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Category: Asia

  • MIL-OSI USA: Attorney General Bonta Signs On to $7.4 Billion Purdue Settlement

    Source: US State of California

    California will receive up to $440 million  

    OAKLAND – Attorney General Bonta today announced that 55 attorneys general, representing all eligible states and U.S. territories, agreed to sign on to a $7.4 billion settlement with Purdue Pharma L.P. and its owners, the Sackler family. The Sackler family has also informed the attorneys general of its plan to proceed with the settlement, which would resolve litigation against Purdue and the Sacklers for their role in creating the national opioid crisis. Now that the state sign-on period has concluded, local governments across the country will be asked to join the settlement contingent on bankruptcy court proceedings.   

    “The opioid epidemic has ravaged communities in California and across the country. The companies and individuals who fueled this crisis must be held accountable. With today’s announcement, the California Department of Justice is continuing to deliver results for our communities,” said Attorney General Bonta. “By holding Purdue Pharma and the Sackler family accountable for their role in fueling the opioid epidemic, we’re bringing much-needed funds for addiction treatment, prevention, and recovery to those impacted by this crisis. The California Department of Justice will continue to fight for the health and wellbeing of all Californians.”

    Under the Sacklers’ leadership, Purdue sold and aggressively marketed opioid products for decades, fueling the largest drug crisis in the nation’s history. The settlement ends the Sacklers’ control of Purdue and their ability to sell opioids in the United States. Communities across the country will directly receive funds over the next 15 years to support addiction treatment, prevention, and recovery. This settlement in principle is the nation’s largest settlement to date with individuals responsible for the opioid crisis. California’s state and local governments will receive as much as $440 million from this settlement over the next 15 years.  

    Most of the settlement funds will be distributed in the first three years. The Sacklers will pay $1.5 billion and Purdue will pay roughly $900 million in the first payment, followed by the Sacklers paying $500 million after one year, an additional $500 million after two years, and $400 million after three years. 

    Like prior opioid settlements, the settlement with Purdue and the Sacklers will involve resolution of legal claims by state and local governments. The local government sign-on and voting solicitation process for this settlement moving forward will be contingent on bankruptcy court approval. A hearing is scheduled on that matter in the coming days. 

    The settlement also reflects the end of the Sacklers’ control of Purdue and bars them from selling opioids in the United States. A board of trustees selected by participating states in consultation with the other creditors will determine the future of the company. Purdue will continue to be overseen by a monitor and will be prevented from lobbying or marketing opioids under the settlement. 

    Including the Purdue/Sackler settlement, California has obtained settlements committing up to $4.6 billion in funds from companies that helped fuel the opioid epidemic.  

    Attorney General Bonta is joined in securing this settlement in principle by the attorneys general of Alabama, Alaska, American Samoa, Arizona, Arkansas, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Northern Mariana Islands, Ohio, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, U.S. Virgin Islands, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

    MIL OSI USA News –

    June 17, 2025
  • MIL-OSI Russia: Breaking News: China Expects to Make Greater Contribution to Peace and Development in the Region and World Together with Kazakhstan Through Stability and Positive Energy in Bilateral Relations – Xi Jinping

    Translation. Region: Russian Federal

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

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

    ASTANA, June 16 (Xinhua) — China hopes to make greater contributions to peace and development in the region and around the world together with Kazakhstan through stability and positive energy in bilateral relations, Chinese President Xi Jinping said in Astana on Monday.

    As Xi Jinping noted, China and Kazakhstan should continue to support each other on issues affecting core interests and key concerns, and promote the alignment of development strategies.

    He called on the two countries to expand exchanges in law enforcement and defense, and jointly combat terrorism, separatism and extremism, adding that both sides should enhance connectivity, expand high-tech cooperation and promote green and sustainable development.

    Xi Jinping made the statement during talks with Kazakh President Kassym-Jomart Tokayev ahead of the 2nd China-Central Asia Summit. –0–

    MIL OSI Russia News –

    June 17, 2025
  • MIL-OSI China: Xi says China ready to work with Kazakhstan to contribute more to regional, world peace and development 2025-06-16 23:46:42 Chinese President Xi Jinping said on Monday that China stands ready to work with Kazakhstan to contribute more to regional and world peace and development with stability and positive energy of bilateral ties.

    Source: People’s Republic of China – Ministry of National Defense

      ASTANA, June 16 (Xinhua) — Chinese President Xi Jinping said on Monday that China stands ready to work with Kazakhstan to contribute more to regional and world peace and development with stability and positive energy of bilateral ties.

      Xi said China and Kazakhstan should continue to support each other on issues involving core interests and major concerns, and promote synergy of the development strategies.

      He called on both countries to expand law enforcement and defense exchanges, jointly combat terrorism, separatism and extremism, and added that the two sides should promote connectivity, high-tech cooperation and green development.

      Xi made the remarks when meeting with Kazakh President Kassym-Jomart Tokayev ahead of the second China-Central Asia Summit. 

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    MIL OSI China News –

    June 17, 2025
  • MIL-OSI China: Xi says China ready to work with Kazakhstan to contribute more to regional, world peace and development

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

    Xi says China ready to work with Kazakhstan to contribute more to regional, world peace and development

    ASTANA, June 16 — Chinese President Xi Jinping said on Monday that China stands ready to work with Kazakhstan to contribute more to regional and world peace and development with stability and positive energy of bilateral ties.

    Xi said China and Kazakhstan should continue to support each other on issues involving core interests and major concerns, and promote synergy of the development strategies.

    He called on both countries to expand law enforcement and defense exchanges, jointly combat terrorism, separatism and extremism, and added that the two sides should promote connectivity, high-tech cooperation and green development.

    Xi made the remarks when meeting with Kazakh President Kassym-Jomart Tokayev ahead of the second China-Central Asia Summit.

    MIL OSI China News –

    June 17, 2025
  • MIL-OSI United Kingdom: Baroness Casey’s audit of group-based child sexual exploitation and abuse

    Source: United Kingdom – Executive Government & Departments

    Oral statement to Parliament

    Baroness Casey’s audit of group-based child sexual exploitation and abuse

    The Home Secretary updated the House on the National Audit on Group-based Child Sexual Exploitation and Abuse (‘grooming gangs’) carried out by Baroness Casey.

    Mr Speaker, with your permission, I will update the House on the audit the government commissioned from Baroness Casey on child sexual exploitation and grooming gangs, and on the action we are taking to tackle this vile crime – to put perpetrators behind bars, and to provide the innocent victims of those crimes with support and justice.

    The House will be aware that on Friday, 7 men were found guilty of the most horrendous crimes in Rochdale between 2000 and 2006.

    They were convicted of treating teenage girls as sex slaves – repeatedly raping them in filthy flats, alleyways and warehouses. The perpetrators included taxi drivers and market traders of Pakistani heritage, and it has taken 20 years to bring them to justice.

    I want to pay tribute to the incredible bravery of the women who told their stories and have fought for justice through all those years. They should never have been let down for so long.

    The sexual exploitation of children by grooming gangs is one of the most horrific crimes.

    Children as young as 10 plied with drugs and alcohol, brutally raped by gangs of men and disgracefully let down again and again by the authorities who were meant to protect them and keep them safe.

    These despicable crimes have caused the most unimaginable harm to victims and survivors throughout their lives and are a stain on our society.

    Five months ago, I told the House our most important task was to stop perpetrators and put them behind bars.

    I can report that that work is accelerating.

    Arrests and investigations are increasing.

    After I asked police forces in January to identify cases involving grooming and child sexual exploitation allegations that had been closed with no further action, more than 800 cases have now been identified for formal review.

    And I expect that figure to rise above 1,000 in the coming weeks.

    Let me be clear. Perpetrators of these vile crimes should be off our streets, behind bars and paying the price for what they have done.

    Further rapid action is also under way to finally implement recommendations of past inquiries and reviews – including the 7-year Independent Inquiry into Child Abuse – recommendations which for too long have sat on the shelf.

    So in the Crime and Policing Bill, we are introducing:

    The long overdue mandatory reporting duty which I called for more than 10 years ago.

    As well as aggravated offences for grooming offenders so their sentences match the severity of their crimes.

    And earlier this year, I also commissioned Baroness Louise Casey to undertake a rapid national audit of the nature, scale and characteristics of gang-based exploitation.

    I specifically asked her to look at the issue of ethnicity, and the cultural and social drivers for this type of offending – analysis that had never previously been done despite years of concerns being raised.

    And I asked her to advise us on what further reviews, investigations and actions would be needed to address the current and historical failures that she found.

    I told Parliament in January that I expected Baroness Casey to deliver the same kind of impactful and no-holds-barred report that she produced on Rotherham in 2015 so we never shy away from the reality of these terrible crimes.  

    And I am very grateful to Louise and her team that they have done exactly that, with a hugely wide-ranging assessment conducted in just 4 months.

    The findings of her audit are damning.

    At its heart she identifies a deep-rooted failure to treat children as children. A continued failure to protect children and teenage girls from rape, from exploitation, and serious violence. And from the scars that last a lifetime.

    She finds too much fragmentation in the authorities’ response, too little sharing of information, too much reliance on flawed data, too much denial, too little justice, too many criminals getting off, too many victims being let down.

    The audit describes;

    • victims as young as 10 – often those in care, or children with learning or physical disabilities – being singled out for grooming precisely because of their vulnerability

    • perpetrators still walking free because no one joined the dots or because the law ended up protecting them instead of the victims that they had exploited

    • deep rooted institutional failures, stretching back decades, where organisations who should have protected children and punished offenders looked the other way – and Baroness Casey found “blindness, ignorance, prejudice, defensiveness and even good but misdirected intentions” all played a part in this collective failure

    But on the key issues of ethnicity that I had asked her to examine, she has found continued failure to gather proper robust national data, despite concerns being raised going back very many years. In the local data that the audit examined from 3 police forces they identify clear evidence of over-representation among suspects of Asian and Pakistani-heritage men. And she refers to “examples of organisations avoiding the topic altogether for fear of appearing racist or raising community tensions”.

    Mr Speaker, these findings are deeply disturbing.

    But most disturbing of all, as Baroness Casey makes clear, is the fact that too many of these findings are not new.

    As her audit sets out, there have been 15 years of reports, reviews, inquiries and investigations into these appalling rapes, exploitation and violent crimes against children – detailed over 17 pages in her report – but too little has changed.

    We have lost more than a decade. That must end now.

    Baroness Casey sets out 12 recommendations for change. We will take action on all of them immediately.

    Because we cannot afford more wasted years so we will introduce:

    • new laws to protect children and support victims so they stop being blamed for the appalling crimes committed against them

    • new major police operations to pursue perpetrators and put them behind bars

    • a new national inquiry to direct local investigations and hold institutions to account for past failures

    • new ethnicity data and research so we face up to the facts on exploitation and abuse

    • new action across children’s services and other agencies to identify children at risk

    • and further action to support child victims and tackle new forms of exploitation and abuse online

    Taken together, this will mark the biggest programme of work ever pursued to root out the scourge of grooming gangs and child sexual exploitation.

    Those vile perpetrators who have grown used to the authorities looking the other way must have no place to hide.

    So let me spell out the next steps we are announcing today.

    Baroness Casey’s first recommendation is that we must see children as children.

    She concludes that too many grooming cases have been dropped or downgraded from rape to lesser charges because a 13 to 15-year-old is perceived to have been ‘in love with’ or ‘had consented to’ sex with the perpetrator.

    So we will change the law to ensure that adults who engage in penetrative sex with a child under 16 face the most serious charge of rape, and we will work closely with the CPS [Crown Prosecution Service] and the police to ensure there are safeguards for consensual teenage relationships.

    And we will change the law so that those convicted for child prostitution offences while their rapists got off scot-free will have their convictions disregarded and their criminal records expunged.

    Baroness Casey’s next recommendation is a national criminal operation.

    As I have set out, arrests and investigations are rising.

    But the audit recommends us going further

    So I can announce that the police will launch a new national criminal operation into grooming gangs, overseen by the National Crime Agency bringing together for the first time all arms of the policing response and will develop a rigorous new national operating model which all forces across the country will be able to adopt.

    Ensuring grooming gangs are always treated as serious and organised crime.

    So rapists who groom children whether their crimes were committed decades ago or are still being committed today can end up behind bars.

    But alongside justice there must also be accountability and action.

    We have begun implementing the recommendations from inquiries past, including Professor Jay’s Independent Inquiry.

    And we have said that further inquiries are needed to get accountability in local areas.

    I told the House in January I would undertake further work to look at how to ensure those inquiries could get the evidence they needed to properly hold institutions to account and we have sought responses from local councils too.

    We asked Baroness Casey to review those responses, as well as the arrangements and powers that had been used in past investigations and inquiries, to consider the best means to get to the truth.

    Her report concludes that further local investigations are needed but that they should be directed and overseen by a national commission with statutory inquiry powers.

    We agree. And we will set up a national inquiry to that effect.

    Baroness Casey is not recommending another over-arching inquiry of the kind conducted by Professor Alexis Jay and she recommends that the inquiry should be time limited.

