Category: Banking

  • MIL-OSI Asia-Pac: EPFO Simplifies Claim Settlement Process; Two Major Reforms Undertaken to Enhance Ease of Living for EPF Members and Ease of Doing Business for Employers

    Source: Government of India

    EPFO Simplifies Claim Settlement Process; Two Major Reforms Undertaken to Enhance Ease of Living for EPF Members and Ease of Doing Business for Employers

    Removal of Requirement to Upload Image of Cheque Leaf / Attested Bank Passbook to Benefit Over 7.7 Crore Members of EPFO

    Removal of Employer Approval Requirement for Seeding Bank Account Details with UAN to Immediately Benefit Nearly 15 Lakh Members with Pending Approvals

    Posted On: 03 APR 2025 1:41PM by PIB Delhi

    In yet another step towards enhancing the Ease of Living for EPF members and Ease of Doing Business for employers, Employees’ Provident Fund Organisation (EPFO) has introduced two key simplifications in its claim settlement process. These measures will significantly streamline the process of claim settlement and reduce grievances related to claim rejections.

    1. Removal of Requirement to Upload Image of Cheque Leaf / Attested Bank Passbook

    EPFO has completely dispensed with the requirement of uploading an image of a cheque leaf or attested bank passbook while filing online claims. This requirement was initially relaxed on a pilot basis for certain KYC-updated members. Since its launch on 28th May, 2024, the move has already benefited 1.7 crore EPF members.

    Following the successful pilot, EPFO has now extended this relaxation to all members. As the bank account holder’s name is already verified with the EPF member’s details at the time of bank account seeding with the Universal Account Number (UAN), this additional documentation is no longer necessary.

    By removing this requirement, EPFO is set to immediately benefit around 6 crore members, eliminating claim rejections due to poor-quality/unreadable uploads and reducing associated grievances.

    2. Removal of Requirement of Employer Approval for Seeding Bank Account Details with Universal Account Number (UAN)

    To streamline the process of seeding bank accounts with UAN, EPFO has now removed the requirement of employer approval after bank verification.

    Currently, every member is required to seed his/her Bank Account with UAN in order to get their PF withdrawals seamlessly credited to such account. During the F.Y. 2024-25, 1.3 crore members have submitted their requests for seeding their Bank Accounts and the requests after due matching with the respective Bank/NPCI are to be approved by the Employer through DSC/E-Sign.

    It is seen that around 36,000 requests for seeding of bank account are being raised by the members on a daily basis and the banks take an average of 3 days to complete the verification. However, after the bank verification, the average time taken by the Employer to approve the process is about 13 days resulting in piling up of workload at the level of the Employer and consequent delay in the seeding of Bank Account for the Member. Further, this approval step is not adding any value to the verification process.

    Out of 7.74 crore members who are presently contributing each month, already 4.83 crore members have seeded their Bank Accounts in UAN with 14.95 Lakh approvals are pending at the level of the Employers.

    Accordingly, with a view to facilitate ‘Ease of Doing Business’ to the Employers and ‘Ease of Living’ to the Members, the role of Employer to approve the verification of bank account has now been dispensed with in the seeding process of the member’s Bank Account. This will immediately benefit over 14.95 lakh members whose approvals are pending with the Employers.

    The above simplified process will also facilitate those members who want to change their already seeded Bank Account by entering their new Bank Account no. along with the IFSC code duly authenticated through Aadhaar OTP.

    The members who are yet to seed their Bank Account or change their seeded Bank Account can take advantage of the above simplified process to get their Bank Account seeded at the earliest.

    *****

    Himanshu Pathak

    (Release ID: 2118168) Visitor Counter : 71

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Sweden: EIB supports plant protein factory, reducing the need for imports entering Europe

    Source: European Investment Bank

    EIB

    • EIB provides a €50 million loan to Lantmännen to build a new factory producing pea protein in Sweden
    • Financing to strengthen EU food security and reduce dependence on imported proteins
    • Project will promote sustainable agriculture and help create jobs

    The European Investment Bank (EIB) has granted a €50 million loan to Lantmännen to co-finance the construction of a new pea protein isolate factory in Lidköping. The loan will cover approximately half of the project investment cost.

    The first of its kind in Sweden, the factory will have an annual processing capacity of over 40 000 tonnes of peas grown by Lantmännen cooperative members. It is expected to be completed in the first half of 2027 and to create around 30 jobs in the region.

    The plant will manufacture high-quality plant proteins that can be used across a range of products from protein bars and drinks to bread, plant-based milks and meat substitutes – a recipe for replacing animal protein sustainably.

    The project is in line with EU targets for increasing plant protein self-sufficiency, promoting sustainable agriculture and reducing climate impact.

    “By supporting Lantmännen’s investments in pea protein production, we will strengthen both food security and climate action in Sweden and across the European Union,” said EIB Vice-President Thomas Östros. “This project is also a great example of how EU cooperation can deliver benefits on the ground.”

    Peas and beans are versatile and climate-friendly crops that need a relatively low amount of water and nutrients and are good for biodiversity. The use of legumes grown in Sweden will mean that the share of imported soybeans in food production can be reduced, further backing Swedish and EU sustainability goals.

    “We are delighted that the EIB recognises the long-term value of investment in the food of the future – plant protein – and that it has chosen to support our Lidköping facility,” said Lantmännen Chief Financial Officer Michael Sigsfors. “Promoting exports and expanding food production not only leads to better profitability for farmers, but also ensures improved food security. This is a grand and important project, and I am happy that the EIB is supporting our work to this end.”

    Background information  

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    Lantmännen

    Lantmännen is an agricultural cooperative and northern Europe’s leader in agriculture, machinery, bioenergy and food products. Owned by 17 000 Swedish farmers, Lantmännen has 12 000 employees, operations in over 20 countries and an annual turnover of SEK 70 billion. With grain at the heart of the operations, Lantmännen refines arable land resources to make farming thrive. Some of Lantmännen’s best-known food brands are AXA, Kungsörnen, Scan, Korvbrödsbagarn, GoGreen, FINN CRISP and Bonjour. The company is founded on the knowledge and values acquired through generations of farmers. By engaging in research, development and operations throughout the value chain, Lantmännen takes responsibility from farm to fork. 

    MIL OSI Europe News

  • MIL-OSI Europe: Briefing – ReArm Europe Plan/Readiness 2030 – 03-04-2025

    Source: European Parliament

    The European Commission’s ReArm Europe Plan/Readiness 2030, presented in March 2024, proposes to leverage over €800 billion in defence spending through national fiscal flexibility, a new €150 billion loan instrument (SAFE) for joint procurement, potential redirection of cohesion funds, and expanded European Investment Bank support. It also aims to mobilise private capital through the savings and investments union. ReArm Europe has sparked debate. While many welcome its ambition and the EU’s growing role in defence, concerns remain about democratic oversight, defence market fragmentation, and economic sustainability. Alternative ideas, such as creating a new Rearmament Bank, or a Defence, Security and Resilience Bank, have gained traction. These could offer low-interest loans and risk guarantees to support European and allied defence investment. Experts caution that, while the ReArm Europe Plan is an important political signal, it must be followed by practical measures to ensure impact. They stress the need to pool procurement, prioritise European-made equipment, and build a more integrated defence industrial base. Others argue the plan should go further, including options for grant-based financing and more robust governance structures. The coming months will be crucial in determining whether ReArm Europe can deliver a truly coordinated and resilient European defence effort. During a March 2025 debate, the majority of political groups in the European Parliament voiced strong support for boosting Europe’s defence, backing the ReArm Europe Plan while calling for a long-term strategy. Many urged enhanced strategic autonomy, secure access to resources, and continued aid to Ukraine. Concerns were raised over the sidelining of Parliament through use of Article 122 TFEU and the risk of over-reliance on emergency measures. Some warned that defence spending must not come at the expense of green, social, and R&D funding.

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Redirecting frozen Russian assets to Ukraine – E-001278/2025

    Source: European Parliament

    Question for written answer  E-001278/2025
    to the Commission
    Rule 144
    Merja Kyllönen (The Left), Ville Niinistö (Verts/ALE), Rihards Kols (ECR), Mika Aaltola (PPE), Pekka Toveri (PPE), Tobiasz Bocheński (ECR), Maria Ohisalo (Verts/ALE), Reinier Van Lanschot (Verts/ALE), Elsi Katainen (Renew), Hanna Gedin (The Left), Jonas Sjöstedt (The Left), Aura Salla (PPE), Nathalie Loiseau (Renew), Virginijus Sinkevičius (Verts/ALE), Lucia Yar (Renew), Anna-Maja Henriksson (Renew), Thomas Pellerin-Carlin (S&D), Urmas Paet (Renew), Marta Wcisło (PPE), Krzysztof Śmiszek (S&D), Anja Hazekamp (The Left), Katri Kulmuni (Renew), Michał Kobosko (Renew), Inese Vaidere (PPE), Aodhán Ó Ríordáin (S&D), Reinis Pozņaks (ECR)

    We are writing to express our deep concern regarding recent developments in Ukraine, particularly in the light of the United States’ decision to suspend its military, financial and intelligence aid to Ukraine.

    The EU has estimated that approximately EUR 210 billion in frozen Russian assets are being held within the EU. These assets are primarily in the form of government bonds that Russia’s Central Bank had stored as reserves.

    The United States’ recent actions have placed Ukraine in a weakened negotiating position, while President Trump and President Putin have been in discussions about Ukraine.

    To strengthen Ukraine’s position, the EU must consider redirecting frozen Russian assets to Ukraine. These assets would significantly improve Ukraine’s overall situation.

    Given this context, we ask the following:

    • 1.What measures is the Commission planning to introduce to ensure that these frozen Russian assets can be utilised for Ukraine’s benefit?
    • 2.If the Commission does not redirect frozen Russian assets to Ukraine, what alternative measures does it plan to implement to quickly strengthen Ukraine’s negotiating position that would be as effective as granting access to EUR 210 billion in frozen Russian assets?

    Submitted: 26.3.2025

    MIL OSI Europe News

  • MIL-OSI Europe: Winning the gum game

    Source: European Investment Bank

    When two entrepreneurial brothers, Khalid and Amine Bennani, started a business to export Moroccan products, they quickly realised they needed to adopt more processing steps to increase sales and profit.

    For example, rather than just selling plants and seeds like rosemary and thyme, the brothers invested in technologies to extract essential oils and active plant ingredients, and then sell the extracts globally at a higher price. They developed state-of-the-art processing facilities at their company, Santis, and created hundreds of jobs in rural areas, initially focusing on natural ingredients for the cosmetics and nutraceutical industries.

    In 2021, Santis received a loan worth about €4.7 million from CIH Bank in Morocco to expand its business, especially the production of carob, whose gum is used in cosmetics, pharmaceuticals and food products. The European Investment Bank signed a €60 million loan with CIH Bank in 2021 to help businesses hurt by the global health crisis.

    “We had neither the expertise nor the resources initially to carry out our plans for the carob market, but we had an idea to create more value from this product and this matched the company’s philosophy perfectly,” says Othman Bennani, Santis’s business development manager. “These EIB funds were pivotal to the success of our entire venture around the carob.”



    MIL OSI Europe News

  • MIL-OSI Africa: Secretary-General’s video message to the Club de Madrid Annual Policy Dialogue: Driving Sustainable Futures for All

    Source: United Nations – English

    strong>Download the video:
    https://s3.us-east-1.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+26+Mar+25/3355311_MSG+SG+CLUB+DE+MADRID+DIALOGUE+26+MAR+25.mp4

    Excellencies, Dear Friends,

    The resolve to advance a better world won’t get very far without resources. 

    And so, I applaud the Club de Madrid for focussing this policy dialogue on the crucial issue of financing for sustainable development.

    Our world groans with injustices:

    Gaping inequalities…

    Developing countries locked-out of the energy revolution… 

    And the Sustainable Development Goals woefully off track.

    These problems erode trust and foment frustration.

    And finance is at their heart. 

    Debt crises, painful repayment schedules, and soaring capital costs are enormous obstacles to investing in people.

    But last year, countries took a critical step forward. 

    They agreed to the Pact for the Future:

    This calls for reforms of the Multilateral Development Banks to make them bigger and bolder so they can facilitate greater investment and leverage far more private finance.

    It demands steps to improve access to concessional finance for developing countries.

    It urges action to assist countries drowning in debt service, and an overhaul of the debt architecture.

    And it calls for greater voice and representation of developing countries in the institutions of global governance.

    The Fourth International Conference on Financing for Development in Sevilla in June will be a critical opportunity to turn ambitions into action.

    I urge you to help make that a reality.

    Yes, the international landscape is undeniably tough.

    But together, we can demonstrate that multilateralism can deliver.

    We can create a more just and effective financial architecture.

    And we can make sure our resolve for sustainable development is matched by resources.

    Thank you.

    MIL OSI Africa

  • MIL-OSI Economics: Result of OMO Purchase auction held on April 03, 2025 and Settlement on April 04, 2025

    Source: Reserve Bank of India

    I. Summary OMO Purchase Results

    Aggregate Amount (Face value) notified by RBI : ₹20,000 crore
    Total amount offered (Face value) by participants : ₹80,820 crore
    Total amount accepted (Face value) by RBI : ₹20,000 crore

    II. Details of OMO Purchase Issue

    Security 7.04% GS 2029 6.54% GS 2032 8.24% GS 2033 7.50% GS 2034 7.54% GS 2036 7.23% GS 2039
    No. of offers received 26 129 46 26 63 86
    Total amount (face value) offered (₹ in crore) 5,242 17,046 12,758 5,493 14,005 26,276
    No. of offers accepted 3 17 10 7 8 7
    Total offer amount (face value) accepted by RBI (₹ in crore) 1,050 3,128 6,660 1,335 4,002 3,825
    Cut off yield (%) 6.3549 6.5007 6.5887 6.5837 6.6293 6.6388
    Cut off price (₹) 102.46 100.20 110.70 106.31 107.08 105.34
    Weighted average yield (%) 6.3577 6.5229 6.6017 6.6032 6.6429 6.6431
    Weighted average price (₹) 102.45 100.08 110.61 106.17 106.97 105.30
    Partial allotment % of competitive offers at cut off price NA 45.71 NA NA NA NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/23

    MIL OSI Economics

  • MIL-OSI United Kingdom: Minister attends Global Disability Summit in Berlin

    Source: Scottish Government

    Highlighting Scotland’s leading role at home and abroad.

