Category: Banking

  • MIL-OSI Economics: RBA and ASIC Act on Deep Concerns with ASX

    Source: Reserve Bank of Australia

    The Reserve Bank of Australia (RBA) and the Australian Securities and Investments Commission (ASIC) (the regulators) have taken further steps to address their increasing concern over the management of operational risk at ASX, following the CHESS batch settlement failure incident that occurred on 20 December 2024.

    In a joint letter to ASX, the regulators expressed their deep concerns about the potential for operational incidents, such as the CHESS batch settlement failure, to affect the ability of the CHESS system to reliably service the Australian equities market until CHESS is replaced. The regulators also highlighted their concern about the speed and nature of ASX’s remediation actions following the initial incident.

    In response, the RBA has taken the unprecedented step of reassessing the compliance of ASX Clear Pty Limited and ASX Settlement Pty Ltd with the RBA’s Financial Stability Standards outside the usual annual assessment cycle. The RBA has downgraded its assessment of these entities’ compliance with the “Operational Risk” standard from partly observed to not observed. A rating of not observed is made when the RBA has identified serious issues of concern that warrant immediate action.

    In addition, ASIC has directed ASX, under section 823BB(4) of the Corporations Act 2001, to engage an expert approved by ASIC to undertake a technical review of CHESS. This review and any remediation will provide greater confidence to regulators, and the public, in the stability and operational resilience of the current CHESS platform.

    RBA Governor Michele Bullock said, ‘It is deeply disappointing that the regulators need to take these actions today. But they are necessary. ASX operates critical infrastructure that plays a central role in the financial system. ASX’s management of operational risk has been a concern for RBA staff and the Payments System Board for some time, and the recent CHESS incident has underscored those concerns. The underlying issues that we have raised need to be addressed as a matter of priority to strengthen the resilience of the CHESS system.’

    ASIC Chair Joe Longo said, ‘Our actions underscore our increasingly deep concerns with ASX’s management of the CHESS system, and we will continue to consider further action. The technical review of ASX’s core technology infrastructure is necessary given the ongoing concerns the regulators have raised about ASX’s operational resilience. It is troubling that these risks were realised in this major incident.’

    The regulators together outlined their expectations that ASX needs to give the highest priority to the immediate remediation of issues that caused and exacerbated the December 2024 incident.

    If not urgently addressed, the regulators are prepared to take further regulatory action. This could include the use of the regulators’ new powers under reforms to modernise the regulatory framework for Financial Market Infrastructures, which came into effect in September 2024, and further rulemaking under the Competition in Clearing and Settlement reforms.

    Background

    The RBA and ASIC are co-regulators of licensed CS facilities and have separate, but complementary, responsibilities for the licensing and supervision of CS facilities licensees.

    These responsibilities include supervising each CS facility licensee’s compliance with the obligation to do all things necessary to ensure that the facility’s services are provided in a fair and effective way, to the extent it is reasonably practicable to do so. In carrying out supervision and assessment of CS facilities, the RBA and ASIC work closely as appropriate.

    The RBA supervises CS facilities from the perspective of the facilities’ importance to the stability of Australia’s financial system. This includes the power to determine financial stability standards for the purpose of ensuring that CS facility licensees conduct their affairs in a way that causes or promotes overall stability in the Australian financial system.

    ASIC’s regulatory action announced today are in addition and separate to ASIC’s investigation into ASX Settlement Pty Ltd (ASX Settlement) for suspected contraventions of section 821A of the Corporations Act.

    MIL OSI Economics

  • MIL-OSI Economics: Digitalization for Improving Elder Care

    Source: Asia Development Bank

    As economies face the growing challenge of supporting aging populations, traditional care systems often struggle due to gaps in infrastructure, trained personnel, and accessible healthcare. In this context, digital technologies are increasingly recognized as transformative tools for elder care. This book examines how digital solutions such as robotics and telemedicine can help address the needs of aging populations, enhance care quality, and support inclusive development.

    The discussions explore both the opportunities and challenges of the digital transformation in terms of social inclusion for elder care. Through diverse case studies, the book highlights the importance of involving older people as active participants in the digital economy rather than passive recipients—an essential step in bridging the digital divide. With practical recommendations for policymakers and practitioners, it is a vital resource for advancing efficient, dignified, and high-quality elder care in the digital age.

    [embedded content]

    MIL OSI Economics

  • MIL-OSI Economics: ADB Issues Largest Panda Bonds

    Source: Asia Development Bank

    News Release | 31 March 2025

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    MANILA, PHILIPPINES (31 March 2025) — The Asian Development Bank (ADB) has successfully issued a CNY8.3 billion (about $1.15 billion), 3-year bond issue, its largest Panda Bonds to date, raising significant capital to support its development projects for both sovereign and private sector borrowers. The bonds, issued on 17 March 2025, carry a 1.81% coupon. 