    But its purpose must be to challenge what the audit describes as continued denial, resistance and legal wrangling among local agencies, and we will set out the further details on the national inquiry in due course.

    Mr Speaker, I warned in January that the data collection we had inherited from the previous government on ethnicity was completely inadequate. That data was only collected on 37% of suspects.

    Baroness Casey’s audit confirms that ethnicity data is not recorded for two-thirds of grooming gang perpetrators – and she says it is “not good enough to support any statements about the ethnicity of group-based child sexual exploitation offenders at the national level”. I agree with that conclusion. 

    Frankly it is ridiculous and helps no one that this basic information is not collected – especially when there have been warnings and recommendations stretching back 13 years about the woefully inadequate data on perpetrators which prevents patterns of crime being understood and tackled.

    The immediate changes I announced in January to police recording practices are starting to improve the data, but we will need to go much further.

    Baroness Casey’s audit examined local level data in 3 police force areas. Greater Manchester, West Yorkshire and South Yorkshire where high profile cases involving Pakistani-heritage men have long been investigated and reported – and there they found the suspects of group-based child sexual offences were disproportionately likely to be Asian men.

    She also found indications of disproportionality in serious case reviews.

    While much more robust national data is needed, we cannot and must not shy away from these findings. Because as Baroness Casey says: “ignoring the issues, not examining and exposing them to the light, allows the criminality and depravity of a minority of men to be used to marginalise whole communities.”

    The vast majority of people in our British Asian and Pakistani heritage communities continue to be appalled by these terrible crimes and they agree that the criminal minority of sick predators and perpetrators in every community must be dealt with robustly by the criminal law.

    Baroness Casey’s review also identifies prosecutions and investigations into perpetrators who are White British, European, African or Middle Eastern, just as Alexis Jay’s Inquiry concluded that all ethnicities and communities were involved in appalling child abuse crimes.

    So to provide accurate information to help tackle serious crimes we will make it a formal requirement for the first time to collect both ethnicity and nationality data for all cases of child sexual abuse and exploitation.

    And we will commission new research into the cultural and social drivers of child sexual exploitation, misogyny and violence against women and girls, as Baroness Casey has recommended.

    The final group of recommendations from the audit is about the continued failure of agencies that should be keeping children safe to share vital information or act on clear signs of risk.

    Worryingly the audit finds that whilst reports of child sexual abuse and exploitation to the police have gone up, the number of child sexual abuse cases identified for protection plans by local children’s services has fallen to its lowest ever level. But no one has been curious as to why

    And the audit details an abysmal failure to respond to 15 years’ worth of recommendations and warnings about the failings of inter-agency co-operation.

    So we will act at pace to deliver on Baroness Casey’s recommendations on mandatory sharing of information between agencies and on unique reference numbers for children, the work already being taken forward by my Right Honourable Friend the Education Secretary.

    And my Right Honourable Friend the Transport Secretary will also work at pace to close loopholes in the law on taxi licensing.

    Finally, I want to respond to 3 other important issues identified by Baroness Casey in her report but where she has not made specific recommendations.

    On support for victims, my Right Honourable Friend the Health Secretary will fund additional training for mental health staff in schools on identifying and supporting children and young people who have experienced trauma, exploitation and abuse.

    Secondly. Baroness Casey reports that she came across cases involving suspects who were asylum seekers. We have asked her team to provide to the Home Office all the evidence that they found, so that Immigration Enforcement can immediately pursue individual cases with the police.

    But let me make clear. Those who groom children or commit sexual offences will not be granted asylum in the UK. We will do everything in our power to remove them. I do not believe the law is strong enough, that we have inherited, so we are bringing forward a change to the law, so that anyone convicted of sexual offences is excluded from the asylum system and denied refugee status.

    We have already increased the removal of foreign national offenders by 14% since the election and we are drawing up new arrangements to identify and remove those who have committed a much wider range of offences.

    Finally, Baroness Casey describes ways in which patterns of grooming gang child sexual exploitation are changing.

    Including evidence of rape and sexual exploitation taking place in street gangs and drug gangs, that combine criminal and sexual exploitation.

    I do not believe that this kind of exploitation has been sufficiently investigated.

    It also describes sexual exploitation in modern slavery and trafficking cases.

    And most significant of all it describes the huge increase in online grooming and horrendous sexual exploitation and abuse – including the use of social media apps to build up relationships and lure children into physical abuse.

    The audit quotes one police expert saying, “If Rotherham were to happen again today it would start online.”

    Mr Speaker, we are also passing world-leading new laws to target those who groom and exploit children online and investing in cutting edge technology to target the highest-harm offenders but we will need to do much more or the new scandals and shameful crimes of the future will be missed. 

    When the final report of Alexis Jay’s 7-year national inquiry was published in October 2022, the then Home Secretary, Grant Shapps, issued a profound and formal public apology to the victims of child sexual abuse so badly let down over decades by different levels of the state.

    As Shadow Home Secretary at that time I joined him in that apology on behalf of the Opposition and extended it to victims of child sexual exploitation too.

    To the victims and survivors of sexual exploitation and grooming gangs, on behalf of this and past governments and the many public authorities who let you down, I want to reiterate an unequivocal apology for the unimaginable pain and suffering you have suffered and the failure of our country’s institutions through decades to prevent that harm and keep you safe.  

    But words are not enough. Victims and survivors need action.

    The reforms I have set out today will mean the strongest action any government has taken to tackle child sexual exploitation

    More police investigations, more arrests, a new inquiry, changes to the law to protect children, and a fundamental overhaul of the way organisations work to support victims and put perpetrators behind bars.

    But none of this will work unless everyone is part of it. Unless everyone works together to keep our children safe.

    I commend this statement to the House.

    Updates to this page

    Published 16 June 2025

    MIL OSI United Kingdom –

    June 17, 2025
  • MIL-OSI: ASM share buyback update June 9 – 13, 2025

    Source: GlobeNewswire (MIL-OSI)

    Almere, The Netherlands
    June 16, 2025, 5:45 p.m. CET

    ASM International N.V. (Euronext Amsterdam: ASM) reports that no transactions were executed under ASM’s current share buyback program in the week June 9 – 13, 2025.

    For further details including individual transaction information please visit: www.asm.com/investors/dividends-share-buybacks.

    About ASM International

    ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM’s website at www.asm.com.

    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Contact

    Investor and media relations

    Victor Bareño
    T: +31 88 100 8500
    E: investor.relations@asm.com

    Investor relations

    Valentina Fantigrossi
    T: +31 88 100 8502
    E: investor.relations@asm.com

    The MIL Network –

    June 17, 2025
  • MIL-OSI Russia: Exclusive: Green economic development is one of the main areas of cooperation between China and Central Asia – Kyrgyz expert

    Translation. Region: Russian Federal

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

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

    Bishkek, June 16 /Xinhua/ — Green economic development is one of the main areas of cooperation between China and Central Asian countries, said Baktybek Saipbaev, a candidate of medical sciences and systems analyst from Kyrgyzstan, in an interview with Xinhua.

    According to him, the concepts of China and Central Asian countries in the field of green development coincide, implying, among other things, the transition to an energy-saving model of energy, to renewable energy resources and to energy that causes minimal damage to the environment.

    “Close cooperation between China and Central Asian countries in the field of green energy will contribute to strengthening bilateral relations and will also help Central Asian countries in sustainable development,” the expert noted.

    As B. Saipbaev emphasized, all these concepts are also common to China and Kyrgyzstan. The analyst stated that Chinese technologies of water conservation, economical irrigation of agricultural lands, in particular drip irrigation, and combating deforestation and desertification will greatly help Kyrgyzstan if China joins these issues and will develop cooperation in this area in every possible way.

    “If all these joint projects are successfully implemented, then Kyrgyzstan will be able to switch to low-carbon energy and economy. That is, such forms of cooperation will stimulate the low-carbon transformation of the economy of Kyrgyzstan,” the expert said.

    B. Saipbaev also noted that it would be a great help to the countries of Central Asia if China provided assistance in such an important issue as the creation of modern irrigation networks, namely in the construction of watertight canals, aqueducts and pipelines so that water reaches the fields with minimal losses.

    “From the point of view of sustainable development of Central Asian countries, China’s assistance in these areas is difficult to overestimate. China already plays a huge role in this, and it is getting stronger every year. In turn, thanks to this, Central Asian countries can implement large projects for electricity generation, carry out rational water use, and preserve nature,” the expert added. –0–

    MIL OSI Russia News –

    June 17, 2025
  • MIL-OSI USA: Representative Smith statement on Trump’s Withdrawal from the Resilient Columbia Basin Agreement

    Source: United States House of Representatives – Congressman Adam Smith (9th District of Washington)

    SEATTLE, WA. –  Today, Representative Adam Smith (D-Wash.) released the following statement after the Trump Administration announced a withdrawal from the historic agreement between the federal government and the Six Sovereigns – the Nez Perce Tribe, Confederated Tribes and Bands of the Yakama Nation, Confederated Tribes of Umatilla Indian Reservation, and Confederated Tribes of Warm Springs Reservation, Washington State, and Oregon State – regarding the Columbia-Snake River system. 

    “President Trump has taken a crude axe to environmental conservation, modernized infrastructure, salmon recovery, and clean energy generation by abandoning the historic Resilient Columbia River Basin Agreement.  

    “This agreement paused decades of litigation and charted a desperately needed path forward for the Columbia River Basin. The Trump Administration’s reckless decision today sets the Pacific Northwest back tremendously and undermines our relationship with Tribal nations.  

    “Now, we must find a new path forward that ensures a future for the salmon, expands our reliable clean energy grid, and protects the irreplaceable environment of the Pacific Northwest.” 

    ###

    MIL OSI USA News –

    June 17, 2025
  • MIL-OSI USA: Attorney General James Announces Every State Has Joined $7.4 Billion Settlement with Purdue Pharma and the Sackler Family

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James today announced that 55 attorneys general, representing all eligible states and U.S. territories, agreed to a $7.4 billion settlement in principle with Purdue Pharma and its owners, the Sackler family for their instrumental role in creating the opioid crisis. Attorney General James secured the settlement in principle in January, which will end the Sacklers’ control of Purdue and ability to sell opioids in the United States, and will deliver funding directly to communities across the country over the next 15 years to support opioid addiction treatment, prevention, and recovery programs. New York will receive up to $250 million for opioid abatement efforts throughout the state.

    “I am proud to have helped secure the support of every state and territory in the country for this plan to hold the Sackler family accountable,” Attorney General James. “For decades, the Sacklers put profits over people, and played a leading role in fueling the epidemic of opioid addictions and overdoses. While no amount of money can fully heal the destruction they caused, these funds will save lives and help our communities fight back against the opioid crisis. I will continue to work to deliver justice for all those affected by opioid addiction.”

    Purdue, under the Sacklers’ leadership, invented, manufactured, and aggressively marketed opioid products for decades, fueling waves of addiction and overdose deaths across the country. Communities throughout New York have been hit particularly hard. While opioid overdose deaths have declined, more than 5,000 New Yorkers died from an opioid overdose in 2023. 

    Communities across the country will directly receive settlement funds over the next 15 years to support addiction treatment, prevention, and recovery. If approved, the settlement will deliver funds to the participating states, local governments, affected individuals, and other parties who have previously sued the Sacklers or Purdue. The Sacklers will pay $1.5 billion and Purdue will pay roughly $900 million in the first payment, expected in early 2026 pending settlement approval. Subsequent payments will be $500 million after one year, an additional $500 million after two years, and $400 million after three years. New York will receive up to $250 million total.

    Like prior opioid settlements, this settlement requires resolution of legal claims by state and local governments. The local government sign-on process for this settlement will be contingent on bankruptcy court approval.

    With the addition of up to $250 million from this settlement, Attorney General James has secured New York state more than $3 billion from opioid manufacturers and distributors for their role in the opioid epidemic. These include Mylan, Indivior, Amneal Pharmaceuticals, Hikma Pharmaceuticals, Teva Pharmaceuticals, Johnson & Johnson, Mallinckrodt, Allergan, Endo, McKesson, Cardinal Health, and Amerisource Bergen. Attorney General James has also led multistate coalitions in reaching settlements for billions of dollars with CVS, Walgreens, and Walmart for their roles in failing to properly regulate opioid prescriptions. Additionally, Attorney General James, co-led with a bipartisan coalition of states in securing settlements with consulting firm McKinsey & Company and the marketing firm Publicis Health for their role in fueling the opioid crisis. 

    Joining Attorney General James in this settlement in principle are the attorneys general of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, American Samoa, the District of Columbia, Guam, the Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands.