    At the Global Disability Summit in Berlin today, Equalities Minister Kaukab Stewart will highlight Scotland’s commitment that by 2030 at least half of Scotland’s international development funding will include a disability equality objective.

    This will ensure that disabled people have improved access to programmes in Scotland’s partner countries Malawi and Zambia – for instance giving disabled women and girls access to quality education.

    The Equalities Minister will also take part in events focusing on disability equality and inclusion as well as meet with relevant Ministers and interest groups.

    Ms Stewart said:

    “Scotland has a growing reputation at home and abroad for the action it’s taking to reduce the barriers disabled people face. This is the first time Scotland has been invited in its own right to the Global Disability Summit and this is an excellent opportunity for us to showcase our culture of equality, particularly our focus on giving disabled people a voice in the decisions that affect them.

    “Our work with our partner countries in Malawi and Zambia will be shared at the World Bank roundtable on inclusiveness in education. We will also highlight how Scotland is ensuring that marginalised groups, including disabled people, are at the heart of international climate action.

    “However, I’m concerned that while the international picture is improving, the UK Government is going ahead with taking away disabled people’s benefits to balance the budget and plans to further reduce aid spending. We will continue to press them to reverse these damaging cuts.”

    Background

    Global Disability Summit – 2nd – 3rd April, 2025 / Berlin

    In terms of official development assistance, currently, according to the organisers, only 0.2% of OECD Development Assistance Committee projects target disability inclusion, despite the progress made by previous Summits to highlight the issue.

    MIL OSI United Kingdom

  • MIL-OSI USA: Pelosi Joins California Democrats Demanding Continuation of Critical Food Programs

    Source: United States House of Representatives – Congresswoman Nancy Pelosi Representing the 12th District of California

    Washington D.C. — Speaker Emerita Nancy Pelosi (CA-11) joined Representative Jimmy Panetta (CA-19) and Democratic Members of the California Congressional Delegation in urging the United States Department of Agriculture (USDA) to reverse harmful decisions that cancel or freeze federal food assistance programs vital to California’s farmers, food banks and families. Alongside Speaker Emerita Pelosi and Rep. Panetta, this coordinated effort is also led by Senators Alex Padilla (D-CA), Adam Schiff (D-CA) and Chair of the California Democratic Congressional Delegation Rep. Zoe Lofgren (CA-18).

    Despite encompassing less than 4% of the country’s farmland, California generates over 11% of the U.S. agricultural value; over a third of the country’s vegetables and over three-quarters of the country’s fruits and nuts are grown in California.  The Trump Administration’s discontinuation of the Local Food Purchase Assistance (LFPA) Cooperative Agreements for 2025, the Local Food for Schools (LFS) Cooperative Agreement Program, and the freeze of the Emergency Food Assistance Program (TEFAP) funds threatens the livelihoods of more than 600 California farmers and jeopardizes food assistance for more than six million Californians. A network of 49 food banks, serving 58 counties in California—including the SF-Marin Food Bank, which serves both San Francisco and Marin counties—have already seen over 300 food loads paused or cancelled.

    “These programs provide critical support to farmers and food producers in California while ensuring access to nutritious, locally sourced food for families, students, and communities, which we feel are in line with this Administration’s stated goals to provide more opportunities for Americans to eat healthy, support farmers, and boost domestic demand for produce,” wrote the Members. “We remain committed to working with USDA to find solutions that sustain and expand market access for American farmers while ensuring that families and communities continue to benefit from fresh, locally produced food. We respectfully request that you revisit these decisions in light of the millions of our constituents who would be impacted.”

    The full letter is available [HERE].

    Additional signers of the letter include; Reps. Pete Aguilar (CA-33), Nanette Barragán (CA-44), Ami Bera (CA-06), Julia Brownley (CA-26), Salud Carbajal (CA-24), Judy Chu (CA-28), Gil Cisneros (CA-31), Lou Correa (CA-46), Jim Costa (CA-21), Mark DeSaulnier (CA-10), Laura Friedman (CA-30), John Garamendi (CA-08), Robert Garcia (CA-42), Jimmy Gomez (CA-34), Adam Gray (CA-13), Josh Harder (CA-09), Jared Huffman (CA-02), Sara Jacobs (CA-51), Sydney Kamlager-Dove (CA-37), Ro Khanna (CA-17), Mike Levin (CA-49), Sam Liccardo (CA-16), Ted Lieu (CA-36), Doris Matsui (CA-07), Dave Min (CA-47), Kevin Mullin (CA-15), Scott Peters (CA-50), Luz Rivas (CA-29), Raul Ruiz (CA-25), Linda Sánchez (CA-38), Brad Sherman (CA-32), Lateefah Simon (CA-12), Eric Swalwell (CA-14), Mark Takano (CA-39), Mike Thompson (CA-04), Norma Torres (CA-35), Derek Tran (CA-45), Juan Vargas (CA-52), Maxine Waters (CA-43), and George Whitesides (CA-27).

    MIL OSI USA News

  • MIL-OSI Banking: Open Market Operation (OMO) – Purchase of Government of India Securities held on April 03, 2025: Cut-Offs

    Source: Reserve Bank of India

    Security 7.04% GS 2029 6.54% GS 2032 8.24% GS 2033 7.50% GS 2034 7.54% GS 2036 7.23% GS 2039
    Total amount notified Aggregate amount of ₹20,000 crore
    (no security-wise notified amount)
    Total amount (face value) accepted by RBI (₹ in crore) 1,050 3,128 6,660 1,335 4,002 3,825
    Cut off yield (%) 6.3549 6.5007 6.5887 6.5837 6.6293 6.6388
    Cut off price (₹) 102.46 100.20 110.70 106.31 107.08 105.34
    Detailed results will be issued shortly.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/22

    MIL OSI Global Banks

  • MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹36,000 crore on April 04, 2025

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on April 04, 2025 (Friday).

    As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction
    6.64% GS 2027 6,000 143 143
    6.79% GS 2034 30,000 715 715

    The underwriting auction will be conducted through multiple price-based method on April 04, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/20

    MIL OSI Economics

  • MIL-OSI Europe: Luis de Guindos: Financial stability in uncertain times

    Source: European Central Bank

    Speech by Luis de Guindos, Vice-President of the ECB, at the International Federation of Accountants’ Chief Executives Forum

    Amsterdam, 3 April 2025

    Introduction

    It is a pleasure to be taking part in the International Federation of Accountants’ Chief Executives Forum today.[1] In line with the topic of the event, I will reflect on the risks and uncertainty that threaten financial stability and their implications for policymakers. I will be brief to allow enough time to take your questions.

    Conceptually, risk is associated with situations where the exact outcome is unknown but the possible outcomes can be identified and their probabilities can be estimated reasonably well.[2] For the ECB, financial stability is defined as a condition in which the financial system is capable of withstanding shocks and the unravelling of financial imbalances. So, when assessing financial stability, we evaluate the likelihood of shocks materialising and their potential impact. Uncertainty, by contrast, refers to scenarios where it is impossible to define and measure outcomes and probabilities, often owing to a lack of information. While risk is quantifiable, uncertainty can be proxied at best.

    The current environment

    Uncertainty in the macro-financial and credit environment is currently exceptionally high, in a world being reshaped by significant shifts in geopolitics, international cooperation, global trade policy, financial regulation and the role of crypto-assets. At the same time, the scale of the defence investment foreseen in the EU is unprecedented and adds another significant layer of uncertainty to the current environment.

    According to a news-based index[3], economic policy uncertainty in the euro area is currently more than three times the historical average.[4] Similarly, an index of trade policy uncertainty is more than eight times the historical average.[5] These levels are well above those seen during the pandemic.

    Amid all of this uncertainty, the ECB’s Governing Council decided to lower interest rates by another 25 basis points in March. The deposit facility rate is now at 2.5%, 150 basis points below its recent peak.

    The disinflation process is well on track, with inflation developing broadly as expected. Headline inflation decreased further from 2.3% in February to 2.2% in March. According to recent data and in line with our projections, wage growth is moderating, which is helping services inflation to gradually decline. Most measures of underlying inflation suggest that inflation will settle at around our 2% inflation target, on a sustained basis.

    But uncertainty surrounding the inflation outlook remains high, mainly on account of increasing friction in global trade. An escalation in trade tensions could see the euro depreciate and import costs rise, while much needed defence and infrastructure spending could raise inflation via aggregate demand. Geopolitical tensions could also lead to higher inflation owing to trade disruptions, rising commodity prices and energy costs. At the same time, lower demand for euro area exports and lower growth resulting from the impact of higher tariffs or geopolitical tensions could pose a threat to the economy, depress demand and push inflation down.

    Weak economic growth remains a challenge for the euro area, even without any further shocks. ECB staff have again revised down their growth projections – to 0.9% for 2025, 1.2% for 2026 and 1.3% for 2026. The downward revisions reflect lower exports and ongoing weakness in investment. High uncertainty, both at home and abroad, is holding back investment, while competitiveness challenges are weighing on exports. Addressing these challenges in order to improve growth prospects is clearly more demanding in the current context of exceptionally high uncertainty about trade and economic policy.

    Challenges when analysing financial stability

    Our macroeconomic projections are not the only area where we face great difficulties navigating this environment of heightened uncertainty. Analysing financial stability also requires us to adjust our frameworks and use state-of-the-art tools to assess the financial system’s capacity to withstand shocks under these conditions.

    Analysing multiple scenarios is a powerful way to deal with situations of high uncertainty. It allows us to test the resilience of the financial system against various possible manifestations of financial stress. Shocks cannot be predicted, but drawing on a diverse array of indicators and a range of sensitivity analyses is essential for us to understand the nuances of the current uncertainty. It is also crucial that our various approaches include ways to measure sources of risk amplification and non-linearities. By combining hard data indicators with survey results and analyses based on micro data, we can achieve a more granular, diverse and timely understanding of the economic landscape. Such a comprehensive approach can enhance our ability to anticipate and respond to emerging challenges.

    The main risks to financial stability in the euro area

    In the current economic environment, we are observing marked vulnerabilities in financial stability. While banks remain in good shape, with sound solvency and liquidity indicators that are well above regulatory minimums, there are weaknesses in several other areas. First, elevated valuations and concentrated risks make financial markets susceptible to adverse corrections. Non-bank financial intermediaries have remained resilient to recent bouts of market volatility, but they are still quite heavily exposed to risky assets. Broader market shocks could cause sudden investment fund outflows or trigger margin calls on derivative exposures, unsettling markets and leading to abrupt price corrections. Second, sovereign indebtedness is a cause for concern at a time when defence spending is emerging as a priority in Europe, with different countries having very different amounts of fiscal space to respond. Despite the likely increase in debt servicing costs, public finances need to be managed in a growth-friendly way and ultimately be sustainable. Third, the corporate sector has demonstrated resilience but faces competitiveness challenges and is subject to emerging credit risk concerns, especially in the case of firms that are more exposed to the export sector and geopolitical risks.

    Conclusion

    In conclusion, an extraordinarily high level of uncertainty around economic and trade policy has been acting as a drag on markets and the economy alike. Financial intermediaries need to adapt their risk management tools in the face of new vulnerabilities and scenarios at a time when it is no longer possible to measure likely outcomes and probabilities. This environment calls for heightened vigilance, which is why we are exploring unconventional sources of risk and vulnerability and using a broader range of tools, such as sensitivity and scenario analyses, to assess the resilience of the financial system.

    In terms of monetary policy, this uncertainty means we need to be extremely prudent when determining the appropriate stance. While most indicators point to inflation moving in the right direction, the environment of exceptional uncertainty requires us to stick even more closely to our data-dependent and meeting-by-meeting approach.

    The European Union is at a crossroads. Defence policy requires a significant overhaul and challenges relating to trade and economic competitiveness need to be addressed. In addition to ramping up defence spending, we need to deepen and strengthen our Economic and Monetary Union with a true single market for goods and services that shores up our structural economic growth prospects, supported by a complete banking union and capital markets union.

    MIL OSI Europe News

  • MIL-OSI Economics: Interactive Assets: BaFin additionally warns consumers about the website interactiveassets.cc

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    BaFin issued warnings on 27 January 2025, 12 February 2025 and 6 March 2025 about Interactive Assets. The unknown operators are now using the website interactiveassets.cc. BaFin suspects the operators of the websites of offering consumers financial, investment and cryptoasset services without the required authorisation.

    The unknown operators are contacting consumers, claiming that their offer is from Baden-Württembergische Wertpapierbörse GmbH or Börse Stuttgart GmbH. In addition, when advertising its services, the company claims to be supervised by BaFin. However, none of this information is correct. This is a case of identity fraud.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI USA: Schakowsky, Jayapal, Carson, Welch Reintroduce Bill to Restore UNRWA Funding

    Source: United States House of Representatives – Congresswoman Jan Schakowsky (9th District of Illinois)

    WASHINGTON – U.S. Representative Jan Schakowsky (IL-09) has re-introduced H.R. 2411, the UNRWA Funding Emergency Restoration Act, with Rep. André Carson (IN-07), Rep. Pramila Jayapal (WA-07), and Senator Peter Welch (D-VT). This bill will end the congressionally and administratively mandated pause on funding for the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). 

    The United States has historically been one of the largest financial supporters of UNRWA, which serves nearly 6 million Palestinian refugees across the West Bank, East Jerusalem, Syria, Jordan, and Lebanon. In March of last year, the U.S. paused UNRWA funding after the Israeli government alleged that 12 agency employees had direct involvement in Hamas’ October 7 terrorist attack. 

