Category: Banking

  • MIL-OSI Banking: China to drive global propylene capacity additions through 2030, says GlobalData

    Source: GlobalData

    China to drive global propylene capacity additions through 2030, says GlobalData

    Posted in Oil & Gas

    China is poised to significantly expand its propylene production capacity by 2030, backed by strong demand for propylene derivatives such as polypropylene and propylene oxide in the building, packaging, and construction industries. Accounting for over 40% of the expected capacity additions worldwide by 2030, China is positioning itself as the dominant player in the global propylene market, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Propylene Industry Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants to 2030,” reveals that China is likely to witness total propylene capacity additions of 22.27 million tonnes per annum (mtpa) during 2025-30 from 23 planned and eight announced projects.

    Nivedita Roy, Oil and Gas Analyst at GlobalData, comments: “Propylene is a highly versatile petrochemical with a wide range of industrial and commercial uses. It is also a building block for several important chemicals, such as acrylonitrile and propylene oxide, and polypropylene – a widely used plastic for packaging, automotive parts, and consumer goods. Driven by the growth of these industries that heavily rely on propylene-derived products, the Chinese market is experiencing a substantial increase in propylene capacity additions.”

    In China, the highest capacity addition is expected from the “Shandong Yulong Petrochemical Longkou Propylene Plant 2”, which has a nameplate capacity of 2.0 mtpa. The plant is still in the feasibility stage and is anticipated to commence production of propylene in 2030. Shandong Yulong Petrochemical Ltd is the designated operator of this plant.

    “Fujian Yongrong New Materials Company Putian Propylene Plant 2” follows next in terms of the capacity additions in the country, with 1.10 mtpa likely to be added by 2029. It is also in the feasibility stage, with Fujian Eversun New Material Co Ltd being the proposed operator.

    The third-highest propylene capacity addition in the country is expected from the “SABIC Fujian Petrochemical Zhangzhou Propylene Plant” with a capacity of 1.02 mtpa. SABIC Fujian Petrochemical Co Ltd is the designated operator of this plant, which is currently under construction and is likely to start operations in 2026.

    MIL OSI Global Banks

  • MIL-OSI United Kingdom: The Foreign Secretary’s Mansion House Speech 2025

    Source: United Kingdom – Executive Government & Departments

    Speech

    The Foreign Secretary’s Mansion House Speech 2025

    The Foreign Secretary delivers his 2025 Mansion House Speech.

    My Lord Mayor, Your Excellencies, ladies and gentlemen…

    thank you for hosting me.

    My thoughts are with all those affected by the tragic plane crash in Ahmedabad this morning.

    I have been in touch with Minister Jaishankar to offer my condolences…

    and the Foreign Office has stood up a crisis team to support British nationals and their families.

    Tonight, I want to speak about power.

    This is an audience which will understand that…

    because the City’s financial power scales up every innovation…

    and powers up the world economy.

    Thank you for what you do.

    I became MP for Tottenham 25 years ago.

    I’ll be honest with you…

    I didn’t feel that powerful for many of those years.

    It was a long wait to become Foreign Secretary…

    though not nearly as long as the wait for Tottenham to win a European trophy.

    Politics and supporting Spurs…

    if you stick at them…

    pay off in the end.

    I also want to thank the tens of thousands of diplomats, intelligence officers and development specialists…

    that stand up for Britain in the world.

    Together…

    we’ve tackled wars, evacuations, hurricanes, …

    and thanks to your work…

    much of it classified…

    we are all safer…

    even if your Foreign Secretary is now a little greyer…

    a little thinner…

    and, I hope, a little wiser.

    We do our work in the shadow of history.

    Coming here tonight, I think of Anthony Eden, one of the first Foreign Secretaries to speak in this tradition.

    But I do not think this is the new 1930s.

    The more compelling reference point is 1925.

    A century ago, our world was experiencing what the great historian Adam Tooze called a deluge of modernity.

    New technologies…

    new industries…

    …shifted the balance of power. 

    There is a cheap reading of the 1920s… 

    that a Second World War was inevitable.

    However, I’m not sure it was. 

    With the Locarno Treaties in 1925…

    we almost got there.

    Ultimately though, democracy failed to keep the peace.

    I look back at 1925 today…

    because 2025 is also a molten moment…

    when the earth moves.

    What we are living through is in fact a Great Remaking…

    as modernity leaps forward and reshapes geopolitics.

    In 2025, technology is power.

    Nowhere do we see this more clearly than with China…

    a great civilisation with a long history…

    but today defined as much by their technological cutting edge as anything else.

    Take DeepSeek…

    revealing Chinese AI power.

    BYD’s export boom…

    revealing Chinese battery power.

    And the Chang’e-6 moon landing…

    revealing Chinese space power.

    We cannot ignore how the West and Russia are no longer alone on the technological frontier.

    Nor can we ignore the fact that China has installed more renewables capacity than the US, EU and India combined.

    Britain will be dealing with the threats and opportunities Chinese technology poses for generations to come.

    But it is the United States…

    Britain’s closest ally….

    that is the world’s leading technological power…

    number one when it comes to biotech, AI and quantum.

    But facing such a vast challenge, it is natural the Americans will focus more on the Indo-Pacific.

    And they’ve repeatedly told us, facing Russia, we in Europe need to rely more on ourselves.

    But to quote my friend Vice-President Vance:

    “It’s completely ridiculous to think you’re ever going to be able to drive a wedge between the US and Europe.”

    I agree with J.D. Vance…

    though maybe not when it comes to his love for Diet Mountain Dew…

    I prefer a full fat Coke.

    The United States and China are doing remarkable things with new technology.

    But this is the truth about power today…

    technology is making it more diffuse.

    Power is not just in the hands of the superstates…

    nor the super-spoiler, Putin’s Russia. 

    Many powers are shaping this multipolar age.

    Since 2000, Britain has more Nobel laureates for science than China, India and Russia combined.

    South Korea makes more advanced semiconductors than China.

    The UAE has reached Mars…

    whilst Russia hasn’t been since the collapse of the USSR.

    In 1997, when my party last came to power…

    the US held the majority of the world’s top supercomputers.

    Today, barely a third.

    The cast-list of players is growing.

    When the US talks to Russia, they both head to Riyadh…

    when they talk to China, they both come to London.

    This large group of states, together, are the new great powers.

    This is also our age.

    Your Excellencies, that’s why I want to work even more closely with even more of you…

    some as allies, some as partners…

    some of you on everything, some of you on single issues.

    We are not all the same.

    We do not agree on everything.

    But together, we can build new constellations and coalitions which give us all a seat at the table.

    This is at the heart of our offer to the Global South and our new Approach to the continent Africa.

    It is the core of what I mean by progressive realism.

    Cooperation, not condescension.

    Listening, not lectures.

    A realpolitik of progress.

    For Britain, progressive realism means listening…

    deepening…

    and toughening up.

    For years…

    friends from Africa to Eastern Europe have been saying Britain needs to do more to tackle dirty money.

    Kleptocrats and money launderers rob all our citizens of wealth and security.

    We don’t need to wait for superpowers…

    we can clamp down on blatant theft ourselves.

    And so I can announce today that London will host a Countering Illicit Finance Summit…

    …bringing together a broad coalition for action.

    I will never allow London mansions to be the bitcoin of kleptocrats.

    We will expose them.

    We will punish them.

    And drive them out of our city.

    In the Middle East, I personally find the horrific suffering of civilians in Gaza intolerable.

    We all want to see an immediate ceasefire…

    the release of all the hostages…

    the end of Hamas’ reign of terror.

    That’s why Britain is leading efforts to break the deadlock through new coalitions.

    I can hear others’ desire for peace.

    With France and Canada…

    we sent a clear warning in May that Israel must stop its assault on Gaza.

    With Australia, Canada, Norway and New Zealand…

    we’ve sanctioned those inciting violence against Palestinians in the West Bank…

    the territory that must form the heart of a future Palestinian state.

    We support the Gulf’s indispensable work on mediation and a plan for the day after.

    Because the two-state solution is the only path to a lasting peace.

    But progressive realism is not only about this…

    but deepening Britain’s alliances and partnerships.

    We actually delivered three deals in two weeks with three of the world’s greatest economies.

    And that’s not all we’ve achieved – we are injecting real momentum into so many of Britain’s partnerships.

    We’re delivering deals for climate…

    launching the Global Clean Power Alliance in Brazil…

    partnering with my friend Mia Mottley’s Bridgetown Initiative…

    securing a climate tech partnership with Qatar.

    Jobs in Cambridge, jobs in Southampton.

    We’re delivering deals for defence…

    the ITAR breakthrough with our AUKUS partners…

    progress in our new fighter jet programme with Italy and Japan.

    Jobs in Glasgow, jobs in Reading.

    We’re delivering deals for growth…

    massive investments from America’s Universal…

    Japan’s car giants…

    German manufacturers…

    and Saudi investors.

    Jobs in Bedford, jobs in north Wales, jobs in Northern Ireland.

    Crucially, we’re also delivering deals on irregular migration.

    Better cooperation with the Balkans…

    new returns agreements with Iraq and Moldova…

    the world’s first sanctions regime targeting smuggling gangs and their enablers.

    This is now a priority for the Foreign Office in a way it never was before.

    This is us playing our bit ensuring those with no right to be here piling pressure on our public services.

    When partners step up on irregular migration…

    this is transforming our wider relationship.

    But if they are unwilling to do so…

    then that has to have consequences for what we can offer them in return.

    And finally, progressive realism is about toughening up.

    I came into politics inspired by the generation who were tested by war in Bosnia and Kosovo.

    My generation here in Europe is the Kyiv generation…

    one that has toughened up.

    The view from that night train to visit President Zelenskyy is not simply out into darkness…

    …but into history in the making.

    You feel what a journey Europe has been on since 2022.

    Britain has toughened up.

    As Secretary of State for GCHQ and SIS…

    I am proud that we are investing £600 million in the UK intelligence community…

    so our spies can defend our way of life.

    As a result, I can confirm today that Britain will spend two point six per cent of GDP on defence from 2027.

    This is a generational uplift…

    keeping working people safe.

    Our soldiers and our intelligence staff are ready to compete with our adversaries.

    And with the new counter-hybrid taskforce I am announcing today…

    our diplomats too will be ready for this murky new age of sabotage and subterfuge…

    where technology is power.

    And I know…

    Europe has toughened up too…

    switching to Putin-free energy…

    as the EU goes further than ever before with common borrowing for military spending.

    Putin believes that we, as Europeans, are unable to stick it out for years to come.

    But just as Ukraine’s heroes have surprised the Kremlin with their endurance…

    so too has Europe been astounding the Kremlin with our dogged persistence in standing with Zelenskyy.

    Today, we had confirmation that Russian casualties in this senseless war have reached one million.

    Every one a reminder that this war is not only a crime against the Ukrainian people…

    but a waste of young Russian lives…

    yet more blood on the Kremlin’s hands.

    With grit, we will prove Putin wrong.

    Europe is not afraid to stand up and fight.

    Our Plan for Change…

    our international strategy…

    is delivering for working people.

    I can see Britain in the years to come…

    safer…

    greener…

    richer…

    happier…

    if we stick to the Plan.

    For me, patriotism has always been about realism…

    And, of course, football!

    Taking the world as it is, not as we wish it to be.

    Taking ourselves as we are, and being proud of it.

    Taking actions that are both astute and bold.

    This is our realpolitik.

    A realpolitik of progress.

    A realpolitik for Britain.

    Thank you.

    Updates to this page

    Published 13 June 2025

    MIL OSI United Kingdom

  • MIL-OSI China: Chinese, European central banks pledge closer cooperation

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

    BEIJING, June 12 — The Chinese and European central banks have pledged to enhance cooperation against the backdrop of a complex and volatile international landscape.

    Pan Gongsheng, governor of the People’s Bank of China (PBOC), and Christine Lagarde, president of the European Central Bank (ECB), co-chaired the first annual governors’ meeting between the PBOC and the ECB in Beijing on Wednesday.

    During the meeting, they exchanged views on issues such as economic and financial developments in China and the euro area, developments in the international monetary system and financial regulation, and key areas for cooperation between the two institutions.

    The two sides signed a memorandum of understanding (MoU) on cooperation in the field of central banking, which includes the establishment of a governor/president-level meeting arrangement, and a framework for the regular exchange of information, dialogue and technical cooperation between the two institutions.

    Pan noted that China remains committed to promoting high-quality development through high-standard opening-up, and stands ready to enhance cooperation with other economies, including the EU, to address global challenges.

    He also stressed that the PBOC will maintain close cooperation with the ECB, making good use of the governor/president-level meeting arrangement as a key platform to strengthen policy communication and promoting cooperation between the two institutions to a new level.

    Lagarde said it is important that both institutions sustain global cooperation, noting that the signing of the MoU is a demonstration of continued dialogue with the PBOC.

    MIL OSI China News

  • MIL-OSI USA: June 12, 2025 Bay Area Congressional Delegation statement on CBP Activities at SFO Reps. Kevin Mullin (CA-15), Speaker Emerita Nancy Pelosi (CA-11), Zoe Lofgren (CA-18), Lateefah Simon (CA-12), Mike Thomspon (CA-04), John Garamendi (CA-08), Jared Huffman (CA-02), Eric Swalwell (CA-14), Sam Liccardo (CA-16), and Ro Khanna (CA-17), issued the following joint statement in… Read More

    Source: United States House of Representatives – Representative Kevin Mullin California (15th District)

    Reps. Kevin Mullin (CA-15), Speaker Emerita Nancy Pelosi (CA-11), Zoe Lofgren (CA-18), Lateefah Simon (CA-12), Mike Thomspon (CA-04), John Garamendi (CA-08), Jared Huffman (CA-02), Eric Swalwell (CA-14), Sam Liccardo (CA-16), and Ro Khanna (CA-17), issued the following joint statement in response to Customs and Border Protection inexplicably detaining travelers at San Francisco International Airport (SFO).

