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Category: Asia

  • MIL-OSI: NFG SA Secures Strategic Institutional Investment From Private Equity Firm, NMS Capital Group

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES and NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) — NFG SA (“NFG”), a Swiss private investment firm, today announced it has entered into a binding agreement with Beverly Hills-based NMS Capital Group (“NMS Capital”) for a capital investment aimed at strengthening NFG’s balance sheet and liquidity.

    NFG, with offices in Geneva, London and Los Angeles, is a global investment firm specializing in insurance and reinsurance, financial services, asset management, energy, and real estate. The firm operates extensively across Europe, the USA, the Caribbean, Africa, and the Asia Pacific region.

    NMS Capital, a family office-backed private equity and venture capital firm based in Beverly Hills, California, was established in 2010 as the dedicated investment vehicle for the Saliba Family Office. Since its inception, NMS Capital has expanded its investment portfolio and evolved into a leading private equity firm. It has consistently ranked among the top firms in Los Angeles, most recently placing #17 on the Los Angeles Business Journal’s 2024 list.

    NMS Capital’s latest investment in NFG builds on a series of prior investments in NFG affiliates, which began in 2021. While specific terms of the new investment remain undisclosed, both parties confirm that the additional capital investment imputes a valuation of NFG at approximately $2.5 billion. The transaction is expected to close before the end of first quarter of 2025, subject to customary board and committee approvals and procedures.

    Keith D. Beekmeyer, Chairman and CEO of NFG, remarked “With this new investment capital from NMS and the Saliba family, NFG has solidified its balance sheet strength, thereby enhancing our capacity to execute strategic objectives and drive long term growth.”

    Trevor M. Saliba, NMS Capital Group Chairman and CEO commented “Over the past three years, as we worked closely with Keith and Andy to refine NMS Capital’s investment strategy – focusing on insurance, energy, infrastructure and real estate – it became evident that channeling our investment into a strategic platform company like NFG was the optimal course of action to strengthen our position in the insurance sector.”

    Saliba further added “The NFG business model has proven to be a “go to” solution for investment capital in the insurance, specialty insurance, and reinsurance sector, achieving stratospheric growth over the past two to three years. This momentum remains strong, as reflected in NFG’s recent and current targeted closed investments and acquisitions, which are projected to significantly enhance NFG’s top-line revenues for 2025 and 2026.”

    About NFG SA
    NFG SA is a global private investment firm specializing in private equity and structured finance investments in companies across the insurance, financial services, energy, infrastructure, and real estate sectors. NFG focuses on transformative business combinations within North America, Europe, Africa, and the Middle East, establishing a strategic international presence. NFG was originally founded by Keith Beekmeyer and Andy Bye in 2017, emerging from the insurance industry to address the financing needs of underbanked companies. The firm quickly expanded its capabilities through key acquisitions, including a dedicated reinsurance company, asset manager and a Lloyd’s insurance brokerage, enhancing its position within the sector. For more information, please visit www.nfgsa.com.

    About NMS Capital Group
    NMS Capital Group was established in 2010 as the dedicated investment vehicle for the Saliba Family Office, which was formed for the benefit of certain decadents of the late billionaire Naseeb M. Saliba whose businesses have generated billions of dollars in revenue since 1941 within the construction, engineering and infrastructure sectors cementing a family legacy in the construction industry dating back to the 1890s. Since its inception, NMS Capital Group has evolved into a global private investment firm, specializing in private equity, venture capital, and structured financing investments having closed transactions in businesses across multiple asset classes ranging from business and financial services, real estate, energy, infrastructure, manufacturing, and technology. In 2024 it ranked number seventeen on the list of the Top Private Equity Firms by the Los Angeles Business Journal. For more information, please visit www.nmscapital.com.

    NFG Media Contact
    Jessica Starman
    media@elev8newmedia.com

    The MIL Network –

    February 10, 2025

  • MIL-OSI: Lumissil Microsystems Introduces 24xn (n=2~12) Configurable Matrix LED Driver for Consumer IoT and Gaming Applications

    Source: GlobeNewswire (MIL-OSI)

    MILPITAS, Calif., Feb. 10, 2025 (GLOBE NEWSWIRE) — Lumissil Microsystems introduces the latest addition to the IS31FL376x family, the IS31FL3762, a configurable 24×n (n=2~12) matrix LED driver designed to support up to 288 LEDs. Targeting IoT applications that require a visible color indicator or an alphanumeric LED display, this device addresses the unique technical challenges in high-resolution lighting applications.

    Advanced PWM Control for Precise Color Rendering
    The IS31FL3762 integrates advanced 12-bit PWM control, enabling smooth and precise dimming across individual LEDs. This feature, complemented by an adjustable PWM frequency up to 312 kHz, eliminates visual artifacts such as flickering, which is critical for gaming applications. By supporting multiple configurations, including 6+2-bit and 8+4-bit PWM dithering modes; an advanced PWM modulation technique designed to achieve higher resolution and increased switching frequency while operating at lower clock speeds, thereby preserving the remaining clock cycles for other processing tasks. This approach provides designers with the flexibility to configure conditions for various lighting scenarios.

    Improved LED Matrix Operation
    To enhance display clarity and ensure optimal power distribution, the IS31FL3762 employs built-in de-ghosting circuitry. This prevents undesired light emissions from inactive LEDs in the matrix, a common challenge in high-density LED arrays. Additionally, the device offers open and short detection for individual LEDs, which is necessary for maintenance and ensuring the long-term reliability of complex designs.

    Power Optimization and Configurability
    Operating within a wide supply voltage range (2.7V to 5.5V) and featuring an ultra-low typical quiescent current, the IS31FL3762 minimizes energy consumption without compromising performance. Additionally, the driver offers both Hardware and Software shutdown modes, allowing the outputs to be turned off either by pulling the SDB pin low or sending a command from the MCU to the Software Shutdown register. The driver’s current sinks are individually programmable with 8-bit resolution and include up to 12-bit configurable PWM generators to enable smooth digital dimming. Turning the LEDs ON/OFF with a varying duty cycle provides the capability for dimming and blending RGB LED colors. During operation, these PWM generators can produce electromagnetic interference (EMI) and audible noise. To address this, the IS31FL3762 incorporates spread spectrum and group phase shifting to reduce EMI, audible noise, and power supply ripple, enabling precise brightness control across the matrix. This makes the device ideal for display applications where local dimming is needed for achieving high contrast ratios.

    “Lumissil has set the standard as the go-to supplier of matrix LED drivers for the gaming and consumer electronic markets,” said Ven Shan, VP of Lumissil Marketing. “Our expertise in these markets enables us to design Matrix LED drivers that not only deliver spectacular colors, but also pack in the features that our customers rely on, for this reason we designed-in with built-in noise reduction, ultra-low operating current, enhanced matrix de-ghosting, and the flexibility to choose between SPI and I2C interfaces, these drivers are designed to exceed expectations.

    Communication Interfaces
    The I2C bus interface has long been the standard for LED drivers, and the IS31FL3762 device takes it a step further by supporting the Fast mode Plus (FM+) specification for 1MHz operation. To achieve this speed, the bus drivers are optimized to handle faster rise and fall times. For even higher speeds, the SPI bus is also supported, offering up to 12MHz operation, full-duplex communication, and, in some cases, better performance over longer distances. The IS31FL3762 is designed to easily switch between I2C and SPI bus operation, giving designers the flexibility to choose the best option for their application.

    Availability and Pricing
    The IS31FL3762 is now available for production in a small QFN-48 package. Pricing starts at $1.17 per unit for orders of 1,000 pieces. For further information, please visit Lumissil Microsystems or contact our sales team.

    About Lumissil Microsystems
    Lumissil Microsystems specializing in analog/mixed-signal products for automotive, communications, industrial, and consumer markets. Lumissil’s primary products are LED drivers for low to mid-power RGB color mixing and high-power lighting applications. Other products include audio, sensors, high-speed wire communications, optical networking, and application specific microcontrollers. Lumissil Microsystems has worldwide offices in the US, Taiwan, Japan, Singapore, mainland China, Europe, Hong Kong, India, and Korea. Website: https://www.lumissil.com

    Ven Shan
    P: 408-969-4622
    vshan@lumissil.com

    Aaron Reynoso
    P: 408-969-5141
    areynoso@lumissil.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c12032da-7dd3-4d9c-b99f-75d000e18e93

    The MIL Network –

    February 10, 2025

  • MIL-OSI Europe: The Global Partnership for Action on Gender-Based Online Harassment and Abuse calls for gender to be an integral part of the AI Action Summit (10.02.25)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    In light of the upcoming Global AI Action Summit organised by France, we, the undersigned members countries of the Global Partnership for Action on Gender-Based Online Harassment and Abuse emphasize the critical need to address human rights and gender equality issues in the era of artificial intelligence (AI).

    With the rapid digital transformation of our societies, AI offers a new set of opportunities to advance the human rights of women, young women and girls in all their diversity and LGBTQI+ persons, and promote gender equality. AI can help all women and girls fully realize their human rights, including their right to education, their right to freedom of expression, of association and of peaceful assembly, to access information and to participate in cultural life and relevant decision-making processes. However, it also introduces a distinct set of challenges and risks, mirroring and amplifying existing gender biases and inequalities. While we recognise the critical role of AI as a driver of innovation and progress, we strongly affirm that these advances can only achieve their full potential if AI is designed, developed, evaluated, tested, deployed and used by applying a human rights-based approach, with gender equality at its core.

    Currently, only 22% of AI professionals are women. This significant underrepresentation, particularly affecting global majority countries, increases the risk of AI systems perpetuating gender stereotypes and biases, and other forms of biases, discriminatory social norms and harmful outcomes. AI models, often trained on historically biased and discriminatory datasets, reproduce and amplify discrimination and stereotypes with lasting and tangible consequences, ranging from discriminatory recruitment practices to highly inadequate medical treatment for women. Moreover, the lack of “safety-by-design” measures in AI models further exacerbates risks of technology facilitated gender-based violence , with significant consequences for women and girls’ mental and physical health and safety, as well as economic and political participation. Available evidence suggests that the majority of deepfakes available online are pornographic and disproportionately target women. As such, the rapid weaponisation of AI may first impact a few, but then extends to many. When the human rights of women and girls and LGBTQI+ persons are at risk, all human rights are threatened. Whether in the daily use of AI models and systems or in multilateral fora and AI governance, the gendered impacts of AI have long been overlooked and led to existing online and offline threats disproportionately affecting women and girls in all their diversity.

    Against this background, multilateral cooperation at the intersection of AI and gender has become essential. Since 2022, the Global Partnership for Action on Gender-Based Online Harassment and Abuse has brought together countries to prioritise, understand, prevent, and address technology-facilitated gender-based violence, including in the era of AI, in multilateral fora. Complementary, the Laboratory for Women’s Rights Online was established to unite states, international organisations, private platforms, and civil society organisations in cooperating and developing transnational technical solutions to combat online and technology-facilitated gender-based violence. The Generation Equality’s Action Coalition for Technology and Innovation has also adopted a similar multi-stakeholder approach, playing a key role in addressing TFGBV on the multilateral scale.

    In 2024, the United Nations General Assembly adopted its first resolution on AI, Seizing the opportunities of safe secure and trustworthy artificial intelligence systems for sustainable development (A/RES/78/265) and its first Resolution on Eliminating all forms of violence against women and girls in the digital environment (A/C.3/79/L.17) driven by France and the Netherlands. Additionally, the adoption of the GA Resolution 78/213 Promotion and Protection of Human Rights in the context of digital technologies (2023), the UN Agreed Conclusions from the 67th Session of the Commission on the Status of Women on Innovation and technological change, and education in the digital age for achieving gender equality and the empowerment of all women and girls (2023), as well as the Global Digital Compact (2024)–the first global text on the governance of digital technologies–and the UN Convention against Cybercrime (2024), the first international criminal justice treaty aimed at strengthening international cooperation for combating crimes committed by means of ICT systems, marked a significant step in addressing, protecting and defending human rights, including gender equality and the rights of women and girls in the digital environment.