    Following the United Nations’ investigation and proactive commitments made by UNRWA toward complete accountability and reform, all countries except the U.S. have resumed their UNRWA funding, including the European Union, United Kingdom, Canada, Australia, Finland, Germany, Japan, and Sweden. 

    Humanitarian aid and supplies have not entered the Gaza Strip since March 2, when the Israeli authorities imposed a siege. Reports show that supplies are depleting at alarming rates, which could cause deaths from malnutrition and starvation. Several bakeries have already shut down after running out of cooking gas, and the U.N. World Food Programme reports that its flour supplies can only support bread production for five more day. UNRWA has served as the primary humanitarian aid organization operating in Gaza, and without funding, hundreds of thousands of Gaza civilians are left vulnerable.

    “For decades, the United Nations Relief and Works Agency (UNRWA) has been a lifeline for Palestinians throughout the Middle East, providing food, clean water, health care, shelter, education, and livelihoods. UNRWA has provided essential support to those in Gaza throughout the Israel-Hamas war and dire humanitarian crisis. UNRWA and the United Nations have taken swift and decisive actions to address the concerns raised by the U.S. government when it paused funding last year and our allies have long ago resumed funding for UNRWA. The U.S. must follow suit and finally resume funding for this critical humanitarian agency,” said Congresswoman Jan Schakowsky. “I am proud to co-lead the UNRWA Funding Emergency Restoration Act to restore funding to UNRWA and help Gazans get the humanitarian assistance they need at a time of unprecedented crisis.”

    “The scale of this devastating, man-made crisis in Gaza cannot be overstated,” said Congressman André Carson. “Providing humanitarian aid to a starving nation – with funding Congress has appropriated year after year – should not be controversial. We need to end this blockade and restore full humanitarian funding to UNRWA. I urge my colleagues who care about basic human rights, the rights of pregnant women, and the wellbeing of innocent children to join our bill. It’s past time we restore funding and save lives.”

    “For decades, UNRWA has played a unique and integral role in supporting the welfare of Palestinian refugees,” said Congresswoman Pramila Jayapal. “The organization’s on-the-ground understanding is invaluable to ensuring that humanitarian aid makes it to the people who need it most — in the West Bank, East Jerusalem, Syria, Jordan, Lebanon, and critically in this moment, in Gaza. Permanently revoking funding for UNRWA will unquestionably lead to more devastation and loss of life in Gaza and throughout the Middle East. We must restore U.S. funding to UNRWA to ensure that those acting in good faith to save civilian lives have the necessary resources to continue their irreplaceable work.”

    “Since day one of this conflict, UNRWA has proven to be the backbone of the humanitarian response in Gaza. It is unacceptable that the funding pause has gone on this long—the civilian populations of Gaza and the West Bank are paying the price. As the humanitarian crisis in Gaza continues to intensify, support for humanitarian aid is more important than ever,” said Senator Peter Welch. “Congress must pass this legislation to ensure UNRWA can safely deliver humanitarian assistance to starving women, children, and families desperate for food, medicine, and shelter.”

    Below is a list of all endorsing organizations:

    National Organizations: 99 Coalition, American Friends Service Committee, Amnesty International USA, Amnesty International USA, Carolina Peace Center , Historians for Peace and Democracy, Center for Civilians in Conflict (CIVIC), Center for Constitutional Rights, Center for Constitutional Rights, Center for Gender & Refugee Studies, Center for International Policy Advocacy, Center for Jewish Nonviolence, Charity & Security Network, Coalition for Humane Immigrant Rights (CHIRLA), CODEPINK, Congregation of Our Lady of Charity of the Good Shepherd, U.S. Provinces, Demand Progress, Doctors Against Genocide, DSA, End Wars Working Group of Progressive Democrats of America , Episcopal Peace Fellowship Palestine Israel Network, Friends Committee on National Legislation, Friends Committee on National Legislation , Friends of Sabeel North America (FOSNA), George Devendorf, Global Ministries of the Christian Church (Disciples of Christ) and United Church of Christ, Health Advocacy International, Hindus for Human Rights, Human Rights Watch, IfNotNow Movement, International Civil Society Action Network (ICAN), International Refugee Assistance Project, J Street, Jahalin Solidarity, Jahalin Solidarity, Jewish Voice for Peace Action, Justice4palestinians, MADRE, Maryknoll Office for Global Concerns, Medglobal , Middle East Democracy Center (MEDC), Migrant Roots Media, MoveOn, MPower Change Action Fund, Muslim Advocates, Muslims United PAC, National Advocacy Center of the Sisters of the Good Shepherd, National Council of Churches, New Jewish Narrative, No Dem Left Behind , Nonviolent Peaceforce, NRC USA, Partners for Progressive Israel, Pax Christi USA, Peace Action, Poligon Education Fund, Presbyterian Church, (USA), Office of Public Witness, Quincy Institute, ReThinking Foreign Policy, ReThinking Foreign Policy, RootsAction.org, Sisters of Mercy of the Americas – Justice Team, Terre des hommes Lausanne, The Borgen Project, The Tahrir Institute for Middle East Policy (TIMEP), United Methodists for Kairos Response (UMKR), UNRWA USA National Committee, USCPR Action, Win Without War, Women’s International League for Peace and Freedom, US Section (WILPF US), Yemen Relief and Reconstruction Foundation 

    State and Local Organizations:  Al Otro Lado, Atlanta Multifaith Coalition for Palestine (AMCP), Barry University, Brooklyn For Peace, Carolyn Eisenberg, Ceasefire Now NJ, Christian Jewish Allies for a just peace for Israel Palestine, Church Women United in New York State, Delawareans for Palestinian Human Rights, Florida Peace & Justice Alliance, FOSNA Pittsburgh , Greater Dayton Peace Coalition, Houston for Palestine Coalition, Indiana Center for Middle East Peace, Jews for Racial and Economic Justice, MARUF CT (Muslim Advocacy for Rights, Unity, and Fairness), Massachusetts Peace Action, Minnesota Peace Project, Muslim Justice League, Nebraskans for Peace Palestinian Rights Task Force, NorCal Sabeel, Oasis Legal Services, Peace Action Maine, Peace Action WI, Peace Action WI, Peace, Justice, Sustainability NOW!, Peace, Justice, Sustainability, NOW!, Progressive Democrats of America – Central New Mexico, Progressive Democrats of America- Central New Mexico, Sisterhood of Salaam Shalom DC-Metro Action Group, The Palestine Justice Network of the Presbyterian Church USA, Bay Area, UPTE Members for Palestine, Valley View Presbyterian Church, Voices for Justice in Palestine, YUSRA

    ###

    MIL OSI USA News

  • MIL-OSI United Nations: Secretary-General’s video message to the Club de Madrid Annual Policy Dialogue: Driving Sustainable Futures for All

    Source: United Nations secretary general

    Download the video:
    https://s3.us-east-1.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+26+Mar+25/3355311_MSG+SG+CLUB+DE+MADRID+DIALOGUE+26+MAR+25.mp4

    Excellencies, Dear Friends,

    The resolve to advance a better world won’t get very far without resources. 

    And so, I applaud the Club de Madrid for focussing this policy dialogue on the crucial issue of financing for sustainable development.

    Our world groans with injustices:

    Gaping inequalities…

    Developing countries locked-out of the energy revolution… 

    And the Sustainable Development Goals woefully off track.

    These problems erode trust and foment frustration.

    And finance is at their heart. 

    Debt crises, painful repayment schedules, and soaring capital costs are enormous obstacles to investing in people.

    But last year, countries took a critical step forward. 

    They agreed to the Pact for the Future:

    This calls for reforms of the Multilateral Development Banks to make them bigger and bolder so they can facilitate greater investment and leverage far more private finance.

    It demands steps to improve access to concessional finance for developing countries.

    It urges action to assist countries drowning in debt service, and an overhaul of the debt architecture.

    And it calls for greater voice and representation of developing countries in the institutions of global governance.

    The Fourth International Conference on Financing for Development in Sevilla in June will be a critical opportunity to turn ambitions into action.

    I urge you to help make that a reality.

    Yes, the international landscape is undeniably tough.

    But together, we can demonstrate that multilateralism can deliver.

    We can create a more just and effective financial architecture.

    And we can make sure our resolve for sustainable development is matched by resources.

    Thank you.

    MIL OSI United Nations News

  • MIL-OSI China: Announcement on Open Market Operations No.64 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.64 [2025]

    (Open Market Operations Office, April 3, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB223.4 billion through quantity bidding at a fixed interest rate on April 3, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.50%

    RMB223.4 billion

    RMB223.4 billion

    Date of last update Nov. 29 2018

    2025年04月03日

    MIL OSI China News

  • MIL-OSI Economics: Revolvo: BaFin additionally warns consumers about the website revolvo.online

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    On 5 March 2025, BaFin issued a warning about Revolvo and its website revolvo.pro, which has since been deactivated. The unknown operators are now using the website revolvo.online. BaFin suspects the operators of the website of offering consumers financial, investment and cryptoasset services without the required authorisation.

    The unknown operators are contacting consumers, claiming that their offer is from Baden-Württembergische Wertpapierbörse GmbH or Börse Stuttgart GmbH. However, none of this information is correct. This is a case of identity fraud.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI Banking: Result of the Daily Variable Rate Repo (VRR) auction held on April 03, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 6,012
    Amount allotted (in ₹ crore) 6,012
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.26
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/19

    MIL OSI Global Banks

  • MIL-OSI USA: Jayapal, Carson, Schakowsky, Welch Reintroduce Bill to Restore UNRWA Funding

    Source: United States House of Representatives – Congresswoman Pramila Jayapal (7th District of Washington)

    WASHINGTON, DC — Representative Pramila Jayapal (WA-07) has re-introduced H.R. 2411, the UNRWA Funding Emergency Restoration Act, with Rep. André Carson (IN-07), Rep. Jan Schakowsky (IL-09), and Senator Peter Welch (VT). This bill will end the congressionally and administratively mandated pause on funding for the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). 

    The United States has historically been one of the largest financial supporters of UNRWA, which serves nearly 6 million Palestinian refugees across the West Bank, East Jerusalem, Syria, Jordan, and Lebanon. In March of last year, the U.S. paused UNRWA funding after the Israeli government alleged that 12 agency employees had direct involvement in Hamas’ October 7 terrorist attack. 

    Following the United Nations’ investigation and proactive commitments made by UNRWA toward complete accountability and reform, all countries except the U.S. have resumed their UNRWA funding, including the European Union, United Kingdom, Canada, Australia, Finland, Germany, Japan, and Sweden.  

    Humanitarian aid and supplies have not entered the Gaza Strip since March 2, when the Israeli authorities imposed a siege. Reports show that supplies are depleting at alarming rates, which could cause deaths from malnutrition and starvation. Several bakeries have already shut down after running out of cooking gas, and the U.N. World Food Programme reports that its flour supplies can only support bread production for five more day. UNRWA has served as the primary humanitarian aid organization operating in Gaza, and without funding, hundreds of thousands of Gaza civilians are left vulnerable.

    “For decades, UNRWA has played a unique and integral role in supporting the welfare of Palestinian refugees,” said Congresswoman Jayapal. “The organization’s on-the-ground understanding is invaluable to ensuring that humanitarian aid makes it to the people who need it most — in the West Bank, East Jerusalem, Syria, Jordan, Lebanon, and critically in this moment, in Gaza. Permanently revoking funding for UNRWA will unquestionably lead to more devastation and loss of life in Gaza and throughout the Middle East. We must restore U.S. funding to UNRWA to ensure that those acting in good faith to save civilian lives have the necessary resources to continue their irreplaceable work.”

    “The scale of this devastating, man-made crisis in Gaza cannot be overstated,” said Congressman Carson. “Providing humanitarian aid to a starving nation – with funding Congress has appropriated year after year – should not be controversial. We need to end this blockade and restore full humanitarian funding to UNRWA. I urge my colleagues who care about basic human rights, the rights of pregnant women, and the wellbeing of innocent children to join our bill. It’s past time we restore funding and save lives.”

    “For decades, the United Nations Relief and Works Agency (UNRWA) has been a lifeline for Palestinians throughout the Middle East, providing food, clean water, health care, shelter, education, and livelihoods. UNRWA has provided essential support to those in Gaza throughout the Israel-Hamas war and dire humanitarian crisis. UNRWA and the United Nations have taken swift and decisive actions to address the concerns raised by the U.S. government when it paused funding last year and our allies have long ago resumed funding for UNRWA. The U.S. must follow suit and finally resume funding for this critical humanitarian agency,” said Congresswoman Schakowsky. “I am proud to co-lead the UNRWA Funding Emergency Restoration Act to restore funding to UNRWA and help Gazans get the humanitarian assistance they need at a time of unprecedented crisis.”

    “Since day one of this conflict, UNRWA has proven to be the backbone of the humanitarian response in Gaza. It is unacceptable that the funding pause has gone on this long—the civilian populations of Gaza and the West Bank are paying the price. As the humanitarian crisis in Gaza continues to intensify, support for humanitarian aid is more important than ever,” said Senator Welch. “Congress must pass this legislation to ensure UNRWA can safely deliver humanitarian assistance to starving women, children, and families desperate for food, medicine, and shelter.”

