophy, no visible action was taken. Even the self-admission of the lost 85 per cent did not result in any change for the next three decades, until 2014.

    The policies of the Narendra Modi government have been straightforward. Fix the problem. Address the gaps. There are no delays. Implementation is swift, and without leakages. While the previous government saw discontinuation of its pilot DBT programme because of lack of banking penetration, the Modi government facilitated transfer of welfare benefits amounting to more than Rs. 43 Lakh Crore.

    Beyond the DBTs, powered by the JAM trinity (Jan Dhan-Aadhar-Mobile), the villages of India, housing almost 100 Crore people, have witnessed all-round development. From the decades of deadlock, India witnessed the decade of driving change.

    The first big push came in the healthcare sector. Initiated in 2014, the Swachh Bharat Abhiyan focused on improving sanitation and cleanliness, particularly for India’s poor, who are most vulnerable to diseases caused by poor hygiene.

    The program has constructed over 12 crore household toilets, achieving 100 per cent open-defecation-free status in rural areas by 2019. This has enhanced the dignity and health of low-income families, especially women, while reducing waterborne diseases. Improved sanitation access has empowered poor communities with safer living environments and better public health infrastructure. As per studies, infant mortality has been progressively reduced through the Swachh Bharat Abhiyaan.

    While toilets were being built across the country, the Modi Government then launched the biggest healthcare programme in the world, encompassing over 500 million people, almost 1.6 times the population of the United States of America.

    Ayushman Bharat is a transformative healthcare initiative aimed at providing affordable medical access to India’s poor. Through its Pradhan Mantri Jan Arogya Yojana (PM-JAY), it offers up to ₹5 lakh per family annually for secondary and tertiary hospital care.

    The Ayushman Bharat programme has enabled the poor to access critical treatments, reducing out-of-pocket expenses that often push families into debt. By 2024, over 34 crore hospital admissions have been covered, significantly improving health outcomes for marginalized communities.

    To supplement healthcare and hygiene, the Modi Government also improved the coverage of the Jan Aushadi Kendras. Less than 100 in 2014, the pharmacy stores have increased to more than 15,000.

    Jan Aushadhi Kendras provide generic medicines at prices up to 50-90 per cent lower than branded alternatives. This initiative has reduced healthcare costs, enabling low-income families to manage medical expenses without financial distress. It has also created entrepreneurial opportunities for small-scale operators in underserved areas.

    The second big push came through the guarantee of food. This rendered the traditional chase for food futile. The first big change came to the ration cards. The One Nation One Ration Card (ONORC) scheme, fully implemented by 2024, allows beneficiaries to access rations anywhere in India, benefiting migrant workers. These upgrades have streamlined access, reduced fake beneficiaries, and ensured equitable distribution for the poor.

    Launched in 2020, the Pradhan Mantri Garib Kalyan Anna Yojana was extended to December 2028, providing 5 kg of free food grains per person monthly to 81.35 crore beneficiaries, alongside National Food Security Act (NFSA) subsidies. The additional guarantee of foodgrains allows a surplus ration for India’s economic majority.

    The third big push came in the form of infrastructure. While the capex increased to more than Rs. 10 Lakh Crore in the last few budgets, the last-mile infrastructure has benefited the people in the villages.

    Initiated in 2019, Jal Jeevan Mission seeks to provide safe drinking water through household tap connections to all rural households in India. Over 18 crore rural households now have tap water, up from 3.27 crore in 2019, saving millions of hours daily, especially for women, and improving health outcomes.

    By integrating Jal Jeevan Mission (JJM) with Pradhan Mantri Awas Yojana and Swachh Bharat Mission, and focusing on community-driven water management, JJM has alleviated water scarcity for the poor, enhancing their quality of life. The endless pursuits for water for women have to come to an end, leaving them with more productivity hours each day.

    Launched in 2015, Pradhan Mantri Awas Yojana aims to provide affordable housing to the urban and rural poor. PMAY-Gramin has sanctioned more than 3.5 crore houses, with around 2.8 crore completed, benefiting nearly 15 crore individuals with pucca houses equipped with amenities like toilets and water connections.

    The fourth big push came in the form of boosting entrepreneurship amongst the people in the villages. People who did not have bank accounts a decade ago are today active stakeholders in India’s economy.

    Launched in 2015, the Pradhan Mantri MUDRA Yojana provides collateral-free loans up to ₹20 lakh to micro and small enterprises, with over 52 crore loans sanctioned worth more than Rs. 33 Lakh Crore by 2025, 68 per cent benefiting women and 50 per cent supporting SC/ST/OBC communities.

    It has empowered poor entrepreneurs, particularly in manufacturing, trading, and services, by enabling access to formal credit without guarantees, fostering self-employment and small business growth. The scheme’s focus on marginalized groups has enhanced financial inclusion, with average loan sizes rising from ₹38,000 in 2016 to ₹1.02 lakh in 2025.

    Similarly, PM SVANidhi Scheme: Introduced in 2020 to support street vendors during the COVID-19 crisis, PM SVANidhi offers collateral-free loans up to ₹50,000, with interest subsidies for timely repayments, benefiting over 79.55 lakh vendors with ₹10,978 crore disbursed by 2024.

    The scheme, linked to eight welfare programs via SVANidhi Se Samriddhi, helps urban poor access health, housing, and food security benefits, uplifting their socio-economic status. It has enabled vendors, especially in aspirational districts, to sustain and expand their businesses, fostering financial independence.

    The Modi government has strengthened SHGs (Self-Help Groups) through the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM). SHGs empower poor women by providing microfinance, skill training, and market linkages, enabling income-generating activities like handicrafts and agriculture.

    Initiatives like Lakhpati Didi aim to make 3 crore SHG women earn ₹1 lakh annually, boosting economic self-reliance and community development.

    In isolation, these are welfare programmes, but when viewed together, these are going to be an economic launchpad for India’s majority population residing in the non-urban areas. The early signs are already there, in the changing consumption patterns driven by more disposable income.

    To view these welfare programmes only from the prism of development is an incomplete exercise, and their role in enabling 100 crore people of India, to chase their dreams, wherever they are across the country, must be applauded. In another decade, India will go from becoming a $4 trillion economy to an $8 trillion economy, but the story is going to be about India’s per capita rise. It’s inevitable.

