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Category: Asia Pacific

  • MIL-OSI Global: Kashmir attacks: Kashmiris trapped between tourism and terrorism as an insecure nation looks to Modi for accountability

    Source: The Conversation – UK – By Nitasha Kaul, Professor of Politics, International Relations and Critical Interdisciplinary Studies, University of Westminster

    The horrific targeted attack by militants in Kashmir on April 22, which killed at least 25 Indian tourists and one Nepalese national and injured many more, bears all the hallmarks of terrorism. The timing of the attacks during the high-profile visit of the US vice-president J.D. Vance to India, highlights that this was calculated to achieve maximum impact.

    The attack came at the beginning of the peak tourist season, right before a major annual Hindu Amarnath Yatra pilgrimage that attracts thousands each year. It also happened soon after provocative statements from Pakistan’s military chief, Asim Munir. In a recent speech, Munir said: “No power in the world can separate Kashmir from Pakistan. Kashmir is Pakistan’s jugular vein.”

    The attack was made by gunmen who identified Hindu men by demanding they recite verses from the Qur’an before killing them, while sparing women and children.

    Kashmir is a site of multiple competing claims, entrenched conflict and intense militarisation. The political dispute has further been used to divide Kashmiris along religious lines, resulting in a discourse of competing victimhoods between Kashmiri Muslims and Kashmiri Hindus.

    Against the backdrop of already normalised Islamophobia in India, such an attack creates greater prospects for repression and violence against Muslims.

    The reaction in the Indian media has followed a predictable script. Amid the Hindutva (Hindu nationalist) ratcheting up of anti-Muslim sentiment in the country, some people took to social media to demand the annexation of Pakistan Administered Kashmir (known as “PoK” – or Pakistan Occupied Kashmir by many in India). Kashmiri Muslims in India are reportedly now facing Hindutva groups threatening to target them.

    Hindu majoritarianism in India has long relied on constructing a narrative of the beleaguered majority under attack from a Muslim minority. So this attack becomes part of a selectively retold and lengthy history where Muslims have always been aggressors and Hindus always victims.

    Indian Muslims then often have to prove their patriotism. A Muslim member of India’s Congress Party even called for the Pakistani city of Rawalpindi to be “flattened”.

    India’s prime minister, Narendra Modi, held an emergency meeeting of the (all-male) security cabinet and immediate measures were announced after the meeting included a condemnation of Pakistan for encouraging “cross-border terrorism”. Barely a day later, he is already on the campaign trail in the Indian state of Bihar for the upcoming elections there.

    There is a continuing clamour on social media for cross-border military strikes and a desire to go after Pakistan (#AvengePahalgam). These two countries have a long history of conflict. With an ongoing spiral of tit-for-tat responses, a de-escalation cannot be guaranteed and a more general irrational miscalculation between the nuclear-armed neighbours cannot be ruled out.

    A question of accountability

    In the cacophony of jingoist calls for revenge, what is being ignored completely by the mainstream nationalistic media – often satirically referred to in rhyme as Modi’s “godi” (lapdog) media – is the question of accountability.

    In 2019 Jammu and Kashmir was downgraded from a state to a “union territory”, since which all matters of security have been the responsibility of the Delhi-appointed lieutenant governor and central home ministry. So when the home minister Amit Shah – Modi’s right-hand man – went to the region after the attack, the local chief minister, Omar Abdullah, a veteran political leader, was excluded from security briefings and meetings.

    Voices calling for accountability and even Shah’s resignation (he was the architect of downgrading Jammu and Kashmir in the name of greater security and integration) are being ignored and termed “anti-national” or traitorous. This contrasts with the reaction after the Mumbai attacks of 2008 under the Congress Party-led United Progressive Alliance. Following that terror attack, the Indian home minister resigned.

    By contrast, Shah and India’s current national security advisor, Ajit Doval have remained in post over many such attacks, the last major one being in Pulwama in 2019 when 40 central reserve police force (CRPF) personnel were killed, also in the Kashmir region.

    Before the most recent attack there, despite the heavy tourist presence, there was no security deployment on the main road from Pahalgam to Baisaran, another major tourist resort.

    Important questions need to be answered. What were the lapses in security and who is responsible? What are the policy failures in Jammu and Kashmir that allowed this to happen? Who in government should be accountable and what lessons can we take from the attack?

    In a democracy, elected leaders are held accountable and those who speak truth to power can do so without being punished. Yet, in an environment of censorship on dissent, any questioning of Indian ruling party leaders, especially Modi and Shah, is branded as hostile to India’s national interest.

    The problem with tourism as a political solution

    Modi’s policy towards Kashmir has been to encourage tourism in response to terrorism. This makes the people there dependent on the centre, as well as presenting the idea of post-conflict normality as a propaganda coup.

    But anyone who knows Kashmir will tell you that official platitudes about “normality” mean very little. The conflict in Kashmir has a complex history in which the idea of Kashmiri self-determination has long been the most important factor. Now the region is without autonomy and only held an election last year – for the first time in a decade – after the Indian Supreme Court ordered it.

    In today’s India, where authoritarianism is ascendant and Hindu nationalism poses a threat to Muslim rights and security, questions of Kashmiri people’s rights are almost impossible to address.

    Meanwhile they are vulnerable to attacks in the name of revenge for whatever Pakistani or Pakistani-backed militants do. And any acts of solidarity by Kashmiri Muslims, such as vigils and shutdowns tend simply to be ignored by a narrative that points the finger at Muslims.

    Rather than focus on the shared grief, the risk is that Modi’s Hindu nationalist government will adopt a narrow and aggressive stance, making tensions in the region worse. Calls for a vendetta may fail to distinguish between Indian Muslims or Kashmiri civilians and terrorists. This will only make the entire south Asian region less secure and more violent.

    Nitasha Kaul 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. Kashmir attacks: Kashmiris trapped between tourism and terrorism as an insecure nation looks to Modi for accountability – https://theconversation.com/kashmir-attacks-kashmiris-trapped-between-tourism-and-terrorism-as-an-insecure-nation-looks-to-modi-for-accountability-255148

    MIL OSI – Global Reports –

  • MIL-OSI Global: How racialized voters are reshaping Canadian politics through digital networks

    Source: The Conversation – Canada – By Kashif Raza, Postdoctoral Fellow, Faculty of Education, University of British Columbia

    With Canada’s federal election approaching, political parties are focused on mobilizing voters. However, they may be overlooking how ethnic communities are already shaping the country’s political life.

    Immigrants and diaspora communities make up a growing segment of Canada’s population. In 2021, a record 23 per cent of the Canadian population, more than 8.3 million people, were current or former immigrants, the highest share since 1921. People from Asia constituted 51.4 per cent of this immigrant population.

    I am a postdoctoral fellow at the University of British Columbia’s Faculty of Education. My doctoral research focused on the integration practices of South Asian immigrants from Pakistan, India and Bangladesh living or working in northeast Calgary.

    Using the Canadian Index for Measuring Integration, I explored how they engaged with Canadian society across economic, social, health and political dimensions. Much of this engagement is driven by multilingualism and ethnic networks, increasingly mediated by platforms like WhatsApp, X and Facebook.

    Researching political integration in a multilingual digital world

    Since the federal election was called in late March, I’ve been conducting a digital ethnography of social media pages run by South Asian community influencers. Digital ethnography involves observing how people use internet technologies to communicate, engage and make meaning in online spaces.

    The influencers in my study are individuals who manage digital platforms, such as Facebook groups, WhatsApp chats and other community networks, and play a key role in shaping how community members access, discuss and act on political information. The pages I examined — mostly on WhatsApp, Facebook and X — continue to show how multilingualism and ethnic networks shape political awareness and influence voter behaviour.

    Too often, political engagement is narrowly defined by voter turnout. But my research with the South Asian diaspora in Calgary shows that political integration extends far beyond the ballot box. It happens on social media, at mosques, temples and gurdwaras, through multilingual volunteering and in community spaces where language, culture and civic life intersect.

    Crucially, it also extends to transnational issues. Many community members discuss global events — such as the Israel-Hamas conflict, the Russia-Ukraine war or United States trade policies — as well as Canadian issues like immigration.

    For my research, I interviewed 19 first-generation South Asians from Bangladesh, India and Pakistan, living in Calgary. Participants in my study described the wide range of civic and democratic activities they take part in: volunteering, joining online discussions and attending cultural or religious events where political issues were discussed — mostly in both English and their heritage languages.

    Participation spans both formal volunteering, often in English-dominant spaces, and informal volunteering at religious institutions, festivals or on social media. Many preferred to volunteer where they could speak Hindi, Punjabi, Bangla or Urdu or sometimes a mixture of multiple languages, referred to as translanguaging.

    One participant, a banker and social media influencer who runs a Pakistani Facebook group, said:

    “I often volunteer on Facebook. I also join politicians in their campaigns. My entire social media work is based on Urdu. It allows me to connect with people.”

    During digital ethnography, this participant was observed combining artificial intelligence (AI) generated images with multilingual postings to campaign for a political party.

    Beyond voter turnout

    South Asians are Canada’s largest visible minority group and their civic participation offers a vital lens into how democracy functions in a multicultural, multilingual society. There’s a widespread belief that if people aren’t engaging with politics in the dominant language, then they must not be engaging at all.

    However, my research shows otherwise. Societal multilingualism — the ability to use both English and heritage languages — is protected under Canada’s Multiculturalism Act and supports more inclusive participation. A participant who works for a settlement agency explained that multilingual political activities help “in communication, explaining policies, responding to people’s questions, understanding their concerns and addressing them.”

    There’s also a common misconception that nominating a candidate from a specific ethnic background guarantees community support. While that may influence local elections, federal voting decisions are often more complex. Participants in my research emphasized party platforms, past performance and national and international issues alongside identity. Ethnic concentration alone does not determine electoral success.

    Ethnic networks — made up of extended family, faith groups, digital communities and neighbourhood ties — act as civic incubators. They are not isolated enclaves but dynamic platforms where newcomers develop political literacy and trust.

    Rethinking political participation

    Canada’s official languages are English and French, but multilingualism plays a central role in immigrant communities. In my research, language is dynamic — a social and cultural resource that fosters identity and engagement.

    Participants translated political materials, explained policies to others and used multilingual platforms to discuss topics like housing, health care and immigration. These practices are visible in this election cycle too, as South Asian community members use language, digital tools, artificial intelligence and hot-button issues to engage voters. Language in these settings is cultural capital. It enables participation through familiarity, emotional connection and social belonging.

    Faith-based spaces like gurdwaras, mosques and mandirs are civic forums. Candidates visit during campaigns and community leaders help shape political dialogue and participation. These institutions offer cultural fluency and language access that mainstream systems often lack.

    As immigration reshapes Canada’s demographics, political integration is more than a trend — it’s essential to a functioning democracy. While some parties provide translations or host cultural events, they often miss how deep civic engagement already exists within these communities.

    Immigrants are not passive recipients anymore. They are active participants, shaping conversations in their own languages and networks. Ahead of the 2025 election, it’s time to move beyond ethnic voting myth and recognize the full civic ecosystem — from WhatsApp groups to mosque courtyards.

    Political parties must go beyond hiring translators or leaning on community leaders. Multilingual civic participation is not an afterthought — it’s foundational. It’s time to engage people in the languages they speak, in the spaces they trust.

    If we want a truly inclusive democracy, we must meet people where they are linguistically, culturally and locally. Ethnic networks are not detours from political life. They are on-ramps. And multilingualism is not a barrier to participation. It’s the language of democracy.

    Kashif Raza receives funding from the Social Sciences and Humanities Research Council (SSHRC) of Canada.

    – ref. How racialized voters are reshaping Canadian politics through digital networks – https://theconversation.com/how-racialized-voters-are-reshaping-canadian-politics-through-digital-networks-253895

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Spring Meetings 2025 Press Briefing Transcript: Intergovernmental Group of Twenty-Four (G24)

    Source: International Monetary Fund

    April 24, 2025

    SPEAKERS:

    Chair: Pablo Quirno, Secretary of Finance, Ministry of Economy of Argentina

    First Vice‑Chair:  Olawale Edun, Federal Minister of Finance of Nigeria

    Second Vice‑Chair: Jameel Ahmad, Governor, State Bank of Pakistan

    Director: Iyabo Masha, G‑24 Secretariat

    MODERATOR:

    Pavis Devahasadin, Communications Officer, IMF

    Mr. Devahasadin: Good morning, ladies and gentlemen. My name is Pavis Devahasadin, Communication Officer from the IMF’s Communication Department. I would like to welcome everyone here in this room and our online audience to the press conference on the Intergovernmental Group of 24 on International Monetary Affairs and Development or G‑24.

    Before we begin, I would like to remind you that we have simultaneous translation in English, French and Spanish. It is my honor to introduce the distinguished panel at this table, the Chair of the Ministry of the G‑24 at the center is Mr. Pablo Quirno, Secretary of Finance of Argentina. To his right is Mr. Vice Chair, Mr. Olawale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy. To the left of Mr. Chair is Second‑Vice Chair Mr. Jameel Ahmad, Governor of the State Bank of Pakistan. Of course, at the other end of the table is Director of G‑24 Secretariat Ms. Iyabo Masha. Without further ado, may I invite Mr. Quirno to give some remarks. Mr. Chair, the floor is yours.

    Mr. Quirno (Argentina): Thank you, Pavis. Dear members of the press, I would like to extend a warm welcome to each and every one of you as we gather for this press conference. You have at your disposal our comprehensive communiqué and press release encapsulating the discussions held today. Allow me to briefly highlight the key takeaways.

    We are witnessing a major transition in how the global economy works and processes of change such as these always involve intervals of great volatility and uncertainty. Our communiqué reflects that the recent economic developments have driven uncertainty to elevated levels. In this context, emerging market and developing economies face additional challenges stemming from both external conditions and domestic factors.

    On the external front, many EMDEs continue to face elevated public debt levels and rising debt servicing burdens. The prevailing environment of still tight global financial conditions is exacerbating these challenges, constraining fiscal space, and forcing difficult tradeoffs between repaying creditors and investing in critical areas for productivity, growth and development. These also represent a risk to macroeconomic stability, as debt maturities and rising debt service payments hinder fiscal consolidation plans, which are necessary to tackle domestic imbalances, maintain price stability, and foster a stable macroeconomic environment for investment and growth.

    On the domestic front, weak fiscal fundamentals are at the core of macroeconomic instability, while many of us face longstanding structural policy challenges that hold back productivity and competitiveness.

    The building up of external and fiscal imbalances amid public spending pressures that exceed revenues and with constrained access to international financial markets further erodes macroeconomic stability.

    Furthermore, domestic environments perceived as unsafe for investment dominated by overly complex legislation and inefficient and burdensome tax systems add to macroeconomic instability to further discourage much‑needed private capital inflows.

    As stated in the communiqué, domestic policymaking is the first line of defense. The best way to enhance short‑term domestic responsiveness, as well as medium‑term growth capacity is through solid macroeconomic frameworks combined with clear rules that foster a predictable environment for private investment.

    Pivoting to our fiscal consolidation to set debt on a sustainable path and rebuild buffers while advancing with productivity‑enhancing‑market reoriented structural reforms must remain priorities for the domestic policymaking. Whereas doing so while maintaining social cohesion and protecting the most vulnerable can be challenging, it can be achieved with careful policy calibration.

    But as these measures may take some time to deliver, mobilizing sufficient international support is also crucial to help countries meet their financing needs while they navigate the waters towards a healthier economy. The Bretton Woods Institutions remain crucial, necessitating decisive actions to fortify the Global Financial Safety Net and broaden development finance. The IMF’s role as a centerpiece of the Global Financial Safety Net is vital in addressing multilateral challenges and supporting vulnerable countries. We appreciate the IMF’s recent reforms to better support EMDEs, such as the recent review of the charges and surcharges policies.

    However, countries with limited access to affordable short‑term and crisis‑related liquidity continue to face vulnerabilities. It is essential to address liquidity pressures and strengthen crisis prevention and response capabilities, including enhancing existing financial safety nets. Surveillance and internal and external stability should be intensified, including on spillover effects from systematically important countries. The World Bank has made progress in implementing the Evolution Program, but further progress is required in operationalizing key aspects of the framework of financial incentives and reducing IBRD loan pricing. Faster implementation of the remaining G‑20 Independent Experts Groups Recommendations on MDB reforms is needed, including mitigating currency risks through local currency lending and domestic capital market reforms, de‑risking private‑sector investment, and increasing capital within the WBG and across the MDB system.

    Swift progress on the 2025 shareholding review is necessary to address misalignments, strengthen voice and representation, enhance IBRD legitimacy, and ensure equitable voting power.

    In sum, the path to sharp growth and a steady growing economy is multifaceted. We must do our part and commit to strengthen fiscal and monetary frameworks, build robust institutions, and embrace structural reforms that promote competitiveness, productivity gains, and job creation, but at the same time we need global financial institutions that recognize domestic efforts and are willing and well‑prepared to step up for these countries. Thank you, and with these remarks, I am now ready to entertain your questions.

    Mr. Devahasadin: Thank you, Mr. Chair. Before we begin the Q&A section, I kindly ask that all questions remain within the scope of the G‑24’s mandate and responsibilities. Other questions outside of its purview, of course, should be raised during the regional press conferences that are going to be taking place in the coming days. And please kindly identify yourself, your organization, your news outlet, and specify to whom your questions would like to be addressing. With that, any questions? Yes, sir.

    QUESTION: Good morning to everybody. Mr. Quirno, you just said that the Bretton Woods Institutions are crucial. Does any of you feel that their role, their functioning is endangered currently? Thank you for answering this question.

    Mr. Devahasadin: Thank you.

    Mr. Quirno: I think globally we are facing a period of volatility and uncertainty. As such, the Bretton Woods Institutions are crucial in providing the safety net and the channels of communication that remain open among the different countries that participate in those institutions. And I think the role is very, very important. And we do not see them—I mean, we are always rebalancing their role and their task, and it is something that is a process that we do constantly. At the end of the day, the role is vital. It is very important, and we do not see them at risk as you put it.

    Mr. Devahasadin: Minister Edun.

    Mr. Edun (Nigeria): Thank you. I agree with the Chair that there is nothing that we have heard that says that the Bretton Woods Institutions stands ready to do anything other than on the one hand, provide safety net. On the other hand, continue to provide development finance. If anything, this time of heightened global uncertainty, what we have heard from them is that they stand ready and are very much willing and capable to help countries to navigate this particular time and to continue to encourage good policymaking, to encourage resilience, building of resilience, building of buffers and effectively staying the course for those who are actually on a path that will take them further along the road to growth development and reduction of poverty.

    Mr. Devahasadin: Thank you. Governor Ahmad or Ms. Masha, would you like to add anything?

    Mr. Ahmad: No, it is OK. I think we fully agree with the views expressed by the Chair and the Vice. I think the increased uncertainty and the prevailing situation, it has become much more important for the Bretton Woods Institutions to continue to play their role and particularly as the financial safety net providers and also as the development partners. I think they have a role which will continue to be there, and they will be contributing in the performance of the road previously—that they have been doing previously, so I fully agree.

    Mr. Devahasadin: Thank you. Ms. Masha?

    Ms. Masha (G-24 Secretariat): Yes. We believe that the organizations are very useful, and the usefulness is very much appreciated, and so we do not have any uncertainty about their continued relevance. And we do hope that whatever actions countries are taking, the advanced economies are taking, they will factor into their decision the very good usefulness of these organizations. Thank you.

    Mr. Devahasadin: Thank you. Going back to the floor. Any question? Right here, lady with the glasses.

    QUESTION: My question is for Mr. Jameel Ahmad. What steps is the State Bank of Pakistan taking? Is it engaging with other central banks to mitigate risks, particularly in the G‑24 framework? Thank you.

    Mr. Ahmad: I think as initially said that if there is any specific questions pertaining to the State Bank, we can discuss that during the separate conferences, which we have, but for the time being, since we are in the G-24 platform, we are coordinating with other central banks, and we discussed all these issues during the yesterday’s Deputies Meeting as well as today’s meeting also of the G-24. These are the issues faced by the G-24 members and have been thoroughly discussed and the stance has been agreed upon. This is what is contained in the communiqué which is being issued today.

    Mr. Devahasadin: Going back to the floor, maybe in the midsection I saw some hands. I will start with you in the black. Thank you. We are going to make our way back. Yes.

    QUESTION: So, I have a couple questions for everyone here. First of all, how concerned are your members from the fallout from tariffs and what are they trying to do to try to mitigate the impacts? Also, are you planning to work more closely with each other, for instance, increasing trade with each other? And lastly, specifically, are you planning on working more closely with China, for instance?

    Mr. Devahasadin: Just to add to that, I got an advanced question Sri Lanka. In the light of reciprocal tariff currently in place, what strategy is the G‑24 considering as a working group to alleviate the pressure on emerging economies? So that is related to your question as well. Mr. Chair.

    Mr. Quirno: Thank you. Thank you for the questions. I think that it is important to understand that the G‑24 is a very diverse group of countries, and everyone, each of us has its own peculiarities, strengths, and weaknesses in the midst of the current trade situation. So, what I would say is that the fallout of this uncertainty that we are facing creates more volatility. And as emerging market countries and developing countries, what you face is a situation in which, in addition to the trade tensions, you have a situation on the capital markets and the capital flows, things that are based on the uncertainty. What happens is flows are expecting a solution. As one of the members said today, we can deal with good news. We can deal with bad news. We need to know what to do under uncertainty. You know, as we are going through this process of trade negotiations globally and as definitions are set, then we will know how to react. In the meantime, as we said in the communiqué and as we said in my opening remarks, the first line of defense, the thing that is within our country’s contro, is around the domestic agenda. We need to bring resilience into our own economies in such a way that we have a fiscal path that is credible, that we have sound monetary policies as well that back that fiscal consolidation program, because at the end of the day that is what investors are looking at.

    Investors are looking at the different countries’ situation and see how they can cope with this level of uncertainties. We have faced different levels, different crises in the past — globally, the pandemic being the last one. And we have, as a collective number of countries, been able to achieve a level of resilience that is very good. I mean, that resilience is being tested once again. That is why we also need to work in conjunction among the different countries, not only G‑24 but in a global context to address the situation. But I think the homework also needs to be consolidated at home in order to then continue moving forward. And as such, we are also obviously fostering our trade relationships among the different countries. We are doing it among the G‑24, among G‑20, so there are various areas of cooperation and consolidation there as well.

    Mr. Devahasadin: Any perspective from Ms. Masha in terms of coordination, collaboration across nations?

    Ms. Masha: Well, I think the Chair has pointed out some of those issues regarding macroeconomic stability, that is when these shocks manifest, there’s need for fiscal policies, sound monetary policies. But more along that line, it also provides opportunities for countries to pivot towards a different development pathway. Maybe going into sectors that are going to satisfy domestic demand will make them less prone to external shocks and diversifying their markets, the different markets, so they can better cope with the future tariff or trade policies. Thank you.

    Mr. Devahasadin: Thank you. Going back to the floor, I see hands right there all the way in the back, the lady in beige. We will come back to the front.

    QUESTION: Thank you for taking our questions. A question for everyone, sort of piggybacking off of my colleague’s question on tariffs. How does the G‑24 weigh the inflationary risks versus risks of recession from the current tariff environment? And then one for the Argentina Secretary, you spoke about debt maturities and rising debt payments, more than 4 billion in debt many coming due for Argentina in July right after an ambitious reserve target accumulation from the IMF. How does Argentina plan to confront those payments and is there a target that it is looking back to return to capital markets? Thank you.