    Below is a list of all endorsing organizations:

    National Organizations: 99 Coalition, American Friends Service Committee, Amnesty International USA, Amnesty International USA, Carolina Peace Center , Historians for Peace and Democracy, Center for Civilians in Conflict (CIVIC), Center for Constitutional Rights, Center for Constitutional Rights, Center for Gender & Refugee Studies, Center for International Policy Advocacy, Center for Jewish Nonviolence, Charity & Security Network, Coalition for Humane Immigrant Rights (CHIRLA), CODEPINK, Congregation of Our Lady of Charity of the Good Shepherd, U.S. Provinces, Demand Progress, Doctors Against Genocide, DSA, End Wars Working Group of Progressive Democrats of America , Episcopal Peace Fellowship Palestine Israel Network, Friends Committee on National Legislation, Friends Committee on National Legislation , Friends of Sabeel North America (FOSNA), George Devendorf, Global Ministries of the Christian Church (Disciples of Christ) and United Church of Christ, Health Advocacy International, Hindus for Human Rights, Human Rights Watch, IfNotNow Movement, International Civil Society Action Network (ICAN), International Refugee Assistance Project, J Street, Jahalin Solidarity, Jahalin Solidarity, Jewish Voice for Peace Action, Justice4palestinians, MADRE, Maryknoll Office for Global Concerns, Medglobal , Middle East Democracy Center (MEDC), Migrant Roots Media, MoveOn, MPower Change Action Fund, Muslim Advocates, Muslims United PAC, National Advocacy Center of the Sisters of the Good Shepherd, National Council of Churches, New Jewish Narrative, No Dem Left Behind , Nonviolent Peaceforce, NRC USA, Partners for Progressive Israel, Pax Christi USA, Peace Action, Poligon Education Fund, Presbyterian Church, (USA), Office of Public Witness, Quincy Institute, ReThinking Foreign Policy, ReThinking Foreign Policy, RootsAction.org, Sisters of Mercy of the Americas – Justice Team, Terre des hommes Lausanne, The Borgen Project, The Tahrir Institute for Middle East Policy (TIMEP), United Methodists for Kairos Response (UMKR), UNRWA USA National Committee, USCPR Action, Win Without War, Women’s International League for Peace and Freedom, US Section (WILPF US), Yemen Relief and Reconstruction Foundation 

    State and Local Organizations:  Al Otro Lado, Atlanta Multifaith Coalition for Palestine (AMCP), Barry University, Brooklyn For Peace, Carolyn Eisenberg, Ceasefire Now NJ, Christian Jewish Allies for a just peace for Israel Palestine, Church Women United in New York State, Delawareans for Palestinian Human Rights, Florida Peace & Justice Alliance, FOSNA Pittsburgh , Greater Dayton Peace Coalition, Houston for Palestine Coalition, Indiana Center for Middle East Peace, Jews for Racial and Economic Justice, MARUF CT (Muslim Advocacy for Rights, Unity, and Fairness), Massachusetts Peace Action, Minnesota Peace Project, Muslim Justice League, Nebraskans for Peace Palestinian Rights Task Force, NorCal Sabeel, Oasis Legal Services, Peace Action Maine, Peace Action WI, Peace Action WI, Peace, Justice, Sustainability NOW!, Peace, Justice, Sustainability, NOW!, Progressive Democrats of America – Central New Mexico, Progressive Democrats of America- Central New Mexico, Sisterhood of Salaam Shalom DC-Metro Action Group, The Palestine Justice Network of the Presbyterian Church USA, Bay Area, UPTE Members for Palestine, Valley View Presbyterian Church, Voices for Justice in Palestine, YUSRA

    Issues: Foreign Affairs & National Security

    MIL OSI USA News

  • MIL-OSI Economics: Money Market Operations as on April 02, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 6,21,461.80 5.82 0.01-6.40
         I. Call Money 16,354.78 6.19 5.15-6.35
         II. Triparty Repo 4,25,750.50 5.75 4.00-6.25
         III. Market Repo 1,78,131.62 5.96 0.01-6.40
         IV. Repo in Corporate Bond 1,224.90 6.17 6.15-6.40
    B. Term Segment      
         I. Notice Money** 227.00 6.24 6.05-6.30
         II. Term Money@@ 1,150.00 6.30-6.60
         III. Triparty Repo 7,169.00 5.78 5.55-6.10
         IV. Market Repo 282.58 6.43 6.43-6.43
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Wed, 02/04/2025 1 Thu, 03/04/2025 9,170.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 02/04/2025 1 Thu, 03/04/2025 176.00 6.50
    4. SDFΔ# Wed, 02/04/2025 1 Thu, 03/04/2025 3,93,917.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -3,84,571.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 21/02/2025 45 Mon, 07/04/2025 57,951.00 6.26
      Fri, 14/02/2025 49 Fri, 04/04/2025 75,003.00 6.28
      Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,518.39  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     1,91,482.39  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,93,088.61  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on April 02, 2025 9,06,024.29  
         (ii) Average daily cash reserve requirement for the fortnight ending April 04, 2025 9,28,983.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ April 02, 2025 9,170.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on March 07, 2025 54,323.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2082 dated February 05, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/18

    MIL OSI Economics

  • MIL-OSI USA: Hagerty Announces Staff Changes, Promotions, Trump Admin Appointments

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    WASHINGTON—United States Senator Bill Hagerty (R-TN) today announced 22 additions and changes to his staff over the last year, as well as 14 of his staff appointed to serve in the Trump Administration. 

    “I’m pleased to welcome several additions to my staff and announce well-deserved promotions for others,” said Senator Hagerty. “I’m confident that my exceptional team will soar to even greater heights with new expertise and experience. At the same time, I’m deeply proud of my close advisors and alumni who have been appointed to serve in the Trump Administration. I look forward to all we will accomplish in the coming years together.”

    Lucas Da Pieve is now serving as Legislative Director. Da Pieve has served as the Deputy Legislative Director and Projects Manager, handling all budgetary and appropriations matters for Senator Hagerty, since 2021. Previously, he was the Director of Digital Response in the Office of Presidential Correspondence during the first Trump Administration and as Deputy Legislative Director and Projects Manager for Senator Lamar Alexander (R-TN). He is a graduate of the University of Tennessee, Knoxville. Da Pieve is originally from Buenos Aires, Argentina, and his family has lived in Blount County since 2008.

    Nate Kinard will serve as General Counsel to Senator Hagerty, and advise the Senator regarding judicial nominations, constitutional matters, and artificial intelligence. Previously, Kinard was a shareholder at Chambliss, Bahner & Stophel, specializing in business litigation and appeals. Kinard received his law degree summa cum laude from William & Mary Law School. A native of Chattanooga, Kinard majored in Political Science and Piano Performance at Vanderbilt University.

    Sloan McDonagh is now serving as Policy Advisor and Senior Counsel in Senator Hagerty’s Washington, DC office. McDonagh previously served as Senior Counsel to the House Committee on Oversight and Government Reform. He is a graduate of Hillsdale College and Emory University School of Law.  

    Christy Charbonnet is now serving as Scheduler for Senator Hagerty’s Washington, DC office. She holds a bachelor’s degree from the College of Charleston in Systems Engineering and has been with the Senator since the fall of 2023.

    Emma Morris will serve as Deputy Director of Operations and Scheduling for Hagerty. Morris previously served as the Senator’s Deputy Scheduler. She graduated from Auburn University with a B.A. in Political Science. She is originally from Chattanooga, Tennessee. 

    John DiGravio is now serving as Legislative Assistant to Senator Hagerty, advising him on the Banking Committee portfolio. He previously served as Legislative Aide to the Senator and as an aide to the Senate Banking Committee. DiGravio holds a B.A. from Williams College and was raised in Austin, Texas.

    Luke Harris has been named Legislative Assistant to Hagerty assisting in the Agriculture, Energy, and Transportation portfolio. Harris is a graduate of Middle Tennessee State University where he received both his bachelor’s and master’s degrees.

    JT Isaacs has been named Legislative Assistant to manage all general budget and appropriations matters for Hagerty. He also manages the Healthcare, Education, Labor, Pensions, and Veterans’ Affairs portfolio. He previously served as Legislative Aide for Hagerty. Isaacs received a Bachelor of Science in Economics degree from the University of Kentucky.

    Matthew Venoit will serve as Policy Advisor to Senator Hagerty. Prior to the Senate, Venoit worked at Goldman Sachs in both New York and Hong Kong. He holds a B.S. from Penn State University and graduate degrees from KU Leuven and Georgetown University.

    Jillian Cantrell is now serving as Legislative Aide to Hagerty assisting in the Healthcare, Education, Labor, Pensions, and Veterans’ Affairs portfolio. Cantrell previously served as Legislative Correspondent and Staff Assistant. She is a graduate of Washington and Lee University, where she received Bachelor of Arts degrees in both Biology and Politics. She is a native of Chattanooga, Tennessee.

    Cole Bornefeld is now serving as a Legislative Aide to Hagerty, assisting in the Judiciary, Homeland Security, and Rules portfolio. Bornefeld previously served as a Legislative Correspondent in Hagerty’s Office. He graduated from Western Kentucky University with a bachelor’s degree in political science and public relations. He is a native of Hendersonville, Tennessee.

    Melissa Stooksbury has been serving as Deputy State Director since February 2024 based in the Nashville, Tennessee office. Prior to this role, she served in the office of Congressman Tom Cole, most recently as Communications Director. Stooksbury was born and raised in Knoxville, Tennessee and graduated from the University of Tennessee, Knoxville with a bachelor’s degree in Political Science.

    Ethan Finley now serves as a Legislative Correspondent to Senator Hagerty within the Banking Committee Portfolio. Finley previously worked as a field organizer for Tim Sheehy’s 2024 Senate Campaign. Before that, he worked as an Investment Banking Analyst at Evercore. Finley also has experience as an analyst in private equity and wealth management. He graduated from Columbia University with a bachelor’s degree in Financial Economics.

    Zach Brooks currently serves as the Southeast Tennessee Field Representative for Senator Hagerty, a role he has held since April 2024. Before his tenure with Senator Hagerty’s office, Brooks was the Investor Development Director at the Cleveland/Bradley County Chamber of Commerce, focusing on membership growth and community engagement. Born and raised in Cleveland, Tennessee, Brooks graduated from Cleveland High School in 2010. He pursued higher education at Lee University, earning a bachelor’s degree in 2014 and a Master of Business Administration in 2019.

    Gabby Gardner serves as the Nashville Field Representative for Senator Hagerty, where she works closely with community leaders, elected officials, and industry stakeholders across Middle Tennessee. Prior to this role, she served as a Clerk in the Tennessee House of Representatives. Gardner is a proud graduate of the University of Tennessee, Knoxville, where she earned a bachelor’s degree in Political Science.

    Ford Hawkins is now serving as the Jackson, Tennessee Field Representative. He previously served with the Young Republicans before joining Olin/Winchester Ammunition, where he worked as a ballistician before joining Hagerty’s office. Hawkins is a West Tennessee native, and he attended the University of Mississippi, holding a bachelor’s degree in History.

    Jonathan White is now serving as the West Tennessee Field Representative. After graduating high school, White served four years active in the U.S. Navy before graduating with his bachelor’s degree in political science from the University of Mississippi. He has also worked for the American Legion and interned for the Northern District of Mississippi U.S. Attorney’s Office.


    Jake Netterville
    is now serving as Personal Aide to Senator Hagerty in the Washington, DC office. Netterville recently graduated with a bachelor’s degree in accounting from Louisiana State University and is a native of Baton Rouge, Louisiana. Prior to joining Senator Hagerty’s office, Netterville worked as a federal analyst at The Picard Group. 

    Cecilia Ann Hutton is now serving as a Staff Assistant in Senator Hagerty’s Washington, DC office. She recently graduated from the University of Tennessee, Knoxville with a bachelor’s degree in Political Science and History.

    Steven Behringer is now serving as a DoD fellow for Senator Hagerty. Behringer is an active-duty Marine who is fluent in both Mandarin and Korean, and has extensive experience evaluating military and cyber threats in the INDOPACOM region. He is a native of Baltimore, Maryland.

    Blake McMahon is now serving as a National Security Fellow for Senator Hagerty. McMahon has held a variety of Executive Branch roles related to aerospace, defense, and intelligence issues. He received a PhD from the University of California, San Diego and a bachelor’s degree from Oklahoma State.

    James Santos is serving as a National Security Fellow. Santos comes from the Office of Director of National Intelligence, where he worked on a range of national security issues, covering policy development and program management matters. He graduated from Michigan State University, and holds a Master’s degree in Accounting. He was born in Manila, Philippines and hails from Grand Rapids, Michigan.  

    Serving in the Trump Administration

    Adam Telle is nominated to lead the U.S. Army Corps of Engineers as Assistant Secretary of the Army for Civil Works. Telle has served as Hagerty’s Chief of Staff over the last four years and will continue to serve Hagerty while his nomination is pending before the Senate. Telle served during the first Trump Administration as the White House’s Senate lead in its Office of Legislative Affairs.  Prior to that role, Telle served as the top staff member on the Senate Appropriations Committee’s Subcommittee on Homeland Security and as the top policy advisor to the late Senator Thad Cochran. Telle holds degrees in computer science and journalism from Mississippi State University.

    Luke Pettit is nominated to be Assistant Secretary of the Treasury for Financial Institutions. Pettit has served as Senator Hagerty’s Senior Policy Advisor and will continue to serve Hagerty while his nomination is pending before the Senate. Previously, he worked at the Senate Banking Committee, Bridgewater Associates, and the Federal Reserve. Luke holds a B.A from the University of Pennsylvania, and graduate degrees from the London School of Economics and Johns Hopkins University.

    Daniel Zimmerman has been nominated to be Assistant Secretary of Defense for International Security Affairs. Zimmerman currently serves in a Congressional Executive Fellowship in the office of Senator Hagerty and will continue to serve Hagerty while his nomination is pending before the Senate. He previously has held many roles in the agency realm, and holds both a bachelor’s degree from Asbury University and a master’s degree from the University of Kentucky.

    Julia Hahn is serving as the Assistant Secretary of the Treasury Department for the Office of Public Affairs. Hahn joins the Department after serving as Deputy Chief of Staff for Communications for Senator Hagerty. Prior to the Senate, Hahn served in the first Trump White House over all four years, most recently as Deputy Assistant to the President and Deputy White House Communications Director. Before that, she served as Special Assistant to the President and Director of Rapid Response and Surrogate Operations. Hahn has also worked in media as the Executive Producer of The Laura Ingraham Show and a reporter at Breitbart News. She also worked on Capitol Hill as Press Secretary to former Congressman Dave Brat. Hahn graduated from the University of Chicago with a BA in Philosophy.