  • MIL-OSI Asia-Pac: LegCo Subcommittee on Matters Relating to the Development of Smart City observes demonstration of “Smart Environment” (with photos)

    Source: Hong Kong Government special administrative region

    LegCo Subcommittee on Matters Relating to the Development of Smart City observes demonstration of “Smart Environment”  
         Members first received an update on the implementation of “Smart Environment” initiatives under the Smart City Blueprint for Hong Kong 2.0 from representatives of the Government. Members were then briefed on the application of “metamaterial noise barriers” for railway maintenance works and observed demonstrations on the use of various technologies to enhance environmental pollution monitoring, including the use of an “AI robotic dog” and a “mesh network sampling robot squad” to detect pollution sources, an “unmanned water sampling boat” to monitor water quality, and a drone equipped with “miniature sniffing sensor” to detect real-time emissions of air pollutants from ocean-going vessels.
     
         During the visit, Members exchanged views with representatives of the Government on matters such as facilitating the application and the development of technologies for environmental protection.
     
         Members who participated in the visit were the Chairman of the Subcommittee on Matters Relating to the Development of Smart City, Ms Elizabeth Quat, Subcommittee members Mr Andrew Lam, Mr Chan Siu-hung and Professor William Wong; as well as non-Subcommittee member Mr Edward Leung.
    Issued at HKT 17:50

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CSTB announces official names of giant panda twin cubs (with photos)

    Source: Hong Kong Government special administrative region

    CSTB announces official names of giant panda twin cubs  
    The Giant Panda Twin Cubs Naming Competition, organised by the Culture, Sports and Tourism Bureau and co-organised by the Ocean Park Corporation (OPC) earlier, has attracted overwhelming responses. After a review of over 35 700 submissions for the Competition, Jia Jia and De De were selected as the winning entries. The Judging Panel considered the names to be highly meaningful. The elder sister is named Jia Jia, with the Chinese character for Jia (加) conveying the message of support. Having the same pronunciation as the Chinese characters for “home” (家) and “auspices” (嘉) in both Cantonese and Putonghua, Jia also features an element of family and a sense of auspicious grace, embodying the prosperity of families and the nation as well as the happiness of its people. The little brother is named De De. As the Chinese character De (得) means “to succeed”, the name carries the connotation that Hong Kong is successful in everything. Also, De shares the same pronunciation as the Chinese character for “virtue” (德) in both Cantonese and Putonghua, suggesting that giant pandas, as national treasures, possess the virtues cherished by the Chinese people.
     
    At the event for the Announcement of Names of Giant Panda Twin Cubs, Miss Law said, “As the Chairperson of the Judging Panel for the Competition, when reviewing the suggested names submitted by members of the public, I was deeply impressed by their love for the cubs. Many suggested names carried profound meanings, while some were cute and joyful. All of the names suggested are filled with our blessings to the giant panda twin cubs.”
     
         “I, on behalf of the Government of the Hong Kong Special Administrative Region (HKSAR), again express heartfelt gratitude to the Central People’s Government for continuously providing strong support and guidance to Hong Kong on the conservation of giant pandas.” She continued, “Over the years, under the Central Government’s guidance, the HKSAR has been given the opportunity to participate in the important task of national giant panda conservation. This fully demonstrates the Central Government’s support and care for the HKSAR.” In addition, she thanked the experts of the China Conservation and Research Centre for the Giant Panda (CCRCGP) and the professional animal care team of the OPC for taking excellent care of all giant pandas in Hong Kong all along, particularly for providing professional postnatal care to mother Ying Ying and taking good care of the giant panda twin cubs. 
     
    The Judging Panel members of the Competition include Miss Law; the Chairman of the Board of the OPC, Mr Paulo Pong; the Deputy Director of the CCRCGP and expert for giant pandas, Mr Wei Rongping; Legislative Council Member Mr Kenneth Fok; Hong Kong, China swimming athlete Siobhan Bernadette Haughey; and the Head of Zoological Operations and Conservation of the OPC, Mr Howard Chuk. Details of the Competition can be found on Ocean Park’s dedicated website at www.oceanpark.com.hk/en/park-experience/giant-panda-twin-cubs-naming-competitionIssued at HKT 15:48

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Adjustment in ceiling prices for dedicated LPG filling stations in June 2025

    Source: Hong Kong Government special administrative region

    Adjustment in ceiling prices for dedicated LPG filling stations in June 2025 
         A department spokesman said that the adjustment on June 1, 2025, would reflect the movement of the LPG international price in May 2025, and the average movement of the latest Composite Consumer Price Index and Nominal Wage Index. The overall adjusted auto-LPG ceiling prices for dedicated LPG filling stations would range from $3.61 to $4.53 per litre, amounting to a decrease of $0.05 to $0.06 per litre.
     
         The spokesman said that the auto-LPG ceiling prices were adjusted according to a pricing formula specified in the contracts. The formula comprises two elements – the LPG international price and the LPG operating price. The LPG international price refers to the LPG international price of the preceding month. The LPG operating price is adjusted on February 1 and June 1 annually according to the average movement of the Composite Consumer Price Index and the Nominal Wage Index. The latest year-on-year rates of change of the Composite Consumer Price Index and the Nominal Wage Index are +1.7 per cent and +3.7 per cent respectively.
     
    The auto-LPG ceiling prices for respective dedicated LPG filling stations in June 2025 are as follows:
     

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Government announces 30 measures to be implemented by Working Group on Promoting Silver Economy

    Source: Hong Kong Government special administrative region

    Government announces 30 measures to be implemented by Working Group on Promoting Silver Economy 
         Mr Cheuk said, “Population ageing is becoming an increasingly serious issue around the world, and the situation in Hong Kong is of particular concern. The Census and Statistics Department predicts that by 2043, more than one in every three Hong Kong residents will be an elderly person. In light of this demographic shift, we must actively address the various challenges brought about by an ageing population. At the same time, we should seize development opportunities amid the challenges, explore new industries and new businesses, and break new ground for Hong Kong in a time of change.
     
         “The elderly account for a large proportion of Hong Kong’s population. With favourable financial conditions and purchasing power, they are a huge consumer group that cannot be overlooked, as they create a huge demand for silver economy related products and services. Boosting the silver economy will inject vitality into the local economy and promote overall economic development, as well as spurring the cultivation of high-quality silver products and service modes, so that the elderly can share the fruits of development.”  
     
         The Working Group has proposed 30 measures in five areas, namely: boosting “silver consumption”, developing “silver industry”, promoting “quality assurance of silver products”, enhancing “silver financial and security arrangements”, and unleashing “silver productivity”. This plentiful and practical series of measures involves collaboration across different bureaux and sectors. Jointly promoted by different policy bureaux and multiple organisations from different sectors, the measures aim to boost consumption among the elderly, develop silver products and services, and enhance the recognition of products and services through accreditation to drive sales, make good use of and safeguard the financial resources of the elderly, and attract the elderly to join the labour market, with a view to enhancing social productivity and building a silver-friendly society together. 
     
     (I) Boosting “silver consumption”
     
         Owing to their health conditions and lifestyle practices, the elderly’s consumption needs are different from those of other consumers, with great consumption potential in areas including catering, personal hygiene and healthcare. The Government aims to boost “silver consumption” through various means, including exhibitions and retail concessions, electronic commerce, the Silver Summit, developing catering initiatives for the elderly, and protecting elderly consumers’ rights and interests.
     
         The Commerce and Economic Development Bureau (CEDB) will take the lead in boosting “silver consumption”, and the 11 measures include:
      (II) Developing “silver industry”

         The health and daily needs of the silver-haired group have led to a huge demand for products and services. Silver products (including gerontechnology products) have hence come into being.
     
         The work of developing the “silver industry” is led by the Innovation, Technology and Industry Bureau. The four measures are:
     (III) Promoting “quality assurance of silver products”
     
         Quality assurance for products and services can enhance their acceptance and attractiveness, helping to establish brand value and expand sales network.
     
         The work of promoting “quality assurance of silver products” is led by the CEDB. The four measures are:
     (IV) Enhancing “silver financial and security arrangements”
     
         Elderly people in Hong Kong possess a certain degree of wealth, which provides the prerequisite for developing silver finance. The Government’s objective is to assist the elderly to best utilise their financial resources and financial management tools, and to protect their financial resources through a comprehensive package of measures.
     
         There will be seven measures for enhancing the “silver financial and security arrangements”, which will be led by the Financial Services and the Treasury Bureau:
     (V) Unleashing “silver productivity”
     
         The Government will encourage and assist more elderly persons to join the labour market through employment support and training, as well as the promotion of elderly-friendly employment practices, in a bid to unleash the labour force.
     
         The Labour and Welfare Bureau (LWB) will take the lead in driving the measures for unleashing “silver productivity”, including:
    Mr Cheuk said, “The silver economy holds tremendous business opportunities. With the joint efforts of the Government and various sectors, we can certainly expand the scale and industrial chain of the silver economy, enhance the quality of life for the elderly in all aspects, and increase their sense of contentment and happiness.”
     
         The Chief Executive announced in his Policy Address 2024 the setting up of a Working Group on Promoting Silver Economy, led by the Deputy Chief Secretary for Administration, to implement measures in five areas, namely: boosting “silver consumption”, developing “silver industry”, promoting “quality assurance of silver products”, enhancing “silver financial and security arrangements” and unleashing “silver productivity”. Other members of the Working Group include the Secretary for Commerce and Economic Development (Deputy Leader); the Secretary for Labour and Welfare; the Secretary for Innovation, Technology and Industry; the Secretary for Financial Services and the Treasury; and the Secretary for Health.
    Issued at HKT 18:08

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Hospital Authority meets with Mainland health officials and delegations (with photos)

    Source: Hong Kong Government special administrative region

    Hospital Authority meets with Mainland health officials and delegations  
         The HA participated in meetings between the Health Bureau (HHB) and different delegations, including a delegation led by the Director-General of the Health Commission of Guangdong Province, Mr Liu Liqun. Both parties exchanged views on further strengthening healthcare co-operation and talent exchanges in the Greater Bay Area.
     
         The Chairman of the HA, Mr Henry Fan, said, “The depth and breadth of the Greater Bay Area Healthcare Talents Visiting Programmes, jointly launched by both sides, has been progressively expanding and receiving widespread positive feedback. Moving forward, in alignment with the implementation of the Supplementary Medical Professions (Amendment) Bill 2025, the HA hopes to continue receiving support from the Health Commission of Guangdong Province to explore limited registration arrangements for radiographers to fully participate in clinical work and exchange experiences in Hong Kong.”
     
         In addition to meeting with the Health Commission of Guangdong Province delegation, the HA also participated in other exchange sessions co-ordinated by the HHB. These included meetings with delegations of the Shanghai Municipal Health Commission, the People’s Government of the Tibet Autonomous Region and the Health Commission of the Tibet Autonomous Region.
     
         During the Convention period, the HA also held separate meetings with delegations of the Beijing Municipal Health Commission, the Tianjin Municipal Health Commission, the Health Commission of Zhejiang Province and the Shanghai Hospital Development Centre. These meetings facilitated experience sharing in hospital management, financial management and talent exchanges, etc, deepening co-operation between both sides.
     
         Furthermore, the HA arranged visits for several Mainland delegations to various public hospitals, including Queen Mary Hospital and Kwong Wah Hospital, to understand hospital operations and management, as well as the application of AI and the HA Go mobile application, etc.
     
         The HA also took the opportunity during the visit of the Mainland delegations to hold a welcome ceremony for the doctors and nurses who came to Hong Kong for exchanges, aiming to enhance healthcare standards and expand the healthcare talent pool in both places through mutual learning and complementary strengths. 
    Issued at HKT 17:55

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Bangladesh and New Development Bank Co-Host High-Level Seminar on Accountability and Learning in Development

    Source: New Development Bank

    Dhaka, Bangladesh, 26 May 2025: The Economic Relations Division (ERD) of Bangladesh’s Ministry of Finance and the New Development Bank’s (NDB) Independent Evaluation Office (IEO), Internal Audit Department and Compliance and Investigations Department co-hosted a high-level seminar in Dhaka focused on embedding accountability, evaluation, and integrity at the heart of development projects—key pillars for delivering on Bangladesh’s growth priorities.

    The seminar, titled “Transforming Development: Building a Culture of Accountability through Evaluation, Auditing, and Ethics” highlighted NDB’s approach to sustainable development through integrated evaluation, audit, and compliance systems. With over 150 participants—including senior level policymakers, development experts, private sector leaders and others—it served as a dynamic platform for cross-learning among emerging economies.

    Opening the event, His Excellency Dr. Salehuddin Ahmed, Honourable Adviser of the Ministry of Finance, underscored Bangladesh’s commitment to strengthening governance in public investment: “The foundation of sustainable development rests on three pillars: accountability, transparency, and ethical governance. These are not abstract ideals-they are practical necessities. Evaluation, auditing, and compliance are the tools that help us build these pillars. They ensure that our policies and projects do not merely exist on paper, but deliver real, tangible benefits to our citizens.”

    Mr. Md. Shahriar Kader Siddiky, Secretary of the Economic Relations Division, added: “We must learn from international experiences and adapt global best practices to our own context. The presence of distinguished experts and partners from the New Development Bank, as well as from key ministries and agencies, is a valuable opportunity for dialogue and knowledge exchange.”

    The one-day event featured keynote addresses from global leaders in development policy. Nobel Laureate Professor Abhijit Banerjee, of the Massachusetts Institute of Technology, emphasised the value of evidence-based policymaking and timely impact evaluations in ensuring that development investments deliver real results.

    H.E. Dr. Rania A. Al-Mashat, Egypt’s Minister of Planning, Economic Development and International Cooperation, and NDB Governor, shared her country’s efforts to strengthen project transparency through digital monitoring platforms, offering insights relevant to fast-growing economies like Bangladesh.

    Participants also explored key themes including the role of evaluation in accelerating the achievement of the United Nations’ Sustainable Development Goals (SDGs), private sector engagement in development interventions, risk-based internal auditing, and ethical standards in development finance. These sessions were led by senior officials from NDB and enriched by perspectives from international partners such as the Asian Development Bank, the Department of Planning, Monitoring and Evaluation of South Africa, the Ministry of Finance, Brazil, and the International Fund for Agricultural Development.

    “Good development isn’t just about how much is built, but how well it lasts—economically, socially, and institutionally,” said Mr. Henrique Pissaia, Principal Professional Specialist at NDB’s Independent Evaluation Office. “This seminar showed that accountability and learning are catalysts for better results. Bangladesh’s leadership in this space reflects our shared commitment to making learning, ethics, and South-South knowledge exchange central to impact-driven development.”

    The seminar signalled growing cooperation between NDB and Bangladesh, which joined the Bank in 2021 – the first non-BRICS country to do so. As the Government of Bangladesh continues to scale up its infrastructure ambitions, today’s discussions underscored the importance it places on good governance, evaluability and long-term sustainability, as well as NDB’s commitment to working closely with Bangladesh, financing infrastructure and sustainable development projects that support its national development objectives and commitments under the SDGs.

    MIL OSI Economics

  • MIL-OSI Russia: Students of the State University of Management are laureates of the All-Russian competition for the best scientific article

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    As part of the annual All-Russian scientific conference of young researchers with international participation “Economy Today: Current State and Development Prospects (Vector-2025)”, an All-Russian competition for the best scientific article was held.

    Students from 85 universities in Russia, Belarus, China and Vietnam applied to participate in the conference this year. Young scientists presented their research papers, in which they examined current issues in the industry, regional and global economy, management and marketing, financial management and the labor market.

    Students of the State University of Management Victoria Kostikova and Yulia Popova became laureates of the All-Russian competition for the best scientific article. Their work on the topic “The Impact of Sanctions on BRICS and Countermeasures: New Models of Economic Interaction”, written under the supervision of Associate Professor of the Department of World Economy and International Economic Relations of the State University of Management Ekaterina Karelina, was highly appreciated by the expert committee.

    Young scientists analyzed the impact of sanctions on the BRICS countries, examined emerging models of economic interaction in response to the West’s sanctions policy, and described possible scenarios for economic partnership based on the principles of multipolarity, technological sovereignty, and mutually beneficial long-term cooperation.

    We congratulate our students and wish them further success in the scientific field!

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

    MIL OSI Russia News

  • Peace is secured when you are ever ready for war-VP

    Source: Government of India

    Source: Government of India (2)

    lign=”center”>For national security, we need indigenous strength-VP
    Sense of Fundamental duties is to prioritise national well-being-VP
    Economic nationalism is business of the people, asserts VP
    Parliament is reflection of 1.4 billion people’s will-VP*

    Vice-President and Chairman Rajya Sabha, Shri Jagdeep Dhankhar today said that, “For national security, we need indigenous strength. War is best avoided from position of strength. Peace is secured when you are ever ready for war….strength comes apart from technological prowess, conventional arms strength, from people also.”

    https://twitter.com/VPIndia/status/1927283416380162509

    Highlighting the need for the citizens to carry out their duties, he stated, “ The balance has to be maintained. Let us not cherry pick. We’ll go for fundamental rights, claiming them 24 x 7, and be totally oblivious of fundamental duties!…if we focus only on our rights and not on duties, we don’t measure up to the requirement of a citizen in the largest democracy, the oldest, the most functional. There are 11 fundamental duties. These duties were not initially there in the Constitution. And I’ll tell you for a reason. Our founding fathers obviously expected that we will be aligned to these duties. We will respect those duties. But when it was noticed that it is required to spell them out in the Constitution so that people in particular become aware of these. And these were introduced by 42nd Amendment and 86th Amendment. If I have to  give a sense  of fundamental duties, it is to prioritise national well-being. To contribute optimally for public discourse, public order, public discipline, environment,  everything which is known as goodness in life for one and all.”

    https://twitter.com/VPIndia/status/1927276321232609314

    “Sometimes people wonder how can we contribute? Swadeshi is closely connected with economic nationalism. Economic nationalism means we must consume Swadeshi. We must always take into consideration being vocal for local. This will inspire our people also to cater to our needs. But if we start importing from other countries, items that are generated in this country, that can be made in this country, we are immediately inviting three troubles. One trouble, there is an avoidable hole in our foreign exchange reserve, and this is in billions of dollars. Second, when we import items that can be made in this country, we are snatching work from our own people. We are depriving them of work. And thirdly, more importantly, we are blunting entrepreneurship. So every individual can contribute. What clothes he wears, what he eats, what he wears, his shoes also. Everything. These are consumables. We fancy what is abroad. Unmindful of the situation that we are injuring our national economy. I therefore assert economic nationalism is business of the people”, he added.

    https://twitter.com/VPIndia/status/1927275191207334163

    Speaking at the inaugural session of Rajya Sabha Internship Program-phase 7 at the Vice-President’s Enclave today, he underscored, “The recent episode, Operation Sindoor, has changed our mindset massively. We are now nationalistic as never before. And this is reflected in participation of all political landscape in delegations that have gone abroad to project our message of peace and our complete intolerance to terrorism. And therefore, having seen recent events, well, we have no choice. We have no other option but to remain united and grow stronger……Like institutions, even political tribes have a moral duty to the national cause, because ultimately all Institutions, the Legislature, the Judiciary, the Executive, the focal point is national growth, national welfare, public welfare, to generate transparency, accountability, honesty. On issues of national security, economic progress, all factions need to put national interest over partisan priorities. I will appeal to everyone in the political spectrum to seriously reflect, come to a conclusion that on issues of national security, on issues of growth, on issues of our internal security, there must be consensus. Sometimes politics get too hot for nationalism and security, something we need to overcome.”

    https://twitter.com/VPIndia/status/1927268049368858686

    Emphasising that Parliament is the ultimate authority to make laws, Shri Dhnakhar stated, “Indian parliament is much beyond a legislative body. It is reflection presently  of 1.4 billion people’s will. It is the only legitimized constitutional platform that reflects authentically  the will of the people, and therefore, Parliament has primacy.  Parliament has primacy not in everything because there are areas where executive has primacy, how to govern. Judiciary has primacy,  how to deal with justice system but parliament has primacy on two counts- it is ultimate authority to make law. Secondly, it holds executive accountable. Because  governance is defined  by some fundamentals and one fundamental is transparency. Second is accountability, and in modern times, we have added a third facet to it. Optimal  performance by institutions to gallop our progress trajectory……Parliament is a place, ultimate place, for debate, dialogue, discussion, and discourse.”

    https://twitter.com/VPIndia/status/1927275554144690525

    Underlining the significance of cooperation and consensus, he said, “Our constitution, boys and girls, is a most sacred document. You will come to know how it was formalised, little less than three years, by our founding fathers who dealt with divisive issues, contentious issues, issues that were highly inflammatory, but they dealt with an approach of coordination, cooperation, consensus, something you have to learn in life. And for that, what is important is that you must always respect the other point of view. Because if you think you alone are right, the other person is wrong, you are depriving yourself of a great benefit of input. And secondly, my own experience is, more often than not, the other point of view is the correct view.”

    https://twitter.com/VPIndia/status/1927274943609241940

    “This document painstakingly evolved has taken note of our civilisational growth also. If you look at the Constitution as signed by framers of the Constitution, you will have the occasion to see it. When you see it, you’ll find it has 22 miniatures. Each miniature reflects our historical past, glorious historical past. It shows Gurukul. It shows Indus Valley boom. It shows Ram, Sita, and Laxman coming back to Ayodhya after triumph of goodness over evil. That is in part three of the Constitution, fundamental rights. When it comes to directive principles of state policy,  you will find Bhagawan Krishna giving discourse to Arjuna at Kurukshetra. And you can keep on going to other facets. You will know about it.  Constitution grants fundamental rights, but Constitution, apart from granting fundamental rights, also ordains every citizen to perform duties. Rights are more meaningful unless they are enforceable. And therefore, boys and girls, note India is amongst very few countries in the world where for enforcement of a fundamental right,  you can knock the door of the highest court of the land. You can access judiciary at the premium level to vindicate your fundamental rights. But every citizen and institution must exercise their powers within constitutional boundaries, upholding constitutional ideals. We can love our neighbor only when we don’t make incursion in the exclusive domain of the neighbour, physical territory and otherwise. This Constitutional domain sanctity is required to be preserved in all situations. If there is any disruption of it. you can sense danger”, he added

  • MIL-OSI Asia-Pac: HK-born panda twin cubs named

    Source: Hong Kong Information Services

    Secretary for Culture, Sports & Tourism Rosanna Law today revealed that the first pair of giant panda twin cubs born in Hong Kong have been officially named Jia Jia and De De.

    The names were selected as the winning entries out of more than 35,700 submissions to a naming competition organised by the Culture, Sports & Tourism Bureau and the Ocean Park Corporation.

    The judging panel considered the names to be full of meaning. Jia Jia is female and the elder of the twins, with the Chinese character for “Jia” indicating “support”.

    Sharing the same pronunciation as the Chinese characters for “home” and “auspices” in both Cantonese and Putonghua, “Jia” also carries an element of family and a sense of auspicious grace, signifying the prosperity of families and the nation as well as the happiness of its people.

    As for De De, Jia Jia’s little brother, the Chinese character De means “to succeed”, with the name conveying a sense of success for Hong Kong.

    De also shares the same pronunciation as the Chinese character for “virtue” in both Cantonese and Putonghua, which implies that the pandas, as national treasures, possess the virtues cherished by the Chinese people.

    Speaking at an unveiling event held at Ocean Park, Miss Law, who chaired the competition’s judging panel, thanked the Central People’s Government on behalf of the Hong Kong Special Administrative Government for the former’s ongoing support and guidance on the conservation of giant pandas.

    “Over the years, under the central government’s guidance, the Hong Kong SAR has been given the opportunity to participate in the important task of national giant panda conservation. This fully demonstrates the central government’s support and care for the Hong Kong SAR.”

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Temporary closure of Ngong Ping attraction “Wisdom Path” to carry out refurbishment works

    Source: Hong Kong Government special administrative region

    Temporary closure of Ngong Ping attraction “Wisdom Path” to carry out refurbishment worksIssued at HKT 16:37

    ​The Tourism Commission (TC) announced today (May 27) that the “Wisdom Path” will be closed temporarily from June 5 (Thursday) to carry out refurbishment works.

    To reduce disturbances to locals and tourists, the “Wisdom Path” will be gradually reopened by the TC as appropriate before the refurbishment works are fully completed. The TC will announce the gradual opening of the “Wisdom Path” through various channels to facilitate the planning of journey by locals and tourists. Subject to actual weather and site conditions, it is expected that all refurbishment works will be complete in the last quarter of 2026.

    During the refurbishment works, visitors can enjoy the scenic views of the three-dimensional architecture harmoniously integrated with nature from different viewpoints at the viewing platform located at a section of the Lantau Trail near the “Wisdom Path”. Visitors can also scan QR codes at the viewing platform, which will redirect them to the TC’s website for the history and background of the “Wisdom Path”. The location and photo of the viewing platform are set out in Annex.

    The late Professor Jao Tsung-I donated his original calligraphy featuring the “Prajna Paramita Hrdaya Sutra” (Heart Sutra) to the Hong Kong Special Administrative Region in 2002. The calligraphy was reproduced in the form of a large-scale outdoor wood inscription on a natural slope at the foot of Lantau Peak near Ngong Ping on Lantau Island. The timber columns, erected according to the mountain slope and integrated with nature, became a unique large-scale outdoor art piece and was named the “Wisdom Path”. Since its opening in May 2005, the “Wisdom Path” has become one of the tourist attractions on Lantau and has been welcomed by members of the public and visitors. For more details about the “Wisdom Path”, please visit the website: www.tourism.gov.hk/wisdompath.

    Ends/Tuesday, May 27, 2025
    Issued at HKT 16:37

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: No. 3 alarm fire in Tin Shui Wai

    Source: Hong Kong Government special administrative region

     A fire broke out at a warehouse in Ha Tsuen, Tin Shui Wai at 12.40pm today (May 27) and was upgraded to No. 3 alarm at 1.33pm.

    Firemen are using two jets and mobilising two breathing apparatus teams to fight the blaze.

    ​One person felt unwell and was being sent to Tuen Mun Hospital for treatment.

    Ends/Tuesday, May 27, 2025
    Issued at HKT 13:51

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: SFST visits Toronto and calls on enterprises to develop wealth management and family businesses in Hong Kong (with photos)

    Source: Hong Kong Government special administrative region

    SFST visits Toronto and calls on enterprises to develop wealth management and family businesses in Hong Kong Issued at HKT 11:38

    The Secretary for Financial Services and the Treasury, Mr Christopher Hui, started his five-day visit to Canada on May 26 (Toronto Time). His first stop was Toronto, where he met with representatives of two banks and an insurance group immediately after his arrival in the city.

    Mr Hui arrived in Toronto in the afternoon. He started his itinerary with a meeting with the Group Head, RBC Wealth Management, Mr Neil McLaughlin, and Executive Vice President and Global Head, Strategy, Products and Digital Investing, Mr Stuart Rutledge, of the Royal Bank of Canada. He then proceeded to Scotiabank to meet with its Group Head for Global Wealth Management, Ms Jacqui Allard, and Vice President, Strategic Cultural Segments, Mr Amit Brahme.

    Both banks are deeply interested in the development of the wealth management business in Hong Kong. Mr Hui shared that Hong Kong is currently the largest cross-border wealth management hub in Asia, and some anticipate that Hong Kong will leap into first place globally by 2028. The family office business is an important segment of the asset and wealth management sector in Hong Kong. As of end-2023, the size of private banking and private wealth management business attributed to family offices and private trusts clients reached US$185.2 billion (HK$1,452 billion), providing huge business opportunities for the asset and wealth management sector and other related professional services (such as legal and accounting services). Mr Hui also highlighted the diversity of financial products in Hong Kong and the latest passage of the stablecoins legislation, providing investors with numerous investment options. The banks were encouraged to utilise the developmental strengths of Hong Kong’s asset and wealth management industry and establish their presence in Hong Kong.

    Mr Hui also met with the Group Vice President and Head of Asia of Power Corporation of Canada, Mr Henry Liu, this evening. He introduced to him the facilitation and concession provided by the Government to family offices looking to set up or expand their business in Hong Kong, such as no licence being required for a single family office under the Securities and Futures Ordinance if it does not carry on a business of regulated activity in Hong Kong. Single family offices can also enjoy profit tax exemption for qualifying transactions. Mr Hui highlighted the Government’s efforts in enhancing the preferential tax regimes for funds, single family offices and carried interest, including expanding the scope of “fund” under the tax exemption regime, increasing the types of qualifying transactions eligible for tax concessions for funds and single family offices and enhancing the tax concession arrangement on the distribution of carried interest by private equity funds. The Government targets working out the details of the proposals by this year and submitting the legislative proposals to the Legislative Council for consideration in 2026, striving to implement the relevant measures from the year of assessment 2025/26. Mr Hui called on the company to leverage the ideal business environment with stability and predictability to set up family offices in Hong Kong. Power Corporation of Canada operates a wide range of businesses covering North America, Europe and Asia, including insurance, wealth management and investment businesses.

    On May 27 (Toronto Time), Mr Hui will visit two insurance companies, meet with the Hong Kong-Canada Business Association (Toronto Chapter) and attend a business luncheon with financial leaders in Toronto. He will also pay a courtesy call to the Consul-General of the People’s Republic of China in Toronto.

    Ends/Tuesday, May 27, 2025
    Issued at HKT 11:38

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Written question – Local content in the Clean Industrial Deal – E-002005/2025

    Source: European Parliament

    Question for written answer  E-002005/2025
    to the Commission
    Rule 144
    Oihane Agirregoitia Martínez (Renew)

    The European renewable energy industry is facing a structural crisis. While global manufacturing of clean tech components has grown rapidly, European manufacturers are steadily losing market share and competitiveness. Lower-cost imports from Asia and market barriers in the United States are accelerating the decline. Recent months have seen closures and lay-offs across the wind, solar and storage sectors, affecting at least France, Germany, Italy, Denmark, Austria, Spain and Sweden. Meanwhile, non-EU products – mainly from Asia – are increasingly dominating the European market.

    The industry welcomes the Clean Industrial Deal’s inclusion of local manufacturing as a strategic pillar. However, to be effective, measures must be sufficiently broad and impactful. Countries such as the United States, India and Brazil already apply 50-60 % local content requirements across much of the value chain.

    Therefore:

    • 1.What measures will ensure that EU content requirements are broad and effective across the full renewable energy supply chain?
    • 2.Will the Commission consider drawing on current international models, such as those implemented in the United States, India or Brazil?
    • 3.How will local content be defined and monitored to ensure the manufacturing of high-value components in the EU, guaranteeing a true ‘Made in Europe’ approach – not merely ‘Assembled in Europe’?

    Submitted: 20.5.2025

    Last updated: 27 May 2025

    MIL OSI Europe News

  • MIL-OSI Global: What the hidden rhythms of orangutan calls can tell us about language – new research

    Source: The Conversation – UK – By Chiara De Gregorio, Post Doctoral Research Fellow, University of Warwick

    Don Mammoser/Shutterstock

    In the dense forests of Indonesia, you can hear strange and haunting sounds. At first, these calls may seem like a random collection of noises – but my rhythmic analyses reveal a different story.

    Those noises are the calls of Sumatran orangutans (Pongo abelii), used to warn others about the presence of predators. Orangutans belong to our animal family – we’re both great apes. That means we share a common ancestor – a species that lived millions of years ago, from which we both evolved.

    Like us, orangutans have hands that can grasp, they use tools and can learn new things. We share about 97% of our DNA with orangutans, which means many parts of our bodies and brains work in similar ways.

    That’s why studying orangutans can also help us understand more about how humans evolved, especially when it comes to things like communication, intelligence and the roots of language and rhythm.

    Research on orangutan communication conducted by evolutionary psychologist Adriano Lameira and colleagues in 2024 focused on a different species of orangutan, the wild Bornean orangutan (Pongo pygmaeus wurmbii). They looked at a type of vocalisation made only by males, known as the long call, and found that long calls are organised into two levels of rhythmic hierarchy.

    This was a groundbreaking discovery, showing that orangutan rhythms are structured in a recursive way. Human language is deeply recursive.

    Recursion is when something is built from smaller parts that follow the same pattern. For example, in language, a sentence can contain another sentence inside it. In music, a rhythm can be made of smaller rhythms nested within each other. It’s a way of organising information in layers, where the same structure repeats at different levels.

    So, when the two-level rhythmic pattern was discovered in the long calls of male Bornean orangutans, my team wanted to know whether this kind of rhythm was unique to those particular calls, or revealed a deeper part of how orangutans communicate. To find out, we studied the alarm calls of wild female Sumatran orangutans and found something surprising.

    Instead of two levels, as had been seen in the Bornean males, this time we found three. This is an even more sophisticated pattern than we expected.

    The shared roots of language

    Returning to those alarm calls echoing through the Indonesian forest, we can now hear them with new ears. With the help of statistical tools, what sounded like random noise now takes on a clear structure – a rhythmic pattern of calls grouped into regular bouts and repeated in sequences.

    Each layer follows a steady rhythm, like the ticking of a metronome.

    Until recently, many scientists believed only humans could build layered vocal structures. This belief helped reinforce the idea of a divide between us and other animals.

    But our discovery adds to a growing body of research showing this divide may not be so clear-cut. Studies on great apes and other animals such as lemurs, whales and dolphins have revealed they are capable of rhythmic structuring, vocal learning, combining signals and sounds to make new ones, and even using vowels and consonants. These findings suggest the roots of language may lie in shared evolutionary mechanisms.

    Human language is unique in many ways. But it probably did not appear suddenly. Even the most striking traits in life evolve by reshaping what already exists, through the slow work of variation and natural selection. Our work suggests the brain systems needed to build recursive patterns were present in our ancestors millions of years ago.

    The evolution of language

    We wanted to take our investigation a step further and ask why recursive patterns evolved. So, we designed an experiment in which wild orangutans were exposed to different predator models, some posing a more realistic threat than others.

    This involved a person walking on all fours under different-coloured blankets. One had tiger stripes (tigers are orangutan predators). The other blankets were blue, white or multi-coloured.

    We found that more structured, regular and faster orangutan alarm sequences were made in response to tiger stripes. When the predator seemed less convincing, the vocalisations lost that regularity and slowed down. So, rhythm may help listeners gauge the seriousness of a situation.

    These patterns in orangutan calls give us some important hints about how language might have started. But it’s possible that other animals have similar ways of communicating that we haven’t discovered yet. To really understand how things like evolution, social life and the environment shape these interesting communication skills, we need to keep studying many different animals.

    Perhaps the most surprising lesson is this: complexity doesn’t always need words. The rhythms, patterns and structures we have uncovered in orangutan alarms remind us that meaningful communication can emerge in many forms – and that the roots of our language may lie not just in what is said, but how it is expressed.

    Chiara De Gregorio 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. What the hidden rhythms of orangutan calls can tell us about language – new research – https://theconversation.com/what-the-hidden-rhythms-of-orangutan-calls-can-tell-us-about-language-new-research-257400

    MIL OSI – Global Reports

  • MIL-OSI Russia: China Ready to Expand Trade and Economic Cooperation with Cambodia – Li Qiang

    Translation. Region: Russian Federal

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

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

    KUALA LUMPUR, May 27 (Xinhua) — China is willing to work with Cambodia to promote trade and investment liberalization and facilitation to further expand economic and trade cooperation, Chinese Premier Li Qiang said here Tuesday when meeting with Cambodian Prime Minister Hong Manet on the sidelines of the ASEAN (Association of Southeast Asian Nations)-GCC (Gulf Cooperation Council)-China summit.

    Li Qiang noted that Chinese President Xi Jinping recently made a historic visit to Cambodia, during which the two sides jointly announced the establishment of an all-weather China-Cambodia community with a shared future in the new era.