    Building on the recent progress and joint efforts to ensure effective international AI governance and accelerate progress towards achieving the SDGs, we propose increased action to prioritise the rights of all women and girls in the digital environment at the upcoming AI Action Summit. First organised by the UK and later by South Korea, the next Summit will take place in France.

    As part of the upcoming AI Action Summit, we, the undersigned countries of this declaration, call on states to recognise the gendered impact of AI on all women and girls and LGBTQI+ persons in all aspects of the digital world, recognising the continuity and interrelation between offline and online gender-based violence and the increase in technology-facilitated gender-based violence. We call on States to implement and uphold safeguards to protect the human rights of women and girls in all their diversity in the digital environment, including the online/offline continuum. We also urge the digital technology and AI sector to adopt safety-by-design principles throughout the lifecycle of AI systems, from design to development and deployment. We urge both States and the digital technology and AI sector to promote AI literacy for all, especially for all women and girls, in order to bridge the gender digital divide and to equip women, in particular those in vulnerable situations, with the knowledge to critically engage with AI by the means of promotion of equitable access and participation in the digital sphere and the empowerment of individuals to identify, mitigate, prevent and eradicate gender biases, stereotypes, discriminations, and violence.

    We, the undersigned countries of this declaration, members of the Global Partnership for Action on Gender-Based Online Harassment and Abuse, reaffirm our shared determination and commitment to building a digital future grounded in human rights, fully integrating women’s rights and gender considerations at the upcoming AI Action Summit in Paris, February 2025.

    MIL OSI Europe News –

    February 10, 2025

  • MIL-OSI Europe: ASIA/INDIA – Resignation and appointment of bishop of Jalpaiguri

    Source: Agenzia Fides – MIL OSI

    Saturday, 8 February 2025

    Vatican City (Agenzia Fides) – The Holy Father has accepted the resignation from the pastoral care of the diocese of Jalpaiguri, India, presented by Bishop Clement Tirkey.The Holy Father has appointed the Reverend Fabian Toppo, of the clergy of the same diocese, until now professor and spiritual director of the Morning Star Regional Seminary and College in Calcutta, as bishop of the diocese of Jalpaiguri, India.The Reverend Fabian Toppo was born on 21 December 1960 in Darupisa in the diocse of Jashpur, Chhattisgarh. He studied philosophy at the Papal Seminary in Pune, and theology at the Pontifical Urbaniana University in Rome, and was awarded a master’s degree in English from the University of North Bengal and a doctorate in biblical theology at the Pontifical Urbaniana University of Rome, as well as a diploma in administrative canon law.He was ordained a priest on 3 December 1994 for the diocese of Jalpaiguri.Since ordination, he has held the following roles: director of the Candidates’ House and for Ecumenism and Interreligious Dialogue in Jalpaiguri (1994-1998), parish priest of Shanti Rani in Mongradagni (1998-2001), and professor (2002-2007) and administrator (2020-2021) of the Morning Star Regional Seminary and College in Calcutta.Since 2016 he has served as professor of biblical theology and spiritual director of the Morning Star Regional Seminary and College in Calcutta. (EG) (Agenzia Fides, 8/2/2025)
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    MIL OSI Europe News –

    February 10, 2025

  • MIL-OSI Europe: ASIA/INDIA – Appointment of metropolitan archbishop of Visakhapatnam

    Source: Agenzia Fides – MIL OSI

    Saturday, 8 February 2025

    Vatican City (Agenzia Fides) – The Holy Father has appointed Bishop Udumala Bala Showreddy of Warangal as archbishop of the metropolitan archdiocese of Visakhapatnam, India.Archbishop-elect Udumala Bala Showreddy was born on 18 June 1954 in Gudur.He was ordained a priest for the diocese of Warangal on 20 February 1979, and appointed bishop of the same diocese on 13 April 2013, receiving episcopal consecration the following 23 May.From September 2022 to 9 April 2024 he served as apostolic administrator of Khammam. (EG) (Agenzia Fides, 8/2/2025)
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    MIL OSI Europe News –

    February 10, 2025

  • MIL-OSI Europe: ASIA/INDIA – Appointment of coadjutor bishop of Neyyattinkara

    Source: Agenzia Fides – MIL OSI

    Saturday, 8 February 2025

    Vatican City (Agenzia Fides) – The Holy Father has appointed the Reverend Selvarajan Dasan, of the clergy of Neyyattinkara, India, until now judicial vicar and parish priest of Saint Francis Xavier in Thirupuram, as coadjutor bishop of the same diocese of Neyyattinkara, India.Msgr. Selvarajan Dasan was born on 27 January 1962 in Valiyavila, diocese of Neyyattinkara. He studied philosophy and theology at Saint Joseph’s Pontifical Seminary in Alwaye and was awarded a licentiate and doctorate in canon law from the Université Catholique de Louvain.He was ordained a priest on 23 December 1987 for the metropolitan archdiocese of Trivandrum of the Latins.After priestly ordination, he held the offices of parish priest of Saint Albert in Muthiyavila (1988-1994), director of catechesis of the metropolitan archdiocese of Trivandrum of the Latins (1991-1995), parish priest of Saint Jude in Chinnathurai (1994-1995), parish priest of Saint Theresa in Manikkapuram (1995), defender of the bond of the Court of Trivandrum and pastoral director (2001-2003), parish priest of Saint Paul in Maranelloor and director of schools (2001-2008), defender of the bond in the Court of Neyyattinkara (2001-2011), member of the College of Consultors and the diocesan Council for Economic Affairs (since 2007), chancellor and parish priest of Immaculate Conception Cathedral (2008-2014), parish priest of Sacred Heart and director of the Logos Pastoral Centre (2014-2019).Since 2011 he has served as judicial vicar of Neyyattinkara and, since 2019, parish priest of Saint Francis Xavier in Thirupuram. (EG) (Agenzia Fides, 8/2/2025)
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    MIL OSI Europe News –

    February 10, 2025

  • MIL-OSI Europe: ASIA/INDIA – Appointment of auxiliary bishop of Shillong

    Source: Agenzia Fides – MIL OSI

    Saturday, 8 February 2025

    Vatican City (Agenzia Fides) – The Holy Father has appointed the Reverend Bernard Laloo, of the clergy of Shillong, India, until now chancellor and parish priest of the Cathedral of Mary Help of Christians in Laitumkhrah, as auxiliary bishop of the same metropolitan archdiocese of Shillong, India, assigning him the titular see of Trofimiana.Msgr. Bernard Laloo was born on 16 June 1976 in Laitlyngkot, Meghalaya, in the metropolitan archdiocese of Shillong. He studied philosophy at Christ College in Shillong and theology at the Jnana Deepa Institute of Philosophy and Theology in Pune.He was ordained a priest on 30 April 2006 for the metropolitan archdiocese of Shillong.Since priestly ordination, he has held the following offices: deputy parish priest of Saint Paul in Upper Shillong (2006-2007), administrator of Christ College in Shillong (2007-2009), dean, with responsibility for studies, at Saint Paul’s Seminary in Shillong (2009-2015), head of the Divine Saviour Hr. Secondary School in Laitumkhrah (2015-2016), and director of the Social Service Centre in Shillong (2017-2021).Since 2022 he has served as chancellor of the metropolitan archdiocese of Shillong and parish priest of the Cathedral of Mary Help of Christians in Laitumkhrah. (EG) (Agenzia Fides, 8/2/2025)
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    MIL OSI Europe News –

    February 10, 2025

  • MIL-OSI Europe: ASIA/PHILIPPINES – World Interfaith Harmony Week: on the island of Mindanao, students, citizens and institutions participate in numerous initiatives

    Source: Agenzia Fides – MIL OSI

    Silsilah

    Zamboanga City (Agenzia Fides) – Christians and Muslims in the south of the Philippines joined the World Interfaith Harmony Week (February 1-7) organized by the United Nations, which was celebrated in Catholic parishes, schools, universities, cultural centers and, above all, in numerous cities on the island of Mindanao, where most of the six million devout Filipino Muslims live in the “Autonomous Region of Bangsamoro in Muslim Mindanao” (BARMM). The BARMM currently consists of the provinces of Basilan, Lanao del Sur, Maguindanao del Norte, Maguindanao del Sur and Tawi-Tawi (the inclusion of the province of Sulu Islands is currently being discussed) and is the result of the peace agreement between the government and the “Moro Islamic Liberation” Front.Among the main actors and promoters of the marches, public rallies, seminars and prayer meetings were the Catholic communities and institutions dedicated to dialogue, including the Islamic-Christian “Silsilah” movement, founded more than 40 years ago in the city of Zamboanga by Father Sebastiano D’Ambra, an Italian missionary of the Pontifical Institute for Foreign Missions (PIME). But civil institutions are also participating in the week of interreligious dialogue, which is celebrated worldwide. For example, the mayor of the city of Zamboanga, Maria Isabel Climaco Salazar, organized and participated in an interreligious congress in her city, which is characterized by a pluralistic society, to convey to the population a message of coexistence and cooperation for the common good. At the civil society level, former Philippine President Benigno Aquini Jr. had already officially called on civil institutions in 2013 to join and pay utmost attention to the initiative, which aims to raise awareness and create social harmony in the country. Among the various initiatives held on the island of Mindanao was a meeting on February 4 at the Western Mindanao State University, a public university in Zamboanga, which brought together Christian and Muslim students, teachers and citizens who discussed together on the theme of building harmony and peace. Joselito Madroñal, vice president of the university, emphasized the university’s role as a “beacon of peace” in the region, in culture and in the education of young people. “Our university is more than just an educational institution. We are a force for change, a catalyst for peace and a solid partner in the search for harmony,” he stressed. Among the speakers present were Father Sebastian D’Ambra, founder of the Silsilah movement, Sheikh Mahir Gustaham, a Muslim representative and coordinator of the “Interreligious Solidarity for Peace” forum, and Father Guilrey Anthony Andal (SJ), who wanted to share their experiences and encourage young people to continue on the path of peaceful coexistence. Following the interreligious celebration, the University officially inaugurated the “Month of the Arts”, identifying art as a privileged language and a fertile ground for interreligious dialogue. (PA) (Agenzia Fides, 8/2/2025)
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    MIL OSI Europe News –

    February 10, 2025

  • MIL-OSI Economics: ADB and Local Currency Financing: A 20-Year Journey

    Source: Asia Development Bank

    •  ADB’s pioneering efforts in issuing local currency bonds over the past 20 years have not only mitigated currency risks for borrowers but also opened local markets to foreign investment and development finance.
    •  Innovations like currency-linked bonds and the rapid development of derivative markets have enhanced liquidity and enabled tailored funding solutions, significantly advancing local currency financing in Asia and the Pacific.
    •  Local currency finance, initially focused on private sector loans, is expanding into sovereign lending, signaling ADB’s evolving role in fostering financial innovation and development across the region.

    Twenty years ago, ADB issued its first local currency bond. The Indian rupee bond represented about $110 million equivalent at the time. Over the following three years, ADB raised funding from onshore bond issues in Malaysian ringgit, Thai baht, Chinese renminbi and Philippine peso – acting as an “icebreaker” to open these markets to foreign issuers.

    Such borrowing exercises introduced a new funding stream for ADB’s development assistance, allowing borrowers to mitigate potential currency risks associated with borrowing in foreign currencies.

    Fast forward to today, and local currency finance has gone mainstream. Development partners are no longer surprised when ADB issues bonds denominated in currencies as diverse as the Azerbaijan manat, the Indonesian rupiah or the Mongolian togrog and they recognize the invaluable role that local currency finance plays in crowding in foreign investment to developing countries.

    About a third of ADB’s private sector loans are currently delivered in local currencies, with the Thai baht, Indian rupee, Chinese renminbi, Kazakhstan tenge, and Georgian lari featuring prominently. ADB’s aggregate local currency portfolio reached more than $3.75 billion equivalent as of 31 October 2024 across more than 15 local currencies with local currency loans expected to reach 50% of private sector lending over the next years.

    What has catalyzed local currency finance?