    This matter was handled for New York by First Deputy Attorney General Jennifer Levy, Senior Advisor and Special Counsel M. Umair Khan, Special Counsel David Nachman, Special Counsel Andrew Amer, Assistant Attorney General and Special Assistant to the First Deputy Gina Bull, Special Counsel for Complex Litigation Colleen Faherty, with the support of all of the Executive Division, along with Senior Advisor to the Criminal Division Gary Fishman, former Special Counsel Eric Haren, Civil Recoveries Section Chief Martin Mooney, Assistant Attorney General Noah Popp of the Consumer Frauds Bureau, Assistant Attorney General Robert Rock of Civil Recoveries, Assistant Attorneys General Jennifer Simcovitch and Eve Wooden of the Health Care Bureau, and the indispensable contributions of the Research and Analytics Department, including the work of the Director of Research and Analytics Victoria Khan, Data Scientists Ken Morales and Blake Rubey, and Paige Podolny, Kristin Petrella, Hewson Chen, and Darlene Eng of the Practice Technologies Group, and Legal Support Analyst Labiba Hasan.

    MIL OSI USA News –

    June 17, 2025
  • MIL-OSI: AIXA Miner Launches AI-Powered Cloud Mining Platform with FinCEN MSB Certification

    Source: GlobeNewswire (MIL-OSI)

    AIXA Miner Image

    NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) — AIXA MINER CLOUD MINING INVESTMENT LTD (“AIXA Miner”), a U.S.-based cloud mining platform, has launched its latest phase of operations featuring artificial intelligence–driven services for Bitcoin (BTC), Litecoin (LTC), and Dogecoin (DOGE). The company is officially registered as a Money Services Business (MSB) with the U.S. Financial Crimes Enforcement Network (FinCEN), reinforcing its position as a compliant mining operation under U.S. financial regulations.

    Founded in 2020, AIXA Miner operates over 100 data centers across North America, Europe, and Asia. All sites are powered by renewable energy sources, including monocrystalline solar panels and wind systems. The platform integrates AI cloud mining algorithms with cutting-edge GPU and ASIC technology to provide secure, automated mining services without requiring users to purchase or manage hardware.

    Mining begins in three steps: users create an account, select a contract plan, and automatically receive mining returns daily. Plan options include:

    • DOGE Beginner Plan
    • LTC Free Trial
    • BTC Plan
    • June Promotion

    AIXA Miner’s infrastructure leverages high-performance GPUs from NVIDIA and AMD for optimized energy efficiency. All operations run on a global network of 24/7 monitored data centers and adhere to environmentally responsible practices.

    Technological Advantages and Global Operations

    • Cutting-Edge GPU Technology: Incorporates the latest NVIDIA and AMD GPUs for optimized performance with reduced energy consumption.
    • Global Data Center Network: Distributed across three continents to enable uninterrupted 24/7 mining operations.
    • Clean Energy Solutions: Mining infrastructure is fully powered by renewable energy sources to support carbon-conscious computing.
    • AI Cloud Mining: Machine learning algorithms are utilized to enhance efficiency and resource management across all mining tasks.

    Security and transparency are prioritized through the use of cold wallet storage and third-party protections including McAfee® SECURE and Cloudflare® SECURE. The mining team comprises experienced IT engineers and blockchain professionals.

    With its regulatory certification, clean energy model, and automated infrastructure, AIXA Miner aims to deliver accessible and compliant cloud mining services to a global user base.

    Media Contact:
    like.Mikkelsen
    AIXA Miner Cloud Mining Investment Ltd
    like.Mikkelsen@aixaminer.com
    https://aixaminer.com/

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/590ac217-47b8-422c-92b4-7d606015aa01

    The MIL Network –

    June 17, 2025
  • MIL-OSI Security: Wolf Point Man Pleads Guilty to Assault on Fort Peck Indian Reservation

    Source: US FBI

    GREAT FALLS – A Wolf Point man accused of stabbing another individual on the Fort Peck Indian Reservation admitted to charges today, U.S. Attorney Kurt Alme said.

    The defendant, Andy Kane Follet, 20, pleaded guilty to assault with a dangerous weapon. Follet faces 10 years of imprisonment, a $250,000 fine, and 3 years of supervised release.

    Chief U.S. District Judge Brian M. Morris presided and will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Sentencing is set for October 22, 2025. Follet was detained pending further proceedings.

    The government alleged in court documents that on January 27, 2024, the defendant, Andy Kane Follet, and several friends, including co-defendants and the victim, John Doe, were in a yard in Wolf Point, Montana, playing a game of “slap-boxing.” The fighting escalated and the group broke up – Follet and his co-defendants returned to the Follet home. Shortly after they returned to the home, Doe approached the house demanding to get his phone back. Follet and his co-defendants exited the home and confronted Doe in the driveway.

    Several people witnessed the assault. One witness described seeing Follet and co-defendants hitting John Doe. The witness described seeing one person hit Doe with a bat, then the other two started hitting Doe as well, with one of them using a hammer. Another witness went outside after hearing a commotion. He saw Follet and his co-defendants approaching Doe while he backed away. The witness described the three then “jumping” Doe.

    One co-defendant hit Doe repeatedly in the head with a hammer. As Doe was trying to get up Follet stabbed Doe in the chest. In an interview with law enforcement, Follet said he thought Doe was wearing enough layers of clothes that he could not be injured by the knife. He also said Doe had cut him with a knife and that if didn’t do anything (after he was stabbed), his whole family would make fun of him. None of the independent witnesses reported Doe having a knife. The only knife found at the scene around Doe’s body was located in Doe’s pocket. A large knife with apparent blood was later located hidden in a hole in a wall of Follet’s home.

    Doe died at the scene before law enforcement could arrive. According to an autopsy, Doe died from blunt and sharp force injuries to the head and chest. The stab wound to the chest consisted of a 6-inch penetration that perforated Doe’s sternum, heart, and esophagus.

    The U.S. Attorney’s Office prosecuted the case. The FBI, Fort Peck Tribes Department of Law and Justice, Wolf Point Police Department, and State of Montana Division of Criminal Investigation conducted the investigation.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    MIL Security OSI –

    June 17, 2025
  • Iran-Israel conflict escalates into fourth day with rising civilian toll

    Source: Government of India

    Source: Government of India (4)

    The ongoing conflict between Iran and Israel intensified on Monday, marking its fourth day of relentless military exchanges, with both nations escalating their campaigns as civilian casualties mount. What began as Israeli preemptive strikes on Friday has spiraled into a sustained barrage of missiles and airstrikes, showing no immediate signs of de-escalation.

    According to Iran’s Health Ministry, at least 224 people, predominantly civilians, have been killed since the conflict erupted, with many deaths attributed to Israeli airstrikes targeting military and infrastructure sites. In Israel, the death toll has reached over 20, with more than 300 injured as the conflict reaches unprecedented intensity.

    On Sunday night and into Monday, Iranian forces launched a fresh wave of missile and drone attacks targeting civilian areas in Tel Aviv, Haifa, and Petah Tikva, killing at least eight Israelis and injuring dozens. Israel retaliated with extensive airstrikes on Iranian military, nuclear, and energy facilities, including targets in Tehran. Prime Minister Benjamin Netanyahu claimed the Israeli Air Force had achieved “complete operational freedom” over Iranian airspace, striking key command centers, such as those of the Islamic Revolutionary Guard Corps’ Quds Force.

    The Israel Defense Forces (IDF) reported significant tactical gains, stating they had destroyed approximately 120 of Iran’s missile launchers—about one-third of its stockpile—over the four-day conflict. On Monday morning, Israeli forces intercepted weapons shipments, including trucks carrying surface-to-air missile launchers headed toward Tehran. On Sunday evening, Israeli jets destroyed over 20 surface-to-surface missiles before they could be launched, with around 50 aircraft striking 100 military targets in Isfahan, central Iran.

    Both nations’ leaders have adopted increasingly defiant stances. Israel’s Defense Minister warned that Tehran’s population would “pay the price” for continued attacks, while Iran’s president called for national unity against what he described as Israel’s “genocidal aggression.”

    The international community has expressed growing alarm over the conflict’s potential to destabilize West Asia. The G7 summit in Canada has prioritized the crisis, with leaders warning of the risk of a broader regional war. Diplomatic efforts, however, have stalled, as Iran refuses to negotiate under active attack. Russia has offered to mediate, but neither side has shown willingness to accept third-party intervention.

    Nuclear concerns have further complicated the situation. The International Atomic Energy Agency’s Rafael Grossi confirmed no damage to Iran’s Fordow fuel enrichment plant or the Khondab heavy water reactor site, despite Israeli strikes on nuclear facilities. However, Iranian parliamentarians are reportedly drafting legislation that could lead to Iran’s withdrawal from the Nuclear Non-Proliferation Treaty, a move that would significantly heighten global tensions.

    June 17, 2025
  • MIL-OSI Canada: Monday, June 16, 2025

    Source: Government of Canada – Prime Minister

    Note: All times local

    Kananaskis, Alberta

    9:00 a.m. The Prime Minister will meet with the President of the United States, Donald J. Trump.

    Pomeroy Kananaskis Mountain Lodge

    Note for media:

    10:00 a.m The Prime Minister will welcome G7 leaders to Kananaskis, Alberta.

    Pomeroy Kananaskis Mountain Lodge

    Note for media:

    • Pooled photo opportunity

    10:30 a.m. The Prime Minister will participate in the G7 Working Session I on the global economic outlook.

    Pomeroy Kananaskis Mountain Lodge

    Note for media:

    12:10 p.m. The Prime Minister will meet with the President of the European Council, António Costa, and the President of the European Commission, Ursula von der Leyen.

    Pomeroy Kananaskis Mountain Lodge

    Closed to media

    12:30 p.m. The Prime Minister will participate in the G7 working lunch on economic growth, security, and resilience.

    Pomeroy Kananaskis Mountain Lodge

    Closed to media

    2:10 p.m. The Prime Minister will meet with the Prime Minister of Japan, Ishiba Shigeru.

    Pomeroy Kananaskis Mountain Lodge

    Note for media:

    2:45 p.m. The Prime Minister will participate in the G7 Working Session III on making communities safe.

    Pomeroy Kananaskis Mountain Lodge

    Closed to media

    4:15 p.m. The Prime Minister will meet with the President of France, Emmanuel Macron.

    Pomeroy Kananaskis Mountain Lodge

    Note for media:

    4:50 p.m. The Prime Minister will meet with the Prime Minister of Italy, Giorgia Meloni.

    Pomeroy Kananaskis Mountain Lodge

    Note for media:

    5:45 p.m. The Prime Minister will participate in a G7 family photo.

    Pomeroy Kananaskis Country Golf Course

    Note for media:

    • Pooled photo opportunity

    6:00 p.m. The Prime Minister will participate in the G7 working dinner on making the world secure.

    Pomeroy Kananaskis Country Golf Course

    Note for media:

    MIL OSI Canada News –

    June 17, 2025
  • MIL-OSI Economics: New Features on One UI 8 Watch Help Users Build Healthier Habits

    Source: Samsung

    When it comes to health, small changes can make a big difference. Every incremental improvement to daily habits contribute to a healthier whole, and the upcoming One UI 8 Watch is designed to help build these habits more effectively through a suite of new features that support sleep, heart health, fitness and nutrition.
     
    What’s New:
    New features1 include Bedtime Guidance2 to optimize sleep; Vascular Load3 to measure stress on the vascular system during sleep; Running Coach4 to support personalized training strategies; and Antioxidant Index5 to measure carotenoid levels for healthy aging. These features — part of One UI 8 Watch on the latest Galaxy Watch series — will be available to a limited number of users through a beta program.6
     
    Why it Matters:
    The goal of these new features is to help build healthier daily habits — which can be challenging as they don’t develop overnight. It takes time to form lasting behavior patterns, and meaningful change often becomes visible only after sustained effort. But the rewards are worth it.
     
    For example, while eating unhealthy food may not have an immediate impact, it can lead to significant health consequences over time. Conversely, healthy habits may not produce instant results, but they often contribute to long-term physical and mental well-being.
     
    “Sleep remains a cornerstone of our approach to health as it influences physical and mental well-being, social relationships and even work performance,” said Dr. Hon Pak, Senior Vice President and Head of Digital Health Team, Mobile eXperience (MX) Business at Samsung Electronics. “Now, we envision the Galaxy Watch delivering holistic insights centered around sleep — insights that lead to meaningful changes in daily life. We believe this aligns with our vision of empowering people to lead healthier lives through proactive care and holistic health management.”
     
    New Features
    Samsung Health’s new features are designed to help users build healthy habits by providing instant feedback as a motivating tool.
     
    Bedtime Guidance

     
    A single night of restful sleep offers immediate health benefits, encouraging proactive behavioral changes that contribute to a healthier tomorrow. This begins with setting and maintaining a consistent, optimal bedtime.
     

    Samsung continually advances its sleep-related features, including sleep pattern analysis, sleep coaching, tools for optimizing sleep environments and a feature that detects signs of sleep apnea7 — a common sleep disorder.
    Now, Samsung is introducing additional tools for better sleep, such as recommending an optimal bedtime based on individual lifestyle and sleep patterns along with reminders to help users stay consistent.
    By analyzing sleep data from the past three days, the feature evaluates both sleep pressure and circadian rhythm to suggest a bedtime that maximizes alertness the next day.
    This feature is especially helpful for those recovering from periods of irregular sleep. If users go to bed later than planned for several days or follow inconsistent schedules between weekdays and weekends, Bedtime Guidance will consider these factors to help ensure sufficient rest.