    This issuance marks a significant milestone for ADB, as it represents the largest Panda Bonds issued to date in 2025, and the largest local currency bond issued by ADB. The bonds were well received by both domestic and international investors, reflecting strong confidence in ADB’s commitment to sustainable development.

    “We are delighted with the successful issuance of our latest Panda Bonds,” said ADB Treasurer Tobias Hoschka. “This achievement underscores the robust demand for high-quality, sustainable investment opportunities in the Chinese bond market. The proceeds from this issuance will be instrumental in advancing our mission to foster economic growth and reduce poverty in the region.”

    The Panda Bonds are part of ADB’s ongoing efforts to diversify its funding sources and tap into the growing pool of local currency capital in Asia and the Pacific. The funds raised will be used to finance a range of projects aimed at promoting inclusive and sustainable development in ADB’s member countries.

    ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.

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    MIL OSI Economics

  • MIL-OSI Economics: 2024: CNB brought inflation down to 2% target and made record profit

    Source: Czech National Bank

    The Czech National Bank (CNB) made a profit of CZK 151.4 billion in 2024, the highest in its history. The record profit was driven, among other factors, by measures implemented by the Bank Board over the past two years. In 2024, the CNB thus managed to erase another part of its accumulated loss, which had reached CZK 487 billion in 2022. At the same time, the central bank restored price stability in the country last year. Maintaining price stability is its primary objective.

    In addition to price stability, the Bank Board has focused on achieving greater efficiency and long-term sustainable profitability of the central bank over the past two years. “Our main mandate is low inflation and financial stability. In the space of two years, we reduced inflation from 17.5% to our target of 2% in February 2024,” said CNB Governor Aleš Michl. In 2024 as a whole, average inflation was 2.4%, the lowest in six years. “However, we are also looking at how to eliminate the accounting loss we inherited from the previous Bank Board. Our goal is to lay the foundations for a long-term profitable central bank for future generations,” he added.

    The CNB has taken a variety of measures to improve its profits. For example, it is gradually adjusting the composition of its international reserves, which are among the highest in the world relative to GDP. These reserves guarantee the CNB full independence in the conduct of monetary policy. However, they also make its profits very volatile, as they are held in foreign currencies and are thus sensitive to movements in the koruna’s exchange rate. The Bank Board has therefore decided to boost the potential long-term returns on the international reserves by gradually increasing the share of equity investments. At the same time, the CNB is buying gold to diversify the portfolio and make it less volatile. In 2024, this strategy, combined with favourable market conditions, delivered very solid portfolio performance, as reflected in returns totalling CZK 161 billion.

    The exchange rate also had a positive impact on last year’s profit. The koruna depreciated against the euro and the US dollar at the start of the year and remained relatively weak until December. This resulted in a foreign exchange gain of CZK 137 billion.

    Although the CNB posted its best-ever profit, its performance in the years ahead will be affected by a number of variables, such as changes in market conditions and exchange rate fluctuations. The record profit in 2024 should thus be viewed with caution. It should not be automatically assumed that the CNB will make such large profits in the coming years.

    The gradual lowering of the CNB’s key interest rate caused the cost of conducting domestic monetary policy to fall from CZK 187 billion in 2023 to CZK 145 billion in 2024. The CNB has also changed the reserve requirement parameters over the past two years. It ended the remuneration of the minimum reserves of banks and credit unions in October 2023, and it increased the reserve requirement ratio with effect from 2 January 2025. “We are reducing the cost of conducting monetary policy without compromising its effectiveness. That said, we are also looking for savings in the CNB’s operations, as we believe that public institutions should be managed efficiently as well,” Aleš Michl added.

    Thanks to a series of measures adopted by the Bank Board, operating expenses rose by just 1.3% year on year in 2024, the lowest increase in ten years. A 5% reduction in the number of employees, a streamlining of the CNB’s organisation structure and changes to internal competences contributed to a substantial slowdown in the growth of personnel costs, which rose by only 0.5% year on year. This efficiency drive made it possible to maintain solid, 4.4% growth in staff pay while keeping down growth in total operating expenses. The branch network is also currently undergoing an extensive transformation. A key part of this process is the transition to digital communication, which will soon significantly simplify and speed up services for all clients regardless of their region. It will also foster further operational savings in the future.