    Over the last 20 years, local capital markets have evolved and developed significantly  across Asia and the Pacific. These developments were driven by the experience of the 1997/98 Asian financial crisis, which was at least partially caused by excessive foreign currency exposures.

    Since then, regulators, banks, and investors have made significant strides to develop local currency bond markets and improve the local currency capital market infrastructure.

    Over the last 20 years, local capital markets have evolved and developed significantly across Asia and the Pacific.

    ADB can reach certain target borrowers more effectively when it offers loans in their own currencies rather than in dollars, euros, or yen. For many of the projects that ADB supports, foreign currency denominated loans would not be feasible: a dairy business owner in Mongolia has no understanding of the risks involved in borrowing a foreign currency. Equally, a female worker in rural Kazakhstan would not begin to consider borrowing a home loan in a foreign currency. For both of these projects, ADB was able to provide suitable local currency financing solutions to meet borrower needs and avoid foreign currency mismatches.

    Importantly, the rapid development of derivative markets in the region, which include the availability of both interest rate and cross-currency swaps in several markets, has facilitated the management of liquidity by decoupling funding and disbursement transactions, while also allowing for tailored back-to-back funding transactions.

    The availability of longer-tenor financing solutions has also improved significantly in a number of the more developed Asian markets: for example, ADB was able to derive a 20-year Thai baht funding solution through the cross-currency swap market to finance a project in Lao People’s Democratic Republic, which delivered a perfect hedge for the borrower.

    Similar liquidity of varying tenors is now available in swap and bond markets in the People’s Republic of China (PRC), India, Indonesia, Malaysia, and the Philippines.

    A capital market innovation: the emergence of currency-linked bonds

    Another important innovation has also improved the availability of local currency financing: the so-called “currency-linked bond” has been a game changer for development finance.  In essence, this is a debt security denominated in a local currency but settled in US dollars.

    It relies on international documentation usually under English law, settlement occurs in international central securities depositaries, and the bonds are listed on major international stock exchanges. The impact of such structures is to crowd in international investors into local currencies by providing an easily accessible trading infrastructure.

    ADB issued its first Indian rupee currency-linked bond in 2014 and since then has issued such instruments in Armenian dram, Azerbaijan manat, Georgian lari, Indonesian rupiah, Kazakhstan tenge, Kyrgyz sum, Mongolian togrog, Pakistan rupees and Philippine pesos. In Indian rupees alone, ADB has raised more than one billion US dollars equivalent to finance private sector projects.

    Issuing innovative local currency bonds

    In countries such as Georgia and Kazakhstan where the environment is enabled, ADB has issued multiple domestic bonds including fixed rate, floating rate and even inflation-linked. Furthermore, ADB auctioned the first green (2020) and gender (2021) bonds on the Kazakhstan Stock Exchange, delivering a new asset class to the local market.

    In Georgia, ADB was the first organization to issue its domestic bonds through the Georgian Securities Settlement System (GSSS) in 2015, which operates delivery versus payment Real Time Gross Settlements (RTGS) with central bank money through the National Bank of Georgia.

    In Kazakhstan, ADB settled its domestically issued bonds through the Kazakhstan Securities Depositary, which crucially has an operational “bridge” with Clearstream in Luxembourg.

    These innovations have fostered knowledge sharing and the shift of local currency issuance infrastructure towards international best practices.

    Creating local currency liquidity pools

    Liquidity pools are commonly used to warehouse the proceeds of bond issues in mainstream currencies until project disbursements happen. ADB has developed liquidity pools in Chinese renminbi and Indian rupees, which have played an important role in shepherding in high levels of local currency development finance by providing continuous availability of funding, decoupling such availability from any specific funding transactions Further liquidity pools are in the making, as ADB’s pipelines in local currency grow and evolve.

    Working closely with national regulators and market participants, ADB’s engagement in local currency markets over the last 20 years has made significant progress.

    The next frontier: sovereign local currency loans

    Local currency finance is already well established as a financing source for ADB’s private sector loans, but it has been deployed much less in the sovereign context, which for ADB represents the largest share of lending activity. A number of sovereign borrowers have recently started to avail  local currency solutions from ADB, including a recently  completed $1.45 billion sovereign local currency loan conversion.

    Working closely with national regulators and market participants, ADB’s engagement in local currency markets over the last 20 years has made significant progress: ADB is now able to offer funding solutions in more than 15 local currencies in Asia and the Pacific. As local currency markets will further develop, the future of local currency financing in the Asia-Pacific region looks bright. 

    Authors: Roberta Casali, ADB Vice-President for Finance and Risk; Tobias Hoschka, ADB Treasurer; Jonathan Grosvenor, former ADB Assistant Treasurer

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    Subjects
    • ADB funds and products
    • Finance sector development

    MIL OSI Economics –

    February 10, 2025

  • MIL-OSI Economics: AI advancements to accelerate China digital health sector, says GlobalData

    Source: GlobalData

    AI advancements to accelerate China digital health sector, says GlobalData

    Posted in Medical Devices

    China’s rapid advancements in artificial intelligence (AI), underscored by the recent launch of Qwen2.5-Max, Kimi k1.5, and DeepSeek v3, are sparking excitement among AI professionals. This progress is expected to have a considerable impact on multiple industries, including healthcare. Consequently, the Chinese digital health market is likely to see further developments, provided the data security is safeguarded, says  GlobalData, a leading data and analytics company.

    GlobalData’s research reveals that in 2024, China represented around 20% of the digital health market in the Asia-Pacific (APAC) region, reflecting the increasing demand for innovations such as DeepSeek within the healthcare sector.

    Pratibha Thammanabhatla, Medical Devices Analyst at GlobalData, comments: “The recent launch of Qwen2.5-Max, Kimi k1.5, and Deepseek highlights China’s increasing presence in the AI sector and its dedication to achieving technological self-sufficiency. The advanced AI features they assert, including huge efficiency gains, better reasoning, and accessibility, may have considerable potential to provide enhanced diagnostic abilities, personalized recommendations, and improved communication between patients and healthcare professionals.”

    Alibaba Cloud claims that its latest Qwen2.5-Max demonstrated significant advantages over other AI models such as Llama-3.1-405B, DeepSeek V3 and Qwen2.5-72B when evaluated using benchmark tools such as Arena-Hard, LiveBench, LiveCodeBench, and GPQA-Diamond and they are expecting that advancements in post-training techniques will elevate the next version of Qwen2.5-Max to new heights.

    Thammanabhatla concludes: “Although AI has the potential to revolutionize healthcare by improving efficiency and patient outcomes, challenges such as data privacy, doctor-patient relationship, and lack of sufficient trained personnel must be addressed to ensure its successful implementation. A collaborative approach involving stakeholders from various countries and sectors, including healthcare professionals, regulators, and data privacy experts, is essential for overcoming these challenges, which would result in wider adoption.”

    MIL OSI Economics –

    February 10, 2025

  • MIL-OSI China: New Yorkers hold Lantern Festival parade for 2nd year

    Source: China State Council Information Office 3

    The Chinese American community in the Brooklyn borough of New York City on Sunday held a Lantern Festival parade for the second year as part of the Lunar New Year celebrations.

    The parade in Chinatown had hundreds of participants from many walks of life and thousands of revelers from Chinese communities and other areas.

    The hours-long parade featured multiple floats, God Pageant Ceremony, dragon and lion dances, big mascots, as well as traditional Chinese art and costume performances.

    In particular, the 8th Avenue in Brooklyn was filled with people setting off fireworks, firecrackers and party poppers.

    Organized by the Asian American Community Empowerment, an Asian American advocacy group, the parade also had the presence of a number of elected officials or their representatives.

    Chuck Schumer, U.S. Senator of New York and the Senate minority leader, greeted Chinese Americans in Mandarin and commended their traditional values of respect for family, love of children, law-abiding, peace and hard-working.

    Schumer vowed to fight for the community and to keep the neighborhood safe.

    “It may be a cold day, but not here in Brooklyn, Chinese American community. It is a warm and beautiful day,” added Schumer.

    “It’s important to celebrate our heritage and culture,” said Lester Chang, a Republican, representing the 49th district in the New York State Assembly.

    Chang expressed his hope that the Lunar New Year could become a holiday for all people in New York State by building on the declaration of the Lunar New Year as a public school holiday in the state in September 2023.

    Chinese Consul General in New York Chen Li called on people on the spot to light up the lanterns of auspiciousness to express good wishes for a bright future of China-U.S. relations.

    The Chinatown in Lower Manhattan also celebrated the Lantern Festival on Saturday afternoon.

    The Museum of Chinese in America is also scheduled to celebrate the Lantern Festival on Wednesday.

    Symbolizing family reunion, the Lantern Festival falls on the 15th day of the Lunar New Year and wraps up celebrations of the Chinese Lunar New Year, also known as the Spring Festival. 

    MIL OSI China News –

    February 10, 2025

  • MIL-OSI USA: ICYMI—Hagerty Joins Face the Nation on CBS to Discuss Trump’s Government Reform

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    PALM BEACH, FL—United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, today joined Face the Nation on CBS to discuss President Donald Trump reforming the Executive Branch through eliminating wasteful spending and unnecessary government programs.

    *Click the photo above or here to watch*

    Partial Transcript

    Hagerty on Trump’s buyout to federal workers: “Eventually, it will save taxpayers money. I think what President Trump is trying to do is be humane in the process of allowing them to make plans to find other employment. But I certainly think the government is far too big, far too bloated, and we’re on a path now to start to see it shrink. This is the first step only, but we’re moving in the right direction […] What we’ll see, Margaret is each agency go through a top to bottom review to decide exactly what they need to do to deliver on behalf of the American public. As you know, there’s been a lot of consternation and pearl clutching about the activities of Elon Musk and his team, but their charge, led by President Trump, is to go in and find efficiencies, find opportunities, and frankly, deliver more of taxpayer dollars to the actual programs that are intended, less to overhead an Administration […] I’m from the private sector, Margaret, my entire background has been in business. This is the way you do it. You come in, you look at the opportunities before you—President Trump has brought a new Administration in—this is not unusual to take a hard look at these programs and also to look for opportunities to cut bloat and waste. Look, we’re 36 trillion dollars in debt. Clearly, the American public Needs to see more accountability, more visibility, more performance for their taxpayer dollars.”

    Hagerty on bringing accountability to the CFPB: “I’ve had significant conversations with Russ Vought, who is our new [Office of Management and Budget] Director. The [Consumer Financial Protection Bureau] has been out of control for some time. The way it’s designed, I think is unconstitutional. It has no oversight; it’s been basically a reckless agency that’s been allowed to go way beyond any mandate that I think was originally intended. So, it’s time to rein it in, and I’m applauding anything that we can do to bring more stability, more control to the federal government, and take agencies like this back into some sort of sense of accountability and oversight […] It was established as an agency that does not have the jurisdiction of the Congress. Its funding source is separate from us. It has no accountability. This is not the type of agency I think that the founding fathers contemplated. We actually contemplated a balance of power. Yet, this rogue agency has been created, and frankly, it’s been used as a tool to come in and just hammer the American private sector and pursue initiatives that certain people like Rohit Chopra might have approved, or that Senator Elizabeth Warren might have approved, but this is not the way the American public should be funding and supporting programs of this nature.”

    Hagerty on the need to reform USAID funding: “I think there’s a tremendous appetite to do it, Margaret, because what we want to see is alignment of our programs with America’s National Security interest. USAID has been out of control. I’ve demanded accountability from [USAID], they’ve refused it. As an appropriator, I’ve asked them to be very clear about, for example, their role funding Hamas and Gaza. They would not comply. They will not tell us what they do. Now that we start to find out some of the programs that [USAID] has been funding—if you think about it, sex change operations in Guatemala, LGBTQ programs in Serbia […] And that is not true, Margaret. I couldn’t get the Secretary of State [Blinken]—I asked him three times to tell me that we were not funding Hamas through [USAID]. He couldn’t do it, and frankly, what we found is that we have been funding [terrorism] […] Certainly, the funds that have gone to UNRWA. You saw the UNRWA members who were also Hamas members […] [UNWRA is] supporting terrorist groups. And if you look at what UNRWA has done, it’s been so counter to our national interest. It’s unbelievable that we would fund it.”

