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Category: Banking

  • MIL-OSI Asia-Pac: A Decade of Growth with PM Mudra Yojana

    Source: Government of India

    A Decade of Growth with PM Mudra Yojana

    Fueling grassroots entrepreneurship and expanding financial inclusion

    Posted On: 07 APR 2025 4:44PM by PIB Delhi

    Introduction

    On 8 April 2025, India marks 10 years of the Pradhan Mantri MUDRA Yojana (PMMY). Pradhan Mantri Mudra Yojana (PMMY), the Flagship Programme of the Prime Minister aimed at Funding the Unfunded micro enterprises and small businesses. By removing the burden of collateral and simplifying access, MUDRA laid the foundation for a new era of grassroots entrepreneurship.

    Across the country, lives have transformed. Kamlesh, a home-based tailor in Delhi, expanded her work, employed three other women, and enrolled her children in a good school. Bindu, who began with 50 brooms a day, now leads a unit producing 500. These are not exceptions anymore. They reflect a larger shift.

    From stitching units and tea stalls to salons, mechanic shops, and mobile repair businesses, crores of micro-entrepreneurs have stepped forward with confidence, enabled by a system that believed in their potential. PMMY has supported these journeys by offering institutional credit to non-corporate, non-farm micro and small enterprises that form the backbone of India’s economy.

    At its core, the MUDRA Yojana is a story of trust. Trust in people’s aspirations and in their ability to build. Trust in the belief that even the smallest dreams deserve a platform to grow.

     

    Achievements under Pradhan Mantri Mudra Yojana

    Since its launch in April 2015, the Pradhan Mantri Mudra Yojana (PMMY) has sanctioned over 52 crore loans worth ₹32.61 lakh crore, fuelling a nationwide entrepreneurial revolution. Business growth is no longer confined to big cities—it is spreading to small towns and villages, where first-time entrepreneurs are taking charge of their destinies. The shift in mindset is evident: people are no longer job seekers; they are becoming job creators.

    MSME Credit Boom: A Stronger Business Ecosystem

    The SBI report highlights a significant rise in credit flow to MSMEs, driven by Mudra’s impact. MSME lending surged from ₹8.51 lakh crore in FY14 to ₹27.25 lakh crore in FY24, and is projected to cross ₹30 lakh crore in FY25. The share of MSME credit in total bank credit increased from 15.8 percent in FY14 to nearly 20 percent in FY24, showcasing its growing role in the Indian economy. This expansion has enabled businesses in smaller towns and rural areas to access financial support that was previously unavailable, strengthening India’s self-reliant economy and driving grassroots job creation.

    Financial Inclusion: Empowering Women

    Women account for 68 percent of all Mudra beneficiaries, underscoring the scheme’s pivotal role in advancing women-led enterprises across the country. Between FY16 and FY25, the per woman PMMY disbursement amount increased at a CAGR of 13 percent, reaching ₹62,679, while per woman incremental deposits grew at a CAGR of 14 percent to ₹95,269. States with higher disbursement shares to women have recorded significantly higher employment generation through women-led MSMEs, reinforcing the effectiveness of targeted financial inclusion in enhancing women’s economic empowerment and labour force participation.

    Financial Inclusion: Reaching Socially Marginalised Groups

    PMMY has made significant progress in breaking traditional credit barriers. According to the SBI report, 50 percent of Mudra accounts are held by SC, ST and OBC entrepreneurs, ensuring wider access to formal finance. Furthermore, 11 percent of Mudra loan holders belong to minority communities, demonstrating the scheme’s contribution to inclusive growth by enabling marginalised communities to become active participants in the formal economy.

    Progressive Lending: From Shishu to Tarun

    Over the past ten years, Mudra has facilitated the opening of over 52 crore loan accounts, marking a steady rise in entrepreneurial activity. The share of Kishor loans (₹50,000 to ₹5 lakh) has grown from 5.9 percent in FY16 to 44.7 percent in FY25, indicating a shift from micro to small enterprises. The Tarun category (₹5 lakh to ₹10 lakh) is also gaining momentum, proving that Mudra is not just about starting businesses but helping them scale.

    Bigger Loans, Stronger Businesses

    A telescopic view of total loans sanctioned and disbursed under PMMY reveals that the scheme’s Unique Selling Proposition has been well received by a diverse base of intended beneficiaries, thereby strengthening the economic influence of the bottom of the pyramid.

    The average ticket size of loans has nearly tripled—rising from ₹38,000 in FY16 to ₹72,000 in FY23, and further to ₹1.02 lakh in FY25—reflecting growing economies of scale and a deepening of both market depth and width.

    Furthermore, loan disbursal rose by 36 percent in FY23, indicating a strong revival of entrepreneurial confidence across the country.

    Leading States/UTs in PM Mudra Loan Disbursal

    As of February 28, 2025, since the launch of the Pradhan Mantri Mudra Yojana in 2015, Tamil Nadu has recorded the highest disbursal among states at ₹3,23,647.76 crore. Uttar Pradesh follows with ₹3,14,360.86 crore, while Karnataka ranks third with ₹3,02,146.41 crore. West Bengal and Bihar have also seen significant disbursals of ₹2,82,322.94 crore and ₹2,81,943.31 crore respectively. Maharashtra stands sixth at ₹2,74,402.02 crore, reflecting the scheme’s broad reach and impact across key states over the past decade.

    Among Union Territories, Jammu and Kashmir leads with a total disbursal of ₹45,815.92 crore across 21,33,342 loan accounts. The figures underscore the role of the scheme in expanding access to credit

    and promoting self-employment, not just across states but also in Union Territories.

    Click here for the complete list.

    Funding the Unfunded

    Micro enterprises constitute a major economic segment in our country and provides large employment after agriculture. This segment includes micro units engaged in manufacturing, processing, trading and services sector. It provides employment to nearly 10 crore people. Many of these units are proprietary/ single ownership or Own Account enterprises and many a time referred as Non-Corporate Small Business sector.

    Mission, Vision and Purpose of PMMY

    Salient Features of the Scheme

    Pradhan Mantri Mudra Yojana (PMMY) under the Micro Units Development and Refinancing Agency (MUDRA) was set up by Government of India for development and refinancing activities relating to micro units. PMMY ensures collateral-free institutional credit up to Rs 20 lakh is provided by Member Lending Institutions (MLIs) i.e. Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs). 

     

    Under the scheme, three categories of interventions have been formulated which include:

    Tarun Plus: Loans above ₹10 lakh and up to ₹20 lakh (designed specifically for Tarun category, who have previously availed and successfully repaid loans)

    International Recognition

    The International Monetary Fund (IMF) has consistently acknowledged the impact of the Pradhan Mantri Mudra Yojana (PMMY) in expanding financial access and promoting inclusive entrepreneurship in India.

    In 2017, the IMF noted that the scheme has been instrumental in enabling women-led businesses to access finance. It highlighted how PMMY complements PMJDY’s focus on unbanked households by providing collateral-free loans to micro, small, and medium-sized businesses.

    In 2019, the IMF further praised PMMY, stating that the scheme under the Micro Units Development and Refinance Agency plays a vital role in developing and refinancing micro enterprises by supporting financial institutions that lend to businesses engaged in manufacturing, trading and services.

    By 2023, the IMF highlighted that the collateral-free loan structure of PMMY, with its emphasis on women’s entrepreneurship, has significantly contributed to the growth of women-owned MSMEs, which now exceed 2.8 million.

    In its 2024 release, the IMF reaffirmed that India’s enabling policy environment for entrepreneurship, through programmes such as PMMY, is actively contributing to increased self-employment and formalisation through credit access.

    Conclusion

    In ten years, Pradhan Mantri Mudra Yojana has consistently demonstrated the power of financial inclusion and the strength of grassroots innovation. Before 2014, access to credit often favoured the well-connected, while small entrepreneurs faced hurdles like complex paperwork or were forced to rely on informal finance. Banks handed out reckless loans to large corporates, while genuine borrowers lost access to credit. MUDRA stepped into this vacuum, offering a cleaner, inclusive alternative that gave everyone an equal chance.

    With over 52 crore loans sanctioned, the scheme has empowered women, SC/ST/OBC communities, and rural entrepreneurs by expanding access to formal credit. The rise in average loan size, growing share of MSME credit, and the shift from micro to small enterprises reflect its growing impact. PMMY is not only fuelling self-employment and job creation, but also strengthening India’s grassroots economy and advancing equitable growth.

    References

    Click here to see PDF.

    *****

    Santosh Kumar/ Sarla Meena/ Anchal Patiyal

    (Release ID: 2119781) Visitor Counter : 114

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Phishing emails related to DBS Bank (Hong Kong) Limited

    Source: Hong Kong Government special administrative region

    Phishing emails related to DBS Bank (Hong Kong) Limited 
    The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).
     
    Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the emails concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.
    Issued at HKT 19:08

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Fraudulent website related to Bank Julius Baer & Co. Ltd.

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank Julius Baer & Co. Ltd. relating to a fraudulent website, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.
     
    The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).
     
    Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the website concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Gaza: Minister for Middle East statement on detention of two British MPs in Israel

    Source: United Kingdom – Executive Government & Departments

    Oral statement to Parliament

    Gaza: Minister for Middle East statement on detention of two British MPs in Israel

    The Minister for the Middle East, Hamish Falconer, has delivered a statement to The House, following the detention of two British MPs in Israel.

    Madam Deputy Speaker, over the weekend, two Members of this House – the Member for Earley and Woodley and the Member for Sheffield Central – on a parliamentary delegation to Israel and the Occupied Palestinian Territories were detained and refused entry by the authorities.

    They had both been granted entry clearance in advance of travelling to Israel.

    On arrival in Tel Aviv at 2.30pm local time, the two Hon Members were held in immigration for six hours. When I spoke to them at 8.30pm, they believed they were to be detained overnight without their mobile phones.

    While the situation was ongoing on Saturday night, the Foreign Secretary spoke to his counterpart, the Israeli Foreign Minister and I spoke with the Deputy Foreign Minister and the Israeli Ambassador.

    Following that intervention, both were released from detention but their entry was still denied.

    Foreign Office officials supported the two MPs and their staff at the airport as soon as they were alerted to the situation.

     After a public statement at 10pm from the Israeli Immigration Authority, they were then flown back in the early hours of Sunday morning.

    It is my understanding that this is first time a British MP has been barred from entering Israel.

    That decision appears to have been taken on the basis of the comments made in this Chamber.

    As the Foreign Secretary has made clear, and as I’m sure almost every member of this House will agree, their treatment is unacceptable and it is deeply concerning.

    It is no way to treat democratically elected representatives of a close partner nation. We have made this clear at the highest levels in Israel.

    I pay tribute to the contributions that both members have made to this place since they were elected.

    I know they both believe in a two-state solution. They have our support and solidarity.

    The Foreign Secretary spoke to both MPs while they were in Israel and I met with them earlier today. They have behaved with great dignity.

    They were part of a delegation visiting humanitarian projects amid the appalling situation in Gaza and a dangerous and deteriorating situation in the Occupied West Bank.

    They were going to see for themselves what is taking place in the Occupied Territories and to meet those directly affected by the shocking rise in settler violence.

    Such visits are commonplace for MPs from across this House and from all parties.

    Indeed, I’m told that more than 161 Members of Parliament have conducted such visits.

    They enrich the knowledge and experience of us as legislators and representatives. They create connections with countries, political counterparts and civil society.

    Indeed, I note that both organisations – Medical Aid for Palestinians and Council on Arab British Understanding – have supported visits involving Members from all the main political parties – including the benches opposite.

    All Members should therefore be worried by what this decision means and the precedent it sets.

    So our message to the Israeli government is not just that this is wrong, but that it is counterproductive.

    We have warned them that actions like this will only damage the image of the Israeli government in the eyes of Honourable Members across the House.

    Mr Speaker, amid this unnecessary and unwelcome decision, the bloodshed continues in Gaza.

    The hostages are still held by Hamas. Essential aid is still blocked by Israel. And yet more innocent Palestinians are suffering.

    The killing of 15 paramedics and rescue workers in Rafah on March the 23rd was one of the deadliest attacks on humanitarian staff since the war began.

    Madam Deputy Speaker, these deaths are an outrage and we must see this incident investigated transparently and those responsible held to account. Our thoughts remain with the victims and their families.

    We will not go quiet in our calls for the violence to stop and in our demands for humanitarian workers and civilians to be protected. We urge all parties to return to ceasefire negotiations.

    It is clear that this conflict cannot be won by bombs and bullets, but by diplomacy. A ceasefire is the only way we will bring the conflict to an end and return to negotiations for a lasting peace in the region.

    This is the only way we can end the needless loss of humanitarian workers striving to alleviate suffering.

    And it is the only pathway towards a two-state solution that we all want to see, where Israelis and Palestinians can live in peace and security. I know Honourable Members across this House will continue to work towards that goal.

    I commend this statement to the House.

