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Category: Asia

  • MIL-OSI Banking: Howard Lee: Keynote address – Asia Pacific Loan Market Association Global Loan Market Summit

    Source: Bank for International Settlements

    Tibor (Papp, Chair of APLMA), distinguished guests, ladies and gentlemen,

    Let me first thank APLMA for inviting me here today. The loan markets were full of challenges in 2024. Geopolitical conflicts, high interest rate environment and uneven economic performances across regions have put pressure on loan demand in the Asia Pacific. Despite the uncertain environment, 2024 will probably be remembered as the starting point of mass adoption of Generative A.I. (GenA.I.) technologies. A few market statistics for putting this into perspective. Globally, fueled by the GenA.I. race, syndicated loans surged 35% to roughly USD 6 trillion, marking the highest volume on record. There was a 70% increase in syndicated loans in the high technology industry1.

    The spike in loan demand last year was mostly observed in the North American market. But we have also seen more GenA.I. innovations in other parts of the world, such as the sudden emergence of the cost-effective DeepSeek last month. To support GenA.I. development, large investments will be required for data centers and communication technology. We are probably still in the first inning of what is to come from GenA.I., and GenA.I. related syndicated loan transactions will likely be a running theme in the loan market for years to come.

    Harnessing Gen A.I.: A Smarter, Data-Driven Future

    With GenA.I.’s unique capabilities in processing vast amounts of documents and unstructured data, as well as its ability to handle cross-media inputs and outputs, such as text, audio and graphics, the technology has the potential to revolutionise the operation of financial institutions, from customer-facing functions such as remote account onboarding and customer chatbots, to middle and back-office operations for risk management, fraud detection and automation of work processes.

    At the HKMA, we are committed to promoting responsible GenA.I. adoption, and ensuring that innovation aligns with ethical standards and regulatory requirements. As a banking regulator, we are tasked not only with safeguarding the integrity and stability of financial systems but also with fostering an environment where innovation can flourish.

    Regulatory innovation is more than just introducing new rules; it involves creating an adaptable framework that encourages experimentation while ensuring consumer protection and market integrity. By collaborating with the industry, we aim to better understand the application of emerging technologies in the financial sector. We have adopted an “explorer” mindset, embracing innovative thinking even at an early stage.

    We have recently launched our GenA.I. Sandbox in collaboration with the Cyberport2. Within that, banks may partner with technology companies to test new ideas that leverage the latest GenA.I. technologies, refine innovative strategies and obtain early supervisory feedback.

    A total of 15 use cases from 10 banks and 4 technology partners have been selected as the inaugural participants in the GenA.I. Sandbox. Notable use cases include augmenting credit assessment and fraud detection by automated processing of unstructured data, and enhancing customer service to handle more personalised and complex enquiries. This initiative ensures that we harness the benefits of A.I. while mitigating potential risks, facilitating innovation in a controlled environment.

    Sustainability: The New Frontier in Finance

    Development of GenA.I. goes hand-in-hand with increase in power demand. In addition to investments in digital infrastructure, we will also see increase in investments for power generation and transmission. With rising temperatures and a rapidly changing global climate, it is imperative such increase in power demand is met in a sustainable manner.

    Our Sustainable Finance Action Agenda outlines a vision for integrating sustainability at the core of our financial system. It calls on all banks to strive to achieve Net Zero in their operations by 2030 and in their financed emissions by 2050, reflecting Hong Kong’s commitment to a greener economy.

    Green and sustainable finance is closely tied to financial innovation. For instance, tokenisation technology could help solve long-standing challenges such as double counting in carbon credits, a key issue in carbon trading. This could unlock new business models and create opportunities for businesses and investors to engage in sustainable practices. We have also assisted the HKSAR Government in issuing two tokenised green bonds, creating demonstrative effect and promoting broader technology adoption in the capital market.

    As announced by the Financial Secretary in his Budget Speech this morning, the Government will regularise the issuance of tokenised bond. So the HKMA is preparing for issuing the third tranche and will also continue to encourage private issuances through the Digital Bond Grant Scheme.

    At the same time, the Financial Secretary also announced a bond issuance programme of $150 billion to $195 billion per year in the next five years. The Government debt-to-GDP ratio will remain at manageable levels of 12 to 16.5%. The proceeds will be used to invest in infrastructure but not fund Government recurrent expenditure. So this would bring more opportunities to the debt capital market and provide good quality assets for investors.

    On the investment front, the HKMA is prioritising ESG investments across all asset classes under the Exchange Fund, striving toward the Net Zero target by 2050 while contributing to a sustainable economy. Our investment approach integrates both quantitative indicators and the long-term sustainable value of investments.

    Infrastructure Financing for a Sustainable and Digital Future

    Even with its vast scale, funding raised from the syndicated loan market may not be enough to support the global transition to a digital and sustainable future. More needs to be done to channel market capital into high-quality infrastructure development. In 2019, the Hong Kong Mortgage Corporation (HKMC) entered the infrastructure financing business, aiming to address the funding gap in the infrastructure market through securitisation.

    So far, the HKMC has successfully issued two series of infrastructure loan-backed securities in the institutional market, with total value of over US$800 million. The securitisation issues received a strong response from investors, and promoted the development of local debt market.

    In alignment with our vision for Hong Kong to play a central role in supporting green and sustainable financing needs in Asia and globally, both securitisation issues include sustainability tranches which are backed by sustainable, green and social assets, and issued in accordance with the HKMC’s Social, Green and Sustainability Financing Framework.

    Conclusion

    Looking ahead, we envision a future where new technologies will not only enhance connectivity among users, data, and services but also drives economic progress across sectors.

    As we continue to evolve as regulators, it is imperative that we remain agile and responsive to the changing landscape. The journey of regulatory innovation and market transformation is one of immense opportunity and responsibility. By working together, we can create a financial ecosystem that is innovative, sustainable, and inclusive.

    Thank you for your attention. I look forward to engaging with you in meaningful discussions that will shape our collective future. Once again, I thank APLMA for today’s invitation.

    MIL OSI Global Banks –

  • MIL-OSI Europe: ASIA/INDIA – Bangalore, the Eucharist chapel desecrated: monstrance with the consecrated host stolen

    Source: Agenzia Fides – MIL OSI

    Monday, 3 March 2025

    Bangalore (Agenzia Fides) – Last weekend, numerous Catholic faithful took part in prayers of reparation in the churches of Bangalore, the capital of the southern Indian state of Karnataka, after the desecration of the Eucharistic chapel of St. Anthony’s Church in the Uttarhalli district a few days ago.According to the archdiocese, unknown persons entered the liturgical room on February 25 and stole the monstrance, which contained a consecrated host. The police, who were immediately alerted, are now investigating to find the stolen monstrance, which, according to the archdiocese of Bangalore, is not made of precious metal.The concern of the entire People of God, meanwhile, is the Eucharistic bread that was in the monstrance. The fear is that the host has been desecrated. For this reason, Archbishop Peter Machado requested rites and prayers of reparation, which were joined by many faithful. (F.B.) (Agenzia Fides, 3/3/2025)
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    MIL OSI Europe News –

  • MIL-OSI: Synchronoss Unveils Capsyl Cloud at MWC Barcelona – A Turn-Key Personal Cloud Solution for Global Operators

    Source: GlobeNewswire (MIL-OSI)

    Empowering Mobile Operators and Service Providers to
    Rapidly Launch and Monetize Consumer Cloud Services

    BRIDGEWATER, N.J., March 03, 2025 (GLOBE NEWSWIRE) — Synchronoss Technologies, Inc. (“Synchronoss”) (NASDAQ: SNCR), a global leader in personal cloud solutions, today introduced Capsyl Cloud™, a new turn-key personal cloud platform designed for mobile operators and broadband service providers worldwide. Capsyl Cloud expands Synchronoss’s cloud portfolio, enabling service providers to launch secure, scalable, and revenue-generating personal cloud services with minimal deployment time.

    Synchronoss will showcase live demonstrations of Capsyl Cloud at MWC Barcelona in Executive Suite [3A19EX], providing a first-hand look at how operators can rapidly deploy and monetize branded cloud services.

    Capsyl Cloud is a secure, cross-platform personal cloud solution that allows users to store, manage, and protect their digital content across all devices—including photos, videos, documents, audio, contacts, and messages. With seamless integration across smartphones, tablets, laptops, and desktops, Capsyl Cloud provides a consistent, hassle-free user experience.

    Capsyl Cloud goes beyond storage—it leverages AI-powered tools to enhance how users organize, relive, and optimize their digital memories. Advanced AI capabilities include:

    • Memories – AI-curated memories that automatically surface meaningful photos and videos.
    • Intelligent Search & Organization – AI powered categorization and metadata tagging for effortless content discovery.
    • Content Cleanup & Space Saver – Detects duplicates, blurry images, and redundant files to free up storage.
    • Genius AI Tools – Enhances images, upscales resolution, restores color, and applies dynamic visual effects.

    By integrating these AI-driven capabilities, Capsyl Cloud offers a smarter, more compelling personal cloud experience—helping users engage with their memories in new ways.

    Capsyl Cloud has been refined through extensive beta testing since 2022, leveraging the proven technology, scalability, and infrastructure of Synchronoss Personal Cloud—the trusted white-label cloud solution used by service providers, supporting over 11 million users worldwide.

    A turn-key platform, Capsyl Cloud requires minimal capital expenditure, allowing service providers to easily deploy a proven, feature-rich, and highly scalable personal cloud solution. It significantly accelerates time to market to introduce a personal cloud solution as a complement to other voice, data, and value-added services. Capsyl Cloud also offers the flexibility to deploy and monetize personal cloud services through tiered storage plans, bundles, freemium and premium offerings.

    “Mobile operators worldwide are looking for new ways to differentiate, drive revenue, and enhance customer loyalty,” said Jeff Miller, President and CEO of Synchronoss. “Capsyl Cloud provides a powerful, turn-key solution that allows service providers to rapidly launch premium personal cloud services—without the burden of heavy infrastructure investment. As digital content consumption accelerates, we’re excited to help operators capture this growing demand and deliver a seamless, secure cloud experience for users to protect and relive their most treasured moments.”

    Telkomsel, Indonesia’s largest mobile network operator, is the first to deploy Capsyl Cloud, making this solution available to millions of Telkomsel’s prepaid and post-paid subscribers. Lesley Simpson, VP Digital Lifestyle at Telkomsel, stated, “Telkomsel is always striving to provide a range of cloud solutions that make our customers’ daily lives easier. With Capsyl Cloud Storage by Synchronoss, customers can store and manage their photos, videos, and other important content more securely and conveniently. We hope this service will be a practical solution for those who want to ensure their precious memories are well-preserved and can be easily shared at any time.”

    Following Telkomsel’s successful deployment, Synchronoss anticipates strong demand for Capsyl Cloud in Southeast Asia, particularly in Indonesia, the Philippines, Thailand, and Vietnam. Operators in these regions are actively seeking revenue-generating cloud services to increase ARPU, reduce churn, and strengthen customer engagement.

    Capsyl Cloud adheres to the highest industry standards for data security, privacy, and compliance, ensuring that user content remains protected and accessible across devices.

    Learn More:

    Capsyl Cloud on Synchronoss: www.synchronoss.com/capsyl
    Official Capsyl Website: www.capsyl.com

    Follow Capsyl Cloud on Social Media:

    Instagram: Capsyl_Cloud
    LinkedIn: Capsyl Showcase
    TikTok: @CapsylCloud
    Capsyl Indonesia: Capsyl Indonesia Portal

    About Synchronoss

    Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement using artificial intelligence (AI), machine learning and other advanced features, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.

    Media Relations Contact:
    Domenick Cilea
    Springboard
    dcilea@springboardpr.com

    Investor Relations Contact:
    Brian Denyeau / Ryan Gardella
    ICR INC.
    brian.denyeau@icrinc.com
    ryan.gardella@icrinc.com

    The MIL Network –

  • MIL-OSI Global: America’s designs on annexing Canada have a long history − and record of political failures

    Source: The Conversation – USA – By G. Patrick O’Brien, Assistant Teaching Professor of History, University of Tampa

    Donald Trump has repeatedly raised the specter of annexing Canada since his inauguration to a second term as president.

    The president’s rhetoric about making Canada “the 51st state” may seem to project confidence, a 21st-century vision of manifest destiny, a belief in the United States’ right and obligation to expand.

    Trump is not the first American leader to dream of northern expansion. To me, a historian of early U.S.-Canadian relations, these designs suggest not power, but weakness and simmering divisions inside the United States.

    Early Americans’ lust for Canada

    Even before independence, social conflict helped turn American eyes northward. Throughout the 18th century, England’s Colonial population in North America doubled every 25 years. Successive generations of Colonists along the Eastern Seaboard had to compete with each other, and with Indigenous people, for resources, arable land and trade.

    These unhappy, land-hungry Colonists clamored for expansion, instigating a series of wars against both the French and Spanish empires for control of the northeastern half of the continent, culminating in the French and Indian War, from 1754 to 1763.

    While these Colonists were animated by their thirst for expansion, they had little else unifying them. Many Americans today are familiar with the “Join, or Die” cartoon Ben Franklin printed, featuring a segmented snake with each section representing one of the Colonies. However, few realize that it was not crafted during the Revolution to unite Colonists against Britain, but in 1754, to rally divided British Colonists in their war against France.

    This famous image urging the American Colonies to unite was in support of a war against France, not Britain.
    Benjamin Franklin via Wikimedia Commons

    Britain finished conquering Canada in 1763, but the empire never fully supported Colonial expansion northward. In the 1750s and 1760s, British troops forcibly removed French colonists from Acadia in Nova Scotia and recruited thousands of Colonists from neighboring New England to move north. These settlers had long imagined the region rich in fishing and timber to be a land of opportunity. But disillusioned by the financial cost of sustaining their settlements, many of these Colonists returned to New England by the early 1770s.

    Attempts to settle other lands ceded by France were no more successful. Fearful that Colonists might provoke a costly war with Indigenous people, Parliament issued the Proclamation of 1763, which attempted to protect native land by discouraging Colonial expansion westward. Many Colonists turned against Britain in response, especially those like George Washington, who had speculated in the land west of the Appalachian Mountains.

    The failed invasion of Canada

    In the earliest months of the Revolution, the Continental Congress authorized an American invasion of British-occupied Quebec. In a letter addressed to “Friends and Brethren” of Canada, Washington himself implored Canadians to join invading troops. “The Cause of America, and of Liberty, is the Cause of every virtuous American Citizen,” he wrote. “Come then, ye generous Citizens, range yourselves under the Standard of general Liberty.”

    But at home, Colonists were far from united in their rebellion. Historians estimate that around 20% of the white Colonial population, more than 500,000 people, remained loyal to Britain, and an even larger number hoped to remain neutral.