    Hagerty on reciprocity in trade agreements: “I talked with President Trump on Friday about this broadly, Margaret. This is a concern that he has had for some time. As you know, I served in his previous Administration and worked my heart out to get two trade agreements executed with Japan. I was the U.S. Ambassador to Japan in his Administration. Here’s what we’re trying to deal with, and it goes all the way back to World War II, in the aftermath, we made very favorable terms of trade with countries whose economies have devastated in Europe and Japan. We should have time limited that. We should have put some type of GDP-per-capita limit on it, because what we have now are countries that have very unfavorable and unfair terms that are fully developed. So, it’s time to address this; it’s already begun to happen.”

    MIL OSI USA News –

    February 10, 2025

  • MIL-OSI Economics: Secretary-General of ASEAN meets with CEO of AirAsia Cambodia

    Source: ASEAN

    Dr. Kao Kim Hourn, Secretary-General of ASEAN, today met with Mr. Vissoth Nam, CEO of AirAsia Cambodia, at the ASEAN Headquarters/ASEAN Secretariat. During their discussion, they explored collaborative opportunities to boost regional aviation and enhance seamless connectivity across the ASEAN region. Dr. Kao commended AirAsia Cambodia’s efforts to make air travel more accessible and affordable for everyone. He also emphasised ASEAN’s commitment to developing an integrated, competitive, and environmentally sustainable aviation sector that supports regional tourism and socio-economic growth.

    The post Secretary-General of ASEAN meets with CEO of AirAsia Cambodia appeared first on ASEAN Main Portal.

    MIL OSI Economics –

    February 10, 2025

  • MIL-OSI Submissions: NTT DATA Unveils Global Insights on GenAI Adoption in Banking: Divergent Strategies for Boosting Productivity vs. Cutting Costs

    Source: NTT DATA

    Research from NTT DATA finds that as GenAI adoption rises, new pressures on return of investment are at the forefront of the challenges facing the banking industry.

    TOKYO – BUSINESS WIRE – NTT DATA, a global digital business and IT services leader, has today launched a new global research report uncovering the use of generative AI (GenAI) in the banking sector worldwide. The report, titled “Intelligent banking in the Age of AI,” has found that despite the growing adoption of GenAI technology in the banking industry, banks and financial institutions are split when it comes to outcome-based strategies – only half of banks (50%) see it as a tool for improving productivity and efficiency. Similarly, half (49%) believe it can be used for reducing operational IT spend.

    Transforming Banking Through GenAI

    GenAI is more disruptive than any previous advance in banking technology. It is less a question of if, but when banks embrace this technology, due to its transformative ability to embed intelligence at every layer of the banking ecosystem, from core banking to front-end systems. GenAI is already making waves in the banking industry, with 6 in 10 organizations (58%) already fully embracing its transformative potential, an increase from 2023, when only 45% of organizations had fully embraced GenAI, according to NTT DATA’s research.

    “Generative AI represents a pivotal moment for the banking industry,” said Robb Rasmussen, Head of Global Marketing & Communications, NTT DATA. “While the potential benefits are enormous, the challenges of implementing GenAI are complex and varied, requiring careful navigation and a structured approach. Given the anticipated high spending on GenAI, achieving a return on investment is crucial. Many banks will be expecting GenAI to drive long-term savings by automating IT tasks, improving operational efficiency, and creating competitive advantages, but it’s important to note that achieving meaningful ROI requires a clear strategy, tailored implementation, and robust governance at the same time.”

    Financial constraints increasing pressure on ROI

    ROI has become a top priority for GenAI implementations, yet banking organizations are split in their opinions of which strategies are most important to them. Banks have long struggled with boosting productivity, and GenAI is poised to present a solution to this problem, but only half of banking leaders (50%) see it as a solution to current productivity woes. Cost optimization is another area where banks are split, with just under half (49%) looking to reduce IT budgets accordingly.

    This disparity is highlighted on a global scale too – for example, almost 6 in 10 US banks (59%) are keen to reduce IT budgets and almost half (47%) want to cut operations budgets, while only 4 in 10 banks in Europe (43%) have IT budgets front of mind and just over a third (36%) are concerned with operations costs. Meanwhile productivity is the most important factor for European banks (46%), yet the US and APAC are placing even more emphasis on productivity themselves in comparison.

    Key performance indicators (KPIs) that financial institutions are using or planning to use to evaluate the success of Generative AI initiatives:

    Differing strategies across differing regions

    Strategies for realizing these benefits of GenAI differ vastly among organizations too. While around half of organizations are focusing on collaboration between humans and AI (51%) or a hybrid approach with existing systems (47%), over a quarter (28%) of banks are hoping to fully automate tasks and remove the need for manual input entirely. Fully automating tasks is an area which divides opinions worldwide as well, with a quarter of banks in the UK (25%) and Europe (24%) looking to fully automate the process, while almost a third of banks (32%) in the Americas and 35% of Japanese banks are looking to do the same.

    Robb Rasmussen, Head of Global Marketing & Communications, NTT DATA added: “It is clear that the ability to balance innovation with fiscal responsibility will define success for banks. However, many banks are lacking in maturity when it comes to this technology and are unsure where to start. Partnering with systems integrators can be a good starting point, allowing them to access the latest knowledge while ensuring compliance with industry regulations. By working with specialized providers, banks can ensure that GenAI implementations can deliver the desired ROI, while maintaining robust data protection measures and meeting both internal security standards and regulatory requirements.”

    NTT DATA’s research dives into specific areas of the banking industry, including Payments and Wealth Management, as well as Fraud Prevention. To read the full report, please go to “Intelligent banking in the Age of AI”

    About the Research

    NTT DATA’s survey was carried out on 810 banking leaders, from all global banking markets, and provides a 360-degree perspective on the sector’s journey towards innovation and GenAI adoption. This survey was led by NTT DATA Group’s Global Industry Office, part of the Global Marketing & Communications Headquarters.

    MIL OSI – Submitted News –

    February 10, 2025

  • MIL-OSI: Inside information: Nokia announces a leadership transition – Justin Hotard appointed as successor to Pekka Lundmark

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Inside information
    10 February 2025 at 08:00 EET

    Inside information: Nokia announces a leadership transition – Justin Hotard appointed as successor to Pekka Lundmark

    Espoo, Finland – Nokia today announced a leadership transition. Nokia’s President and Chief Executive Officer, Pekka Lundmark, has informed the Board that he will step down. The Board has appointed Justin Hotard as the next President and Chief Executive Officer of Nokia. He will start in his new role on 1 April 2025. 

    Hotard joins Nokia with more than 25 years’ experience with global technology companies, driving innovation, technology leadership and delivering revenue growth. He currently leads the Data Center & AI Group at Intel. Prior to this role, he held several leadership roles at large technology companies, including Hewlett Packard Enterprise and NCR Corporation. He will be based at Nokia’s headquarters in Espoo, Finland.

    “I am delighted to welcome Justin to Nokia. He has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are critical areas for Nokia’s future growth. In his previous positions, and throughout the selection process, he has demonstrated the strategic insight, vision, leadership and value creation mindset required for a CEO of Nokia,” said Sari Baldauf, Chair of Nokia’s Board of Directors.

    “I am honored by the opportunity to lead Nokia, a global leader in connectivity with a unique heritage in technology. Networks are the backbone that power society and businesses, and enable generational technology shifts like the one we are currently experiencing in AI. I am excited to get started and look forward to continuing Nokia’s transformation journey to maximize its potential for growth and value creation,” said Justin Hotard.

    After leading Nokia since 2020, Nokia’s current President and CEO, Pekka Lundmark, has decided to step down from executive roles and move on to the next phase of his career.

    “I want to thank Pekka for his significant contributions to Nokia, he will leave with our highest respect. The planning for this leadership transition was initiated when Pekka indicated to the Board that he would like to consider moving on from executive roles when the repositioning of the business was in a more advanced stage, and when the right successor had been identified. Now, both of those conditions have been met, and he has decided to step down,” said Sari Baldauf.

    She continued: “Pekka joined at a difficult time in Nokia’s history. Under his tenure, Nokia has re-established its technology leadership in 5G radio networks and built a strong position in cloud-native core networks. Network Infrastructure has delivered growth and significant profit improvement, and Nokia has secured the longevity of its patent licensing business. At the same time, Nokia has built strong foundations in new growth areas, refreshed the company’s brand and culture, transformed its operating model and rebalanced its portfolio.”

    “Leading Nokia has been a privilege. When I returned to Nokia in 2020, I called it a homecoming, and it really has felt like one. I am proud of the work our brilliant team has done in re-establishing our technology leadership and competitiveness, and positioning the company for growth in data centers, private wireless and industrial edge, and defense. This is the right time for me to move on. I have led listed companies for more than two decades and although I do not plan to stop working, I want to move on from executive roles to work in a different capacity, such as a board professional. Justin is a great choice for Nokia and I look forward to working with him on a smooth transition,” said Nokia’s President and CEO Pekka Lundmark. 

    Lundmark will step down on 31 March 2025. He will continue as an advisor to the new CEO until the end of the year. 

    An event for media and financial analysts will be held today at 10:00 EET. Link to join the webcast: https://edge.media-server.com/mmc/p/hjd9zmyx.

    Journalists and financial analysts, who wish to ask a question during the event, must dial-in to an audio-only conference call line. The attendees must pre-register here: https://dpregister.com/sreg/10196883/fe7f25be61.

    If you wish to ask a question on the call, you must mute the webcast and only use the participant dial-in during the Q&A session as there is a delay of approximately 15-30 seconds.

    Journalists and financial analysts can join via webcast or in person (Nokia’s Executive Experience Center at Karakaari 18, Espoo). Members of the media and analysts who want to participate in person, are kindly requested to show their press credential or valid ID on arrival.

    Justin Hotard, CV

    Born: 1974

    Nationality: US national 

    Experience:

    • Intel, Santa Clara, CA, 2024–present: Executive Vice President and General Manager, Data Center & AI Group
    • Hewlett Packard Enterprise, Houston, TX / Tokyo, Japan, 2015–2024: various leadership positions including:
      • Executive Vice President and General Manager, High Performance Computing, AI & Labs
      • President and Managing Director, Japan and China
    • NCR Corporation, Duluth, GA, 2007–2014: various leadership positions including: President and General Manager, Global Small Business Cloud Platform
    • Symbol Technologies (acquired by Motorola, Inc), Holtsville, NY, 2003–2007: Director, Product Management and Senior Manager, Corporate Development
    • Motorola, Inc, Arlington, IL, 1996–2000: Senior Systems Engineer

    Education:

    • Master of Business Administration, MIT Sloan School of Management, Cambridge, MA, 2002
    • Bachelor of Science in Electrical Engineering, University of Illinois Urbana-Champaign, Urbana, IL, 1997

    About Nokia 
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to our ongoing transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “see”, “plan” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties specified in our 2023 annual report on Form 20-F published on 29 February 2024 under Operating and financial review and prospects – Risk factors. 

    The MIL Network –

    February 10, 2025

  • MIL-Evening Report: Eugene Doyle: Trump and foolish old men who redraw maps

    COMMENTARY: By Eugene Doyle

    It generally ends badly.  An old tyrant embarks on an ill-considered project that involves redrawing maps.

    They are heedless to wise counsel and indifferent to indigenous interests or experience.  Before they fail, are killed, deposed or otherwise disposed of, these vicious old men can cause immense harm.

    To see Trump through this lens, let’s look at a group of men who tested their cartographic skills and failed:  King Lear and, of course, Hitler and Napoleon Bonaparte, and latterly, George W Bush and Saddam Hussein.

    I even throw in a Pope.  But let’s start first with Benjamin Netanyahu and Donald Trump himself.

    Benjamin Netanyahu and a map of a ‘New Middle East’ — without Palestine
    In September 2023, a month before the Hamas attack on Israel, Benjamin Netanyahu spoke to an almost-empty UN General Assembly.  Few wanted to share the same air as the man.