    “The Trump Administration’s approach to immigration has been utterly chaotic, inhumane, and disruptive to communities across the nation. Last night’s detainment of two Palestinian travelers who flew into SFO with valid visas is yet another example of Trump’s needlessly cruel actions. These visitors arrived here at the invitation of Bay Area interfaith community leaders. They traveled all the way from the West Bank to share their stories and work toward peace.  

    We call upon Customs and Border Protection to immediately respond to Congressional inquiries and provide the justification behind these individuals’ continued detainment and threatened deportation scheduled for later this afternoon. By inexplicably revoking visas, Trump’s CBP is discrediting America’s reputation abroad and breeding further distrust of our immigration system.”  

    ###

    MIL OSI USA News

  • MIL-OSI Global: Two-state solution in the Middle East has been a core US policy for 25 years – is the Trump administration eyeing a change?

    Source: The Conversation – Global Perspectives – By Dan Arbell, Scholar-in-residence at the Center for Israeli Studies, American University

    Mike Huckabee, the U.S. ambassador to Israel, holds a note given to him from President Donald Trump to be placed in the cracks of the Western Wall in the old city of Jerusalem on April 18, 2025. Gil Cohen-Magen/AFP via Getty Images

    For a generation, the promotion of a “two-state solution” to the Israeli-Palestinian conflict has been a core pillar of U.S. policy in the Middle East.

    But ahead of a major United Nations conference on how to advance that solution, some are asking if Washington is eyeing a change.

    On June 10, 2025, the U.S. ambassador to Israel, Mike Huckabee, stated in an interview to Bloomberg that he opposes the establishment of a Palestinian state at this time, noting that “unless there are some significant things that happen that change the [Palestinian] culture, there is no room for it.” He added that those changes “are not likely to occur in our lifetime.”

    Asked if the establishment of a Palestinian state is still the goal of U.S. policy, Huckabee replied, “I don’t think so.” He went on to mull the carving out of land from a Muslim-majority country for Palestinians, rather than a future homeland for them coming from the area currently controlled by Israel and the Palestinian Authority in the West Bank.

    The comments by Huckabee, a Donald Trump political appointee and ardent pro-Israel Evangelical Christian, have been interpreted as a signal that the Trump administration is potentially breaking away from long-standing U.S. policy. Adding credence to that view has been the administration’s antipathy toward the U.N. conference on the two-state solution, due to convene in New York from June 17-20.

    As a 25-year veteran of the Israeli Foreign Service who served in the embassy in Washington twice, I know that such a turn in U.S. policy is possible. But it is not without difficulties, as the Trump administration will need to present an alternative plan for resolving the conflict.

    President Trump has recently shown he is prepared to break with long-standing U.S policies, as was the case in his decision to lift sanctions on Syria and meet with the country’s interim president, Ahmed al-Sharaa – to the great surprise of many. But calling it quits on the two-state solution is different – it could lead to the further destabilization of an already unstable region.

    What is the two-state solution?

    For the past quarter-century, U.S. policy – endorsed by Republican and Democratic administrations alike – has advocated for the resolution of the Israeli-Palestinian conflict through the advancement of a two-state solution. In practical terms, this means the establishment of a Palestinian state encompassing the Palestinian people currently living in the occupied West Bank and possibly the Hamas-controlled Gaza Strip, alongside the state of Israel.

    The idea that these two coexisting states could provide a permanent end to the conflict formally came to prominence in June 2002 as part of the Road Map to Peace for the Middle East Conflict announced by U.S. President George W. Bush and adopted by the International Quartet on the Middle East, comprising the U.S., Russia, European Union and the U.N.

    U.S. President George W. Bush, Israeli Prime Minister Ariel Sharon, left, and Palestinian President Mahmoud Abbas in Aqaba, Jordan, in June 2003.
    Hussein Malla/AFP via Getty Images

    U.S. Presidents George W. Bush and Barack Obama took active steps to advance the two-state solution, including direct involvement in negotiations between Israelis and Palestinians.

    And in his first term, Trump presented his own plan, which he called the “Deal of the Century.” With the subheading “a realistic two-state solution,” it laid out a path to Palestinian statehood if the Palestinians’ political leadership met a set of benchmarks.

    President Joe Biden continuously raised the two-state solution as the most viable way to resolve the conflict – even after the Oct. 7, 2023, attacks by Hamas and the war subsequently launched by Israel in Gaza.

    But for years, international observers have worried about the viability of the two-state solution in the face of opposition from right-wing Israeli governments, continued Israeli settlement activity in the West Bank, and weak and divided Palestinian leadership and polity. Yet the alternatives – including continued Israeli occupation, a one-state solution or a confederation with Jordan – are viewed as less viable options.

    Galvanizing support behind statehood

    For these reasons, the two-state solution remains the most acceptable formula to much of the international community.

    Member states of the European Union, Arab countries, as well as most countries in Asia, Latin America and Africa, have been advocating for decades for the implementation of the two-state solution and have incorporated it into their foreign policies.

    The upcoming U.N. conference in New York, to be chaired by France and Saudi Arabia, intends to underscore the importance of getting to a two-state outcome.

    While there is no real expectation the conference will lead to the establishment of a Palestinian state anytime soon, it aims to galvanize international support for the concept of Palestinian statehood.

    Huckabee’s comments were made in the context of the U.N. conference. And they are of no real surprise: Huckabee’s personal views on the subject are very well known.

    But the former Arkansas governor is now the United States’ representative in Israel, and that gives his words weight.

    Warning or notice of intent?

    While there was wide speculation that the comments reflect a change in U.S. policy, the Trump administration did not rush to endorse them – but nor did it distance itself from Huckabee’s words.

    As the war in Gaza continues, there is a growing realization among leading Republicans as well as mainstream Democrats in the U.S. that talk of advancing the two-state solution is premature if not unrealistic at present, especially taking into account the stern opposition of Israeli Prime Minister Benjamin Netanyahu’s nationalist-religious government.

    But that does not suggest the Trump administration has necessarily steered away from this option for the future.

    Rather, it could be that the U.S. administration has calculated that as it devotes efforts to ending the war in Gaza, at least temporarily, and securing the release of the remaining Israeli hostages being held, talk of a two-state solution now is counterproductive to its efforts.

    And Huckabee’s comments may be aimed more at those delegates shortly arriving in New York for the U.N. summit, serving as a warning rather than a notice of intent.

    In a cable sent from the State Department to U.S. embassies around the world, American diplomats were reportedly asked to discourage countries from participating in the conference – not because the U.S. is “disowning” the two-state solution, but rather because the administration believes the conference may undermine its current efforts.

    The cable stated that the U.S. opposes any steps that unilaterally recognize a Palestinian state, which it feels “adds significant legal and political obstacles to the eventual resolution of the conflict.”

    The wording was not coincidental. U.S. policy has been consistent over the years in stating that any resolution of the conflict should be reached through negotiations between the main parties – the Israeli government and Palestinian representatives – which need to refrain from taking any unilateral steps.

    A man walks in front of a sign with portraits of U.S. President Donald Trump and Ambassador to Israel Mike Huckabee in central Jerusalem on May 7, 2025.
    Ahmad Gharabli/AFP via Getty Images

    Getting ahead of policy

    Notwithstanding all this, Huckabee’s comments were not made in a vacuum.

    While the U.S. administration has not formally moved away from the two-state formula, there is a growing number of conservatives in Congress, as well as in the Washington think-tank community, that see an opportunity to bring a change in U.S. policy in the aftermath of the Oct. 7 attacks.

    In his first term, Trump was relatively tepid in his approach. So far in his second term, he has given little sign of where he stands on the issue. Huckabee’s comments, in this regard, may have been a subtle nudge – with the ambassador getting ahead of where he hopes policy is heading.

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

    ref. Two-state solution in the Middle East has been a core US policy for 25 years – is the Trump administration eyeing a change? – https://theconversation.com/two-state-solution-in-the-middle-east-has-been-a-core-us-policy-for-25-years-is-the-trump-administration-eyeing-a-change-258753

    MIL OSI – Global Reports

  • MIL-OSI Banking: STATEMENT: Ontario’s Integrated Energy Plan emphasizes DERs and procurements

    Source: – Press Release/Statement:

    Headline: STATEMENT: Ontario’s Integrated Energy Plan emphasizes DERs and procurements

    Ontario recognizes that onsite solar and storage, plus predictable procurements including wind and solar energy, are key to delivering reliable, affordable power to communities, farmers and businesses.  

    Toronto, June 12, 2025—The Canadian Renewable Energy Association (CanREA) is encouraged to see Distributed Energy Resources (DERs) and predictable procurement windows emphasized in Ontario’s Integrated Energy Plan (IEP), which was announced in a press conference today by Stephen Lecce, Minister of Energy and Mines, and Sam Oosterhoff, Associate Minister of Energy Intensive Industries.

    According to the Ministry, the IEP, entitled “Energy for Generations,” aims to provide a coordinated, long-term approach to ensure Ontario has the energy it needs to power homes, businesses, and industry with abundant, reliable, clean, and affordable energy supply.

    CanREA worked with the government and its agencies to inform aspects of this plan, contributing our expertise to help shape the DER approach and procurement strategy.

    “The government’s continued commitment to competitive, transparent procurements—reaffirmed in the Integrated Energy Plan (IEP)—will drive low-cost clean energy investments that benefit Ontario ratepayers,” said Vittoria Bellissimo, CanREA’s President and CEO.

    CanREA has long advocated for consistent procurements, with open processes, as the most effective way for investors and developers to successfully build out the new wind, solar and energy storage projects needed to help meet growing demand in Ontario.

    “We are also encouraged that the IEP identifies the critical actions needed to fully leverage the significant potential of distributed energy resources (DERs) that bring energy and resilience to all regions in the province,” said Bellissimo.

    Specifically, the IEP indicates the intention to create a DER stream in the IESO’s Enabling Resources Program and to enable broader opportunities for DERs in IESO procurements and programs. The government also plans to review Ontario’s net metering framework and launch a Local Generation Program to create new pathways for DER providers.

    As a whole, the DER strategy clearly recognizes CanREA’s position that rooftop solar and batteries are ready to play a growing role in delivering reliable, affordable power to Ontario’s communities, farmers and businesses.

    “Going forward, CanREA is ready to help the government and its agencies execute key initiatives from the Integrated Energy Plan, and CanREA members will continue to invest in clean energy projects in this province through Ontario’s upcoming procurements and programs,” said Eric Muller, CanREA’s Ontario Director.

    PHOTO (from left to right): Minister Stephen Lecce (Ontario Minister of Energy and Mines), Leonard Kula (CanREA Vice President of Policy—Eastern Canada and Utility Affairs), Minister Sam Oosterhoff (Associate Minister of Energy Intensive Industries), at the announcement of Ontario’s new Integrated Energy Plan (IEP), “Energy for Generations,” in Toronto on June 12, 2025.

    Quotes

    “The government’s continued commitment to competitive, transparent procurements—reaffirmed in the Integrated Energy Plan (IEP)—will drive low-cost clean energy investments that benefit Ontario ratepayers. We are encouraged that the IEP identifies the critical actions needed to fully leverage the significant potential of distributed energy resources that bring energy and resilience to all regions in the province.”
    —Vittoria Bellissimo, President and CEO, Canadian Renewable Energy Association (CanREA)

    “Going forward, CanREA is ready to help the government and its agencies execute key initiatives from the Integrated Energy Plan, and CanREA members will continue to invest in clean energy projects in this province through Ontario’s upcoming procurements and programs.”
    —Eric Muller, Ontario Director, Canadian Renewable Energy Association (CanREA)

    For media inquiries or interview opportunities, please contact: 

    Communications Canadian Renewable Energy Association communications@renewablesassociation.ca 

    About CanREA 

    The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on Bluesky and LinkedIn here. Learn more at renewablesassociation.ca. 

    The post STATEMENT: Ontario’s Integrated Energy Plan emphasizes DERs and procurements appeared first on Canadian Renewable Energy Association.

    MIL OSI Global Banks

  • MIL-OSI USA: Reps. Cleaver, Lynch, Meeks, Torres Introduce Choice Neighborhoods Initiative Act

    Source: United States House of Representatives – Congressman Emanuel Cleaver II (5th District Missouri)

    (Washington, D.C.) – Today, Co-Chairs of the Congressional Public Housing Caucus Emanuel Cleaver, II (D-MO), Ranking Member of the Financial Services Subcommittee on Housing and Insurance, Stephen Lynch (D-MA), Gregory Meeks (D-NY), and Ritchie Torres (D-NY) reintroduced the Choice Neighborhoods Initiative Act. The legislation would permanently authorize and expand the Choice Neighborhoods Program. Senators Lisa Blunt Rochester (D-DE) and Chris Van Hollen (D-MD) have introduced companion legislation in the U.S. Senate. 

    The Choice Neighborhoods Program is a transformative grant program within the Department of Housing and Urban Development that converts severely distressed neighborhoods into high-quality, mixed-use community developments. Established in 2010, the program has provided $1.8 billion in competitive grants to localities and community organizations for comprehensive neighborhood redevelopment across dozens of distressed communities. In a recent HUD report, researchers found that in the neighborhoods studied, every dollar of Choice funding leveraged an additional $7.34 toward housing redevelopment.

