Category: Banking

MIL-OSI Banking: More power to the people

Source: – Press Release/Statement:

Headline: More power to the people

Canada is entering the age of customer-owned power generation

By Phil McKay, Senior Director, Distributed Energy Resources and Grid Integration, Canadian Renewable Energy Association

Welcome to the new age of customer-owned power generation! The promise of making your own electricity, at your own apartment, house or business, is within reach. On-site, or Behind-the-Meter (BTM) solar and energy storage, can power your appliances, heating, cooling, cars and anything else you can think of. This can provide emergency backup power and protect against energy cost fluctuations. Smart BMS (Building Management Systems) can provide usage data and controls to improve your lifestyle and your business profitability.

So who is holding the key to unlocking these benefits? Your electricity utility.

Right now, Canada’s utility professionals are protecting customers by keeping costs low and reliability high. While wrestling with a whole new world of energy needs: People need more electricity because they are electrifying things that never used to get plugged in; data centres are changing the game; industrial processes are shifting.

The dominant, central power-production model that has been used to push huge amounts of electricity along transmission and distribution lines has already been disrupted. Wind, solar and energy storage are scalable solutions, allowing power-generation projects to contribute energy and services to the grid in hundreds of locations distributed across Canada.

Now, electricity grids need more resilience in the face of a changing climate, and they must meet new demands from customers connecting fleets of electric vehicles and power-hungry data centers. People want cleaner power and a more equitable distribution of infrastructure to support their communities.

As a result, we’re seeing the next disruption. Canada is about to cross the milestone of 100,000 solar projects installed behind meters by customers like you and me.

Over the past three years as the Executive Director of CanREA’s Electricity Transition Hub, I have learned a lot about Canada’s electricity utilities and system operators. We recently concluded this three-year capacity building project, supported by NRCan’s SREPs funding.

I’ve had the chance to work with dozens of utilities and system operators, helping them make sense of the overwhelming volume of information on the clean-energy transition, and bridge the gap between global learnings and Canada’s specific regional needs.

Continuing with CanREA as Senior Director, Distributed Energy Resources and Grid Integration, I will expand our work with utilities, system operators, regulators, government agencies and other organizations, while also addressing the next big disrupter: behind-the-meter (BTM) distributed energy resources (DERs).

I will work with CanREA’s growing BTM membership of solar installers, suppliers and supporting organizations, to address the barriers to a full-scale transformation of neighbourhoods, cities, industrial parks and rural networks.

At this moment in Canada’s future energy story, the ability to produce and manage power on-site is not available to everyone. There are financial barriers to upgrade a legacy system, both at the utility level and within Canada’s existing building stock.

There are also connection barriers, with some utilities having prohibitive requirements, or processes based on legacy-protection schemes. Unlocking every electricity meter in the country demands a standardized connection approach and financial mechanisms that allow everyone to participate.

There has been a lot of progress in some areas of the country. In other places, customers just can’t get at the same opportunities. I think everyone should have the opportunity to build, buy and grow their clean-energy lifestyle or business in their own way, through strong policies, supportive regulations and standards that keep everyone safe and empowered.

Until Canada’s net-zero emissions economy is within reach, the knowledge-transfer from global learnings to Canadian contexts will not be complete. That’s why I’m excited to work on these two complimentary programs: our Utility GRID Integration Program focuses on finding answers to some of the utility sector’s toughest questions; our BTM Program focuses on hearing from the ‘boots on the ground’ (or on the roof).

Contact us for more information on either of these two exciting programs and to learn more about membership options that work for you.

As CanREA’s new Senior Director, Distributed Energy Resources and Grid Integration, I am really looking forward to leading these two programs and supporting the industry in the months and years ahead, as we bring in learnings from around the world and chart the course for Canada’s just, affordable, resilient and clean power system of the future.
The post More power to the people appeared first on Canadian Renewable Energy Association.

MIL OSI Global Banks –

May 17, 2025
MIL-OSI Russia: Financial News: Interview with Zulfiya Kakhrumanova for Komsomolskaya Pravda

Translation. Region: Russian Federal

Source: Central Bank of Russia –

Why do we need a digital ruble, will it become mandatory and what will a single QR code give us?

And yet, in the financial sphere, we are ahead of the rest of the world! Well, or at least among the world leaders. The financial sphere is one of the most technologically advanced in Russia, many countries would envy such a level of development of payment technologies. Large banks are actively introducing innovations that change and simplify our lives.

And the rules of the game in this market are set by the Central Bank. And it also creates new entities. For example, the same digital ruble. What changes await us in the coming years? And how will this affect our wallets? Zulfiya Kakhrumanova, Deputy Chairman of the Bank of Russia, spoke about this and much more in an exclusive interview with KP.RU.

THE THIRD FORM OF THE RUSSIAN CURRENCY

— You are responsible for digitalization at the Central Bank. There are many conspiracy theories surrounding it. Everyone is especially scared by the digital ruble. Can you briefly explain what it is?

— It’s simple. The digital ruble is another form of Russian currency. It will circulate alongside cash and non-cash rubles. At the same time, all forms will be absolutely equivalent: just as 1 ruble in cash is equivalent to 1 non-cash ruble now, so 1 digital ruble will be equivalent to each of them. And what’s important is that the choice of what to use remains with the person.

— Why do we need a digital ruble in principle?

— For citizens — for free transfers. For businesses — to reduce the costs of accepting payments, because the commissions are several times lower than for cards.

— Now transfers have essentially become free. We can transfer up to 30 million rubles a month between our accounts in different banks…

— Yes, you can. And you can transfer digital rubles without commissions not only to yourself, but also to other people, and any amount that you have in your digital wallet. In addition, this is also a very convenient transfer service according to your rules and conditions using smart contracts.

— Sounds like something on cryptocurrency (it is believed that smart contracts became famous after being used on the platform of the second largest cryptocurrency, Ethereum, — Ed.)…

— That’s what you think. In fact, a smart contract is an opportunity to perform certain actions, including payments, according to a predetermined algorithm, with specific conditions. For example, if you want your parents’ account to be automatically replenished from your account when a certain minimum balance is reached. Or if a company wants payment to occur only upon delivery of goods. Not in advance and not after the fact. This is also a smart contract that guarantees a safe transaction for both parties.

– Why can’t this be organized in the banking sector? Do they really lack the technological capabilities?

— It is possible in the banking sector. But each bank has its own product. Different people and different companies can have different banks. For such transactions, they need to be integrated with each other.

And the digital ruble platform is unified. Everyone will be connected to it. It will be possible to receive different types of services through different banks. And at the same time, you won’t have to constantly transfer money between your accounts in different banks. In this sense, smart contracts are a new technological service that will develop our payment infrastructure, complement it, adding convenience to people.

WHEN IS THE MASS LAUNCH?

— Can hackers steal our digital rubles?

— The platform implements the highest levels and means of information protection, data protection from possible fraudulent schemes. It is simply impossible to steal them.

At the same time, if a person transferred digital rubles to a fraudster, then the wallets of the owner of the money and the fraudster can be quickly identified. Because the scheme of transferring money from bank to bank to confuse the tracks and drag out time will not work, because both wallets are on the same platform. This will help to quickly take appropriate measures.

— The introduction of the digital ruble was recently postponed. When will it appear now?

— As such, it has already been implemented. We are testing on real digital rubles, and it continues. We have postponed the mass launch. I would like to emphasize that the mass launch means a must for banks: they will have to provide the ability to pay with digital rubles. Each person will decide voluntarily whether to use this opportunity or not.

Currently, about 2.5 thousand citizens are participating in our pilot. We want to attract many times more. Plus, we are discussing various technological aspects with banks, the government, and corporations. By the end of the year, we will determine the date of the mass launch. The digital ruble is a payment technology platform with huge potential. There are many prospects for using digital rubles. We are already planning services that would be impossible without such a unified infrastructure.

— Is it true that at some point they will start paying pensions, benefits, salaries to public sector employees, and so on in digital rubles? For example, as it was with the MIR card.

— No, we have no such plans. The digital ruble is an addition, an opportunity for voluntary choice. If a person does not want to use it, he will continue to use the services he is used to.

WITH NEW CODE!

— Speaking of services. Digital payments have become commonplace for many Russians. Making a transfer takes five seconds. Even the sanctions have hardly complicated our lives. Yes, Apple Pay or Samsung Pay don’t work, but we didn’t have to carry the card for long. Stickers, QR codes, and so on have appeared…

— We have a systematic movement to simplify the lives of citizens and businesses. Including through the provision of a large number of remote payment channels. You can pay with cards, through the Fast Payment System, by QR code. You can forget your card at home or not carry it with you on principle.

— It turns out that we are following the Chinese path. There, almost all purchases are paid for with the help of Qiar…

— It cannot be said that we are exactly following the Chinese path. But this is a global trend — to simplify life when making not only payments, but also any of our actions in any spheres. We have already gotten used to this convenience. It seems that just a little bit more, and we will be controlling applications on our phone with the help of artificial intelligence by moving our eyes.

— True, sometimes difficulties arise. You come to a cafe with only your phone, and at the checkout it turns out that the QR code is not suitable or cannot be read. Why does this happen?

— This is due to the fact that this particular point may not accept your bank’s payment service, which you are used to paying with. In this case, you need to look for a card, cash, or make a transfer.

— Are there many ways to pay now? Sometimes you go to a self-service checkout and there are a bunch of options — a card, SBP, QR code, some Pay, and so on. You don’t know where to press…

— Yes, now there are three or even five options on average at a point. Each bank has the right to issue its own QR, set its own rules and standards. In this case, if you use the payment service of another bank, and your bank does not have integration with the bank that provided this service on the payment terminal, then, in fact, you may be denied payment via QR.

– What to do with this? It’s like a plug and socket problem…

— Yes, that’s right. And, in our opinion, there shouldn’t be such problems. QR should be uniform and recognized by any payment service that you have on your phone. That’s why we are currently working on creating a universal QR that will work according to a single standard. Then you won’t have to think about what exactly to attach to the payment terminal. Point the phone camera, press the “Pay” button and move on.

— What about cashback? Will it remain? After all, banks only give cashback when paying with a card, they don’t credit it when using QR code…

— If you are used to paying with a payment service of a certain bank that returns you cashback, then nothing will change. Let’s say you pay at gas stations with a certain card, receiving bonuses, reducing your fuel costs. You will continue to use the payment service of this bank. Universal QR does not cancel all the payment services you are used to. It gives you an entry point, and there you decide for yourself what you would like to pay with at this point.

— So, there will be some kind of single entrance? And then it will be possible to choose how to pay?

— Yes, it will always be one QR at the checkout. You scan it with your phone camera, and a payment page appears with different options: pay with SBP, digital rubles, or bank payment services. You choose and pay in the way that is most convenient or profitable for you. With subsequent purchases, the last three services that you are used to working with will appear at the very beginning of the list. This is maintaining the customer journey and adapting this page to you.

SINGLE RAIL FOR MONEY MOVEMENT

— Some large banks are resisting the introduction of a single QAR. Why?

— Large banks periodically don’t like what we do. But we have different missions. It is important for us that it is convenient for citizens and businesses, so that they do not overpay for services, do not find themselves in a situation where they have no right to choose. It is important for us to ensure this right to choose. And those banks that can dictate their terms, rules, and tariffs resist a single QUAR. The willingness to switch to uniform rules and tariffs for them looks like a potential loss of income.

— That is, now they take a certain percentage from businesses for this service, but with a single QR they will lose this profit?

— Universal QR provides equal rules and opportunities for everyone. For businesses, there will be a fee for the payment service. But it will not be set by a specific bank, these will be uniform tariffs.

— So, like with the Fast Payment System? If earlier banks could have any fees for transfers to other banks, now we have unification and a free limit…

— Yes, these are such unified rails. Moreover, if in the future we need to roll out some new technological function inside this QR, it will happen quite quickly — in two or three weeks. And it will be available to all participants at once. This is a unified technology based on the infrastructure of the National Payment Card System (NSPK). It will allow everyone to have the same connection rules, the same standards, the same technological components. And taking a commission in our time for a transfer that costs banks practically nothing, it looks, to put it mildly, strange.

— Plus, it certainly affects the companies’ expenses. Compare the 2–3% that a business pays to a bank for acquiring (a service that allows accepting payments from clients) when paying by card, and 0.5% if the client pays via the SBP. The difference is significant…

– Yes, this is especially important for small businesses.

— Where else can this QR code be used?

— It can be any type of service that is interesting for entrepreneurs. Any type of parking, tips, various types of payments in e-commerce. Many different areas. The unified infrastructure of the universal QR allows each new service to be quickly replicated without adding costs to all participants.

— When is it planned to introduce it?

— Discussions are underway now. In the near future, the date will be determined and written into the law.

Tricky Question

— And how do these ideas appear in the Central Bank? They are often quite advanced. And many people are hostile to them. Well, we lived normally without digital rubles and all these QR codes and smart contracts…

— We look at technological trends and international experience. We analyze how the market is developing in our country. The services that we have now are super-technological. If we look at how Europeans live, how they work in other countries, we will see that many services that we have long been accustomed to are not there. We predict what will be in demand in the coming years, take into account the demands of market participants, analyze the experience of neighboring industries. We understand what we need to respond to proactively, calculate how this will develop and create competitive conditions for this.

Evgeny Belyakov, Komsomolskaya Pravda

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

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //vv. KBR.ru/Press/Event/? ID = 24607

MIL OSI Russia News –

May 17, 2025
MIL-OSI Russia: Financial News: Operations without voluntary consent of clients: results of the first quarter

Translation. Region: Russian Federal

Source: Central Bank of Russia –

Nevertheless, in the first quarter of this year, criminals managed to commit 296.6 thousand fraudulent transactions for almost 6.9 billion rubles, which is almost the same as the average loss rate for the last four quarters. Cybercriminals stole most of the money through remote banking channels (for example, online banking and transfers). One of the methods of such theft was infecting users’ mobile devices with malware.

