Category: Banking

  • MIL-OSI: Preferred Bank Announces New Chief Risk Officer

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, May 09, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the largest independent commercial banks in California, today reported that the Board of Directors has named Nick Pi to the position of Executive Vice President and Chief Risk Officer. Mr. Pi has served as the Bank’s Chief Credit Officer since 2015 and will continue to oversee the credit function. Mr. Pi will now also oversee the BSA and Compliance Departments as well.

    Li Yu, Chairman and CEO of the Bank said “Nick has been a very strong leader in Credit Administration and we’re excited to have someone with his experience and knowledge taking over the role of Chief Risk Officer. We feel this is an important step in developing our enterprise risk oversight. Please join me in congratulating Nick”.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in the California cities of Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2 branches), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2 branches) and two branches in New York (Flushing and Manhattan) and one branch in the Houston suburb of Sugar Land, Texas. Additionally, the Bank operates a Loan Production Office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    AT THE COMPANY: AT FINANCIAL PROFILES:
    Edward J. Czajka Jeffrey Haas
    Executive Vice President General Information
    Chief Financial Officer (310) 622-8240
    (213) 891-1188 PFBC@finprofiles.com

    The MIL Network

  • MIL-OSI Africa: Nigeria Unlocks Intra-African Trade with New Pan-African Payment & Settlement System (PAPSS) Policy Boost

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

    CAIRO, Egypt, May 9, 2025/APO Group/ —

    The Pan-African Payment & Settlement System (PAPSS) warmly welcomes the new circular from the Central Bank of Nigeria (CBN), announcing a significant streamlining of documentation requirements for PAPSS transactions in Nigeria.

    This progressive policy, announced on 28 April 2025, sets the stage for faster, more cost-effective, and more inclusive participation by Nigerians and Nigerian businesses, especially Small and Medium Enterprises (SMEs), involved in intra-African commerce under the African Continental Free Trade Area (AfCFTA).

    With the new announcement, individuals and businesses in Nigeria will now be able to make PAPSS transactions efficiently; with less delays occasioned by paperwork. Only basic KYC (Know Your Customer) and AML (Anti-Money Laundering) documents are required for clearance of payments under US$2,000 (for individuals) and US$5,000 (for corporates) per month. This makes it easier for Nigerian SMEs to trade across Africa under the AfCFTA, with fewer heavy documentation barriers than ever before.

    The announcement also empowers commercial banks to source foreign exchange for PAPSS through Nigeria’s Foreign Exchange market.

    As PAPSS continues to expand across Africa — with 16 countries, 14 payment switches, and more than 150 commercial banks now connected, including 22 banks in Nigeria — the streamlined requirements will eliminate barriers and encourage broader use of our secure, instant, local currency-based platform.

    Mike Ogbalu III, CEO of PAPSS, commented: “Today marks a transformational milestone for Nigerian commerce and for the larger vision of African economic integration. We are grateful to the Central Bank of Nigeria for its unwavering support and vision in propelling Nigeria towards seamless intra-African payments under the AfCFTA.

    “This bold policy move by the CBN will empower banks, businesses, and entrepreneurs to connect, trade, and pay more easily than ever before. The directive removes excess paperwork from a large number of transfers, empowering Nigerian businesses to participate more freely in the African Continental Free Trade Area by utilising our secure, local currency-based platform.

    “We also expect Nigerian banks to begin integrating PAPSS into their digital platforms such as mobile apps and online banking in the near future, promoting even wider adoption.

    “PAPSS is at the forefront of the African advancement towards a truly borderless African economy and achieving the ultimate goal of economic self-determination. We encourage all stakeholders across the continent to follow in Nigeria’s footsteps, embrace PAPSS, and become part of the transformation that will define the way Africa does payments and accelerate the realisation of the African Continental Free Trade Area goals.”

    MIL OSI Africa

  • MIL-OSI: Orange Bank & Trust Expands Commitment to Construction and Trade Industries

    Source: GlobeNewswire (MIL-OSI)

    MIDDLETOWN, N.Y., May 09, 2025 (GLOBE NEWSWIRE) — Orange Bank & Trust Company, an economic engine of New York’s Hudson Valley for more than 133 years, is pleased to announce an investment and deeper focus on the construction and trade industries. The Bank has chosen Patrick Smith, SVP, former Relationship Manager of the Bank’s Mount Vernon branch and a seasoned banker with extensive knowledge of the construction industry, to spearhead this initiative.

    Orange Bank & Trust has a proven track record of serving the construction and trade community and has organically grown the size and scope of this portfolio, which has helped build its reputation as the premier bank within this vertical. In addition, the Bank is uniquely positioned geographically in the industrial corridor that exists in the Lower Westchester and Northern Bronx markets.

    “The construction and trade industries are a key component within the communities in which we serve, and we are excited to build upon our expertise in these areas of our business,” said Michael Gilfeather, President and CEO of Orange Bank & Trust. “We recognize the importance contractors and developers place on relationships, including working with the same trusted sub-contractors—for example, architects, suppliers, plumbers, and electricians—and the Bank has become one of these trusted partners.”

    Gilfeather continued, “Patrick’s deep understanding of the unique financial needs of these clients enables us to further enhance our offerings and deliver even greater value to them. In addition, the Bank is combining its unique AI abilities with internal and external data to identify connections between clients and prospects, while increasing efficiency and client satisfaction.”

    Frank Petrillo, President of Petrillo Stone, a longtime client of Orange Bank & Trust, said the Bank is well-positioned to support the construction and trade industry.

    Frank said, “With a comprehensive suite of customized products, in-depth industry knowledge, and a significant client base of contractors, developers, and related businesses, Orange Bank is the ideal choice for local trades. The Bank’s high-touch, personalized service model has been instrumental in building strong, lasting relationships with its contractor clientele.”

    Patrick Smith, SVP of Orange Bank & Trust Company, will spearhead the Bank’s new dedicated focus on construction and trade clients.

    About Orange Bank & Trust Company
    Orange Bank & Trust Company is the Hudson Valley’s premier financial institution focusing on commercial lending, business banking, payment processing and wealth management services. For more than 133 years, Orange Bank & Trust Company has been an economic engine of the community, with more than $2.5 billion in assets and playing a vital role in increasing opportunities for local businesses, creating jobs for generations of residents, spurring region-defining developments, and maximizing investments to neighborhood-serving non-profits. The Bank is regularly recognized as one of New York’s top places to work.

    Contact Info:
    Candice Varetoni
    AVP Marketing Officer
    cvaretoni@orangebanktrust.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9c3d9d6-143d-4807-981e-d1e1665ad678

    The MIL Network

  • MIL-OSI: Purple Pepe secures new exchange listings and marks first real estate use case

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., May 09, 2025 (GLOBE NEWSWIRE) — Meme coin Purple Pepe (PURPE) continues its eventful year with a series of significant developments—securing new exchange listings and completing one of the first-ever U.S. real estate transactions to accept a memecoin as payment.

    Launched less than a year ago, PURPE began as a meme-driven experiment and has quickly evolved into one of the most resilient, community-led projects in the crypto space. The token is now trading on Poloniex, LBank, BitMart, Coinstash, Biconomy, and Slingshot, positioning it for potential Tier-1 exchange listings as its holder base climbs past 45,000 and its all-time high market cap approaches $140 million.

    In a groundbreaking move for real-world utility, Missouri-based real estate developer Daniel Westermier is now accepting PURPE as payment for a commercial property in Sedalia, MO (65301). This milestone places PURPE among the first memecoins to be used in U.S. property transactions. Interested buyers can contact Mr. Westermier directly at dwestermier@gmail.com.

    “Accepting PURPE for real estate isn’t a gimmick—it’s the beginning of a new economic layer where community coins have real-world value,” added Daniel Westermier, the first U.S. property developer to list a commercial building for memecoin payment.

    The project’s momentum is further fueled by a sizable grassroots following, including the WallStreetBets Facebook community, which boasts over 550,000 members—one of the most active trading groups on the platform.

    “What started as a meme became a mission. PURPE isn’t just riding the hype cycle—we’re building something with staying power,” said Christopher Berrios, founder of the WallStreetBets Facebook group and a key force behind the token’s resurgence.

    Looking ahead, PURPE is gearing up for a full-scale community presence at the Bitcoin Conference in Las Vegas, taking place May 27–29.

    About Purple Pepe (PURPE)

    Purple Pepe (PURPE) is a community-powered memecoin launched in 2024 that quickly transformed from a viral joke into a serious force in crypto. Known for its engaged following and real-world use cases, PURPE is proving that memecoins can be more than internet culture—they can be financial vehicles with tangible impact.

    For more information
    Website: www.purpe.xyz
    X (Twitter): @PurplePepeS0L
    Telegram: https://t.me/Purpe_SOL
    WallStreetBets Facebook Group: https://www.facebook.com/share/g/16QrnBvMue/

    Property for sale to be accepted by Purpe for payment.

    Contact:
    Christopher Berrios,
    CTO
    Christopher@purple.xyz

    Disclaimer: This is a paid post and is provided by Purple Pepe. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
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    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0e292a14-0689-49dd-9f75-35aa452053d7

    The MIL Network

  • MIL-OSI Russia: IMF Executive Board Completes First Review of the Extended Fund Facility Arrangement with Pakistan and Approves the Request for an Arrangement under the Resilience and Sustainability Facility

    Source: IMF – News in Russian

    May 9, 2025

    • The IMF Executive Board completed the first review under the Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw the equivalent of about $1 billion. The authorities have demonstrated strong program implementation, which has contributed to improving financing and external conditions, and a continuing economic recovery.
    • Moving forward, policy priorities will include advancing reforms to strengthen competition, raise productivity and competitiveness, reform SOEs, improve public service provision and energy sector viability, and build climate resilience.
    • The Executive Board also approved the authorities request for an arrangement under the Resilience and Sustainability Facility (RSF), which will support Pakistan’s efforts in building economic resilience to climate vulnerabilities and natural disasters, with access of around $1.4 billion.

    Washington, DC: Today, the Executive Board of the International Monetary Fund (IMF) completed the first review of Pakistan’s economic reform program supported by the EFF Arrangement. This decision allows for an immediate disbursement of around $1 billion (SDR 760 million), bringing total disbursements under the arrangement to about $2.1 billion (SDR 1.52 billion). In addition, the IMF Executive Board approved the authorities’ request for an arrangement under the Resilience and Sustainability Facility (RSF), with access of about US$1.4 billion (SDR 1 billion).

    Pakistan’s 37-month EFF was approved on September 25, 2024, and aims to build resilience and enable sustainable growth. Key priorities include (i) entrenching macroeconomic sustainability through consistent implementation of sound macro policies, including rebuilding international reserve buffers and broadening of the tax base; (ii) advancing reforms to strengthen competition and raise productivity and competitiveness; (iii) reforming SOEs and improving public service provision and energy sector viability; and (iv) building climate resilience.

    Pakistan’s policy efforts under the EFF have already delivered significant progress in stabilizing the economy and rebuilding confidence, amidst a challenging global environment. Fiscal performance has been strong, with a primary surplus of 2.0 percent of GDP achieved in the first half of FY25, keeping Pakistan on track to meet the end-FY25 target of 2.1 percent of GDP. Inflation fell to a historic low of 0.3 percent in April, and progress on disinflation and steadier domestic and external conditions, have allowed the State Bank of Pakistan to cut the policy rate by a total of 1100 bps since June 2025. Gross reserves stood at $10.3 billion at end-April, up from $9.4 billion in August 2024, and are projected to reach $13.9 billion by end-June 2025 and continue to be rebuilt over the medium term.

    The RSF will support the authorities’ efforts to reduce vulnerabilities to natural disasters and to build economic and climate resilience. The authorities’ program: (i) prioritizes resilience to natural disasters and strengthen public investment processes at all levels of government; (ii) makes the use of scarce water resources more efficient, including through better pricing; (iii) strengthens coordination of natural disaster response and financing between federal and provincial governments; (iv) improves the information architecture, for and disclosure of, climate-related risks by banks and corporates; and (v) supports Pakistan’s efforts to meet its mitigation commitments and reduce related macro-critical risks.

    Following the Executive Board discussion, Nigel Clarke, Deputy Managing Director and Chair, made the following statement:

    “Pakistan has made important progress in restoring macroeconomic stability despite a challenging environment. Since the approval of the Extended Fund Facility, the economy continues to recover, with inflation sharply lower and external buffers notably stronger. Risks to the outlook remain elevated, however, particularly from global economic policy uncertainty, rising geopolitical tensions, and persistent domestic vulnerabilities. Against this backdrop, the authorities need to maintain sound macroeconomic policies and accelerate reforms to safeguard the macroeconomic gains and underpin stronger and sustainable, private sector-led medium-term growth.

    “The steadfast implementation of the FY2025 budget and the passage of key fiscal reforms, notably the Agricultural Income Tax, underpin the process of rebuilding policy making credibility. Continuing to mobilize greater revenue from undertaxed sectors and the noncompliant will make the tax system more equitable and efficient. This, combined with federal and provincial spending discipline, will strengthen sustainability, build resilience, and reduce the public sector’s crowding out of private credit.

    “Timely implementation of power tariff adjustments has helped reduce the stock and flow of circular debt. Meanwhile, cost-side reforms are showing early signs of success but need to be accelerated to safeguard the energy sector’s viability and improve Pakistan’s competitiveness.

    “The State Bank of Pakistan’s (SBP) tight monetary policy stance has been pivotal in reducing inflation to historic lows. Monetary policy should remain appropriately tight and data-dependent to ensure inflation is anchored within the SBP’s target range. A more flexible exchange rate will facilitate the adjustment to external and domestic shocks, aiding the rebuilding of reserves. Prompt action to address undercapitalized financial institutions and vigilance over the financial sector are necessary for financial stability. Strengthening of AML/CFT frameworks is also needed.

    “Accelerating structural reforms will unlock Pakistan’s competitiveness, creating conditions to attract high-impact private investment. Reform priorities include reducing trade and investment barriers, advancing SOE reforms, and decisively strengthening governance and anti-corruption institutions.

    “Reducing Pakistan’s vulnerability to extreme weather events will enhance macroeconomic stability and fiscal sustainability. The reforms under the Resilience and Sustainability Facility aim to build resilience to natural disasters by strengthening public investment processes, supporting efficient use of scarce water resources, strengthening coordination of natural disaster response and financing, improving the information on climate-related risks, and supporting Pakistan in meeting its international commitments.”

    Table 1. Pakistan: Selected Economic Indicators, FY2023–FY2025 1/

    Population: 236.0 million (2023/24)

    Per capita GDP: US$1,566.0 (2023/24)

    Quota: SDR 2,031 million

    Poverty rate: 21.9 percent

    Main exports: Textiles (US$16.3 billion, 2023/24)

    (national line; FY2019)

    Key export markets: European Union, United States, UAE

    FY2024

    FY2025

    FY2026

    Proj.

    Proj.

    Output and prices (% change)

    Real GDP at factor cost

    2.5

    2.6

    3.6

    Employment (%)

    Unemployment rate

    8.3

    8.0

    7.5

    Prices (%)

    Consumer prices, period average

    23.4

    5.1

    7.7

    Consumer prices, end of period

    12.6

    6.5

    6.6

    General government finances (% GDP)

    Revenue and grants

    12.6

    15.9

    15.2

    Expenditure

    19.4

    21.6

    20.3

    Budget balance, including grants

    -6.8

    -5.6

    -5.1

    Budget balance, excluding grants

    -6.8

    -5.7

    -5.1

    Primary balance, excluding grants

    0.9

    2.1

    1.6

    Underlying primary balance (excluding grants) 2/

    0.9

    1.0

    1.6

    Total general government debt excl. IMF obligations

    67.9

    71.2

    69.2

    External general government debt

    22.7

    24.0

    22.2

    Domestic general government debt

    45.2

    47.3

    47.0

    General government debt incl. IMF obligations

    70.1

    73.6

    71.9

    General government and government guaranteed debt incl. IMF

    74.1

    77.6

    75.6

    Monetary and credit (% change, unless otherwise indicated)

    Broad money

    16.0

    11.0

    14.6

    Private credit

    6.0

    11.0

    17.5

    Six-month treasury bill rate (%) 3/

    21.5

    Balance of Payments (% GDP, unless otherwise indicated)

    Current account balance

    -0.5

    -0.1

    -0.4

    Foreign direct investment

    0.6

    0.5

    0.6

    Gross reserves (millions of U.S. dollars) 4/

    9,390

    13,921

    17,682

    Months of next year’s imports of goods and services

    1.6

    2.3

    2.8

    Total external debt

    31.7

    33.1

    31.3

    Exchange rate (% change)

    Real effective exchange rate

    15.4

       Sources: Pakistani authorities; World Bank; and IMF staff estimates and projections.