     
    Vascular Load

     
    Sleep is a window into overall health, influencing holistic well-being. The Galaxy Watch series leverages this opportunity to measure vascular load — the amount of stress on the vascular system during sleep.
     

    The vascular system carries blood throughout the body to deliver oxygen and nutrients while removing waste, making it a key indicator of heart health.
    During sleep, stress on the vascular system should naturally decrease. However, excessive fluctuations may negatively impact cardiovascular health.
    By wearing the Galaxy Watch during sleep, users can receive insights into vascular load and the stress placed on their vascular system.
    Because health factors are interconnected, Vascular Load also provides insight into lifestyle components such as sleep, exercise and stress — helping users maintain a healthier routine and build positive habits.

     
    Running Coach

     
    While sleep is a vital time to restore and support overall health, managing well-being during active moments is equally important. Running is one of the most accessible fitness activities, and Samsung has long supported runners by offering features that promote consistent training and help users reach their fitness goals.
     

    Many runners experience injuries due to over-pacing or undertraining. Running Coach is designed to help users train safely for marathons through optimized intensity and injury-preventive routines, making it ideal for beginners.
    The feature offers motivation and real-time guidance, creating a personalized training program based on the runner’s fitness level.
    By wearing the Galaxy Watch and running for 12 minutes, users receive a performance analysis and a running level score from 1 to 10. Based on this data, a detailed training plan is generated to support completion of a 5K, 10K, half marathon or full marathon. As users complete sessions, they level up and unlock their next running challenge.

     
    Antioxidant Index

     
    A holistic approach to health naturally includes a focus on aging and healthy aging. However, behavioral factors such as alcohol consumption, smoking, UV exposure, stress and lack of sleep can accelerate aging by increasing free radicals in the body that damage cells. Antioxidants, compounds found in many healthy foods, neutralize these free radicals to help prevent chronic illness and support healthy aging.
     

    The Galaxy Watch can measure carotenoids — antioxidants found in green and orange fruits and vegetables — that are stored in the skin.
    Antioxidant Index uses an industry-first feature to assess carotenoid levels in just five seconds via an advanced, light-activated BioActive Sensor.
    These insights can reflect behavioral changes. For example, drinking carrot juice may result in a measurable change in the index, offering motivation to adopt healthier habits.

     
    Great health comes from the combination of many small changes — and with Galaxy Watch, it’s now more achievable than ever.
     
     
    1 Samsung Health features are intended for general wellness and fitness purposes only. The measurements are for personal reference only. Please consult a medical professional for advice. A Samsung account login is required. Vascular Load, Running Coach and Antioxidant Index are available on Android phones (Android 10 or above) and require the Samsung Health app (v6.30.2 or later). Vascular Load and Antioxidant Index are Labs features that can be previewed before official launch. These experimental features can be turned off in Samsung Health settings.
    2 Not intended for use in the detection, diagnosis or treatment of any medical condition or sleep disorder. Bedtime Guidance is available on Android phones (Android 11 and above) and requires the Samsung Health app (v6.30.2 or later). Based on three days of sleep analysis of the user’s sleep pressure and circadian rhythm.
    3 Service only available with the Galaxy Watch Ultra or later released Galaxy Watch series. To use Vascular Load, users need to wear the Galaxy Watch while sleeping for at least three days out of the most recent 14 days.
    4 Service only available with the Galaxy Watch7 series or later released Galaxy Watch series. To use Running Coach, users need to take a running level test and get a level before starting the program.
    5 Service only available with the Galaxy Watch Ultra or later released Galaxy Watch series. To measure, place a finger on the sensor located on the back of the device and hold for five seconds. While Antioxidant Index can be measured using any finger, the thumb is recommended for the most accurate results. Repeated measurements due to uneven skin texture may lead to inaccurate results.
    6 Users based in Korea and the United States with Galaxy Watch models (Galaxy Watch5 series or later released Galaxy Watch series) are eligible to join the beta program.
    7 The Sleep Apnea feature is an over-the-counter (OTC), software-only mobile medical application operating on compatible Galaxy Watch series models and Galaxy smartphones. This feature is intended to detect signs of moderate to severe obstructive sleep apnea in the form of significant breathing disruptions in adult users age 22 and older over a two-night monitoring period. The feature is designed for on-demand use and not intended for individuals previously diagnosed with sleep apnea. Users should not rely on this feature as a substitute for professional diagnosis or treatment by a qualified healthcare provider. The data provided by this device is not intended to assist clinicians in diagnosing sleep disorders. Availability may vary by market, carrier, model or a paired smartphone.

    MIL OSI Economics –

    June 17, 2025
  • MIL-OSI Asia-Pac: CFS urges public not to consume several kinds of prepackaged candies suspected to contain mineral oil

    Source: Hong Kong Government special administrative region

    The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (June 16) urged the public not to consume several kinds of prepackaged candies, as the products might contain mineral oils (mineral oil saturated hydrocarbons (MOSH) and mineral oil aromatic hydrocarbons (MOAH)). The CFS urged the public not to consume the products concerned, regardless of batches. The trade should stop using or selling the affected products immediately if they possess any of them. 

         Product details are as follows:

    Product name: 
    (1) Jolly Rancher Hard Candy
    (2) Jolly Rancher ‘Misfits’ Gummies
    (3) Jolly Rancher Hard Candy Fruity 2 in 1 
    (4) Jolly Ranchers Berry Gummies
    Manufacturer: The Hershey Company

    A spokesman for the CFS said, “The CFS noted a notice issued by the British Authority indicating that the above-mentioned products might contain mineral oils MOSH and MOAH. The products are not compliant with their local law and all batches of products concerned are being recalled. 

    After a preliminary investigation, the CFS confirmed one local supplier, Wahcom Limited had imported one of the affected products, Jolly Rancher Hard Candy into Hong Kong.”

    The supplier concerned has voluntarily stopped sales, removed the affected products from shelves and initiated a recall. Members of the public may call the supplier’s hotline at 2442 2677 during office hours for enquiries about the recall. 

         According to the Mineral Oil in Food Regulations (Cap 132AR), no person shall use or permit to be used any mineral oil in the composition or preparation of any article of food intended for sale for human consumption.

         â€‹The CFS will alert the trade to the incident and will continue to follow up and take appropriate action. An investigation is ongoing.

    MIL OSI Asia Pacific News –

    June 17, 2025
  • MIL-OSI Asia-Pac: Medicine development discussed

    Source: Hong Kong Information Services

    Secretary for Health Prof Lo Chung-mau met Chinese People’s Political Consultative Conference Changchun Committee Chairman Gao Zhiguo today for in-depth exchanges on the development of biomedicine and Chinese medicine (CM) in the two places.

    Prof Lo said the Hong Kong Special Administrative Region Government is determined to fully utilise the Hong Kong SAR’s institutional advantages of “one country, two systems” and its professional strengths in the healthcare sector to develop Hong Kong into an international health and medical innovation hub, thereby enabling the innovative medical technologies to go global and attract foreign investment, and promoting new quality productive forces in biomedicine.

    The Hong Kong SAR Government will expedite the reform of the approval mechanism for drugs and medical devices and enhance the translation of innovative biomedical research results into clinical applications, such as jointly establishing the Greater Bay Area (GBA) Clinical Trial Collaboration Platform in concerted efforts by the GBA International Clinical Trial Institute in the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone and the GBA International Clinical Trials Center in the Shenzhen Park to integrate resources and technologies to provide one-stop clinical trial support for medical research institutions.

    It will also establish a Real-World Study & Application Centre to open up the extensive and standardised local medical databases to support clinical diagnosis and treatment, new drug development, and public health research, and integrate real-world data generated through the special measure of using Hong Kong-registered drugs and medical devices used in Hong Kong public hospitals in the GBA to accelerate approval for registration of new drugs in Hong Kong, the Mainland, and overseas.

    Additionally, it will prepare for the establishment of the Hong Kong Centre for Medical Products Regulation (CMPR) to progress towards the “primary evaluation” approach as well as take forward preparatory work for legislating for the statutory regulation of medical devices to dovetail with the timetable for the establishment of the CMPR.

    Regarding CM, the Hong Kong SAR Government is committed to developing Hong Kong into a bridgehead for the internationalisation of CM, and encourages co-operation between schools and research institutions of the two places in various areas such as CM education and research.

    Hong Kong’s first CM hospital will commence services in phases starting from the end of this year, which will serve as a key platform for promoting clinical scientific research collaboration in proprietary Chinese medicines development, synergising with the GBA Clinical Trial Collaboration Platform to facilitate the commencement of internationally recognised multicentre clinical trials, thereby further accelerating the translation of CM research findings.

    MIL OSI Asia Pacific News –

    June 17, 2025
  • MIL-OSI: Equiniti (EQ) Appoints Brian O’Neill as Chief Operating Officer of Shareholder Services

    Source: GlobeNewswire (MIL-OSI)

    Global operations leader to drive transformation, standardize delivery, and advance innovation across Equiniti Shareholder Services

    Announcement Highlights:

    • Brian O’Neill joins Equiniti as Chief Operating Officer of Shareholder Services, reporting to CEO Dan Kramer.
    • He will lead global operations, including client delivery and call centers, with a focus on standardization, efficiency, and transformation.

    NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) — Equiniti (EQ)1, a global leader in shareholder services, is pleased to announce the appointment of Brian O’Neill as Chief Operating Officer of Shareholder Services, effective today. In this role, he will report to Dan Kramer, who leads the division as Chief Executive Officer, and will join the Shareholder Services Operating Committee.

    As COO, O’Neill will have global responsibility for Shareholder Services and the company’s Client Experience Centers (CEC).

    A seasoned global executive, O’Neill brings a proven track record of scaling businesses, leading operational transformations, and driving revenue growth. Most recently, he served as Chief Client Officer at Numerated, which was successfully acquired by Moody’s earlier this year. He has also held senior leadership positions at major financial institutions including FIS.

    “Brian’s appointment marks an important step forward as we strengthen our global operating model and deliver consistent, high-quality service to clients and shareholders worldwide,” said Dan Kramer, CEO of Equiniti Shareholder Services. “He brings deep industry experience and a sharp focus on operational excellence, transformation and client experience. These qualities will help position Equiniti for continued growth and innovation.”

    Brian O’Neill’s mandate includes optimizing the client and shareholder experience, standardizing global delivery practices across Shareholder Services operations and the CEC, and optimizing operational performance. He will also lead the company’s global operations strategy and transformation initiatives.

    His appointment underscores Equiniti’s commitment to delivering integrated, tech-enabled shareholder services with efficiency, consistency and scale.

    About EQ

    EQ helps companies better understand and manage the ownership of their business through every stage of the corporate lifecycle. As trusted advisors, we provide strategic insight and operational expertise across our core services—Transfer Agent Services, Employee Plan Solutions, Ownership Intelligence, Proxy Management and Advisory and Private Company Solutions. Globally, EQ supports 2,200 global issuer clients and 20 million shareholders with operations in the UK, U.S., and India. Learn more at equiniti.com/global.

    1. Armor Holding II, LLC and Orbit Private Holdings I Limited (together, EQ)

    Media Contact:

    Nicholas Ledford
    Director of Communications, EQ
    Nicholas.ledford@equiniti.com

    The MIL Network –

    June 17, 2025
  • MIL-OSI: Equiniti (EQ) Appoints Brian O’Neill as Chief Operating Officer of Shareholder Services

    Source: GlobeNewswire (MIL-OSI)

    Global operations leader to drive transformation, standardize delivery, and advance innovation across Equiniti Shareholder Services

    Announcement Highlights:

    • Brian O’Neill joins Equiniti as Chief Operating Officer of Shareholder Services, reporting to CEO Dan Kramer.
    • He will lead global operations, including client delivery and call centers, with a focus on standardization, efficiency, and transformation.

    NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) — Equiniti (EQ)1, a global leader in shareholder services, is pleased to announce the appointment of Brian O’Neill as Chief Operating Officer of Shareholder Services, effective today. In this role, he will report to Dan Kramer, who leads the division as Chief Executive Officer, and will join the Shareholder Services Operating Committee.

    As COO, O’Neill will have global responsibility for Shareholder Services and the company’s Client Experience Centers (CEC).

    A seasoned global executive, O’Neill brings a proven track record of scaling businesses, leading operational transformations, and driving revenue growth. Most recently, he served as Chief Client Officer at Numerated, which was successfully acquired by Moody’s earlier this year. He has also held senior leadership positions at major financial institutions including FIS.

    “Brian’s appointment marks an important step forward as we strengthen our global operating model and deliver consistent, high-quality service to clients and shareholders worldwide,” said Dan Kramer, CEO of Equiniti Shareholder Services. “He brings deep industry experience and a sharp focus on operational excellence, transformation and client experience. These qualities will help position Equiniti for continued growth and innovation.”

    Brian O’Neill’s mandate includes optimizing the client and shareholder experience, standardizing global delivery practices across Shareholder Services operations and the CEC, and optimizing operational performance. He will also lead the company’s global operations strategy and transformation initiatives.