The Bank of Russia has initiated the blocking of 19.8 thousand phone numbers of fraudsters, as well as 7.1 thousand fraudulent websites and pages on social networks.

Preview photo: VL-PhotoPro / Shutterstock / Fotodom

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

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //vv. KBR.ru/Press/Event/? ID = 24608

MIL OSI Russia News –

May 17, 2025
MIL-OSI: Valley National Bancorp Announces Redemption of $115,000,000 Aggregate Principal Amount of 5.25% Fixed-To-Floating Rate Subordinated Notes Due 2030

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 16, 2025 (GLOBE NEWSWIRE) — Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, today announced the redemption, in full, of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”) in an aggregate principal amount of $115,000,000. The redemption date for the Notes is June 15, 2025 (the “Redemption Date”). The Notes will be redeemed at a redemption price of 100% of the principal amount plus accrued and unpaid interest to, but excluding, the Redemption Date.

In accordance with the terms of the Notes, the holders of the Notes will receive notice of the redemption and further instructions and details related to the process of such redemption. Interest on the Notes will cease to accrue on and after the Redemption Date, and no Notes will remain outstanding following the redemption.

Ira Robbins, Chief Executive Officer, commented, “Over the last few years we have strengthened our balance sheet which has positioned us to redeem the Notes. We are pleased to have the financial flexibility to further optimize the efficiency of our capital base while maintaining the ability to support our strategic initiatives.”

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $62 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to valley.com or call our Customer Care Center at 800-522-4100.

Forward-Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s expectations with respect to the redemption. Such forward-looking statements involve certain risks and uncertainties. Actual outcomes may differ materially from such forward-looking statements. Factors that may cause actual outcomes to differ materially from those contemplated by such forward-looking statements are included in Valley’s filings with the Securities and Exchange Commission, including Part I, Item 1A “Risk Factors” of Valley’s Annual Report on Form 10-K for the year ended December 31, 2024. Valley undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in its expectations, except as required by law. Although Valley believes that the expectations reflected in the forward-looking statements are reasonable, future results, levels of activity, performance and achievements cannot be guaranteed.

Contact: Travis Lan

Senior Executive Vice President and

Chief Financial Officer

973-686-5007

The MIL Network –

May 17, 2025
MIL-OSI USA: Disaster Recovery Center Opens in Warren County

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center Opens in Warren County

Disaster Recovery Center Opens in Warren County

FRANKFORT, Ky

– A Disaster Recovery Center has opened in Warren County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides

The new Disaster Recovery Center in Warren County is located at: Michael O

Buchanon Park Gym Building, 9222 Nashville Road, Bowling Green, KY 42101 Working hours are 9 a

m

to 7 p

m

Central Time, Monday through Saturday and 1 – 7 p

m

Central Time, Sunday

FEMA representatives can explain available assistance programs, how to apply to FEMA and help connect survivors with resources for their recovery needs

FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

The deadline to apply is June 25

You can visit any Disaster Recovery Center to get in-person assistance

No appointment is needed

To find all other center locations, including those in other states, go to fema

gov/drc or text “DRC” and a Zip Code to 43362

You don’t have to visit a center to apply for FEMA assistance

There are other ways to apply: online at DisasterAssistance

gov, use the FEMA App for mobile devices or call 800-621-3362

If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

When you apply, you will need to provide:A current phone number where you can be contacted

Your address at the time of the disaster and the address where you are now staying

Your Social Security Number

A general list of damage and losses

Banking information if you choose direct deposit

If insured, the policy number or the agent and/or the company name

For more information about Kentucky flooding recovery, visit www

fema

gov/disaster/4860 and www

fema

gov/disaster/4864

Follow the FEMA Region 4 X account at x

com/femaregion4

martyce

allenjr
Fri, 05/16/2025 – 16:51

MIL OSI USA News –

May 17, 2025
MIL-OSI USA: Disaster Recovery Center Opens in Lincoln County

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center Opens in Lincoln County

Disaster Recovery Center Opens in Lincoln County

FRANKFORT, Ky

–A Disaster Recovery Center has opened in Lincoln County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides

The new Disaster Recovery Center in Lincoln County is located at: Lincoln County Fire Department Training Center, 309 KY Hwy 590, Stanford, KY 40484 Working hours are 9 a

m

to 7 p

m

Eastern Time, Monday through Saturday and 1 – 7 p

m

Eastern Time, Sunday

FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

The deadline to apply is June 25

You can visit any Disaster Recovery Center to get in-person assistance

No appointment is needed

To find all other center locations, including those in other states, go to fema

gov/drc or text “DRC” and a Zip Code to 43362

You don’t have to visit a center to apply for FEMA assistance

There are other ways to apply: online at DisasterAssistance

gov, use the FEMA App for mobile devices or call 800-621-3362

If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

When you apply, you will need to provide:A current phone number where you can be contacted

Your address at the time of the disaster and the address where you are now staying

Your Social Security Number

A general list of damage and losses

Banking information if you choose direct deposit

If insured, the policy number or the agent and/or the company name

For more information about Kentucky flooding recovery, visit www

fema

gov/disaster/4860 and www

fema

gov/disaster/4864

Follow the FEMA Region 4 X account at x

com/femaregion4

martyce

allenjr
Fri, 05/16/2025 – 16:47

MIL OSI USA News –

May 17, 2025
MIL-OSI USA: Disaster Recovery Center Opens in Muhlenberg County

Source: US Federal Emergency Management Agency

Headline: Disaster Recovery Center Opens in Muhlenberg County

Disaster Recovery Center Opens in Muhlenberg County

FRANKFORT, Ky

–A Disaster Recovery Center has opened in Muhlenberg County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides

The new Disaster Recovery Center in Muhlenberg County is located at: Fire Training Center, 61 Career Way, Central City, KY 42330 Working hours are 9 a

m

to 7 p

m

Central Time, Monday through Saturday and 1 – 7 p

m

Central Time, Sunday

FEMA representatives can explain available assistance programs, how to apply to FEMA and help connect survivors with resources for their recovery needs

FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

The deadline to apply is June 25

You can visit any Disaster Recovery Center to get in-person assistance

No appointment is needed

To find all other center locations, including those in other states, go to fema

gov/drc or text “DRC” and a Zip Code to 43362

You don’t have to visit a center to apply for FEMA assistance

There are other ways to apply: online at DisasterAssistance

gov, use the FEMA App for mobile devices or call 800-621-3362

If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

When you apply, you will need to provide:A current phone number where you can be contacted

Your address at the time of the disaster and the address where you are now staying

Your Social Security Number

A general list of damage and losses

Banking information if you choose direct deposit

If insured, the policy number or the agent and/or the company name

For more information about Kentucky flooding recovery, visit www

fema

gov/disaster/4860 and www

fema

gov/disaster/4864

Follow the FEMA Region 4 X account at x

com/femaregion4

martyce

allenjr
Fri, 05/16/2025 – 16:49

MIL OSI USA News –

May 17, 2025
MIL-OSI USA: Arkansas Survivors Affected by the March 14-15 Severe Storms and Tornadoes Can Apply for Possible FEMA Assistance

Source: US Federal Emergency Management Agency

Headline: Arkansas Survivors Affected by the March 14-15 Severe Storms and Tornadoes Can Apply for Possible FEMA Assistance

Arkansas Survivors Affected by the March 14-15 Severe Storms and Tornadoes Can Apply for Possible FEMA Assistance

LITTLE ROCK – FEMA is supporting state and local recovery efforts for Arkansas homeowners and renters in nine counties who sustained damage from the severe storms and tornadoes that occurred March 14-15

Financial assistance is available to eligible homeowners and renters in Greene, Hot Spring, Independence, Izard, Jackson, Lawrence, Randolph, Sharp and Stone counties

FEMA may be able to help with serious needs, displacement, temporary lodging, basic home repair costs, personal property loss or other disaster-caused needs

Survivors with homeowners or renters’ insurance, should file a claim as soon as possible

By law, FEMA cannot duplicate benefits for losses covered by insurance

If your policy does not cover all your damage expenses, you may then be eligible for federal assistance

Currently, FEMA assistance is only available to individuals harmed by the March 14-15 severe storms

It does not cover subsequent storms that occurred outside of those dates

How To Apply for FEMA AssistanceHomeowners and renters who have disaster-caused damage or loss from the March severe storms and tornadoes can apply for Individual Assistance under the major disaster declaration DR-4865-AR in several ways:Apply online at www

DisasterAssistance

gov

Download the FEMA App for mobile devices

Call the FEMA helpline at 800-621-3362 between 6 a

m

and 10 p

m

CT

Help is available in most languages

If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA your number for that service

To view an accessible video about how to apply visit: Three Ways to Register for FEMA Disaster Assistance – YouTube

When you apply for assistance, have this information readily available:If insured, the policy number or the agent and/or the company nameA current phone number where you can be contactedYour address at the time of the disaster and the address where you are now stayingYour Social Security number, if availableA general list of damage and lossesBanking information for direct depositRemember to keep receipts from all purchases related to cleanup and repair

Assistance from FEMA can include grants for home repairs, replacement of uninsured personal property and other programs to help individuals and business owners recover from the effects of the disaster

U

S

Small Business Administration (SBA) low-interest disaster loans are available to businesses of all sizes, nonprofits, homeowners and renters

Like FEMA, SBA cannot duplicate benefits for losses covered by insurance

For more information, visit fema

gov/disaster/4865

Follow FEMA Region 6 on social media at x

com/FEMARegion6 and at facebook

com/FEMARegion6/
toan

nguyen
Fri, 05/16/2025 – 13:33

MIL OSI USA News –

May 17, 2025
MIL-OSI USA: 9 Days Left To Apply for FEMA Assistance Following February Severe Storms and Flooding

Source: US Federal Emergency Management Agency 2

9 Days Left To Apply for FEMA Assistance Following February Severe Storms and Flooding

FRANKFORT, Ky. – Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson and Woodford counties who experienced damage or losses caused by the February severe storms and floods have 9 days to apply for federal disaster assistance. The deadline to apply for federal assistance is May 25. Survivors of the April storms still have until June 25 to Apply.How To Apply for FEMA AssistanceThere are several ways to apply for FEMA assistance:Online at DisasterAssistance.gov.Visit any Disaster Recovery Center. To find a center close to you, visit fema.gov/DRC, or text DRC along with your Zip Code to 43362 (Example: “DRC 29169”).Use the FEMA mobile app.Call the FEMA Helpline at 800-621-3362. It is open 7 a.m. to 10 p.m. Eastern Time. Help is available in many languages. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. FEMA works with every household on a case-by-case basis.FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs.When you apply, you will need to provide:A current phone number where you can be contacted.Your address at the time of the disaster and the address where you are now staying.Your Social Security Number. A general list of damage and losses.Banking information if you choose direct deposit. If insured, the policy number or the agent and/or the company name.Survivors should keep their contact information updated with FEMA as the agency may need to call to schedule a home inspection or get additional information. Disaster assistance is not a substitute for insurance and is not intended to compensate for all losses caused by a disaster. The assistance is intended to meet basic needs and supplement disaster recovery efforts. Homeowners and renters in Woodford County may be eligible for federal assistance, if you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you would need to complete two separate disaster assistance applications.For an accessible video on how to apply for FEMA assistance, go to youtube.com/watch?v=WZGpWI2RCNw. For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860. Follow the FEMA Region 4 X account at x.com/femaregion4.
martyce.allenjr
Fri, 05/16/2025 – 11:43

MIL OSI USA News –

May 17, 2025
MIL-OSI USA: DAGS hires Yovo Stefanov as Business Transformation Project Director

Source: US State of Hawaii

DAGS hires Yovo Stefanov as Business Transformation Project Director

Posted on May 16, 2025 in Main

Yovo Stefanov

DAGS is pleased to announce it has hired Yovo Stefanov as Director of the Business Transformation Office (BTO), a newly created office to support Statewide Enterprise Resource Planning (ERP) system efforts to modernize business processes, beginning with the current Enterprise Financial System (EFS) project to revolutionize Hawai‘i’s financial and budget systems.

“Yovo’s job is to leverage the latest technology and best practices to improve the financial management capabilities of state departments, agencies, and elected officials by giving them accurate financial information in a timely manner so they can make informed decisions for the state,” said DAGS Director and Comptroller Keith Regan. “He will guide the changes related to EFS, from preparation to deployment, with a strong emphasis on change management.”

Stefanov’s expertise is in IT and change management. He was most recently at Hawaiʻi Gas as a senior project manager, but it was his work at First Hawaiian Bank (FHB) from 2019 to 2023 that most closely mirrors the work he will be doing now.

“I was a compliance systems manager at FHB for four years managing anti-money laundering efforts that included fraud, risk management and compliance, and related strategic initiatives. Our biggest project was to convert a 40-year-old mainframe system into modern banking software,” said Stefanov. “That’s much like what DAGS has with its 55-year-old legacy mainframe system.”

He draws comparisons to the complexity, magnitude and duration of the FHB project. “A bank is one of the few private sector businesses that can come close to the size of state government. I’m excited to bring my experience to the government sector and contribute to a large-scale modernization effort that puts Hawai‘i’s people first,” stated Stefanov.

Stefanov has also worked in the real estate, technology and utility industries, in a career that extends over 15 years. He holds a bachelor’s and a master’s degree in Business Administration, Finance and IT from Hawaiʻi Pacific University.

In his spare time, you can still find the former professional soccer player on the pitch, when he’s not sailing, kitesurfing, training for triathlons, coaching youth soccer or performing volunteer work.