       1/ Fiscal year ends June 30.

     

     

                 

       2/ Excludes one-off transactions, including asset sales. In FY25 it excludes the projected windfall from exceptionally high SBP dividends.

     

       3/ Period average.

                   

       4/ Excluding gold and foreign currency deposits of commercial banks held with the State Bank of Pakistan.

                   
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/09/pr-25137-pakistan-imf-completes-1st-rev-of-eff-arrang-and-approves-req-for-arrang-under-rsf

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Security: Marystown — Arrest warrant issued for TJ Fudge

    Source: Royal Canadian Mounted Police

    Burin Peninsula RCMP is looking to arrest wanted man, 21-year-old TJ Lawrence Fudge, who is actively evading police. Fudge is believed to be hiding in St. John’s and is originally from Grand Bank.

    Fudge is wanted in relation the following charges:

    • Possession of a controlled substance – three counts
    • Impaired driving – two counts
    • Dangerous driving
    • Possession of a weapon for a dangerous purpose
    • Operating a vehicle with a suspended license

    No photo is currently available of Fudge.

    Anyone having information about the current location of TJ Fudge is asked to contact Burin Peninsula RCMP at 709-279-3001. To remain anonymous, contact Crime Stoppers: #SayItHere 1-800-222-TIPS (8477), visit www.nlcrimestoppers.com or use the P3Tips app.

    MIL Security OSI

  • MIL-OSI Security: Chicago Residents Sentenced to Prison for Stealing Over $100,000 From North Pole Business Through Wire Fraud, Money Laundering Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    FAIRBANKS, Alaska – Two Chicago residents were sentenced to prison today for their roles in defrauding a North Pole restaurant of over $128,000 from July to August 2022.

    Jacob Centeno, 40, was sentenced to three and a half years in prison and will serve three years on supervised release, while his co-defendant Amber Davila, 36, was sentenced to two years in prison and will serve three years on supervised release.

    According to court documents, in August 2022, the owner of the North Pole restaurant noticed funds missing from a business bank account. The victim discovered that between Aug. 4-9, 2022, all of the funds intended for deposit into the restaurant’s account had been diverted to an unrecognized bank account. The total amount of funds diverted was $128,246.05.

    An investigation revealed that, Centeno and Davila opened and used two shell companies in Chicago to steal the restaurant’s funds. In July 2021, they registered EROS LLC and opened a business bank account for the company. In July 2022, the defendants used stolen personal information to register ORODMEDLINE LLC and opened another business bank account for that company.

    On July 29, 2022, an unknown co-conspirator surreptitiously changed the business bank account information connected to the restaurant to the fraudulent ORODMEDLINE LLC bank account so that the funds could be diverted. An email confirming the account change was sent to the restaurant, but Centeno, Davila and their co-conspirator unlawfully accessed the victim’s email, filled out the confirmation form and returned it to the sender. They then deleted all the email traffic to conceal their actions.

    Centeno and Davila used the stolen funds from the ORODMEDLINE LLC account to purchase over $41,000 in money orders in Chicago. Centeno and Davila deposited the money orders into various personal and business accounts in amounts of less than $10,000 to avoid Bank Secrecy Act reporting requirements, and then moved the money to other accounts to further conceal their scheme.

    Centeno and Davila were indicted in June 2024 and pleaded guilty on Jan. 31, 2025. Centeno and Davila both pleaded guilty to all 16 counts of the indictment.  In handing down the sentence, the Court emphasized the lasting impact the defendant’s conduct will have on the victims in this case.

    “Mr. Centeno and Ms. Davila orchestrated an elaborate fraud scheme from Chicago to steal over $100,000 from a small business in North Pole, Alaska – 3,300 miles away,” said U.S. Attorney Michael J. Heyman for the District of Alaska. “This sentence sends a clear message—we will aggressively pursue and hold accountable criminals in any state who exploit innocent Alaskans for personal gain. I want to thank the FBI and North Pole Police Department for uncovering the truth and delivering justice to the victim.”

    “To fund their own fraudulent lifestyle, the defendants’ complex and interstate fraud scheme involved stealing funds from a local business in North Pole, Alaska, affecting innocent victims along the way,” said Special Agent in Charge Rebecca Day of the FBI Anchorage Field Office. “Today’s sentencings demonstrate that distance and complexity are no barriers to justice for the FBI, the U.S. Attorney’s Office, and our law enforcement partners in Alaska.”  

    The FBI Anchorage Field Office, Fairbanks Resident Agency, FBI Chicago Field Office and North Pole Police Department investigated the case.

    Assistant U.S. Attorney Carly Vosacek prosecuted the case, with significant legal support from the U.S. Attorney’s Office, Northern District of Illinois.

    ###

    MIL Security OSI

  • MIL-OSI Russia: China’s Bond Market Launches ‘Science and Technology Platform’

    Translation. Region: Russian Federal

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

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

    BEIJING, May 9 (Xinhua) — The first batch of science and technology innovation bonds was issued in China on Friday, marking the opening of a “science and technology platform” in the Chinese bond market.

    The Beijing Financial Capital Exchange held a roadshow, attended by the first eight companies that issued scientific and technological innovation bonds on the interbank bond market.

    The “science and technology platform” is designed to help financial institutions, science and technology enterprises and direct equity investment institutions issue science and technology innovation bonds, Pan Gongsheng, director of the People’s Bank of China (PBOC, the central bank), said in March.

    According to a notice published by the Central Bank on May 7, such bonds include corporate bonds, enterprise bonds and debt financial instruments issued by non-financial enterprises.

    Issuers are encouraged to apply flexible bond servicing terms and issue bonds with longer maturities, which will better suit the characteristics and needs of the scientific and technological innovation sector when using equity funds.

    As Duan Dawei, Senior Vice President of iFLYTEK, noted, technology enterprises must remain committed to innovation, which requires long cycles, cost-effective solutions and a variety of financial instruments.

    According to him, a series of innovative solutions presented on the “scientific and technical platform” of the bond market flexibly combine with the financing needs of scientific and technical companies and expand the range of financial support instruments.

    According to preliminary estimates by the PBOC, nearly 100 market institutions are preparing to issue sci-tech innovation bonds worth over 300 billion yuan (about 41.7 billion U.S. dollars). More participants are expected to join the initiative in the future. –0–

    MIL OSI Russia News

  • MIL-OSI Russia: China’s central bank to step up financial support to boost consumption

    Translation. Region: Russian Federal

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

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

    BEIJING, May 9 (Xinhua) — The People’s Bank of China (PBOC) will roll out a package of measures to improve financial services to boost consumer spending, the central bank said in a report on Friday.

    According to the PBOC’s monetary policy report for the first quarter of 2025, the bank will continue to consistently implement a moderately accommodative monetary policy while exploring the use of structural monetary policy tools. These measures aim to guide financial institutions to provide greater support to key consumption areas, including tourism, catering, entertainment and education.

    The report stressed that the PBOC will develop a comprehensive package of financial measures to stimulate consumption with an emphasis on supply-side support.

    Financial institutions will be encouraged to optimize credit products and services targeted at key consumer scenarios, priority strategies and key population groups.

    In addition, the NBC will provide support to auto finance companies and consumer credit companies in issuing financial bonds.

    Attention will also be paid to creating an efficient and convenient payment ecosystem, including improving the convenience of payments for overseas visitors to China. -0-

    MIL OSI Russia News

  • MIL-OSI Russia: China expands financial support for elderly care and service consumption through new refinancing mechanism

    Translation. Region: Russian Federal

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

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

    BEIJING, May 9 (Xinhua) — The People’s Bank of China (PBOC, the central bank) announced on Friday the establishment of a refinancing mechanism for the service consumption and elderly care sectors, in a move to encourage financial institutions to step up support for these sectors.

    According to the PBOC, the refinancing quota is 500 billion yuan (about 69.35 billion US dollars), with an interest rate of 1.5 percent per annum and a term of one year.

    According to the Central Bank, this mechanism is available to 21 national-level financial institutions, including political banks and state-owned commercial banks, as well as five city commercial banks, including Bank of Beijing and Bank of Shanghai.

    The new refinancing mechanism will be in effect until the end of 2027. The PBC emphasized that it intends to encourage financial institutions to strengthen financial support for key areas of the service sector, such as the hotel and restaurant business, culture, sports and entertainment, education, and the elderly care industry. –0–

    MIL OSI Russia News

  • MIL-OSI USA: $500M To Expand Families’ Access to Affordable Homes

    Source: US State of New York

    overnor Kathy Hochul today signed new legislation as part of the FY26 Enacted Budget that will make owning and renting a home more affordable. As part of the FY 2026 Enacted Budget, Governor Hochul announced more than $1.5 billion in new state funding for housing statewide, including investing $100 million for pro-housing communities to fund critical infrastructure projects to support housing development, $100 million to promote mixed income housing development, $50 million for the first year of the Housing Access Voucher Program to address households that are homelessness or at risk of imminent homelessness, and $50 million for building more affordable starter homes, among other housing initiatives.

    “New Yorkers deserve a fair chance at achieving the American dream, whether it is buying their first home or renting their first apartment, and this bold plan does just that,” Governor Hochul said. “As part of my FY 2026 Enacted Budget, I secured over $500 million in capital for housing to uplift local economies and level the playing field so families can have more access to safe and affordable homes.”

    Helping Families Achieve The Dream Of Owning Their Own Home

    Disincentivizing Institutional Investors from Buying Up One- and Two-Family Homes
    Nationally, private equity firms own more than 500,000 homes. According to some estimates, private equity firms are expected to own up to 40 percent of the single-family rental market by 2030. When large investors hold a disproportionate share of a local housing market it removes opportunities for homeownership, exacerbating the existing scarcity and driving up prices for remaining homes on the market. These consequences are felt most intensely by first-time and low- or moderate-income homebuyers.

    To help level the playing field and increase the opportunities for everyday individuals and families to purchase a home, Governor Hochul signed legislation to disincentivize large investment entities who own 10+ single- and two-family homes and act as a fiduciary for at least $30 million in assets under management from buying single- and two-family homes en masse, and will require a 90-day waiting period for institutional investors to make an offer on one- or two-family homes.

    The prohibition would also apply to an entity that receives funding from a covered institutional investor, other than in the form of a standard mortgage. Nonprofits, land banks, community land trusts, and foreclosure sales would be exempted. With the New York State Attorney General’s enforcement, covered entities that violate the waiting period would be subject to $250,000 penalties, and to $10,000 penalties for failing to provide required notices.

    Additionally, Governor Hochul signed legislation to prohibit institutional investors from claiming depreciation tax deductions for single- and two-family homes, or claiming interest deductions with respect to such homes, to disincentivize their accumulation of single- and two-family homes. The legislation also requires the New York Department of State (DOS) to provide notice when establishing a “cease and desist zone” in which homeowners who opt into coverage are prohibited from being solicited to sell their homes. The notice requirements will require information about the zone to be posted on DOS’ website when a zone is established and annually included in a local newspaper within the area of the zone.

    Provide Starter Home Innovation Funding
    Oftentimes, homes being built by the market today are larger and therefore less affordable than a traditional starter home. An undersupply of homes limits mobility within the market, preventing young families from becoming homeowners and older New Yorkers from downsizing. Governor Hochul’s budget will include $50 million in capital funding to incentivize the building of more starter homes, including innovative approaches to homebuilding such as the use of factory-built and modular development.

    $40 Million to Support the Homeowner Protection Program (HOPP)
    The Homeowner Protection Program is a state-wide network of housing counseling and legal services organizations serving every county in New York. The network provides critical services to at-risk homeowners struggling to maintain their housing and avoid foreclosure. HOPP is also a front line defense in gentrifying neighborhoods helping to prevent fraud and deed theft for vulnerable homeowners. This $40 million in funding will ensure that this network can continue to serve thousands of homeowners, preserving millions of dollars in equity and stabilizing communities.

    Expand and Strengthen the Resilient and Ready Programs
    Severe weather events are leaving New York homeowners in need of urgent repairs and long-term resilience measures. Governor Hochul secured $50 million in new funding for the Rapid Response Home Repair Program and Resilient Retrofits Program, which have provided vital assistance, helping over 1,300 homeowners to date recover and prepare for future disasters.

    Create an Affordable Homebuyer Tax Incentive
    Even when homes are developed for the express purpose of being sold to low- and moderate-income homebuyers, local property tax assessments value the homes at fair market value, presenting challenges to creating homes these homebuyers can afford to purchase. The Governor has secured agreement for an affordable homebuyer property tax incentive at local opt-in for homes built with assistance from governmental entities, nonprofits, land banks, or community land trusts, and sold to low- and moderate-income homebuyers. This will aid such homebuyers by making their dream of homeownership more attainable by bringing down costs and increasing the supply of these homes.

    Strengthen Laws and Policies To Combat Home Appraisal Discrimination
    For many New Yorkers, their largest investment and most valuable asset is their home. Homes provide families with a safe place to live and an opportunity to build generational wealth. For too long, pervasive appraisal bias throughout the housing industry has unjustly stripped families of color of this opportunity, widening racial homeownership and wealth gaps. Governor Hochul secured agreement on legislation that will make it a violation of the State’s Human Rights Law to discriminate when providing real estate appraisals or in making such services available. The law will further enable DOS to fine appraisers for violations, in addition to other existing remedies, with half of those fines going to a fund to support fair housing enforcement. Additionally, the budget includes $4 million in new state support for fair housing testing.

    Unlocking Local Development

    Create $100 Million New York State Pro-Housing Supply Fund
    Governor Hochul signed Executive Order 30 in July 2023 creating the Pro-Housing Communities Program, which recognizes and rewards municipalities actively working to unlock their housing potential and encourages others to follow suit. In the State Fiscal Year 2025 Enacted Budget, Governor Hochul made the “Pro-Housing Community” designation a requirement for accessing up to $650 million in State discretionary programs. So far, 300 localities have been certified, with more than 420 submitting letters of intent from all corners of New York State. To further support localities that are doing their part to address the housing crisis, Governor Hochul is creating a $100 million Pro-Housing Supply fund for certified Pro-Housing Communities to assist with critical infrastructure projects necessary to create new housing, such as sewer and water infrastructure upgrades.

    Provide Communities Technical Assistance to Become Pro-Housing
    Without resources, some communities may not have the ability to design and adopt pro-housing policies such as master plans, zoning text updates, and streamlined permitting procedures. To help ensure more localities that want to promote housing growth have the ability to do so, Governor Hochul will provide $5.25 million in new grant funding to offer technical assistance to communities seeking to foster housing growth and associated municipal development.

    $1 Billion in State Funding for New York City To Secure “City of Yes”
    As New York City confronts a generational housing crisis with a 1.4 percent rental vacancy rate, the citywide rezoning will enable the creation of 80,000 new homes over the next 15 years and invest $5 billion. As part of Governor Hochul’s FY26 Enacted Budget, the State is investing $1 billion towards the development and preservation of affordable housing throughout New York City.

    Strengthening Investment in Communities

    Launch New York State’s First Mixed-Income Revolving Loan Fund
    With major forthcoming economic investments in Upstate New York, such as Micron’s $100 billion investment in Clay, the state continues to need an all-of-the-above approach to the housing supply to address acute housing needs and accommodate job growth. Too often, however, communities do not have the tools to create mixed income rental housing, leaving many developments permit-ready but unable to secure financing. To bridge this gap and unlock more housing, Governor Hochul is launching the State’s first revolving loan fund to spur mixed-income rental development. With a $100 million State investment for upstate and New York City, the fund will fill construction financing gaps by providing a lower-cost and more flexible form of capital than is generally available in market financing. The funding will revolve and self-sustain over time through repayments once projects have converted to permanent financing after construction.

    Double New York State Low Income Housing Credits
    Modeled after the federal Low Income Housing Tax Credit Program, the New York State Low Income Housing Tax Credit Program (SLIHC) was signed into law in 2000 and has been critical to supporting the development of housing for low-and middle-income households. Governor Hochul will build on this success by proposing to double the amount of the tax credits available through the SLIHC program, making it the largest state low-income housing tax credit program in America. This action alone will generate upwards of $210 million in private investment in affordable housing per year.

    Unlock Historic Tax Credits by Decoupling and Expanding Eligibility
    Currently, New York State law requires Federal and State Historic Tax credits to be coupled together to the same investor and be available only in certain census tracts. These factors depress the economic value of both tax credits and needlessly turn investment away from housing projects, a problem felt especially acutely in upstate New York communities. Governor Hochul’s budget agreement will unlock the maximum value of the tax credits and eliminate the census tract eligibility requirement.

