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Category: Asia

  • MIL-OSI Economics: The Executive Committee of the SEANWFZ Commission convenes in Kuala Lumpur today

    Source: ASEAN

    The Executive Committee of the Southeast Asia Nuclear Weapon-Free Zone (SEANWFZ) Commission convened today in Kuala Lumpur, Malaysia, with the Deputy Secretary-General of ASEAN for ASEAN Political-Security Community in attendance. In preparation for the upcoming SEANWFZ Commission Meeting in July, the Committee reviewed progress on implementing the Treaty’s Plan of Action. Discussions also continued on Timor-Leste’s potential accession to the Treaty, as well as the accession of Nuclear Weapon States to the Treaty’s Protocol.

    The post The Executive Committee of the SEANWFZ Commission convenes in Kuala Lumpur today appeared first on ASEAN Main Portal.

    MIL OSI Economics –

    April 29, 2025
  • MIL-OSI Economics: Secretary-General of ASEAN welcomes Minister of Agriculture, Forestry and Fisheries of Japan

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, this afternoon welcomed H.E. Taku Eto, Minister of the Ministry of Agriculture, Forestry and Fisheries (MAFF) of Japan, at the ASEAN Headquarters/ASEAN Secretariat. They discussed key issues in the agriculture, forestry, and fisheries sectors, as well as the implementation of the ASEAN-Japan MIDORI Cooperation Plan to advance the sustainability agenda, focusing on decarbonization, reduction of harmful agrochemicals, and digitalization in these sectors.

    The post Secretary-General of ASEAN welcomes Minister of Agriculture, Forestry and Fisheries of Japan appeared first on ASEAN Main Portal.

    MIL OSI Economics –

    April 29, 2025
  • MIL-OSI Banking: The ASEAN Senior Officials’ Meeting convenes in Kuala Lumpur today

    Source: ASEAN

    Four months into Malaysia’s ASEAN Chairmanship, the ASEAN Senior Officials’ Meeting convened today in Kuala Lumpur, Malaysia, with the participation of all ASEAN Member States, the ASEAN Secretariat and Timor-Leste as Observer. The meeting discussed preparations for the upcoming 46th ASEAN Summit and Related Summits as well as other matters, including advancing Malaysia’s Chairmanship priorities and deliverables, ASEAN Community-building initiatives, and external relations, aligning with the theme for this year, “Inclusivity and Sustainability”.

    The post The ASEAN Senior Officials’ Meeting convenes in Kuala Lumpur today appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

    April 29, 2025
  • MIL-OSI Russia: “Passing on the Memory of the Feat”: HSE Hosts Conference in Honor of the 80th Anniversary of Victory

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    © Higher School of Economics

    On April 25, the International Student Military-Patriotic Conference was held at the HSE Cultural Center “The Great Victory is 80 years old”. Russian and foreign students, students Lyceum of the National Research University Higher School of Economics and partner schools, teachers and university administrators. The key role in the preparation of the conference was played by Military Training Center of the National Research University Higher School of Economics under the leadership of Hero of Russia Colonel Vladimir Korgutov.

    In the hall of the first floor of the Center of Culture, there was an exhibition called “Weapons of Victory”. Students dressed in military uniforms from the Great Patriotic War demonstrated rare rifles, machine guns, grenades, helmets, and even a cavalry saber to guests.

    Levitan’s voice was heard from the speakers, announcing the signing of the act of unconditional surrender of Germany on May 8, 1945. And in the halls of the second and third floors, students danced to the song “Our Cossacks are Riding, Riding Through Berlin.” There was an exhibition of student paintings on military themes, as well as an exhibition “Coal of Victory” – images of the heroes of the SVO.

    At one of the stands, anyone could receive a collection of the best competition works by HSE students for the 80th anniversary of the Victory.

    There was no indifference

    The conference in the Great Hall began with the carrying out of the banners and the performance of the Russian Federation Anthem. Then the participants were addressed by the Vice-Rector of the National Research University Higher School of Economics Sergey Rozhkov.

    He called the conference “a significant event in the life of our team,” emphasizing that it was preceded by meticulous work. The commission reviewed more than 200 student studies devoted to various pages of the Great Patriotic War, and the authors of the best of them were invited to speak.

    “As the chairman of the commission, I responsibly declare that there was no indifference in these works. They are imbued with a sense of patriotism, personal pride for their relatives and friends who forged the Great Victory on the fronts of the Great Patriotic War, on the labor fronts in the rear, and everyone made their contribution to the common cause,” noted Sergei Rozhkov.

    The vice-rector emphasized that 80 years separate us from 1945, but we must not forget the price we paid for the victory. “When a person stops remembering, he stops living. And we must pass on the memory of the feat that our ancestors accomplished from generation to generation so that we could study and work in peace,” he said.

    After this, a minute of silence was declared.

    The Truth About War

    The introductory report was given by the HSE full professor, Major General Adam Nizhalovsky.

    He recalled that, according to official data, losses in World War II amounted to 55 million people, of which 27 million were losses of the Soviet Union, that is, 14% of its population. “Think about this figure! Every seventh Soviet person died, and these are the best people of our country,” the general noted.

    The report touched upon such topics as the beginning of the Great Patriotic War, the participation of European armies in it, the atrocities of the fascists, the fate of prisoners of war, and the circumstances of Germany’s capitulation. In the West, it is believed that Germany capitulated to the Allied forces on May 7 in Reims, although the USSR did not recognize this, and the signing of the real act of capitulation took place on May 8 in Karlshorst with the participation of Marshal Zhukov.

    “Thus, even before the end of the war, Western countries began to falsify its results. Having begun attacks on the USSR in May 1945, they intensified them in the following years and erased the truth about that war from the consciousness of their citizens, belittling the role of the Soviet Union in the victory over fascism,” Adam Niżalowski emphasized.

    In conclusion of his report, he recalled that today only a few creators of victory remain in the veteran ranks and due to their age it is difficult for them to defend what they fought for in the soldier ranks. Now this task and sacred duty falls on us – the heirs of the Great Victory.

    Pain and pride

    Eight student papers, selected based on the results of the competition, were presented at the conference.

    In a report dedicated to the Brest Fortress, the student Faculty of Creative Industries From the Republic of Belarus, Kristina Alekseeva focused on little-known facts: that the fortress was stormed by the Austrians, that it was defended by representatives of more than 30 nationalities, that the inscriptions scratched on the walls of the casemates and the buried banners were found years later, that it was in Brest that the first burial place for Wehrmacht soldiers was created.

    Students of the Military Training Center Evgeny Dolgov and Ivan Singay presented the results of a study on military training in universities during the Great Patriotic War.

    Such training began already in 1941, most students managed to apply the knowledge they had acquired in practice and maintain contact with universities. Over a thousand MSU graduates were awarded, seven of them became Heroes of the Soviet Union. And, for example, among the graduates of the Moscow Institute of Transport Engineers there were partisans who blew up enemy trains.

    Family history

    Student Higher School of Business Kirill Pivovarov spoke about eight heroes of the Great Patriotic War – members of his family.

    Among them is his great-great-uncle Nikolai Shabrov, who volunteered for the front, was seriously wounded, recovered and was again called up to the army, commanded a platoon of the 8th Guards Panfilov Division, was personally acquainted with Marshal Zhukov, who gave him his accordion. And Kirill’s great-great-grandfather Sergei Kraskov fought in the unit commanded by his son Viktor, and they served together until the end of the war.

    Student Faculty of Social Sciences Olga Avdeevich from the Republic of Belarus said that her great-great-uncle Mikhail Avdeevich became the secretary of an underground Komsomol organization in a village in Western Belarus at the beginning of the war. In 1943, he was taken into slavery to Germany, and after the liberation of East Prussia, he was drafted into the Red Army and took part in battles, was wounded, and his subsequent fate is unknown.

    “My father and I are looking for Grandpa Misha, and according to one version, he died of his wounds and was buried in Poland. But the search for the burial site has now been suspended, since Poland, an unfriendly country, does not respond to our requests,” Olga explained.

    Friendly countries

    The conference was attended by Chinese and Mongolian students. Xiao Yanbo, student Faculty of Humanities from China, gave a report on the topic “The Great Victory in the Fates of the Peoples of China,” telling about some events of the Sino-Japanese War of 1937–1945.

    “If the Bryansk forests are a symbol of the Soviet people’s resistance to fascism, then the fields and hills of Shandong, a region in eastern China, are a symbol of the Chinese people’s resilience in the face of Japanese invaders. Our countries fought together against fascism and militarism, and the actions of Chinese partisans in many ways echo the feat of their Soviet brothers,” the Chinese student noted.

    One of the conclusions of his research is that the victory of the USSR in the Great Patriotic War and the decisive actions of the Red Army to defeat Japan made it possible to liberate the lands of China, opening a new page in Soviet-Chinese relations.

    A student of the creative industries department, Batjargal Ganbalor from Mongolia, told how her country, despite limited resources, helped the Soviet Union during the war. They sent food, clothing, horses (every fifth horse in the Red Army was Mongolian) to the front, paid for the construction of tanks and planes – the amount of aid was equivalent to three years of the country’s budget.

    An activist of the Mongolian Club of the National Research University Higher School of Economics, Tugsmandal Sergelen, spoke about her ancestors, one of whom fought against the Nazis in the ranks of the Red Army, was wounded, awarded an order and returned home, and the other, being of advanced age and possessing great authority in his country, personally donated 39 horses and almost 20 kg of silver to the needs of the front.

    “I am filled with gratitude to my ancestors for their contribution to the victory. The peoples of Mongolia and the USSR have the right to celebrate this victory together,” the girl concluded.

    Made your choice

    The leitmotif of the conference was the thesis about the continuity of generations that stood up to defend the Motherland during the Great Patriotic War and now, during the Central Military District.

    Anton Yukhnevsky, a graduate of the Military Training Center last year, told how HSE students continue the tradition of helping the front today. A month after the start of the SVO, the “White Raven” movement was created at the university. Its participants organize humanitarian actions and visiting missions in the SVO zone and in areas adjacent to the combat contact line, and hold sports and educational events at the university.

    “You and I could have distanced ourselves from this, studied, had fun and spent time carefree,” Anton addressed the students. “But we made our choice long before the start of the SVO, back in childhood, thanks to our upbringing, and I am sure that it was the only right one.”

    Social Sciences student Anton Nudny read his poem dedicated to a soldier who defended the Motherland in the 1940s and his grandson who followed his example 80 years later: “…And the years flew by like a moment, / and again Kharkov, again battle and smoke, / and the current soldier is of a different generation, / but his spirit is still the same – he is invincible.”

    Betting on talent

    The conference reports alternated with concert numbers. The hit of the day was the song “Faith in Victory”, written by the instructor of the military intelligence cycle, Colonel Evgeny Mityukov, and performed by him together with the students. Another discovery was the compositions of the vocal and instrumental ensemble created at the Military Training Center a month ago.

    As explained by the head of the Military Training Center, Hero of Russia Colonel Vladimir Korgutov, the organizers decided not to invite fashionable presenters and professional musical groups, relying on the talents of teachers and students.

    In closing the conference, he thanked its participants and organizers, congratulated all those present on Victory Day, and reported that the Military Training Center, which has already graduated more than 7,000 officers, sergeants, and reserve soldiers, continues to train true defenders of the Fatherland.

    Patriots become

    According to Vice-Rector Elena Odoevskaya, to achieve the goals set in the strategic documents of the HSE, it is necessary to have fortitude, to be able to overcome difficulties and move forward, and the conference once again showed that HSE students have these qualities. They also demonstrated unique creative abilities. “I am delighted with the vocal and instrumental ensemble,” added Elena Odoevskaya.

    “Patriots are not born – they become them, including thanks to correctly presented and emotionally colored information. The conference was filled with such information about the Great Patriotic War, about the contribution of our people to the victory, and its better perception was facilitated by the concert program. Many facts and conclusions that were voiced here should be known to every schoolchild and student,” noted Vice-Rector Vyacheslav Bashev.

    “The main impression from the conference is a feeling of pride for the younger generation. It is worthy of the memory of its ancestors,” concluded Sergei Rozhkov.

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

    MIL OSI Russia News –

    April 29, 2025
  • MIL-OSI Video: The IMF’s Middle East and North Africa Regional Economic Outlook: Charting a Path through the Haze

    Source: International Monetary Fund – IMF (video statements)

    The Middle East and North Africa face growing uncertainty amid shifting global geopolitics, trade tensions, and weakening international cooperation. These global developments, combined with regional challenges such as conflicts and political instability, pose significant risks to economic stability. How can policymakers manage immediate threats while strengthening resilience against future shocks?
    Join us for an engaging discussion with a distinguished panel of experts as we explore these critical issues, highlighted in the IMF’s forthcoming Regional Economic Outlook: Middle East and Central Asia. This event is held in partnership with the Dubai International Financial Centre (DIFC).

    Event details:
    Date: Thursday 1 May 2025
    Time: 11:15am – 12:15pm

    Opening remarks:
    Alya AlZarouni – Chief Operating Officer, DIFC Authority

    Panellists:
    Jihad Azour – Director, Middle East and Central Asia Department, IMF
    Helima Croft – Head of Global Commodity Strategy & MENA Research, RBC Capital Markets
    Ahmed Galal Ismail – CEO, Majid Al Futtaim Holding
    Tarik Yousef – Director and Senior Fellow, Middle East Council on Global Affairs

    Moderator:
    Joumanna Bercetche – Anchor, Bloomberg Television

    https://www.youtube.com/watch?v=P88ytVhKs1w

    MIL OSI Video –

    April 29, 2025
  • MIL-OSI Economics: 28 April 2025 Yury Trutnev: EEF big contributor to development of Far East and President’s instructions Deputy Prime Minister of the Russian Federation and Presidential Envoy to the Far Eastern Federal District Yury Trutnev chaired a meeting in Vladivostok on preparations in the lead-up to the 10th Eastern Economic Forum, which is scheduled to take place on the campus of Far Eastern Federal University on 3–6 September. The EEF is being organized by the Roscongress Foundation.

    Source: Eastern Economic Forum

    28 April 2025

    Yury Trutnev: EEF big contributor to development of Far East and President’s instructions

    Deputy Prime Minister of the Russian Federation and Presidential Envoy to the Far Eastern Federal District Yury Trutnev chaired a meeting in Vladivostok on preparations in the lead-up to the 10th Eastern Economic Forum, which is scheduled to take place on the campus of Far Eastern Federal University on 3–6 September. The EEF is being organized by the Roscongress Foundation.

    “The Eastern Economic Forum has contributed much over the years to the development of the Far East and the fulfilment of the instructions of the President of the Russian Federation, Vladimir Putin. Thousands of people from all over the world attend the EEF every year, and no sanctions or anything else will succeed in weakening interest in it. The Russian Far East is a huge region, and its development affects its neighbours and the entire world. We will do our best as always to ensure that our guests receive all the information they seek and are able to carry out their work in comfort and safety at the Eastern Economic Forum,” Trutnev said as he opened the meeting.

    The composition of the Forum programme was considered in detail.  

    “We discussed possible themes for the EEF, and I believe it would be impossible to ignore the Soviet nation’s victory in the Great Patriotic War. Our proposal for the main theme is going to be something like ‘The Far East: From Victory to Victory’, though we’ll think a bit more about the exact wording. The Second World War ended in the Far East. The President of the Russian Federation has ordered us to prepare a major exhibition on the island of Shumshu, where the Kuril landing took place, to educate young people and remind all of us about the heroic feats that led to the great victory,” Trutnev said.

    The Ministry for the Development of the Russian Far East and Arctic suggested including in the business programme topics of vital importance to regional development and possible integration with the economy of the broader Asia-Pacific region.

    “We would focus in particular on technological development. Technology is changing the world now. It is changing the very fabric of life. And many of these technologies either originate in Asia or are first brought to market here. We would like to see the Far East play a bigger role in this process and believe it can. We would like to use new tools like our international advanced-development territories to ensure that these technologies are created and replicated in Russia,” Minister for the Development of the Russian Far East and Arctic Alexei Chekunkov said.

    First Deputy CEO of the Roscongress Foundation and Director of the Eastern Economic Forum Igor Pavlov touched on organizational issues and how preparations for the 10th Eastern Economic Forum were getting along.

    “A great many events have been planned for EEF 2025, including the ‘Welcome to the Far East!’ exhibition, which traditionally enjoys the participation of federal ministries and agencies. And the sports programme will include a special patriotic Parade of Sails, rowing competitions, a hockey match, a run, and more,” Pavlov said.

    According to Governor of Primorsky Territory Oleg Kozhemyako, the region has been following the roadmap laid out last year in its preparations for the Forum. Funds have been set aside in the regional budget for the construction of the region’s pavilion at the Far East Street exhibition, sports and cultural programmes, medical care, and road inspections. A special unit has been tasked with ensuring electrical supply, and preparations are underway on transmission lines and at power facilities. Law enforcement agencies are coming together to create a task force to ensure public order and security. 25 hotels in Vladivostok and Artem are on call to accommodate Forum guests and participants in 1,600 rooms.

    Mayor of Vladivostok Konstantin Shestakov reported on the measures being implemented as part of the preparations for the Forum in the capital of the Far Eastern Federal District in landscaping, road infrastructure, sanitation and security, building facades, and catering and cultural events. Work has been planned to repair roads, paint elevated and underground pedestrian crossings, and fix metal and concrete fences, bus stops, and bridges. The storm water drainage system will also be cleaned, sunken manholes fixed, pavement and curbs touched up, graffiti and unauthorized advertising removed, and concrete surfaces and road infrastructure painted. The city itself will receive an important facelift, with private investors funding 10 objets d’art across the route that will be travelled by guests through the city. Special events, concerts, and evening programmes are also being planned for the city’s open-air venues, with additional cultural initiatives for Forum participants and the residents of Vladivostok in development.

    Far Eastern Federal University President Boris Korobets spoke about the preparation of the Far Eastern Federal University campus for the Forum, with large-scale modernization of infrastructure to begin in May and student service brigades to take part in campus renovation work for the first time this year, for which volunteers are currently being recruited. For the fourth year in a row, FEFU will work together with the Russian Znanie Society to organize a lecture hall for the students and youth of Primorsky Territory at the Forum. 350 top students and talented schoolchildren will attend in person, with another 8.5 million people expected to join the event online. This year, the lecture will focus on the end of World War II, the contribution of the Soviet nation to the fight against fascism, and the events of the Soviet-Japanese War of 1945. A new visual attraction will be installed in the park on FEFU’s central square in the form of a 50-metre-high flagpole flying a 150-square-metre tricolour. As part of the Year of the Defender of the Fatherland announced by the President of Russia, an Alley of Heroes will be established in the campus park and dedicated to the Russian heroes serving their country in the special military operation from all eleven regions of the Far East.

    The regions of the Far East are also preparing for this tenth anniversary forum. As in the past, they will present their economic achievements and unique culture and customs at the Far East Street exhibition. 11 region and five industry pavilions have been planned this year: two pavilions for the Ministry of Sport of Russia, the ‘Business’ and ‘GTO Arena’; the Far East and Arctic Development Corporation’s ‘Developing the Far East’ Pavilion; the Ministry of Natural Resources and Environment of Russia’s ‘Falcon House’ Pavilion; and the ‘Corporation Turizm.RF’ Pavilion. The pavilions dedicated to the regions will focus on economic and social achievements of the past ten years, provide information about investment projects, advanced technological developments, and the implementation of master plans for the development of the cities of the Far East, and the celebration of the 80th anniversary of victory in the Great Patriotic War. An alley dedicated to brands from the Far East is being organized in conjunction with ASI and will present the goods manufactured in the region.

    Also discussed during the meeting were issues of sanitary and epidemiological safety to be addressed during the preparation for EEF 2025.

    “The EEF is a well-prepared, balanced tool for attracting investment to the Far East that allows all federal executive authorities to see whether they are fulfilling the President’s instructions and for investors to understand that they are on the right track. And we will protect what we have here, even as we turn now to the content and move forward, work on the sessions, and think about how to set the right tasks,” Trutnev said in conclusion.

     

    Read more

    MIL OSI Economics –

    April 29, 2025
  • MIL-OSI United Kingdom: Regulator reveals insights from large-scale trustee research project

    Source: United Kingdom – Executive Government & Departments

    Press release

    Regulator reveals insights from large-scale trustee research project

    New research from the Charity Commission and Pro Bono Economics finds trustees are “immensely positive” about their experience

    The charity regulator for England and Wales, with think tank and social sector research organisation, Pro Bono Economics, has published the findings of the most comprehensive survey ever undertaken of trustee motivations and skills.  

    The research finds that the vast majority of trustees are “immensely positive” about their experience, with eight in ten trustees likely to recommend the role to others. Most trustees feel positive about board dynamics, and their relationships with staff and volunteers.  

    Researchers have analysed over 2,000 responses from trustees across England and Wales, with responses weighted to ensure it was representative of the size profile of charities on the Register. 

    The charity sector has a turnover of £94 billion per year, assets of £340 billion and employs 3% of the UK workforce. Building a better picture of the experience of trustees will help the Commission, policy makers and the sector better understand the skills, motivations and backgrounds of existing trustees, and engage the broadest possible pool of trustee talent. 