MIL OSI USA News –

May 17, 2025
MIL-OSI Economics: Philip R. Lane: The communication of monetary policy decisions: incorporating risks and uncertainty

Source: European Central Bank

Remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the Second Thomas Laubach Research Conference

Washington, D.C., 16 May 2025

In my remarks today I will focus on how the ECB communicates its monetary policy decisions, with a particular emphasis on the integration of risks and uncertainty into the monetary policy decision-making process.^[1]^[2]

Monetary policy meetings take place over two days. On Wednesday afternoon, there are presentations by ECB Executive Board members: Isabel Schnabel reports on the latest financial market developments and I review the global environment and the latest economic, monetary and financial developments in the euro area. This is followed by a general discussion of these topics by Governing Council members. On Thursday morning, I present a proposal for the monetary policy decision, which is then discussed by the Governing Council. After the monetary policy decision is made (typically by consensus), the monetary policy statement is finalised by the Governing Council, concluding the Thursday morning session.

In the afternoon, a press release announcing the decision is published at 2:15 p.m. While this press release was quite succinct in the past, a summary explanation for the decision is now included, and — for the quarterly meetings — the main elements of the staff macroeconomic projections are reported.

At the opening of the press conference at 2:45 p.m., President Lagarde reads out the monetary policy statement. The opening section matches the press release, while further sections go into more detail on economic activity, inflation, the risk assessment and monetary and financial developments. This is followed by a question-and-answer session. After the press conference, the quarterly forecast meetings also see the publication of a staff article that explains the new set of macroeconomic projections. About two weeks later, the Economic Bulletin is published, containing summaries of the preparatory analysis that was made available to the Governing Council prior to the meeting. An account of the meeting is published about a month after the meeting.

The aim of the monetary policy statement is not only to explain the immediate decision but also to update the underlying narrative in terms of the overall orientation of the monetary stance, the main forces shaping the dynamics of the economy and the inflation process, the evolving risk assessment and monetary and financial developments. The discipline of limiting the length of the monetary policy statement (it was about 1,500 words in April) puts a premium on identifying the main issues that the Governing Council wishes to emphasise. At the same time, this length offers room for a sufficiently broad survey of these themes to underpin the monetary policy decision. Naturally, at the quarterly meetings, there is also considerable external interest in the details of the new staff macroeconomic projections: it makes sense to publish the staff article after the press conference. In that way, the initial focus in the monetary policy statement and the press conference is on the Governing Council’s overall assessment of the situation, whereas the technical details of the staff work follow thereafter.

The publication of the meeting account summarises the presentations by Isabel and myself and the ensuing discussions among the members of the Governing Council. The account includes a section entitled “Monetary policy considerations and policy options” that provides the main features of the monetary policy proposal that I presented at the meeting. This typically includes considerations of how risk factors were taken into account in the proposal.^[3] Especially since the Governing Council’s monetary policy decisions are typically consensual, the summary of the discussion provides valuable insights into the range of views expressed at the meeting.

Taken together, the press release, the MPS, the press conference, the staff macroeconomic projections article, the Economic Bulletin and the meeting accounts provide a phased sequence of public information releases that helps external audiences to understand how we make our monetary policy decisions. In addition, in pursuing a multi-layered approach to public communication, a visual monetary policy statement is also released, which explains the monetary policy decision in short and easy-to-understand language, accompanied by a set of infographics to illustrate the main messages.^[4]

These decision materials are complemented by speeches and interviews by Executive Board and Governing Council members. The publication of an array of analytical contributions by staff (through the Economic Bulletin, the ECB Blog, working papers and occasional papers) also helps improve understanding of monetary policy formation, including in relation to the staff projections, which form a key analytical input into monetary policy meetings.

In view of this rich information set, would it be a game changer if the Governing Council additionally published its conditional assessment of the most likely future rate path, as practised by some other central banks? Putting aside the logistical challenge of forming a consensus on the conditional future rate path among the twenty-six members of the Governing Council, it is my view that such an exercise would create unwarranted expectations about the future rate path. Moreover, it would distort the monetary policy decision-making process in view of the potential reputational costs associated with deviations of actual decisions from the previously-flagged path.^[5] Procedurally, publishing a conditional rate path would also be awkward in the context of a staff-led projections exercise that is based on the market rate path.

More fundamentally, publishing a conditional baseline for the future rate path would not well capture the sensitivity of future rate decisions to the evolving macroeconomic environment and shifts in the risk assessment. As part of the meeting preparations, the staff analyse a family of plausible future rate paths and it would convey excessive confidence if any one candidate rate path were to be singled out. In particular, staff simulation exercises show the sensitivity of rate paths to both the point-in-time macroeconomic projections and various underlying assumptions that underpin model-based optimal rate paths as well as “robust” rate paths that seek to minimise the risk of a policy error across a range of plausible scenarios. Importantly, all such rate path analyses are sensitive to the assumptions made about the preferences of policymakers.^[6] Even if the rate path simulation exercises are highly valuable inputs into the internal development of the monetary policy proposal, it is preferable to take a meeting-by-meeting approach and focus the public communication on the immediate decision.^[7]

At the same time, to improve external understanding of how we make decisions, it is helpful set out the criteria guiding the reaction function to the main risk factors prevailing at any point in time.^[8] This provides “reaction function” guidance in terms of the key inputs driving monetary policy decisions.^[9] For instance, during the disinflation process over the last two years, the Governing Council has highlighted that measures of underlying inflation and the incoming evidence on the strength of monetary policy transmission were especially important in guiding decisions, in addition to the “standard” role of the inflation outlook (comprising both the baseline and the risks around it). The prominence of these specific risk proxies reflected the high uncertainty about the intrinsic persistence of the inflation surge (such that measures of underlying inflation provided important insights into the persistent component of inflation) and, similarly, the high uncertainty about the impact of the exceptionally fast pace of the cumulative rate hiking over 2022-2023 (such that monitoring the evidence on the strength of monetary transmission was crucial). Since both inflation persistence and the strength of monetary transmission are first order influences on the calibration of the rate path, the prominence given to these factors in our public communication have helped market participants to understand that the incoming information along these dimensions is central to our data-dependent monetary policy decisions. Looking to the future, the exact articulation of reaction function guidance should be periodically updated in line with the evolving risk environment: there is unlikely to be a fixed, timeless list of risk proxies.

The risk assessment section of the monetary policy statement provides additional signals regarding the factors that might shape future rate decisions. The meeting-by-meeting list of upside and downside risks to growth and inflation help to shape market pricing of future rate decisions: as the evolution of these risks become more or less prominent between meetings, market participants can revise their views. Naturally, this risk assessment is informed by considerable staff analysis that identifies and calibrates material threats to the growth and inflation projections.

Finally, alternative scenarios have been included in the staff macroeconomic projections exercise in the context of specific risk constellations. These include the onset of the pandemic in early 2020, the unjustified invasion of Ukraine by Russia in early 2022 and the elevation of geopolitical tensions in the Middle East in autumn 2023. In the near term, the ongoing uncertainty about US tariff policies means that alternative scenarios will also be included in the June macroeconomic projections exercise. These staff exercises are valuable in conveying the scale of revisions to the projected inflation and output paths that would be triggered under the realisation of the alternative scenarios.^[10]

In providing the risk assessment in the monetary policy statement and by staff publishing alternative macroeconomic projection scenarios in the context of specific risk constellations, there is extensive communication on how different risk factors might shape future decisions. Some might wish that the Governing Council lays out specific policy responses to these various risk profiles in order to “fill out” the distribution of future rate paths. However, as outlined above, the rich information set that is attached to each monetary policy decision together with reaction function guidance provides a sufficient foundation for market participants to assess how the realisation of various risks could affect the future rate path.

An additional potential application of scenario analysis is to construct a limited set of specific “curated” alternative scenarios by combining selected alternative calibrations of the primary economic and financial judgements underpinning the baseline projections. Publishing such alternative scenarios can be helpful in conveying the difficult choices embedded in making forecasts and in capturing possible differences in policy preferences across policymakers. From a communications perspective, this can be particularly helpful in systems where policymakers have a collective responsibility to endorse the published forecast but retain individual responsibility in casting votes.

Since the ECB relies on a staff-led projections exercise and has a strong preference for consensual decisions, the set of considerations in publishing such curated scenario analyses is different. In making sure monetary policy decisions are robust to non-baseline realisations, it is also not clear whether such a curated approach would be superior to a “many scenario” internal staff analysis (possibly augmented by machine learning algorithms) that explores robustness across the many combinations of shocks and modelling choices that are considered at each meeting. In addition, if the aim is to capture the main risk concerns of policymakers, selecting a limited set of curated alternative scenarios (out of very many possible scenarios) for each meeting would be logistically taxing for a twenty-six member Governing Council. A basic concern is that the selected curated scenarios might turn out to have shined the spotlight on risk factors that proved to be immaterial and might give the impression that the risk analysis was too narrow in scope.

In any event, the specific methods used to convey how risks and uncertainty are incorporated into the monetary policy decision-making process are less important than the underlying commitment to articulate that policy decisions not only take into account the baseline but also the surrounding risk environment. Moreover, there is an active research agenda in academia and policy organisations on how best to incorporate uncertainty into monetary policy decisions and monetary policy communications: as this research bears fruit over time, central banks should adapt their practices.^[11]

In these remarks, I have focused on how we currently communicate our monetary policy decisions and the associated decision-making framework. How best to integrate risk and uncertainty into our monetary policy decisions and our communication is a key topic for our ongoing assessment of our monetary policy strategy.^[12] We will publish our updated strategy in the second half of the year.

MIL OSI Economics –

May 17, 2025
MIL-OSI: Banco Santander Chile launches new initiatives at commercial strategy event, Santander Day

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, May 16, 2025 (GLOBE NEWSWIRE) — Yesterday Banco Santander Chile (“Santander Chile” or the “Company”) (NYSE: BSAC; SSE: Bsantander) held a new edition of its traditional Santander Day event, with the launch of commercial products and initiatives related to our community and reaffirming its commitment to being present in every moment of people’s and businesses’ lives, and consolidating its identity as a global, accessible, and inclusive bank throughout Chile. There was no discussion of financial results or expectations in this event.

Three years after the first Santander Day, this event has become a space to share concrete progress that reflects the Bank’s purpose: to help people and businesses prosper. This has been, in the words of its general manager and country head, Román Blanco, the strategic focus of all the bank’s actions: “We not only want to be leaders in banking, but we also want to be present and committed to the well-being of people, businesses, and Chilean society.”

With the conviction that the “Time is Now” to take care of and worry about the future, Santander Day presented a savings account designed for children from age 0 and a value proposition for seniors that includes branches with preferential assistance, benefits, and training on the use of digital channels and financial education.

In addition, Santander aims to be closer to everyone with solutions that expand financial and digital inclusion for millions of people. This includes the opening of branches in communities with a low banking presence, the transformation of Getnet into true financial centers, enabling users to make everything from bill payments to deposits and international transfers at thousands of local businesses. It’s even possible to open Life checking accounts at some stores in just three minutes, paperless. This territorial reach not only improves people’s quality of life but also strengthens the local economy.

Among the initiatives supporting individuals and businesses, the solution created by Getnet and the fintech Conectados was also presented: ConCarnet. This solution allows businesses with a Getnet POS to access a new market by receiving payments associated with the delivery of social and corporate benefits.

The Santander of the Future

Santander Day 2025 also put into perspective the Bank’s progress toward a global and forward-looking vision under the One Santander strategy. This translates into a more coherent brand worldwide, with products, services, and technology shared across countries, which boosts competitiveness and improves the customer experience. An example of this is the Work/Café model, conceived in Chile and replicated in the different countries where the Bank operates, allowing all of the bank’s customers to use its benefits at any Work/Café around the world.

Andrés Trautmann, current Executive Vice President of Santander Corporate & Investment Banking and who will take over as the new General Manager and Country Head of Santander Chile in July, was responsible for sharing this perspective.

“We are building the Santander of the future starting today. Technology and globalization are key, but what really makes the difference is the people. At Santander, we believe that talent is irreplaceable and that the best ideas emerge when there is a committed team behind it, working together, regardless of geographical borders, like One Santander,” Trautmann emphasized. “We are a global bank, but with a strong local focus. We support people and businesses throughout their entire lifecycle and promote financial inclusion in different ways. The challenge of building the Santander of tomorrow is great, but with passion, commitment, and teamwork, we can continue helping people and businesses prosper and, therefore, contribute to the development of Chile,” the executive added.

You can see a replay of the event here.

CONTACT INFORMATION
Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
(562) 26483583
Email: irelations@santander.cl
Website: www.santander.cl

The MIL Network –

May 17, 2025
MIL-OSI Russia: Kazakhstan has begun the second phase of preserving the Northern Aral Sea

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

ALMATY, May 16 (Xinhua) — Kazakh Minister of Water Resources and Irrigation Nurzhan Nurzhigitov met with World Bank Regional Director for Europe and Central Asia Sameh Wahba at the Kokaral Dam in Kyzylorda region, where they discussed the implementation of the second phase of the North Aral Sea conservation project, Kazinform news agency reported on Friday.

The Ministry is completing the feasibility study for the second phase of the project. It envisages the reconstruction of the Kokaral Dam and raising the sea level to 44 meters along the Baltic system, as well as the construction of a hydroelectric complex near the village of Amanotkel to stabilize water resources in the Akshatau and Kamystybas lake systems of the Aral district of the Kyzylorda region.

As a result, the area of the water surface of the Northern Aral will increase to 3913 square kilometers, and the volume – to 34 cubic kilometers. The period of filling the sea to these marks will be 4-5 years. The deadline for receiving an expert opinion on the feasibility study developed by the ministry is December 2025.

The Northern Aral Sea Conservation Project aims to increase the volume and improve the quality of water in the sea, restore the Syr Darya River delta, reduce the removal of salt deposits from the bottom of the Aral Sea, improve the management of water resources in the Northern Aral Sea, develop the fisheries industry in the Kyzylorda region and improve the living conditions of local residents. –0–

MIL OSI Russia News –

May 17, 2025
MIL-OSI Europe: Answer to a written question – Guaranteeing the continuation of UNRWA’s work in Palestinian territories illegally occupied by Israel – E-000432/2025(ASW)
Source: European Parliament
The EU has condemned any attempt by Israel to abrogate the 1967 agreement between Israel and the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) or to otherwise attempt to obstruct its capacity to operate its mandate[1]. The EU has stressed the essential role of UNRWA, which provides crucial support to the civilian population in both Gaza and the wider region and committed to continuing its support to the Agency [2].