    The difficult realities of conquest also turned many soldiers against the invasion of Canada. In late October 1775, nearly a quarter of the underfed and overworked troops under the command of soon-to-be turncoat Benedict Arnold abandoned their arduous journey through interior Maine toward Canada. The soldiers who carried on prayed these deserters “might die by the way, or meet with some disaster, Equal to the Cowardly dastardly and unfriendly Spirit they discover’d in returning Back without orders.”

    The more resilient troops who reached Quebec were emphatically defeated by British forces in December, making Washington skeptical of any future efforts to attack Canada.

    American troops clash with British soldiers and the French defenders of Quebec in December 1775.
    Charles William Jefferys, cover art for ‘The Father of British Canada: A Chronicle of Carleton,’ Volume 12 by William Wood, 1916

    19th-century divisions

    Following American independence, tens of thousands of loyal Colonists sailed north to Canada, determined to build British colonies that would become what one of these refugees called “the envy of the American States.” Their presence on the contested northern border was an unsettling reminder to the new American nation about the power Britain still exerted on the continent.

    Conflict with Britain over land and trade in the early 1800s reopened old divisions among Americans. Virginia Congressman John Randolph expressed his frustrations with renewed calls for a northern invasion. “We have but one word, like the whip-poor-will, but one eternal monstrous tone,” an exasperated Randolph noted, “Canada! Canada! Canada!”

    The debate over Canada was one of many issues dividing the nation, and as President James Madison would later explain, he hoped that war would help unify a polarized nation. His gamble paid off, but only after opponents from New England flirted with the idea of secession to negotiate their own end to conflict.

    When the popular editor and columnist John O’Sullivan called for the annexation of Texas and war with Mexico in 1845, he also suggested the annexation of Canada would naturally follow. The anti-expansionist response united pacifists, abolitionists and a variety of religious and literary figures, helping deepen the divides that would lead to the Civil War.

    Annexation talk in the 20th century

    Trump’s posturing has served to unite Canadians and revive Canadian nationalism. In the U.S., most people seem to understand the practical hurdles of adding a new state or dismiss the idea altogether.

    A Canadian demonstrates in Washington, D.C., against President Donald Trump’s policies on Feb. 17, 2025.
    Dominic Gwinn/Middle East Images/AFP via Getty Images

    One example of annexation talk from the 20th century, however, might serve as a warning to Trump, showing how aggressive rhetoric toward Canada has led to political defeat. In 1911, a bill creating free trade with Canada passed Congress with the support of President William Taft, despite objections from protectionists in both parties.

    In an attempt to have the agreement defeated in the Canadian Parliament, U.S. opponents from both sides of the aisle attempted to stir popular sentiment against the U.S. in Canada. Champ Clark, the Democratic speaker of the House and a front-runner for the presidential nomination in 1912, seized on the moment.

    “I hope to see the day when the American flag will float over every square foot of the British North American possessions, clear to the North Pole,” Champ proclaimed on the House floor. William Stiles Bennet, a Republican, proposed a resolution that would authorize the president to begin negotiations for annexation.

    Their approach to defeating the trade agreement worked, at least in Canada. In the general election of September 1911, worried Canadian voters ousted the Liberal Party, which had supported free trade, and the new Conservative majority rejected the agreement.

    Back home, however, the plan backfired. Woodrow Wilson, not Clark, secured the Democratic nomination in 1912 and would go on to defeat both the incumbent Taft and former President Theodore Roosevelt. The bluster led not to success and victory, but loss and defeat.

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

    – ref. America’s designs on annexing Canada have a long history − and record of political failures – https://theconversation.com/americas-designs-on-annexing-canada-have-a-long-history-and-record-of-political-failures-250229

    MIL OSI – Global Reports –

  • MIL-OSI Global: What is isolationism? The history and politics of an often-maligned foreign policy concept

    Source: The Conversation – USA – By Andrew Latham, Professor of Political Science, Macalester College

    Isolationism has deep roots in American foreign policy stretching back to George Washington. FotografiaBasica/Getty Images

    Few terms in American foreign policy discourse are as misunderstood or politically charged as “isolationism.”

    Often used as a political weapon, the term conjures images of a retreating America, indifferent to global challenges.

    However, the reality is more complex. For example, some commentators argue that President Donald Trump’s return to the White House signals a new era of isolationism. But others contend his foreign policy is more akin to “sovereigntism,” which prioritizes national autonomy and decision-making free from external constraints, and advocates for international engagement only when it directly serves a nation’s interests.

    Understanding isolationism’s role in U.S. policy requires a closer look at its historical roots and political usage.

    ‘Entangling alliances’

    The idea of avoiding foreign entanglements has been a part of American strategic thinking since the country’s founding. President George Washington’s famous warning against “entangling alliances” reflected a desire to insulate the young republic from European conflicts.

    Throughout the 19th century, this sentiment shaped U.S. policy, though not exclusively. The country expanded its influence in the Western Hemisphere, maintained strong economic ties abroad and occasionally intervened in regional affairs.

    This cautious approach allowed the U.S. to develop its economy and military strength without becoming deeply embroiled in European rivalries.

    After World War I, isolationism became more pronounced. The staggering human and financial costs of the war led many Americans to question deep international involvement. Skepticism toward President Woodrow Wilson’s League of Nations reinforced this sentiment, and in the 1930s, the U.S. passed Neutrality Acts designed to keep the country out of foreign wars. However, this approach proved unsustainable.

    Though getting increasingly involved in the European conflict in the years before the attack on Pearl Harbor on Dec. 7, 1941, that day officially led the U.S. into World War II, marking the definitive end of traditional isolationism. With the war’s conclusion, American strategic thinking shifted, recognizing that even partial disengagement was no longer an option in a globalized world.

    Isolationism as a slur

    In the postwar era, isolationism devolved from a coherent strategic perspective into a term of political derision. During the Cold War, those who opposed military alliances like NATO or U.S. interventions in Korea and Vietnam were often dismissed as isolationists, regardless of their actual policy preferences.

    This framing marginalized critics of U.S. global engagement, even when their concerns were grounded in strategic prudence rather than a reflexive desire to withdraw from the world.

    The same pattern persisted going into the 21st century. In debates over U.S. involvement in Iraq, Afghanistan and Ukraine, critics of expansive military commitments were frequently labeled isolationists, despite advocating for a recalibration of foreign policy rather than outright disengagement.

    Many of those calling for an end to America’s “forever wars” did not argue for global retreat but for a prioritization of national interests over the broad defense of the so-called rules-based international order.

    A persistent myth is that isolationism represents a total disengagement from the world. Historically, even during its peak, isolationism in the U.S. was never absolute. Trade, diplomacy and cultural exchanges continued even in periods marked by reluctance to intervene militarily. What critics of interventionism have historically sought is prudence in foreign affairs – avoiding unnecessary wars while ensuring the protection of core national interests.

    Moving beyond isolationism

    In recent years, “restraint” has gained traction as a more precise and useful framework for U.S. foreign policy. Unlike isolationism, restraint does not imply withdrawal from global affairs but rather advocates a more selective and strategic approach.

    Proponents argue that the U.S. should avoid unnecessary wars, focus on core national interests and work with its allies to maintain stability rather than relying on unilateral military action. This perspective acknowledges the limits of American power and the risks of overextension while still recognizing the necessity of international engagement. Advocates of restraint suggest that recalibrating U.S. foreign policy would allow the country to address pressing domestic concerns while maintaining a strong international presence where it matters most.

    As the U.S. reassesses decades of intervention, restraint offers a middle path between disengagement and unrestrained global activism. It encourages a more thoughtful and sustainable approach to foreign policy that prioritizes long-term stability and national interests over automatic involvement in conflicts.

    Moving beyond the outdated and politically charged debate over isolationism would, I believe, allow for a more productive conversation about how the U.S. can engage globally in a way that is both effective and aligned with its strategic interests.

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

    – ref. What is isolationism? The history and politics of an often-maligned foreign policy concept – https://theconversation.com/what-is-isolationism-the-history-and-politics-of-an-often-maligned-foreign-policy-concept-245201

    MIL OSI – Global Reports –

  • MIL-OSI China: What to know about CPPCC in China’s democratic process

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

    BEIJING, March 3 — Around 2,100 members will attend the annual session of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC), China’s top political advisory body, which is set to open on Tuesday.

    This session and the annual session of the National People’s Congress, China’s national legislature, form the “two sessions” of the country, making headlines every year in this country.

    ROLES OF CPPCC

    The CPPCC is an initiative that brings together various political parties in the country, prominent individuals without party affiliation, people’s organizations, and individuals from all ethnic groups and sectors of society to participate in the political system.

    It is a key mechanism for multiparty cooperation and political consultation under the leadership of the Communist Party of China, and fulfills a major role in the promotion of socialist democracy and the practice of whole-process people’s democracy in China.

    The CPPCC promotes unity and cooperation among its participating political parties and individuals without party affiliation. It also works to promote democracy and offer proposals on state affairs while fostering consensus.

    The CPPCC consists of a national committee and local committees. The national committee guides the work of local committees and they all enjoy a term of five years.

    The main functions of the national committee are political consultation, democratic oversight, and participation in and deliberation of state affairs.

    SECTORS OF NATIONAL POLITICAL ADVISORS

    Members of the CPPCC National Committee are from a wide range of sectors, such as literature and arts, science and technology, the social sciences, and economics. They are selected through extensive consultations within their respective circles.

    Individuals from the Hong Kong and Macao special administrative regions are also among members of the top political advisory body.

    The 14th CPPCC National Committee consists of 34 sectors. Among them, the sector of environment and resources was established in 2023 to help promote green transformation and development.

    DUTIES OF NATIONAL POLITICAL ADVISORS

    National political advisors can help with formulating national policies by raising comments and suggestions after thorough research and consultations.

    Their comments and suggestions, when formally documented and submitted, are officially referred to as proposals. Each proposal, whether adopted or not, must receive a reply.

    During the annual session, national political advisors usually hold group meetings to deliberate the work report of the top political advisory body and a report on how the proposals from political advisors have been handled. They also sit in on the annual session of the national legislature as non-voting participants to hear and discuss documents — including the government work report.

    Political advisors are encouraged to engage deeply with the people and their communities, seek people’s opinions and suggestions, and effectively reach out to, serve, unite and guide their respective sectors throughout the year.

    MIL OSI China News –

  • MIL-OSI Europe:  “Drops of the Future” workshop series concludes with a public event in Vienna, advancing co-operation on water, energy, and food in Central Asia

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline:  “Drops of the Future” workshop series concludes with a public event in Vienna, advancing co-operation on water, energy, and food in Central Asia

     “Drops of the Future” workshop series concludes with a public event in Vienna, advancing co-operation on water, energy, and food in Central Asia | OSCE
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    MIL OSI Europe News –

  • MIL-OSI: Australian Oilseeds Announces Appointment of Amarjeet Singh as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    COOTAMUNDRA, Australia, March 03, 2025 (GLOBE NEWSWIRE) — Australian Oilseeds Holdings Limited, a Cayman Islands exempted company (the “Company”) (NASDAQ: COOT), today announced the appointment of Amarjeet Singh as Chief Financial Officer (“CFO”) effective February 28, 2025. Singh brings more than 20 years of finance and accounting experience and held leadership roles at major companies in the global agricultural sector and will replace Bob Wu who is leaving his position to explore new opportunities outside of the Company.

    “We are excited to welcome Amarjeet as the Company’s new Chief Financial Officer,” said Gary Seaton, Chief Executive Officer. “His deep expertise in finance and accounting coupled with a strong background in the global agricultural sector make him the ideal candidate to lead our finance organization at this pivotal time. Amarjeet is a strategic leader with a proven track record of driving growth and productivity along with improving profitability. On behalf of everyone at the Company, I would like to thank Bob for his significant contributions and wish him success in his future endeavors. I am particularly grateful for his leadership and support over the last four years that we have worked together. He has been a critical player to drive our strategic agenda, leading key initiatives, which will benefit us for many years to come”

    Mr. Singh commented, “It’s an exciting time to join Australian Oilseeds as the Company continues to focus on expanding and scaling its business globally. I look forward to working with this talented team to strengthen our foundation and ensure we are well positioned to deliver significant long-term sustainable growth and shareholder value.”

    Mr. Singh is an experienced financial controller with a demonstrated history of working in the Agri-commodities and manufacturing listed companies, with experience in financial reporting, consolidation, budgeting, accounting, treasury management, and management information systems (MIS) including leadership roles at major companies in the global agricultural sector. Before joining Australian Oilseeds, from 2018 to 2025, he served as Head of Finance at MOI International Pty Ltd, a subsidiary of Mewah International, a large agricultural company listed in Singapore. From 2011 to 2017, Mr. Singh was Manager, Accounts and Treasury, at Mewah Oils & Fats, another subsidiary of Mewah International. Prior to Mewah, Mr. Singh held finance and accounting roles of progressive responsibility at divisions of large, NYSE-listed multi-national companies including General Electric and Snap-On Tools from 2008 to 2011 and served as an Audit Senior for BDO Lodha & Co. from 2004 to 2007. Mr. Singh is a graduate of the Institute of Chartered Accountants of India as a chartered accountant, specializing in Finance & Accountancy in 2007.

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

    Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, business strategy and plans, market trends and market size, opportunities and positioning. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. For example, global economic conditions could in the future reduce demand for our products; we could in the future experience cybersecurity incidents; we may be unable to manage or sustain the level of growth that our business has experienced in prior periods; our financial resources may not be sufficient to maintain or improve our competitive position; we may be unable to attract new customers, or retain or sell additional products to existing customers; we may experience challenges successfully expanding our marketing and sales capabilities, including further specializing our sales force; customer growth could decelerate in the future; we may not achieve expected synergies and efficiencies of operations from recent acquisitions or business combinations, and we may not be able to pay off our convertible notes when due. Further information on potential factors that could affect our financial results is included in our most recent Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. The forward-looking statements included in this press release represent our views only as of the date of this press release and we assume no obligation and do not intend to update these forward-looking statements.

    Contact
    Australian Oilseeds Holdings Limited
    126-142 Cowcumbla Street
    Cootamundra New South Wales 2590
    Attn: Gary Seaton, CEO
    Email: gary@energreennutrition.com.au

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

    The MIL Network –

  • MIL-OSI: First Busey Corporation Completes Acquisition of CrossFirst Bankshares, Inc. and CrossFirst Bank

    Source: GlobeNewswire (MIL-OSI)

    CHAMPAIGN, Il. and LEAWOOD, Kan., March 03, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (“Busey”) (NASDAQ: BUSE), the holding company for Busey Bank, announced today the completion of its acquisition by merger of CrossFirst Bankshares, Inc. (“CrossFirst”) (NASDAQ: CFB), the holding company for CrossFirst Bank, effective March 1, 2025. The transaction was previously jointly announced on August 27, 2024.