    Thanks in part to the positive impact of these and other measures on the CNB’s profits, the Bank Board has succeeded in reducing the CNB’s accumulated loss of previous years by CZK 210 billion over the last two years. This loss currently amounts to CZK 277 billion.

    Details on the CNB’s profit are available in the financial report and financial statements for 2024 approved by the Bank Board at its meeting on 20 March.

    The CNB is not a part of the public budgets of the Czech Republic. It is not funded by taxes and its expenses are not covered by the taxpayer.

    CNB profit/loss 2022–2024

    Year

    Profit/loss
    in CZK billions
    Accumulated loss of previous years
    in CZK billions
    2022 -412 -487
    2023 +55 -429[1]
    2024 +151 -277

    Jakub Holas
    Director, CNB Communications Division


    [1] The accumulated loss for 2023 was revised due to a change in the accounting method. For details, see the CNB’s financial statements as of 31 December 2024, section 2.25.

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    MIL OSI Economics

  • MIL-OSI Asia-Pac: Fraudulent website related to The Hongkong and Shanghai Banking Corporation Limited

    Source: Hong Kong Government special administrative region

    Fraudulent website related to The Hongkong and Shanghai Banking Corporation Limited 
    The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).
     
    Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the website concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.
    Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: The European Supervisory Authorities publish evaluation report on the Securitisation Regulation

    Source: European Banking Authority

    The Joint Committee (JC) of the European Supervisory Authorities (ESAs) has today published its evaluation report on the functioning of the EU Securitisation Regulation (SECR). The report puts forward recommendations to strengthen the overall effectiveness of Europe’s securitisation framework through simplification, while ensuring a high level of protection for investors and safeguarding financial stability.

    This report identifies areas where the regulatory and supervisory framework can be enhanced, supporting the growth of robust and sound securitisation markets in Europe.

    Key recommendations

    Clarifying the scope of the Securitisation Regulation

    The ESAs recommend specifying that the application of SECR is triggered where at least one party to the securitisation — whether on the sell-side or buy-side — is established in the European Union. This aims to ensure legal certainty and consistent supervision.

    Broadening the definition of public securitisation

    The report proposes reviewing the definition of public securitisation to include transactions where securities are:

    • Issued with a prospectus approved under the EU Prospectus Regulation; or

    • Admitted to trading on EU-regulated markets or multilateral trading facilities (MTFs); or

    • Marketed broadly with non-negotiable terms and subject to a market test requiring EU originators or sponsors to demonstrate that transactions are not offered to an undefined public.

    Introducing proportionality in due diligence requirements

    The report calls for more proportionate and practical due diligence requirements, enabling institutional investors to receive data in formats that support meaningful risk assessment, along with commitments from sell-side parties to provide ongoing information throughout the life of the transaction.

    Simplifying transparency and reporting requirements

    Recommendations include streamlining reporting templates for public securitisations, improving data standardisation and introducing flexibility to use aggregated or stratified data for certain asset classes. The report also suggests targeted exemptions to reduce compliance burdens for small and medium-sized reporting entities.

    Targeted changes to the STS framework

    The report proposes focused adjustments to improve the efficiency of the Simple, Transparent, and Standardised (STS) framework, particularly in relation to on-balance-sheet (OBS) securitisations introduced under the Capital Markets Recovery Package (CMRP).

    Clarifying risk retention rules

    Clearer guidance on risk retention is recommended to reduce interpretation challenges, particularly for Collateralised Loan Obligations (CLOs) and including the term “predominant source of revenues”.

    Promoting greater supervisory consistency across Europe

    The need for stronger supervisory convergence is highlighted to prevent fragmentation and ensure consistent application across Member States. In the short term, this could be achieved through stronger coordination at the ESAs Joint Committee Securitisation Committee. In the longer term, the ESAs suggest exploring more consolidated European supervisory arrangements, especially for cross-border transactions.

    Next steps

    These recommendations will feed into the European Commission’s legislative review of the securitisation legislative framework, contributing to the development of well-functioning, resilient and transparent securitisation markets across the European Union.

    MIL OSI Europe News

  • MIL-OSI China: Announcement on Open Market Operations No.61 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.61 [2025]

    (Open Market Operations Office, March 31, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB166.7 billion through quantity bidding at a fixed interest rate on March 31, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.50%

    RMB166.7 billion

    RMB166.7 billion

    Date of last update Nov. 29 2018

    2025年03月31日

    MIL OSI China News

  • MIL-OSI Asia-Pac: PRESIDENT OF INDIA TO GRACE CLOSING CEREMONY OF THE COMMEMORATION OF THE 90TH YEAR OF RESERVE BANK OF INDIA ON APRIL 1

    Source: Government of India

    Posted On: 30 MAR 2025 7:30PM by PIB Delhi

    The President of India, Smt Droupadi Murmu will visit Maharashtra (Mumbai) from March 31 to April 1, 2025. The President will reach Mumbai on the evening of March 31 and on the next day, she will grace the closing ceremony of the commemoration of the 90th year of the Reserve Bank of India. 