In 2024, following the fulfilment by UNRWA of all the conditions agreed for the 2024 EU funding, the Commission disbursed a total of EUR 92 million to the Agency[3]. This came in addition to the EUR 48.5 million of EU humanitarian funding in 2024. In 2025, the EU is committed to continuing its support for the Agency, and as a part of its multiannual and comprehensive programme for Palestine[4] 2025-27[5]. The Commission is willing to propose to allocate EUR 82 million per year to provide services to Palestine refugees via UNRWA, both in the occupied Palestinian territory and the wider region. This will enable UNRWA to continue ensuring its crucial role both as a humanitarian and a development actor.

The EU has been consistently clear that political engagement and open dialogue are the most effective ways to convey concerns, including to the Israeli government. The current EU-Israel Association Agreement[6] is the legal basis for the ongoing dialogue and cooperation with Israel and it provides a useful mechanism to discuss and advance the EU stance. In this regard, the Association Council meeting that took place in February 2025[7] was an opportunity to pass clear messages with regard to the situation in Gaza and the West Bank. The Commission keeps under constant review all EU agreements with third countries, and the principles and values upon which they are based.

The EU is extremely concerned by reports on the humanitarian situation in Gaza, which suggest that food supplies brought in during the ceasefire are running out. Under international humanitarian law, humanitarian aid must reach civilians in need. The EU has repeatedly called on Israel to lift the blockade on Gaza to allow humanitarian aid to start flowing at scale into and throughout the strip[8].

[1] https://www.consilium.europa.eu/media/2pebccz2/20241017-euco-conclusions-en.pdf https://data.consilium.europa.eu/doc/document/ST-6511-2025-INIT/en/pdf .

[2] https://data.consilium.europa.eu/doc/document/ST-6511-2025-INIT/en/pdf.

[3] https://neighbourhood-enlargement.ec.europa.eu/news/commission-disburses-additional-eu10-million-payment-unrwa-2024-12-20_en.

[4] This designation shall not be construed as recognition of a State of Palestine and is without prejudice to the individuals positions of the Member States on this issue.

[5] https://ec.europa.eu/commission/presscorner/detail/en/ip_25_1055.

[6] https://eeas.europa.eu/archives/delegations/israel/documents/eu_israel/asso_agree_en.pdf.

[7] https://data.consilium.europa.eu/doc/document/ST-6511-2025-INIT/en/pdf.

[8] https://ec.europa.eu/commission/presscorner/detail/en/statement_25_1052.
Last updated: 16 May 2025
MIL OSI Europe News –
May 17, 2025
MIL-OSI Europe: Ukraine: New surgical unit opens in Zhytomyr hospital under EU-backed recovery programme
Source: European Investment Bank
- A surgical unit at Pavlusenko Hospital in Zhytomyr has been rebuilt to serve nearly two million residents in the oblast.
- It is now equipped with modern medical systems and upgraded infrastructure, doubling the hospital’s capacity to treat patients.
- The project to rebuild the surgical unit was implemented under the EIB’s Ukraine Recovery Programme, which supports local communities across the country by helping to restore essential social infrastructure.
A surgical unit at V.P. Pavlusenko Hospital No.2 in Zhytomyr opened today following a comprehensive reconstruction project supported by the European Investment Bank (EIB). As an important healthcare provider in the region, the hospital plays a vital role in delivering specialised surgical care to residents of Zhytomyr and to internally displaced people now living in the oblast. Thanks to EU support, over 6 000 patients will now benefit from timely, high-quality treatment every year in an improved and more efficient setting.

The reconstruction project involved upgrading the surgical unit’s internal infrastructure, creating a safer and more functional space for surgical care. The work covered essential systems, such as heating, ventilation and cooling systems, internal water supply and wastewater systems, electrical equipment and lighting, medical gas supply, the fire alarm and wired internet network – all critical for the smooth operation of a medical facility. The surgical unit also received essential medical support systems, including a vacuum station, a compressor unit and a modular chiller, along with new hospital furniture to equip the facility for daily use.

The total investment of €511 000 was provided under the Ukraine Recovery Programme – a joint initiative of the European Union and its bank, the EIB, implemented in partnership with Ukraine’s Ministry for Development of Communities and Territories, the Ministry of Finance and the local authorities of Zhytomyr Oblast and the city of Zhytomyr. Technical assistance for the programme was provided by the United Nations Development Programme (UNDP) in Ukraine.

In total, 13 projects under EIB-financed recovery programmes – with a total value of nearly €20 million – have either been completed or are in progress in Zhytomyr Oblast. These include projects to rehabilitate healthcare and education facilities and an administrative building, as well as key water and sanitation infrastructure – all essential to maintain public services and improve living conditions amid the ongoing war.

EIB Vice-President Teresa Czerwińska, who is responsible for the Bank’s operations in Ukraine, said: “I am pleased to see another reconstructed facility delivered quickly and according to the highest standards – this time, the surgical unit at Zhytomyr Hospital. Through our recovery programmes, the EIB is helping to rebuild vital social infrastructure across Ukraine – hospitals, schools, kindergartens, social housing and water facilities – ensuring that all communities have access to quality services and dignified living conditions.”

Rémi Duflot, Chargé d’Affaires a.i. of the EU Delegation to Ukraine, said: “In the face of ongoing destruction and daily attacks by Russia, the European Union stands steadfast in its commitment to help Ukraine rebuild itself. Each completed project – such as this surgical unit at Zhytomyr Hospital No. 2 – is a powerful symbol of solidarity and cooperation. These efforts are not only about restoring what has been lost, but also about rebuilding a stronger, better future for Ukraine. We are proud to be working alongside the European Investment Bank, the local community, and UNDP to help enhance healthcare services for all.

Deputy Prime Minister for Restoration of Ukraine – Minister for Development of Communities and Territories of Ukraine Oleksii Kuleba said: “The restoration of access to social and healthcare services remains a strategic priority for the Ministry. These efforts are fundamental to the sustainable recovery of communities and to the support of internally displaced persons. We deeply thank the European Union and the European Investment Bank for their continued support in restoring critical social infrastructure, particularly in the healthcare sector. Your contribution plays an essential role in enhancing Ukraine’s resilience in the face of ongoing challenges.”

Minister of Finance of Ukraine Sergii Marchenko said: “The EU’s support for Ukraine is not only about emergency aid, it’s about investing in the infrastructure that keeps society functioning and enables economic recovery. Rebuilding facilities like this surgical unit in Zhytomyr helps restore essential services, strengthen resilience, and lay the groundwork for sustainable growth.”

Head of the Zhytomyr Regional Military Administration Vitalii Bunechko said: “The upgraded surgical unit strengthens our region’s healthcare system, bringing modern, high-quality care closer to thousands of residents. Despite the war, the hospital team and local contractors worked tirelessly to finish the project on time. Their dedication shows how committed Ukrainians are to moving forward, even under fire. It’s one of 13 projects supported by the EIB in Zhytomyr Oblast, and we are sincerely grateful to the European Union for its support.”

First Deputy Mayor of Zhytomyr Svitlana Olshanska said: “The major reconstruction of the surgical unit at V.P. Pavlusenko Hospital No.2 was urgently needed, it has turned it into a modern, fully equipped space where patients can receive high-quality care in safe and comfortable conditions. This is a vital improvement for our city, and we are continuing this progress with the ongoing capital repairs of the hospital’s emergency department, also supported by the EIB.”

UNDP Resident Representative in Ukraine Jaco Cilliers said: “UNDP is proud to support Ukrainian communities on the ground by helping turn recovery plans into reality. Thanks to EIB financing and national leadership, we are ensuring that EU-backed projects like this surgical unit in Zhytomyr deliver real impact where it’s needed most.”

Background information

The EIB in Ukraine

The EIB Group has supported Ukraine’s resilience, economy and recovery efforts since the first days of Russia’s full-scale invasion, with €2.2 billion already disbursed since 2022. The EIB continues to focus on securing Ukraine’s energy supply, restoring damaged infrastructure and maintaining essential public services across the country. Under a guarantee agreement signed with the European Commission, the EIB is set to invest at least €2 billion more in urgent recovery and reconstruction. This funding is part of the European Union’s €50 billion Ukraine Facility for 2024-2027 and is fully aligned with the priorities of the Ukrainian government.

EIB recovery programmes in Ukraine

The war has inflicted severe damage on Ukraine’s healthcare system. According to the Fourth Rapid Damage and Needs Assessment (RDNA4), the health sector has suffered substantial losses since February 2022. Direct damage to healthcare facilities is a major concern, with RDNA4 finding that 1 603 facilities (16.2%) have been destroyed or damaged. The war has also disrupted access to care and strained resources, putting immense pressure on medical personnel. The reconstruction of the surgical unit in Zhytomyr is a critical part of the effort to rebuild and strengthen healthcare infrastructure, ensuring that residents can receive necessary medical care amidst these challenges.

The reconstruction of the surgical unit at V.P. Pavlusenko Hospital No. 2 in Zhytomyr was carried out under the Ukraine Recovery Programme, one of three recovery programmes supported by the European Investment Bank (EIB). As of May 2025, the EIB has provided €740 million across these programmes to support Ukraine’s recovery. The funding helps the government to restore essential services in communities across the country – including schools, kindergartens, hospitals, housing, heating and water systems. These EIB-backed programmes are further supported by €15 million in EU grants to facilitate implementation. The Ministry for Development of Communities and Territories of Ukraine, in cooperation with the Ministry of Finance, coordinates and oversees programme implementation, while local authorities and self-governments are responsible for managing recovery sub-projects. The United Nations Development Programme (UNDP) in Ukraine provides technical assistance to local communities, supporting project implementation and ensuring independent monitoring for transparency and accountability. More information about the programmes is available here.
MIL OSI Europe News –
May 17, 2025
MIL-OSI: Embassy Bancorp, Inc. Announces Results of Operations as of and for the Three Months Ended March 31, 2025
Source: GlobeNewswire (MIL-OSI)

BETHLEHEM, Pa., May 16, 2025 (GLOBE NEWSWIRE) — On May 14, 2025, Embassy Bancorp, Inc. (OTCQX: EMYB) (the “Company”) filed its Quarterly Report on Form 10-Q for the period ended March 31, 2025, a copy of which can be found at https://investors.embassybank.com/sec-filings/documents/default.aspx.

Highlights of the filing, which includes consolidated financial information of the Company and Embassy Bank For the Lehigh Valley (the “Bank”), the Company’s wholly-owned subsidiary, include:
- Cash and cash equivalents on hand of $97.9 million at March 31, 2025, or 5.6% of total assets.
- Deposits of $1.61 billion at March 31, 2025, an increase of $59.0 million from $1.55 billion at December 31, 2024. The Company does not have any brokered deposits.
- Short term borrowings of $15.6 million at December 31, 2024 were repaid in full on January 2, 2025 and there were no new borrowings required during the quarter ended March 31, 2025.
- Bank net interest margin (FTE) increased to 2.34% for the quarter ended March 31, 2025, up from 2.28% for the quarter ended December 31, 2024 and up from 2.20% for the prior year quarter ended March 31, 2024
- Bank cost of funds of 1.80% for the quarter ended March 31, 2025, down from 1.91% for the quarter ended December 31, 2024. This is compared to a Pennsylvania peer group (stock banks headquartered in Pennsylvania with assets between $100 million and $5 billion) cost of funds of 2.11% for the quarter ended March 31, 2025.
- Bank assets per employee of $15.4 million at March 31, 2025, compared to the Pennsylvania peer group assets per employee of $8.0 million.
- Bank noncurrent loans to total loans of only 0.04% as of March 31, 2025, compared to the Pennsylvania peer group total of 0.46%.
- Net income of $2.9 million, or $0.38 per diluted share, for the three months ended March 31, 2025, up from $2.5 million, or $0.33 per diluted share, for the prior year three months ended March 31, 2024.
About Embassy Bancorp, Inc.

With over $1.7 billion in assets, Embassy Bancorp, Inc. is the parent company of Embassy Bank for the Lehigh Valley, a full-service community bank operating ten branch locations throughout Pennsylvania’s Lehigh Valley.

Embassy Bank was recently named “Best Bank & Mortgage Company” in the 2025 Who’s Who in Business survey, as featured in Lehigh Valley Style magazine—marking the fourth consecutive year it has earned this distinguished honor. The Bank was also voted the 2024 Morning Call Readers’ Choice “Best Bank,” underscoring its ongoing commitment to exceptional customer service and community-focused banking.

According to the Federal Deposit Insurance Corporation’s (FDIC) Summary of Deposits as of June 30, 2024, Embassy Bank ranks fourth in total deposit market share across Lehigh and Northampton Counties combined—further solidifying its role as a leading financial institution in the region.

For more information, visit www.embassybank.com.

Safe Harbor for Forward-Looking Statements

This document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various risks, uncertainties and other factors. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: ineffectiveness of the company’s business strategy due to changes in current or future market conditions; the effects of competition, and of changes in laws and regulations, including industry consolidation and development of competing financial products and services; interest rate movements; changes in credit quality; difficulties in integrating distinct business operations, including information technology difficulties; volatilities in the securities markets; and deteriorating economic conditions, and other risks and uncertainties, including those detailed in Embassy Bancorp, Inc.’s filings with the Securities and Exchange Commission (SEC). The statements are valid only as of the date hereof and Embassy Bancorp, Inc. disclaims any obligation to update this information.