    Mr. Quirno: In terms of the first question related to inflationary pressures and related to the trade situation, we had this morning the World Economic Outlook conference in which we had details on that perspective, but I think also it is very early to tell on how this is going to at the end of the day be moving forward. We are not in the business—at least I am not in the business of projecting inflation in my own country. It is very difficult to try to project inflationary pressures on a global basis, but I think it is—as I said before, we are living in uncertain times. We expect that trade negotiations that are currently underway reach a good point that is satisfactory to everyone involved, and that will normalize trade flows from that perspective onwards. In terms of Argentina—I mean, despite the fact that it is a common theme throughout the G‑24—what we are trying to do in Argentina for the last 15 months is basically gain our credibility back. And as such, we have elected a very conservative and unorthodox approach to the problems that Argentina had. And one of the problems that Argentina had was on the fiscal front. And we have done a tremendous fiscal consolidation. We put our house in order, on the monetary front as well. And that track record is one that will put us in a path to regaining market access eventually.

    Having said that, from my perspective, as the CFO of the country, what I can say is that we work at it very conservatively. I am not assuming that Argentina will be able to re‑access markets at a given time. But we have certainty that the maturities are coming due. That is why we have worked in the past in showing our willingness to pay. We have honored all our commitments. We have now a new IMF program, which has started to work very well, as expected. And in addition to that, because of that conservative, look, we have already accumulated reserves. The Treasury has bought a significant amount of dollars that it has at the central bank to honor those obligations. So, we do not expect to—we cannot speculate about when Argentina will be able to re‑access international markets. When those will happen, when that situation happens, we will address it. But in the meantime, we still work as if we have no access, and we have to pay down our obligations as we did in this last 15 months.

    Mr. Devahasadin: Thank you, I see three remaining hands. I will come back to the front with the lady in the brown jacket first and then I go to that side of the room. I see two hands. Please keep your questions short. We have limited time. Thank you.

    QUESTION: Hi. My question is regarding—we have seen the U.S. called back on some of the financings that it gives to developing economies, so in terms of financing the sustainable development goals, as well as climate action, could you talk about some of the challenges there?

    Mr. Devahasadin: Are your questions related to climate so we can collect them both? Anyone on climate here.

    Mr. Quirno: We face several challenges and as such, for that, many countries rely on the World Bank and the IMF, to basically be able to develop tools to finance that development, finance climate action, to finance infrastructure, and as such, we are at a period in which you have to—countries have to balance that in turn with their own macroeconomic situation in that respect. We need to—we have many of our countries in the G‑24 have significant natural resources that need to be developed. Those are the ones that are part of the transition energy, for example. And those are situations in which you cannot access private financing. The role of development financing in terms of climate, in terms of energy transition, et cetera, is very important. But those are challenges that are on the table that we need to address, and we are addressing together as a group and as an individual country as well.

    Mr. Devahasadin: Thank you. Go back to the floor. Gentleman back here and we can go all the way back to you, sir.

    QUESTION: Thank you. Two questions. You brought back fiscal discipline to Argentina, but can you quantify the harmful effects on the lives of the citizens? That is what want to talk about, the strikes, the protests, the fact that people do not have money in their pockets. Secondly, you also talked about building resilience, how do we build resilience where most of the countries in the G‑24 have one similar problem, a lot of visionless leadership, definitely, and a lot of poverty. Our arms are already tied behind our hands economically. How do you expect us to build resilience?  We are just led to the slaughter slap.

    Mr. Devahasadin: Thank you. Can I go all the way back to the back, the gentleman in the back, please?

    QUESTION: Thank you for taking my question. I wanted to touch on debt restructuring. In October you called on the reform of the Common Framework, and I am curious to know more about what sort of reform moves you have seen since then and also what types of reforms the G‑24 would like to see to the Common Framework. Thank you.

    Mr. Quirno: To the first question, I hate to make reference to Argentina, but the question was directly addressed to that situation. Argentina was facing a very dire situation—55 percent poverty rate before this administration took office. We have worked very, very strongly to do a couple of things that basically went straight to address that situation by having done our fiscal consolidation. We basically reduced 5 percentage points of GDP deficit in a month, something that has not been done probably anywhere else in the world so far. But we did it because we knew that we had no alternative. And at the end of the day, what happened is that the myth is that by doing such an adjustment, you would enter into a deep recession. Argentina rebounded out of its recession that was two and a half years long two months after that fiscal consolidation.

    Since then, real wages have increased for 10 months straight. Poverty levels have been reduced from 54 percent to 38 percent in about a year. And economic activity has increased 6 percent December 2024 from December 2023 when we took over. It can be done. That is the message. You know, there is preoccupations before, during such a big adjustment as we did, but it pays out. It takes the political will to do it. Everyone knows what needs to be done on the fiscal and monetary fronts. The books have been written about it. What happens is you need the political willingness to attack the problem because that may hurt politicians when they make those decisions. We have a very strong leadership in President Milei — the one that has said we need to go in this. What he has said is we need to take care of the most vulnerable. We doubled in real terms, while being able to achieve our financial surplus. We were able to double in real terms the assistance to the most vulnerable. And that is something that basically shows the amount of corruption and intermediation that was on the social plans that the national government was spending on. So now those funds have been redirected. It is funny that we doubled the expenditures in real terms, but the amount that people received more than tripled. We spent 100, and we are now spending 200 in real terms. People got 60. They received 60, and then they are receiving 200. That is a big—very big realization from the most vulnerable population that they have been robbed for years. Because by maintaining fiscal consolidation, by maintaining a financial surplus, we were still able to double the assistance to the most vulnerable.

    Mr. Devahasadin: We go to Ms. Masha on debt restructuring because you spoke about it last time.

    Ms. Masha: Debt restructuring?

    Mr. Devahasadin: The Common Framework. Yes, the progress on that.

    Ms. Masha: I want to add a little to what the Chair said in response to the question before I go to the Common Framework.

    Mr. Devahasadin: Yes.

    Ms. Masha: That is just to say that the G‑24 member countries, we have some of the largest economies in the world as members of G‑24, and the good thing is that the growth, the size of their economy, most of them over the past two or three decades, China, India and Brazil. So that takes a lot of vision. That takes a lot of implementations of the right policies. So, it is not quite a visionless leadership, but they have had to take policies that enable the countries to achieve what they have been able to achieve over such a short period of time.

    On the Common Framework — where we are on the Common Framework is that some countries have used it. Some have found it beneficial. The only complaint—well, some of the complaints we have heard about is that the process takes a very long time. And during that long time, they are not able to access the market, or they have to take some difficult decisions when they do not know how it is going to play out. And we also made that position known. The second, the other issue is we need more participation of the private market, maybe of also multilateral development banks, and also to have some precise idea of how it will play out. Some middle‑income countries have been asked to be a part of it. That is not really in discussion now, but all in all, countries have benefited from it, but there could be more benefit. Thank you.

    Mr. Devahasadin: Mr. Chair, you would like to add anything?

    Mr. Quirno (Argentina): No.

    Mr. Devahasadin: We are out of time. Unfortunately, Minister Edun had another obligation. If you have any follow‑up question, send it to press@G24.org. That was in the advisory, how to contact the G‑24. The communiqué should have been posted on IMF.org and the transcript of this press conference will be made available later. Thank you very much for joining this press conference and have a good rest of your day. Thank you.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI Global: Fake models for fast fashion? What AI clones mean for our jobs — and our identities

    Source: The Conversation – Canada – By Jul Parke, PhD Candidate in Media, Technology & Culture, University of Toronto

    In the heart of New York City’s Times Square, a popup by British tech startup, Hypervsn, showcases life-size holograms in a health supplement store. From behind the glass, a virtual humanoid avatar with spunky pink hair waves to passersby. She is just one sign of an artificial intelligence (AI) revolution in marketing taking place.

    Down the street, H&M — the Swedish fast-fashion giant — offers a new kind of immersive shopping experience. The flagship store showcases a room covered in mirrors equipped with virtual environments, encouraging shoppers to make social media content while they try on merchandise.

    And last month, H&M made waves with its newest AI venture: cloning 30 real-life models using “digital twin” technology.

    These AI-generated replicas sparked global excitement and debate. But as digital replicas of real people become more common, especially in image-based industries like fashion, urgent ethical questions are emerging. These include conversations about the future of work, compensation and identity in the cultural economy.

    H&M AI models. One is real, one is an AI generated model.
    H&M

    Digital twins, explained

    In New York’s bustling AI startup scene, where tech, fashion and finance collide, the potential of digital twins is being met with optimism.

    Developers, investors and brands believe that by cloning our human bodies and personalities, we can reach a future in which we live in “double time.” That time would look something like us sinking back into our couch for some rest while our identical avatars show up to work on our behalf. But is it really that simple?

    What does it mean for workers whose identities are being cloned without clear guidelines on compensation, ownership and rights?

    Digital twin production is a meticulous process that begins with a person’s unique identity. This includes their voice, personality, body and face, all things considered to be their intellectual property (IP).

    When someone signs off to be cloned with a digital twin startup, they agree to the use of generative AI replicating everything about their physical body: personal identity, distinct features and skills.

    The ethical framework around digital twins

    The emergence of digital twins has forced the development of new ethical frameworks, still in flux. Industry leader Natalie Monbiot, former co-founder of HourOne, has coined the term “Virtual Human Economy” to describe this growing sector.

    Companies like HourOne, Synthesia and Soul Machines are competing to dominate this space. They offer digital twins for applications that range from fashion modelling to corporate training videos and online education.

    The ethical challenges are significant, particularly regarding ownership.

    The human half of the H&M digital twin models, for example, will receive “fair compensation,” including continued payment for the use of their digital replicas beyond initial creation. The company has said models will retain some rights to how their likenesses are used, but industry standards for such contracts remain inconsistent.

    Most digital twin companies establish contracts where the human “original” receives initial compensation for the creation process. This typically involves extensive scanning, voice recording and movement capture.

    But such arrangements remain inconsistent across the industry, and the long-term value proposition of these digital likenesses is still unclear.

    Some companies offer royalty structures, while others purchase full rights upfront. This raises questions about the fair valuation of a person’s digital likeness.

    Traditional image rights contracts, borrowed from the entertainment industry, don’t account for AI’s ability to generate novel content using a person’s likeness. The industry is essentially creating its ethical standards in real time, with some companies adopting more transparent approaches than others.

    ‘Jackpot’ economy means those at the top take all

    For workers in image-based industries, like models and photographers, the rise of digital twins brings a fundamental shift in how labour and compensation are structured. While modelling has always been hyper-competitive, social media has dramatically intensified that and is now playing a large role in how opportunities are allocated.

    American labour scholar Andrew Ross pinpoints these dynamics as a “jackpot economy,” where intellectual property becomes “the glittering prize for the lucky few” while the majority face increased precarity.

    U.S. fashion scholar Minh-Ha Pham has also written about how digital technologies amplify the winners-take-all economic structures within the fashion and blogging industries. She describes concentrated opportunities and rewards among an elite minority.

    To add to this, New Zealand scholars Rachel Berryman and Misha Kavka have demonstrated how the rise of “parasocial” relationships has become increasingly central to career success in these fields. A parasocial relationship describes the sense of intimate connection followers feel toward influencers and celebrities.

    In other words, those successful digital twins could further concentrate power among models who already possess substantial followings and cultural cachet. This cachet allows them to multiply their earning potential while those with less visibility struggle to compete against both humans and AI-generated alternatives.



    Read more:
    AI-generated influencers: A new wave of cultural exploitation

    Race, sexuality and gender

    This concentration effect is particularly concerning when considering how race, sexuality and gender representation manifests in virtual spaces.

    Virtual influencer, Shudu.
    Instagram

    For nearly a decade, fully virtual fashion models like Shudu have become increasingly popular. Shudu has more than 237,000 Instagram followers and partnerships with brands like Balmain, Louis Vuitton and Furla. Shudu and others have demonstrated how digital avatars often flatten and commercialize identity. They present sanitized versions of racial and gender diversity that serve brand interests rather than authentic representation.



    Read more:
    AI-generated influencers: A new wave of cultural exploitation

    While digital twins based on actual humans may provide more authentic representation than fully synthetic avatars, they still risk reinforcing existing inequalities in who receives visibility and compensation.

    On the other hand, digital twinning could potentially offer improvements over purely synthetic virtual models.

    By maintaining a connection to real human subjects who can negotiate their representation and compensation, digital twins might provide a more equitable approach than computer-generated avatars created entirely at a corporation’s discretion.

    Behind the digital glamour are real-life issues

    Our collective fascination with technology and the new AI-driven digital twins may be distracting us from a more pressing (but also old) issue. Let’s not forget to look at the economic structures that govern work cultures, human creativity and labour norms.

    The debate isn’t just about banning or regulating AI, which enable phenomena such as digital twins; it’s also about how we ensure fair compensation and equitable access to these new forms of labour.

    The “jackpot economy” often benefits only a select few, leaving the majority in precarious positions. As digital twins technology continues to evolve, we must develop regulatory frameworks to ensure fair compensation for workers in creative industries.

    While we focus on the capabilities and potential of AI, we also need to shift the conversation towards the economic systems and power structures in which these technologies operate.

    Jul Parke receives funding from the Department of Canadian Heritage and the Social Sciences and Humanities Council of Canada.

    – ref. Fake models for fast fashion? What AI clones mean for our jobs — and our identities – https://theconversation.com/fake-models-for-fast-fashion-what-ai-clones-mean-for-our-jobs-and-our-identities-254135

    MIL OSI – Global Reports –

  • MIL-OSI Video: Australian Federal Police Investigator Kevin Mulroney Discusses Sextortion

    Source: Federal Bureau of Investigation (FBI) (video statements)

    Kevin Mulroney, detective leading senior constable, Australian Federal Police, discusses a financially motivated sextortion operation in Nigeria. The joint international operation targeted suspects whose crimes occurred in at least three countries and led to multiple deaths by suicides, including more than 20 in the U.S. since 2021.

    More at: https://www.fbi.gov/news/stories/fbi-operation-in-nigeria-targeted-perpetrators-of-online-extortion-schemes-that-prey-on-teens
    —————————————————
    Subscribe to Inside the FBI wherever you get your podcasts:
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    Apple Podcasts: https://podcasts.apple.com/us/podcast…
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    More ways to follow us: https://inside-the-fbi.transistor.fm/…

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    Twitter: https://twitter.com/fbi
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    https://www.youtube.com/watch?v=4UozxbUewZ8

    MIL OSI Video –

  • MIL-OSI Russia: Spring Meetings 2025 Press Briefing Transcript: Intergovernmental Group of Twenty-Four (G24)

    Source: IMF – News in Russian

    April 24, 2025

    SPEAKERS:

    Chair: Pablo Quirno, Secretary of Finance, Ministry of Economy of Argentina

    First Vice‑Chair:  Olawale Edun, Federal Minister of Finance of Nigeria

    Second Vice‑Chair: Jameel Ahmad, Governor, State Bank of Pakistan

    Director: Iyabo Masha, G‑24 Secretariat

    MODERATOR:

    Pavis Devahasadin, Communications Officer, IMF

    Mr. Devahasadin: Good morning, ladies and gentlemen. My name is Pavis Devahasadin, Communication Officer from the IMF’s Communication Department. I would like to welcome everyone here in this room and our online audience to the press conference on the Intergovernmental Group of 24 on International Monetary Affairs and Development or G‑24.

    Before we begin, I would like to remind you that we have simultaneous translation in English, French and Spanish. It is my honor to introduce the distinguished panel at this table, the Chair of the Ministry of the G‑24 at the center is Mr. Pablo Quirno, Secretary of Finance of Argentina. To his right is Mr. Vice Chair, Mr. Olawale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy. To the left of Mr. Chair is Second‑Vice Chair Mr. Jameel Ahmad, Governor of the State Bank of Pakistan. Of course, at the other end of the table is Director of G‑24 Secretariat Ms. Iyabo Masha. Without further ado, may I invite Mr. Quirno to give some remarks. Mr. Chair, the floor is yours.

    Mr. Quirno (Argentina): Thank you, Pavis. Dear members of the press, I would like to extend a warm welcome to each and every one of you as we gather for this press conference. You have at your disposal our comprehensive communiqué and press release encapsulating the discussions held today. Allow me to briefly highlight the key takeaways.

    We are witnessing a major transition in how the global economy works and processes of change such as these always involve intervals of great volatility and uncertainty. Our communiqué reflects that the recent economic developments have driven uncertainty to elevated levels. In this context, emerging market and developing economies face additional challenges stemming from both external conditions and domestic factors.

    On the external front, many EMDEs continue to face elevated public debt levels and rising debt servicing burdens. The prevailing environment of still tight global financial conditions is exacerbating these challenges, constraining fiscal space, and forcing difficult tradeoffs between repaying creditors and investing in critical areas for productivity, growth and development. These also represent a risk to macroeconomic stability, as debt maturities and rising debt service payments hinder fiscal consolidation plans, which are necessary to tackle domestic imbalances, maintain price stability, and foster a stable macroeconomic environment for investment and growth.

    On the domestic front, weak fiscal fundamentals are at the core of macroeconomic instability, while many of us face longstanding structural policy challenges that hold back productivity and competitiveness.

    The building up of external and fiscal imbalances amid public spending pressures that exceed revenues and with constrained access to international financial markets further erodes macroeconomic stability.

    Furthermore, domestic environments perceived as unsafe for investment dominated by overly complex legislation and inefficient and burdensome tax systems add to macroeconomic instability to further discourage much‑needed private capital inflows.

    As stated in the communiqué, domestic policymaking is the first line of defense. The best way to enhance short‑term domestic responsiveness, as well as medium‑term growth capacity is through solid macroeconomic frameworks combined with clear rules that foster a predictable environment for private investment.

    Pivoting to our fiscal consolidation to set debt on a sustainable path and rebuild buffers while advancing with productivity‑enhancing‑market reoriented structural reforms must remain priorities for the domestic policymaking. Whereas doing so while maintaining social cohesion and protecting the most vulnerable can be challenging, it can be achieved with careful policy calibration.

    But as these measures may take some time to deliver, mobilizing sufficient international support is also crucial to help countries meet their financing needs while they navigate the waters towards a healthier economy. The Bretton Woods Institutions remain crucial, necessitating decisive actions to fortify the Global Financial Safety Net and broaden development finance. The IMF’s role as a centerpiece of the Global Financial Safety Net is vital in addressing multilateral challenges and supporting vulnerable countries. We appreciate the IMF’s recent reforms to better support EMDEs, such as the recent review of the charges and surcharges policies.

    However, countries with limited access to affordable short‑term and crisis‑related liquidity continue to face vulnerabilities. It is essential to address liquidity pressures and strengthen crisis prevention and response capabilities, including enhancing existing financial safety nets. Surveillance and internal and external stability should be intensified, including on spillover effects from systematically important countries. The World Bank has made progress in implementing the Evolution Program, but further progress is required in operationalizing key aspects of the framework of financial incentives and reducing IBRD loan pricing. Faster implementation of the remaining G‑20 Independent Experts Groups Recommendations on MDB reforms is needed, including mitigating currency risks through local currency lending and domestic capital market reforms, de‑risking private‑sector investment, and increasing capital within the WBG and across the MDB system.

    Swift progress on the 2025 shareholding review is necessary to address misalignments, strengthen voice and representation, enhance IBRD legitimacy, and ensure equitable voting power.

    In sum, the path to sharp growth and a steady growing economy is multifaceted. We must do our part and commit to strengthen fiscal and monetary frameworks, build robust institutions, and embrace structural reforms that promote competitiveness, productivity gains, and job creation, but at the same time we need global financial institutions that recognize domestic efforts and are willing and well‑prepared to step up for these countries. Thank you, and with these remarks, I am now ready to entertain your questions.

    Mr. Devahasadin: Thank you, Mr. Chair. Before we begin the Q&A section, I kindly ask that all questions remain within the scope of the G‑24’s mandate and responsibilities. Other questions outside of its purview, of course, should be raised during the regional press conferences that are going to be taking place in the coming days. And please kindly identify yourself, your organization, your news outlet, and specify to whom your questions would like to be addressing. With that, any questions? Yes, sir.

    QUESTION: Good morning to everybody. Mr. Quirno, you just said that the Bretton Woods Institutions are crucial. Does any of you feel that their role, their functioning is endangered currently? Thank you for answering this question.

    Mr. Devahasadin: Thank you.

    Mr. Quirno: I think globally we are facing a period of volatility and uncertainty. As such, the Bretton Woods Institutions are crucial in providing the safety net and the channels of communication that remain open among the different countries that participate in those institutions. And I think the role is very, very important. And we do not see them—I mean, we are always rebalancing their role and their task, and it is something that is a process that we do constantly. At the end of the day, the role is vital. It is very important, and we do not see them at risk as you put it.

    Mr. Devahasadin: Minister Edun.

    Mr. Edun (Nigeria): Thank you. I agree with the Chair that there is nothing that we have heard that says that the Bretton Woods Institutions stands ready to do anything other than on the one hand, provide safety net. On the other hand, continue to provide development finance. If anything, this time of heightened global uncertainty, what we have heard from them is that they stand ready and are very much willing and capable to help countries to navigate this particular time and to continue to encourage good policymaking, to encourage resilience, building of resilience, building of buffers and effectively staying the course for those who are actually on a path that will take them further along the road to growth development and reduction of poverty.

    Mr. Devahasadin: Thank you. Governor Ahmad or Ms. Masha, would you like to add anything?

    Mr. Ahmad: No, it is OK. I think we fully agree with the views expressed by the Chair and the Vice. I think the increased uncertainty and the prevailing situation, it has become much more important for the Bretton Woods Institutions to continue to play their role and particularly as the financial safety net providers and also as the development partners. I think they have a role which will continue to be there, and they will be contributing in the performance of the road previously—that they have been doing previously, so I fully agree.

    Mr. Devahasadin: Thank you. Ms. Masha?

    Ms. Masha (G-24 Secretariat): Yes. We believe that the organizations are very useful, and the usefulness is very much appreciated, and so we do not have any uncertainty about their continued relevance. And we do hope that whatever actions countries are taking, the advanced economies are taking, they will factor into their decision the very good usefulness of these organizations. Thank you.

    Mr. Devahasadin: Thank you. Going back to the floor. Any question? Right here, lady with the glasses.

    QUESTION: My question is for Mr. Jameel Ahmad. What steps is the State Bank of Pakistan taking? Is it engaging with other central banks to mitigate risks, particularly in the G‑24 framework? Thank you.

    Mr. Ahmad: I think as initially said that if there is any specific questions pertaining to the State Bank, we can discuss that during the separate conferences, which we have, but for the time being, since we are in the G-24 platform, we are coordinating with other central banks, and we discussed all these issues during the yesterday’s Deputies Meeting as well as today’s meeting also of the G-24. These are the issues faced by the G-24 members and have been thoroughly discussed and the stance has been agreed upon. This is what is contained in the communiqué which is being issued today.

    Mr. Devahasadin: Going back to the floor, maybe in the midsection I saw some hands. I will start with you in the black. Thank you. We are going to make our way back. Yes.

    QUESTION: So, I have a couple questions for everyone here. First of all, how concerned are your members from the fallout from tariffs and what are they trying to do to try to mitigate the impacts? Also, are you planning to work more closely with each other, for instance, increasing trade with each other? And lastly, specifically, are you planning on working more closely with China, for instance?