     

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    MJPS/SR

    (Release ID: 2116879) Visitor Counter : 309

    Read this release in: Hindi

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Vice President Shri Jagdeep Dhankhar Chairs Valedictory Session of National Green Tribunal’s National Conference on Environment 2025

    Source: Government of India

    Vice President Shri Jagdeep Dhankhar Chairs Valedictory Session of National Green Tribunal’s National Conference on Environment 2025

    Two-Day Conference on Environment 2025 Concludes with Focus on Forest Conservation and Policy Advancements

    The Event Highlights Crucial Role of Judicial Bodies, Government Agencies, and Experts in Shaping India’s Environmental Future

    Posted On: 30 MAR 2025 6:51PM by PIB Delhi

    The Hon’ble Vice President of India, Shri Jagdeep Dhankhar, chaired the valedictory session of the National Green Tribunal’s two-day conference on Environment 2025 today at Vigyan Bhawan, New Delhi. The session was graced by distinguished dignitaries, including Hon’ble Justice P. S. Narsimha, Judge of the Supreme Court of India, Hon’ble Justice Prakash Shrivastava, Chairperson of NGT, Shri Tushar Mehta, Solicitor General of India, and Sh. Tanmay Kumar, Secretary, Ministry of Environment, Forest & Climate Change.

    Addressing the valedictory session, Hon’ble Vice President Shri Jagdeep Dhankhar pointed out that neither the planet is exclusive to us nor are we the owners of it. He emphasized that Developed nations must transcend political boundaries in environmental thinking and urged for a collective commitment to live in harmony with nature and protect the environment. (Detailed Press Release:

    https://pib.gov.in/PressReleseDetail.aspx?PRID=2116844®=3&lang=1)

    The second day’s proceedings began with Technical Session III, focusing on “Forest and Biodiversity Conservation”, chaired by Hon’ble Justice Anand Pathak, Judge, Madhya Pradesh High Court. Experts and policymakers deliberated on the impact of human intervention on forests and biodiversity, highlighting legal and policy frameworks necessary for conservation. Justice Anand Pathak of the Madhya Pradesh High Court stated that every citizen has a duty to promote the environment by planting right trees in the right places. He proposed a range of ideas such as transforming minor penalties into plantation initiatives, corporate climate responsibility, creating National Carbon Credit Bank and establishing Sovereign Funds for conserving biodiversity. It is a need of an hour to shift from human rights to planetary rights and nurturing the thought of environmental responsibility, he added.

    The Technical Session IV, titled “Reflections and Key Takeaways”, provided a comprehensive review of the discussions held in technical sessions over the two days. Chaired by Hon’ble Justice P. S. Narsimha, Judge, Supreme Court of India, and co-chaired by Hon’ble Justice Arun Kumar Tyagi, Judicial Member, NGT, the session summarized key environmental concerns and proposed a roadmap for legal and policy advancements. Hon’ble Justice P.S. Narsimha emphasized upon the effective execution and implementation of policies. Focusing upon the institutional integrity, he proposed to strengthen and empower the regulatory bodies to function effectively at the grassroots level.

    The event was also marked by the felicitation of universities and students for their outstanding contributions towards environmental conservation and sustainable practices. This initiative was aimed at motivating young minds to continue their efforts in ensuring a cleaner and greener future.

    A key moment of the session was the release of the NGT Souvenir book titled ‘Voice of Nature’, which highlights the history, activities, and achievements of NGT.

    The NGT e-Journal, comprising notable NGT cases, was also launched by the Hon’ble Vice President.

    Over the course of two days, the National Conference on Environment – 2025 served as a significant step towards fostering collaboration between judicial bodies, government agencies, and environmental experts. The resolutions and discussions will play a crucial role in shaping India’s environmental governance framework and will contribute to future national and international environmental initiatives.

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    MIL OSI Asia Pacific News

  • MIL-OSI: Parker Blackwood Advisers Forecasts Economic Headwinds and Opportunities in Pre-Election Australia

    Source: GlobeNewswire (MIL-OSI)

    PERTH, Australia, March 31, 2025 (GLOBE NEWSWIRE) — As the Reserve Bank of Australia (RBA) prepares to announce its monetary policy decision on Tuesday, April 1, 2025, Parker Blackwood Advisers provides its latest insights into an evolving economic landscape defined by cautious optimism, global headwinds, and a looming federal election.