Contact:
David M. Lobach, Jr.
Chairman, President and CEO
(610) 882-8800

The MIL Network –
May 17, 2025
MIL-OSI: Security Bancorp, Inc. Announces Annual Cash Dividend

Source: GlobeNewswire (MIL-OSI)

MCMINNVILLE, Tenn., May 16, 2025 (GLOBE NEWSWIRE) — Security Bancorp, Inc. (OTCBB:SCYT.OB) announced that the Corporation’s Board of Directors has declared an annual cash dividend of $1.00 per share on the Corporation’s outstanding common stock. The cash dividend will be payable on July 1, 2025 to shareholders of record as of the close of business on June 2, 2025.

Security Bancorp, Inc. is the holding company for Security Federal Savings Bank of McMinnville, TN a Tennessee state-chartered financial institution headquartered in McMinnville, Tennessee. At March 31, 2025, the Corporation had total assets of $391.8 million and stockholders’ equity of $37.1 million.

Contact:

Michael D. Griffith
President and Chief Executive Officer
(931) 473-4483

The MIL Network –

May 17, 2025
MIL-OSI USA: Warren, Wyden, Gillibrand Press Social Security Head on Plans to Strip Employees of Civil Service Protections, Pave Way for Mass Firings

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
May 16, 2025
Lawmakers sound alarm on plans to recategorize thousands of SSA workers as Schedule F “policy-making” employees — making it easier to replace them with DOGE lackeys
“Converting these SSA employees’ status is a deliberate maneuver to make it easier to get rid of critical SSA staff, endangering the program and the benefits earned by millions of Americans.”
Text of Letter (PDF)
Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, Ron Wyden (D-Ore.), Ranking Member of the Senate Finance Committee, and Kirsten Gillibrand (D-N.Y.), Ranking Member on the Senate Aging Committee, pressed new Commissioner of the Social Security Administration Frank Bisignano on reported plans to recategorize thousands of workers as Schedule F “policy-making” employees.
The move, which is set to impact frontline employees who work directly with Americans to provide services, will endanger the agency by stripping employees of their civil service protections, making it easier for Elon Musk’s Department of Government Efficiency (DOGE) to replace nonpolitical federal workers with political lackeys and to accelerate its mass layoff across the administration.
“Converting these SSA employees’ status is a deliberate maneuver to make it easier to get rid of critical SSA staff, endangering the program and the benefits earned by millions of Americans,” wrote the lawmakers.
Last month, the Office of Personnel Management (OPM) proposed “Schedule F” as a new category of government employee that have “important policy-determining, policy-making, policy-advocating, or confidential duties.” Schedule F workers are employed at-will, meaning they can be fired at any point, and do not have the same rights that protect federal government employees from termination absent “misconduct, neglect of duty, (and) malfeasance.” Additionally, it is not clear that Schedule F employees are included in collective bargaining units or eligible for union representation.
SSA leadership has interpreted the “important policy-determining” language in President Trump’s executive order to apply to a large swath of SSA employees. SSA has reclassified tens of thousands of employees — including those who ensure recipients get their monthly benefits — as high-level decision-making “Schedule F” employees. In practice, this reclassification enables the Trump administration to replace anyone who refuses DOGE’s potentially illegal orders — making senior Social Security staffers rank-and-file employees at will and ultimately politicizing Social Security.
“SSA’s broad reclassification of employees under seemingly false pretenses appears to be a deliberate effort to allow DOGE to purge SSA of the employees who work dutifully to make sure Americans receive their earned benefits. Since President Trump’s inauguration, the administration, led by Elon Musk, has been hellbent on dismantling SSA — which he has called a ‘Ponzi scheme,’” wrote the lawmakers.
The reclassification does not just apply to senior leadership and policy-makers. The former Acting Commissioner for the SSA, Leland Dudek — who has remained at the agency as a senior advisor — announced that SSA would reclassify broad swaths of the workforce as Schedule F, including frontline workers making as little as $40,000 and handling the day-to-day responsibilities of servicing Americans directly.
“This means that — in addition to replacing long-serving employees with your DOGE acolytes — you can cut large swaths of the SSA workforce to effectuate DOGE’s goal of slashing the agency,” wrote the lawmakers. “This broad reclassification will enable you — at DOGE’s behest — to slash the SSA workforce while stripping protections that typically apply to federal workers.”
This is the latest in DOGE’s efforts to cut Social Security and SSI benefits or prevent seniors and people with disabilities from obtaining their earned benefits. Under the Trump administration, Americans have struggled to access their Social Security benefits, faced hours-long lines at SSA offices, endured extended wait times on phone lines, and dealt with repeated SSA.gov website crashes. Some Americans have even been wrongly cut off from benefits, threatening their ability to pay their bills.
“Converting SSA employees to Schedule F will enable President Trump, Elon Musk, and DOGE to stack the SSA with lackeys willing to implement policies aimed at restricting Americans’ access to their benefits, while firing the hardworking frontline workers who make sure recipients get their monthly check. In other words, this will enable DOGE and the Trump administration to continue its crusade to cut Social Security benefits,” concluded the lawmakers.
Senators Warren and Wyden recently led the launch of Senate Dems’ Social Security War Room, a coordinated effort to fight back against the Trump administration’s attack on Americans’ Social Security. The War Room coordinates messaging across the Senate Democratic Caucus and external stakeholders; encourages grassroots engagement by providing opportunities for Americans to share what Social Security means to them; and educates Senate staff, the American public, and stakeholders about Republicans’ agenda and their continued cuts to Americans’ Social Security services and benefits.

MIL OSI USA News –

May 17, 2025
MIL-OSI Global: TikTok influencer’s killing on camera highlights the femicide crisis in Latin America

Source: The Conversation – UK – By Amalendu Misra, Professor of International Politics, Lancaster University

Mexican beauty influencer Valeria Marquez was shot dead during a TikTok livestream. @V___marquez / Instagram

Valeria Marquez, a beauty influencer, was shot dead by a man on May 14 while live streaming on TikTok at her beauty salon in the Mexican city of Guadalajara. The authorities are investigating the case as a suspected femicide, where women or girls are killed on account of their gender.

The killing of Marquez is part of a gender-based violence epidemic that has gripped Latin America for decades. The threat of such violence there is so severe that in 2020, as the world battled COVID, the UN secretary-general, António Guterres, called it a “shadow pandemic”.

The situation in Mexico is especially alarming. A 2021 report by Amnesty International found that at least ten women or girls are murdered in the country every day. The report added that the authorities have largely proved unwilling to take action to stop the killing.

On the surface, Mexico has made significant strides in improving gender equality. Claudia Sheinbaum Pardo became the first woman to be elected as Mexico’s president in 2024. There are also several female governors heading powerful Mexican provinces, and female political leadership can be found in great numbers in regional and municipal bodies.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

But despite the visible presence of women in public life, parts of Mexican society remain deeply sexist. Researchers see the prevalence of machismo, a culture that encourages an extreme sense of masculine pride, as having facilitated male dominance over women.

Femicide in Mexico became particularly rife in the 1990s. The introduction of the North American free trade agreement saw many factories producing goods for export set up near Mexico’s border with the US. These factories are known as maquiladoras.

The emergence of maquiladoras created low-skilled job opportunities. And a generation of women sought economic freedom by working in the factories. By 2006, more than half of the workers at maquiladoras were women, largely the result of their comparatively low wage demands.

While this culture shift allowed women greater economic autonomy, it also created deep resentment from some men. A spate of murders were carried out in the Mexican border city Ciudad Juárez in the 1990s, which claimed the lives of roughly 400 women.

Research has established a connection between female employment in the maquiladoras and the consequent rise in femicide in Mexican border towns. Many of the women killed in Ciudad Juárez worked in the maquiladoras.

Some people also point to the fact that the culture of male chauvinism in Mexico – and throughout Latin America more broadly – is pervasive.

When the Mexican government in 2020 established a hotline to report issues of domestic abuse and violence against women in the country, it was flooded by tens of thousands of reports. But when journalists asked the then president, Andrés Manuel López Obrador, about this figure he brushed it aside: “90% of those calls that you’re referring to are fake.”

Culture of impunity

Gender-based violence in Mexico and in large parts of Latin America does not exist solely because of the culture of extreme masculinity. It also thrives because of institutional failure to bring the perpetrators to justice.

There are robust laws and regulations to protect women against abuse in Latin America. The inter-American convention on the prevention, punishment and eradication of violence against women, signed in the Brazilian city of Belém in 1994, is a good example.

It was adopted by all countries in Latin America and the Caribbean, formalising violence against women as a violation of their human rights. However, despite the presence of this legal framework, there has not been a corresponding decline in rates of femicide.

Criminal impunity is one of the greatest hindrances to addressing the issue of femicide throughout the region. In Mexico, for example, more than 90% of all crimes go unsolved. And in Brazil, many cases of violence against women go unreported.

When they are reported, the victims and their families often face obstacles in the judicial system. Despite a 39% increase in the number of femicide cases in Brazil from 2019 to 2020, the sentencing for this crime only increased by 24%.

According to a World Bank report from 2023, there is an institutional complicity in perpetrating violence against women in Honduras. The report alleges that the country’s national police force “turn a blind eye to the soaring number of femicides”.

Similarly, according to Diana Portal, of the ombudsman’s office in Peru, femicide in the country is spiralling out of control because the negligent state machinery is incapable of addressing the issue. Consequently, criminals feel they can “rape, disappear or kill a woman without consequence”.

Latin America and the Caribbean has never had a dearth of female public figures. The region has had more than a dozen female leaders as of 2025. Argentina, Brazil and Chile have recently had female heads of state, while Peru, Honduras, Nicaragua and Mexico currently have female presidents. Mexico’s patron saint, Virgen de Guadalupe, is also a woman.

However, the presence of these high-profile figures in public life has not deterred sections of society from targeting women with violence.

Incensed by the culture of impunity and male chauvinism that perpetuates femicide in Latin America, the late Pope Francis denounced the practice. In a visit to Peru in 2018, he said violence against women cannot be treated as “normal”. “It is not right for us to look the other way and let the dignity of so many women, especially young women, be trampled upon.”

Unfortunately, despite the moral homily contained in his message, Latin America has been utterly incapable of addressing this subculture of gender violence.

Amalendu Misra is a recipient of Nuffield Foundation and British Academy fellowships.

– ref. TikTok influencer’s killing on camera highlights the femicide crisis in Latin America – https://theconversation.com/tiktok-influencers-killing-on-camera-highlights-the-femicide-crisis-in-latin-america-256821

MIL OSI – Global Reports –

May 17, 2025
Sensex, Nifty end lower as investors book profits

Source: Government of India

Source: Government of India (4)

Indian stock markets ended lower on Friday as investors booked profits following recent gains.

Both benchmark indices — the Sensex and the Nifty — closed in the red during the final trading session of the week.

The Sensex declined by 200.15 points, or 0.24 per cent, to settle at 82,330.59. During the session, it moved between a high of 82,514.81 and a low of 82,146.95.

Similarly, the Nifty slipped by 42.30 points, or 0.17 per cent, to close at 25,019.80. The index remained in consolidation mode, taking a breather after Thursday’s rally.

“Indicators and overlays are consistently pointing towards further strength in the short term. Any dips are likely to be bought into, with support placed at 25,000/24,800,” said Rupak De of LKP Securities.

On the upside, a move above 25,120 could take the index towards 25,250/25,350, he added.

While the headline indices declined, the broader market showed strength.

Small-cap and mid-cap stocks outperformed, with the Nifty Smallcap100 gaining 1.86 per cent and the Nifty Midcap100 rising 0.94 per cent.

Among Sensex-listed companies, Eternal (formerly Zomato), Hindustan Unilever, Asian Paints, ITC, and IndusInd Bank were the top gainers, with their stocks rising between 0.60 per cent and 1.20 per cent.

On the downside, Bharti Airtel, HCL Tech, State Bank of India, Infosys, and Tech Mahindra were among the top losers, posting declines ranging from 0.79 per cent to 2.76 per cent.

Sector-wise, the market ended on a mixed note. On the NSE, indices such as Nifty IT, Metal, Pharma, and Healthcare closed in the red, posting losses of up to 0.84 per cent.

Conversely, several sectors saw gains, with Nifty Realty emerging as the top performer, closing 1.6 per cent higher.

The market volatility gauge, India VIX — also known as the fear index — declined by 2.02 per cent to settle at 16.55 on Friday, indicating a slight easing in market uncertainty.

“The overall mood in the market was cautious, as investors chose to lock in profits at higher levels after a strong run-up in recent sessions,” market experts said.

Meanwhile, the Indian rupee ended slightly higher at 85.51 against the US dollar, compared to Thursday’s close of 85.54.

“Looking ahead, the USD-INR spot rate is expected to find support around the 84.90 level, while facing resistance near 85.94,” said Dilip Parmar of HDFC Securities.