    “As American families struggle with our national housing affordability crisis, we need an all-hands-on deck approach to promote the development of affordable housing and rejuvenation of public housing all over the country,” said Congressman Cleaver. “The Choice Neighborhood Program has proven to be the kind of transformative tool we need in this effort, catalyzing public and private investment in underserved areas that enables the revitalization of entire communities. Not only does this program expand the construction of affordable housing options, but it opens the door for working class families to access new opportunities and climb the economic ladder. I’m proud to introduce the Choice Neighborhoods Initiative Act with Senators Blunt Rochester and Van Hollen, along with Reps. Lynch, Meeks, and Torres, as we seek to permanently reauthorize this vital work and strengthen the program in the process.”

    “The Choice Neighborhoods Program leverages public and private investment to expand affordable housing and revitalize entire communities. It’s exactly the sort of solution we should be supporting to solve the housing crisis,” said Congressman Gregory W. Meeks. “It’s a proven model that not only improves housing but also uplifts neighborhoods, businesses, and the families who live there. I’m proud to join my colleagues in introducing the Choice Neighborhoods Initiative Act.”

    “The housing crisis in America demands bold, comprehensive solutions and the Choice Neighborhoods Program delivers just that,” said Rep. Torres. “It empowers communities to rebuild from within, transforming public housing and surrounding neighborhoods into engines of opportunity. By permanently authorizing this program, we’re aiming make a long-term investment in housing, equity, and economic mobility. I’m proud to join Rep. Cleaver and my colleagues in advancing this legislation to ensure that every community, especially the most underserved, can share in America’s promise of opportunity.”

    “As the United States faces a severe affordable housing shortage, the Choice Neighborhoods program is a proven tool that can reinvigorate our most distressed neighborhoods and unlock their future success,” said Senator Blunt Rochester, member of the Senate Banking, Housing, and Urban Affairs Committee. “By catalyzing public and private investment, this program has successfully contributed to the preservation of affordable housing and created over 21,000 new housing units across 52 communities in America, including in my hometown of Wilmington. Making this program permanent not only ensures these transformative investments continue, but it also gives us yet another tool in our toolbox to address the housing affordability crisis in Delaware and across the country. I’m grateful to Senator Van Hollen and Congressman Cleaver for joining me in leading this effort, and I’m hopeful we can work together in both chambers to get this bill passed” 

    “As communities struggle to keep up with the demand for affordable housing, we must accelerate our efforts to redevelop and revitalize underserved neighborhoods. This legislation will help build on the success of the Choice Neighborhoods Program – unlocking additional public and private investment to create greater access to housing, and ultimately opportunity, across the country,” said Senator Van Hollen.

    “As a recent HUD Choice Neighborhoods Implementation grant recipient, our experience with the program has been extremely positive,” said Logan Herring, CEO of The WRK Group. “Choice funding has accelerated our neighborhood plan significantly, with 250 new mixed income homes in or beginning construction just two years after the award. In addition, we’ve been able to leverage over $150 million in additional funding with this grant and the HUD staff has been professional, responsive, and knowledgeable – great to work with. We enthusiastically support this bill to continue and expand the Choice program.”

    “The Choice Neighborhoods Initiative (CNI) revitalizes distressed public housing and nearby areas through community-driven redevelopment,” said Mark Thiele, CEO of NAHRO. “By focusing on housing, people, and neighborhoods, it makes communities safer and more vibrant, creating opportunities without displacing residents. Continued support for CNI is essential to creating lasting positive change in communities nationwide. NAHRO proudly endorses the Choice Neighborhoods Initiative Act of 2025. This act will help transform areas of extreme poverty into sustainable, mixed-income neighborhoods by redeveloping distressed housing and investing in communities.” 

    “PHADA supports the Choice Neighborhoods Initiative Act of 2025,” said Tim Kaiser, executive director of Public Housing Authorities Directors Association (PHADA). “Permanently authorizing the Choice Neighborhoods program—which leverages public and private funding to revitalize public housing developments and their surrounding neighborhoods—will ensure this program remains a vital tool to address the capital needs backlog. PHADA remains committed to advocating for robust funding and resources for public housing programs, including Choice Neighborhoods.”

    This legislation has been endorsed by the  American Planning Association; Catholic Charities USA; Central Delaware Habitat for Humanity; Delaware State Housing Authority; Habitat for Humanity of New Castle County; Local Initiatives Support Corporation (LISC); National Association of REALTORS; National Association of Housing and Redevelopment Officials; National Center for Healthy Housing; NeighborGood Partners; Public Housing Authorities Directors Association (PHADA); REACH Riverside Development Corporation; Sussex County Habitat for Humanity; UnidosUS; Wilmington Housing Authority; Wilmington Neighborhood Conservancy Land Bank; and YWCA Delaware.

    Official text of the Choice Neighborhoods Initiative Act is available here.

    A one-pager of the Choice Neighborhoods Initiative Act is available here.

     

    Emanuel Cleaver, II is the U.S. Representative for Missouri’s Fifth Congressional District, which includes Kansas City, Independence, Lee’s Summit, Raytown, Grandview, Sugar Creek, Greenwood, Blue Springs, North Kansas City, Gladstone, and Claycomo. He is a member of the exclusive House Financial Services Committee and Ranking Member of the House Subcommittee on Housing and Insurance. For more information, please contact Matt Helfant at 202-590-0175 or matthew.helfant@mail.house.gov

    MIL OSI USA News

  • MIL-OSI Banking: Powering the future of telecom: Microsoft brings agentic AI to life at TM Forum DTW

    Source: Microsoft

    Headline: Powering the future of telecom: Microsoft brings agentic AI to life at TM Forum DTW

    Telecommunications has always advanced in waves—analog to digital, 3G to 5G, copper to cloud. Today, a new swell is forming at the intersection of TM Forum’s Open Digital Architecture (ODA) and agentic AI. TM Forum’s ODA gives operators a modular, standards-based foundation; agentic AI layers on the autonomous decision support that transform those modules into living, self-optimizing systems. Together, they move the industry from reactive operations to proactive, closed-loop experiences. 

    Over the past year, Microsoft engineers have road-tested that combination with executives, technicians, customer support representatives, and developers. Regardless of geography or market, operators voiced three universal priorities: break down operational silos, unlock data’s latent value, increase efficiency, and accelerate innovation without eroding trust. At TM Forum DTW Ignite 2025 in Copenhagen, Microsoft is demonstrating how the complementary relationship between ODA and agentic AI converts those ambitions into measurable business outcomes. 

    Explore solutions with Microsoft for telecommunications

    Microsoft’s next chapter with the Open Digital Architecture 

    Microsoft has been a hands-on contributor to TM Forum initiatives for well over two decades, coauthoring Open APIs, chairing working groups, and donating production hardened code that turns standards into deployable solutions. The ODA has become a focal point of that collaboration. By aligning Microsoft Azure cloud-native foundations with ODA’s composable blueprint, Microsoft helps operators assemble best-of-breed solutions without the drag of proprietary silos. 

    Engineering teams from Microsoft work with communications service providers (CSPs) and industry suppliers to validate specifications, publish reference implementations, and channel field experience back into the standard. The result for operators is faster interoperability, reduced integration cost, and quicker time-to-value for new digital services. 

    Yet a common obstacle remains: fragmented observability. Every vendor captures telemetry differently, leaving operations teams to deploy ad hoc log aggregators and parsers that inflate costs and slow incident response. Microsoft’s latest ODA contribution addresses this head-on. 

    • ODA Observability Operator (open source on GitHub)
      The operator prescribes a common logging contract, integrates with Azure Monitor, and exposes health data through TM Forum nonfunctional APIs. In early trials, carriers shrank the meantime to detect billing anomalies significantly, freeing teams to focus on proactive optimization rather than forensic log diving.
    • ODA Landing Zone for Azure
      Guidance and a best practice guide on infrastructure-as-code templates that hydrate into an ODA compliant environment—policy, security, and monitoring.

    The “Growing B2B with autonomous agents” catalyst project, involving players like Microsoft, Vodafone, and various industry partners, leverages the ODA Accelerator to transform B2B sales for mid-tier enterprise customers by enabling flexible quoting and commerce through generative AI. It enables flexible quoting and commerce, allowing customers to find relevant products using semantic search and create customized solutions that meet their specific business requirements, budgets, and timelines. 

    These assets illustrate a simple truth: standards only matter when they migrate from documentation into running code. By operationalizing TM Forum guidance, Microsoft accelerates engineering productivity, slashes integration costs, and strengthens the capabilities of telecoms, as well as providing a feedback loop for continual improvement. 

    Empowering network monetization through network APIs 

    Through our engagement with CAMARA and GSMA Open Gateway, Microsoft has played a pivotal role in helping operators monetize their networks via a robust partner ecosystem. This ecosystem supports the provisioning, aggregation, and routing of network API requests, enabling seamless integration and enhanced functionality. Our collaboration with industry leaders such as Aduna, Infobip, and Vonage brings aggregated network APIs directly to the Azure Marketplace. This integration grants Microsoft’s global community of developers and enterprises effortless access to essential network functions, including SIM swap detection, phone number verification, real-time device location, and on-demand quality-of-service controls. Standardized through the CAMARA open-source project—co-led by GSMA and the Linux Foundation—these APIs are designed for seamless integration, ensuring that operators can efficiently use network capabilities to drive innovation and growth. 

    Giving the network a trusted Copilot 

    Anyone who has joined a major incident conference bridge understands the sense of urgency—and the expense. Multiple teams chase clues, minutes feel like hours, and every second of downtime erodes customer experience and brand equity. Network Operations Agents built with Azure AI Foundry offer another path to successful resolutions. As Cristina Moura Rebelo, Head of AI Community and Ecosystem Engagement at MEO, describes it: 

    “MEO is transforming into an AI-powered techco, infusing AI into key domain areas and leveraging innovation and technology to create a competitive advantage, business growth, and operational excellency. The first steps made with Azure AI Foundry were key in unlocking the potential of use cases to streamline operations with ChatGOC and the HekaBot, in a scalable, iterative, and agile way, within a very short period of time, delivering outcomes and scaled efficiency to the teams. This is our path to becoming an AI-powered techco.”   

    —Cristina Moura Rebelo, Head of AI Community and Ecosystem Engagement, MEO

    These AI companions ingest real-time telemetry, topology graphs, historical tickets, and vendor manuals; reason over anomalies; then recommend—or even execute—remediation steps under strict guardrails. Every action is logged, policy checked, and auditable so that safety and compliance are part of the operational flow. 

    At TM Forum DTW Ignite 2025, Microsoft will be presenting on how we are transforming telecom operations with agentic AI, and unveiling the Network Operations Agent Framework, a reference architecture and working pilot environment that operators can explore hands-on. The package includes infrastructure-as-code templates, sample knowledgebase content, and step-by-step guidance for integrating Azure AI Foundry with existing telemetry pipelines. With these assets, communications service providers can progress from proof of concept to production in a matter of weeks—and do so with the assurance that every remediation action remains within corporate risk tolerance. 

    Unifying data with the Telco Analytics POC Accelerator 

    Data is the fuel for agentic AI, yet it often sits stranded across disparate clusters, data marts, and line-of-business applications. The Telco Analytics POC Accelerator removes that friction, deploying a domain specific data estate on Microsoft Fabric complete with service assurance, revenue management, and subscriber 360 schemas; lineage policies aligned to data mesh principles; and guidance to connect your backend data sources. 

    Beyond core ingestion pipelines, the accelerator provides predefined tables for service assurance, revenue management, and subscriber 360, alongside sample queries and dashboards that surface quick wins. Built-in sample data allows developers to prototype AI workloads safely—accelerating experimentation while protecting customer privacy.

    When operators gain control of their data estate, they monetize faster, govern better, and feed AI models richer context. Microsoft provides the launch pad.

    “Fabric let us build on the familiarity, security, and scalability of Azure. It unites data flows, storage, analytics, and machine learning in a single experience.”

    —Jerod Ridge, Director of Data Engineering, Lumen

    This unified approach empowers operators to achieve real-time insights and smarter decisions, driving business growth and innovation.

    Reimagining business support systems for an agentic world 

    Business support systems (BSS) are the commercial nerve center of a telco, yet many still feel like 1990s ERP software: dense menus, arcane codes, and labor-intensive workflows. Microsoft’s agentic BSS proof of concept charts a different course. 

    At its heart is Microsoft Copilot Studio, which leverages TM Forum Open APIs, the Model Context Protocol, and secure tool registration to let AI agents act on behalf of customer care reps. Consider an agent who says, “Upgrade Alessia’s plan to unlimited data and add a family hotspot.” The AI agent validates entitlements, calculates prorated charges, and triggers fulfilment—no swivel chair required. Subscribers upgrade in the time it takes to sip coffee.

    Microsoft is equally optimistic about the potential of an Order Fallout Agent. Up to 3% of orders stall in fragmented fulfilment chains. The agent monitors the queue, diagnoses failure patterns, and either self heals or curates a guided fix. In short, the Order Fallout Agent turns a perennial pain point into an autonomous, closed loop process—freeing care agents to focus on higher value conversations and giving customers the seamless experience they expect.

    KPN has extended the use of AI companions to their sales operations with Microsoft 365 Copilot. KPN used Microsoft 365 Copilot to enhance their sales operations, streamlining processes, improving customer engagement, and driving business outcomes.