    Mr. Devahasadin: Just to add to that, I got an advanced question Sri Lanka. In the light of reciprocal tariff currently in place, what strategy is the G‑24 considering as a working group to alleviate the pressure on emerging economies? So that is related to your question as well. Mr. Chair.

    Mr. Quirno: Thank you. Thank you for the questions. I think that it is important to understand that the G‑24 is a very diverse group of countries, and everyone, each of us has its own peculiarities, strengths, and weaknesses in the midst of the current trade situation. So, what I would say is that the fallout of this uncertainty that we are facing creates more volatility. And as emerging market countries and developing countries, what you face is a situation in which, in addition to the trade tensions, you have a situation on the capital markets and the capital flows, things that are based on the uncertainty. What happens is flows are expecting a solution. As one of the members said today, we can deal with good news. We can deal with bad news. We need to know what to do under uncertainty. You know, as we are going through this process of trade negotiations globally and as definitions are set, then we will know how to react. In the meantime, as we said in the communiqué and as we said in my opening remarks, the first line of defense, the thing that is within our country’s contro, is around the domestic agenda. We need to bring resilience into our own economies in such a way that we have a fiscal path that is credible, that we have sound monetary policies as well that back that fiscal consolidation program, because at the end of the day that is what investors are looking at.

    Investors are looking at the different countries’ situation and see how they can cope with this level of uncertainties. We have faced different levels, different crises in the past — globally, the pandemic being the last one. And we have, as a collective number of countries, been able to achieve a level of resilience that is very good. I mean, that resilience is being tested once again. That is why we also need to work in conjunction among the different countries, not only G‑24 but in a global context to address the situation. But I think the homework also needs to be consolidated at home in order to then continue moving forward. And as such, we are also obviously fostering our trade relationships among the different countries. We are doing it among the G‑24, among G‑20, so there are various areas of cooperation and consolidation there as well.

    Mr. Devahasadin: Any perspective from Ms. Masha in terms of coordination, collaboration across nations?

    Ms. Masha: Well, I think the Chair has pointed out some of those issues regarding macroeconomic stability, that is when these shocks manifest, there’s need for fiscal policies, sound monetary policies. But more along that line, it also provides opportunities for countries to pivot towards a different development pathway. Maybe going into sectors that are going to satisfy domestic demand will make them less prone to external shocks and diversifying their markets, the different markets, so they can better cope with the future tariff or trade policies. Thank you.

    Mr. Devahasadin: Thank you. Going back to the floor, I see hands right there all the way in the back, the lady in beige. We will come back to the front.

    QUESTION: Thank you for taking our questions. A question for everyone, sort of piggybacking off of my colleague’s question on tariffs. How does the G‑24 weigh the inflationary risks versus risks of recession from the current tariff environment? And then one for the Argentina Secretary, you spoke about debt maturities and rising debt payments, more than 4 billion in debt many coming due for Argentina in July right after an ambitious reserve target accumulation from the IMF. How does Argentina plan to confront those payments and is there a target that it is looking back to return to capital markets? Thank you.

    Mr. Quirno: In terms of the first question related to inflationary pressures and related to the trade situation, we had this morning the World Economic Outlook conference in which we had details on that perspective, but I think also it is very early to tell on how this is going to at the end of the day be moving forward. We are not in the business—at least I am not in the business of projecting inflation in my own country. It is very difficult to try to project inflationary pressures on a global basis, but I think it is—as I said before, we are living in uncertain times. We expect that trade negotiations that are currently underway reach a good point that is satisfactory to everyone involved, and that will normalize trade flows from that perspective onwards. In terms of Argentina—I mean, despite the fact that it is a common theme throughout the G‑24—what we are trying to do in Argentina for the last 15 months is basically gain our credibility back. And as such, we have elected a very conservative and unorthodox approach to the problems that Argentina had. And one of the problems that Argentina had was on the fiscal front. And we have done a tremendous fiscal consolidation. We put our house in order, on the monetary front as well. And that track record is one that will put us in a path to regaining market access eventually.

    Having said that, from my perspective, as the CFO of the country, what I can say is that we work at it very conservatively. I am not assuming that Argentina will be able to re‑access markets at a given time. But we have certainty that the maturities are coming due. That is why we have worked in the past in showing our willingness to pay. We have honored all our commitments. We have now a new IMF program, which has started to work very well, as expected. And in addition to that, because of that conservative, look, we have already accumulated reserves. The Treasury has bought a significant amount of dollars that it has at the central bank to honor those obligations. So, we do not expect to—we cannot speculate about when Argentina will be able to re‑access international markets. When those will happen, when that situation happens, we will address it. But in the meantime, we still work as if we have no access, and we have to pay down our obligations as we did in this last 15 months.

    Mr. Devahasadin: Thank you, I see three remaining hands. I will come back to the front with the lady in the brown jacket first and then I go to that side of the room. I see two hands. Please keep your questions short. We have limited time. Thank you.

    QUESTION: Hi. My question is regarding—we have seen the U.S. called back on some of the financings that it gives to developing economies, so in terms of financing the sustainable development goals, as well as climate action, could you talk about some of the challenges there?

    Mr. Devahasadin: Are your questions related to climate so we can collect them both? Anyone on climate here.

    Mr. Quirno: We face several challenges and as such, for that, many countries rely on the World Bank and the IMF, to basically be able to develop tools to finance that development, finance climate action, to finance infrastructure, and as such, we are at a period in which you have to—countries have to balance that in turn with their own macroeconomic situation in that respect. We need to—we have many of our countries in the G‑24 have significant natural resources that need to be developed. Those are the ones that are part of the transition energy, for example. And those are situations in which you cannot access private financing. The role of development financing in terms of climate, in terms of energy transition, et cetera, is very important. But those are challenges that are on the table that we need to address, and we are addressing together as a group and as an individual country as well.

    Mr. Devahasadin: Thank you. Go back to the floor. Gentleman back here and we can go all the way back to you, sir.

    QUESTION: Thank you. Two questions. You brought back fiscal discipline to Argentina, but can you quantify the harmful effects on the lives of the citizens? That is what want to talk about, the strikes, the protests, the fact that people do not have money in their pockets. Secondly, you also talked about building resilience, how do we build resilience where most of the countries in the G‑24 have one similar problem, a lot of visionless leadership, definitely, and a lot of poverty. Our arms are already tied behind our hands economically. How do you expect us to build resilience?  We are just led to the slaughter slap.

    Mr. Devahasadin: Thank you. Can I go all the way back to the back, the gentleman in the back, please?

    QUESTION: Thank you for taking my question. I wanted to touch on debt restructuring. In October you called on the reform of the Common Framework, and I am curious to know more about what sort of reform moves you have seen since then and also what types of reforms the G‑24 would like to see to the Common Framework. Thank you.

    Mr. Quirno: To the first question, I hate to make reference to Argentina, but the question was directly addressed to that situation. Argentina was facing a very dire situation—55 percent poverty rate before this administration took office. We have worked very, very strongly to do a couple of things that basically went straight to address that situation by having done our fiscal consolidation. We basically reduced 5 percentage points of GDP deficit in a month, something that has not been done probably anywhere else in the world so far. But we did it because we knew that we had no alternative. And at the end of the day, what happened is that the myth is that by doing such an adjustment, you would enter into a deep recession. Argentina rebounded out of its recession that was two and a half years long two months after that fiscal consolidation.

    Since then, real wages have increased for 10 months straight. Poverty levels have been reduced from 54 percent to 38 percent in about a year. And economic activity has increased 6 percent December 2024 from December 2023 when we took over. It can be done. That is the message. You know, there is preoccupations before, during such a big adjustment as we did, but it pays out. It takes the political will to do it. Everyone knows what needs to be done on the fiscal and monetary fronts. The books have been written about it. What happens is you need the political willingness to attack the problem because that may hurt politicians when they make those decisions. We have a very strong leadership in President Milei — the one that has said we need to go in this. What he has said is we need to take care of the most vulnerable. We doubled in real terms, while being able to achieve our financial surplus. We were able to double in real terms the assistance to the most vulnerable. And that is something that basically shows the amount of corruption and intermediation that was on the social plans that the national government was spending on. So now those funds have been redirected. It is funny that we doubled the expenditures in real terms, but the amount that people received more than tripled. We spent 100, and we are now spending 200 in real terms. People got 60. They received 60, and then they are receiving 200. That is a big—very big realization from the most vulnerable population that they have been robbed for years. Because by maintaining fiscal consolidation, by maintaining a financial surplus, we were still able to double the assistance to the most vulnerable.

    Mr. Devahasadin: We go to Ms. Masha on debt restructuring because you spoke about it last time.

    Ms. Masha: Debt restructuring?

    Mr. Devahasadin: The Common Framework. Yes, the progress on that.

    Ms. Masha: I want to add a little to what the Chair said in response to the question before I go to the Common Framework.

    Mr. Devahasadin: Yes.

    Ms. Masha: That is just to say that the G‑24 member countries, we have some of the largest economies in the world as members of G‑24, and the good thing is that the growth, the size of their economy, most of them over the past two or three decades, China, India and Brazil. So that takes a lot of vision. That takes a lot of implementations of the right policies. So, it is not quite a visionless leadership, but they have had to take policies that enable the countries to achieve what they have been able to achieve over such a short period of time.

    On the Common Framework — where we are on the Common Framework is that some countries have used it. Some have found it beneficial. The only complaint—well, some of the complaints we have heard about is that the process takes a very long time. And during that long time, they are not able to access the market, or they have to take some difficult decisions when they do not know how it is going to play out. And we also made that position known. The second, the other issue is we need more participation of the private market, maybe of also multilateral development banks, and also to have some precise idea of how it will play out. Some middle‑income countries have been asked to be a part of it. That is not really in discussion now, but all in all, countries have benefited from it, but there could be more benefit. Thank you.

    Mr. Devahasadin: Mr. Chair, you would like to add anything?

    Mr. Quirno (Argentina): No.

    Mr. Devahasadin: We are out of time. Unfortunately, Minister Edun had another obligation. If you have any follow‑up question, send it to press@G24.org. That was in the advisory, how to contact the G‑24. The communiqué should have been posted on IMF.org and the transcript of this press conference will be made available later. Thank you very much for joining this press conference and have a good rest of your day. Thank you.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/04/24/tr-04242025-g24-press-briefing

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  • MIL-OSI Russia: Spring Meetings 2025 Press Briefing Transcript: The Managing Director’s Press Briefing on the Global Policy Agenda

    Source: IMF – News in Russian

    April 24, 2025

    Speaker: Kristalina Georgieva, Managing Director, IMF

    Moderator: Julie Kozack, Director, Communications Department, IMF

    Ms. Kozack: Good morning, everyone. Welcome to this IMF press briefing. I am Julie Kozack, Director of the Communications Department. Thank you so very much for joining us this morning and, as usual, we are going to begin with some opening remarks from our Managing Director, Kristalina Georgieva, after which we will turn to your questions. Without further ado, Kristalina, over to you.

    Ms. Georgieva: Thank you, Julie. And a very warm welcome to all the journalists who got up early to be with us on this beautiful Thursday morning, and also to those who are online. Great to have you with us.

    As you saw earlier this week in our latest World Economic Outlook, we have significantly downgraded our projections for global growth. Major trade policy shifts have spiked uncertainty off the charts, accompanied by tighter financial conditions and higher market volatility. Simply put, the world economy is facing a new and major test, and it faces it with policy buffers depleted by the shocks of recent years. That puts countries in a difficult position. It also creates urgency for action to strengthen the economies for a world of rapid change.

    Today, I want to zoom in on how countries can actually do it. This is the main question we are getting from our members in every single meeting I have had this week. In my Global Policy Agenda, let me, for the audience, remind you that it is a very nicely crafted document. In parentheses this year we have very informative charts, and I hope you will look into those as well. In it, we focus on both the immediate challenges and our medium-term directions. I emphasize three overarching priorities. First and most urgent, for countries to work constructively to resolve trade tensions as swiftly as possible, preserving openness and removing uncertainty. A trade policy settlement among the main players is essential, and we are urging them to do it swiftly because uncertainty is very costly. I cannot stress this strongly enough.

    Without certainty, businesses do not invest, households prefer to save rather than to spend, and this further weakens prospects for already weakened growth.

    Countries also need to address the imbalances that fuel many of the tensions we see. Among major economies, some countries like China need to act to boost private consumption and embrace a shift to services. Others, like the United States, need to reduce fiscal deficits. And in Europe, it is time to complete the Single Market, Banking Union, Capital Markets Union, removing internal barriers to intra-EU trade. Get it done. All countries should seize this moment to lower their trade barriers, both tariff and nontariff.

    The second overarching priority, countries must act to safeguard economic and financial stability. The best way to do that is to get their own house in order. On fiscal policy, most countries need to rebuild buffers and ensure debt sustainability, although some may see shocks that warrant temporary and targeted fiscal support.

    We urge countries to define credible adjustment paths, gradual in most cases, protecting key investments, maximizing spending efficiency, and making space for longer term needs.

    Tradeoffs will be tough for all, but they will be toughest for low-income countries, which face both tight financial conditions and global growth slowdown and falling aid flows. To help ease the tradeoffs there, domestic resource mobilization must be part of the mix. We cannot have countries with a tax to GDP below 15 percent where it is difficult to sustain the functioning of the state. For central banks, the times when countries marched in lockstep is over. Different countries will face different conditions. Inflation pressures in some countries are easing. In others, pressures are yet to abate.

    What is our advice? Watch the data, watch inflation expectations. Central banks will need to strike a delicate balance between supporting growth and containing inflation. To do so, they must not only adjust policy interest rates but also rely on credibility to anchor expectations. Central bank independence is critical for credibility, protect it.

    Open economies, including many emerging markets, are exposed to the trade shocks and tighter financial conditions. They must preserve exchange rate flexibility as a shock absorber.

    In the event of unwarranted currency market volatility, these countries can find policy guidance in the IMF’s integrated policy framework.

    My third and final overarching priority, double down on growth oriented reforms to lift productivity. Even before the latest shock, we were living in a low growth, high debt world, sounding the alarm on weak medium-term growth for quite some time. You heard me saying that many times. Now is the time for long needed but often delayed reforms that can create a good business environment, put entrepreneurship in the front seat, reform labor markets, create conditions for innovation and in a world of rapid technological advancements, give countries a chance to catch the benefits of these advancements for their people.

    The IMF, of course, as always, will be there for our members. We are focusing on what we do best, helping them secure economic and financial stability, resolve or, even better, prevent balance of payments problems, and put in place strong policies and institutions to underpin vibrant economies.

    We will help countries with surveillance, with diagnostics, with policy advice and, when necessary, by providing financial support.

    As part of crisis resolution, we must ensure that the Global Financial Safety Net is strong. We will look for ways to further strengthen our collaboration with regional financing arrangements, and with [major] swap-providing central banks. When we have a cohesive, effective, and efficient Global Financial Safety Net, this will deliver confidence to our members in this more shock prone world.

    We will continue to foster cooperative policy solutions for promoting a healthy rebalancing of the world economy to help countries address debt vulnerabilities. Here, I want to acknowledge the important work of the Global Sovereign Debt Roundtable. This week, we agreed to publish a playbook that provides guidance for predictable and faster debt restructuring processes. And I was very pleased to see [the] support of all traditional, nontraditional creditors, private sector, and debtor countries to have that predictability.

    Finally, we will reiterate the need for continued cooperation in a multipolar world. The shared objective for all must be a better balanced and more resilient world economy.

    Before I wrap it up, I want to recognize Secretary Bessent’s remarks yesterday in which he laid out the U.S. administration’s vision for the Bretton Woods Institutions. The United States is our largest shareholder. And even more, the United States is the home of my colleagues and me. So, of course, we greatly value the voice of the United States. I very much appreciate Secretary Bessent’s reiteration of the U.S.’s commitment to the Fund and its role. He raised a number of issues and priorities for the institution that I look forward to discussing with the U.S. authorities and the membership as a whole. We will have opportunities to do so here, and we will also have opportunities to continue with our Executive Board as we carry out important policy reviews–the Comprehensive Surveillance Review, it will set our surveillance priorities for the next five years, and the Review of Program Design and Conditionality, which will carefully consider how our lending can best help countries address the low growth challenge and durably resolve balance of payments weaknesses. So, we have a way to go, and we are laser focused on it.

    Are there cyclists in this room, people who bike, bikers? As bikers would pay, ‘pedalare,’ step on the pedal. With that, I am very happy to take your questions.

    Ms. Kozack: Thank you very much, Kristalina. We will now turn to your questions. I see you have hands up already. Very good. Please just give your name and outlet when called on. I am going to start right here, woman right in the front row here.

    Questioner: Thanks very much for the opportunity to ask you—to put a question to you. You mentioned Secretary Bessent’s remarks yesterday. He accused the IMF and the World Bank of mission creep and specifically the IMF on mission creep in areas such as climate change, gender policies and also social issues. Do you think there is a role in the future for the IMF in areas such as climate, gender, and social issues?       

    Ms. Georgieva: Thank you for your question. So, what do we do here? We concentrate on macroeconomic and financial stability for growth and employment. We have 191 members. They face different challenges. They face different types of risks to their balance of payment. And what we do is to analyze what these risks and what the Fund in our mandate and what we do on the fiscal side, on the monetary policy side, on the financial sector side, what can we do to help them be more resilient to shocks. So, when we have, for example, Caribbean countries that are wiped out by extreme weather events regularly, naturally they are very concerned about that, and they say how can we be more resilient to these shocks? Again, we focus on balance of payment. What are the risks and what can be done to protect the balance of payments in these countries.

    I want to say that I actually agree with the Secretary on one thing. It is a very complicated world, a world of massive challenges of all kinds. We are a small institution. We are 4,000 people. Not very well-known, but a very fiscally disciplined institution. Our budget today in real terms is what it was 20 years ago. So, yes, we have to focus. And that is exactly why we engage with the membership, so we can make best use of the staff of the Fund. I really like to run a tight ship. Yes.

    Ms. Kozack: I can attest to that. Let us go here, the gentleman in the third row, blue shirt.

    Questioner: Just to follow-up on Claire’s question. Does Secretary Bessent’s prescriptions here for the Fund, will it cause you to sort of rethink some of the lending programs like the RSF and the RST? And then secondly, a lot of economists in the private sector have sort of a more pessimistic view, especially when you look at sort of the prospects for U.S. recession. You are not predicting that. Some of the Ministers here that we have been interviewing feel that the Fund is being too conservative. Can you just sort of explain the differences between yourselves and the private sector?

    Ms. Georgieva: Thank you very much. Actually, in the paper that I just flagged to you, we have a slide that shows Fund lending. You need a magnifying glass to see the share of the Resilience and Sustainability Trust in this lending. It is really small, but as I was explaining in the answer to the previous question, for countries that are highly vulnerable to extreme weather events, having policy advice strictly on the macro side, there is a bit of confusion. People think that we have climate experts. We do not. That is not our job. Our job is to say, OK, if you are Dominica and a hurricane can wipe out the equivalent of 200 percent of your GDP, what are reasonable policies to put in place, or to be more specific, because we have a program with Barbados, if you are Barbados natural disasters are highly damaging to your economy, what are the policy measures you can put in place. In the case of Barbados, we came up with creating an additional buffer for them that would actually prevent a balance of payments shock from derailing the economic development of the country. So, of course, we are a membership institution. What our members decide, this is what we do. We periodically review all of our instruments. At this point, we have the function of the Fund on balance of payments support defined with a number of instruments being deployed.

    To your second question, I am going to do this illustration. My glass, when you look at it, it is more than 60 percent full. This is where we are. This is what it is. How can I call it empty? I cannot. When we look at the data, what we see is that for the United States, recession risks have increased now to 37 percent, but we are not yet—we do not see either in the labor market or indicators for the functioning of the economy such a dramatic block of economic activities that would drag growth in the United States all the way to below zero.

    So, as you remember, I mean, this is something that people may not appreciate enough. Our earlier projections for a very vibrant U.S. economy were for 2.7 percent growth for this year. We have downgraded the United States—actually this is the largest of our downgrades—by 0.9 percent, to 1.8 percent for this year. But we see enough that carries the United States forward. And, of course, we recognize that there is work underway to resolve trade disputes and reduce uncertainty. I want to reiterate my message. Uncertainty is really bad for business, so the sooner this cloud that is hanging over our heads is lifted, the better for prospects for growth.

    For the world economy, as you know we are—you saw it in the WEO, we are also projecting an increase in recession risk from 17 to 30 percent. But again—and by the way, there we talk about growth falling below 2 percent, not below zero, so there is a lot that is carrying the world economy—actually the real economy is functioning in a way that we are seeing no predominant risk. Is there risk? Yes. But it is in our, we used to say, downside scenario and not in what is our—the scenario we anchor our projections.

    This being said—and I am sorry I am dwelling on that. It is a very important question. I get it from delegations when we talk about our projections a lot. This being said, countries can—they are not passive observers. They can act. And one thing that is amazing in these meetings is how much that sense of urgency to act is penetrating our membership. And I do hope that Ministers will go back and say, OK, tough reform, I have postponed it, postpone no more.

    Ms. Kozack: We are going to this side of the room. I am going to go all the way to the end. There is a woman in the third row at the end in a brown suit.

    Questioner: My question is many emerging markets, particularly in Asia, are feeling the pinch of escalating trade tensions and global uncertainties. So, from the IMF’s perspective, how has China and ASEAN countries been affected so far and is there any policy recommendations in the near term that are available from the IMF to navigate these countries through this thank you.

    Ms. Georgieva: Thank you for your question. Indeed, Asia is a continent that is quite significantly impacted because economies that rely a lot on exports, when tariffs are announced, feel the pinch more. When we look at China, we have downgraded growth projections for China from 4.6 to 4 percent. We would have downgraded it much more—we actually would have had not .06 but 1.3 percent downgrade if it was not for the policy accommodation that China is already putting in place. It helps. And that is the first piece of advice. If you have policy space, now is a good time to use it. With regard to China, we are emphasizing four points. First, rebalance your economy towards domestic consumption more.

    Second, to help with this, bring to an end the turmoil in the property sector. And, of course, add social protection for people so they do not feel compelled to save rather than spend.

    Third, lift up services, a warm embrace from healthcare to education to basically the service sector, vis-à-vis the goods consumption. And four—and the fourth is very important. Get the government to pull back from too much intervention in the economy. Let the private sector function to its full capacity.

    We are currently working on a paper, and that is in consultation, collaboration with the Chinese authorities, to document in details what are the ways in which the government may be supporting businesses and by doing so shifting the competitive position of these businesses. And this will be one of our contributions to China.

    I am particularly concerned about ASEAN. Why? Because ASEAN, very open economies. They find themselves in a very tough spot with announced tariffs quite significant across the board in ASEAN countries.

    ASEAN has done really well to build resilience over the last years. Their growth has been quite sound. They have prudently brought inflation down. They have disciplined fiscal policy. It helps. This is our number one advice to ASEAN. You have some policy space in monetary policy, in fiscal policy. Carefully and prudently use it, of course, being mindful that if you deplete it entirely and there is another shock, that would be a problem.

    We have been working with ASEAN on their external sector, especially forex. We have integrated the policy framework. It allows good thinking around how to apply the exchange rate flexibility, how to look at this from the perspective of sudden exogenous shocks. I am very pleased to see that ASEAN is doing something that other regions are doing, strengthening economic cooperation, policy coordination, and intra-ASEAN trade. Currently the ASEAN countries trade only 21 percent among themselves. Well, they sure can go up.