    His appointment underscores Equiniti’s commitment to delivering integrated, tech-enabled shareholder services with efficiency, consistency and scale.

    About EQ

    EQ helps companies better understand and manage the ownership of their business through every stage of the corporate lifecycle. As trusted advisors, we provide strategic insight and operational expertise across our core services—Transfer Agent Services, Employee Plan Solutions, Ownership Intelligence, Proxy Management and Advisory and Private Company Solutions. Globally, EQ supports 2,200 global issuer clients and 20 million shareholders with operations in the UK, U.S., and India. Learn more at equiniti.com/global.

    1. Armor Holding II, LLC and Orbit Private Holdings I Limited (together, EQ)

    Media Contact:

    Nicholas Ledford
    Director of Communications, EQ
    Nicholas.ledford@equiniti.com

    The MIL Network –

    June 17, 2025
  • TRAI partners with RBI and banks for pilot project to enhance digital consent management

    Source: Government of India

    Source: Government of India (4)

    The Telecom Regulatory Authority of India (TRAI) on Monday has launched a pioneering pilot project in collaboration with the Reserve Bank of India (RBI) and select banks to tackle the persistent issue of spam calls and messages. Announced on June 16, by the Press Information Bureau (PIB), this initiative aims to establish a robust digital consent management system under the Telecom Commercial Communications Customer Preference Regulations (TCCCPR), 2018.

    TRAI has noted a surge in consumer complaints about unsolicited commercial communications from businesses claiming prior consent. Often, these consents are obtained through offline or unverifiable methods, raising concerns about misrepresentation, deception, or unauthorized data sharing. To address this, TRAI has introduced a framework requiring businesses to acquire and register consumer consent digitally in a secure, interoperable registry maintained by Telecom Service Providers (TSPs).

    The pilot project, launched under a Regulatory Sandbox framework, prioritizes the banking sector due to the sensitivity of financial transactions and the prevalence of spam-related fraud. On June 13, 2025, TRAI issued a directive to all TSPs, mandating their collaboration with banks to test the Consent Registration Function (CRF). This initiative will validate the operational, technical, and regulatory aspects of the system, paving the way for a nationwide rollout across various sectors.

    TRAI’s efforts build on previous measures to curb spam, including enabling complaint registration against unregistered telemarketers (UTMs) without prior Do Not Disturb (DND) registration and disconnecting telecom resources misused for spamming. The new digital consent framework aims to enhance transparency and verifiability, ensuring only legitimate communications reach consumers.

    June 17, 2025
  • TRAI partners with RBI and banks for pilot project to enhance digital consent management

    Source: Government of India

    Source: Government of India (4)

    The Telecom Regulatory Authority of India (TRAI) on Monday has launched a pioneering pilot project in collaboration with the Reserve Bank of India (RBI) and select banks to tackle the persistent issue of spam calls and messages. Announced on June 16, by the Press Information Bureau (PIB), this initiative aims to establish a robust digital consent management system under the Telecom Commercial Communications Customer Preference Regulations (TCCCPR), 2018.

    TRAI has noted a surge in consumer complaints about unsolicited commercial communications from businesses claiming prior consent. Often, these consents are obtained through offline or unverifiable methods, raising concerns about misrepresentation, deception, or unauthorized data sharing. To address this, TRAI has introduced a framework requiring businesses to acquire and register consumer consent digitally in a secure, interoperable registry maintained by Telecom Service Providers (TSPs).

    The pilot project, launched under a Regulatory Sandbox framework, prioritizes the banking sector due to the sensitivity of financial transactions and the prevalence of spam-related fraud. On June 13, 2025, TRAI issued a directive to all TSPs, mandating their collaboration with banks to test the Consent Registration Function (CRF). This initiative will validate the operational, technical, and regulatory aspects of the system, paving the way for a nationwide rollout across various sectors.

    TRAI’s efforts build on previous measures to curb spam, including enabling complaint registration against unregistered telemarketers (UTMs) without prior Do Not Disturb (DND) registration and disconnecting telecom resources misused for spamming. The new digital consent framework aims to enhance transparency and verifiability, ensuring only legitimate communications reach consumers.

    June 17, 2025
  • MIL-OSI USA: ICYMI: Rep. Hinson Joins The Signal Sitdown

    Source: United States House of Representatives – Congresswoman Ashley Hinson (IA-01)

    Washington, D.C. – Congresswoman Ashley Hinson (IA-02) joined Daily Signal’s Bradley Devlin on The Signal Sitdown podcast. The two discussed the media bias contributing to the cover-up of President Biden’s mental decline, the One Big Beautiful Bill Act, countering the CCP’s illicit practices, and more.

    In case you missed it…

    Click here to watch the full episode of The Signal Sitdown.

    China Has Secret Police in the US. This Congresswoman Is Trying to Stop It.
    The Daily Signal
    Bradley Devlin
    June 12, 2025

    In December 2024, Chen Jinping, a 60-year-old Manhattan resident, pleaded guilty to opening and operating a secret Chinese police station for China’s Ministry of Public Security in Manhattan’s Chinatown neighborhood. Chen was arrested with “Harry” Lu Jianwang in April 2023, following an FBI investigation into the outpost.

    Though these arrests were the first of their kind, according to Justice Department officials, American authorities suspect that China has these kinds of outposts all over the country. 

    And China’s nefarious activities in New York City hardly scratch the surface. For decades, Chinese operatives have infiltrated American universities and companies, smuggled drugs and human beings across America’s borders, and stolen American intellectual property and technology—even corn seeds from fields in Iowa.

    President Donald Trump was one of the first to see the threat of China clearly. Under the president’s leadership, Republicans in Congress are trying to prevent and punish this malign Chinese activity. This week, one of the House Republicans spearheading that effort, Rep. Ashley Hinson, R-Iowa, joins “The Signal Sitdown” to discuss.

    “My passion for this policy started in my district,” Hinson said. The aforementioned seed-stealing spies were operating in Hinson’s backyard. “There was actually a Chinese spy ring busted stealing seeds out of a cornfield in Dysart, Iowa.”

    “They wanted to take them back to China. They want to cheat,” Hinson explained. “It’s all about reverse engineering because there is so much R&D that has gone into seed technology so that we can grow the most resilient, best yielding plants in the world.”

    China’s unfair trade practices can often be more subtle than outright theft, however. “[The Chinese] are using tactics like transnational shipment,” Hinson told The Daily Signal.

    “So, especially in the auto-parts industry, for example,” Hinson explained, “something coming in from China is gonna be tariffed, so then they ship it through Singapore or Vietnam or someplace with a lesser tariff to get around our tariff laws.”

    “They’re economically cheating and getting a better deal,” Hinson continued. “Meanwhile, you’ve got American producers trying to play on that same playing field and it’s not level.”

    Hinson has introduced the Protecting American Industry and Labor from International Trade Crimes Act with Select Committee on the Chinese Communist Party Chairman John Moolenaar, R-Mich., and Ranking Member Raja Krishnamoorthi, D-Ill., to provide federal law enforcement more capacity to crack down on these trade practices.

    “What we’re trying to do is make sure that President Trump’s Department of Justice… [will have] the resources and a specific task force to be able to go after these malign actors who are, again, intentionally cheating,” she explained.

    “We think this cost is hundreds of billions of dollars every year on the low end,” Hinson said. “This has been decades in the making, right? You’ve got entire industries that have been ceded and now China owns them.”

    ###

    MIL OSI USA News –

    June 17, 2025
  • MIL-OSI China: Xi meets Kazakh President Kassym-Jomart Tokayev 2025-06-16 21:47:21 Chinese President Xi Jinping met here Monday with Kazakh President Kassym-Jomart Tokayev ahead of the second China-Central Asia Summit.

    Source: People’s Republic of China – Ministry of National Defense

      ASTANA, June 16 (Xinhua) — Chinese President Xi Jinping met here Monday with Kazakh President Kassym-Jomart Tokayev ahead of the second China-Central Asia Summit.

      Xi arrived in the Kazakh capital of Astana earlier Monday to attend the second China-Central Asia Summit

    loading…

    MIL OSI China News –

    June 17, 2025
  • MIL-OSI Banking: Samsung Debuts New Hotel TV Lineup at HITEC 2025 to Elevate the Connected Guest Journey

    Source: Samsung

    Samsung Electronics will showcase its upcoming 2025 Hospitality (HTV) lineup at the 2025 Hospitality Industry Technology Exposition and Conference (HITEC®), the world’s largest, longest-running hospitality technology event, in Indianapolis. At booth #4215, attendees can discover Samsung’s new generation of HTVs designed to empower hotel owners with dynamic management tools while providing guests with effortless streaming and seamless connectivity options.
    “Today’s travelers are no longer just looking for a room, they’re seeking personalized experiences that feel thoughtfully designed and engaging,” said Sara Grofcsik, Head of Sales, Samsung Electronics America. “Samsung is helping hotels meet these expectations by providing a connected ecosystem of in-room displays, entertainment options and intuitive content management tools that make it easy to create memorable guest journeys from check-in to check-out.”

    Premium picture, design and guest entertainment
    Samsung’s latest in-room HTVs deliver premium picture quality, modern design and intuitive features that elevate hotel stays. The 2025 lineup includes:

    HU8000F: Powered by Samsung’s Crystal Processor 4K, HDR10+, and Dynamic Crystal Color, the HU8000F HTV immerses guests in one billion shades of color with lifelike clarity and detail. Its sleek AirSlim design creates an elegant, nearly bezel-free look that complements any hotel space. The HU8000F also features adaptive sound technology, which provides real-time audio scene analysis and quality optimizations for any programming. (Available in 43-, 50-, 55-, 65-, 75- and 85-inch sizes)
    HU6000F: With Samsung’s Crystal Processor 4K, the ultra-high-definition HU6000F HTV automatically adjusts image brightness and contrast to optimal levels in every frame, allowing guests to enjoy their favorite content as it was meant to be viewed. The slim, bezel-less HTV adds comfort and sophistication to hotel rooms. (Available in 43-, 50-, 55-, 65-, and 75-inch sizes)
    HU701F: Designed for flexibility, the HU701F HTV delivers the same ultra-high-definition picture quality as the HU8000F and HU6000 models, paired with an innovative, ergonomic form factor. The slim, bezel-less HTV sits on an adjustable swivel stand that rotates 360 degrees for easy viewing from any angle. This rotating center stand makes the HU701F ideal for multi-room suites, allowing guests to enjoy a single HTV as they move throughout the suite. (Available in 43-, 50-, 55-, 65-, and 75-inch sizes)

    Attendees can also discover how Samsung’s award-winning The Frame (model name HL03F) transforms hotel interiors with stunning 4K QLED picture quality. Blending technology and art, The Frame features an innovative Art Mode that allows hotel managers to customize guest rooms by displaying curated collections of modern or classic artwork—or even tailored visuals such as hotel-branded imagery—when the TV is not in use. The Anti-Reflection Matte Display minimizes light interference for a gallery-like effect, while the Slim-Fit Wall Mount allows the TV to sit flush against the wall, serving as a true art piece.
    Hotel-ready features and integrated hospitality solutions
    Together with The Frame, Samsung’s new HU8000F and HU701F models expand guest entertainment options by adding Disney+ and Prime Video to the existing portfolio of OTT apps like Netflix and Samsung TV Plus. Guests can easily access these apps through the intuitive on-screen Smart Hub and enjoy a wide variety of streaming content during their stay.
    Samsung’s hospitality solutions also help hotels unlock new operational efficiencies and revenue streams. Samsung LYNK Cloud provides centralized remote management and actionable business insights, streamlining global hospitality operations while driving incremental revenue through targeted promotions. With the Visual eXperience Transformation (VXT) platform, operators can create, manage, and distribute content across all displays in a connected ecosystem. IoT connectivity through SmartThings Pro and the Multi-Code Remote further enable staff to personalize in-room experiences and ensure interference-free control, enhancing both convenience and guest satisfaction.
    Samsung will offer booth demonstrations showcasing how SmartThings Pro enables guests to control their hotel room temperature, lighting, shades and more using one central device.

    For hotels currently using the HBU8000, a software update will soon be available to enable Google Cast without interrupting service.1 Major properties participated in a successful pilot of this upgrade, and have recently selected Samsung LYNK Cloud as their preferred solution. These locations underwent simultaneous software updates of devices, demonstrating the scalability and reliability of the solution.
    Included in the streaming options is Apple AirPlay. Through casting solutions like AirPlay, Google Cast and OTT integration, Samsung HTVs deliver seamless viewing options and an optimized solution that enhances the overall guest experience.
    Samsung HTVs are also built with practical features tailored for hotel environments, including RJ12 connectors, bathroom speaker support and LAN out ports. Powered by the intuitive and secure Tizen platform, the latest lineup offers smooth navigation, enterprise-grade protection with Samsung Knox and flexible connectivity through multiple HDMI and USB ports.
    Samsung’s systems integrators create connected guest experience
    Within Samsung’s booth at HITEC, attendees will find hospitality solutions from leading system integrators including GuestTek, Moviebeam, Enseco, WorldVue and Sonifi. These partners will demonstrate how Samsung hospitality displays seamlessly connect with their dynamic platforms to create more personalized guest experiences and drive operational efficiency across the industry.
    Additional system integrators in Samsung’s booth include MCOMS, Uniguest and Allbridge.