    Empower Communities to Redevelop Vacant Properties Into Housing
    Many municipalities struggle to acquire and redevelop vacant and abandoned buildings. Many of these properties are in a significant state of disrepair due to years of neglect and are located in neighborhoods that lack the local economic conditions necessary to incentivize redevelopment by the private sector. Consequently, the investment required to redevelop these properties can exceed their value and the resulting funding gap prevents the property from being rehabilitated. Governor Hochul will better equip communities to fight back against blight while creating more affordable housing opportunities, by securing agreement to authorize localities across the state to adopt a tax exemption to incentivize redevelopment of these properties into affordable homes. The budget also includes $50 million in total funding for Land Banks and $30 million for Infill development.

    Protecting Housing Affordability

    Housing Access Voucher Program Pilot
    As part of the FY26 Enacted Budget, Governor Hochul is investing $50 million for the first year of a four-year pilot program for state-funded vouchers for homeless families or families at imminent risk of losing their housing. Vouchers would be available to households making 50 percent of area median income. HCR will administer the program through local partners outside of New York City, with the NYC Housing Preservation and Development (HPD) and/or the New York City Housing Authority (NYCHA) administering the program within New York City. The vouchers will be a critical new tool to help New Yorkers escape or evade homelessness and housing insecurity.

    Reduce Shelter Rent Taxes for Mitchell-Lama Residents
    Mitchell-Lama Program supports 105,000 units of housing that are affordable to low- and middle-income families. Currently, Mitchell-Lama developments can receive a shelter rent tax abatement to reduce their share of local property taxes. However, the current tax abatement is often insufficient to address escalating increases in insurance, utility, and taxes that endanger building quality and the financial health of this critical supply of affordable housing. To provide much needed relief, Governor Hochul’s budget agreement includes legislation that will reduce Mitchell-Lama shelter rent taxes by at least half in New York City and allow for the same by local opt-in in the rest of the state.

    Preserving Public Housing Statewide
    As part of the budget, Governor Hochul has secured $225 million to fund capital improvements for the New York City Housing Authority (NYCHA), including $25 million for vacant NYCHA units, and $75 million public housing authorities outside New York City, providing vital support to this essential housing stock and critical quality of life improvements for the residents who call it home.

    Expand Capital to Maintain and Improve Supportive Housing
    The Homeless Housing and Assistance Program (HHAP) was among the first programs in the country more than four decades ago to dedicate significant capital resources to creating housing, including permanent affordable and supportive housing, specifically for homeless individuals. Tens of thousands of units have been built since its inception, and today, requests for funding exceed what is available. To meet the growing demand for supportive housing and maintain existing units that provide a safe place to live for many of the most housing insecure and vulnerable New Yorkers, Governor Hochul has secured an increase in funding for HHAP.

    Increase Funding for Supportive Housing
    Governor Hochul has made landmark investments to expand supportive housing across New York State, recognizing that stable housing is the foundation for stable health and a stable life. Providers of supportive housing utilize two key State-funded programs to provide vital services to tens of thousands of New Yorkers, such as people with serious mental illness and substance use disorders who would otherwise be homeless. The Empire State Supportive Housing Initiative (ESSHI) has financed the supportive services and operating costs of over 9,600 units of safe and permanent housing for individuals and families in need, and the New York State Supportive Housing Program (NYSSHP) supports over 20,000 people living safely and stably in affordable housing. However, providers of supportive housing have not been immune to the impact of rising costs, which threatens future housing acquisition and their ability to provide the supportive services that make these programs unique and successful in helping people to remain stably housed. To ensure that New York State’s supportive housing stock and services remain viable and accessible to those who need them most, Governor Hochul has secured increases to take steps to stabilize both programs.

    Extend Security Deposit Protections to Rent-Regulated Tenants
    In 2019, New York State provided market-rate tenants statewide with protections for security deposits, including requiring the return of remaining security deposits within 14 days of vacating the unit and allowing tenants to request an inspection to determine what needs to be remedied to receive a security deposit back in full. Rent-regulated tenants were erroneously left out from receiving these important protections. The Governor has secured agreement to grant rent-regulated tenants the same protections for their security deposits as all other tenants.

    Preserve Expiring Affordable Housing in New York City
    The FY26 Enacted Budget includes legislation that would allow for certain large 100+ unit rental buildings in New York City that currently include affordable units to partially convert to condominiums in order to preserve its expiring affordable units as permanently affordable or increase the amount of existing permanently affordable units in a building. The conversions would be subject to approval by HCR or NYC HPD and have ongoing regulatory oversight over the affordable units, which would be owned by separate nonprofits. The New York State Attorney General’s office would further have an oversight role in approving the conversions. The affordable units could subsequently convert to affordable homeownership units, as well. This legislation is meant to help preserve affordable housing supply that would otherwise be lost when tax breaks expire, or increase the supply of existing permanently affordable units, while also increasing
    omeownership opportunities.

    Help Affordable Housing Access Captive Insurance to Lower Costs
    Insurance costs for affordable housing have skyrocketed, with many owners reporting paying higher premiums for less coverage and renters bearing an increasing share of costs. In recent years, private insurance captives, which are similar to self-insurance and allow for tailored risk management, have been created specifically for affordable housing owners. However, these insurance captives often have eligibility standards for participation, which nonprofits may struggle to meet. Governor Hochul will provide assistance to nonprofit affordable housing owners to undertake repairs and other steps needed to be eligible for such captives.

    Additional Capital Investments
    In addition to advancing these critical policy actions, the FY 2026 Budget includes more than $1.525 billion in new capital funding to support housing statewide, including but not limited to:

    • $225 million for capital improvements of New York City Housing Authority developments.
    • $110 million for capital improvements for Mitchell-Lamas.
    • $75 million for capital improvements of public housing authorities outside of New York City.
    • $100 million for mixed income revolving loan funds; $50 million for upstate and $50 million for New York City.
    • $40 million for Land Banks to redevelop vacant or abandoned properties.
    • $40 million for capital awards to upgrade vacant rental units outside of New York City.
    • $30 million for Infill Housing to fund development of small homes within unused and underutilized lands with existing development patterns.
    • $20 million to preserve distressed affordable housing in New York City.
    • $10 million for capital improvements of rural housing subsidized by the Federal USDA 515 program.
    • $10 million for small multifamily rental developments (SRDI).

    MIL OSI USA News

  • MIL-OSI United Kingdom: Thompsons Lecture: Employment law and the fundamental right to security

    Source: United Kingdom – Executive Government & Departments

    Speech

    Thompsons Lecture: Employment law and the fundamental right to security

    On Thursday 8 May 2025, the Attorney General Lord Hermer KC delivered the Thompson Foundation Lecture on “Employment law and the fundamental right to security”

    Introduction

    Thank you very much for this opportunity to celebrate the remarkable legacy of Thompsons Solicitors, a firm that has been a beacon of justice for over a century.

    One of the features of my new life in government is that you are often give a very clear steer about what you have to talk about, so it was a particular pleasure to be invited to give a lecture with no title, and no particular ask as to what I should talk about at all – so let me thank you all for accepting an invitation to a lecture in which I suspect you have no idea at all about what I am about to say.

    In the first days of government, the Prime Minister, in an article entitled ‘Our Government of Service’, set out how the first obligation of government is to provide security to those that they serve. By security, Keir, was not limiting himself to the military defence of our country but also security in the wider sense – drawing on his own life experience, Keir described seeing the security that his parents derived from having their own home, a pebble-dashed semi in Oxted – the security and dignity that comes with a key to your own home. But Keir went on to say this “It’s not just security at home that matters, but security at work. That’s why we will level-up rights at work to deliver security and dignity for working people. It’s what they deserve.”

    The right to security is a fundamental human right, recognised in all the international human rights treaties which the UK has chosen to sign up to.

    It also underpins many of the Government’s missions in its Plan for Change, and that Plan for Change is premised on the central insight that effective protection of people’s right to security often requires positive state action to protect the vulnerable against the privately powerful. Security at work is a principle that the has been fought for by generations [Redacted political content] – they have time and time again taken on vested interests to secure basic rights for working people, often with the help of lawyers such as Thompsons.

    So, what I would like to do tonight is to seize this moment when the human right to security is central to the Government’s priorities and talk about the role that law can play in improving the security of working people in the workplace – how it plays a role as a standard setter for societal expectations of what is acceptable, what is not – what requires protection, and what does not.

    And I would also like to talk about the role of lawyers in ensuing that protective laws are applied effectively and consistently- as well as ensuring that those who break the law are held to account and those workers who suffer as a result are adequately compensated – and I want to exemplify this by taking as my central theme our current efforts to bring the Employment Rights Bill into law in the context of attempts by reforming governments of the past to bring in radical change for the benefit of the people of this country.

    This is, I hope both a timely theme and appropriate venue for such a talk.

    It’s timely because the Employment Rights Bill is currently winding its way through Parliament. This is I believe landmark legislation that will significantly advance the human right to security by fundamentally changing workers protections.

    Yet it is also legislation that faces sustained and alarmist criticism from sectors of society and our opponents in parliament who claim that (at best) it will curtail the UK’s competitiveness and (at worst) will bring the economy to a juddering halt. What I would like to do in part tonight is put these criticisms in their historical context – to show that these voices have always been present whenever reforming governments have sought to introduce progressive policies to make the lives of working people more secure but that these voices have consistently been shown to be misplaced.

    I also think that the Thompson’s lecture is the perfect venue to talk about how Government intends to change working life for the better. Founded in 1921 by the visionary civil rights lawyer, Harry Thompson (who also once lived in Oxted for which I thank Wikipedia), this firm has always championed the rights of the injured and mistreated. The firm is an inspiring illustration of how the law can be used as a powerful tool to protect and uplift working people.

    Driven by a profound commitment to social justice since its inception, Harry Thompson’s vision was clear: to create a legal practice that would serve as a shield for those who faced adversity and injustice. It has achieved this in large part through working in partnership with trade unions. The history of labour law in this country, the history of the establishment of the fundamental rights of labour to organise itself, the history of protections in the workplace and the history of the creation of employment rights, is the history of our trade union movement. That history is a source of immense national pride and Thompsons have realised a shared vision through partnership in tireless advocacy, groundbreaking legal victories, and unwavering dedication to the cause of justice and fairness.

    My own connections with Thompsons extend back decades to my early years at the Bar. When I started at the Bar, instructions from Thompsons were a form of golden ticket to not only legally interesting cases but ones that made real differences to people’s lives.

    To just pick two examples of cases that will always stay with me – Mick Antoniw, then a partner in the Cardiff office, now an Member of the Senedd and former Counsel General of Wales, instructed me to work with him on a tragic case of a 17 year old, Daniel Dennis, who on his very first day of work was sent up to work on a roof of a warehouse in Cwmbran without training or safety equipment. Daniel fell to his death and Thompsons worked tirelessly to ensure justice for his family, overcoming a deeply disappointing and unfair inquest result, successfully judicially reviewing a CPS decision not to prosecute his employer leading eventually to his conviction for manslaughter of that employer. Working in partnership with a bereaved family, Thompsons took on the company, took on the coronial system, took on the CPS in a successful fight for justice and it was a privilege to be part of it.

    In another case, I was instructed by Thompsons to represent the family of a young council workers, Ryan Preece and Robert Simpson, who had been sent down into the sewers in Crymlyn Burrows near Swansea to unblock drains only to be overcome and killed by fumes. A long inquest and subsequent civil claims including a group action showed that the cause of death was exposure to a covered-up spill from a nearby chemical factory – a coroner’s jury after many days returned an unlawful killing verdict and the company were forced to pay compensation, and Local Authority employers pleaded guilty to offences under the Health & Safety Act. It was a long, hard legal battle fought for the seemingly powerless against large vested interests who at one stage would have appeared invincible – the type of work for which Thompsons is famed and no doubt of which Harry Thomspon would have been proud. This was in the late 1990’s and I was instructed by a young, brilliant and utterly committed solicitor at Thompsons by the name of Jo Stevens, now a cabinet colleague and Secretary of State for Wales – applying those same qualities in her new job to the benefit of all of us.

    Enough of the reminiscing – let me turn to the substance of tonight’s talk.

    The Employment Rights Bill –

    As we know all too well, more than four million people in the UK are in precarious employment, with over one million employed on zero-hours contracts. Millions more lack access to proper sick pay schemes, leaving them vulnerable and unsupported in times of need.

    Wage growth under the previous government was worse than any other period since the 1920s. This stagnation has had a profound impact on our collective living standards, making it harder for working families to make ends meet.

    The government is now taking significant steps to address these issues through the introduction of new workers’ rights laws via the Employment Rights Bill, as I said, currently being debated in Parliament.

    This plan to make people’s lives less precarious, by making work pay, was developed in collaboration with both unions and business and as our Deputy Prime Minister Angela Rayner said, on the Bill’s introduction, this is the biggest upgrade to rights at work for a generation, boosting pay and productivity with employment laws fit for a modern economy.

    It is a long, hugely ambitious Bill whose impact reaches across many aspects of working life and working conditions, so I will not dwell on every aspect but allow me to highlight some particular measures:

    As an aside, time and time again, there are some people saying we aren’t doing anything to help real people. As I was typing away at this speech, I reminded myself of how excellent this Bill is.

    First are a raft of measures designed to provide far greater guarantees for working people – addressing the scourge of the lack of security that so many in our society feel from zero hours contracts, lack of guaranteed hours, lack of day-one rights etc, standards that most would consider reflect basic decency. The Bill will:

    • introduce new rights to guaranteed hours, reasonable notice of shifts and compensation payments for shift cancellation, and for movement and curtailment at short notice for those on zero and other specified contracts
    • provide a right to request flexible working, remove the waiting period and lower earnings limit which apply in relation to statutory sick pay and strengthen protections in relation to tips and gratuities.

    Second the Bill will address the economic inequalities faced by women at work, manifested through higher levels of poverty and lack of financial independence, which evidence shows are linked to another area of government priority namely addressing violence against women and girls.

    The Bill:

    • provides a right to parental leave from day one of employment. It introduces provisions to require employers to take all reasonable steps to prevent sexual harassment at work and to prevent harassment at work by third parties.
    • It’ll make sure whistleblowing protections are extended to apply to disclosures relating to sexual harassment.
    • It introduces workplace support for women going through menopause

    Third, the Bill will modernise trade union legislation giving trade unions greater freedom to organise, represent and negotiate on behalf of their workers. This includes:

    • Repealing the Strikes (Minimum Service Levels) Act 2023, a punitive piece of legislation that set trade unionists’ rights back decades.
    • Strengthening trade unions’ right of access, including providing for digital access, allowing unions to operate more effectively.
    • Simplifying the trade union recognition process, including providing better access arrangements for unions and dealing more effectively with unfair practices.
    • Introducing new rights and protections for trade unions representatives.
    • And finally introducing a duty for employers to inform workers of their right to join a trade union. This is vital, because employers should not withhold information from workers that grants them greater protection- which joining a union does

    Fourth, is a point of critical importance – though under-reported – is the focus on enforcement of these new rights. The Bill will establish the Fair Work Agency, which will bring together the enforcement of domestic agency rules, the National Minimum Wage, licensing of gangmasters, and action against serious labour exploitation. It will also take on additional functions such as the enforcement of holiday pay. Its new powers will allow it to investigate, inspect and take action against businesses that are flouting the law. These include powers to investigate a wider range of cases of labour abuse, issue penalties, and bring cases to the employment tribunal on the behalf of workers.

    If delivered in full, this bill will benefit over 10 million workers, including many on low incomes. This is not just about improving individual lives; it’s about creating a fairer, more just society where all of us has the opportunity to thrive, and the privately powerful cannot exploit the vulnerable.

    The reaction to the Bill has been for the most part extremely positive. YouGov polling showed that 68% of the country were in favour of banning zero hours contract, 65% want to see the right to work flexible hours expanded and 62% are in favour of employment protections from day one. The reaction from business was also supportive – for example the Chief Executive of Centrica said this: “This isn’t just the right thing to do – its a foundation for the high growth, high skill economy the UK needs. While no one business has all the answers, our experience [at Centrica] show that our business thrives when our people thrive – so stronger rights for workers means stronger businesses, and that’s a win for everyone.”

    The Pushback

    Yet – although this Bill is self-evidently for the benefit of millions of working people, the reaction to it in some quarters has taken an often apocalyptic/feverish tone.

    A recent newspaper headline trivialised the significance of this Bill in ordinary workers’ lives, declaring that the Government believes a “Pub ‘banter ban’ is needed so anxious staff can feel safe at work […] and warned it could let workers ‘sue employers for hurt feelings’.”

    This, it turns out, refers to the Bill’s requirement that employers to take all reasonable steps to prevent harassment of their staff by third parties.