    Clark Milner is serving as Special Assistant to the President and Senior Advisor for Policy, focusing primarily on domestic policy. Milner formerly served as Deputy Chief of Staff for Policy and Chief Counsel to Senator Bill Hagerty. Milner previously served as Deputy Counsel to Governor Bill Lee.

    Natalie McIntyre currently serves a Special Assistant to the President for the Office of Legislative Affairs where she handles the Healthcare, Education, Labor, Banking, and Agriculture portfolio. Previously, she was Senator Hagerty’s Legislative Director overseeing the legislative team and managing the Health, Education, Labor, Pension, and Veterans portfolio. Prior to her role in Hagerty’s office, she was part of the legislative office at OMB where she managed the Senate offices. She also served as a Senior Policy Advisor and White House liaison at ONDCP.

    Nels Nordquist
    is serving as Deputy Assistant to the President for International Economic Policy and DD of NEC.Nordquist was Senior Fellow for Economic Policy in the office of Senator Hagerty. From October 2022 through January 2025, he served as Staff Director for the National Security, Illicit Finance, and International Financial Institutions Subcommittee of the House Financial Services Committee. From 2018-2021, Nordquist worked in the National Security Council and National Economic Council, first as Director for Trade & Investment and later as Special Assistant to the President and Senior Director for International Economic Policy. Nordquist graduated from Stanford and earned an MBA from the University of Virginia.

    Joel Rayburn is the Trump Administration’s nominee to be Assistant Secretary of State for Near Eastern Affairs. He is a historian, former diplomat, and retired military officer who previously served as special advisor for Middle East affairs in the office of Senator Hagerty. Rayburn is currently a senior fellow at the Hudson Institute. In the first Trump Administration, he served as a senior director on the National Security Council staff and, from July 2018 to January 2021, as the U.S. special envoy for Syria. Before joining the State Department, Rayburn served 26 years as a US Army officer and co-authored the Army’s official history of the Iraq War. He holds an MA in history from Texas A&M University and an MS in strategic studies from the National War College.

    Kevin Kim is the State Department’s China Coordinator and the Deputy Assistant Secretary for China, Japan, Korea, Mongolia, and Taiwan. Prior to the State Department, Kim worked as a national security fellow for Senator Hagerty. Kim was also the Senior Advisor to the Special Presidential Envoy for Arms Control Marshall Billingslea as part of the U.S. delegation to the 2020 U.S.-Russia arms control negotiations.  From 2018 to 2020, he served as the Chief of Staff to the Special Representative for North Korea and the Deputy Secretary of state Stephen Biegun and participated in various rounds of U.S.-DPRK nuclear negotiations. Kim received a BA from the Johns Hopkins University, MA from the Johns Hopkins University School of Advanced International Studies, and is currently pursuing a Doctorate in International Relations from the Johns Hopkins University School of Advanced International Studies.

    Walton Stivender Mears has taken on a new role as scheduler for Housing and Urban Development Secretary Scott Turner. Mears joined HUD last month after serving as Director of Scheduling for Senator Hagerty. She previously handled scheduling and assisted the chief of staff for Sen. Roger Marshall (R-KS) and as a Staff Assistant for Senator Richard Shelby (R-AL). Mears is an Auburn University graduate from Birmingham, Alabama.

    J. Cal Mitchell is serving as the Special Assistant at the U.S. Department of Treasury. He joins the Treasury Department after serving as Personal Aide to Senator Hagerty. Mitchell is a native of Atlanta, Georgia and is a graduate of Hampden-Sydney College.

    Nick Checker, a national security fellow for Senator Hagerty in 2023, currently serves as Deputy Executive Secretary on the National Security Council. In that role, Checker provides senior-level review of NSC products for substance, policy relevance, and appropriateness for the President and senior White House officials. Checker has spent the last decade at the Central Intelligence Agency (CIA) as a military analyst covering conflicts in the greater Middle East. Most recently, Checker worked in CIA’s office of Congressional Affairs, where he supported the confirmation process for Director John Ratcliffe. He holds a bachelor’s degree in history and political science from the University of Wisconsin and a master’s degree in Security Studies from Georgetown University.

    Nicholas Elliot is the Acting Director of the Office of Legislative and Intergovernmental Affairs at the Commodity Futures Trading Commission. Elliot serves as the chief advisor to the CFTC Chairman on matters before the U.S. Congress and as the Commission’s official liaison with Congressional members, federal agencies, and the Administration. Previously, Elliot spent nearly four years working for Senator Hagerty on the Senator’s financial services and banking portfolio, where he advanced the Senator’s work on the Committee on Banking, Housing, and Urban Affairs. Elliot is a graduate of Georgetown University’s McDonough School of Business where he received a BS in Business Administration with a major in Finance and a minor in Mandarin.

    Taylor Asher serves as Chief Policy Advisor of the SEC’s Crypto Task Force and is a Senior Policy Advisor to SEC Acting Chairman Mark Uyeda. From April 2023 to January 2025, Asher served as Policy Advisor and Confidential Assistant to Commissioner Uyeda. Prior to his time at the SEC, Asher was Personal Aide to Senator Hagerty. His tenure in public service began with Congresswoman Julia Letlow’s Office, where he served as Staff Assistant and Intern Manager. Asher is currently pursuing a Master of Economics at George Mason University. He holds a Master of Finance with an Energy Specialization as well as a Bachelor of Science in Management from Tulane University. He is originally from Nashville, Tennessee.

    MIL OSI USA News

  • MIL-OSI Economics: Build Back Better: Central Sulawesi’s Journey of Recovery (Part I)

    Source: Asia Development Bank

    Transcript

    Build Back Better: Central Sulawesi’s Journey of Recovery (Part I)

    In September 2018, a powerful 7.4 magnitude earthquake struck Central Sulawesi, triggering tsunami, landslides, and liquefaction.

    Thousands of lives were lost, and critical transport infrastructure were damaged.

    In June 2019, the Asian Development Bank (ADB) approved the $297.75 million Emergency Assistance for Rehabilitation and Reconstruction Project.

    Supported by the Australian Department of Foreign Affairs and Internasional Trade, the project aims to rebuild key public works and transport infrastructure.

    Sumarno, Head Department of Transportation Central Sulawesi Province
    After the earthquake, tsunami, and liquefaction, the economic impact has been severe. 
    Ports, airports, and other infrastructure are in a state of disrepair, causing significant disruptions to economic activity.Following the recovery efforts, economic factors have picked up, encouraging people to engage in various activities around the port and Palu City.

    The project rehabilitated and reconstructed three ports and an airport to disaster-resilient standards with gender responsive and inclusive features.

    Donggala Port, which serves both passengers and cargo, projected to become a key logistics and passenger hub in Indonesia’s eastern region.

    Wani Port is a multipurpose port that supports agriculture, livestock transport, and government ships.

    Meanwhile, Pantoloan Port is an important gateway for the economy in Donggala and Central Sulawesi, handling various types of cargo and passenger ships.

    Mutiara Sis Al Jufri Airport, the largest in Central Sulawesi, is the main gateway to Palu and its surrounding areas.

    Yandi Hermawan, Branch Manager PT Dharma Lautan Utama Palu Branch 
    Compared to the old terminal, our passengers are very enthusiastic about the new Donggala Port terminal. The facilities are quite comprehensive, including air-conditioned rooms and seating area. Our passengers have also shown greater comfort at the Donggala passenger terminal.

    Alexander Allokendek, Head Palu Bay Port Authority 
    When it was built, we set a standard that accessibility for disabilities is crucial. In Donggala Port, we have tracking systems and accessible toilets, as well as proper signage. We also assist passengers all the way to the ship and back.

    Rudi Richardo, Airport Head Mutiara Sis Al Jufri Airport 
    Regarding gender aspects, such as nursery areas and others, these remain a focus in the rehabilitation and reconstruction project. For the disability aspect, this has already been implemented at the airport, enabling persons with disabilities to carry out their activities independently.

    Elias Katapi, Traveler with Disability
    As a person with visual impairments, there are now tactile blocks that allow us to navigate independently.

    Irmansyah, Traveler with Disability
    Before the renovation, there was no access at all for wheelchair users inside the toilet; the door was too narrow, so it was impossible to use a wheelchair. Now, it is more accessible, allowing wheelchair users to move freely from the entrance to the inside.

    With strong collaboration between the Ministry of Transportation and the local government, the project became fully operational in 2024.

    Former President Joko Widodo inaugurated several of them that same year.

    The project’s implementation follows ADB safeguards to ensure compliance with social and environmental impact standards.

    Idrus, Shop Owner Donggala Port
    When there was a plan for port construction, we were invited by the local government for relocation, and we also had several meetings with AECOM, so the relocation process went smoothly.

    Twenty-nine affected shop owners in the port area were relocated to the nearby temporary sites to continue their businesses.

    The affected shop owners will move to the permanent relocation site in front of the constructed Donggala Port in early 2025.

    For airport rehabilitation, tenants relocated to temporary sites have been returned to the terminal to continue their business.

    Cici, Shop Manager Mutiara Sis Al Jufri Airport
    Currently, everyone who was relocated has returned to their respective cafeterias upstairs. Because the air is cool inside, the place gets a lot of customers. During the relocation process,the cafeteria sellers were also given consultations by the airport authorities to ensure everything went smoothly.

    Both temporary sites in Donggala Port and Mutiara Sis Al Jufri Airport were completed with associated facilities: electricity, water, and disposal.

    The rehabilitation and reconstruction of these key transportation infrastructure symbolize recovery.

    It highlights the power of collaboration and commitment.

    Together, we are not just recovering; we are building stronger, more inclusive features.

    We are building back better. 

    MIL OSI Economics

  • MIL-OSI USA News: President Trump’s Bold Trade Action Draws Praise

    Source: The White House

    Today, President Donald J. Trump made clear to the world that the days of economic surrender are over. After being sold out by career politicians for generations, President Trump is enacting fair trade policies that will restore our workforce, rebuild our economy, and finally put America First.

    The move drew immediate praise:

    Coalition for a Prosperous America Chairman Zach Mottl: “A permanent, universal baseline tariff resets the global trade environment and finally addresses the destructive legacy of decades of misguided free-trade policies. President Trump’s decision to implement a baseline tariff is a game-changing shift that prioritizes American manufacturing, protects working-class jobs, and safeguards our economic security from adversaries like China. This is exactly the type of bold action America needs to restore its industrial leadership. Today’s action will deliver lasting benefits to the U.S. economy and working-class Americans, cementing President Trump’s legacy as one that ushered in a new Golden Age of American industrialization and prosperity.”

    National Cattlemen’s Beef Association SVP of Government Affairs Ethan Lane: “For too long, America’s family farmers and ranchers have been mistreated by certain trading partners around the world. President Trump is taking action to address numerous trade barriers that prevent consumers overseas from enjoying high-quality, wholesome American beef. NCBA will continue engaging with the White House to ensure fair treatment for America’s cattle producers around the world and optimize opportunities for exports abroad.”

    Steel Manufacturers Association President Philip K. Bell: “President Trump is a champion of the domestic steel industry, and his America First Trade Policy is designed to fight the unfair trade that has harmed American workers and weakened manufacturing in the United States. The recently reinvigorated 232 steel tariffs have already started creating American jobs and bolstering the domestic steel industry. President Trump is working to turn America into a manufacturing powerhouse and the steel tariffs are driving that movement. President Trump’s initial 232 steel tariffs and the historic tax cuts led to investments of nearly $20 billion by steel manufacturers in the United States. Since the revised tariffs took effect, Hyundai Steel announced a $5.8 billion steel mill in Louisiana, demonstrating that the tariffs are working to bring more steel investments and production to the United States. The domestic steel market is stronger when other nations are forced to compete on a level playing field. On a level playing field, American workers can outcompete anyone. We look forward to continuing working with President Trump and his administration to ensure a level playing field for Americans and a robust domestic steel industry that strengthens our national, economic and energy security.”

    Alliance for American Manufacturing President Scott Paul: “Today’s trade action prioritizes domestic manufacturers and America’s workers. These hardworking men and women have seen unfair trade cut the ground from beneath their feet for decades. They deserve a fighting chance. Our workers can out-compete anyone in the world, but they need a level playing field to do it. This trade reset is a necessary step in the right direction.”

    National Electrical Contractors Association CEO David Long: “President Trump has consistently prioritized policies that put the electrical industry as a priority, and we recognize his commitment to strengthening our nation’s economy. As these new tariffs take effect, we look forward to working with the Administration to ensure that electrical contractors and the entire electrical industry can continue powering America efficiently while navigating potential cost and supply chain challenges.”

    Bienvenido Empresarios: “As an organization committed to empowering Hispanic Americans and strengthening our nation’s future, Bienvenido supports policies that build a more resilient American economy, safeguard our communities, and reassert U.S. leadership on the global stage. President Trump’s emphasis on using economic leverage — including tariffs — reflects a broader strategy to counter China, confront the deadly fentanyl crisis, and bring critical industries back home. Now is a time for tough, decisive action when national security and American livelihoods are at stake. Our hope is that these measures lead to stronger enforcement, fairer trade, and long-term prosperity for all Americans.”

    America First Policy Institute: “Tariffs worked then—and they’ll work again. Under President Trump, tariffs brought back jobs, lowered inflation, and strengthened national security. It’s not just economic policy—it’s America First in action.”

    Speaker Mike Johnson: “President Trump is sending a clear message with Liberation Day: America will not be exploited by unfair trade practices anymore. These tariffs restore fair and reciprocal trade and level the playing field for American workers and innovators. The President understands that FREE trade ONLY works when it’s FAIR!”

    Gov. Jeff Landry: “Pro Jobs. Pro Business. Pro America.”

    Senate Majority Whip John Barrasso: “President Trump is acting boldly to put America first. America needs fair and free trade. We can’t allow other countries to keep abusing our workers and job creators. It’s time we had a level playing field. I applaud President Trump’s 100% commitment to Made in America.”