    In his speech, he presented a map of a “New Middle East” — one that contained a Greater Israel but no Palestine.

    In a piece in The Jordan Times titled: “Cartography of genocide”, Ramzy Baroud explained why Netanyahu erased Palestine from the map figuratively.  Hamas leaders also understood the message all too well.

    “Generally, there was a consensus in the political bureau: We have to move, we have to take action. If we don’t do it, Palestine will be forgotten — totally deleted from the international map,” Dr Bassem Naim, a leading Hamas official said in the outstanding Al Jazeera documentary October 7.

    Hearing Trump and Netanyahu last week, the Hamas assessment was clear-eyed and prescient.

    Donald Trump
     In defiance of UN resolutions and international law, he recognised Jerusalem as Israel’s capital, recognised the Syrian Golan Heights as part of Israel, and now wants to turn Gaza into a US real estate development, reconquer Panama, turn Canada into the 51st State of the USA, rename the Gulf of Mexico and seize Greenland, if necessary by force.

    And it’s only February.  The US spent blood, treasure and decades building the Rules-Based International Order.  Biden and Trump have left it in tatters.

    Trump is a fitting avatar for the American state: morally corrupt, narcissistic, burning down all the temples to international law, and generally causing chaos as he flames his way into ignominy.

    The past week — where “Bonkers is the New Normal” — reminded me of a famous Onion headline: “FBI Uncovers Al-Qaeda Plot To Just Sit Back And Enjoy Collapse Of United States”.

    The Iranians made a brilliant counter-offer to the US plan to ethnically cleanse Gaza and create a US statelet next to Israel — send the Israelis to Greenland! Unlike the genocidal US and Israeli leadership, the Iranians were kidding.

    Point taken, though.

    King Lear: ‘Meantime we will express our darker purpose. Give me the map there.’

    Lear makes the list because of Shakespeare’s understanding of tyrants and those who oppose them.

    Trump, like Lear, surrounds himself with a college of schemers, deviants and psychopaths. Image: www.solidarity.co.nz

    Kent: My life I never held but as a pawn to wage against thy enemies.

    Lear: Out of my sight!

    Kent and all those who sought to steer the King towards a more prudent course were treated as enemies and traitors. I think of Ambassador Chas Freeman, John Mearsheimer, Colonel Larry Wilkerson, George Beebe and all the other wiser heads who have been pushed to the periphery in much the same way.

    Trump, like Lear, surrounds himself with a college of schemers, deviants and psychopaths.

    Napoleon Bonaparte
     I was fortunate to study “France on the Eve of Revolution” with the great French historian Antoine Casanova.  His fellow Corsican caused a fair bit of mayhem with his intention to redraw the map of Europe.

    British statesman William Pitt the Younger reeled in horror as Napoleon got to work, “Roll up that map; it will not be wanted these 10 years,” he presciently said.

    Bonaparte was an important historical figure who left a mixed and contested legacy.

    Before effective resistance could be organised, he abolished the Holy Roman Empire (good job), created the Confederation of the Rhine, invaded Russia and, albeit sometimes for the better, torched many of the traditional power structures.

    Millions died in his wars.

    We appear to be back to all that: a leader who tears up all rule books.  Trump endorses the US-Israeli right of conquest, sanctions the International Criminal Court (ICC) for trying to hold Israel and the US to the same standard as others, and hands out the highest offices to his family and confidantes.

    Hitler
     “Lebensraum” (Living space) was the Nazi concept that propelled the German war machine to seize new territories, redraw maps.  As they marched, the soldiers often sang “Deutschland über alles” (Germany above all), their ultra-nationalist anthem that expressed a desire to create a Greater Germany — to Make Germany Great Again.

    All sounds a bit similar to this discussion of Trump and Netanyahu, doesn’t it?  Again: whose side should we be on?

    Saddam Hussein and George W Bush
     When it comes to doomed bids to remake the Middle East by launching illegal wars, these are two buttocks of the same bum.  Now we have the Trump-Netanyahu pair.

    Will countries like Australia, New Zealand and the UK really sign up for the current US-Israeli land grab?  Will they all continue to yawn and look away as massive crimes against humanity are committed?   I fear so, and in so doing, they rob their side of all legitimacy.

    Pope Alexander VI
     There is a smack of the Borgias about the Trumps. They share values — libertinism and nepotism, to name two — and both, through cunning rather than aptitude, managed to achieve great power.

    Pope Alexander VI, born Rodrigo Borgia, father to Lucretia and Cesare, was Pope in 1492 when Columbus sailed the ocean blue.

    1494. The Treaty of Tordesillas hands the New World over to the Spanish and Portuguese. Image: www.solidarity.co.nz

    He was responsible for the greatest reworking of the map of the world: the Treaty of Tordesillas which divided the “New World” between the Spanish and Portuguese empires. Millions died; trillions were stolen.

    We still live with the depravities the Europeans and their heritors unleashed upon the world.

    I’m sure the Greenlanders, the Canadians, the Panamanians and whoever else the United States sets their sights on will resist the unwelcome attempt to colour the map of their country in stars & stripes.

    History is littered with blind map re-makers, foolish old men who draw new maps on old lands.

    Like Sykes, Picot, Balfour and others, Trump thinks with a flourish of his pen he can whisk away identity and deep roots. Love of country and long-suffering mean Palestinians will never accept a handful of coins and parcels of land spread across West Asia or Africa as compensation for a stolen homeland.

    They have earned the right to Palestine not least because of the blood-spattered identity that they have carved out of every inch of land through their immense courage and steadfastness. We should stand with them.

    Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and is republished here with permission.

    MIL OSI Analysis – EveningReport.nz –

    February 10, 2025

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 10, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 2,25,000
    Total amount of bids received (in ₹ crore) 2,01,310
    Amount allotted (in ₹ crore) 2,01,310
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.27
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad           
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2118

    MIL OSI Economics –

    February 10, 2025

  • MIL-OSI Australia: (WIP) Stamp duty complexities in Sale and Purchase Agreements: insights from Van Dairy

    Source: Allens Insights

    Care required not to trigger duty or double duty 10 min read

    The recent Tasmanian case of Van Dairy1 suggests that an agreement to procure a sale of property might be liable to duty as an agreement for sale, even if the owner of the property is not a party to it. This is significant because, in the context of this case, it meant the Sale and Purchase Agreement (SPA) triggered adverse stamp duty implications. This included that the purchaser became a land-rich entity before completion, so that a double duty liability was triggered by the transfer of its shares before completion of the land purchase.

    To ‘change your mind’ after the contract is signed involves a major risk of incurring double duty under the landholder duty provisions of each Australian jurisdiction.

    The principle in the case is potentially relevant when a corporate or other entity, which wholly controls one or more subsidiaries, undertakes to procure or arrange for those subsidiaries to sell land, shares or other assets held by them to a buyer.2 It could potentially apply to impose duty on other agreements where the owners of the relevant sale property are not parties, such as scheme implementation agreements, or global business sale agreements in which parent companies of global groups undertake to procure their subsidiaries in various countries to buy and sell relevant businesses or companies.

    We understand that the taxpayers have appealed the decision, and it remains to be seen whether the decision is overturned, or whether it will be followed in other Australian jurisdictions.

    The case is also a salutary lesson about the importance of establishing ownership of a special purpose entity before it enters into a contract to acquire land assets, to ensure double duty does not arise under the landholder duty provisions in any Australian jurisdiction.

    Key takeaways

    • A sale and purchase agreement under which a controlling entity agrees to procure the sale of property by an entity which it controls, can potentially be characterised as a binding agreement for the sale of that property, even though the entity that owns the property is not a party to the agreement. Thus, such an agreement can trigger adverse duty consequences.
    • Taxpayers establishing entities to acquire land assets or other property should strive to establish them with the correct or intended ownership prior to signing any contract to purchase the assets. To ‘change your mind’ after the contract is signed involves a major risk of incurring double duty under the landholder duty provisions of each Australian jurisdiction.
    • This is subject to the potential for a taxpayer that is a member of a corporate group being able to rely on corporate reconstruction exemptions and concessions, to obtain an exemption or reduction in duty for a change in ownership within a corporate group of the special purpose entity after it acquires the land assets.

    Who in your organisation needs to know about this?

    Members of the tax and legal teams, and others involved in negotiating SPAs and global sale agreements, and in establishing special purpose entities to acquire land or other assets.

    A summary of the Van Dairy case

    Facts

    In October 2015, certain Tasmanian properties (the Woolnorth properties) were marketed for sale. They were then owned by two companies named Van Diemen’s Land Company (VDL) and Tasman Ferndale Pty Ltd (TFPL), both of which were wholly owned by Tasman Land Company (TLC).

    Mr Lu Xianfeng (Mr Lu) wanted to purchase the Woolnorth properties and related assets that were to be sold by interests controlled by TLC. Mr Lu at all relevant times controlled the corporate appellants in the matter. On 30 October 2015, Moon Lake Investments Pty Ltd (Moon Lake) was incorporated, with Mr Lu as the sole shareholder, holding all five shares in the company.

    On 20 November 2015, Mr Lu, Moon Lake and TLC executed a written agreement referred to as the SPA. Under this agreement, as per clause 3, TLC agreed to ‘procure the sale and transfer to [Moon Lake] of the Assets … with affect from Closing’. The Assets referenced were owned by ‘the group’, which consisted of TFPL and VDL, which—as noted above—were wholly owned subsidiaries of TLC.

    On 12 January 2016, according to the Moon Lake share register held by the Australian Securities and Investments Commission, Mr Lu’s five shares in Moon Lake were transferred to Ningbo Kaixin Investment Co Ltd (Ningbo).

    On 24 March 2016, Ningbo’s shares in Moon Lake were then transferred to Van Dairy (Hong Kong) Group Ltd (VDHK).

    On 31 March 2016, completion of the sale of the land took place. Moon Lake partly funded payment of the purchase price by issuing a large number of shares to VDHK. Moon Lake received the executed land transfers from VDL and TFPL and, on around 4 April 2016, these were lodged to be assessed for stamp duty by the State Revenue Office (SRO), together with payment of estimated duty of over $8 million.

    Subsequently the SRO told Moon Lake’s solicitors it would give further consideration as to whether Ningbo and/or VDHK had any liability to pay land-rich duty, separately from Moon Lake’s liability to pay duty on the acquisition of the Woolnorth properties.

    On 28 January 2021, the corporate appellants received a notice from the SRO that it intended to investigate whether Ningbo and/or VDHK had acquired any relevant interest in a land-rich corporation.

    On 20 April 2021, Moon Lake received further correspondence from the SRO, which included the following statement:

    The acquisition by shares by [Ningbo] on 15 January 2016 and then subsequently by [VDHK] on 24 March each resulted in a separate dutiable transaction under s66 of the Act as at the time of each of those majority acquisitions, Moon Lake was deemed to be a land-rich company.

    On 5 July 2021, the SRO informed Ningbo and VDHK that each were liable to pay duty interest and penalty tax in the sum of approximately $10.5 million.

    On 2 September 2021, Ningbo and VDHK each lodged notices of objection with the Commissioner regarding the 5 July 2021 assessments. The Commissioner disallowed their objections (apart from a reduction in the quantum of each assessment). The assessments, as revised, were the subject of challenge in the case.

    Issues

    The most significant issue from a duty viewpoint was whether the SPA was an uncompleted agreement for the sale of land, despite the fact that the owners of the land were not parties to the agreement. If so, it meant the SPA had the effect of causing Moon Lake to be a land-rich corporation both at the time of the transfer of its shares to Ningbo and then to VDHK, triggering multiple duty.

    The decision on whether the SPA was an uncompleted agreement for the sale of land

    Under section 60(1) of the Duties Act 2001, a private corporation was land rich if:

    • it had land holdings in Tasmania where the unencumbered value is $500,000 or more; and
    • its land holdings in all places, whether within or outside Australia, comprised 60% or more of the unencumbered value of all its property.