    An opposition peer claimed that the “Workers’ rights bill will bring back ‘chaos of the 1970s’.” The Institute for Economic Affairs says that the Bill would stifle economic growth while hurting the very workers the Bill intends to protect. This is scaremongering, again seeking to distract from the benefits that workers stand to gain.

    There has been some concern about the costs involved and of course I recognise that is entirely legitimate for business leaders to seek detail on what changes mean for them.

    But the answer to this, as very many businesses big and small appreciate, is that improving worker well-being, reducing workplace conflict, and creating a more level playing field for good employers has the effect of increasing productivity – and we consider will lead to benefits worth billions of pounds a year. To give an insight on this, the Bill as I have described seeks to make work a safer and better place of work for women – obviously vitally important in itself but with huge potential impact on our growth agenda in the context of evidence showing that an increase in employment of women by 5% adds £125billion a year to the economy. That type of benefit is why as TUC research shows there’s strong backing among managers for better workers’ rights – a clear majority believe they will improve workforce retention, profits and productivity.

    But despite the values in this Bill, despite the evidence of positive impact on working people’s lives and on productivity –– there are those on the opposite benches in parliament who continue to claim that the Bill will be a drag on the economy.

    Then: resisting progressive legislation

    As a history graduate, I have a natural bias in believing that contemporary problems benefit from analysis in their historical context. Here, it is not simply interesting but instructive to see how the current criticisms of the Bill mirror attacks on earlier reforms to the improve the lives of working people. That is because it demonstrates that not simply were past reforms not nearly as damaging as the doomsayers predicted, not simply did they markedly improve the lives of millions of working people, but they were actually stimulants rather than drags on the economy.

    The history of social reform, legislation aiming to give ordinary people the most basic of rights, is littered with examples of doomsaying – that they would crash the economy or give rise to any number of social ills. Criticism in almost exactly the same terms as today and equally as misplaced.

    Let me start with an Act that predates the formation of the Labour Party, indeed was passed by the conservative government of Lord Salisbury, namely the Workmen’s Compensation Act 1897 a landmark British law that established the principle of employer liability for workplace injuries irrespective of fault and mandated insurance in place to pay for compensation.

    The 1897 Act covered industrial workers, including those in railways, mining, quarrying, factory work, and laundry work – work in which safety standards were minimal and the rate of injuries high – at a time in which injured workers and their families had no meaningful support from the state – indeed it was still 30 years still before the abolition of the poor house .

    And yet, the introduction of the legislation met opposition painting a dystopian picture of the consequences of compensating workers irrespective of fault – in particular an argument was advanced that it would lead to a massive drop in production because it was feared workers would deliberately chose to injure themselves in order to receive compensation. The Mining Association particularly objected to being, in their own words ‘selected for an experiment in legislation of the most novel and revolutionary character’.

    The argument made by one Geoffrey Drage MP, to understand the level of outrage in the House of Commons. Drage was a former secretary of the Royal Commission on Labour Relations and in the parliamentary debate listed issues that had arisen when a similar bill was passed in German. In short, Drage believed that to give a right of compensation would lead to endless false claims from workers and the massive reduction in productivity – in other words, workers were simply not to be trusted with basic rights.

    First, Drage said there had been “a remarkable increase in the number of industrial accidents in Germany” as “the working men showed increased carelessness, and, what was far more serious, an amount of negligence and malingering hitherto absent”.

    Second, he argued that “The workman in Germany had shown no scruples in preying on the [insurance] funds.” Drage suggested these new insurance schemes created an “extreme resentment” amongst the working classes if there were any delays or refusals for payouts, and in a lie echoed by the IEA today that “in the long run, the expense would be borne by the working classes, either as wage-earners, or as consumers, or as taxpayers.”

    Finally, Drage warned “that employers would not subscribe to charitable purposes so liberally as before” and that “a scheme of this kind would press heavily on the small employer, who was gradually being crushed out of existence.”

    In summary, the London Evening News (11/05/1897) recorded Geoffrey Drage’s views as denouncing the Bill “as a measure destructive of social peace in the industrial world.” All of this, scaremongering and hyperbole in response to the proposal that injured workers should have a right to compensation in an economy with no social safety nets beyond the Poor House.

    The Trade Boards Act 1909 represented a state-driven effort to control low pay, the first for virtually a century. It is a fitting Act to recall on VE day because it was introduced by the then President of the Board of Trade, Winston Churchill who when introducing the Bill said “it is a serious national evil that any class of His Majesty’s subjects should receive less than a living wage in return for their utmost exertions”. That’s 1909. The Bill established trade boards with the authority to set legally enforceable minimum wages.

    These boards consisted of representatives from workers, employers, and appointed government members – somewhat revolutionary when one considers that the Act came into force only a few decades after collective bargaining and strike action were finally decriminalised.

    So trenchant was the criticism of the Boards and the introduction of a power to set minimum wages that the Government set up the Cave Commission at which some employers argued that the Boards were the source of huge economic damage – as the Labour MP Rhys Davies noted in the House the arguments were akin to those where employers in the cotton mills of Lancashire used to say, nearly a century ago, that if you took away children of eight and ten years of age from the textile industry, that industry could not possibly be carried on at a profit, and the statements made by employers, particularly in the distributing and allied domestic trades, before this Cave Commission, are just of that type which are made from age to age by bad employers in all parts of the world

    By way of aside, then, as now, immigrants received much of the blame for stifling economic opportunities for domestic workers. In what was not, I suggest a high point for a trade union leader, John Burnett’s report on London’s East End, stated that Jewish immigrants, through their competition for work, reduced native labour to the verge of destitution. I pause to reflect that very few contemporary political moments do not have political and historical resonance.

    More surprising still for contemporary tastes is the opposition mounted to the Equal Pay Act 1970, ground-breaking legislation that I am sure for many of us here will be forever associated by the late, great Labour giant, Barbara Castle.

    It came into full effect in 1975, laying the groundwork for further advancements in gender equality and a precursor to the more comprehensive Equality Act 2010. The notion that women should receive equal rights in the workplace was not simply opposed by many, but was portrayed as a threat to very existence of ordered society.

    I quote directly from Martin Maddan MP in the Commons:

    If we invest highly in the training of all women, will there then be pressure on those women to continue their careers rather than to have children?” … “There is evidence that working mothers, especially those working full-time, may become less sensitive to the emotional and psychological, as well as the physical, needs of their children… Today’’s grandmothers are used to looking after children all day. What will be the position with tomorrow’’s grannies who have not devoted themselves to looking after children?

    Similarly, the implementation of minimum wage legislation in the 1990s was fiercely contested by employers who predicted economic ruin and job losses.

    A choice headline from the Daily Express in May 1998 shouted:

    Bosses wage war” – Jobs will be lost if a national minimum wage is brought in, bosses warned yesterday. Small firms groups said staff in pubs, petrol stations and the textile industry would face lay-offs. Industry chiefs and Tory MPs also warned that the figure of £3.60 an hour, proposed by the Low Pay Commission, could stoke inflation.

    The CBI argued until 1995 that a minimum wage – even if low – would create major problems for wage structures in a wide range of companies and destroy opportunities. That hasn’t aged well.

    [Redacted political content]

    So, despite dire warnings, the minimum wage has proven to be a success, raising living standards without the predicted negative impacts on employment. And it was a great moment last month to be part of a Government where we were able to raise the national minimum wage by £1,400 a year for a full-time eligible worker and a record cash increase for young workers and apprentices.

    Takeaways

    This is no more than a light touch review that can never aspire to even begin to do justice to the two hundred plus years of the modern struggle to establish basic labour rights in this country, the right to a union, the right to collective bargaining, the right to fair wages, the right to be safe in the workplace, the right not to be discriminated against in the workplace – and indeed the associated struggles to create, through law, the welfare state to support those unable to work through reasons of injury, infirmity, age or in times of economic hardship. At each turn these have been opposed, as now, by forces that sought to paint them, as existential threats to the economy and or our way of life, developments now accepted as having been of enormous benefit to the wealth as well as health of the nation.

    Let me then turn to this history of success in face of fierce opposition and seek to draw out five observations about the nature of law in the protection of working people, about the role of lawyers and finally to outline the political moral underpinnings of what the current Bill represents in the context of what has come before it.

    My first observation is how law, specifically in the form of legislation can radically change for the better what we as a society consider to be acceptable behaviour – it lifts us up and sets standards. Of course, there will always be a wide variety of reason why societal attitudes change over time but legislation is most certainly capable of playing its role. Here the struggles of the trade union movement, realised in the last 100 years most materially by Labour governments, has been to legislate in order to entrench into society standards of behaviour that at the time may have seen radical, indeed revolutionary but shortly thereafter were accepted as little more basic rights.

    The coming into force of these laws has of itself helped inform and change societies conception of what is right and what is wrong in the workplace. In the classroom this would be defined as a normative theory of law – how legal frameworks help set standards – it’s real world application has led to a fundamental change about how we perceive the nature of work and the value we attach to labour and the protections that working people must be afforded as part of their rights.

    My second observation is how this system of laws has brought enormous practical benefits to ordinary working people – drastically improving the quality of life for millions.

    It is at once inspiring and instructive to remind ourselves of the breadth of the ambition of those who brought in these fundamental transformations – the changes wrought by Unions, politicians and campaigners from fighting for the rights of their members, to ensure that people earned enough for their labour to live in dignity, to ensure equality in the workplace, to ensure that that workplaces were safe – these are measures that have had a profoundly positive impact on the quality of life for millions.

    To give one example, The Health and Safety at Work Act 1974, was brought in the wake of the Aberfan disaster, introduced by Michael Foot. It’s success can be measured in a very simple metric, namely the lives and limbs saved: since 1974 occupational deaths and injuries have decreased by over 75%. Considering economic and occupational changes, fatalities at work have declined from 2.9 per 100,000 workers in 1974 to 0.42 per 100,000 workers in 2023-24. The simple fact is that legislation saved lives, limbs, sight and hearing.

    Of course there will always be push back – there will be those who argue that health and safety laws place an unnecessary burden on the economy. Yet, having acted for victims of the Grenfell Tower disaster I was struck how what seemed like a growing trend amongst some sectors of society to mock and ridicule ‘health & safety’ came to an abrupt stop on the night of 14 June 2017. It provides a cruel, stark but unanswerable example of the importance of compliance with health and safety laws and its measured by the converse – the tragic consequences measured in human life when we do not.

    My third observation is the essential role played by lawyers such as Thompsons and many others in the enforcement of this legislative framework and the work that they do to ensure accountability for victims of violations of those laws. A good legal framework is only half the battle – without legal professionals dedicated to ensuring through public law that laws are upheld and rights defended, without legal professionals ensuring through private law that those injured by failures to comply with obligations are adequately compensated then those laws risk becoming ineffective. A right without a remedy is no right at all – and the essential job of labour lawyers, employment lawyers and personal injury lawyers for generations has been to ensure that working people’s hard won legislative gains are capable of vindication and a determined effort to ensure that common law keeps step – the work of these lawyers is an essential part of the system.

    My fourth observation draws from the history of the struggle to secure rights for working people and the determination to deliver notwithstanding the opposition faced. That spirit of determination, to effect real positive change in the lives of millions of people in this country, is what drives this Government to place the Employment Rights Bill at the centre of our agenda of change. Of course we want to make the Bill as good as possible, of course we are not as arrogant to think that every criticism of the Bill during its passage through Parliament has to be dismissed out of hand – but nobody should underestimate on our single minded determination to deliver, borne out of a belief that the changes we seek to bring about will make a real difference to the lives of those we serve.

    None of this I stress should be taken in any sense as being anti-business. To the contrary, under Keir gone are the days in which there was a binary choice between labour and business.

    I passionately believe that good employers recognise, even as matter of enlightened self-interest, that laws which protect the fundamental rights of their workforce are a source of good and lead to greater not less economic productivity. Similarly, I think it is well understood in the labour movement that this country needs an environment in which business flourish, our economy grows and investment flows. Thus we are advancing this package of ambitious change in the Bill at the same time as, and complimentary to, the ongoing work of Rachel Reeves and Jonny Reynolds to boost economic growth and attract investment – in a week we got two trade deals and a Bank of England cut in interest rates. The country has an incredible offer to investors – we are a stable democracy at a time of global uncertainty, we have one of the most advanced economies in the world and are well placed to lead in a changing world not least in AI and green technology, whilst at the same time, as our intervention in Scunthorpe demonstrated, a will not hesitate to act to protect vital parts of our infrastructure.

    A workforce whose fundamental rights are protected by law is a boon to an economy – an economy in which people feel valued, in which legal protections reflect the values in which they are held, is far more likely to be a strong and resilient economy.

    My fifth and final observation is to reflect upon the motivation and principles that lie behind our determination to introduce this Bill which brings me back to the central importance for this Government of the fundamental right to security for the people of this country. The measures are of course about securing increased justice and equality in the workplace but underlying this is a profound belief in the dignity of every human being and an understanding that the role of the State is to ensure that each person is accorded dignity in all aspects of their lives, including where necessary by regulating private power, not least in the realm of employment.

    Our belief in the dignity of each person is also mirrored in our anger at how so many are mistreated in the workplace disdainfully, patronisingly, without respect, belittled and bullied. This belief in the dignity of all drives our determination to ensure that every person is afforded the opportunity to work, that we have the opportunity to realise our potential at work, that we are employed in decent, safe workplaces, that we are protected from exploitation and discrimination and that we are paid a fair wage. We go further – this Bill is designed to empower people to flourish in our workplaces. It recognises that the workplace is one of the most important domains in British citizens’ lives, where we will spend most of our time, and we should be able to flourish in this setting as we do with our families and in our communities.

    The promotion and protection of the dignity of all of us lies at the heart of what the labour and trade union movement fought for decade upon decade.

    As the ILO Constitution puts it, we have “a right to pursue our material well being and spiritual development in conditions of freedom and dignity, of economic security and equal opportunity.”

    [Redacted political content]

    So, to draw all these points together–- A belief in the dignity of all, a commitment to giving practical effect to the human right to security, a sense of boiling anger when those around us are not treated with dignity and respect – and a steely determination to do something about it.

    These are the qualities that no doubt inspired Harry Thompson to create this great firm, that inspired the Trade Union and labour movement to effect fundamental change in society and will continue to be a guiding force for this Labour government, this government of service, in creating the change that this country needs.

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom

  • MIL-OSI Global: Palestinian literature: a rich literary heritage from a nation in exile

    Source: The Conversation – UK – By Heather Laird, Senior Lecturer in the School of English and Digital Humanities, University College Cork

    Palestinian literature is unique. It stands apart for its ability to capture a nation’s identity in exile – shaped not by borders, but by memory, resistance and longing.

    The settings of modern Palestinian literature include Israel, the occupied territories, countries more broadly in the Middle East, and locations further afield. Four notable writers are particularly worth exploring: Emile Habibi, Ghassan Kanafani (now both dead) and more recent authors, Isabella Hammad and Anwar Hamed.


    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.


    Emile Habibi.
    Théodore Brauner / Wikipedia, CC BY

    Emile Habibi (1922-96) was one of about 150,000 Palestinian Arabs who remained in the territory that became Israel in 1948. He started writing in his mid-40s in response to a claim by an Israeli politician that Palestinians no longer existed in Israel, because if they did, they would have their own literature.

    In his novel, The Secret Life of Saeed: The Pessoptimist (1974), the central character flees to Lebanon in 1948, but soon afterwards is allowed to return home on the understanding that he will become an informant for Israeli intelligence. Despite his cooperation with the state of Israel, Saeed is beaten and imprisoned, finally learning from a fellow prisoner that his Palestinian identity is worthy of respect.

    Ghassan Kanafani (1936-72) was one of approximately 750,000 Palestinians who were expelled from or fled Mandatory Palestine in 1948. A political thinker, journalist and revolutionary, his writings documented the horrors of war and occupation, and include Men in the Sun (1962), a short novel that features three Palestinian men who have been living for ten years in refugee camps in Iraq and are now attempting a dangerous desert journey to Kuwait.

    Isabella Hammad (1992-) was born in London and raised by a British-Irish mother and a Palestinian father. Unlike Habibi and Kanafini, whose literary works were published initially in Arabic, Hammad writes in English. Her 2024 novel, Enter Ghost, imagines a production of Shakespeare’s Hamlet in the West Bank. Its central character is a London-based actress who grew up in Israel as a Palestinian Arab and becomes involved in the Hamlet production while visiting her sister in Israel.

    Though featuring disparate settings, Palestinian literature is linked by recurring motifs. Olive trees and keys, in particular, hold resonance in Palestinian culture. Many Palestinians kept the keys to their houses when they fled or were forced from Mandatory Palestine in 1948. These keys became symbols of loss of home and hope of return.