    Reported rewards and benefits of trusteeship 

    Among the key benefits reported is the opportunity trusteeship brings to grow and develop professionally, especially among younger trustees. Over half (57%) of trustees aged under 30 said trusteeship supported their career development, while older trustees said it gave them an opportunity to give back. 

    Six in 10 report that the role makes them feel they are having a positive impact on the world and nearly four in 10 feel more fulfilled because of their trustee role (38%). 

    Skills and expertise among trustees  

    The research finds that the trustee population largely feels confident and well-equipped to exercise their duties. More than nine in ten trustees reported understanding their roles and responsibilities (95%) and feeling qualified to fulfil them (93%). 

    However, the findings suggest some boards could benefit from more people with certain skills or expertise.  A quarter of respondents reported accessing legal expertise externally, suggesting a possible lack of relevant skills at board level. 

    While most trustees report their board had significant finance skills and experience (59%), this was also the skillset with the second greatest reliance on external sources (8%). 

    Similarly, fewer than 25% of respondents report having anti-fraud, campaigning or marketing skills on their charity’s board.  

    Demographic profile of trustees  

    The research also offers new data on charity board demographics, suggesting movement towards gender parity on trustee boards. 43% of trustees are female compared to 36% in 2017, when the last comparable research project was undertaken. The findings suggest variation based on charities’ size, with smaller charities tending to have more female trustees proportionally.

    Over half of trustees are retired, more than double the proportion in the general population. People aged 44 and under make up only 8% of trustees, and just 1% overall were aged 30 or under.

    The research suggests that a lower percentage of trustees are from ethnic minority backgrounds compared to the general population (8% compared to 17%, with 92% of trustees being white compared to 83% of the general population). Analysis of the data suggests the difference is related to the age profile of trustees. Notably, the research finds that there are proportionately slightly more black trustees aged below 60 compared to the general population (7% compared to 5%), but that people of Asian heritage make up 1% of trustees compared to 4% in the older population. 

    Charity Commission Chief Executive, David Holdsworth, said: 

    This rich and detailed research gives us valuable new insights into the people on whom all charities, of all sizes, ultimately rely. This research shows what those of us who have been trustees already knew – that whilst it is a significant responsibility, it is also a hugely rewarding way to have an impact on something you care about. I hope that in making these findings available, we can support the sector to respond, encouraging and inspiring a pipeline of committed and skilled people willing to serve as volunteer trustees into the future – and to reap the personal rewards of the role.

    Pro Bono Economics Head of Social Sector, Anoushka Kenley, said: 

    This new research provides plenty of room for optimism, with the vast majority of trustees saying that they find their role rewarding and evidence of an improvement over recent years in the representativeness of the trustee population. But there is further to go, with the potential to bring even more talent and more diverse perspectives to the fore by supporting more young people and individuals from underrepresented backgrounds to take up trustee roles. By encouraging a more diverse range of people to become trustees, we can strengthen boards and better support communities.

    In a speech today at Trustee Exchange, David Holdsworth is expected to say the publication of this report reflects the Charity Commission’s commitment to supporting trustees and doing what it can to promote and position trusteeship as an attractive proposition, as set out in the regulator’s five year strategy.

    ENDS

    Notes to editors: 

    1. Research methodology: Fieldwork was conducted by the Charity Commission of England and Wales and BMG Research in English and Welsh. The survey was sent to 19,929 trustees over July and August 2024, yielding 2,432 completed responses (2,194 valid responses after cleaning). Responses were weighted according to the annual gross income of the respondent’s organisation to ensure the results are representative of the population of charities in the Commission’s Register.

    2. The findings can be viewed on PBE’s website or GOV.UK

    3. Pro Bono Economics (PBE) uses economic analysis and the unique insight from our connection to the social sector to help charities, funders, firms and policymakers tackle the causes and consequences of low wellbeing in the UK. Policy analysts, researchers and economists at PBE work on a wide range of issues related to low wellbeing, including mental health, education, employment, financial security, poverty, disability, inequality, volunteering and civil society. PBE works closely with the economics profession to achieve its aims, building relationships between over 600 economist volunteers and supporting over 600 charities and social purpose organisations since 2009.  

    4. The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society. Find out more: https://www.gov.uk/government/organisations/charity-commission/about 

    5. Charity Commission Strategy 2024-2029 was published 26 February 2024: https://www.gov.uk/government/publications/charity-commission-strategy-2024-2029/charity-commission-strategy-2024-2029 

    6. David Holdsworth’s speech at Trustee Exchange will be published on gov.uk after 14:00hrs Tuesday 29 April 2025.

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    Published 29 April 2025

    MIL OSI United Kingdom –

    April 29, 2025
  • MIL-OSI Asia-Pac: 105k private flats projected

    Source: Hong Kong Information Services

    The projected private flat supply for the next three to four years is 105,000 units, 2,000 lower than the previous estimate.

    The Housing Bureau today said there were 28,000 unsold units in completed projects at the end of March.

    There were also 65,000 units under construction, excluding those pre-sold by developers, and 12,000 units from disposed sites where construction may start anytime.

    The number of flats under construction in the first quarter was 3,600, while 5,500 units were completed during the period.

    Click here for details.

    MIL OSI Asia Pacific News –

    April 29, 2025
  • MIL-OSI Asia-Pac: 2025 Taiwan International Geothermal Conference A New Era of Geothermal Energy: Technological Innovation and Sustainable Development

    Source: Republic of China Taiwan

    The 2025 Taiwan International Geothermal Conference, hosted by the Ministry of Economic Affairs, is taking place from April 24-25 in Taipei. Now in its third edition, the conference brings together leading geothermal experts, government representatives, and industry leaders from the United States, New Zealand, Canada, the Philippines, and other countries to explore cutting-edge technologies and the future development of geothermal energy. Held in a hybrid format with both in-person sessions and online streaming, the conference has attracted more than 700 participants from around the world, including representatives from academia, industry, government, and research institutions. The event aims to advance Taiwan’s geothermal industry and enhance its global competitiveness in the green energy sector.

    Government Drives Geothermal Development and Industry Collaboration Shapes a Sustainable Future
    In his opening remarks, Vice Minister of Economic Affairs Lai Chien-Hsin emphasized that amid the global climate change, the government is committed to implementing a range of carbon reduction measures to ensure sustainable energy transition. Promoting renewable energy, he noted, is critical to achieving these goals.

    Vice Minister Lai highlighted geothermal energy’s pivot role in Taiwan’s energy transition. With Taiwan’s favorable geological conditions, it has completed the construction of six geothermal power plants. This year, more geothermal power plants will be connected to the grid. He sincerely welcomes all geothermal scholars, developers and experts to participate in 2025 Taiwan International Geothermal Conference, believing that through collaboration between international enterprises and local Taiwanese companies, they can contribute to achieving net-zero emission goals and jointly address the challenges of extreme climate.

    International Experts Convene to Foster Technology Exchange and Industry Collaboration
    The conference features a broad range of topics, including the status of geothermal energy development in Taiwan, international industry trends, advanced technologies and innovative applications, and the role of local governments in promoting geothermal power development. The Energy Administration and the Geological Survey and Mining Management Agency presented Taiwan’s geothermal policies and exploration progress. Meanwhile, the CPC Corporation and Taiwan Power Company delivered special reports on development strategies and recent technical breakthroughs, which have attracted investment interest from domestic and international companies.

    Afternoon sessions focused on cutting-edge project management and international drilling experiences, exploring how to leverage advanced technology and optimized practices to support local developers, accelerate geothermal plant construction, and enhance industry competitiveness.

    High-Level Dialogue on the Future of Geothermal Energy and Strengthening International Partnerships
    The first day of the conference concluded with a high-level dialogue moderated by the Acting Director-General of the Energy Administration Lee Chun-Li joined by representatives from the global geothermal industry, research institutes, and government sectors. The discussion centered on “The Future Outlook for Geothermal Power in Taiwan,” highlighting strategies to attract international investment, expand the geothermal industry value chain, and strengthen Taiwan’s presence in the global green energy market.

    Workshops and Site Visits Promote Practical Engagement
    On April 25, the second day of the conference, three professional workshops will be held on “Geothermal Drilling Technology,” “Development Solutions,” and “Exploration and Equipment Applications.” The conference will also feature a technical site visit for international guests to CPC Corporation’s Yuanshan No.1 Well, Taiwan’s first deep geothermal exploratory well. Jointly developed by Academia Sinica and CPC and currently drilled to a depth of 1,820 meters, this well marks a key milestone for Taiwan’s deep geothermal progress, offering international stakeholders a firsthand look at Taiwan’s geothermal potential and supportive development environment.

    Through this international platform, Taiwan aims to strengthen global partnerships, foster innovation, accelerate the growth of its geothermal sector, and advance toward the long-term goal of sustainable energy.

    Spokesperson:
    Mr. Chih-wei Wu, Deputy Director General, Energy Administration, Ministry of Economic Affairs
    Tel: +886-2-2775-7750 / +886-922-339-410
    Email: cwwu@moeaea.gov.tw

    Contact Person:
    Ms. Hsiu-fen Tsai, Director, Energy Administration, Ministry of Economic Affairs
    Tel: +886-2-2775-7730
    Email: hftsai@moeaea.gov.tw

    MIL OSI Asia Pacific News –

    April 29, 2025
  • MIL-Evening Report: Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon

    Source: The Conversation (Au and NZ) – By Mehdi Seyedmahmoudian, Professor of Electrical Engineering, School of Engineering, Swinburne University of Technology

    The lights are mostly back on in Spain, Portugal and southern France after a widespread blackout on Monday.

    The blackout caused chaos for tens of millions of people. It shut down traffic lights and ATMs, halted public transport, cut phone service and forced people to eat dinner huddled around candles as night fell. Many people found themselves trapped in trains and elevators.

    Spain’s prime minister, Pedro Sánchez, has said the exact cause of the blackout is yet to be determined. In early reporting, Portugal’s grid operator REN was quoted as blaming the event on a rare phenomenon known as “induced atmospheric vibration”. REN has since reportedly refuted this.

    But what is this vibration? And how can energy systems be improved to mitigate the risk of widespread blackouts?

    How much does weather affect electricity?

    Weather is a major cause of disruptions to electricity supply. In fact, in the United States, 83% of reported blackouts between 2000 and 2021 were attributed to weather-related events.

    The ways weather can affect the supply of electricity are manifold. For example, cyclones can bring down transmission lines, heatwaves can place too high a demand on the grid, and bushfires can raze substations.

    Wind can also cause transmission lines to vibrate. These vibrations are characterised by either high amplitude and low frequency (known as “conductor galloping”), or low amplitude and high frequency (known as “aeolian vibrations”).

    These vibrations are a significant problem for grid operators. They can place increased stress on grid infrastructure, potentially leading to blackouts.

    To reduce the risk of vibration, grid operators often use wire stabilisers known as “stock bridge dampers”.

    What is ‘induced atmospheric vibration’?

    Vibrations in power lines can also be caused by extreme changes in temperature or air pressure. And this is one hypothesis about what caused the recent widespread blackout across the Iberian peninsula.

    As The Guardian initially reported Portugal’s REN as saying:

    Due to extreme temperature variations in the interior of Spain, there were anomalous oscillations in the very high voltage lines (400 kV), a phenomenon known as “induced atmospheric vibration”. These oscillations caused synchronisation failures between the electrical systems, leading to successive disturbances across the interconnected European network.

    In fact, “induced atmospheric vibration” is not a commonly used term, but it seems likely the explanation was intended to refer to physical processes climate scientists have known about for quite some time.

    In simple terms, it seems to refer to wavelike movements or oscillations in the atmosphere, caused by sudden changes in temperature or pressure. These can be triggered by extreme heating, large-scale energy releases (such as explosions or bushfires), or intense weather events.

    When a part of Earth’s surface heats up very quickly – due to a heatwave, for example – the air above it warms, expands and becomes lighter. That rising warm air creates a pressure imbalance with the surrounding cooler, denser air. The atmosphere responds to this imbalance by generating waves, not unlike ripples spreading across a pond.

    These pressure waves can travel through the atmosphere. In some cases, they can interact with power infrastructure — particularly long-distance, high-voltage transmission lines.

    These types of atmospheric waves are usually called gravity waves, thermal oscillations or acoustic-gravity waves. While the phrase “induced atmospheric vibration” is not formally established in meteorology, it seems to describe this same family of phenomena.

    What’s important is that it’s not just high temperatures alone that causes these effects — it’s how quickly and unevenly the temperature changes across a region. That’s what sets the atmosphere into motion and can cause power lines to vibrate. Again, though, it’s still unclear if this is what was behind the recent blackout in Europe.

    Atmospheric waves can sometimes be seen in clouds.
    Jeff Schmaltz/NASA

    More centralised, more vulnerable

    Understanding how the atmosphere behaves under these conditions is becoming increasingly important. As our energy systems become more interconnected and more dependent on long-distance transmission, even relatively subtle atmospheric disturbances can have outsized impacts. What might once have seemed like a fringe effect is now a growing factor in grid resilience.

    Under growing environmental and electrical stress, centralised energy networks are dangerously vulnerable. The increasing electrification of buildings, the rapid uptake of electric vehicles, and the integration of intermittent renewable energy sources have placed unprecedented pressure on traditional grids that were never designed for this level of complexity, dynamism or centralisation.

    Continuing to rely on centralised grid structures without fundamentally rethinking resilience puts entire regions at risk — not just from technical faults, but from environmental volatility.

    The way to avoid such catastrophic risks is clear: we must embrace innovative solutions such as community microgrids. These are decentralised, flexible and resilient energy networks that can operate independently when needed.

    Strengthening local energy autonomy is key to building a secure, affordable and future-ready electricity system.

    The European blackout, regardless of its immediate cause, demonstrates that our electrical grids have become dangerously sensitive. Failure to address these structural weaknesses will have consequences far worse than those experienced during the COVID pandemic.

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

    – ref. Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon – https://theconversation.com/did-induced-atmospheric-vibration-cause-blackouts-in-europe-an-electrical-engineer-explains-the-phenomenon-255497

    MIL OSI Analysis – EveningReport.nz –

    April 29, 2025
  • MIL-OSI Asia-Pac: President Lai meets Japanese Diet Member and former Minister of State for Economic Security Takaichi Sanae

    Source: Republic of China Taiwan

    Details
    2025-04-23
    President Lai delivers remarks at International Holocaust Remembrance Day event
    On the afternoon of April 23, President Lai Ching-te attended an International Holocaust Remembrance Day event and delivered remarks, in which he emphasized that peace is priceless, and war has no winners, while morality, democracy, and respect for human rights are powerful forces against violence and tyranny. The president stated that Taiwan will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability, defending democracy, freedom, and human rights. He said we must never forget history, and must overcome our differences and join in solidarity to ensure that the next generations live in a world that is more just and more peaceful. Upon arriving at the event, President Lai heard a testimony from the granddaughter of a Holocaust survivor, followed by a rabbi’s recitation of the prayer “El Maleh Rachamim.” He then joined other distinguished guests in lighting candles in memory of the victims. A transcript of President Lai’s remarks follows: To begin, I want to thank the Israel Economic and Cultural Office (ISECO) in Taipei, German Institute Taipei, Taiwan Foundation for Democracy, and Ministry of Foreign Affairs for co-organizing this deeply significant memorial ceremony again this year. I also want to thank everyone for attending. We are here today to remember the victims of the Holocaust, express sympathy for the survivors, honor the brave individuals who protected the victims, and acknowledge all who were impacted by this atrocity. It was deeply moving to hear Ms. [Orly] Sela share the story of how her grandmother, Yehudit Biksz, escaped the Nazi regime. I want to thank her specially for traveling so far to attend this event. From the 1930s through World War II, the Nazi regime sought to exclude Jewish people from society. In their campaign, they perpetrated systematic genocide driven by their ideology. Policies and directives under the authoritarian Nazi regime resulted in the deaths of approximately 6 million Jews. Millions of others were persecuted, including Romani people, persons with disabilities, the gay community, and anyone who disagreed with Nazi ideology. It is one of the darkest chapters in human history. Many countries, including Taiwan, have enacted anti-massacre legislation, and observe a remembrance day each year. Those occasions help us remember the victims, preserve historical memory, and most importantly, reinforce our resolve to fight against hatred and discrimination. Twenty-three years ago, Chelujan (車路墘) Church in Tainan founded the Taiwan Holocaust Memorial Museum. It is the first Jewish museum in Taiwan, and the second Holocaust museum in Asia. Its founding mission urges us to forget hatred and love one another; put an end to war and advocate peace. Many of the exhibition items come from Jewish people, connecting Taiwan closer with Israel and helping Taiwanese better understand the experiences of Jewish people. In this way, we grow to more deeply cherish peace. When I was mayor of Tainan, I took part in an exhibition event at Chelujan Church. I was also invited by the Israeli government to join the International Mayors Conference in Israel, where I visited the World Holocaust Remembrance Center. I will never forget how deeply that experience moved me, and as a result, peace and human rights became even more important issues for me. These issues are valued by Taiwan and our friends and allies. They are also important links connecting Taiwan with the world. Peace is priceless, and war has no winners. We will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability. We will also continue to make greater contributions and work with the international community to defend democracy, freedom, and human rights. This year also marks the 80th anniversary of the end of World War II. However, we still see wars raging around the world. We see a resurgence of authoritarian powers, which could severely impact global democracy, peace, and prosperous development. Today’s event allows for more than reflection on the past; it also serves as a warning for the future. We are reminded of the threats that hatred, prejudice, and extremism pose to humanity. But we are also reminded that morality, democracy, and respect for human rights are powerful forces against violence and tyranny. We must never forget history. We must overcome our differences and join in solidarity for a better future. Let’s work together to ensure that the next generations live in a world that is more just and more peaceful. Also in attendance at the event were Member of the Israeli Knesset (parliament) and Taiwan friendship group Chair Boaz Toporovsky, ISECO Representative Maya Yaron, and German Institute Taipei Deputy Director General Andreas Hofem.

    Details
    2025-04-23
    President Lai pays respects to Pope Francis  
    On the morning of April 23, President Lai Ching-te visited the Taipei Archdiocesan Curia to pay respects in a memorial ceremony for His Holiness Pope Francis. As officiant of the ceremony, President Lai burned incense and presented flowers, fruits, and wine to pay his respects to Pope Francis. At the direction of the master of ceremonies, the president then bowed three times in front of Pope Francis’s memorial portrait, conveying his grief and deep respect for the late pope. After hearing of Pope Francis’s passing on April 21, President Lai promptly requested the Ministry of Foreign Affairs to express sincere condolences from the people and government of Taiwan to the Vatican. The president also instructed Minister of Foreign Affairs Lin Chia-lung (林佳龍) to convey condolences to the Holy See’s Apostolic Nunciature in Taiwan.  

    Details
    2025-04-23
    President Lai meets US CNAS NextGen fellows
    On the morning of April 23, President Lai Ching-te met with fellows from the Shawn Brimley Next Generation National Security Leaders Program (NextGen) run by the Center for a New American Security (CNAS). In remarks, President Lai thanked the government of the United States for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. The president pointed out that we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US, and form a “Taiwan investment in the US team” to expand investment and bring about even closer Taiwan-US trade cooperation, allowing us to reduce the trade deficit and generate development that benefits both sides. A translation of President Lai’s remarks follows: Ms. Michèle Flournoy, chair of the CNAS Board of Directors, is a good friend of Taiwan, and she has made major contributions to Taiwan-US relations through her long-time efforts on various aspects of our cooperation. I am happy to welcome Chair Flournoy, who is once again leading a NextGen Fellowship delegation to Taiwan. CNAS is a prominent think tank focusing on US national security and defense policy based in Washington, DC. Its NextGen Fellowship has fostered talented individuals in the fields of national security and foreign affairs. This year’s delegation is significantly larger than those of the past, demonstrating the increased importance that the next generation of US leaders attach to Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. The Taiwan Strait, an issue of importance for our guests, has become a global issue. There is a high degree of international consensus that peace and stability across the Taiwan Strait are indispensable elements in global security and prosperity. Facing military threats from China, Taiwan proposed the Four Pillars of Peace action plan. First, we are actively implementing military reforms, enhancing whole-of-society defense resilience, and working to increase our defense budget to more than 3 percent of GDP. Second, we are strengthening our economic resilience. As Taiwan’s economy must keep advancing, we can no longer put all our eggs in one basket. We are taking action to remain firmly rooted in Taiwan while expanding our global presence and marketing worldwide. In these efforts, we are already seeing results. Third, we are standing side-by-side with other democratic countries to demonstrate the strength of deterrence and achieve our goal of peace through strength. And fourth, Taiwan is willing, under the principles of parity and dignity, to conduct exchanges and cooperate with China towards achieving peace and stability in the Taiwan Strait. This April 10 marked the 46th anniversary of the enactment of the Taiwan Relations Act. We thank the US government for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. We look forward to Taiwan and the US continuing to strengthen collaboration on the development of both our defense industries as well as the building of non-red supply chains. This will yield even more results and further deepen our economic and trade partnership. The US is now the main destination for outbound investment from Taiwan. Moving forward, we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US. And our government will form a “Taiwan investment in the US team” to expand investment. We hope this will bring Taiwan-US economic and trade cooperation even closer and, through mutually beneficial assistance, allow us to generate development that benefits both our sides while reducing our trade deficit. In closing, thank you once again for visiting Taiwan. We hope your trip is fruitful and leaves you with a deep impression of Taiwan. We also hope that going forward you continue supporting Taiwan and advancing even greater development for Taiwan-US ties.  Chair Flournoy then delivered remarks, first thanking President Lai for making time to receive their delegation. Referring to President Lai’s earlier remarks, she said that it is quite an impressive group, as past members of this program have gone on to become members of the US Congress, leading government experts, and leaders in the think-tank world and in the private sector. She remarked that investing in this group is a wonderful privilege for her and that they appreciate President Lai’s agreeing to take the time to engage in exchange with them. Chair Flournoy emphasized that they are visiting Taiwan at a critical moment, when there is so much change and volatility in the geostrategic environment, a lot of uncertainty, and a lot of unpredictability. She stated that given our shared values, our shared passion for democracy and human rights, and our shared interests in peace and stability in the Indo-Pacific region, this is an important time for dialogue, collaboration, and looking for additional opportunities where we can work together towards regional peace and stability.