    A land holding included any interest in land, with some exceptions that were not relevant to the facts of the case.3

    Under section 61(4), the vendor and the purchaser under an uncompleted agreement for the sale of land were each taken to be separately entitled to the whole of the land. While the land-rich duty provisions in Tasmania were subsequently replaced by landholder duty provisions (removing the 60% requirement), there is an equivalent provision in section 79(1) of the current Act. In addition, all Australian jurisdictions have an equivalent provision in their landholder duty legislation.

    Before the Supreme Court of Tasmania, Ningbo and VDHK argued that s61(4) did not deem Moon Lake to be entitled to the whole of the land the subject of the SPA as it was not a purchaser under an uncompleted agreement for the sale of land. The basis of this argument was that the SPA was a contract between TLC and Moon Lake. The land was not owned by TLC, but by companies controlled by TLC. Ningbo asserted that this is different from TLC itself selling the land to Moon Lake.

    Acting Justice Marshall noted that the proper interpretation of s61 was central to the resolution of this issue. Firstly, his Honour noted that the expression ‘agreement for the sale of land’ was not defined in the Act. In turning to the ordinary natural meaning of the words, his Honour held:

    “The ordinary natural meaning of the words is to provide a description of an agreement which results in the sale of land. The words in the section are not “an agreement for the sale of land by a vendor and its purchase by a buyer”.

    This approach highlights that the words ‘for the sale of land’ are the key element of the description of the agreement and should not be construed narrowly or pedantically. The words indicate binding agreements by which the sale of land is effected. On the facts of the case there was no doubt TLC was able to secure the sale of the land to Moon Lake as required under the SPA. Therefore, Moon Lake was a purchaser under an uncompleted agreement for the sale of land, and was treated as holding an interest in the land for the purposes of s61(1) of the Act.

    The court also referred to the judgment of Justice Fullagar in Hall v Busst, where his Honour said there were ‘three essential elements’ required for a concluded agreement including the parties, the subject matter and the price.4 All three were satisfied in Van Dairy, including the parties.

    Implications

    The decision suggests that an agreement to procure a sale of property might be liable to duty as an agreement for sale, even if the owner of the property is not a party to it.

    We understand an appeal against the decision of the Tasmanian Supreme Court has been lodged in the Tasmanian Court of Appeal by the taxpayers. Pending the outcome of that appeal, the decision remains persuasive in other jurisdictions.

    It remains to be seen whether the decision is ultimately overturned, or is followed in other jurisdictions. It may be that it can be confined to its facts—although the owners of the relevant land were not parties to the SPA, their controlling parent company, TLC, undertook a binding obligation to procure that they sold the land, and there was no other agreement for sale entered into or contemplated. The SPA operated as the agreement that regulated the sale of the land. It might be different if the agreement had been drafted as an obligation of TLC to procure that its subsidiaries entered into a separate agreement for the sale of the land with the purchaser. This is often the case with global sale agreements, where the parent company of a multinational group undertakes to procure that its subsidiaries enter into separate country-specific agreements relating to the sale of downstream assets.

    The result in Van Dairy might also have been different if the question was whether the deeming provision in s61(4) applied to the owners of the land as vendors, since they were not parties. Alternatively, if only TLC and Mr Lu (but not Moon Lake) had entered into the agreement, perhaps s61(4) would not have applied because Moon Lake, as purchaser, would not have been a party to the agreement.

    In the case of a scheme implementation agreement in a takeover context, the target company undertakes to take steps to seek shareholder (and court) approval of a scheme for the sale of its shares by the shareholders to the acquirer. This might potentially trigger a landholder duty liability under the provisions of the duties legislation in Queensland or Western Australia. However, the target company is generally not in a position to definitely procure the sale—there is doubt about the scheme proceeding, because it generally depends on approval by the shareholders (and the court). So, on that basis, the position might be distinguishable from the decision in Van Dairy.

    As indicated in Van Dairy, double duty can be triggered when ownership of a purchaser entity is not established correctly at the outset. There were two transfers of the shares in Moon Lake after the SPA had been signed, triggering two lots of duty on the transfers of shares in Moon Lake, in addition to the duty on the purchase of the land. Therefore, it is important to seek to establish the correct entities as shareholders (or unitholders in the case of a unit trust) prior to the purchaser entity entering into a contract to acquire the land. Any transfer of ownership of the purchaser entity after it becomes a landholder could potentially attract landholder duty. This is subject to whether relief might be available under exemptions or concessions for transfers within a corporate group, as explained below.

    As noted above, the landholder duty legislation of other Australian jurisdictions has similar provisions deeming a company to be a holder of land where it has entered into an uncompleted agreement to purchase the land. For this reason, the Van Dairy decision will be persuasive authority on the interpretation of those provisions.

    For example, under section 160(1) of the Duties Act 1997 (NSW), the transferor and the transferee under an uncompleted agreement for the sale or transfer of land are each taken to be separately entitled to the whole of the land.5

    The use of the terms transferor and transferee correspond to the use of the terms vendor and the purchaser in the Tasmanian Act. If the same facts as in Van Dairy occurred in relation to NSW land, then the case would be persuasive authority for the same interpretation of the NSW legislation.

    Corporate reconstruction exemptions and concessions

    For the purposes of changing the structure of a corporate group or changing the holding of assets within a corporate group, a taxpayer may seek to consider corporate reconstruction exemptions and concessions. A corporate group broadly consists of a parent corporation and its subsidiaries where there is at least 90% ownership.6 Where such an exemption or concession is available, it provides some flexibility to change the ownership of a landowning entity within a corporate group even after it has acquired land or entered into a contract to acquire land.

    By way of example, the Duties Act 1997 (NSW) relevantly provides for a duty concession for corporate reconstruction transactions. For eligible transactions that occur on or after 1 February 2024, the duty is reduced to 10% of the duty that would otherwise be payable.

    Section 273B applies to a transaction if the Chief Commissioner is satisfied, on application by a party to the transaction, that—

    • the transaction is a corporate reconstruction transaction, and
    • the transaction, or the series of transactions of which the transaction is a part, is undertaken for the purpose of either or both of the following—
      • changing the structure of a corporate group,
      • changing the holding of assets within a corporate group, and
    • the transaction, or the series of transactions of which the transaction is a part—
      • is not undertaken for a purpose of avoiding or reducing duty under this Act on another transaction, and
      • is not undertaken for the sole or dominant purpose of avoiding or reducing a liability for tax, other than duty under this Act, under a law of an Australian jurisdiction.

    All Australian jurisdictions have broadly similar exemptions or concessions, including Tasmania. The Tasmanian exemption was presumably not available in Van Dairy for the transfers of shares in Moon Lake. In the case of the first transfer from Mr Lu to Ningbo, Mr Lu, as an individual, could not have been a member of a relevant corporate group. In the case of the second transfer from Ningbo to VDHK, presumably the two companies were not part of the same corporate group as defined under the duties legislation.

    Actions you can take now

    • Exercise caution when establishing the ownership of a purchaser entity and seek to have the correct ultimate shareholders in place prior to the signing of a contract to acquire land or completion of the purchase. Be aware of the double duty risk if you ‘change your mind’ later.
    • Consider the duty implications of entering into sale and purchase agreements, including where the intended seller or purchaser of the property is not a party to the agreement. Seek timely advice.

    MIL OSI News –

    February 10, 2025

  • MIL-OSI China: Trump to announce 25-percent steel and aluminum tariffs

    Source: China State Council Information Office

    U.S. President Donald Trump said on Sunday that he will announce new 25-percent tariffs on all steel and aluminum imports into the United States, with the official statement to be made on Monday.

    Speaking to reporters on Air Force One, Trump also said he would announce “reciprocal tariffs” as soon as Tuesday to align with those of its trading partners.

    During his first term, Trump imposed tariffs of 25 percent on steel and 10 percent on aluminum imports citing national security concerns but later allowed certain trading partners, including Canada, Mexico and Brazil, to receive duty-free quotas.

    Under former President Joe Biden, the United States continued some tariff exemptions introduced under Trump and extended new quotas for the European Union, Britain and Japan.

    On Feb. 1, Trump signed executive orders to impose 25-percent additional tariffs on imports from Canada and Mexico and a 10-percent tariff hike on imports from China, drawing widespread opposition and immediate retaliations. He later paused the tariffs on Mexico and Canada for one month to allow negotiations.

    MIL OSI China News –

    February 10, 2025

  • MIL-OSI Asia-Pac: SJ heads to Beijing

    Source: Hong Kong Information Services

    Secretary for Justice Paul Lam will depart for Beijing today to attend meetings with various central ministries to discuss the work of the Department of Justice.

     

    Mr Lam will return to Hong Kong tomorrow. During his absence, Deputy Secretary for Justice Cheung Kwok-kwan will be Acting Secretary.

    MIL OSI Asia Pacific News –

    February 10, 2025

  • MIL-OSI Economics: Money Market Operations as on February 07, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,61,163.45 6.26 4.50-6.65
         I. Call Money 14,567.31 6.26 5.15-6.55
         II. Triparty Repo 3,70,891.25 6.26 6.12-6.65
         III. Market Repo 1,73,895.29 6.25 4.50-6.61
         IV. Repo in Corporate Bond 1,809.60 6.37 6.34-6.40
    B. Term Segment      
         I. Notice Money** 277.00 6.23 5.60-6.35
         II. Term Money@@ 837.00 – 6.35-7.25
         III. Triparty Repo 570.00 6.37 6.25-6.45
         IV. Market Repo 0.00 – –
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Fri, 07/02/2025 3 Mon, 10/02/2025 1,33,013.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF# Fri, 07/02/2025 1 Sat, 08/02/2025 12,223.00 6.50
      Fri, 07/02/2025 2 Sun, 09/02/2025 0.00 6.50
      Fri, 07/02/2025 3 Mon, 10/02/2025 797.00 6.50
    4. SDFΔ# Fri, 07/02/2025 1 Sat, 08/02/2025 78,315.00 6.00
      Fri, 07/02/2025 2 Sun, 09/02/2025 1.00 6.00
      Fri, 07/02/2025 3 Mon, 10/02/2025 18,275.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       99,452.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,328.42  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     8,328.42  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,07,780.42  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 07, 2025 8,85,291.80  
         (ii) Average daily cash reserve requirement for the fortnight ending February 07, 2025 9,12,544.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 07, 2025 77,749.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 24, 2025 -34,103.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2116

    MIL OSI Economics –

    February 10, 2025

  • MIL-OSI China: China grants visa-free entry to ASEAN tour groups visiting Xishuangbanna

    Source: China State Council Information Office 2

    China allows tour groups from ASEAN countries to visit Xishuangbanna in southwestern Yunnan Province, free of visa, for up to six days, the National Immigration Administration announced on Monday. 
    Follow China.org.cn on Twitter and Facebook to join the conversation.ChinaNews App Download

    MIL OSI China News –

    February 10, 2025

  • MIL-OSI China: Foreign investment upgrades amid transformation

    Source: China State Council Information Office

    For Anna An, president for China of German industrial and consumer goods group Henkel, 2025 is undoubtedly shaping up to be a busy year.

    The company’s new plant, with a total investment of 900 million yuan ($124 million), is set to begin test production in Yantai, Shandong province, later this year. This facility is expected to raise the company’s production capacity to supply high-end adhesives for industries such as electronics and automobiles.

    “We are also planning to launch our new inspiration center for adhesive technologies in Shanghai this year, boosting our innovation capabilities for industrial businesses across China and the broader Asia-Pacific region,” said An.

    “The tone-setting Central Economic Work Conference held in December emphasized technological innovation and the promotion of consumption, creating significant opportunities for multinational companies like Henkel,” she added.

    Echoing that sentiment, Nathan Stoner, vice-president of Cummins Inc, a US engine manufacturer, said his company aims to increase its market share in key application sectors within China, including power generation equipment for data centers, high-tech manufacturing, and the engineering, procurement and construction sectors this year.

    Highlighting that the company’s hydrogen fuel cell products successfully powered 239 transit buses and trucks, and the accumulated mileage of over 16 million kilometers across China in 2024, Stoner, who is also chairman of Cummins China, said the company will continue to innovate on the internal combustion engine system, including high efficiency diesel, natural gas and hydrogen internal combustion engines in China this year.