    “From the moment a customer contact becomes an opportunity, we link to that information in Microsoft 365 Copilot for Sales, so we can see all relevant data to prepare for a conversation with the customer,”

    —Pierrette de Leeuw-Koumans, Lead Generation Team, KPN

    Copilot provides real-time data analysis, predictive insights, and automated workflows, enabling the sales team to focus on strategic activities and deliver personalized experiences. 

    These demonstrations illustrate how BSS complexity can melt away, replaced by conversational experiences powered by open APIs and trustworthy automation. The journey is incremental—operators can start with a single fallout queue or upgrade flow and expand outward. 

    Momentum stretching from lab to live network 

    Innovation without adoption is theatre. Microsoft’s ecosystem partners are translating blueprints into operational gains: 

    • Microsoft and leading BSS suppliers are exploring joint proof of concepts that integrate the Telco Analytics POC Accelerator and Observability Operator into next generation revenue assurance workflows.
    • PLDT has implemented the Amdocs Customer Engagement Platform, a robust, telco-grade solution jointly engineered by Amdocs and Microsoft elevate customer experience management. “By combining the AI, generative AI, cloud, and deep telecom expertise of Amdocs and Microsoft, PLDT an end-to-end solution that will drive higher agent productivity, operational efficiency, and significantly improve customer loyalty,” said Anthony Goonetilleke, Group President of Technology and Head of Strategy at Amdocs.
    • Nokia’s NetGuard Cybersecurity Dome is providing comprehensive security for 5G networks, leveraging AI and automation to detect, manage, and respond to threats in real-time.
    • Accenture, Tech Mahindra, and other global SIs are collaborating with Microsoft on service offerings that accelerate deployment of AI-ready data estates—combining migration expertise, reference architectures, and operator specific best practices. 

    The breadth of deployments demonstrates that Microsoft’s approach scales across geographies, regulatory regimes, and network generations. 

    Charting the first step 

    Building toward autonomous operations seldom begins with a blank slate. The most effective starting point is a business moment that already matters—whether it’s easing congestion at a busy urban cell site or clearing a stubborn order backlog. Instrument that scenario end to end, unify the supporting data, introduce a focused agent, and track the results with discipline. Momentum builds quickly when measurable wins are visible to both engineers and executives. 

    Microsoft and its partners stand ready to help, whether through co-innovation blueprints, rapid pilots leveraging the ODA Accelerator for Azure, or structured engagements that blend domain expertise with change management. 

    Telecommunications remains, at its core, a human endeavor: engineers who safeguard critical infrastructure, customer care teams who build loyalty, strategists who spot the next market opportunity. Agentic AI amplifies that expertise—it automates repetitive analysis, highlights hidden insights, and executes well understood actions—while judgment, creativity, and empathy stay firmly in human hands. By pairing people with autonomous assistance, operators can scale excellence without sacrificing the personalized touch that defines great service. Microsoft invites the industry to explore that partnership at TM Forum DTW Ignite 2025 and beyond. 

    Join the journey 

    Learn more by visiting the Microsoft Telecommunications Industry hub, where solution briefs, customer stories, and partner offers provide actionable next steps. Together, the industry can turn aspiration into action and chart the next great wave of telecom innovation. 

    Microsoft for telecommunications

    Accelerate telecom transformation in the era of AI

    MIL OSI Global Banks

  • MIL-OSI United Kingdom: The UK voted in favour in line with our unwavering determination to end the suffering in Gaza, bring the hostages home and move towards lasting peace: UK Statement at the UN General Assembly

    Source: United Kingdom – Government Statements

    Speech

    The UK voted in favour in line with our unwavering determination to end the suffering in Gaza, bring the hostages home and move towards lasting peace: UK Statement at the UN General Assembly

    Explanation of vote by Ambassador Barbara Woodward, UK Permanent Representative to the UN, after the adoption of UN General Assembly resolution A/RES/ES-10/27 on the Occupied Palestinian Territories.

    The UK voted in favour of this resolution in line with our unwavering determination to end the suffering in Gaza, bring the hostages home and move towards lasting peace in the region.

    Let me start by repeating our unequivocal condemnation of Hamas and their despicable actions on and since 7 October. They must be held accountable and can play no role in the future governance of Gaza. The UK’s commitment to Israel’s security is resolute.

    President, the text of the resolution is clear that both Israel and Hamas need to agree to an immediate and unconditional ceasefire; that Hamas must immediately and unconditionally release the hostages; and that Israel, as the occupying power, must end its blocks on aid and ensure unhindered humanitarian access.

    And crucially, there must be an end to any actions that stand in the way of a two-state solution and the best chance for peace for the Israeli and Palestinian people.

    That is why this week, the UK, along with Australia, Canada, New Zealand, and Norway, sanctioned Bezalel Smotrich and Itamar Ben-Gvir. These two men are responsible for inciting settler violence against Palestinians in the West Bank with their extremist rhetoric. Attacks by violent settlers have led to the deaths of Palestinian civilians and the displacement of whole communities.

    We will not stand by while Israeli actions attempt to entrench a one-state reality.

    The UK is deeply concerned by ongoing Israeli operations in the West Bank, including incidents where children have been killed. This is appalling and unacceptable.

    President, there can be no military solution to this conflict.

    Over 55,000 Palestinians have been killed and the IPC have been clear that half a million people are facing starvation. 

    Israeli Government policies which have completely blocked or severely restricted humanitarian aid are unacceptable. That civilians have been killed whilst desperately trying to feed their families is inhumane. And the UK rejects any attempts at demographic or territorial change in the Gaza strip.

    While the UK voted in favour of this resolution, we wish to clarify that our long-standing position remains that Common Article 1 of the Geneva Conventions does not impose a legal obligation on states to ensure respect for international law by third parties.

    President, a two-state solution remains the only viable framework for a just and lasting peace. This is the fundamental principle that we must continue to strive for, to end the cycle of violence and give Palestinians and Israelis alike a better future.

    We welcome the leadership of France and Saudi Arabia in convening next week’s Conference in pursuit of this.

    Updates to this page

    Published 12 June 2025

    MIL OSI United Kingdom

  • MIL-Evening Report: Workers need better tools and tech to boost productivity. Why aren’t companies stepping up to invest?

    Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra

    As Prime Minister Anthony Albanese and Treasurer Jim Chalmers turn their attention to improving productivity growth across the economy, it will be interesting to see what the business community brings to a planned summit in August.

    Labour productivity (output per hour worked) has barely grown this decade.



    Much of the focus in the current debate has been on the role of workers (labour) and industrial relations. Less discussed has been low business investment (capital).

    Labour will be more productive if each worker can use more capital: machinery, equipment and technology. Over the medium term, providing workers with more capital – “capital deepening”, in the jargon – tends to be the main contributor to labour productivity growth.

    But business investment as a share of gross domestic product (GDP) is currently at its lowest level since the mid-1990s.

    Investment is low in both the mining and non-mining sectors. In the latest national accounts report for the March quarter, business investment in machinery and equipment fell 1.7%.



    The average worker now uses less capital equipment – machines and computers – than a decade ago. Investment just hasn’t kept pace with growth in employment.




    Read more:
    ‘Hard to measure and difficult to shift’: the government’s big productivity challenge


    Why is investment so weak?

    One possible reason was put forward by then Reserve Bank governor Philip Lowe in 2023. He suggested that, during the COVID pandemic, firms concentrated on surviving. Seeking out more efficient ways to produce was a lower priority. But post-pandemic, firms seem to have been slow to pivot back to an efficiency focus.

    Another reason may be that, until recently, wage growth has been slower than the growth in prices of goods and services produced. This may have reduced the incentives for firms to invest in the equipment needed to boost labour productivity.

    A key driver of investment is profitability. Firms are more likely to fund investment from retained earnings than by borrowing or raising capital. But the share of corporate profits in the economy has been quite high in recent years. So this does not explain low investment.



    The ‘animal spirits’ are lacking

    Business confidence – what economist John Maynard Keynes famously called “animal spirits” – is another important driver.

    Share prices, both in Australia and the rest of the world, have grown strongly in recent years. The S&P/ASX 200 index of Australian share prices is close to its all-time high. This would suggest financial markets are very optimistic about the prospects of Australian companies.

    Direct surveys of Australian businesses from National Australia Bank suggest conditions (the current situation) and confidence (about the future) are around their long-term average level. So this also does not explain the low investment.

    One contributor to low investment may be that firms are applying inappropriately high “hurdle rates”. These refer to the minimum return firms expect from an investment before they will undertake it.

    Hurdle rates tend to be “sticky” over time, meaning they do not move much. Many companies still apply hurdle rates of over 12%. These were appropriate back when interest rates and inflation were much higher, but seem too high now as borrowing costs have fallen with interest rate cuts.

    The Productivity Commission has suggested one contributor to low investment could be a higher risk premium. Since the global financial crisis in 2007-08, companies and investors may have become more cautious about taking on risk.

    Another factor could be growing market power of Australian companies that dominate a sector, making them complacent rather than striving to improve their performance.

    The high degree of uncertainty

    The Reserve Bank recently compiled two measures of uncertainty. One is derived from stock markets. The other is based on the number of news articles about policy uncertainty.

    Both show the current environment is as uncertain now as it was during the early stages of the global financial crisis in 2007–08 and the COVID pandemic.

    Investment in machineray and equipment went backwards in the March quarter.
    Parilov/Shutterstock

    A common response to uncertainty is to defer decisions on both investment and hiring new workers until the outlook is clearer. A study by the Reserve Bank found that greater uncertainty did indeed reduce investment. But the size of the impact was – you guessed it – uncertain.

    What can be done?

    Business lobbies often attribute low rates of investment (and anything else they think people may not like) to “excessively high” corporate tax rates. But at 30% for large companies and 25% for small, the company tax rate is low by historical standards.

    Some multinational firms may be deterred from entering the Australian market as our company tax rate is above that in some other jurisdictions. It is hard to tell how important this effect is. Company tax is only one of many factors that affect the comparative risk and return of Australia as an investment destination.

    The Productivity Commission is investigating whether the corporate taxation system could be made more efficient rather than just lowering rates.

    In the meantime, however, firms may be encouraged to invest more by a more stable domestic economic outlook. Inflation is back within the central bank’s 2-3% target range. Employment is around an all-time high proportion of the working age population. The election has removed some political uncertainty with a government holding a clear majority.

    Businesses should stop whingeing and start providing workers with the tools they need to become more productive.

    This article is part of The Conversation’s series, The Productivity Puzzle. Read the previous article here.

    John Hawkins was formerly a senior economist in the Reserve Bank and the Australian Treasury.

    ref. Workers need better tools and tech to boost productivity. Why aren’t companies stepping up to invest? – https://theconversation.com/workers-need-better-tools-and-tech-to-boost-productivity-why-arent-companies-stepping-up-to-invest-257806

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: It took more than a century, but women are taking charge of Australia’s economy – here’s why it matters

    Source: The Conversation (Au and NZ) – By Duygu Yengin, Associate Professor of Economics, University of Adelaide

    For the first time in its 124-year history, Treasury will be led by a woman.

    Jenny Wilkinson’s appointment is historic in its own right. Even more remarkable is the fact she joins Michele Bullock at the Reserve Bank and Danielle Wood at the Productivity Commission.

    Australia’s three most powerful economic institutions are now led by women economists. In economics, this is not normal. But it certainly does matter.

    Stubbornly male

    Imagine if only 17% of economics professors were men. It would feel unusual; people would ask why the field was so heavily skewed. But the reality is the opposite: 83% of economics professors in Australia are male.

    And yet, this imbalance is almost invisible. Women make up just about one-third of secondary pupils studying economics and 40% of students enrolled in economics courses at university.

    In the private sector, women economists are roughly one in three.

    So while the appointments of Wilkinson, Bullock and Wood feels groundbreaking, the profession as a whole remains stubbornly male. Still, the leadership story is worth celebrating. When young women see leaders who look like them, they’re more likely to imagine themselves in those roles too.

    As women increasingly take the helm, the old stereotype of a suit-clad man with a briefcase gives way to a broader, more inclusive image of what an economist can be.

    The public service is leading the charge. As of 2023, women held 53% of senior executive service positions in the Australian Public Service, up from 46% in 2019.

    Merit and diversity

    Thankfully, unlike other parts of the world, we live in a country where these appointments haven’t triggered claims of so-called “diversity hires”. To be clear: these female pioneers weren’t appointed because they are women.

    Each has decades of experience, technical firepower, and deep policy credentials. Wilkinson has led the Department of Finance and the Parliamentary Budget Office. Bullock has held almost every senior role at the Reserve Bank. Wood has shaped public debates on intergenerational equity and tax reform with clarity and rigour.

    The idea that diversity is somehow in tension with merit is a false binary. Diverse groups make better decisions and are more creative, especially in high-stakes settings.

    Decades of economics and business research has shown that incorporating diverse perspectives into decision-making only strengthens the outcomes. Decisions made and executed by diverse teams delivered 60% better results than those by non-diverse teams.

    Merit isn’t just what’s on paper, it’s shaped by how we judge it.

    When men and women perform equally well, success is more often credited to skill for men and to luck for women. Swap a male name for a female one on a CV, teaching evaluation or reference letter, and perceptions of competence, leadership and hireability start to shift.

    These unconscious biases don’t just affect who gets ahead; they shape how we define merit in the first place.

    Will it make a difference?

    Economics often prides itself on being objective and neutral. While the economic models may be technically gender-blind, the questions we ask and investigate rarely are.

    This is where gender diversity matters – not just in who holds the top jobs, but in what gets researched and how decisions are made. There’s growing evidence male and female economists don’t just ask different questions, they also approach problems differently.