    Details
    2025-04-18
    President Lai meets US delegation from Senate Foreign Relations Subcommittee on East Asia and the Pacific
    On the afternoon of April 18, President Lai Ching-te met with a delegation led by Senator Pete Ricketts, chairman of the United States Senate Foreign Relations Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy. In remarks, President Lai said we hope to promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US, to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation. The president said that by deepening cooperation, Taiwan and the US will be better positioned to work together on building non-red supply chains. He said a more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. A translation of President Lai’s remarks follows: I warmly welcome you all to Taiwan. I want to take this opportunity to especially thank Chairman Pete Ricketts and Ranking Member Chris Coons for their high regard and support for Taiwan. Chairman Ricketts has elected to visit Taiwan on his first overseas trip since taking up his new position in January. Ranking Member Coons made a dedicated trip to Taiwan in 2021 to announce a donation of COVID-19 vaccines on behalf of the US government. He also visited last May, soon after my inauguration, continuing to deepen Taiwan-US exchanges. Thanks to support from Chairman Ricketts and Ranking Member Coons, the US Congress has continued to introduce many concrete initiatives and resources to assist Taiwan through the National Defense Authorization Act and Consolidated Appropriations Act, bringing the Taiwan-US partnership even closer. For this, I want to again express my gratitude. There has long been bipartisan support in the US Congress for maintaining security in the Taiwan Strait. Faced with China’s persistent political and military intimidation, Taiwan will endeavor to reform national defense and enhance whole-of-society defense resilience. We will also make special budget allocations to ensure that our defense budget exceeds 3 percent of GDP, up from the current 2.5 percent, so as to enhance Taiwan’s self-defense capabilities. We look forward to Taiwan and the US continuing to work together to maintain peace and stability in the region. We will also promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US. We hope to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation, jointly promoting prosperity and development. We believe that by deepening cooperation through the Taiwan plus one policy, Taiwan and the US will be better positioned to work together on building non-red supply chains. A more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. In closing, I wish Chairman Ricketts and Ranking Member Coons a smooth and successful visit. Chairman Ricketts then delivered remarks, first thanking President Lai for his hospitality. He said that he and his delegation have had a wonderful time meeting with government officials, industry representatives, and the team at the American Institute in Taiwan. Highlighting that Taiwan has long been a friend and partner of the US, he said their bipartisan delegation to Taiwan emphasizes long-time bipartisan support in the US Congress for Taiwan, and though administrations change, that bipartisan support remains. Chairman Ricketts stated that the US is committed to peace and stability in the Indo-Pacific and that they want to see peace across the Taiwan Strait. He also stated that the US opposes any unilateral change in the status of Taiwan and that they expect any differences between Taiwan and China to be resolved peacefully without coercion or the threat of force. To that end, he said, the US will continue to assist Taiwan in its self-defense and will also step up by bolstering its own defense capabilities, noting that there is broad consensus on this in the US Congress. Chairman Ricketts stated that they want to see Taiwan participate in international organizations and memberships where appropriate, and encourage Taiwan to reach out to current and past diplomatic allies to strengthen those bilateral relationships. He pointed out that the long economic relationship between the US and Taiwan is important for our as well as the entire world’s security and prosperity. He also noted that there are many opportunities for us to continue to grow the economic relationship that will help create more prosperity for our respective peoples and ensure that we are more secure in the world. Chairman Ricketts emphasized that they made this trip early on in the new US administration to work with Taiwan to develop three points: security, diplomatic relations, and the economy. He stated that in the face of rising aggression from communist China, the US will provide commensurate help to Taiwan in self-defense and that they will continue to provide the services and tools needed. In closing, Chairman Ricketts once again thanked President Lai for the hospitality and said he looks forward to dialogue on how we can continue these relationships. Ranking Member Coons then delivered remarks. Mentioning that their delegation also visited the Philippines on this trip, he said that there and in Taiwan, they have been focused on peace, stability, and security, and the ways for deepening and strengthening economic and security relations. He noted that 46 years ago, the US Senate passed the Taiwan Relations Act, adding that it was strongly bipartisan when enacted and that support for it is still strongly bipartisan today. Its core commitment, he said, is that the US will be engaged and will be a partner in ensuring that any dispute or challenge across the strait will be resolved peacefully, and that Taiwan will have the resources it needs for its self-defense. Ranking Member Coons said that between people, friendships are deepest and most enduring when they are based not just on interests but on values, and that the same is true between the US and Taiwan. Free press, free enterprise, free societies, democracy – these core shared values, he said, anchor our friendship and partnership, making them deeper. He remarked that they are grateful for the significant investment in the US being made by companies from Taiwan, but what anchors our partnership, in addition to these important investments and investments being made by Taiwan in its own security, are the values that mobilize our free-enterprise spirit and our commitment to free societies. In Europe in recent years, Ranking Member Coons said, an aggressive nation has tried to change boundaries and change history by force. He said that the US and dozens of countries committed to freedom have come to the aid of Ukraine to defend it, help it stabilize, and secure its future. So too in this region of the world, he added, the US and a bipartisan group in the US Senate are committed to stable, secure, peaceful relations and to deterring any unilateral effort to change the status quo by force. In closing, he said he is grateful for a chance to return to Taiwan after the pandemic and that he looks forward to our conversation, our partnership, and the important work we have in front of us. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-04-17
    President Lai meets New Zealand delegation from All-Party Parliamentary Group on Taiwan  
    On the morning of April 17, President Lai Ching-te met with a delegation from New Zealand’s All-Party Parliamentary Group on Taiwan. In remarks, President Lai thanked the government of New Zealand for reiterating the importance of peace and stability across the Taiwan Strait on multiple occasions since last year. He also stated that this year, the Taiwan-New Zealand economic cooperation agreement (ANZTEC) is being implemented in its complete form. The president expressed hope that deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among our indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. A translation of President Lai’s remarks follows: I extend a warm welcome to all of our guests. New Zealand’s All-Party Parliamentary Group on Taiwan was established in 2023, marking a significant milestone in the deepening of Taiwan-New Zealand relations. I would like to thank Members of Parliament Stuart Smith and Tangi Utikere for leading this delegation, and thank all our guests for demonstrating support for Taiwan through action. We currently face a rapidly changing international landscape. Authoritarian regimes continue to converge and expand. Democracies must actively cooperate and jointly safeguard peace, stability, and the prosperous development of the Indo-Pacific region. Since last year, the government of New Zealand has on multiple occasions reiterated the importance of peace and stability across the Taiwan Strait. On behalf of the people of Taiwan, I would like to express our sincere gratitude for these statements and demonstrations of support. This year, ANZTEC is being implemented in its complete form. We look forward to exploring even more diverse markets with New Zealand. Deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. Taiwan and New Zealand share the universal values of democracy, freedom, and respect for human rights, and parliamentary diplomacy is a tradition practiced by democracies around the world. Looking ahead, our parliamentary exchanges and mutual visits are bound to become more frequent. This will enable us to explore even more opportunities for cooperation and further deepen and solidify the democratic partnership between Taiwan and New Zealand. Thank you once again for making the long journey to visit us. I wish you a fruitful and successful trip. I also hope that everyone can take time to see more of Taiwan, try our local cuisine, and learn more about our culture. I hope our guests will fall in love with Taiwan. MP Smith then delivered remarks, saying that it is a great pleasure and an honor to be received by President Lai. The MP, noting that President Lai already covered many of the points he planned to make, went on to say that New Zealand and Taiwan share many values. He indicated that both are trading nations that rely on easy access for imports and exports, and that is why freedom of navigation is so important. That is why New Zealand had a naval vessel sail through the Taiwan Strait, he said, to underline the importance of freedom of navigation and our mutual security. MP Smith said that they look forward to building stronger relationships and enhancing the trade between our two nations. He added that New Zealand has much to offer in the field of geothermal energy to assist Taiwan, and mentioned that New Zealand is third largest in terms of the number of rocket launchers for satellites, which could assist Taiwan with communications in the future. New Zealand has other products as well, he said, but looks for assistance from Taiwan’s technology and technological sector. Lastly, MP Smith stated that he looks forward to a long and prosperous relationship between Taiwan and New Zealand. MP Utikere then delivered remarks, indicating that like Taiwan, New Zealand is a nation that is surrounded by ocean, which means that they rely on strong partnerships with communities of interest all around the globe. He said that the all-party parliamentary friendship group that was established and that they are a part of goes a long way in ensuring that a secure relationship between our two parliaments can continue to prosper. The MP also thanked Taiwan’s Representative to New Zealand Joanne Ou (歐江安) and her team for their work, which has ensured the success of the delegation’s visit. He said that the delegation experienced meetings with ministers in Taiwan’s government, members of the legislature, and those from the non-government organization sector as well. He also said that they enjoyed the opportunity to visit Wulai, and that the strength of the connections between the indigenous peoples of Taiwan and the indigenous peoples of Aotearoa New Zealand is something that certainly landed with members of the delegation. MP Utikere noted that he will take up President Lai’s offer on experiencing more of Taiwan, and will spend a few extra days in Tainan, which he understands has a very special place in the president’s heart, adding that he looks forward to his time and experiences there. The MP concluded his remarks by saying that this will be a relationship that continues to go from strength to strength. After their remarks, the New Zealand delegation sang the Māori song “Tutira Mai Nga Iwi” to extend best wishes to Taiwan. Also in attendance at the meeting were New Zealand Members of Parliament Jamie Arbuckle, Greg Fleming, Hamish Campbell, Cameron Luxton, and Helen White.  

    Details
    2025-04-06
    President Lai delivers remarks on US tariff policy response
    On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions.  However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods:  1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age.  4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

    MIL OSI Asia Pacific News –

    April 29, 2025
  • MIL-OSI China: Wang Yi holds phone talks with Pakistani deputy PM

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

    MADRID, April 27 — Chinese Foreign Minister Wang Yi on Sunday held phone talks with Pakistani Deputy Prime Minister and Foreign Minister Ishaq Dar.

    Dar briefed Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, on the latest tensions between Pakistan and India following a terrorist attack in the Kashmir region.

    Dar emphasized that Pakistan has consistently and firmly fought against terrorism and is against any actions that could lead to an escalation of the situation. Pakistan is committed to managing the situation in a mature manner and will maintain communication with China and the international community, Dar added.

    For his part, Wang said China is closely following the developments, stressing that combating terrorism is a shared responsibility of the whole world while reaffirming China’s consistent support for Pakistan’s firm counterterrorism efforts.

    As an ironclad friend and an all-weather strategic cooperative partner, China fully understands Pakistan’s legitimate security concerns and supports Pakistan in safeguarding its sovereignty and security interests, Wang said.

    China advocates for a swift and fair investigation and believes that conflict does not serve the fundamental interests of either India or Pakistan, nor does it benefit regional peace and stability, Wand noted.

    China hopes both sides will remain restrained, move toward each other, and work together to de-escalate the situation, he added.

    MIL OSI China News –

    April 29, 2025
  • MIL-OSI Europe: Piero Cipollone: Navigating a fractured horizon: risks and policy options in a fragmenting world

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the conference on “Policy challenges in a fragmenting world: Global trade, exchange rates, and capital flow” organised by the Bank for International Settlements, the Bank of England, the ECB and the International Monetary Fund

    Frankfurt am Main, 29 April 2025

    I’m honoured to welcome you to this conference, jointly organised by the Bank for International Settlements (BIS), the Bank of England, the European Central Bank (ECB) and the International Monetary Fund (IMF).[1]

    Today, we come together to discuss the urgent challenges posed by global fragmentation – a growing risk to our interconnected world. Earlier this month, the President of the United States announced tariff hikes, sending shockwaves through the global economy – a stark reminder that the fractures we face are no longer hypothetical, but real.

    This announcement is but the latest chapter in a series of four major shocks that have been reshaping our world in recent years.

    First, since 2018 the intensifying power struggle between the United States and China has led to tit-for-tat tariffs affecting nearly two-thirds of the trade between these two economic giants. Second, starting in 2020, the pandemic caused unprecedented disruptions to supply chains, which prompted a re-evaluation of the balance between global integration and resilience. Third, in 2022 Russia’s unjustified invasion of Ukraine not only triggered an energy crisis but also deepened a geopolitical divide that continues to have worldwide repercussions. And fourth, we are now facing the rising risk of economic fragmentation within the western bloc itself, as new trade barriers threaten long-standing international partnerships.

    The data paint a sobering picture. Geopolitical risk levels have surged to 50% above the post-global financial crisis average, and uncertainty surrounding trade policy has risen to more than eight times its average since 2021.[2] What we are experiencing is not merely a temporary disruption – it is a profound shift in how nations interact economically, financially and diplomatically. So, it does not come as a surprise that financial markets have experienced considerable volatility in recent weeks. It remains to be seen if, for markets to find a stable equilibrium, it will be enough to step back from the current international economic disorder towards a more stable, predictable and reliable trading system – a development that appears elusive in the short term. Against this backdrop, recent moves in exchange rates, bond yields and equities, suggest that US markets have not been playing their usual role as a safe haven in this particular episode of stress. This potentially has far-reaching longer-term implications for capital flows and the international financial system.

    Today I will focus on three key points. First, we are seeing increasing signs of fragmentation becoming visible across the economy and financial system. Second, the implications of this accelerating fragmentation could extend far beyond the immediate disruptions, with consequences for growth, stability and prosperity. Third, in this evolving economic landscape, central banks must adapt their approaches yet retain a steadfast focus on their core mandates, while striving to preserve international cooperation.

    The emerging reality of fragmentation

    Let me begin by addressing a common belief – still held by many until recently – that, despite rising geopolitical tensions, globalisation appears largely resilient. Headline figures in trade and cross-border investment, for example, do indeed appear to support this belief. In 2024 world trade expanded to a record USD 33 trillion – up 3.7% from 2023. Similarly, the global stock of foreign direct investment reached an unprecedented USD 41 trillion.[3] However, these surface-level indicators may not reflect the underlying realities, creating a misleading sense of stability when important changes are already underway. In reality, fragmentation is already happening in both the global economy and the financial system.

    Fragmentation of the real economy

    Fragmentation is most evident in rebalancing trade, driven by escalating geopolitical tensions. Take, for instance, the escalating US-China trade tensions that have been intensifying since 2018. Studies show the impact of geopolitical distance on trade has become notably negative. A doubling of geopolitical distance between countries – akin to moving from the position of Germany to that of India in relation to the United States – decreases bilateral trade flows by approximately 20%.[4]

    The series of shocks to the global economy in recent years have also contributed to this fragmentation. According to gravity model estimates, trade between geopolitically distant blocs has significantly declined. Trade between rivals is about 4% lower than it might have been without the heightened tensions post-2017, while trade between friends is approximately 6% higher.[5] Global value chains are being reconfigured as companies respond to these new realities. In 2023 surveys already indicated that only about a quarter of leading firms operating in the euro area[6] that sourced critical inputs from countries considered subject to elevated risk had not developed strategies to reduce their exposure.[7]

    However, these shifting trade patterns have not yet been reflected in overall global trade flows. Non-aligned countries have played a crucial role as intermediaries, or connectors, helping to sustain global trade levels even as direct trade between rival blocs declines.[8] But this stabilising influence is unlikely to endure as trade fragmentation deepens and geopolitical alliances continue to shift.

    The tariffs announced by the US Administration are far-reaching and affect a substantial share of global trade flows. The effects on the real economy are likely to be material. In its World Economic Outlook, published last week, the International Monetary Fund revised down global growth projections for 2025-26 by a cumulative 0.8 percentage points and global trade by a cumulative 2.3 percentage points.[9] This notably reflects a negative hit from tariffs that ranges between 0.4% to 1% of world GDP by 2027.[10] In particular, IMF growth projections for the United States have been revised down by a cumulative 1.3 percentage points in 2025-26. The cumulative impact on euro area growth is smaller, at 0.4 percentage points.

    Financial fragmentation

    The fragmentation we are witnessing in global trade is mirrored in the financial sector, where geopolitical tensions are also reshaping the landscape.

    In recent years, global foreign direct investment flows have increasingly aligned with geopolitical divides. Foreign direct investment in new ventures has plunged by nearly two-thirds between countries from different geopolitical blocs. However, strong intra-bloc investments have helped sustain overall foreign direct investment levels globally, masking some of the fragmentation occurring beneath the surface.[11]

    But, as with trade flows, this dynamic is unlikely to persist as geopolitical tensions grow within established economic blocs. For instance, increased geopolitical distance is shown to curtail cross-border lending. A two standard deviation rise in geopolitical distance – akin to moving from the position of France to that of Pakistan in relation to Germany – leads to a reduction of 3 percentage points in cross-border bank lending.[12]

    The impact of fragmentation in global financial infrastructure is perhaps even more revealing. Since 2014 correspondent banking relationships – crucial for facilitating trade flows across countries – have declined by 20%. While other factors – such as a wave of concentration in the banking industry, technological disruptions and profitability considerations – have played a role[13], the contribution of the geopolitical dimension can hardly be overstated. The repercussions of this decline can be profound. Research shows that when correspondent banking relationships are severed in a specific corridor, a firm’s likelihood of continuing to export between the two countries of that corridor falls by about 5 percentage points in the short term, and by about 20 percentage points after four years.[14]

    Contributing to this trend, countries such as China, Russia and Iran have launched multiple initiatives to develop alternatives to established networks such as SWIFT, raising the possibility of a fragmented global payment system.[15] Geopolitical alignment now exerts a stronger influence than trade relationships or technical standards in connecting payment systems between countries.[16] This poses risks of regional networks becoming more unstable, increased trade costs and settlement times, and reduced risk sharing across countries.

    Additionally, we are witnessing a noticeable shift away from traditional reserve currencies, with growing interest in holding gold. Central banks purchased more than 1,000 tonnes of gold in 2024, almost double the level of the previous decade, with China being the largest purchaser, at over 225 tonnes. At market valuations, the share of gold in global official reserves has increased, reaching 20% in 2024, while that of the US dollar has decreased. Survey data suggest that two-thirds of central banks invested in gold to diversify, 40% to protect against geopolitical risk and 18% because of the uncertainty over the future of the international monetary system.[17] There are further signs that geopolitical considerations increasingly influence decisions to invest in gold. The negative correlation of gold prices with real yields has broken down since 2022, a phenomenon we have also observed in recent weeks. This suggests that gold prices have been influenced by more than simply the use of gold to hedge against inflation. Moreover, countries geopolitically close to China and Russia have seen more pronounced increases in the share of gold in official foreign reserves since the last quarter of 2021.

    The looming consequences of fragmentation

    Accelerating fragmentation is resulting in the immediate disruptions we are now seeing, but this is likely to only be the beginning – potentially profound medium and long-term consequences for growth, stability and prosperity can be expected.

    Medium-term impacts

    The initial consequences of fragmentation are already evident in the form of increased uncertainty. In particular, trade policy uncertainty has led to a broader rise in global economic policy instability, which is stifling investment and dampening consumption. Our research suggests that the recent increase in trade policy uncertainty could reduce euro area business investment by 1.1% in the first year and real GDP growth by around 0.2 percentage points in 2025-26[18]. Consumer sentiment is also under strain, with the ECB’s Consumer Expectations Survey revealing that rising geopolitical risks are leading to more pessimistic expectations, higher income uncertainty and ultimately a lower willingness to spend.[19] Moreover, ECB staff estimates suggest that the observed increase in financial market volatility might imply lower GDP growth of about 0.2 percentage points in 2025.

    Over the medium term, tariffs are set to have an unambiguously recessionary effect, both for countries imposing restrictions and those receiving them. The costs are particularly high when exchange rates fail to absorb tariff shocks, and some evidence suggests exchange rates have become less effective in this role.[20]

    The Eurosystem’s analysis of potential fragmentation scenarios suggests that such trade disruptions could turn out to be significant. In the case of a mild decoupling between the western (United States-centric) and the eastern (China-centric) bloc, where trade between East and West reverts to the level observed in the mid-1990s, global output could drop by close to 2%.[21] In the more extreme case of a severe decoupling – essentially a halt to trade flows – between the two blocs, global output could drop by up to 9%. Trade-dependent nations would bear the brunt of these trade shocks, with China potentially suffering losses of between 5% and 20%, and the EU seeing declines ranging from 2.4% to 9.5% in the mild and severe decoupling scenarios respectively. The analysis also shows that the United States would be more significantly affected if it imposed additional trade restrictions against western and neutral economies – with real GDP losses of almost 11% in the severe decoupling scenario – whereas EU losses would increase only slightly in such a case.[22]

    The inflationary effects of trade fragmentation are more uncertain. They depend mainly on the response of exchange rates, firms’ markups and wages. Moreover, they are not distributed equally. While higher import costs and the ensuing price pressures are likely to drive up inflation in the countries raising tariffs, the impact is more ambiguous in other countries as a result of the tariffs’ global recessionary effects, which push down demand and commodity prices, as well as of the possible dumping of exports from countries with overcapacity. The short to medium-term effects may even prove disinflationary for the euro area, where real rates have increased and the euro has appreciated following US tariff announcements.