    Palestinian identification with olive trees is grounded in the economic importance of olives for generations of Palestinian farmers. In the context of exile, the olive tree is emblematic of a long-standing connection to the land, adding specificity to a more generalised yearning for home.

    In Kanafani’s Men in the Sun, the oldest Palestinian refugee reminisces about the olive trees he once owned, with his current lack of income leaving him no option but to set out on the hazardous journey to Kuwait where Palestinians are finding work as labourers in the oil fields.

    The haunting of the present by the past is another common concern of Palestinian literature. In Habibi’s The Pessoptimist, the protagonist is confronted by “ghost-like” figures who ask if he has met anyone from their razed villages while journeying to Israel. This prompts him to reflect on his encounter with a woman attempting to return home and on the military governor who subsequently re-banished her and then watched in surprise as she grew bigger rather than smaller while walking away.

    Another of Habibi’s literary works, a short story titled The Odds-and-Ends Woman (1968), mentions the “roving spirits” who, after an absence of 20 years, are making the journey from “the Gaza Strip, the West Bank, Amman, even as far as Kuwait” to Israel in the hope of briefly seeing their former homes. In Hammad’s Enter Ghost, Palestinian characters discuss at length the relevance of Hamlet’s dead father to Shakespeare’s play.

    Many works of Palestinian literature employ a serious tone when providing insight into the harsh realities of life for post-1948 Palestinians. Kanafani’s Men in the Sun, for example, is notable for its gritty naturalistic descriptions.

    But Palestinian literature is more varied in tone and genre than might be expected. It also includes writings, such as Habibi’s The Pessoptimist, that employ humour to explore the circumstances of post-1948 Palestinians. And, more recently, Anwar Hamed (1957-) has applied a science-fiction sensibility to established motifs in Palestinian literature.

    Hamed’s short story, The Key (2019), is set in 2048 in an Israel protected by a high-tech “gravity wall” – an invisible barrier that is programmed to allow only those who have the “key” embedded in their microchips to enter and exit.

    The central character is an Israeli whose grandfather collected pictures of exiled Palestinians “clutching rusty keys to houses that no longer existed”. These photographs scared him “more than any arms deal being signed by neighbouring countries”, given the persistent “stubbornness” they revealed. The gravity wall has been designed for security purposes, but also to consign those rusty keys to the past.

    But while this wall seems impenetrable, the boundary between past and present is porous. The story’s central character lives a comfortable existence cushioned from “the chaos” beyond the wall. But then the ghostly sound of a key turning in the lock of his apartment door starts to wake him up at night.

    The first indication in the story that all Israelis are similarly affected is when the central character is informed that his doctor is inundated with requests for sleep medication. Unable to get an appointment, he decides to pay the doctor a visit outside of work hours.

    The story ends with the doctor blowing a hole in his own apartment door with his old service rifle, and possibly killing the central character in the process. The doctor’s irrational reasoning is that with no lock left for an intruder to insert a key, he can finally sleep.

    There are many reasons to read Palestinian literature. But chiefly, in innovative fictional ways, it gives voice to the challenging experience of belonging to a nation in exile.

    These writings are also a reminder that injustices, if left unaddressed, refuse to be consigned to the past.

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

    ref. Palestinian literature: a rich literary heritage from a nation in exile – https://theconversation.com/palestinian-literature-a-rich-literary-heritage-from-a-nation-in-exile-255322

    MIL OSI – Global Reports

  • MIL-OSI USA: Waller, Thank You, John

    Source: US State of New York Federal Reserve

    Thank you, Volker, and thank you for the opportunity to speak to you today.1
    John Taylor is deservedly well known for his work on monetary policy rules, the best known of which bear his name. But in the early 1980s, John was part of a broader discussion about rules versus discretion in the setting of monetary policy.
    The traditional argument for discretionary monetary policy was that any policy choice that a rule would recommend could be replicated by discretion, especially when policymakers are aware of the rule, but not vice versa. Discretion allowed more flexibility than a rule and thus was the dominant strategy for setting monetary policy.
    Then, in 1977, Finn Kydland and Ed Prescott published their paper “Rules Rather than Discretion: The Inconsistency of Optimal Plans,” which argued that policy promises made today may not be carried out in the future if there are advantages to reneging on those promises.2 Reneging on promises made by discretionary policymakers, they argued, is much easier than reneging on a policy rule, which is a way to commit to future actions.
    Kydland and Prescott provided a simple and appealing model at the end of their paper. The model had an incentive for the central bank to renege on its promise to keep inflation low, since doing so would expand the economy and lower unemployment. If rational agents knew of this incentive, they would not find the promise of low inflation credible and would therefore raise their expectations for future inflation. The central bank would then have to validate those expectations with higher inflation to avoid a recession. In the end, the economy ends up in a high-inflation equilibrium with no gains from higher output or lower unemployment.
    Kydland and Prescott then showed that if, on the other hand, the central bank could commit to following a rule to set policy, then it could not renege on its promises. As a result, inflation would stay low while yielding the same outcomes for output and employment. In this case, rules beat discretion. This was pathbreaking research, and it came to influence both the theory and practice of central banking. It was also part of the basis for Kydland and Prescott’s Nobel Prize in Economics in 2004.
    But commitment to most things in life is easier said than done. Even rules can be abandoned if it is optimal to do so. In the absence of commitment, can the central bank do anything to enhance the credibility of its promise to keep inflation low?
    In 1983, Robert Barro and David Gordon used the Kydland–Prescott example to study reputation building by the central bank.3 The basic idea is to establish a reputation for fulfilling promises. But what promises can be made in a discretionary world that the public would find credible? They showed that promising the low-inflation outcome wasn’t credible. However, the central bank could promise an inflation rate that was between the low-inflation equilibrium and the high-inflation equilibrium. If private individuals expected this intermediate inflation rate, then the gains from reneging would be reduced just enough to dissuade the central bank from breaking its promise. Consequently, promises to deliver this intermediate inflation rate were credible, and society was better off than it would be in the high-inflation world, showing that credibility really mattered in a world in which commitment was not feasible.
    I now introduce John Taylor and his work into the story, which coincided with the beginning of my own research career.
    In 1983, having read the Barro and Gordon paper, I started working on reputation-building strategies as part of my Ph.D. dissertation research. In the process, I was struck by the thought that the building of credibility and reputation hinges on the person setting monetary policy at the time: If that person leaves, does the central bank have to start over to rebuild its credibility? At the time, I had in mind Paul Volcker, whose personal credibility seemed so crucial in the Federal Reserve’s campaign to vanquish high inflation. Relying on the credibility of individual policymakers seemed like a weak foundation for sustaining the credibility of policy promises.
    That is when I went back and read John Taylor’s discussion of the Barro and Gordon paper in the Journal of Monetary Economics.4 John applauded the analytical contribution that Barro and Gordon—as well as Kydland and Prescott—had made, but he was skeptical about the practical applicability of their story. In his critique, John said, “In other well-recognized time inconsistency situations, society seems to have found ways to institute the optimal (cooperative) policy.”5
    As I read that sentence, I thought, “How does society build credibility into the institution instead of relying on the credibility of an individual?” That one sentence that John wrote in 1983 set me off on a 20-year journey studying central bank design.
    So where did it lead me?
    Around that time, Ken Rogoff published his paper on what he referred to as “conservative” central bankers.6 In his terminology, a conservative central banker was someone who disliked inflation more than the rest of society did. Rogoff showed that a conservative central banker would choose a lower rate of inflation than the average citizen but at the cost of greater instability of output and employment. This tradeoff improved social well-being, but there was one catch to this solution—there had to be safeguards to guarantee that the conservative central banker could not be fired for this policy decision, ensuring that these promises to control inflation were credible. In short, the central bank had to be independent and protected from the threats to its independence.
    This type of institutional design issue was one that I was interested in researching.
    Up until Rogoff’s work, the underlying assumption had been that the central bank was trying to maximize social welfare and that its preferences were aligned with those of society. Think of it as a “representative agent” economy. But as I read Rogoff’s work, it suggested that society consisted of people who had a variety of views about inflation, meaning that they would also have different views on the tradeoff between inflation and output stability. Consequently, members of society may have different views on how conservative the central banker should be. But where are these views coming from?
    So I tried to endogenize the heterogeneity in preferences. I had the idea that individuals all had the same fundamental preferences for inflation and output stability but that they varied if they worked in different sectors of the economy. In one sector, wages and employment were determined in a standard competitive fashion. In the other sector, wages were determined by wage contracts, and employment was determined by demand. Thus, when a negative shock hit the economy, the wage contract workers suffered a bigger reduction in employment because wages couldn’t adjust, whereas in the competitive sector, wages would adjust to soften the blow to employment—implying that if the wage contract sector got to choose a conservative central banker, they would want a more dovish central banker who would accept higher inflation in return for greater employment stability. The flexible wage workers wanted the opposite: They were more hawkish on inflation because they didn’t bear the same employment volatility. The punchline was that if political parties formed around workers from different sectors, then they would install central bankers with different policy preferences if they won the election.
    It was around that time that I read Alberto Alesina’s paper on “partisan business cycles.”7 In that paper, he assumed there were different political parties, each having different preferences about inflation and unemployment. One party was more concerned with price stability and less concerned about output stability than the other. Monetary policy and inflation outcomes were determined by the party that won a national election. As power changed hands after an election, monetary policy would differ from expected policy depending on who won the election. These election surprises would create volatility in monetary policy and thus inflation and output. In other words, elections would lead to partisan business cycles. In Alesina’s model, monetary policy was fully accountable to the electorate, which is desirable, but it came at the cost of causing greater economic instability.
    This was a brilliant paper, but, again, it raised a serious question for me: Why would society choose full electoral accountability and maximum volatility in monetary policy? Economists usually think there are tradeoffs on the margin such that “corner solutions” like these aren’t optimal. It seemed to me that there could be a welfare-improving institutional design for the central bank. I looked at the Federal Reserve’s Board of Governors structure, and I felt that electoral accountability could be achieved through the appointment process, but economic instability would be reduced by having a monetary policy board composed of current and past appointees who set policy according to majority rule. This thinking led me to taking a variant of Alesina’s model and studying how a policy board would change his results.
    I assumed that board members were appointed by the winning party of an election to serve for multiple periods. This appointment process provided accountability to the electorate via the nomination and confirmation process. To ensure that economic stability would be improved, I assumed these members served staggered and long (relative to the election cycle) terms in office.8 Furthermore, as in Rogoff’s model, board members could not be removed from office. This feature of the model captured the idea that the central bank board would be independent.
    My research showed that by having an independent policy board set monetary policy, social well-being was improved relative to Alesina’s results. Accountability to the electorate could be achieved through the nomination and confirmation process, and economic stability was enhanced by having a group of individuals set policy who could not be removed from office. This structure is the one that we have in place today at the Federal Reserve. I would argue that it has stood the test of time, and I hope that it continues to be in place for years to come.
    To conclude, I have come full circle in my professional life—from first reading that sentence that John wrote in 1983 to researching central bank independence and central bank boards for 20 years to then becoming a central bank board member, which led me here today. So, I can finally thank John for sending me on a wonderful journey that he had no idea he launched me on.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See Finn E. Kydland and Edward C. Prescott (1977), “Rules Rather than Discretion: The Inconsistency of Optimal Plans,” Journal of Political Economy, vol. 85 (June), pp. 473–92. Return to text
    3. See Robert J. Barro and David B. Gordon (1983), “Rules, Discretion and Reputation in a Model of Monetary Policy,” Journal of Monetary Economics, vol. 12 (1), pp. 101–21. Return to text
    4. See John B. Taylor (1983), “‘Rules, Discretion and Reputation in a Model of Monetary Policy’ by Robert J. Barro and David B. Gordon,” Journal of Monetary Economics, vol. 12 (1), pp. 123–25. Return to text
    5. See Taylor, ‘”Rules, Discretion and Reputation in a Model of Monetary Policy’ by Robert J. Barro and David B. Gordon” in note 4. Return to text
    6. See Kenneth Rogoff (1985), “The Optimal Degree of Commitment to an Intermediate Monetary Target,” Quarterly Journal of Economics, vol. 100 (November), pp. 1169–89. Return to text
    7. See Alberto Alesina (1987), “Macroeconomic Policy in a Two-Party System as a Repeated Game,” Quarterly Journal of Economics, vol. 102 (August), pp. 651–78. Return to text
    8. See Christopher J. Waller (1989), “Monetary Policy Games and Central Bank Politics,” Journal of Money, Credit and Banking, vol. 21 (November), pp. 422–31; Christopher J. Waller (1992), “A Bargaining Model of Partisan Appointments to the Central Bank,” Journal of Monetary Economics, vol. 29 (June), pp. 411–28; and Christopher J. Waller (2000), “Policy Boards and Policy Smoothing,” Quarterly Journal of Economics, vol. 115 (February), pp. 305–39. Return to text

    MIL OSI USA News

  • MIL-OSI: Infineon to Present at the dbVIC – Deutsche Bank ADR Virtual Investor Conference May 15th

    Source: GlobeNewswire (MIL-OSI)

    MUNICH, May 09, 2025 (GLOBE NEWSWIRE) — Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY), based in Munich and a global semiconductor leader in power systems and IoT, today announced that Daniel Gyoery, Senior Director Investor Relations will present at the dbVIC – Deutsche Bank American Depositary Receipt (ADR) Virtual Investor Conference on May 15, 2025. This virtual investor conference is aimed exclusively at introducing global companies with ADR programs to investors.

    DATE: May 15th
    TIME: 9:00 EDT / 15:00 CET
    LINK: REGISTER HERE

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Participation is free of charge.

    Recent Company Highlights

    • Infineon is the #1 global leader in automotive semiconductors, power semiconductors, and microcontrollers
    • Microcontroller: Infineon’s microcontrollers serve as the brains of smarter, safer cars and secure IoT devices. Over the past decade, the company has consistently outgrown the market and achieved the global #1 position.
    • Powering AI – from grid to core: the exponential data growth driven by digitalization and AI is increasing the energy demand of data centers. Infineon offers solutions, extending from the grid to the core to maximize the efficiency, power density and reliability of AI infrastructure.
    • Shaping mobility & Humanoid robots: ever-smarter, more integrated cars and humanoid robots need fast, secure controllers as well as high-speed networking. Infineon’s microcontroller leadership and the acquisition of Marvell Technology’s automotive ethernet business combine two world-class solutions, forming a unique system solution meeting the needs of these emerging technologies.
    • Focus on high growth and margin retention combined with consistent shareholder returns. Fiscal year 2025 guidance already includes a haircut for potential tariff headwinds.

    About Infineon
    Infineon Technologies AG is a global semiconductor leader in power systems and IoT. Infineon drives decarbonization and digitalization with its products and solutions. The Company had around 58,060 employees worldwide (end of September 2024) and generated revenue of about €15 billion in the 2024 fiscal year (ending 30 September). Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the OTCQX International over-the-counter market (ticker symbol: IFNNY).

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access.  Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:

    Infineon Technologies AG
    Daniel Györy
    Senior Director Investor Relations
    Office: +49 89 234 35078
    Daniel.Gyoery@infineon.com 

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com 

    The MIL Network

  • MIL-OSI China: China bolsters service consumption, elderly care financial support via relending facility

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

    China bolsters service consumption, elderly care financial support via relending facility

    BEIJING, May 9 — China’s central bank announced on Friday that it has set up a relending facility for service consumption and elderly care, aiming to guide financial institutions in strengthening support for these sectors.

    The relending facility quota for service consumption and elderly care is 500 billion yuan (about 69.35 billion U.S. dollars), and features an annual interest rate of 1.5 percent and a term of one year, according to the People’s Bank of China.

    Eligible applicants for the facility include 21 national financial institutions, such as policy banks and state-owned commercial banks, as well as five city commercial banks including Bank of Beijing and Bank of Shanghai, the central bank noted.

    This relending facility will be in effect until the end of 2027, the central bank said, while adding that it will encourage and guide financial institutions to beef up support for key areas in the service consumption sector — such as accommodation and catering, culture, sports and entertainment, and education, as well as the elderly care industry.

    MIL OSI China News

  • MIL-OSI Banking: Financial Stability Council Meets – 8 May 2025

    Source: Bank of Botswana

    The Financial Stability Council (FSC/Council) met on 8 May 2025 to discuss the prevailing state and outlook of financial stability, including related risks emanating from the domestic and global environments as well as appropriate policy responses to avert the buildup of vulnerabilities. Members also deliberated on prospective developments affecting the financial sector and ongoing FSC work programme. These include harmonisation of corporate governance principles, and enhancement of resolution and crisis management frameworks for the financial sector.

    Read detailed Press Release below:

    Press Release – Financial Stability Council Meets – 8 May 2025.pdf

    MIL OSI Global Banks

  • MIL-OSI: HTX DeepThink: Liquidity Window Confirmed — Bitcoin Hits $100K Again, What’s Next?