    One study found female central bankers tend to act with greater independence and deliver lower inflation. A United States study and another in Europe showed striking gender differences in how economists think about a range of areas, including labour markets, taxation, health and the environment, and more broadly on public spending – everything from welfare to the military.

    Having more diverse perspectives doesn’t dilute economics – it deepens it. It makes the discipline more responsive to the diversity of the real-world challenges it’s meant to address.

    Economic policies impact the whole society. So does the composition of economists.

    So, what’s next?

    Of course, three women in top economic roles won’t create miracles overnight – they all operate within existing systems and structures.

    So, what can we expect from Wilkinson’s leadership? Her time at the Department of Finance suggests a steady, pragmatic hand: consultative, strategic and deeply experienced.

    Wilkinson brings bipartisan credibility, a sharp grasp of fiscal discipline, and the capacity to act decisively in a crisis, as we saw during COVID. She won’t remake Treasury overnight, but she’s well placed to lead it with rigour, integrity and a long-term view.

    This moment matters for women in economics. It shows change is possible in the profession, and it could mark the start of economic policy that truly reflects the diversity of the people it serves.

    Duygu Yengin is affiliated with the University of Adelaide, Women in Economics Network, and the Economic Society of Australia.

    ref. It took more than a century, but women are taking charge of Australia’s economy – here’s why it matters – https://theconversation.com/it-took-more-than-a-century-but-women-are-taking-charge-of-australias-economy-heres-why-it-matters-258680

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: In Washington Post Op-Ed, Pressley & Hamilton Reject “Trump Accounts,” Urge Congress to Embrace Baby Bonds to Close Wealth Gap

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    “Trump accounts fall drastically short of addressing the real hurdles Americans face.”

    “In a just nation, everyone should have the economic power and financial opportunity to build wealth and live the productive life they choose. That’s what baby bonds offer: real solutions to wealth inequality and real investments that can transform the future for millions of children.”

    WASHINGTON – In an op-ed published in the Washington Post, Congresswoman Ayanna Pressley (MA-07) and economist Darrick Hamilton discussed the regressive, ineffective “Trump Accounts” provision of Republicans’ reconciliation bill, outlined how Trump Accounts fall short of what is needed to close the wealth gap in America, and urged Congress to embrace Baby Bonds to advance economic justice.

    For over six years, Rep. Pressley and Senator Cory Booker (D-NJ), in partnership with Mr. Hamilton, have championed Baby Bonds, bicameral legislation to close the racial wealth gap, disrupt cycles of intergenerational poverty, and make economic opportunity a birthright for every child.

    The full text of the op-ed is available below and can be read on the Washington Post website here.

    Washington Post Op-Ed: ‘Trump accounts’ will save kids? Republicans can’t be serious.
    By Rep. Ayanna Pressley and Darrick Hamilton
    June 11, 2025

    In the United States, the wealthiest nation in the world, a child born into poverty is unlikely to ever climb out of it. Wealth inequality in this country has reached historic highs, with the top 10 percent of households holding 67 percent of the nation’s wealth, while the bottom 50 percent holds just 2.5 percent. This means that millions of children grow up lacking basic economic security.

    Now as much as ever, we need real investment in our children.

    The Republican reconciliation bill that recently passed the House does nothing to address our glaring wealth inequality. Not only does it slash Medicaid, food assistance and other essential programs for the more than 30 percent of Americans who can’t put together $400 for an emergency expense, but also tucked into this harmful bill are provisions that claim Americans can build wealth through “Trump accounts.” Under the GOP proposal, every child born in the next four years would receive a one-time $1,000 government contribution into a tax-free investment account, to which families may contribute up to $5,000 annually.

    But this is not a serious solution.

    Trump accounts fall drastically short of addressing the real hurdles Americans face. These accounts are built on the presumption that individuals lack the incentive to save. In fact, what they lack is disposable income. Anyone can lawfully open a savings account for their child, such as a 529 account for college, but most are not positioned to take advantage of such accounts. A 2016 Federal Reserve Bank study found that just 2.5 percent of all families had a 529 savings account — and among households in the bottom half of the income distribution, that number dropped to only 0.3 percent. Most are not positioned to take advantage of new savings accounts. And by restricting eligibility to children born in the next four years, the proposal makes clear it was never intended to truly confront generational poverty and the wealth gap.

    Trump accounts are structured to benefit primarily more affluent families — those who already have money to invest. For those struggling to put food on the table or afford a doctor’s visit, the choice isn’t between consumption and investment — it’s between groceries and medicine. Though many Americans could use real support — such as extra cash when a new baby arrives — the Republican bill moving through the Senate threatens to slash essential programs, leaving families worse off. And ironically, it contains no provision to protect low-income recipients from the “benefit cliff” — the asset limits that could disqualify them from essential services such as housing or income support once they reach adulthood.

    Contrast this with the legislative vision we’ve championed for more than six years: baby bonds.

    Known in Congress as the American Opportunity Accounts Act, the legislation to create baby bonds is rooted in the principle that every child, no matter their race, family income or birth circumstances, deserves a fair shot at building wealth and securing their future.

    Here’s how it works: Every child receives $1,000 at birth. But unlike Trump accounts, baby bonds don’t stop there. Children would continueto receive additional deposits from the government every year, progressivelyscaled to family income. These funds would grow over time in safe, federally managed investment accounts. At age 18, young adults could access their accounts to pay for allowable expenses, including homeownership, higher education or starting a business — the kind of human and financial capital investments that change life trajectories. Building wealth from birth this way is cost-effective — supercharging dollars through years of interest — and also disrupts the cycle of intergenerational poverty.

    Baby bonds also tackle the root problem of asset inequality — something the regressive tax structure of the Trump accounts does not fix. Rather than simply encouraging investment by those who already have the money, baby bonds seek to ensure that everyone has a meaningful stake in the economy and an opportunity to build financial stability and wealth.

    Baby bonds wouldn’t replace private investment — they would complement it by providing every young person with a baseline of security. They would create a public foundation of capital while still allowing private investment and individual agency. In doing so, they don’t displace the market but expand the pool of those who can benefit from it.

    There is also a deeper issue at play. Trump accounts amount to a government subsidy for asset managers — another tax-advantaged inflow into the financial services industry. In effect, they are a backdoor giveaway to Wall Street, wrapped in the rhetoric of economic populism.

    Our country has a long history of wealth-building programs that expanded opportunity — from the Homestead Act to the GI Bill, which led to the greatest expansion of the middle class in U.S. history. But too often, those benefits were not accessible to all Americans, especially Black Americans and Native Americans, from whom much of the land seeded in the Homestead Act was taken, often violently. We now have the chance to design a 21st-century wealth-building initiative that is inclusive, equitable and grounded in sound economic theory and evidence.

    We vehemently oppose the Republican budget reconciliation bill and urge the Senate to halt this attack on Medicaid, food assistance and more. In a just nation, everyone should have the economic power and financial opportunity to build wealth and live the productive life they choose. That’s what baby bonds offer: real solutions to wealth inequality and real investments that can transform the future for millions of children.

    Darrick Hamilton is chief economist at the AFL-CIO and director of the Institute on Race, Power and Political Economy at the New School. Ayanna Pressley, a Democrat, represents Massachusetts’s 7th Congressional District in the U.S. House of Representatives.

    MIL OSI USA News

  • MIL-OSI: Absecon Bancorp Declares Second-Quarter Cash Dividend of $0.90 Per Share

    Source: GlobeNewswire (MIL-OSI)

    ABSECON, N.J., June 12, 2025 (GLOBE NEWSWIRE) — Absecon Bancorp (the “Company”) (OTC, trading as ASCN), the bank holding company of First National Bank of Absecon, an Atlantic County New Jersey based community bank, announced today that its Board of Directors declared a regular quarterly cash dividend in the amount of $0.90 per share, payable on June 30, 2025 to shareholders of record as of June 20, 2025.

    The First National Bank of Absecon, a nationally chartered bank headquartered in Absecon, New Jersey, has a long history of serving the community since its establishment in 1916. The company is a community bank focused on providing deposit and loan products to retail customers and to small and mid-sized businesses from its primary market area in Atlantic County, New Jersey, and secondary markets consisting of portions of Burlington, Cape May, Cumberland, Gloucester, and Ocean Counties. Deposits at The First National Bank of Absecon are insured up to the legal maximum amount by the Federal Deposit Insurance Corporation (FDIC).

    Dividend distributions are processed by Computershare Trust Company, N.A. (“Agent”).

    Contact:     C. Eric Gaupp, Vice Chairman President, and Chief Executive Officer
    106 New Jersey Avenue
    PO Box 324
    Absecon, NJ 08201
    Office: 609-641-6300
    email: egaupp@FNBAbsecon.com
         

    The MIL Network

  • MIL-OSI: Issue of 32.274 MEUR Green Bonds of UAB “Atsinaujinančios energetikos investicijos” and implementation of the cash tender offer

    Source: GlobeNewswire (MIL-OSI)

    UAB “Atsinaujinančios energetikos investicijos” (hereinafter, the “Company”) on 11 June 2025 has finished a public offering led by FMĮ “Orion securities” during which the Company has successfully distributed 32.274 MEUR Green Bonds first series and first tranche issue at 8.0% yield, under its EUR 100 million unsecured fixed-interest note programme. The base prospectus of the programme was approved by the Bank of Lithuania on 27 May 2025. This transaction marks a continuation of the implementation of a distinctive Green Bond Programme in the Baltic market. The proceeds from the note issuance will be used to refinance existing bonds (ISIN LT0000405938).

    32.274 MEUR Green Bonds issue (issue date 13 June 2025) is expected to be listed on the Baltic Bond list of Nasdaq Vilnius not later than within 30 days as from the issue date.

    Additional information:

    Issuer’s full name UAB “Atsinaujinančios energetikos investicijos”
    Issuer’s short name AEIB050025A
    Securities ISIN code LT0000134439
    Nominal value of one bond EUR 100,000, which may be increased in increments of EUR 1,000
    Total aggregated nominal value EUR 32,274,000
    Issue commencement date: 2025-06-13
    Maturity date 2027-12-13

    On 12 June 2025 the Company has also closed a cash tender offer, during which holders of EUR 2021/2025 notes (ISIN LT0000405938) were offered to tender their notes for 99 per cent of denomination per each note. As a result of the tender, the Company will redeem 10 102 units of EUR 2021/2025 notes (ISIN LT0000405938) for a total price of EUR 10 000 980. Investors will receive tender cash payment on 16 June 2025.

    Investors who subscribed for bonds via exchange offer will receive newly issued notes to their investment accounts on 16 June 2025.

    After issue of new notes and implementation of the cash tender offer outstanding nominal value of EUR 2021/2025 notes (ISIN LT0000405938) will be EUR 54 134 000.

    FMĮ “Orion securities” acted as Arranger and Dealer on the transaction, law firm TGS Baltic acted as legal advisor of the transaction.

    Contact person for further information:

    Mantas Auruškevičius

    Manager of the Investment Company

    mantas.auruskevicius@lordslb.lt

    The MIL Network

  • MIL-OSI: Atrium Mortgage Investment Corporation Announces $30 Million Public Offering of Convertible Unsecured Subordinated Debentures

    Source: GlobeNewswire (MIL-OSI)

    THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

    TORONTO, June 12, 2025 (GLOBE NEWSWIRE) — Atrium Mortgage Investment Corporation (TSX:AI, AI.DB.D, AI.DB.F and AI.DB.G) (“Atrium”) announced today that it has entered into an agreement with a syndicate of underwriters bookrun by TD Securities Inc. and RBC Capital Markets, pursuant to which the underwriters will purchase $30 million aggregate principal amount of 6.00% convertible unsecured subordinated debentures of Atrium due September 30, 2032 at a price of $1,000 per debenture. Atrium has also granted to the underwriters an over-allotment option to purchase up to an additional $4,500,000 aggregate principal amount of debentures at the same price, exercisable in whole or in part at any time for a period of up to 30 days following closing of the offering, to cover over-allotments. If the over-allotment option is exercised in full, the gross proceeds of the offering will total $34,500,000.

    Atrium will use the net proceeds of the offering to repay existing indebtedness under its revolving operating credit facility, which will then be available to be drawn, as required, for general corporate purposes, particularly funding future mortgage loan opportunities.

    The offering of debentures is expected to close on or about June 30, 2025 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

    The debentures will mature on September 30, 2032 and will accrue interest at the rate of 6.00% per annum payable semi-annually in arrears on March 31 and September 30 in each year, commencing March 31, 2026. At the holder’s option, the debentures may be converted into common shares of Atrium at any time prior to the close of business on the earlier of the business day immediately preceding the maturity date and the business day immediately preceding the date fixed for redemption of the debentures. The conversion price will be $13.65 for each common share, subject to adjustment in certain circumstances.

    The debentures will be direct, unsecured obligations of Atrium, subordinated to other senior indebtedness of Atrium, ranking pari-passu to Atrium’s existing 5.50% convertible unsecured subordinated debentures due December 31, 2025, 5.00% convertible unsecured subordinated debentures due December 31, 2028, and 5.10% convertible unsecured subordinated debentures due March 31, 2029.

    The debentures will not be redeemable before September 30, 2028. On and after September 30, 2028 and prior to September 30, 2030, the debentures may be redeemed, in whole or in part, from time to time at Atrium’s option at par plus accrued and unpaid interest, provided that the weighted average trading price of the common shares of Atrium on the Toronto Stock Exchange during the 20 consecutive trading days ending on the fifth trading day preceding the date on which notice of the redemption is given is not less than 125% of the conversion price. On and after September 30, 2030, Atrium may, at its option, redeem the debentures, in whole or in part, from time to time at par plus accrued and unpaid interest.