    In fact, a key feature of most model-based assessments is that higher US tariffs lead to a depreciation of currencies against the US dollar, moderating the inflationary effect for the United States and amplifying it for other countries. But so far we have seen the opposite: the risk-off sentiment in response to US tariff announcements and economic policy uncertainty have led to capital flows away from the United States, depreciating the dollar and putting upward pressure on US bond yields. Conversely, the euro area benefited from safe haven flows, with the euro appreciating and nominal bond yields decreasing.

    Long-term structural changes

    The long-term consequences of economic fragmentation are inherently difficult to predict, but by drawing on historical examples and recognising emerging trends, it’s clear that we are on the verge of significant structural changes. Two areas stand out.

    The first one is structurally lower growth. On this point, international economic literature has reached an overwhelming consensus.[23] Quantitatively, point estimates might vary. For example, research of 151 countries spanning more than five decades of the 20th century reveals that higher tariffs have typically led to lower economic growth. This is largely due to key production factors – labour and capital – being redirected into less productive sectors.[24]

    However, data from the late 19th and early 20th centuries, a period which tariff supporters often look back to, seem to tell a different story. At that time, trade barriers across countries were high – the US effective tariff rate, for example, reached almost 60%, twice as high as after the 2 April tariffs. And sometimes countries imposing higher trade barriers enjoyed higher growth, which may provide motivation for current policymakers’ trade tariff policies. But these episodes need to be read in historical context. Before 1913, tariffs mostly shielded manufacturing, a high-productivity sector at the time, attracting labour from other, less productive sectors, like agriculture. Therefore, their negative effects were mitigated by the expansion of industries at the frontier of technological innovation. Moreover, the interwar years offer further nuance – the Smoot-Hawley tariffs of the 1930s had relatively limited direct effects on US growth, mainly because trade accounted for just 5% of the economy.

    But today’s tariffs are unlikely to replicate the positive effects seen in the 19th century. Instead, they risk creating the same inefficiencies observed in the course of the 20th century, by diverting resources from high-productivity sectors to lower-productivity ones. This contractionary effect could lead to persistently lower global growth rates. In fact, the abolition of trade barriers within the EU and the international efforts towards lower trade barriers in the second half of the 20th century were a direct response to the economic and political impact of protectionism,[25] which had played a key role in worsening and prolonging the Great Depression[26] and had contributed to the formation of competing blocs in the run-up to the Second World War.[27]

    The second long-term shift driven by fragmentation might be the gradual transition from a US-dominated, global system to a more multipolar one, where multiple currencies compete for reserve status. For example, if the long-term implications of higher tariffs materialise, notably in the form of higher inflation, slower growth and higher US debt, this could undermine confidence in the US dollar’s dominant role in international trade and finance.[28] Combined with a further disengagement from global geopolitical affairs and military alliances, this could, over time, undermine the “exorbitant privilege” enjoyed by the United States, resulting in higher interest rates domestically.[29]

    Moreover, as alternative payment systems gain traction, regional currencies may start to emerge as reserves within their respective blocs. This could be accompanied by the rise of competing payment systems, further fragmenting global financial flows and international trade. Such shifts would increase transaction costs and erode the capacity of countries to share risks on a global scale, making the world economy more fragmented and less efficient.

    The central bank’s role in a fragmented world

    So, as these tectonic shifts reshape the global economic landscape, central banks must adapt their approaches while remaining steadfast in their core mandates. The challenges posed by fragmentation require a delicate balance between confronting new realities and working to preserve the benefits of an integrated global economy. In order to navigate the present age of fragmentation, it is necessary to take action in four key areas.

    First, central banks must focus on understanding and monitoring fragmentation. Traditional macroeconomic models often assume seamless global integration and may not fully capture the dynamics of a fragmenting world. Enhanced analytical frameworks that incorporate geopolitical factors and how businesses adjust to these risks will be essential for accurate forecasting and effective policy formulation. The Eurosystem is reflecting on these issues.

    Second, monetary policy must adapt to the new nature of supply shocks generated by fragmentation. The effects of the greater frequency, size and more persistent nature of fragmentation-induced shocks and their incidence on prices require a careful calibration of our monetary responses. In this respect, our communication needs to acknowledge the uncertainty and trade-offs we face while giving a clear sense of how we will react depending on the incoming data. This can be done by making use of scenario analysis and providing clarity about our reaction function, as emphasised recently by President Lagarde.[30]

    Third, instead of building walls, we must forge unity. Even as political winds shift, central banks should strengthen international cooperation where possible. Through forums such as those provided by the BIS and the Financial Stability Board, we can keep open channels of cooperation that transcend borders. Our work on cross-border payments stands as proof of this commitment in line with the G20 Roadmap[31]. The ECB is pioneering a cross-currency settlement service through TARGET Instant Payment Settlement (TIPS) – initially linking the euro, the Swedish krona and the Danish krone. We are exploring connections between TIPS and other fast-payment systems globally, both bilaterally and on the basis of a multilateral network such as the BIS’ Project Nexus.[32]

    And fourth, central banks must enhance their capacity to address financial stability risks arising from fragmentation. The potential for sudden stops in capital flows, payment disruptions and volatility in currency markets requires robust contingency planning and crisis management frameworks. Global financial interlinkages and spillovers highlight the importance of preserving and further reinforcing the global financial safety net so that we can swiftly and effectively address financial stress, which is more likely to emerge in a fragmenting world.[33]

    In fact, the lesson from the 1930s is that international coordination is key to avoiding protectionist snowball effects, where tit-for-tat trade barriers multiply as each country seeks to direct spending to merchandise produced at home rather than abroad.[34] In order to avoid this, the G20 countries committed to preserving open trade could call an international trade conference to avoid beggar-thy-neighbour policies[35] and instead agree on other measures, such as macroeconomic policies that can support the global economy in this period of uncertainty and contribute to reduce global imbalances.

    Let me finally emphasise that the current situation also has important implications for the euro area. If the EU upholds its status as a reliable partner that defends trade openness, investor protection, the rule of law and central bank independence, the euro has the potential to play the role of a global public good. This requires a deep, trusted market for internationally accepted euro debt securities. That is why policy efforts to integrate and deepen European capital markets must go hand in hand with efforts to issue European safe assets.[36]

    Conclusion

    Let me conclude.

    As we stand at this crossroads of global fragmentation, we must confront an uncomfortable truth: we are drifting toward a fractured economic and financial landscape where trust is eroded and alliances are strained.

    Central banks now face a double challenge: to be an anchor of stability in turbulent economic waters while reimagining their role in a world where multiple economic blocs are forming. The question is not whether we adapt, but how we mitigate the costs of fragmentation without sacrificing the potential of global integration.

    Our greatest risk lies not in the shocks we anticipate, but in the alliances we neglect, the innovations we overlook and the common ground we fail to find. The future of global prosperity hinges on our ability to use fragmentation as a catalyst to reinvent the common good.

    MIL OSI Europe News –

    April 29, 2025
  • MIL-Evening Report: India and Pakistan are on war footing. Can they be brought back from the brink?

    Source: The Conversation (Au and NZ) – By Amin Saikal, Emeritus Professor of Middle Eastern and Central Asian Studies, Australian National University; and Vice Chancellor’s Strategic Fellow, Victoria University

    India and Pakistan are once again at a standoff over Kashmir. A terror attack last week in the disputed region that killed 26 tourists – mostly Indian – has brought the two nuclear-armed South Asian rivals close to a devastating conflict.

    India claims the incident was an act of cross-border terrorism supported by Pakistan and has vowed to hunt down and punish the perpetrators. In retaliation, it has suspended the Indus Waters Treaty to deprive Pakistan of water from the Indus River, which runs through the Indian-controlled region of Jammu and Kashmir.

    Pakistan has condemned India’s action as an “act of war”.

    Both sides have put their forces on alert as low-level clashes have broken out along the “Line of Control”, the de facto border established in the region following the first Indo-Pakistan war in 1947–48.

    Pakistan’s defence minister now says a “military incursion” by India is imminent. Can all-out war between the two sides be averted?

    A long-simmering dispute

    At the time of the painful partition of British India in the 1940s, the country’s Muslim minority were given the option of joining the newly created state of Pakistan. Kashmir’s Hindu ruler initially wanted independence for the region, but in fear of invaders from Pakistan, decided to join India.

    This laid the foundations for an enduring, bitter dispute over control of the Muslim-majority region. Attempts at a resolution have been hard to come by.

    The dispute has also become intrinsically linked to the political and strategic postures of the two protagonists.

    New Delhi has vehemently opposed any nationalist demands for independence in Jammu and Kashmir. It fears this would set a precedent for many other minorities who want autonomy in multi-ethnic India.

    Initially, the region was given a special autonomous status under Article 370 of the Indian constitution. But since 2014, the ruling Hindu nationalist Bharatiya Janata Party (BJP) under Prime Minister Narendra Modi has forcefully sought to bring Jammu and Kashmir under New Delhi’s control.

    In 2019, it revoked Article 370 and isolated the region from the rest of India and the outside world.

    Modi’s government argued this was necessary to bring progress and prosperity to the people of Jammu and Kashmir. In reality, it was aimed at squashing separatist movements and easing the way for more Hindus to move to the territory.

    Pakistan condemned the scrapping of Article 370, exacerbating the tensions between the two regional powers.

    New Delhi has also accused Pakistan of involvement in cross-border terrorist acts over the years. Islamabad has refuted New Delhi’s claims and castigated it for human rights violations in Jammu and Kashmir and for denying the people their right to self-determination.

    Nuclear deterrence has been effective

    India and Pakistan fought two wars in 1965 and 1971, the latter resulting in the dismemberment of Pakistan and creation of the state of Bangladesh.

    In 1999, the two rivals came very close to a nuclear exchange in the limited Kargil War in Kashmir, but pulled back from the brink. As I wrote at the time, the consequences of a nuclear war played a crucial role in both sides eventually backing down.

    This is also the main reason the protagonists have not fought another all-out war in five decades, notwithstanding periodic clashes along the Line of Control and the Kargil conflict. And nuclear deterrence may once more prove effective in preventing the two sides from escalating the current conflict.

    Pakistan is also going through a very politically, economically and socially fragile period in its history.

    The country has been in political turmoil since the ousting and arrest of popular Prime Minister Imran Khan in 2023. The economy is in the doldrums. And the government faces a renewed threat from the Pakistani Taliban, amid growing tensions between Pakistan and Afghanistan.

    The main force holding Pakistan together is the military and the powerful Inter-Services Intelligence (ISI) agency.

    India is facing its own challenges, despite being in a more stable position. The Modi government’s Hindu nationalism has marginalised minority groups, in particular the country’s Muslim population. And income inequality is growing, with the richest 1% of the country holding 58% of the wealth.

    Neither country can afford a war right now – particularly one with potentially catastrophic consequences.

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

    – ref. India and Pakistan are on war footing. Can they be brought back from the brink? – https://theconversation.com/india-and-pakistan-are-on-war-footing-can-they-be-brought-back-from-the-brink-255504

    MIL OSI Analysis – EveningReport.nz –

    April 29, 2025
  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on April 29, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of bids received (in ₹ crore) 5,901
    Amount allotted (in ₹ crore) 5,901
    Cut off Rate (%) 6.01
    Weighted Average Rate (%) 6.01
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/200

    MIL OSI Economics –

    April 29, 2025
  • MIL-OSI Asia-Pac: Insurance body review welcomed

    Source: Hong Kong Information Services

    The Government today welcomed the publication of the “2024 Annual Report of the Process Review Panel for the Insurance Authority”.

    The report covers the panel’s review of selected cases completed or discontinued by the authority between January 1 and December 31, 2023.

    The Financial Services & the Treasury Bureau said the panel had conducted a thorough and comprehensive review of the authority’s internal procedures and operational guidelines in handling complaints, authorising insurers, licensing intermediaries, conducting investigations, and undertaking disciplinary actions.

    It added that the panel’s observations and recommendations ensure that the authority exercises its regulatory powers in a fair and consistent manner, strengthening public confidence in its regulatory framework and fostering a stable environment for the insurance industry’s sustainable development.

    This, in turn, enhances the city’s position as a leading international financial and risk management centre, the bureau stated.

    It also thanked the panel’s chairman and members for their dedication and insight in advising the authority on enhancements to is regulatory regime.  

    MIL OSI Asia Pacific News –

    April 29, 2025
  • MIL-OSI Asia-Pac: Rosanna Law meets UAE sports chief

    Source: Hong Kong Information Services

    Secretary for Culture, Sports & Tourism Rosanna Law yesterday met Emirati officials and attended Arabian Travel Market 2025, a trade show, as she began a visit to Dubai, the United Arab Emirates.

    In the morning, Miss Law met the UAE’s Minister of Sports HE Ahmad Belhoul Al Falasi. The two discussed the development of Hong Kong and the UAE as global hubs for major international sporting events, professionalising the sports industry in both places, leveraging sports as a key economic driver, and fostering unity in society through sports participation.

    Miss Law spoke of Hong Kong’s commitment to nurturing elite sports talent by providing comprehensive support and professional training. She also highlighted the city’s vibrant horse racing culture. HE Al Falasi outlined the policies being implemented to develop sports in the UAE.

    Miss Law also extended an invitation to the minister to visit Hong Kong to explore further opportunities for sports co-operation.

    After the meeting, Miss Law paid a courtesy call on Consul-General of the People’s Republic of China in Dubai Ou Boqian. She reported on the Culture, Sports & Tourism Bureau’s recent work and outlined plans to foster collaboration between Hong Kong and the Middle East.

    In the afternoon, Miss Law attended Arabian Travel Market 2025, a leading international event for the Middle East’s hospitality industry.

    At the expo, she witnessed the signing of two memoranda of understanding at the Hong Kong Pavilion between the Hong Kong Tourism Board and two major travel agents in the Middle East, aimed at establishing a framework for future co-operation.

    Additionally, she met senior management from two airlines, Qatar Airways and Emirates, to discuss strengthening partnerships to promote Hong Kong as a premier travel destination for Middle East markets.

    In the evening, a dinner reception was co-hosted by the bureau, the Hong Kong Tourism Board and the Hong Kong Economic & Trade Office in Dubai, with around 70 guests attending.

    In her opening remarks, Miss Law described Hong Kong’s multifaceted tourism offerings, which she said can cater to visitors of all ages and interests. She also pointed to the new Kai Tak Sports Park as an exciting development that will host world-class sports and entertainment events.

    In addition, Miss Law underscored Hong Kong’s commitment to becoming a Muslim-friendly destination, and reiterated the city’s eagerness to deepen ties with the Middle East, not only by welcoming visitors from the region but also by encouraging more Hong Kong people to explore the Middle East for both leisure and business purposes.

    MIL OSI Asia Pacific News –

    April 29, 2025
  • MIL-OSI: Q1 2025 Revenues

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Victoire Grux
    Tel.: +33 6 04 52 16 55
    victoire.grux@capgemini.com

    Investor relations:
    Vincent Biraud
    Tel.: +33 1 47 54 50 87
    vincent.biraud@capgemini.com

    Q1 2025 Revenues

    • Q1 2025 revenues of €5,553 million, up +0.5% at current exchange rates and a decline limited to -0.4% at constant exchange rates1
    • Bookings of €5,884 million representing a strong 1.06 book-to-bill for the period

    Paris, April 29, 2025 – The Capgemini Group reported Q1 2025 revenues of € 5,553 million, up +0.5% at current exchange rates and a decline limited to -0.4% at constant exchange rates.

    Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “We delivered a Q1 slightly better than our expectations in a macro and geopolitical environment that remains challenging. Clients continue to focus on transformation programs aimed at improving the agility, cost and efficiency of their operations.

    We are well positioned and are taking advantage of the growing appetite of our clients for generative AI and agentic AI which represented more than 6% of our bookings in Q1. We continue to invest in training and assets and to reinforce our ecosystem in this domain with new initiatives with Nvidia and Google Cloud.

    We are focused on opportunities in the fields of defense, sovereignty and cyber in Europe while continuing to benefit from global growth in digital core and digital continuity.

    Considering the current context on international trade and tariffs, we are confirming our financial objectives for 2025 and as such we retain the cautious stance adopted at the beginning of the year.”

      Revenues
    (in millions of euros)
      Change
      2024 2025   Reported At constant exchange rates*
    Q1 5,527 5,553   +0.5% -0.4%

    Capgemini revenues reached €5,553 million in Q1 2025, corresponding to a revenue decline limited to -0.4% at constant currency*. This represents a +0.7 points improvement on the year-on-year growth rate reported in Q4 2024, primarily driven by the North America and United Kingdom and Ireland regions.

    In a more volatile economic environment due to rising geopolitical tensions, the Group has not seen at this stage a material impact on client decisions. Large companies and organizations remain decidedly focused on transformation programs aimed at improving the agility and efficiency of their operations, at the expense of growth-oriented projects.

    In that context, Capgemini’s high value-added services around Cloud, Data & AI and digital continuity enjoyed robust growth in Q1.

    OPERATIONS BY REGION

    At constant exchange rates, revenues in North America (28% of 2024 Group revenues) were back to slight growth in Q1, up +0.8% year-on-year. This performance was mostly driven by the TMT (Telecoms, Media and Technology) and Financial Services sectors, and partly offset by a decline in the Manufacturing sector.

    The United Kingdom and Ireland region (12% of 2024 Group revenues) accelerated further on Q4 2024 growth rate with revenues up +3.9% year-on-year. The Public Sector and Energy & Utilities sector contributed the most to this growth, and Financial Services remained dynamic.

    Revenues in France (20% of 2024 Group revenues) declined by -4.9% year-on-year, most notably due to persisting weakness in the Manufacturing and Energy & Utilities sectors.

    In the Rest of Europe region (31% of 2024 Group revenues), revenues were down by -2.3% year-on-year, reflecting the decline in the Manufacturing sector whereas other sectors were broadly stable.

    Finally, the Asia-Pacific and Latin America region (9% of 2024 Group revenues) enjoyed solid growth with revenues up +7.6% year-on-year. The Public Sector and TMT sector posted a strong growth, complemented by robust momentum in the Financial Services and Manufacturing sectors.

    OPERATIONS BY BUSINESS

    At constant exchange rates, total revenues* of Strategy & Transformation consulting services (9% of 2024 Group revenues) grew by +1.2% year-on-year in Q1.

    Total revenues of Applications & Technology services (62% of 2024 Group revenues and Capgemini’s core business) were up +1.9% year-on-year.

    Finally, total revenues of Operations & Engineering services (29% of 2024 Group revenues) declined by -2.6% year-on-year.

    HEADCOUNT

    At March 31, 2025, the Group’s total headcount stood at 342,700, up +1.6% year-on-year and +0.5% compared to the end of December 2024.

    Onshore headcount decreased by -1.4% to 143,300, while offshore headcount was up +3.9% to 199,400, i.e., 58% of total employees.

    BOOKINGS

    Bookings totaled €5,884 million in Q1 2025, up +2.8% year-on-year at constant exchange rates. The book-to-bill ratio stands at 1.06, above the historical average for the period.

    OUTLOOK

    The Group’s financial targets for 2025 are:

    • Revenue growth of -2.0% to +2.0% at constant currency;
    • Operating margin of 13.3% to 13.5%;
    • Organic free cash flow of around €1.9 billion.

    CONFERENCE CALL

    Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this publication during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.

    All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

    PROVISIONAL CALENDAR

    May 7, 2025        Shareholders’ meeting
    July 30, 2025        H1 2025 results
    October 28, 2025        Q3 2025 revenues

    The dividend payment schedule to be submitted to the Shareholders’ Meeting for approval would be:

    May 20, 2025        Ex-dividend date on Euronext Paris
    May 22, 2025        Payment of the dividend

    DISCLAIMER

    This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives of these terms and similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.

    This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.

    ABOUT CAPGEMINI

    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

    Get the Future You Want | http://www.capgemini.com/

    * *

    *

    APPENDIX1

    BUSINESS CLASSIFICATION

    • Strategy & Transformation includes all strategy, innovation and transformation consulting services.
    • Applications & Technology brings together “Application Services” and related activities and notably local technology services.
      • Operations & Engineering encompasses all other Group businesses. These comprise Business Services (including Business Process Outsourcing and transaction services), all Infrastructure and Cloud services, and R&D and Engineering services.

    DEFINITIONS

    Year-on-year revenue growth at constant exchange rates is calculated by comparing revenues for the reported period with those of the same period of the previous year restated with the exchange rates of the reported period.

    Reconciliation of growth rates Q1
    2025
    Growth at constant exchange rates -0.4%
    Exchange rate fluctuations +0.9pts
    Reported growth +0.5%

    When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.

    Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expenses” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.

    Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.

    Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.

    Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.