    Samsung offers special savings this summer
    To kick off the summer travel season, Samsung is running special promotions in June and July on select displays. Hotel brands of all sizes can outfit their properties with displays, in key locations such as lobbies, restaurants, spas and guest rooms.
    Throughout the month of June, Samsung is offering up to $1,000 off its 105-inch 5K UHD Smart Signage and up to $500 off the Color E-Paper display. Additionally, Samsung is offering up to $400 off its LCD Video Walls, which create a virtually seamless large-format viewing experience to elevate any business setting, and up to $280 off the Samsung Kiosk, which meets the demands of any high-traffic self-service environment. Hotel owners can enjoy up to $200 off Samsung Pro TVs — which range from 43- to 85-inches — to match the screen size requirements of any location.
    From now until the end of July, customers can also take advantage of the buy one WAF Interactive Display, get one Samsung Pro TV free promotion.
    Samsung’s new lineup of HTVs will be available for early order starting at HITEC 2025. For more information about Samsung’s hospitality solutions, please visit www.samsung.com.

    MIL OSI Global Banks –

    June 17, 2025
  • MIL-OSI Asia-Pac: CS chairs HR meeting

    Source: Hong Kong Information Services

    Chief Secretary Chan Kwok-ki today chaired the second meeting of the fourth-term Human Resources Planning Commission, during which he introduced the work of the Committee on Education, Technology & Talents (CETT).

    Chaired by the Chief Secretary, the CETT co-ordinates cross-bureau efforts to drive technological innovation, industrial innovation and the co-ordinated development of human resource supply and demand on the basis of strategic positioning and advantages of the “eight centres”, while flexibly bringing in and gathering talent from various sectors to build an international hub for high-calibre talent to contribute to the high-quality development of the country.

    The Education Bureau introduced the work on the development of universities of applied sciences (UAS). The commission members supported the Government’s efforts in related fields and gave opinions on the work plan of the Alliance of UAS.

    Meanwhile, the Security Bureau briefed the meeting on the measures to facilitate the two-way flow of Mainland and Hong Kong high-end talent. The commission members were pleased to note that the measures would enhance the Greater Bay Area’s strategic planning on the mobility of talent and expedite the development of a talent hub in the bay area, fully reflecting Hong Kong’s distinctive advantages of being closely connected to the world with the strong support of the motherland under “one country, two systems”.

    The commission was also briefed by the Labour & Welfare Bureau on the arrangements for admission of professionals of specified skilled trades to Hong Kong. The new arrangements, formulated under the CETT’s steer, allows young and experienced non-degree professionals to apply for entry into Hong Kong under the designated employment policy and talent scheme to join eight skilled trades facing acute manpower shortages.

    Applications will be accepted starting June 30 for a period of three years, with an overall quota of 10,000 and the quota for each skilled trade is limited to 3,000. The commission welcomed the new arrangements and anticipated it would effectively address the shortage of mid-level technical professionals and inject new impetus into the relevant trades.

    MIL OSI Asia Pacific News –

    June 17, 2025
  • MIL-OSI: Landsbankinn hf.: Green bond issuance in euros

    Source: GlobeNewswire (MIL-OSI)

    Today, Landsbankinn concluded the sale of a new 5-year green bond in the amount of EUR 300 million. The bonds bear 3.50% fixed rate and were sold at terms equivalent to 135 basis points spread above mid-swap market rates.

     

    Total demand was EUR 1.3 billion from around 100 investors from UK, Nordics, continental Europe and Asia.

     

    The bonds will be issued under the bank’s EMTN programme with reference to the bank’s sustainable finance framework, which has been reviewed by Sustainalytics. The bonds will be admitted to trading on Euronext Dublin as of 24 June 2025.

     

    Dealer managers were Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS.

    The MIL Network –

    June 17, 2025
  • MIL-OSI Global: Iran-Israel ‘threshold war’ has rewritten nuclear escalation rules

    Source: The Conversation – Global Perspectives – By Farah N. Jan, Senior Lecturer in International Relations, University of Pennsylvania

    Smoke rises from locations targeted in Tehran amid the third day of Israel’s waves of strikes against Iran, on June 15, 2025. Photo by Khoshiran/Middle East Images/AFP via Getty Images

    Israel’s conflict with Iran represents far more than another Middle Eastern crisis – it marks the emergence of a dangerous new chapter in nuclear rivalries that has the potential to reshape global proliferation risks for decades to come.

    What began with Israeli strikes on Iranian nuclear facilities and other targets on June 13, 2025 has now spiraled into the world’s first full-scale example of what I as an expert in nuclear security call a “threshold war” – a new and terrifying form of conflict where a nuclear weapons power seeks to use force to prevent an enemy on the verge of nuclearization from making that jump. As missiles continue to rain down on both Tehran and Tel Aviv – with hundreds dead in Iran and at least 24 killed in Israel – the international community is witnessing the collapse of traditional deterrence frameworks in real time.

    Unlike traditional nuclear rivalries where both sides possess declared arsenals – like India and Pakistan, who despite their tensions operate under mutual deterrence – this new threshold dynamic creates an inherently unstable escalation spiral. Iran increasingly believes it cannot deter Israeli aggression without nuclear weapons, yet every step toward acquiring them invites more aggressive Israeli strikes. Israel, for its part, cannot permanently eliminate Iran’s nuclear knowledge through military means – it can only delay it through means that would seemingly guarantee future Iranian determination to acquire the ultimate deterrent.

    Under this dynamic, neither side can step back without accepting an intolerable outcome: for Israel, an Iran more determined than even in becoming a nuclear weapons nation capable of deterring Israeli action and ending its regional military dominance; for Iran, the risk of regime change through devastating Israeli strikes. The consequences of this deadly logic extend far beyond the Middle East.

    Flames rise from an oil storage facility after it appeared to have been hit by an Israeli strike in Tehran, Iran, on June 15, 2025.
    AP Photo/Vahid Salemi

    The preventive strike precedent

    The stakes could not be higher, as Iranian officials have called the attack “a declaration of war” and vowed that destroyed nuclear facilities “would be rebuilt.” Israel, meanwhile has warned its campaign will continue “for as many days as it takes.”

    Most ominously, the scheduled nuclear talks between the U.S. and Iran were called off, with Tehran dismissing any such dialogue as “meaningless.” This may suggest diplomacy’s window – which opened for just a few months under Trump’s second administration, after being closed during his first – was deliberately slammed shut.

    More broadly, the Israeli strikes mark a dangerous evolution in international norms around preventive warfare. While Israeli officials called this a “preemptive strike,” the legal and strategic reality is different. Preemptive strikes respond to imminent threats – like Israel’s 1967 Six-Day War against Arab armies preparing to attack. Preventive strikes, by contrast, target distant future threats when conditions seem favorable – like Japan’s attack on Pearl Harbor in 1941.

    Israel justified its action by claiming Iran could rapidly assemble up to 15 nuclear bombs. Yet, as the International Atomic Energy Agency director, Rafael Grossi, warned beforehand, an Israeli strike could solidify rather than deter Iran’s nuclear ambitions, potentially prompting withdrawal from the Nuclear Non-Proliferation Treaty. True to that warning, on June 16, Iran announced it was preparing a parliamentary bill that would see the country leave the 1968 treaty.

    Israel’s calculations in opting to strike build on the same erosion of international legal frameworks that has legitimized preemptive warfare since the United States’ military action in Afghanistan and Iraq after the Sept. 11, 2001 attack. America’s “war on terror” fundamentally challenged sovereignty norms through practices like drone strikes and preemptive attacks. More recently, operations in Gaza and elsewhere have demonstrated that violations of international humanitarian law carry limited consequences in practice. For Israel, this permissive environment has seemingly created both opportunity and justification regarding striking Iran – something that Prime Minister Benjamin Netanyahu has been pursuing for decades.

    Already, Russia’s attacks on Ukraine’s Zaporizhzhia nuclear plant demonstrated nuclear facilities’ vulnerability in modern warfare. I believe Israel’s actions further risk normalizing attacks on nuclear infrastructure, potentially legitimizing similar preventive actions by India, China or the U.S. against emerging nuclear programs elsewhere.

    From strikes to regional conflagration

    Israel’s initial strike quickly triggered inevitable escalation. Iran’s retaliation came in waves: first hundreds of drones and missiles on June 13, then sustained barrages throughout the following days. By the morning of June 15, both countries were trading strikes on energy infrastructure, military bases and civilian areas, with no immediate end in sight.

    The Houthis in Yemen have since joined the fight, by launching ballistic missiles at Tel Aviv. Notably absent are Hezbollah, Hamas and Iran’s Iraqi militias – all significantly damaged by recent action by Israel. This degradation of Iran’s “axis of resistance” – its traditional forward deterrent – fundamentally alters Tehran’s strategic calculations. Without strong proxies to threaten retaliation, Iran is more exposed to Israeli strikes, making nuclear weapons seem like the only reliable deterrent against future attacks.

    The escalation pattern illustrates what can happen when when a government casts aggression as prevention. Having initiated the recent escalation of hostilities, Israel now faces the consequences. Iranian President Masoud Pezeshkian’s vow that destroyed facilities “would be rebuilt” underscores that Israeli action designed to prevent nuclearization may instead result in Iran pursuing it with renewed determination.

    The commitment trap

    This creates what strategists call the “commitment trap” – a dynamic where both sides face escalating costs but cannot back down. Israel faces its own strategic dilemma. The strikes may ultimately accelerate rather than prevent Iranian nuclearization, yet backing down would mean accepting a nuclear Iran. Netanyahu’s promise that current strikes are “nothing compared to what they will feel in coming days” shows how quickly strikes sold as preventative escalate toward total war.

    Missiles fired from Iran are pictured in the night sky over Jerusalem on June 14, 2025.
    Photo by Menahem Kahana/AFP via Getty Images

    Unlike established nuclear powers that can negotiate from positions of strength, threshold states, such as Iran, face a stark choice: remain vulnerable to preventive strikes and regime change or race toward the protection that nuclear deterrence provides.

    North Korea offers the clearest example of this dynamic. Despite decades of sanctions and military threats, Pyongyang’s nuclear program has made it essentially immune to preventive strikes. Iranian leaders understand this lesson well – the question is whether they can reach the same protected status before suffering decisive preventive action.

    Traditional nuclear deterrence theory assumes rational actors operating under mutual vulnerability. But threshold wars break these assumptions in fundamental ways. Iran cannot fully deter Israeli action because it lacks confirmed weapons, while Israel cannot rely on deterrence to prevent Iranian weaponization because Iran’s nuclear program continues advancing.

    This creates “use it or lose it” dynamics: Israel faces shrinking windows to act preventively as Iran approaches weaponization; Iran faces incentives to accelerate its program before suffering additional strikes.

    The absence of effective external mediation compounds these risks. U.S. President Donald Trump’s response to the strikes reveals this dynamic starkly. Initially opposing military action and preferring diplomacy to “bombing the hell out of” Iran, Trump pivoted dramatically after the strikes began, and warned that “there’s more to come. A lot more.”

    His post on Truth Social – “Two months ago I gave Iran a 60-day ultimatum to ‘make a deal.’ They should have done it!” – demonstrates how quickly diplomatic efforts can collapse once threshold wars begin.

    Global implication

    The international response reveals how thoroughly Israel’s Operation Rising Lion has normalized aggression against nuclear facilities. While European leaders called for “maximum restraint,” none condemned Israel’s initial attacks. Russia and China condemned the attacks but took no concrete action. The U.N. Security Council produced only statements of “concern” about “escalation.”

    This normalization sets what I believe to be a catastrophic precedent. The threshold war model threatens to unravel decades of nuclear governance based on deterrence rather than preemption.

    Indeed, the Iran-Israel threshold war sets dangerous precedents for other regional nuclear competitions. Successful preventive strikes could incentivize similar actions elsewhere, eroding diplomatic nonproliferation efforts. Conversely, rapid nuclearization by Iran could encourage other threshold states, like Saudi Arabia, to pursue nuclear capabilities swiftly and secretly.

    When preventive strikes become the enforcement mechanism for nonproliferation norms, the entire architecture of nuclear governance begins to crumble. Without these frameworks, the world faces an unstable future defined by cycles of preventive strikes and accelerated nuclear proliferation – far more dangerous than the Cold War-era standoffs that shaped nuclear governance.

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

    – ref. Iran-Israel ‘threshold war’ has rewritten nuclear escalation rules – https://theconversation.com/iran-israel-threshold-war-has-rewritten-nuclear-escalation-rules-258965

    MIL OSI – Global Reports –

    June 17, 2025
  • MIL-OSI Global: Iran-Israel ‘threshold war’ has rewritten nuclear escalation rules

    Source: The Conversation – Global Perspectives – By Farah N. Jan, Senior Lecturer in International Relations, University of Pennsylvania

    Smoke rises from locations targeted in Tehran amid the third day of Israel’s waves of strikes against Iran, on June 15, 2025. Photo by Khoshiran/Middle East Images/AFP via Getty Images

    Israel’s conflict with Iran represents far more than another Middle Eastern crisis – it marks the emergence of a dangerous new chapter in nuclear rivalries that has the potential to reshape global proliferation risks for decades to come.