-IANS

May 17, 2025
MIL-OSI USA: Sen. Johnson Joins Sen. Ricketts in Sending Letter Backing President Trump’s Call for Full Dismantlement of Iran’s Nuclear Program

US Senate News:

Source: United States Senator for Wisconsin Ron Johnson
WASHINGTON – Today, U.S. Sen. Ron Johnson (R-Wis.) joined U.S. Sen. Pete Ricketts (R-Neb.) in sending a letter to President Donald Trump regarding the Administration’s ongoing negotiations with Iran. The letter calls on the Trump Administration to secure a deal that results in the full dismantlement of the Iranian nuclear program, including permanently ending the regime’s capacity to enrich uranium.
“We write to express our strong support for your efforts to secure a deal with Iran that dismantles its nuclear program, and to reinforce the explicit warnings that you and officials in your Administration have issued that the regime must permanently give up any capacity for enrichment,” the senators wrote.
“We cannot afford another agreement that enables Iran to play for time, as the JCPOA did. The Iranian regime should know that the Administration has Congressional backing to ensure their ability to enrich uranium is permanently eliminated. As always, we stand ready to provide you and your Administration whatever resources you need to advance American national security interests,” they continued.
Sens. Johnson and Ricketts were joined by U.S. Senators Ted Cruz (R-Texas), Tom Cotton (R-Ark.), Leader John Thune (R-S.D.), Jim Justice (R-W. Va.), Steve Daines (R-Mont.), John Curtis (R-Utah), John Cornyn (R-Texas), Kevin Cramer (R-N.D.), Chuck Grassley (R-Iowa), Dave McCormick (R-Pa.), James Lankford (R-Okla.), Tim Scott (R-S.C.), Susan Collins (R-Maine), Markwayne Mullin (R-Okla.), Tim Sheehy (R-Mont.), Rick Scott (R-Fla.), Cynthia Lummis (R-Wyo.), Jim Banks (R-Ind.), John Hoeven (R-N.D.), John Boozman (R-Ark.), Jon Husted (R-Ohio), John Barrasso (R-Wyo.), Roger Wicker (R-Miss.), Thom Tillis (R-N.C.), Shelley Moore Capito (R-W. Va.), Mike Lee (R-Utah), Katie Britt (R-Ala.), Marsha Blackburn (R-Tenn.), Ashley Moody (R-Fla.), Ted Budd (R-N.C.), Mitch McConnell (R-Ky.), Dan Sullivan (R-Alaska.), Joni Ernst (R-Iowa), Cindy Hyde-Smith (R-Miss.), Mike Rounds (R-S.D.), Deb Fischer (R-Neb.), Bill Cassidy (R-La.), Todd Young (R-Ind.), John Kennedy (R-La.), Tommy Tuberville (R-Ala.), Bernie Moreno (R-Ohio), Jerry Moran (R-Kan.), Lisa Murkowski (R-Alaska), Bill Hagerty (R-Tenn.), Eric Schmitt (R-Mo.), Roger Marshall (R-Kan.), Josh Hawley (R-Mo.), and Lindsey Graham (R-S.C.).
Full text of the letter can be found here.

MIL OSI USA News –

May 17, 2025
MIL-OSI Africa: African Development Bank Approves $304 Million Loan to Support Botswana’s Fiscal Stability and Economic Reforms

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

GABORONE, Botswana, May 16, 2025/APO Group/ —

The African Development Bank (www.AfDB.org) has approved a $304 million loan to Botswana to support the southern African country in managing mounting fiscal challenges and implementing key governance and economic reforms.

The funding, approved by the Bank Group’s Board of Directors on Wednesday, will finance the Governance and Economic Resilience Support Programme (GERSP), a one-year general budget support operation covering the 2025/2026 fiscal year.

The facility aims to cushion Botswana from the financial shock triggered by declining diamond revenues, while advancing critical reforms to enhance fiscal transparency, boost revenue collection, and promote private sector-led growth.

Botswana’s economy contracted by 1.7% in 2024, primarily due to weak global demand for diamonds, which account for approximately 80% of the country’s exports. The country’s fiscal deficit widened — from a balanced budget in 2022/23 to 4.7% of GDP in the 2023/24 financial year–– and is projected to reach 6.7% in the current fiscal year.

“This operation comes at a critical time for Botswana,” said Moono Mupotola, Deputy Director General for Southern Africa and Country Manager at the African Development Bank Group. “We will work with the new administration to implement reforms that will deepen fiscal sustainability, strengthen transparency, and create a more business-friendly environment for economic diversification.”

The GERSP is structured around two main pillars: Strengthening fiscal sustainability and transparency, and stimulating economic growth. It includes measures to increase domestic revenue mobilization, curb illicit financial flows, and enhance public expenditure efficiency and accountability.

The program also targets support for micro, small, and medium enterprises, particularly those led by women and youth, to create jobs and reduce inequality.

The operation is a transitional measure to address short-term budget pressures while engaging with Botswana’s new government, elected in November 2024, on long-term development goals.

“The African Development Bank is committed to supporting Botswana’s ambitious socioeconomic development agenda through credible and transformational reforms, project and program financing, and continuous policy dialogue”, said Abdoulaye Coulibaly, the Bank’s Director of Governance and Economic Reforms.

The new loan builds on the Bank’s prior support to Botswana, including the Economic Recovery Support Programme implemented in 2021-2022, which had $200 million cofinancing from the OPEC Fund for International Development.

The current program aligns with the Bank’s Country Strategy Paper for Botswana (2022-2026), which prioritizes building economic resilience through support for economic governance and private sector development.

MIL OSI Africa –

May 17, 2025

MIL-OSI: Best Crypto Casinos USA: JACKBIT Is Ranked #1 Top Bitcoin Online Casino With Exclusive Bonuses & Fast Payouts!

Source: GlobeNewswire (MIL-OSI)

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JACKBIT’s mobile platform provides seamless access to all games, perfect for on-the-go play.

5. What payment methods does JACKBIT support in the best crypto casinos USA?

JACKBIT accepts Bitcoin, Ripple, Visa, Skrill, and more for fast, secure transactions.

6. How fast are withdrawals at JACKBIT in the best crypto casinos USA?

Crypto withdrawals are instant, while fiat takes 1-2 days, making it a top crypto casino.

Email: support@JACKBITcasino.com

Disclaimer

This article is not intended to be financial or legal advice; rather, it is pure informational. Gambling carries risks and may be addictive; please play responsibly. Check if internet gambling is permitted in your area. Information is accurate as of May 2025, but terms may change; check JACKBIT for updates.

This article is for informational and entertainment purposes only and does not constitute legal or financial advice. The content is based on research and user reviews, with no warranties as to accuracy or completeness. Users must verify information before acting.

Online gambling involves risks and is not suitable for everyone. Confirm you meet the legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We do not promote gambling; participation is at your own risk. JACKBIT is a third-party platform, and we are not liable for losses or disputes.

This article may contain affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content, but our reviews remain unbiased. Always conduct your own research before signing up.

Photos accompanying this announcement are available at:

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The MIL Network –

May 17, 2025

MIL-OSI: Best Online Casinos Canada: JACKBIT Voted #1 As The Top Canadian Online Casino for Gamblers!
Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 16, 2025 (GLOBE NEWSWIRE) — In the fast-evolving world of online gambling, online casinos have become a top choice for Canadian players seeking secure, fast, and private gaming experiences. With the rise of cryptocurrencies like Bitcoin and Ethereum, the best online casinos in Canada are reshaping how players engage with real-money gaming.

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These platforms offer cutting-edge technology, generous bonuses, and a wide variety of games to provide unmatched entertainment. Among them, JACKBIT stands out as the top online casino Canada trusts in 2025, thanks to its player-focused approach and innovative features.

For online casino enthusiasts, bonuses are a highly much wanted -after feature, offering a risk-free way to explore real-money gaming. These bonuses appeal especially to players eager to test a casino’s platform without spending their own money.

Recognizing this demand, JACKBIT has elevated its offerings in 2025 by providing tailored bonuses for both newcomers and seasoned users. Setting a new industry standard with instant rewards and access to top-tier slots and table games, JACKBIT has become the best online casino Canada loves.

How to Get Started with JACKBIT

Joining JACKBIT is simple and tailored for Canadians eager to explore the best online casinos Canada has to offer:
1. Visit the official JACKBIT website.
2. Click “Sign Up” in the top-right corner.
3. Enter basic details (email, password, preferred currency).
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This streamlined process makes JACKBIT the most accessible new online casino for Canadian players.

Why JACKBIT Stands Out as the Best Online Casino Canada

JACKBIT has earned the title of the best online casino in Canada for 2025 after a thorough evaluation by iGaming experts. This online casino Canada platform excels in delivering a seamless, secure, and rewarding experience, making it the top choice for players across the country.

With over 7,000 games, a no-KYC policy, and a robust sportsbook, JACKBIT caters to every type of player, from casual gamers to high rollers.

A Comprehensive Review Focused on Players

The review process, which named JACKBIT the best online casino Canada offers, was centered on player needs. Experts evaluated key areas to ensure the platform delivers exceptional value:
- Licensing and Regulation
- Game Variety and Quality
- Bonuses and Promotions
- Payment Flexibility and Speed
- Security and Fair Play
- Mobile Gaming Experience
- Customer Support Quality
- Sportsbook Features
- Responsible Gambling Tools
- No-KYC Benefits
JACKBIT outperformed its competitors in every category, proving why it’s the best online casino for Canadian players in 2025. Let’s explore each area to understand what makes this new online casino so special.

Licensing: A Foundation of Trust

JACKBIT operates under a Curacao Gaming License, a respected credential in the world of online casinos Canada. This license ensures adherence to strict fair play and security standards, with regular audits to maintain compliance.

While some players may prefer licenses from Malta or Ontario’s iGaming authority, Curacao’s framework allows JACKBIT to serve a global audience, including Canadians, with transparency and reliability.
- Global Reach: The Curacao license enables JACKBIT to welcome players from diverse regions, making it a versatile choice for Canadians.
- Player Confidence: Regular audits ensure gameplay and funds are protected, allowing players to focus on the fun.
- Balanced Regulation: Curacao offers flexibility while maintaining oversight, ideal for casino -focused platforms.
For those searching for the best online casino in Canada, JACKBIT’s licensing provides a secure and trustworthy foundation.

Game Variety: Endless Entertainment

With over 7,000 games from 85 top providers like NetEnt, Evolution Gaming, Microgaming, and Pragmatic Play, JACKBIT’s game library is a key reason it’s hailed as the best online casino in Canada. The platform offers something for every player, ensuring endless entertainment.
- Slots: Over 5,000 titles, including classic fruit machines, modern video slots like Gold Party, and 180+ Megaways games. Progressive jackpots like Mega Moolah offer life-changing payouts.
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- Table Games: A wide selection of blackjack (Power Blackjack, Infinite Blackjack), roulette (European, Lightning), poker (Texas Hold’em), baccarat, and craps.
  - Why It’s Great: Multiple variants and strategic depth appeal to both casual and skilled players.
- Live Dealer Games: Powered by Evolution Gaming, the live section includes Live Blackjack, Live Roulette, Live Baccarat, and game shows like Dream Catcher and Crazy Time.
  - Why It’s Great: Real-time interaction with dealers brings the casino floor to your screen.
- Sportsbook: Covering 140+ sports with 82,000+ live monthly events and 4,500+ betting types, including hockey, basketball, and e-sports.
  - Why It’s Great: A strong focus on hockey resonates with Canadian fans, while live betting keeps the action intense.
- Specialty Games: Casual options like bingo (Shamrock Bingo), scratch cards, and friendly mini-games like Aviator and Plinko.
  - Why It’s Great: Perfect for quick, low-stakes fun.
- Virtual Sports: 24/7 betting on simulated events like virtual football, horse racing, and greyhound racing.
  - Why It’s Great: Realistic graphics and non-stop action keep the excitement going.
This vast selection ensures JACKBIT remains a top Canadian online casino for players seeking variety and quality.

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Bonuses and Promotions: Rewards That Pack a Punch

JACKBIT’s generous promotions are a major reason it’s ranked as the best online casino Canada offers in 2025. New players start with a 30% Rakeback and 100 wager-free spins, with ongoing offers that keep the excitement alive:
- Weekly Giveaways: $10,000 prize pools and 1000 free spins.
  - Why It’s Great: Frequent rewards keep players engaged without extra deposits.
- VIP Rakeback: Up to 30%, scaling with loyalty tiers.
  - Why It’s Great: Rewards dedication with bigger cashback.
- Pragmatic Drops & Wins: A €2,000,000 prize pool across multiple games.
  - Why It’s Great: Offers a shot at life-changing wins.
- Social Media Bonuses: Engage on Twitter and Telegram for extra rewards.
  - Why It’s Great: Simple tasks like retweeting unlock bonuses.
- Tournaments: Regular slot and table game events with cash prizes.
  - Why It’s Great: Adds a competitive edge for all skill levels.
These high-value bonuses make JACKBIT a standout among online casinos Canada, ensuring players get more bang for their buck.

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Payment Flexibility: Fast and Secure Transactions

As an instant payout casino, JACKBIT supports over 17 cryptocurrencies, including Bitcoin, Ethereum, Tether, Solana, and Dogecoin. Crypto transactions are instant and fee-free, offering unmatched convenience. Traditional options include:
- Visa and MasterCard: Instant deposits, withdrawals in 1-3 days.
- Google Pay and Apple Pay: Instant mobile deposits.
- Bank Transfers: Withdrawals in 3-5 days.
With high withdrawal limits (up to $30,000 weekly) and robust SSL encryption, JACKBIT ensures secure and flexible banking, reinforcing its status as the best online casino Canada trusts.