    And I think that we will see not only in ASEAN, we will see it in other places, Gulf Cooperation Council, Central Asia, the African continent with the Continental Free Trade Agreement, more being done to compensate, if global trade is going down, then regional trade can be a compensator and actually inject growth energy.

    I want to finish by saying that ASEAN has been remarkably prudent over the last years to build resilience. And that puts them in a good position to have the reputation to deploy their policy space if needed.

    Ms. Kozack: OK. I am going to stay on this side of the room. I will go to the gentleman in the second row with the red tie.

    Questioner: You said these present tensions could disproportionately impact low-income countries, and I am glad you mentioned the African Continental Free Trade Area Agreement because my question is on Africa. You met with the Nigerian delegation earlier this week. What is the strategy or your advice for the African continent? As you have noted in the past, Africa is not a country. It is a continent. Egypt cut rates for the first time in five years seven days ago. Prior to that, Ghana hiked its interest rate for the first time in almost three years. In these tough times, what is your advice for the continent?

    Ms. Georgieva: Well, we have seen over the last years the African continent having some of the fastest growing economies, but we also have seen low-income countries primarily, and among them fragile conflict affected countries, falling further behind. And now this is a shock for the continent. The direct impact of tariffs on most of Africa, not on all of Africa, but on most of Africa is relatively small, but the indirect impact is quite significant. Slowing global growth means that all other things equal, they will see a downgrade. And actually, we have downgraded growth prospects for the continent.

    For the oil producers like Nigeria, falling oil prices creates additional pressure on their budgets. On the other hand, for the oil importers, this is a breath of fresh air. In other words, as you indicated in your question, different countries face different challenges. If I were to come with some basic recommendations that apply to Africa, I would say—and actually they apply to Nigeria, they apply to Egypt, they apply to Ghana, they apply to Coté d’Ivoire. First, continue on a path of strengthening your fundamentals. There is still a lot that can be done on the fiscal side to have strength. As I was talking about ASEAN, to have buffers for a moment of shock. And do not use any excuses, oh, it is difficult, we cannot really go for more tax because, yes, you can. There is a lot that can be done to broaden the tax base and a lot that can be done to reduce tax evasion and tax avoidance.

    Using technology as some countries are doing to chase the tax dollar when there is the foundation for that is a very good thing to do.

    Second, on the monetary policy side, we know more as I said in the opening—we are no more in a place when you can look at the book of the Central Bank Governor of the neighboring country and say, oh, they are doing this, I will do the same, because you have to really assess domestic resource mobilization, what is your inflationary pressures and do the right thing for your country.

    But above all, make it so that the image of the whole continent changes because now everybody suffers from wrongdoing, from corruption or from conflict in one country. It throws a shadow on the rest of the continent.

    Finally, like with ASEAN, deepen interregional trade and cooperation. Remove the obstacles to it. Sometimes there are infrastructure obstacles. The World Bank is working on reducing that infrastructure obstacle to growth and trade.

    Africa has so much to offer the world. Obviously, they have the minerals, the natural disasters, and the young population. I think a more unified, more collaborative continent can go a long, long way to [becoming] an economic powerhouse.

    Ms. Kozack: I will go to this side of the room. I am going to have the woman in the red jacket, third row.

    Questioner: Ms. Georgieva, you have been very complementary of the economic reform that the Argentinian government is implementing. You have said that Argentina is an example of a country that has made great strides through structural reforms and fiscal discipline. I would like to ask you about the challenges that now the new program is facing right now, and above all what are the risks that Argentina can face in these times of global uncertainty? Thank you.

    Ms. Georgieva: Argentina has demonstrated that this time it is different. This time there is decisiveness to put the economy on a soundtrack from high deficit to surplus, from double-digit inflation to inflation that in February dipped under 3 percent, from poverty over 50 percent to now around 37 percent. Still very high but going down. The state is stepping out from where it does not belong to allow more dynamism in the private sector. Actually, if you are interested, today we will have the global debate, and Federico is going to be one of the speakers to talk about smart regulation, how you make the economy more vibrant by not being an obstacle to private initiative.

    We saw that when the program was announced, the immediate impact on markets was positive because, among other things, you ask about risks. One risk for Argentina would be if it is alone in this macroeconomic stabilization, now the country is not alone. We are there. The World Bank is there. The InterAmerican Bank is stepping up. What are the risks? And I am sorry, and there is a very important opportunity for Argentina in a world hungry for what Argentina produces, both in agriculture and in minerals, mining, gas, lithium. What are the risks?

    First, external. A worsening global environment of all other things equal, it would impact Argentina negatively. Domestic resource mobilization, the country is going to go to elections, as you know, in October. And it is very important that they do not derail the will for change. So far, we do not see that. We do not see that risk materializing, but I would urge Argentina, stay the course.

    Ms. Kozack: All right. Let us go right here in the front, end of the first row.

    Questioner: Managing Director, we had a lot of news this week, for example, mixed signals on tariffs on China, commentary on the position of the Fed Chair, and of course now the U.S. support of the IMF. How would you sum up the mood of the meetings of your members this week, please? 

    Ms. Georgieva: The membership is anxious because we were just about to step on a road to more stability after multiple shocks. We were projecting 3.3 percent growth. And actually, we were worried that this is not strong enough. And here we are, growth prospects weakened. The membership is also recognizing—and I hear it time and again—that it is very important to have a rules based global economy in which there is predictability of planning for action, both for governments and for the private sector. I actually hear a lot of support from the membership for the Fund because we have actually, the same way Argentina earned the Fund to support it, we have earned the support of the members by being there for them.

    Where the expectations are for the outcome of the meetings is to get more consistency in how all countries are going to go about pursuing their interests, which is legitimate. Of course, every country has to think about its own people but doing it so in a way that enlarges the global pie. It does not shrink it.

    Ms. Kozack: We have time for one last question. I am going to go over here.

    Ms. Georgieva: I am sorry. What I would say is the worry I hear more often is actually not even the tariffs. It is uncertainty. Let us have clarity. And that is why we are—with my apologies to the audience—so repetitive to say we need to bring uncertainty down.

    Ms. Kozack: We have time for one last question, the woman in the burgundy suit.

    Questioner:  I wanted to ask you about the MENA region. How concerned are you with all of this turmoil around the dollar and its effect on the MENA region, especially that many countries there are exporters of intermediate goods that go into major industries and many of them are exporters of energy and what is happening to the dollar is definitely of effect. And you have mentioned uncertainty many times today in this press conference. So, this uncertainty, how will it affect the countries in our region that are trying to get out of a lot of geopolitical uncertainty with the help of the IMF and special programs, such as Egypt? So, will this make the IMF revisit some of those programs amid all of this turmoil?

    Ms. Georgieva: Thank you very much. The MENA region actually got quite a downgrade. It is still doing better this year than last year, but we were projecting that growth would go to 4 percent and now we downgraded it to 2.6. A little bit like Africa, most of the impact is indirect. While countries in the MENA region, of course, trade with the United States, but most of them do not have very high exposure. And where it bites is slowing down of the global economy. And MENA has many oil exporters. The price of oil is going down.

    The dollar has historically, it goes up, it goes down. It is not a new thing. So, if you have an oil exporter and you get your revenues in dollars, when the dollar weakens, that creates a bit of a problem for your fiscal position. But if you are an oil exporter, this is a gift because then you can deal more easily with the challenges you face.

    My take for the MENA region is a very diverse region, like the African continent. You have the Gulf Cooperation Council. I have a lot of praise to offer because they have been pursuing reforms and diversification of the economies. Most countries have done really well. So now they see oil growth down, but non-oil economies are still doing quite well.

    We have the more kind of middle-income countries that are faced with difficulties impacted by regional conflicts like Jordan, like Egypt. And there we have been engaged, we have been providing support, as you know. We have countries like Morocco that have done really well to get their house in order, to have sound fiscal monetary policy and the only country in the region that is eligible for Flexible Credit Line from the IMF. And then we have countries like Sudan or Syria that are severely impacted by conflicts.

    I was very pleased that the attention of our membership, despite difficulties at home, across-the-board on low-income countries and conflict affected states, has sharpened. There is a recognition that what happens there impacts the rest of the world.

    We had a Syria meeting during the week of the meetings. The first time in more than 20 years, the Central Bank Governor and the Minister of Finance from Syria are here at the meetings. Our intention is to first and foremost help them rebuild institutions so they can plug themselves in the world economy.

    You are asking me whether we are revisiting program assumptions. Of course, we will be carefully watching what is happening. Then I had a meeting with the Prime Minister of Jordan. We are not talking about amending the program for Jordan right now, but we are talking about the importance of the Fund as an anchor of stability and how we can exercise this role.

    Ms. Kozack: Thank you very much, Managing Director, and thank you very much to all of our journalists who have joined us today. I am bringing this press conference to an end. As always, the transcript will be made available on our website, and I want to wish all of you a very wonderful rest of your day. Thank you very much.

    Ms. Georgieva: Thank you very much. Have a good rest of your day.

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    https://www.imf.org/en/News/Articles/2025/04/24/tr-042425-managing-directors-press-briefing-on-gpa

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  • MIL-OSI Economics: Secretary-General of ASEAN attends Gala Dinner of the 33rd ASCC Council Meeting

    Source: ASEAN

    After a full day of meeting, Secretary-General of ASEAN, Dr. Kao Kim Hourn, this evening attended the Gala Dinner of the 33rd ASEAN Socio-Cultural Community (ASCC) Council Meeting at the Riverside Majestic Hotel in Kuching, Sarawak, Malaysia. The Gala Dinner, hosted by the State Government of Sarawak, Malaysia, served as a venue to engage in candid discussions and to foster good relationships among the ASCC Council Ministers and all participating Delegates.

    The post Secretary-General of ASEAN attends Gala Dinner of the 33rd ASCC Council Meeting appeared first on ASEAN Main Portal.

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  • MIL-OSI USA: Remarks by Vice President Vance on the U.S. and India’s Shared Economic Priorities

    US Senate News:

    Source: The White House
    class=”has-text-align-center”>Rajasthan International CenterJaipur, India
      3:17 P.M. IST
         THE VICE PRESIDENT:  Hello.  Good to see everybody.  How we doing? 
    AUDIENCE:  Good. 
         THE VICE PRESIDENT:  Good.  Good. 
         Well, it’s an amazing privilege to be here in Jaipur.  I’m thrilled to address the Ananta Centre’s India-U.S. Forum, and I’m thrilled to have you all here with me.  Thanks to all of you, the business leaders, decision-makers, and, of course, the students for being here.  And thanks to our great team at the U.S. embassy for everything that you guys do for our country.
         In the United States, we’re proud of the deep connection between our nations — between India and the United States.  Prime Minister Modi, as most of you probably know, was one of the first visitors welcomed into the Oval Office during President Trump’s second term.  And like President Trump, the prime minister inspires remarkable loyalty because of the strength of his belief in his people and in his country. 
         Now, we’re so grateful for Prime Minister Modi’s hospitality, as well as the reception that he and everyone else in this country have given us on this first trip for me to India.  This is my first time visiting the birthplace of my wife’s parents, and she’s, of course, in the front row there.  There you are, Usha.  (Applause.) 
         You — she’s a bit of a celebrity, it turns out, in India.  I think more so than her husband.  But I haven’t been here long, but already I’ve been fortunate enough to visit the Akshardham Temple — did I pronounce that right, honey? — I did okay? — all right — with my family this morning, as a matter of fact.  And last night, Prime Minister Modi welcomed me, Usha, and our three small children at his beautiful home. 
         I’ve been amazed by the ancient beauty of the architecture of India, by the richness of India’s history and traditions, but also by India’s laser-like focus on the future.  And those things, I think — this appreciation for history and tradition, and this focus on the future — is very much something that I think animates this country in 2025.
         Now, in other countries I visited, it sometimes feels like there’s a flatness, a sameness, a desire to just be like everyone else in the world.  But it’s different here.  There’s a vitality to India, a sense of infinite possibility, of new homes to be built, new skylines to be raised, and lives to be enriched.  And there’s a pride in being Indian, a feeling of excitement about the days that lie ahead. 
         Now, it’s a striking contrast with too many in the West, where some in our leadership class seem stricken by self-doubt and even fear of the future.  To them, humanity is always one bad decision away from catastrophe.  The world will soon end, they tell us, because we’re burning too much fuel or making too many things or having too many children.  And so, rather than invest in the future, they too often retreat from it. 
         Some of them pass laws that force their nations to use less power.  They cancel nuclear and other energy generation facilities, even as their choices — the choices of these leaders — lead to more dependence on foreign adversaries.  Meanwhile, their message to their friends, to countries like India, is to tell them that they are not allowed to grow. 
         Well, President Trump rejects these failed ideas.  He wants America to grow.  He wants India to grow, and he wants to build the future with our partners all over the globe.  (Applause.)
         And when I look at this audience or when I visit this incredible country over these last couple of days, I see a people that will not be held back. 
         Now, the most profound responsibility I believe that all of us have is not to ourselves but to the next generation, to make sure we leave them with a better society than the one that our parents and our grandparents gave us.  And this is the world that America seeks to create with you. 
         We want to build a bright new world, one that’s constantly innovating, one that’s helping people to form families, making it easier to build, invest, and trade together in pursuit of common goals. 
         Now, I believe that our nations have much to offer one another, and that’s why we come to you as partners looking to strengthen our relationship. 
         Now, we’re not here to preach that you do things any one particular way.  Too often, in the past, Washington approached Prime Minister Modi with an attitude of preachiness or even one of condescension.  Prior administrations saw India as a source of low-cost labor on the one hand, even as they criticized the prime minister’s government — arguably the most popular in the democratic world.  And as I told Prime Minister Modi last night, he’s got approval ratings that would make me jealous.  (Laughter and applause.) 
         But it wasn’t just India.  This attitude captured too much of our economic relationship with the rest of the world, so we shipped countless jobs overseas and, with them, our capacity to make things — from furniture, appliances, and even weapons of war.  We traded hard power for soft power, because with economic integration, we were told, would also come peace through sameness.  Over time, we’d all assume the same sort of bland, secular, universal values no matter where you lived.  The world was flat after all.  That was the thesis, and that was what they told us. 
         And when that thesis proved false or at least incomplete, leaders in the West took it upon themselves to flatten it by any means necessary.  But many people across the world — and I think your country counts among them — they did not want to be flattened.  Many were proud of where they came from: their way of life, the kind of jobs they worked, and the kind of jobs their parents worked before them.  And that very much includes people in my own country, the United States of America. 
         Now, some of you are aware of my own background.  I actually didn’t plan to talk about my background at all until last night at dinner, while my children mostly behaved — we gave them A-minus for behavior with the prime minister — the prime minister said, “I have one request.  I want you to talk a little bit about your background.”  And so, I wanted to do that — for those of you who don’t know anything about me, I wanted to talk about it. 
         I come from — and I’m biased — the greatest state in the Union, the state of Ohio: a longtime manufacturing powerhouse in the United States of America.  My home, specifically, is a place called Middletown.  Now, it’s not a massive city by any means — it’s not Jaipur — but it’s a decent-sized town and a place where people make things, which has been a point of pride in Middletown for generations. 
    It’s filled with families like my own, some of whom called us “hillbillies” — Americans who came down from the surrounding hills and mountains of West Virginia, Tennessee, and Kentucky to cities like Middletown in pursuit of the manufacturing jobs that were creating widespread prosperity for families all across America.  They came to Middletown in search of what we call back home “the American dream.”
         In Middletown, my parents raised me, my grandparents raised me.  They taught us to work hard.  They taught me to study hard, and they taught me to love God and my country and always be good to your own. 
         My granddad, who I called “Papaw” growing up, he typified that.  Late into life, he worked as a steelmaker at the local mill, and I know India has a lot of those.  Papaw’s job gave him a good wage, stable hours, and a generous pension.  All that allowed him to support not just him and my grandmother but his own daughter and grandkids with him.  Now, by the time I came around, money was awfully tight, but he worked hard to make a good living for all of us. 
         Now, I know Papaw and Mamaw were grateful for the way of life their country made possible.  Their generation bore witness to the formation of America’s great middle class, and by creating an economy centered around production, around workers who build things, and around the value of their labor, our nation’s leaders then transformed their country and made thousands of little Middletowns possible. 
         The government supported its labor force.  We created incentives for productive industries to take root and struck good deals with international partners to sell the goods made in the United States of America. 
         But as America settled in to world historic prosperity it generated, our leaders began to take that very prosperity and what created it for granted.  They forgot the importance of building, of supporting productive industry, of striking fair deals, and of supporting our workers and their families. 
    And as time went on, we saw the consequences.  In my hometown, factories left, jobs evaporated.  America’s Middletowns ceased to be the lifeblood of our nation’s economy.  And the United States — as it became transformed, those very people — the working class, the background of the United States of America — were dismissed as backwards for holding on to the values their people had held dear for generations. 
    Now, Middletown’s story is my story, but it’s hardly unusual in the United States of America.  There are tens of millions of Americans who, over the last 20 or so years, have woken up to what’s happening in our nation.  But I believe they woke up well before it’s too late. 
    Now, like you, we want to appreciate our history, our culture, our religion.  We want to do commerce and strike good deals with our friends.  We want to found our vision of the future upon the proud recognition of our heritage, rather than self-loathing and fear. 
    I work for a president who has long understood all of this.  Whether through fighting those who seek to erase American history or in support of fairer trade deals abroad, he has been consistent on these issues for decades.  And as a result, under the Trump Administration, America now has a government that has learned from the mistakes of the past. 
    It’s why President Trump cares so deeply about protecting the manufacturing economy that is the lifeblood of American prosperity and making sure America’s workers have opportunities for good jobs.
    As we saw earlier this month, he will go to extraordinary lengths to protect and expand those opportunities for all Americans. 
    And so, today, I come here with a simple message: Our administration seeks trade partners on the basis of fairness and of shared national interests. 
    We want to build relationships with our foreign partners who respect their workers, who don’t suppress their wages to boost exports but respect the value of their labor. 
    We want partners that are committed to working with America to build things, not just allowing themselves to become a conduit for transshipping others goods. 
    And finally, we want to partner with people and countries who recognize the historic nature of the moment we’re in, of the need to come together and build something truly new — a system of global trade that is balanced, one that is open, and one that is stable and fair. 
    Now, I want to be clear: America’s partners need not look exactly like America, nor must our governments do everything exactly the same way, but we should have some common goals.  And I believe, here in India, we do in both o- — economics and in national security. 
    And that’s why we’re so excited.  That’s why I’m so excited to be here today.  In India, America has a friend, and we seek to strengthen the warm bonds our great nations already share. 
    Now, critics have attacked my president, President Trump, for starting a trade war in an effort to bring back the jobs of the past, but nothing could be further from the truth.  He seeks to rebalance global trade so that America, with friends like India, can build a future worth having for all of our people together. 
    And when President Trump and Prime Minister Modi announced in February that our countries aim to more than double our bilateral trade to $500 billion by the end of the decade, I know that both of them meant it, and I’m encouraged by everything our nations are doing to get us there. 
    As many of you are aware, both of our governments are hard at work on a trade agreement built on shared priorities, like creating new jobs, building durable supply chains, and achieving prosperity for our workers.
    In our meeting yesterday, Prime Minister Modi and I made very good progress on all of those points, and we are especially excited to formally announce that America and India have officially finalized the terms of reference for the trade negotiation.  I think this is a vital step.  (Applause.)  Thank you.  I believe this is a vital step toward realizing President Trump’s and Prime Minister Modi’s vision because it sets a roadmap toward a final deal between our nations. 
    I believe there is much that America and India can accomplish together.  And on that note, I want to talk about a few areas of collaboration today, how India and the United States can work together: first, perhaps most importantly, to protect our nations; second, to build great things; and finally, to innovate the cutting-edge technologies both our countries will need in the years to come. 
    Now, on defense, our countries already enjoy a close relationship — one of the closest relationships in the world.  America does more military exercises with India than we do with any other nation on Earth. 
    The U.S.-India COMPACT that President Trump and Prime Minister Modi announced in February will lay the foundation for even closer collaboration between our countries.  From Javelins to Stryker combat vehicles, our nations will coproduce many of the munitions and equipment that we’ll need to deter foreign aggressors — not because we seek war, but because we seek peace, and we believe the best path to peace is through mutual strength.  And the — launching the joint Autonomous Systems Industry Alliance will enable America and India to develop the most state-of-the-art maritime systems needed for victory. 
    It’s fitting that India, this year, is hosting the Quad Leaders’ Summit this fall.  Our interests in a free, open, peaceful, and prosperous Indo-Pacific are in full alignment.  Both of us know that the region must remain safe from any hostile powers that seek to dominate it. 
    Growing relations between our countries over the last decade are part of what led America to designate India a Major Defense Partner — the first of that class.  This designation means that India now shares, with the UAE, a defense and technology infrastructure and partnership with the United States on par with America’s closest allies and friends.
    But we actually feel that Indir- — India has much more to gain from its continued defense partnership with the United States, and let me sketch that out a little bit. 
    We, of course, want to collaborate more.  We want to work together more.  And we want your nation to buy more of our military equipment, which, of course, we believe is the best in class. 
    American fifth-generation F-35s, for example, would give the Indian Air Force the ability to defend your air space and protect your people like never before.  And I’ve met a lot of great people from the Indian Air Force just in the last couple of days. 
    India, like America, wants to build, and that will mean that we have to produce more energy.  That’s more energy production and more energy consumption.  And it’s one of the many reasons why I think our nations have so much to gain by strengthening our energy ties. 
    As President Trump is fond of saying, America has once again begun to “drill, baby drill.”  And we think that will inure to the benefit of Americans but it will also benefit India as well.
    Past administrations in the United States of America, I — I think motifated [motivated] by a fear of the future, have tied our hands and restricted American investments in oil and natural gas production.  This administration recognizes that cheap, dependable energy en- — is an essential part of making things and is an essential part of economic independence for both of our nations. 
    Of course, America is blessed with vast natural resources and an unusual capacity to generate energy, so much that we want to be able to sell it to our friends, like India.  Well, we believe your nation will benefit from American energy exports and expanding those exports.  You’ll be able to build more, make more, and grow more, but at much lower energy costs. 
    We also want to help India explore its own considerable natural resources, including its offshore natural gas reserves and critical mineral supplies.  We have the capacity and we have the desire to help.  Moreover, we think energy coproduction will help beat unfair competitors in other foreign markets. 
    But India, we believe, can go a long way to enhance energy ties between our nations.  And one suggestion I have is maybe consider dropping some of the nontariff barriers for American access to the Indian market.
         Now, I’ve talked about this, of course, with Prime Minister Modi.  And, look, President Trump and I know that Prime Minister Modi is a tough negotiator.  He drives a hard bargain.  It’s one of the reasons why we respect him.  (Applause.) 
         And — and we don’t blame Prime Minister Modi for fighting for India’s industry, but we do blame American leaders of the past for failing to do the same for our workers, and we believe that we can fix that to the mutual benefit of both the United States and India.
         Let me give an example.  American ethanol, we believe, made from the finest corn in the world, can play a tremendous role in enhancing our partnership.  And I know our farmers would be delighted to support India’s energy security ambitions.
         We welcome the Modi government’s budget announcement to amend India’s civil nuclear liability laws, which currently prevent U.S. producers from exporting small modular reactors and building larger U.S.-designed reactors in India.
         There’s much that we can create, much that we can do together.
         We believe that American energy can help realize India’s nuclear power production goals — and this is very important — as well as its AI ambitions.  Because, as the United States knows well and I know that India knows well, there is no AI future without energy security and energy dominance.
         And that brings me to my final point of collaboration.  I believe that the technological collaboration between our countries is going to extend well beyond defense and energy.
         The U.S.-India TRUST initiative that President Trump and Prime Minister Modi have launched will be a cornerstone of the partnership in the future.  It’ll build on billions of dollars of planned investments that American companies have already announced across India.
         In the years to come, we’re going to see data centers, pharmaceuticals, undersea cables, and countless other critical goods being developed and being built because of the American and Indian economic partnership.
         And I’ll say it again, I think that our nations have so much to gain by investing in one another: America investing in India and, of course, India investing in the United States of America.
         And I know that Americans, our people are excited about that prospect and that President Trump and I are looking forward to stronger ties. 
         Americans want further access to Indian markets.  This is a great place to do business, and we want to give our people more access to this country.  And Indians, we believe, will thrive from greater commerce from the United States.  This is very much a win-win partnership and certainly will be far into the future.
         And as I know this audience knows better than most, neither Americans nor Indians are alone in looking to scale up their manufacturing capacity.  The competition extends well beyond cheap consumer goods and into munitions, energy infrastructure, and all sorts of other cutting-edge technologies.  I believe that if our nations fail to keep pace, the consequences for the Indo-Pacific, but really the consequences for the entire world, will be quite dire.
         And this, again, is where India and the United States have so much to offer one another.  We’ve got great hardware — the leading artificial intelligence hardware in the world.  You have one of the most exciting start-up technology infrastructures anywhere in the world.
         There’s a lot to be gained by working together, and this is why President Trump and I both welcome India’s leadership in a number of diplomatic organizations, but, of course, in the Quad.
         We believe a stronger India means greater economic prosperity but also greater stability across the Indo-Pacific, which is, of course, a shared goal for all of us in this room and is a shared goal for both of our countries.
         I want to close with — with one last story, or maybe a couple of stories.  So, you know, my — my son Ewan is seven years old.  He’s our firstborn son.  And yesterday, after we — we had dinner at the prime minister’s house, the food was so good and the prime minister was so kind to our three children that Ewan came up to me afterwards, and he said, “Dad, you know, I think maybe I could live in India.”  (Laughter and applause.) 
         And — but I think after about 90 minutes in the Jaipur sun today at the great palace — (laughter) — he suggested that maybe we should move to England.  (Laughter.)  So, you take the — the good with the bad here.
         But I — I want to talk about Prime Minister Modi because I think he’s a special person.  I first met Prime Minister Modi at the AI Action Summit in February, and we had a lot of important discussions on AI and other policies to prepare for. 
         The prime minister also managed to figure out that my son Vivek was actually turning five years old on the trip.  This was in Paris just a couple of months ago.
         So, think about this.  Amid a huge international policy conference, he took the time to stop by where I was staying; wish our second son, Vivek, a happy birthday; and even bring him a gift.  Usha and I were both genuinely touched by his graciousness, and we have been even more impressed by his warmth since we arrived in India.
         Now, it’s interesting.  Some of you may know that when you’re a politician, your kids spend almost as much time in the limelight as you do.  And the — the great things about kids is they are brutally honest.  They’re brutally honest with everybody, whether you want them to be or not. 
         And our seven-year-old, our five-year-old, and then our — our three-year-old baby girl, Mirabel — it’s interesting.  They have only really been — they’ve only really attached themselves to; they’ve only really liked, I should say; they’ve only really built a rapport with — with two world leaders. 
         The fors- — first, of course, is President Trump.  He just has a certain energy about them — about him.  But Prime Minister Modi, it’s the exact same thing. Our kids just like him.  And I think that because kids are such good strong [judge] of characters, I just like Prime Minister Modi too, and I think it’s a great foundation for the future of our relationship.  (Applause.)
         I could tell then — I could tell when Prime Minister Modi came over a couple of months ago and I believe today that he is a serious leader who has thought deeply about India’s future prosperity and security, not just for the rest of his time in office but over the next century.
         And I want to end by making a simple overarching point.  We are now officially one quarter into the 21st century — 25 years in, 75 years to go.  And I really believe that the future of the 21st century is going to be determined by the strength of the United States-India partnership.  I believe — (applause) — thank you.
         I believe that if India and the United States work together successfully, we are going to see a 21st century that is prosperous and peaceful.  But I also believe that if we fail to work together successfully, the 21st century could be a very dark time for all of humanity. 
         So, I want to say, it’s — it’s clear to me, as it is to most observers, that President Trump, of course, intends to rebalance America’s economic relationship with the rest of the world.  That’s going to cause — fundamentally will cause profound changes within our borders in the United States, but, of course, with other countries as well.
         But I believe that this rebalancing is going to produce great benefits for American workers, it’s going to produce great benefits for the people of India, and because our partnership is so important to the future of the world, I believe President Trump’s efforts, joined, of course, by the whole country of India and Prime Minister Modi, will make the 21st century the best century in human history.  Let’s do it together.
         God bless you.  And thank you for having me.  (Applause.)
                                 END                3:42 P.M. IST