    Busey will operate CrossFirst Bank as a separate banking subsidiary of Busey until it is merged with Busey Bank, which is expected to occur in June 2025. At the time of the bank merger, CrossFirst Bank’s banking centers will become branches of Busey Bank and operate under the Busey brand, creating a premier full-service commercial bank serving clients from 77 locations across 10 states with combined total assets of approximately $20 billion, $17 billion in total deposits, $15 billion in total loans and $14 billion in wealth assets under care. The holding company will be headquartered in Leawood, Kansas in the Kansas City metro area, which is central to the combined footprint. Busey Bank’s headquarters will remain in Champaign, Illinois.

    The combination extends Busey’s regional operating model into high-growth metro markets—bolstering its commercial banking relationships and offering additional opportunities to grow its wealth management business and payment technology solutions subsidiary, FirsTech, Inc.

    “This is a transformational partnership that advances our organization and will ultimately benefit each of our Pillars—associates, customers, communities and shareholders,” said Van Dukeman, Chairman and CEO of Busey and Chairman of Busey Bank. “Over the past few years, we have been keenly focused on maintaining Busey’s fortress balance sheet—featuring exceptional credit quality, strong liquidity, excess capital and diversified revenue streams buttressed by our wealth management and payments processing businesses—to be well positioned to capitalize on a financially and strategically compelling opportunity of size and scale. This is that opportunity and we look forward to fully integrating our banks while leveraging the talent, expertise, increased scale and market presence to benefit our Pillars.”

    “Taking our organization to new heights, this partnership combines our growing commercial bank with the power of Busey’s core deposit franchise, exceptional wealth management platform and the impressive payment tech solutions at FirsTech, Inc.,” said Mike Maddox, former CrossFirst CEO, President and Director who now serves as Vice Chairman and President of Busey and President and CEO of Busey Bank. “We firmly believe our strong metro market footprint, commercial focus and growth potential will help elevate the combined company to be a leading regional banking institution throughout the Midwest and Southwestern regions of the U.S. We look forward to building upon the strong legacy of outstanding service and community engagement that both organizations have developed to create even more opportunities for our teams and clients.”

    Board of Directors
    Effective immediately, Busey and Busey Bank will be governed by a Board of Directors comprised of 13 directors, eight from Busey or Busey Bank and five from CrossFirst:

    • Van Dukeman, Chairman and CEO
    • Mike Maddox, Vice Chairman and President
    • Rod Brenneman, Lead Independent Director
    • Stan Bradshaw
    • Steve Caple
    • Michael Cassens
    • Jennifer Grigsby
    • Karen Jensen
    • Fred Kenney
    • Steve King
    • Kevin Rauckman
    • Scott Wehrli
    • Tiffany White

    Transaction Details
    Under the terms of the merger agreement, at the effective time of the merger on March 1, 2025, each share of CrossFirst’s common stock was converted into the right to receive 0.6675 of a share of Busey common stock, with CrossFirst shareholders receiving cash in lieu of fractional shares. Former CrossFirst common shareholders are eligible to receive Busey’s ongoing dividends as declared. With the transaction now complete, former CrossFirst shareholders own approximately 36.5% of the combined company, on a fully-diluted basis.

    Shares of CrossFirst common stock ceased trading after the closing of the NASDAQ stock market on February 28, 2025. The combined company’s common shares will continue trading on the NASDAQ under the “BUSE” ticker symbol.

    About First Busey Corporation
    As of December 31, 2024, First Busey Corporation (Nasdaq: BUSE) was a $12.05 billion financial holding company headquartered in Champaign, Illinois.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation, had total assets of $12.01 billion as of December 31, 2024, and is headquartered in Champaign, Illinois. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com. CrossFirst Bank—also a wholly-owned bank subsidiary of First Busey Corporation as of March 1, 2025—had total assets of $7.7 billion as of December 31, 2024, and is a full-service financial institution with locations in Kansas, Missouri, Oklahoma, Texas, Arizona, Colorado and New Mexico.

    Through its Wealth Management division, Busey Bank provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.83 billion as of December 31, 2024. More information about Busey Bank’s Wealth Management services can be found at busey.com/wealthmanagement.

    Busey Bank’s wholly-owned subsidiary, FirsTech, Inc., specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the first time, Busey Bank was named among the World’s Best Banks for 2024 by Forbes, earning a spot on the list among 68 U.S. banks and 403 banks worldwide. Additionally, Busey Bank was honored to be named among America’s Best Banks by Forbes magazine for the third consecutive year. Ranked 40th overall in 2024, Busey Bank was the second-ranked bank headquartered in Illinois of the six banks that made this year’s list and the highest-ranked bank of those with more than $10 billion in assets. Busey Bank is humbled to be named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2024 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

    For more information about us, visit busey.com.

    First Busey Corporation Contacts
    For Financials:                         
    Scott Phillips, Interim CFO                    
    First Busey Corporation            
    (239) 689-7167                        
    scott.phillips@busey.com              		 For Media:
    Amy L. Randolph, EVP & COO
    First Busey Corporation
    (217) 365-4049
    amy.randolph@busey.com

    Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended. These forward-looking statements are covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain assumptions and estimates and describe Busey’s future plans, strategies, and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “goal,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” “aim” and similar expressions. These forward-looking statements include statements relating to Busey’s projected growth, anticipated future financial performance, financial condition, credit quality, and management’s long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, business and growth strategies, and any other statements that are not historical facts.

    These forward-looking statements are subject to significant risks, assumptions, and uncertainties, and could be affected by many factors. Factors that could have a material adverse effect on Busey’s financial condition, results of operations, and future prospects can be found under the “Special Cautionary Note Regarding Forward-Looking Statements” and “Item 1A. Risk Factors” sections of Busey’s Annual Report on Form 10-K for the year ended December 31, 2024, and other reports Busey files with the U.S. Securities and Exchange Commission (the “SEC”).

    Because of those risks and other uncertainties, Busey’s actual future results, performance, achievement, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, Busey’s past results of operations are not necessarily indicative of its future results.

    You should not place undue reliance on any forward-looking statements, which speak only as of the dates on which they were made. Busey does not undertake an obligation to update these forward-looking statements, even though circumstances may change in the future, except as required under federal securities law. Busey qualifies all of its forward-looking statements by these cautionary statements.

    The MIL Network –

  • MIL-OSI Economics: Samsung India Launches Galaxy A56 5G, Galaxy A36 5G Featuring Awesome Intelligence, All-New Design and Enhanced Durability

    Source: Samsung

    Akshay Rao, General Manager, and Aditya Babbar, Vice President, MX Business, Samsung India at the launch of Galaxy A56 5G and Galaxy A36 5G
     
    Samsung, India’s largest consumer electronics brand, today announced the launch of Galaxy A56 5G and Galaxy A36 5G with Awesome Intelligence, featuring amazing search and visual experiences to reimagine creativity. Sporting an all-new design language, the new Galaxy A series smartphones also feature enhanced durability and performance, along with robust security and privacy protection.
     
    Awesome Intelligence
    Awesome Intelligence is available on Galaxy A56 5G and Galaxy A36 5G, enabling democratization of AI for Indian consumers. Awesome Intelligence, a comprehensive mobile AI suite, brings advanced AI features including Galaxy’s fan-favourite AI features. Google’s enhanced Circle to Search makes it easier than ever to search and discover from the phone’s screen. With the recent enhancements to Circle to Search, users can also instantly search the songs they hear without switching apps. Whether it’s a song playing on social media from their phone or music that’s playing from speakers near them, just long press the navigation bar to activate Circle to Search, then tap the music button to identify the song name and artist.
     
    Awesome Intelligence also features a range of intelligent Visual editing features like Auto Trim, Best Face, Instant Slo-mo and many others. Auto-Trim and Best face are flagship-level AI features that are now getting democratized with Galaxy A56 5G. The new smartphones also come with Object Eraser, allowing users to remove unwanted distractions from photos. Moreover, Filters enables custom filter creation by extracting colours and styles from existing photos for users to apply for a unique and personalized effect depending on mood and taste.
     
    Awesome Design
    Galaxy A56 5G and Galaxy A36 5G come with an all-new design language which now forms the benchmark for Galaxy A series. The new design language features a Linear Floating Camera Module and a ‘Radiance’ inspired colour theme. Galaxy A56 5G and Galaxy A36 5G are the slimmest ever Galaxy A series devices with just 7.4mm thickness.
     
    Awesome Display
    Galaxy A56 5G and Galaxy A36 5G feature a larger display created for a high-quality, immersive viewing experience. Both devices feature a 6.7-inch FHD+ Super AMOLED display with brightness levels reaching up to 1200 nits. New stereo speakers further enhance the experience with rich, balanced sound.
     
    Awesome Camera
    Galaxy A56 5G and Galaxy A36 5G smartphones take the camera experience to a new level with a powerful triple-camera system featuring a 50MP main lens and 10-bit HDR front lens recording on Galaxy A56 5G and Galaxy A36 5G for bright and crisp selfies. Galaxy A56 5G comes with a 12MP ultra-wide lens and brings enhancements to Nightography, with Low Noise Mode making its way to the 12MP selfie camera along with additional wide camera support to capture stunning content in low-light settings.
     
    Awesome Performance
    Both models also deliver enhanced performance for seamless multi-tasking. Galaxy A56 5G is powered by the Exynos 1580 chipset and Galaxy A36 5G runs on the Snapdragon® 6 Gen 3 Mobile Platform. A larger vapor chamber in both devices helps sustain performance, ensuring smooth gameplay and video playback.
     
    Awesome Battery
    With a 5,000mAh battery, Galaxy A56 5G and Galaxy A36 5G are designed to keep up with users’ daily routines. Galaxy A56 5G and Galaxy A36 5G support 45W charging power and Super-Fast Charge 2.0 technology, delivering faster charging for extended use.
     
    Awesome Durability
     
    Galaxy A36 5G and Galaxy A56 5G feature an IP67 dust and water resistance rating. Additionally, an advanced Corning® Gorilla Victus+ Glass adds a layer of durability against scratches and cracks. Moreover, with six generations of Android OS and six years of security updates, the new Galaxy A series reinforces its focus on software longevity. These updates add additional support towards optimizing the devices’ lifecycle, ensuring users can enjoy a smooth and reliable experience for years to come.
     
    Awesome Security and Privacy
    Thanks to the integration of One UI 7 on the Galaxy A series for the first time, Samsung is further supporting robust security and privacy. With Samsung Knox Vault, the Galaxy A series provides an extra, fortified layer of device safety, transparency and user choice – ensuring sensitive data always stays protected. Equipped with the latest One UI 7 security and privacy features, Galaxy A series users benefit from holistic protection — including enhancements in Theft Detection, More Security Settings and other features.
     
    Variants, Price, Colours and Offers
    As part of the launch offers, customers purchasing Galaxy A56 5G and Galaxy A36 5G will get a free storage upgrade worth INR 3000, making it an awesome deal. Customers will get the 12GB 256GB variant at the price of the 8GB 256GB variant and the 8GB 256 GB variant at the price of the 8GB 128GB variant at no extra cost.
     

    Galaxy A56 5G

    Memory
    Price
    Net Effective Price
    Launch Offer
    Colours
    12GB 256GB
    INR 47,999
    INR 44,999
    Get 12GB 256GB variant at the price of 8GB 256GB variant
    Awesome Olive, Awesome Lightgray, Awesome Graphite
    8GB 256GB
    INR 44,999
    INR 41,999
    Get 8GB 256GB variant at the price of 8GB 128GB variant
    8GB 128GB
    INR 41,999
    INR 41,999
    NA
     

    Galaxy A36 5G

    Memory
    Price
    Net Effective Price
    Launch Offer
    Colours
    12GB 256GB
    INR 38,999
    INR 35,999
    Get 12GB 256GB variant at the price of 8GB 256GB variant
    Awesome Black, Awesome Lavender, Awesome White
    8GB 256GB
    INR 35,999
    INR 32,999
    Get 8GB 256GB variant at the price of 8GB 128GB variant
    8GB 128GB
    INR 32,999
    INR 32,999
    NA
     
     
    Galaxy A56 5G will be available in Awesome Olive, Awesome Lightgray and Awesome Graphite colours while Galaxy A36 5G will be available in Awesome Lavender, Awesome Black and Awesome White.
     
    Additional Offers
    Apart from the primary storage upgrade offer, consumers can also get Samsung Care+ one-year screen protection at just INR 999, against the original price of INR 2,999. Customers can also avail up to 18 months no cost EMI on Galaxy A56 5G and up to 16 months no cost EMI on Galaxy A36 5G. Additionally, customers will get an Amazon voucher up to INR 400 on using Samsung Wallet for select transactions.
     
    Availability
    Galaxy A56 and Galaxy A36 are now available for purchase via Samsung.com, across Samsung exclusive and partner stores, and other online platforms.

    MIL OSI Economics –

  • MIL-OSI: Monroe Capital Corporation BDC Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) — Monroe Capital Corporation (NASDAQ: MRCC) today announced its financial results for the fourth quarter and full year ended December 31, 2024. The Board of Directors of Monroe also declared its first quarter distribution of $0.25 per share, payable on March 31, 2025 to stockholders of record on March 14, 2025.

    Except where the context suggests otherwise, the terms “Company,” “we,” “us,” and “our” refer to Monroe Capital Corporation (together with its subsidiaries).

    Fourth Quarter 2024 Financial Highlights

    • Net Investment Income (“NII”) of $6.0 million, or $0.28 per share
    • Adjusted Net Investment Income (a non-GAAP measure described below) of $6.2 million, or $0.29 per share
    • Net increase (decrease) in net assets resulting from operations of $(1.7) million, or $(0.08) per share
    • Net Asset Value (“NAV”) of $191.8 million, or $8.85 per share
    • Paid quarterly dividend of $0.25 per share on December 30, 2024
    • Current annual cash dividend yield to stockholders of approximately 11.4%(1)

    Full Year 2024 Financial Highlights

    • NII of $24.5 million, or $1.13 per share
    • Adjusted Net Investment Income (a non-GAAP measure described below) of $25.0 million, or $1.15 per share
    • Net increase in net assets resulting from operations of $9.7 million, or $0.45 per share

    Chief Executive Officer Theodore L. Koenig commented, “We are pleased to announce that we paid a $0.25 per share dividend during the fourth quarter. Our predominantly first lien portfolio continued to generate attractive risk-adjusted returns during the fourth quarter, with Adjusted Net Investment Income supporting a compelling 11.4% annualized dividend yield. We remain committed to prudent portfolio management, with a focus on maintaining the portfolio’s asset quality across varying economic environments.”

    Monroe Capital Corporation is a business development company affiliate of the award-winning private credit investment firm and lender, Monroe Capital LLC.
    _______________________
    (1) Based on an annualized dividend and closing share price as of February 28, 2025.

    Management Commentary

    Adjusted Net Investment Income totaled $6.2 million, or $0.29 per share for the quarter ended December 31, 2024, a decrease from $6.6 million, or $0.31 per share for the quarter ended September 30, 2024. NAV decreased by $0.33 per share, or 3.6%, to $191.8 million or $8.85 per share as of December 31, 2024, compared to $198.9 million or $9.18 per share as of September 30, 2024. The decrease in NAV this quarter was primarily the result of net unrealized losses associated with a certain portfolio company, partially offset by NII in excess of the dividend paid during the quarter.