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Security: A Safe Gaming Environment

Security is a top priority at JACKBIT, making it one of the safest online casinos Canada offers. The platform uses SSL encryption and blockchain technology to protect player data and transactions. Provably fair games and Random Number Generators (RNGs) ensure unbiased outcomes, while the no-KYC policy enhances privacy without compromising trust.
- Blockchain Transparency: Verify transactions for peace of mind.
- Certified Fairness: Independent audits confirm game integrity.
- Why It’s Great: Players can game confidently, knowing their experience is secure.
Mobile Gaming: Play Anywhere, Anytime

JACKBIT’s mobile-optimized platform delivers a seamless experience on iOS and Android without requiring a dedicated app. Players can access the full game library, deposit instantly, and claim bonuses on the go. The responsive design ensures smooth navigation, making JACKBIT a top choice for mobile gamblers seeking the best online casinos Canada has.
- Cross-Device Sync: Switch between devices without losing progress.
- Intuitive Interface: Easy navigation on smaller screens.
- Why It’s Great: Play wherever life takes you.
Customer Support: Always There for You

JACKBIT offers 24/7 live chat support in multiple languages, including English, French, and Spanish, resolving queries within minutes. Email support and a comprehensive FAQ section provide additional resources. The team’s professionalism strengthens JACKBIT’s reputation as the best Canadian online casino.
- Bilingual Support: French options cater to Canada’s diverse population.
- Fast Response: Issues are handled promptly, day or night.
- Why It’s Great: Reliable help enhances the player experience.
Sportsbook: Betting with a Canadian Twist

JACKBIT’s sportsbook covers 140+ sports, including hockey, basketball, tennis, and e-sports, with 82,000+ live monthly events and 4,500+ betting types. Live streaming and competitive odds make it the best online casino for Canadian sports fans, with a strong focus on hockey to resonate with local passions.
- Hockey Focus: Extensive NHL betting options for Canadian fans.
- Live Action: Real-time updates keep bets engaging.
- Why It’s Great: Perfect for sports betting enthusiasts.
Responsible Gambling: Prioritizing Player Well-Being

JACKBIT promotes safe gaming with tools like deposit limits, self-exclusion, reality checks, and links to organizations like GamCare and Gambling Therapy. These features ensure a fun and controlled experience, aligning with the standards of safe online casinos Canada trusts.
- Proactive Tools: Set boundaries to prevent issues.
- Support Resources: Help is always a click away.
- Why It’s Great: Keeps gaming enjoyable and responsible.
No-KYC Benefits: Privacy and Convenience

JACKBIT’s no-KYC policy allows anonymous play and withdrawals, a major draw for privacy-conscious players. Paired with fast payouts, this feature makes JACKBIT the best online casinos Canada offers for discreet gaming.
- Hassle-Free: Skip ID checks and play instantly.
- Secure Anonymity: Your data stays private without compromising safety.
- Why It’s Great: Ideal for players valuing personal freedom.
Crypto Gambling Trends Shaping Canada’s iGaming Scene

The rise of crypto gambling in Canada is driven by several key trends that align perfectly with JACKBIT’s offerings, making it the best online casino for 2025:
- Growing Crypto Adoption: More Canadians are holding Bitcoin, Ethereum, and other cryptocurrencies, making the best online casinos in Canada a natural fit for seamless transactions.
- Demand for Privacy: No-KYC platforms like JACKBIT cater to players seeking discretion in their gaming activities.
- Technological Advancements: Blockchain technology and fast transactions enhance the gaming experience, offering transparency and security.
- Why JACKBIT Excels: Its crypto-first approach positions it as the leader among Canadian online casinos, meeting the needs of modern players.
By staying ahead of these trends, JACKBIT continues to dominate as the best online casinos Canada embraces.

Why Canadians Love JACKBIT: A Psychological Perspective

Canadian players are drawn to JACKBIT for reasons that go beyond games and bonuses. The platform taps into key psychological drivers that make it the top Canadian online casino:
- Control and Freedom: No-KYC policies and instant payouts give players full control over their gaming experience.
- Balanced Risk-Reward: Bonuses like Rakeback offer rewards without requiring high stakes, appealing to cautious players.
- Community Connection: Social media bonuses and tournaments foster a sense of belonging, enhancing player loyalty.
- Why It Works: JACKBIT understands what motivates players, making it the best online casino Canada adores.
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JACKBIT’s Community Engagement

JACKBIT goes beyond gaming to build a vibrant community, further solidifying its status as the best online casino Canada offers:
- Charity Initiatives: Partners with Canadian organizations to support local causes, giving back to the community.
- Player Events: Hosts virtual meetups for fans to connect and share their experiences.
- Feedback Forums: Actively incorporates player suggestions to improve the platform.
- Why It Matters: These efforts create a loyal, engaged player base, making JACKBIT an online casino Canada loves.
Navigating Canada’s Regulatory Landscape

Canada’s gambling laws are evolving, with provinces like Ontario regulating online gaming while crypto remains a gray area. JACKBIT’s Curacao license ensures compliance with international standards, but future regulations could shape the industry:
- Potential Crypto Rules: Provinces may introduce specific regulations for online gambling.
- Enhanced Protections: New safeguards could boost player trust in online casinos Canada.
- JACKBIT’s Advantage: Its global license and no-KYC model provide flexibility, keeping it at the forefront as the best online casino Canada trusts.
By staying adaptable, JACKBIT is well-positioned for long-term success in the Canadian market.

JACKBIT’s Innovation Roadmap

JACKBIT is committed to staying ahead of the curve with exciting enhancements planned for the future, ensuring it remains the best online casino Canada looks to:
- New Cryptocurrencies: Adding support for emerging coins like Cardano to expand payment options.
- AR/VR Gaming: Exploring immersive slot and live dealer experiences for a next-level gaming experience.
- AI Personalization: Tailoring game recommendations based on player preferences for a customized experience.
- Why It’s Exciting: These innovations keep JACKBIT at the cutting edge of Canadian online casinos.
Why JACKBIT Is the Ultimate Choice for 2025

JACKBIT’s combination of no-KYC freedom, instant payouts, and an unmatched game library makes it the best online casino Canada has in 2025. Its focus on security, rewarding bonuses, and innovative features creates a gaming experience that’s hard to beat, whether you’re a casual player or a high roller. From its extensive sportsbook to its community-driven initiatives, JACKBIT delivers on every front, setting a new standard for online casinos Canada.

Final Thoughts on the Best Online Casino Canada

JACKBIT has redefined online gaming with its anonymous, no-KYC gameplay, lightning-fast payouts, and vast game selection. Its generous promotions, robust security measures, and player-first approach offer both excitement and peace of mind.

While its Curacao license may not be the strictest, JACKBIT builds trust through transparent practices and a strong commitment to responsible gambling. As a relatively new name in the industry, JACKBIT has quickly risen to become a leader among Canadian online casinos, delivering a seamless experience for all types of players.

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Frequently Asked Questions About the Best Online Casinos Canada

Is JACKBIT considered one of the best online casinos in Canada?

Yes, JACKBIT is recognized as one of the top online casinos in Canada due to its extensive game library, fast online payouts, and user-friendly platform.

Are crypto deposits and withdrawals at JACKBIT safe and secure?

Absolutely. JACKBIT uses advanced blockchain technology and encryption to ensure all transactions are fast, transparent, and secure.

Can I play at JACKBIT without completing a lengthy verification process?

Yes, JACKBIT offers a streamlined signup process with optional KYC for most users, enabling anonymous gaming while complying with regulatory standards.

Does JACKBIT offer localized support for Canadian players?

Yes, JACKBIT provides customer support tailored for Canadian users, including support in English and French, and supports Canadian dollars for fiat transactions.

What makes JACKBIT stand out among other online casinos in 2025?

JACKBIT excels with over 7,000 games, instant payouts, frequent promotions, and a strong focus on user experience, making it a leading choice for Canadian online gamblers.

Contact: support@jackbit.com

Disclaimer & Affiliate Disclosure

This article is for informational and entertainment purposes only and does not constitute legal or financial advice. Gambling carries risks; verify information and play responsibly. You must be 19 (or 18 in some provinces) to gamble legally in Canada. Laws vary, so comply accordingly. We may earn commissions from links at no extra cost to you. Our JACKBIT review is unbiased, based on thorough research.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/5a2f43ee-df37-4d2c-9822-5c827ed79663

https://www.globenewswire.com/NewsRoom/AttachmentNg/2990cac1-07b3-4196-885a-1c3ce14e3830

https://www.globenewswire.com/NewsRoom/AttachmentNg/6eef5186-5de5-49f9-b0f9-24997f8279c6

The MIL Network –
May 17, 2025
MIL-OSI Africa: The International Islamic Trade Finance Corporation (ITFC) Signs a EUR 106 Million Facility Terms under the Master Murabaha Agreement with the Republic of Burkina Faso

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

OUAGADOUGOU, Burkina Faso, May 16, 2025/APO Group/ —

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), the trade finance arm of the Islamic Development Bank (IsDB) Group, renewed its longstanding support to the Republic of Burkina Faso with the signing of a EUR 106 Million Facility terms under the Master Murabaha Agreement, with Société Burkinabè des Fibres Textiles (SOFITEX) as the executing agency.

The facility provided aims to support the country’s cotton campaign, reinforcing ITFC’s longstanding commitment to enhancing agricultural productivity and economic stability in Burkina Faso.

Commenting on the signing, Nazeem Noordali, COO of ITFC stated: “ITFC’s commitment to Burkina Faso’s economic development is once again demonstrated through this renewed financing facility. We recognize the critical role of the cotton sector in the economy and its impact on employment in Burkina Faso, which has been a key focus of our interventions since 2008. This partnership with SOFITEX aligns with our ongoing efforts to drive sustainable growth in the sector while ensuring its long-term resilience and prosperity.”

Speaking on behalf of SOFITEX, the CEO, M. Bienvenu PARE, said: “We are delighted to strengthen our strategic partnership with ITFC through this facility. This financing will not only help boost cotton production but also create tangible impacts on rural livelihoods, strengthen value chains, and support the country’s sustainable economic growth. We look forward to the positive outcomes of this collaboration for Burkina Faso’s cotton sector and wider agriculture industry.”

This signing is in line with the US$900 million Framework Agreement signed in May 2023 between ITFC and Burkina Faso. With this financing, ITFC continues to play a crucial role in supporting Burkina Faso’s agricultural sector and contributing to the country’s economic stability and agricultural productivity while advancing SDG Goal 1 “No Poverty” and SDG 2 “Zero Hunger”.

Over the years, ITFC and the Republic of Burkina Faso have enjoyed a good and longstanding relationship with a total of US$3.3 billion approved in financing across 48 operations in Burkina Faso, mainly in the energy and agriculture sectors.

MIL OSI Africa –

May 17, 2025
MIL-OSI Europe: Philip R. Lane: The communication of monetary policy decisions: incorporating risks and uncertainty

Source: European Central Bank

Remarks by Philip R. Lane, Member of the Executive Board of the ECB, at the Second Thomas Laubach Research Conference

Washington, D.C., 16 May 2025

In my remarks today I will focus on how the ECB communicates its monetary policy decisions, with a particular emphasis on the integration of risks and uncertainty into the monetary policy decision-making process.^[1]^[2]

Monetary policy meetings take place over two days. On Wednesday afternoon, there are presentations by ECB Executive Board members: Isabel Schnabel reports on the latest financial market developments and I review the global environment and the latest economic, monetary and financial developments in the euro area. This is followed by a general discussion of these topics by Governing Council members. On Thursday morning, I present a proposal for the monetary policy decision, which is then discussed by the Governing Council. After the monetary policy decision is made (typically by consensus), the monetary policy statement is finalised by the Governing Council, concluding the Thursday morning session.

In the afternoon, a press release announcing the decision is published at 2:15 p.m. While this press release was quite succinct in the past, a summary explanation for the decision is now included, and — for the quarterly meetings — the main elements of the staff macroeconomic projections are reported.

At the opening of the press conference at 2:45 p.m., President Lagarde reads out the monetary policy statement. The opening section matches the press release, while further sections go into more detail on economic activity, inflation, the risk assessment and monetary and financial developments. This is followed by a question-and-answer session. After the press conference, the quarterly forecast meetings also see the publication of a staff article that explains the new set of macroeconomic projections. About two weeks later, the Economic Bulletin is published, containing summaries of the preparatory analysis that was made available to the Governing Council prior to the meeting. An account of the meeting is published about a month after the meeting.

The aim of the monetary policy statement is not only to explain the immediate decision but also to update the underlying narrative in terms of the overall orientation of the monetary stance, the main forces shaping the dynamics of the economy and the inflation process, the evolving risk assessment and monetary and financial developments. The discipline of limiting the length of the monetary policy statement (it was about 1,500 words in April) puts a premium on identifying the main issues that the Governing Council wishes to emphasise. At the same time, this length offers room for a sufficiently broad survey of these themes to underpin the monetary policy decision. Naturally, at the quarterly meetings, there is also considerable external interest in the details of the new staff macroeconomic projections: it makes sense to publish the staff article after the press conference. In that way, the initial focus in the monetary policy statement and the press conference is on the Governing Council’s overall assessment of the situation, whereas the technical details of the staff work follow thereafter.

The publication of the meeting account summarises the presentations by Isabel and myself and the ensuing discussions among the members of the Governing Council. The account includes a section entitled “Monetary policy considerations and policy options” that provides the main features of the monetary policy proposal that I presented at the meeting. This typically includes considerations of how risk factors were taken into account in the proposal.^[3] Especially since the Governing Council’s monetary policy decisions are typically consensual, the summary of the discussion provides valuable insights into the range of views expressed at the meeting.

Taken together, the press release, the MPS, the press conference, the staff macroeconomic projections article, the Economic Bulletin and the meeting accounts provide a phased sequence of public information releases that helps external audiences to understand how we make our monetary policy decisions. In addition, in pursuing a multi-layered approach to public communication, a visual monetary policy statement is also released, which explains the monetary policy decision in short and easy-to-understand language, accompanied by a set of infographics to illustrate the main messages.^[4]

These decision materials are complemented by speeches and interviews by Executive Board and Governing Council members. The publication of an array of analytical contributions by staff (through the Economic Bulletin, the ECB Blog, working papers and occasional papers) also helps improve understanding of monetary policy formation, including in relation to the staff projections, which form a key analytical input into monetary policy meetings.

In view of this rich information set, would it be a game changer if the Governing Council additionally published its conditional assessment of the most likely future rate path, as practised by some other central banks? Putting aside the logistical challenge of forming a consensus on the conditional future rate path among the twenty-six members of the Governing Council, it is my view that such an exercise would create unwarranted expectations about the future rate path. Moreover, it would distort the monetary policy decision-making process in view of the potential reputational costs associated with deviations of actual decisions from the previously-flagged path.^[5] Procedurally, publishing a conditional rate path would also be awkward in the context of a staff-led projections exercise that is based on the market rate path.