    Following the RBA’s surprise February rate cut—lowering the cash rate from 4.35% to 4.10%—most major banks now anticipate the central bank will pause further easing during the April meeting. The cash rate remains at 4.10%, and while expectations for future reductions vary, there is broad consensus that the next cut is more likely to occur mid-year, with estimates ranging from May (Commonwealth Bank) to August (ANZ). Westpac and NAB also expect multiple cuts before year’s end, bringing the rate closer to 3.35%.

    While inflation has moderated, last recorded at 2.4%—well within the RBA’s target band of 2–3%—uncertainty remains high. Parker Blackwood Advisers analysts caution that monetary easing alone is not a panacea. The upcoming May 3 federal election introduces fiscal unpredictability, while global developments—including the possibility of renewed U.S. tariffs—could exert upward pressure on prices and delay the disinflation trend.

    “Markets have welcomed the February rate cut, but future moves will be heavily data-dependent,” said Daniel Lewis, Account Executive at Parker Blackwood Advisers. “We don’t expect an aggressive cutting cycle. The RBA is aware of the risks of acting too quickly and reigniting inflation.”

    The firm’s research team emphasizes that Australia’s economic fortunes remain closely tied to international trade flows. Any disruption—such as shifting trade policies under a potential second Trump presidency—could complicate domestic monetary policy and affect investor confidence.

    Parker Blackwood Advisers also continues to spotlight Australia’s sluggish productivity growth as a critical structural challenge. Without sustained improvements in output per worker, meaningful wage growth and long-term economic expansion will remain elusive.

    “We view productivity as central to the recovery narrative,” added Rupert Wade, Account Executive. “If interest rates are to fall sustainably, we must match monetary policy with real reforms—particularly in innovation, infrastructure, and education.”

    While many households hope for further rate relief, Parker Blackwood Advisers underscores that any easing will likely be gradual, with decisions spaced across the RBA’s remaining six meetings this year. Governor Michele Bullock has reiterated that policy moves will be measured to avoid reigniting inflationary pressures.

    In this transitional environment, Parker Blackwood Advisers wealth management team continues to support clients in repositioning portfolios. With interest rate trajectories uncertain and traditional investment avenues offering limited real returns, demand for fixed income and private market opportunities is growing.

    “Investors are moving away from a passive, wait-and-see approach,” observed David Reid, Account Executive. “We’re seeing strong interest in defensive yield strategies that balance stability with attractive returns.”

    Everyday investors across Australia are increasingly seeking alternatives to term deposits and property—especially in the face of rate volatility and global unpredictability. At Parker Blackwood Advisers, our approach is clear: we offer tailored investment strategies designed to reflect your risk profile, financial goals, and long-term vision.

    Whether you’re focused on capital preservation, steady income, or exposure to non-traditional markets, our experienced advisers can help build a resilient financial plan—regardless of where rates move next.

    About Parker Blackwood Advisers
    Founded in 2013, Parker Blackwood Advisers is a premier financial services provider based in Perth, Australia. With a focus on personalised investment strategies, the firm offers a broad range of wealth management solutions, including asset allocation, investment management, and financial planning. Managing over $4.7 billion in assets, Parker Blackwood Advisers is dedicated to helping clients achieve their financial goals through tailored, expert guidance.

    Disclaimer
    Parker Blackwood Advisers is a trading name of Parker Blackwood Advisers Corporation Pty Ltd (ABN: 98 162 183 244), holder of AFSL 434-071. Investing carries risks, including potential loss of capital. Information provided is general and not financial advice. Past performance is not a guarantee of future results.

    Mr. Paul Allen
    Head of Marketing
    paul.allen@parker-blackwood-advisers.com
    1300 040 221
    08 6275 0960
    Exchange Tower,
    Level 17/2 The Esplanade
    Perth WA, 6000

    Source: Parker Blackwood Advisers

    The MIL Network

  • MIL-OSI New Zealand: Federated Farmers – Review of costly capital rules long overdue