    Subject to specified conditions, Atrium will have the right to repay the outstanding principal amount of the debentures, on maturity or redemption, through the issuance of its common shares. Atrium will also have the option to satisfy its obligation to pay interest through the issuance and sale of its common shares.

    On or before June 18, 2025, the Company will file with the securities commissions or other similar regulatory authorities in each of the provinces of Canada (excluding Quebec), a preliminary short form prospectus relating to the issuance of the debentures. No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless an exemption from registration is available. This news release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Atrium in any jurisdiction.

    About Atrium

    Canada’s Premier Non-Bank Lender™

    Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium’s objectives are to provide its shareholders with stable and secure dividends and preserve shareholders’ equity by lending within conservative risk parameters.

    Atrium is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act (Canada), so is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. For further information, please refer to regulatory filings available at www.sedarplus.ca or Atrium’s website at www.atriummic.com.

    Forward-Looking Statements

    This news release contains forward-looking statements. Much of this information can be identified by words such as “expect to,” “expected,” “will,” “estimated” or similar expressions suggesting future outcomes or events and includes the expected use of proceeds and the expected closing date of the offering. Atrium believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

    Forward-looking statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. These risks include, but are not limited to, risks associated with the ability to satisfy regulatory, stock exchange and commercial closing conditions of the offering, the uncertainty associated with accessing capital markets and the risks related to Atrium’s business, including those identified in Atrium’s annual information form for the year ended December 31, 2024 under the heading “Risk Factors” (a copy of which may be obtained at www.sedarplus.ca). Forward-looking statements contained in this news release are made as of the date hereof and are subject to change. All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, Atrium undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

    For further information, please contact

    The MIL Network

  • MIL-OSI Africa: Niger’s Economy Rebounds in 2024 Thanks to Large-Scale Oil Exports and a Good Agricultural Season

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

    Download logo

    Niger’s economy recorded robust growth in 2024, driven by large-scale oil exports. However, short-term sources of growth remain limited and exposed to downside risks, according to the World Bank’s latest economic update for Niger, published today.

    The report analyzes the country’s economic, and poverty trends and provides a three-year outlook. A special chapter is dedicated to analyzing Niger’s agri-food system, offering recommendations for its effective transformation.

    According to the report, Niger’s economy grew by 8.4% in 2024, up from 2% in 2023. This acceleration was primarily fueled by the start of large-scale oil exports and strong agricultural production, supported by favorable weather conditions. Despite high inflation, including rising food prices, sustained growth contributed to a reduction of extreme poverty. Government revenues fell in 2024 due to a decrease in tax revenues – particularly trade-related taxes – leading to a reduction in investment spending. The resulting deficit, combined with a rapid accumulation of debt, led the IMF and World Bank to jointly downgrade Niger’s debt sustainability risk rating from moderate to high.

    Economic growth is expected to remain relatively high in the short-term, but Niger’s sources of growth – oil and rain-fed agriculture – are limited and vulnerable to shocks and volatility,” said Han Fraeters, World Bank Country Manager for Niger. “Investing in an efficient and resilient agri-food system is crucial if Niger is to achieve long-term, sustainable, and inclusive growth.”

    Economic growth is projected to slow down in 2025, due to a high base effect from 2024 but is expected to remain above 6%, supported by the continued expansion of the oil sector. Inflation is expected to ease, thanks to the strong 2024 harvest. The extreme poverty rate is project to decline in 2025-2027 if agricultural output remains robust. However, food insecurity will remain a challenge.

    If security risks are contained and efforts to expand irrigation are successful, growth could be higher,” said Danon Gnezale, Economist at the World Bank and co-author of the report. “Several options exist to strengthen the agri-food system, including strengthening value chains and producer organizations, investing in climate-smart agriculture technologies, adopting better regulations, and improving infrastructure.”

    – on behalf of The World Bank Group.

    MIL OSI Africa

  • MIL-OSI USA: Nadler Speech on Situation in Israel and the Palestinian Territories

    Source: United States House of Representatives – Congressman Jerrold Nadler (10th District of New York)

    Today, Congressman Jerrold Nadler (NY-12), the most senior Jewish Member of the House of Representatives, spoke on the House floor regarding the current situation in Israel and the Palestinian Territories:

    Mr. Speaker, I rise today in support of Israeli security, Palestinian freedom, a just, peaceful, and swift end to the war in Gaza, and an eventual, viable, and negotiated two-state solution.

    The situation in Gaza today is dire. I want to be clear: the war in Gaza began with Hamas’ brutal attack on innocent Israelis on October 7th, the bloodiest day in Jewish history since the Holocaust. For many in the Jewish community, in the United States and around the world, time stopped on that day, and has not yet resumed. It will resume when all the hostages are home. It will resume when the war is over, and the reservists can return to their families. It will resume when there is enough food, water, and medicine in Gaza to alleviate the humanitarian catastrophe. It will resume when families on both sides of the border can sleep peacefully without the constant fear of rockets and bombs falling from the sky. It will resume when there is a lasting, durable, and negotiated ceasefire.

    And Mr. Speaker, that day need not be far away. Israel achieved its goal of destroying the military capabilities and existential threat of Hamas months ago. Now Prime Minister Netanyahu should be proclaiming victory and indicating his readiness to withdraw from Gaza contingent on the return of all the hostages—both living and dead. He should be signaling his willingness to support an international security force on an interim basis to ensure law and order, and Israel’s support for international investment in the training and equipping of an eventual Palestinian security force. He should be supporting confidence building measures in the West Bank which empower the Palestinian Authority—contingent on the PA embracing and implementing real reforms, he should not be enacting an annexationist vision, while the plague of settler violence runs rampant.

    The alternative, Mr. Speaker, is a stark and disturbing picture. This week, Tom Friedman wrote in the New York times that, if “Israel goes ahead with Netanyahu’s vow to perpetuate this war indefinitely — to try to achieve… the far right’s fantasy of ridding Gaza of Palestinians and resettling it with Israelis — Jews worldwide better prepare themselves, their children and their grandchildren for a reality they’ve never known: to be Jewish in a world where the Jewish state is a pariah state — a source of shame, not of pride.  Because one day, foreign photographers and reporters will be allowed to go into Gaza unescorted by the Israeli Army. And when they do, and the full horror of the destruction there becomes clear to all…”

    Friedman continued, Mr. Speaker, writing, “Israel, instead of being seen by Jews as a safe haven from antisemitism, will be seen as a new engine generating it; sane Israelis will line up to emigrate to Australia and America rather than beckon their fellow Jews to come Israel’s way. That dystopian future is not here yet, but if you don’t see its outlines gathering, you are deluding yourself.”

    Mr. Friedman is not alone in this analysis. Indeed, Mr. Speaker, former Israeli security officials have been speaking out.

    Last week, two former Israeli Air Force pilots, Brigadier General Asaf Agmon and Colonel Uri Arad, published a letter in Hebrew in the Israeli newspaper Haaretz. They wrote “as the war in Gaza dragged on, it became clear that it was losing its strategic and security purposes and instead served primarily the political and personal interests of the government. It thus became an unmistakably immoral war, and increasingly appeared to be a war of revenge.”

    I agree with these distinguished former officials. It is clear to me that we long ago reached the point where victory is no longer the goal, and the main obstacle to bringing the hostages home and ending the war is the politics of one man: Prime Minister Benjamin Netanyahu.

    General Agmon and Colonel Arad are not peace activists, Mr. Speaker. They are former top Israeli air force pilots and high-ranking officers, and we must heed their calls.

    They are not alone, Mr. Speaker. Commanders for Israel’s Security is a movement of over 550 retired senior officials from Israel’s defense, security and diplomatic services. The Commanders, as they are often referred to, recently published a letter urging Jewish diaspora voices to speak out in favor of ending the violence in Gaza. They wrote, “Accused of weakening Israel or betraying their connection to the Jewish state, they are told that those who live abroad or do not serve in the I.D.F. must keep silent. We categorically reject the notion that Jews in the diaspora must remain silent on matters concerning Israel… To those who fear that public criticism undermines Israel, we say that open, honest dialogue only reinforces our democracy and our security.”

    This is true for this body too, Mr. Speaker. We all must speak up. If our voices contribute to preventing one more ounce of bloodshed, or to the return home of a hostage one minute sooner, or gets one more piece of bread into the hands of a starving Gazan, or helps redeem the moral position of the State of Israel, our words are worth it. Jewish tradition teaches in Mishna Sanhedrin that “saving one life is like saving the whole world.” I hope that we can come together to heed the voices that are speaking out at this moment, and that together work to save as many worlds as we can.

    MIL OSI USA News

  • MIL-OSI Russia: China and EU central banks pledge to strengthen cooperation

    Translation. Region: Russian Federal

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

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

    BEIJING, June 12 (Xinhua) — The central banks of China and the European Union have vowed to strengthen cooperation amid a complex and volatile international environment.

    The corresponding intention was voiced at the first annual meeting of the governors of the People’s Bank of China (PBOC) and the European Central Bank (ECB), which was co-chaired in Beijing on Wednesday by PBOC Governor Pan Gongsheng and ECB President Christine Lagarde.

    The meeting included an in-depth exchange of views on topics such as the financial and economic situation in China and the eurozone, reform of the international monetary system and global financial regulation, as well as key areas of cooperation between the two central banks.

    The parties signed a memorandum of understanding on cooperation between the PBOC and the ECB, which provides for the establishment of a mechanism for annual meetings at the level of the heads of state, as well as further improvement of the cooperation framework in such areas as information sharing, communication on central bank policies and technical cooperation.

    Pan Gongsheng assured that China remains committed to advancing high-quality development through high-level opening-up and is willing to strengthen coordination and cooperation with other economies including the EU to jointly tackle global challenges.

    He also stressed that the PBOC expects to continue to maintain exchanges and cooperation with the ECB, effectively making use of the mechanism of the executive meetings as an important platform to strengthen policy communication and advance the cooperation between the two financial institutions to a new height.

    For her part, K. Lagarde pointed out the importance of deepening Chinese-European cooperation, noting that the signing of the memorandum of understanding is a confirmation of the ongoing dialogue with the PBOC. –0–

    MIL OSI Russia News

  • MIL-OSI Europe: Hearings – Public Hearing on the Impact of EU Support to Decent Jobs in Partner Countries – 25-06-2025 – Committee on Development

    Source: European Parliament

    Supporting decent and sustainable jobs, as a driver for eradicating poverty and inequality, is a key objective for the EU’s international partnerships. But what impact do aid and investments, including through Global Gateway projects, really have? Experts and stakeholders will present new measurement tools and best practices in creating decent employment in partner countries, to develop practical recommendations for enhancing the EU’s future engagement and Parliament’s oversight.

    Supporting decent and sustainable jobs, as a driver for eradicating poverty and inequality, is a key objective for the EU’s international partnerships. But what impact do aid and investments, including through Global Gateway projects, really have? On 25 June, 10.30-12.30, experts and Members will discuss new measurement tools, as well as best practices in creating decent employment in partner countries. The Hearing will be chaired by Barry Andrews, Chair of the DEVE Committee, and moderated by Udo Bullmann and Hildegard Bentele, Standing Rapporteurs on Global Gateway. Panellists include experts from the University of London, the ILO, the African Development Bank, the International Trade Union Confederation – Africa and the International Organisation of Employers. Takeaways from the Hearing will feed into the DEVE committee’s monitoring of the NDICI-Global Europe instrument, as well as the AFET-DEVE own-initiative report on “Global Gateway: past impact and future orientations”.

    MIL OSI Europe News

  • MIL-OSI: Logent Group acquires HUB logistics Finland Oy and announces the intention to issue subsequent notes

    Source: GlobeNewswire (MIL-OSI)

    Logent Finland Bidco Oy, an indirect subsidiary of SSCP Lager BidCo AB (publ) (“Logent” or the “Company”) has entered into an agreement with the shareholders of the Finnish entity HUB logistics Finland Oy (“HUB logistics” or the “Target”) to acquire all the shares in the Target (the “Acquisition”). The closing of the Acquisition is expected to take effect on 23 June 2025 and is subject to customary conditions precedents.

    Logent has mandated Nordea Bank Abp and Pareto Securities AS as joint bookrunners to arrange credit investor meetings commencing on 13 June 2025 for the placement of subsequent senior secured notes under the terms and conditions of the Company’s outstanding notes loan 2023/2026 with ISIN SE0021021193 (the “Subsequent Notes Issue”). A capital markets transaction with an expected volume of SEK 200 million will follow. The Company has received binding subscription applications corresponding to the full amount of the Subsequent Notes Issue.

    The net proceeds from the Subsequent Notes Issue will be applied towards consummation of the Acquisition, financing transaction costs and general corporate purposes. Following the Subsequent Notes Issue, the aggregate outstanding nominal amount under the notes loan is expected be SEK 1,050 million.

    The Acquisition in brief and financial effects

    Joining forces in Finland will complement Logent’s and HUB logistics’ strengths, service offerings and enhance the value Logent can deliver to its customers in the Finnish market and in Northern Europe more broadly.

    After closing of the Acquisition, Logent is expected to generate rolling 12-month pro forma Net Sales of approximately SEK 2.7 billion and Adj. EBITDA (pre-IFRS 16) of approximately SEK 270 million, as of the first quarter of 2025. The incurrence testing date for the Subsequent Notes Issue will be 3 June, 2025, at which the Company reports a pro forma net debt position (incl. consummation of the Acquisition) of approximately SEK 1,010 million (pre-IFRS 16).