More fundamentally, publishing a conditional baseline for the future rate path would not well capture the sensitivity of future rate decisions to the evolving macroeconomic environment and shifts in the risk assessment. As part of the meeting preparations, the staff analyse a family of plausible future rate paths and it would convey excessive confidence if any one candidate rate path were to be singled out. In particular, staff simulation exercises show the sensitivity of rate paths to both the point-in-time macroeconomic projections and various underlying assumptions that underpin model-based optimal rate paths as well as “robust” rate paths that seek to minimise the risk of a policy error across a range of plausible scenarios. Importantly, all such rate path analyses are sensitive to the assumptions made about the preferences of policymakers.^[6] Even if the rate path simulation exercises are highly valuable inputs into the internal development of the monetary policy proposal, it is preferable to take a meeting-by-meeting approach and focus the public communication on the immediate decision.^[7]

At the same time, to improve external understanding of how we make decisions, it is helpful set out the criteria guiding the reaction function to the main risk factors prevailing at any point in time.^[8] This provides “reaction function” guidance in terms of the key inputs driving monetary policy decisions.^[9] For instance, during the disinflation process over the last two years, the Governing Council has highlighted that measures of underlying inflation and the incoming evidence on the strength of monetary policy transmission were especially important in guiding decisions, in addition to the “standard” role of the inflation outlook (comprising both the baseline and the risks around it). The prominence of these specific risk proxies reflected the high uncertainty about the intrinsic persistence of the inflation surge (such that measures of underlying inflation provided important insights into the persistent component of inflation) and, similarly, the high uncertainty about the impact of the exceptionally fast pace of the cumulative rate hiking over 2022-2023 (such that monitoring the evidence on the strength of monetary transmission was crucial). Since both inflation persistence and the strength of monetary transmission are first order influences on the calibration of the rate path, the prominence given to these factors in our public communication have helped market participants to understand that the incoming information along these dimensions is central to our data-dependent monetary policy decisions. Looking to the future, the exact articulation of reaction function guidance should be periodically updated in line with the evolving risk environment: there is unlikely to be a fixed, timeless list of risk proxies.

The risk assessment section of the monetary policy statement provides additional signals regarding the factors that might shape future rate decisions. The meeting-by-meeting list of upside and downside risks to growth and inflation help to shape market pricing of future rate decisions: as the evolution of these risks become more or less prominent between meetings, market participants can revise their views. Naturally, this risk assessment is informed by considerable staff analysis that identifies and calibrates material threats to the growth and inflation projections.

Finally, alternative scenarios have been included in the staff macroeconomic projections exercise in the context of specific risk constellations. These include the onset of the pandemic in early 2020, the unjustified invasion of Ukraine by Russia in early 2022 and the elevation of geopolitical tensions in the Middle East in autumn 2023. In the near term, the ongoing uncertainty about US tariff policies means that alternative scenarios will also be included in the June macroeconomic projections exercise. These staff exercises are valuable in conveying the scale of revisions to the projected inflation and output paths that would be triggered under the realisation of the alternative scenarios.^[10]

In providing the risk assessment in the monetary policy statement and by staff publishing alternative macroeconomic projection scenarios in the context of specific risk constellations, there is extensive communication on how different risk factors might shape future decisions. Some might wish that the Governing Council lays out specific policy responses to these various risk profiles in order to “fill out” the distribution of future rate paths. However, as outlined above, the rich information set that is attached to each monetary policy decision together with reaction function guidance provides a sufficient foundation for market participants to assess how the realisation of various risks could affect the future rate path.

An additional potential application of scenario analysis is to construct a limited set of specific “curated” alternative scenarios by combining selected alternative calibrations of the primary economic and financial judgements underpinning the baseline projections. Publishing such alternative scenarios can be helpful in conveying the difficult choices embedded in making forecasts and in capturing possible differences in policy preferences across policymakers. From a communications perspective, this can be particularly helpful in systems where policymakers have a collective responsibility to endorse the published forecast but retain individual responsibility in casting votes.

Since the ECB relies on a staff-led projections exercise and has a strong preference for consensual decisions, the set of considerations in publishing such curated scenario analyses is different. In making sure monetary policy decisions are robust to non-baseline realisations, it is also not clear whether such a curated approach would be superior to a “many scenario” internal staff analysis (possibly augmented by machine learning algorithms) that explores robustness across the many combinations of shocks and modelling choices that are considered at each meeting. In addition, if the aim is to capture the main risk concerns of policymakers, selecting a limited set of curated alternative scenarios (out of very many possible scenarios) for each meeting would be logistically taxing for a twenty-six member Governing Council. A basic concern is that the selected curated scenarios might turn out to have shined the spotlight on risk factors that proved to be immaterial and might give the impression that the risk analysis was too narrow in scope.

In any event, the specific methods used to convey how risks and uncertainty are incorporated into the monetary policy decision-making process are less important than the underlying commitment to articulate that policy decisions not only take into account the baseline but also the surrounding risk environment. Moreover, there is an active research agenda in academia and policy organisations on how best to incorporate uncertainty into monetary policy decisions and monetary policy communications: as this research bears fruit over time, central banks should adapt their practices.^[11]

In these remarks, I have focused on how we currently communicate our monetary policy decisions and the associated decision-making framework. How best to integrate risk and uncertainty into our monetary policy decisions and our communication is a key topic for our ongoing assessment of our monetary policy strategy.^[12] We will publish our updated strategy in the second half of the year.

MIL OSI Europe News –

May 17, 2025
President Droupadi Murmu presents 58th Jnanpith award to Jagadguru Rambhadracharya

Source: Government of India

Source: Government of India (4)

President Droupadi Murmu on Friday presented the 58th Jnanpith Award to renowned Sanskrit scholar Jagadguru Rambhadracharya at a ceremony held at Vigyan Bhavan in the national capital.

In her address, the President congratulated Jagadguru Rambhadracharya for his outstanding contribution to Indian literature. She also extended her wishes to noted poet and lyricist Gulzar, who could not attend the function due to health reasons, and hoped for his speedy recovery and continued contributions to literature, art, and society.

The President underlined the unifying and transformative power of literature. Referring to the role of writers and poets in the 19th-century social awakening and the 20th-century freedom movement, she said their work has played a pivotal role in inspiring the nation. Citing examples such as Bankim Chandra Chattopadhyay’s Vande Mataram and the literary legacy of Valmiki, Vyas, Kalidas, and Rabindranath Tagore, she said their voices continue to reflect the spirit of Indianness.

Praising the Bharatiya Jnanpith Trust, the President commended its efforts in recognising literary excellence in Indian languages since 1965. She said the institution has preserved the prestige of the award by honouring deserving and outstanding litterateurs over the decades.

Highlighting the contributions of past women recipients of the Jnanpith Award, including Ashapurna Devi, Amrita Pritam, Mahadevi Verma, Qurratul-Ain-Haider, Mahasweta Devi, Indira Goswami, Krishna Sobti, and Pratibha Ray, the President said they have offered unique insights into Indian traditions and social realities. She encouraged women and young girls to actively engage in literary pursuits, drawing inspiration from these iconic writers.

Speaking about Jagadguru Rambhadracharya Ji, the President said he has set an exemplary standard of excellence through his scholarly and social contributions. Despite being visually impaired, he has enriched Indian literature and society through his work and spiritual vision. She expressed confidence that his life and achievements will continue to inspire generations in the fields of literature, social reform, and nation-building.

The Jnanpith Award, instituted by the Bharatiya Jnanpith Trust, is one of the highest literary honours in the country, awarded annually to authors for their outstanding contribution to literature in Indian languages.

May 17, 2025
India’s forex reserves surge by $4.5 billion to cross $690.6 billion mark

Source: Government of India

Source: Government of India (4)

India’s foreign exchange reserves jumped by $4.5 billion to reach $690.62 billion for the week ended May 9, according to data released by the Reserve Bank of India (RBI) on Friday.

Foreign currency assets, the largest component of the reserves, rose by $196 million to $581.37 billion. These assets, expressed in US dollar terms, reflect the impact of appreciation or depreciation in other currencies such as the euro, pound, and yen that are part of the reserves.

Gold reserves also saw a modest increase, rising by $4.5 million to $86.33 billion during the reporting week.

However, special drawing rights (SDRs) declined by $26 million to $18.53 billion, while India’s reserve position with the International Monetary Fund (IMF) fell by $134 million to $4.37 billion, the RBI data showed.

A strengthening foreign exchange reserve position bolsters the rupee against the US dollar and reflects the strong fundamentals of the Indian economy. It also provides the RBI with greater flexibility to manage volatility in the currency markets.

A robust forex kitty allows the central bank to intervene in the spot and forward markets by releasing dollars to curb excessive depreciation of the rupee. On the other hand, a declining reserve base limits the RBI’s ability to defend the currency during turbulent periods.

Meanwhile, India’s external sector continues to gain momentum, with total exports of goods and services registering a strong 12.7% growth in April, reaching $73.80 billion, compared to $65.48 billion in the same month last year. This growth comes despite global economic uncertainties triggered by US tariff hikes, according to data released by the Commerce Ministry on Thursday.

Merchandise exports alone grew by 9.03% to $38.49 billion, driven largely by high-value electronics and engineering goods, underscoring the expansion of India’s manufacturing sector.

Electronic goods exports rose sharply by 39.51% to $3.69 billion in April, up from $2.65 billion a year ago. Engineering goods exports climbed by 11.28% to $9.51 billion, compared to $8.55 billion last April. Exports of gems and jewellery also increased by 10.74% to $2.5 billion, up from $2.26 billion in the corresponding period last year.

— IANS

May 17, 2025
MIL-OSI: LHV Group’s own share acquisition transactions

Source: GlobeNewswire (MIL-OSI)

AS LHV Group announces that on 13 May 2025, it has acquired the company’s own shares on the Nasdaq Tallinn Stock Exchange as follows:

Date Aggregated volume Weighted average price per day (EUR)

13.05.2025 19,627 3.565197

LHV Group is acquiring its own shares based on the resolution of the company’s general meeting of shareholders held on 26 March 2025, and under the conditions decided by the Supervisory Board. The authorized agent for the transactions is AS LHV Pank. Summary data of the acquisitions will be disclosed no later than on the seventh trading day after the transaction and will be made available to the Financial Supervision and Resolution Authority, via the Nasdaq Tallinn system, and on LHV Group’s investor website.

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,150 people. As at the end of April, LHV’s banking services are being used by 468,000 clients, the pension funds managed by LHV have 113,000 active clients, and LHV Kindlustus protects a total of 176,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

Priit Rum
Communications Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee

The MIL Network –

May 17, 2025
MIL-OSI United Kingdom: Refunds still available for 4,000 people who didn’t submit their debt relief order application
Source: United Kingdom – Executive Government & Departments

News story

Refunds still available for 4,000 people who didn’t submit their debt relief order application

People who started a debt relief order application before April 2024 but did not complete the process are being offered refunds for any fees paid
Almost 4,000 people are still due a refund for debt relief order applications they paid for but did not submit

The Insolvency Service has written to those due a refund and £65,000 has already been reimbursed since March

Refunds worth a total of £500,000 are still available going back to 2016 for those who did not finish the application process

The Insolvency Service is trying to refund money to 4,000 people who made payments towards a debt relief order (DRO) but did not submit their application.

Before April 2024, a £90 fee was payable when making a DRO application.

Applicants could choose to pay in full or in instalments.

However, many thousands of people made a payment towards the fee, but did not submit their application.

The £90 fee was scrapped by the Government in April 2024 to make things easier for people with debts to access the help they need.

The Insolvency Service still has £500,000 to return to individuals who paid towards these incomplete applications, going back to 2016.

The agency has already written to 5,000 people due a refund, with around 1,000 responding and £65,000 being reimbursed since March so far.

Another letter is due to be sent out in the coming days.

Caroline Shanahan, senior leader in the Personal Insolvency Team at the Insolvency Service, said: “We sent letters to all 5,000 people who are due a refund, but many of them have not come back to us. There are still about 4,000 people who have not responded.

We want to return their money as soon as possible, but they need to contact us after receiving the letter.

In some cases, people may have changed their email address or moved home, meaning we do not have their current details to contact them. Those people can still apply for a refund if they paid towards a debt relief order that was not submitted, they just need to get in touch and let us know.

Applications for DROs are made through authorised intermediaries. Up until April 2024, payments were made by the individual as part of the application process, either in full or in instalments.

The Insolvency Service is keen to provide refunds directly to the individuals who made payments towards the application fee but did not complete their application for whatever reason.

If you are owed a refund

If you feel you are due a refund after making a payment but not submitting a debt relief order application, please contact dro.preorder@insolvency.gov.uk

To request payment into your bank account or building society, please include the following details:

Debt Relief Order application number (if known)

Your name

Your address

Your telephone number

Bank/building society Name

Account name (as shown on bank statement)

Bank account number (full 8 numbers)

Bank sort code (full 6 numbers)

Building Society roll number (if applicable)

All applications will be fully verified against system inform to prevent fraudulent claims.

If you would like to request a cheque instead, please state this in your email.

If your contact details have changed since making the application, please include your previous name and address alongside your current details.

If payment was made by a charity or third party on your behalf, please provide the details of the organisation that made the payment.

You can also write to us, including the above information in your correspondence, at: The Insolvency Service DRO Team, C/O Met Office, Fitzroy Road, Exeter, EX1 3PB.

ENDS

Further information

Letters were sent to individuals this week, dated May 2025.

Any interested parties with further questions can call the Insolvency Service customer service helpline on 0300 678 0016. It is open Monday to Thursday from 9am to 5pm and on Fridays from 9am to 3pm

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Updates to this page

Published 16 May 2025
MIL OSI United Kingdom –
May 17, 2025

Contact:	Travis Lan
	Senior Executive Vice President and
	Chief Financial Officer
	973-686-5007

Date	Aggregated volume	Weighted average price per day (EUR)
13.05.2025	19,627	3.565197

Category: Banking

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Refunds still available for 4,000 people who didn’t submit their debt relief order application

If you are owed a refund

ENDS

Further information

Share this page

Updates to this page