    At quarter end, the Company’s debt-to-equity leverage increased from 1.50 times debt-to-equity at September 30, 2024 to 1.53 times debt-to-equity at December 31, 2024 as a result of the timing of certain portfolio company paydowns. These proceeds were used to pay down the revolving credit facility subsequent to year-end. We continue to focus on managing our investment portfolio and selectively redeploying capital resulting from future repayments.

    Selected Financial Highlights
    (in thousands, except per share data)

      December 31, 2024   September 30, 2024
    Consolidated Statements of Assets and Liabilities data: (audited)   (unaudited)
    Investments, at fair value $ 457,048     $ 474,259  
    Total assets $ 490,671     $ 501,862  
    Net assets $ 191,762     $ 198,893  
    Net asset value per share $ 8.85     $ 9.18  
                   
      For the Quarters Ended
      December 31, 2024   September 30, 2024
    Consolidated Statements of Operations data: (unaudited)
    Net investment income $ 6,022     $ 6,481  
    Adjusted net investment income(2) $ 6,185     $ 6,617  
    Net gain (loss) $ (7,737 )   $ (1,515 )
    Net increase (decrease) in net assets resulting from operations $ (1,715 )   $ 4,966  
           
    Per share data:      
    Net investment income $ 0.28     $ 0.30  
    Adjusted net investment income(2) $ 0.29     $ 0.31  
    Net gain (loss) $ (0.36 )   $ (0.07 )
    Net increase (decrease) in net assets resulting from operations $ (0.08 )   $ 0.23  
                   

    _______________________
    (2) See Non-GAAP Financial Measure – Adjusted Net Investment Income below for a detailed description of this non-GAAP measure and a reconciliation from NII to Adjusted Net Investment Income. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company.

    Portfolio Summary

      December 31, 2024   September 30, 2024
      (unaudited)
    Investments, at fair value $ 457,048     $ 474,259  
    Number of portfolio company investments   91       94  
    Percentage portfolio company investments on non-accrual(3)   3.4 %     3.1 %
    Weighted average contractual yield(4)   10.2 %     11.0 %
    Weighted average effective yield(4)   10.2 %     11.0 %
           
    Asset class percentage at fair value:      
    First lien loans   79.1 %     80.0 %
    Junior secured loans   6.5 %     6.4 %
    Equity securities   14.4 %     13.6 %
                   

    _______________________
    (3) Represents portfolio loans or preferred equity investments on non-accrual status as a percentage of total investments at fair value.
    (4) Portfolio yield is calculated only on the portion of the portfolio that has a contractual coupon and therefore does not account for dividends on equity investments (other than preferred equity investments).

    Financial Review

    Results of Operations: Fourth Quarter 2024

    NII for the quarter ended December 31, 2024 totaled $6.0 million, or $0.28 per share, compared to $6.5 million, or $0.30 per share, for the quarter ended September 30, 2024. Adjusted Net Investment Income was $6.2 million, or $0.29 per share, for the quarter ended December 31, 2024, compared to $6.6 million, or $0.31 per share, for the quarter ended September 30, 2024. Excluding the impact of the incentive fee limitations of $(1.2) million and $(0.7) million for the quarters ended December 31, 2024 and September 30, 2024, respectively, Adjusted Net Investment Income totaled $5.0 million, or $0.23 per share for the quarter ended December 31, 2024, a decrease from $5.9 million, or $0.27 per share for the quarter ended September 30, 2024. Please refer to the Company’s Form 10-K for additional information on the Company’s incentive fee structure and calculation.

    Total investment income for the quarter ended December 31, 2024 totaled $14.0 million, compared to $15.7 million for the quarter ended September 30, 2024. Total investment income decreased by $1.7 million primarily due to the declining interest rate environment. The decrease in average invested assets and lower other income also contributed to the decrease in total investment income.

    Total expenses for the quarter ended December 31, 2024 were $8.0 million, compared to $9.2 million for the quarter ended September 30, 2024. Excluding the impact of the incentive fee limitations, total expenses decreased by $0.7 million primarily due to lower interest and other debt financing expenses associated with the lower interest rate environment and a decrease in average debt outstanding during the quarter.

    Net gain (loss) was $(7.7) million for the quarter ended December 31, 2024, compared to $(1.5) million for the quarter ended September 30, 2024. Unrealized losses associated with the change in fair value for a certain portfolio company was the primary driver of the net loss on investments during the quarter ended December 31, 2024.

    The Company’s average portfolio mark decreased by 1.7%, from 93.9% of amortized cost as of September 30, 2024 to 92.2% of amortized cost as of December 31, 2024.

    Net increase (decrease) in net assets resulting from operations was $(1.7) million, or $(0.08) per share, for the quarter ended December 31, 2024, compared to $5.0 million, or $0.23 per share, for the quarter ended September 30, 2024.

    Results of Operations: Full Year 2024

    NII for the year ended December 31, 2024 totaled $24.5 million, or $1.13 per share, compared to $23.2 million, or $1.07 per share, for the year ended December 31, 2023. Adjusted Net Investment Income was $25.0 million, or $1.15 per share, for the year ended December 31, 2024, compared to $24.1 million, or $1.11 per share, for the year ended December 31, 2023. Excluding the impact of the incentive fee limitations of $2.9 million for the year ended December 31, 2024 (no incentive fee limitations for the year ended December 31, 2023), Adjusted Net Investment Income totaled $22.1 million, or $1.01 per share, for the year ended December 31, 2024, a decrease from $24.1 million, or $1.11 per share, for the year ended December 31, 2023. Please refer to the Company’s Form 10-K for additional information on the Company’s incentive fee structure and calculation.

    Total investment income for the year ended December 31, 2024 totaled $60.5 million, compared to $64.3 million for the year ended December 31, 2023. The decrease in investment income of $3.8 million during the year ended December 31, 2024, compared to the year ended December 31, 2023, was primarily due to lower interest income and payment-in-kind (“PIK”) interest income. The reduction in interest income and PIK interest income was primarily driven by a decrease in average invested assets and the placement of additional portfolio companies on non-accrual status. Lower effective rates on the portfolio resulting from the declining interest rate environment during the second half of the year ended December 31, 2024 also contributed to the decrease in both interest income and PIK interest income. The decrease in interest income and PIK interest income was partially offset by an increase in other income, primarily driven by the reversal of $1.6 million in previously accrued fees related to the former loan investment in IT Global Holding LLC, which was recognized during the year ended December 31, 2023.

    Total expenses for the year ended December 31, 2024 were $36.0 million, compared to $41.0 million for the year ended December 31, 2023. Excluding the impact of the incentive fee limitations, total expenses decreased by $2.1 million primarily due to lower interest and other debt financing expenses associated with a decrease in average debt outstanding during the quarter. Lower base management fees associated with the decline in invested assets during the year also contributed to the decrease in total expenses.

    Net gain (loss) was $(14.8) million for the year ended December 31, 2024, compared to $(22.9) million for the year ended December 31, 2023. This net loss for the year ended December 31, 2024 was primarily due to mark-to-market losses from certain portfolio companies that were still held as of December 31, 2024. These unrealized losses were partially offset by mark-to-market gains in the rest of the portfolio, driven by spread tightening in the direct lending markets during the year.

    The Company’s average portfolio mark decreased by 3.4%, from 95.6% of amortized cost as of December 31, 2023 to 92.2% of amortized cost as of December 31, 2024.

    Net increase (decrease) in net assets resulting from operations was $9.7 million, or $0.45 per share, for the year ended December 31, 2024, compared to $0.4 million, or $0.02 per share, for the year ended December 31, 2023.

    Liquidity and Capital Resources

    As of December 31, 2024, the Company had $9.0 million in cash and cash equivalents, $163.9 million of debt outstanding on its revolving credit facility and $130.0 million of debt outstanding on its 2026 Notes. As of December 31, 2024, the Company had approximately $91.1 million available for additional borrowings on its revolving credit facility, subject to borrowing base availability.

    MRCC Senior Loan Fund

    MRCC Senior Loan Fund I, LLC (“SLF”) is a joint venture with Life Insurance Company of the Southwest (“LSW”), an affiliate of National Life Insurance Company. SLF invests primarily in senior secured loans to middle market companies in the United States. The Company and LSW have each committed $50.0 million of capital to the joint venture. As of December 31, 2024, the Company had made net capital contributions of $42.7 million in SLF with a fair value of $32.7 million, as compared to net capital contributions of $42.7 million in SLF with a fair value of $32.9 million as of September 30, 2024. During the quarter ended December 31, 2024, the Company received dividend income from SLF of $0.9 million, consistent with the $0.9 million received during the quarter ended September 30, 2024. SLF’s underlying investments are loans to middle-market borrowers that are generally larger than the rest of MRCC’s portfolio which is focused on lower middle-market companies. SLF’s average mark on the underlying investment portfolio decreased slightly during the quarter, from 87.0% of amortized cost as of September 30, 2024, to 86.8% of amortized cost as of December 31, 2024.

    As of December 31, 2024, SLF had total assets of $104.2 million (including investments at fair value of $98.0 million), total liabilities of $38.7 million (including borrowings under the $110.0 million secured revolving credit facility with Capital One, N.A. (the “SLF Credit Facility”) of $38.2 million) and total members’ capital of $65.5 million. As of September 30, 2024, SLF had total assets of $107.8 million (including investments at fair value of $98.7 million), total liabilities of $42.0 million (including borrowings under the SLF Credit Facility of $41.5 million) and total members’ capital of $65.8 million.

    Non-GAAP Financial Measure – Adjusted Net Investment Income

    On a supplemental basis, the Company discloses Adjusted Net Investment Income (including on a per share basis) which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with generally accepted accounting principles of the United States of America (“non-GAAP”). Adjusted Net Investment Income represents NII, excluding the net capital gains incentive fee and income taxes. The Company uses this non-GAAP financial measure internally in analyzing financial results and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company. The management agreement with the Company’s advisor provides that a capital gains incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital gains) to the extent such realized capital gains exceed realized and unrealized capital losses for such year. Management believes that Adjusted Net Investment Income is a useful indicator of operations exclusive of any net capital gains incentive fee as NII does not include gains associated with the capital gains incentive fee.

    The following tables provide a reconciliation from NII (the most comparable GAAP measure) to Adjusted Net Investment Income for the periods presented (in thousands, except per share data):

       
      For the Quarters Ended
      December 31, 2024   September 30, 2024
      Amount   Per Share
    Amount    		   Amount   Per Share
    Amount
      (unaudited)
    Net investment income $ 6,022     $ 0.28     $ 6,481     $ 0.30  
    Net capital gains incentive fee   —       —       —       —  
    Income taxes, including excise taxes   163       0.01       136       0.01  
    Adjusted Net Investment Income $ 6,185     $ 0.29     $ 6,617     $ 0.31  
                                   
      For the Years Ended
      December 31, 2024   December 31, 2023
      Amount   Per Share
    Amount    		   Amount   Per Share
    Amount
      (unaudited)
    Net investment income $ 24,532     $ 1.13     $ 23,249     $ 1.07  
    Net capital gains incentive fee   —       —       —       —  
    Income taxes, including excise taxes   452       0.02       806       0.04  
    Adjusted Net Investment Income $ 24,984     $ 1.15     $ 24,055     $ 1.11  
                                   

    Adjusted Net Investment Income may not be comparable to similar measures presented by other companies, as it is a non-GAAP financial measure that is not based on a comprehensive set of accounting rules or principles and therefore may be defined differently by other companies. In addition, Adjusted Net Investment Income should be considered in addition to, not as a substitute for, or superior to, financial measures determined in accordance with GAAP.

    Fourth Quarter 2024 Financial Results Conference Call

    The Company will host a webcast and conference call to discuss these operating and financial results on Monday, March 3, 2025 at 12:00 p.m. Eastern Time. The webcast will be hosted on a webcast link located in the Investor Relations section of the Company’s website at http://ir.monroebdc.com/events.cfm. To participate in the conference call, please dial (800) 715-9871 approximately 10 minutes prior to the call. Please reference conference ID # 7817000.

    For those unable to listen to the live broadcast, the webcast will be available for replay on the Company’s website approximately two hours after the event.

    For a more detailed discussion of the financial and other information included in this press release, please also refer to the Company’s Form 10-K for the year ended December 31, 2024, which was filed with the SEC (www.sec.gov) on Friday, February 28, 2025.

    First Quarter 2025 Distribution

    The Board of Directors of the Company declared its first quarter distribution of $0.25 per share, payable on March 31, 2025 to stockholders of record on March 14, 2025. In October 2012, the Company adopted a dividend reinvestment plan that provides for reinvestment of distributions on behalf of its stockholders, unless a stockholder elects to receive cash prior to the record date. When the Company declares a cash distribution, stockholders who have not opted out of the dividend reinvestment plan prior to the record date will have their distribution automatically reinvested in additional shares of the Company’s capital stock. The specific tax characteristics of the distribution will be reported to stockholders on Form 1099 after the end of the calendar year and in the Company’s periodic report filed with the SEC.