    Sen. Jim Banks: “The decision by President Trump today to impose reciprocal tariffs will be so good for Indiana. … Those are the manufacturing jobs that President Trump is bringing back from overseas.”

    Sen. Bill Cassidy: “The president’s trade agenda can pave the way for stronger trade deals, fairer rules, and real results. I am excited to work with President Trump to make it happen. Louisiana’s workers and families deserve nothing less.”

    Sen. Roger Marshall: “President Donald Trump is fighting for long-term solutions to put America’s farmers and ranchers first.”

    Sen. Ashley Moody: “It’s liberation day in America! Today, @POTUS sent a message to the world that the era of America being taken advantage of is over.”

    Sen. Markwayne Mullin: “President Trump is going to charge foreign countries roughly half of what they *already* charge us to do business. Literally who can argue with this?”

    Sen. Pete Ricketts: “President Trump is delivering on his campaign promises to level the playing field and stand up for the American people. Reciprocal tariffs will ensure equal treatment for American businesses. @POTUS is working to reshore jobs lost overseas and secure our supply chains. He is working to open new markets for our nation’s agriculture products. He is demonstrating to foreign adversaries like China that we will no longer be taken advantage of.”

    Sen. Rick Scott: “The days of the U.S. being taken advantage of by other countries are OVER! Pres. Trump is making it clear that he will ALWAYS put American jobs, manufacturing and our economy first. As Americans, let’s stand with him and support one another by buying products MADE IN AMERICA.”

    Sen. Eric Schmitt: “President Trump is bringing America back. We won’t be ripped off by other countries anymore. We’re bringing back manufacturing, unleashing energy production, and paving the way for prosperity.”

    Sen. Tommy Tuberville: “For too long, other countries have ripped us off with bad trade deals – resulting in American jobs and manufacturing moving overseas. But change is coming. The Golden Age of America’s economy is here. Happy Liberation Day.”

    House Majority Leader Steve Scalise: “The United States and American workers will no longer be ripped off by other countries with unfair trade practices. Thank you President Trump for putting America’s workers and innovators first with reciprocal tariffs that level the playing field and make trade FAIR.”

    House Majority Whip Tom Emmer: “For too long, foreign countries have taken advantage of us at the expense of American workers. President @realDonaldTrump says NO MORE.”

    House Republican Conference Chairwoman Lisa McClain: “Tariffs work! @POTUS has proven tariffs are an effective tool in achieving economic and strategic objectives. The President’s long-term strategy will pay off.”

    Rep. Elise Stefanik: “I strongly support President Trump’s America First economic policies to strengthen American manufacturing and create millions of American jobs. For too long, Americans have suffered under unfair trade practices putting America Last. We will not allow other countries to take advantage of us and we must put America and the American worker first.”

    Rep. Jason Smith: “America shouldn’t reward countries that discriminate against American workers and manufacturers. On Liberation Day, President Trump is correcting this and demanding fair treatment for American producers.”

    Rep. Mark Alford: “The days of the United States being taken advantage of are OVER. Republicans are putting American workers FIRST.”

    Rep. Jodey Arrington: “For too long, our leaders have allowed other nations to rip us off through numerous unfair trade practices resulting in suppressed wages, lost opportunities, and unrealized economic growth. Just as he did in his first term, President Trump is fighting to ensure an even playing field for our manufacturers, farmers, and workers so we can unleash American prosperity and Make America Great Again.”

    Rep. Brian Babin: “Trump’s tariffs aren’t starting a trade war—they’re ending one. For decades, other countries ripped off American workers with unfair tariffs and barriers. Now, we’re finally fighting back.”

    Rep. Andy Biggs: “Past administrations have allowed the United States to be ripped off by allies and adversaries alike. President Trump said “NO MORE!” The Art of the Deal.”

    Rep. Vern Buchanan: “For too long, unfair trade practices devastated America’s manufacturing base and stole millions of blue-collar jobs. It’s time to level the playing field and bring those jobs back. @POTUS is fighting for American workers.”

    Rep. Michael Cloud: “America-First means putting the American people first. We will no longer be taken advantage of as a nation and people.”

    Rep. Andrew Clyde: “For far too long, the U.S. has been ripped off by countries across the globe with unfair trade practices. Now, we’re finally leveling the playing field. THANK YOU, President Trump, for putting American workers and manufacturing FIRST.”

    Rep. Mike Collins: “This is fair. Whether it’s our military or economy, other countries have taken advantage of the U.S. for far too long. That time is over.”

    Rep. Chuck Edwards: “Many countries are taking advantage of the United States by imposing tariffs against us while we don’t have reciprocal tariffs against them. @POTUS has used tariffs to produce successful trade deals for us in his first term, and I support his plan to use them again to create a more level playing field and secure fairer trade deals for America. The quicker other countries agree to fairer trade deals, the quicker the tariffs can end.”

    Rep. Scott Franklin:“For years the US handcuffed itself and played nice while other countries imposed massive tariffs and took advantage of us. We’re done putting America last. @POTUS is leveling the playing field, ending trade imbalances and prioritizing American workers and manufacturing again!”

    Rep. Russell Fry: “HAPPY LIBERATION DAY. Thanks to @POTUS, America is DONE being taken advantage of. A new era has begun.”

    Rep. Lance Gooden: “For decades, Washington allowed Texans to be ripped off by foreign countries. Those days are now over. @POTUS is committed to making America wealthy again!”

    Rep. Marjorie Taylor Greene: “If you want to do business in America, you need to play by our rules. For too long, American businesses, big and small, have been ripped off by bad trade deals and unfair competition. President Trump is putting a stop to it. He’s standing up for our workers, our companies, and our consumers.”

    Rep. Abe Hamadeh: “The America First Republican party is the party of the working class, the forgotten men and women. On this Liberation Day, we further our commitment to them, that we will reshore our manufacturing, restore fair trade, and rebuild the greatest economy in the world.”

    Rep. Pat Harrigan:“If you want access to the most powerful economy in the world, treat us fairly. If not, don’t expect a free ride. That’s real leadership and @POTUS is delivering it!”

    Rep. Andy Harris: “President Trump’s reciprocal tariffs will put the American worker first and bring fairness back to international trade. America is being respected again.”

    Rep. Diana Harshbarger: “President Trump is bringing back the American Dream. Our taxpayers have been ripped off by foreign countries for far too long, but those days are over. President Trump is right to impose these reciprocal tariffs.”

    Rep. Clay Higgins: “@POTUS’ trade agenda puts American industry and America first. I support the President’s action to protect our domestic producers.”

    Rep. Wesley Hunt: “Today, President Trump empowered the American middle class.  His policies on tariffs will bring automotive manufacturing back to America.”

    Rep. Nicole Malliotakis: “Since President Trump has been elected, we’ve attracted $5 trillion in private investment, foreign & domestic companies have announced Made in USA manufacturing, countries have reduced tariffs or changed foreign policies. President Trump is sticking up for American workers & farmers, repatriating our supply chain and protecting our national security.”

    Rep. Addison McDowell: “My district was hit hard over the years by unfair trade deals. Finally, we have a President who wants to put the American worker FIRST.”

    Rep. Mary Miller: “America will no longer be taken advantage of! This is how you put America First.”

    Rep. Riley Moore: “For decades, foreign countries have enjoyed free access to the greatest consumer marketplace on the face of the planet, all while still charging our domestic producers hefty duties or imposing significant barriers to access their markets. Today that ends. President Trump is the only president in my lifetime to acknowledge how unfair trade has gutted the heartland and shipped countless jobs overseas. By finally reciprocating in-kind, we’ll force foreign competitors to the negotiating table, lower trade barriers, and ultimately create real free and fair trade across the board. I’m confident this move will boost our domestic manufacturing industry and fuel demand for American products across the globe.”

    Rep. Tim Moore: “President Trump is leveling the playing field for American workers and bringing back MADE IN AMERICA!”

    Rep. Troy Nehls: “President Trump’s reciprocal tariffs make it clear that our country will not be ripped off anymore. We are bringing back American manufacturing and putting America First.”

    Rep. Ralph Norman: “Happy LIBERATION Day … ✅Protect the American worker ✅Strengthen manufacturing ✅Reduce unfair trade practices … Our economy will be competitive again!!”

    Rep. Andy Ogles: “He’s resetting the negotiating table. He’s resetting the deck here to say, ‘You know what? For too long, you’ve taken advantage of our free market and you’ve literally leached jobs away from the American people … Let’s have a serious conversation and let’s do something that’s fair and mutually beneficial for both sides.’”

    Rep. Guy Reschenthaler: “I fully support President Trump’s critical efforts to right this generational wrong, bring manufacturing jobs home, and rejuvenate American working families. Made in America is back.”

    Rep. John Rutherford: “Tariffs help bring American jobs back home, incentivize buying American, AND put pressure on Canada and Mexico to stop the flow of fentanyl and illegal immigrants from their countries into ours. Even the Biden Admin kept or increased tariffs that President Trump imposed during his first presidency. Under Trump, inflation stayed around 2% and our GDP grew to 3%. Smart tariffs are a long-term investment in the American economy that are worth the short-term cost.”

    Rep. Greg Steube: “What many fail to realize: Trump’s reciprocal tariffs are a long-overdue response to years of unfair trade policies against America. For decades, America has been ripped off by other countries who have repeatedly slapped tariffs on our goods, blocked our products, and flooded our markets with theirs. The numbers don’t lie–the rest of the world has profited at the expense of American workers and businesses. President Trump is finally putting America First by taking bold, necessary actions that past leaders wouldn’t take.”

    Rep. Marlin Stutzman: “If Australia doesn’t want our beef – WE DON’T WANT THEIRS! Thank you @POTUS for opening the door of fair treatment for America’s Cattlemen”

    Rep. Tom Tiffany: “Gone are the days of America being taken advantage of by foreign countries. The American worker comes FIRST.”

    Rep. William Timmons: “President Trump’s tariffs are a necessary move to protect American workers and rebuild our economy. We are finally breaking free from decades of unfair trade deals that gutted our industries. These tariffs will bring jobs back to our districts, strengthen manufacturing, and ensure our children inherit a country that is not just a consumer, but a producer. Thank you, @POTUS.”

    Rep. Beth Van Duyne: “For far too long, the United States has been taken advantage of by our foreign trade partners. The American people re-elected President Trump to bring back truly fair trade with other countries. Reciprocal tariffs are a first step to have a level playing field for American products and to start bringing back manufacturing to our country!”

    Rep. Daniel Webster: “President @realDonaldTrump is delivering on his mandate to restore America’s economic strength. For too long, unfair trade deals have hollowed out our factories and shipped American jobs overseas. By standing up to bad actors like China and Venezuela and enforcing fair trade, President Trump is defending American industries and putting American workers first.”

    Rep. Tony Wied: “President Trump has made it clear with these reciprocal tariffs that we will no longer allow other countries to take advantage of us. His goal is simple: to bring jobs and manufacturing back to our country and open up foreign markets to American products. If companies want to avoid these tariffs, they will do business in the United States. I applaud the President for taking a stand against years of unfair trade practices and making sure we put American workers and consumers first. It’s time our foreign trading partners finally live up to their end of the bargain.”

    Rep. Roger Williams: “For too long, America Last policies have put the U.S. auto industry at a disadvantage. As a car dealer and small business owner, I support @POTUS’ Executive Order to increase competition, boost revenue, and bring back American jobs.”

    U.S. Trade Representative Ambassador Jamieson Greer: “Today, President Trump is taking urgent action to protect the national security and economy of the United States. The current lack of trade reciprocity, demonstrated by our chronic trade deficit, has weakened our economic and national security. After only 72 days in office, President Trump has prioritized swift action to bring reciprocity to our trade relations and reduce the trade deficit by leveling the playing field for American workers and manufacturers, reshoring American jobs, expanding our domestic manufacturing base, and ensuring our defense-industrial base is not dependent on foreign adversaries—all leading to stronger economic and national security.”

    Secretary of Commerce Howard Lutnick: “Today, the world starts taking us seriously. Our workforce will finally be treated fairly.”

    Secretary of the Treasury Scott Bessent: “President Trump signed the Declaration of Economic Independence for the American people. For decades, the trade status quo has allowed countries to leverage tariffs and unfair trade practices to get ahead at the expense of hardworking Americans. The President’s historic actions will level the playing field for American workers and usher in a new age of economic strength.”

    Secretary of Agriculture Brooke Rollins: “FARMERS COME FIRST — @POTUS is leveling the playing field, ensuring American farmers and ranchers can compete globally again!”

    Secretary of State Marco Rubio: “Thank you, @POTUS! ‘Made in America’ is not just a tagline — it’s an economic and national security priority.”

    Secretary of Homeland Security Kristi Noem: “For too long, America has been targeted by unfair trade practices that made our supply chain dependent on foreign adversaries, eroded our industrial base, and hurt American workers. This has gravely impacted our national security. President Trump’s strong action will help make America safe again. @DHS, primarily through @CBP, is ready to collect these new tariffs and put an end to unfair trade practices. Thank you President @realDonaldTrump for putting America FIRST.”

    Secretary of Labor Lori Chavez-DeRemer: “Promises made, promises kept”

    Secretary of Energy Chris Wright: “President Trump is a businessman; he’s a negotiator. The result of that has been and will continue to be improvements for the American people. We are in the midst of a negotiation, and he is fighting every day to make the cost-of-living conditions better for Americans.”

    Secretary of Education Linda McMahon: “At the White House this afternoon, we celebrated Liberation Day — setting our economy on the path of future prosperity for our children. Business owners, workers, and taxpayers have been waiting for strong economic leadership. @POTUS’ actions today prove we are done being taken advantage of in international trade.”

    Secretary of the Interior Doug Burgum: “President Trump’s Liberation Day reciprocity plan is commonsense. If you tariff us, we’ll tariff you. This will strengthen our economy and make America wealthy again!”