    Source: Federated Farmers

    Federated Farmers welcomes today’s announcement that the Reserve Bank will be reviewing its capital requirements, which have been costing farmers a fortune.
    “The current rules are overly conservative and among the strictest in the world,” Federated Farmers banking spokesperson Richard McIntyre says.
    “That’s why Federated Farmers have been so vocal on this issue and leading the charge in calling for the Reserve Bank to make significant changes.
    “Overly strict banking rules have done nothing but unnecessarily drive up the cost of rural lending and restrict our access to capital. To put it bluntly, they’ve been bleeding us dry.
    “We’re pleased the Reserve Bank has finally seen the light and taken the first steps towards easing some of the pressure farmers have been feeling by announcing this review.”
    McIntyre says he hopes the Reserve Bank will move quickly in carrying out the review and will put in place a system that is less conservative and more supportive of economic growth.
    The current rules – requiring banks to hold enough capital to withstand a one-in-200-year financial event – are costing farmers a fortune, he says.
    “We’re talking about $600 million of unnecessary extra interest payments each year in terms of the total cost to farmers.
    “That’s $44,000 of extra interest payments for your average Federated Farmers member that comes straight off their bottom line.
    “It’s an eye-watering sum of money being drained from our rural communities that could have otherwise been used to grow our agricultural sector.”
    McIntyre says the Reserve Bank must wake up to the damage its policies are doing to farmers, rural communities and the wider economy.
    “Under these rules, we’ve seen the cost of borrowing soar, and it’s become harder for farmers to get loans when they need them.”
    If there are savings to be made from reducing capital requirements, those savings must reach farmers directly, he says.
    “Any savings that result from an easing of the capital rules cannot go into padding out bank profits – we’ll be keeping an eye on that closely.
    “This review should also encourage a closer look at bank behaviour. We need transparency to ensure farmers are getting a fair deal.
    “Today’s announcement is a positive step in the right direction, but we need this review to result in an easing of the rules – and fast.”  

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: ACT welcomes RBNZ’s review of banking red tape

    Source: ACT Party

    Welcoming the Reserve Bank’s review of banking capital requirements, Mark Cameron – who represents ACT on the select committee inquiry into banking practices – says:

    “ACT Party has been sounding the alarm about these rules since 2019, so we’re glad to see the Reserve Bank finally take notice.

    “These rules are driving up borrowing costs for firms, farms, and families.

    “Last week, as part of the Parliamentary banking inquiry, I asked Westpac CEO Catherine McGrath about the effect of the capital requirements. She told me that reversing the capital requirement introduced in 2019 would result in an additional $2 billion circulating in the economy – or about a 50 basis point cut in interest rates.

    “BNZ previously confirmed to me that costs are falling particularly hard on famers, with the rules driving up rural interest rates by one whole percentage point. It’s about time our farmers got a fair go to invest in their land so they can feed New Zealand and the world.

    “The irony is that by putting pressure on sectors such as farming, these rules risk putting people out of business and fuelling the instability the rules are meant to prevent. Hopefully the Reserve Bank will see sense and scrap these burdensome requirements.”

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Economy – RBNZ expands access to the Exchange Settlement Account System

    Source: Reserve Bank of New Zealand

    31 March 2025 – The Reserve Bank of New Zealand – Te Pūtea Matua is opening access to its Exchange Settlement Account System (ESAS) following a comprehensive public consultation.

    On 27 March 2025 the Reserve Bank Board approved revised access criteria for the ESAS, the payments and settlement system used by banks and other approved financial organisations.

    The new access criteria were informed by a multi-year review of ESAS access. The review included two public consultations, the most recent in November 2024.

    The new criteria will open ESAS eligibility to more non-bank entities in two phases:

    First, to licensed non-bank deposit takers (NBDTs) in New Zealand; and
    Second, to other entities that meet the access criteria. This may include payment service providers, overseas deposit takers and operators of designated Financial Market Infrastructures (FMIs).

    “The revised policy and criteria allow ESAS access and use to be broadened while protecting the safety, efficiency and integrity of this vital system,” RBNZ Payment Services Director Steve Gordon says.

    ESAS application process

    Licensed NBDTs in New Zealand have requested access to the ESAS to hold reserves to meet prudential liquidity requirements.

    While every application will be carefully and individually assessed, the way licensed NBDTs in New Zealand intend to use the ESAS, and their regulation by RBNZ, mean their application process will be less complex than other non-bank entities and can be expedited.

    We are working to finalise details and information for potential applicants so we can open the application process as quickly as possible.

    As soon as practicable in the coming weeks, we will publish submissions from the second ESAS access review consultation, the revised access policy and criteria, and information for phase one applicants to begin the application process.

    We will provide another update, and revise ESAS content on our website, when more information is available.
     