               
    MONROE CAPITAL CORPORATION
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except per share data)
               
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
      (audited)   (unaudited)   (audited)
    Assets          
    Investments, at fair value:          
    Non-controlled/non-affiliate company investments $ 343,835     $ 355,273     $ 371,723  
    Non-controlled affiliate company investments   80,483       86,089       83,541  
    Controlled affiliate company investments   32,730       32,897       33,122  
    Total investments, at fair value (amortized cost of: $495,797, $505,008 and $510,876 respectively)   457,048       474,259       488,386  
    Cash and cash equivalents   9,044       4,070       4,958  
    Interest and dividend receivable   23,511       22,910       19,349  
    Other assets   1,068       623       493  
    Total assets $ 490,671     $ 501,862     $ 513,186  
    Liabilities          
    Debt $ 293,900     $ 299,000     $ 304,100  
    Less: Unamortized debt issuance costs   (1,925 )     (2,254 )     (3,235 )
    Total debt, less unamortized debt issuance costs   291,975       296,746       300,865  
    Interest payable   2,903       1,351       3,078  
    Base management fees payable   1,965       2,006       2,100  
    Incentive fees payable   —       730       1,319  
    Accounts payable and accrued expenses   2,066       2,090       2,100  
    Directors’ fees payable   —       46       —  
    Total liabilities   298,909       302,969       309,462  
    Net Assets          
    Common stock, $0.001 par value, 100,000 shares authorized, 21,666, 21,666 and 21,666 shares issued and outstanding, respectively $ 22     $ 22     $ 22  
    Capital in excess of par value   297,712       298,127       298,127  
    Accumulated undistributed (overdistributed) earnings   (105,972 )     (99,256 )     (94,425 )
    Total net assets $ 191,762     $ 198,893     $ 203,724  
    Total liabilities and total net assets $ 490,671     $ 501,862     $ 513,186  
    Net asset value per share $ 8.85     $ 9.18     $ 9.40  
                           
    MONROE CAPITAL CORPORATION
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except per share data)
     
      For the Quarters Ended   For the Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2024    		   December 31,
    2023
      (unaudited)   (audited)
    Investment income:              
    Non-controlled/non-affiliate company investments:              
    Interest income $ 8,576     $ 10,408     $ 40,787     $ 46,241  
    Payment-in-kind interest income   1,379       919       3,877       3,070  
    Dividend income   237       114       472       305  
    Other income   310       694       1,306       (679 )
    Total investment income from non-controlled/non-affiliate company investments   10,502       12,135       46,442       48,937  
    Non-controlled affiliate company investments:              
    Interest income   1,300       1,202       4,963       5,140  
    Payment-in-kind interest income   1,247       1,402       5,284       6,337  
    Dividend income   56       56       220       283  
    Other income   18       —       18       —  
    Total investment income from non-controlled affiliate company investments   2,621       2,660       10,485       11,760  
    Controlled affiliate company investments:              
    Dividend income   900       900       3,600       3,600  
    Total investment income from controlled affiliate company investments   900       900       3,600       3,600  
    Total investment income   14,023       15,695       60,527       64,297  
    Operating expenses:              
    Interest and other debt financing expenses   5,113       5,517       21,917       22,847  
    Base management fees   1,965       2,006       8,056       8,603  
    Incentive fees   —       730       2,449       5,812  
    Professional fees   196       239       902       719  
    Administrative service fees   282       270       1,011       940  
    General and administrative expenses   233       270       964       1,174  
    Directors’ fees   49       46       244       147  
    Total operating expenses   7,838       9,078       35,543       40,242  
    Net investment income before income taxes   6,185       6,617       24,984       24,055  
    Income taxes, including excise taxes   163       136       452       806  
    Net investment income   6,022       6,481       24,532       23,249  
    Net gain (loss):              
    Net realized gain (loss):              
    Non-controlled/non-affiliate company investments   283       638       1,431       (38,769 )
    Foreign currency forward contracts   —       —       —       1,756  
    Foreign currency and other transactions   —       —       —       (135 )
    Net realized gain (loss)   283       638       1,431       (37,148 )
    Net change in unrealized gain (loss):              
    Non-controlled/non-affiliate company investments   (1,139 )     (2,743 )     (8,211 )     22,154  
    Non-controlled affiliate company investments   (6,694 )     771       (7,656 )     (3,990 )
    Controlled affiliate company investments   (167 )     (201 )     (392 )     (2,387 )
    Foreign currency forward contracts   —       —       —       (1,507 )
    Foreign currency and other transactions   (20 )     20       —       —  
    Net change in unrealized gain (loss)   (8,020 )     (2,153 )     (16,259 )     14,270  
    Net gain (loss)   (7,737 )     (1,515 )     (14,828 )     (22,878 )
    Net increase (decrease) in net assets resulting from operations $ (1,715 )   $ 4,966     $ 9,704     $ 371  
    Per common share data:              
    Net investment income per share – basic and diluted $ 0.28     $ 0.30     $ 1.13     $ 1.07  
    Net increase (decrease) in net assets resulting from operations per share – basic and diluted $ (0.08 )   $ 0.23     $ 0.45     $ 0.02  
    Weighted average common shares outstanding – basic and diluted   21,666       21,666       21,666       21,666  
                                   

    Additional Supplemental Information:

    The composition of the Company’s investment income was as follows (in thousands):

      For the Quarters Ended
    		   For the Years Ended
      December 31,
    2024    		   September 30,
    2024
    		   December 31,
    2024    		   December 31,
    2023
      (unaudited)   (audited)
    Interest income $ 9,468     $ 11,303     $ 44,283     $ 49,779  
    Payment-in-kind interest income   2,626       2,321       9,161       9,407  
    Dividend income   1,193       1,070       4,292       4,188  
    Other income   328       694       1,324       (679 )
    Prepayment gain (loss)   173       109       532       553  
    Accretion of discounts and amortization of premiums   235       198       935       1,049  
    Total investment income $ 14,023     $ 15,695     $ 60,527     $ 64,297  
                                   

    The composition of the Company’s interest expense and other debt financing expenses was as follows (in thousands):

      For the Quarters Ended   For the Years Ended
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2024    		   December 31,
    2023
      (unaudited)   (audited)
    Interest expense – revolving credit facility $ 3,227     $ 3,630     $ 14,380     $ 15,319  
    Interest expense – 2026 Notes   1,555       1,555       6,220       6,220  
    Amortization of debt issuance costs   331       332       1,317       1,308  
    Total interest and other debt financing expenses $ 5,113     $ 5,517     $ 21,917     $ 22,847  
                                   

    About Monroe Capital Corporation

    Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroebdc.com.

    About Monroe Capital LLC

    Monroe Capital LLC (including its subsidiaries and affiliates, together “Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and maintains 11 offices throughout the United States, Asia and Australia.

    Monroe has been recognized by both its peers and investors with various awards including Inc’s 2024 Founder-Friendly Investors List; Private Debt Investor as the 2023 Lower Mid-Market Lender of the Decade, 2023 Lower Mid-Market Lender of the Year, 2023 CLO Manager of the Year, Americas; Global M&A Network as the 2023 Lower Mid-Markets Lender of the Year, U.S.A.; DealCatalyst as the 2022 Best CLO Manager of the Year; Korean Economic Daily as the 2022 Best Performance in Private Debt – Mid Cap; Creditflux as the 2021 Best U.S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year. For more information and important disclaimers, please visit www.monroecap.com.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

    SOURCE: Monroe Capital Corporation

    The MIL Network –

  • MIL-OSI Europe: ASIA/THAILAND – Apostles among Burmese refugees, the Capuchin Friars bring food and spiritual comfort

    Source: Agenzia Fides – MIL OSI

    Ofm cap Thailand

    Chiang Mai (Agenzia Fides) – In the Thai parish of Mae Teng, in the diocese of Chiang Mai, in northern Thailand, 350 Burmese Catholics belonging to the Kayaw, Kayah and Kayan tribes have found refuge. In recent days, the death of a little girl from the Kayaw tribe, whose parents did not know who to turn to for her funeral, has drawn the attention of the Capuchin Franciscan friars who work there. Brother Denchai, Brother Alshem Anuchit Sombunpoolpeume and Brother André Thaweedet Sawanphaophan welcomed the family, celebrated the funeral rite, and offered them comfort and support in their grief. Now, the Capuchin friars have established a bond with the refugees and begun to visit their villages and settlements to better understand their needs and offer them material and spiritual support.The men of these tribes, the brothers report, are engaged in training elephants, while the women sell crafts to visitors. However, their economic situation remains precarious: they are mostly illegal immigrants, without official residence and work permits, and they lack rights, like thousands of other Burmese refugees who have fled the conflict and are not recognized by the Thai government.The Franciscans are committed to providing food, medicine and other essential goods, but they also guarantee a supportive presence that is not secondary: spiritual, through liturgical celebrations, sacraments and human closeness, based on authentic fraternity. These elements are as important as material food, sometimes even more so, as they bring peace and hope to afflicted hearts.Now, the friars plan to organize an educational course for 45 children and young people who cannot pay school fees. At the same time, they are looking for resources to buy medicines and cover medical care, something these families cannot afford with the little they manage to earn. To respond to their needs, the Capuchin Missionary Centre in Milan has also been mobilized, with its director, Friar Giovanni Cropelli, who wants to take advantage of the favourable time of Lent to raise awareness among the faithful about charity and to support these needs. “These refugees – he notes – are part of the so-called “ghost towns”, which are not recognized in any way by the State. Without civil identity, they have no access to medical care, education or any public service. They are in a state of extreme need”. He adds that “among them, there is an even more disadvantaged minority, the community of Catholic refugees, who, fleeing the civil war, have left behind their home, their relatives, their memories and their roots”. Forced emigration is a consequence of the deep political, social, economic and humanitarian crisis that followed the military coup in February 2021, aggravated by the civil war, which has created more than 3.5 million internally displaced persons and thousands of people crossing the border into neighbouring Thailand.The Thai government has tried to curb this phenomenon through repatriation policies, creating detention camps for migrants or refugee camps guarded by the police, without allowing refugees to integrate into society. In 2024, the repatriation policy resulted in the detention of nearly 200,000 Myanmar citizens. As the war in Burma continues, with the compulsory recruitment law enacted by the Burmese junta, many young people continue to try to leave the country, choosing Thailand as their destination. Some enroll in schools, universities and study courses, applying for residence visas as students; for others, the only way is clandestinely, in the hope of finding work and regularizing their situation. (PA) (Agenzia Fides, 3/3/2025)

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    MIL OSI Europe News –

  • MIL-OSI Europe: AMERICA/ARGENTINA – Popular religiosity: distinctive feature of the City of All Saints of Nueva Rioja

    Source: Agenzia Fides – MIL OSI

    Monday, 3 March 2025

    Diocesis de La Rioja

    La Rioja (Agenzia Fides) – La Rioja is known for its rich popular religiosity, which reflects a combination of indigenous beliefs, colonial traditions and Christian elements. In other words, religious celebrations are not only influenced by Catholicism, but also reflect the cultural legacy of the native peoples, who have kept many of their traditions and rites alive over the centuries. “Often, these celebrations represent the link between indigenous spirituality and Christian beliefs,” explains to Fides Sister Silvia Somaré, missionary of the Sisters Slaves of the Heart of Jesus (ECJ) in La Rioja, and member of the Communications Office of the diocese. “Popular religiosity – she continues – is a distinctive feature of our land and of the identity of La Rioja.”This religiosity is manifested mainly through various celebrations that connect the community with its faith, its history and its culture. Pope Benedict XVI himself, at the Shrine of Aparecida on May 13, 2007, stressed that popular religiosity is the diamond of Latin America. The feasts of La Rioja represent a space where the sacred and the everyday intertwine, creating a unique cultural identity. Respect for tradition, strong community participation and attention to customs are some of its distinctive features. These festivities are deeply rooted in the social life of the communities, centered on devotion to the patron saints, the Virgin Mary and the celebration of events that mark both the rural and urban calendar. “Hence,” explains Sister Silvia, “the syncretism, the fusion of indigenous beliefs with Catholicism. This mixture is reflected in the rituals, dances and traditions that symbolize the inhabitants’ connection with their ancestral past and their current faith, as is observed mainly in Tinkunaco” (see Fides, 13/2/2025).Numerous feasts are celebrated throughout the country, the core of which is the simple faith of the people, who live the celebrations of their saints and the Virgin in a festive way. It is no coincidence that La Rioja was founded in 1591 as the City of All Saints of Nueva Rioja.Some especially celebrated anniversaries are those of Saint Nicholas of Bari, every December 6. The Saint known for his generosity, represents a symbol of hope and charity. As well as the festival of the Virgin of the Rosary of Tama, which takes place on the first weekend of October. On this occasion, the inhabitants of the town and its surroundings gather in an emotional procession to the church, where the Virgin of the Rosary is honored, who is considered the protector of the community.During the feast, masses, cultural activities, dances and typical foods are celebrated, creating an atmosphere of joy and unity. The devotion to the Virgin of the Rosary is also manifested in the creation of altars and offerings that the faithful place along the way, an emblematic element of popular religiosity in the region.Another very popular religious feast is that of Saint Rita de Chilecito celebrated on May 22, in honor of “the advocate of impossible cases.” The celebration begins with a novena, where the community gathers to pray and ask for the intercession of the saint. The faithful participate in an emotional procession that culminates with a mass, where testimonies of miracles attributed to Saint Rita are highlighted.At Christmas, in the foothills of the Andes, in the area of Jagüe, the Virgin of Andacollo is celebrated where the miners venerate her and pay homage. And the same devotion is experienced in the area of Sanagasta for the Virgin of India. During Holy Week, a tradition of faith and art is celebrated in Famatina, where everything is deeply rooted in local faith and tradition. What distinguishes it from other commemorations is the presence of an articulated wooden Christ, a unique religious image that is central to processions and liturgical acts. (AP) (Agenzia Fides, 3/3/2025)
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    MIL OSI Europe News –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Magadh Central Co-operative Bank Limited, Bihar

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 27, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Magadh Central Co-operative Bank Limited, Bihar (the bank) for non-compliance with certain directions issued by RBI on ‘Know your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had failed to put in place a system of carrying out periodic review of risk categorisation of accounts at least once in six months.

    This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2292

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Snooker event gets ‘M’ Mark status

    Source: Hong Kong Information Services

    The Major Sports Events Committee today announced that it has awarded “M” Mark status to the World Snooker Grand Prix 2025, due to be held from March 4 to 9.

    Major Sports Events Committee Chairman Wilfred Ng said: “The World Snooker Grand Prix 2025 has moved out of the UK for the very first time. Being held in Hong Kong, its scale and its prize pool have reached new heights.

    “It is the inaugural major event after the opening of Kai Tak Sports Park, which not only helps promote local snooker development but also underlines Hong Kong’s status as the centre for major international sports events.”

    MIL OSI Asia Pacific News –

  • MIL-OSI: Bridge Specialty Group completes the acquisition of NBS Insurance Agency, Inc., announces new brand name—introducing LocalEdge

    Source: GlobeNewswire (MIL-OSI)

    DAYTONA BEACH, Fla., March 03, 2025 (GLOBE NEWSWIRE) — Bridge Specialty Group (“BSG”) today announced the completion of the previously announced acquisition of the insurance operations of NBS Insurance Agency, Inc. (operating as “Nationwide Brokerage Solutions” or “NBS”). The acquisition only includes NBS Insurance Agency, Inc. and no other Nationwide affiliated companies.

    In conjunction with the close of this transaction, Bridge Specialty Group is pleased to announce that NBS is beginning a new chapter by introducing its new brand name, LocalEdge, ushering in a new chapter in excellence and custom solutions.

    Ted Stuckey, president of LocalEdge, shared, “This change represents more than just a rebranding; it underscores our commitment to delivering unmatched service and customized solutions that our agents have come to expect. Under the LocalEdge banner, agents will continue to benefit from the same great team, specialization and resources they rely on, now enhanced as we join the Bridge Specialty Group team.”

    “It is a very exciting time for our collective Bridge Specialty Group and LocalEdge team. This is only the start of our journey together, and we look forward to further introducing our new teammates to our culture and leveraging the added and enhanced specializations of LocalEdge alongside our existing capabilities,” stated Anurag Batta, chief operating officer for BSG.

    The LocalEdge name will be implemented across communications, tools and resources in the coming weeks and months. Despite these changes, the team’s dedication to serving customers and helping them grow their businesses seamlessly remains steadfast.

    About Bridge Specialty Group, LLC

    Bridge Specialty Group is a leading global insurance wholesaler with access to over 230 admitted, excess and surplus lines and Lloyd’s markets that support our nearly $7 billion premium book. With more than 50 locations and 2,000+ teammates throughout the United States, United Kingdom, Europe and Asia, Bridge Specialty Group holds market recognition that enables us to connect retail partners with tailored insurance solutions through our specific practice groups including property, casualty, environmental, executive risk, farm & ranch, personal lines, public entity, transportation and workers’ compensation.