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 09, 2025 (GLOBE NEWSWIRE) — HTX DeepThink is a flagship market insights column created by HTX, dedicated to exploring global macro trends, key economic indicators, and major developments across the crypto industry. In a world where volatility is the norm, HTX DeepThink aims to help readers “Find Order in Chaos.”

    Last week, Chloe (@ChloeTalk1) from HTX Research accurately predicted that a liquidity window could emerge in early May, driving capital back into crypto markets. On May 8, Bitcoin surged past $100,000 for the first time in three months—confirming her forecast. How long can this momentum last, and what are the implications of the latest U.S.-UK tariff deal? In this bonus update, Chloe provides fresh analysis of the evolving landscape.

    UK–U.S. Tariff Agreement Signals Reduced Risk and Policy Support

    On May 8, the United Kingdom and the United States reached a breakthrough trade agreement. The UK agreed to open its agricultural market for U.S. products in exchange for a reduction in U.S. tariffs on British automobile exports. Tariffs on British steel and aluminum exports to the U.S. were reduced to zero, while a 10% “reciprocal tariff” remains in place on U.S. imports.

    Although the UK already runs a trade deficit with the U.S. and the economic impact of the deal may be modest, it signals a willingness by the U.S. government to re-engage diplomatically and release policy tailwinds.

    U.S. Commerce Secretary Lutnick further indicated that the next major trade agreement could involve a large Asian economy, suggesting that the U.S. administration is preparing to offer structural trade incentives on a broader geopolitical scale.

    Bitcoin’s Market Structure Shifts From Speculative Trading to Institutional Capital Allocation

    Concurrently with these easing policy conditions, Bitcoin’s capital flow dynamics have undergone a fundamental shift. Over the past three weeks, U.S. spot Bitcoin ETFs have recorded substantial net inflows totaling $5.3 billion——the highest quarterly inflow since their launch.

    Notably, this increase has been driven by institutional participants, including the Abu Dhabi sovereign wealth fund, the Swiss National Bank (via MicroStrategy equity purchases), and increased allocations by BlackRock’s Bitcoin ETF. This signals a structural transition in Bitcoin’s pricing logic—moving from short-term, volatility-driven speculation towards long-term capital allocation. BTC is evolving beyond a high-risk asset; it is gradually forming an independent capital ecosystem, increasingly viewed by institutional investors as a “supra-sovereign asset”—somewhere between gold and U.S. Treasuries.

    Bitcoin Volatility Remains Contained; Market Awaits Macroeconomic Catalysts

    Despite BTC’s recent rally to $100,000, the market has not yet exhibited signs of speculative exuberance. Implied volatility (IV) in Bitcoin options remains stable in the 50%–55% range, far below the extreme levels of 80%+ typically seen at the peak of past bull markets. CME Bitcoin futures open interest currently stands at $14.8 billion, well below the $20 billion peak observed during the 2020 U.S. presidential election period, indicating that leverage is still manageable. Meanwhile, the 10-year U.S. Treasury yield has repeatedly failed to break above 4.60%, now hovering around 4.40%, which remains a neutral-to-supportive zone for risk assets.

    Overall, as long as yields do not climb back above 4.8% and ETF inflows remain steady, Bitcoin is likely to consolidate in the $105,000–$115,000 range while awaiting the next breakout trigger.

    Hidden Risk: Breakdown in China–U.S. and EU–U.S. Trade Talks Could Reignite Tariff Battles

    Nevertheless, investors should remain vigilant about geopolitical risk. While U.S. negotiations with China and the EU are ongoing, significant unresolved tensions persist—particularly over tariffs, export controls, and industrial subsidies.

    President Trump has explicitly stated he has no intention of lowering the current 145% tariff on Chinese goods as a prerequisite for restarting trade negotiations. Meanwhile, EU Trade Commissioner Maroš Šefčovič warned that if discussions with the U.S. fail, the EU is prepared to launch retaliatory tariffs, potentially targeting up to €100 billion worth of American goods.

    A breakdown in these negotiations could lead to the re-imposition of aggressive tariffs, reigniting global trade friction. This would likely dampen investor sentiment and place renewed pressure on risk assets, including Bitcoin. As such, the hidden risk of renewed tariff wars remains a key macro variable that should be incorporated into all forward-looking risk assessments.

    *The above content is not investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product.

    About HTX Research

    HTX Research is the dedicated research arm of HTX Group, responsible for conducting in-depth analyses, producing comprehensive reports, and delivering expert evaluations across a broad spectrum of topics, including cryptocurrency, blockchain technology, and emerging market trends.

    Connect with HTX Research Team: research@htx-inc.com

    Contact:
    Ruder Finn Asia
    glo-media@htx-inc.com

    Disclaimer: This is a paid post and is provided by HTX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a5c15cb3-3c1d-450c-9226-e9a09951388a

    The MIL Network

  • MIL-OSI Africa: Ozwald Boateng OBE steals the spotlight at Met Gala 2025, celebrating 40 years of dazzling design

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

    NEW YORK, United States of America, May 9, 2025/APO Group/ —

    The red carpet just got a seismic glow-up! British-Ghanaian fashion legend Ozwald Boateng OBE storms the 2025 Met Gala, marking his 40th year as a global style icon with a breathtaking showcase of bespoke looks for the Metropolitan Museum of Art’s exhibition, Superfine: Tailoring Black Style. With his signature blend of African authenticity, Savile Row craftsmanship, and fearless innovation, Boateng dresses a roster of cultural titans who light up the night with pure, unfiltered magic. 

    Picture this: Jaden Smith owning the carpet in a futuristic suit that screams tomorrow, with oversized shoulders and flowing wide-leg trousers that channel ancestral wisdom. Tems redefines elegance in a jaw-dropping ball gown suit, its tribal jacquard skirt billowing like a royal tapestry. And Ncuti Gatwa, serving Harlem Renaissance realness in a gold silk jacquard jacket that swings with soulful rhythm. This is Boateng’s world, and we’re all just living in it. 

    Road to the Met: A Love Letter to Legacy 

    Boateng’s Road to the Met is no mere moment- it’s a movement. For 40 years, this visionary has woven African heritage into the crisp lines of Savile Row, shattering conventions and redefining what tailoring can mean. As the first eponymous black designer on the iconic street and the first British menswear designer to strut at Paris Fashion Week in 1994, Boateng’s journey is a masterclass in staying true to your roots while rewriting the rules. 

    “This is my heart on the red carpet,” Boateng says, his eyes sparkling with purpose. “Every stitch carries a story of heritage, rebellion, and joy. This Gala isn’t just about fashion; it’s about who we are and who we’ll become.” Dive into Boateng’s world. 

    From his game-changing 2019 AI: Authentic Identity show at Harlem’s Apollo Theatre to his boundary-pushing designs for The Matrix and Black Panther, Boateng has always been ahead of the curve. Tonight, he channels the lion-hearted spirit of the Harlem Renaissance, the precision of bespoke craftsmanship, and the soul of African artistry into looks that don’t just turn heads – they start revolutions. 

    The Lineup: Icons in Ozwald’s Finest 

    Boateng’s Met Gala looks are a love affair between past and future, each outfit a story spun in silk, wool, and Kente. Here’s the dazzling lineup: 

    • Ozwald Boateng: The maestro himself, resplendent in a tribal jacquard suit that radiates regal confidence. 
    • Hanna Hultberg (Boateng): A goddess in a tailored gown, its vibrant hues dancing under the Gala lights. 
    • Oscar & Emilia Boateng: The next gen, slaying in custom looks that echo their father’s bold legacy. 
    • Hope Smith: Looking stunning in a striking royal gold-yellow silk jacquard suit, elevated by the house’s iconic Kente cloth. 
    • Omar Sy: Quietly commanding in a deep green wool mohair double-breasted suit featuring the House’s Authenticity Adinkra symbol.  
    • Burna Boy: Burna Boy commands in a royal red wool tuxedo paired with a dramatic oxblood eel skin cape.  
    • Issa Rae: Issa Rae wears a long, black tailored 3 piece suit featuring the House’s Tribal pattern in a silk jacquard. 
    • Jaden Smith: A fut.uristic warrior in a sharply contoured suit, oversized shoulders meeting ancient craft. 
    • Ayra Starr: A tuxedo dress from the 2022 Black AI collection, with slits and blue lining that scream fierce elegance. 
    • Tems: A revolutionary ball gown suit in blue-to-teal jacquard, its puff skirt a bold ode to feminine majesty. 
    • Ncuti Gatwa: Wearing the House’s signature colour, purple, rendered in a richly textured silk jacquard Kente cloth. 
    • Henry Golding: A wears a rich gold silk jacquard three-piece suit, woven with the House’s Adinkra symbol for Knowledge.   
    • Colin Kaepernick: Colin in a royal red silk suit with a fiery orange overcoat. 

    The Exhibition: A Celebration of Black Style 

    The Costume Institute’s Superfine: Tailoring Black Style, curated by Monica L. Miller, is a seminal tribute to Black dandyism’s indelible mark on fashion. From 18th-century trailblazers to today’s visionaries, the exhibit showcases Boateng’s pivotal role with pieces from his 2019 Apollo Theatre show and iconic Savile Row designs in vibrant Vlisco fabrics. Opened by Coleman Domingo, his pink silk jacquard morning suit, his matt black beret, their nod to the struggle still endured and the power of a culture always rising… Step into the exhibit (https://apo-opa.co/4k9NSJh). 

    Creative Collaborators: Adding Sparkle and Vision 

    Boateng’s Met Gala triumph is amplified by electrifying partnerships: 

    Hirsh London Luxury Jewels: “Working with Ozwald has been a true creative adventure,” says Sophia Hirsh. “We instinctively understood each other’s passion for colour and design. These jewels are full of life and character- capturing both of our spirits in a strikingly original way.” The result? Statement jewelry that pops with Boateng’s vibrant aesthetic, adding fire to every look. Discover Hirsh London (https://apo-opa.co/3GNxcc7). 

    Odette Lunettes: Eline De Munck, founder of Odette Lunettes, beams about their first full collection with Boateng: “London Savile Row style meets Antwerp design.” Boateng grins, adding, “Tailoring, but for your face.” After featuring Odette eyewear in his New York and London shows, this collaboration births frames that fuse bold elegance with cutting-edge cool, perfectly framing the Gala’s stars. Explore Odette Lunettes (https://apo-opa.co/4jLW6HE). 

    Afreximbank: Highlighting the Bank’s Commitment to Africa’s creative economy, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank said, “The doubling of the Bank’s credit commitment to the Global African Creative industry to $2 Billion marks a very important step towards empowering African creatives and building a globally competitive creative industry, with strong participation of Africans.” He pointed to the Bank’s support to renowned designer , Ozwald Boateng’s 40th design anniversary at the Met Gala as a powerful example of how Afreximbank’s Creative Africa Nexus (CANEX) is helping global African talents to gain international recognition and inspire a new generation of designers across the continent.Discover Afreximbank (https://apo-opa.co/43l5Ann). 

    MIL OSI Africa

  • MIL-OSI Banking: Phildraw Properties Limited

    Source: Isle of Man

    Notice is hereby given that Phildraw Properties Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 09/05/2025.

    Isle of Man Financial Services Authority

    09/05/2025.

    MIL OSI Global Banks

  • MIL-OSI United Nations: Major port explosions signal need for urgent action to strengthen safety and security in managing hazardous chemicals worldwide

    Source: United Nations Economic Commission for Europe

    The massive explosion and fires that rocked the Shahid Rajaei port near Bandar Abbas, Iran, on 26 April 2025 took the lives of at least 57 people and injured over 1,200, according to media reports. The port’s activities and surrounding community were severely impacted and the hazardous smoke could have severe health and environmental effects. The government has stated that negligence and non-compliance with safety measures regarding the storage and handling of hazardous chemicals were the causes.  

    To prevent and mitigate the effects of future incidents, Member States worldwide are invited to engage in UNECE’s current interagency work to support governments  to strengthen safety and security measures across sectors for the  management of hazardous chemicals.  

    Major port explosions in Lebanon (Beirut port in 2020) and China (Tianjin port in 2015), as well as blasts in Equatorial Guinea (Bata barracks in 2021) and USA (West Fertilizer Explosion in 2013), have had lasting impacts. These resulted from inadequate storage and handling of hazardous chemicals and in some cases prompted governments to strengthen their inspections of chemical facilities, review inventories, follow-up on non-compliance and suspected irregularities and raise public awareness. As governments review and improve safety measures, risks need to be carefully assessed against the background of the ongoing global energy transition, aiming to mitigate climate change, while also adapting to its increasing impacts. Certain hazardous substances and technologies affiliated with the energy transition have potential to cause accidents if not properly managed. In a changing climate, increasingly severe and frequent natural hazards can trigger accidents and exacerbate their effects.  

    International instruments and standards support governments to manage risks of hazardous chemicals to prevent, prepare for and respond to industrial accidents. At UNECE, the Industrial Accidents Convention provides principles and guidance to manage technological disaster risk, aiming to enhance industrial safety nationally and across borders, in a  transboundary context. At UN level, the Globally Harmonized System of Classification and Labelling of Chemicals (GHS) and UN Recommendations on the Transport of Dangerous Goods lay out measures to safely store, handle and transport hazardous chemicals.  

    ILO, IMO, UNDRR, UNEP, UNEP/OCHA Joint Environment Unit, UNITAR, WHO, OECD, the European Commission and European Investment Bank also support risk management from different angles, with their respective legal and policy instruments and guidance.  

    UNECE has also initiated a partnership with these organizations to follow-up on the 2020 Beirut port explosion and implement a three-year global project, supported by the European Union and the European Investment Bank. The initiative aims to promote and improve knowledge of international instruments that apply along the lifecycle of chemicals for preventing and mitigating accidents, strengthen capacities for related policies and governance and increase knowledge of authorities on preparedness and response.  

    A new video that introduces the risks of managing hazardous chemicals and tools available to manage them; a forthcoming information repository and report with more information on international instruments and national good practices; and a global seminar on this topic within the framework of the 14th meeting of the Conference of the Parties to the Industrial Accidents Convention at the end of 2026.  

    International cooperation and coordination, including across sectors, are key to enhancing knowledge and developing tools to avoid future incidents involving hazardous chemicals and to protect people, the environment and economies from them. 

    MIL OSI United Nations News

  • MIL-OSI: Endeavor Bancorp Declares 2% Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, May 09, 2025 (GLOBE NEWSWIRE) — Endeavor Bancorp (OTCQX: EDVR) (the “Company,” or “Bancorp”), the holding company for Endeavor Bank (the “Bank”), today announced its Board of Directors has declared a 2% stock dividend to be distributed on May 22, 2025, to shareholders of record on May 9, 2025 (the “Record Date”).

    Shareholders will receive two additional shares of common stock for every 100 shares currently owned. A cash payment will be made in lieu of fractional shares in an amount equal to the product of (a) the fair value of a share of common stock on the Record Date, multiplied by (b) the applicable fraction of one share of common stock owned by the shareholder.

    “As our franchise continues to deliver strong earnings, we are pleased to be able to pay a stock dividend to our loyal shareholders,” said Dan Yates, CEO. “We view this stock dividend as a means of improving trading liquidity by increasing the number of shares available.”

    About Endeavor Bancorp 

    Endeavor Bancorp, the holding company for Endeavor Bank, is primarily owned and operated by Southern Californians for Southern California businesses and their owners. The bank’s focus is local: local decision-making, local board, local founders, local owners, and relationships with local clients in Southern California.

    Headquartered in downtown San Diego in the Symphony Towers building, the Bank also operates a loan production and executive administration office in Carlsbad, a branch office in La Mesa, and an office in LA/Inland Empire. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners our business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Endeavor Bancorp trades on the OTCQX® Best Market under the symbol “EDVR.” Visit www.endeavor.bank for more information.

    Endeavor Bank is rated by Bauer Financial as Five-Star “Superior” for strong financial performance, the top rating given by the independent bank rating firm. DepositAccounts.com awarded Endeavor Bank an A rating.

    EDVR Shareholders 

    With many of our shareholders transferring their EDVR shares to their brokerage companies, along with ongoing trading taking place, Endeavor Bancorp may not have the most current shareholder contact information. If you are an EDVR shareholder and would like to receive information via a more timely method, please complete the Shareholder Communication Preference Form on our website: https://www.bankendeavor.com/investor-relations so we can keep you updated on EDVR news, and invite you to various shareholder networking events throughout the year. 