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: HK, Zhejiang advance co-operation

    Source: Hong Kong Information Services

    Chief Executive John Lee, leading a Hong Kong Special Administrative Region Government delegation, continued his visit to Zhejiang today.

    This morning, Mr Lee and Secretary of the CPC Zhejiang Provincial Committee Wang Hao attended the High-Level Meeting and the First Plenary Session of the Hong Kong/Zhejiang Co-operation Conference, witnessing the establishment of the Hong Kong/Zhejiang Co-operation Conference Mechanism.

    During the meeting, Mr Wang, Mr Lee and Zhejiang Governor Liu Jie saw the signing of the Hong Kong/Zhejiang Co-operation Conference Mechanism, the Co-operation Memorandum of the High-Level Meeting & First Plenary Session of the Hong Kong/Zhejiang Co-operation Conference, as well as four co-operation agreements.

    By entering into the mechanism, Hong Kong and Zhejiang reached consensus on 13 co-operation areas. Meanwhile, the four co-operation agreements cover areas of innovation and technology (I&T), housing, economic and trade co-operation, and youth development.

    Mr Lee noted that the new mechanism symbolises a new stage of comprehensive exchanges and co-operation between Hong Kong and Zhejiang, which is of great significance. He thanked Zhejiang Province and the Zhejiang Provincial Government for its importance and support attached to the mechanism, and said he looks forward to Hong Kong and Zhejiang working together and deepening co-operation on all fronts for mutual benefits.

    He added that Hong Kong and Zhejiang will seize national opportunities and leverage their respective strengths to make new and greater contributions to the further reform and opening up of the country, and the great rejuvenation of the Chinese nation.

    Furthermore, he stressed that Hong Kong will give full play to its role as a “super connector” and “super value-adder” to continue serving Zhejiang in expanding international markets.

    After the meeting, Mr Lee called on Hangzhou Mayor Yao Gaoyuan and attended a luncheon hosted by Mr Yao.

    The Chief Executive said that Hangzhou has made rapid achievements in the fields of the digital economy and artificial intelligence (AI) in recent years, while the Hong Kong SAR Government, also developing the AI industry proactively, has been implementing a series of measures to support AI development. Mr Lee expressed his confidence in the huge potential for co-operation between Hong Kong and Hangzhou in I&T, adding that under the new co-operation mechanism, exchanges and collaboration between Hong Kong and cities in Zhejiang, including Hangzhou, will be even closer.

    In the afternoon, Mr Lee arrived in Ningbo, where he visited a local high-end scientific instrument manufacturing enterprise to learn more about its business development and projects in the manufacturing and research of optical instruments.

    He also met entrepreneurs of Ningbo descent, and commended Ningbo entrepreneurs for their significant contributions to Hong Kong’s economic and social development over the years.

    In the evening, Mr Lee met Secretary of CPC Ningbo Municipal Committee Peng Jiaxue, and attended a dinner hosted by Mr Peng.

    Mr Lee said he believes that entrepreneurs in Hong Kong and Ningbo will continue to scale new heights and forge closer ties and co-operation, and that Hong Kong and Ningbo can achieve complementarity to make greater contributions to the country’s high-quality development.

    The Chief Executive will attend the Hong Kong Investment Promotion Conference – Zhejiang (Ningbo) Forum & Ningbo-Hong Kong Economic Co-operation Forum tomorrow.

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Illinois Man Sentenced to 16 Years in Federal Prison for Armed Robberies

    Source: Office of United States Attorneys

    Richard G. Frohling, Acting United States Attorney for the Eastern District of Wisconsin, announced that on April 23, 2025, Jamal White (age 34) was sentenced to 16 years in federal prison for his role in five armed robberies in southeastern Wisconsin.

    According to court records, White robbed five commercial businesses between May 19 and May 21, 2023. During each robbery, White brandished a firearm and demanded money from the store cashiers. White robbed a West Allis Speedway gas station, a West Allis BP gas station, a Milwaukee Walgreens, a Greenfield Speedway gas station, and a Kenosha Kwik Trip. At his sentencing hearing, Chief United States District Judge Pamela Pepper also considered White’s role in two uncharged robberies in northern Illinois on May 21, 2023, which occurred at a Waukegan Walgreens and a Chicago Walgreens. At the time of the robberies, White was on parole with the Illinois Department of Corrections after serving approximately six years in Illinois state prison for armed robbery. White also had outstanding warrants for armed robbery in Indiana. Following his term of imprisonment, White will spend three years on supervised release. He was also ordered to pay restitution. 

    This case was investigated by the FBI’s Milwaukee Area Violent Crimes Task Force, Milwaukee Police Department, Greenfield Police Department, West Allis Police Department, Kenosha Police Department, Waukegan Police Department, and Chicago Police Department.

    It was prosecuted by Assistant United States Attorneys Abbey M. Marzick and Michael C. Schindhelm.

     

    #    #  #   #   #

    For additional information contact:

    Public Information Officer Kenneth Gales               

    (414) 297‑1700

    MIL Security OSI –

  • MIL-OSI USA: Communities Prepared for Disasters: Older Adults webinar series

    Source: US State of Oregon

    em>Salem, OR — Please join the Oregon Department of Emergency Management (OEM), in partnership with the Oregon Advocacy Commissions Office, AARP, Oregon Association of Area Agencies on Aging and Disabilities, and the Oregon State University Extension Service for a two-part virtual educational series on how to help older adults prepare for the disasters we face every year in Oregon such as ice storms, wildfires, and extreme heat. This series is intended for organizations, community groups, faith-based organizations serving older adults, emergency management professionals, and anyone else interested in this topic.

    Older adults often face unique challenges when it comes to disaster preparedness—such as living on fixed incomes, relying on mobility devices, or experiencing social isolation. This educational series will offer practical guidance for individuals and organizations working with older adults to strengthen emergency readiness across the state.

    Part 1: April 23, 2025 | 10 a.m. – 12 p.m. PST
    Topics include:

    • Building partnerships between emergency managers and aging service providers
    • Planning for evacuation, sheltering, and medical equipment needs
    • Signing up for emergency alert systems

    Part 2: May 21, 2025 | 10 a.m. – 12 p.m. PST
    Topics include:

    • Managing medications during disasters
    • Avoiding scams and misinformation post-disaster
    • Supporting mental health and reducing social isolation

    Who Should Attend:
    Organizations, faith groups, and individuals who support older adults, along with emergency management professionals and community preparedness advocates.

    Access & Registration:
    The series is free and open to the public. Sessions will be offered in English with interpretation in Spanish, Vietnamese, Russian, Chinese, and American Sign Language (ASL). Recordings will be available on OEM’s YouTube channel.

    Register here: Virtual Event Registration

    For questions or accommodation requests, contact:
    community.preparedness@oem.oregon.gov

    MIL OSI USA News –

  • MIL-OSI China: China announces top 10 archaeological discoveries for 2024

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

    BEIJING, April 24 (Xinhua) — From a 60,000-year-old Paleolithic settlement to a third-century Buddhist temple along the ancient Silk Road, China on Thursday unveiled its top 10 archaeological discoveries of 2024, findings that can help deepen understanding of Chinese civilization and the history of Homo sapiens in East Asia.

    The selected projects span diverse fields such as human origins, the origins, formation and early development process of Chinese civilization, and the formation and development of a unified multi-ethnic nation, said Qiao Yunfei, deputy head of the National Cultural Heritage Administration (NCHA).

    “ENCYCLOPEDIC SETTLEMENT” FOR PALEOLITHIC AGE

    The Mengxihe Site in the southwestern province of Sichuan has revealed a Paleolithic settlement dating back 60,000 to 80,000 years. Archaeologists believe it offers systematic and novel evidence that could help unravel the origins of Homo sapiens in East Asia.

    Discovered in 2021, the Mengxihe site spans approximately 12,000 square meters. From 2022 to 2024, thousands of stone tools, animal fossils, large and medium-sized wooden artifacts, and remains of plant seeds and fruits were excavated.

    Dating back to a crucial phase in the evolution of modern humans, the site offers a rare and remarkably complete snapshot of ancient society, with a wealth of stone tools as well as animal and plant remains, according to an NCHA report on the findings.

    “It is the only site identified to contain abundant plant resources during the dispersal phase of Homo sapiens,” the report stated.

    The findings reveal that ancient humans in East Asia — previously thought to be relatively “backward” — were far from dormant, as they not only inherited local traditions in making stone tools but also actively cultivated a range of complex modern behaviors, according to the report.

    RICE FARMING 9,300 YEARS AGO

    The Xiatang Site in Zhejiang Province, occupying an area of about 30,000 square meters, serves as a significant evidence of the early rice farming society in southern China, the NCHA report stated.

    The site presents crucial evidence of China’s 10,000-year cultural history and stands as a vivid example of the independent origins and continuous development of Chinese civilization over millennia, said Zhong Zhaobing, director of the archaeological project.

    Discovered in 1984 and unearthed through years of excavation, the site yielded cultural relics spanning four distinct Neolithic cultural phases, covering the entirety of the Neolithic Age from 9,300 to 4,000 years ago.

    Abundant remains were unearthed, including moats, artificially constructed earthen platforms, residential foundations, burial sites, food-processing zones, irrigation ditches, and pathways, offering a comprehensive panorama of early agricultural society’s settlement.

    NEOLITHIC LAKESIDE LIFE IN QINGHAI-TIBET PLATEAU

    The Mapu Tsho relics site is the first Neolithic site, dating back over 4,000 years, to be discovered in the central part of southwest China’s Xizang Autonomous Region.

    Situated at an altitude of 4,410 to 4,430 meters along the shores of Mapu Tsho Lake, it stands as the earliest known lakeside Neolithic site in the heart of the Qinghai-Tibet Plateau, remarkable for both its elevation and long duration of occupation.

    The relics unearthed include rice, millet, seashells, ivory and bronze vessels that were clearly brought in from outside.

    “Findings here not only provide significant physical evidence for reconstructing the historical and archaeological cultural sequence of prehistoric Xizang but also offer compelling evidence of interactions, exchanges, and integration among various ethnic groups in China, shedding light on the formation of a diverse yet unified Chinese civilization,” the NCHA said.

    RISE OF BUDDHISM ALONG SILK ROAD

    The Mo’er Temple ruin, near the city of Kashgar in northwest China’s Xinjiang Uygur Autonomous Region, was a key Buddhist temple built around the third century when the ancient kingdom named Shule reigned the region.

    Archaeologists began to excavate the site in 2019, uncovering a wealth of significant discoveries after six rounds of excavation work.

    “This is the earliest and best-preserved large-scale architectural site of a Buddhist temple discovered to date in the westernmost region of China,” the NCHA said.

    As a representative example of a large early Buddhist temple, the site provides important evidence of the layout and architectural evolution of early Buddhist temples in China, the NCHA added.

    It has also contributed significantly to the archaeological study of Buddhism in ancient Shule and along the Silk Road, according to the NCHA.

    MIL OSI China News –

  • MIL-OSI USA: Attorney General James Calls on Congress to Support Critical Legal Services for Vulnerable Americans

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James today joined a bipartisan coalition of 39 other attorneys general in sending letters to leaders in the United States House and Senate urging them to keep in place critical funding for the Legal Services Corporation (LSC) in upcoming appropriations bills. For over 50 years, LSC has provided grants to organizations in every state and territory that ensure those in need can get assistance for civil cases of all types. As Attorney General James and the coalition assert in the letter, LSC funds provide vital legal assistance to people in rural communities, veterans and military families, domestic violence survivors, older adults victimized by scams and fraud, and others who struggle to afford an attorney.

    “Funding for the Legal Services Corporation helps ensure that everyone – no matter where they live or how much money they make – has access to justice,” said Attorney General James. “LSC supports organizations that protect the rights of the most vulnerable in our communities, from tenants facing eviction to families recovering from natural disasters. As New York’s attorney general, I work every day to protect the rights of all New Yorkers, and I urge Congress to support the fight for equal access to justice by investing in LSC.”

    LSC operates a network of 130 independent legal aid organizations in over 900 offices in 50 states, the District of Columbia, and U.S. territories. These organizations assist millions of Americans with legal needs such as securing veterans’ benefits, support with natural disasters, and providing access to legal services for people in rural areas. In 2023, LSC funds helped serve over 100,000 New Yorkers, including over 1,800 veterans, and supported over 12,000 cases involving domestic violence.

    LSC is at the front line of protecting access to justice throughout the country. As Attorney General James and the coalition argue in the letter, without investment in LSC, many hardworking rural families would have no access to legal assistance when facing life-altering legal problems. The letter also notes LSC distributes 95 percent of its funding directly to the legal aid organizations providing services to Americans.

    Joining Attorney General James in sending the letters are the attorneys general of Alaska, Arizona, California, Colorado, Connecticut, Delaware, Georgia, Hawaii, Illinois, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, American Samoa, the District of Columbia, Northern Mariana Islands, and the U.S. Virgin Islands.

    MIL OSI USA News –

  • MIL-OSI: Truelink Capital Completes Investment in Channel Factory to Fuel Global Expansion

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, April 24, 2025 (GLOBE NEWSWIRE) — Truelink Capital today announced that it has completed a significant investment in Channel Factory, a leading adtech company specializing in brand suitability, contextual targeting, and media optimization solutions for digital advertising. Financial terms were not disclosed.

    Founded in 2014 by Tony Chen, Channel Factory is a trusted partner to the world’s leading brands, agencies, and media buyers, delivering contextually targeted advertising solutions. Leveraging proprietary AI technology, Channel Factory helps advertisers maximize the efficiency of their digital media campaigns across YouTube, Meta, other walled gardens, and CTV. It ensures ads appear in brand-suitable, high-performing, and contextually relevant content.

    “We are thrilled to partner with Channel Factory’s founder-based leadership team and will work together to invest in the company’s expansion into new geographies and additional digital media platforms. Their deeply entrenched relationships with the global agency holding companies and brands, built on a strong foundation of their leading AI technology, have driven exponential growth over the past few years. We see exceptional opportunities to support the business and its leadership as it further develops its core technology to support other social media platforms, ultimately positioning itself to be a one-stop provider for contextual targeting, brand suitability and media optimization. Additionally, we are eager to explore opportunities to continue growing Channel Factory through M&A and organic opportunities in international markets by leveraging the strong relationships that they have cultivated in recent years,” said Luke Myers, Co-Founder and Managing Partner of Truelink Capital.

    “We’re excited to partner with Truelink Capital to accelerate our next phase of growth and deliver even more innovation and value creation to our clients,” said Tony Chen, Founder and CEO of Channel Factory. “This partnership marks a new chapter. One that allows us to scale our operations faster, expand into new markets, and multiply our investment in our AI-driven technology. With Truelink’s support and strategic insight, we remain focused on our mission and will continue to run the business with the same leadership, vision, and commitment to our clients that have brought us here.”

    With a strong focus on brand safety, suitability, and responsible media placements, Channel Factory enables advertisers to align campaigns with content that reflects their values and resonates with target audiences. Using machine learning to analyze billions of videos, its platform ensures ads appear in optimal environments driving engagement and maximize ROI. Along with this leading AI-based technology, the company has supported its growth by nurturing strong relationships with the biggest and most well-known brands and agencies in this space.

    This transaction marks the eighth investment for Truelink Capital, a middle-market private equity firm focused on creating long-term value by partnering with industry-leading companies. The firm has a successful track record of operationally focused investments in the Industrials and Tech-enabled Services sectors.

    BMO Capital Markets served as buy-side financial advisor, while O’Melveny served as the legal advisor to Truelink Capital for this transaction.

    Global Investment Bank, Canaccord Genuity, acted as the exclusive investment banking advisor to Channel Factory. Greenberg Traurig and Marquee Law Group served as Channel Factory’s legal counsel.

    ABOUT TRUELINK CAPITAL
    Truelink Capital is a private equity firm based in Los Angeles. Truelink pairs deep industry experience in the Industrials and Technology-enabled services sectors with a commitment to building partnerships that drive long-term value through an operationally focused strategy. Truelink partners with management, corporate sellers, and founders to accelerate growth through the execution of strategic initiatives and transformative add-on acquisitions. Truelink is investing out of Truelink Capital Fund I, a $950 million fund.

    About Channel Factory
    Channel Factory is a global technology and data platform that optimizes business performance and enhances brand reputation through ethical and effective contextual targeting. Utilizing proprietary AI and brand suitability technologies, Channel Factory ensures ads are placed on brand-safe, contextually relevant content across YouTube, CTV platforms, and social media, including Meta and TikTok. Through its conscious media planning, Channel Factory is committed to promoting sustainability, diversity, and positive content, helping brands achieve their goals while fostering a healthier digital ecosystem.

    Channel Factory has a presence in 31 countries across the Americas, Europe, the Middle East, Asia, and ANZ, providing advertisers with IAB standard category lists and customized content options in 49+ languages. For more information about Channel Factory, please visit http://www.channelfactory.com

    Media Contact:
    Truelink: Peter Schultz / pschultz@truelinkcap.com
    Channel Factory: Luiz Barros / luiz.felipe@channelfactory.com

    The MIL Network –

  • MIL-Evening Report: Open letter to Fijians – ‘why is our country supporting Israel’s heinous crimes in Gaza?’

    Pacific Media Watch

    The Fijians for Palestine Solidarity Network today condemned the Fiji government’s failure to stand up for international law and justice over the Israeli war on Gaza in their weekly Black Thursday protest.

    “For the past 18 months, we have made repeated requests to our government to do the bare minimum and enforce the basic tenets of international law on Israel,” said the protest group in an open letter.

    “We have been calling upon the Fiji government to uphold the principles of peace, justice, and human rights that our nation cherishes.

    “We campaigned, we lobbied, we engaged, and we explained.

    “We showed the evidence, pointed to the law, and asked our leaders to do the right thing. Our pleas fell on deaf ears. We’ve been met with nothing but indifference.”

    The open letter said:

    “Dear fellow Fijians,

    “As we gathered tonight in Suva at the Fiji Women’s Crisis Centre compound, Israel has maintained an eight-week blockade on food, medicine and aid entering Gaza, while continuing to bomb homes and tent shelters.

    “At least 52,000 people in Gaza have been killed since October 2023, which includes more than 18,000 children. The death toll means that one out of every 50 people has been killed in Gaza. We all know that the real number of those killed is far higher.

    “Today, at least 13 people were killed in Israeli attacks. Among the dead were three children in a tent near Nuseirat in central Gaza, and a woman and four children in a home in Gaza City.

    “Also reportedly killed in a recent attack was local journalist Saeed Abu Hassanein, whose death adds to at least 232 reporters killed by Israel in Gaza in this genocide.