    REVENUES BY REGION

      Revenues
    (in millions of euros)
      Year-on-year growth
      Q1 2024 Q1 2025   Reported At constant exchange rates
    North America 1,527 1,582   +3.6% +0.8%
    United Kingdom and Ireland 684 728   +6.4% +3.9%
    France 1,131 1,076   -4.9% -4.9%
    Rest of Europe 1,729 1,689   -2.3% -2.3%
    Asia-Pacific and Latin America 456 478   +4.9% +7.6%
    TOTAL 5,527 5,553   +0.5% -0.4%

    REVENUES BY BUSINESS

      Total revenues*
    (in % of 2024 Group revenues)
      Year-on-year growth
    of total revenues at constant exchange rates
     
    Strategy & Transformation 9%   +1.2%
    Applications & Technology 62%   +1.9%
    Operations & Engineering 29%   -2.6%

    1 The terms and Alternative Performance Measures marked with an (*) are defined and/or reconciled in the appendix to this press release.
    1 Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

    Attachment

    • Capgemini_-_2025-04-29_-_2025_Q1_Revenues

    The MIL Network –

    April 29, 2025
  • MIL-OSI: Planisware – Q1 2025 revenue

    Source: GlobeNewswire (MIL-OSI)

    Q1 2025 revenue: € 47.5 million; +16.0%

    • Revenue up +14.3% in constant currencies, in line with FY planned trajectory
    • Strong commercial dynamic despite still elongated sales cycles
    • Growing pipeline fueled by high demand for advanced solutions providing visibility and agility
    • 2025 objectives confirmed:
      • Mid-to-high teens revenue growth in constant currencies
      • c. 35% adjusted EBITDA margin1
      • Cash Conversion Rate*of c. 80%

    Paris, France, April 29, 2025 – Planisware, a leading B2B provider of SaaS in the rapidly growing Project Economy market, announces today its Q1 2025 revenue. Up by +16.0% in current currencies Revenue amounted to € 47.5 million, mainly led by the continued success of the Group’s market-leading SaaS platform. In constant currencies, revenue growth reached +14.3% (€+5.9 million), in line with the planned trajectory to achieve a mid-to-high teens revenue growth in 2025. Recurring revenue amounted to € 43.9 million (92% of total revenue) and was up by +16.2% in constant currencies.

    Loïc Sautour, CEO of Planisware, commented: “Although we are not directly impacted by tariffs, we are still observing elongated customers’ decision-making process. So we continue to leverage the close connection with our existing customers, but also to initiate commercial relationships with new clients. This approach enabled Planisware to deliver a robust revenue growth in Q1 2025, in line with the planned trajectory for the year.

    Facing a significant level of macroeconomic uncertainties, our clients and prospects express greater needs for advanced solutions to manage their portfolio of strategic projects and gain better visibility and agility to navigate in this challenging environment.

    In this context, we confirm our mid-to-high teens revenue growth objective for the year while staying vigilant to potential further deterioration in the global economy, particularly in the short term. We also remain disciplined on resources allocation to maintain a strong profitability and best-in-class cash conversion rate while ensuring we keep investing in our long-term growth.”

    Q1 2025 revenue by revenue stream

    In € million Q1 2025 Q1 2024 Variation
    YoY
    Variation
    in cc*
    Recurring revenue 43.9 37.2 +18.0% +16.2%
    SaaS & Hosting 22.7 18.9 +20.4% +18.5%
    Evolutive support 13.2 10.8 +21.8% +20.0%
    Subscription support 3.0 2.8 +6.7% +4.1%
    Maintenance 4.9 4.6 +6.4% +5.2%
    Non-recurring revenue 3.6 3.8 -3.3% -4.4%
    Perpetual licenses 0.8 1.1 -24.1% -25.4%
    Implementation & others non-recurring 2.8 2.7 +5.5% +4.4%
    Total revenue 47.5 40.9 +16.0% +14.3%

    * Revenue evolution in constant currencies, i.e. at Q1 2024 average exchange rates

    Reaching € 47.5 million in Q1 2025, revenue was up by +16.0% in current currencies and +14.3% in constant currencies. The exchange rates effect was almost fully related to the appreciation of the US dollar versus the euro. In order to reflect the underlying performance of the Company independently from exchange rate fluctuations, the following analysis refers to revenue evolution in constant currencies, applying Q1 2024 average exchange rates to Q1 2025 revenue figures, unless expressly stated otherwise.

    Recurring revenue

    Representing 92% of Q1 2025 total revenue, up by c. 150 basis points versus 91% in Q1 2024, recurring revenue reached € 43.9 million, up by +16.2%.

    Revenue growth was led by +17.8% growth of Planisware’s SaaS model (i.e. SaaS & Hosting, Annual licenses, and Evolutive & Subscription support), of which SaaS & Hosting revenue was up by +18.5% thanks to contracts secured with new customers as well as continued expansion within the installed base. Revenue of support activities (Evolutive & Subscription support), intrinsically related to Planisware’s SaaS offering, grew by +16.7%.

    Maintenance revenue was up by +5.2% in the context of the Group’s shift from its prior Perpetual license model to a SaaS model and reflecting the strong demand for licenses in the start of 2024 from customers with specific on-premises needs, in particular in the defense industry.

    Non-recurring revenue

    Non-recurring revenue was down by -4.4% in Q1 2025, with a contrasted trend of Perpetual licenses down by -25.4% and Implementation up by +4.4%.

    Implementation activity was high in Q1 2025 with the start of several large SaaS contracts signed end of 2024, leading to +4.4% revenue growth. On the other hand, the Group sold several Perpetual licenses extensions and upgrades to customers with specific on-premises needs but posted a revenue decline by €-0.3 million compared to Q1 2024 which represented a particularly high comparative basis.

    Commercial dynamic

    In Q1 2025, despite sales cycles remaining longer than a year before, clients and prospects expressed greater needs for advanced solutions to manage their portfolio of strategic projects and gain better visibility and agility to navigate in the current uncertain environment. Planisware continued to support its existing customers in adapting and reorganizing themselves to a rapidly changing environment, while maintaining or enhancing their operational efficiency. As a result, key clients such as Philips or Boston Scientific expanded their usage of Planisware’s solutions and support practices. This was particularly the case in the automotive industry with clients such as Fox Factory in the US in PD&I, Continental in Germany, as well as Forvia in France.

    The relevance of Planisware’s multi-specialist approach has been demonstrated in many sectors, from retail in Australia with Coles or the pharmaceutical industry in Japan with Takeda, to automotive in the USA and Sweden with Dana and HADV Group, which now uses Orchestra to manage its product development portfolio.

    2025 objectives confirmed

    Taking into account its strong commercial pipeline and acknowledging a high level of uncertainties that may drive further elongation of sales cycles and delays in the start of new contracts, Planisware confirms its 2025 objectives:

    • Mid-to-high teens revenue growth in constant currencies
    • c. 35% adjusted EBITDA margin*
    • Cash Conversion Rate* of c. 80%

    Appendices

    Investors & Analysts conference call

    Planisware’s management team will host an international conference call on April 29, 2025 at 8:00am CET to details Q1 2025 performance and key achievements, by means of a presentation followed by a Q&A session. The webcast and its subsequent replay will be available on planisware.com.

    Upcoming event

    • June 19, 2025:                 Annual General Meeting of shareholders
    • July 31, 2025:                 H1 2025 results publication
    • October 21, 2025:         Q3 2025 revenue publication

    Contact

    About Planisware

    Planisware is a leading business-to-business (“B2B”) provider of Software-as-a-Service (“SaaS”) in the rapidly growing Project Economy. Planisware’s mission is to provide solutions that help organizations transform how they strategize, plan and deliver their projects, project portfolios, programs and products.

    With circa 750 employees across 16 offices, Planisware operates at significant scale serving around 600 organizational clients in a wide range of verticals and functions across more than 30 countries worldwide. Planisware’s clients include large international companies, medium-sized businesses and public sector entities.

    Planisware is listed on the regulated market of Euronext Paris (Compartment A, ISIN code FR001400PFU4, ticker symbol “PLNW”).

    For more information, visit: https://planisware.com/ and connect with Planisware on LinkedIn.

    Disclaimer

    Forward-looking statements

    This document contains statements regarding the prospects and growth strategies of Planisware. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that Planisware considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments.

    This information includes statements relating to Planisware’s intentions, estimates and targets with respect to its markets, strategies, growth, results of operations, financial situation and liquidity. Planisware’s forward-looking statements speak only as of the date of this document. Absent any applicable legal or regulatory requirements, Planisware expressly disclaims any obligation to release any updates to any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances, on which any forward-looking statement contained in this document is based. Planisware operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.

    Rounded figures

    Certain numerical figures and data presented in this document (including financial data presented in millions or thousands and certain percentages) have been subject to rounding adjustments and, as a result, the corresponding totals in this document may vary slightly from the actual arithmetic totals of such information.

    Variation in constant currencies

    Variation in constant currencies represent figures based on constant exchange rates using as a base those used in the prior year. As a result, such figures may vary slightly from actual results based on current exchange rates.

    Non-IFRS measures

    This document includes certain unaudited measures and ratios of the Group’s financial or non-financial performance (the “non-IFRS measures”), such as “recurring revenue”, “non-recurring revenue”, “gross margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted Free Cash Flow”, and “cash conversion rate”. Non-IFRS financial information may exclude certain items contained in the nearest IFRS financial measure or include certain non-IFRS components. Readers should not consider items which are not recognized measurements under IFRS as alternatives to the applicable measurements under IFRS. These measures have limitations as analytical tools and readers should not treat them as substitutes for IFRS measures. In particular, readers should not consider such measurements of the Group’s financial performance or liquidity as an alternative to profit for the period, operating income or other performance measures derived in accordance with IFRS or as an alternative to cash flow from (used in) operating activities as a measurement of the Group’s liquidity. Other companies with activities similar to or different from those of the Group could calculate non-IFRS measures differently from the calculations adopted by the Group.

    Non-IFRS measures included in this document are defined as follows:

    • Adjusted EBITDA is calculated as Current operating profit including share of profit of equity-accounted investees, plus amortization and depreciation as well as impairment of intangible assets and property, plant and equipment, plus either non-recurring items or non-operating items.
    • Adjusted EBITDA margin is the ratio of Adjusted EBITDA to total revenue.
    • Adjusted FCF (Free Cash Flow) is calculated as cash flows from operating activities, plus IPO costs paid, if any, less other financial income and expenses classified as operating activities in the cash-flow statement, and less net cash relating to capital expenditures.
    • Cash Conversion Rate is defined as Adjusted FCF divided by Adjusted EBITDA.

    1 Non-IFRS measure. Non-IFRS measures included in this document are defined in the disclaimer at the end of this document.

    Attachment

    • Planisware – Q1 2025 revenue – PR

    The MIL Network –

    April 29, 2025
  • MIL-OSI: Amundi: Results for the First quarter of 2025 – Record inflows at +€31bn

    Source: GlobeNewswire (MIL-OSI)

    Amundi: Results for the First quarter of 2025 

    Record inflows at +€31bn

    Record
    inflows
      Assets under management1at an all-time high of €2.25tn at end of March 2025, +6% year-on-year

    Highest quarterly net inflows since 2021, at +€31bn in Q1

    • +€37bn in medium- to long-term assets excluding JVs, new quarterly record
    • Positive inflows in active management (+€6bn)
    • Strong ETF net inflows and gain of a big ESG equity index mandate with The People’s Pension (UK): +€21bn
         
    Strong growth in profit before tax   Profit before tax2of €458m, up +11% Q1/Q1, driven by:

    • revenue growth (+11%)
    • positive jaws effect
    • improved cost-income ratio to 52.4%2

    Adjusted net income2,3 close to €350m excluding impact of exceptional tax surcharge4 in France (-€46m)

         
    Confirmed strategic pillars
    success
      Strong inflows in growth areas:

    • Third-party distribution +€8bn
    • Asia +€8bn
    • ETF +€10bn

    Amundi Technology: strong organic growth, integration of aixigo and revenues up +46% Q1/Q1

    Paris, 29 April 2025

    Amundi’s Board of Directors met on 28 April 2025 chaired by Philippe Brassac, and approved the financial statements for the first quarter of 2025.

    Valérie Baudson, Chief Executive Officer, said: “After a record year in 2024, Amundi continued this momentum in the first quarter of 2025. Quarterly net inflows are at their highest since 2021: our clients, whether they are individuals or institutions, have entrusted us with +€31bn more to manage. In particular, we won a major mandate from one of the UK’s largest pension funds in the fast-growing market for Defined Contribution pension plans.

    The business continues to reflect the relevance of our main growth pillars: net inflows were dynamic with Third-Party Distributors, in Asia and on ETFs, and Amundi Technology continues its sustained growth.

    The three transactions signed in 2024 reinforce this solid organic growth: Alpha Associates and aixigo have already contributed positively to the quarter’s results, the partnership with Victory Capital, closed on 1 April, now allows us to offer more US strategies while creating value for our shareholders.

    Amundi’s diversified model and agility allow us to effectively support our clients in all market environments and provide them with long-term growth opportunities. We continue to invest, redeploy our resources and optimise our cost base to adapt our platform, meet the changing needs of clients and develop new services for them. »

    * * * * *

    Highlights

    Continued organic growth thanks to confirmed successes in the strategic pillars

    2025 is the last year of implementation of the 2025 Ambitions plan, which sets a number of strategic pillars to accelerate the diversification of the Group’s growth drivers and exploit development opportunities. After a year 2024 during which several objectives were achieved a year ahead of schedule, the first quarter confirmed the momentum:

    • Third-Party Distribution recorded assets under management up over +15% year-on-year and net inflows over 12 months of +€33bn, of which +€8bn5 in the first quarter of 2025, mainly in MLT assets6, (+€7.6bn); net inflows this quarter were driven by ETFs and active management, diversified by geographical areas and positive in almost all countries in terms of MLT assets6, particularly in Asia (+€1.7bn); it is also diversified by types of client, with a confirmed commercial momentum with digital platforms, which account for c.25% of net inflows; it should be noted that a Workshop presenting the Third-Party Distribution business line will be held on Thursday 19 June in London, with the entire division’s management team;
    • Asia: assets under management were up +9% year-on-year despite the fall in the US dollar and the Indian rupee, to reach €462bn; net inflows for the quarter reached +€8bn, mainly from direct distribution (+€5bn compared to +€3bn for JVs), and is balanced between major client segments in direct distribution and JVs; it is also diversified by countries: Korea (+€3bn) thanks to the JV, China with the two JVs and institutional clients, Hong Kong (+€1.6bn) and Singapore (+€1.4bn) thanks to institutional and third-party distributors;
    • ETFs raised +€10bn this quarter, thanks to the success of US equity underlying strategies at the beginning of the quarter, and then in March with the success of the Stoxx Europe 600 ETF, which collected +€1.3bn in one month and exceeded €10bn in assets under management; innovative products were launched, with the ETF invested in short-duration eurozone sovereign green bonds, capitalising on the success of its long-duration big brother, which reached €3bn in assets under management;
    • Amundi Technology continues to grow: its revenues increased by +46% Q1/Q1, driven in equal parts by the integration of aixigo and strong organic growth; the business line has signed a partnership with Murex to offer in ALTO the functionalities of this company’s integrated OTC derivatives management and valuation platform, MX.3, which has more than 60,000 users in 65 countries; the partnership includes cross-selling and joint business development agreements.

    After the end of the first quarter

    • On 1 April, the partnership with Victory Capital, was closed and Amundi received 17.6 million shares, i.e. 21.2%7 of Victory Capital’s capital. In accordance with the Contribution Agreement and the completion of the remaining adjustments, we expect Amundi’s stake in Victory Capital to reach 26.1%7 in the next few months. This investment will be consolidated using the equity method and will start contributing to the Group’s results from the second quarter.
    • It should be noted that as of 8 April, after the drop in the equities and bond markets and at the trough of European equity markets since the end of the first quarter (Stoxx 600 -9%), the Group’s assets under management excluding JVs8 were down by just below -3% compared to 31 March 2025; as of 25 March, they had recovered to less than -2% vs. end March.
    • After the success of Ambitions 2025, a new three-year strategic plan will be presented in the fourth quarter.

    Focus on operations in the UK

    The winning of a large mandate with a pension fund illustrates the strong development of Amundi’s operations in the United Kingdom. Amundi has management and marketing/sales teams there and is experiencing strong growth in its business:

    • London is one of Amundi’s 6 global investment hubs, with €49bn under management for the entire Group, in charge of all emerging markets strategies as well as global and GBP fixed income strategies;
    • The distribution platform for local clients represents €66bn under management, balanced between institutional and third-party distribution; the commercial platform is complemented by Amundi Technology sales teams to serve British clients.

    The €21bn equity index mandate for The People’s Pension, one of the leading Master Trusts (multi-employer pension funds) in the Defined Contribution pension plan market, was won thanks to the depth and consistency of Amundi’s responsible investment methodology, applied in this case to an index management solution. It amplifies the strong commercial momentum in this Master Trust market segment, as Amundi is now a close partner of the two largest players.

    Activity

    Capital markets still up Q1/Q1, decline in the dollar and Indian rupee

    In the first quarter of 2025, both equities9and bond10markets continued to rise. Year-on-year, they gained +13% and +3% respectively in average. The market effect is therefore positive on the Group’s assets under management and revenues compared to the first quarter of 2024.

    The Indian rupee and the US dollar were both down -4% quarter-on-quarter, and -3% year-on-year for the Indian rupee while the US dollar is stable over the same period. The foreign exchange effect, which was neutral year-on-year, was therefore negative by around -1% on Amundi’s end-of-period assets under management in the first quarter.

    European fund management market in slow recovery

    Investor risk aversion persists in the European fund management market. In the first quarter of 2025, net inflows in open-ended funds11 continued their slow recovery compared to the beginning of 2024, at +€221bn in the first quarter, down slightly compared to the fourth quarter of 2024 (+€232bn) due to lower net inflows from money market funds (+€60bn). Active management continued its recovery, with +€70bn net inflows, and its rebalancing compared to passive management (+€91bn, of which +€82bn in ETFs). As in previous quarters, net flows were positive thanks to fixed income, and grew only as a result of lower outflows in equities and multi-assets.

    Highest quarterly net inflows for MLT assets6in Q1

    Assets under management1as at 31 March 2025 increased by +6.2% year-on-year, to reach the new record of €2,247bn. Over 12 months, in addition to market appreciation, they benefited from a high level of net inflows, at +€70bn, higher than the market & forex effect of +€53bn. The increase in assets under management also benefited from the integration of Alpha Associates since the beginning of April 2024 (+€7.9bn).

    In the first quarter of 2025, the forex effect was negative by -€26bn due to the fall of the US dollar and the Indian rupee against the euro. It was very slightly offset by a small positive market effect (+€2bn). The strong net inflows in the quarter were much higher than this negative forex effect.

    The first quarter net inflows totalled +€31bn, the highest level for a quarter since 2021, of which +€37bn in MLT assets6 excluding JVs, an all-time record.

    These net inflows benefited from the gain of the mandate of The People’s Pension (+€21bn). The rest of the MLT net inflows6 (+€16bn) comes from passive management, in particular ETFs (+€10bn) and active management (+€6bn). As in previous quarters, the latter was driven by fixed income strategies (+€11bn), in all client segments.
    The three main client segments contributed to net inflows of +€31bn:

    • the Retail segment, at +€6bn, thanks to Third-Party Distributors (+€8bn); net inflows were slightly positive at Amundi BOC WM while risk aversion continued to affect net inflows from Partner Networks: slightly positive in France (+€0.2bn) and negative in International business (-€3bn), due in particular to multi-asset strategies: -€2bn;
    • The Institutional segment, at +€22bn, of which +€33bn in MLT assets6, benefited from The People’s Pension mandate and a good level of net inflows, particularly bonds, in all sub-segments except the seasonal effect for Corporates and Employee Savings;
    • Finally JVs (+€3bn) benefited from dynamic net inflows in NH-Amundi (South Korea, +€3bn), while SBI FM (India, -€1bn) recorded outflows linked to end-of-fiscal-year operations and client caution after the correction in local equities markets since October 2024, even though net flows remained positive in the retail segment; ABC-CA (China) net inflows confirmed the stabilisation of the local market, and were positive by +€1bn excluding discontinued Channel Business operations, mainly driven by treasury products.

    Treasury products posted outflows of -€8.7bn, mainly due to particularly strong seasonal outflows from Corporates in the first quarter of this year (-€11.6bn) and to a lesser extent from arbitrages by CA & SG insurers (-€1.6bn) in favour of products with longer durations. All other client segments posted slightly positive net inflows in treasury products, reflecting the wait-and-see attitude in the face of volatility in risky assets markets.

    First quarter 2025 results

    Sharp increase in profit before tax2+11% Q1/Q1 thanks to top line growth

    Adjusted data2

    Profit before tax2reached €458m, up +10.7% compared to the first quarter of 2024.

    It includes contributions from Alpha Associates as well as aixigo, acquisitions of which were finalised in early April and early November 2024 respectively, and were therefore not included in the first quarter 2024. Their cumulative contribution to the profit before tax2 in the first quarter reached +€4m, i.e. +1pp of Q1/Q1 growth.

    The growth in profit before tax2 was mainly due to the increase in revenues.