    More information

    Existing information about ESAS and the access review on the RBNZ website: Exchange Settlement Account System – Reserve Bank of New Zealand – Te Pūtea Matua: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=0cd9396071&e=f3c68946f8

    Information about FMIs on the RBNZ website: Financial market infrastructures – Reserve Bank of New Zealand – Te Pūtea Matua: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=6a2771c173&e=f3c68946f8

    MIL OSI New Zealand News

  • MIL-OSI China: 4 major Chinese state banks to raise 520B yuan via A-share issuance

    Source: China State Council Information Office

    China’s four major state-owned commercial banks on Sunday announced plans to raise a combined 520 billion yuan (about 72.5 billion U.S. dollars) through the issuance of A-shares targeting specific investors.

    The four commercial banks — Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China — published their plans through the Shanghai Stock Exchange.

    According to their plans, Bank of China aims to raise no more than 165 billion yuan, China Construction Bank no more than 105 billion yuan, Bank of Communications no more than 120 billion yuan, and Postal Savings Bank of China no more than 130 billion yuan.

    All four banks have said that the raised funds, after deducting issuance-related costs, will be used to replenish their respective core tier-1 capital.

    China’s Ministry of Finance (MOF) will participate in the fundraising efforts of all four banks, with a combined intended subscription of up to 500 billion yuan.

    According to this year’s government work report, China will issue 500 billion yuan of special treasury bonds to support the capital replenishment of major state-owned commercial banks.

    The four banks said that capital replenishment from the MOF is a crucial move from the government to support their stable operations and development.

    Industry analysts said that the capital replenishment is a proactive measure that will strengthen the banks’ capital foundations and optimize their capital structures.

    This move will enhance their operational resilience and risk management capabilities, enabling them to better serve the real economy and stabilize the financial system, according to analysts.

    MIL OSI China News

  • MIL-OSI China: Four major Chinese state banks to raise 520 bln yuan via A-share issuance

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

    BEIJING, March 30 — China’s four major state-owned commercial banks on Sunday announced plans to raise a combined 520 billion yuan (about 72.5 billion U.S. dollars) through the issuance of A-shares targeting specific investors.

    The four commercial banks — Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China — published their plans through the Shanghai Stock Exchange.

    According to their plans, Bank of China aims to raise no more than 165 billion yuan, China Construction Bank no more than 105 billion yuan, Bank of Communications no more than 120 billion yuan, and Postal Savings Bank of China no more than 130 billion yuan.

    All four banks have said that the raised funds, after deducting issuance-related costs, will be used to replenish their respective core tier-1 capital.

    China’s Ministry of Finance (MOF) will participate in the fundraising efforts of all four banks, with a combined intended subscription of up to 500 billion yuan.

    According to this year’s government work report, China will issue 500 billion yuan of special treasury bonds to support the capital replenishment of major state-owned commercial banks.

    The four banks said that capital replenishment from the MOF is a crucial move from the government to support their stable operations and development.

    Industry analysts said that the capital replenishment is a proactive measure that will strengthen the banks’ capital foundations and optimize their capital structures.

    This move will enhance their operational resilience and risk management capabilities, enabling them to better serve the real economy and stabilize the financial system, according to analysts.

    MIL OSI China News

  • MIL-OSI New Zealand: Economy – RBNZ outlines work to support competition

    Source: Reserve Bank of New Zealand

    31 March 2025 – Today the Reserve Bank of New Zealand, Te Pūtea Matua appeared before the Finance and Expenditure Committee (FEC) for their banking inquiry and discussed the wide range of initiatives underway to support and improve competition in the banking sector.

    Chair Neil Quigley, Acting Governor Christian Hawkesby, Director Prudential Policy Jess Rowe, and Financial Stability Adviser Charles Lilly appeared before the committee.

    The RBNZ’s statutory purpose is to promote prosperity and wellbeing for all New Zealanders. This is achieved through its three core objectives: price stability, financial stability and central banking, which includes managing monetary policy, overseeing payment systems and ensuring access to cash. Competition is important across all these objectives.

    “We have never had more focus on competition across our functions, including addressing the recommendations of the Commerce Commission’s market study,” Mr Hawkesby said.

    Key initiatives likely to support competition include developing proportionate prudential standards, launching the depositor compensation scheme, expanding access to the payments system, investigating a digital currency and working with CoFR partners on system-wide issues such as a payments vision for New Zealand.

    “Advancing competition and innovation in the financial sector is a team effort across government agencies, regulators and the industry itself,” Mr Hawkesby said.

    The RBNZ’s submission to the FEC outlines that the greatest gains to be made are through advancing open banking, customer data rights, digital identity, and the retail payments infrastructure to deliver an eco-system where competition can flourish.

    “Through our consultation on the new Deposit Takers Act and submissions to the FEC, we have heard the claims that our bank capital regime is unreasonably conservative, and that it is undermining competition and growth in the New Zealand economy. We think that some of those claims are incorrect, but most of the claims can be tested empirically and we consider that it is important that we respond by undertaking this assessment,” Professor Quigley said.