    Nordea Bank Abp and Pareto Securities AS are acting as Joint Bookrunners in connection with the Subsequent Notes Issue. Snellman Advokatbyrå AB acts as legal advisor to the Company and Gernandt & Danielsson Advokatbyrå KB acts as legal advisor to the Joint Bookrunners.

    For further information, please contact:

    Joel Engström, CEO, telephone number: +46 734 36 36 29, joel.engstrom@logent.se

    This information is of the type that SSCP Lager BidCo AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above, on 12-06-2025 at 20:12 CET/CEST.

    About Logent Group
    Logent is an independent logistics partner, with a Nordic base present in Northern Europe and global networks. We have a wide range of services and create value for our customers through guaranteed cost and quality improvements. Our service offer include Logistics Services such as Warehouse design and operations, Transport Management and Customs, Port and Terminal operations, Staffing Services and Consulting Services. This means that Logent has grown to a turnover of about SEK 2.4 billion from the start in 2006 and employs approximately 2,800 people in Northern Europe.

    Attachment

    The MIL Network

  • MIL-OSI USA: ICYMI—Hagerty Joins Varney & Co. on Fox Business to Discuss Illegal Immigration, Sanctuary City Legislation, CCP Influence

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    WASHINGTON—Today, 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, joined Varney & Co. on Fox Business to discuss Democrats supporting illegal immigration for political power, his legislation to withhold funding from sanctuary cities, and the Chinese Communist Party’s malign influence on the United States.

    *Click the photo above or here to watch*

    Partial Transcript

    Hagerty on Democrats supporting illegal immigration: “What they’re not saying is what’s so obvious to all of us. They’re creating these sanctuaries as magnets. They want these magnets to attract illegal aliens. They want these illegal aliens, because why? They want to increase the count for the census. So, they can get more congressional districts and more electoral votes in their states. That’s precisely what’s happening. That’s why we should outlaw this. We should not allow the counting of illegal aliens in the census for allocating congressional seats and electoral votes. They know that. But that’s exactly why they’re using this as a magnet, and they’re not cooperating with federal law. You’ve seen the chaos in the streets. You’ve got illegal aliens running around with flags of other countries and burning the American flag. These are criminals that are disrespecting the United States of America. And I think we need to make it clear the United States is not a sanctuary nation, nor are any of these cities allowed to be sanctuary cities.”

    Hagerty on his legislation to withhold funding from sanctuary cities: “Well, here’s what you can do, and I’m doing it today: I’m bringing out legislation that will stop the flow of community development block grants to these sanctuary cities. If you’re a sanctuary city, we’re going to withhold the funding for community development block grants. They’ll start to see it when on the Appropriations Committee and the Banking Committee, we’re able to put pressure on the funding of these cities that seem to rely so much on the federal [dollar]. Yet, they want to act as if they’re independent at the same time.”

    Hagerty on the CCP’s malign influence within the U.S.: “It is strong, but what’s happening to us is very strong, and we need to wake up to it. The most recent case of agroterrorism, very deeply concerning, bringing in bio-terrorism material here that could destroy crops in America. You think about a spy balloon that was floated over our country. I think the worst defense of all is the fact that China continues to send fentanyl and fentanyl precursors into the United States through Mexico, through their partners there. And they launder the money from these Mexican partners, or these other cartels from Venezuela, you name it. The crime that’s being fueled here in America has fingerprints of the CCP all over it. And if you think about what’s happening on our campuses, Confucius institutes, the attempts, basically, to indoctrinate young people. You think about the content on TikTok here in America versus what kids see in China. They see educational programming in China. On TikTok here, something very, very different. So, it’s deeply concerning and something that we ought to acknowledge as a nation and address.”

    MIL OSI USA News

  • MIL-OSI Canada: Minister Champagne meets with provincial and territorial Finance Ministers

    Source: Government of Canada News

    June 11, 2025 – Ottawa, ON

    The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, convened a virtual meeting with provincial and territorial Finance Ministers to advance shared priorities and strengthen Canada’s economic resilience.

    The Minister opened the discussion with an update on Canada–U.S. relations, emphasizing the federal government’s determination to remove unjustified U.S. tariffs still in force on many Canadian products. He reaffirmed Canada’s commitment to establishing a renewed economic and security relationship with the United States while strengthening collaboration with reliable trading partners from around the world.

    Minister Champagne highlighted Canada’s leadership on the international stage, notably through its chairing of the recent meeting of G7 Finance Ministers and Central Bank Governors, which laid the groundwork for next week’s Leaders’ Summit in Kananaskis, Alberta. G7 discussions focused on tackling global economic uncertainty, combatting financial crimes, harnessing the potential of digital transformation, and promoting growth and productivity.

    In line with the federal government’s nation-building agenda, the Minister welcomed the growing momentum among provinces and territories to reduce internal trade barriers and unlock the full potential of the Canadian economy. He reiterated the government’s commitment, reflected in Bill C-5, the One Canadian Economy Act, aimed at eliminating federal barriers to trade and labour mobility and accelerating transformative projects of national interest.

    The Minister also provided updates on key legislative initiatives that will deliver real results for Canadians. This includes Bill C-4, which proposes a middle class tax cut for nearly 22 million Canadians and removes the Goods and Services Tax for first-time buyers purchasing new homes up to $1 million, and Bill C-2, which strengthens border security to keep communities safe.

    Canada’s Finance Ministers also agreed to remain in close contact in the weeks ahead and keep driving momentum to build the strongest economy of the G7.

    Related Links

    Associated Links

    MIL OSI Canada News

  • MIL-OSI Russia: Chinese Premier Meets ECB Chief

    Translation. Region: Russian Federal

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

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

    BEIJING, June 12 (Xinhua) — Chinese Premier Li Qiang met with European Central Bank (ECB) President Christine Lagarde in Beijing on Thursday, calling for greater openness and cooperation between the two sides.

    Recalling that this year marks the 50th anniversary of the establishment of diplomatic relations between China and the European Union, Li Qiang said China hopes to continue making efforts with the EU to consolidate political mutual trust, expand practical cooperation and jointly promote development and prosperity.

    As the head of the Chinese government noted, the economies of China and the EU are highly complementary, China has the advantage of a super-large market and continues to reveal its market potential. The parties have significant potential for cooperation in many areas, Li Qiang added.

    As two major economies and two major forces, China and the EU should carry out closer multilateral coordination, promote openness and cooperation, and make greater contributions to global economic recovery and improving global governance, the premier said.

    In addition, Li Qiang expressed China’s intention to strengthen cooperation with the ECB in such aspects as reforming the international monetary system. He also assured that China will resolutely expand its opening up to the outside world and share its development opportunities with all countries.

    K. Lagarde, for her part, noted that customs and trade wars will only lead to mutual loss; firm adherence to multilateralism and strengthening openness and cooperation are the right choice.

    As noted by K. Lagarde, the ECB is pleased to jointly establish with China the mechanism of central bank governors’ meetings and hold the first meeting within its framework, and also seeks to strengthen communication and coordination with Chinese financial institutions, expand and deepen areas of cooperation, jointly addressing global challenges. –0–

    MIL OSI Russia News

  • MIL-OSI Global: Mitigating AI security threats: Why the G7 should embrace ‘federated learning’

    Source: The Conversation – Canada – By Abbas Yazdinejad, Postdoctoral Research Fellow, Artificial Intelligence, University of Toronto

    Artificial intelligence (AI) is transforming the world, from diagnosing diseases in hospitals to catching fraud in banking systems. But it’s also raising urgent questions.

    As G7 leaders prepare to meet in Alberta, one issue looms large: how can we build powerful AI systems without sacrificing privacy?

    The G7 summit is a chance to set the tone for how democratic nations manage emerging technologies. While regulations are advancing, they won’t succeed without strong technical solutions.

    In our view, what’s known as federated learning — or FL — is one of the most promising yet overlooked tools, and deserves to be at the centre of the conversation.




    Read more:
    6 ways AI can partner with us in creative inquiry, inspired by media theorist Marshall McLuhan


    As researchers in AI, cybersecurity and public health, we’ve seen the data dilemma firsthand. AI thrives on data, much of it deeply personal — medical histories, financial transactions, critical infrastructure logs. The more centralized the data, the greater the risk of leaks, misuse or cyberattacks.

    The United Kingdom’s National Health Service paused a promising AI initiative over fears about data handling. In Canada, concerns have surfaced about storing personal information — including immigration and health records — in foreign cloud services. Trust in AI systems is fragile. Once it’s broken, innovation grinds to a halt.

    Why is centralized AI a growing liability?

    The dominant approach to training AI is to bring all data into one centralized place. On paper, that’s efficient. In practice, it creates security nightmares.

    Centralized systems are attractive targets for hackers. They’re difficult to regulate, especially when data flows across national or sectoral boundaries. And they concentrate too much power in the hands of a few data-holders or tech giants.

    But instead of bringing data to the algorithm, FL brings the algorithm to the data. Each local institution — whether it’s a hospital, government agency or bank — trains an AI model on its own data. Only model updates — not raw data — are shared with a central system. It’s like students doing homework at home and submitting only their final answers, not their notebooks.

    This approach dramatically lowers the risk of data breaches while preserving the ability to learn from large-scale trends.

    Where is it already working?

    FL could be a game-changer. When paired with techniques like differential privacy, secure multiparty computation or homomorphic encryption, it could dramatically reduce the risk of data leaks.

    In Canada, researchers have already used FL to train cancer detection models across provinces — without ever moving sensitive health records.

    Artificial intelligence has been used to train cancer detectiom models.
    (Shutterstock)

    Projects like those involving the Canadian Primary Care Sentinel Surveillance Network have demonstrated how FL can be used to predict chronic diseases such as diabetes, while keeping all patient data securely within provincial boundaries.

    Banks are using it to detect fraud without sharing customer identities.Cybersecurity agencies are exploring how to co-ordinate across jurisdictions without exposing their logs.




    Read more:
    Health-care AI: The potential and pitfalls of diagnosis by app


    Why the G7 needs to act now

    Governments around the world are racing to regulate AI. Canada’s proposed Artificial Intelligence and Data Act, the European Union’s AI Act, and the Executive Order on Safe, Secure, and Trustworthy AI in the United States are all major steps forward. But without a secure way to collaborate on data-intensive problems — like pandemics, climate change or cyber threats — these efforts may fall short.

    FL allows different jurisdictions to work together on shared challenges without compromising local control or sovereignty. It turns policy into practice by enabling technical collaboration without the usual legal and privacy complications.

    And just as importantly, adopting FL sends a political signal: that democracies can lead not just in innovation, but in ethics and governance.

    Hosting the G7 summit in Alberta isn’t just symbolic. The province is home to a thriving AI ecosystem, institutions like the Alberta Machine Intelligence Institute and industries — from agriculture to energy — that generate vast amounts of valuable data.

    Picture a cross-sector task force: farmers using local data to monitor soil health, energy companies analyzing emissions patterns, public agencies modelling wildfire risks — all working together, all protecting their data. That’s not a futuristic fantasy — it’s a pilot program waiting to happen.

    A foundation for trust?

    AI is only as trustworthy as the systems behind it. And too many of today’s systems are based on outdated ideas about centralization and control.

    FL offers a new foundation — one where privacy, transparency and innovation can move together. We don’t need to wait for a crisis to act. The tools already exist. What’s missing is the political will to elevate them from promising prototypes to standard practice.

    If the G7 is serious about building a safer, fairer AI future, it should make FL a central piece of its plan — not a footnote.

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

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

    ref. Mitigating AI security threats: Why the G7 should embrace ‘federated learning’ – https://theconversation.com/mitigating-ai-security-threats-why-the-g7-should-embrace-federated-learning-258670

    MIL OSI – Global Reports

  • MIL-OSI Africa: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)-Supported Nakkaş-Başakşehir Motorway Wins TXF Social Infrastructure Deal of the Year 2024

    The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is proud to announce that the Nakkaş-Başakşehir Motorway Project in Türkiye has been named TXF’s Social Infrastructure Deal of the Year 2024, awarded during the TXF Global Awards Ceremony held on 11 June 2025.

    This landmark project involves EUR 1.044 billion in non-recourse financing for the development of a 35-kilometer greenfield motorway in Istanbul Province—the final section of the Northern Marmara Motorway, a 450-kilometer corridor connecting Türkiye’s Asian and European regions. The public-private partnership is expected to significantly reduce traffic congestion, improve trade logistics, and cut commute times by up to 40 minutes.

    The project aligns with multiple UN Sustainable Development Goals (SDGs), notably SDG 8 (Decent Work), SDG 9 (Infrastructure), SDG 11 (Sustainable Cities), and SDG 17 (Partnerships), by creating jobs, modernizing transport infrastructure, and fostering international cooperation.

    ICIEC played a pivotal role in the financial close by offering a comprehensive risk mitigation solution, including a EUR 74 million Non-Honoring of Sovereign Financial Obligations (NHSFO) policy to Standard Chartered and Deutsche Bank, and Equity Investment Insurance to Korean investors.

    “This award reflects the strength of our partnership with the Government of Türkiye, our member institutions, and the private sector,” said Dr. Khalid Khalafalla, CEO of ICIEC. “We are particularly proud to have supported this project alongside other Export Credit Agencies and Multilateral Development Banks—most notably our parent institution, the Islamic Development Bank, and our sister entity, the Islamic Corporation for the Development of the Private Sector. Together, we leveraged synergies to mobilize Islamic finance and de-risk strategic infrastructure. Congratulations to all parties involved in delivering a project with lasting developmental impact.”