    Adjusted net revenue2 amounted to €912m, up +10.7% compared to the first quarter of 2024, +9% at constant scope, driven by all sources of revenues:

    • net management fees increased by +7.7% compared to the first quarter of 2024, to €824m, which reflects the good level of activity, the increase in average assets under management excluding JVs (+8.8% over the same period), but also the negative product mix effect on revenue margins;
    • performance fees (€23m), which are traditionally more moderate in the first quarter due to the lower number of fund anniversaries during this period, nevertheless rose by +30.7% compared to the first quarter of 2024; they reflect the good performance of Amundi’s investment management, with c.70% of assets under management ranked in the first or second quartiles according to Morningstar12 over 1, 3 or 5 years, and 244 Amundi funds rated 4 or 5 stars by Morningstar12 as at 31 March;
    • Amundi Technology’s revenues, at €26m, continued to grow steadily (+46.2% compared to the first quarter of 2024), amplified this quarter by the consolidation of aixigo (+€4m); excluding aixigo, these revenues were up +21.2% organically;
    • finally, the Financial and other revenues2 amounted to €39m, up sharply compared to the first quarter of 2024 thanks to capital gains on the private equity portfolio in seed money and a positive mark-to-market from equity holdings, despite the impact of the fall in short-term rates in the euro zone.

    The increase in adjusted2operating expenses, €478m, is +8.8% compared to the first quarter of 2024, +6% at constant scope. It remains lower than that of revenues, thus generating a positive jaws effect of nearly 3 percentage points excluding the scope effect related to the acquisition of Alpha Associates and aixigo, reflecting the Group’s operational efficiency.

    In addition to the scope effect, this increase is mainly due to:

    • investments in the development initiatives of the 2025 Ambitions plan, including technology, third-party distribution and Asia;
    • provisioning for individual variable remuneration, in line with the growth in results.

    The cost-income ratio at 52.4% on an adjusted data basis2, improved compared to the same quarter last year and is in line with the Ambitions 2025 target (<53%).

    The adjusted2gross operating income (GOI) amounted to €434m, up +12.9% compared to the first quarter of 2024, +11.8% at constant scope, reflecting revenue growth.

    Share of net income of equity-accounted companies13, at €28m, down slightly compared to the first quarter of 2024, reflects the decline in net financial income of the main contributing entity, the Indian JV SBI FM. The decline in the Indian equities markets resulted in negative mark-to-market in the JV’s financial income, which nevertheless continues to benefit from strong growth in its activity with management fees up of over +20% Q1/Q1.

    The adjusted2corporate tax expense for the first quarter of 2025 reached -€155m, a very strong increase – +60.8% – compared to the first quarter of 2024.

    In France, in accordance with the Finance law for 2025, an exceptional tax contribution must be booked in fiscal year 2025. It is calculated on the average of the profits made in France in 2024 and 2025. This exceptional contribution is estimated14 to -€72m for the year as a whole, but it will not be accounted for on a straight-line basis over the quarters. It amounted to -€46m in the first quarter of 2025, with the rest spread over the next three quarters. Excluding this exceptional contribution, the adjusted2 tax expense would have been -€109m and the adjusted2 effective tax rate would be equivalent to that of the first quarter of 2024.

    Adjusted2net income amounts to €303m. Excluding the exceptional tax contribution, it would have been close to €350m, up +10% compared to the first quarter of 2024.

    The adjusted2net earnings per share in the first quarter of 2025 was €1.48, including -€0.22 related to the exceptional tax contribution in France. Excluding this exceptional tax contribution, adjusted2 earnings per share would therefore have been €1.70, up +9.6% compared to the first quarter of 2024.

    Accounting data in the first quarter of 2025

    Accounting net income, Group share amounted to €283m. It includes the exceptional tax contribution in France of -€46m.

    As in other quarters, accounting net income includes non-cash charges related to the acquisitions of Alpha Associates and aixigo and the amortisation of intangible assets related to distribution agreements and client contracts (including the corresponding new charges related to Alpha Associates), for a total of -€14m after tax. Integration costs related to the partnership with Victory Capital, closed on 1 April 2025, were also recorded in the first quarter, for a total of -€5m after tax. Furthermore, amortisation of intangible fixed assets adjustments after the integration of aixigo was also recognised in operating expenses -€1m after tax (See the details of all these elements in p. 11).

    Accounting net earnings per share in the first quarter of 2025 was €1.38, including the exceptional tax contribution in France.

    A solid financial structure, €1.2bn in surplus capital

    Tangible net assets15 amounted to €4.8bn as at 31 March 2025, up +€0.3bn or +7% compared to the end of 2024, in line with the quarter’s net income.

    The CET1 solvency ratio stood at 15.5%16 as at 31 March 2025.

    As indicated at the time of signing in July 2024, the partnership with Victory Capital will have no material effect on the ratio.

    The capital surplus at the end of the first quarter amounted to €1.2bn, taking into account the dividend to be paid for 2024, the net income for the first quarter and the related dividend provision.

    Future investments and operational efficiency

    This quarter, Amundi demonstrated its ability to:

    • Be agile and accompany its clients in different market contexts, thanks to its wide range of high-performing investment management expertise and product innovation;
    • Develop services to offer technological or investment management solutions to players in the entire savings value chain;
    • Offer a full range of Responsible Investment solutions, in order to adapt to all client demands;
    • Develop in Europe including in the United Kingdom;
    • Invest and accelerate on the growth pillars of its strategic plan: Asia, third-party distribution, ETFs, technology, services.

    To finance future investments and accelerate the reallocation of our resources towards our growth drivers, we set ourselves a cost optimisation target of €30 to €40m, to be achieved as from 2026.

    * * * * *

    APPENDICES

    Adjusted income statement2of the first quarter of 2025

    (M€)   Q1 2025 Q1 2024 % var.
    Q1/Q1
             
    Net revenue – Adjusted   912 824 +10.7%
    Net management fees   824 766 +7.7%
    Performance fees   23 18 +30.7%
    Technology   26 18 +46.2%
    Financial income and other income – Adjusted   39 23 +68.5%
    Operating expenses – Adjusted   (478) (439) +8.8%
    Cost/income ratio – Adjusted (%)   52.4% 53,3% -0.9pp
    Gross operating income – Adjusted   434 385 +12.9%
    Cost of risk & others   (4) (0) NS
    Share of net income of equity-accounted companies   28 29 -3.7%
    Income before tax – Adjusted   458 413 +10.7%
    Corporate tax – Adjusted   (155) (97) +60.8%
    Of which exceptional tax contribution in France   (46) – NS
    Non-controlling interests   1 1 +14.3%
    Net income Group share – Adjusted   303 318 -4.5%
    Amortisation of intangible assets, after tax   (14) (15) -7.4%
    Amortisation of aixigo PPA, after tax   (1) – –
    Integration costs, after tax   (5) – –
    Net income Group share   283 303 -6.6%
    Earnings per share (€)   1.38 1.48 -7.0%
    Earnings per share – Adjusted (€)   1.48 1.55 -4.9%

    Change in assets under management from the end of 2021 to the end of March 202517

    (€bn) Assets under management  

    Net

    inflows

    Market and forex effect Scope
    Effect
      Change in AuM
    vs. prior quarter
    As of 31/12/2021 2,064         +14%18
    Q1 2022   +3.2 -46.4   –  
    As of 31/03/2022 2,021         -2.1%
    Q2 2022   +1.8 -97.7   –  
    As of 30/06/2022 1,925         -4.8%
    Q3 2022   -12.9 -16.3   –  
    As of 30/09/2022 1,895         -1.6%
    Q4 2022   +15.0 -6.2   –  
    As of 31/12/2022 1,904         +0.5%
    Q1 2023   -11.1 +40.9   –  
    As of 31/03/2023 1,934         +1.6%
    Q2 2023   +3.7 +23.8   –  
    As of 31/06/2023 1,961         +1.4%
    Q3 2023   +13.7 -1.7   –  
    As of 30/09/2023 1,973         +0.6%
    Q4 2023   +19.5 +63.8   -20  
    As of 31/12/2023 2,037         +3.2%
    Q1 2024   +16.6 +62.9   –  
    As of 31/03/2024 2,116         +3.9%
    Q2 2024   +15.5 +16.6   +8  
    30/06/2024 2,156         +1.9%
    Q3 2024   +2.9 +32.5   –  
    30/09/2024 2,192         +1.6%
    Q4 2024   +20.5 +28.2   –  
    31/12/2024 2,240         +2.2%
    Q1 2025   +31.1 -24.0   –  
    31/03/2025 2,247         +0.3%

    Total year-on-year between 31 March 2024 and 31 March 2025: +6.2%

    • Net inflows        +€70.0bn
    • Market effect        +€63.8bn
    • Forex effect        -€10.5bn
    • Scope effects        +€7.9bn        
      (Alpha Associates’ first consolidation in Q2 2024, the acquisition of aixigo has no effect on assets under management)

    Details of assets under management and net inflows by client segments19

    (€bn) AuM
    31.03.2025
    AuM
    31.03.2024
    % change /31.03.2024 Inflows
    Q1 2025
    Inflows
    Q1 2024
    French Networks 139 137 +1.3% +0.2 +1.5
    International networks 162 165 -1.6% -2.7 -2.0
    Of which Amundi BOC WM 2 3 -21.2% +0.3 -0.2
    Third-Party Distributors 398 345 +15.6% +8.3 +7.0
    Retail 700 647 +8.2% +5.8 +6.5
    Institutional & Sovereigns (*) 550 511 +7.5% +30.1 +9.7
    Corporates 111 108 +2.1% -10.3 -4.2
    Employee savings plans 95 90 +6.0% -0.9 -0.9
    CA & SG Insurers 430 427 +0.7% +3.6 +1.0
    Institutional 1,186 1,137 +4.3% +22.4 +5.6
    JVs 362 332 +8.9% +2.9 +4.5
    Total 2,247 2,116 +6.2% +31.1 +16.6

    (*) Including funds of funds

    Details of assets under management and net inflows by asset classes19

    (€bn) AuM
    31.03.2025
    AuM
    31.03.2024
    % change /31.03.2024 Inflows
    Q1 2025
    Inflows
    Q1 2024
    Equities 564 505 +11.7% +26.4 -2.6
    Multi-assets 271 280 -3.1% -1.0 -7.6
    Bonds 759 700 +8.4% +14.3 +13.9
    Real, alternative, and structured products 111 107 +4.2% -2.8 -0.3
    MLT ASSETS excl. JVs 1,705 1,591 +7.2% +36.9 +3.4
    Treasury products excl. JVs 180 193 -6.5% -8.7 +8.7
    TOTAL excluding JVs 1,885 1,784 +5.7% +28.2 +12.1
    JVs 362 332 +8.9% +2.9 +4.5
    TOTAL 2,247 2,116 +6.2% +31.1 +16.6
    Of which MLT assets 2,034 1,892 +7.5% +39.7 +7.7
    Of which Treasury products 213 224 -5.1% -8.6 +8.9

    Details of assets under management and net inflows by type of management and asset classes19

    (€bn) AuM
    31.03.2025
    AuM
    31.03.2024
    % change /31.03.2024 Inflows
    Q1 2025
    Inflows
    Q1 2024
    Active management 1,149 1,117 +2.9% +6.3 +1.3
    Equities 204 209 -2.1% -3.9 -2.8
    Multi-assets 260 270 -3.6% -1.0 -8.0
    Bonds 685 639 +7.3% +11.2 +12.0
    Structured products 42 41 +3.7% -2.0 +0.6
    Passive management 445 368 +21.0% +33.4 +2.5
    ETFs & ETC 272 227 +19.8% +10.4 +5.0
    Index & Smart beta 173 140 +23.0% +23.0 -2.5
    Real and Alternative Assets 69 66 +4.5% -0.7 -0.9
    Real assets 65 61 +5.8% -0.6 -0.2
    Alternative 4 4 -12.8% -0.1 -0.7
    TOTAL MLT assets excluding JVs 1,705 1,591 +7.2% +36.9 +3.4
    Treasury products excl. JVs 180 193 -6.5% -8.7 +8.7
    TOTAL excluding JVs 1,885 1,784 +5.7% +28.2 +12.1
    JVs 362 332 +8.9% +2.9 +4.5
    TOTAL 2,247 2,116 +6.2% +31.1 +16.6

    Details of assets under management and net inflows by geographic area19

    (€bn) AuM
    31.03.2025
    AuM
    31.03.2024
    % change /31.03.2024 Inflows
    Q1 2025
    Inflows
    Q1 2024
    France 1,001 978 +2.3% +0.5 +10.0
    Italy 198 208 -4.6% -1.9 -1.1
    Europe excluding France & Italy 456 391 +16.6% +23.7 +4.0
    Asia 462 423 +9.3% +7.8 +6.8
    Rest of the world 130 116 +11.7% +1.0 -3.0
    TOTAL 2,247 2,116 +6.2% +31.1 +16.6
    TOTAL outside France 1,246 1,138 +9.5% +30.6 +6.6

    Methodological appendix – APM

    Accounting and adjusted data

    Accounting data – They include

    • amortisation of intangible assets, recorded as other revenues, and from Q2 2024, other non-cash charges spread according to the schedule of payments of the price adjustment until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses.
    • integration costs related to the transaction with Victory Capital and PPA amortisation related to the acquisition of aixigo recorded in the fourth quarter as operating expenses. No such costs were recorded in the first nine months of 2024.

    The aggregate amounts of these items are as follows for the different periods under review:

    • Q1 2024: -€20m before tax and -€15m after tax
    • Q4 2024: -€38m before tax and -€28m after tax
    • Q1 2025: -€29m pre-tax and -€20m after tax

    Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments have been made: restatement of the amortisation of distribution agreements with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; these amortisations and non-cash expenses are recognised as a deduction from net revenues; restatement of the amortisation of a technology asset related to the acquisition of aixigo recognised in operating expenses. The integration costs for the transaction with Victory Capital are also restated.

    Acquisition of Alpha Associates

    In accordance with IFRS 3, recognition on Amundi’s balance sheet as at 01/04/2024 of:

    • a goodwill of €288m;
    • an intangible asset of €50m, representing client contracts, amortised on a straight-line basis until the end of 2030;
    • a liability representing the conditional price adjustment not yet paid, for €160m before tax, including an actuarial discount of -€30m, which will be amortized over 6 years.

    In the Group’s income statement, the following is recorded:

    • amortisation of intangible assets for a full-year charge of -€7.6m (-€6.1m after tax);
    • other non-cash expenses spread according to the schedule of payments of the price adjustment until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses.

    In Q1 2025, amortisation of intangible assets was -€1.9m before tax and non-cash expenses were -€1.5m before tax (i.e. -€2.5m after tax).

    Acquisition of aixigo

    In accordance with IFRS 3, recognition on Amundi’s balance sheet at the date of acquisition of:

    • goodwill of €121m;
    • a technological asset of €36m representative of the goodwill attributed to aixigo’s software solutions, amortised on a straight-line basis over 5 years;

    The full-year amortisation expense of the technology asset was -€7.2m (-€4.8m after tax); in Q1 2025 the amortisation expense was -€1.8m (-€1.2m after tax); it is recognised in operating expenses.

    Alternative Performance Measures20

    In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that are calculated in accordance with the methodological appendix presented above.

    The adjusted data can be reconciled with the accounting data as follows:

    = accounting data
    = adjusted data
    (M€)     Q1 2025 Q1 2024   Q4 2024
                 
                 
    Net revenue (a)     892 804   901
    – Amortisation of intangible assets before tax     (18) (20)   (22)
    – Other non-cash expenses related to Alpha Associates     (1) 0   (1)
    Net revenue – Adjusted (b)     912 824   924
                 
    Operating expenses (c)     (486) (439)   (496)
    – Integration costs before tax     (7) 0   (13)
    – Amortisation of aixigo-related PPA before tax     (2) 0   (1)
    Operating expenses – Adjusted (d)     (478) (439)   (482)
                 
    Gross Operating Income (e)=(a)+(c)     406 364   405
    Gross operating income – Adjusted (f)=(b)+(d)     434 385   443
    Cost/income ratio (%) -(c)/(a)     54.5% 54.6%   55.1%
    Cost/income ratio – Adjusted (%) -(d)/(b)     52.4% 53.3%   52.1%
    Cost of risk & other (g)     (4) (0)   (3)
    Share of net income of equity-accounted companies (h)     28 29   29
    Profit before tax (i)=(e)+(g)+(h)     429 393   431
    Profit before tax – Adjusted (j)=(f)+(g)+(h)     458 413   469
    Corporate tax (k)     (147) (91)   (83)
    Corporate tax – Adjusted (l)     (155) (97)   (93)
    Non-controlling interests (m)     1 1   1
    Net income Group share (n)=(i)+(k)+(m)     283 303   349
    Net income Group share – Adjusted (o)=(j)+(l)+(m)     303 318   377
                 
    Earnings per share (€)     1.38 1.48   1.70
    Earnings per share – Adjusted (€)     1.48 1.55   1.84
                 

    Shareholding

        31 March 2025   31 December 2024   31 March 2024
    (units)   Number
    of shares
    % of capital   Number
    of shares
    % of capital   Number
    of shares
    % of capital
    Crédit Agricole Group   141,057,399 68.67%   141,057,399 68.67%   141,057,399 68.93%
    Employees   4,128,079 2.01%   4,272,132 2.08%   2,869,026 1.40%
    Treasury shares   1,961,141 0.95%   1,992,485 0.97%   1,259,079 0.62%
    Free float   58,272,643 28.37%   58,097,246 28.28%   59,462,130 29.06%
                       
    Number of shares at the end of the period   205,419,262 100.0%   205,419,262 100.0%   204,647,634 100.0%
    Average number of shares since the beginning of the year   205,419,262 –   204,776,239 –   204,647,634 –
    Average number of shares quarter-to-date   205,419,262 –   205,159,257 –   204,647,634 –

    Average number of shares pro rata temporis.

    • The average number of shares increased by +0.1% between Q4 2024 and Q1 2025, and by +0.4% between Q1 2024 and Q1 2025.
    • A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
    • Amundi announced on 7 October 2024 a buyback programme of up to 1 million shares (i.e. ~0.5% of the share capital before the transaction) to cover performance shares plans. It was finalised on November 27, 2024.        

    Financial communication calendar

    • Workshop to presenting the Third-Party Distribution business line – Thursday 19 June in London
    • General Shareholders’ Meeting – Tuesday 27 May 2025
    • Q2 and H1 2025 earnings release – Tuesday 29 July 2025
    • Q3 and 9-month 2025 earnings release – Tuesday 28 October 2025
    • New strategic three-year plan – in the fourth quarter 2025

    2024 dividend schedule: €4.25 per share

    • Ex dividend date: Monday 10 June 2025
    • Payment: from Wednesday 12 June 2025

    About Amundi

    Amundi, the leading European asset manager, ranking among the top 10 global players21, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages more than €2.2 trillion of assets22.

    With its six international investment hubs23, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

    Amundi clients benefit from the expertise and advice of 5,700 employees in 35 countries.

    Amundi, a trusted partner, working every day in the interest of its clients and society.

    www.amundi.com   

    Press contacts:        
    Natacha Andermahr 
    Tel. +33 1 76 37 86 05
    natacha.andermahr@amundi.com 

    Corentin Henry
    Tel. +33 1 76 32 26 96
    corentin.henry@amundi.com

    Investor contacts:
    Cyril Meilland, CFA
    Tel. +33 1 76 32 62 67
    cyril.meilland@amundi.com 

    Thomas Lapeyre
    Tel. +33 1 76 33 70 54
    thomas.lapeyre@amundi.com 

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    DISCLAIMER

    This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

    This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

    These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements.

    Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

    The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

    Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

    The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.


    1        Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi’s share in the capital of the JV.
    2        Adjusted data: see p. 11
    3        Net income Group share
    4        Total tax expense in Q1 2025 of -€155m, of which the exceptional tax contribution (surcharge) in France booked in Q1 for -€46m; the total amount of the exceptional contribution estimated to be paid in fiscal year 2025 is estimated at -€72m; Q1 2025 adjusted net income including this surcharge was €303m.
    5        The inflows presented in this section are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
    6        Medium to Long-Term Assets, excluding JVs
    7        4.9% voting rights
    8        Adjusted for the deconsolidation of Amundi US assets distributed to US clients
    9        Composite Index for equities: 50% MSCI World + 50% Eurostoxx 600
    10        Bloomberg Euro Aggregate for Fixed Income Markets
    11        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of end–March 2024.
    12        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, March 2025; as a percentage of the assets under management of the funds in question; the number of Amundi’s open-ended funds rated by Morningstar was 1071 at the end of March 2025. © 2025 Morningstar, all rights reserved
    13        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion),
    14        Under the assumption that FY 2025 taxable profit in France will be equivalent to that of 2024, before adjusting the average for actual FY 2025 results
    15        Shareholder’s equity excluding goodwill and other intangible assets
    16        According to the new definition of the ratio resulting from the CRR3 regulation (Capital Requirements Regulation 3) of the European Union; ratio calculated excluding Q1 accounting net income
    17        Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi’s share in the capital of the JV.
    18        Lyxor, integrated as of 31/12/2021; sale of Lyxor Inc. in Q4-23
    19        Assets under management and net inflows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are reported in proportion to Amundi’s share in the capital of the JV; as of 01/01/2024, reclassification of short-term bond strategies (€30bn of assets under management) as Bonds ; previously classified as Treasury products until that date; assets under management up to this date have not been reclassified in this table
    20        See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on 16 April 2025 under number D25-0272
    21Source: IPE “Top 500 Asset Managers” published in June 2024 based on assets under management as of 31/12/2023
    22Amundi data as at 31/03/2025
    23Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

    Attachment

    • Amundi_PR_Q1 2025_EN_vdef

    The MIL Network –

    April 29, 2025
  • MIL-OSI Africa: The Internation Monetary Fund (IMF) to Hold the Inaugural Annual Economic Research Conference on Middle East and North Africa (MENA)

    Source: Africa Press Organisation – English (2) – Report:

    WASHINGTON D.C., United States of America, April 28, 2025/APO Group/ —

    Jihad Azour, Director of the Middle East and Central Asia Department and Pierre-Olivier Gourinchas, Economic Counsellor and Director of the Research Department of the International Monetary Fund (IMF) issued a statement today:

    “Global shocks are adding to regional factors resulting in exceptionally uncertain economic environment for Middle East and North Africa (MENA) economies. Conflicts, trade tensions, volatile commodity prices, changing climate conditions, energy transitions, rapid technological advances are altering the economic landscape of the region, posing severe challenges but also presenting opportunities for bold reforms that safeguard macroeconomic stability, build resilience, and raise living standards for all. Economic research is essential to provide reliable analysis and develop workable and innovative policy responses.