    “For the past 18 months, we have made repeated requests to our government to do the bare minimum and enforce the basic tenets of international law on Israel. We have been calling upon the Fiji Government to uphold the principles of peace, justice, and human rights that our nation cherishes.

    “We campaigned, we lobbied, we engaged, and we explained. We showed the evidence, pointed to the law, and asked our leaders to do the right thing. Our pleas fell on deaf ears. We’ve been met with nothing but indifference.

    “Instead our leaders met with Israeli Government representatives and declared support for a country accused of the most heinous crimes recognised in international law.

    “Fijian leaders and the Fiji Government must not be supporting Israel or planning to set up an Embassy in Israel while Israel continues to bomb refugee tents, kill journalists and medics, and block the delivery of aid to a population under relentless siege.

    “No politician in Fiji can claim ignorance of what is happening.

    “Tens of thousands of Palestinians have been killed.

    “Many more have been maimed, traumatised and displaced. Hospitals, clinics, refugee camps, schools, universities, residential neighbourhoods, water and food facilities have been destroyed.

    “We must loudly name what’s happening in Gaza – a GENOCIDE.

    “We should name the crime, underline our government’s complicity in it, and focus our efforts on elevating the voices of Palestinians.

    “We know that our actions cannot magically put an end to the GENOCIDE in occupied Palestine, but they can still make a difference. We can add to the global pressure on those who have the power to stop the genocide, which is so needed.

    “The way our government is responding to the genocide in Gaza will set a precedent for how they will deal with crises and emergencies in the future — at home and abroad.

    “It will determine whether our country will be a force that works to uphold human rights and international law, or one that tramples on them whenever convenient.

    “There are already ongoing restrictions against protests in solidarity with Palestine including arbitrary restrictions on marches and the use of Palestine flags.

    “We have had to hold gatherings in the premises of the FWCC office as the police have restricted solidarity marches for Palestine since November 2023, under the Public Order (Amendment) Act 2014.

    “Today, we must all fight for what is right, and show our government that indifference is not acceptable in the face of genocide, lest we ourselves become complicit.

    “History will judge how we respond as Fijians to this moment.

    “Our rich cultural heritage and shared values teach us the importance of always standing up for what is right, even when it is not popular or convenient.

    “We stand in solidarity with the Palestinian people out of a shared belief in humanity, justice, and the inalienable human rights of every individual.”

    In Solidarity
    Fijians for Palestine Solidarity Network

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: E.F. Hutton Names Industry Veteran Aaron Gadouas as Senior Managing Director

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — E.F. Hutton & Co., the recently relaunched investment firm, has named Aaron Gadouas as the firm’s newest Senior Managing Director. Gadouas will be working alongside Chief Executive Officer Joseph T. Rallo and President Duncan B. Swanston as the firm continues its focus on delivering for clients across equity and debt markets.

    Gadouas brings over three decades of experience in investment banking and capital markets to the firm, including expertise across a wide range of industries and financing structures. Over the course of his career, he has provided capital solutions and strategic advice for clients in industries including renewable energy and sustainable infrastructure, controlled environment agriculture, residential and commercial real estate, equipment leasing and specialty finance and insurance.

    “I’m thrilled to join E.F. Hutton during this exciting period of growth,” said Senior Managing Director Aaron Z. Gadouas. “I’m eager to collaborate with this outstanding executive team to broaden our global reach in private credit and offer valuable solutions to clients across structured finance.”

    Aaron has a history of developing and identifying creative financing solutions. He pioneered the first securitization of church mortgage loans in the United States. He has also formulated ways to monetize and leverage insurance products and other credit enhancements.

    “We are thrilled to announce Aaron Gadouas is joining our firm as a Senior Managing Director. He brings a wealth of knowledge to the company, decades of experience in investment banking and a deep knowledge of debt markets. I am looking forward to working with him to expand our offerings to deliver the best solutions to our clients,” said E.F. Hutton Chief Executive Officer Joseph T. Rallo.

    Before joining E.F. Hutton, Gadouas was a Managing Director at B.C. Ziegler and Company and Co-head of the firm’s project and structured finance practice. He has also held positions at ABN AMRO Global Capital Markets, where he was responsible for the origination and execution of tax-advantaged structured products, and Drexel Burnham Lambert, where he focused on municipal finance.

    Gadouas graduated from Cornell University with a Bachelor’s in Economics. He received an MBA from Kellogg Graduate School of Management at Northwestern University and holds General Securities Registered Representative Series 7, 52 and 63 licenses.

    ABOUT E.F. HUTTON
    E.F. Hutton & Co. is a broker-dealer that provides advisory and financing solutions to a variety of clients including corporates, sponsors, and public-private partnerships. The Executive Team at E.F. Hutton & Co. has a proven track record of providing unwavering strategic advice to clients across the globe, including the US, Asia, Europe, UAE, and Latin America.

    For more information visit efhutton.com.

    Contact: efhutton@orchestraco.com

    The MIL Network –

  • MIL-OSI: SUNation Energy Restructures $5.5 Million of Long-Term Debt, Improving Cash Flows and Enhancing Liquidity

    Source: GlobeNewswire (MIL-OSI)

    RONKONKOMA, N.Y., April 24, 2025 (GLOBE NEWSWIRE) — SUNation Energy, Inc. (Nasdaq: SUNE), a leading provider of sustainable solar energy and backup power solutions for households, businesses, and municipalities, today announced that it has amended the terms of a $5,486,000 Long Term Promissory Note (the “Note”) associated with the Company’s second acquisition dating from November 2022.

    Under the new terms of the Long-Term Note, as disclosed in our recent annual report on Form 10-K, the principal amount of the Note, previously due and payable as a one-time payment due in November 2025, together with all accrued and unpaid interest, has been extended and is to now due and payable in 36 monthly installments beginning in June 2025 through May 1, 2028.

    “The restructuring of this Note is the latest in a series of restructuring and debt reduction initiatives designed to incrementally improve the Company’s capital structure, enhance cash flows, and provide the necessary flexibility to allow us to execute our long-term growth objectives,” said James Brennan, Chief Financial Officer. “We appreciate the efforts of our independent board members in helping to reach these new terms with the Note holders, as well as for their confidence in the Company’s long term growth prospects.”

    In addition, under the terms of a newly created Senior Secured Contingent Note Instrument (the “Contingent Note”), payment of the unearned 2024 earnout has been rescheduled. In addition to certain other conditions set forth therein, it will now follow the earnout terms in the Contingent Note covering the 2024 and 2025 fiscal years. If 2025’s EBITDA is greater than that of 2024, then the earnout will have been earned, and it will be paid over a period of 24 months starting in 2026.

    “One of our focus points has, and will continue to be, ensuring that our commitments are honored and any of our outstanding obligations are satisfied,” said Scott Maskin, Chief Executive Officer. “Commencing repayment of this Note is a significant step towards that goal. We are creating an environment where SUNation’s value can be based on its business performance, rather than exclusively by its previously costly and challenging capital structure.”

    Copies of the amended and restated secured Long-Term Note and the Senior Secured Contingent Note Instrument, along with the accompanying Security Agreement, can be found as annexed exhibits to the Company’s most recent annual report on Form 10-K.

    About SUNation Energy, Inc.

    SUNation Energy, Inc. is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear) provide homeowners and businesses of all sizes with an end-to-end product offering spanning solar, battery storage, and grid services. SUNation Energy, Inc.’s largest markets include New York, Florida, and Hawaii, and the company operates in three (3) states.

    Forward Looking Statements 

    This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. While the Company believes its plans, intentions, and expectations reflected in those forward-looking statements are reasonable, these plans, intentions, or expectations may not be achieved. For information about the factors that could cause such differences, please refer to the Company’s filings with the Securities and Exchange Commission, including, without limitation, the statements made under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in subsequent filings. The Company does not undertake any obligation to update or revise these forward-looking statements for any reason, except as required by law.

    Safe Harbor Statement

    Our prospects here at SUNation Energy Inc. are subject to uncertainties and risks. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, including, but not limited to, the risk that SUNation may not be able to enter into definitive agreements to commence these solar installations, and that the projects being contemplated will not generate the expected levels of energy or deliver the anticipated financial benefits. The Company intends that such forward-looking statements be subject to the safe harbor provided by the foregoing Sections. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this presentation. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. We caution readers not to place undue reliance upon any such forward-looking statements. The Company does not undertake to publicly update or revise forward-looking statements, whether because of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in the Company’s filings with the SEC which can be found on the SEC’s website at www.sec.gov.

    Contacts:
    Scott Maskin
    Chief Executive Officer
    +1 (631) 823-7131
    smaskin@sunation.com

    SUNation Energy Investor Relations
    +1 (212) 836-9600
    IR@sunation.com

    The MIL Network –

  • MIL-OSI Global: Alaska, rich in petroleum, faces an energy shortage

    Source: The Conversation – USA – By Brett Watson, Assistant Professor of Applied and Natural Resource Economics, University of Alaska Anchorage

    The Trans-Alaska Pipeline crosses underneath the Dalton Highway, carrying crude oil from the North Slope to a port in Valdez. Lance King/Getty Images

    In the state with the fourth-largest proven reserves of oil and gas in the U.S., there is a looming energy shortage.

    Above the Arctic Circle, oil producers on Alaska’s North Slope send an average of 465,000 barrels of crude oil south each day for shipping to refineries and users around the country and the world.

    But in south-central Alaska – Anchorage and the surrounding region, home to 63% of the state’s population – utility companies are warning they may not have enough natural gas from current sources to keep the power and heat on without interruption.

    As a professor at the University of Alaska Anchorage who studies the economics of natural resources, I can see this apparent contradiction has a straightforward cause but no simple solution.

    Oil facilities in Prudhoe Bay on the North Slope, photographed March 28, 2002.
    Simon Bruty/Anychance/Getty Images

    Declining oil production

    The North Slope region once produced nearly 2 million barrels of oil per day at its peak in the 1980s. Every barrel is transported via the 800-mile Trans-Alaska Pipeline System to the port of Valdez, where it is loaded onto tanker ships.

    The state government collects significant taxes and royalties on oil production. For decades, oil revenue allowed the state to fund all government spending without imposing broad-based income, sales or property taxes. At the height of the oil boom, there was so much money that Alaska established a wealth fund, now valued at over US$80 billion, and began distributing dividends to every resident.

    But the Trans-Alaska Pipeline is designed to carry oil, not natural gas. A state law prevents producers from burning off excess gas, or flaring, as happens in many fields. With nowhere to send it, gas extracted from Alaska’s oil fields is reinjected into the ground to boost well pressure and push more oil out.

    Significant natural gas potential

    Alaska’s gas reserves are significant. State estimates suggest the North Slope has about 35 trillion cubic feet of proven reserves. That’s almost as much natural gas as the U.S. as a whole produced in 2023.

    But that is just the beginning: The North Slope also has the potential for another 200 trillion cubic feet that remains undiscovered. And improving technologies and techniques may be able to extract another 590 trillion cubic feet, according to the Alaska Gasline Development Corp., a company owned by the state of Alaska that is trying develop a project to extract and sell the state’s natural gas.

    As oil production declines and prices remain uncertain, selling gas could provide a different stream of revenue for the state, potentially providing billions of dollars.

    The 800-mile problem

    For decades, there have been numerous proposals to develop Alaska’s gas. State agencies and the petroleum industry have collectively spent hundreds of millions of dollars on this effort.

    The concept that’s closest to reality is Alaska Gasline Development Corp.’s proposal to build a plant on the North Slope to remove gas impurities, a liquefaction plant near Anchorage that could export 20 million tons of liquefied gas each year – around a trillion cubic feet – and an 807-mile pipeline to connect the two.

    The cost is expected to be significant: The corporation’s own estimate is that it would cost $44 billion. But that number was developed before the construction sector saw significant inflation in 2022. An engineering study due for release in late 2025 will provide a more updated figure. Alaskans remember that the Trans-Alaska Pipeline ended up costing 25% more than projected.

    Since his first day in office, President Donald Trump has touted this pipeline as part of efforts to expand the nation’s production of fossil fuels. He told a joint session of Congress it was a near-ready project, with Japan and South Korea ready to invest “trillions of dollars each.” In February 2025, he stood alongside Japanese Prime Minister Shigeru Ishiba to announce a “joint venture” to develop the pipeline project, but no specific details have been announced.

    Winter in Alaska means deep cold and lots of snow.
    AP Photo/Mark Thiessen

    2 expensive options

    There is a growing need to address Alaska’s domestic energy shortfall.

    South-central Alaska relies on natural gas for more than 70% of its electric and heating needs. But the gas reserves closest to Anchorage, in the Cook Inlet, which have provided energy to the area since the 1960s, are dwindling, and prices are rising. In 2005, wholesale gas prices were $3.75 per 1,000 cubic feet of natural gas. By 2024, the price had more than doubled, to $8.75. By contrast, the rest of the U.S. has seen natural gas prices cut in half over that period, thanks in part to horizontal drilling and hydraulic fracturing, also known as fracking.

    In 2022, Hilcorp, the company responsible for roughly 85% of the Cook Inlet gas production, reported that by 2027 it might not be able to supply enough gas for utilities that serve the region.

    Solutions other than the pipeline are also slow and expensive. Local utilities estimate that improving energy efficiency and developing renewable power could reduce gas demand by around 10% over the next several years and by as much as 15% after a decade. But retrofitting the area’s aging and energy-inefficient homes will not be fast or cheap.

    More than just economics

    What remains for Alaska are two main options: get gas from the North Slope to Anchorage, or import liquefied gas from the global market.

    Building the pipeline could both meet the needs of Alaska’s people and bring in money from global sales – though how much revenue depends on how global gas markets change over time and how competitive Alaska gas prices would be relative to other suppliers.

    Any delays from financial, legal, technical or environmental challenges would balloon costs. But if it succeeded, Anchorage-area customers could see prices drop as low as $2.23 per 1,000 cubic feet – a 75% drop from current prices and 40% lower than in 2005. The savings could significantly bolster the region’s economy.

    Importing is a costly option. A study commissioned by the Alaska Legislature found that imported gas would cost $13.72 per 1,000 cubic feet. That’s 60% more than current prices and especially burdensome for Alaska families and businesses, which already pay far higher energy bills than typical American customers.

    Beyond the economic questions, there’s something symbolic at stake: the state’s identity. Could a state synonymous with energy production become an energy importer? Many Alaskans see the prospect as an embarrassing paradox – akin to Hawaii importing pineapples or New Mexico importing green chiles.

    Independence and globalization

    Alaska is not alone in grappling with the tension between energy self-sufficiency and economic efficiency.

    Across the U.S., states rich in resources have wrestled with the question of whether to prioritize local production or integrate into global markets. Texas produces more oil than any other state, yet it continues to import crude oil due to mismatches between its production and refining capacity.

    Shaped by globalization, few regions can truly isolate themselves from market forces. Energy production and consumption are increasingly interconnected, meaning pursuit of local self-sufficiency comes at a steep economic cost. That’s the question facing Alaska: whether to invest in domestic infrastructure to maintain energy independence, or embrace the flexibility – and potentially lower cost – of global markets.

    Brett Watson receives funding from First National Bank Alaska to conduct research on the Alaska economy, including energy issues. He has previously received funding from Power the Future for work on Alaska mineral issues.

    – ref. Alaska, rich in petroleum, faces an energy shortage – https://theconversation.com/alaska-rich-in-petroleum-faces-an-energy-shortage-254903

    MIL OSI – Global Reports –

  • MIL-OSI Global: WH Smith once shaped the travel experience – and now it’s returning to its roots

    Source: The Conversation – UK – By Marrisa Joseph, Associate Professor of Organisation Studies & Business History, University of Reading

    Not just a British icon – a WHSmith outlet in an airport in Doha, Qatar. TY Lim/Shutterstock

    After 124 years as a familiar fixture to generations of customers, there will no longer be a place for WH Smith on UK high streets.

    Modella Capital – a specialist retail investment company – is the new owner of the chain’s high street locations. For a purchase price of £76 million, it will take over 480 stores in retail parks, shopping centres and high streets. It is also expected to retain its 5,000 staff.

    Initially, ten stores will close with a further ten to be announced later. Importantly, the WH Smith brand is not being sold.

    The high street stores will be rebranded as TJ Jones, a nostalgic and not so subtle nod to its predecessor. There is clearly an understanding that a family brand still means something to consumers.

    WH Smith is recognised globally due to its rapidly growing presence in airports. Its travel divisions is set to remain in train stations, airports and hospitals.

    These 1,200 stores in 32 countries account for around 85% of group profits. The strategy is to focus on key travel markets, as air passenger numbers are forecast to more than double globally by 2050.

    Interestingly, by prioritising travel customers, WH Smith has gone full circle – returning to its Victorian roots as the main retailer of books and newspapers in railway stations. I have researched the history of the British publishing industry – passengers picking up a newspaper or the latest bestseller at travel hubs is a practice that was pioneered by the brand that would go on to become WH Smith.

    In 1792, newsagent Henry Walton Smith with his wife Anna started a small retailing business in Little Grosvenor Street in the west end of London. Their son William Henry took over the family firm in 1812. He expanded to include a “coach trade” of London daily papers to the regional provinces outside the capital.

    William took advantage of the revolution in the British publishing industry that came with the industrial age. From its introduction in 1814, the steam-powered printing press brought down the cost of printing newspapers and books, opening more opportunities for literature.

    In under 50 years, the sale of newspapers quadrupled, rising from 16 million a year in 1801 to more than 78 million by 1849. Increased literacy among adults and children created a market for new material, and as railways enabled new distribution networks there were even more opportunities to sell printed products.

    The development of railway stations provided a surge in travel that was a novelty for many Victorians, who needed entertainment to keep them occupied during long journeys.

    Broadening horizons

    In 1848, Smith and his son secured an exclusive agreement to sell books and newspapers at railway stations owned by the London and North Western Railway. The first bookstall opened in Euston station in November that year, and by the end of the 1860s they operated more than 500 bookstalls along Britain’s railways.

    This contract led to WH Smith dominating a large part of the book trade by the end of the 19th century. It continued to expand, and the first town shop opened in Gosport, Hampshire in 1901.

    The historic WH Smith brand will disappear from UK high streets after its sale.
    cktravels.com/Shutterstock

    In 1850, Smith and son also made a deal with publisher George Routledge to supply and stock their railway outlets with his cheap series of reprints. These were known as “yellowbacks” as the prints were bound in thin yellow card with eye-catching artwork.

    These were a precursor to the paperback, designed to be read on the train and then discarded. Selling at roughly half the price of a novel at the time, they were mass-market products that provided significant revenue for WH Smith – just as paperbacks do today.

    Building on the opportunity of the growing travel market, the company broadened its offering to the public by partnering with Charles Edward Mudie, who founded Britain’s largest circulating library in 1842. At one point Mudie’s flagship location in New Oxford Street in London held more than 960,000 titles.

    By 1859, Mudie had an agreement with WH Smith to supply the bookstall at Birmingham station – essentially creating a library department in the bookstall. Mudie supplied popular titles from London allowing “passengers to exchange books daily at the subscriber’s pleasure”.

    For more than 170 years, WH Smith has grown from its origins as a retailer at railway stations to becoming a familiar presence in town and city centres across the UK. More recently it has been the butt of jokes online for its disorganised and messy stores.

    But the decision to offload its high street premises underscores the fact that, just as in the Victorian era, travellers seeking entertainment for the journey will still turn to that old trusted brand.

    Marrisa Joseph works for the University of Reading.

    – ref. WH Smith once shaped the travel experience – and now it’s returning to its roots – https://theconversation.com/wh-smith-once-shaped-the-travel-experience-and-now-its-returning-to-its-roots-254858

    MIL OSI – Global Reports –

  • MIL-OSI Europe: OLAF intelligence supports Lithuanian Customs in major sanctions evasion probe

    Source: European Anti-Fraud Offfice

    Press release no. 8/2025
    PDF version 

    On 10 April, investigators from the European Anti-Fraud Office (OLAF) joined officers from the Lithuanian Customs Criminal Service (MKT) in a successful raid on a company suspected of violating EU sanctions.

    The investigation targeted a business allegedly involved in the illegal export of sanctioned goods to Russia and Belarus. While the items in question were lawfully manufactured in various EU Member States, it is believed the company rerouted them through Central Asian countries to circumvent EU sanctions.

    During the inspection, significant quantities of potentially sanctioned commodities, large sums of money and weapons were seized. Prior to the raid, OLAF provided intelligence and analytical support that proved instrumental in uncovering a suspected scheme to evade EU export restrictions. Preliminary findings also suggest the company may have facilitated similar operations for other firms.

    The pre-trial investigation, led by the Vilnius Regional Prosecutor’s Office, estimates the value of the seized goods at approximately €1.5 million.

    OLAF provided investigative support, advanced analytical tools and relevant data throughout the investigation. As the investigation remains ongoing, OLAF is also liaising with authorities in both EU and non-EU countries to verify the export routes and trace the final destination of the goods. The intelligence gathered will support other EU Member States in discovering potential new illicit trade flows of sanctioned goods. 

    OLAF Director-General Ville Itälä said: “OLAF remains committed to supporting EU Member States in upholding sanctions and protecting the financial interests of the Union. In this case, OLAF provided investigative intelligence and analysis, while also acting as a bridge between the different national authorities involved. We are glad to have been able to support our Lithuanian colleagues in such a crucial effort as the enforcement of the EU’s export sanctions. Together we help strengthen the security of the EU.”

    OLAF mission, mandate and competences:
    OLAF’s mission is to detect, investigate and stop fraud with EU funds.    

    OLAF fulfils its mission by:
    •    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;
    •    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;
    •    developing a sound EU anti-fraud policy.

    In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:
    •    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;
    •    some areas of EU revenue, mainly customs duties;
    •    suspicions of serious misconduct by EU staff and members of the EU institutions.

    Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.

    For further details:

    Pierluigi CATERINO
    Spokesperson
    European Anti-Fraud Office (OLAF)
    Phone: +32(0)2 29-52335  
    Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
    https://anti-fraud.ec.europa.eu
    LinkedIn: European Anti-Fraud Office (OLAF)
    Bluesky: euantifraud.bsky.social

    If you’re a journalist and you wish to receive our press releases in your inbox, pleaseleave us your contact data.

    MIL OSI Europe News –

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Indian Mercantile Co-operative Bank Limited (IMCBL), Lucknow – Extension of period

    Source: Reserve Bank of India

    The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949, to Indian Mercantile Co-operative Bank Limited (IMCBL), Lucknow vide Directive DOS.CO.OCCD.185569/12.28.007/2021-22 dated January 28, 2022 for a period of six months upto July 27, 2022, as modified from time to time, which were last extended upto April 27, 2025 vide Directive DOR.MON/D-94/12.28.007/2024-25 dated January 16, 2025. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond April 27, 2025.

    2. Accordingly, the Reserve Bank of India, in the exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from close of business of April 27, 2025 to close of business of July 27, 2025, subject to review.

    3. Other terms and conditions of the Directives under reference shall remain unchanged.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/173

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Views sought on jelly dessert rules

    Source: Hong Kong Information Services

    The Centre for Food Safety (CFS) today invited the public and the trade to send in their views on the proposed amendments to the Food & Drugs (Composition & Labelling) Regulations aiming to strengthen regulation of konjac-containing jelly confectionery.

    The CFS made the proposals after reviewing the potential choking risks associated with the consumption of mini-cup konjac-containing jelly confectionery products, the regulatory practices of major economies concerning such products, and conducting a risk assessment.

    It proposed that, if a mini-cup jelly confectionery product is with a height or width of 45mm or less, it shall not contain konjac.