    “We are targeting our investments in zero-emission solutions into various Chinese regional markets where we see demand and adoption happening sooner, and iterating those products to be the best they can be, when customers want more of them,” he added.

    These examples highlight the growing optimism among multinational corporations regarding the long-term potential of the Chinese market, fueled by the country’s economic resilience and its commitment to innovation and openness.

    Initially, foreign companies were attracted by China’s cost advantages and abundant labor force, using it as a base for producing competitive goods, said Xu Wei, head of the macroeconomic research department at the Development Research Center of the State Council.

    As China advanced its infrastructure and industrial systems, it remained a low-cost production hub while evolving to offer sophisticated, high-value manufacturing, allowing foreign companies to integrate more advanced production processes, Xu said.

    “With China entering a new era of green and innovation-driven growth in recent years, global investments have increasingly focused on supply chain optimization, high-end manufacturing, customized innovation, and digital and green solutions,” he said, adding that sectors such as trade in services and healthcare have also become key areas of foreign investment.

    For instance, in addition to announcing a record high of over 657,000 electric vehicle sales in the Chinese mainland in 2024, marking an 8.8 percent year-on-year increase, Tesla Inc, the US EV maker, is currently conducting trial production to manufacture energy-storage batteries at its Shanghai factory.

    The US automaker said mass production at this facility is expected to commence fully within the first quarter.

    China has been revising its sector list to attract more foreign investment. These efforts, along with the removal of all market access restrictions for foreign investors in the manufacturing sector last year, reflect the country’s proactive approach to openness.

    Li Yongjie, deputy international trade representative of the Ministry of Commerce, said China will further open up its services sector, with a particular focus on accelerating pilot programs in key areas such as telecommunications, healthcare and education.

    A total of 59,080 new foreign-invested firms were established across China in 2024, an increase of 9.9 percent year-on-year, according to information released by the Ministry of Commerce.

    Wang Xiaohong, a researcher at the China Center for International Economic Exchanges in Beijing, said that China’s ongoing commitment to further opening-up and fostering innovation is positioning the country as both a key player in global supply chains, and a prime destination for investment and strategic expansion.

    This evolving environment is expected to create new opportunities for business growth, particularly as China adapts its policies to align with the shifting dynamics of the global economy, she said.

    More than half of companies from the United States plan to increase their investments in China this year, according to the 2025 China Business Climate Survey Report released by the American Chamber of Commerce in China (AmCham China) in late January.

    The survey, conducted from Oct 21 to Nov 15, involved a total of 368 member companies of AmCham China. It found that nearly half of the participants rank China as one of their top three global investment priorities.

    About 68 percent of the US responding companies expect industry markets to see growth in 2025. Two-thirds of them plan to focus on growing their core business activities in China as their primary objective for 2025. Meanwhile, the consumer and services sectors are increasingly focused on driving growth by targeting new customer segments.

    Jeff Losch, vice-president and business manager for coating additives technologies at Milliken & Company, a US specialty chemical and performance materials firm, said China is a key market for Milliken, not only because of its vast scale, but also due to its forward-thinking approach to sustainability.

    “We have observed a strong demand in the EV and industrial coating businesses. China’s EV industry is extremely strong and has led the global market this year, with Chinese manufacturers making their presence felt in markets across many countries,” said Losch.

    He said that the quick growth of China’s EV market has clearly created significant opportunities for the coatings industry. EV manufacturing requires coatings with high durability and environmental standards, which align closely with Milliken’s innovation goals.

    Eager to seize more market share, the US company plans to continue investing in its innovation unit, expand sales networks and enhance supply chain operations within China.

    As China undergoes a profound transformation, making business navigation more challenging than before, Denis Depoux, global managing director at German consultancy Roland Berger, suggested multinational corporations make targeted investments to navigate the unique characteristics of the Chinese market and local competition.

    “This strategy emphasizes enhancing localization efforts, particularly by tapping into China’s innovation ecosystem, while also adapting to increasingly differentiated norms and standards,” he said.

    Affected by shrinking global investments in recent years, together with factors like slower economic growth, rising geopolitical risks, weak demand and stricter investment reviews in certain countries, foreign direct investment in the Chinese mainland in actual use totaled 826.25 billion yuan in 2024, dropping 27.1 percent on a yearly basis, statistics from the Ministry of Commerce showed.

    The adjustment of China’s domestic industrial structure and rising labor costs have diminished the country’s low-cost advantages, said Cui Fan, a professor at the University of International Business and Economics in Beijing.

    As a result, some labor-intensive industries have shifted gradually due to changes in comparative advantages. This reflects the evolution of China’s economic development stage and factor endowments. This is a natural and expected process, said Cui.

    Driven by China’s stable political, economic and social environment, as well as its large-scale production capabilities and efforts to grow strategic emerging industries, FDI flow is expected to continue recovering within the country in 2025, said Gao Lingyun, a researcher at the Institute of World Economics and Politics, which is affiliated with the Chinese Academy of Social Sciences in Beijing.

    Strategic emerging industries in China include sectors such as energy-saving and environmental protection, next-generation information technology, biotechnology, high-end equipment manufacturing, new energy, advanced materials and EVs.

    For efficiency-driven multinational companies, regions with dense and well-connected networks are emerging as primary targets for strategic expansion. This emphasis is closely tied to factors like strong industry integration, complementary capabilities and easy accessibility, and all these factors enable streamlined operations and growth, said Gao.

    MIL OSI China News –

    February 10, 2025

  • MIL-OSI New Zealand: BusinessNZ – Forging international partnerships in energy

    Source: BusinessNZ

    The BusinessNZ Energy Council (BEC) recently hosted a delegation responsible for India’s electricity market to find a more sustainable energy future, together.
    The delegation of commissioners, responsible for regulatory bodies in 26 regions across India, and New Zealand energy sector leaders explored key challenges, opportunities, and areas for potential collaboration in energy transition.
    BEC Executive Director Tina Schirr says although New Zealand and India are vastly different in size, we share many of the same energy challenges.
    “The conversation reinforced that energy transition is not just a technical challenge – it’s an economic and social one too. Growth and sustainability must go hand in hand, and international cooperation is critical in achieving this balance.
    “India has experienced significant economic growth since the turn of the century. There is real opportunity for us to work closer together – particularly in workforce development.
    “India produces more than one million engineering graduates each year, with deep expertise across energy-related fields. New Zealand will need a skilled workforce to meet its decarbonisation goals.
    “India has the expertise and the capacity. Closer collaboration on workforce solutions could be a win-win for both countries.
    “BEC remains committed to fostering international partnerships to support a secure, sustainable, and equitable energy future.”
    The BusinessNZ Network including BusinessNZ, EMA, Business Central, Business Canterbury and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.

    MIL OSI New Zealand News –

    February 10, 2025

  • MIL-OSI Economics: State-Owned Enterprise Reform Handbook

    Source: Asia Development Bank

    The publication looks at the fiscal governance of SOEs that play a key role in sectors such as energy, finance, transportation, and water, addresses restructuring, and considers ways to better compete against the private sector. Focused on policymakers, regulators, and SOE managers, it looks at privatization’s risks and benefits, widening access to finance, and improving the transparency and efficiency of the organizations that are central to the region’s green transition.

    MIL OSI Economics –

    February 10, 2025

  • MIL-Evening Report: Cook Islands crisis: Haka with the taniwha or dance with the dragon?

    The Cook Islands finds itself in a precarious dance — one between the promises of foreign investments and the integrity of our own sovereignty. As the country sways between partners China and Aotearoa New Zealand, the Cook Islands News asks: “Do we continue to haka with the Taniwha, our constitutional partner, or do we dance with the dragon?”

    EDITORIAL: By Thomas Tarurongo Wynne, Cook Islands News

    Our relationship with China, forged through over two decades of diplomatic agreements, infrastructure projects and economic cooperation, demands further scrutiny. Do we continue to embrace the dragon with open arms, or do we stand wary?

    And what of the Taniwha, a relationship now bruised by the ego of the few but standing the test of time?

    If our relationship with China were a building, it would be crumbling like the very structures they have built for us. The Cook Islands Police Headquarters (2005) was meant to stand as a testament to our growing diplomatic and financial ties, but its foundations — both literal and metaphorical — have been called into question as its structure deteriorated.

    COOK ISLANDS NEWS

    Then, in 2009, the Cook Islands Courthouse followed, plagued by maintenance issues almost immediately after its completion. Our National Stadium, also built in 2009 for the Pacific Mini Games, was heralded as a great achievement, yet signs of premature wear and tear began surfacing far earlier than expected.

    Still, we continue this dance, entranced by the allure of foreign investment and large-scale projects, even as history and our fellow Pacific partners across the moana warn us of the risks.

    These structures, now symbols of our fragile dependence, stand as a metaphor for our relationship with the dragon: built with promises of strength, only to falter under closer scrutiny. And yet, we keep returning to the dance floor. These projects, rather than standing as enduring monuments to our relationship with China, serve as cautionary tales.

    And then came Te Mato Vai.

    What began as a bold and necessary vision to modernise Rarotonga’s water infrastructure became a slow and painful lesson in accountability. The involvement of China Civil Engineering Construction Corporation (CCECC) saw the project mired in substandard work, legal disputes and cost overruns.

    By the time McConnell Dowell, a New Zealand firm, was brought in to fix the defects, the damage — financial and reputational — was done.

    Prime Minister Mark Brown, both as Finance Minister and now as leader, has walked an interesting line between criticism and praise.

    In 2017, he voiced concerns about the poor workmanship and assured the nation that the government would seek accountability, stating, “We are deeply concerned about the quality of work delivered by CCECC. Our people deserve better, and we will pursue all avenues to ensure accountability.”

    In 2022, he acknowledged the cost overruns but framed them as necessary lessons in securing a reliable water supply. And yet, most recently, during the December 2024 visit of China’s Executive Vice Foreign Minister Ma Zhaoxu, he declared Te Mato Vai a “commitment to a stronger, healthier, and more resilient nation. Together, we’ve delivered a project that not only meets the needs of today but safeguards the future of Rarotonga’s water supply.”

    The Cook Islands’ relationship with New Zealand has long been one of deep familial, historical and political ties — a dance with the taniwha, if you will. As a nation with free association status, we have relied on New Zealand for economic support, governance frameworks and our shared citizenship ties.

    And they have relied on our labour and expertise, which adds over a billion dollars to their economy each year. We have well-earned our discussion around citizenship and statehood, but that must come from the ground up, not from the top down.

    China has signed similar agreements across the Pacific, most notably with the Solomon Islands, weaving itself into the region’s economic and political fabric. Yet, while these partnerships promise opportunity, they also raise concerns about sovereignty, dependency and the price of such alignments, as well as the geopolitical and strategic footprint of the dragon.

    But as we reflect on the shortcomings of these partnerships, the question remains: Do we continue to place our trust in foreign powers, or do we reinvest in our own community and governance systems?

    At the end of the day, we must ask ourselves: How do we sign bold agreements on the world stage without consultation, while struggling to resolve fundamental issues at home?

    Healthcare, education, the rise in crime, mental health, disability, poverty — the list goes on and on, while our leaders are wined and dined on state visits around the globe.

    Dance with the dragon, if you so choose, but save the last dance for the voting public in 2026. In 2026, the voters will decide who leads this dance and who gets left behind.

    Republished from the Cook Islands News with permission.

    MIL OSI Analysis – EveningReport.nz –

    February 10, 2025

  • MIL-OSI United Kingdom: UK-wide blitz on illegal working to strengthen border security

    Source: United Kingdom – Executive Government & Departments

    Most successful January in over half a decade for Home Office Immigration Enforcement teams tackling illegal working.

    A record-breaking January for illegal working enforcement activity has been revealed by Home Secretary Yvette Cooper as the government’s landmark Border Security, Asylum and Immigration Bill returns to Parliament for its second reading, today (Monday 10 February).     