    Secretary of Transportation Sean Duffy: “Today is the day we will liberate ourselves from unfair trade practices and outdated ways of thinking. Tariffs are an important tool in the President’s toolbox to stop foreign countries from ripping us off, protect America’s workers, and restore U.S. manufacturing. I stand with @POTUS as he finally levels the playing field. Happy Liberation Day!”

    Secretary of Housing and Urban Development Scott Turner: “For four years, Americans couldn’t afford groceries, let alone a house. This Liberation Day, @POTUS is bringing manufacturing and jobs back. President Trump is making the American Dream achievable again!”

    Environmental Protection Agency Administrator Lee Zeldin: “Massive announcement by @POTUS today restoring U.S. dominance, cementing his America First vision, and Powering the Great American Comeback.”

    Small Business Administration Administrator Kelly Loeffler: “Small businesses will no longer be crushed by foreign governments and unfair trade deals. Instead, we will put American industry, workers, and strength FIRST. Thank you @POTUS for bringing back Made in America!”

    National Security Advisor Mike Waltz: “Economic security is national security. Thank you President Trump for putting America first.”

    MIL OSI USA News

  • MIL-OSI Economics: Build Back Better: Central Sulawei’s Journey of Recovery (Part I)

    Source: Asia Development Bank

    Transcript

    Build Back Better: Central Sulawesi’s Journey of Recovery (Part I)

    In September 2018, a powerful 7.4 magnitude earthquake struck Central Sulawesi, triggering tsunami, landslides, and liquefaction.

    Thousands of lives were lost, and critical transport infrastructure were damaged.

    In June 2019, the Asian Development Bank (ADB) approved the $297.75 million Emergency Assistance for Rehabilitation and Reconstruction Project.

    Supported by the Australian Department of Foreign Affairs and Internasional Trade, the project aims to rebuild key public works and transport infrastructure.

    Sumarno, Head Department of Transportation Central Sulawesi Province
    After the earthquake, tsunami, and liquefaction, the economic impact has been severe. 
    Ports, airports, and other infrastructure are in a state of disrepair, causing significant disruptions to economic activity.Following the recovery efforts, economic factors have picked up, encouraging people to engage in various activities around the port and Palu City.

    The project rehabilitated and reconstructed three ports and an airport to disaster-resilient standards with gender responsive and inclusive features.

    Donggala Port, which serves both passengers and cargo, projected to become a key logistics and passenger hub in Indonesia’s eastern region.

    Wani Port is a multipurpose port that supports agriculture, livestock transport, and government ships.

    Meanwhile, Pantoloan Port is an important gateway for the economy in Donggala and Central Sulawesi, handling various types of cargo and passenger ships.

    Mutiara Sis Al Jufri Airport, the largest in Central Sulawesi, is the main gateway to Palu and its surrounding areas.

    Yandi Hermawan, Branch Manager PT Dharma Lautan Utama Palu Branch 
    Compared to the old terminal, our passengers are very enthusiastic about the new Donggala Port terminal. The facilities are quite comprehensive, including air-conditioned rooms and seating area. Our passengers have also shown greater comfort at the Donggala passenger terminal.

    Alexander Allokendek, Head Palu Bay Port Authority 
    When it was built, we set a standard that accessibility for disabilities is crucial. In Donggala Port, we have tracking systems and accessible toilets, as well as proper signage. We also assist passengers all the way to the ship and back.

    Rudi Richardo, Airport Head Mutiara Sis Al Jufri Airport 
    Regarding gender aspects, such as nursery areas and others, these remain a focus in the rehabilitation and reconstruction project. For the disability aspect, this has already been implemented at the airport, enabling persons with disabilities to carry out their activities independently.

    Elias Katapi, Traveler with Disability
    As a person with visual impairments, there are now tactile blocks that allow us to navigate independently.

    Irmansyah, Traveler with Disability
    Before the renovation, there was no access at all for wheelchair users inside the toilet; the door was too narrow, so it was impossible to use a wheelchair. Now, it is more accessible, allowing wheelchair users to move freely from the entrance to the inside.

    With strong collaboration between the Ministry of Transportation and the local government, the project became fully operational in 2024.

    Former President Joko Widodo inaugurated several of them that same year.

    The project’s implementation follows ADB safeguards to ensure compliance with social and environmental impact standards.

    Idrus, Shop Owner Donggala Port
    When there was a plan for port construction, we were invited by the local government for relocation, and we also had several meetings with AECOM, so the relocation process went smoothly.

    Twenty-nine affected shop owners in the port area were relocated to the nearby temporary sites to continue their businesses.

    The affected shop owners will move to the permanent relocation site in front of the constructed Donggala Port in early 2025.

    For airport rehabilitation, tenants relocated to temporary sites have been returned to the terminal to continue their business.

    Cici, Shop Manager Mutiara Sis Al Jufri Airport
    Currently, everyone who was relocated has returned to their respective cafeterias upstairs. Because the air is cool inside, the place gets a lot of customers. During the relocation process,the cafeteria sellers were also given consultations by the airport authorities to ensure everything went smoothly.

    Both temporary sites in Donggala Port and Mutiara Sis Al Jufri Airport were completed with associated facilities: electricity, water, and disposal.

    The rehabilitation and reconstruction of these key transportation infrastructure symbolize recovery.

    It highlights the power of collaboration and commitment.

    Together, we are not just recovering; we are building stronger, more inclusive features.

    We are building back better. 

    MIL OSI Economics

  • MIL-OSI USA: Congressman Carter Statement on the Trump Tax and Its Impact on Louisiana’s Second Congressional District

    Source: United States House of Representatives – Congressman Troy A. Carter Sr. (LA-02)

    WASHINGTON, D.C. – Today, Congressman Troy A. Carter, Sr. (D-LA) released the following statement:

    In Louisiana’s Second Congressional District, we know the value of hard work—and we know when we’re being taken for granted. From New Orleans to Baton Rouge, from the River Parishes to the West Bank, families and small businesses will be paying more for everyday goods. And while some call it inflation, let’s be honest: this is the Trump Tax.

    “When Donald Trump imposes tariffs, he isn’t taxing foreign governments—he’s taxing us. Prices will go up on goods we rely on: clothing, food, appliances, and construction materials. Our port workers, truck drivers, shipbuilders, and small business owners will all feel the sting of these costs passed down from Washington.

    “The Trump Tax will hit our district hard. We are home to major shipping corridors, import/export businesses, manufacturing plants, and a vibrant hospitality industry—all sectors impacted by increased costs under Trump’s tariff policies. When the price of goods goes up, it doesn’t just hurt the consumer—it hurts the economy of the entire district.

    “Trump is raising taxes on working people in the 2nd District while giving billionaires and big corporations massive tax breaks. That’s not leadership—that’s a betrayal of the people who keep this country running.

    “I will continue to fight for economic justice, to lower costs, and to hold those accountable who are raising taxes on working families while calling it something else. In Louisiana’s Second District, we know a bad deal when we see one. And the Trump Tax is a bad deal for all of us.”

    ###

    MIL OSI USA News

  • MIL-OSI China: Capital flows from listed banks demonstrate China’s economic dynamism

    Source: China State Council Information Office

    The recently released 2024 annual reports of China’s listed banks highlight the diverse dynamics of China’s economic development, as banks, serving as the primary channels for corporate and household financing, in their capital underscore the economy’s growth momentum.

    Key sectors in focus: tech firms attracting major capital

    Data from annual reports indicate that over the past year, listed banks have continued to expand credit issuance to support the real economy. In 2024, China’s four major state-owned banks, which include Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), and China Construction Bank (CCB), collectively issued more than 8 trillion yuan (about 1.11 trillion U.S. dollars) in new loans.

    ICBC and ABC each saw loan increases exceeding 2 trillion yuan.

    Strategic national initiatives and key industries remained top priorities for credit allocation, the reports showed, and banks reported notable growth in loans directed toward manufacturing, strategic emerging industries, and elderly care services.

    By the end of 2024, ICBC’s outstanding loans to strategic emerging industries had exceeded 3.1 trillion yuan, while BOC’s lending to these industries had grown by 26.31 percent year on year.

    CCB’s loans to the manufacturing sector totaled 3.04 trillion yuan, and the medium-to-long-term loans to the manufacturing industry by ABC saw a 20.2-percent year-on-year increase.

    Technology-driven enterprises also gained traction. CCB’s loans to science and technology-related industries topped 3.5 trillion yuan by the end of 2024, while ICBC’s loans to small and medium-sized enterprises (SMEs) that are specialized, refined, distinctive and innovative rose over 54 percent from the start of the year. China Everbright Bank also reported a 42.1-percent year-on-year increase in loans to tech firms.

    Behind the figures, banks have been accelerating the establishment of financial mechanisms that align with technological innovation. ICBC has set up 25 regional technology finance centers nationwide, ABC expanded its network of tech-focused branches to nearly 300, and BOC launched a dedicated science and technology innovation fund.

    However, many SMEs in the tech field still face financing challenges. At their earnings briefings, multiple banks pledged to deepen integrated equity-loan-bond-insurance financial services and tailor products to meet diverse innovation needs.

    Boosting consumption, demand: consumer loans surging

    Consumer credit has emerged as a catalyst for domestic spending. Banks actively promoted traditional sectors like automobiles and home appliances while cultivating new consumption scenarios in tourism, elderly care, and other services.

    By end-2024, Bank of Communications saw personal consumer loans jump 90.44 percent year on year, adding 156.8 billion yuan. ABC’s consumer loans grew 28.3 percent, that of CCB rose 25.21 percent, and China Merchants Bank’s consumer loan balance hit 396.16 billion yuan, up 31.38 percent year on year.

    CCB also reported over 1 trillion yuan in credit card loans.

    At the same time, banks have focused on meeting residents’ essential and improved housing needs by maintaining stable personal mortgage lending. By the end of 2024, CCB’s personal mortgage clients had surpassed 15 million, with outstanding mortgage loans totaling 6.19 trillion yuan. China CITIC Bank’s mortgage loan balance increased by 61.41 billion yuan, ranking among the highest in the industry.

    Since the fourth quarter of last year, China’s housing market has shown positive changes following the implementation of a series of policy measures, which was also reflected in the financial sector.

    According to CCB vice president Ji Zhihong, the bank’s daily average mortgage loan applications in Q4 2024 rose by 73 percent quarter-on-quarter and 35 percent year-on-year, with early repayments declining further in Q1 2025.

    With additional policies aimed at boosting consumption on the horizon, the consumer finance market is poised for new growth opportunities. Dong Qingma, deputy dean of the Institute of Chinese Financial Studies at Southwestern University of Finance and Economics, stated that financial institutions will continue to ramp up support for consumption through fiscal incentives, interest subsidies, and tax reductions, injecting more capital into the economy.

    While CMB’s annual report highlighted plans to tap into consumption scenarios encouraged by national policies, including high-end and comprehensive household spending. ICBC announced that it will actively engage with emerging economic models such as the ice and snow economy and the silver economy to further unleash consumption potential and enhance economic circulation.

    Unlocking credit growth: fueling real economy

    Multiple banks have signaled their commitment to maintaining stable credit growth, ensuring strong, sustained financial support for the real economy.

    ICBC pledged over 6 trillion yuan in financing to private enterprises over the next three years. ABC aims to exceed 7.5 trillion yuan in loans to private firms by 2025, with inclusive finance loans growing faster than average.

    A review of various banks’ strategic directions suggests that credit allocation priorities for 2025 are becoming clearer. Bank of Communications plans to issue 480 billion yuan in corporate loans, targeting major infrastructure projects, manufacturing, rural revitalization, and strategic emerging industries aligned with government policies.

    CCB plans to further expand its retail credit and focus on green finance in key sectors such as energy, industry, and transportation, while continuing to support major infrastructure projects. China Everbright Bank will allocate over 70 percent of its corporate credit growth to tech, green, and inclusive sectors.

    “The implementation of a more proactive fiscal policy and a moderately loose monetary policy this year will provide a favorable macroeconomic environment for the banking industry,” said ABC president Wang Zhiheng, adding that in 2025, the bank will seize strategic opportunities in rural development, industrial upgrades, and green transitions, among others.

    Experts believe that as banks align their strategies with macroeconomic priorities, they will continue to identify and meet effective credit demand, enhancing the precision and adaptability of financial services, thus, continuing to channel high-quality funding to sustain the real economy’s growth. 

    MIL OSI China News

  • MIL-OSI USA: Wyden, Warren, Gillibrand Urge Expanded Investigation into State Oversight of Care Provided to Seniors in Assisted Living Facilities

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    April 02, 2025
    Ranking Members of Senate Finance, Banking, and Aging committees say a new report is needed for “a stronger understanding of why assisted living facilities were so rarely held accountable for neglecting the safety of their residents”
    Washington, D.C. – U.S. Senators Ron Wyden (D-Ore.), Elizabeth Warren (D-Mass.), and Kirsten Gillibrand (D-N.Y.) today demanded a new investigation into the quality of care provided at assisted living facilities to establish whether the Centers for Medicare and Medicaid Services and state Medicaid agencies have improved their ability to protect hundreds of thousands of seniors and people with disabilities in assisted living facilities that participate in Medicaid.   
    “A new GAO report could provide legislators and the American public with a stronger understanding of why assisted living facilities were so rarely held accountable for neglecting the safety of their residents,” the senators wrote the Government Accountability Office (GAO). 
    In 2018, GAO reported on this issue, revealing that the majority of state Medicaid agencies did not track serious health and safety issues at assisted living facilities participating in Medicaid. The report also found state agencies defined critical incidents in different ways, limiting the collection of information. GAO concluded that the Centers for Medicare and Medicaid Services may be unaware of widespread problems affecting Medicaid beneficiaries at assisted living facilities due to a lack of clear federal guidance on reporting issues. 
    Since this initial report, The Washington Post revealed that since 2018, thousands of assisted living residents have “wandered away…or been left unattended for hours outside,” leading to nearly 100 documented deaths and even more residents unaccounted for as a result of “failures by administrators and front-line caregivers” to prevent these incidents.
    “Given GAO’s previous findings on the need for improved oversight of assisted living facilities, and new findings about residents’ health and safety, we request that GAO provide an update on this issue,” concluded the senators. 
    The lawmakers asked for details into the GAO’s investigation, highlighting how oversight of the facilities has changed since the 2018 report, what deficiencies and critical incidents have been identified at the facilities in recent years, how the Centers for Medicare and Medicaid Services is implementing the updated monitoring and reporting requirements for state Medicaid programs, and what additional oversight in these facilities is necessary. 
    Wyden is the Ranking Member of the Senate Finance Committee. Warren is the Ranking Member of the Senate Banking Committee. Gillibrand is the Ranking Member of the Senate Aging Committee.
    Full text of the letter is here. 