    This press release may contain certain statements relating to future results, which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown’s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.

    For more information:

    Steve Boyd
    President, Bridge Specialty Group
    (760) 710-6865

    The MIL Network –

  • MIL-OSI United Nations: Message from the Director of World Heritage, Lazare Eloundou Assomo, for World Wildlife Day 2025

    Source: United Nations

    Mr. Lazare Eloundou Assomo, Director of the World Heritage Centre (WHC), shares a message for World Wildlife Day 2025.

    Today, World Wildlife Day is a powerful reminder of the urgent need to protect and conserve biodiversity. Around the globe, countless plant and animal species face unprecedented threats, with many on the brink of extinction. This includes some of the rarest and most extraordinary species that inhabit sites protected under the World Heritage Convention.

    UNESCO World Heritage sites exemplify our cultural treasures and the most outstanding natural places. They protect over a fifth of the planet’s mapped species richness.

    World Heritage sites include the mangrove ecosystems of the Sundarbans in Bangladesh and India, home to the largest remaining population of the Bengal tiger. The Rainforests of the Atsinanana in Madagascar and Manú National Park in Peru, are among the most biodiverse places on Earth. World Heritage sites also show how wildlife conservation supports livelihoods and promotes sustainable socio-economic development.

    However, the extraordinary biodiversity found in UNESCO World Heritage sites must be protected from threats such as overexploitation and illegal wildlife trade. To combat these threats, UNESCO and site managers work closely with CITES and other key actors. We need all hands on deck. To protect these irreplaceable places, it is crucial to give site managers the financial resources they need to sustain the rich life these sites support.

    On this World Wildlife Day, I urge everyone to look for innovative financial solutions that will allow wild species of plants and animals to thrive for generations to come. Together, we can ensure the survival of wildlife and the preservation of the planet’s natural wonders.

    Lazare Eloundou Assomo, Director of World Heritage

    MIL OSI United Nations News –

  • MIL-OSI Economics: Asian Development Blog: Multi-Stakeholder Solutions Needed for Women Entrepreneurs in South Asia

    Source: Asia Development Bank

    Gender-inclusive entrepreneurship in South Asia remains hindered by financial, social, and structural barriers. A holistic approach—combining access to finance, business development services, and multi-stakeholder partnerships—can accelerate women’s entrepreneurship and foster inclusive growth.

    While gender-inclusive entrepreneurship is a significant enabler of economic growth, only 18% of firms in South Asia are owned by women, compared to 34% globally. Women in the region lack capital and finance, as well as opportunities to access business networks and effectively market products and services. They have limited engagement in trade activities and with innovative solutions. 

    These challenges are compounded by structural barriers, such as social and customary norms and disproportionate household and care responsibilities that limit women’s opportunities as entrepreneurs and hinder their economic participation. 

    The following approaches, which should be tailored to distinct contexts, cultures, and levels of development, can help boost women’s entrepreneurship in South Asia:

    Create an inclusive business ecosystem: Accelerating women’s entrepreneurship in South Asia, a region with complexities and inequalities intertwined, requires development of an ecosystem of inclusive interventions and investments, policies, private sector engagement, and promoting resources that give women access to capital, skills, innovation, services and new markets.

    Access to finance for women has positive direct and indirect impact on business and economic empowerment, reducing poverty, and achieving good health and well-being. 

    Addressing only one issue in the chain of challenges cannot produce a sustainable effect; rather, adopting a holistic approach that creates an enabling environment by explicitly addressing constraints of women and promoting women’s entrepreneurship through specific actions is essential for long-term strategic changes that can support inclusive economic growth and development in South Asia. 

    Providing access to finance for women can be life changing: Limited financial resources confine women to smaller-scale business operations at the micro level in countries such as Sri Lanka, Bhutan, and Bangladesh. Challenges related to capital are often rooted in gender biases, lack of tailored financial products, absence of collateral, and limited understanding of financial institutions.

    Applying innovations in finance, more targeted approaches, including for women in more vulnerable positions, can help overcome the barriers related to social norms, mobility, and control of resources and assets. While 65% of women-led small and medium enterprises in developing countries are unserved financially, access to finance for women has positive direct and indirect impact on business and economic empowerment, reducing poverty, and achieving good health and well-being. 

    Providing targeting approaches and giving access to finance has been done in Bangladesh, India, Sri Lanka, Nepal, and Bhutan and has helped women to expand and grow their businesses. Targeting women as clients has a business case as well, offering opportunities for the private sector to capitalize on this important segment by providing tailored financial products and services.

    Offer comprehensive business development services: Because women-owned enterprises are under-financed and under-resourced in South Asia, offering non-financial services can be a driver of business growth. Business development services, such as mentoring, financial advisory, legal support, skills training, and accessing new markets and networks can be key drivers for women entrepreneurs in Bangladesh, Maldives, Sri Lanka, and other South Asian countries. 

    Providing tailored services for women in start-ups is equally important as challenges at this stage are intertwined with a lack of confidence, social norms, and expectations towards women with limited resources. While also facing other forms of discrimination (particularly, in India and Nepal), supplying women with these services can lead to more equitable access to non-financial resources and significant economic growth on local and regional levels. 

    Leverage multi-stakeholder partnerships: Development partners, governments, and private sector companies – all can play role in advancing women’s entrepreneurship in South Asia. Gender-inclusive investments by development partners, improving policy frameworks by governments, and fostering bold actions by the private sector through targeted investments and financial products can all address the gender divide in entrepreneurship. Moreover, partnerships across stakeholders can only enhance these actions. 

    The path to advancing women’s entrepreneurship and engagement of stakeholders needs to be deepened to also address often discriminatory underlying social norms and practices that hold women back. This is particularly so in South Asia, where gender disparities are intertwined with religion, caste, ethnicity, and other social exclusions that exacerbate gender inequalities.

    MIL OSI Economics –

  • MIL-OSI Economics: Development Asia: Harnessing Youth and Infrastructure for Timor-Leste’s Sustainable Future

    Source: Asia Development Bank

    Timor-Leste presents a unique mix of strengths and weaknesses that shape its development trajectory.

    Youth and labor supply. The country’s youthful population is part of its strength, with a median age of 20.7 years and 64.6% of its citizens under 30. By 2037, the labor forces is expected to grow by 34.8% compared to the 2022 population. Depending on various population growth scenarios, the labor force will increase by at least 26% to 27% over the next 15 years based on the latest population census (Figure 1). This increase in the working-age labor force presents a significant opportunity to boost employment prospects and sustain higher economic growth.

    Figure 1: Supply of Labor Force

    Source: The National Institute of Statistics (INETL). 2023. Timor-Leste Population and Housing Census 2022; Author’s estimate.

    Strategic location and vibrant democracy. Geographically situated in Southeast Asia, Timor-Leste holds a strategic position at the intersection of key sea lines in the Indo-Pacific region—giving it an advantage in terms of regional investments, maritime trade, and security. Benefitted from a robust electoral process, pluralism, and civil liberties, Timor-Leste is ranked 45th out of 167 countries in the 2023 Democracy Index, surpassing the average indices of the Association of Southeast Asian Nations (ASEAN), Asia and the Pacific, and the world (Figure 2).

    Figure 2: Democracy Index

    Source: The Economist Intelligence Unit (EIU). 2024. Democracy Index 2023-Age of Conflict.

    Resource endowment and savings. The country boasts significant oil and gas reserves in the Timor Sea, especially in the Greater Sunrise gas and condensate field. In 2005, it established a petroleum fund as a sovereign wealth fund, primarily sourced from petroleum revenues from the Bayu-Undan field and investment income from the petroleum fund. By the end of 2024, the petroleum fund’s balance has reached nearly $18.3 billion, exceeding the non-petroleum gross domestic product (GDP) by more than tenfold (Figure 3).

    Figure 3: The Petroleum Fund

    Source: The Central Bank of Timor-Leste (BCTL). 2024. The Petroleum Fund Reports; Author’s estimate.

    High poverty and food and nutrition insecurity. Despite its strengths, Timor-Leste faces significant challenges with poverty and food insecurity. Issues—such as poverty rate standing at 41.8% based on the national poverty line and 48.3% when measured using the multidimensional poverty, over 62.5% of the population experiencing food insecurity, 42% of households dealing with acute food insecurity, and half of the children under five years old are stunted—represent major barriers to development. Malnutrition, reduced cognitive development, impaired learning ability, and low productivity have limited human capital development.

    Narrow economic base and high dependence on the petroleum fund. The economy remains undiversified and highly susceptible to domestic and external shocks, including disasters from natural hazards and trade fluctuations. GDP growth has been low and volatile, heavily reliant on public expenditures and the petroleum fund, projected to be depleted by 2035 based on current spending. From 2009 to 2023, the average annual real GDP growth was 2.9%, but it decelerated to just 1% over the past decade, highly correlated with the growth in budget expenditure and withdrawals from the petroleum fund (Figure 4).[1]

    Figure 4: GDP Growth and Public Spending

    Source: Ministry of Finance of Timor-Leste. 2009-2024. Budget Transparency Portal; Author’s estimate.

    Lack of competitiveness and budget deficit. The high cost of doing business stems from challenges related to connectivity, land title issues, limited electricity and clean water supply, and low labor productivity—contributing to lack of competitiveness. The underdeveloped private sector contributes to a low domestic revenue base, averaging only 12.3% over the past 15 years. In contrast, total spending has been exceedingly high, averaging 90.5% of GDP. This imbalance has resulted in a significant government budget deficit, averaging 35.4% of GDP over the same period, primarily financed through persistent and excessive withdrawals from the petroleum fund (Figure 5).[2] As of 2023, GDP per capita and gross national income per capita remained low at $1,324 and $1,294 respectively. This current economic structure underscores the urgent need for economic diversification and development of a robust private sector to ensure sustainable growth and resilience against economic shocks.

    Figure 5: Government Budget

    ESI = estimated sustainable income, GDP = gross domestic product, PF = petroleum fund.
    Source: Ministry of Finance of Timor-Leste. 2009-2024. Budget Transparency Portal; Author’s estimate.

    Infrastructure gaps and limited basic services. In addition to underdeveloped human, institutional, and private sector capacities, Timor-Leste faces significant gaps and challenges in infrastructure development and provision of basic services. The country was ranked 46th out of 50 in terms of facilities supporting regulatory compliance and institutions and infrastructure enabling business activities. Due to inadequate infrastructure connectivity, access to markets and essential services—such as healthcare, education, and clean water—is limited, particularly in rural areas where 71.4% of the population resides. Significant investment in human capital, institutional strengthening, and infrastructure and logistics is crucial to support development and improve living standards.

    Lack of policy continuity. New administrations often bring changes in policies and program orientations, along with high staff turnover in the public sector. To advance ongoing priority initiatives and achieve development goals, it is crucial to strengthen institutions and ensure policy continuity and certainty.

    Suboptimal allocation of government resources to social sectors. Over the past 15 years, the compound annual growth rate of current budget expenditures in Timor-Leste was 8.9%, significantly outpacing the 4.2% compound annual growth rate of capital expenditures. Consequently, the share of current spending in the total budget has risen to 79% in 2024 from 65% in 2009. Despite the increase, there remains a persistent misallocation of resources, particularly in health and education. This misallocation leads to intergenerational human capital issues and economic disparity. Notably, the planned spending from the veterans’ fund for 2025 is nearly double the annual healthcare budget. Education spending has remained low at 7.6% of total government expenditure, significantly below the ASEAN historical average of 13.8%. Similarly, healthcare expenditure per capita in Timor-Leste is only $59, starkly contrasted with the ASEAN average of $630.

    MIL OSI Economics –

  • MIL-Evening Report: French minister wraps up key talks in New Caledonia, returning late March

    By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk

    French Minister for Overseas Manuel Valls left New Caledonia at the weekend after a one-week stay which was marked by the resumption of inclusive political talks on the French territory’s future.

    He has now submitted a “synthetical” working document to be discussed further and promised he would return later this month.

    During his week-long visit, Valls had taken time to meet New Caledonia’s main stakeholders, including political, economic, education, health, and civil society leaders.

    He has confirmed France’s main pillars for its assistance to New Caledonia, nine months after deadly and destructive riots broke out, leaving 14 dead, several hundred businesses destroyed, and thousands of job losses for a total estimated damage of 2.2 billion euros (NZ$4 billion).

    The French aid confirmed so far mainly consisted of a loan of up to 1 billion euros (NZ$1.8 billion) as well as grants to rebuild all damaged schools and some public buildings.

    Valls also announced French funding to pay unemployment benefits (which were to expire at the end of this month) were now to be extended until the end of June.

    However, the main feature of his stay, widely regarded as the major achievement, was to manage to gather all political tendencies (both pro-independence and those in favour of New Caledonia remaining a part of France) around the same table.

    The initial talks were first held at New Caledonia’s Congress on February 24.

    Two days later, talks resumed at the French High Commission between Wednesday and Friday last week, in the form of “tripartite” discussions between pro-France, pro-independence local parties and the French State.

    As some, especially the pro-independence umbrella FLNKS (Kanak and Socialist National Liberation Front), insisted that those sessions were “discussions”, not “negotiations”, there was a general feeling that all participants now seemed to recognise the virtues of the exchanges and that they had at least managed to openly and frankly confront their respective views.

    Valls, who shared a feeling of relative success in view of what he described as a sense of “historic responsibility” from political stakeholders, even extended his stay by 24 hours.

    Speaking at the weekend, he said he had now left all parties with a document that was now supposed to synthesise all views expressed and the main items remaining to be further discussed.

    New Caledonia’s parties begin talks at the French High Commission in Nouméa last Wednesday. Image: RNZ Pacific/RRB

    ‘A situation no longer sustainable’
     “Political deadlocks, economic and social stagnation, violence, fear, and the lack of prospects for the territory’s inhabitants create a situation that is no longer sustainable. Everyone agrees on this observation,” the document states.

    A cautiously hopeful Valls said views would continue to be exchanged, sometimes by video conference.

    Taking part in the same visit last week was Eric Thiers, a special adviser to French Prime Minister François Bayrou.

    Valls also stressed he would return to New Caledonia sometime later this month, maybe March 22-23, depending on how talks and remote exchanges were going to evolve.

    In the meantime, the shared document would be subjected to many amendments and suggestions in order to take the shape of a fit-enough basis for a compromise acceptable by all.

    The work-in-progress document details a wide range of subjects, such as self-determination, the relationship with France, the transfer of powers, who would be in charge of international relations, independence, a future system of governance (including the organisation of the three provinces), the electoral roll for local elections, the notion of citizenship (with a proposed system of “points-based” accession system), all these under the generic notion of “shared destiny”.