    Tackling illegal working plays a vital part in the Home Office’s system-wide approach to ending the promise of false jobs used by smuggling gangs to sell spaces on boats and taking down their business models as we restore order to the immigration system. 

    Following a drive from this government to have more deployable enforcement staff, a renewed crackdown on those attempting to undermine the UK’s borders last month saw the highest January in over half a decade for enforcement activity.   

    Throughout January alone, Immigration Enforcement teams descended on 828 premises, including nail bars, convenience stores, restaurants and car washes, marking a 48% rise compared to the previous January. Arrests also surged to 609, demonstrating a 73% increase from just 352 the previous year.    

    More broadly, between 5 July last year and 31 January, both illegal working visits and arrests have soared by around 38% compared to the same 12 months prior. During the same period, the Home Office issued a total of 1,090 civil penalty notices. Employers could face a fine of up to £60,000 per worker if found liable.   

    In many cases, those who come to the UK and end up working illegally are sold false promises about their ability to live and work in the UK, creating a dangerous draw for people to risk their lives by crossing the Channel on a small boat.  

    In reality, illegal working is inextricably linked to squalid living conditions, little to no pay and inhumane working hours. By paying so little, rogue employers often attempt to avoid paying their fair share in taxes to contribute to the economy and undercut honest competitors who follow the law.   

    Under its Plan for Change, the government is delivering steadfast action to restore order to the UK immigration system and the surge in enforcement activity to crack down on illegal working is a vital cog in the government’s wider machine to identify, disrupt and tackle irregular migration across the country.    

    Home Secretary Yvette Cooper said:     

    The immigration rules must be respected and enforced. For far too long, employers have been able to take on and exploit illegal migrants and too many people have been able to arrive and work illegally with no enforcement action ever taken.

    Not only does this create a dangerous draw for people to risk their lives by crossing the Channel in a small boat, but it results in the abuse of vulnerable people, the immigration system and our economy.   

    That’s why, as part of our Plan for Change, we are boosting enforcement to record levels alongside tough new legislation to smash the criminal gangs that undermine our border security and who have been getting away with it for far too long.

    While enforcement teams respond to illegal working intelligence in all sectors, a significant proportion of last month’s activity took place at restaurants, takeaways and cafes as well as in the food, drink and tobacco industry.  

    An operation in Cheshire to vape shops led to 10 immigration arrests and 2 criminal arrests for counterfeit documents, with civil penalty referral notices being made to employers, and a visit to an Indian restaurant in Humberside led to 7 arrests and 4 detentions. Elsewhere, in South London, a visit to a grocery warehouse resulted in 6 arrests and 4 people being detained.  

    As part of this activity, Immigrant Enforcement play a critical safeguarding role, working closely with the Gangmasters and Labour Abuse Authority and other organisations to allow employees to report labour exploitation.    

    Eddy Montgomery, Director of Enforcement, Compliance and Crime, said:     

    These figures demonstrate the commitment of my teams to crack down on those who think they can flout our immigration system.   

    I hope it sends a strong signal that there is no hiding place from the law, and we will continue to ramp up our activity to ensure those involved face the full consequences.   

    We also know that many people who end up working illegally are often subjected to extremely poor conditions, so we will continue to do all we can to safeguard and protect the most vulnerable.

    Border Security is central to the government’s Plan for Change and, alongside enforcement activity, the Home Office is ramping up returns of individuals with no right to be in the UK. Just last month, the department smashed its target to drive the removal of foreign criminals and immigration offenders to the highest level since 2018, with 16,400 people removed since the election. This figure is expected to go up later today when the Home Office publishes updated figures running to the end of January.  

    Since July, bespoke charter flights have also removed immigration offenders to countries around the world, including 4 of the biggest returns flights in the UK’s history carrying more than 800 people. Individuals removed since the election include criminals convicted of drug offences, theft, rape and murder.   

    We’re also working upstream to deter people from entering the UK illegally by launching a new international campaign to debunk people smugglers’ lies.  

    Social media adverts went live in Vietnam in December and Albania in January, highlighting real stories from migrants who entered the UK illegally, only to face debt, exploitation, and a life far from what they were promised. The campaign also warns prospective migrants about the realities of illegal working, as the government continues to crack down on employers who break the law and exploit people for profit. 

    In the months ahead, we will go further than ever by introducing new counter terror-style powers to identify, disrupt and smash people smuggling gangs as part of new, robust legislation to protect UK borders, set to be discussed in Parliament today.    

    The Border Security, Asylum and Immigration Bill will grant law enforcement additional powers to take earlier and more effective action against organised crime gangs, including seizing mobile phones from people who come to the UK illegally before the point of arrest. 

    Next month, the government will go further by hosting a landmark Border Security Summit at the historic Lancaster House in London.   

    A watershed moment in the UK’s fight against Organised Immigration Crime, the summit will bring together delegates from over 40 countries, as well as guest participants from a range of international institutions, including the European Union.   

    The summit will be held on Monday 31 March and Tuesday 1 April, and will facilitate a range of discussions on the best ways to tackle criminal networks facilitating organised immigration crime and migrant smuggling.

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    Published 10 February 2025

    MIL OSI United Kingdom –

    February 10, 2025

  • MIL-OSI Australia: Premier’s Anzac Memorial Scholarship tour applications open

    Source: New South Wales Premiere

    Published: 10 February 2025

    Released by: The Premier, Minister for Veterans

    Up to 20 students from across NSW will be selected to participate in the annual Premier’s Anzac Memorial Scholarship (PAMS) study tour that will visit historic sites relating to Australia’s military history in the Republic of Korea and Singapore in 2025.

    Tour locations in the Republic of Korea include the site of the Battle of Kapyong, the Demilitarised Zone and the UN First Battle Memorial in the. In Singapore, the tour will take in sites such as the Kranji War Memorial, Changi Prison Chapel and Museum and the Fort Siloso and Surrender Chambers.

    PAMS is a wonderful opportunity for high school history students to further develop their skills and understanding of Australians at war.

    Zygmunt Gray from Finigan School of Distance Education in Queanbeyan was PAMS 2024 recipient that toured Japan, describing the trip as a unique opportunity to gain a better understanding of Australians in wartime.

    Fellow PAMS 2024 tourist Celine Chandrasegaran from Saint Mary Mackillop College in Albury said the tour was a transformative experience and plans to continue to share the invaluable insights she gained.

    The 2025 tour will take place in the Term 3 school holidays departing on Monday 29 September and returning to Sydney on Friday 10 October.

    Eligible students can apply online by submitting a personal essay, a letter of recommendation from their school and a parent consent form.

    Applications close on Sunday, 9 March 2025.  More information and details on how to apply is available at https://www.veterans.nsw.gov.au/education/premiers-anzac-memorial-scholarship/.

    Premier of NSW Chris Minns said:

    “This year’s Premier’s Anzac Memorial Scholarship presents a unique opportunity to visit South Korea and Singapore.  

    “This is a chance to develop a greater appreciation of the story of our nation, along with the story of these nations. 

    “I really encourage students to apply, to develop their understanding of military history and those who served.”

    Minister for Veterans David Harris said:

    “The PAMS study tour is a once in a lifetime opportunity for students across New South Wales, and I encourage all Year 10 and Year 11 history students to consider applying. 

    “Scholarship recipients will explore Australia’s military history and visit locations that experienced the war’s impact firsthand. Australians fought abroad in Singapore and later became involved in the Korean War, only five years after the end of the Second World War.

    “This tour is an opportunity for students to gain a deeper understanding of the service and sacrifice of our soldiers and the impacts war have had on countries around the world.”

    Celine Chandrasegaran fromSaint Mary Mackillop College Albury said:

    “I was honoured to be given the incredible opportunity to partake in the PAMS tour. Learning on-site the impact of our wartime history amid the culture and society of the modern world has helped to re-shape, form, and consolidate my understanding of historical events.

    “I now more fully appreciate all those who sacrificed and contributed to the world I live in today and will continue to share the knowledge I gained for many years to come.”

    Zygmunt Gray from Finigan School of Distance Education Queanbeyan said:

    “The PAMS scholarship really strengthened my idea of just how challenging the conditions were for Pacific War soldiers and helped imprint a strong sense of duty and obligation within me, that I would do the same today, if it were necessary.

    “The tour also opened my eyes to the different values and beliefs of others, and gave me the opportunity to meet many new, like-minded people, some of which will be lifelong mates.”

    MIL OSI News –

    February 10, 2025

  • MIL-OSI Asia-Pac: HKETO, Brussels hosts receptions in Türkiye and Italy to celebrate Chinese New Year (with photos)

    Source: Hong Kong Government special administrative region

    HKETO, Brussels hosts receptions in Türkiye and Italy to celebrate Chinese New Year (with photos)
    HKETO, Brussels hosts receptions in Türkiye and Italy to celebrate Chinese New Year (with photos)
    ******************************************************************************************

         The Hong Kong Economic and Trade Office in Brussels (HKETO, Brussels) hosted Chinese New Year receptions in Istanbul and Izmir, Türkiye respectively on January 30 and 31, followed by Milan, Italy on February 6, to carry on its series of celebration activities for the Year of the Snake.            The Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Ms Shirley Yung emphasised in her welcoming remarks at the reception in Istanbul that Hong Kong remained as the prime gateway and super connector between China and the rest of the world, with our distinctive advantages under “One Country, Two Systems”.            “As an international financial, trade and shipping centre, and international hub for high caliber talents, we welcome more investors, innovators, start-ups and talents to make Hong Kong your partner and base for grapping the opportunities at both regional and global levels,” said Ms Yung.           Ms Yung highlighted that Hong Kong’s appeal as a global destination continues to grow. She also shared the good news of the reduction in liquor tax, and encouraged enterprises to take Hong Kong as a hub for global wine and liquor trade.            “We invite you to visit Hong Kong and indulge in its tempting gastronomic experience, complemented by high-quality wines and liquors,” added Ms Yung.            HKETO, Brussels took the opportunity to showcase Hong Kong’s unique East-meets-West culture. A cross-media performance fused with Chinese kung-fu, modern electronic music, comic and animation inspired by Hong Kong action movies was presented by the Hong Kong Arts Centre (Comix Home Base), showcasing the innovation and creativity of young artists in Hong Kong. The guests attending the reception in Milan were greeted by a delightful mix of Italian opera aria and Cantonese songs performed by an ensemble of talented Hong Kong musicians.           The receptions in Istanbul, Izmir and Milan brought together 400 guests, including officials from national governments, consulates and embassies, financial and business sectors, academia, cultural and creative sectors, media and the Chinese community, in Türkiye and Italy to mark the enduring friendship with Hong Kong. They were co-organised with Invest Hong Kong and the Hong Kong Trade Development Council.

     
    Ends/Monday, February 10, 2025Issued at HKT 3:30

    NNNN

    MIL OSI Asia Pacific News –

    February 10, 2025

  • MIL-OSI Asia-Pac: Lamp lighting ceremony of 29 Nursing Cadets of XI Batch of College of Nursing, Army Hospital (Research & Referral) Delhi held

    Source: Government of India (2)

    Posted On: 09 FEB 2025 8:13PM by PIB Delhi

    Lamp lighting ceremony of 29 Nursing Cadets of XI Batch of College of Nursing, Army Hospital(Research & Referral) Delhi was conducted on 08 Feb 2025 . Senior Officers, MNS Officers, Retired Officers, representatives from Civil Nursing Colleges,attended the ceremony.

    Lt Gen Shankar Narayan, Commandant, AH(R&R) addressed the students, motivating them to uphold the professional standards. Maj Gen Sheena PD, Addl DGMNS, Guest of Honour for the event administered the Nurse’s Pledge to the students.

    Passing of light symbolizes the dissemination of knowledge, skill and wisdom from the learned to the learners. The ADGMNS passed the light to Principal and Faculty who in turn passed it to the Nursing Cadets.

    The serene ceremony ended with the message that Nursing is a calling to serve, to care and to make a difference in the lives of our clientele.

    ******

    SR/Anand

    (Release ID: 2101189) Visitor Counter : 54

    MIL OSI Asia Pacific News –

    February 10, 2025
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