    “In this context, we are pleased to announce that the IMF will organize an annual Economic Research Conference on MENA, partnering with leading universities in the region. The aim is to establish a forum for dialogue on pressing economic issues, promote policy-oriented academic research tailored to the needs and unique challenges of the region. It will also provide a platform for the exchange of ideas and insights for academics, researchers, and policymakers in the MENA region and worldwide.

    “The inaugural conference, Steering Macroeconomic and Structural Policies in A Shifting Global Economic Landscape, will be co-organized with Onsi Sawiris School of Business at The American University in Cairo and take place in Cairo on May 18-19, 2025. It will feature presentations and panel discussions by leading economists and policymakers. The conference details and agenda are available here.

    “The IMF is a long-standing partner to countries in the MENA region in the quest for more inclusive and resilient growth. The IMF-MENA Annual Research Conference is another step forward to further strengthen that partnership and engagement with the region and its people.” 

    MIL OSI Africa –

    April 29, 2025
  • MIL-OSI China: China, Russia should strengthen coordination within BRICS: Chinese FM

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

    RIO DE JANEIRO, April 28 — Chinese Foreign Minister Wang Yi said on Monday that China and Russia, as founding members of BRICS, should strengthen coordination within the framework and deepen unity and cooperation among developing countries and emerging economies.

    Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Russian Foreign Minister Sergei Lavrov.

    Wang said the two countries should work together to continuously implement the important consensus reached by the two heads of state and deliver tangible results across various fields of cooperation.

    For his part, Lavrov said Russia is willing to work with China to support each other in hosting commemorative events for the 80th anniversary of the victories of the Soviet Union’s Great Patriotic War and the Chinese People’s War of Resistance Against Japanese Aggression and in deepening practical cooperation across various fields.

    MIL OSI China News –

    April 29, 2025
  • MIL-OSI Submissions: Amnesty International warns of global human rights crisis as ‘Trump effect’ accelerates destructive trends

    Source: Amnesty International

    • Annual report highlights the creep of authoritarian practices and vicious clampdowns on dissent around the world
    • President Trump’s first 100 days intensify 2024’s global regressions and deep-rooted trends
    • Global failures in addressing inequalities, climate collapse, and tech transformations imperil future generations
    • The rise of authoritarian practices and annihilation of international law are not inevitable: people do and will resist attacks on human rights; governments can deliver international justice and must continue to do so. 

    The Trump administration’s anti-rights campaign is turbocharging harmful trends already present, gutting international human rights protections and endangering billions across the planet, Amnesty International warned today upon launching its annual report, The State of the World’s Human Rights.

    This “Trump effect” has compounded the damage done by other world leaders throughout 2024,  eating away at decades of painstaking work to build up and advance universal human rights for all and accelerating humanity’s plunge into a brutal new era characterized by intermingling authoritarian practices and corporate greed, Amnesty International said in its assessment of the situation in 150 countries.

    “Year after year, we have warned of the dangers of human rights backsliding. But events of the past 12 months – not least Israel’s livestreamed but unheeded genocide of Palestinians in Gaza – have laid bare just how hellish the world can be for so many when the most powerful states jettison international law and disregard multilateral institutions. At this historical juncture, when authoritarian laws and practices are multiplying the world over in the interests of very few, governments and civil society must work with urgency to lead humanity back to safer ground,” said Agnès Callamard, Amnesty International’s Secretary General.

    The State of the World’s Human Rights documents vicious, widespread clampdowns on dissent, catastrophic escalations of armed conflict, inadequate efforts to address climate collapse, and a growing backlash globally against the rights of migrants, refugees, women, girls and LGBTI people. Each of these faces further deterioration in a turbulent 2025 unless a global about-turn is achieved.

    “One hundred days into his second term, President Trump has shown only utter contempt for universal human rights. His government has swiftly and deliberately targeted vital US and international institutions and initiatives that were designed to make ours a safer and fairer world. His all-out assault on the very concepts of multilateralism, asylum, racial and gender justice, global health and life-saving climate action is exacerbating the significant damage those principles and institutions have already sustained and is further emboldening other anti-rights leaders and movements to join his onslaught,” Agnès Callamard added.

    “But let us be clear: this sickness runs much deeper than the actions of President Trump. For years now, we’ve witnessed a creeping spread of authoritarian practices among states the world over, fostered by aspiring and elected leaders willingly acting as engines of destruction. As they drag us into a new age of turmoil and cruelty, all who believe in freedom and equality must steel ourselves to counter increasingly extreme attacks on international law and universal human rights.”

    The proliferation of authoritarian laws, policies and practices targeting freedom of expression, association and peaceful assembly that Amnesty International documented in 2024 was central to the global backlash against human rights. Governments across the world sought to evade accountability, entrench their power and instil fear by banning media outlets, by disbanding or suspending NGOs and political parties, by imprisoning critics on baseless charges of “terrorism” or “extremism”, and by criminalizing human rights defenders, climate activists, Gaza solidarity protesters and other dissenters.

    Security forces in several countries used mass arbitrary arrests, enforced disappearances and often excessive – sometimes lethal – force to suppress civil disobedience. Bangladeshi authorities issued “shoot-on-sight” orders against student protests, resulting in almost 1,000 deaths, while security forces in Mozambique unleashed the worst crackdown on protests in years following disputed elections, leaving at least 277 people dead.

    Türkiye imposed blanket bans on protests and continues to use unlawful and indiscriminate force against peaceful demonstrators, but people power prevailed in South Korea when president Yoon Suk Yeol suspended certain human rights and declared martial law, only to be removed from office and see those measures overturned after massive public protests.

    Armed conflicts highlight repeated failures

    As conflicts multiplied or escalated, state forces and armed groups acted brazenly, committing war crimes and other serious violations of international humanitarian law that devastated the lives of millions.

    Amnesty International documented Israel’s genocide against Palestinians in Gaza in a landmark reportand its system of apartheid and unlawful occupation in the West Bank turned increasingly violent. Meanwhile, Russia killed more Ukrainian civilians in 2024 than it did the year before, continuing to target civilian infrastructure and subjecting detainees to torture and enforced disappearance.

    Sudan’s Rapid Support Forces inflicted widespread sexual violence on women and girls, in what amounts to war crimes and possible crimes against humanity, while the number of people internally displaced by Sudan’s two-year civil war rose to 11 million – more than anywhere else on earth. Yet that conflict elicited near-total global indifference – aside from cynical actors exploiting opportunities to breach the Darfur arms embargo.

    The Rohingya continued to face racist attacks in Myanmar, causing many to flee their homes in Rakhine state. The Trump administration’s massive foreign aid cuts have since aggravated the situation, causing the closure of hospitals in refugee camps in neighbouring Thailand, exposing fleeing human rights defenders to risk of deportation and imperilling programmes helping people survive the conflict.

    The initial suspension of US foreign aid also impacted health services and support for children forcibly separated from their families at detention camps in Syria, and the abrupt cuts have shut down lifesaving programmes in Yemen, including malnutrition treatment for children, pregnant and breastfeeding mothers, safe shelters for survivors of gender-based violence, and healthcare for children suffering from cholera and other illnesses.

    “Amnesty International has long warned of double standards undermining the rules-based order.  The impact of that to-date unfettered backsliding plumbed new depths in 2024, from Gaza to the Democratic Republic of Congo. Having paved the way for this mess by failing to universally uphold the rule of law, the international community must now shoulder the responsibility,” said Agnès Callamard.

    “The cost of these failures is gargantuan, namely the loss of vital protections built to safeguard humanity after the horrors of the Holocaust and World War Two. Despite its many imperfections, obliteration of the multilateral system is no answer. It must be strengthened and reimagined. Yet, having seen it sustain further damage in 2024, today the Trump administration appears intent on taking a chainsaw to the remnants of multilateral cooperation in order to reshape our world through a transactional doctrine steeped in greed, callous self-interest and dominance of the few.”

    Governments are abandoning future generations

    The State of the World’s Human Rights presents stark evidence that the world is condemning future generations to an ever-harsher existence thanks to collective failures to tackle the climate crisis, reverse ever-deepening inequalities and restrain corporate power.

    COP29 was a catastrophe, with a record number of fossil fuel lobbyists inhibiting progress on a fair phase-out, while the wealthiest countries bullied lower-income nations into accepting derisory climate financing agreements. President Trump’s reckless decision to abandon the Paris Agreement and his “drill, baby drill” refrain have only compounded these failings and could encourage others to follow suit.

    “2024 was the hottest year on record and the first to exceed 1.5°C above pre-industrial levels. The floods that devastated South Asia and Europe, the droughts that ravaged Southern Africa, the fires that razed swathes of Amazon rainforest and the hurricanes that wreaked havoc in the USA laid bare the immense human cost of global heating, even at its current levels. With a 3°C rise projected this century, richer nations know they’re not immune from increasingly extreme unnatural disasters – as the recent California wildfires drove home – but will they act?” said Agnès Callamard.

    In 2024, extreme poverty and inequality within and between states continued to deepen due to widespread inflation, poor corporate regulation, pervasive tax abuse and rising national debts. Yet many governments and political movements used racist and xenophobic rhetoric to scapegoat migrants and refugees for crime and economic stagnation. Meanwhile, the number and wealth of billionaires grew, even as the World Bank warned of “a lost decade” in global poverty reduction.

    The future looks far bleaker for many women, girls and LGBTI people, amid intensifying attacks on gender equality and identity. The Taliban imposed even-more-draconian restrictions on women’s public existence in Afghanistan, while Iranian authorities intensified their brutal crackdown on women and girls who defy compulsory veiling. Groups of women searching for missing loved ones in Mexico and Colombia faced all manner of threats and attacks.

    Malawi, Mali and Uganda took steps to criminalize or uphold bans on same-sex relations between consenting adults, while Georgia and Bulgaria followed Russia’s lead in clamping down on supposed “LGBTI propaganda”. The Trump administration is bolstering the global backlash against gender justice by dismantling efforts to tackle discrimination, relentlessly attacking transgender rights, and ending funding for health, education and other programmes that supported women and girls all over the world.

    Governments are further harming present and future generations by failing to adequately regulate new technologies, abusing surveillance tools and entrenching discrimination and inequalities through increased use of artificial intelligence.

    Tech firms have long facilitated discriminatory and authoritarian practices, but President Trump has exacerbated this trend, encouraging social media companies to roll back protections – including Meta’s removal of third-party fact-checking – and double down on a business model that enables the spread of hateful and violent content. The alignment between the Trump administration and tech billionaires also risks opening the door to an era of rampant corruption, disinformation, impunity and corporate capture of state power.

    “From seating tech billionaires in prime position at his inauguration to granting the world’s richest man unprecedented access to the US government apparatus, it appears that President Trump will let his self-serving and corporate allies run amok, without the slightest regard for human rights or even the rule of law,” said Agnès Callamard.

    Vital efforts to uphold international justice

    Despite mounting opposition from powerful states – compounded this year by the Trump administration’s shameless sanctions against the ICC prosecutor – international justice and multilateral bodies have continued to push for accountability at the highest levels, with governments from the Global South leading several significant initiatives.

    The ICC issued arrest warrants against senior state officials and leaders of armed groups in Israel, Gaza, Libya, Myanmar and Russia. The UN took an important step towards negotiating a much-needed treaty on crimes against humanity and the Philippines followed suit by arresting former president Rodrigo Duterte last month under an ICC warrant for the crime against humanity of murder.

    The International Court of Justice (ICJ) issued three sets of provisional measure orders in the case South Africa brought against Israel under the Genocide Convention and issued an advisory opinion declaring that Israel’s occupation of Palestinian territory, including East Jerusalem, is unlawful. The UN General Assembly also passed a resolution calling on Israel to end its occupation, and in January 2025 eight states from the Global South formed the Hague Group, a collective committed to preventing arms transfers to Israel and holding it accountable for violations of international law.

    “We applaud the efforts of nations like South Africa and international justice bodies to push back against powerful states hellbent on undermining international law. In so challenging impunity, those nations and bodies set examples for the whole world to follow. The mounting attacks we’ve witnessed on the ICC in recent months suggest this is emerging as a major battlefield of 2025. All governments must do everything in their power to support international justice, hold perpetrators accountable, and protect the ICC and its staff from sanctions,” said Agnès Callamard.

    “Despite daunting challenges, the destruction of human rights is far from inevitable. History abounds with examples of brave people overcoming authoritarian practices. In 2024 the people of several nations rejected anti-rights leaders at the ballot box while millions around the world raised their voices against injustice. So it’s clear: no matter who stands in our way, we must – and we will – continue to resist the reckless regimes of power and profit that seek to strip people of their human rights. Our vast, unshakeable movement will be forever united in our common belief in the inherent dignity and human rights of everyone on this planet.”

    MIL OSI – Submitted News –

    April 29, 2025
  • MIL-OSI Economics: Money Market Operations as on April 28, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 6,09,110.25 5.77 0.01-6.30
         I. Call Money 15,719.99 5.87 4.95-5.95
         II. Triparty Repo 4,01,754.30 5.75 5.70-5.85
         III. Market Repo 1,89,873.96 5.82 0.01-6.30
         IV. Repo in Corporate Bond 1,762.00 5.99 5.95-6.00
    B. Term Segment      
         I. Notice Money** 788.85 5.93 5.25-6.05
         II. Term Money@@ 1,120.00 – 6.15-6.50
         III. Triparty Repo 9,188.00 5.90 5.80-6.00
         IV. Market Repo 195.04 6.25 6.25-6.25
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Mon, 28/04/2025 1 Tue, 29/04/2025 4,998.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 28/04/2025 1 Tue, 29/04/2025 3,190.00 6.25
    4. SDFΔ# Mon, 28/04/2025 1 Tue, 29/04/2025 1,32,959.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,24,771.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,701.02  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     34,432.02  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -90,338.98  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on April 28, 2025 9,36,260.05  
         (ii) Average daily cash reserve requirement for the fortnight ending May 02, 2025 9,51,938.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ April 28, 2025 4,998.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 04, 2025 2,36,088.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/199

    MIL OSI Economics –

    April 29, 2025
  • MIL-OSI Australia: Australia’s External Position and the Evolution of the FX Markets

    Source: Airservices Australia

    Introduction

    I would like to thank Bloomberg for hosting this event. Today I will discuss Australia’s evolving external position and the development of foreign exchange (FX) markets. I will emphasise the growing footprint of superannuation funds in Australia’s capital flows and the importance of these and other ‘buy-side’ firms of adopting best practices in FX markets.

    Australia’s capital account and FX markets since the float

    The removal of capital account restrictions and the floating of the Australian dollar in 1983 reshaped our economy. Free capital movement facilitated large increases in foreign investment in Australia and allowed Australian households and firms to diversify their portfolios by investing overseas. Deep, well-functioning FX markets that developed following the float helped banks, businesses and fund managers to manage their foreign exposures.

    Australia’s integration into global capital markets saw two distinct trends in our net investment position with the rest of the world (Graph 1). First, in the decades after the float, Australia’s high investment rate was associated with rising foreign debt. This saw net foreign liabilities rise substantially to around 50 per cent of GDP. Second, over more recent years, outbound investment has grown as a share of GDP as Australia’s saving rate rose and domestic investment declined. This accumulation of foreign assets has contributed to an extraordinary decline in Australia’s net foreign liabilities to levels last seen prior to 1983.

    The rise in external debt and the internationalisation of FX markets in the 1980s

    While foreign ownership of Australian assets was already common in some sectors, the full opening of the capital account allowed for much more foreign investment in Australia. The growth in debt held by overseas creditors was particularly noticeable in domestic banking and resource sectors.

    The increase in cross-border investment was accompanied by a rise in FX transactions. Prior to the float, spot transactions by local commercial banks dominated FX transactions. While the Australian dollar spot market grew strongly, the 1980s also saw the establishment of FX swap markets. These instruments, which allowed market participants to better hedge their foreign currency exposures, quickly became the most traded in Australian dollar markets (Graph 2). The deepening of FX markets locally was also supported by the Australian Government’s steps to broaden foreign banks’ participation in Australia’s markets.

    The growth of currency markets enabled non-financial corporations to make use of hedges in support of their trade flows and foreign-currency borrowing. This hedging was in part a response to post-float currency volatility and high-profile losses by unhedged borrowers. Over the 1980s, both the share of firms hedging and the average share of currency exposures hedged increased significantly.

    By the mid-1990s, the internationalisation of the Australian dollar and its capital markets was well advanced. Trading in Australian dollar FX derivatives had risen to $75 billion per day, with about 60 per cent undertaken offshore. Also, foreign entities were issuing debt in Australian dollars in the ‘Kangaroo bond market’. This issuance grew steadily over the 2000s, supported by cross-currency basis swaps, another FX derivative but with longer tenors that enabled better hedging of long-lived foreign currency borrowings.

    Rising demand for Australian dollar assets from international investors enabled Australian businesses to issue debt in Australian dollars. At the same time, Australian banks and businesses issuing in large offshore markets could hedge their foreign currency-denominated debt back into Australian dollars at a modest cost. Both developments greatly reduced the vulnerability of Australian debtors to Australian dollar depreciation.

    The growth in Australian dollar FX markets since the float has been remarkable: it is the sixth most traded currency, even though Australia ranks 13th in economic size. This demonstrates the importance to Australia of FX markets in support of foreign trade and investment. But it also reflects the attractive correlations of the Australian economy (and hence the Australian dollar) with economic developments in Asia, coupled with strong institutional settings in Australia, including the free movement of capital.

    The increasing role of superannuation funds in Australia’s FX markets

    Another key facet of Australia’s external position has been the substantial growth of the net foreign equity position. Australians have steadily accumulated more foreign equity holdings than foreigners have accumulated in Australian equity. Indeed, since 2013 we have had a positive net equity asset position (Graph 3).

    The rise in net equity assets of late has occurred while Australia has been running a current account deficit, creating an unusual situation. Inflows of new liabilities rose with the banks returning to offshore debt markets as the RBA’s Term Funding Facility came to an end. However, a further rise in foreign equity holdings offset this, so net liabilities still declined. Much of the rise in net foreign equities reflects valuation effects from the Australian dollar’s depreciation and rising overseas equity values (Graph 4). Even so, new equity accumulation continues, driven by investment from Australia’s superannuation funds.

    The growth of superannuation funds since 1993 and their rising offshore investments have significantly shaped Australia’s balance of payments. Super funds’ offshore asset allocation has increased from nearly one-third in 2013 to about half in 2024 (Graph 5). As a result, super funds now account for a substantial share of Australia’s capital outflows.

    Purchases of foreign currency assets by superannuation funds expose them to exchange rate fluctuations. Many funds shield their members by partially hedging the foreign exchange rate risk associated with offshore assets via, for example, FX swaps. Given the large increase in super funds’ offshore assets, the extent of foreign currency assets hedged has more than quadrupled since 2013. This has made the super funds natural counterparties to domestic banks, which are hedging their FX exposures arising from issuing debt offshore in foreign currency terms.

    The Foreign Exchange Global Code

    This discussion highlights the increasing role of superannuation funds and their asset managers in FX markets. For FX markets to meet participants’ needs, it is important that they all observe common standards promoting fair and transparent markets. The Foreign Exchange Global Code (Code) fulfills that function.

    With the advent of the Code in 2017, buy-side participants like super funds can have greater confidence in market functioning and the behaviour of their sell-side counterparties. But this is a two-way street: both sell-side and buy-side firms should adhere to the Code’s standards. Moreover, one way for fund managers to demonstrate that they are meeting their fiduciary duties is to adhere to the Code. Encouraging more buy-side participants to sign up is a focus of the Global Foreign Exchange Committee (GFXC).

    To this end, the GFXC has worked hard to explain the process of signing up to the Code. We have emphasised that adoptees can concentrate on those aspects of the Code that are material to their activities, thereby greatly reducing the burden for buy-side firms.