    What began with Israeli strikes on Iranian nuclear facilities and other targets on June 13, 2025 has now spiraled into the world’s first full-scale example of what I as an expert in nuclear security call a “threshold war” – a new and terrifying form of conflict where a nuclear weapons power seeks to use force to prevent an enemy on the verge of nuclearization from making that jump. As missiles continue to rain down on both Tehran and Tel Aviv – with hundreds dead in Iran and at least 24 killed in Israel – the international community is witnessing the collapse of traditional deterrence frameworks in real time.

    Unlike traditional nuclear rivalries where both sides possess declared arsenals – like India and Pakistan, who despite their tensions operate under mutual deterrence – this new threshold dynamic creates an inherently unstable escalation spiral. Iran increasingly believes it cannot deter Israeli aggression without nuclear weapons, yet every step toward acquiring them invites more aggressive Israeli strikes. Israel, for its part, cannot permanently eliminate Iran’s nuclear knowledge through military means – it can only delay it through means that would seemingly guarantee future Iranian determination to acquire the ultimate deterrent.

    Under this dynamic, neither side can step back without accepting an intolerable outcome: for Israel, an Iran more determined than even in becoming a nuclear weapons nation capable of deterring Israeli action and ending its regional military dominance; for Iran, the risk of regime change through devastating Israeli strikes. The consequences of this deadly logic extend far beyond the Middle East.

    Flames rise from an oil storage facility after it appeared to have been hit by an Israeli strike in Tehran, Iran, on June 15, 2025.
    AP Photo/Vahid Salemi

    The preventive strike precedent

    The stakes could not be higher, as Iranian officials have called the attack “a declaration of war” and vowed that destroyed nuclear facilities “would be rebuilt.” Israel, meanwhile has warned its campaign will continue “for as many days as it takes.”

    Most ominously, the scheduled nuclear talks between the U.S. and Iran were called off, with Tehran dismissing any such dialogue as “meaningless.” This may suggest diplomacy’s window – which opened for just a few months under Trump’s second administration, after being closed during his first – was deliberately slammed shut.

    More broadly, the Israeli strikes mark a dangerous evolution in international norms around preventive warfare. While Israeli officials called this a “preemptive strike,” the legal and strategic reality is different. Preemptive strikes respond to imminent threats – like Israel’s 1967 Six-Day War against Arab armies preparing to attack. Preventive strikes, by contrast, target distant future threats when conditions seem favorable – like Japan’s attack on Pearl Harbor in 1941.

    Israel justified its action by claiming Iran could rapidly assemble up to 15 nuclear bombs. Yet, as the International Atomic Energy Agency director, Rafael Grossi, warned beforehand, an Israeli strike could solidify rather than deter Iran’s nuclear ambitions, potentially prompting withdrawal from the Nuclear Non-Proliferation Treaty. True to that warning, on June 16, Iran announced it was preparing a parliamentary bill that would see the country leave the 1968 treaty.

    Israel’s calculations in opting to strike build on the same erosion of international legal frameworks that has legitimized preemptive warfare since the United States’ military action in Afghanistan and Iraq after the Sept. 11, 2001 attack. America’s “war on terror” fundamentally challenged sovereignty norms through practices like drone strikes and preemptive attacks. More recently, operations in Gaza and elsewhere have demonstrated that violations of international humanitarian law carry limited consequences in practice. For Israel, this permissive environment has seemingly created both opportunity and justification regarding striking Iran – something that Prime Minister Benjamin Netanyahu has been pursuing for decades.

    Already, Russia’s attacks on Ukraine’s Zaporizhzhia nuclear plant demonstrated nuclear facilities’ vulnerability in modern warfare. I believe Israel’s actions further risk normalizing attacks on nuclear infrastructure, potentially legitimizing similar preventive actions by India, China or the U.S. against emerging nuclear programs elsewhere.

    From strikes to regional conflagration

    Israel’s initial strike quickly triggered inevitable escalation. Iran’s retaliation came in waves: first hundreds of drones and missiles on June 13, then sustained barrages throughout the following days. By the morning of June 15, both countries were trading strikes on energy infrastructure, military bases and civilian areas, with no immediate end in sight.

    The Houthis in Yemen have since joined the fight, by launching ballistic missiles at Tel Aviv. Notably absent are Hezbollah, Hamas and Iran’s Iraqi militias – all significantly damaged by recent action by Israel. This degradation of Iran’s “axis of resistance” – its traditional forward deterrent – fundamentally alters Tehran’s strategic calculations. Without strong proxies to threaten retaliation, Iran is more exposed to Israeli strikes, making nuclear weapons seem like the only reliable deterrent against future attacks.

    The escalation pattern illustrates what can happen when when a government casts aggression as prevention. Having initiated the recent escalation of hostilities, Israel now faces the consequences. Iranian President Masoud Pezeshkian’s vow that destroyed facilities “would be rebuilt” underscores that Israeli action designed to prevent nuclearization may instead result in Iran pursuing it with renewed determination.

    The commitment trap

    This creates what strategists call the “commitment trap” – a dynamic where both sides face escalating costs but cannot back down. Israel faces its own strategic dilemma. The strikes may ultimately accelerate rather than prevent Iranian nuclearization, yet backing down would mean accepting a nuclear Iran. Netanyahu’s promise that current strikes are “nothing compared to what they will feel in coming days” shows how quickly strikes sold as preventative escalate toward total war.

    Missiles fired from Iran are pictured in the night sky over Jerusalem on June 14, 2025.
    Photo by Menahem Kahana/AFP via Getty Images

    Unlike established nuclear powers that can negotiate from positions of strength, threshold states, such as Iran, face a stark choice: remain vulnerable to preventive strikes and regime change or race toward the protection that nuclear deterrence provides.

    North Korea offers the clearest example of this dynamic. Despite decades of sanctions and military threats, Pyongyang’s nuclear program has made it essentially immune to preventive strikes. Iranian leaders understand this lesson well – the question is whether they can reach the same protected status before suffering decisive preventive action.

    Traditional nuclear deterrence theory assumes rational actors operating under mutual vulnerability. But threshold wars break these assumptions in fundamental ways. Iran cannot fully deter Israeli action because it lacks confirmed weapons, while Israel cannot rely on deterrence to prevent Iranian weaponization because Iran’s nuclear program continues advancing.

    This creates “use it or lose it” dynamics: Israel faces shrinking windows to act preventively as Iran approaches weaponization; Iran faces incentives to accelerate its program before suffering additional strikes.

    The absence of effective external mediation compounds these risks. U.S. President Donald Trump’s response to the strikes reveals this dynamic starkly. Initially opposing military action and preferring diplomacy to “bombing the hell out of” Iran, Trump pivoted dramatically after the strikes began, and warned that “there’s more to come. A lot more.”

    His post on Truth Social – “Two months ago I gave Iran a 60-day ultimatum to ‘make a deal.’ They should have done it!” – demonstrates how quickly diplomatic efforts can collapse once threshold wars begin.

    Global implication

    The international response reveals how thoroughly Israel’s Operation Rising Lion has normalized aggression against nuclear facilities. While European leaders called for “maximum restraint,” none condemned Israel’s initial attacks. Russia and China condemned the attacks but took no concrete action. The U.N. Security Council produced only statements of “concern” about “escalation.”

    This normalization sets what I believe to be a catastrophic precedent. The threshold war model threatens to unravel decades of nuclear governance based on deterrence rather than preemption.

    Indeed, the Iran-Israel threshold war sets dangerous precedents for other regional nuclear competitions. Successful preventive strikes could incentivize similar actions elsewhere, eroding diplomatic nonproliferation efforts. Conversely, rapid nuclearization by Iran could encourage other threshold states, like Saudi Arabia, to pursue nuclear capabilities swiftly and secretly.

    When preventive strikes become the enforcement mechanism for nonproliferation norms, the entire architecture of nuclear governance begins to crumble. Without these frameworks, the world faces an unstable future defined by cycles of preventive strikes and accelerated nuclear proliferation – far more dangerous than the Cold War-era standoffs that shaped nuclear governance.

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

    – ref. Iran-Israel ‘threshold war’ has rewritten nuclear escalation rules – https://theconversation.com/iran-israel-threshold-war-has-rewritten-nuclear-escalation-rules-258965

    MIL OSI – Global Reports –

    June 17, 2025
  • MIL-OSI Banking: Leong Sing Chiong: Opening remarks – CCI-ILSTC Trade and Financial Conference

    Source: Bank for International Settlements

    Senior Minister of State for Digital Development and Information and Health, Mr Tan Kiat How,
    Chongqing Municipal People’s Government Vice Mayor Xu Jian,
    His Excellency, Ambassador Cao Zhongming,
    Bank Indonesia Executive Director Pak Yoga Affandi,
    Ladies and gentlemen,

    Good morning. It gives me great pleasure to welcome you to Singapore for the CCI-ILSTC Trade and Financial Conference. Today’s Conference is especially meaningful for three reasons.

    First, it marks the 10th anniversary of the China-Singapore (Chongqing) Connectivity Initiative or CCI. The value of the CCI as an important driver for cross-border connectivity cannot be understated. Since the CCI’s inception, there has been sustained growth in trade volumes in both directions. And finance has been an important driver, with over US$21.69 billion in cross-border financing deals since the CCI’s inception.

    Second, the Conference reflects strong interest and active participation of financial institutions from both sides, working hard on new areas to explore partnerships, and work on cross-border financing deals together. All this is taking place against the backdrop of expanding financial collaboration at the China-Singapore Joint Council for Bilateral Cooperation which covers RMB cooperation, capital market connectivity, as well as digital and sustainable finance.

    Third, this Conference brings together, for the first time, the CCI Financial Summit and the CCI-ILSTC International Cooperation Forum. This new format seeks to bring our financial services and trade ecosystems even closer together, more effectively catalysing the discovery of new linkages and business opportunities. This is timely as ASEAN is also Chongqing’s largest trading partner accounting for more than 16% of Chongqing’s total trade.

    As CCI enters its next decade, we look to how Western China and ASEAN can deepen cooperation, harness key structural trends, and identify new opportunities in future-oriented areas such as green finance and digital connectivity. This will improve the quality and scope of cross-border financial services, enabling our financial sectors to better serve the real economy. In doing so, financial institutions can also help businesses with their green transition efforts and capitalise on digitalisation trends to enhance their business models.   

    Both China and ASEAN will require a vast amount of green financing and investments to transition our economies towards a sustainable, low carbon future. 

    Banks from China and Singapore, together with the Singapore Exchange, have been engaging Chongqing corporates on green financing opportunities. For instance, last year, the EU, China and Singapore announced the Multi-Jurisdiction Common Ground Taxonomy, or M-CGT which enhances the comparability of green taxonomies across the EU, China and Singapore. With the M-CGT, corporates from the three regions will benefit from a common framework which aligns their green activities with international standards, making it easier to access cross-border green financing. 

    Aside from capital markets, our financial institutions have also been active in supporting Chongqing’s decarbonisation journey. Some examples include:

    • DBS Bank’s provision of a green loan to Singapore Power Group in 2025, to support the district cooling and heating system project at Raffles City Chongqing. This will reduce its carbon footprint by about 30 percent. 
    • OCBC Bank’s arranging of a green syndicated loan for EBA Investments1 in 2024, for their Chongqing IMIX+ Project in the Chaotianmen Business District. This loan, which references internationally recognised Green Loan Principles, helps promote carbon neutrality for the project. 

    Meanwhile, digital technology has great potential to break down barriers and make cross-border trade simpler, more efficient, and potentially enhance SME trade connectivity between China and ASEAN. As SMS Tan mentioned in his remarks earlier, Proxtera’s network of digital marketplaces will enable small and medium-sized enterprises (SMEs) in Chongqing and the Western Region to access a greater network of buyers and suppliers. The integration of trade discoverability and financing functions on the Proxtera platform can also help these SMEs overcome some of the challenges and complexities of cross-border trade as they seek to access new markets.

    In closing, there is much potential to further grow the trade and financial connectivity between Chongqing and ASEAN. Under the umbrella of the CCI, we hope to bring new ideas, innovations and initiatives that will ensure sustainable growth across our regions. This is in keeping with the JCBC objective of fostering an all-round, high-quality, future-oriented partnership.

    Thanks, and I wish you all a fruitful Conference for the rest of the day.


    MIL OSI Global Banks –

    June 17, 2025
  • MIL-OSI Banking: Soledad Núñez: Embracing the future on solid grounds – reinforcing financial stability

    Source: Bank for International Settlements

    We are living in an age of profound uncertainty.

    In recent months, geopolitical actions have greatly affected the global economy. The United States imposed tariffs, leading to retaliatory measures from other countries, which disrupted global trade. In Europe, these issues are worsened by the ongoing conflict in Ukraine, which has had severe human and economic impacts since it began in 2022.