    This transaction exemplifies ICIEC’s mission to provide innovative risk mitigation solutions that enable impactful trade and infrastructure investment across its 50 member states.

    Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

    Media Contact:
    Email: ICIEC-Communication@isdb.org

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    About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
    ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time “AA-“ long-term Issuer Credit Rating by S&P with Stable Outlook.  ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

    For more information: visit: http://ICIEC.IsDB.org

    MIL OSI Africa

  • MIL-OSI USA: Boyle Grills Secretary Bessent Over Cost of Trump’s Budget Bill in Ways & Means Hearing

    Source: United States House of Representatives – Congressman Brendan Boyle (13th District of Pennsylvania)

    WASHINGTON, DC — In today’s Ways and Means Committee hearing, Congressman Brendan F. Boyle (PA-02), Ranking Member of the House Budget Committee, questioned Treasury Secretary Scott Bessent about the staggering cost of the Republican budget bill.

    Boyle warned that Trump’s plans would add $3 trillion to the deficit while kicking 16 million people off their health care and slammed the administration’s trade policies that led the World Bank to slash growth projections.

    A full transcript and video are below: 

     

     (Click for video of remarks as delivered.)

    Congressman Boyle’s full remarks and questions as delivered:

    Congressman Boyle: “I’m sorry, but I just can’t stand it anymore. This massive, outrageous pork-filled spending bill is a disgusting abomination. Shame on those who voted for it. You know you did wrong. You know it.” Those were the words of your former White House colleague and good friend Elon Musk.

    Another: “This spending bill contains the largest increase in debt ceiling in US history. It is the debt slavery bill. A new spending bill should be drafted that doesn’t massively grow the deficit and increase the debt ceiling by $5 trillion.”

    Why do you believe Mr. Musk is right or wrong?

    Secretary Bessent: You’d have to ask Mr. Musk.

    Congressman Boyle: Well, take the substance of what he said. Does it not add trillions of dollars, your bill to the deficit and debt?

    Secretary Bessent: It is not my belief that it does. It may be his, he could speak for himself.

    Congressman Boyle: But of course, it’s not just Mr. Musk, it is the Congressional Budget Office. It is conservative leaning groups like Tax Foundation, Cato, left-leaning groups, and nonpartisan groups like CBO and JCT. So this bill has actually united the left, the right, and the center all saying it massively increases deficit and debt, but they’re all wrong and you’re right?

    Secretary Bessent: Congressman, I think that there are a, are a range of outcomes that I think that many do not include the pro growth measures, just as they were wrong with the original TCJA, and that has proven to be a resounding success. Just as, I don’t know if you were here to vote for the IRA, the CBO scoring on that, it has been three to four times more expensive.

    Congressman Boyle: So, it’s curious to me because you spent decades as an executive at George Soros’ hedge fund being very successful, making billions of dollars. Back then you would always rail against deficit and debt. What happened?

    Secretary Bessent: I, again, that it is smart spending, that what are we spending for?

    Congressman Boyle: Tax cuts that mostly go to billionaires such as yourself while throwing 16 million people off their healthcare coverage.

    Secretary Bessent: Well, I, I would dispute that 16 million. I think you’re conflating a lot of numbers.

    Congressman Boyle: No, it’s the — excuse me, reclaiming my time — those aren’t my numbers. Just to be clear, as you know, it’s the Congressional Budget Office projection.

    Secretary Bessent: I think you’re adding up a, a lot of numbers that shouldn’t be added.

    Congressman Boyle: Excuse me. I am adding two specific numbers. The cuts CBO found coming to Medicaid — no, we’re entitled to our own opinions, but not our own facts and not our own numbers. The CBO shows that 10.9 million will lose their health care coverage from the Medicaid cuts and another 5.1 million will lose their healthcare coverage due to the ACA cuts. 10.9 plus 5.1 is 16 million.

    Secretary Bessent: So, so you are adding numbers.

    Congressman Boyle: Yes. Correctly.

    Secretary Bessent: Do, do you support Medicaid for illegal aliens? 1.4 million.

    Congressman Boyle: I’m asking the questions, not you, although you’ll be happy to know that my home state commonwealth of Pennsylvania, actually they check your citizenship status before you can enroll in Medicaid.

    Congressman Boyle: But I understand why you’re wanting to divert and change the subject. Let me move, since we’ve taken up already most of my time, the World Bank yesterday had a shocking growth projection. They slashed their growth projection for the United States by upwards of 40%. I’m just curious, do you agree or do you think they’re wrong as well, because they specifically cited the trade uncertainty caused by your administration, the administration that you serve as Secretary of the Treasury, as being the primary reason why they’ve had to slash their growth projection to the lowest since 2008.

    Secretary Bessent: Congressman, you kindly cited the success that I may or may not have had in my previous career, but I could tell you I would not have had it if I followed World Bank projections.

    Congressman Boyle: So, it is interesting that you believe all of these groups are wrong. From your former colleague, Elon Musk, to left leaning groups, to right leaning groups, to center groups, to the World Bank, everything is going hunky dory. The reality is, I can see why you would have that opinion. You as a billionaire will reap the rewards of this tax cut while 16 million Americans will lose their health coverage. That is the sad reality of the situation.

    Secretary Bessent: We could look at the, who would be most harmed if these tax cuts expire?

    Congressman Boyle: Well, you’ll be happy to know that on this Democratic side of the dais, through an 18 hour markup, every single Democratic member voted to extend the tax cuts for everyone making under a billion dollars.

    Congressman Boyle: I see my time has expired. I yield back.

    ###

    MIL OSI USA News

  • MIL-OSI: BNP Paribas SA : 2025 MREL requirements notification

    Source: GlobeNewswire (MIL-OSI)

    2025 MREL REQUIREMENTS NOTIFICATION

    PRESS RELEASE

    Paris, 12 June 2025

    The BNP Paribas Group has received the notification by the Autorité de Contrôle Prudentiel et de Résolution (ACPR), implementing the decision of the Single Resolution Board, of the updated Minimum Requirement for Own Funds and Eligible Liabilities (MREL) requirements applicable from this date.

    The total MREL requirement applicable now amounts to 22.19% to which the CBR1 must be added, of the Group’s RWA and 5.91% of the Group’s leverage exposures.

    As regards the subordination constraint, the requirement applicable for the BNP Paribas Group is respectively 14.78% to which the CBR1 must be added, of Group’s RWA and 5.75% of the Group’s leverage exposures.

    As at 31 March 2025, the BNP Paribas Group is well above the updated MREL requirements with a total MREL ratio of 29.8% based on Group’s RWA and a Group subordinated MREL ratio of 27.1% on the same basis. These ratios were respectively 9.0% and 8.2% of Group’s leverage exposures as at 31 March 2025.

    About BNP Paribas

    Leader in banking and financial services in Europe, BNP Paribas operates in 64 countries and has nearly 178,000 employees, including more than 144,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Türkiye, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

    Press contact

    Sandrine Romano – sandrine.romano@bnpparibas.com +33 6 71 18 23 05
    Hacina Habchi – hacina.habchi@bnpparibas.com +33 7 61 97 65 20


    1 Combined Buffer Requirement of 4.78% as at 31 March 2025

    Attachment

    The MIL Network

  • MIL-OSI Banking: Copilot Vision on Windows with Highlights now available in the US

    Source: Microsoft

    Headline: Copilot Vision on Windows with Highlights now available in the US

    We’re excited to announce that Copilot Vision on Windows with Highlights is now available in the US. This is a major step forward in our journey to make Copilot your everyday companion: one that works with you, sees what you see, and helps you get things done. As Copilot becomes more optimized for Windows, it

    We’re excited to announce that Copilot Vision on Windows with Highlights is now available in the US. This is a major step forward in our journey to make Copilot your everyday companion: one that works with you, sees what you see, and helps you get things done. As Copilot becomes more optimized for Windows, it stands apart as your go-to AI companion that’s ready to be there as a sounding board and a guide when you need it.

    Copilot Vision on Windows is an all-new way to engage with your Windows PC, assisting you when needed. When you choose to enable it, Copilot Vision can see what you see and talk to you about it in real time.  It acts as your second set of eyes, able to analyze content, help when you’re lost, provide insights, and answer your questions as you go. Whether you’re browsing, working, or deep in a project, Copilot Vision offers instant insights and answers, keeping your flow smooth and effortless.  

    What brings Copilot Vision on Windows to life is the ability to navigate multiple apps at once, and have Copilot serve as a guide when you want it to. You’re now able to share two apps at a time so Copilot travels with you as you work to gain more context, connecting dots between different apps. And with Highlights, you can go a step further and ask Copilot “show me how” for a specific task and it will show you within the app where to click and what to do. Altogether, Copilot can be by your side giving you tips while playing a game, viewing your photo and showing you how to improve the lighting to make it perfect, or reviewing your travel itinerary to let you know if your packing list is sufficient based on your destination.  

    To get started with Copilot Vision on Windows, open the Copilot app and click the glasses icon in your composer, select which browser window or app you want to share, and ask Copilot to help with whatever you’re working on. To stop sharing, press ‘Stop’ or ‘X’ in the composer. It’s a fully opt-in experience that always puts you at the controls.  

    Copilot Vision on Windows is available now in the US for Windows 10 and Windows 11, and coming to more non-European countries soon. Copilot Vision on Windows is part of Copilot Labs as we continue to refine and enhance the experience. The Copilot on Windows app now also supports Deep Research and file search.  

    This update brings Copilot even closer to being a true companion, with a deeper understanding of your goals and the ability to provide clear, step-by-step guidance to help you accomplish them. Copilot Vision on Windows is evolving, shaped by the insights and experiences of those who use it every day. We’re committed to refining and expanding its capabilities, with new features and functionality on the horizon. Try Copilot Vision on Windows today.   

    MIL OSI Global Banks

  • MIL-OSI USA: Cantwell, Experts Agree: Trump’s Trade War Is Short-Term Pain With No Long-Term Gain

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    06.12.25

    Cantwell, Experts Agree: Trump’s Trade War Is Short-Term Pain With No Long-Term Gain

    “We’re really going to hurt our long-term competitiveness as a nation from doing this,” says Cantwell

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, participated in a spotlight forum on tariffs hosted by Democratic senators.

    At the forum, Sen. Cantwell questioned witnesses about the long-term damage that President Trump’s trade war is inflicting on America’s long-term competitiveness.

    “We should be doubling down now on workforce training. Instead, we’re throwing it into cost and chaos, and so we’re really going to hurt our long-term competitiveness as a nation from doing this,” said Sen. Cantwell. “So, we’re not getting any short-term gain. Nobody’s going to make any money here.”

    “Senator, you’re absolutely right,” responded Adam Posen, President of the nonpartisan Peterson Institute for International Economics. “Even if our goal is to create more manufacturing or good jobs […], you can’t compete in manufacturing if you’re further up the value chain, where the better jobs are, if you can’t substitute for these imports at any reasonable price.”

    “This is short-term pain and long-term pain,” added Thea Lee, Economist and Former Deputy Undersecretary for International Labor Affairs. “There is no short-term pain for the long-term gain, because we are destroying the rules-based system.”

    This week, Sen. Cantwell joined 30 Senators in filing an amicus brief in a key case, Oregon v. Department of Homeland Security, challenging the Trump Administration’s abuse of emergency powers to impose global tariffs.

    In April, Sen. Cantwell introduced the bipartisan Trade Review Act of 2025 to reaffirm Congress’ key role in setting and approving U.S. trade policy, and reestablish limits on the president’s ability to impose unilateral tariffs. Her bill has since picked up 12 additional cosponsors – an equal mix of Republicans and Democrats – and been endorsed by multiple major U.S. business organizations, including the National Retail Federation, which is the largest retail trade association in the world. House members also introduced a bipartisan companion bill.

    On April 16, Sen. Cantwell joined nine local business owners and leaders at the Port of Seattle to push back against the Trump administration’s chaotic tariffs-first trade policy. On May 29, she gathered stakeholders at the Port of Seattle again to respond to the chaos caused by President Donald Trump scrambling to keep his draconian tariffs in place amid court challenges.

    “American businesses need a rules-based trade system. That means American families would have the certainty, not chaos and not higher prices. We know this: That when you start trade wars, usually that means you end up closing markets,” Sen. Cantwell said in at the May 29 press conference.

    In Washington state, two out of every five jobs are tied to trade and trade-related industries. More information about how those tariffs will affect consumers and businesses in the State of Washington can be found HERE.  

    For the past four months, President Trump has been sowing economic chaos across the country with unpredictable and ever-changing tariff announcements. His back-and-forth announcements and actions have whipsawed American businesses and consumers, as well as close neighbors and allies.

    Federal Reserve Chairman Powell recently warned, “What looks likely, given the scope and scale of the tariffs, is that … the risks to higher inflation, higher unemployment have increased.”  This week, the Federal Reserve issued its “beige book” report, which found that all 12 Federal Reserve Districts “indicated that higher tariff rates were putting upward pressure on costs and prices.”  Today, the World Bank also said that because of a “substantial rise in trade barriers,” it is cutting its forecast for U.S. economic growth in 2025 in half, while also cutting its estimate for global economic growth, and warned that the world economy “is once more running into turbulence” and “Without a swift course correction, the harm to living standards could be deep.’’

    MIL OSI USA News

  • MIL-OSI Canada: Increasing privacy and protection for Albertans

    Source: Government of Canada regional news (2)

    MIL OSI Canada News