    MIL OSI USA News

  • MIL-OSI USA: Gillibrand Slams Trump’s Massive Cuts To Food Bank Funding

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand

    Amid Sky-High Grocery Prices, Trump Is Denying Food To Hungry Families 

    New York Food Banks Receive Tens Of Millions Of Dollars’ Worth Of Food Through Now Slashed Federal Programs 

    Today, U.S. Senator Kirsten Gillibrand held a virtual press conference slamming the Trump administration’s massive cuts to funding for food banks.

    Last month, President Trump slashed $1 billion in federal funding used to purchase food for food banks and other organizations that provide meals, like schools and child care centers. Now, he is canceling another $500 million in already approved funding for food banks and other emergency food providers through The Emergency Food Assistance Program (TEFAP). New York receives roughly $30 million through TEFAP each year in regular funding; this supplemental money would have funded additional food purchases at New York’s regional food banks and their partner soup kitchens and food pantries.

    Senator Gillibrand was joined by CEO of Hunger Free America Joel Berg. 

    Seventy-two days into Trump’s presidency, grocery prices are still sky-high, with no sign of improvement on the horizon,” said Senator Gillibrand. “And as hungry families turn to food banks and soup kitchens for help, Trump is now slashing the funding they rely on. It’s outrageous. Programs like TEFAP have overwhelming bipartisan support. They help serve every community – rural, urban, Democratic, Republican – in every state in times of need. They are not an extraneous expense; they are an investment in healthy kids, healthy families, and healthy futures. I am calling on the Trump administration to provide answers on what plans – if any – it has to keep Americans from going hungry after these cuts, and I will be doing everything in my power to reverse them.”

    The full text of Senator Gillibrand’s letter to USDA Secretary Brooke Rollins on cuts to The Emergency Food Assistance Program is available here or below.

    Dear Secretary Rollins:

    We write regarding the reported cancellation of hundreds of millions of dollars in previously approved funding for food banks and other emergency food providers through The Emergency Food Assistance Program (TEFAP). A cancellation of these funds could result in $500 million in lost food provisions to feed millions of Americans at a time when the need for food shelves is extremely high due to costly groceries and an uncertain economy. If true, this major shift in a program utilized by emergency food providers in every state in the nation will have a significant and damaging impact upon millions of people who depend upon this program for critical food assistance.

    In addition, this program consists of purchases of U.S. commodities at a time when America’s growers and producers are struggling due to tariffs, proposed tariffs, animal disease and many other challenges.

    According to recent statistics, nearly one in every seven Americans have faced food insecurity. Many of these households turn to community and emergency relief organizations such as food banks and food pantries to help them obtain sufficient nutrition. In 2023 alone, 50 million Americans turned to emergency food providers, according to a report from Feeding America, America’s largest network of food banks. While food banks rely on a variety of sources (including private) to obtain food for distribution through their networks, federally purchased commodities are a key part of how they provide nutritious meals to Americans.

    Due to this reported change, a number of us have heard that trucks delivering American-grown foods may not arrive. These trucks represent hundreds of thousands of nutritious meals containing poultry, fruits, vegetables, and dairy. If confirmed, the cancellation of this previously announced funding also comes on top of the cancellation of Local Food for School Program and the Local Food Purchase Assistance Program funding, which also helps farmers deliver nutritious foods to schools and food banks. These cuts will deprive Americans of food assistance, emergency food providers of necessary support to carry out their work, and American farmers of vital domestic markets.

    To help us understand USDA’s actions and their impact on communities around the country, we ask that you answer the following questions.

    1. Has USDA cancelled previously approved purchases of food provided through TEFAP? If so, what level of funding has been cancelled thus far and when will state agencies be notified of any cancelled TEFAP purchases?

    2. Does USDA plan to cancel additional purchases of food provided through TEFAP?

    3. Has USDA paused any TEFAP food orders or purchases? If so, what is the current status of those orders or purchases? Does USDA intend to un-pause these funds?

    4. Please provide information on what types of funding, by commodity, have been cancelled and the financial impact of those cancellations on producers such as pork, chicken, turkey and dairy farmers.

    5. Is the funding announced on October 1, 2024 and detailed in the implementation memo that the Food and Nutrition Service sent to state agencies on December 2 rescinded?

    6. Does USDA intend to use Commodity Credit Corporation funds in Fiscal Year 2025 for future purchases that will be distributed through TEFAP?

    We ask for a prompt response to these questions by the end of the week.

    Sincerely,

    MIL OSI USA News

  • MIL-OSI Global: Stuck in the past: Trump tariffs and other policies are dragging the U.S. back to the 19th century

    Source: The Conversation – Canada – By Eric Strikwerda, Associate Professor, History, Athabasca University

    During Donald Trump’s first term as president, the United States lurched from the absurdity of his lies to the use of his office for personal financial gain, his schoolyard insults and his utter contempt for critics. His term ended with his irresponsible and dangerous incitement of the assault on the Capitol building on Jan. 6, 2021.

    This time around, Trump is replying on outdated tools — tariffs, small government, territorial expansion and nationalism — to solve modern problems of globalization, wealth disparities, the decline of manufacturing jobs and exploitative capitalism.

    On April 2, he announced a baseline tariff of 10 per cent on all countries that import goods to the U.S., including Canada. Canada has also been hit with a 25 per cent levy on Canadian-made automobiles.

    The Trump administration’s current use of 19th-century tools to solve 20th-century problems that are wholly inappropriate for the 21st century threatens to take America back to the 19th century. This is an incredibly dangerous road for the U.S to take.

    The rise of the nation state

    The 19th century was marked by the rise of the nation-state — a single political entity united by geography, culture and language.

    This was, in many respects, the result of the rapidly industrializing world shifting away from monarchical rule and mercantile economics toward limited democratic rule and free-market capitalism.

    It was a time of tariffs, small government, territorial expansion and nationalism. It was also a time of mass migration from Europe to North America, where rampant nativism, colonialism and unchecked and exploitative capitalism shaped the landscape.

    The prevailing belief at the time was that nation-states should use tariffs, adopt isolationist policies to cut off the outside world and seize territory where possible. These measures, it was thought, would foster national unity and allow capitalism to thrive by letting the “invisible hand” of the marketplace work its magic.

    Protective tariffs promised to grow domestic industries, but the economic benefits were not evenly distributed. Wealth disparities grew wider as millions of immigrants arrived on North American shores, only to find deplorable living conditions in the cities and hardscrabble farmland out in the country.

    Some newcomers prospered, of course, but they tended to be those who arrived with money already in their pockets. And they fast learned how to exploit the lack of state-directed regulation, patches of corruption amid rapid western expansion and growing nativism and poverty to their own benefit.

    Many of the 20th century’s problems flowed from these 19th-century trends.

    The economic fallout of tariffs

    Following the financial Panic of 1873 and its ensuing economic depression in both Europe and North America, nation-states unleashed tariffs to protect their domestic economies. It was the wrong strategy to pursue, as it slowed trade even more by limiting the free flow of goods and capital. Money, as is now well-known, needs to move to grow.

    Working families chafed at the lack of labour protections like bargaining rights, health and safety measures, unemployment insurance and sick benefits. In response, they formed unions and initiated waves of strikes throughout the western industrialized world.

    Western North American farmers were furious that tariffs forced them to buy on protected markets while selling on unprotected ones subject to international market prices. They organized, too, by forming farmer co-operatives and backing movements like the Granger movement, populism and progressivism to protect their interests.

    Nation-states, warmed by rising nationalist fires, formed military-defence alliances across Europe and its colonial and former colonial holdings, including Canada. In 1914, these alliances led to the First World War, a global and industrial war the likes of which the world had never seen.

    The Great Depression

    By the 1930s, unrestricted and largely unregulated capitalism, together with astonishing wealth disparities and monopolistic tendencies, plunged the world into the decade-long Great Depression.

    Many governments’ initial response was to impose tariffs once again, and just as in 1873, they only made the problem worse. The simultaneous rise of fascism, which was largely nationalism run amok, brought the world to war again at the end of the decade, to devastating consequence.

    The post-war years saw a concerted international effort at using the nation-state to regulate domestic economies by investing in social services and programs and to rein in runaway capital when its excesses threatened stability.

    International bodies like the World Bank, the United Nations and the International Court of Justice were created to promote peace and stability. This new approach wasn’t always successful in its goals, but so far the world hasn’t seen any global hot wars or massive economic depressions.

    The end of history

    In 1992, historian Frances Fukuyama infamously declared that the world had reached “the end of history.”

    He didn’t mean that time stopped, of course. Instead, he was arguing that the liberal nation-state represented “the end-point of mankind’s ideological evolution and the universalization of western liberal democracy as the final form of human government.”

    In his view, the western industrialized world had reached the pinnacle of successful governance and unlimited prosperity.

    Yet, even as western liberal democracy was congratulating itself on its own success, these same nation-states, in conjunction with large corporations, were seeking out lower labour costs and greater profit in the developing world.

    The result was a hollowing-out of North America’s industrial heartlands, along with rampant exploitation of vulnerable labour in places like Asia, South Asia and South Central America. Once mighty American cities declined. Wages failed to keep up with inflation. Farm debt soared.

    This is where the Trump administration re-enters the story — tapping into the frustration and disillusionment of frustrated Americans by promising to restore a “golden agethat never was.

    Trump’s 19th-century playbook

    Despite his promises, Trump’s tariffs are unlikely to bring manufacturing jobs back to the U.S. As history has shown, tariffs do not revive industries that are already gone; instead, they will only make Americans pay more for the things they need.

    A return to small government won’t “make America great again,” either. Instead, it risks repeating the 19th-century pattern of making the rich richer and gutting the very social programs millions of people rely on. The Trump administration’s massive and ongoing cuts to the Social Security Administration are already well under way.

    Trump’s rhetoric about territorial expansion, including threats to annex Greenland and Canada, won’t make the U.S. more secure. It will just exacerbate the sort of international tensions the world saw in 1914 and 1939.

    And with limited resources left to exploit, it’s becoming harder for capital to sustain itself, even as it seeks to wrest whatever is left from our planet, the realities of environmental catastrophe be damned.

    Nationalism, meanwhile, won’t foster a sense of national unity. It will only deepen existing divisions based on race and class. And if history is any guide, the consequences could be even more dire this time around, even pushing the world toward a global conflict unlike anything seen before.

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

    ref. Stuck in the past: Trump tariffs and other policies are dragging the U.S. back to the 19th century – https://theconversation.com/stuck-in-the-past-trump-tariffs-and-other-policies-are-dragging-the-u-s-back-to-the-19th-century-253106

    MIL OSI – Global Reports

  • MIL-OSI USA: Capito Helps Introduce Bipartisan Bill to Eliminate Food Deserts, Increase Access to Healthy Food

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    WASHINGTON, D.C. – U.S. Senators Shelley Moore Capito (R-W.Va.), Mark R. Warner (D-Va.), Jerry Moran (R-Kan.), and Chris Van Hollen (D-Md.) have introduced legislation to eliminate food deserts and expand access to affordable and nutritious food by incentivizing food providers to expand access to healthy food options in underserved communities. The Healthy Food Access for All Americans (HFAAA) Act was also introduced in the U.S. House of Representatives by U.S. Representatives Emilia Sykes (Ohio-13) and Jennifer McLellan (Va.-04).                                                                                                                       
    “Many West Virginians struggle to access fresh, nutritious food to keep their families and communities well fed. I’m proud to reintroduce the Healthy Food Access for All Americans Act, which will expand access to healthy foods through food banks and local grocery stores in rural communities across West Virginia and the nation,” Senator Capito said. 
    According to recent data, an estimated 18.8 million Americans live in what the United States Department of Agriculture (USDA) classifies as a “food desert.” Urban areas designated as food deserts lack a grocery store within one or more miles. Rural areas designated as food deserts lack a grocery store within ten or more miles. Studies have shown that Americans who live in communities with low-access to healthy food options are at higher risk for obesity, diabetes, and heart disease.
    Specifically, the Healthy Food Access for All Americans Act – which defines a grocery market as a retail sales store with at least 35% of its selection (or forecasted selection) dedicated to selling fresh produce, poultry, dairy, and deli items – would encourage investment in food deserts across the country that have a poverty rate of 20% or higher, or a median family income of less than 80% of the median for the state or metro area. 
    It would grant tax credits or grants to food providers who service low-access communities and attain a “Special Access Food Provider” (SAFP) certification through the Treasury Department. Incentives would be awarded based on the following structure:
    New Store Construction – Companies that construct new grocery stores in a food desert will receive a one-time 15% tax credit after receiving certification.
    Retrofitting Existing Structures – Companies that make retrofits to an existing store’s healthy food sections can receive a one-time 10% tax credit after the repairs certify the store as an SAFP.
    Food Banks – Certified food banks that build new (permanent) structures in food deserts will be eligible to receive a one-time grant for 15% of their construction costs.
    Temporary Access Merchants – Certified temporary access merchants (i.e. mobile markets, farmers markets, and some food banks) that are 501(c)(3)s will receive grants for 10% of their annual operating costs.
    The Healthy Food Access for All Americans Act boasts the support of numerous organizations, including: Feeding America, the National Grocers Association, and Share Our Strength.
    Bill text for the Healthy Food Access for All Americans Act can be found here. 

    MIL OSI USA News