    However, the challenges do not end there. Europe’s economic performance lags behind other regions, particularly the United States and China. The Letta and Draghi reports have made this clear: Europe must act with urgency, implementing policies that drive productivity and innovation.

    The gap is particularly wide in the field of technological innovation. The world’s largest tech companies by market capitalization are either American or Asian. Not a single European startup has reached a valuation of 100 billion USD in the past fifty years. Closing this gap will require significant public and private investment.

    Investment alone isn’t enough. As Mario Draghi recently said, “Integration is our last hope.” We need not just a single market for goods, but a unified financial system where European and national authorities work together for stability.

    This principle of unity applies equally to our financial safety net. Cooperation between central banks, supervisory authorities, resolution bodies, and deposit insurers is essential.

    It is in this context that this European Forum of Deposit Insurances (EFDI) International Conference provides a valuable platform to reflect on these challenges from the perspective of financial stability.

    I would like to thank the Spanish Directorate-General for Insurance and Pension Funds and EFDI for bringing together such a distinguished line-up of speakers.

    1 European Economic Situation

    Recent episodes of protectionism, including the generalised tariffs announced by the United States and the retaliation of China, require continued attention, as they continue to have an impact on capital flows and thus on the stability of financial markets. In Europe, this difficult situation is compounded by the tensions of other conflicts in Ukraine or in the Middle East, with an unbearable and unacceptable cost in human lives.

    Against this international background of unprecedented uncertainty, as Letta and Draghi’s past diagnostic reports have already pointed out, Europe faces a structural competitiveness gap compared to the United States and China. This gap is aggravated by differences in Research and Development investment, industrial scalability and access to venture capital.

    The current climate of uncertainty and such competitiveness gap mean that the only valid response at European level is unity and swift action.

    In response, the European Commission recently launched the Competitiveness Compass, a road map to revamp the EU’s economy. It transforms Draghi’s recommendations into a concrete roadmap – backed by the political support needed to act rapidly and in a coordinated way.

    The Compass aims to close the competitiveness gap while reducing strategic dependencies for the Union. The Compass proposes measures such as a call for deepening the single market, prioritising European Union policies, reducing bureaucracy and simplifying regulatory and fiscal frameworks.

    Europe needs to act together to boost its economy. To face challenges like climate change, technological changes, and geopolitical issues, Europe must invest significantly. The Draghi report suggests an additional €750-800 billion per year is needed by 2030, especially for small and medium-sized businesses and start-ups, which can’t rely just on bank financing.

    2 Savings and Investment Union and the Single Capital Market

    One initiative deserves particular attention – and I’m sure Commissioner Albuquerque will speak to it as well: the Savings and Investment Union.

    The EU is equipped with a talented workforce, innovative companies and a large pool of household savings of around €10 trillion in bank deposits. Bank deposits are safe and easy to access, but they usually earn less money than investments in capital markets. The Savings and Investment Union will make it easier for citizens’ savings to be mobilised for productive activities both through traditional bank financing and by putting their savings to work in capital markets. In this way companies – especially innovative start-ups and SMEs – will gain greater access to finance and venture capital.

    This initiative will also help us move towards the long-standing goal of a genuine capital single market.

    These changes will not, however, be immediate. European banks, including Spanish banks, must continue to play a key role in channelling savings into productive investments. Their better competitive position allowed them to cope with the turmoil that affected US regional banks a couple of years ago as well as more recent shocks.

    It should not be forgotten that a strong regulatory framework together with robust governance and effective supervision are essential elements to contribute to a sound banking system.

    The ECB has recently launched an initiative aimed at identifying redundancies and unnecessary complexities in regulation that affect the efficiency and competitiveness of European banks. The necessary reduction of the bureaucratic burden should not, however, affect the quality of compliance and reporting standards, which have made a decisive contribution, especially in the area of capital and solvency, to the solid position that European banks enjoy today.

    Current historical low NPL ratios, high profitability and strengthened solvency ratios will allow European banks to best meet the challenges associated with the environment I have mentioned. One of these will be related to digitalisation and the use of artificial intelligence. Banks can take advantage of their good momentum to boost digitalisation and prepare for competition from new competitors.

    3 Digitalization and Technological Innovation

    The digital transformation of the banking sector is irreversible. AI, asset tokenisation, and quantum computing are already reshaping finance, and their impact will only grow. But they also introduce new risks. These risks relate to the possibility of cyber-attacks but also to the dependence of financial institutions on technology providers. The DORA Regulation establishes mandatory standards for technological risk management, focusing on cybersecurity and testing but also on the management of technological suppliers, which recognises their critical role.

    I am sure that the panellists in the conference sessions will address the relevance of this new regulatory framework, the implementation of which will require strong support from institutions, providers and of course authorities. Lessons learned in the implementation of this new regulatory framework may be useful as a reference, with appropriate proportionality, for the management of technology risk by the deposit insurers sector, as their systems and processes are exposed to similar risks.

    The transformative potential of AI for the economy in general and the financial sector in particular is obvious. The use of AI will make it possible to automate repetitive tasks, free up human resources for higher value-added activities and improve decision-making through advanced data analytics. Banking should in turn support the use of AI in its relationship with customers, personalising and improving the customer experience. However, AI management entails relevant risks that must be monitored, from the misuse or bias of models, their lack of explainability or the increase in cyber-attacks.

    The European Union has taken a decisive step in regulating these risks. The new European AI Regulation grants specific competences to national authorities for the supervision of high-risk AI systems in the financial sector, which implies additional tasks for supervisors such as the Banco de España. Again, the successful implementation of this framework will be crucial for authorities, institutions and providers.

    Let me also make a brief reference to the importance of a digital euro in the area of payments. The digital euro won’t replace cash, but will reduce dependence on big tech and thereby boost competitiveness in the Union. Card payments in Europe are dependent on foreign networks, which is a strategic weakness for the continent.

    This dependence may become even greater with the emergence of foreign providers of digital mobile wallets or the expansion of dollar-denominated stable coins. There are still important elements to be defined in the design of the digital euro, in particular how it operates with private systems. Despite some concerns for the financial sector about the cost of adaptation and balance limits – which will need to be addressed in the ongoing design phase – the digital euro will bring strategic advantages for the future of the Union.

    Also in the area of payments, it is also likely that in 2025 the future PSD3 will see the light of day. The new Directive will replace the current PSD2. Its development responds to the need to adapt regulation to the growth of electronic payments, reinforcing consumer protection in accessing digital services and reducing payment fraud. PSD3 will also impose a single authorisation and operating regime for electronic money institutions and payment institutions, with a growing presence in the financial sector.

    The new regulation will remove barriers to the entry of these competitors into payment systems. As with any innovation, its development must be accompanied by an appropriate balance of responsibilities and rights of the parties involved.

    We have also seen the adoption of the immediate transfer regulation for the euro area from early 2025, which will be implemented gradually until 2027. Since the beginning of this year, payment operators in the euro area have already been offering their customers the same or better rates for immediate and ordinary bank transfers, with the addition of verification of the identity of the beneficiary.

    I am sure that the Conference will also address the challenges and implications for deposit insurers of these innovations in the scope of their functions, in particular in the reimbursement of guaranteed balances to depositors in case of a payout event.

    4 CMDI: The role of deposit insurers

    Equally important for guarantee funds will be the framework resulting from the negotiations between the European co-legislators on the ongoing revision of the Resolution Directives (BRRD) and its Regulation (SRMR) as well as the Guarantee Funds Directive (DGSD), the Crisis Management and Deposit Insurance (CMDI) legislative package. The reform of the CMDI represents an important step towards a more integrated, resilient and, above all, better prepared Banking Union to cope with future crises, and promises important benefits in terms of financial stability and depositor protection.

    The Commission’s original proposal of April 2023 was followed by two more alternative proposals from the Council and the Parliament, in its old composition. The different proposals share the need to strengthen crisis management to protect depositors’ access to their deposits by reinforcing the use of funding mechanisms such as the Resolution Fund, the SRF for the Eurozone, and national deposit guarantee funds. The reform seeks to expand the perimeter of resolution, applying the resolution mechanisms to a greater number of credit institutions, by enabling easier access to the resolution funds thanks to the contribution of deposit guarantee funds to resolution. The contribution from private sources such as the one from deposit insurers, will complement adequately the internal bail-inable resources of the bank, without resorting to public money.

    Equally important, the CDMI proposal will review the use of guarantee fund resources for other purposes than deposit payouts, as the measures to prevent the failure of a credit institution or the alternative measures to be used in insolvency proceedings, acknowledging the effectiveness and benefits of these tools for the management of banking crises. The wider the tool-kit, the better.

    The framework will also deepen the coordination between resolution authorities and deposit guarantee schemes. Robust communication protocols, joint crisis preparedness exercises and early access to information are essential elements to ensure an effective crisis management mechanism.

    In any case, the final text should provide a framework that facilitates its effective implementation, especially important when it comes to acting decisively in a short time frame, such as the “weekend” of resolution. It should also reinforce the role of guarantee funds in the management of banking crises.

    In this regard, let me point out the importance of the role that the Spanish DGS played in crisis management of the Global Financial Crisis, which severely affected the Spanish financial sector and particularly the savings banks. The contribution of the Spanish DGS, and thus of Spanish banks, was decisive in the management of the crisis that affected these institutions from 2010. The contribution of FGD’s resources for the absorption of losses and recapitalisation amounted to 23 billion euros, approximately a third of the total granted to the sector including public aid, and it served to reduce the cost to the taxpayer.

    Since then, the FGD has been improving its financial capabilities besides its systems and processes. On the financial side, it has already reached a capitalisation level exceeding the minimum regulatory target, well complemented by a private commercial line. In the operational area, the EBA, in charge of assessing the implementation of its standards on stress testing for guarantee funds, recently published a benchmark report among 7 EU deposit insurers, including the Spanish DGS. In the report the EBA acknowledges the FGD has in place adequate arrangements to test its capacities under stressed scenarios, and therefore in good position to be prepared to face an intervention.

    5 Conclusion

    Let me conclude.

    I believe a strong crisis management framework with a flexible toolkit is essential. Equally important is the coordination among authorities before, during, and after any disruption. This means authorities and deposit insurers must act quickly, decisively, and together.

    This unity is crucial now more than ever. In a time of increasing fragmentation, both globally and regionally, Europe must respond with a single purpose and strategy, especially in maintaining financial stability.

    Today, I’ve highlighted some of the missing pieces in Europe’s financial integration – and the need for national authorities to step up. The Spanish Deposit Guarantee Fund is committed to this goal. Through its active role in European forums, it will continue to contribute to the strengthening of our shared framework.

    As Mario Draghi recently reminded us in his report presentation: “In this world, it will be only through unity that we will be able to retain our strength and defend our values.”

    I am confident that the distinguished speakers we will hear today and tomorrow will help illuminate the path ahead.

    MIL OSI Global Banks –

    June 17, 2025
  • MIL-OSI Russia: Chinese Foreign Ministry: China and Central Asian countries will jointly outline a new grand plan for future development

    Translation. Region: Russian Federal

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

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

    BEIJING, June 16 (Xinhua) — At the upcoming second China-Central Asia Summit, the heads of state of China and Central Asian countries will jointly map out a new grand plan for future development and open up a wider space for jointly building the Belt and Road, Chinese Foreign Ministry spokesperson Guo Jiakun said Monday.

    He made this statement at a regular departmental press conference, answering a journalist’s question regarding the joint construction of the “Belt and Road” by China and the Central Asian countries.

    The Central Asian region is not only the place where China first put forward the Belt and Road Initiative, but also an advanced area in its high-quality joint implementation, Guo Jiakun noted, adding that China has signed cooperation documents on jointly building the Belt and Road with all five Central Asian countries and implemented a number of landmark projects with them aimed at promoting development and improving people’s well-being.

    According to him, in 2024, China’s foreign trade volume with Central Asian countries reached a record high of 674.15 billion yuan, an increase of 116 percent compared with 2013.

    Guo Jiakun noted that the China-Kazakhstan oil pipeline and the China-Central Asia gas pipeline have created a new model of win-win cooperation. The China-Tajikistan highway, China-Kyrgyzstan-Uzbekistan highway and China-Kyrgyzstan-Uzbekistan railway have taken regional connectivity to a new level. The digital economy and green transformation have expanded new areas of practical cooperation.

    In addition, China has introduced a mutual visa-free regime with Kazakhstan and Uzbekistan, the Luban Workshop projects are being implemented at an accelerated pace, and humanitarian exchanges and people-to-people ties are gaining momentum, he added.

    High-quality joint construction of the Belt and Road is becoming a key area of cooperation between China and Central Asia every day, the Chinese diplomat stressed.

    According to Guo Jiakun, the second China-Central Asia Summit will be held in the near future, where the heads of state will jointly outline a new grand plan for future development, open up a wider space for jointly building the Belt and Road, and promote the building of a closer China-Central Asia community with a shared future. -0-

    MIL OSI Russia News –

    June 17, 2025
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