    Forward-Looking Statements 

    This press release includes “forward-looking statements,” as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the Company’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Company’s Management. All statements regarding the Company’s business strategy and plans and objectives of Management of the Company for future operations, are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar meaning, as they relate to the Company or the Company’s Management, are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations (“cautionary statements”) are loan losses, rapid and unanticipated deposit withdrawals, unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks generally, changes in interest rates, loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Company, the secure and effective implementation of technology, risks related to the local and national economy, the effect on customers, collateral value and property insurance markets of the recent wildfires in the Los Angeles metropolitan area and similar events in the future, changes in real estate values, the Company’s implementation of its business plans and management of growth, loan performance, interest rates, and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Based upon changing conditions, if any one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected, or intended. The Company does not intend to update these forward-looking statements.

    Endeavor Bancorp Contact Information:
    (858) 230.5185
    Dan Yates, CEO
    dyates@bankendeavor.com

    (858) 230.4243
    Steve Sefton, President
    ssefton@bankendeavor.com

    The MIL Network

  • MIL-OSI Global: Major brands don’t need to kowtow to Trump: they have the power to bring people together

    Source: The Conversation – UK – By Michael Beverland, Professor of Brand Management, University of Sussex Business School, University of Sussex

    Whatever you think of his personality or politics, it’s impossible to deny the success of Donald Trump as a brand. Supporters and detractors across the world are transfixed by his second term as US president.

    And so far, many corporate brands appear keen to get alongside him. The leaders of Tesla, Amazon and Meta were all prominent guests at Trump’s inauguration in January 2025.

    By then, Mark Zuckerberg had already shifted company policy on fact checking to be more aligned with the political wind. Weeks later, retail giants Walmart and Target had rolled back diversity, equality and inclusion (DEI) initiatives.

    Even the NFL, which had so infuriated Trump in his first term with its support for diversity, has come to heel.

    So now that Trump is back in town, is the only option available to big US organisations to swing to the right? Well, not necessarily.

    Our research suggests that the rise of populism actually represents an opportunity for brands to rebuild a sense of shared national identity.

    And the most well-known brands are the best placed to do this. Their familiar place in people’s everyday lives gives them huge power as non-political agents of collective identity which can cross divides of race, class, geography and age.

    A great example of this was during the presidential election campaign when Trump’s team wanted to organise a publicity stunt involving the Republican candidate “working” at a branch of McDonald’s in Pennsylvania.

    Trump’s love of the golden arches is well known, but McDonald’s is a strongly non-political brand. So what should it do? Refuse and risk a backlash, or accept and be accused of taking sides?

    In the end, the company’s response was a masterclass in neutrality.

    McDonald’s told its employees that the company was neither red (Republican) nor blue (Democrat), but golden. Referring to both presidential candidates’ love of McDonald’s, the company made it clear that the permission granted to Trump illustrated one of their core values, stating: “We open our doors for everyone”.

    The plan worked. And this was partly down to McDonald’s being widely thought of as an authentic brand which connects people.

    Research has shown that people really value a company’s place in local communities. And McDonald’s is a place which hosts children’s birthday parties, where you can catch up with friends, where you might even have had your first ever job.

    This kind of power to unify is something other brands can do too. As something our earlier research shows, brands can benefit from bringing people together, by creating a sense of shared identity.

    Brand new

    In New Zealand for example, ANZ Bank was widely applauded for a campaign featuring Indian immigrants. The advert tells the story of a father and son and their mixed cricketing loyalties (the parent to India, the child to New Zealand).

    It is a tale of immigrants achieving their version of the national dream, through hard work and trademark Kiwi humour. This kind of narrative-driven campaign does not pitch one side against another, but instead highlights the things that bind people together.

    Similarly in the UK, the department store John Lewis has become a seasonal advertising staple as it reminds customers of their shared rituals over Christmas. And Kraft’s “How do you love your Vegemite” campaign allowed new immigrants to participate in local snacking rituals, helping them feel Australian.

    In the US, a 1971 Coca Cola commercial (one of the most lauded adverts ever) presented a united multi-cultural collection of young people as a response to the anti-Vietnam war counter-culture.

    So far, American brands have struggled to navigate the ever-shifting pronouncements coming from the White House in Trump’s second term. Amazon for example, quickly went back on its decision to list the cost of tariffs on products after it was branded a “hostile move”.

    But one brand does stand out. And that’s Ford.

    Perhaps it was inevitable that the car maker which came to symbolise successful 20th century American manufacturing would get this right. And the company’s decision to extend employee discounts to all consumers in what it describes as “unprecedented times” is a clever move.

    Some might call it a cynical tactic to embrace Trump’s tariffs and encourage Americans to buy American. But the firm (which will likely take a huge hit from more expensive imported parts and materials) is doing much more than that.

    Its new campaign (with the slogan “From America for America”) reminds US citizens that the brand is part of their lives, regardless of their political home. Supportive full-page print ads go further, setting out the firm’s long history spent backing the people of America.

    One Ford executive says that the campaign is about “authenticity” and Ford being a brand “that all consumers can rely on, especially in these uncertain times”.

    Authenticity is much prized when the political landscape is so polarised. And while divisions cannot be healed solely by brands, they can help to remind us of shared values and a sense of community. And in doing so, dial down those political tensions.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Major brands don’t need to kowtow to Trump: they have the power to bring people together – https://theconversation.com/major-brands-dont-need-to-kowtow-to-trump-they-have-the-power-to-bring-people-together-249401

    MIL OSI – Global Reports

  • MIL-OSI Europe: Ministry Confirms International Joint Bookrunners for Upcoming Íslandsbanki Share Offering

    Source: Government of Iceland

    Yesterday, Alþingi approved amendments to the Act on the Disposition of the State’s Holding in Íslandsbanki hf. The offering is scheduled to take place during the first half of the year through a fully-marketed offering, with individuals given priority access. The legislative framework, established last year for the sale of the state’s remaining shares, ensures that due consideration is given to objectivity, efficiency, equality, and transparency. Particular emphasis is placed on ensuring that the entire process earns and maintains public trust.

    On 30 April, the Ministry of Finance and Economic Affairs solicited expressions of interest from parties to assist with the share sale, with the application deadline on 2 May. The project attracted strong interest, particularly from international parties.

    Following this process, the Ministry has decided to enter into agreements with four international firms to manage the sale of shares in the upcoming offering as joint bookrunners. The domestic firms that will take part in the offering will be announced shortly. The appointed international firms are Arctic Securities AS, JP Morgan SE, UBS Europe SE, and ABN AMRO Bank N.V. (in cooperation with ODDO BHF SCA.) As previously announced Barclays Bank Ireland PLC, and Citigroup Global Markets Europe AG and Kvika banki hf. have been mandated to act as joint global co-ordinators and joint bookrunners to plan and oversee the offering, as well as manage the order books.

    All selected parties are licensed to place offerings of financial instruments without underwriting, in accordance with Icelandic financial market legislation. They will operate under the terms of the offering structure and will receive a sales commission amounting to 0.75% of the value of the shares they place.

    MIL OSI Europe News

  • MIL-OSI China: China’s central bank to enhance financial services to boost consumption

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

    BEIJING, May 9 — China’s central bank will implement a series of measures to improve financial services aimed at stimulating consumer spending, according to a report released Friday by the People’s Bank of China (PBOC).

    According to the PBOC’s first-quarter 2025 monetary policy report, it will better implement the moderately loose monetary policy. At the same time, it will explore the application of structural policy tools. These tools will be used to guide financial institutions to better support consumption across key sectors, such as tourism, catering, entertainment and education.

    According to the report, the PBOC will introduce a comprehensive package of financial policies to stimulate consumption, with emphasis on supply-side support.

    Financial institutions will be encouraged to optimize credit products and services for key consumption scenarios, major strategies and priority groups, and the central bank will support auto finance companies and consumer finance firms in issuing financial bonds, said the report.

    Additionally, the central bank aims to build an efficient and convenient payment ecosystem while improving payment convenience for foreigners visiting China.

    MIL OSI China News

  • MIL-OSI Economics: RBI imposes monetary penalty on Jana Small Finance Bank Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated May 07, 2025, imposed a monetary penalty of ₹1.00 crore (Rupees One Crore only) on Jana Small Finance Bank Limited (the bank) for contravention of provision of Section 12B(5) of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the BR Act.

    The bank had raised paid-up share capital through issue / allotment of Compulsory Convertible Preference Shares (CCPS) to certain persons. This was examined vis-à-vis the requirement under Section 12B(5) of the BR Act and a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the statutory provision.

    After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank issued / allotted CCPS to certain persons, which taken along with equity share capital held by them, made such persons to hold more than permitted percentage of the paid-up share capital of the bank. It was not ensured that such persons have obtained previous approval of RBI as required under Section 12B(1) of the BR Act.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/302

    MIL OSI Economics

  • MIL-OSI: BDO Unibank, Inc. to Present at the dbVIC – Deutsche Bank ADR Virtual Investor Conference May 15th

    Source: GlobeNewswire (MIL-OSI)

    MANILA, Philippines, May 09, 2025 (GLOBE NEWSWIRE) — BDO Unibank, Inc. (BDO, BDOUY) based in the Philippines, and focused on providing financial products and services, today announced that BDO Unibank, Inc. Executive Vice President, Luis S. Reyes will present at the dbVIC – Deutsche Bank American Depositary Receipt (ADR) Virtual Investor Conference on May 15. This virtual investor conference is aimed exclusively at introducing global companies with ADR programs to investors.

    DATE: May 15th
    TIME: 2:00 PM ET
    LINK: REGISTER HERE

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Participation is free of charge.

    About BDO Unibank, Inc.

    BDO is a full-service universal bank in the Philippines, providing a complete array of industry-leading products and services including Lending (corporate and consumer), Deposit-taking, Foreign Exchange, Brokering, Trust and Investments, Credit Cards, Retail Cash Cards, Corporate Cash Management and Remittances. Through its local subsidiaries, the Bank offers Investment Banking, Private Banking, Leasing and Finance, Thrift Banking and Microfinance, Life Insurance, Property and Casualty Insurance Brokerage, and Online and Traditional Stock Brokerage services.

    BDO’s institutional strengths and value-added products and services hold the key to its successful business relationships with customers. On the front line, its branches remain at the forefront of setting high standards as a sales and service-oriented, customer-focused force. The Bank has the largest distribution network with over 1,800 operating branches and more than 5,800 teller machines nationwide. BDO has 16 international offices (including full-service branches in Hong Kong and Singapore) spread across Asia, Europe, North America and the Middle East.

    The Bank also offers digital banking solutions to make banking easier, faster, and more secure for its clients.

    Through selective acquisitions and organic growth, BDO has positioned itself for increased balance sheet strength and continuing expansion into new markets. As of December 31, 2024, BDO is the country’s largest bank in terms of total resources, customer loans, deposits, assets under management and capital, as well as branch and teller machine network nationwide.

    BDO is a member of the SM Group, one of the country’s largest and most successful conglomerates with businesses spanning retail, mall operations, property development (residential, commercial, hotels and resorts), and financial services. Although part of a conglomerate, BDO’s day-to-day operations are handled by a team of professional managers and bank officers. Further, the Bank has one of the industry’s strongest Board of Directors, composed of professionals with extensive experience in various fields that include banking and finance, accounting, law, and business.

    For more information, please visit www.bdo.com.ph.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    BDO Unibank, Inc.
    Investor Relations (IR) Team
    (632) 8840 7000
    irandcorplan@bdo.com.ph

    Katherine T. Tan
    Senior Assistant Vice President
    (63 2) 8840-7000 ext 37609
    tan.katherine@bdo.com.ph

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com 

    The MIL Network

  • MIL-OSI Economics: RBI approves the voluntary amalgamation of Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi (Maharashtra) with TJSB Sahakari Bank Ltd. (Maharashtra)

    Source: Reserve Bank of India

    The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi (Maharashtra) with TJSB Sahakari Bank Ltd. (Maharashtra). The Scheme has been sanctioned in exercise of the powers conferred under sub-section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The Scheme will come into force with effect from May 13, 2025. The branches of Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi (Maharashtra) will function as branches of TJSB Sahakari Bank Ltd. (Maharashtra) with effect from May 13, 2025.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/301

    MIL OSI Economics

  • MIL-OSI United Kingdom: Another boost for British car industry as £1 billion secured for new Sunderland gigafactory

    Source: United Kingdom – Executive Government & Departments

    Press release

    Another boost for British car industry as £1 billion secured for new Sunderland gigafactory

    New state-of-the-art gigafactory ignites growth in industrial heartlands, supporting 1,000 jobs and powering up 100,000 electric vehicles a year

    • Chancellor visited Sunderland today following landmark economic deal with the US that saved thousands of auto jobs and slashed tariffs on car exports
    • Latest action in the Government’s Plan for Change to strengthen our industrial heartlands, make Britain a clean energy superpower and put more money in people’s pockets through good jobs

    Working people will benefit from 1,000 jobs at a new state-of-the-art gigafactory in Sunderland in a £1 billion auto deal to accelerate the transition to electric vehicles and boost growth.

    This investment is another boost for the British car industry after yesterday’s landmark economic deal with the United States saved thousands of jobs by slashing tariffs on British exports.

    The new AESC gigafactory will manufacture batteries for electric vehicles, powering up to 100,000 EVs each year – a six-fold increase on the country’s current capacity – making the UK globally competitive selling more British EVs at home and abroad and helping to achieve our net zero target.

    In the landmark transaction, the National Wealth Fund and UK Export Finance will provide financial guarantees which unlock £680 million in financing from banks including Standard Chartered, HSBC, SMBC Group, Societe Generale and BBVA. This will cover construction and operation of the new plant. The remaining £320 million has been secured through private financing in addition to new equity provided by AESC.

    In addition to this £1 billion investment, the Government’s Automotive Transformation Fund is also investing £150 million in grant funding.

    This is the Government’s Plan for Change in action, making us more competitive on the world stage, helping Britain on its way to becoming a clean energy superpower through innovation in the automotive sector, and delivering economic growth that puts more money in people’s pockets through high skilled jobs.

    Chancellor of the Exchequer, Rachel Reeves, said:

    We are going further and faster to boost our industries’ resilience and encourage their growth as part of our Plan for Change, and this investment follows hot on the heels of yesterday’s landmark economic deal with the US which will save thousands of jobs in the industry.

    This investment in Sunderland will not only further innovation and accelerate our move to more sustainable transport, but it will also deliver much-needed high quality, well-paid jobs to the North East, putting more money in people’s pockets.

    Business and Trade Secretary, Jonathan Reynolds, said:

    We’re backing our world-class car industry, and this investment is yet another vote of confidence in the North East’s thriving auto manufacturing hub which will secure a thousand well-paid jobs and boost prosperity across the region.

    Our modern Industrial Strategy will drive this growth even further, powering our high-potential sectors like advanced manufacturing so we can deliver jobs and investment in every corner of the UK and make our Plan for Change a reality.

    The Chancellor visited AESC in Sunderland today (Friday 9 May) where she met staff and local leaders to discuss how the investment will bring jobs and prosperity to the North East, and how the landmark economic deal secured with the US will secure the industry for years to come.

    The deal slashes car export tariffs from 27.5% to 10% and will apply to a quota of 100,000 UK cars – almost the total exported last year.

    This will save some car companies hundreds of millions of pounds, making high skilled jobs in industrial heartlands like Sunderland more secure.

    Shoichi Matsumoto, CEO of Japanese headquartered AESC, said:

    This investment marks a key milestone in AESC’s ongoing efforts to support the UK’s path towards decarbonisation and the expansion of its EV market.

    Through close collaboration with strategic partners, we strive to accelerate this transition while creating high-quality local jobs and building resilient, sustainable supply chain.

    We are honoured to contribute to the development of low-carbon economy with our advanced battery technologies.

    John Flint, National Wealth Fund CEO, said:

    AESC’s gigafactory will not only help to retool our car industry for net zero it will also support jobs, growth, and prosperity in the Northeast.

    This investment further demonstrates the significant role NWF is playing to crowd private capital into the industries and regions where its most needed, boosting government’s growth and clean energy missions.

    UKEF CEO, Tim Reid, said:

    This hugely exciting project is a prime example of how export financing is a powerful tool for unlocking growth opportunities for British exporters and strengthening local economies.

    We’re proud to join forces with partners to back this pioneering gigafactory that will help cement the UK’s prowess as an EV battery-making force for years to come.

    More information

    • The government continues to unlock private investment in UK automotive design, development, and manufacturing as the sector transitions to zero emission technology.
    • To date, the Automotive Transformation Fund and Advanced Propulsion Centre funding programmes have leveraged over £6 billion of investment from the private sector.
    • Last year’s Autumn Budget also confirmed over £2 billion for capital and research and development funding over five years for zero emission vehicle manufacturing and their supply chains – a vote of confidence in the UK’s automotive industry, supporting investment and productivity growth.