    There was also a form of consensus on the fact that if a future text was to be submitted to popular approval by way of a referendum, it should not be based on a binary “yes” or “no” alternative, but on a comprehensive, wide-ranging “project”.

    On each of those topics, the draft takes into account the different and sometimes opposing views expressed and enumerates a number of possible options and scenarios.

    Based on this draft working document, the next round of talks would lead to a new agreement that is supposed to replace and offer a continuation to the ageing Nouméa Accord, signed in 1998 and install a new roadmap for New Caledonia’s future.

    As part of discussions, another topic was the future of New Caledonia’s great council of chiefs, the Customary Senate, and possible changes from its until-now consultative status to a more executive role to turn New Caledonia’s legislative system from a Congress-only system to a bicameral one (Congress-Parliament and a chiefly Senate).

    Struggling nickel mining industry
     The very sensitive question of New Caledonia’s nickel mining industry was also discussed, as the crucial industry, a very significant pillar of the economy, is undergoing its worst crisis.

    Since August 2024, one of its three factories and smelters, Koniambo (KNS) in the north of the main island has been mothballed and is still up for sale after its majority stakeholder, Anglo-Swiss Glencore, decided to withdraw after more than a decade of losses (more than 13 billion euros — NZ$24 billion).

    Another nickel-producing unit, in the South, Prony, is currently engaged in negotiations with potential investment companies, one South African, one from  the United Arab Emirates and the other Indian.

    New Caledonia’s historic nickel miner, Société le Nickel (SLN, a subsidiary of French giant Eramet), is still facing major hurdles to resume operations as it struggles to regain access to its mining sites.

    The situation was compounded by a changing competition pattern on the world scale, New Caledonia’s production prices being too high and Indonesia now clearly emerging as a world leader, producing much cheaper first-class nickel and in greater quantities.

    ‘A new nickel strategy is needed’, Valls says
     While political parties involved in the talks (all parties represented at the Congress) remained tight-lipped and media-elusive throughout last week, they recognised a spirit of “constructive talks” with a shared goal of “listening to each other”.

    However,  the views remain radically opposed, even irreconcilable — pro-independence supporters’ most clear-cut position (notably that from the Union Calédonienne) consists of a demand for a quick, full independence, with a “Kanaky Accord” to be signed this year, to be followed by a five-year “transition” period.

    On the pro-France side, one of the main bones of contention defended by the two main parties (Les Loyalistes and Rassemblement-LR) is to affirm that their determination to maintain New Caledonia as a part of France has been confirmed by three referenda (in 2018, 2020 and 2021) on self-determination.

    Pro-independence parties argue, however, that the third and last referendum, in December 2021, was boycotted by the pro-independence movement and that it was not legitimate, even though it was ruled by the courts as valid.

    They are also advocating for significant changes to be made in the way the three provinces are managed, a system described as “internal federalism” but decried by opponents as a form of separatism.

    In the pro-France camp, the Calédonie Ensemble party holds relatively more open views.

    In between are the more moderate pro-independence parties, PALIKA and UMP, which favour of a future status revolving around the notion of “independence in association with France”.

    ‘At least no one slammed the door’
     “At least no one slammed the door and that, already, is a good thing,” said pro-France leader and French MP Nicolas Metzdorf.

    “We’re still a long way away from a political compromise, but we have stopped moving further away from it,” he added, giving credit to Vall’s approach.

    On his part, Valls stressed that he did not want to rush things in order to “maintain the thread” of talks, but that provincial elections were scheduled to take place no later than 30 October 2025.

    “I don’t want to force things, I don’t want to break the thread . . . sometimes, we wanted to rush things, and that’s why it didn’t work,” he elaborated, in a direct reference to numerous and unsuccessful attempts by previous French governments, since 2022, to kick-start the comprehensive talks.

    “Some work will be done by video conference. I will always take my responsibilities, because we have to move forward”, Valls told public broadcaster NC la 1ère.

    He said France would then return with its proposals and offers.

    “And we will take our responsibilities. The debate cannot last for months and months. We respect everyone, but we have to move forward. There is no deadline, but we all know that there are provincial elections.”

    Those elections — initially scheduled in May 2024 and then in December 2024 — have already been postponed twice.

    They are supposed to elect the members of New Caledonia’s three provinces (North, South and Loyalty Islands), which in turn makes up the territory’s Congress and the proportional makeup of the government and election of President.

    All parties involved will now to consult with their respective supporters to get their go-ahead and a mandate to embark on full negotiations.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Governor Newsom releases 2024 judicial appointment data

    Source: US State of California 2

    Feb 28, 2025

    SACRAMENTO – Governor Gavin Newsom today released judicial applicant and appointee data for the administration’s judicial appointments.

    Since taking office in 2019 through 2025, Governor Newsom made 576 judicial appointments – including 131 in 2024 – from a pool of 1,898 applicants.

    More than half of the Governor’s judicial appointments have been women judges and justices, and more than half also identified as Asian, Black or African American, Hispanic, or Native Hawaiian or other Pacific Islander.

    A copy of the judicial applicant and appointee data chart can be found here and is below:

    Judge and Justice demographic data is collected by the Judicial Council of California and State Bar membership data is collected by the California State Bar, based on voluntary survey results. A more detailed breakdown of the demographic data collected by the Judicial Council and the State Bar can be found here and here.

    Press Releases, Recent News

    Recent news

    Feb 28, 2025

    News What you need to know: Local community leaders are praising Governor Newsom’s announcement this week of new financial investments to help boost LA’s economic recovery, as well as the launch of California’s Economic Blueprint and the Los Angeles County Jobs First…

    Feb 28, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the appointment of Nani Coloretti as his new Cabinet Secretary and expressed deep gratitude to departing Cabinet Secretary Ann Patterson for her six years of exemplary service. Patterson, who had planned to step…

    Feb 27, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Aaron Maguire, of Roseville, has been appointed Executive Officer of the Board of State and Community Corrections, where he has been Acting Executive Officer at the Board of State and…

    MIL OSI USA News –

  • MIL-OSI Economics: Trade and Gender Group launches new edition of equality prize, consultations on future work

    Source: WTO

    Headline: Trade and Gender Group launches new edition of equality prize, consultations on future work

    The co-chairs of the Informal Working Group (IWG) — Ambassador Clara Delgado of Cabo Verde, Ambassador Patricia Benedetti of El Salvador and Ambassador Simon Manley of the United Kingdom — looked back at key achievements in 2024. They highlighted the specific wording on trade and gender in the Abu Dhabi Ministerial Declaration WT/MIN(24)/DEC, the launch of a new trade policy tool in support of women entrepreneurs’ financial inclusion, and progress on “sharing experiences” on gender-responsive trade policy making.
    Progress was also made in integrating gender issues into the work of various WTO bodies, such as the Informal Working Group on Micro, Small and Medium-sized Enterprises (MSMEs), they added. 
    Members welcomed the co-chairs’ initiative to launch consultations on the IWG’s work plan for 2025-26, including on potential outcomes at the 14th Ministerial Conference, to be held in March 2026.
    Members also agreed to launch the second edition of the International Prize for Gender Equality in Trade to support members’ work on inclusive trade. The call for applications is now open via this form.
    Presentations
    The United Kingdom presented its work on the implementation of gender equality in free trade agreements (FTAs), including the UK-New Zealand FTA and the UK-Japan Comprehensive Economic Partnership Agreement.
    The importance of mainstreaming gender across trade agreements was highlighted. In addition, cooperation provisions are key for collecting gender-disaggregated data and for monitoring the impact of trade agreements on women, the UK said. The United Kingdom also noted that it is crucial to secure an institutional mechanism for discussing and implementing cooperation activities with stakeholders such as trade associations and women entrepreneurs. 
    Australia introduced its recently launched “International Gender Equality Strategy for a Safer and More Prosperous Indo-Pacific and the World”. Developed following consultations with over 600 stakeholders, the strategy aims to support gender equality in trade commitments at the WTO and other international and regional organizations
    Mexico reported on a recent capacity-building workshop on trade and gender organized by the countries of the Global Trade and Gender Arrangement (GTAGA) in coordination with the WTO Secretariat. Bringing together experts, government representatives, academics and women entrepreneurs, the event looked into the challenges and opportunities in mainstreaming gender into global trade.
    The International Trade Centre (ITC) provided an update on the Women Exporters in the Digital Economy (WEIDE) Fund, launched at MC13. This WTO-ITC initiative will provide grants and technical assistance regarding digital trade to support export growth in women-led businesses. Following a call for applications in September 2024, the Fund will work with a number of business support organizations to be announced  in early March.
    The WTO Secretariat provided an update on its activities, highlighting training programmes, collaborative research projects, and outreach initiatives. The Secretariat emphasized progress in capacity-building initiatives with the Latin American Integration Association, the Food and Agriculture Organization of the United Nations (FAO), and various universities. A thematic course on trade, gender and agriculture will be launched with the FAO in 2025 as a follow-up to the WTO-FAO Memorandum of Understanding signed  in 2024.
    The Trade and Gender Office also underlined its collaboration with the Secretariat of the Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW) on drafting a recommendation (General Recommendation number 40) on women’s access to decision-making positions and its ongoing work.

    Share

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Retail sales down 3.2% in January

    Source: Hong Kong Information Services

    The value of total retail sales for January, provisionally estimated at $35.3 billion, was 3.2% less than in the same month a year earlier, the Census & Statistics Department announced today.

     

    After netting out the effects of price changes over the same period, the provisional estimate represents a 5.2% year-on-year decrease.

     

    Online sales accounted for 6.9% of January’s total retail sales value. Provisionally estimated at $2.4 billion, the value of this segment rose 3.5% from the same month a year earlier.

     

    The value of sales of jewellery, watches, clocks and valuable gifts dropped by 17.9%.

     

    Meanwhile, decreases were likewise seen in sales of electrical goods and other consumer durable goods not elsewhere classified (down 10.5%); fuels (down 4.3%); motor vehicles and parts (down 52.6%); books, newspapers, stationery and gifts (down 15.1%); furniture and fixtures (down 26.4%); Chinese drugs and herbs (down 4.6%); and optical shops (down 4.4%).

     

    On the other hand, the value of sales of other consumer goods not elsewhere classified increased by 6.6% in January 2025 over a year earlier. This was followed by sales of commodities in supermarkets (up 4.9%); food, alcoholic drinks and tobacco (up 10.9%); wearing apparel (up 1.2%); medicines and cosmetics (up 4.3%); commodities in department stores (up 0.5%); and footwear, allied products and other clothing accessories (up 7.1%).

     

    The Government commented that the value of total retail sales recorded a much narrower year-on-year decline in January, and turned to an increase on a seasonally adjusted month-to-month comparison, possibly due in part to the early arrival of the Lunar New Year this year.

     

    It would thus be more meaningful to examine the figures for January and February combined, when available, to assess the latest retail sales performance. 

     

    Looking ahead, it said that the retail sector’s near-term performance will continue to be affected by changes in the consumption patterns of visitors and residents.

     

    However, it added that increasing earnings from employment, and the introduction of various measures by the central government to boost the Mainland’s economy and benefit Hong Kong, together with proactive efforts by the Hong Kong Special Administrative Region Government to promote tourism and boost market sentiment, will benefit the sector.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: NHRC, India’s ITEC Executive capacity-building programme on human rights in partnership with the MEA for senior functionaries of NHRIs of Global South begins in New Delhi

    Source: Government of India (2)

    NHRC, India’s ITEC Executive capacity-building programme on human rights in partnership with the MEA for senior functionaries of NHRIs of Global South begins in New Delhi

    Inaugurating it, NHRC, India Chairperson, Justice Shri V. Ramasubramanian highlights India’s rich diverse cultural ethos with various castes, communities, art forms and languages and shared values binding its unity for centuries

    Says, there can’t be tailor-made solutions under international norms to addressing human rights problems in every country having its own diverse socio-economic and cultural realities

    Platforms like ITEC provide an opportunity to share and exchange each other’s rich cultural diversity and human rights values, to think and find ways on how best to address the ever-emerging human rights challenges

    Posted On: 03 MAR 2025 4:01PM by PIB Delhi

    The six-day Indian Technical and Economic Cooperation Executive (ITEC) Capacity Building Programme on human rights for the NHRIs of Global South, being organized by the National Human Rights Commission (NHRC), India in partnership with the Union Ministry of External Affairs (MEA) began in New Delhi today. About 47 participants from the NHRIs of 14 countries of the Global South have confirmed their participation. These are Madagascar, Uganda, Samoa, Timor Leste, DR Congo, Togo, Mali, Nigeria, Egypt, Tanzania, Mauritius, Burundi, Turkmenistan, and Qatar.

    Justice V. Ramasubramanian, Chairperson, NHRC, India in his inaugural address said that India is a country of rich diverse cultural ethos with various castes, communities, art forms and languages and yet it thrives in its unity of shared values and traditions for centuries. However, he said that diversity also comes with diverse problems requiring diverse solutions. Every country has its socio-cultural, political, and economic traditions and diversities may face challenges while addressing the human rights issues given their standardised approaches set to dealing with them following the Universal Declaration of Human Rights. Therefore, solutions to the problems can’t be tailor-made for every country to follow.

    Justice Ramasubramanian said that such platforms like ITEC provide an opportunity to share and exchange each other’s rich cultural diversity and human rights values to think and find ways how best to address the ever-emerging human rights challenges in each country with its social, cultural, political and economic realities.

    He expressed his gratitude to the participating senior functionaries of the NHRIs of Global South and their countries for accepting NHRC, India’s invitation to depute them for participation. He also referred to many ancient Indian texts highlighting the human values and ethos practiced in the countries or centuries, which hold relevance even today for the whole world.

    Justice (Dr) Bidyut Ranjan Sarangi, Member, NHRC, India in his remarks stated that the Commission has played a crucial role in shaping India’s human landscape through its wide-ranging initiatives. Unlike many Western approaches that emphasise individual freedom above all else, India follows a more balanced model that values both individual and collective rights. India’s engagement in international human rights forums reflects its dedication to building a just and equitable global order. He said that capacity-building initiatives like ITEC play a crucial role in expanding our knowledge and refining our skills. While engaging in this programme, let us recognise the need to contextualise human rights principles within our national realities while remaining steadfast in our commitment to universal values of dignity, justice and equality.

    Smt Vijaya Bharathi Sayani, Member, NHRC, India said that by sharing our collective wisdom and resources, we can significantly enhance the protection and promotion of human rights across our nations and regions in the scenario of constantly evolving global human rights landscape. She also highlighted some of the key thematic issues of human rights that are being focused on by the NHRC, India, including the rights of women and achieving gender equality, protecting marginalised communities, safeguarding vulnerable populations in the context of development and displacement, among others.

    NHRC, India Secretary General, Shri Bharat Lal in his opening remarks said that India traditionally always wants to share its most cherished knowledge and wisdom for the larger cause of humanity. This training has been organised with the same spirit wherein we hope and expect to learn from each other. He said that India has a federal structure of governance with 27 State Human Rights Commissions besides the National Human Rights Commission and other Commissions to address the issues of the rights and welfare of various segments of society. The NHRC, India is not just a human rights advocacy forum but responsible for enforcing human rights in the country.