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    Updates to this page

    Published 7 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Opening Remarks of Commissioner Kristin N. Johnson at GAIM Ops AI Summit: Using AI To Combat Cybersecurity and Fraud Risks

    Source: US Commodity Futures Trading Commission

    Good afternoon. Thank you to the event organizers for the generous invitation to join you to kick off the AI Summit. The Summit will explore critical topics—data quality and security, good governance for AI, critical third-party service providers, and the integration of generative AI in operating infrastructure, trade execution, clearing, and settlement, and trade surveillance, among others.
    I’d like to highlight two risks implicated by the integration of AI in our markets—cybersecurity and fraud risks. 
    Cyber and fraud risks are ever-present in our markets. Sophisticated AI models have the potential to facilitate high-quality, near-flawless, synthetic content, enabling stunning heists. AI models train, test, and refine their functionality by aggregating and analyzing vast amounts of data, creating enticing targets for cyber intrusion campaigns.
    While the threats are well-documented, we have not yet fully explored the potential for AI to address cyberthreats and AI-driven fraud. In the least, carefully studying coordinated efforts to develop cyber resilience may teach us some important lessons regarding how to use AI to mitigate cyber and fraud threats in our markets. 
    We are witnessing an increasing number of cyber and fraud threats executed using AI technologies. In some instances, the technology that drives these cyber and fraud threats may be an important offensive and defensive tool. 
    Your agenda rightly aims to identify pathways to good AI governance and best practices for individual firms and the broader financial ecosystem.[1]  
    AI and Financial Markets 
    Over the last few years, markets have witnessed the increasing potential for AI to engender efficiencies, reduce costs, harness and analyze vast amounts of data, and enable personalized access to markets. Many firms quickly discovered the potential for AI to streamline trade reporting, anti-money laundering (AML), and other regulatory compliance obligations. Financial services firms have used AI tools for many years, but “maturity in utilization and deployment of AI systems varies by institution and continues to evolve.”[2] 
    In addition, financial services firms use AI tools in both cyber and fraud threat assessments. Integrating innovative AI into legacy systems may, however, create vulnerabilities. 
    In recent years, firms have discovered that AI may become a tool for addressing these vulnerabilities. Machine learning or generative AI may replace or enhance legacy tools for fraud and cyber detection and risk management strategies. AI is enabling firms to educate employees and customers and to identify gaps in their cybersecurity and fraud detection and prevention measures.[3]
    These issues are at the heart of the work of the U.S. Commodity Futures Trading Commission (CFTC) and its mission[4] and resonate with my experiences as a lawyer in private practice, in-house, and my service as a Commissioner.[5] At the CFTC, I sponsor the Market Risk Advisory Committee (MRAC), a multi-stakeholder group of market participants that examines risk management issues and makes recommendations on how to improve market structure, mitigate risks, and enhance market integrity and stability for global derivatives markets.[6] MRAC has spent a significant amount of time considering cybersecurity and recommendations to enhance cyber resilience.[7] Fraud-related risks and applications are part of these conversations.
    We know that algorithmic models that may be accurately described as AI have long been employed in financial services markets[8] and that these applications include regulatory surveillance and compliance monitoring.[9] In recent years, however, the use and integration of predictive technologies has increased. 
    In January of 2024, the CFTC issued a request for comment seeking to learn more about the uses of AI in CFTC-regulated markets.[10] I applaud the Commission for issuing the RFC as a pathway to increase visibility and better understand the implications of AI use in our markets. This dialogue between the Commission and market participants aims to enable markets and the Commission to leverage the benefits of evolving AI models while mitigating risks.
    AI fraud and cyber threat prevention, detection, and mitigation represent common ground areas where the Commission and market participants are focused on the potential for AI to enhance market integrity.[11] 
    AI Fueled Cyber and Fraud Threats
    About a year ago, the U.S. Department of the Treasury (Treasury) released a report on Managing Artificial Intelligence-Specific Risks in the Financial Services Sector.[12] Several of the observations in the Treasury Report are unlikely to surprise this audience—cyber and fraud-related incidents continue to increase and, in parallel, the losses that firms experience as a result of these threats increase.[13]
    Surveyed market participants indicate that cyberthreat actors benefit from lower barriers to entry, increasingly sophisticated automation, and decreasing time-to-exploit.[14] Firms face cyberthreats from actors including opportunistic fraudsters with access to advanced AI tools to sophisticated nation-state hackers who deploy targeted attacks.
    AI-Driven Fraud
    Evidence suggests that hackers are repurposing AI-based tools previously used in cyber defense tactics to identify weaknesses in networks and cybersecurity applications.[15] These weaknesses open back doors for cyber attacks. Generative AI may enable sophisticated actors to execute more convincing phishing campaigns. Deep fakes and similar campaigns may be more difficult to identify. Generative AI may accelerate the creation of new malware variants, lowering the barrier to entry and empowering a greater number of less sophisticated threat actors.[16] As a result, time-to-exploit is shrinking and the overall risk level to financial organizations is climbing. Notwithstanding many AI developers’ efforts to prevent the adaptation of their models to facilitate fraud, there is a rising tide of misuse of AI technologies.
    Vulnerabilities of Technology
    In addition to cyber threats, the vulnerability of AI systems is equally concerning. Through data poisoning, model evasion, and model extractions, those seeking to adapt models may introduce false data, model weights, and similar tactics to corrupt the AI models to manipulate outputs to benefit their outcome and distort or steal from AI-driven processes.[17] These adaptations potentially undermine the reliability of the models as well as features designed to enable cybersecurity and fraud detection. Data privacy also presents a notable concern. 
    Synthetic Identities and Impersonation
    Identity impersonation and synthetic identity fraud are becoming ever more sophisticated. “Fraudsters can use AI to mimic voice, video, and other behavioral identity factors that financial institutions use to verify a customer’s identity.”[18] The ability to generate near-flawless fake credentials and believable digital appearances raises the stakes for banks, insurers, payment processors, and other financial entities that have traditionally relied on physical or behavioral markers for identification. Fraudsters posing as CEOs and CFOs have caused millions in losses by using AI to execute elaborate schemes to develop synthetic identities to convince company employees to make unauthorized transfers.[19] In response to these concerns, the Commission has issued customer education and outreach announcements to enhance market participants and customers’ awareness of these threats.[20]
    Third Party Risks
    Addressing these threats requires a comprehensive and collaborative approach to third-party risk management and data security. 
    According to the Treasury Report, “financial institutions should appropriately consider how to assess and manage the risks of an extended supply chain, including potentially heightened risks with data and data processing of a wide array of vendors, data brokers, and infrastructure providers.”[21] 
    In some instances, there may be high barriers to entry for providing third-party services. For example, few firms have the capability to offer globally accessible cloud-based services that demonstrate the requisite security protocols to enable financial services market participants to comply with substantial data security, integrity, and transfer standards. 
    As a result, only a few service providers may have the capability to deliver the quality of services needed or to respond to the vast amounts of data or information stored or processed by financial services firms. The limited competition for services may lead to a significant percentage of market participants relying on a handful of service providers.
    We may describe these concerns as concentration risks.[22] While CFTC-regulated entities must “assess the risks of using AI and update policies, procedures, controls, and systems, as appropriate, under applicable CFTC statutory and regulatory requirements,”[23] the Commission, as a regulator, should also take an active role in understanding these risks.
    Each of these links in the supply chain introduces potential vulnerabilities, especially with the increasing volume of data and the complexity of AI models. I have repeatedly raised these concerns.[24] It is important that all partners adhere to robust data protection, privacy guidelines, and contingency planning. These protocols are not only essential for safeguarding financial services firms, but also crucial for the resilience of the entire financial system.
    Next Steps 
    The Treasury Report suggested next steps that identify both challenges and opportunities. I’d like to highlight a few of them that resonate with me and some proposals that I have advocated for during my service at the CFTC.
    As I have intimated, as we study market participants’ use of AI, we are increasingly thoughtful about the Commission’s use of AI. As I’ve noted previously:
    The CFTC has on staff surveillance analysts, forensic economists, and futures trading investigators, each of whom identify and investigate potential violations. These groups use supervisory technology (SupTech) in support of their work. Over the past few years, the CFTC has transitioned much of its data intake and data analysis to a cloud-based architecture. This increases the flexibility and reliability of our data systems and allows us to scale them as necessary. This transition will allow the Commission to store, analyze, and ingest this data more cost-effectively and efficiently.[25]
    Coordination
    I have consistently encouraged both inter-agency and international coordination on issues related to AI.[26] 
    I have advocated for “the creation of an inter-agency task force composed of financial regulators…. [to develop] guidelines, tools, benchmarks, and best practices for the use and regulation of AI in the financial services industry.”[27]  As I have noted, “this approach promises efficiencies and a needed clarity for market participants trying to navigate diverse and sometimes divergent regulatory and compliance frameworks.”[28] 
    Financial services firms have indicated a desire to clarify regulatory approaches to innovative technologies. As reported to Treasury, “[s]ome financial institutions, however, expressed concern about the possibility of regulatory fragmentation as different financial sector regulators at both the state and federal level consider regulations around AI. This concern also extends to firms operating under different international jurisdictions.”[29] 
    Collaboration can help address significant issues and problems of scale, as well as some smaller changes that can help along the way. For example, the Treasury Report notes that “[a]s Generative AI increases in usage, there appears to be a significant gap in data available to financial institutions for training their models to prevent fraud….Ramifications of this data divide are especially apparent for anti-fraud use cases where larger institutions generally have much more internal data.”[30] This is not something that can be solved overnight, and will require thoughtful consideration and coordinated efforts.
    The Treasury Report also encourages clarifying how we understand AI by advocating for a common lexicon specific to AI. Developing an agreed upon definition  which would benefit financial institutions, regulators, and consumers alike, to “not only facilitate appropriate discussion with third parties and regulators but could help improve understanding of the capabilities AI systems may have to improve risk management or to amplify new risks,” and “may help address the current lack of clarity around measuring and identifying risks, especially with the rapid adoption of Generative AI. As noted in the introduction, terminology can have implications for the common understanding of AI technology and its associated risks as well.”[31]
    Conclusion
    I usually offer a standard disclaimer at the start of my remarks—something like, my thoughts are my own and do not reflect the perspectives of others. Today, however, I feel compelled to disclose that I used ChatGPT to draft this speech. Just kidding. 
    The research and development of this speech reflects weeks of effort by my staff and their patience with my not-so-gentle editing. However, as someone who spends significant amounts of time reading, studying, and processing data, I am tempted, at times, to defer to an increasingly capable generative AI model to serve as my speechwriter-in-chief. Assuming others will find tempting uses for AI as well, let’s figure out the best, responsible path for bringing this technology into our markets. 

    [1] The thoughts and perspectives that I share with you today are my own; they are not the views and perspectives of my fellow Commissioners, the Commission, or the staff of the CFTC.

    [3] Treasury Report at 12-15.

    [4] See, e.g., 7 U.S.C. § 5.

    [5] See, e.g., Keynote Remarks of Commissioner Johnson for Governing Data at Iowa Innovation and Business Law Center and Yale Law Journal of Law & Technology at Yale Law School: Twin Peaks – Emerging Technologies (AI) and Critical Third Parties (Apr. 4, 2025), https://www.cftc.gov/PressRoom/SpeechesTestimony/opajohnson16.

    [8] U.S. Commodity Futures Trading Commission, Request for Comment on the Use of Artificial Intelligence in CFTC-Regulated Markets (Jan. 25, 2024), https://www.cftc.gov/PressRoom/PressReleases/8853-24 (citing Commissioner Kristin Johnson, Artificial Intelligence and the Future of Financial Markets, Manuel F. Cohen Lecture, George Washington University Law School (Oct. 17, 2023) (describing the historic development and integration of increasingly complex algorithms including supervised and unsupervised machine learning algorithms in financial markets)).

    [11] For example, a joint letter from trade associations and exchanges referred to the use of AI for compliance processes and controls and the World Federation of Exchanges identified compliance as a use case, stating “AI can be used to reduce manual inputs for trade documentation and regulatory reporting, as well as reducing market manipulation….” See Letter from World Federation of Exchanges to CFTC, Regarding Response to Request for Comment on the Use of Artificial Intelligence in CFTC-Regulated Markets (Apr. 24, 2024), https://comments.cftc.gov/PublicComments/ViewComment.aspx?id=73447; Letter from Futures Industry Association, FIA Principal Traders Group, CME Group, Inc., and Intercontinental Exchange Inc. to CFTC, Regarding Release No. 8853-24 (Jan. 25, 2024) Request for Comment on the Use of Artificial Intelligence in CFTC-Regulated Markets (Apr. 24, 2024), https://comments.cftc.gov/PublicComments/ViewComment.aspx?id=73444. The Bank Policy Institute stated that “… AI models, including generative AI tools, are being evaluated or piloted [by banking organizations] to enhance operational efficiencies and risk mitigation in the cybersecurity and fraud prevention contexts.” See Letter from Bank Policy Institute to CFTC, Regarding Request for Comment on the Use of Artificial Intelligence in CFTC-Regulated Markets (CFTC Release No. 8553-24) (Apr. 17, 2024), https://comments.cftc.gov/PublicComments/ViewComment.aspx?id=73424.

    [12] See Treasury Report. 

    [13] Treasury Report at 10-11. Responses to the CFTC’s RFC also highlighted AI-driven fraud risk. For example, Letter from Institute for Agriculture and Trade Policy to CFTC, Regarding Request for Comment on the Use of Artificial Intelligence in CFTC Regulated Markets (Apr. 24, 2024), https://comments.cftc.gov/PublicComments/ViewComment.aspx?id=73457.

    [14] Treasury Report at 16.

    [15] See, e.g., id. at 17.

    [21] Treasury Report at 19.

    [29] Treasury Report at 35.

    MIL OSI USA News –

  • MIL-OSI Australia: Work to start on Athllon Drive upgrades

    Source: Northern Territory Police and Fire Services

    Part of the road, between Sulwood Drive and Drakeford Drive in Tuggeranong, will be duplicated.

    Work to duplicate part of Athllon Drive in Tuggeranong is set to start in the coming months.

    The ACT Government will invest in the project through the 2024–25 ACT Budget, as part of a 50:50 funding agreement with the Australian Government.

    The project will see the duplication of 2.4 kilometres of Athllon Drive between Sulwood Drive and Drakeford Drive in Tuggeranong.

    The work to begin in the coming months will include:

    • relocating overhead electricity cables
    • water and sewer works
    • new walking and cycling path connections
    • path widening
    • new lighting.

    The first work on the northern section of the duplication will also commence in the coming year.

    This will include the construction of a widened intersection at Shea Street in Phillip to support access to the future Woden Bus Depot.

    About Athllon Drive

    Athllon Drive extends south from Woden, through Mawson and Wanniassa to Tuggeranong.

    Two rapid bus routes, cyclists and nearly 2,000 vehicles currently use this road every hour during peak periods.

    The duplication project will improve safety for motorists, walkers and cyclists, and result in a smoother, safer and faster journey between Tuggeranong and Woden.

    Budget invests in roads across Canberra

    This year’s Budget will maintain and upgrade the ACT’s road network over the coming years.

    This will include investment to start planning on new and upgraded roads, through a 50:50 partnership with the Australian Government, following commitments in the recent Federal Budget.

    Included in this is the future Molonglo Parkway-Drive Connector. The road will provide access between the future Molonglo Town Centre and the Tuggeranong Parkway.

    Design will also commence on future road improvements in Gungahlin. This includes possible road widening and intersection upgrades, following the finalisation of the Gungahlin Transport Plan later this year.

    The Budget commits additional funding to complete the Beltana Road upgrade in Pialligo and the Gundaroo Drive duplication in Belconnen in the coming financial year.

    In addition to these new road projects, this Budget continues to invest in road maintenance. This includes:

    • creating four new full-time positions in the City Services in-house line-marking crew, to renew faded road and path line-marking
    • carrying out critical bridge upgrades and improvements to traffic signals
    • renewal of Canberra’s green road signs, the Diddams Close boat ramp in Belconnen and the Parkes Way tunnel through Acton.

    Road pavement maintenance and rehabilitation will also remain a focus, thanks to investment from the Australian Government through the Roads to Recovery program.

    Funding to improve active travel

    Budget funding will be used to establish a new path replacement crew.

    This includes an additional 10 full-time positions plus new equipment to replace old or hazardous sections of concrete paths.

    This insourced crew will be able to respond to cracked, broken and lifted paths more quickly.

    They will also be able to make small-scale age-friendly improvements, such as building new ramps, kerbs and missing sections of paths.

    Over the next year, budget funding will be used to construct missing path links and connections across the city.

    This is in response to community feedback on gaps in the path network.

    New lighting will be installed to improve visibility and safety, prioritising areas identified by women and vulnerable users as requiring improvement.

    Funds will be invested in major works to renew the Emu Bank foreshore as part of the next stage of the Lake Ginninderra path upgrade.

    These works will include:

    • completely reconstructing the ageing lake retaining wall
    • replacing the pavers which present ongoing trip hazards
    • widening the path along the foreshore to create a safer, more pleasant environment.

    New funding will also be provided to undertake planning and design on segments of the future walking and cycling network identified in the Active Travel Plan, released earlier this year.

    Get ACT news and events delivered straight to your inbox, sign up to our email newsletter:


    MIL OSI News –

  • MIL-OSI: Banco Santander Chile: First Quarter 2025 Analyst and Investor Webcast / Conference Call

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, April 07, 2025 (GLOBE NEWSWIRE) — You are cordially invited to participate in Banco Santander Chile’s (NYSE: BSAC) conference call-webcast on Thursday, May 8, 2025, at 10.00 AM (EST time) where we will discuss 1Q 2025 financial results. The Bank’s Officers participating in the conference call are: Patricia Pérez, CFO, Cristian Vicuña, Chief Strategy Officer & Head of IR and Andrés Sansone, Chief Economist. A question and answer session will follow the presentation.

    The Management Commentary report will be published on April 30, 2025, before the market opens. The quiet period begins on April 15.

    To participate, the webcast presentation can be viewed at: https://mm.closir.com/slides?id=720987

    Or please dial in using any of the below numbers:
    United Kingdom+44 203 984 9844
    USA +1 718 866 4614
    Austria +43 720 022981
    Brazil +556120171549
    Canada +1 587 855 1318
    Chile +56228401484
    Czech Republic +420 910 880101
    Estonia +372 609 4102
    Finland +35 8753 26 4477
    France +33 1758 50 878
    Germany +49 30 25 555 323
    Hong Kong +852 3001 6551
    Mexico +52 55 1168 9973
    Peru +51 1 7060950
    Poland +48 22 124 49 59
    Russia +7 495 283 98 58
    Singapore +65 3138 6816
    South Africa +27872500455
    South Korea +82 70 4732 5006
    Sweden +46 10 551 30 20
    Turkey +90 850 390 7512
    Ukraine +380 89 324 0624

    Participant Passcode: 720987
    Please dial in approximately 10 minutes prior to the starting time of the conference.

    If you have any questions, please contact Cristian Vicuña at Banco Santander Chile at Cristian.vicuna@santander.cl, Rowena Lambert at Rowena.lambert@santander.cl or Claudia Villalon at Claudia.villalon@santander.cl

    CONTACT INFORMATION

    Cristian Vicuña
    Investor Relations
    Banco Santander Chile
    Bandera 140, Floor 20
    Santiago, Chile
    Email: irelations@santander.cl
    Website: www.santander.cl

    Banco Santander Chile is one of the companies with the highest risk classifications in Latin America with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a Stable Outlook.

    As of December 31, 2024, the Bank has total assets of $68,458,933 million (US$68,865 million), total gross loans (including loans to banks) at amortized cost of $41,323,844 million (US$41,569 million), total deposits of $31,359,234 million (US$31,545 million) and shareholders’ equity of $4,292,440 million (US$4,318 million). The BIS capital ratio was 17.1%, with a core capital ratio of 10.5%. As of December 31, 2024, Santander Chile employs 8,757 people and has 236 branches throughout Chile.

    The MIL Network –

  • MIL-OSI Russia: Financial news: More than 2.4 million schoolchildren took part in the financial literacy and entrepreneurship Olympiad

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    This year, high school students joined the Olympiad for the first time. Cases relevant to teenagers were developed for them — from organizing a party to counteracting fraudsters and involvement in droppering.

    The schoolchildren did the best job of completing the task “A Smart Holiday”: they had to draw up an event plan, take into account possible expenses and correctly distribute the budget. 64% of the Olympiad participants coped with this. 49% developed an effective strategy for building eco-friendly facilities to obtain maximum profit in the “Eco-friendly City” simulator.

    The most difficult block was the “Financial Labyrinth”. In it, the participants applied the basic financial concepts in practice in the format of a platform game – money, savings, earnings. The “Fraudsters” task also proved problematic for most schoolchildren. Only 45% did not fall into the scammers’ net.

    “Children are not interested in simply answering questions – they need game mechanics, and they want to solve problems that they may encounter in real life,” said Mikhail Mamuta, head of the Service for the Protection of Consumer Rights and Ensuring Accessibility of Financial Services. “That is why life cases were created for them using algorithms of popular games – for example, procedural generation, where the circumstances of the game change as you progress, you need to overcome obstacles and choose paths. The children had the opportunity to hone their skills in proper financial behavior, including in an artificially created stressful situation.”

    The Olympiad was held on the educational platform Uchi.ru from March 4 to April 3, 2025. Schoolchildren from all over the country solved the competition tasks. Most of the participants were from the Rostov Region, the top five also included the Kemerovo, Volgograd, Moscow Regions and the Republic of Tatarstan.

    The organizers of the Olympiad were the Bank of Russia, ANO National Priorities, the Ministry of Finance of Russia, the Ministry of Economic Development of Russia and the educational platform Uchi.ru in accordance with the goals and objectives of the national project Effective and Competitive Economy. The event is held with the support of the all-Russian public and state movement of children and youth Movement of the First.

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

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

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 23518

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial News: Key Results and Trends in the IPO Market in 2024: First Review by the Bank of Russia

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    In terms of the number of public offerings, 2024 was a record year over the past 10 years. 19 issuers entered the equity capital market, 15 of them did so for the first time. The companies were able to raise over 102 billion rubles, which is, however, less than the previous year’s figures.

    The Bank of Russia has prepared the first information and analytical material, dedicated to the IPO market. It is planned that such a review will be published annually.

    The main public offerings took place in the first half of 2024 amid a growing stock market and increased demand for shares from retail investors. The issuers were dominated by companies with small (up to 30 billion rubles) and medium (from 30 billion to 100 billion rubles) capitalization from the IT sector, digital technologies, the sharing economy, and the pharmaceutical industry.

    The buyers of shares were both retail and institutional investors in almost equal numbers: 40 and 48% of the total volume of funds raised. But it was retail investors who determined the dynamics and results of public placements.

    As noted in the review, a significant proportion of IPO participants lost interest in shares within the first 30 days after the public offering, which indicates a short-term investment strategy. This is partly due to the uncertainty of external conditions for the capital market.

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

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

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23520

    MIL OSI Russia News –

  • MIL-OSI Russia: Dmitry Grigorenko congratulated Runet on its birthday

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    April 7 marks the birthday of Runet in Russia. On this day in 1994, the .RU domain zone was launched, becoming the official starting point for the development of the Russian segment of the Internet. Deputy Prime Minister – Head of the Government Staff Dmitry Grigorenko congratulated industry workers and all users on the holiday.

    “Today, 84% of the country’s population over 12 years old uses the Internet. This is 101.7 million Russians who go online daily, and 103.1 million people – monthly. An important task is to ensure equal access to the Internet for residents of the entire country. The national project “Data Economy” pays much attention to increasing the level of Internet access throughout the country through satellite communications. It is planned that by 2030, the Russian low-orbit group will have over 290 satellites,” said Dmitry Grigorenko.

    Currently, there are about 6 million domains registered in the Russian domain zone. And the Russian domain space is growing faster than the global one: in 2024, the growth of the .RU domain zone was 7%, and the .COM domain zone decreased by 2.4%. This scale provides huge opportunities for the development of the industry, but at the same time imposes responsibility for the safety of users on both the state and the business that provides its services in the Internet space.

    “To protect citizens from cyber fraudsters, the Government, together with law enforcement agencies and the Bank of Russia, has developed a package of 30 measures. The amendments to the legislation adopted by the State Duma at the end of March and signed by President Vladimir Putin introduce identification of communication users, labeling of calls, and also prohibit employees of government agencies, banks and communication operators from interacting with citizens via messengers. These and other measures are aimed at preventing fraudulent activities,” Dmitry Grigorenko recalled.

    The use of modern identification tools will reduce the volume of fraudulent transactions and will allow for the reliable protection of personal funds and personal data of citizens.

    The Russian segment of the Internet is not only convenient services and services, but also a contribution to the economy. Thus, the share of e-commerce in Russia’s trade turnover is 19%. And the total volume of the Runet economy by the end of 2024 amounted to more than 20 trillion rubles. Over the past five years, the IT industry has become one of the fastest growing in the Russian economy. In order to create favorable conditions for further development, by decision of Russian President Vladimir Putin, the national project “Data Economy” was launched in 2025, which is aimed at accelerating the pace of digitalization of economic and social sectors, as well as achieving technological sovereignty and leadership.

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

    MIL OSI Russia News –

  • MIL-OSI Africa: African Development Bank and Bank of Africa Tanzania sign $7.5 million facility to boost trade finance

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

    DAR ES SALAAM, Tanzania, April 7, 2025/APO Group/ —

    The African Development Bank (www.AfDB.org) and the Bank of Africa Tanzania (BOAT) have signed a $7.5 million trade finance transaction guarantee facility to boost trade finance activities of the Bank of Africa in Tanzania.

    Under this facility, the African Development Bank will provide a guarantee of up to 100% to confirming banks against non-payment risks arising from letters of credit and similar trade finance instruments issued by the Bank of Africa Tanzania. The facility will support small and medium-sized enterprises (SMEs) and local corporates engaged in the import sector. The facility aligns with efforts to bolster intra-Africa trade, contributing directly to the objectives of the African Continental Free Trade Area (AfCFTA) (https://AU-AfCFTA.org/).

    Speaking at the signing event on March 10, 2025, in Dar es Salaam, the Bank’s Country Manager for Tanzania, Patricia Laverley, stressed the importance of the facility in addressing Tanzania’s trade finance needs, saying that given the country’s import requirements, it will aid priority sectors such as trade, agriculture, manufacturing, and energy. “This facility will support trade by enabling BOAT to play a more strategic role in the regional and international market.”

    Representing BOAT’s management, Deputy Managing Director Hamza Cherkaoui lauded the strong partnership with the African Development Bank, emphasizing its role in expanding trade finance capabilities across the continent. “This partnership strengthens our ability to support businesses across various sectors by providing seamless trade finance solutions, expanding our confirmation network, and enabling access to top-tier confirming banks,” he said.

    The new Trade Guarantee facility aligns with Bank of Africa Tanzania’s strategic priorities and the African Development Bank’s broader objectives, including promoting regional integration, increasing food security, and industrializing Africa. It also supports Tanzania’s Country Strategy paper 2021-2025, which focuses on enhancing the private sector business environment for job creation. It also aligns with the country’s development vision (Vision 2025), which aims to build a strong and resilient economy capable of competing globally.

    The signing of the agreement marks a significant milestone in the African Development Bank Group’s direct engagement with Tanzania’s private sector, reinforcing its commitment to strengthening the country’s financial sector and economic development.

    MIL OSI Africa –

  • MIL-OSI: WithSecure Corporation: SHARE REPURCHASE 7.4.2025

    Source: GlobeNewswire (MIL-OSI)

    WithSecure Corporation, STOCK EXCHANGE RELEASE, 7 April 2025 at 6.30 PM (EET)
           
           
    WithSecure Corporation: SHARE REPURCHASE 7.4.2025  
           
    In the Helsinki Stock Exchange      
           
    Trade date           7.4.2025    
    Bourse trade         Buy    
    Share                  WITH    
    Amount             13 332 Shares  
    Average price/ share    0,8334 EUR  
    Total cost            11 110,89 EUR  
           
           
    WithSecure Corporation now holds a total of 374 041 shares  
    including the shares repurchased on 7.4.2025    
           
    The share buybacks are executed in compliance with Regulation   
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.  
           
           
    On behalf of Withsecure Corporation    
           
    Nordea Bank Oyj      
           
    Janne Sarvikivi           Sami Huttunen    
           
           
    Contact information:      
    Laura Viita      
    Vice President Controlling, Investor relations and Sustainability
    WithSecure Corporation      
    Tel. +358 50 4871044      
    Investor-relations@withsecure.com      

    Attachment

    The MIL Network –

  • MIL-OSI: Societe Generale: shares and voting rights as of 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    NUMBER OF SHARES COMPOSING CURRENT SHARE CAPITAL AND TOTAL NUMBER OF VOTING RIGHTS AS OF 31 MARCH 2025

    Regulated Information

    Paris, 7 April 2025

    Information about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations.

    Date Number of shares composing current share capital Total number of
    voting rights
    31 March 2025 800,316,777

    Gross: 888,605,454

    Press contacts:

    Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
    Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com

    Societe Generale

    Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Univest Financial Corporation to Hold First Quarter 2025 Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    SOUDERTON, Pa., April 07, 2025 (GLOBE NEWSWIRE) — Univest Financial Corporation (Nasdaq: UVSP), parent company of Univest Bank and Trust Co. and its insurance, investment and equipment finance subsidiaries, announced it will host a conference call to discuss its first quarter 2025 earnings on Thursday, April 24, 2025 at 9:00 a.m. Earnings are scheduled to be released after the close of the market on Wednesday, April 23, 2025.

    Pre-registration
    Telephone participants may avoid any delays by pre-registering for the call using the following link.

    Conference Call registration link: https://www.netroadshow.com/events/login?show=175e015e&confId=80607

    Audio
    Dial in number: 1-833-470-1428
    Access Code: 021974
    Note: Participants who are unable to pre-register should dial in a few minutes prior to the start time.

    Replay
    Dial in number: 1-866-813-9403
    Replay Code: 718470
    Available until: May 1, 2025

    About Univest Financial Corporation
    Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $8.1 billion in assets and $5.2 billion in assets under management and supervision through its Wealth Management lines of business at December 31, 2024. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.

    The MIL Network –

  • MIL-OSI: Rob McCain Appointed as Senior Vice President, Market President of Charlotte Metropolitan Area

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., April 07, 2025 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NYSE: HTB) (“Company”), the holding company of HomeTrust Bank (“HomeTrust” or the “Bank”), announced today that Robert “Rob” McCain III has assumed the position of Market President of the Bank’s Charlotte metropolitan area, effective March 31, 2025. McCain will focus on expanding the Bank’s presence in the market, with the primary responsibility of growing commercial and treasury management market share and revenue. He will report to John Sprink, Executive Vice President of Commercial Banking.

    “I am very excited to have Rob join the Charlotte team and the HTB family,” Sprink said. “He has a tremendous reputation and an impressive record of building teams and business in the Charlotte market, while exemplifying the cultural fundamentals that define HomeTrust Bank.”

    McCain said he is honored to take on the role and values HomeTrust’s ability to foster strong relationships with clients while building a collaborative culture. “Over recent years HomeTrust has proven it is more than qualified to serve the needs of businesses in Charlotte, which has transformed itself into a hub of innovation and commerce,” he said. “I’m excited to bring my decades of experience in the Charlotte market to this opportunity.”

    As a native of the area, McCain said he will take special pride in working to establish the Bank as a strong community partner.

    McCain has worked in commercial banking in Charlotte since 1989 in roles that include Market Executive and Manager of Commercial Banking at First Citizens Bank, as well as Line of Business Manager for Commercial Real Estate Lending in the Carolinas at SunTrust.

    He earned his Bachelor of Science in Business Administration from The University of North Carolina at Chapel Hill and his Master in Business Administration from The University of North Carolina at Charlotte. He is also a graduate of the School of Banking at Louisiana State University.

    About HomeTrust Bancshares, Inc.

    HomeTrust Bancshares, Inc. is the holding company for HomeTrust Bank. As of December 31, 2024, the Company had assets of $4.6 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (the Asheville metropolitan area, the “Piedmont” region, Charlotte, and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville, and Morristown), Southwest Virginia (the Roanoke Valley) and Georgia (Greater Atlanta).

    Forward-Looking Statements

    This press release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company’s market areas; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    www.htb.com

    The MIL Network –

  • MIL-OSI: Old National Renames Wealth Advisory Division

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., April 07, 2025 (GLOBE NEWSWIRE) — Old National Bancorp (“Old National”) has announced its wealth advisory division, Old National Investments, will now be known as Old National Wealth Advisors (“ONWA”) to better reflect the breadth of services its financial professionals provide.

    ONWA boasts around 125 team members, including more than 70 wealth advisors that are primarily located in Old National’s banking center footprint throughout the Midwest and Southeast. The professionals at Old National Wealth Advisors are backed by LPL Financial, a leading independent broker/dealer and registered investment advisor.

    ONWA’s slate of services includes:

    • Investment strategies and management
    • Estate planning and advice
    • Financial and retirement planning
    • College saving options and advice
    • Insurance options and guidance
    • Tax planning and strategies

    “When Old National Investments first debuted in the early 1990s, the intent was to complement our traditional banking services with a resource that provides investment advice and strategies,” said Chady AlAhmar1, CEO, Old National Wealth Management. “However, they have outgrown the Investments name as these advisors provide robust financial services that stretch far beyond stocks and bonds. This name change is simple but effective in illustrating that the professionals at Old National Wealth Advisors provide integrated services and holistic advice that help clients manage their wealth at each stage of life.”

    Old National delivers its wealth management services and advice through one of three service models based on the client’s needs. Two of those service models are backed by ONWA.

    1. The Investment Strategies Team of ONWA: Designed for clients focused on short- and/or long-term investing, saving, and planning for their financial future; or for clients who desire a self-service approach to online investing.
    2. Private Wealth Management through ONWA: Designed for clients who are planning for retirement, growing assets and/or planning for other major life events. Within Private Wealth Management, the client has two dedicated resources: a Wealth Advisor from Old National Wealth Advisors,2 and a Private Banker from Old National Private Banking.3
    3. 1834, a division of Old National Bank: Designed for higher-net-worth clients with diverse and complex financial priorities; those with a need for robust asset management who are focused on preserving and building wealth. 1834 also provides institutional services for businesses and nonprofit organizations, including investment management, philanthropy and endowment services, corporate trust services and retirement plan services.

    For additional information on Old National’s wealth management service models, visit oldnational.com/wealth.

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $30 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” — an honor reserved for the 50 most community-minded companies in the United States.

    1Old National Wealth Management and Chady AlAhmar are not affiliated with LPL Financial.

    2Old National Wealth Advisors: Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC.). Insurance products are offered through LPL or its licensed affiliates. Old National Bank and Old National Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Old National Wealth Advisors, and may also be employees of Old National Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Old National Bank, Old National Private Banking or Old National Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:

    Not Insured by FDIC or Any Other Government Agency Not Bank Guaranteed Not Bank Deposits or Obligations May Lose Value

    Old National Bank provides referrals to financial professionals of LPL Financial LLC pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. Old National Bank is not a current client of LPL for advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

    3Old National Private Banking: Credit products offered by Old National Bank and subject to normal credit approval. Deposit products are offered by Old National Bank. Equal Housing Lender. Member FDIC. Old National Bank is not responsible for and does not guarantee the products, services, or performance of Old National Wealth Advisors nor 1834.

    Investor Relations:
    Lynell Durchholz
    (812) 464-1366
    lynell.durchholz@oldnational.com

    Media Relations:
    Rick Vach
    (904) 535-9489
    rick.vach@oldnational.com

    The MIL Network –

  • MIL-OSI: LPL Financial Announces Strategic Relationship with First Horizon Bank

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, April 07, 2025 (GLOBE NEWSWIRE) — LPL Financial Holdings Inc. (Nasdaq: LPLA) today announced an agreement with First Horizon Bank, the banking subsidiary of First Horizon Corporation (NYSE: FHN), to expand their wealth management capabilities and solutions by transitioning support of the broker-dealer and investment advisory services of First Horizon Advisors, Inc., to LPL and its Institution Services platform.

    First Horizon Advisors, Inc., is a subsidiary of First Horizon Bank and consists of approximately 110 financial advisors who collectively serve approximately $16 billion* of client assets across the company’s 12-state footprint. The financial advisors with First Horizon Advisors, Inc., will continue to work one-on-one with their clients to implement investment strategies that help them pursue their financial goals.

    “LPL’s industry-leading capabilities and operational support will allow us to expand our offering and concentrate our talent, resources and capital on driving continued growth and outstanding client experiences,” said Martin de Laureal, president at First Horizon Advisors, Inc. “This relationship will further empower our advisors to provide exceptional advice and distinguish themselves in the marketplace.”

    “Through their community-minded commitment to excellence, First Horizon Advisors delivers well-respected and comprehensive financial advice to their clients,” said Christopher Cassidy, SVP, head of Institution Business Development at LPL Financial. “LPL will further enhance the competitive advantage of First Horizon Advisors by delivering seamless experiences and customized support while powering the future of advice through one unified vision.”

    The transition is expected to be completed in the second half of 2025, subject to receipt of regulatory approval and other conditions. 

    About First Horizon
    First Horizon Corporation (NYSE: FHN), with $82.2 billion in assets as of December 31, 2024, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation’s best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com. 

    About LPL Financial
    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker dealer, member FINRA/SIPC. First Horizon Bank, First Horizon Corp., First Horizon Advisors, Inc., and LPL Financial are separate entities.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website. 

    *Estimated as of April 4, 2025

    Forward-Looking Statements 
    Certain of the statements included in this release, such as those regarding the completion of the strategic relationship agreement; the expected transition of assets associated therewith; and the benefits anticipated therefrom, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on current expectations and beliefs concerning future developments and their potential effects upon First Horizon, LPL or both. In particular, no assurance can be provided that the assets reported as serviced by financial advisors affiliated with First Horizon will translate into assets serviced by LPL, that advisors affiliated with First Horizon will transition registration to LPL or that the benefits that are expected to accrue to First Horizon, LPL and First Horizon-affiliated advisors as a result of the strategic relationship agreement will materialize. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, including economic, legislative, regulatory, competitive and other factors, and there are certain important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include: the failure of the parties to satisfy the closing conditions applicable to the strategic relationship agreement, including receiving regulatory approval, in a timely manner or at all; difficulties or delays in transitioning advisors affiliated with First Horizon, or in onboarding First Horizon’s clients and businesses or transitioning their assets from First Horizon’s current third-party custodian, to LPL; the inability of LPL to sustain revenue and earnings growth or to fully realize revenue or expense synergies or the other expected benefits of the transaction, which depend in part on LPL’s success in onboarding assets currently served by First Horizon’s advisors; disruptions to First Horizon’s or LPL’s businesses due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with financial advisors and clients, employees, other business partners or governmental entities; the inability of LPL or First Horizon to implement onboarding plans; the choice by clients of First Horizon-affiliated advisors not to open brokerage and/or advisory accounts at LPL; changes in general economic and financial market conditions, including retail investor sentiment; fluctuations in the value of assets under custody; and the effects of competition in the financial services industry, including competitors’ success in recruiting First Horizon-affiliated advisors. Certain additional important factors that could cause actual results or the timing of events to differ, possibly materially, from expectations or estimates expressed or implied in such forward-looking statements can be found in the “Risk Factors” and “Special Note Regarding Forward-Looking Statements” section included in LPL’s most recent Annual Report on Form 10-K. Except as required by law, LPL does not undertake to update any particular forward-looking statement included in this document as a result of developments occurring after the date of this press release. 

    Contacts

    LPL Media Relations
    media.relations@lplfinancial.com

    LPL Investor Relations
    investor.relations@lplfinancial.com

    Tracking #716697

    The MIL Network –

  • MIL-OSI: Zero Hash Further Enhances its Leading Position as the Crypto-as-a-service provider for Brokerage Firms

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 07, 2025 (GLOBE NEWSWIRE) — Zero Hash, the leading infrastructure for stablecoins and crypto, today announced that it is one of the first in the industry to complete an independent assessment of its infrastructure against the U.S. Securities and Exchange Commission’s Regulation Systems Compliance and Integrity (“Reg SCI”) requirements. While not subject to Reg SCI, Zero Hash has taken the effort to voluntarily confirm that its systems exceed the most stringent capacity, integrity, security, resiliency, and infrastructure standards in financial markets.

    This milestone reinforces Zero Hash’s unrivaled position as the go-to infrastructure provider for the explosion of digital assets adoption among broker-dealers, asset managers, and financial institutions globally. Zero Hash powers many of the leading brokerage and neo-banks including Interactive Brokers, tastytrade, Current and MoneyLion. The rigorous third-party assessment was conducted by Schellman Compliance LLC, which verified that Zero Hash exceeds Reg SCI’s high standards and maintains industry-leading, robust, secure, and resilient systems.

    “Although Zero Hash does not deal in securities, many of our customers are overseen by the SEC. This assessment further demonstrates what sets us apart – our unwavering commitment to providing the most comprehensive, scalable, and secure solutions for our customers and end users,” said Scott Minneman, Chief Information Security Officer at Zero Hash. “We are powering the future of finance. Having Reg SCI verification further secures our position as the partner of choice for the world’s largest financial institutions embracing digital assets.”

    About Zero Hash
    Zero Hash is the leading crypto and stablecoin infrastructure provider that seamlessly connects fiat, crypto, and stablecoins in one platform, enabling a better way to move and transfer money and value globally.

    Through its embeddable infrastructure, start-ups, enterprises, and Fortune 500 companies build a diverse range of use cases, including cross-border payments, commerce, trading, remittance, payroll, tokenization, wallets, and on/off-ramps.

    Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    Zero Hash Trust Company LLC will be established in North Carolina and hold a non-depository trust charter issued by the North Carolina Commissioner of Banks.

    Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 U.S. jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

    Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

    Media Contacts
    Zero Hash
    Shaun O’Keeffe
    (855) 744-7333
    media@zerohash.com 

    The MIL Network –

  • MIL-OSI Europe: EBA publishes its Peer Review on the performance of stress tests by Deposit Guarantee Schemes

    Source: European Banking Authority

    The European Banking Authority (EBA) today released the findings of its latest Peer Review on the performance of stress tests by deposit guarantee schemes (DGSs) across the European Union. This comprehensive review assessed how seven national DGSs performed stress tests against benchmarks developed for the purposes of this Peer Review. The benchmarks derive from the Deposit Guarantee Schemes Directive (DGSD) and the Revised EBA Guidelines on stress tests of deposit guarantee schemes. Stress tests of DGSs are essential for maintaining financial stability and protecting EU citizens. By rigorously assessing the performance of DGS stress tests, the EBA aims to continuously enhance the preparedness of DGS to handle bank failures and safeguard depositors’ funds. 

    The review found that all seven DGSs have effectively developed their stress testing programmes in line with the guidelines, with only minor shortcomings. All seven DGSs have also demonstrated effective cooperation with relevant authorities, with robust stress testing of these arrangements.  

    However, only five of the seven DGS could fully or largely demonstrate that they have: 

    • performed all the mandatory core stress tests, using realistic assumptions and conducting objective evaluations; 

    • increased severity and complexity of their testing scenarios to adequately stress test their ability to intervene; and 

    The Report outlines follow-up measures addressed to all EU DGSs in areas such as the prompt development of stress tests, performance of stress tests, cooperation, severity and complexity of stress tests, and identification of areas for improvement. 

    In addition to the detailed review of the seven DGSs, the Report presents an overview of the 194 stress tests conducted by all DGSs in the EU, Norway, and Liechtenstein during the 2021-2024 period.  

    ​Legal basis and next steps 

    In accordance with Article 4 of the Deposit Guarantee Schemes Directive1, based on the results of the stress tests, the EBA shall, at least every five years, conduct peer reviews pursuant to Article 30 of Regulation (EU) No 1093/2010 in order to examine the resilience of DGSs. Article 30 of the EBA Regulation requires the EBA to periodically conduct peer reviews of some or all of the activities of competent authorities within its remit, to further strengthen consistency and effectiveness in supervisory outcomes. 

    The EBA will conduct a follow-up peer review of the implementation of the measures included in the Report in two years, ensuring that the findings and recommendations are effectively addressed. 

    MIL OSI Europe News –

  • MIL-Evening Report: Election Diary: Jim Chalmers highlights expectations of May interest rate cut – after the election

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Amid the chaos of the tariff crisis and the dark clouds internationally, there is a potential silver lining for Australian mortgage holders.

    Treasurer Jim Chalmers on Monday pointed out that the markets were expecting several cuts in Australia’s interest rates this year, including one next month. There has been one cut so far, in February.

    “Markets are now expecting around four interest rate cuts in Australia this calendar year”, Chalmers told a news conference. There was even a “more than 50% expectation in the markets that the next Reserve Bank interest rate cut in May might be as big as 50 basis points”.

    While saying he didn’t predict or pre-empt Reserve Bank decisions, Chalmers nevertheless highlighted what the markets are expecting.

    The next meeting of the Reserve Bank is on May 19-20, so a cut would be after the May 3 election.

    Chalmers said the “whole world” was trying to get their heads around the impacts of these “bad decisions” on tariffs.

    Releasing updated Treasury modelling of the impact, Chalmers said it expected big hits to American growth and to Chinese growth, as well as a spike in American inflation.

    “We expect more manageable impacts on the Australian economy but we still do expect Australian GDP to take a hit, and we expect there to be an impact on prices here as well”.

    Chalmers stressed the uncertainty around the modelling and about the economic impacts more generally. “Clearly, a series of decisions are still to be taken around the world when it comes to how countries may or may not retaliate to the decisions taken and announced by President Trump”.

    The Treasury modelling says: “The effects on the Australian economy are expected to be modest, however, some parts of the agriculture, energy, mining and durable manufacturing sectors will be more adversely affected than others”.

    “Australia’s real GDP is estimated to decline by 0.1 per cent and inflation to increase by 0.2 percentage points in 2025 relative to a baseline scenario with no tariffs. Over the medium-term Australia’s GDP is permanently lower; while the effect on inflation is temporary.

    “The direct effects of the United States tariff changes (from bilateral trade) are expected to be small.

    “Most of Australia’s exposure to US tariffs comes from reduced demand for Australian exports from major trading partners including China, Japan, South Korea, and India.

    “The indirect effects of US tariffs on Chinese demand accounts for almost 80 per cent of the total impact on Australian GDP.”

    Government to promise $1 billion for mental health, with emphasis on youth

    Returning to Labor’s core issue of health, Prime Minister Anthony Albanese on Tuesday will promise $1 billion for free mental health services that would fill gaps in the system.

    This includes

    • $225 million for 31 new and upgraded Medicare Mental Health Centres

    • More than $200 million for 58 new, upgraded or expanded headspace services

    • $500 million for 20 Youth Specialist Care Centres for young people with complex needs, and

    • $90 million for more than 1,200 training places for mental health professionals and peer workers.

    The government says the new network of Youth Specialist Care Centres would ensure young people in “the missing middle” received needed specialist help. It would mean those with complex mental health needs such as personality disorders, eating disorders and early psychosis would be able to ongoing and intensive care outside hospital.

    Dog day for Dutton

    Saying you got it wrong is never harder than in an election campaign. Peter Dutton bowed to the inevitable in dropping his plan to force Canberra public servants back into the office, but fronting the media for the mea culpa on Monday was painful.

    “I have apologised for the decision we took in relation to work from home,” he said. He added, with false optimism, “Labor’s run this scare campaign and I think we bring an end to that today.”

    It wasn’t the only pain of the day for the opposition leader, who needs – to borrow his own election slogan – to get his campaign “back on track”. The message from Newspoll, the poll many Liberals take most notice of, was bad. Labor had extended its lead in a week, from 51%-49% in two-party terms to 52%-48%. This is close to the result of the 2022 election, and can only alarm the Liberal campaigners.

    Some Liberals, disappointed with the Coalition campaign so far, are recalling John Howard’s mantra: you can’t fatten the pig on market day. “There’s not much evidence the work has been done,” one says.

    As of late Monday, Dutton had still not produced the modelling for his controversial gas reservation scheme, which has made it more difficult for candidates to explain the policy to voters.

    On another front, the Liberals have also failed to do their work properly in vetting candidates. They’ve had to disendorse their candidate for the Sydney Labor seat of Whitlam, Ben Britton.

    Previously Britton had said women should be removed from combat positions in the defence force. “Their hips are being destroyed because they can’t cope with the carrying of the heavy loads and the heavy impacts that’s required for doing combat-related jobs,” he said, among other comments attacking “diversity and equity quotas” for weakening Australia’s defence.

    In previous elections, parties have had to remove candidates after previous embarrassing comments have turned up. Surely the Liberals would have learned to be scrupulous in vetting. But in the New South Wales Liberal organisation, it seems to take a long time for the messages to get through.

    .

    Michelle Grattan 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. Election Diary: Jim Chalmers highlights expectations of May interest rate cut – after the election – https://theconversation.com/election-diary-jim-chalmers-highlights-expectations-of-may-interest-rate-cut-after-the-election-253733

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Australia card payments market to grow at 6.3% in 2025, forecasts GlobalData

    Source: GlobalData

    Australia card payments market to grow at 6.3% in 2025, forecasts GlobalData

    Posted in Banking

    The Australian card payments market is projected to reach AUD1.1 trillion ($726.4 billion) in 2025e, growing at 6.3% compared to the previous year. This growth is driven by the rising consumer spending and increasing consumer preference for cashless transactions, reveals GlobalData, a leading data and analytics company.

    GlobalData’s report, “Australia Cards and Payments: Opportunities and Risks to 2028,” reveals that card payment value in Australia registered a growth of 7.2% in 2024, supported by nearly 100% banked population and strong payment acceptance infrastructure. The value grew further to register an estimated growth of 6.3% in 2025 to reach AUD1.1 trillion ($726.4 billion).

    Poornima Chinta, Senior Banking and Payments Analyst at GlobalData, comments: “Australia’s payment card market is well developed with each individual holding over two cards along with the highest frequency of card payments in the Asia-Pacific region, which stands at 238 in 2024. Widespread adoption of contactless payments, growing preference for electronic payments, and the burgeoning ecommerce market are all contributing to this growth.

    A well-developed payment infrastructure, with strong POS terminal uptake, is also a major driver for the rise in card payments. The number of POS terminals per one million inhabitants in Australia rose from 36,012 in 2020 to 40,046 in 2025. In addition to the traditional POS terminals, companies are offering POS solutions designed to target SMEs. For instance, Fiserv launched its Clover POS solution in March 2025, specially targeting SMEs operating in the hospitality, service, and retail sectors.

    Debit card payments held a significant share of the total card payments market, accounting for 58.9% in the total payment value in 2024. The growing popularity of debit cards can be attributed to their convenience and the increasing consumer inclination towards budgeting and managing expense.

    Credit and charge cards, on the other hand, accounted for the remaining 41.1% share in value in 2024. Consumer reluctance towards taking credit-card debt and the growing uptake of BNPL solutions such as Afterpay and Klarna are posing a threat to the credit and charge card market.

    Contactless cards are also widely used in Australia with strong penetration and awareness. Australian consumers and financial institutions alike have embraced the technology, with extensive acceptance infrastructure in the country being the major reason why these cards are so popular.

    According to GlobalData’s 2024 Financial Services Consumer Survey*, 77% of the respondents in Australia indicated having access to a contactless card and used it for payments.

    Chinta concludes: “The Australian card payments market is expected to continue its upward growth trajectory driven by the convenience of electronic payments, widespread payment infrastructure, and the increased accessibility of contactless technology. The card payments market is anticipated to increase at a compound annual growth rate of 5.2% between 2025 and 2029 to reach AUD1.4 trillion ($924.4 billion) in 2029.”

    *GlobalData’s 2024 Financial Services Consumer Survey was carried out in Q2 2024. Approximately 67,292 respondents aged 18+ were surveyed across 41 countries.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Chinese Culture Festival 2025 to be held June to September to unveil millennia-old Chinese culture through fusion of art and literature (with photos)

    Source: Hong Kong Government special administrative region

    Chinese Culture Festival 2025 to be held June to September to unveil millennia-old Chinese culture through fusion of art and literature  
    The CCF is now in its second edition. The opening programme, “Dongpo: Life in Poems” by the China Oriental Performing Arts Group, is directed by internationally acclaimed choreographer and visual artist Shen Wei. The production is an innovative work that integrates traditional Chinese poetic culture with contemporary artistic language and arts appreciation concepts. It blends modern dance with various traditional Chinese culture elements, such as poetry writing, traditional Chinese painting, calligraphy, seal engraving and guqin, which delicately deconstructs the thoughts and emotions in the poetic works by Su Dongpo, a literary master in the Song dynasty, thereby initiating an artistic dialogue spanning thousands of years. The programme is sponsored by the Agricultural Bank of China Limited Hong Kong Branch.
     
    As a core part of the CCF, this year’s Chinese Opera Festival (COF) features six quality programmes covering Peking opera, Yuediao opera, Qinqiang opera, Yue opera, Cantonese opera and Kunqu opera. The COF will start off with the China National Peking Opera Company’s new historical Peking opera, “Cession for Consolidation of the Song Regime”. Set during the late Five Dynasties and Ten-Kingdoms period, it tells the story of Qian Chu, the King of Wuyue, honouring the rightful rule of the Song reign by voluntarily submitting his territory. The production conveys the profound themes of valuing people, pursuing peace and stability, and strengthening the communal spirit of Chinese national identity. Furthermore, there will be fantastic shows from a number of renowned art groups and artists, including the Henan Provincial Yue Diao Art Protection and Inheritance Center, the Xi’an Performing Arts Group’s Youth Experimental Troupe of Qinqiang Opera, the Xiaobaihua Yue Opera Troupe of Shaoxing and the Zhejiang Jingkun Art Center (Kun Opera Troupe). The performances will feature winners of the China Theatre Plum Blossom Award such as renowned Peking opera artists Yu Kuizhi and Li Shengsu, Yuediao opera inheritor Shen Xiaomei, Qinqiang artists Dou Fengqin, Tan Jianxun, Qu Qiaozhe, Wang Xincang, Qi Aiyun and Zhang Tao, as well as acclaimed Yue opera performers Wu Fenghua, Wu Suying and Chen Fei.
     
    The COF this year also features classic plays inspired by the “Romance of Three Kingdoms”, one of the four great classic novels of Chinese literature. With virtuoso Yuen Siu-fai as artistic director, the Cantonese opera plays “Zhou Yu Thrice Humiliated” and “The Battle at Changbanpo” bring together some of the finest local Cantonese opera talent across three generations to perform. The Peking opera classic “A Meeting of Heroes, Invoking the East Wind and The Huarong Pass”, the Yuediao epic historical drama “Jiang Wei Surrenders” and Qinqiang classic piece “Returning to Jingzhou” will also be staged, bringing opera fans back to the Three Kingdoms era of fierce rivalry. The COF will also present an array of free extension activities such as meet-the-artists sessions, masterclasses, talks, a backstage tour, a demonstration performance and an exhibition so that interested parties can gain a deeper understanding of Chinese opera culture.
     
    More on literary and art, “the City under the Moon – Dance Drama ‘Azure After the Rain’” by the Shanghai Dance Theatre highlights the resilient spirit and sentiments of the famous Song dynasty poetess, Li Qingzhao, and her contributions to the inheritance of Chinese literary classics from a contemporary perspective. By blending music, dance and stage art, the dance drama creates the aesthetics of the Song dynasty and its life of the literati, and resonates with today’s audiences through traditional Chinese culture. The original Chinese dance drama, “A Dream of Red Mansions”, by the Jiangsu Centre for the Performing Arts is another production that upholds principles and innovation. Its plot centres around the love triangle between Jia Baoyu, Lin Daiyu and Xue Baochai, and restructures the storylines from the perspective of the 12 Beauties of Jinling, paying homage to fine traditional Chinese culture while rekindling the national classic with views from the young generation. The programme is jointly presented by the LCSD and the Bauhinia Culture Group. These two programmes are also programmes of the “Chinese Performing Arts Hong Kong Season” Series.
     
    China was the first country in the world to grow and produce tea. In 2022, “traditional Chinese tea-making techniques and related customs” was inscribed onto the UNESCO Representative List of the Intangible Cultural Heritage of Humanity. This year’s CCF features a “Tea Culture” series, with the “Tan Dun WE-Festival”, curated by Hong Kong’s Ambassador for Cultural Promotion, internationally renowned composer and conductor, Tan Dun, as one of the pre-festival programmes. In addition to the Tan Dun | “Tea: A Mirror of Soul” by the Hong Kong Philharmonic Orchestra, there are also performances of dialogues between traditional and modern percussion, as well as ancient Dunhuang music and dances, which include “Xiangxi Tujia Women’s Daliuzi & Hong Kong Women’s Percussion Ensemble” (the world premiere of “TEA-liuzi”) and “Lost Tang Dynasty Music and Dance Manuscripts: ‘The Vanishing Mogao Caves’”. These performances enable music lovers to appreciate the charm of tea, while telling the good story of China’s intangible cultural heritage in the new era. The “Tea Culture” series also includes other stage performance, exhibitions, talks and demonstrations.
     
    The City in Focus of this year’s CCF is Xi’an, a capital of 13 ancient dynasties with profound cultural heritage. It has preserved a large number of precious historical and cultural relics from the Qin, Han, Tang and other dynasties. The CCF brings to Hong Kong a representative opera genre of the region, Qinqiang, with the Xi’an Performing Arts Group’s Youth Experimental Troupe of Qinqiang Opera presenting the classic piece “Zhou Ren on the Way Home”, which conveys the spirit of loyalty and righteousness with its wide vocal range and resounding tones. Other programmes include “The Hong Kong Jockey Club Series: The Great Unity – Civilisation of the Qin and Han Dynasties in Shaanxi Province” exhibition jointly organised by the Hong Kong Museum of History and the Shaanxi Cultural Heritage Promotion Center, showcasing invaluable archaeological relics; the Acrobatic Ballet “Swan Lake” by the Xi’an Acrobatic Troupe jointly presented by the LCSD and the Bauhinia Culture Group; and “Xi’an Guyue” music exhibitions by the Music Office of the LCSD, which all reveal Xi’an’s culture to the audience and foster cultural exchange.
     
    This year’s CCF continues to collaborate with the China Federation of Literary and Art Circles Hong Kong Member Association to organise a number of stage performances, including the stage play in Cantonese “Tea-horse Road‧Ballad of the Fallen Dragon” under the “Tea Culture” series; “Ancient Styles‧Modern Chants Classical Literature x Contemporary Dance”; “Melodies of Chinese Poetry” concert; “Taisheng and Huayin Lao Qiang: Big Uncle, Second Uncle are All His Uncles” concert, and “Classics Revisited – Highlights of Peking Opera and Kunqu”. All these demonstrate the power of unity of the local cultural sector, as well as their solid competence and boundless creativity in promoting Chinese culture. The “Legacy and Vision: Conversations with Chinese Cultural Masters” lecture series also returns, featuring top experts from various culture and artistic fields to share their insights. Meanwhile, outstanding local works recognised by the China National Arts Fund will be staged in the CCF, such as the Cantonese Music Assembly’s “Cantonese Rhyme, Poetic Homeland – Sentiment of Chinese Music in the Greater Bay Area by Ricky Yeung Wai-kit & Sha Jingshan” recital, Hong Kong Gaudeamus Dunhuang Ensemble’s Museum Series: “The Sounds from Cultural Relics” and Miranda Chin Dance Company’s “Hé The Rite of Spring”.
     
    The CCF promotes high-quality provincial and local stage productions. Among them is the “Ancient Chinese Puppetry with Timeless Charm” by the Quanzhou Marionette Show Inheritance and Protection Center from Fujian Province, in which performers move delicate puppets around by controlling strings in their skilful hands to perform classic short plays. In the “Concert by Shanghai Xuhui Chiangqiao Jiangnan Silk and Bamboo Ensemble”, the representative inheritors of Jiangnan silk and bamboo music from Shanghai, along with talented young Shanghainese musicians, will perform classical string and wind pieces. Other programmes include the opening programme of the International Arts Carnival 2025 – Kungfu Drama “Soul of Shaolin” by the Henan Provincial Shaolin Wushu Center; the “Innovative Music-making Journey to China: MO x e-Orch” concert by the Music Office; the “Silk Road Resonance” by the Hong Kong Music Lover Chinese Orchestra and Xinjiang Art Theater Traditional Orchestra Ensemble; the Hong Kong Chinese Orchestra’s 49th Orchestral Season Opening Concert “Silken Notes of the Pipa”; the Hong Kong Dance Company’s 2025/26 Dance Season Opening Programme Grand Dance Poem “A Dance of Celestial Rhythms”, and more.
     
    Apart from stage performances, the CCF will also present a number of film programmes. “Tracing Qin and Han Through Cinema” features eight representative local works set in the Qin and Han dynasties, including “The Great Conqueror’s Concubine” (1994) (4K Digitised Version), which was directed by Stephen Shin, as the opening film, while “Cantonese Opera Films: The Legend of Guan Gong” features five selected Cantonese opera films, including the rarely screened colour film “General Kwan Escorts His Sisters-in-Law on a Thousand Mile Journey” (1957). The “Chinese Opera Film Shows” of the COF will present a series of “Three Kingdoms” themed Chinese opera films from the 1950s to 1980s. The Hong Kong premiere of director Yonfan’s latest documentary, “Crossing Years” (2024) will be held, capturing renowned Chinese artist Huang Yongyu’s conversation with Yon about his life before Chinese New Year’s Eve in 2012.
     
    For the dates and venues of the above-mentioned programmes, please see the Annex. Tickets will be available at URBTIX (www.urbtix.hk 
         To offer the public with more opportunities to enjoy distinctive Chinese cultural programmes, in addition to the above-mentioned performing arts events, this year’s CCF will continue to launch various free exhibitions and activities. They include the “Mystery of Chinese Writing” Roving Exhibition, “Genesis and Spirit – Intangible Cultural Heritage Exhibition on Jiangxi’s Ganzhou “Hakka” Culture” (tentative title), “Amazing Oracle Bone Script” Exhibition, “The Power of Chinese Characters” Exhibition, “Tea Culture” series’ “The History and Art of Tea” Exhibition, and more. The LCSD will hold the “Encountering Chinese Culture” Carnival presenting stage performances at the Sha Tin Town Hall and the New Town Plaza on June 22 (Sunday), as well as the library-on-wheels, intangible cultural heritage booths and performances, etc. In addition to the spectacular lantern displays of different themes, the Mid-Autumn Lantern Carnival 2025 to be held in September and October will also arrange a wide range of activities. Details of the above activities will be announced later.
     
    To enhance participation of students in the CCF, this year’s “Chinese Culture for All: A Special Performance Series” will include activities tailor-made for students in different art forms, such as dance, Chinese opera, stage plays, music, multi-arts and film screenings, etc, together with the “Chinese Opera En Route to Campus” to encourage students’ participation and enhance their interest in Chinese culture.
     
    Renowned Hong Kong composer Chris Babida is commissioned to compose original theme music for the CCF. The composition features dizi and erhu as the main instruments accompanying Chinese percussion, and is infused with a mix of Western and pop music styles, giving a contemporary flavour to the traditional Chinese music. The work exemplifies the diversity of Hong Kong, a melting pot where East meets West. The theme music will be featured as the background music for the trailer of the CCF, which can be viewed on the CCF website.
     
    The CCF, presented by the Culture, Sports and Tourism Bureau and organised by the Chinese Culture Promotion Office under the LCSD, aims to promote Chinese culture and enhance the public’s national identity and cultural confidence. It also aims to attract top-notch artists and arts groups from both the Mainland and other parts of the world for exchanges in Chinese arts and culture. For more information about programmes and activities of the CCF 2025, please visit the above-mentioned CCF website.
    Issued at HKT 18:45

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI United Nations: UNDRR partnership with Standard Chartered prompts resilient infrastructure deal to tackle $2 trillion climate impacts

    Source: UNISDR Disaster Risk Reduction

    • Standard Chartered announces completion of first adaptation finance deal for a corporate client following launch of the breakthrough Guide for Adaptation and Resilience Finance.
    • Deal facilitates the trade of solar modules resistant to tornadoes and tropical storms, extreme wind, storms and sandstorms.
    • In 2024, the International Chamber of Commerce (ICC) reported that over the last decade, climate-related extreme weather events resulted in cumulative losses to the global economy of around $2 trillion.
    • Deal demonstrates potential of adaptation as an investable asset class in response to growing demand for resilient infrastructure to mitigate economic losses caused by extreme weather events, such as those caused by the Los Angeles wildfires earlier this year.

    London, 13 March 2025 – Standard Chartered today announces the successful completion of an adaptation transaction for Jinko Solar Co., Ltd. (JinkoSolar), facilitating the delivery of storm and extreme weather-resilient solar modules to solar photovoltaic (PV) farms located in the US (Florida), UAE and Saudi Arabia. Standard Chartered provided Bank Guarantees (BGs) to facilitate the trade of these solar modules, known as Tiger Neo N-type products.

    The deal is Standard Chartered’s first labelled adaptation finance deal for a corporate client following the launch of the breakthrough Guide for Adaptation and Resilience Finance, which set out for the first-time, guidance on what constitutes adaptation and resilience investment, mapping over 100 investable activities in this field. This also represents the Bank’s first labelled adaptation finance transaction in China.

    The deal demonstrates the potential of adaptation and resilience as an investable asset class in response to growing demand for resilient infrastructure, particularly in the US (Florida), UAE and Saudi Arabia, where extreme wind, storms and sandstorms degrade and disrupt solar technology, leading to economic losses on investments made. The project specification (see Appendix) protects against:

    • Tornadoes and tropical storms in the US (Florida), like the more than 46 tornadoes that occurred throughout Florida in 2024 as a result of Hurricane Milton. Across the US, hurricanes including Hurricane Milton and Hurricane Helene (North Carolina) caused over $500 billion in economic losses.
    • Extreme wind, storms and sandstorms in the UAE and Saudi Arabia, including the severe storm that swamped Dubai in 2024 leading to damages thought to be worth hundreds of millions of dollars to homes and businesses.

    Ben Hung, President, International at Standard Chartered, said: “As a bank that sits at the centre of trade flows, and helps to facilitate them, we’re delighted to support JinkoSolar on this transaction. This deal demonstrates Standard Chartered’s ability to leverage the full breadth of our cross-border capabilities alongside our unique adaptation finance expertise, to connect demand for advanced solar technology with supply, building long-term resilience into critical energy infrastructure across our markets.”

    Haiyun Cao, Chief Financial Officer at JinkoSolar, said: “Adaptation and resilience financing are crucial in the journey to address climate change and as a leading enterprise in the photovoltaic industry, JinkoSolar feels a great sense of responsibility to support this. We are committed to promoting the development of clean energy and improving the efficiency and adaptability of photovoltaic products through technological innovation. This not only contributes to our own sustainable development, but also provides stable clean energy supply for societies and enhances our ability to cope with climate challenges. JinkoSolar looks forward to strengthening our work with Standard Chartered to contribute to building a more resilient energy system together.”

    Research from the International Chamber of Commerce (ICC) found that over the last decade, nearly 4,000 climate-related extreme weather events resulted in cumulative losses to the global economy of around $2 trillion, including the direct cost of physical asset destruction. In the last two full years alone, global economic damages reached $451 billion – representing a 19% increase compared to the previous eight years of the decade, underscoring the urgent need for resilient infrastructure.

    Tracy Wong Harris, Head, Sustainable Finance GCNA at Standard Chartered said: “Standard Chartered offers practical solutions to mitigate the worst impacts of extreme weather, helping our clients build resilience against the major productivity losses being felt here and now in the real economy as a result of increasingly frequent weather-related events. We’re proud to support JinkoSolar on this transaction, empowering them in delivering clean energy security alongside long-term business growth.”

    In 2024, Standard Chartered, KPMG and the United Nations Office for Disaster Risk Reduction launched the Guide for Adaptation and Resilience Finance, with support from more than twenty leading financial institutions and NGOs a guide for investment in adaptation and resilience. The guide set out a common reference for adaptation and resilience alongside a list of financeable adaptation and resilience themes and activities, forming a classification framework for the market.

    Marisa Drew, Chief Sustainability Officer, Standard Chartered, said: “When we launched the Guide for Adaptation and Resilience Finance, we set out to provide the clarity needed across the market to accelerate investment into adaptation and resilience. Today, we’re putting the Guide into action ourselves through our first labelled deal with a corporate client, demonstrating the commercial opportunity alongside the economic benefits of financing resilient infrastructure in markets that are acutely vulnerable to the negative effects of extreme weather.”

    This is Standard Chartered’s second labelled adaptation finance deal, having completed a deal with an insurance client in 2023, which provided financial protection against extreme weather such as changes in river levels and wind levels for businesses in the renewable energy sector.

    View the report

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: First International Research Conference on Pension (IRCP) 2025 concludes with the participation of global leaders, including World Bank and experts

    Source: Government of India

    First International Research Conference on Pension (IRCP) 2025 concludes with the participation of global leaders, including World Bank and experts

    Pension for All must become a national priority: Shri Pankaj Chaudhary

    Through the launch of the Unified Pension System, we are creating a robust foundation for secure retirement: Secretary, DFS

    National Pension System (NPS) has emerged as a cornerstone of India’s pension sector, fostering financial security for millions: Dr. Deepak Mohanty

    Posted On: 05 APR 2025 11:17AM by PIB Delhi

    The First International Research Conference on Pension (IRCP) 2025 held in New Delhi concluded yesterday. It   was inaugurated on 3rd April at Bharat Mandapam by Shri Pankaj Chaudhary, Minister of State for Finance, Government of India. The two-day event was organized by the Pension Fund Regulatory and Development Authority (PFRDA) in collaboration with the Indian Institute of Management Ahmedabad (IIMA), to mark a historic milestone in India’s journey toward robust old-age income security.

    This platform brought together policymakers, scholars, industry leaders, and international experts to deliberate on the evolving dynamics of pension reforms, financial preparedness for retirement, and innovative strategies to secure the future of aging populations.

     

    Highlighting a big change in India’s demographic landscape, necessitating urgent and inclusive pension reforms to secure a dignified future for its aging population, Shri Pankaj Chaudhary,  Minister of State for Finance in his key note stated that India’s demographic landscape is on the profound shift in the coming decades. By 2050, one in five Indians will be over 60, and by 2047, the elderly will outnumber children. With 19 percent of the population projected to be elderly by mid-century—predominantly women—securing financial independence through inclusive pension schemes is not merely a goal, but a vital need for the country. ‘Pension for All’ must become a national priority, requiring policy action to ensure a dignified and secure future for our aging population.

    In his address, Shri Nagaraju Maddirala, Secretary, Department of Financial Services highlighted that India’s pension framework stands at a pivotal moment of transformation and through the launch of the Unified Pension System and efforts to broaden coverage, we are creating a robust foundation for secure retirement. UPS provides an assured pension of 50 per cent of the average basic pay drawn over the last 12 months prior to superannuation. India’s pension assets, constituting roughly 17 percent of GDP, fall far short of the OECD average, where they typically exceed 80 percent, revealing a stark disparity in retirement readiness.

    Welcoming distinguished guests, global thought leaders, and industry stakeholder, Dr. Deepak Mohanty, Chairperson of PFRDA in his address stated that the National Pension System (NPS) has emerged as a cornerstone of India’s pension sector, fostering financial security for millions, with an accumulated corpus of Rs 14.4 Lakh Cr and 8.4 crore subscribers under NPS and APY. As we embrace technology-driven initiatives and innovative policy solutions, our focus remains on expanding coverage, ensuring financial sustainability, and building a pension-inclusive society for future generations.

    The opening day of the First International Research Conference on Pension (IRCP) 2025 at Bharat Mandapam was a resounding success, featuring three dynamic panel discussions that captivated attendees with their depth and diversity.

    The first session, titled “Pension for Future: Building Resilient Old Age Income Security,” saw experts explore strategies adopted by various countries for enhanced pension coverage, building a sustainable pension system and challenges faced in inclusion of informal sector and gig economy workers. The panel was moderated by Somya Kanti Gosh, Member-16thFinance Commission and was addressed by Dr Deepak Mohanty, Chairperson, PFRDA, Ms. Astrid Ludin, Deputy Commissioner, FSCA, South Africa,  Ms. Omolola Oloworaran, Director General, PENCOM, Nigeria and Mr. William Price, CEO, D3P Global.

    This was followed by “Global Lessons on New and Innovative Investment Practices in the Pension Industry,” which showcased innovative investment methods, approaches for the product design and sharing of international success stories to inspire India’s pension sector. The session was moderated by Prof. Abhiman Das, Director , IIM Ahmedabad  and co-moderated by Mr. Tushar Arora, Senior Financial Sector Specialist, World Bank and was addressed by Mr. Brian M. Miller, Vanguard, Dr. Paul Yu, Director, MPFSA, Hong Kong, China, Mr. William Price, CEO, D3P Global, Prof. Prachi Mishra, Director and Head, Ashoka Isaac Center for Public Policy and Mr. R. Mark Davis, Senior Financial Sector Specialist, World Bank.

    The first day concluded with the “Pension Forum for Regulatory Coordination and Development of Pension Products,” where a panel of regulators and government debated harmonizing policies for pension products across regulators and innovative strategies to drive the growth and accessibility of pension products in India. The session was moderated by Dr M S Sahoo, ex-Chairperson, IBBI and was addressed by Mr. Pankaj Sharma, Joint Secretary, DFS, Mr. Ramesh Krishnamurthi, CEO, EPFO, Mr. Amarjeet Singh, Whole Time Member, SEBI, Mr. Rajay Kumar Sinha, Whole Time Member, IRDAI, Dr. Manoj Anand, Whole Time Member (Finance), PFRDA, and other esteemed organizations enriched the discussions with their expertise, making Day 1 a true melting pot of global insights on pension sector.

    The second day, scheduled for April 4, 2025, witnessed elevated discourse with a series of Research Paper Presentations showcasing innovative studies on pension systems. The concluding day featured two additional panel discussions.

    The first panel discussion was focussed on “Promoting Financial Literacy for Sustainable Retirement Planning” by the esteemed scholars from leading educational institutions. The key topics explored included strategies to enhance coverage while ensuring persistency, changing demographic trends, social pressures and gender biases, integrating financial literacy courses into school curricula under the National Education Policy (NEP), adopting a targeted approach for various population segments, and leveraging influencer marketing strategies. The session was moderated by Ms Mamta Shankar, WTM, PFRDA and addressed by Prof. Simrit Kaur, Principal, SRCC, Dr. Arvind Sahay, Director, MDI, Dr. Pawan Kumar Singh, Director, IIM Tiruchirappalli, Dr. Ashok Banerjee, Director, IIM Udaipur, Dr. Bhimaraya Metri, Director, IIM Nagpur, Sh. S Karthikeyan, Director, DFS, Ministry of Finance.

    The second session was aimed to discuss ‘Pension Fund Investments with a Focus on Risk and Return’ focused on identifying strategies by the Pension Funds to address long-term pension obligations while maintaining the portfolio’s risk-return balance. Key considerations included optimizing asset allocation, diversifying investments, stress-testing, potential impact of AI/ML in investment decision making and incorporating liability-driven investing approaches to align cash flows with future pay-outs without compromising growth potential. The session was moderated by Prof. V Ravi Anshuman, IIM Bangalore and addressed by Prof. S.V.D. Nageswara Rao, Head, SOM, IIT Bombay, Prof. Rupamanjari Sinha Ray, Management Development Institute, Gurgaon and Mr. Vivek Iyer, Grant Thornton Bharat LLP

    The panel discussion was followed by the award ceremony and Mr Rajan Raju, Invespar Pted Limited and Mr Ravi Saraogi, Samasthiti Advisors India and Ms. Pankhuri Sinha  and Lokanandha Reddy Irala, University of Hyderabad were honored as top honorees for best research papers. The event concluded on a commemorative note, highlighting the insightful discussions and learnings from the Conference by Ms. Sumeet Kaur Kapoor, Executive Director, PFRDA. The Vote of Thanks was delivered by Mr. P Arumugarangarajan, Chief General Manager, PFRDA, who expressed gratitude to the esteemed speakers, panelists, researchers and participants for their valuable insights and contributions, marking a successful conclusion to the event.

    *****

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Governor Newsom appeals abrupt end of USDA farm subsidies used to supply food banks

    Source: US State of California 2

    Apr 5, 2025

    Family farmers share how these cuts will harm their businesses and communities

    What you need to know: Governor Newsom sent a letter of appeal today to the Department of Agriculture asking for a reversal of the termination of $47 million meant to support California’s farmers who grow produce for food banks and community centers.

    SACRAMENTO – Governor Gavin Newsom sent an appeal to the United States Department of Agriculture today appealing the abrupt and inexplicable termination of funding for California’s Local Food Purchase Assistance (LFPA) Program. Since 2022, California has utilized more than $88.5 million in LFPA funding to support local farmers, strengthen the state’s food supply system, and distribute high quality nutritious food to food insecure communities and families. Despite the inevitable harm that will fall upon farmers and communities, California’s $47 million from USDA for LFPA and Local Food for Schools Program that had been awarded for next year have been completely terminated.  

    “California’s agriculture sector – which produces nearly half the country’s fruits and vegetables – relies on the support of the Department of Agriculture to ensure that they can get fresh, healthy foods onto families’ tables. The irrational and malicious slashing of funds will not only hurt our farmers, but also the families who need food banks and school meals to stay healthy and thrive. I implore the USDA to immediately reverse this decision.”

    Governor Gavin Newsom

    “Farmers, families, and schoolchildren rely on the Local Food Purchase Assistance Program to nourish our communities and strengthen our local food systems. Through California Farm to School, we’ve seen firsthand how these initiatives provide fresh, nutritious meals to families while supporting local growers. Without this funding, families facing food insecurity will have fewer options, children will miss out on the meals they rely on, and farmers who have built their livelihoods around feeding our communities will face devastating losses. We urge the USDA to reconsider this decision and continue working with us to ensure a stronger, more resilient food system for all.”

    First Partner Jennifer Siebel Newsom

    Read the full letter HERE.

    Impact on California 

    California is the nation’s agricultural leader, producing nearly half of the Country’s fruits and vegetables. The local food production sector faces mounting pressures, including climate change, labor shortages, and market fluctuations, all impacting food availability and affordability. In 2024 alone, California’s LFPA Program allocated the California Association of Food Banks, CDSS’s largest LFPA partner, over $22.3 million to provide local healthy food and 18,647,546 meals to food-insecure Californians.

    The sole basis for the termination of LFPA25 was that “AMS [USDA’s Agricultural Marketing Service] has determined that this agreement no longer effectuates agency priorities, and that termination of the award is appropriate,” even though USDA’s mission includes “promot[ing] agriculture production that better nourishes Americans.”  This decision will cause irreparable harm to the farmers and communities that have participated in and benefitted from California’s LFPA Program. 

    Testimonials 

    The testimonies below highlight just a few examples of the devastating impact that the interrupted LFPA and LFPA Plus payments, and termination of the LFPA25 Program, has, and will continue to have, on California farms, including family-operated farms.

    Recent news

    Apr 5, 2025

    News California Just a Nevada-Sized Economy Away from Overtaking Germany and Japan as World’s No. 3 Economy— Bloomberg News SACRAMENTO — As President Trump threatens the U.S. economy with reckless tariffs and rising uncertainty, Governor Gavin Newsom announced new…

    Apr 4, 2025

    News “California is not Washington, D.C.” What you need to know:As President Trump’s tariffs take effect, Governor Gavin Newsom is pursuing new strategic partnerships with international trading partners while calling for California-made products to be excluded from…

    Apr 3, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Trista H. Woessner-Gonzalez, of Granite Bay, has been appointed Director of the California Department of Tax and Fee Administration, where she has served in several roles including as…

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Bloomberg News: “California keeps making the U.S. great — again.”

    Source: US State of California 2

    Apr 5, 2025

    California Just a Nevada-Sized Economy Away from Overtaking Germany and Japan as World’s No. 3 Economy

    — Bloomberg News

    SACRAMENTO — As President Trump threatens the U.S. economy with reckless tariffs and rising uncertainty, Governor Gavin Newsom announced new efforts yesterday to strengthen and build international partnerships and seek protections for California-made goods from retaliatory tariffs, building on the state’s unmatched economic strength and global leadership.

    As Bloomberg recently put it: “California keeps making the U.S. great — again.” California is outpacing every other state in major industries, driving the nation’s GDP, and according to Bloomberg News, is a “Nevada-sized economy” away from becoming the world’s third-largest economy.

    “California Keeps Making the US Great — Again”

    Matthew A. Winkler, Columnist & Editor-in-Chief Emeritus

    Read the Full Column Here →

    “. . . [California] is only a Nevada-sized economy away from supplanting Germany and Japan as soon as this year as No.3 in the world behind the US and China.

    It should go without saying California is critical to US economic dominance globally, accounting for more than 14% of US’s $28 trillion of GDP as measured by the World Bank and more than 50% greater than the next largest state by the size of its economy – Texas. Among the many superlatives that can be assigned to the Golden State, consider that there isn’t a major industry in any of the other 49 states that comes close to overtaking its California counterpart. . .

    California, as measured by the balance of payments, sends much more to Trump’s America than it gets back, about $83.1 billion more as the biggest “donor state,” according to the Rockefeller Institute. That’s almost three times more than the No. 2 state, New Jersey, at $28.9 billion. (The top four states are all considered “blue,” sending a combined $156.9 billion to DC. Texas, a champion of Republican ideals, takes $71.1 billion more than it gives.)

    Here’s the scorecard, based on data compiled by Bloomberg:

    • California’s $539 billion of GDP in 2023 from real estate, rental and leasing beats No.2 Texas by 61%.
    • The $414 billion from information dwarfs No.2 New York by 128%.
    • The $412 billion from manufacturing is 41% greater than No.2 Texas
    • The $257 billion from health care and social assistance exceeds No.2 New York by 59%.
    • The $151 billion from construction beats No.2 Texas by 19%.
    • The $121 billion from accommodation and food services is 63% greater than No. 2 Florida.
    • The $125 billion from transportation and warehousing exceeds No.2 Texas by 30.
    • The $55 billion from arts, entertainment and recreation beats No. 2 New York by 68%.
    • The $48 billion from agriculture, forestry, fishing and hunting is 150% larger than No. 2 Texas.