    Another proposal is to require all prepackaged konjac-containing jelly confectionery products to carry a label with a warning statement about the prevention of choking hazard in both English and Chinese: “Caution: Do not swallow whole. Elderly and children must consume under supervision.”

    The CFS explained that while the Codex Alimentarius Commission considers konjac a safe food additive, improper consumption of mini-cup konjac jellies can increase the choking risk, particularly for children and elderly people, due to their unique product design and firm texture.

    It has consulted the Expert Committee on Food Safety and engaged the trade through a meeting and a forum.

    The Government initially proposes that the amendments to ban the sale of mini-cup konjac-containing jelly confectionery products with a height or width of 45mm or less, will take effect six months after passage of the amended regulations.

    As for the labelling requirements for all konjac-containing jelly confectionery products, the Government proposes that they will come into operation 12 months after passage of the amended regulations.

    Additionally, the CFS, in collaboration with the Education Bureau, has issued a letter to schools recommending that they cease selling or providing mini-cup konjac-containing jelly confectionery products with a height or width of 45mm or less in tuck shops and canteens.

    Members of the public and the trade are welcome to offer their views on or before June 8. 

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Press Release of the 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council

    Source: ASEAN

    KUCHING, Sarawak, Malaysia, 24 April 2025 – The 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council successfully concluded today. “As the ASCC Blueprint 2025 draws near to its conclusion, the ASCC has taken proactive steps in future-proofing its post-2025 future with the ASCC Strategic Plan, which presents a holistic strategy and measures anchored on sectoral priorities and people’s aspirations.” Secretary-General of ASEAN, Dr. Kao Kim Hourn, delivered this optimistic message at the opening of the 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council on 24 April, in Kuching, Sarawak, Malaysia.
     
    The ASCC Council Meeting brought together Ministers and representatives of ASEAN Member States to discuss the path forward for the ASEAN Socio-Cultural Community, ensuring that it is aligned with the ASEAN Community Vision 2045. The Meeting was presided over by Dato Sri Tiong King Sing, Malaysia’s Minister of Tourism, Arts and Culture and the current chair of the ASCC Council. Representatives from Timor-Leste also joined the meeting as Observers.
     
    In his opening message, Dr. Kao Kim Hourn spoke about the ASCC Strategic Plan’s emphasis on deepening engagement with partners and strengthening collaboration with other pillars to address urgent crosscutting challenges, especially in the areas of climate resilience, disaster risk reduction and management, and narrowing the development gaps.
     
    Minister Tiong King Sing lauded the Ad Hoc Working Group and all the sectoral bodies who worked on the ASCC Strategic Plan and highlighted the need to support and sustain its implementation to achieve the ASEAN Community Vision 2045 of a resilient, innovative, dynamic, and people-centred ASEAN.  He also reiterated Malaysia’s commitment in advancing inclusivity, creating fair opportunities for all levels of society, and ensuring that no one is left behind.
     
    At the meeting, the ASCC Council likewise affirmed its support for key priorities under the ASCC Chairmanship of Malaysia that include the following:
     
    (i) Cultural Heritage for Value Creation
    (ii) Artificial Intelligence, Digitalisation and Green Jobs towards Future Proofing Skills and Talents for ASEAN
    (iii) Healthy ASEAN Initiatives Towards a Prosperous ASEAN
    (iv) Youth and Sports Potential for All to Foster Growth, Unity and Excellence
    (v) Climate Action for Stewardship, Partnership and Ownership.
     
    The ASCC Council also endorsed three outcome documents for adoption and notation at the upcoming 46th ASEAN Summit on 26 May 2025, in Kuala Lumpur, namely the ASEAN Declaration of Commitment on ASEAN Drug Security and Self-Reliance (ADSSR), Checklist for ASEAN Member State governments, labour recruiters and employers of migrant workers on fair recruitment and decent employment practices, and 33rd ASCC Council Report to the 46th ASEAN Summit, while the ASEAN Creative Economy Sustainability Framework will be endorsed via ad referendum.
     
    The meeting concluded with the Ministers and representatives expressing their unanimous support for the ASCC Strategic Plan, and demonstrating a renewed vigour to help realise the ASEAN Community Vision 2045.

    Photos credit: Ministry of Tourism Arts and Culture (MOTAC) of Malaysia
    The post Press Release of the 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: 6.4k students awarded

    Source: Hong Kong Information Services

    Over 6,400 students were granted scholarships and awards under the Hong Kong Special Administrative Region (HKSAR) Government Scholarship Fund and the Self-financing Post-secondary Education Fund in the 2024-25 academic year.

    Around 600 students with special educational needs were given the Endeavour Merit Award and the Endeavour Scholarship under the two funds.

    Funds allocated through scholarships and awards totalled about $196 million, the Government said.

    Secretary for Education Choi Yuk-lin presented certificates to the awardees under the two funds at a joint scholarship presentation ceremony.

    Ms Choi said that the two scholarship schemes have successfully attracted outstanding non-local students to pursue their studies in Hong Kong by commending those with excellent performance in various aspects, thereby enhancing the city’s position as an international hub for post-secondary education.

    She added that to tie in with the overall national development, the Education Bureau will adhere to the principle of integrity and innovation, and seize the development opportunities arising from the country’s Belt & Road initiatives, the Guangdong-Hong Kong-Macao Greater Bay Area, etc, to deepen Hong Kong’s role as a cluster of talent and consolidate and develop the city’s advantages in education.

    The HKSAR Government Scholarship Fund was established to encourage outstanding local students to advance their studies at home and meritorious non-local students to pursue higher education opportunities in Hong Kong.

    In the 2024-25 academic year, about 1,200 local students and about 800 non-local students were awarded by the fund.

    The Self-financing Post-secondary Scholarship Scheme, established under the Self-financing Post-secondary Education Fund, aims to promote high-quality and sustainable development in the self-financing post-secondary sector.

    In the 2024-25 academic year, scholarships and awards were offered to about 2,400 students to pursue undergraduate studies, and to about 2,000 students pursuing studies at sub-degree level.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Marina development plans received

    Source: Hong Kong Information Services

    The invitation for the expressions of interest (EOI) for a marina development at the Aberdeen Typhoon Shelter expansion area closed today, with the Development Bureau receiving eight submissions.
     
    The organisations making the submissions include local and overseas developers, hotel/entertainment groups and marina developers/operators.
     
    The bureau said it will consolidate and analyse the collected feedback to firm up the development parameters and requirements within this year for undertaking various technical assessments and statutory procedures.
     
    It added that under the established approach, the development is anticipated for tendering in 2027. Alternatively, if a feasible market proposal is brought forward during the EOI exercise to speed up the process, the bureau will actively consider an earlier tender time.
     
    An initiative for promoting yacht tourism, with plans to invite the market to construct and operate marinas at three locations, including the Aberdeen Typhoon Shelter expansion area, was announced in the 2024 Policy Address.
     
    The Government plans to seek the Legislative Council’s funding approval next year to expand the Aberdeen Typhoon Shelter to increase sheltered space for public mooring under the Public Works Programme.
     
    By seizing this opportunity, the Government hopes to utilise part of the expanded waterbody for the market to develop the marina and better leverage market forces to promote yacht tourism.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Australian Oilseeds Issues Annual Shareholder Letter

    Source: GlobeNewswire (MIL-OSI)

    COOTAMUNDRA, Australia, April 24, 2025 (GLOBE NEWSWIRE) — Australian Oilseeds Holdings Limited, a manufacturer and seller of sustainable edible oils to customers globally, today issued a letter to shareholders from Gary Seaton, Chairman and Chief Executive Officer, that highlights recent performance and future milestones.

    Dear Fellow Shareholders,

    Across the globe, 2024 presented serious challenges including the ongoing war in Ukraine and serious conflicts in the Middle East and growing geopolitical discord, notably with China. Our hearts go out to those whose lives are profoundly affected by these events.

    Despite the unsettling geopolitical discord, we are pleased with our progress since launching the Company, as a Nasdaq listed company, and its unique products of Non-GMO cold-pressed and chemically-free processed oils.

    Within the last 12 months, we have sold our products through the majority of retailers in Australia, including Woolworths and Coles, the two largest supermarket chains in Australia, as well as Costco and Independent Grocers of Australia, an Australian chain of supermarkets (IGA), with sales and awareness gradually increasing. In addition to our expanding market presence in Australia, the Company has also been successful in exporting and marketing its products in Japan, China and Vietnam.

    Throughout the last year, we have demonstrated the power of our mission and guiding principles, as well as the value of being there for our customers. The result was continued healthy growth across our products and geographic expansion. Fiscal 2024 results were strong with revenues increasing by more than 16% driven by strong demand for our cold pressed canola oils. Our gross margin improved by 40 basis points and we delivered Adjusted EBITDA growth of nearly 16%. Our business momentum continues to build and we remain deeply committed to our mission as well as driving long-term value for our Shareholders.

    We believe we are well positioned for the future and anticipate several key milestones as we continue to execute our growth strategy. Within the next six months we expect that our Good Earth Oils brands of Australian Canola Oil and Olive oil will be launched in Taiwan and India. We are also expecting significant growth in China over the next 12 months as we benefit from Australia’s preferential duty for its products into China compared to Canada and USA, which have current import duties of 100% and 124% respectively. Finally, we intend to launch our products in the USA subject to clarity on the current tariff structure for Australian imports into the USA – the current tariff structure on Australian Canola Oil into the USA is 10%.

    I would like to express my deep gratitude to our Shareholders and our employees. We appreciate your continued support as we continue our exciting journey of taking chemicals out of the food supply chain and promoting healthy Canola Oil and Olive oil to consumers around the world along with the concept of regenerative farming.

    Sincerely,
    Gary Seaton
    Chairman and Chief Executive Officer

    About Australian Oilseeds Holdings Limited. Australian Oilseeds Holdings Limited, a Cayman Islands exempted company (the “Company”) (NASDAQ: COOT) through its subsidiaries, including Australian Oilseeds Investments Pty Ltd., an Australian proprietary company, tis focused on the manufacture and sale of sustainable oilseeds (e.g., seeds grown primarily for the production of edible oils) and is committed to working with all suppliers in the food supply chain to eliminate chemicals from the production and manufacturing systems to supply quality products to customers globally. The Company engages in the business of processing, manufacture and sale of non-GMO oilseeds and organic and non-organic food-grade oils, for the rapidly growing oilseeds market, through sourcing materials from suppliers focused on reducing the use of chemicals in consumables in order to supply healthier food ingredients, vegetable oils, proteins and other products to customers globally. Over the past 20 years, the Company’s cold pressing oil plant has grown to become the largest in Australia, pressing strictly GMO-free conventional and organic oilseeds.

    Contact
    Australian Oilseeds Holdings Limited
    126-142 Cowcumbla Street
    Cootamundra New South Wales 2590
    Attn: Amarjeet Singh, CFO
    Email: amarjeet.s@energreennutrition.com.au

    Investor Relations Contact
    Reed Anderson
    (646) 277-1260
    reed.anderson@icrinc.com

    The MIL Network –

  • MIL-OSI: First Merchants Corporation Announces First Quarter 2025 Earnings Per Share

    Source: GlobeNewswire (MIL-OSI)

    MUNCIE, Ind., April 24, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

    First Quarter 2025 Highlights:

    • Net income available to common stockholders was $54.9 million and diluted earnings per common share totaled $0.94 compared to adjusted net income and diluted earnings per common share1of $50.1 million and $0.85 in the first quarter of 2024. Adjusted net income and diluted earnings per common share1in the fourth quarter of 2024 were $58.1 million and $1.00, respectively.
    • Robust capital position with Common Equity Tier 1 Capital Ratio of 11.50%.
    • Repurchased 246,751 shares totaling $10 million year-to-date; Redeemed $30 million of sub debt.
    • Total loans grew $154.9 million, or 4.8% annualized, on a linked quarter basis, and $547.2 million, or 4.4%, during the last twelve months.
    • Total deposits declined $59.6 million, or 1.6% annualized, on a linked quarter basis, and declined $422.6 million, or 2.8%, during the last twelve months primarily due to the sale of five Illinois branches with $267.4 million in deposits to Old Second National Bank on December 6, 2024.
    • Nonperforming assets to total assets were 47 basis points compared to 43 basis points on a linked quarter basis.
    • The efficiency ratio totaled 54.54% for the quarter.

    “The first quarter was a strong start to the year with healthy loan growth and increasing profitability,” said Mark Hardwick, Chief Executive Officer of First Merchants Bank. “Our 2025 priorities continue to focus on organic loan growth funded by low-cost core deposits, margin stabilization, fee income growth, expense management and credit quality. Given the market volatility and headlines, we are closely monitoring our clients and our markets but have yet to see any signs of stress.”

    First Quarter Financial Results:

    First Merchants Corporation (the “Corporation”) reported first quarter 2025 net income available to common stockholders of $54.9 million compared to adjusted net income available to common stockholders1 of $50.1 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.94 compared to the first quarter of 2024 adjusted diluted earnings per common share1 of $0.85 per share.

    Total assets equaled $18.4 billion as of quarter-end and loans totaled $13.0 billion. During the past twelve months, total loans grew by $547.2 million, or 4.4%. On a linked quarter basis, loans grew $154.9 million, or 4.8% annualized.

    Investment securities, totaling $3.4 billion, decreased $356.5 million, or 9.4%, during the last twelve months and decreased $33.6 million, or 3.9% annualized on a linked quarter basis. The decline in the last twelve months reflected sales of available for sale securities in 2024 totaling $268.5 million.

    Total deposits equaled $14.5 billion as of quarter-end and decreased by $422.6 million, or 2.8%, over the past twelve months. The decline reflected the sale of the Illinois branches during the prior quarter which included $267.4 million in deposits. Total deposits decreased $59.6 million, or 1.6% annualized on a linked quarter basis. The loan to deposit ratio increased to 90.1% at period end from 88.6% in the prior quarter.

    The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $192.0 million as of quarter-end, or 1.47% of total loans, a decrease of $0.7 million from prior quarter. Net charge-offs totaled $4.9 million and provision for loans of $4.2 million was recorded during the quarter. Reserves for unfunded commitments totaling $18.0 million remain unchanged from the previous quarter. Non-performing assets to total assets were 0.47% for the first quarter of 2025, an increase of four basis points compared to 0.43% in the prior quarter.

    Net interest income totaled $130.3 million for the quarter, a decrease of $4.1 million, or 3.1%, compared to prior quarter and increased $3.2 million, or 2.5%, compared to the first quarter of 2024. Fully taxable equivalent net interest margin was 3.22%, a decrease of six basis points compared to the fourth quarter of 2024 and an increase of 12 basis points compared to the first quarter of 2024. The lower day count in the quarter caused a decline of five basis points in net interest margin from the prior quarter.

    Noninterest income totaled $30.0 million for the quarter, a decrease of $12.7 million, compared to the fourth quarter of 2024 and an increase of $3.4 million compared to the first quarter of 2024. Customer-related fees declined by $2.3 million from the previous quarter due to lower derivative hedge fees, gains on sales of mortgage loans and card payment fees. Non-customer-related fees declined $10.4 million from the prior quarter primarily due to the gain on the Illinois branch sale, partially offset by realized losses on the sales of securities recorded in the prior quarter.

    Noninterest expense totaled $92.9 million for the quarter, a decrease of $3.4 million from the fourth quarter of 2024 and a decrease of $4.0 million from the first quarter of 2024. The decrease from the fourth quarter of 2024 was due primarily to a decline in marketing expenses, and lower professional fees and employee incentives.

    The Corporation’s total risk-based capital ratio totaled 13.22%, common equity tier 1 capital ratio totaled 11.50%, and the tangible common equity ratio totaled 8.90%. These ratios continue to demonstrate the Corporation’s strong capital position.

    1 See “Non-GAAP Financial Information” for reconciliation

    CONFERENCE CALL

    First Merchants Corporation will conduct a fourth quarter earnings conference call and web cast at 11:30 a.m. (ET) on Thursday, April 24, 2025.

    To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BI4ae3a07cb07a47258d30e4f3dba2448b)

    To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/uqvoojku) during the time of the call. A replay of the webcast will be available until April 24, 2026.

    Detailed financial results are reported on the attached pages.

    About First Merchants Corporation

    First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

    First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

    FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

    Forward-Looking Statements

    This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

           
    CONSOLIDATED BALANCE SHEETS      
    (Dollars In Thousands) March 31,
      2025   2024
    ASSETS      
    Cash and due from banks $ 86,113     $ 100,514  
    Interest-bearing deposits   331,534       410,497  
    Investment securities available for sale   1,378,489       1,620,213  
    Investment securities held to maturity, net of allowance for credit losses   2,048,632       2,163,361  
    Loans held for sale   23,004       15,118  
    Loans   13,004,905       12,465,582  
    Less: Allowance for credit losses – loans   (192,031 )     (204,681 )
    Net loans   12,812,874       12,260,901  
    Premises and equipment   128,749       132,706  
    Federal Home Loan Bank stock   45,006       41,758  
    Interest receivable   88,352       92,550  
    Goodwill   712,002       712,002  
    Other intangibles   18,302       25,142  
    Cash surrender value of life insurance   304,918       306,028  
    Other real estate owned   4,966       4,886  
    Tax asset, deferred and receivable   87,665       101,121  
    Other assets   369,181       331,006  
    TOTAL ASSETS $ 18,439,787     $ 18,317,803  
    LIABILITIES      
    Deposits:      
    Noninterest-bearing $ 2,185,057     $ 2,338,364  
    Interest-bearing   12,276,921       12,546,220  
    Total Deposits   14,461,978       14,884,584  
    Borrowings:      
    Federal funds purchased   185,000       —  
    Securities sold under repurchase agreements   122,947       130,264  
    Federal Home Loan Bank advances   972,478       612,778  
    Subordinated debentures and other borrowings   62,619       118,612  
    Total Borrowings   1,343,044       861,654  
    Interest payable   13,304       19,262  
    Other liabilities   289,247       327,500  
    Total Liabilities   16,107,573       16,093,000  
    STOCKHOLDERS’ EQUITY      
    Preferred Stock, $1,000 par value, $1,000 liquidation value:      
    Authorized — 600 cumulative shares      
    Issued and outstanding – 125 cumulative shares   125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:      
    Authorized — 10,000 non-cumulative perpetual shares      
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000  
    Common Stock, $.125 stated value:      
    Authorized — 100,000,000 shares      
    Issued and outstanding – 57,810,232 and 58,564,819 shares   7,226       7,321  
    Additional paid-in capital   1,183,263       1,208,447  
    Retained earnings   1,306,911       1,181,939  
    Accumulated other comprehensive loss   (190,311 )     (198,029 )
    Total Stockholders’ Equity   2,332,214       2,224,803  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,439,787     $ 18,317,803  
       
    CONSOLIDATED STATEMENTS OF INCOME Three Months Ended
    (Dollars In Thousands, Except Per Share Amounts) March 31,
      2025   2024
    INTEREST INCOME      
    Loans:      
    Taxable $ 187,728     $ 198,023  
    Tax-exempt   10,532       8,190  
    Investment securities:      
    Taxable   8,372       8,748  
    Tax-exempt   12,517       13,611  
    Deposits with financial institutions   2,372       6,493  
    Federal Home Loan Bank stock   997       835  
    Total Interest Income   222,518       235,900  
    INTEREST EXPENSE      
    Deposits   80,547       98,285  
    Federal funds purchased   812       —  
    Securities sold under repurchase agreements   742       1,032  
    Federal Home Loan Bank advances   9,364       6,773  
    Subordinated debentures and other borrowings   783       2,747  
    Total Interest Expense   92,248       108,837  
    NET INTEREST INCOME   130,270       127,063  
    Provision for credit losses   4,200       2,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   126,070       125,063  
    NONINTEREST INCOME      
    Service charges on deposit accounts   8,072       7,907  
    Fiduciary and wealth management fees   8,644       8,200  
    Card payment fees   4,526       4,500  
    Net gains and fees on sales of loans   5,022       3,254  
    Derivative hedge fees   404       263  
    Other customer fees   415       427  
    Earnings on cash surrender value of life insurance   2,179       1,592  
    Net realized losses on sales of available for sale securities   (7 )     (2 )
    Other income   793       497  
    Total Noninterest Income   30,048       26,638  
    NONINTEREST EXPENSES      
    Salaries and employee benefits   54,982       58,293  
    Net occupancy   7,216       7,312  
    Equipment   7,008       6,226  
    Marketing   1,353       1,198  
    Outside data processing fees   5,929       6,889  
    Printing and office supplies   347       353  
    Intangible asset amortization   1,526       1,957  
    FDIC assessments   3,648       4,287  
    Other real estate owned and foreclosure expenses   600       534  
    Professional and other outside services   3,261       3,952  
    Other expenses   7,032       5,934  
    Total Noninterest Expenses   92,902       96,935  
    INCOME BEFORE INCOME TAX   63,216       54,766  
    Income tax expense   7,877       6,825  
    NET INCOME   55,339       47,941  
    Preferred stock dividends   469       469  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 54,870     $ 47,472  
    Per Share Data:      
    Basic Net Income Available to Common Stockholders $ 0.95     $ 0.80  
    Diluted Net Income Available to Common Stockholders $ 0.94     $ 0.80  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.34  
    Tangible Common Book Value Per Share $ 27.34     $ 25.07  
    Average Diluted Common Shares Outstanding (in thousands)   58,242       59,273  
           
    FINANCIAL HIGHLIGHTS      
    (Dollars in thousands) Three Months Ended
      March 31,
      2025   2024
    NET CHARGE-OFFS $ 4,926     $ 2,253  
           
    AVERAGE BALANCES:      
    Total Assets $ 18,341,738     $ 18,430,521  
    Total Loans   12,941,353       12,477,066  
    Total Earning Assets   16,960,475       17,123,851  
    Total Deposits   14,419,338       14,881,205  
    Total Stockholders’ Equity   2,340,874       2,242,139  
           
    FINANCIAL RATIOS:      
    Return on Average Assets   1.21 %     1.04 %
    Return on Average Stockholders’ Equity   9.38       8.47  
    Return on Tangible Common Stockholders’ Equity   14.12       13.21  
    Average Earning Assets to Average Assets   92.47       92.91  
    Allowance for Credit Losses – Loans as % of Total Loans   1.47       1.64  
    Net Charge-offs as % of Average Loans (Annualized)   0.15       0.07  
    Average Stockholders’ Equity to Average Assets   12.76       12.17  
    Tax Equivalent Yield on Average Earning Assets   5.39       5.65  
    Interest Expense/Average Earning Assets   2.17       2.55  
    Net Interest Margin (FTE) on Average Earning Assets   3.22       3.10  
    Efficiency Ratio   54.54       59.21  
                       
    NONPERFORMING ASSETS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Nonaccrual Loans $ 81,922     $ 73,773     $ 59,088     $ 61,906     $ 62,478  
    Other Real Estate Owned and Repossessions   4,966       4,948       5,247       4,824       4,886  
    Nonperforming Assets (NPA)   86,888       78,721       64,335       66,730       67,364  
    90+ Days Delinquent   4,280       5,902       14,105       1,686       2,838  
    NPAs & 90 Day Delinquent $ 91,168     $ 84,623     $ 78,440     $ 68,416     $ 70,202  
                       