    China-Cambodia relations are once again at the forefront of building a community with a shared future for mankind, and the strong friendship between the two countries is deepening, he added.

    China is willing to work with Cambodia to implement the achievements of Xi Jinping’s visit, strengthen high-level exchanges, deepen political mutual trust, effectively utilize the potential of the China-Cambodia Intergovernmental Coordination Committee, and steadily advance practical cooperation in various fields, Li Qiang said.

    The Chinese Premier called on China and Cambodia to respond to external uncertainties with confidence in building a China-Cambodia community with a shared future, jointly promote their own economic development and safeguard their common interests.

    Beijing is willing to work with Phnom Penh to accelerate the alignment of high-quality cooperation under the Belt and Road Initiative with Cambodia’s Pentagonal Strategy, accelerate the implementation of cooperation plans such as the Industrial Development Corridor and the Fish and Rice Corridor, and create new vibrant areas of cooperation and new growth areas, he said.

    China is willing to strengthen cooperation with Cambodia in areas such as infrastructure, digital economy, advanced manufacturing and clean energy, the premier added.

    Li Qiang said China and Cambodia have achieved positive results in their joint efforts to combat cross-border crime, calling on both countries to take more decisive and effective measures to ensure the safety of their people.

    At present, the international situation is becoming increasingly turbulent and chaotic, Li Qiang noted. China is willing to work with Cambodia and other countries in the region to strengthen solidarity and cooperation, jointly oppose unilateralism and power politics, safeguard international justice, support the multilateral trading system, and ensure the stable and smooth operation of industrial and supply chains, so as to inject more positive energy into world peace, stability, prosperity and development, he said. –0–

    MIL OSI Russia News

  • MIL-OSI Russia: Urgent: China Ready to Implement Global Civilization Initiative with ASEAN and GCC – Li Qiang

    Translation. Region: Russian Federal

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

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

    KUALA LUMPUR, May 27 (Xinhua) — China is willing to work with the Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC) to jointly implement the Global Civilization Initiative, Chinese Premier Li Qiang said here on Tuesday while addressing the ASEAN-China-GCC summit.

    He called on the three parties to effectively resolve differences through mutual understanding and explore a new path for the comprehensive development of various civilizations. –0–

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  • MIL-OSI Russia: Breaking: China hopes for early conclusion of GCC FTA talks – Li Qiang

    Translation. Region: Russian Federal

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

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

    KUALA LUMPUR, May 27 (Xinhua) — Chinese Premier Li Qiang said here on Tuesday that he hopes for an early conclusion of talks on a free trade agreement between various parties and the Gulf Cooperation Council (GCC).

    Speaking at the ASEAN (Association of Southeast Asian Nations)-China-GCC summit, Li Qiang called on the three sides to unite adjacent regions into a larger common market where resources, technology and talent circulate more efficiently and trade and investment enjoy greater freedom and convenience. –0–

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  • MIL-OSI Russia: China Ready to Expand Trade and Economic Cooperation with Cambodia – Li Qiang /more details/

    Translation. Region: Russian Federal

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

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

    KUALA LUMPUR, May 27 (Xinhua) — China is willing to work with Cambodia to promote trade and investment liberalization and facilitation to further expand economic and trade cooperation, Chinese Premier Li Qiang said here Tuesday when meeting with Cambodian Prime Minister Hong Manet on the sidelines of the ASEAN (Association of Southeast Asian Nations)-GCC (Gulf Cooperation Council)-China summit.

    Li Qiang noted that Chinese President Xi Jinping recently made a historic visit to Cambodia, during which the two sides jointly announced the establishment of an all-weather China-Cambodia community with a shared future in the new era.

    China-Cambodia relations are once again at the forefront of building a community with a shared future for mankind, and the strong friendship between the two countries is deepening, he added.

    China is willing to work with Cambodia to implement the achievements of Xi Jinping’s visit, strengthen high-level exchanges, deepen political mutual trust, effectively utilize the potential of the China-Cambodia Intergovernmental Coordination Committee, and steadily advance practical cooperation in various fields, Li Qiang said.

    The Chinese Premier called on China and Cambodia to respond to external uncertainties with confidence in building a China-Cambodia community with a shared future, jointly promote their own economic development, and safeguard their common interests.

    Beijing is willing to work with Phnom Penh to accelerate the alignment of high-quality cooperation under the Belt and Road Initiative with Cambodia’s Pentagonal Strategy, accelerate the implementation of cooperation plans such as the Industrial Development Corridor and the Fish and Rice Corridor, and create new vibrant areas of cooperation and new growth areas, he said.

    China is willing to strengthen cooperation with Cambodia in areas such as infrastructure, digital economy, advanced manufacturing and clean energy, the premier added.

    Li Qiang said China and Cambodia have achieved positive results in their joint efforts to combat cross-border crime, calling on both countries to take more decisive and effective measures to ensure the safety of their people.

    At present, the international situation is becoming increasingly turbulent and chaotic, Li Qiang noted. China is willing to work with Cambodia and other countries in the region to strengthen solidarity and cooperation, jointly oppose unilateralism and power politics, safeguard international justice, support the multilateral trading system, and ensure the stable and smooth operation of industrial and supply chains, so as to inject more positive energy into world peace, stability, prosperity and development, he said.

    Hun Manet, for his part, said Xi Jinping’s successful visit to Cambodia last month marked a new milestone in the ironclad friendship between the two countries.

    Cambodia firmly adheres to the one-China policy, supports China’s legitimate positions on issues concerning its core interests including Taiwan, Hong Kong, Xinjiang and Xinjiang, and opposes external interference in China’s internal affairs, he added.

    The Cambodian side is willing to work with China to implement the results of Xi Jinping’s visit, maintain high-level exchanges, make full use of various dialogue mechanisms, promote practical cooperation, strengthen people-to-people and cultural exchanges, and jointly combat cross-border crime, he said.

    Noting that Cambodia supports the three global initiatives put forward by Xi Jinping, Hun Manet said Phnom Penh hopes to work with Beijing to further strengthen multilateral coordination, uphold multilateralism, counter protectionism, maintain regional security and stability, and promote common global development. –0–

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