    I will end by acknowledging the sharp rise in volatility in FX markets in early April as markets incorporated announcements about the US administration’s tariffs and the subsequent ebb and flow of related news. The Australian dollar fluctuated within a range of US4 cents, experiencing its largest daily decline of 4.5 per cent against the US dollar outside of the global financial crisis. Also, measures of volatility from FX options increased to levels observed during the pandemic and liquidity deteriorated noticeably. While markets have been more settled of late, such episodes serve as a reminder of the importance of the Code. It enhances trust between market participants and offers standardised and predictable ways of doing business. Hence, the role the Code plays in proper market functioning is even more crucial during periods of great uncertainty when markets are adjusting to significant economic news.

    MIL OSI News –

    April 29, 2025
  • MIL-OSI Economics: Business Leaders Call for Urgent Return to a Predictable Trading Environment Toronto, Canada | 29 April 2025 APEC Business Advisory Council

    Source: APEC – Asia Pacific Economic Cooperation

    Senior business leaders from around the APEC region expressed concern at the recent rapid shifts in the global trade and financial landscape during the second APEC Business Advisory Council (ABAC) Meeting of 2025.

    ABAC members underscored that the region’s businesses were struggling to navigate the cascading effects of new tariffs, including disrupted supply chains, rising costs, eroding business confidence and destabilized financial markets. The April 2025 World Economic Outlook from the International Monetary Fund predicts that over the next two years, global GDP will be 0.8 percentage points lower than had been forecast in January 2025.

    A highly uncertain operating environment undermines planning, investment and innovation. This constrains growth and our region’s ability to tackle serious challenges including climate change, ageing societies and digitalization.

    Call for Leadership and Unity

    ABAC is urging APEC Trade Ministers, who meet next month in Jeju, Korea, to make clear their commitment to APEC’s founding goals of free and open trade, and to the fundamental principles of the World Trade Organization (WTO).

    ABAC believes that predictability and non-discrimination are key to restoring business confidence. ABAC is calling for all APEC economies to act in a way that is fully consistent with the WTO rulebook. Ministers should also work together to strengthen and reform the WTO, including restoring a fully functioning dispute settlement system.

    APEC needs to accelerate progress on early deliverables under the Free Trade Area of the Asia Pacific agenda. Digital transformation would have a multiplier effect: key priorities include advancing digital trade interoperability, sustainable and responsible Artificial Intelligence (AI) and establishing a Centre of Excellence for Paperless Trade to build momentum towards universal digital trade facilitation.

    ABAC is calling on APEC to do more to shore up the resilience of supply chains.  An open and stable maritime order based on the rule of law is critical. So are policies that support resilient healthcare supply chains. For even greater health security in the context of an ageing population and other demographic shifts, we also need to get the right policy settings in place to unlock opportunities in innovative medical technologies like genomics and AI.

    ABAC urges APEC to do much more to embrace the green economic transition, noting that this is now urgent. Key actions include closing critical financing gaps for the energy transition and establishing a Greener Trade Framework.

    ABAC is also making a strong business case for dismantling structural impediments to full economic participation, citing compelling real-world studies on the business and broader economic benefits of closing gender pay gaps, improving access to venture capital for women entrepreneurs and helping small businesses to transition to the formal economy.

    “We welcome the opportunity to discuss our concerns and collaborate on solutions at the upcoming APEC Ministers’ meeting in May,” said ABAC Chair H.S. Cho. “The choices made today will determine our region’s economic trajectory for generations to come.”

    “Our message to APEC is clear: business is ready to lead, but we need Ministers to match our ambition with action. The future of our shared prosperity depends on it,” the ABAC Chair concluded.

    The Chair thanked ABAC Canada for the excellent arrangements and for organizing important side events on digital technology. He expressed deep gratitude to the Canadian government for their strong support in hosting the meeting.

    ABAC will reconvene in July in Hai Phong, Viet Nam, as it continues to finalize its recommendations to achieve APEC’s goals, for presentation to APEC Leaders during their meetings in October in Korea.

    For further information, please contact:

    Hyungkon Park (Mr), ABAC Executive Director 2025  at +82 2 6050 3686 and [email protected]

    Antonio Basilio (Mr), Director of the ABAC Secretariat at +63 917 849 3351 and [email protected]

    MIL OSI Economics –

    April 29, 2025
  • MIL-OSI China: SCO health officials push for deeper coordination toward better future

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

    XI’AN, April 28 — Senior health officials from Shanghai Cooperation Organization (SCO) countries on Monday called for deepening public health collaboration, aiming to build a healthier future for all.

    Gathering in Xi’an, the capital of northwest China’s Shaanxi Province, health leaders from SCO member states and dialogue partners, and representatives of the SCO and the World Health Organization (WHO) attended the eighth SCO Health Ministers’ Meeting.

    Under the theme “Promoting Sustainable Health Development and Sharing a Healthy Future,” they discussed strategies for tackling shared global health challenges.

    Central to the discussions was the collective need to strengthen emergency response systems, expand access to primary healthcare, harness digital technologies, and promote the development of traditional medicine across the SCO countries.

    Presiding over the meeting, Lei Haichao, head of China’s National Health Commission, highlighted the role of dialogue and cooperation in pioneering reforms in regional and global health governance systems amid an evolving international landscape with overlapping crises.

    In his address, Lei outlined China’s domestic achievements in improving public health and healthcare reforms, and reaffirmed China’s commitment to advancing policy coordination and technological cooperation with SCO partners.

    He also called for greater use of existing platforms — including the China-SCO Emergency Medical Center, the SCO Hospital Cooperation Alliance, and the SCO Forum on Traditional Medicine — to enhance joint capacity-building efforts in emergency response, primary care, digital healthcare, and traditional medicine across the SCO countries.

    Senior health officials from Belarus, India, Iran, Pakistan, Russia, Kazakhstan and other SCO countries shared updates on their national health initiatives and echoed the need to strengthen cooperation within the SCO framework.

    As the rotating president of the SCO for 2024-2025, China has introduced the theme “SCO Year of Sustainable Development” to guide cooperation efforts across multiple sectors, with public health identified as a key priority.

    Speaking at the opening ceremony, SCO Secretary-General Nurlan Yermekbayev emphasized that building resilient and inclusive healthcare systems is essential to securing a sustainable future.

    “It is also the key to addressing the public health challenges faced by SCO countries, which together represent nearly half of humanity,” he added.

    Hans Henri P. Kluge, WHO Regional Director for Europe, praised China’s leadership in global health and its vision for building a global community of health for all.

    “I am glad to see the SCO evolving into a model of constructive multilateralism, rooted in mutual trust and dialogue,” Kluge said. “The WHO looks forward to deepening its cooperation with the SCO to tackle pressing health challenges together.”

    MIL OSI China News –

    April 29, 2025
  • MIL-OSI Submissions: African Development Bank signs $3.2 billion Exposure Exchange with Inter-American Development Bank

    Source: African Development Bank Group (AfDB)

    Since 2015, the African Development Bank has used these agreements to diversify lending within its sovereign portfolio and deploy capital effectively while preserving a resilient financial base.

    WASHINGTON D.C., United States of America, April 28, 2025/ — The African Development Bank Group (www.AfDB.org) has signed a $3.2 billion Exposure Exchange Agreement with the Inter-American Development Bank (IADB), renewing a prior agreement originally executed between the two institutions in 2015. The agreement was signed in Washington DC, on the sidelines of the World Bank Group and International Monetary Fund Spring meetings.

    This is the fourth exposure exchange undertaken by the African Development Bank with other Multilateral Development Banks, in the continuous pursuit of innovative ways of strengthening the capital adequacy and efficiency of Multilateral Development Banks, as well as boost their development lending capacity.

    Since 2015, the African Development Bank has used these agreements to diversify lending within its sovereign portfolio and deploy capital effectively while preserving a resilient financial base. The tool ensures the African Development Bank remains agile, well-capitalized, and committed to innovation in support of development in Africa.

    Today’s transaction follows previous successful agreements between the African Development Bank and other Multilateral Development Banks, including the International Bank for Reconstruction and Development and Asian Development Bank.

    The African Development Bank President Dr Akinwumi Adesina said, “This transaction underpins the African Development Bank’s forward-looking approach to capital and risk management.”

    “We are pleased to continue our positive longstanding collaboration with Inter-American Development Bank in structuring and executing innovative financial solutions to align with the G20’s call for Multilateral Development Banks to work together as a system in expanding development impact to our member countries,” said Adesina.

    Inter-American Development Bank President Ilan Goldfajn pointed to the success of the first agreement signed with the African Development Bank ten years ago. He said, “This new agreement marks yet another milestone in our strong and fruitful collaboration with the African Development Bank. Thanks to this operation we’re strengthening the financial resilience, creditworthiness, and financing capacity of both of our institutions. A win-win for all, that will benefit the people of Latin America and the Caribbean and Africa”.

    Adesina added that Multilateral Development Banks should do more of such transactions because of their proven success and impact.

    MIL OSI – Submitted News –

    April 29, 2025
  • MIL-OSI USA: Manufacturing Masterminds Q&A With Matt Ringer

    Source: US National Renewable Energy Laboratory

    The Shy Kid Who Left Law To Forge Chemical (and Human) Bonds


    Photo by Dennis Schroeder, NREL; graphic by Katie Carney, NREL

    This article is part of the Manufacturing Masterminds profile series, which provides an inside look into the lives, research, and impact of NREL’s advanced manufacturing researchers.

    At 8 years old, Matt Ringer already had the deep, booming voice of a radio announcer but not the personality to match.

    He was a shy, track-and-field kid who spent hours running (and not talking), chasing the coveted 4-minute-mile barrier (he likely would have broken it, too, if a college injury did not thwart his plans). Even when Ringer did talk, he discovered his syrupy voice resonated more with adults than kids.

    “Those things change who you are in certain ways,” Ringer said.

    For a long time, Ringer was not sure who he was—at least in terms of his career. He revered James Bond and other fictional spies who schemed their ways out of no-win situations. He loved planes and Tom Cruise’s character in “Top Gun” and considered becoming a fighter pilot. But he also admired Mark Greene, the main character on the medical drama “ER” and the sharp-suited lawyers on “L.A. Law.”

    In college, Ringer chose suits over lab coats—at least at first. He started as a political science major with law school ambitions, but his dad, an electrical engineer, had one request: “Sure, go be a political science major, but take a few math classes and an engineering class.” Ringer agreed and threw in a chemistry course, too. Soon, atoms and molecules and their frenetic energy seemed far more exciting than dense, prelaw readings.

    “My skill set is not in reading massive amounts of material; it never has been. It’s doing things,” Ringer said. “I had to do a lot of work to get into chemical engineering. But I did.”

    Matt Ringer may have started out as a shy track star running toward the 4-minute-mile barrier, but he ended up a charismatic leader running NREL’s advanced manufacturing program. Photos from Matt Ringer, NREL

    Today, after 23 years at the National Renewable Energy Laboratory (NREL), Ringer has become a bit like one of his beloved energetic atoms. As the laboratory program manager for NREL’s advanced manufacturing program, he helps build teams (aka molecules), connecting experts, organizations, and resources. These bonds are what ensure the laboratory’s researchers can turn theoretical concepts—like wide-bandgap power electronics, novel polymer formulations, more efficient grid technologies, or more stable water supplies—into real solutions.

    “I’m not going to be the person who creates the next sensor for an automotive manufacturing plant in Detroit, right?” Ringer said. “But I can help get the right people together to make that a reality.”

    In the latest Manufacturing Masterminds Q&A, Ringer shares how he ended up in a people-centered role despite his shy childhood and why he joined NREL despite knowing nothing about the laboratory and its mission. This interview has been edited for clarity and length.

    So, how did you go from political science to chemical engineering?

    When I applied to college, I was wrapped up in the imaginary life of “L.A. Law.” But the first quarter, I took chemistry again, and it really resonated with me. I liked understanding how you could use the energy molecules contained. But I never had a desire to get a Ph.D., and my dad always said that if I added engineering to something, that would make me more hirable. Lo and behold, there was a major called chemical engineering, and I thought, “Well, that’s probably what I need to do.”

    “I do love being the center of attention,” Ringer said. “Put me on a pedestal and let me talk, and I’ll do it.” Photo by Dennis Schroeder, NREL

    What did you do after you graduated with your chemical engineering degree?

    I worked as a research engineer at a startup membrane company in the San Francisco Bay Area called Membrane Technology and Research. I did a lot of pilot tests of our materials at larger companies and realized I was pretty good at talking to everybody from the senior manager all the way to the operator, technician, or mechanic. And I had an opportunity to shift from being a researcher to what we called more of a “sales engineer,” so I took it.

    What did you do as a “sales engineer”?

    I would prepare a quote, work with vendors to get costs for equipment, and then pull a bid package together. I also got to help manufacture the membranes that we sold. I would get all garbed up, get a glue gun, and roll sheets of membrane into a spiral-wound module. One of my sales highlights was spending about six months working with a Malaysian company to create a customized membrane system for their facility. That was my first sale and my one and only patent. That has long since expired, and I don’t believe it ever got used, but I still have a copy of it.

    Why did you leave? Sounds like you were enjoying that role.

    I had been there for six years, and I just needed to do something different and get out of California where I grew up. San Francisco was skyrocketing with dot-com craziness. And I had never envisioned how I would go to a dot-com with my background.

    My girlfriend at the time—who’s now my wife—was from Colorado, so we decided to come back here. And my former boss found a job posting at NREL. I’ll be honest—I knew nothing about NREL.

    Then why did you go for the NREL job?

    NREL wanted a process engineer. Being a chemical engineer, I thought I needed to go work at a refinery, but I would have had to move to a very remote location to get started. And I wasn’t ready to do that. During my NREL interview, they asked what I knew about biomass, and I went on a diatribe about anaerobic digesters that wasn’t exactly correct. But apparently, my sales persona, coupled with some of the industry experience I had, fit what they needed here.

    Ringer, seen here with his daughter Makena, may have bungled the biomass portion of his NREL interview, but his sales persona and industry experience earned him the role anyway. Photo from Matt Ringer, NREL

    How did you become a laboratory program manager?

    When I was here for about three years, I wanted to add a little more education into my background. I could go to law school and be an intellectual property attorney, but that’s a lot of reading. I could go to business school or get a master’s in engineering. Business school resonated with me. So, I went to talk to my boss. I had a whole pitch about why I should get my Master of Business Administration (MBA) and NREL should help pay for it. I said, “Hey, I want to get an MBA,” and he said, “Don’t say any more. I’ll use you in a different role.”

    One of my first opportunities after I finished my MBA was creating a program where NREL works with small businesses or startups that wanted to develop our technologies. For the first time, I got to work with DOE (the U.S. Department of Energy) in a more formal way, which I really enjoyed. 

    For me, it always comes back to people, right? There were people at DOE who I just connected with—I understood their world a little bit. And I thought, “Well, how can I do that and help NREL at the same time?” And being a laboratory program manager was that role.

    “I love winning races,” Ringer said. “But I can’t run races like I used to, which sucks.” Luckily, Ringer can still experience vicarious wins through his daughters, who both play soccer.

    And what does a laboratory program manager do, exactly?

    One of the amazing things for somebody like me who doesn’t have a Ph.D. is working with the researchers to understand the work they’re doing. I’m curious by nature, so the more I asked, the more people wanted to tell me. I’m not going to lie, there were things I didn’t understand. As a chemical engineer, I understand atoms and molecules more than I understand electrons. I’ve had to build a bridge between those things. That’s exactly what you do as a laboratory program manager. You bring different things together. You arrange teams. You try to be strategic.

    To be successful as a laboratory program manager, you have to know people from throughout the lab: receivables, travel, human resources, web developers, technicians. And you need to ensure the operational side of the lab connects with the needs of the technical side. So, while I’m not doing the research, I can help you find the opportunities, develop stronger proposals, and then execute them.

    What’s it like to work in advanced manufacturing, specifically?

    It’s inspiring. The energy space is an opportunity to grow domestic manufacturing. I knew about 3D manufacturing but not what to do with it. But I learned. Now, if I go and talk to some of our researchers about power electronics, I’m not going to understand it all, but I know why they’re needed to advance manufacturing.

    In an ideal world, what would you most hope to accomplish over the course of your career?

    When I was 25 years old, I wanted to make lots of money. Now, I want to see our technologies make an impact. I also like to help new creative people come into NREL, so they can carry on our work. I don’t know if I’m the greatest mentor in the world. But I have a lot of experience that I can share with people, and I like seeing people grow.

    What advice would you give to someone just starting their career?

    You can’t skip steps. You can’t come into NREL as a researcher and expect to be a research fellow or senior director in five years. A lot of people just want to be the boss—whatever that means—and that’s a recipe for disaster. You have to put in the time, be patient, and not always think, “What am I going to be doing in five years?” You’re doing what you’re doing, and you need to get it done right.

    And accept who you are. I’m bald. It’s fine. I enjoy it. Accepting who you are and where you are is so important to be happy. Otherwise, you’re fighting something that’s not real. And there are enough real things to fight.

    MIL OSI USA News –

    April 29, 2025
  • MIL-OSI USA: Durbin Reflects On The Life And Legacy Of The Late Pope Francis

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    April 28, 2025
    Durbin: In a world of hate and fear, the Pope’s message of peace and understanding is needed now more than ever
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) today delivered a speech on the Senate floor commemorating and honoring the late Pope Francis. This weekend, Durbin attended the late Pope’s funeral in the Vatican along with U.S. Senators Susan Collins (R-ME), Ed Markey (D-MA), Mike Rounds (R-SD), and Eric Schmitt (R-MO).
    “Today I join people across the world and mourn the passing of Pope Francis. He was forgiving, hopeful, and committed to the notion of peace. Francis taught us that there is no one ‘right’ way to be a Catholic. That the Church can shape you, and you can shape the Church. And in the process, he made the Church stronger,” said Durbin.
    During his speech, Durbin also noted he attended the Pope’s Joint Address to Congress in 2015—the first Pope to ever do so. Durbin then praised Pope Francis for using his platform to highlight the plight of immigrants and refugees, to ask compassion for those in the LGBTQ+ community whom the Church has historically shunned, and to advocate for peace in distant wars and to protect our environment.
    “Like myself, Pope Francis was the child of immigrants, and he often reminded us of our responsibility to welcome the stranger. In a recent letter to American Catholic bishops, Pope Francis affirmed our nation’s right to ‘defend itself and keep communities safe.’ But he raised serious concerns about mass deportation, which ‘damages the dignity of many men and women, and of entire families, and places them in a state of particular vulnerability and defenselessness.’ His message is so timely as our government ignores due process and through an ‘administrative error,’ sends individuals to a hell-hole prison in El Salvador and deports a two-year-old to Honduras,” said Durbin.
    Durbin praised Pope Francis for the speech he prepared for Easter Sunday—one day before he passed away. The Pope was so ill that he was unable to deliver the speech himself, so it was read by one of his aides.
    Durbin continued, “It was a speech of peace. It was a speech of hope. It was the speech of a truly good man. In it, he pled, ‘On this day, I would like all of us to hope anew and to revive our trust in others, including those who are different than ourselves, or who come from distant lands, bringing unfamiliar customs, ways of life and ideas.’”
    Durbin concluded by reflecting on the Pope’s funeral—where hundreds of thousands of people gathered in St. Peter’s Square in the Vatican City to mourn the death of Pope Francis.
    “The crowd was overwhelming. Estimated in the hundreds of thousands, they represented every corner of the Earth. Just in our small section was a delegation in business suits from Lesotho in Africa, Buddhists in bright orange robes, members of the Italian Parliament, a turbaned Sikh delegation from India, and our bipartisan House delegation led by Nancy Pelosi and Republican Leader Steve Scalise. Thousands of Catholic clergy on the altar and in the audience wore vestments presenting every shade of scarlet and red. But the vast crowds of mourners and celebrants were simply admirers of Francis who, in his humble way, touched so many lives. At the front of the altar was his simple wooden casket,” Durbin continued.
    “The funeral ceremony was in Latin, the language of the Catholic Church when I was a young altar boy at St. Elizabeth’s Church in East St. Louis, Illinois, in the 1950’s. As I witnessed this solemn mass and read from the text, I could hear in my mind the rusty hinges of an opening door taking me back to the Latin mass and Gregorian chant of my childhood. It is all still there, ‘deo gratias,’” said Durbin.
    “How did this Mass differ from the Funeral of John Paul II decades ago?  I remember the crowds of Polish mourners with their red and white flags for John Paul II,” Durbin continued. “But with Francis, what struck me were the many waves of spontaneous cheering from the vast crowd when reference was made to his simple message for immigrants, peace, understanding. Who can forget his five words: ‘Who am I to judge?’ defined his humility and humanity for so many of us. After the ceremony, I went back to my hotel room and turned on my TV. There was a recurring segment every few minutes. It showed a simple photograph of Francis and the Italian words: ‘Grazie Francesco, il Papa della gente.’ Translated to English: ‘Thank you, Francis. The Pope of the people.’ We must continue to hold fast to the message of Pope Francis to love and respect one another.  In a world of hate and fear, his message of peace and understanding is needed now more than ever,”Durbin concluded.
    Video of Durbin’s remarks on the Senate floor is available here.
    Audio of Durbin’s remarks on the Senate floor is available here.
    Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.
    -30-

    MIL OSI USA News –

    April 29, 2025
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