    Allowance for Credit Losses – Loans $ 192,031     $ 192,757     $ 187,828     $ 189,537     $ 204,681  
    Quarterly Net Charge-offs   4,926       771       6,709       39,644       2,253  
    NPAs / Actual Assets %   0.47 %     0.43 %     0.35 %     0.36 %     0.37 %
    NPAs & 90 Day / Actual Assets %   0.49 %     0.46 %     0.43 %     0.37 %     0.38 %
    NPAs / Actual Loans and OREO %   0.67 %     0.61 %     0.51 %     0.53 %     0.54 %
    Allowance for Credit Losses – Loans / Actual Loans (%)   1.47 %     1.50 %     1.48 %     1.50 %     1.64 %
    Net Charge-offs as % of Average Loans (Annualized)   0.15 %     0.02 %     0.21 %     1.26 %     0.07 %
                       
    CONSOLIDATED BALANCE SHEETS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    ASSETS                  
    Cash and due from banks $ 86,113     $ 87,616     $ 84,719     $ 105,372     $ 100,514  
    Interest-bearing deposits   331,534       298,891       359,126       168,528       410,497  
    Investment securities available for sale   1,378,489       1,386,475       1,553,496       1,618,893       1,620,213  
    Investment securities held to maturity, net of allowance for credit losses   2,048,632       2,074,220       2,108,649       2,134,195       2,163,361  
    Loans held for sale   23,004       18,663       40,652       32,292       15,118  
    Loans   13,004,905       12,854,359       12,646,808       12,639,650       12,465,582  
    Less: Allowance for credit losses – loans   (192,031 )     (192,757 )     (187,828 )     (189,537 )     (204,681 )
    Net loans   12,812,874       12,661,602       12,458,980       12,450,113       12,260,901  
    Premises and equipment   128,749       129,743       129,582       133,245       132,706  
    Federal Home Loan Bank stock   45,006       41,690       41,716       41,738       41,758  
    Interest receivable   88,352       91,829       92,055       97,546       92,550  
    Goodwill   712,002       712,002       712,002       712,002       712,002  
    Other intangibles   18,302       19,828       21,599       23,371       25,142  
    Cash surrender value of life insurance   304,918       304,906       304,613       306,379       306,028  
    Other real estate owned   4,966       4,948       5,247       4,824       4,886  
    Tax asset, deferred and receivable   87,665       92,387       86,732       107,080       101,121  
    Other assets   369,181       387,169       348,384       367,845       331,006  
    TOTAL ASSETS $ 18,439,787     $ 18,311,969     $ 18,347,552     $ 18,303,423     $ 18,317,803  
    LIABILITIES                  
    Deposits:                  
    Noninterest-bearing $ 2,185,057     $ 2,325,579     $ 2,334,197     $ 2,303,313     $ 2,338,364  
    Interest-bearing   12,276,921       12,196,047       12,030,903       12,265,757       12,546,220  
    Total Deposits   14,461,978       14,521,626       14,365,100       14,569,070       14,884,584  
    Borrowings:                  
    Federal funds purchased   185,000       99,226       30,000       147,229       —  
    Securities sold under repurchase agreements   122,947       142,876       124,894       100,451       130,264  
    Federal Home Loan Bank advances   972,478       822,554       832,629       832,703       612,778  
    Subordinated debentures and other borrowings   62,619       93,529       93,562       93,589       118,612  
    Total Borrowings   1,343,044       1,158,185       1,081,085       1,173,972       861,654  
    Deposits and other liabilities held for sale   —       —       288,476       —       —  
    Interest payable   13,304       16,102       18,089       18,554       19,262  
    Other liabilities   289,247       311,073       292,429       329,302       327,500  
    Total Liabilities   16,107,573       16,006,986       16,045,179       16,090,898       16,093,000  
    STOCKHOLDERS’ EQUITY                  
    Preferred Stock, $1,000 par value, $1,000 liquidation value:                  
    Authorized — 600 cumulative shares                  
    Issued and outstanding – 125 cumulative shares   125       125       125       125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:                  
    Authorized — 10,000 non-cumulative perpetual shares                  
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000       25,000       25,000       25,000  
    Common Stock, $.125 stated value:                  
    Authorized — 100,000,000 shares                  
    Issued and outstanding   7,226       7,247       7,265       7,256       7,321  
    Additional paid-in capital   1,183,263       1,188,768       1,192,683       1,191,193       1,208,447  
    Retained earnings   1,306,911       1,272,528       1,229,125       1,200,930       1,181,939  
    Accumulated other comprehensive loss   (190,311 )     (188,685 )     (151,825 )     (211,979 )     (198,029 )
    Total Stockholders’ Equity   2,332,214       2,304,983       2,302,373       2,212,525       2,224,803  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,439,787     $ 18,311,969     $ 18,347,552     $ 18,303,423     $ 18,317,803  
                       
    CONSOLIDATED STATEMENTS OF INCOME                  
    (Dollars In Thousands, Except Per Share Amounts) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    INTEREST INCOME                  
    Loans:                  
    Taxable $ 187,728     $ 197,536     $ 206,680     $ 201,413     $ 198,023  
    Tax-exempt   10,532       9,020       8,622       8,430       8,190  
    Investment securities:                  
    Taxable   8,372       9,024       9,263       9,051       8,748  
    Tax-exempt   12,517       12,754       13,509       13,613       13,611  
    Deposits with financial institutions   2,372       5,350       2,154       2,995       6,493  
    Federal Home Loan Bank stock   997       958       855       879       835  
    Total Interest Income   222,518       234,642       241,083       236,381       235,900  
    INTEREST EXPENSE                  
    Deposits   80,547       89,835       98,856       99,151       98,285  
    Federal funds purchased   812       26       329       126       —  
    Securities sold under repurchase agreements   742       680       700       645       1,032  
    Federal Home Loan Bank advances   9,364       8,171       8,544       6,398       6,773  
    Subordinated debentures and other borrowings   783       1,560       1,544       1,490       2,747  
    Total Interest Expense   92,248       100,272       109,973       107,810       108,837  
    NET INTEREST INCOME   130,270       134,370       131,110       128,571       127,063  
    Provision for credit losses   4,200       4,200       5,000       24,500       2,000  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   126,070       130,170       126,110       104,071       125,063  
    NONINTEREST INCOME                  
    Service charges on deposit accounts   8,072       8,124       8,361       8,214       7,907  
    Fiduciary and wealth management fees   8,644       8,665       8,525       8,825       8,200  
    Card payment fees   4,526       4,957       5,121       4,739       4,500  
    Net gains and fees on sales of loans   5,022       5,681       6,764       5,141       3,254  
    Derivative hedge fees   404       1,594       736       489       263  
    Other customer fees   415       316       344       460       427  
    Earnings on cash surrender value of life insurance   2,179       2,188       2,755       1,929       1,592  
    Net realized losses on sales of available for sale securities   (7 )     (11,592 )     (9,114 )     (49 )     (2 )
    Gain on branch sale   —       19,983       —       —       —  
    Other income   793       2,826       1,374       1,586       497  
    Total Noninterest Income   30,048       42,742       24,866       31,334       26,638  
    NONINTEREST EXPENSES                  
    Salaries and employee benefits   54,982       55,437       55,223       52,214       58,293  
    Net occupancy   7,216       7,335       6,994       6,746       7,312  
    Equipment   7,008       7,028       6,949       6,599       6,226  
    Marketing   1,353       2,582       1,836       1,773       1,198  
    Outside data processing fees   5,929       6,029       7,150       7,072       6,889  
    Printing and office supplies   347       377       378       354       353  
    Intangible asset amortization   1,526       1,771       1,772       1,771       1,957  
    FDIC assessments   3,648       3,744       3,720       3,278       4,287  
    Other real estate owned and foreclosure expenses   600       227       942       373       534  
    Professional and other outside services   3,261       3,777       3,035       3,822       3,952  
    Other expenses   7,032       7,982       6,630       7,411       5,934  
    Total Noninterest Expenses   92,902       96,289       94,629       91,413       96,935  
    INCOME BEFORE INCOME TAX   63,216       76,623       56,347       43,992       54,766  
    Income tax expense   7,877       12,274       7,160       4,067       6,825  
    NET INCOME   55,339       64,349       49,187       39,925       47,941  
    Preferred stock dividends   469       469       468       469       469  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 54,870     $ 63,880     $ 48,719     $ 39,456     $ 47,472  
    Per Share Data:                  
    Basic Net Income Available to Common Stockholders $ 0.95     $ 1.10     $ 0.84     $ 0.68     $ 0.80  
    Diluted Net Income Available to Common Stockholders $ 0.94     $ 1.10     $ 0.84     $ 0.68     $ 0.80  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.35     $ 0.35     $ 0.35     $ 0.34  
    Tangible Common Book Value Per Share $ 27.34     $ 26.78     $ 26.64     $ 25.10     $ 25.07  
    Average Diluted Common Shares Outstanding (in thousands)   58,242       58,247       58,289       58,328       59,273  
    FINANCIAL RATIOS:                  
    Return on Average Assets   1.21 %     1.39 %     1.07 %     0.87 %     1.04 %
    Return on Average Stockholders’ Equity   9.38       11.05       8.66       7.16       8.47  
    Return on Tangible Common Stockholders’ Equity   14.12       16.75       13.39       11.29       13.21  
    Average Earning Assets to Average Assets   92.47       92.48       92.54       92.81       92.91  
    Allowance for Credit Losses – Loans as % of Total Loans   1.47       1.50       1.48       1.50       1.64  
    Net Charge-offs as % of Average Loans (Annualized)   0.15       0.02       0.21       1.26       0.07  
    Average Stockholders’ Equity to Average Assets   12.76       12.51       12.26       12.02       12.17  
    Tax Equivalent Yield on Average Earning Assets   5.39       5.63       5.82       5.69       5.65  
    Interest Expense/Average Earning Assets   2.17       2.35       2.59       2.53       2.55  
    Net Interest Margin (FTE) on Average Earning Assets   3.22       3.28       3.23       3.16       3.10  
    Efficiency Ratio   54.54       48.48       53.76       53.84       59.21  
                       
    LOANS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Commercial and industrial loans $ 4,306,597     $ 4,114,292     $ 4,041,217     $ 3,949,817     $ 3,722,365  
    Agricultural land, production and other loans to farmers   243,864       256,312       238,743       239,926       234,431  
    Real estate loans:                  
    Construction   793,175       792,144       814,704       823,267       941,726  
    Commercial real estate, non-owner occupied   2,177,869       2,274,016       2,251,351       2,323,533       2,368,360  
    Commercial real estate, owner occupied   1,214,739       1,157,944       1,152,751       1,174,195       1,137,894  
    Residential   2,389,852       2,374,729       2,366,943       2,370,905       2,316,490  
    Home equity   650,499       659,811       641,188       631,104       618,258  
    Individuals’ loans for household and other personal expenditures   140,954       166,028       158,480       162,089       161,459  
    Public finance and other commercial loans   1,087,356       1,059,083       981,431       964,814       964,599  
    Loans   13,004,905       12,854,359       12,646,808       12,639,650       12,465,582  
    Allowance for credit losses – loans   (192,031 )     (192,757 )     (187,828 )     (189,537 )     (204,681 )
    NET LOANS $ 12,812,874     $ 12,661,602     $ 12,458,980     $ 12,450,113     $ 12,260,901  
    DEPOSITS                  
    (Dollars In Thousands) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Demand deposits $ 7,786,554   $ 7,980,061   $ 7,678,510   $ 7,757,679   $ 7,771,976
    Savings deposits   4,791,874     4,522,758     4,302,236     4,339,161     4,679,593
    Certificates and other time deposits of $100,000 or more   896,143     1,043,068     1,277,833     1,415,131     1,451,443
    Certificates and other time deposits of $100,000 or less   625,203     692,068     802,949     889,949     901,280
    Brokered certificates of deposits1   362,204     283,671     303,572     167,150     80,292
    TOTAL DEPOSITS $ 14,461,978   $ 14,521,626   $ 14,365,100   $ 14,569,070   $ 14,884,584
     
    1 – Total brokered deposits of $1.1 billion, which includes brokered CD’s of $362.2 million at March 31, 2025.
                 
    CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS            
    (Dollars in Thousands)                      
      For the Three Months Ended
      March 31, 2025   March 31, 2024
      Average
    Balance    		   Interest
     Income /
    Expense    		   Average
    Rate    		   Average
    Balance    		   Interest
     Income /
    Expense    		   Average
    Rate
    ASSETS                      
    Interest-bearing deposits $ 294,016   $ 2,372   3.23 %   $ 575,699   $ 6,493   4.51 %
    Federal Home Loan Bank stock   43,980     997   9.07       41,764     835   8.00  
    Investment Securities: (1)                      
    Taxable   1,634,452     8,372   2.05       1,783,057     8,748   1.96  
    Tax-exempt (2)   2,046,674     15,844   3.10       2,246,265     17,229   3.07  
    Total Investment Securities   3,681,126     24,216   2.63       4,029,322     25,977   2.58  
    Loans held for sale   20,965     319   6.09       21,782     328   6.02  
    Loans: (3)                      
    Commercial   8,770,282     147,772   6.74       8,598,110     159,209   7.41  
    Real estate mortgage   2,191,384     24,446   4.46       2,130,947     22,357   4.20  
    HELOC and installment   828,874     15,191   7.33       821,815     16,129   7.85  
    Tax-exempt (2)   1,129,848     13,332   4.72       904,412     10,367   4.59  
    Total Loans   12,941,353     201,060   6.21       12,477,066     208,390   6.68  
    Total Earning Assets   16,960,475     228,645   5.39 %     17,123,851     241,695   5.65 %
    Total Non-Earning Assets   1,381,263             1,306,670        
    TOTAL ASSETS $ 18,341,738           $ 18,430,521        
    LIABILITIES                      
    Interest-Bearing Deposits:                      
    Interest-bearing deposits $ 5,522,434   $ 34,606   2.51 %   $ 5,419,821   $ 39,491   2.91 %
    Money market deposits   3,437,998     25,952   3.02       3,045,478     27,383   3.60  
    Savings deposits   1,299,405     2,445   0.75       1,559,877     3,801   0.97  
    Certificates and other time deposits   1,947,854     17,544   3.60       2,427,859     27,610   4.55  
    Total Interest-Bearing Deposits   12,207,691     80,547   2.64       12,453,035     98,285   3.16  
    Borrowings   1,262,926     11,701   3.71       1,011,812     10,552   4.17  
    Total Interest-Bearing Liabilities   13,470,617     92,248   2.74       13,464,847     108,837   3.23  
    Noninterest-bearing deposits   2,211,647             2,428,170        
    Other liabilities   318,600             295,365        
    Total Liabilities   16,000,864             16,188,382        
    STOCKHOLDERS’ EQUITY   2,340,874             2,242,139        
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,341,738     92,248       $ 18,430,521     108,837    
    Net Interest Income (FTE)     $ 136,397           $ 132,858    
    Net Interest Spread (FTE) (4)         2.65 %           2.42 %
                           
    Net Interest Margin (FTE):                      
    Interest Income (FTE) / Average Earning Assets         5.39 %           5.65 %
    Interest Expense / Average Earning Assets         2.17 %           2.55 %
    Net Interest Margin (FTE) (5)         3.22 %           3.10 %
                           
    (1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
    (2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $6,127 and $5,795 for the three months ended March 31, 2025 and 2024, respectively.
    (3) Non accruing loans have been included in the average balances.
    (4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
    (5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.
     
    ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
    (Dollars In Thousands, Except Per Share Amounts) Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Net Income Available to Common Stockholders – GAAP $ 54,870     $ 63,880     $ 48,719     $ 39,456     $ 47,472  
    Adjustments:                  
    Net realized losses on sales of available for sale securities   7       11,592       9,114       49       2  
    Gain on branch sale   —       (19,983 )     —       —       —  
    Non-core expenses1,2   —       762       —       —       3,481  
    Tax on adjustments   (2 )     1,851       (2,220 )     (12 )     (848 )
    Adjusted Net Income Available to Common Stockholders – Non-GAAP $ 54,875     $ 58,102     $ 55,613     $ 39,493     $ 50,107  
                       
    Average Diluted Common Shares Outstanding (in thousands)   58,242       58,247       58,289       58,328       59,273  
                       
    Diluted Earnings Per Common Share – GAAP $ 0.94     $ 1.10     $ 0.84     $ 0.68     $ 0.80  
    Adjustments:                  
    Net realized losses on sales of available for sale securities   —       0.20       0.15       —       —  
    Gain on branch sale   —       (0.34 )     —       —       —  
    Non-core expenses1,2   —       0.01       —       —       0.06  
    Tax on adjustments   —       0.03       (0.04 )     —       (0.01 )
    Adjusted Diluted Earnings Per Common Share – Non-GAAP $ 0.94     $ 1.00     $ 0.95     $ 0.68     $ 0.85  
     
    1 – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
             
    NET INTEREST MARGIN (“NIM”), ADJUSTED
    (Dollars in Thousands)
      Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Net Interest Income (GAAP) $ 130,270     $ 134,370     $ 131,110     $ 128,571     $ 127,063  
    Fully Taxable Equivalent (“FTE”) Adjustment   6,127       5,788       5,883       5,859       5,795  
    Net Interest Income (FTE) (non-GAAP) $ 136,397     $ 140,158     $ 136,993     $ 134,430     $ 132,858  
                       
    Average Earning Assets (GAAP) $ 16,960,475     $ 17,089,198     $ 16,990,358     $ 17,013,984     $ 17,123,851  
    Net Interest Margin (GAAP)   3.07 %     3.15 %     3.09 %     3.02 %     2.97 %
    Net Interest Margin (FTE) (non-GAAP)   3.22 %     3.28 %     3.23 %     3.16 %     3.10 %
    RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
    (Dollars In Thousands) Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Total Average Stockholders’ Equity (GAAP) $ 2,340,874     $ 2,312,270     $ 2,251,547     $ 2,203,361     $ 2,242,139  
    Less: Average Preferred Stock   (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )
    Less: Average Intangible Assets, Net of Tax   (726,917 )     (728,218 )     (729,581 )     (730,980 )     (732,432 )
    Average Tangible Common Equity, Net of Tax (Non-GAAP) $ 1,588,832     $ 1,558,927     $ 1,496,841     $ 1,447,256     $ 1,484,582  
                       
    Net Income Available to Common Stockholders (GAAP) $ 54,870     $ 63,880     $ 48,719     $ 39,456     $ 47,472  
    Plus: Intangible Asset Amortization, Net of Tax   1,206       1,399       1,399       1,399       1,546  
    Tangible Net Income (Non-GAAP) $ 56,076     $ 65,279     $ 50,118     $ 40,855     $ 49,018  
                       
    Return on Tangible Common Equity (Non-GAAP)   14.12 %     16.75 %     13.39 %     11.29 %     13.21 %
    EFFICIENCY RATIO – NON-GAAP                  
    (Dollars In Thousands) Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Non Interest Expense (GAAP) $ 92,902     $ 96,289     $ 94,629     $ 91,413     $ 96,935  
    Less: Intangible Asset Amortization   (1,526 )     (1,771 )     (1,772 )     (1,771 )     (1,957 )
    Less: OREO and Foreclosure Expenses   (600 )     (227 )     (942 )     (373 )     (534 )
    Adjusted Non Interest Expense (Non-GAAP) $ 90,776     $ 94,291     $ 91,915     $ 89,269     $ 94,444  
                       
    Net Interest Income (GAAP) $ 130,270     $ 134,370     $ 131,110     $ 128,571     $ 127,063  
    Plus: Fully Taxable Equivalent Adjustment   6,127       5,788       5,883       5,859       5,795  
    Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP) $ 136,397     $ 140,158     $ 136,993     $ 134,430     $ 132,858  
                       
    Non Interest Income (GAAP) $ 30,048     $ 42,742     $ 24,866     $ 31,334     $ 26,638  
    Less: Investment Securities (Gains) Losses   7       11,592       9,114       49       2  
    Adjusted Non Interest Income (Non-GAAP) $ 30,055     $ 54,334     $ 33,980     $ 31,383     $ 26,640  
    Adjusted Revenue (Non-GAAP) $ 166,452     $ 194,492     $ 170,973     $ 165,813     $ 159,498  
    Efficiency Ratio (Non-GAAP)   54.54 %     48.48 %     53.76 %     53.84 %     59.21 %
                       
    Adjusted Non Interest Expense (Non-GAAP) $ 90,776     $ 94,291     $ 91,915     $ 89,269     $ 94,444  
    Less: Non-core Expenses1,2   —       (762 )     —       —       (3,481 )
    Adjusted Non Interest Expense Excluding Non-core Expenses (Non-GAAP) $ 90,776     $ 93,529     $ 91,915     $ 89,269     $ 90,963  
                       
    Adjusted Revenue (Non-GAAP) $ 166,452     $ 194,492     $ 170,973     $ 165,813     $ 159,498  
    Less: Gain on Branch Sale   —       (19,983 )     —       —       —  
    Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP) $ 166,452     $ 174,509     $ 170,973     $ 165,813     $ 159,498  
    Adjusted Efficiency Ratio (Non-GAAP)   54.54 %     53.60 %     53.76 %     53.84 %     57.03 %
    1 – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
     

    For more information, contact:
    Nicole M. Weaver, Vice President and Director of Corporate Administration
    765-521-7619
    http://www.firstmerchants.com

    SOURCE: First Merchants Corporation, Muncie, Indiana

    The MIL Network –

  • MIL-OSI Banking: Note Sorting Machines: Standards issued by the Bureau of Indian Standards -Revised Timeline for Implementation

    Source: Reserve Bank of India

    RBI/2025-26/31
    DCM (NPD) No.S287/18.00.014/2025-26

    April 24, 2025

    The Chairman/ Managing Director/ Chief Executive Officer
    All Banks

    Madam/ Dear Sir,

    Note Sorting Machines: Standards issued by the Bureau of Indian Standards -Revised Timeline for Implementation

    Reference is invited to our circular DCM (NPD) No. S2193/09.45.000/2024-25 dated October 30, 2024 on “Note Sorting Machines – Standards issued by the Bureau of Indian Standards”.

    2. In view of representations received from various banks citing implementation challenges, it has been decided to extend the timeline for implementation of the instructions by six months i.e., up to November 01, 2025. The banks shall however, endeavour to comply with the instructions at the earliest.

    3. All other provisions prescribed in the circular dated October 30, 2024, remain unchanged.

    Yours faithfully

    (Sanjeev Prakash)
    Chief General Manager-in-Charge

    MIL OSI Global Banks –

  • MIL-OSI Banking: Secretary-General of ASEAN participates in the 33rd ASEAN Socio-Cultural Community Council Meeting in Kuching, Sarawak, Malaysia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today participated in the 33rd ASEAN Socio-Cultural Community (ASCC) Meeting, held in Kuching, Sarawak, Malaysia. The Meeting discussed ASCC’s strategic directions in ensuring a resilient, inclusive, dynamic and sustainable ASEAN, and exchanged views on the implementation of the ASCC Strategic Plan, which will be an integral part of the ASEAN Community Vision 2045. The Meeting also congratulated Malaysia’s ASEAN Chairmanship in 2025 and reaffirmed its commitment to supporting the ASCC priorities for the year. The meeting also marked the soft launch of the ASCC Strategic Plan which reflects ASCC’s shared commitment of improving the quality and well-being of the ASEAN peoples.
     
    Download the press release of the 33rd Meeting of ASEAN Socio-Cultural Community (ASCC) Council here.
     

    Photos credit: Ministry of Tourism Arts and Culture (MOTAC) of Malaysia
    The post Secretary-General of ASEAN participates in the 33rd ASEAN Socio-Cultural Community Council Meeting in Kuching, Sarawak, Malaysia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –