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Category: Banking

  • MIL-OSI USA: Barr, AI, Fintechs, and Banks

    Source: US State of New York Federal Reserve

    Good morning and thank you to the conference organizers for having me here today.1 It’s great to see such a diverse audience of fintech innovators, bankers, fellow regulators, and students. We all play a part in fostering responsible innovation. Responsible innovation requires a few things—having the optimism and curiosity to understand the potential benefits, the rigor and realism to identify the attendant risks, and the collective intent to find solutions to advance a safe and fair financial system.
    Today, I’d like to speak about responsible innovation in the context of generative artificial intelligence (Gen AI) in banking and how bank–fintech partnerships may accelerate the integration of the technology and banking. Earlier this year, I laid out two scenarios for Gen AI adoption—an incremental scenario where the technology primarily augments what humans do today, and a transformative scenario where we extend human capabilities with far-reaching consequences.2 Of course, these are hypotheticals, and elements of both scenarios will likely come to pass. But in either scenario, we should anticipate widespread productivity gains, particularly for banking.3
    Today, banks appear to be moving cautiously with their Gen AI use, which reflects the current state of the technology, as well as banks’ internal organizational structure and the highly regulated environment in which they operate. At the same time, Gen-AI offers enormous potential to significantly alter the business of banking, provided that the risks are managed appropriately. Given rapid advances in Gen AI every quarter, in the not-too-distant future, we may approach a point at which Gen AI becomes an imperative—a competitive necessity—in banking. To prepare for that point, it is useful for regulators and banks to think about the channels through which this competitive necessity may arise. Today, I want to focus on one of those channels, and that’s the bank–fintech relationship. Fintechs are well positioned to integrate Gen AI into their products and services, and banks have valuable data on customer behavior on which the Gen AI models can be optimized. Given these synergies, competition and cooperation between banks and fintechs will likely spur innovation and accelerate the integration of Gen AI into banking.
    Gen AI may have benefits for consumers and businesses through better, cheaper, and faster financial services; however, to harness the upsides of Gen AI, banks, fintechs, and regulators all have a role to play in helping to ensure that the risks are managed.
    Gen AI and BankingLet me begin with why Gen AI has such potential for the banking industry. The business of banking is data-driven—data underpin the decisions to set yields on deposits, underwrite and price credit products, and manage the attendant risks. While traditional forms of artificial intelligence have become essential in areas like fraud detection, Gen AI offers new possibilities for data analysis, taking into account a broader and more diverse set of data. Gen AI has benefits for document analysis, which could be applied to improve credit underwriting.
    Beyond data processing and analytics, Gen AI-powered chatbots are already helping assist in customer service. While we still breathe a sigh of relief when we connect to a real customer service representative, this paradigm may change—Gen AI has the potential to enable such high-quality and efficient customer engagement and correct answers that customers may come to prefer Gen AI agents to people. Gen AI chatbots can break down complex tasks into component parts, split up tasks between several AI agents, and help customers make informed decisions. They can also replicate the human touch—adapting to the level of sophistication of their customers, anticipating the customer’s needs, and being empathetic to the customer’s experience—perhaps better than some humans.4
    And moving to trading and capital markets, Gen AI-based analytic tools can build on existing algorithmic trading capabilities by harnessing an enormous knowledge base in both the public and private domains. These enhancements have the potential to enable decisions that are faster and more informed—although with some attendant risks as I’ve discussed previously.5
    Why Not Yet?Given the potential for Gen AI to enhance banking, why do we not see widespread integration of Gen AI enhanced products and services in banking to date? There are several factors contributing to our current state. Let me highlight some key reasons.
    Of course, one reason is that banks are being appropriately cautious in the highly regulated environment in which they operate. Beyond that, for some of these applications, the technology is not fully mature. For instance, Gen AI systems may still hallucinate, generating plausible sounding but inaccurate information. Relatedly, because Gen AI usually involves stochastic processes, answers can differ in response to the same query asked at different times or to similar queries. This is tough to square with the requirements of banking, where decisions must be well-controlled, numerically and legally precise, explainable, and replicable.
    Information security is another key concern. To the extent that a Gen AI-powered agent is accessing sensitive customer data and authorizing transactions, it becomes an attractive target for malicious actors.6 Further, as Gen AI models process vast amounts of data, there’s a risk that proprietary or customer information could be inadvertently included in the model’s outputs or responses, leading to legal violations and privacy breaches.
    Moreover, business processes at banks have not evolved to optimize Gen AI usage. Gen AI requires data and infrastructure to be effective. Many banks have existing tech debt, and their data storage is siloed and not optimized for firmwide analysis. Furthermore, there may be organizational practices that may make it hard to evolve existing processes to ones optimized by AI.
    The technological and organizational limitations are real. Nevertheless, I think it may be only a matter of time before the technology advances so that these are engineering, product design, and risk management challenges—rather than insurmountable problems. And with regard to the business process issues, I think fintechs have a real role to play in helping to accelerate responsible innovation by banks in this space.
    Features of Fintechs and BanksAs Gen AI technology continues to develop, there’s a good chance that fintechs will help drive widespread Gen AI adoption in financial services. There are a few reasons why this may be the case. First, fintechs are generally young companies with a clean tech stack and don’t have to integrate new technology into old infrastructure. This allows them to make the most of their data and continuously integrate the latest AI capabilities. Second, these firms have financial and time constraints. Early funding rounds provide limited time and resources to demonstrate outcomes and drive fintechs to find effective, quick solutions, which often involve creative uses of cutting-edge technology. Third, because fintechs usually start as a simple business idea and focus on moving one product to production, they can optimize their tech stack for a single outcome instead of balancing the interests of competing business lines.
    These attributes of fintechs can make them symbiotic with banks. Banks have deep customer data, and data are a key input to effective application of machine learning models, including large language models. Banks are also able to look across a range of business lines and use Gen AI to customize integrated sales strategies, and they have the scale to adopt global Gen AI solutions for compliance and risk management. And banks have existing customer relationships and mature control frameworks that form the basis of their credibility and trust.
    Another way to consider the relationship of fintechs and banks is as a race between speed and scale. Fintechs have the ability to operate at speed but start with no scale. Banks, on the other hand, move more slowly but have scale in terms of investment, consumer reach, and risk management. This creates the dynamic where fintechs must attempt to scale their market share quickly enough to overcome the scale and incumbent advantage of the banks.7
    Bank–Fintech Relationship as an Accelerant for AI AdoptionAnd this leads me to my next point—I believe that the bank–fintech relationship has the potential to accelerate adoption of Gen AI in financial services. This may come in the form of direct competition, with fintechs taking market share from banks for certain products, or banks crowding out fintechs by introducing better technology into their existing or new product lines. Such competition usually benefits consumers by providing more choice and better and cheaper products, provided that the risks are appropriately managed. It may also create competitive pressure and consumer demand that pushes banks to adopt Gen AI products and solutions more quickly.
    Alternatively, fintechs and banks may enter into a symbiotic relationship, forming collaborative partnerships where fintechs and banks merge their strengths. Examples of these partnerships may include banks purchasing or investing capital in fintechs with Gen AI products, or banks and fintechs entering into traditional vendor–client relationships.
    Responsibility for AI Risk ManagementThere’s one common theme in these scenarios: technology advances outside of the bank perimeter and rapidly enters the regulated sector. To get prepared for this moment, bank risk managers and regulators should become familiar with Gen AI trends and monitor developments outside the bank perimeter so that they are not caught off guard as this technology quickly enters the banking system.
    We have a shared role in creating the incentive structure to appropriately manage risks. To the extent banks are using Gen AI or offering Gen AI products and services, they have the responsibility to manage their risk, and should use their relationships to incentivize good risk management practices for fintechs.8 This means choosing fintech partners that provide transparency and clarity regarding the development of AI tools and have demonstrated appropriate control in deployment. There’s necessary tension here, as banks must understand the tools offered by their fintech partners for their own risk management, while fintechs may not want to share details they hold close—their secret sauce. With respect to Gen AI, it is important for fintechs and banks to tackle questions like who owns the customer data, and potential conflicts that may arise if a bank’s customer data are fed back into a fintech’s Gen AI model.
    Fintechs also have an important role to play in laying the groundwork for good risk management of Gen AI.9 As I’ve mentioned before, data quality and model training are critical to safe, sound, and fair use of these tools.10 Fintech developers should, for example, prioritize identifying biases in training data sets and monitoring outputs in order to prevent those biases from amplifying inequalities or mispricing risks. Moreover, fintechs should be aware of how banks manage risk, so that the fintech can adapt Gen AI solutions to be compatible with sound risk management approaches.
    And what should regulators do? As I’ve mentioned, regulators need to stay educated and informed on the technology, so that they understand the business case for deploying the technology and the attendant risks. They should review and update existing standards on model risk management, as appropriate, and engage in public–private forums where there are opportunities to work together. And they need to explore how and when to deploy the technology themselves, to remain in touch in the changing world and make reasoned judgments about how to supervise the use of Gen AI in the banking sector.
    These changes will require broad-based curiosity from regulators, fintechs, and banks—combined with education and investment—to create a culture of awareness on the opportunity and risks of the technology. Equally as important is leadership, to establish appropriate governance over AI and provide appropriate direction on priorities.
    ConclusionIn closing, successful integration of Gen AI into banking will require both creativity in adoption as well as getting the guardrails right. That’s not a zero-sum game. It’s an opportunity for all stakeholders—banks, fintechs, regulators, and consumers—to help to set the foundation for the benefits of the technology to be achieved and the risks to be effectively managed. In this way, we can help to be part of the sound and resilient financial system for all. Thank you.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. Michael S. Barr, “Artificial Intelligence: Hypothetical Scenarios for the Future,” speech at the Council on Foreign Relations, New York, February 18, 2025. Return to text
    3. See the SAS web page, Cashing In: Study Shows Banks Investing Big in GenAI, and It’s Paying Off, https://www.sas.com/en_us/news/press-releases/2024/october/generativeai-banking.html. Return to text
    4. J.W. Ayers, A. Poliak, M. Dredze, et al., “Comparing Physician and Artificial Intelligence Chatbot Responses to Patient Questions Posted to a Public Social Media Forum,” JAMA Internal Medicine, April 28, 2023;183(6):589–96, https://jamanetwork.com/journals/jamainternalmedicine/fullarticle/2804309. Return to text
    5. Michael S. Barr, “Artificial Intelligence: Hypothetical Scenarios for the Future,” speech at the Council on Foreign Relations, New York, February 18, 2025. Return to text
    6. For instance, see NIST blog, “Technical Blog: Strengthening AI Agent Hijacking Evaluations,” January 17, 2025. Return to text
    7. And many fintechs have success, achieving significant scale in a relatively short period. Return to text
    8. See Board of Governors of the Federal Reserve System, SR letter 23-4, “Interagency Guidance on Third-Party Relationships: Risk Management” (June 7, 2023). Return to text
    9. See Board of Governors of the Federal Reserve System, SR letter 11-77, “Guidance on Model Risk Management.” Return to text
    10. Michael S. Barr, “Artificial Intelligence: Hypothetical Scenarios for the Future,” speech. Return to text

    MIL OSI USA News –

  • MIL-OSI: WithSecure Corporation: SHARE REPURCHASE 4.4.2025

    Source: GlobeNewswire (MIL-OSI)

    WithSecure Corporation, STOCK EXCHANGE RELEASE, 4 April 2025 at 6.30 PM (EET)
         
         
    WithSecure Corporation: SHARE REPURCHASE 4.4.2025
         
    In the Helsinki Stock Exchange    
         
    Trade date           4.4.2025  
    Bourse trade         Buy  
    Share                  WITH  
    Amount             30 000 Shares
    Average price/ share    0,8691 EUR
    Total cost            26 073,00 EUR
         
         
    WithSecure Corporation now holds a total of 360 709 shares
    including the shares repurchased on 4.4.2025  
         
    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 USA: Keynote Remarks of Commissioner Johnson for Governing Data at IIB&L Center and Yale Law Journal of Law & Technology at Yale Law School

    Source: US Commodity Futures Trading Commission

    Remarks as Prepared
    Introduction
    Good afternoon. Springtime is always a nice time of year to be in New Haven and it is generous of the Yale Law School to host this symposium. Thank you Milhailis [Diamantis], Rishab [Nithyanand], the Iowa Innovation Business & Law Center, and the Yale Journal of Law & Technology for the significant time and effort you expended to organize and execute this symposium. 
    As I have indicated throughout my time as a Commissioner, I am delighted to join you in carefully thinking about the increasing salience of better data governance.[1] I am hopeful that the discussions at this symposium will articulate and enhance guardrails for comprehensive privacy law and better data governance. I am also hopeful that our discussions and advocacy will influence federal and state legislatures and financial market regulators, among others, to adopt, implement, and enforce law, regulation, and policy that lead to better data governance. 
    In my time with you, I would like to highlight two issues that may deeply impact the shape and development of data governance in financial markets – emerging artificial intelligence (AI) technologies and critical third-party service providers.[2] We can describe these two issues as twin peaks – arising rapidly and substantially altering the structure of financial markets.
    The twin peaks at the center of our markets reflect a shift to data-centered markets influenced by the rise of increasingly sophisticated machine learning and generative AI technologies and a remarkable uptick in market participants’ reliance on critical third-party service providers. The peaks are similar but not identical. Yet, each has the potential to deeply impact market structure and how we supervise financial markets. 
    First, the integration of data-fueled artificial intelligence (AI) technologies is indisputably altering financial markets infrastructure. As AI takes center stage in many sectors of our economy and society, financial services firms report interests, investments, and incorporation of AI technologies in data analytics, trade data analysis, trade clearing, reconciliation, and settlement, risk management, surveillance, margin and collateral determinations, and administrative, compliance and back-office services.   
    Second, developing and updating data-fueled technologies can be expensive. Firms often lack the resources to independently develop certain technologies. The cost of acquiring or developing AI or data-centered technologies may be prohibitive for many businesses. As a result, many financial services firms and others must outsource or seek to license data-centered technologies or models. For smaller and medium sized firms, reliance on third-party service providers is often imperative.
    As we begin to consider these twin peaks impacting the operational infrastructure and supervision of our markets, it is worth examining the benefits of novel technologies, whether these changes in market infrastructure may lead to new risks or distinct risks, and the extent to which existing risk management practices and regulations are fit for purpose. 
    I. Evolving Market Infrastructure 
    A recent study of nearly two thousand financial services firms reports that more than three-quarters of the firms included rely on AI to assist with various aspects of financial reporting and other compliance obligations.[3] Another study shows a significant amount of investment capital moving forward will be dedicated to implementing and integrating AI-based technologies.[4] Commodity Futures Trading Commission (CFTC) regulated market participants have long relied on predictive technologies – a category of technologies that comprise part of the universe of technologies that may be described as AI.[5] In recent years, a number of CFTC-regulated market participants have entered into strategic partnerships with major technology providers.[6] Today, market participants use AI for diverse trade execution, operational, and administrative functions including market intelligence, monitoring, fraud detection, and cybersecurity risk management.[7]
    The CFTC supervises areas of financial markets where market participants create, distribute, trade, and transfer financial market products. For financial market regulators, governing data proves challenging, in part, because market participants may rely on intermediaries that are not registered with financial market regulators. Regulators may lack visibility or supervisory authority over these intermediaries. As the market for novel assets such as digital assets grow, this challenge continues to present similar concerns.
    As noted at the outset, adoption of critical third-party service providers parallels the rapid adoption of AI. According to recent studies, in 2021 cloud services accounted for less than 10% of critical business initiatives. By 2027, it is expected that cloud services will account for 50% of critical business initiatives.[8] To that end, and to bolster capabilities to utilize AI, cloud services have seen massive investments to infrastructure, with $79 billion spent in the second quarter of 2024 alone.[9]
    A. The Rise of AI
    While the use cases within and beyond finance are quite diverse, common threads bind the “algorithmic revolution” and increased reliance on critical third-party service providers. Artificial intelligence technologies can automate decision-making tasks and certain subsets of artificial intelligence may execute these tasks autonomously. 
    For decades, market participants, researchers, academics, and public interest advocates have assessed the impacts of algorithmic trading in conventional financial markets. Some suggest that artificial intelligence introduces existential questions for markets;[10] others underscore the ethical, civil, or human rights implications of adopting artificial intelligence.[11] As debates proliferate regarding the merits and limitations of automated decision-making technologies, a steady drumbeat declares the future of finance.[12] 
    Notwithstanding the utility and benefits that accompany AI, there are risks and notable limitations. A robust literature has developed cataloguing and analyzing the ethical implications that may arise.[13] In addition, bad actors have discovered AI and the potential to use AI to manipulate markets.[14]
    Voices at international convenings of market participants and regulators increasingly reflect a call for an open dialogue regarding benefits and thorny issues that arise as we increasingly rely on AI and third-party service providers. Before turning to proposed interventions, let’s explore the second phenomenon changing market infrastructure – the increasing importance of technology-based critical-third party service providers. 
    B. Critical Third-Party Service Providers 
    Commission-regulated market participants often use third-party vendors to support their operations, risk management, compliance, and technology infrastructure. In an era of data-fueled technologies, cloud-based storage platforms and data centers serve as an increasingly important group of critical third-party service providers. The services of cloud-based platforms, data centers, and other third-party service providers vary; and, in some instances, the services are not critical to the continuity of the market participant’s business. In other instances, third-party services providers offer services which are essential to market participants’ day-to-day operations. 
    A glance around the “trading floor” of any financial services firm these days reveals significant reliance on technology. Many firms rely on innovative technologies for the continuous and adequate functioning of their operations.[15] As data-driven technologies proliferate, markets have witnessed a growing trend for participants to rely on cloud-based technologies. In fact, several of our largest market participants have entered strategic partnerships with cloud providers to enable them to handle exceptional volumes of data and enhance their scalability.[16] Cloud based architecture also offers on-demand computing power for risk analytics and trade processing, allowing firms to handle massive amounts of transactions and data in times of high volume, and scale down during slower periods. In many ways, cloud services and AI fit hand-in-glove because of the cloud-based computing power required to execute certain AI technologies.[17] 
    Congress, regulators, market participants, and many stakeholders have identified risks related to how our markets operate – robust information security management, reliability and resilience, effective contingency planning, and communication risks.[18] 
    Our regulations reflect expectations regarding how registered market participants will comply with this framework. In my role as a Commissioner and sponsor for the Market Risks Advisory Committee, I have led a diverse group of stakeholders in detailing the benefits and concerns that arise as these twin peaks increasingly influence our markets. Here, let’s consider two specific risks that have emerged as we navigate this rise of data-fueled, innovative technologies – concentration and cyber risks – which will be central questions for regulators in the era of data governance. 
    II. Managing Data Governance and Data Security Risks 
    A few large firms comprise the most prevalent AI and cloud-based technology services providers.[19] The limited diversity of service providers and lack of competition may raise market concentration concerns.[20]
    A. Concentration Risks
    Evidence indicates that there are a limited number of both AI and critical service providers for financial market participants. A recent survey of the AI industry suggests that ten foundational model providers account for almost ninety percent of the market.[21]
    The top three cloud providers, Amazon, Microsoft, and Google, respectively, account for 73% percent of the cloud infrastructure market.[22] Given that software as a service is the most widely adopted form of cloud computing by financial institutions, the United States Department of the Treasury has indicated that the concentration among critical service providers may be cause for concern.[23]
    Microsoft and AWS are two of the largest data center providers and among the largest cloud providers; together these firms manage over five hundred and fifteen data centers. Google manages twenty-five data centers.[24] Simply stated, the number of service providers capable of handling the needs of many market participants may be limited. 
    Studies also report a decline in the number of Futures Commission Merchants (FCMs).[25] In 2023, the MRAC launched a workstream to analyze the current state and trends of the FCM market over the twenty-year period from 2003 to 2023.[26] The report notes increased operating costs and the capital requirements for FCMS and increased minimum net capital requirements. Markets have also witnessed consolidation in FCM markets. 
    In contrast to the decline in the total number of FCMs, clearing volume during this same period has dramatically increased.[27] The total number of non-carrying FCMs declined by 91% and the number of carrying FCMs fell by 58%.[28] This represents a significant reduction in the capacity of FCMs over the course of a relatively short period of time. 
    This reduction means that there is far fewer FCMs available to provide the critical functions they traditionally perform.
    B. Cyber Risks 
    Our registered market participants must comply with the regulatory framework for system safeguards. In many instances, technology service providers also have robust cyber defense capabilities designed to anticipate, prevent, or lessen the effect of sophisticated cyber-attacks.  
    In recent years, however, there has been notable disruption in traditional markets and the markets for novel financial products. Two recent events underscore the vulnerability of markets and market infrastructure to cyber threats. These incidents – the ION ransomware attack and the Bybit exchange hack – illustrate the difficulties many firms face when a third-party service provider or a technology employed through a third-party service provider experiences a cyberattack. 
    In January of 2023, a critical third-party service provider in derivatives markets, ION Cleared Derivatives (ION), a UK-based trading software partner, experienced a significant cyberattack. ION’s services are widely used by FCMs and other market participants for critical functions, including trade order management, trade processing, and settlement of exchange-traded derivatives. Because a significant number of FCMs rely on ION for back-office trading capabilities, the disruption caused by the ransomware attack on ION cascaded through our derivatives markets. During the period that ION’s operations were impacted by the ransomware attack, affected firms reverted to manual processes to match and settle trades, creating difficulties in recording and reporting trade reconciliation data.[29] Consequently, the Commission was unable to deliver timely Commitments to Traders reports and determining material transactional obligations such as margin and collateral were similarly impacted. 
    In a more recent cyberattack in crypto-asset markets, a crypto exchange experienced significant losses related to reliance on a third-party software platform that enables wallet services. In February of 2023, Bybit, a crypto exchange that offers crypto derivatives and other financial products lost over $1.4 billion when the firm suffered a breach of its multi-signature wallets.[30] Hackers infiltrated a developer workstation at a third-party that enables customers to access wallet software that interfaces with Bybit’s exchange. The hackers obtained credentials for the third party’s Amazon Web Services (AWS) repository.[31] Using stolen AWS tokens, the attackers introduced malicious code into the third party’s software, enabling the hackers to alter Bybit’s wallet interface and reroute a scheduled transfer of funds without immediate detection. 
    These losses were introduced to market participants through their link to critical third-party service providers and, in the case of Bybit, indirectly with a third party that was using another vendor for the compromised process. These losses can cascade through the markets when that breach occurs in a critical third-party service provider who is linked to a significant number of market participants.
    III. Reflections on Proposed and Potential Interventions 
    The Commodity Exchange Act and implementing regulations and related guidance provide a principles-based approach to regulating governance, risk management, and cybersecurity measures for CFTC-regulated entities. At the CFTC, we are increasingly focused on how to ensure markets benefit from responsible innovation and mitigate the threats to risk management that may lead to market disruption. 
    A. Existing DCO System Safeguard Regulation
    Derivatives clearing organizations (DCOs), are subject to core principles established under the CEA, including Section 5b, which establishes that DCOs shall (i) establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational risk through the development of appropriate controls and procedures, and automated systems, that are reliable, secure, and have adequate scalable capacity; and (ii) establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery (and establishes certain criteria for such plans and procedures, including timely recovery and resumption of operations, fulfillment of the DCO’s obligations, and periodic testing).[32] The DCO Core Principles were added to the CEA in the Commodity Futures Modernization Act of 2000. After the financial crisis of 2008, the Dodd-Frank Wall Street Reform and Consumer Protection Act expanded the CFTC’s authority to “establish a more comprehensive statutory framework to reduce risk, increase transparency and promote market integrity,” including by enhancing the Commission’s rulemaking authority with respect to registered entities, including DCOs.[33]
    Additional requirements for compliance with DCO Core Principle I, System Safeguards, are enumerated in more detail in Rule 39.18, following Dodd-Frank. When the rule was first proposed, and ultimately codified in 2011, it sought to “delineate the minimum requirements that a DCO would be required to satisfy in order to comply with Core Principle I.”[34] With time, as technology continued to evolve, and the world became more reliant on it, the regulation has evolved to include more specific requirements. For example, in 2016, the Commission amended Rule 39.18, clarifying certain requirements and enhancing others, motivated in large part by escalating and evolving cybersecurity threats. The December 2015 proposing release discussed roundtables held by the Commission and the MRAC that focused on cybersecurity, and a number of important topics surrounding cybersecurity that financial institutions should take into consideration. These include: (i) more cyber adversaries, that are more dangerous, and have expanding and worsening motivations and goals, (ii) increasing cyber capabilities from both non-state actors and state-sponsored intruders, (iii) more sophisticated and longer duration cyberattacks, (iv) a broadening cyber threat field where computers, mobile devices and the cloud are all potential points of vulnerability and, finally, (v) the interconnectedness of financial services firms and the threat that poses.[35] 
    As currently in effect, Rule 39.18 includes “(1) the requisite elements, standards, and resources of a DCO’s program of risk analysis and oversight with respect to its operations and automated systems; (2) the requirements for a DCO’s business continuity and disaster recovery plan, emergency procedures, and physical, technological, and personnel resources described therein; (3) the responsibilities, obligations, and recovery time objective of a DCO following a disruption of its operations; and (4) other system safeguards requirements related to reporting, recordkeeping, testing, and coordination with a DCO’s clearing members and service providers.”[36] With respect to third-party service providers, subsection (d)(2) specifies that a DCO can maintain some of the resources required by other subsections of the rule “through written contractual arrangements with another [DCO] or other service provider,”[37] but notes that “[a] [DCO] that enters into a contractual outsourcing arrangement shall retain complete responsibility for any failure to meet [the rules requirements]” and that the DCO “must employ personnel with the expertise necessary to enable it to supervise the service provider’s delivery of the services.”[38] 
    B. Opening a Dialogue to Explore Emerging Risks 
    In light of the ION attack, as well as the increasing risk of cyber threat events, the Market Risk Advisory Committee (MRAC) has spent significant attention to examining third-party service provider relationships and best practices for managing risks to central counterparties (CCPs). In January of 2023, the MRAC hosted a forum on cyber risks in our markets and focused on the ransomware attack that disrupted ION’s operations. 
    Later in 2023, MRAC launched a workstream focused on managing risks that arise from reliance on critical third-party service providers.[39] The workstream led by the CCP Risk and Governance Subcommittee examined the need to consider updating the operational resilience frameworks for CCPs in light of the concentration and cyber risks, among other concerns, that arise as registrants increasingly rely on critical third-party service providers. 
    On November 25, 2024, the MRAC published  a report from the CCP Risk and Governance Subcommittee which set forth recommendations on DCO System Safeguard Standards for Third Party Service Providers (Report).[40] The Report addresses recommendations to Rule 39.18, acknowledging that, while the System Safeguards do explicitly say that a DCO retains responsibility regardless of any contractual outsourcing of regulatory requirements and requires a DCO to provide certain information to the Commission with respect to those outsourced resources.[41] The Report recommends that any proposed regulation build upon and incorporate the principles and language set forth in the System Safeguards Rule with respect to DCOs and further that DCOs be required to establish and maintain a robust Third-Party Relationship Management Program that identifies, assesses, mitigates and monitors the full scope of risks that are associated with the use of third part arrangements.[42]
    The examples of the MRAC’s efforts illustrate the need for a continuing dialogue regarding the concentration and cyber risks that may accompany increased adoption of sophisticated technologies or reliance on third party service providers for technologies that operate at the center of our markets. Moreover, DCOs are only one the diverse types of registrants in our markets navigating these questions. 
    Other registrants, such as designated contract markets and boards of trade, swap execution facilities, and swap data repositories are subject to similar CFTC regulatory system safeguards.[43] Some registrants such as FCMs, commodity trading advisors, commodity pool operators, and introducing brokers who are members of the National Futures Association (NFA) may also be subject to NFA guidance on information systems security programs and third-party service providers.[44] However, similar to DCOs, it is important to consider instances in which reliance on critical third party service providers may introduce risk management concerns.  
    The growing concentration of critical third-party service providers present risk implications that may lead to disruption of our markets. While the Commission has broad authority to promulgate regulations consistent with our statutory authority, many technology firms may not be CFTC registrants subject to direct oversight and, absent conduct in violation of Commission regulation, the Commission may have limited oversight authority with respect to these technology firms. 
    Conclusion
    The issues outlined reflect neither an exhaustive nor a definitive list of the challenges of governing data and providing effective oversight for data integrity, security, and governance. There are many lessons that markets and regulators are yet to learn about the integration of novel technologies such as AI and our evolving market infrastructure.
    The illustration of each of these phenomenon – the rise of data-fueled AI and the increasing role of a concentrated group of critical third-party service providers – merits careful consideration. 
    I am ever working to enhance the stability and integrity of and strengthen the resilience of our domestic markets. As a Commissioner and throughout my career, I have long emphasized corporate governance, compliance, and risk management as central pillars in market oversight.
    Thank you so very much for allowing me to join you this afternoon. I have learned so much from each of the papers presented and the proposals. I am hopeful that other important decision-makers are tracking the issues you outline and solutions that you propose. 

    [2] 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.

    [10] Rory Van Loo, Digital Market Perfection, 117 Mich. L. Rev. 815 (2019); Chris Brummer & Yesha Yadav, Fintech and the Innovation Trilemma, 107 Geo. L. J. 235, 275 (2019); Rory Van Loo, Technology Regulation by Default: Platforms, Privacy, and the CFPB, 2 Geo. L. Tech. Rev. 531, 544-45 (2018). 

    [11] Harry Surden, Ethics of AI in Law: Basic Questions, 719 The Oxford Handbook of Ethics of AI (July 9, 2020) (exploring ethical issues arising from the adoption of artificial intelligence).

    [12] See, e.g., Exec. Order No.13,859, 84 Fed. Reg. 3,967 (Feb. 11, 2019), see also Christopher K. Odinet, AI Risks, Research Handbook on Artificial Intelligence & The Law, Cambridge University Press (forthcoming 2025). 

    [13] See, e.g., Kimberly A. Houser & Anjanette H. Raymond, It Is Time to Move Beyond the ‘AI Race’ Narrative: Why Investment and International Cooperation Must Win The Day, 18 Nw. J. Tech. & Intel. Prop. 129, 185 (2021); Dr. Axel Walz & Kay Firth-Butterfield, Implementing Ethics Into Artificial Intelligence: A Contribution, From A Legal Perspective, To The Development Of An Ai Governance Regime, 18 Duke L. & Tech. Rev. 176, 198; Ross P. Buckley et al., Regulating Artificial Intelligence in Finance: Putting the viHuman in the Loop, 43 Sydney L. Rev. 43, 45 (2021).

    [14] Deborah W. Denno & Ryan Surujnath, Rise of the Machines: Artificial Intelligence, Robotics, and the Reprogramming of Law: Foreword, 88 Fordham L. Rev. 381, 383 (2019); Ross P. Buckley et al., Regulating Artificial Intelligence in Finance: Putting the Human in the Loop, 43 Sydney L. Rev. 43, 47 (2021).

    [15] Bank for Int’l Settlements & Bd. of the Int’l Org. of Sec. Comm’n, Principles for Financial Market Infrastructures: Assessment Methodology for the Oversight Expectations Applicable to Critical Service Providers (Dec. 2014), https://www.bis.org/cpmi/publ/d123.pdf.

    [25] FCMs serve as intermediaries that facilitate the clearing and execution of trades in swaps and futures products.

    [27] Holdings of customer funds increased by more than 700% and the overall adjusted net capital rose by 296%. Id.

    [28] Non-carrying FCMs are FCMs which do not hold customer funds. Id.

    [32] 7 U.S.C. § 7a-1(c)(2)(I).

    [33] Derivatives Clearing Organization General Provisions and Core Principles, 76 Fed. Reg. 69334 (Nov. 8, 2011).

    [34] 76 Fed. Reg. at 69397.

    [35] System Safeguards Testing Requirements for Derivatives Clearing Organizations, 80 Fed. Reg. 80114, 80115 (Dec. 23, 2015).

    [36] System Safeguards Testing Requirements for Derivatives Clearing Organizations, 81 Fed. Reg. 64322 (Sept. 19, 2016).

    [37] 17 C.F.R. § 39.18(d)(1).

    [38] 17 C.F.R. § 39.18(d)(2).

    [41] Form DCO, Appendix A to 17 C.F.R. pt. 39.

    [42] The Report contains 8 principles in which the CCP Risk and Governance Subcommittee recommends a DCO should consider, at minimum, when developing a TPRM. The Report also recommends that the Commission consider requiring DCOs to obtain assurances from their critical service providers that they comply with the expectations set forth in Annex F of the Principles for Financial Market Infrastructure (PFMIs), which sets forth oversight expectations applicable to critical service providers. See Bank for Int’l Settlements & Bd. of the Int’l Org. of Sec. Comm’n, Principles for Financial Market Infrastructures: Assessment Methodology for the Oversight Expectations Applicable to Critical Service Providers (Dec. 2014), https://www.bis.org/cpmi/publ/d123.pdf.

    [43] See 7 U.S.C. § 7(d)(20), 17 C.F.R. § 38.1050-1051 (designated contract markets and boards of trade), 7 U.S.C. § 7b-3(f)(14), 17 C.F.R. § 37.1400-1401 (swap execution facilities), and 7 U.S.C. § 24a(c)(8), 17 C.F.R. § 49.24) (swap data repositories).

    MIL OSI USA News –

  • MIL-OSI Video: Welcome address, Christine Lagarde, ECB

    Source: European Central Bank (video statements)

    The transformative power of AI: economic implications and challenges

    https://www.youtube.com/watch?v=xMor2hgtD_4

    MIL OSI Video –

  • MIL-OSI Video: Keynote speech: The transformative power of AI

    Source: European Central Bank (video statements)

    Keynote speech: The transformative power of AI—uses and applications of a new general-purpose technology

    Kristina McElheran, University of Toronto, Rotman School of Management

    https://www.youtube.com/watch?v=t6_QxWXpCdc

    MIL OSI Video –

  • MIL-OSI: Theo S. Basis Joins Spartan Capital Securities as Chief Compliance Officer

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, April 04, 2025 (GLOBE NEWSWIRE) — Spartan Capital Securities is pleased to announce the appointment of Theo S. Basis as the firm’s new Chief Compliance Officer. With over 30 years of experience in compliance and regulatory roles across broker-dealer, registered investment advisory, insurance, and investment banking sectors, Mr. Basis brings a wealth of leadership and expertise. He excels in overseeing compliance governance and ensuring regulatory adherence.

    Throughout his career, Mr. Basis has held leadership positions at some of the most prominent financial institutions, including AXA Equitable, Prudential, Principal Financial Group, TD Wealth Management, Signature Bank/Securities, W.J. Nolan & Co. (a NYSE member), and, most recently, Laidlaw & Co. Additionally, Theo worked as a Senior Compliance Examiner with FINRA Membership Regulation, District #10 in New York, working in Special Investigations/Enforcement, where he developed a sharp acumen for assessing regulatory risks and implementing solutions to ensure regulatory compliance.

    Mr. Basis is an expert in the application of SEC, FINRA, and MSRB regulatory rules and interpretations, and he has earned a strong reputation as a trusted compliance leader and strategic advisor. He holds multiple securities registrations, including Series 7, 8, 9, 10, 14, 24, 53, 63, 65, and 99. Additionally, in 2007, he attained the Certified Anti-Money Laundering Specialist (CAMS) designation and has utilized this specialty ever since.

    John D. Lowry, Founder and CEO of Spartan Capital Securities, commented, “We are thrilled to welcome Theo Basis to Spartan Capital Securities. His extensive experience in regulatory compliance and leadership will be instrumental in strengthening our compliance infrastructure and ensuring we meet the highest industry standards. Theo’s ability to navigate complex regulatory landscapes will be a critical asset as we grow and expand.”

    About Spartan Capital Securities, LLC (SCS):

    Spartan Capital Securities, LLC is a full-service, integrated financial services firm that provides sound investment guidance for high-net-worth individuals and institutions. With deep market knowledge, risk management strategies, and investment expertise, Spartan Capital has earned a strong reputation as a trusted financial advisor. The firm offers personalized asset allocation programs tailored to meet each client’s unique financial goals. Spartan Capital also offers advisory and insurance services through its affiliates, Spartan Capital Private Wealth Management, LLC, and Spartan Capital Insurance Services, LLC.

    For inquiries, contact: info@spartancapital.com
    John D. Lowry
     Spartan Capital Securities
    +1 (212) 293-0123

    The MIL Network –

  • MIL-OSI Economics: Fulfilling central bank mandates in times of high uncertainty

    Source: Bank for International Settlements

    Central bank mandates have evolved over the past two decades both globally and in Latin America, especially in terms of the interaction of monetary and financial stability mandates. To effectively fulfil the mandates, central banks need to have an adequate set of tools matching their objective. When a central bank faces rising domestic political pressures, it is all the more important to preserve its independence. When geopolitical or trade tensions affect the macroeconomy, the central bank would need to work in close cooperation with other financial authorities to come up with an effective policy mix. Finally, in times of global fragmentation, central banks would need to make further efforts to increase dialogue among themselves.

    MIL OSI Economics –

  • MIL-OSI Global: AI is automating our jobs – but values need to change if we are to be liberated by it

    Source: The Conversation – Global Perspectives – By Robert Muggah, Richard von Weizsäcker Fellow na Bosch Academy e Co-fundador, Instituto Igarapé

    Artificial intelligence may be the most significant disruptor in the history of mankind. Google’s CEO Sundar Pichai famously described AI as “more profound than the invention of fire or electricity”. OpenAI’s CEO Sam Altman claims it has the power to cure most diseases, solve climate change, provide personalized education to the world, and lead to other “astounding triumphs”.

    AI will undoubtedly help solve vast problems, while generating vast fortunes for technology companies and investors. However, the rapid spread of generative AI and machine learning will also automate vast swathes of the global workforce, eviscerating white-collar and blue-collar jobs alike. And while millions of new jobs will surely be created, it is not clear what happens when potentially billions more are lost.

    The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.

    Amid the breathless promises of productivity gains from AI, there are rising concerns that the political, social and economic fallout from mass labour displacement will deepen inequality, strain public safety nets, and contribute to social unrest.

    A 2023 survey in 31 countries found that over half of all respondents felt “nervous” about the impacts of AI on their daily lives and believed it will negatively impact their jobs. Concerns are also mounting about the ways in which AI is being weaponized and could hasten everything from geopolitical fragmentation to nuclear exchanges. While experts are sounding the alarm, it is increasingly clear that governments, businesses and societies are unprepared for the AI revolution.

    The coming AI upheaval

    The idea that machines would one day replace human labour is hardly new. It features in novels, films and countless economic reports stretching back over centuries. In 2013, Carl-Benedikt Frey and Michael Osborne of the University of Oxford attempted to quantify the human costs, estimating that “47% of total US employment is in the high risk category, meaning that associated occupations are potentially automatable”. Their study triggered a global debate about the far-reaching consequences of automation not just for manufacturing jobs, but also service and knowledge-based work.

    Fast forward to today, and AI capabilities are advancing faster than almost anyone expected. In November 2022, OpenAI launched ChatGPT, which dramatically accelerated the AI race. By 2023, Goldman Sachs projected that “roughly two-thirds of current jobs are exposed to some degree of AI automation” and that up to 300 million jobs worldwide could be displaced or significantly altered by AI.

    A more detailed McKinsey analysis estimated that “Gen AI and other technologies have the potential to automate work activities that absorb up to 70% of employees’ time today”. Brookings found that “more than 30% of all workers could see at least 50% of their occupation’s tasks disrupted by generative AI”. Although the methodologies and estimates differ, all of these studies point to a common outcome: AI will profoundly upset the world of work.

    While it is tempting to compare the impacts of AI automation to past industrial revolutions, it is also short-sighted. AI is arguably more transformative than the combustion engine or Internet because it represents a fundamental shift in how decisions are made and tasks are performed. It is not just a new tool or source of power, but a system that can learn, adapt, and make independent decisions across virtually all sectors of the economy and aspects of human life. Precisely because AI has these capabilities, scales exponentially, and is not confined by geography, it is already starting to outperform humans. It signals the advent of a post-human intelligence era.

    Goldman Sachs estimates that 46% of administrative work and 44% of legal tasks could be automated within the next decade. In finance and legal sectors, tasks such as contract analysis, fraud detection, and financial advising are increasingly handled by AI systems that can process data faster and more accurately than humans. Financial institutions are rapidly deploying AI to reduce costs and increase efficiency, with many entry-level roles set to disappear. Global banks could cut as many as 200,000 jobs in the next three to five years on account of AI.

    Ironically, coding and software engineering jobs are among the most vulnerable to the spreading of AI. While there are expectations that AI will increase productivity and streamline routine tasks with many programmers and non-programmers likely to benefit, some coders confess that they are becoming overly reliant on AI suggestions (which undermines problem-solving skills).

    Anthropic, one of the leading developers of generative AI systems, recently launched an Economic Index based on millions of anonymised uses of its Claude chatbot. It reveals massive adoption of AI in software engineering: “37.2% of queries sent to Claude were in this category, covering tasks like software modification, code debugging, and network troubleshooting”.

    AI is also outperforming humans in a growing array of medical imaging and diagnosis roles. While doctors may not be replaced outright, support roles are particularly vulnerable and medical professionals are getting anxious. Analysts insist that high-skilled jobs are not at risk even as AI-driven diagnostic tools and patient management systems are steadily being deployed in hospitals and clinics worldwide.

    Meanwhile, the creative sectors also face significant disruption as AI-generated writing and synthetic media improve. The demand for human journalists, copywriters, and designers is already falling just as AI-generated content (including so-called “slop”: the growing amount of low-quality text, audio and video flooding social media) expands. And in education, AI tutoring systems, adaptive learning platforms, and automated grading could reduce the need for human teachers, not only in remote learning environments.

    Arguably the most dramatic impact of AI in the coming years will be in the manufacturing sector. Recent videos from China offer a glimpse into a future of factories that run 24/7 and are nearly entirely automated (except a handful in supervising roles). Most tasks are performed by AI-powered robots and technologies designed to handle production and, increasingly, support functions.

    Unlike humans, robots do not need light to operate in these “dark factories”. CapGemini describes them as places “where raw materials enter, and finished products leave, with little or no human intervention”. Re-read that sentence. The implications are profound and dizzying: efficiency gains (capital) that come at the cost of human livelihoods (labor) and rapid downward spiral for the latter if no safeguards are put in place.

    Some have confidently argued that, as with past technological shifts, AI-driven job losses will be offset by new opportunities. AI enthusiasts add that it will mostly handle repetitive or boring tasks, freeing humans for more creative work — like giving doctors more time with patients, teachers more time to engage with students, lawyers more time to concentrate on client relationships, or architects more time to focus on innovative design. But this historical comfort overlooks AI’s radical novelty: for the first time, we’re confronted with a technology that is not just a tool but an autonomous agent, capable of making decisions and directly shaping reality. The question is not just what we can do with AI, but what AI might do to us.

    AI will certainly save time. Machine learning already interprets scans faster and cheaper than doctors. But the idea that this will give professionals more time for creative or human-centered work is less convincing. Already doctors are not short on technology; they are short on time because healthcare systems prioritise efficiency and cost-cutting over “time with patients”. The rise of technology in healthcare has coincided with doctors spending less time with patients, not more, as hospitals and insurers push for higher throughput and lower costs. AI may make diagnosis quicker, but there is little reason to think it will loosen the grip of a system designed to maximise output rather than human connection.

    Nor is there much reason to expect AI to liberate office workers for more creative tasks. Technology tends to reinforce the values of the system into which it is introduced. If those values are cost reduction and higher productivity, AI will be deployed to automate tasks and consolidate work, not to create breathing room. Workflows will be redesigned for speed and efficiency, not for creativity or reflection. Unless there is a deliberate shift in priorities — a move to value human input over raw output — AI is more likely to tighten the screws than to loosen them. That shift seems unlikely anytime soon.

    AI’s uneven impacts

    AI’s impact on employment will not be felt equally around the world. It will impact different countries differently. Disparities in political systems, economic development levels, labour market structures and access to AI infrastructure (including energy) are shaping how regions are preparing for and are likely to experience AI-driven disruption. Smaller, wealthier countries are potentially in a better position to manage the scale and speed of job displacement. Some lower-income societies may be cushioned by the disruption owing to limited market penetration of AI services altogether. Meanwhile, high and medium income countries may experience social turbulence and potentially unrest as a result of rapid and unpredictable automation.

    The United States, the current leader in AI development, faces significant exposure to AI-driven disruption, particularly in services. A 2023 study found that highly educated workers in professional and technical roles are most vulnerable to displacement. Knowledge-based industries such as finance, legal services, and customer support are already shedding entry-level jobs as AI automates routine tasks.

    Technology companies have begun shrinking their workforces, using that also as signals to both government and business. Over 95,000 workers at tech companies lost their jobs in 2024. Despite its AI edge, America’s service-heavy economy leaves it highly exposed to automation’s downsides.

    Asia stands at the forefront of AI-driven automation in manufacturing and services. It is not just China, but countries like South Korea that are deploying AI in so-called “smart factories” and logistics with fully automated production facilities becoming increasingly common. India and the Philippines, major hubs for outsourced IT and customer service, face pressure as AI threatens to replace human labour in these sectors. Japan, with its shrinking workforce, sees AI more as a solution than a threat. But the broader region’s exposure to automation reflects its deep reliance on manufacturing and outsourcing, making it highly vulnerable to AI-driven job displacement in a geopolitically turbulent world.

    Europe is taking early regulatory steps to manage AI’s labour market impact. The EU’s AI Act aims to regulate high-risk AI applications, including those affecting employment. Yet in Eastern Europe, where manufacturing and low-cost labour underpin economic competitiveness, automation is already cutting into job security. Poland and Hungary, for example, are seeing a rise in automated production lines. Western Europe’s knowledge-based economies face risks similar to those in America, particularly in finance and professional services.

    Oil-rich Gulf states are investing heavily in AI as part of diversification efforts away from a dependence on hydrocarbons. Saudi Arabia, the UAE, and Qatar are building AI hubs and integrating AI into government services and logistics. The UAE even has a Minister of State for AI. But with high youth unemployment and a reliance on foreign labour, these countries face risks if AI reduces demand for low-skill jobs, potentially worsening inequality.

    In Latin America, automation threatens to disrupt manufacturing and agriculture, but also sectors like mining, logistics, and customer service. As many as 2-5% of all jobs in the region are at risk, according to the International Labor Organization and World Bank. And it is not just young people in the formal service sectors, but also human labour in mining operations, logistics and warehouse workers. Call centers in Mexico and Colombia face pressure as AI-powered customer service bots reduce demand for human agents. And AI-driven crop monitoring, automated irrigation, and robotic harvesting threaten to replace farm labourers, particularly in Brazil and Argentina. Yet the region’s large informal labour market may cushion some of the shock.

    While most Africans are optimistic about the transformative potential of AI, adoption remains low due to limited infrastructure and investment. However, the continent’s rapidly growing digital economy could see AI play a transformative role in financial services, logistics, and agriculture. A recent assessment suggests AI could boost productivity and access to services, but without careful management, it risks widening inequality. As in Latin America, low wages and high levels of informal employment reduce the financial incentive to automate. Ironically, weaker economic incentives for automation may shield these economies from the worst of AI’s labour disruption.

    No one is prepared

    The scale and speed of recent AI developments have taken many governments and businesses by surprise. To be sure, some are proactively taking steps to prepare workforces for the transformation. Hundreds of AI laws, regulations, guidelines, and standards have emerged in recent years, though few of them are legally binding. One exception is the EU’s AI Act, which seeks to establish a comprehensive legal framework for AI deployment, addressing risks such as job displacement and ethical concerns. China and South Korea have also developed national AI strategies with an emphasis on industrial policy and technological self-sufficiency, aiming to lead in AI and automation while boosting their manufacturing sectors.

    Notwithstanding recent attempts to increase oversight over AI, the US has adopted an increasingly laissez-faire approach, prioritising innovation by reducing regulatory barriers. This “minimal regulation” stance, however, raises concerns about the potential societal costs of rapid AI adoption, including widespread job displacement, the deepening of inequality and undermining of democracy.

    Other countries, particularly in the Global South, have largely remained on the sidelines of AI regulation, lacking the awareness, capabilities or infrastructure to tackle these issues comprehensively. As such, the global regulatory landscape remains fragmented, with significant disparities in how countries are preparing for the workforce impacts of automation.

    Businesses are under pressure to adopt AI as fast and deeply as possible, for fear of losing competitiveness. That’s, at least, the hyperbolic narrative that AI companies have succeeded in putting forward. And it’s working: a recent poll of 1,000 executives found that 58% of businesses are adopting AI due to competitive pressure and 70% say that advances in technology are occurring faster than their workforce can incorporate them.

    Another new survey suggests that over 40% of global employers planned to reduce their workforce as AI reshapes the labour market. Lost in the rush to adopt AI is a serious reflection on workforce transition. Financial institutions, consulting firms, universities and nonprofit groups have sounded alarms about the economic impact of AI but have provided few solutions other than workforce up-skilling and Universal Basic Income (UBI). Governments and businesses are wrestling with a basic challenge: how to manage the benefits of AI while protecting workers from displacement.

    AI-driven automation is no longer a future prospect; it is already reshaping labour markets. As automation reduces human workforces, it will also diminish the power of unions and collective bargaining furthering entering capital over labour. Whether AI fosters widespread prosperity or deepens inequality and social unrest depends not just on the imperatives of tech company CEOs and shareholders, but on the proactive decisions made by policymakers, business leaders, union representatives, and workers in the coming years.

    The key question is not if AI will disrupt labour markets — this is inevitable — but how societies will manage the upheaval and what kinds of “new bargains” will be made to address its negative externalities. It is worth recalling that while the last three industrial revolutions created more jobs than they destroyed, the transitions were long and painful. This time, the pace of change will be faster and more profound, demanding swift and enlightened action.

    At a minimum, governments must prepare their societies to develop a new social contract, prioritise retraining programs, bolster social safety nets, and explore UBI to help workers displaced by automation. They should also proactively foster new industries to absorb the displaced workforce. Businesses, in turn, will need to rethink workforce strategies and adopt human-centric AI deployment models that prioritise collaboration between humans and machines, rather than substitution of the former by the latter.

    The promise of AI is immense, from boosting productivity to creating new economic opportunities and indeed helping solving big collective problems. Yet, without a focused and coordinated effort, the technology is unlikely to develop in ways that benefit society at large.

    Dr. Robert Muggah is the co-founder of the Igarapé Institute, an independent think and do tank that develops research, solutions and partnerships to address global public, digital and climate security challenges. Dr. Muggah is also a principal of the SecDev Group, and an advisor to the United Nations, the IMF and the World Bank. An advisor to AI start-ups and a climate tech venture firms, Dr. Muggah has experience developing new technologies and testing AI systems for security and governance. He also coordinated a global task force on predictive analytics and AI in the Global South since in 2023.

    Bruno Giussani não presta consultoria, trabalha, possui ações ou recebe financiamento de qualquer empresa ou organização que poderia se beneficiar com a publicação deste artigo e não revelou nenhum vínculo relevante além de seu cargo acadêmico.

    – ref. AI is automating our jobs – but values need to change if we are to be liberated by it – https://theconversation.com/ai-is-automating-our-jobs-but-values-need-to-change-if-we-are-to-be-liberated-by-it-253806

    MIL OSI – Global Reports –

  • MIL-OSI Video: Session 1: How is AI transforming the labour market?

    Source: European Central Bank (video statements)

    Session 1: How is AI transforming the labour market?

    Session chair: Luc Laeven, ECB

    AI, task changes in jobs, and worker reallocation

    Christina Gathmann*, LISER, University of Luxembourg and CEPR
    Felix Grimm, LISER
    Erwin Winkler, University of Erlangen-Nuremberg, IZA and LASER
    Discussant: Antonio Dalla Zuanna, Banca d’Italia

    AI adoption and the demand for managerial expertise

    Liudmila Alekseeva*, KU Leuven
    José Azar, University of Navarra and IESE Business School
    Mireia Giné, IESE Business School
    Sampsa Samila, IESE Business School
    Discussant: Juan F. Jimeno, Banco de España

    https://www.youtube.com/watch?v=j5b1Er1KDyE

    MIL OSI Video –

  • MIL-OSI Video: Session 2: Is this time different? Will AI have a significant effect on productivity?

    Source: European Central Bank (video statements)

    Session 2: Is this time different? Will AI have a significant effect on productivity?

    Session chair: Oscar Arce, ECB

    Generative AI and firm-level productivity: evidence from startup funding dynamics

    Dominik Asam* and David Heller, both Max Planck Institute for Innovation and Competition

    Discussant: Paul E. Soto, Federal Reserve Board

    Generative AI and the nature of work

    Manuel Hoffmann*, Harvard Business School and Stanford University
    Sam Boysel, Harvard Business School
    Frank Nagle, Harvard Business School
    Sida Peng, Microsoft
    Kevin Xu, GitHub

    Discussant: Peter Gal, OECD

    https://www.youtube.com/watch?v=tGchsf1_KNQ

    MIL OSI Video –

  • MIL-OSI Video: Keynote speech: AI and the outlook for productivity

    Source: European Central Bank (video statements)

    Keynote speech: AI and the outlook for productivity

    Jonathan Haskel, Imperial College London

    https://www.youtube.com/watch?v=nR1KrO-tIf0

    MIL OSI Video –

  • MIL-OSI Video: Session 3: Does AI matter for monetary policy?

    Source: European Central Bank (video statements)

    Session 3: Does AI matter for monetary policy?

    Session chair: Wolfgang Lemke, ECB

    Implications of AI usage for financial stability: evidence from AI-driven investment funds identified by generative AI amid interest rate hikes

    Joe Ho-Yeung Wong*, Victor Pak-Ho Leung and Siru Lu, all Hong Kong Monetary Authority

    Discussant: Shams Pathan, Newcastle University

    Simulating the Survey of professional forecasters

    Sophia Kazinnik*, Stanford HAI
    Anne Lundgaard Hansen, Federal Reserve Bank of Richmond
    John J. Horton, MIT Sloan School of Management
    Daniela Puzzello, Indiana University Bloomington
    Ali Zarifhonarvar, Indiana University Bloomington

    Discussant: Michael Ehrmann, ECB

    https://www.youtube.com/watch?v=SNDpWjXZloQ

    MIL OSI Video –

  • MIL-OSI Video: Policy roundtable & Concluding remarks

    Source: European Central Bank (video statements)

    Policy roundtable: Making the most of AI: how to foster diffusion and address risks?

    Moderator: Jesús Fernández-Villaverde, University of Pennsylvania

    Fidelio Börm, Medimir
    Markus Brunnermeier, Princeton University
    Bertin Martens, Bruegel
    Filiz Unsal, OECD

    Concluding remarks: Oscar Arce, ECB

    https://www.youtube.com/watch?v=wXtjORe23xA

    MIL OSI Video –

  • MIL-OSI USA: Congressman Morgan Luttrell Introduces the Brian Tally VA Employment Transparency Act of 2025 to Improve Accountability in VA Health Care

    Source:

    WASHINGTON – Congressman Morgan Luttrell (R-TX) introduced the Brian Tally VA Employment Transparency Act of 2025, a critical piece of legislation aimed at ensuring accountability and transparency within the Department of Veterans Affairs (VA) health care system. This bill is named after Brian Tally, a Marine Corps veteran who suffered devastating consequences due to medical negligence at a VA hospital and the lack of accountability within the system.

    “Our veterans deserve the highest standard of care, and they deserve to know that those entrusted with their health will be held accountable,” said Congressman Luttrell. “This legislation ensures transparency and safeguards veterans from negligent medical providers, whether they are directly employed by the VA or working under contract.”

    Key Provisions of the Act:

    1. Non-Department Provider Accountability:

    • Requires the VA to provide affected individuals with details on malpractice cases involving non-VA providers within 45 days of a civil action being filed.
    • Prohibits non-VA providers with five or more malpractice cases within five years from working in VA facilities.
    • Establishes an appeals process for providers who have their authorization revoked.

    2. Notification Requirements:

    • Mandates that the VA report malpractice judgments to state licensing boards and the National Practitioner Data Bank.
    • Requires the VA to publicly post information about veterans’ rights, claims procedures, and time limits for recovery.

    3. Accountability for VA Physicians:

    • Directs the VA to take action against VA-employed physicians who have three or more malpractice judgments or settlements within a five-year period.

    4. Implementation:

    • Applies to malpractice incidents occurring after the Act’s enactment.

    Background:

    In 2016, Brian Tally suffered life-altering consequences due to gross medical negligence at a VA hospital. Despite admitting fault, the VA ultimately denied accountability, citing an outdated policy that shielded the agency from responsibility for malpractice committed by independent contractors. As a result, Tally faced severe financial and personal hardship, including the loss of his small business and near foreclosure of his home.

    MIL OSI USA News –

  • MIL-OSI: SB Financial Group, Inc. Announces Schedule for First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    DEFIANCE, Ohio, April 04, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services, expects to release its first quarter 2025 financial results on Thursday, May 1, 2025, after the close of the market. The company will hold a related conference call and webcast on Friday, May 2, 2025, at 11:00 a.m. EDT.

    Interested parties may access the conference call by dialing 888-338-9469 and requesting the “SB Financial Group Conference Call.” The conference call will also be webcast live at ir.yourstatebank.com. An audio replay of the call will be available on the SB Financial Group website.

    About SB Financial Group
    Headquartered in Defiance, Ohio, SB Financial Group is a diversified financial services holding company for The State Bank and Trust Company (State Bank) and SBFG Title, LLC, dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking, and commercial and agricultural lending, operating through a total of 26 offices: 24 in 10 Ohio counties, two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana, and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial Group’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

    Investor Contact Information:

    Mark A. Klein
    Chairman, President and Chief Executive Officer
    419-783-8920

    Anthony V. Cosentino            
    Executive Vice President and Chief Financial Officer           
    419-785-3663            

    The MIL Network –

  • MIL-OSI: Guaranteed Rate Affinity Appoints Lynne Haney as Vice President of Mortgage Lending

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, April 04, 2025 (GLOBE NEWSWIRE) — Guaranteed Rate Affinity, a leading mortgage provider offering unparalleled lending services through its exclusive partnership with Coldwell Banker, has appointed Lynne Haney as Vice President of Mortgage Lending. With more than 35 years of industry experience and a strong track record of community involvement, Haney brings deep expertise and a service-first mindset to the role.

    “I’ve had the privilege of helping hundreds of homebuyers secure the right financing while making their journey as seamless and enjoyable as possible,” said Haney. “I’m truly passionate about what I do—and I believe in giving back. For every purchase and refinance loan I close, I donate to local charities that support causes close to my heart.”

    Haney has been consistently recognized for her performance, including being named among the Top 1% of originators nationwide by Mortgage Executive Magazine in 2020 and earning top honors in the Best of the 603 survey. She has also served in various leadership roles with the Capital Region and Sunapee Region Boards of REALTORS® and America’s Credit Union Museum, where she chaired the Financial Literacy Education Committee.

    “Lynne’s experience and deep commitment to her clients and community make her a standout addition to our team,” said Scott Throneberry, Executive Vice President, National Sales. “She reflects the values we hold as a company, and we’re confident she’ll make an immediate impact on our growth and client experience.”

    Haney joins Guaranteed Rate Affinity as the company continues expanding its presence and capabilities across key markets. Her leadership will support the company’s mission to deliver exceptional service and results for borrowers and real estate partners alike.

    About Guaranteed Rate Affinity

    Guaranteed Rate Affinity is a joint venture between Guaranteed Rate, Inc. and Anywhere Integrated Services (NYSE: HOUS), which owns some of the industry’s most recognized and respected real estate brands. The innovative JV has funded over $100 billion in loans since its inception. Guaranteed Rate Affinity originates and markets its mortgage lending services to Anywhere’s real estate, brokerage, and relocation subsidiaries.

    Guaranteed Rate Affinity provides unmatched support to Anywhere brokers coast-to-coast, ensuring their customers receive fast pre-approvals, appraisals, and loan closings, creating the ability for buyers to move quickly and confidently when purchasing homes in today’s competitive market. The company also provides the same services to the public and other real estate brokerage and relocation companies across the country—helping employers improve their employees’ relocation experience by prioritizing customer service, digital mortgage ease, and competitive rates.

    Guaranteed Rate owns a controlling 50.1% stake in Guaranteed Rate Affinity, and Anywhere owns 49.9%. Visit grarate.com for more information.

    Media Contact:
    press@rate.com

    The MIL Network –

  • MIL-OSI: Purpose Investments Announces Upcoming Termination of Purpose Special Opportunities Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 04, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) announced today, after careful consideration, that it has decided to terminate Purpose Special Opportunities Fund (the “Fund”) no later than the end of 2025 (the “Termination Date”).

    Purpose is of the view that the termination of the Fund is in the best interest of its shareholders. The decision to close the Fund was driven by its relatively low assets under management, which were at $12.5 mm as of April 3, 2025.

    Currently, the Fund’s sole remaining holding is Prio S.A., a publicly listed Brazilian oil & gas company originally acquired by the Fund in November 2009. As of April 3, 2025, the Fund’s investment in Prio S.A. has generated strong returns, with its share price increasing by 751% in Brazilian Real terms over the last five years. The performance of this security has been a major contributor to the Fund’s 25.37% annualized return over that same period.

    As part of the termination of the Fund, Purpose has initiated a process to liquidate the Fund’s Prio S.A. position. Purpose, as the Fund Manager, is now engaged in a process to re-register the Fund’s Prio S.A. shares with the Central Bank of Brazil, as the central registrar of publicly traded shares. This re-registration and divestiture, which is currently underway, requires Purpose to work directly with the Prio S.A, the Fund’s banking partners, and Brazilian authorities.

    Additionally, as a result of the decision to terminate the Fund, Purpose has decided to cease offering purchases of new shares of the Fund. Acting in accordance with its standard of care and its obligations as an investment fund manager, Purpose will continue to accept requests for the redemptions of shares of the Fund, though processing of some redemptions may, in certain circumstances, be delayed as the Fund re-registers the Prio S.A. shares it owns with the Central Bank of Brazil.

    Series A Shares and Series F Shares will be automatically redeemed on the Termination Date, with the proceeds either deposited into the shareholder’s account or mailed by cheque directly to the shareholder or to their dealer, nominee, or intermediary, as applicable. There will be no fees or redemption charges applicable to such redemptions.

    If required, a final distribution for the Fund will occur on or about the Termination Date.

    About Purpose Investments Inc.

    Purpose Investments Inc. is an asset management company with more than $23 billion in assets under management. Purpose Investments Inc. has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information, please email us at info@purposeinvest.com.

    Media Inquiries
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. The prospectus contains important detailed information about the investment fund. Please read the prospectus before investing. There is no assurance that any fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    Forward-Looking Information

    Purpose cautions the reader not to place undue reliance upon any such forward-looking statements contained herein, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “on pace”, “anticipates”, or “does not anticipate”, “believes”, and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, or “will” be taken, occur or be achieved.

    Forward-looking statements are based on information available to management at the time they are made, management’s current plans, estimates, assumptions, judgments and expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Purpose to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties. Although the forward-looking information contained in this press release is based on assumptions that Purpose believes to be reasonable at the date such statements are made, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Purpose does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws.

    The MIL Network –

  • MIL-OSI Europe: The EBA publishes its annual assessment of banks’ internal approaches for the calculation of capital requirements

    Source: European Banking Authority

    The European Banking Authority (EBA) today published its 2024 Reports on the annual market and credit risk benchmarking exercises. For the first time, the EBA also released a specific Report on the fundamental review of the trading book Alternative Standardised Approach (FRTB ASA). These exercises aim at monitoring the consistency of risk weighted assets (RWAs) across all EU institutions authorised to use internal approaches for the calculation of capital requirements.

    Regarding market risk, the decline in the dispersion in the various risk measure is confirmed for this exercise. For credit risk, the variability of RWAs remained stable compared to the previous year, but for some asset classes a reduction could be observed in the longer run for some asset classes and parameters.

    Market Risk

    The Market Risk Benchmarking IMA Report presents the results of the 2024 supervisory benchmarking and summarises the conclusions drawn from a hypothetical portfolio exercise (HPE) conducted in 2023/24.

    The results confirm that most participating banks have seen a relatively low dispersion in the initial market valuation (IMVs), though slightly higher compared to 2023. However, a decline in the dispersion in risk measures submissions was noticed compared to the previous exercise.

    In general, variability has declined constantly through past exercises. This is likely due to better data submissions by the participating banks, as a result of improved instructions, knowledge of the portfolios and the resolution of issues encountered in the previous exercise.

    Regarding the single risk measures, the overall variability for value at risk (VaR) is lower than the observed variability for stressed VaR (sVaR) (14% and 21%, compared to 16% and 21% in 2023, and to 21% and 28% in the 2022 exercise). More complex measures, such as the incremental risk charge (IRC), show a higher level of dispersion (44%, it was 42% in 2023 exercise, 45% in the 2022).

    The assessment by competent authorities of the over- and underestimation of RWAs was encouraging as the latter were aware of and able to explain the causes of almost all deviations. While most of the causes were identified and actions put in place in order to reduce the unwanted variability of RWAs, the effectiveness of these actions can be evaluated only by competent authorities via constant monitoring of the benchmarking results.

    The benchmarking on the FRTB ASA will become even more critical in the future, as it will be extended to banks that apply the ASA methodology independently without the current requirement of having been granted permission to adopt internal models for market risk’s own funds requirements. One positive aspect of the ASA data collection is that the Own Funds Requirements (OFR) computed using this methodology is already significantly more consistent than the IMA methodology. On the other side, the Default Risk Charge (DRC), residual risk add-on (RRAO) and the validation portfolios highlighted some inconsistencies in the data submissions.

     
    Credit Risk exercise

    The relative share of the Exposure at Default (EAD) subject to the Internal Ratings Based (IRB) method appears slightly decreasing in the medium run but practically constant in the last years.

    Furthermore, the share of approved material model changes has increased for all asset classes, indicating that the implementation of the IRB roadmap is progressing.

    The Report shows a clear decreasing trend of variability, measured in terms of standard deviation, can be observed for the PD while for the LGD it more difficult to observe a clear trend. The Report also proves that, besides risk factors able to capture the underlying portfolio characteristics, prudential adjustments could potentially explain part of the variability.

    A specific analysis regarding the Retail portfolio shows the role that the type and degree of collateralisation can play in explaining the variability of the Loss Given Default (LGD). 

     

    Notes to the editors

    These annual benchmarking exercises contribute to improving the regulatory framework, increasing convergence of supervisory practices and, thus, restoring confidence in internal models. For credit risk internal models, the EBA has followed its roadmap for the implementation of the regulatory review of internal models.

    This exercise should be read in parallel with other efforts to reduce undue level of variability. In particular, the  EBA roadmap to Repair IRB models is a key component of the review of the IRB framework, along with the enhancements brought by the final Basel III framework assessed by the EBA in a set of recommendations as an answer to the call for advice of the European Commission.

    The exercises provide a regular supervisory tool based on benchmarks to support competent authorities’ assessments of internal models and produce comparisons with EU peers.

    MIL OSI Europe News –

  • MIL-OSI Africa: African Development Bank and Mozambique launch drone-based initiative to strengthen country’s disaster preparedness

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

    MAPUTO, Mozambique, April 4, 2025/APO Group/ —

    The African Development Bank (www.AfDB.org), the government of Mozambique, and Korea’s government agency Busan Technopark have launched an innovative drone-driven initiative to strengthen disaster preparedness in Mozambique, a country frequently hit by floods, mudslides, cyclones, and other weather-related crises.  

    The launch event took place in Maputo, on Thursday, April 3.  

    The Drone-Based Disaster Management Project will establish a drone training centre in Mozambique to train 30 professionals, including 10 instructors. It will also implement a drone-based monitoring and response system across five high-risk flood zones.  

    It is expected to enhance real-time disaster monitoring, early warning systems, and predictive flood modeling, helping Mozambique better anticipate and mitigate climate-related disasters. The country is one of the most disaster-prone in Africa, with floods and cyclones alone causing severe destruction to infrastructure, agriculture, and communities. 

    The African Development Bank manages the $967,000 initiative, which was funded by the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund. Korea’s Busan Techno Park, known for its expertise in technological innovation and disaster management, will implement the project over six months, with the intention of evolving into a centre of excellence and regional hub.  

    “We warmly welcome the Drone-Based Disaster Management Project as an innovative initiative that harnesses cutting-edge technology to strengthen our disaster preparedness and response,” said Mozambique’s Minister of Communication and Digital Transformation, Muchanga Américo, during the launch event. “This is just the beginning.” 

    During the six-month period, there will be technology and knowledge transfer, enabling the Mozambican side to take ownership of the drone solution and become autonomous for a period of three years if supplier agreements are concluded. 

    African Development Bank Country Economist, Flavio da Gama represented the  Country Manager for Mozambique. He emphasized how the project will harness innovation to protect communities and infrastructure. 

    “This project is not just about technology. It reflects the power of international cooperation, uniting governments, development institutions, and private sector partners in a shared mission: to protect lives, strengthen resilience, and promote sustainable development.” 

    “Drones provide critical data for flood management,” said Changmoon Yang, Managing Director of Busan Technopark. “This project will showcase how technology can save lives.”  

    The Korean ambassador to Mozambique, Bokwon Kang, said the country looked forward to further cooperation with the African Development Bank and Mozambique in digital innovation. 

    Korea is recognized as a leader in the development and use of Unmanned Aerial Vehicles or drones for real-time data collection and processing.  

    The launch event concluded with the signing of a tripartite agreement between the African Development Bank, Busan Technopark, and the Mozambican government, paving the way for full implementation. 

    The project aligns with the African Development Bank’s commitment to supporting climate resilience and digital transformation. The Bank envisions scaling this model across Africa, helping other disaster-prone regions to leverage drones and digital solutions for risk management. 

    MIL OSI Africa –

  • MIL-OSI: First Federal Savings Bank and ICBA: How Learning Fiscally Responsible Habits Help Reach Financial Goals

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., April 04, 2025 (GLOBE NEWSWIRE) — First Federal Savings Bank and the Independent Community Bankers of America (ICBA) are celebrating Financial Literacy Month in April by encouraging Americans to take control of their financial future and learn fiscally responsible habits that can benefit them at every age and stage of their financial journey.

    Twenty-seven percent of Americans report that “just getting by financially or finding it hard to get by” describes them completely or very well. Meanwhile 59% want financial advice, but only a third (32 percent) turn to registered financial advisors for help, despite the fact that 68 percent indicated a personalized financial plan based on their goals is important.

    “Strong financial principles as well as putting money management practices into action can help avoid financial missteps and improve your financial outlook at any age or life stage,” said Courtney Schmitt, VP, Marketing Manager at First Federal Savings Bank.

    Often referred to as America’s favorite lenders, community banks are financial experts with a wealth of knowledge and local expertise to help consumers with:

    • Budgeting to help you track income and expenses and build a plan to manage your finances, reach your financial goals, and create a nest egg.
    • Saving and investing to help you assess savings and investment goals and vehicles.
    • Using credit to establish and maintain good credit so you can reap the benefits from this convenient and flexible form of payment without the consequences of mismanagement.
    • Understanding debt load and available options like debt consolidation before taking out a loan.

    “The key to achieving your lifetime goals is understanding financial principles,” ICBA President and CEO Rebeca Romero Rainey said. “The support of your local trusted community banker can lead to financial independence by managing debt judiciously, whether you’re looking to fund educational pursuits, start a business, or plan for retirement.”

    ICBA also offers financial literacy programs through community bank partners including Visa’s Practical Money Skills, the FDIC’s Money Smart initiatives, and the Jump$tart Coalition for Personal Financial Literacy. To find one of our community bank locations in your area visit, banklocally.org.

    About First Federal Savings Bank Member FDIC

    First Federal Savings Bank was established on Evansville, Indiana’s Westside in 1904. A community bank offering eight locations in Posey, Vanderburgh, Warrick, and Henderson County. First Federal Savings Bank is also proud to offer Home Building Savings Bank locations in Daviess and Pike County.

    About ICBA
    The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

    As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.

    The MIL Network –

  • MIL-OSI Economics: Scheduled Banks’ Statement of Position in India as on Friday, March 21, 2025

    Source: Reserve Bank of India

    (Amount in ₹ crore)
      SCHEDULED COMMERCIAL BANKS
    (Including RRBs, SFBs and PBs)    		 ALL SCHEDULED BANKS
    22-Mar-2024 07-Mar-2025* 21-Mar-2025* 22-Mar-2024 07-Mar-2025* 21-Mar-2025*
    I LIABILITIES TO THE BKG.SYSTEM (A)            
      a) Demand & Time deposits from banks 294470.87 284322.01 309413.40 298451.61 289252.56 315674.39**
      b) Borrowings from banks 182428.71 113375.74 112450.27 182565.72 113395.68 112501.44
      c) Other demand & time liabilities 72451.70 38843.52 29906.64 73099.81 39214.14 30300.78
    II LIABILITIES TO OTHERS (A)            
      a) Deposits (other than from banks) 20475226.39 22510118.00 22574981.74 20931862.34 22979252.67 23049867.62
      i) Demand 2443853.10 2541476.52 2692658.66 2492890.07 2590163.46 2742872.73
      ii) Time 18031373.29 19968641.48 19882323.08 18438972.26 20389089.21 20306994.89
      b) Borrowings @ 777942.31 939107.58 915247.80 782259.99 944306.62 920567.47
      c) Other demand & time liabilities 937428.00 1054726.19 1062892.08 950486.70 1069174.60 1078301.88
    III BORROWINGS FROM R.B.I. (B) 222716.00 183436.00 311466.00 222716.00 183436.00 311466.00
      Against usance bills and / or prom. Notes            
    IV CASH 89433.21 83128.63 81874.49 91887.09 85425.07 84399.47
    V BALANCES WITH R.B.I. (B) 931482.63 887266.98 882414.59 951385.79 905569.50 900645.16
    VI ASSETS WITH BANKING SYSTEM            
      a) Balances with other banks            
      i) In current accounts 8970.57 10203.63 10594.13 12006.78 12511.15 13247.50
      ii) In other accounts 189356.71 196502.53 205181.89 234368.50 249851.87 260471.29
      b) Money at call & short notice 12355.12 28185.68 25837.74 39618.78 48074.89 44779.28
      c) Advances to banks (i.e. due from bks.) 48368.26 38907.89 39503.74 51324.76 43678.72 43855.88£
      d) Other assets 115423.77 62777.69 67362.50 117734.21 65774.37 70306.00
    VII INVESTMENTS (At book value) 6106558.02 6737320.05 6697927.94 6256610.90 6890883.36 6850574.38
      a) Central & State Govt. securities+ 6105609.51 6736826.28 6697298.19 6249636.70 6882789.83 6842024.57
      b) Other approved securities 948.51 493.77 629.74 6974.20 8093.53 8549.81
    VIII BANK CREDIT (Excluding Inter-Bank Advances) 16432163.93 18125412.60 18243935.57 16866221.14 18591351.54 18708248.75
      a) Loans, cash credits & Overdrafts $ 16134303.05 17796734.53 17909815.46 16565233.27 18258549.44 18370667.77
      b) Inland Bills purchased 60466.96 73940.35 74962.60 60471.14 76226.90 76522.64
      c) Inland Bills discounted 197357.83 216714.85 221058.79 199760.80 217928.56 222319.17
      d) Foreign Bills purchased 16411.78 15072.80 15121.91 16661.99 15316.89 15356.96
      e) Foreign Bills discounted 23624.31 22950.07 22976.80 24093.95 23329.75 23382.21
    NOTE
    * Provisional figures incorporated in respect of such banks as have not been able to submit final figures.
    (A) Demand and Time Liabilities do not include borrowings of any Scheduled State Co-operative Bank from State Government and any reserve fund deposits maintained with such banks by any co-operative society within the areas of operation of such banks.
    ** This excludes deposits of Co-operative Banks with Scheduled State Co-operative Banks. These are included under item II (a).
    @ Other than from Reserve Bank, National Bank for Agriculture and Rural Development and Export Import Bank of India.
    (B) The figures relating to Scheduled Commercial Banks’ Borrowings in India from Reserve Bank and balances with Reserve Bank are those shown in the statement of affairs of the Reserve Bank. Borrowings against usance bills and/ or promissory notes are under Section 17(4)(c) of the Reserve Bank of India Act, 1934. Following a change in the accounting practise for LAF transactions with effect from July 11, 2014, as per the recommendations of Malegam Committee formed to Review the Format of Balance Sheet and the Profit and Loss Account of the Bank, the transactions in case of Repo / Term Repo / MSF are reflected under ‘Borrowings from RBI’.
    £ This excludes advances granted by Scheduled State Co-operative Banks to Co-operative banks. These are included under item VIII (a).
    + Includes Treasury Bills, Treasury Deposits, Treasury Savings Certificates and postal obligations.
    $ Includes advances granted by Scheduled Commercial Banks and Scheduled Cooperative Banks to Public Food Procurement Agencies (viz. Food Corporation of India, State Government and their agencies under the Food consortium).
    Food Credit Outstanding as on
    (Amount in ₹ crore)
    Date 22-Mar-2024 07-Mar-2025 21-Mar-2025
    Scheduled Commercial Banks 23080.81 42552.27 36531.16
    Scheduled Co-operative Banks 49200.97 50613.50 50613.50

    The expression ‘Banking System’ or ‘Banks’ means the banks and any other financial institution referred to in sub-clauses (i) to (vi) of clause (d) of the explanation below Section 42(1) of the Reserve Bank of India Act, 1934.

    No. of Scheduled Commercial Banks as on Current Fortnight:135

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/42

    MIL OSI Economics –

  • MIL-OSI USA: Join Us on 4/24 for Law Day 2025: Constitutions, Unity, and the Rule of Law

    Source: US Global Legal Monitor

    On April 24 at 3 p.m. EDT, the Law Library of Congress and the American Bar Association will cohost our annual Law Day celebration with a Zoom-based panel discussion.

    Please register here.

    This year, the American Bar Association’s 2025 Law Day theme is “The Constitution’s Promise: Out of Many, One.” As the American Bar Association explains:

    The Constitution enshrines our collective responsibility to one another, and the 2025 Law Day theme urges us to take pride in a Constitution that bridges our differences to bring us together as a united nation. Our civic lives tie us together as one “We,” whether through legislative efforts that serve the common good, through military service, or by working together, every day, to fulfill the promise of E pluribus unum, or “out of many, one.”

    This panel discussion will explore how law, specifically constitutionalism, has been used to promote unity in nations around the world, exploring this theme from a comparative constitutional law framework, where we will explore the intricacies of constitutional design, focusing on how different nations create, revise, and enforce their constitutions. This program will examine the processes by which constitutions are drafted, highlighting the roles of founding documents, legal frameworks, and the negotiation processes that reflect a nation’s values and aspirations. The panel will discuss how constitutions evolve over time, whether through formal amendments, judicial interpretation, or societal shifts, and how these changes impact governance. The enforcement mechanisms that ensure constitutions remain a living document—through judicial review, political processes, and institutional checks—will also be critically analyzed, providing a deeper understanding of the balance between legal stability and necessary reform. Through this comparative lens, this program will shed light on the diverse approaches to constitutional governance across the globe.

    A logo for the Law Library of Congress and the American Bar Association’s event to commemorate Law Day 2025.

    The program will be introduced by the American Bar Association President William R. Bay and the Law Librarian of Congress, Aslihan Bulut.

    Dr. Alejandro Ponce. Photo courtesy of Dr. Ponce.

    The moderator is Dr. Alejandro Ponce. Dr. Ponce is the Executive Director of the World Justice Project (WJP), leading its global efforts to advance the rule of law through research, data-driven insights, and strategic initiatives.

    Dr. Ponce, a trained economist, has been instrumental in shaping WJP’s research agenda since its early years. As Chief Research Officer (2012–2025), he played a key role in developing the WJP Rule of Law Index and led the creation of major data products, including country and thematic diagnostics, environmental rule of law indicators, legal needs surveys in over 100 countries, and the first study to quantify the global justice gap. He also led WJP’s expansion in Mexico and the European Union, launching subnational justice indicators, advancing criminal justice research, and overseeing documentary film productions.

    Before joining the World Justice Project, Ponce worked as a researcher at Yale University and as an economist at the World Bank and the Mexican Banking and Securities Commission. He has conducted research in the areas of behavioral economics, financial inclusion, justice indicators, and the rule of law, and has been published in collected volumes as well as top academic journals such as the American Economic Review and the Journal of Law and Economics. Ponce is a frequent speaker on the rule of law at international conferences and policy forums and travels the world to help a wide variety of stakeholders turn rule of law data into action. He holds a B.A. in economics from ITAM in Mexico and an M.A. and Ph.D. in economics from Stanford University.

    The panelists include:

    Tariq Ahmad. Photo courtesy of Tariq Ahmad.

    Law Library of Congress Senior Foreign Law Specialist Tariq Ahmad. Tariq’s work at the Law Library of Congress covers mostly South Asian common law jurisdictions, particularly India and Pakistan. He takes a particular research interest in religion and law issues in the South Asia region. Tariq holds an LL.M. degree in international law from American University Washington College of Law and an LL.B. from University College London.

    Professor Zachary Elkins. Photo Courtesy of Professor Elkins.

    Dr. Zachary Elkins. Professor Elkins’ research focuses on issues of democracy, institutional reform, research methods, and national identity, with an emphasis on cases in Latin America. He is currently completing a book manuscript, “Steal this Constitution: The Drift and Mastery of Constitutional Design,” which examines the design and diffusion of democratic institutions. Much of his research is on the origins and consequences of national constitutions. With Tom Ginsburg (University of Chicago), Professor Elkins co-directs both the Comparative Constitutions Project, an NSF-funded initiative to understand the causes and consequences of constitutional choices, and the website Constitute, which provides resources and analysis for constitutional drafters in new democracies. Elkins earned his B.A. from Yale University, an M.A. from the University of Texas at Austin, and his Ph.D. from the University of California, Berkeley.

    Professor Mortimer Sellers. Photo courtesy of Mortimer Sellers.

    Professor Mortimer Sellers. M.N.S. Sellers is Regents Professor of the University System of Maryland, the highest honor in the Maryland Academic System. He is also Director of the University of Baltimore Center for International and Comparative Law (CICL), honorary President of the International Association for the Philosophy of Law and Social Philosophy (IVR), President-Elect of the American Society of Comparative Law, Director of Studies of the American Branch of the International Law
    Association and Counsellor to the American Society of International Law.

    Professor Sellers has written and edited seventeen books and innumerable articles on international law, comparative law, constitutional law, the philosophy of law, and legal history. He is the general editor of several book series, including the Cambridge University Press series ASCL Studies in Comparative Law (with David Gerber) and the Cambridge University Press series ASIL Studies in International Legal Theory (with Michael Cooper). He is the editor with Stephan Kirste of The IVR Encyclopedia of the Philosophy of Law and Social Philosophy, and with Gary Bell of the second edition of the International Encyclopedia of Comparative Law.

    Professor Sellers received his doctorate and civil law degrees from Oxford University, where he was a Rhodes Scholar and T.H. Green Fellow. He received his bachelor’s degree (summa cum laude) and law degree (cum laude) at Harvard University, where he was a Frank Knox Fellow and John Harvard Scholar and received the Edwards Whitaker and Detur prizes. He is an elected member of the International Academy of Comparative Law and of the International Association of Constitutional Law. Professor Sellers has been The H.L.A. Hart Fellow in Jurisprudence at University College, Oxford, Research Fellow of the Max Planck Institute for Comparative Public Law and International Law in Heidelberg, and a visiting professor at the

    Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

    MIL OSI USA News –

  • MIL-OSI Banking: Regulation of Foreign Trade under Foreign Exchange Management Act (FEMA), 1999 – Draft Regulations and Directions

    Source: Reserve Bank of India

    Reserve Bank of India had earlier invited comments/feedback from the public on draft Regulations and draft Directions to the Authorised Dealers on Export and Import of Goods and Services, vide Press Release dated July 02, 2024.

    2. Based on the feedback received from public and subsequent further consultations with various stakeholders, the draft Regulations and Directions have been further revised. The emphasis of revised Regulations is on enhancing ease of doing business and bringing all instructions onto a single document. The Regulations incorporate instructions issued to Authorised Dealers, including the processes to be followed by the Authorised Dealers for handling transactions related to export and import, which are at present issued separately as Directions to Authorised Dealers.

    3. Comments/feedback on the draft Regulations and Directions may be forwarded via email by April 30, 2025, with the subject line “Feedback on draft regulations and directions on export and import under FEMA”.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/41

    MIL OSI Global Banks –

  • MIL-OSI Asia-Pac: KEYNOTE SPEECH by His Excellency Fiame Naomi Mata’afa Prime Minister of Samoa at the “Ceremony for the Official Commencement of the Construction of the Atele Storage Facility” – Atele Horticulture Centre, Nu’u,

    Source: Government of Samoa

    Prime Minister of Samoa Hon. Fiame Naomi Mata’afa KEYNOTE REMARKS at the “Groundbreaking Ceremony for the Atele Packhouse”

    (Atele Horticulture Centre, Nu’u, Tuesday 18th February 2025@10 am)

    Reverend Iamafana Fa’a’u’uga,

    Honourable Ministers of Cabinet,

    Representatives of our Development partners,

    Representatives of the World Bank, and the International Fund for Agricultural Development (IFAD),

    Distinguished Guests, Community Leaders, our dedicated farmers, Ladies and Gentlemen,

    It gives me great pleasure to welcome you all this morning, and it is my honour to address this significant occasion of the groundbreaking ceremony for the new Atele Packhouse; a project that represents progress, resilience, and opportunity for Samoa’s Agriculture sector.

    This project, valued at $4.5 million Samoan Tala, is a critical investment under the Samoa Agriculture and Fisheries Productivity and Marketing Project (SAFPROM). It is a testament to our government’s unwavering commitment to strengthening the Agricultural sector, which is one of the lifelines of our economy and the very backbone of our rural communities.

    Ladies and gentlemen, the journey to this day has not been without its challenges. Since the launch of SAFPROM in March 2020, we have faced both pre-pandemic and post-pandemic obstacles that tested our resilience. The disruptions brought about by COVID-19 affected global supply chains, market access, and the livelihoods of many of our farmers and fishers. Yet, despite these challenges, the project has persevered, reaching over 3,000 farming households and communities across Samoa. This is a remarkable achievement that reflects the dedication of our people, the strength of our partnerships, and our collective vision for a more productive and sustainable Agricultural sector.

    The core objective of SAFPROM, is to enhance the productivity and market access of our farmers and fishers, by improving value chains, promoting climate-smart agriculture, and strengthening the institutions that support our food systems. This aligns perfectly with our national vision of ensuring food security, economic prosperity, and sustainable development for all Samoans.

    Today, we mark the beginning of the construction of a packhouse facility that will revolutionize the way we handle and market our agricultural produce. The Atele Packhouse will be a game-changer in post-harvest processing, quality control, and distribution. It will provide our farmers with the infrastructure they need to meet stringent market standards, reduce post-harvest losses, and ultimately increase their incomes. With a construction timeline of approximately seven months, this facility will soon stand as a symbol of progress, one that will open doors to greater economic opportunities and expand Samoa’s potential as a competitive player in the regional and global agricultural markets.

    Our Agriculture sector today faces increasing demands for quality and consistency in both local and export markets. Consumers, whether they are in Samoa or abroad, expect high standards in food safety, packaging, and traceability. The functions of this packhouse will directly address these demands. It will serve as a centralized hub for cleaning, sorting, processing, and packaging of our fresh produce, ensuring that our farmers can supply premium-quality products, that meet the expectations of buyers and consumers. More importantly, this facility will also support our efforts to increase agricultural exports, positioning Samoa to access high-value markets with confidence.

    Beyond its economic impact, the Atele Packhouse represents a broader vision of sustainability. By enhancing efficiency in post-harvest management, we are reducing food waste and optimizing the use of resources. This aligns with our commitment to building a resilient Agriculture sector, that is adaptive to climate change and supportive of long-term environmental sustainability.

    I take this opportunity to express my sincere gratitude to our development partners – the World Bank and the International Fund for Agricultural Development (IFAD) – for their invaluable support and collaboration in making this project a reality. Your commitment to strengthening Samoa’s Agriculture sector has been instrumental in empowering our farmers, improving our food systems, and fostering economic growth. We deeply appreciate your partnership and look forward to continuing this journey together in the future.

    I also acknowledge the Ministry of Agriculture and Fisheries, the Ministry of Finance, the dedicated farmers, and all stakeholders who have contributed their expertise and efforts to this project. Your hard work and commitment ensure that we continue to make meaningful progress in transforming our agriculture and fisheries industries.

    As we break ground today, let us reaffirm our shared commitment to advancing our Agriculture related development initiatives and efforts, and let us work together to ensure that this packhouse fulfills its purpose of supporting sustainable economic opportunities for our farmers and exporters. With determination and unity, I have no doubt that this project will leave a lasting beneficial impact on our Agriculture sector and the livelihoods of our people.

    May this groundbreaking event, be the foundation of a brighter future for Samoa’s farmers and exporters, and all those who depend on this vital industry.

    Thank you and may God bless Samoa.

    Photo by the Government of Samoa (Leota Marc Membrere)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Promotion of New Technologies in Agriculture

    Source: Government of India

    Posted On: 04 APR 2025 3:51PM by PIB Delhi

    The Sub-Mission on Agricultural Mechanization’ (SMAM), one of the Centrally Sponsored components of the Rashtriya Krishi Vikas Yojana (RKVY) is implemented through the State Governments.  Under SMAM, financial assistance is provided to the farmers for purchase of various agricultural machines and equipments including the post-harvest and processing technologies on individual ownership basis. Financial assistance is also provided for establishment of Custom Hiring Centres (CHCs) and Village Level Farm Machinery Banks (FMBs) in order to provide machines and equipments to the farmers on rental basis as per their requirements. Financial assistance under SMAM is also provided for demonstration of kisan drones on farmers’ fields, purchase of drones by the farmers on individual ownership basis and establishment of Custom Hiring Centres of Kisan drones for providing services of drones to farmers for agriculture purpose.

    The Government has approved Central Sector Scheme ‘NAMO DRONE DIDI’ for providing 15,000 Drones to the Women Self Help Groups (SHGs), during the period of 3 years (2023-24 to 2025-26) with a view to provide sustainable business and livelihood support to them. Lead Fertilizer Companies (LFCs) have distributed 1094 drones to drone didis of SHGs in 2023-24 using their internal resources. Out of these 1094 drone distributed to drone didis, 500 drones have been distributed under the Namo Drone Didi Scheme. The remaining 14500 drones under the scheme has been targeted to be distributed by the end of financial year 2025-26.

    The Government has approved the Digital Agriculture Mission in September 2024 with an outlay of Rs. 2817 Crore. The Mission seeks to enable a robust digital agriculture ecosystem in the country for driving innovative farmer-centric digital solutions and making available timely and reliable crop-related information to all the farmers in the country. The Mission envisages the creation of Digital Public Infrastructure for Agriculture such as Agristack, Krishi Decision Support System, Comprehensive Soil Fertility & Profile Map and other IT initiatives undertaken by Central/State Governments. ‘Kisan e-Mitra’ an Artificial Intelligence (AI) powered chatbot has been developed to assist farmers with responses to queries about the PM Kisan Samman Nidhi Scheme

    The Institutes under the Indian Council of Agricultural Research (ICAR) are conducting research on drone spraying systems and droplet deposition characteristics with the objectives of enhancing the efficiency and effectiveness of pesticide and liquid fertilizer applications. An AI enabled mobile device has been developed for real time identification of abiotic stress in field crops, which assist crop breeding and precision crop input management. The institutes have also developed different precision farming technologies such as Smart sprayer for pomegranate young orchards, Automatic Spraying System for Polyhouse, Lab based robotic transplanter for plug-type vegetable seedlings, Unmanned multi-purpose track-type vehicle, Autonomous weeder for wide spaced field crops, Robotic harvester for poly-house cultivated tomatoes, Image based automatic hand held diseases identification device for soybean by application of deep learning, Image based variable-rate nitrogen applicator, Controller based feed dispensing system for poultry, Water Stress Indices using Spectral Reflectance and Thermal Imaging in Field Crops, Deep placement fertilizer applicator as an attachment to rice transplanter etc.

    Soil Health & Fertility Scheme is implemented by the Government since 2014-2015, wherein Soil Health Cards (SHCs) are issued to farmers to improve the health of the soil. SHCs encourage judicious use of fertilizer, secondary micronutrients along with organic manures & bio-fertilizers. Soil samples are processed through standard procedures and analyzed for 12 parameters viz. pH, electrical conductivity, Organic Carbon, available Nitrogen, Phosphorus, Potassium, Sulphur, and micronutrients (Zinc, Coper, Iron, Manganese & Boron). SHCs provide information on nutrient status of soil and recommendations on appropriate dosage & type of fertilizers for improving soil health and its fertility. Since 2014-15 and as on 31 March 2025, 24.90 Crore SHCs have been generated across the country. Under the scheme, 1068 Static Soil Testing Laboratories, 163 Mobile Soil Testing Laboratories, 6376 Mini Soil Testing Laboratories and 665 Village Level Soil Testing Laboratories have been established across the country. To educate farmers, around 7.0 lakh demonstrations, 93781 farmer’s training programmes and 7425 farmer’s mela have been organized across the country. In addition, 70002 Krishi Sakhis are trained to support farmers in understanding SHCs.

    This information was given by the Minister of State for Agriculture and Farmers’ Welfare Shri Ramnath Thakur in a written reply in Rajya Sabha today.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Steps taken by the Government for prevention and management of Thalassemia

    Source: Government of India

    Steps taken by the Government for prevention and management of Thalassemia

    Under National Health Mission (NHM), support is provided to States/UTs to strengthen their healthcare system including support for prevention and management of Thalassemia

    As on 26th March 2025, a total of 15,87,903 individuals screened for Thalassemia; 50,462 individuals identified as carriers of Thalassemia

    To assist the States/UTs for management of Haemoglobinopathies including Thalassemia, Comprehensive Guidelines on Prevention and Control of Hemoglobinopathies in India- Thalassemia & Sickle Cell Disease and other variant Hemoglobins, 2016 has been shared

    Union Health Ministry has implemented Thalassemia Bal Sewa Yojana (TBSY), in association with Coal India limited (CIL) under which financial assistance up to Rs.10 lakh is provided to eligible patients for Bone Marrow transplants in 17 empanelled hospitals spread across the country

    Posted On: 04 APR 2025 3:56PM by PIB Delhi

    Under National Health Mission (NHM), support is provided to States/UTs to strengthen their healthcare system including support for prevention and management of Thalassemia at public healthcare facilities, provision of Blood Bank facilities, Day Care Centre, Medicines, Lab services, IEC activities and training of HR etc. based on the proposals submitted by the States/UTs in their Programme Implementation Plans.

    As on 26th March 2025, as per data updated by States on National Portal, out of 15,87,903 individuals screened for Thalassemia, a total of 5,037 have been identified as diseased and 50,462 as carriers of Thalassemia.

    Comprehensive guidelines on Prevention and Control of Hemoglobinopathies in India- Thalassemia & Sickle cell Disease and other variant Hemoglobins (2016) had been shared to assist the States/UTs for management of Haemoglobinopathies including Thalassemia. The guidelines detail the strategies for management of Thalassemia disease including Thalassemia major (Blood transfusion therapy with packed red blood cell, iron chelation for iron overload, monitoring and management of complication and psychological support etc.) and non-transfusion dependent Thalassemia (NTDT) etc.

    Union Health Ministry is implementing a scheme namely Thalassemia Bal Sewa Yojana (TBSY), in association with Coal India limited (CIL), wherein financial assistance up to Rs.10 lakh is provided to eligible patients for Bone Marrow transplants (BMT) from CIL Corporate Social Responsibility (CSR) funds. This scheme provides for BMT in 17 empanelled hospitals spread across the country.

    The Union Minister of State for Health and Family Welfare, Smt. Anupriya Patel stated this in a written reply in the Lok Sabha today.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Households and non-financial corporations in the euro area: fourth quarter of 2024

    Source: European Central Bank

    4 April 2025

    • Households’ financial investment increased at broadly unchanged annual rate of 2.4% in fourth quarter of 2024
    • Non-financial corporations’ financing increased at annual rate of 0.9%, compared with 1.1% in previous quarter
    • Non-financial corporations’ gross operating surplus decreased at unchanged annual rate of ‑1.4%

    Chart 1

    Household financing and financial and non-financial investment

    (annual growth rates)

    Sources: ECB and Eurostat.

    Data for household financing and financial and non-financial investment

    Chart 2

    NFC gross-operating surplus, non-financial investment and financing

    (annual growth rates)

    Source: ECB and Eurostat.

    Data for NFC gross-operating surplus, non-financial investment and financing

    Households

    Household gross disposable income increased in the fourth quarter of 2024 at a broadly unchanged rate of 4.4%. The compensation of employees grew at a lower rate of 4.9% (after 5.5% in the previous quarter), and gross operating surplus and mixed income of the self-employed increased at a lower rate of 2.9% (after 3.6%). Household consumption expenditure increased at a higher rate of 3.6% (after 3.2%).

    The household gross saving rate increased to 15.4% in the fourth quarter of 2024, compared with 15.2% in the previous quarter.

    Household gross non-financial investment (which refers mainly to housing) decreased at a more negative annual rate (-1.5%) in the fourth quarter of 2024 (after -0.9%). Loans to households, the main component of household financing, grew at a higher rate of 1.2% (after 0.9%).

    Household financial investment increased at a broadly unchanged annual rate of 2.4% in the fourth quarter of 2024. Currency and deposits grew at a higher rate of 2.8% (after 2.5%), while investment in debt securities increased at a lower rate of 9.0% (after 15.9%). Investment in shares and other equity grew at a higher rate of 2.0% (after 1.1%) due to accelerating investments in investment fund shares (7.7% after 5.4%). Investment in life insurance grew at a higher rate of 1.1% (after 0.8%) and in pension schemes at a lower rate of 2.1% (after 2.3%).

    Household net worth increased at an annual rate of 4.4% in the fourth quarter of 2024, after 5.7% in the previous quarter. Net financial and non-financial assets grew due to valuation gains in addition to investments. Housing wealth, the main component of non-financial assets grew at a higher rate of 3.4% (after 2.8%). The household debt-to-income ratio decreased, to 81.9% in the fourth quarter of 2024 from 85.0% in the fourth quarter of 2023.

    Non-financial corporations

    Net value added by NFCs increased at a broadly unchanged annual rate of 2.5% in the fourth quarter of 2024. Gross operating surplus decreased at an unchanged rate of -1.4%, while net property income – defined in this context as property income receivable minus interest and rent payable – increased. As a result gross entrepreneurial income (broadly equivalent to cash flow) increased at a rate of 0.8% (after -1.4%).[1]

    NFCs’ gross non-financial investment increased at lower annual rate of 1.0% in the fourth quarter of 2024 (after 2.8%)[2]. Financial investment grew at lower annual rate of 1.8% (after 2.2%). Among its components, loans granted increased at a lower rate of 2.5% (after 3.3%), and investment in shares and other equity grew at a lower rate of 1.0% (after 1.3%).

    Financing of NFCs increased at a lower rate of 0.9% in the fourth quarter of 2024 (after 1.1%). Loan financing (1.2% after 1.4%)[3] and financing via shares and other equity (0.4% after 0.6%) grew at lower rates. Financing via debt securities increased at a broadly unchanged rate of 2.4%, while financing via trade credits accelerated (3.5% after 3.1%).

    The NFC debt-to-GDP ratio (consolidated measure) decreased to 67.3% in the fourth quarter of 2024, from 68.8% in the same quarter of the previous year; the non-consolidated, wider debt measure decreased to 138.7% from 140.7%.

    For queries, please use the Statistical Information Request form.

    Notes

    • This statistical release incorporates revisions to the data since the first quarter of 2021.
    • The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
    • The euro area and national financial accounts data of non-financial corporations and households are available in an interactive dashboard.
    • Hyperlinks in the main body of the statistical release are dynamic. The data they lead to may therefore change with subsequent data releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
    • The ECB publishes experimental Distributional Wealth Accounts (DWA), which provide additional breakdowns for the household sector. The release of results for 2024 Q4 is planned for 30 May 2025 (tentative date).

    MIL OSI Economics –

  • MIL-OSI Economics: Euro area quarterly balance of payments and international investment position: fourth quarter of 2024

    Source: European Central Bank

    4 April 2025

    • Current account surplus at €426 billion (2.8% of euro area GDP) in 2024, after a €243 billion surplus (1.7% of GDP) a year earlier.
    • Geographical counterparts: largest bilateral current account surpluses vis-à-vis United Kingdom (€197 billion) and Switzerland (€76 billion) and largest deficit vis-à-vis China (€105 billion).
    • International investment position showed net assets of €1.66 trillion (10.9% of euro area GDP) at end of 2024.
    • Bilateral current account vis-à-vis the United States: surplus of €3 billion (0.0% of euro area GDP) in 2024, following a deficit of €30 billion (0.2% of GDP) in 2023. For more details see dedicated section on economic and financial linkages between the euro area and the United States.

    Current account

    The current account of the euro area recorded a surplus of €426 billion (2.8% of euro area GDP) in 2024, following a €243 billion surplus (1.7% of GDP) a year earlier (Table 1). This development was driven by larger surpluses for goods (from €264 billion to €372 billion), services (from €127 billion to €169 billion) and primary income (from €20 billion to €54 billion). The deficit for secondary income increased moderately from €167 billion to €168 billion.

    The estimates on goods trade broken down by product group show that in 2024 the increase in the goods surplus was mainly due to a reduction in the deficit for energy products (from €314 billion to €260 billion). In addition, the surpluses for chemical products and machinery and manufactured products increased (from €244 billion to €268 billion and from 283 billion to €300 billion, respectively).

    The larger surplus for services in 2024 was mainly due to widening surpluses for telecommunication, computer and information (from €169 billion to €203 billion) and travel (from €52 billion to €61 billion), and a lower deficit for other business services (from €60 billion to €28 billion). These developments were partly offset by a widening deficit for charges for the use of intellectual property (from €100 billion to €126 billion).

    In 2024, the increase in the primary income surplus was mainly due to larger surpluses in direct investment (from €72 billion to €104 billion), portfolio debt (from €59 billion to €79 billion), and other primary income (from €3 billion to €15 billion), which were partly offset by a larger deficit in portfolio equity (from €163 billion to €194 billion).

    Table 1

    Current account of the euro area

    (EUR billions, unless otherwise indicated; transactions during the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Notes: “Equity” comprises equity and investment fund shares. Goods by product group is an estimated breakdown using a method based on statistics on international trade in goods. Discrepancies between totals and their components may arise from rounding.

    Data for the current account of the euro area

    Data on the geographical counterparts of the euro area current account (Chart 1) show that in 2024, the euro area recorded its largest bilateral surpluses vis-à-vis the United Kingdom (€197 billion, down from €220 billion a year earlier) and Switzerland (€76 billion, up from €65 billion). The euro area also recorded surpluses vis-à-vis other emerging countries (€155 billion, up from €135 billion a year earlier) and other advanced countries (€114 billion, up from €80 billion). The largest bilateral deficit was recorded vis-à-vis China (€105 billion, down from €109 billion a year earlier) and a deficit was also recorded vis-à-vis the residual group of other countries (€96 billion, down from €142 billion).

    The most significant changes in the geographical components of the current account in 2024 relative to 2023 were as follows: the goods surpluses increased vis-à-vis the United States (from €179 billion to €213 billion) and vis-à-vis other advanced countries (from €27 billion to €50 billion), while the goods deficit vis-à-vis China increased from €131 billion to €141 billion. In services, the deficit vis-à-vis the United States increased (from €124 billion to €156 billion), while the balance vis-à-vis offshore centres shifted from a deficit (€8 billion) to a surplus (€16 billion). In primary income, the balance vis-à-vis the United Kingdom shifted from a surplus (€31 billion) to a deficit (€4 billion) while a smaller deficit was recorded vis-à-vis the United States (from €84 billion to €52 billion). The deficit in secondary income vis-à-vis the EU Member States and EU institutions outside the euro area decreased slightly (from €76 billion to €73 billion).

    Chart 1

    Geographical breakdown of the euro area current account balance

    (four-quarter moving sums in EUR billions; non-seasonally adjusted)

    Source: ECB.
    Note: “EU non-EA” comprises the non-euro area EU Member States and those EU institutions and bodies that are considered for statistical purposes as being outside the euro area, such as the European Commission and the European Investment Bank. “Other advanced” includes Australia, Canada, Japan, Norway and South Korea. “Other emerging” includes Argentina, Brazil, India, Indonesia, Mexico, Saudi Arabia, South Africa and Türkiye. “Other countries” includes all countries and country groups not shown in the chart, as well as unallocated transactions.

    Data for the geographical breakdown of the euro area current account

    International investment position

    At the end of 2024, the international investment position of the euro area recorded net assets of €1.66 trillion vis-à-vis the rest of the world (10.9 % of euro area GDP), up from €1.25 trillion in the previous quarter (Chart 2 and Table 2).

    Chart 2

    Net international investment position of the euro area

    (net amounts outstanding at the end of the period as a percentage of four-quarter moving sums of GDP)

    Source: ECB.

    The €407 billion increase in net assets was mainly driven by larger net assets in portfolio debt (up from €1.27 trillion to €1.42 trillion), direct investment (up from €2.54 trillion to €2.66 trillion) and reserve assets (up from €1.32 trillion to €1.39 trillion).

    Table 2

    International investment position of the euro area

    (EUR billions, unless otherwise indicated; amounts outstanding at the end of the period, flows during the period; non-working day and non-seasonally adjusted)

    Source: ECB.
    Notes: “Equity” comprises equity and investment fund shares. Net financial derivatives are reported under assets. “Other volume changes” mainly reflect reclassifications and data enhancements. Discrepancies between totals and their components may arise from rounding.

    Note: “Other volume changes” mainly reflect reclassifications and data enhancements. 

    MIL OSI Economics –

  • MIL-OSI United Nations: Global experts meet in Sendai, Japan, to bridge knowledge and technology gaps in disaster risk reduction

    Source: UNISDR Disaster Risk Reduction

    Experts from around the world met in Sendai, Japan, on 8 March 2025 to explore how emerging and disruptive technologies can reshape disaster risk reduction (DRR) and resilience-building, particularly in the Global South. 

    The ‘Leveraging Emerging and Disruptive Technologies for Disaster Risk Reduction (DRR): Bridging Science, Technology, Academia, and Private Sector Nexus’ workshop, on the sidelines of the World Bosai Forum, brought together national and local governments, academia, the private sector, and financial institutions to overcome barriers and identify opportunities in integrating innovations such as AI, satellite systems, IoT, blockchain, and advanced analytics into DRR strategies. 

    The workshop emerged from to the Sendai Framework’s midterm review, which called on the DRR community to address persistent gaps in applying scientific and technological advances in disaster resilience efforts. 

    As disasters grow more complex, there’s a pressing need to ensure that countries, especially those most vulnerable, can access and use emerging technologies effectively, Sujit Mohanty, Chief of Intergovernmental, Interagency Cooperation and Partnerships at UNDRR, remarked during his opening remarks. 

    Mr Mohanty emphasised that while new tools are being rapidly developed, countries face challenges related to affordability, infrastructure, expertise, and cross-sector collaboration. Overreliance on untested technologies, he warned, may introduce new risks if not managed with care. 

    Real-world barriers and solutions 

    A highlight of the event was the roundtable discussion featuring speakers from Bangladesh, the Philippines, Mexico City, Sendai City, Japan’s private sector and academia. 

    Bangladesh’s representative, Mr Mohammad Nazmul Abedin, noted how the country has drastically reduced disaster-related deaths—from over 100,000 in 1991 to near zero in 2024—yet struggles to scale satellite-based flood monitoring and data-sharing mechanisms. He said the Bangladesh needs a national technology policy that integrates AI and blockchain, along with more investment and public-private partnerships. 

    Echoing similar constraints, Assistant Secretary Bernardo Rafaelito R. Alejandro IV of the Philippines outlined his country’s efforts, such as the GeoRisk platform and IoT-enabled early warning systems. Technology is part of the solution, but it must be paired with good governance, inclusive policies and international collaboration, he noted. 

    Sendai City showcased successful collaboration through initiatives like BOSAI-TECH—a public-private-academic platform fostering DRR innovation and technology commercialisation. Ms. Satoko Shibuya, Director at Sendai’s Disaster-Resilient and Environmentally Friendly City Promotion Office, explained that local partnerships have yielded practical tools like evacuation guidance drones and voice-enhanced disaster alerts. 

    Financing innovation and building trust 

    Speakers representing private sector participants discussed the financial and regulatory environments needed to bring DRR technologies to scale. Mr. Yoshiki Hiruma of the Development Bank of Japan shared insights into DRR-linked financing that rewards clients with reduced loan rates for resilience-building initiatives. He noted that risk financing must embrace a challenge mindset to support DRR innovation. 

    Mr. Shoichi Tateno, of Weathernews Inc., stressed the importance of mutual understanding and trust between governments and private weather service providers – particularly in countries where state meteorological services dominate the sector. He offered the inclusive platform approach of Japan’s Meteorological Service Act as a model of such trust. 

    Academia can offer reliable innovation and policy integration 

    Participants from academia stressed the need for adaptive governance and robust dialogue.  

    Professor Rajib Shaw of Keio University called for more systematic evaluation of successful DRR tech collaborations and piloting through initiatives like the upcoming Association of Pacific Rim Universities (APRU) DRR Innovation Hub. He pointed out that governments and technology developers operate at different speeds, and that it requires structure, trust, and experimentation in order to bridge that divide. 

    Professor Kimio Takeya of the Japan International Cooperation Agency (JICA) and Tohoku University said that while proven technologies remain essential for national governments, they must be extended with emerging tools that offer new ways to improve operations. He cited JICA’s Science and Technology Research Partnership for Sustainable Development (SATREPS) programme – which funds international research on disaster risk reduction – as a model for innovation grounded in collaboration. 

    A global partnership and a dedicated knowledge resource 

    In closing, Mr Mohanty said that UNDRR will facilitate Global Partnership on Emerging and Disruptive Technologies for Disaster Resilience which will foster long-term collaboration and ensure that the next wave of DRR innovation is inclusive, actionable, and globally accessible. 

    He remarked that the workshop had spotlighted the urgent need for a dedicated knowledge resource – one that captures good practices and deepens understanding of how emerging technologies are shaping the current DRR landscape.  

    Such a tool could bridge persistent gaps and drive more effective, widespread integration of innovation into disaster risk reduction efforts. 

    Read the full summary report on the workshop

    MIL OSI United Nations News –

  • MIL-OSI Africa: CORRECTION: African Development Bank-Supported Projects in Senegal, Rwanda Clinch Top Honors at 2025 Bonds, Loans & ESG Capital Markets Africa Awards

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

    CAPE TOWN, South Africa, April 4, 2025/APO Group/ —

    Two African Development Bank Group (www.AfDB.org)-supported projects have garnered top honours at the 2025 Bonds, Loans & ESG Capital Markets Africa Awards (https://apo-opa.co/4lvavcK) conference. A $500 million sustainable term loan facility in Senegal (https://apo-opa.co/4i1gUt8) was named Sovereign Syndicated Loan Deal of the Year, while Rwanda’s €200 million ESG loan (https://apo-opa.co/3RxvfTd) was awarded ESG Loan Deal of the Year. Both projects were supported by partial credit guarantees from the African Development Bank Group.

    The awards celebrate Africa’s most innovative and transformative financial deals, highlighting exemplary execution, effective mobilization of new liquidity pools, and innovative deal structuring.

    In its debut on the international sustainable finance market, announced in March 2024, Senegal raised $500 million in long-term financing – part of it in the CFA franc. The African Development Bank served as a financial advisor in addition to providing a partial credit guarantee. The pioneering transaction, which leveraged the Bank Group’s credit guarantee to secure favorable borrowing terms and attract diverse investor segments, was seen as underscoring Senegal’s commitment to financing critical sustainable development projects in climate resilience, renewable energy, and social infrastructure.

    In April 2024, Rwanda secured a partial credit guarantee from the African Development Fund, the Bank’s concessional window, paving the way for long-term funding from international commercial banks. The financing is supporting Rwanda’s National Strategy for Transformation, which focuses on green urbanization, environmental sustainability, social inclusion, and health and education infrastructure. With the African Development Bank serving as the initial mandated lead arranger, this transaction diversifies Rwanda’s financing sources and underlines the growing attractiveness of African sustainable investment opportunities in global markets, while enhancing citizens’ quality of life.

    Ahmed Attout, the Bank Group’s Director for Financial Sector Development, said: “These awards underscore the Bank’s steadfast commitment to fostering competitive and sustainable financing solutions. By tailoring partial credit guarantees to the specific needs of member countries, Senegal and Rwanda now have access to competitive international capital, enabling them to mobilize long term funding from international commercial banks for green and social initiatives for the first time.”

    Max Magor N’diaye, Bank Group Senior Director for Syndication, Co-financing client solutions and the Africa Investment Forum stated: “The awards shine a spotlight on these innovative transactions, marking a game-changing benchmark for leveraging sustainable financing to drive transformative and social progress. They not only benefit communities but also pave the way for a resilient and prosperous future.” 

    Bonds, Loans & ESG Capital Markets Africa, held annually at the Cape Town International Convention Center, is an important event for Africa’s capital markets, bringing together the public and private sectors, government officials, financial institutions, investors, and industry experts for dialogue.

    MIL OSI Africa –