    Additional quotes

    Ian Stuart, UK CEO for HSBC who were joint ECA Coordinator & Structuring Bank (alongside SCB) as well as Underwriting Bank and Mandated Lead Arranger, said:

    We’re extremely proud to have played a leading role in this complex and significant deal, including as underwriter, structuring bank and joint ECA co-ordinator.

    Once operational, the gigafactory will unlock a huge increase in the UK’s EV battery production, supporting the electrification of vehicles and the wider green transition. The inward investment involved in the project will also deliver highly-skilled jobs and economic growth to North East England.

    Hideo Kawafune, CEO, Head of EMEA, SMBC Banking International plc said:

    SMBC Group is delighted to participate in the successful financing of this landmark Gigafactory project. As a lending partner we’re proud to work alongside partners such as National Wealth Fund, UK Export Finance and Sinosure, as well as existing client AESC, in order to support projects which power the energy transition.” 

    Saif Malik, CEO, UK and Head, Client Coverage, UK, Standard Chartered said:

    We are proud to support this transformative UK project. The development of AESC’s new gigafactory will deliver significant economic benefits locally while supporting the development of zero-emission technology. This is more than an investment in infrastructure, it’s a commitment to innovation, UK economic growth and sustainability. Supporting the transition to net zero is deeply embedded in how we operate as a Bank, and this project reflects how we bring that to life by supporting clients on their own sustainability journeys.

    Lenaig Trenaux, Societe Generale’s Global Head of Batteries, Mining and Industries, said:

    We are proud to have worked with AESC to deliver the first gigafactory project financing in the UK, which has benefitted from strong support from the National Wealth Fund and UK Export Finance.

    Societe Generale’s deep understanding of the EV value chain, coupled with our experience working with AESC, were instrumental in delivering the project financing.

    This is another demonstration of SG’s commitment to the green mobility and another step towards the energy transition.

    Beatriz Roa, Global Sectoral Head of Industrials at BBVA, states:

    BBVA is proudly supporting AESC in this landmark project in the UK. This gigafactory will help foster the transition to electric vehicles while supporting the buildup of an entire ecosystem around battery manufacturing in Sunderland. These are key objectives in BBVA’s efforts to support the transition to a more sustainable economy and to the auto and energy industries in particular.

    Updates to this page

    Published 9 May 2025

    MIL OSI United Kingdom

  • MIL-OSI: Top Tribal Loans with Guaranteed Approval for Bad Credit – IOnline Payday Loans

    Source: GlobeNewswire (MIL-OSI)

    SHERIDAN, Wyo., May 09, 2025 (GLOBE NEWSWIRE) — If your credit score isn’t perfect, the search for financial assistance can seem to be very frustrating— but it doesn’t have to be. Tribal loans direct lenders guaranteed approval have proven to be a convenient, easy, and reliable alternative to traditional loans for people with really bad credit, offering quick approval and effortless procedures. In this guide, we’ll cover the best tribal loans for bad credit and introduce you to iOnline Payday Loans, one of its top providers that provides a quick, secure, and entirely online process of tribal loans direct lender guaranteed approval no teletrack.

    >> Click Here to Apply for No Credit Check Loans >>

    According to their website, iOnline Payday Loans is a reliable source that can connect you with tribal lenders who can get you approved for a loan within 24 hours or even less if you’ve been turned down in the past. Moreover, their service is made to help your credit struggles, as opposed to taking advantage of them, you can access the funds you need without fearing you won’t be approved. Keep reading as we discuss the pros, cons, and simple steps to apply, which can help you determine if this is the right choice for your financial situation.

    >> Click Here to Apply for No Credit Check Loans >>

    What Are Tribal Loans?

    Tribal loans no credit check are a form of short-term loan that are typically issued by lenders that are based on tribal land and are operated by the Native American community. Due to the principle of tribal sovereignty, these lenders aren’t subject to the same state-backed regulation that rules the world of traditional financial organisations. This makes it possible for them to provide loans to people with poor credit or no credit, which is attractive to borrowers who have faced difficulties obtaining funds from banks and other lenders.

    >> Click Here to Apply for No Credit Check Loans >>

    Tribal installment loans direct lenders generally have fast approval times and less strict credit standards. Their accessibility, however, can come at a higher interest rate compared to conventional loans. The money from these loans can be used for a variety of things, including unexpected medical bills or car repairs. Keep in mind that tribal payday loans, by definition, will vary by lender since each tribe has their own set of rules and regulations. So, when taking out a guaranteed tribal loan for bad credit, be sure to know all the terms and costs to avoid being scammed.

    Types of Tribal Loans For Bad Credit

    • Tribal loans direct lender guaranteed approval
      These loans are offered by tribal lenders with high approval chances, even for borrowers with poor credit histories.
    • Tribal loans no credit check
      Get quick access to funds without a traditional credit check, ideal for those with damaged or limited credit.
    • Tribal payday loans
      Short-term loans from tribal lenders that offer fast cash, typically due by your next paycheck.
    • Easiest tribal loans to get
      These are simple, fast-approval loans from tribal lenders that require minimal documentation.
    • Tribal loans direct lender guaranteed approval no teletrack
      Loans with no Teletrack checks, providing easy approval directly from tribal lenders for those with poor credit.
    • Tribal installment loans for bad credit direct lenders
      Flexible repayment tribal loans provided in installments, designed specifically for borrowers with bad credit.
    • Guaranteed tribal loans bad credit
      These loans promise high approval odds for bad credit borrowers, thanks to tribal lender protections and regulations.
    • Tribal loans no credit check direct lender
      Direct tribal lenders offer loans without running a credit check, making them accessible for most applicants.
    • Easy tribal loans for bad credit
      These loans offer a quick and hassle-free borrowing experience for people struggling with bad credit.

    How Tribal Loans Work: iOnline Payday Loans

    At iOnline Payday Loans, we want these tribal loans for bad credit to be as accessible as possible for the fastest financial relief. Allow us to simplify the process, so you can secure financing quickly. Here’s how it works:

    1. Loans through Tribal Lenders Available: iOnline Payday Loans links you with a direct lender based out of sovereign tribal lands, which means that your line of credit will be void by the time you successfully repay your loan.
    2. Ease of the Online Application System: The applicant completes a brief online form with minimal personal, employment and income information; there is no paperwork and no in-person visit is required.
    3. No Hard Credit Checks: Tribal lenders typically don’t do a hard credit pull, so this is good news if you have bad credit or no credit.
    4. Fast Approval and Funding: If approved, money is deposited directly into the borrower’s bank account — usually by the next business day.
    5. Flexible Loan Types Offered: With options ranging from payday and personal loans to instalment and auto loans, borrowers can easily find the loan that fits them best and get that loan in the same business day.
    6. Repayment in Instalments: iOnline tribal loans are repaid over time in instalments, rather than paying off the loan in one big single payment.
    7. Regulated by Tribal Laws: Because the loans are subject to tribal law, loan terms may provide for benefits not otherwise available under state-regulated loans.

    Why do iOnline Payday Loans offer the Best Tribal Loans for Bad Credit?

    iOnline Payday Loans has now emerged as a credit favourite for those with a poor score by providing quick, friendly and amazing tribal lending options. Here’s why they stand out:

    1. Easy Application: The application procedure at iOnline Payday Loans is also 100% online and designed to be quick, simple, and to save time. Borrowers can apply in minutes without needing a lot of documentation. This easy system is very helpful for those people who desperately need fast cash and do not want to go through the long process.

    2. No Credit Check Requirement: Unlike conventional loan providers, the advances from iOnline Payday Loans are not determined by credit scores. It enables people with bad credit or no credit to get a loan, so even though it is not always applicable, it is sometimes the best option for people whose applications have been denied elsewhere because of their credit.

    3. Flexible Loan Options: iOnline is a direct lender that has a range of loan options (payday, instalment, personal, and auto loans) to fit everyone’s financial needs. A variety of choices in repayments and loan amounts gives borrowers the ability to select a loan structure they can afford and manage.

    4. Fast Fund Disbursement: After a loan is approved, iOnline Payday Loans guarantee immediate delivery of funds, usually on the same or following business day. This speed is perfect for prospective borrowers who need access to cash right away due to an emergency expense like medical fees or urgent home repair.

    5. Wide Variety of Borrowers are Eligible: iOnline does consider applications from people with a range of financial circumstances, including people on low incomes, those who are self-employed and applicants with previous credit issues. Their accessible lending requirements allow more people to qualify, as not only do they cater to more than just a traditional financial borrower with a 40-hour week job, but they have multiple guidelines for different borrowers.

    6. Clear and simple terms: The details of all loan costs and interest rates are displayed on the iOnline platform so that borrowers can make well-informed decisions. This high level of transparency means there are no hidden costs or shady clauses, a prerequisite for trust between the parties and preventing future repayment disputes.

    7. Secure and Confidential: iOnline Payday Loans is extremely concerned about your security. The site is built with strong encryption and privacy features to keep your personal and financial data secure. Borrowers can rest assured that their information is dealt with safely as they go through the application, approval and repayment process.

    How to Apply for Tribal Payday Loans at iOnline Payday Loans?

    It is quick and easy to apply for a tribal payday loan through iOnline Payday Loans, and the process was created to make it easy for those with bad credit to get approved. It’s all done online and just takes a couple of basic steps:

    1. Visit the Official Website: Go to https://ionlinepaydayloans.com/. This is the site for processing all tribal loans. Please make sure you are on the right site to apply for a safe and secure application.

    2. Click on “Apply Now”: Click the big “Apply Now” button on the homepage. This will direct you to their official application page, from which you can start the process of applying for a tribal loan.

    3. Fill Out the Online Form: Fill out the online loan application form by providing us with all the personal details. They’ll likely ask for:

    • Name and contact 
    • Full Address
    • Current employment status
    • Monthly income estimate
    • Bank account info

    4. Choose Loan Amount: Choose the amount of loan you would like to apply for. iOnline will get you connected to a network of tribal loan providers, so ensure you are borrowing an amount you are comfortable paying back.

    5. Submit the Form for Review: After you fill out the form correctly, click to send. The service will then search through its network of tribal lenders to find the one that best fits your needs.

    6. Receive Loan Offer and Review Terms: If you are matched with a lender, you’ll be presented with a loan offer that includes APR, loan amount, repayment period, fees and any other terms that are specific to the loan. Please read these terms and conditions carefully before you accept them.

    7. E-sign and Accept the Loan: If you are happy with the lender’s terms, you can sign the agreement digitally to accept the loan. Documents don’t have to be sent by fax or mail — it’s all processed online.

    8. Get Money in your Bank Account: Upon approval, your money will be transferred to your bank account by the next business day. It may take your bank a little time to process the disbursement.

    Pros & Cons of Best Tribal Loans: iOnline Payday Loans

    Pros:

    • Fast Funds Access: iOnline Payday Loans provides fast approvals and faster processing times of your loan, so that you can receive your money on the same or next business day.
    • Minimal Documentation: Their application process has less paperwork than normal loans, making it more user-friendly and resulting in faster approval and payout of money.
    • Flexibility & Accessibility: iOnline Payday Loans offers loan amounts and repayment schedules that can be customised to fit borrowers’ specific needs.
    • Consideration of Bad Credit: You can be accepted for a loan if you have a poor credit history in many instances.
    • Quick & Fast: This type of loan is called an unsecured loan, meaning you do not have equity, and they are not protected by a financial institution that grants you the loan, and this type of loan can be as little as $1000 or as much as $25,000.
    • Online Convenience: The whole loan application process is purely online, providing ease and convenience to borrowers.

    Cons:

    • High-Interest Rates & Costs: Payday loans can also be costly, as they generally come with extremely high interest rates and fees.
    • Short Repayment Period: Borrowers who are unable to repay a payday loan when they get paid may require assistance in repaying the loan by the time they receive their next paycheck.
    • Potential Debt Cycle: Some borrowers end up in a “debt trap”, meaning that they continually take out new cash advance loans to cover the costs of previous ones (due to the high fees and the extremely short terms of repayment).
    • Limited Consumer Protections: Because of tribal sovereignty, some tribal loans could have fewer consumer protections than classic loans.

    Other Types of Loans for Bad Credit at iOnline Payday Loans

    iOnline Payday Loans specialises in providing a variety of bad credit loans. Every type of credit loan is made to help you in a financial emergency with minimum qualifications. The following is the type of loan:

    1. Best Payday Loans for Bad Credit: The best payday loan for bad credit is a short-term loan designed to help you handle your current financial commitments. Unlike long-term loans there are fast payout, with a short-term period and an applicant is not stuffed with collateral. They’re dependent on the borrower’s work, paid back if they reach their next wage. Payday loans are available to needy industrious and those with blemishes on their credit.

    2. Personal Loans: Top Personal loans no credit check provide a huge sum of cash that can be used for any purpose, like debt consolidation, medical expenses, or large purchases. These loans often have longer terms for repayment and may have either fixed or variable interest rates. There is a personal loan for borrowers who need a moderate amount of loan with an easy repayment plan.

    3. Installment Loans: best Installment loans no credit check lend you a certain amount of money, to be repaid in a set series of scheduled payments. These loans are great for people who want a simple repayment plan with a set monthly payment and repayment timeline. You can use installment loans however you need them — just like the loans for bad credit.

    4. Auto Loans: Auto loans are meant for anyone wishing to buy a car. These are loans that have competitive interest rates and a great repayment plan. Borrowers can buy a new or used car with the loan, and the vehicle is used as collateral for the purchase. Also, Car financing for all types of credit.

    Eligibility Criteria & Details For Tribal Loans At iOnline Payday Loans

    To be approved in iOnline Payday Loans application process you need to be eligible and to give right information using the online form. The process is meant to be easy, quick, and open to people with bad credit.

    Eligibility Criteria:

    1. Age Criteria: You should have 18 years of age.
    2. Residence: Must have a legal U.S. residence and a verifiable residential address.
    3. Proof of income: You have to be able to demonstrate verifiable income (employment, benefits or self-employment).
    4. Active Bank Account: You must have an account under your name to get the loan amount disbursed.
    5. Real Contact Information: Include a phone number and email to be able to communicate.

    Details Needed

    1. Full legal name.
    2. Date of birth.
    3. Social Security Number (SSN).
    4. Housing (whether you rent or own, ZIP code).
    5. Source of income.
    6. Monthly gross income.
    7. Desired loan amount.

    Conclusion

    If you have bad credit and are in need of a quick and dependable financial assistance, iOnline Payday Loans is a reliable service to consider. Their connection with tribal lenders afford them the ability to accept your loan application fast, fund fast, and control the whole loan process online. For ease and inclusivity, iOnline puts you in touch with the right loan – without all the credit checks or traditional red tape. Whether it is a short-term payday loan, installment loan, or convenient Title loan, they guarantee a hassle free experience that fits your financial situation.

    Frequently Asked Questions—Best Tribal Loans For Bad Credit

    What are tribal payday loans?

    Tribal payday loans are loans offered by lenders that are based on Native American tribal land and that operate under tribal law. Unlike standard loans, they may even have more flexible credit requirements and terms that are ideal for borrowers who have little or no credit.

    Can I qualify for a tribal loan if I have a bad credit at iOnline Payday Loans?

    Yes, iOnline Payday Loans is a lender connecting service, and most of the lenders in its network consider applications from individuals who have bad credit. The decision is more about income and ability to repay than it is about credit score.

    How much can I borrow with a tribal loan?

    The amount of the loan differs by lender and can be any amount from $100 to $5,000. The specific offer will vary based on your income and other eligibility factors.

    Are tribal loans legal and regulated?

    Yes, tribal loans are legal. They are subject to the sovereignty-based tribal law of the Native American tribe that issues them, not state lending laws. But whether or not it is actually legal can depend on rules specific to each state.

    Do I have to fax documents to apply?

    No faxing is needed. iOnline Payday Loans IOnline Payday Loans has a completely online application that can provide all the information that you need to the lender.

    Media Contact:
    Company Name: IOnline Payday Loans
    Registered Office Address: 1095 Sugar View Dr Ste 500 Sheridan, WY 82801
    Company Website: https://ionlinepaydayloans.com/
    Email: mria@ionlinepaydayloans.com
    Phone: 307-777-7311
    Contact person name: Mria

    Disclaimer: This announcement contains general information about IOnline payday loan services and should not be considered financial advice. Ionline Payday Loans does not guarantee loan approval, and loan terms may vary by applicant and lender requirements. Loans are available to U.S. residents only.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c02c7d42-6784-4504-889d-e2bf3bff1469

    https://www.globenewswire.com/NewsRoom/AttachmentNg/05822a34-ec00-4f97-9ae1-9f589c4117f7

    The MIL Network