    On the occasion, senior officers of the NHRC, India and MEA were present. The capacity building programme has several sessions on various aspects of human rights to be addressed by the eminent expert speakers with a national and international perspective.

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    NSK

    (Release ID: 2107759) Visitor Counter : 29

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: “M” Mark status awarded to World Snooker Grand Prix 2025

    Source: Hong Kong Government special administrative region

    “M” Mark status awarded to World Snooker Grand Prix 2025
    “M” Mark status awarded to World Snooker Grand Prix 2025
    ******************************************************************

    The following is issued on behalf of the Major Sports Events Committee:           The Major Sports Events Committee (MSEC) has awarded “M” Mark status to the World Snooker Grand Prix 2025 (March 4 to 9).           The Chairman of the MSEC, Mr Wilfred Ng, said today (March 3), “The World Snooker Grand Prix 2025 has moved out of the United Kingdom for the very first time. Being held in Hong Kong, its scale and its prize pool have reached new heights. It is the inaugural major event after the opening of Kai Tak Sports Park, which not only helps promote local snooker development but also underlines Hong Kong’s status as the centre for major international sports events.”           The “M” Mark System aims to encourage and help local National Sports Associations and private or non-government organisations to organise more major international sports events and nurture them into sustainable undertakings. Sports events meeting the assessment criteria will be considered for “M” Mark status by the MSEC. Funding support will also be provided to some events.     ???For details of “M” Mark events, please visit www.mevents.org.hk.

     
    Ends/Monday, March 3, 2025Issued at HKT 18:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI United Nations: Japan contributes US$7 million to WFP Afghanistan to tackle hunger and malnutrition

    Source: World Food Programme

    KABUL – The United Nations World Food Programme (WFP) in Afghanistan welcomes a US$7 million contribution from the Government of Japan to support emergency food assistance, prevent malnutrition and bolster school feeding programmes.

    This funding will enable WFP to provide emergency food assistance to nearly 30,000 families – over 200,000 people – for three months. Additionally, more than 60,000 pregnant and breastfeeding mothers and children will receive specialized nutritious food. The contribution will also support daily school snacks for nearly 30,000 school children, enhancing their ability to learn and focus in the classroom.

    “Thanks to humanitarian assistance and better harvests, we’ve seen significant improvements in overall food security,” said H.E. Takayoshi Kuromiya, Ambassador of Japan to Afghanistan. “However, 15 million Afghans still do not know where their next meal will come from. These numbers represent real families, children and communities in urgent need, and the Government of Japan remains committed to supporting Afghan families through this crisis.” 

    The funding came at a critical time, when hunger and hardship for communities deepened ahead of the long Afghan winter. With limited work opportunities and scarce food, families were facing the impossible choice of either heating their homes or feeding their children. 

    “As economic opportunities remain out of reach for many, especially for women, families across Afghanistan are also having to endure a harsh winter,” said Mutinta Chimuka, acting Country Director for WFP in Afghanistan. “WFP is committed to supporting the most vulnerable, particularly women-headed families. Thanks to the generosity of partners like Japan, we’ve been able to reach more than 12 million people last year, providing a vital lifeline in the face of ongoing challenges.”

    The Government of Japan has been a steadfast supporter to WFP’s mission in Afghanistan. Since 2021, Japan has contributed US$93 million, enabling WFP to assist some of the most vulnerable food-insecure families across the country. 

    #                    #                       #

    The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters, and the impact of climate change.

    Follow us on Twitter: @wfp_media @WFP_Afghanistan

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: Union Health Minister Shri JP Nadda visits Rural Health Training Center, Najafgarh and Ayushman Arogya Mandir, Palam; interacts with Patients and Medical Staff

    Source: Government of India

    Union Health Minister Shri JP Nadda visits Rural Health Training Center, Najafgarh and Ayushman Arogya Mandir, Palam; interacts with Patients and Medical Staff 

    Plants sapling in both the health institutes under the “Ek Ped Maa ke Naam” initiative

    Monitors progress of RHTC, Najafgarh and assures Centre’s support in augmenting health facilities of the institute

    Posted On: 03 MAR 2025 3:20PM by PIB Delhi

    Union Health Minister, Shri Jagat Prakash Nadda visited the Rural Health Training Center (RHTC), Najafgarh and Ayushman Arogya Mandir, Palam, today. Shri Ramvir Singh Bidhuri, Member of Parliament (Lok Sabha) from South Delhi and Smt. Kamaljeet Sehrawat, Member of Parliament (Lok Sabha) from West Delhi was also present.

    Shri Nadda interacted with patients and medical staff in both the health centres. He also planted a sapling in both the campuses under the “Ek Ped Maa ke Naam” initiative.

    The Union Health Minister also reviewed the progress report of RHTC and approved the retention of PHCs at Najafgarh, Ujwa, and Palam under Government of India and directed NQAS & IPHS certification within 3 months and full operationalization of the RHTC hospital within 6 months. Emphasizing skill development, he highlighted RHTC’s role as a model for integrated primary, secondary, AYUSH, and training services and assured the support of the Centre in augmenting the health facilities of the institute.

    Background:

    The Rural Health Training Center (RHTC) in Najafgarh, New Delhi under Ministry of Health & Family Welfare, Government of India, has been serving as a key institution for primary and secondary healthcare, along with skill development in the field of health. Established in 1937 as a health centre and upgraded over the years across 3 campus (Najafgarh, Palam and Ujwa), the RHTC is now being developed as a model integrated centre for Primary, Secondary, AYUSH, and Skill Development and in future Tertiary care.

    Najafgarh is set to witness a significant transformation in healthcare services with the expansion of primary services, already introduced secondary health care services. The Ayushman Arogya Mandirs (AAM) will be NQAS accredited reinforcing Government’s commitment to deliver standardized, high-quality healthcare services at doorstep.

    To bridge the gap between primary and tertiary healthcare, RHTC Hospital has been developed as a 183-bedded general hospital. It is a unique healthcare setting providing primary, secondary care and AYUSH services are provided in the same campus at present. This hospital is poised to deliver quality medical treatment, emergency care, and specialized healthcare interventions, ensuring that residents have access to advanced medical facilities closer to home.

    RHTC is embracing IT-enabled healthcare solutions under the Ayushman Bharat Digital Mission (ABDM) to create a digitally empowered healthcare ecosystem, enhancing efficiency, accessibility, and patient-centric care.

    To support the growing healthcare infrastructure, significant efforts are being made in skill development and training. The existing ANM School will be upgraded to develop world class frontline healthcare workers. The ANM course started in 1985 with 20 students per batch, diploma course for girls. An ANM school building was also established in 1985. As on date, 44 students are selected annually, totaling 88 students at a time. RHTC conducts online combined entrance exam every year for RHTC (44) & Lady Reading Health School (LRHS) (44), in 2024, 672 children applied for 88 seats. Post of principal & 8 Sister tutor being created for ANM school. 

    The curriculum of Nursing requires mandatory rural community posting. RHTC with rural setup, a dedicated community and subcenters fulfills the norms of Delhi Nursing Council for compulsory Internship Program. The courses for which nursing interns come to RHTC and its various branches are ANMs, GNMs, B.Sc. Nursing and M. Sc. Nursing.  A total of 19 colleges with 2821 students were provided internship at RHTC in all its AAM & its community through subcentres.

    The strengthening of primary, secondary, and AYUSH services in one campus of Najafgarh reflects a strong commitment of Government of India to public health and community well-being. The initiative of integrating Allopathic facilities, Indigenous AYUSH system with skill development programs, aims to strengthen healthcare accessibility, improve patient outcomes, and create a robust medical workforce for the future.

    These facilities will hugely improve the accessibility and availability of the healthcare facilities in and around the Najafgarh area covering people of adjoining districts from Delhi and Haryana.

    Smt. Punya Salila Srivastava, Union Health Secretary; Dr. Manashvi Kumar, Joint Secretary, Union Health Ministry; Dr G Kausalya, Director, RHTC and senior officers of the Union Health Ministry were present at the event.

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    MV

    HFW/HFM visit to RHTC and AAM/03March2025/1

    (Release ID: 2107742) Visitor Counter : 74

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Ministry of Coal Organizes Roadshow on Commercial Coal Mine Auctions in Gandhinagar, Gujarat

    Source: Government of India (2)

    Posted On: 03 MAR 2025 3:04PM by PIB Delhi

    The Ministry of Coal successfully organized a Roadshow on ‘Commercial Coal Mine Auctions and Opportunities in the Coal Sector’ in Gandhinagar, bringing together Government, key stakeholders from the coal industry and private sector. Union Minister of State for Coal and Mines, Shri Satish Chandra Dubey, graced the event as the Chief Guest. Additional Secretary & Nominated Authority, Ministry of Coal, Ms. Rupinder Brar, along with senior officials of the Ministry were also present.

    The roadshow is part of the Ministry’s continuous efforts to engage with potential investors, highlighting the vast opportunities in commercial coal mining, and reinforce India’s commitment to energy security and self-reliance in the coal sector.

     

    In her welcome address, Smt. Rupinder Brar, Additional Secretary & Nominated Authority, Ministry of Coal, emphasized the potential of commercial coal mining in shaping India’s energy future. She highlighted that coal will remain a crucial pillar of India’s energy security for decades, driving industrial growth and ensuring an uninterrupted power supply. Furthermore, she stated that the Ministry is actively fostering an enabling ecosystem to encourage private sector participation by streamlining processes, offering financial incentives, and enhancing the ease of doing business. She made a special mention of the Single Window Clearance System, stating that it has expedited clearances, and ensured a level playing field for all stakeholders.

    Ms. Brar also noted that the series of roadshows from Kolkata to Mumbai to Ahmedabad have provided investors with valuable insights into the auction framework and policy landscape. She reaffirmed the government’s commitment to transparent, investor-friendly policies while also promoting advanced mining technologies, coal gasification, and sustainable mining practices.

    Delivering the Keynote Address, Shri Satish Chandra Dubey, Minister of State for Coal and Mines, highlighted the Government’s commitment to strengthening the coal sector through progressive policy measures. He underscored that commercial mining is a transformative step, opening new avenues for private sector participation and reducing India’s dependence on coal imports.

    Shri Dubey emphasized that these efforts align with Prime Minister Shri Narendra Modi’s vision of Atmanirbhar Bharat, ensuring a steady and sustainable supply of coal to industries while driving economic growth. Shri Dubey further highlighted the Ministry’s commitment to enhanced safety measures for mineworkers, community welfare and regional development, ensuring that coal mining not only fuels industrial growth but also uplifts local communities through employment generation, skill development, and social infrastructure projects.

    Minister also reaffirmed the Government’s focus on environmental sustainability, emphasizing that coal-mining operations are aligned with strict environmental norms, progressive land reclamation practices, and initiatives like coal gasification to reduce carbon emissions. He assured stakeholders that the Ministry remains committed to fostering an efficient, competitive, and responsible coal-mining ecosystem that balances economic progress with environmental stewardship.

     

    The event also featured an interactive Q&A session, allowing industry representatives to directly engage with Government officials. Discussions covered policy frameworks, investment incentives and operational aspects of commercial coal mining, further reinforcing the government’s commitment to fostering a transparent and business-friendly environment.

    Reiterating its unwavering commitment, the Ministry of Coal assured stakeholders of continued support, policy stability, and innovation-driven growth in the coal sector. With a vision that balances economic progress with ecological responsibility, India aims to remain a global leader in coal mining, paving the way for a sustainable and community-inclusive energy future.

               

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    Shuhaib T

    (Release ID: 2107735) Visitor Counter : 107

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Appointments to GBA Task Force and Advisory Group of GBA Lawyers announced

    Source: Hong Kong Government special administrative region

    Appointments to GBA Task Force and Advisory Group of GBA Lawyers announced
    Appointments to GBA Task Force and Advisory Group of GBA Lawyers announced
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         The Government announced today (March 3) the appointment of seven new members, as well as the reappointment of 19 incumbent members, of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Task Force and thereunder the Advisory Group of GBA Lawyers. Their appointments take effect today for a term of two years.     The Chairman of the GBA Task Force, the Deputy Secretary for Justice, Dr Cheung Kwok-kwan, welcomed the new members of the GBA Task Force, namely Mr Neville Cheng Chung-hon, Mr Michael Lok Hui-yin, Mr Tse Shing-yick, Mr Joaquim Vong Keng-hei and Mr Zeng Xuezhi, and the new members of the Advisory Group of GBA Lawyers, Mr Cheong Wang-chit and Mr Wong Sin-tuen. Dr Cheung said he believes that the reappointed and newly appointed members will provide invaluable advice on promoting the construction of the rule of law in the GBA.     Dr Cheung also thanked the outgoing member, Mr Wong Pit-man, for his contributions to the GBA Task Force.     The membership of the GBA Task Force and the GBA Advisory Group are set out in the Annex.

     
    Ends/Monday, March 3, 2025Issued at HKT 17:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: 29th Meeting of the Standing Advisory Committee to Review the Flow of Credit to MSMEs held by Reserve Bank of India

    Source: Reserve Bank of India

    The 29th Meeting of the Standing Advisory Committee (SAC) to review the flow of credit to Micro, Small and Medium Enterprises (MSME) sector was held in Ahmedabad, on March 3, 2025, under the chairmanship of Shri Swaminathan J, Deputy Governor, Reserve Bank of India. The meeting was attended by Executive Director, RBI, Senior Officials from Ministry of MSME and Department of Financial Services, Ministry of Finance, Government of India; Chairman, SIDBI, Senior Management of major banks and NABARD, senior executives of Credit Guarantee Fund Trust for Micro and Small Enterprises, National Credit Guarantee Trustee Company Limited, Khadi & Village Industries Commission, Indian Banks’ Association, Finance Industry Development Council and MSME Associations.

    Deputy Governor, in his keynote address, underscored the pivotal role of the MSME sector in India’s economic development. He reaffirmed the Reserve Bank’s commitment to strengthening institutional credit support through initiatives like the Unified Lending Interface (ULI), the Account Aggregator framework, and the Regulatory Sandbox. Acknowledging key challenges such as financial literacy gaps, information asymmetry, and delayed payments, he stressed the need for digital solutions, alternative credit assessment models, and greater participation in platforms like TReDS. Deputy Governor emphasized the importance of fair lending practices, ensuring transparency and an empathetic approach towards MSMEs facing financial distress. He also reiterated the crucial role of MSME associations in capacity building and bridging information gaps, to help MSMEs better access credit.

    During the meeting, the SAC reviewed the flow of credit to MSMEs and deliberated on ways to address the issues related to credit gap in the sector, cash flow based lending and digital solutions for improved credit linkage, accelerating adoption of TReDS, enhancing the usage of credit guarantee schemes and proactive revival and rehabilitation of MSMEs in financial distress, among others.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2290

    MIL OSI Economics –