    California is “an economic and technological powerhouse” that “is literally subsidizing the rest of the United States, red states in particular, through the federal budget,” Paul Krugman, the 2008 Nobel laureate in economics, wrote in his Jan. 13 Substack post. Without California, “America would be a lot poorer and weaker than it is.” . . .

    The California juggernaut shows no sign of slowing, based on the estimated growth of the 2,400 companies in the Bloomberg World Large & Mid Cap Index. The 101 companies based in California that are members of the index are poised to see revenue increasing 27% on average in 2024, while the 42 German companies will see 4.6% growth and the 156 Japanese firms 7%. . . 

    The stellar performance becomes no mystery once you understand California is the home of more corporate research and development headquarters than any other state, and its 18% share of R&D locations globally is exceeded only by China (22%) and Germany (21%). 

    Make California Great Again? If anyone in Washington cared to look, they’d find it’s never been greater.”

    Read the Full Column Here → 

    Press Releases

    Recent news

    Apr 4, 2025

    News “California is not Washington, D.C.” What you need to know:As President Trump’s tariffs take effect, Governor Gavin Newsom is pursuing new strategic partnerships with international trading partners while calling for California-made products to be excluded from…

    Apr 3, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Trista H. Woessner-Gonzalez, of Granite Bay, has been appointed Director of the California Department of Tax and Fee Administration, where she has served in several roles including as…

    Apr 3, 2025

    News SACRAMENTO – Ahead of a series of severe storms set to impact Kentucky, Governor Gavin Newsom today announced the deployment of California firefighters to assist in staffing a Federal Emergency Management Agency (FEMA) Incident Support Team, following FEMA’s…

    MIL OSI USA News –

  • MIL-OSI Europe: Answer to a written question – Alleged breach of cooling-off period rules for former Commissioners – E-000229/2025(ASW)

    Source: European Parliament

    1. Former Commissioner for the internal market, Mr Thierry Breton, was not exempted from notifying his envisaged post term of office activity with the Global Advisory Council of the Bank of America and he has complied with his obligation to notify the above-mentioned activity.

    2. The answer is No.

    3. The decision adopted by the Commission in reply to Mr Breton’s notification[1] contains the appropriate conditions and restrictions to ensure that Mr Breton’s activity for the Bank of America complies with the principles of integrity, discretion, confidentiality and collegiality to which he remains submitted.

    In particular, Article 2 (3) rules out any Commission lobbying from Mr Breton, on behalf of the Bank of America, for a period of two years after ceasing to hold office .

    Article 2(5) of the Commission Decision specifically recalls Mr Breton’s obligation to inform the President of the Commission, in a timely manner, if and when he has a doubt with regard to the application of the Commission Decision or the Code of Conduct for the Members of the European Commission[2], before acting on the matter in relation to which the doubt may have arisen.

    • [1] Decision C(2025) 9000 of 15 January 2025, https://commission.europa.eu/about/service-standards-and-principles/ethics-and-good-administration/commissioners-and-ethics/former-european-commissioners-authorised-occupations_en
    • [2] https://commission.europa.eu/about/service-standards-and-principles/ethics-and-good-administration/commissioners-and-ethics/code-conduct-members-european-commission_en
    Last updated: 7 April 2025

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: NSO, India Unveils Digital Innovations to Strengthen Statistical System

    Source: Government of India

    Posted On: 07 APR 2025 9:13AM by PIB Delhi

    Ministry of Statistics and Programme Implementation (MOSPI) launched a revamped Microdata Portal during the recently held Conference of State Government Ministers, marking a significant step in enhancing data accessibility, user experience, and the integration of advanced technologies in the Official Statistical System. The new portal, which serves as a centralized repository for extensive statistical data collected from national surveys and economic census overcomes technological limitations faced by the previous portal. In collaboration with the World Bank Technology Team, MOSPI has adopted a modern, scalable technology stack that not only ensures compliance with the latest security standards but also supports a responsive design and data access mechanism. The portal can be accessed at https://microdata.gov.in/.

    On this occasion the web site of National Statistical System Training Academy was also launched. It will facilitate ease of access of information regarding capacity building initiative of the ministry by making them available at one place. The website can be accessed at www.nssta.gov.in.The portal & the website have been developed in-house by Data Informatics & Innovation Division of the ministry.

    MoSPI also presented a Proof of Concept (PoC) for an AI/ML-based classification tool designed to ease the use of the National Industrial Classification (NIC) in production of official statistics. The tool leverages natural language processing to allow stakeholders to enter text queries, subsequently suggesting the top five relevant NIC codes. This innovation not only reduces manual effort but also increases the productivity of enumerators, leading to more accurate data collection and ultimately better planning and policy-making. This has been the outcome of the recently concluded Hackathon organized by the ministry.

    The launch of these portals and website along with innovative AI-driven tools underscores commitment of the ministry to leverage the latest technological advancements for data management leading to strengthening of the statistical system. These initiatives are set to foster a more data-driven approach to policymaking, ensuring that government interventions are both precise and context-specific, ultimately contributing to goal of Viksit Bharat.

    ***

    Samrat/Allen

    (Release ID: 2119641) Visitor Counter : 51

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Answer to a written question – Strategic importance of aviation and inclusion of sustainable aviation fuels in the Clean Industrial Deal – E-000740/2025(ASW)

    Source: European Parliament

    As highlighted in the recently published report of the Commission on the ReFuelEU Aviation SAF flexibility mechanism[1], the regulatory certainty provided by Regulation (EU) 2023/2405[2] (ReFuelEU Aviation) coupled with the incentives and financial support provided under Directive 2003/87/EC[3] (EU Emissions Trading System) have led the aviation fuel industry to ramp-up the production capacity of sustainable aviation fuels (SAF) in the EU, at least for aviation biofuels.

    The Commission is aware that aviation fuel producers have not yet launched the required investments for the upscaling of synthetic aviation fuel production plants which are crucial to achieve the decarbonisation goals of the aviation sector.

    As announced under the Clean Industrial Deal[4], the Commission will come forward with a Sustainable Transport Investment Plan (STIP) later in 2025, outlining a strategic approach to scale-up and priorities investments in transport decarbonisation solutions, including SAF.

    Moreover, the launch of the Hydrogen Mechanism under the European Hydrogen Bank in the second quarter of 2025 will mobilise and connect offtakers and suppliers, linking participants with financing and de-risking instruments to facilitate aggregation of offtakers’ demand for hydrogen and hydrogen-derived fuels in hard-to-decarbonise industrial sectors and transport, e.g. in the maritime and aviation sector.

    In parallel, the Commission will continue to monitor developments in the sustainable aviation fuel sector and particularly the development of synthetic aviation fuels production projects across the EU.

    • [1] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM%3A2025%3A59%3AFIN&qid=1740729099091
    • [2] https://eur-lex.europa.eu/eli/reg/2023/2405/oj/eng
    • [3] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02003L0087-20240301
    • [4] https://commission.europa.eu/topics/eu-competitiveness/clean-industrial-deal_en
    Last updated: 7 April 2025

    MIL OSI Europe News –

  • MIL-OSI: Beneficient Enters into $9.6 Million GP Primary Capital Transaction

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, April 07, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform AltAccess, today announced it has closed on the financing of a $9.6 million primary capital commitment for Pulse Pioneer Fund, LP (“Fund”), a fund managed by Pulse Pioneer GP, LLC, an asset manager that manages venture capital funds that invest in scalable climate companies within its target interdependent investment verticals. The transaction represents Ben’s first GP Primary transaction of the fiscal year. In exchange for an interest in the Fund, the Fund received approximately $9.6 million in stated value of shares of the Company’s Resettable Convertible Preferred Stock (the “Preferred Stock”), which is convertible at the election of the holder into shares of the Company’s Class A common stock, subject to the terms and conditions of the transaction documents. As a result of the transaction, the collateral for Company’s ExAlt loan portfolio is expected to increase by approximately $9.6 million of interests in alternative assets.

    “Successfully completing another GP primary capital transaction reinforces our ability to execute on our core liquidity and primary capital strategy by delivering innovative financing solutions for alternative asset holders and managers,” said Beneficient management. “We believe this financing reflects our ability to drive shareholder value while supporting impactful, vertically integrated investment strategies that enhance the value of the collateral backing our ExAlt loan portfolio. We’re excited to build on this momentum as we enter the new fiscal year and we continue to pursue additional opportunities that align with our strategic vision and growth objectives.”

    Upon closing of the previously announced Public Stockholder Enhancement Transactions (the “Transactions”), the Company believes this transaction will result in the addition of approximately $1.28 million (and an aggregate of approximately $10.46 million) of tangible book value attributable to the Company’s stockholders.

    Beneficient’s GP Primary Commitment Program is focused on providing primary capital solutions and financing anchor commitments to general partners during their fundraising efforts while immediately deploying capital into our equity. Through the program, Beneficient seeks to help satisfy the up to $330 billion of potential demand for primary commitments to meet fundraising needs.

    Reconciliation of Non-GAAP Financial Measures            
         
    The following tables reconciles these non-GAAP financial measures to the most comparable GAAP financial measures as of December 31, 2024, on an actual basis and pro forma assuming the Transactions occurred on December 31, 2024.    
    (dollars in thousands)   Actual   Pro forma –
    Transactions     (1)    		   Pro forma –
    Transactions
    and GP
    Primary     (3)
    Tangible Book Value            
    Total equity (deficit)     14,260     14,260     23,680  
    Less: Goodwill and intangible assets     (13,014 )   (13,014 )   (13,014 )
    Plus: Total temporary equity     90,526     90,526     90,526  
    Tangible book value     91, 772     91,772     101,372  
                 
        Actual   Pro forma –
    Transactions     (1)    		   Pro forma –
    Transactions
    and GP
    Primary     (3)
    Tangible book value attributable to Ben public company stockholders            
    Tangible book value     91,772     91,772     101,371  
    Less: Tangible book value attributable to Beneficient Holdings noncontrolling interest holders     (91,772 )   (82,595 )   (90,915 )
    Tangible book value attributable to Ben’s public company stockholders     –     9,177(2)   10,457(4)
                 
    Market Capitalization of Ben’s Class A and Class B common stock as of April 4, 2025 (5)   $ 2,728          
    (1)   Assumes the Transactions closed on December 31, 2024 including that the Beneficient Holdings limited partnership agreement was amended to provide that Ben, as the indirect holder of the Class A Units and certain Designated Class S Ordinary Units of Beneficient Holdings, would receive in the event of a liquidation of Beneficient Holdings 10% of the first $100 million of distributions of Beneficient Holdings following the satisfaction of the debts and liabilities of Beneficient Holdings on a consolidated basis.
    (2)   Pro forma for the Transactions, represents 10% of the first $100 million of distributions of Beneficient Holdings in the event of the liquidation of Beneficient Holdings following the satisfaction of the debts and liabilities Beneficient Holdings on a consolidated basis.
    (3)   Assumes the Transactions closed on December 31, 2024 including that the Beneficient Holdings limited partnership agreement was amended to provide that Ben, as the indirect holder of the Class A Units and certain Designated Class S Ordinary Units of Beneficient Holdings, would receive in the event of a liquidation of Beneficient Holdings (i) 10% of the first $100 million of distributions of Beneficient Holdings following the satisfaction of the debts and liabilities of Beneficient Holdings on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.
    (4)   Pro forma for the Transactions, represents (i) 10% of the first $100 million of distributions of Beneficient Holdings in the event of the liquidation of Beneficient Holdings following the satisfaction of the debts and liabilities Beneficient Holdings on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.
    (5)   Based upon the closing price of the Class A common stock as reported by Nasdaq as of market close on April 4, 2025.
         

    About Beneficient 
    Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote® tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.
    Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner. 

    For more information, visit www.trustben.com or follow us on LinkedIn. 

    Contacts
    Matt Kreps: 214-597-8200, mkreps@darrowir.com
    Michael Wetherington: 214-284-1199, mwetherington@darrowir.com
    Investor Relations: investors@beneficient.com

    Important Information and Where You Can Find It

    This press release may be deemed to be solicitation material in respect of a vote of stockholders to approve an amendment to approve the issuance of the Company’s Class A common stock upon conversion of the Series B-6 Preferred Stock pursuant to the transaction. In connection with the requisite stockholder approval, Ben will file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement and a definitive proxy statement, which will be sent to the stockholders of Ben, seeking such approvals related to the transaction.

    INVESTORS AND SECURITY HOLDERS OF BEN AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BEN AND THE TRANSACTION. Investors and security holders will be able to obtain a free copy of the proxy statement, as well as other relevant documents filed with the SEC containing information about Ben, without charge, at the SEC’s website (http://www.sec.gov). Copies of documents filed with the SEC by Ben can also be obtained, without charge, by directing a request to Investor Relations, Beneficient, 325 North St. Paul Street, Suite 4850, Dallas, Texas 75201, or email investors@beneficient.com.

    Participants in the Solicitation of Proxies in Connection with Transaction

    Ben and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the requisite stockholder approvals under the rules of the SEC. Information regarding Ben’s directors and executive officers is available in its annual report on Form 10-K for the fiscal year ended March 31, 2024, which was filed with the SEC on July 9, 2024 and certain current reports on Form 8-K filed by Ben. Other information regarding the participants in the solicitation of proxies with respect to the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

    Not an Offer of Securities

    The information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. The securities that are the subject of the transaction have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

    Forward Looking Statements

    Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Transactions, including receipt of required approvals and satisfaction of other customary closing conditions and excepted timing of closing of the Transactions, and expectations of future plans, strategies, and benefits of the Transactions. The words ”anticipate,” “believe,” ”continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” ”plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

    Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: the ultimate outcome of the transaction, including obtaining the requisite vote of securityholders; the Company’s ability to meet expectations regarding the timing and completion of the transaction; and the risks, uncertainties, and factors set forth under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and its subsequently filed Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.  

    The MIL Network –