    “The Reserve Bank Board has agreed to an evidence-based review of key aspects of our deposit takers capital settings, utilising international experts and assessing it against the regimes in other countries,” Professor Quigley said.

    The full opening statements from Mr Hawkesby and Professor Quigley can be read below.

    What is capital?
    Capital is the buffer that allows a bank to absorb losses while still being able to pay its depositors and other creditors in full

    What will the review cover?
    The Reserve Bank intends to conduct a reassessment of key capital settings. We intend to engage independent international experts to support this process.
    The review will build on work currently underway to review more granular risk weights for residential mortgages and corporate (including rural) lending, community housing and whenua Māori lending, as well as development of a new crisis management framework. The review will expand the work programme to include consideration of additional evidence and the calibration of other foundational aspects of the regime including:

    • Reviewing submissions or statements made at the FEC banking enquiry regarding our prudential capital framework
    • An assessment of how our capital settings compare internationally
    • A reassessment of the appropriate risk appetite for capital settings in New Zealand
    • Reviewing the degree of proportionality in the framework and considering changes
    • Considering the balance between going concern and gone concern capital and the role of ‘Additional Tier 1’ capital.  

    What does this mean for the planned increase in capital requirements on 1 July?

    • Following a review over 2017-2019, the Reserve Bank announced higher capital requirements, a long transition period to 2028. For Domestic Systemically Important Banks (D-SIBs), total requirements are scheduled to go from 10.5% to 18%. Current requirements are 13.5%.
    • Requirements for smaller banks are scheduled to go from 10.5% to 16%, and current requirements are 11.5%.
    • There is a scheduled increase in capital requirements on 1 July 2025 of a 1% of risk weighted assets increase in the Prudential Capital Buffer (PCB) for all banks.
    • Banks are well advanced in their plans to meet the new requirements. On average, banks’ total capital levels are currently above 16%.
    • Accordingly, we intend to proceed with the 1 July increase, taking total requirements for D-SIBs to 14.5% and other banks to 12.5%.
    • The review will be conducted promptly to allow for any changes to be well signalled ahead of next year’s scheduled increase and to minimise the impact on the implementation of the Deposit Takers Act.

    More information

    Opening remarks to Finance and Expenditure Committee : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=af07ace568&e=f3c68946f8

    MIL OSI New Zealand News

  • MIL-OSI Australia: RBA and ASIC Act on Deep Concerns with ASX

    Source: Airservices Australia

    The Reserve Bank of Australia (RBA) and the Australian Securities and Investments Commission (ASIC) (the regulators) have taken further steps to address their increasing concern over the management of operational risk at ASX, following the CHESS batch settlement failure incident that occurred on 20 December 2024.

    In a joint letter to ASX, the regulators expressed their deep concerns about the potential for operational incidents, such as the CHESS batch settlement failure, to affect the ability of the CHESS system to reliably service the Australian equities market until CHESS is replaced. The regulators also highlighted their concern about the speed and nature of ASX’s remediation actions following the initial incident.

    In response, the RBA has taken the unprecedented step of reassessing the compliance of ASX Clear Pty Limited and ASX Settlement Pty Ltd with the RBA’s Financial Stability Standards outside the usual annual assessment cycle. The RBA has downgraded its assessment of these entities’ compliance with the “Operational Risk” standard from partly observed to not observed. A rating of not observed is made when the RBA has identified serious issues of concern that warrant immediate action.

    In addition, ASIC has directed ASX, under section 823BB(4) of the Corporations Act 2001, to engage an expert approved by ASIC to undertake a technical review of CHESS. This review and any remediation will provide greater confidence to regulators, and the public, in the stability and operational resilience of the current CHESS platform.

    RBA Governor Michele Bullock said, ‘It is deeply disappointing that the regulators need to take these actions today. But they are necessary. ASX operates critical infrastructure that plays a central role in the financial system. ASX’s management of operational risk has been a concern for RBA staff and the Payments System Board for some time, and the recent CHESS incident has underscored those concerns. The underlying issues that we have raised need to be addressed as a matter of priority to strengthen the resilience of the CHESS system.’

    ASIC Chair Joe Longo said, ‘Our actions underscore our increasingly deep concerns with ASX’s management of the CHESS system, and we will continue to consider further action. The technical review of ASX’s core technology infrastructure is necessary given the ongoing concerns the regulators have raised about ASX’s operational resilience. It is troubling that these risks were realised in this major incident.’

    The regulators together outlined their expectations that ASX needs to give the highest priority to the immediate remediation of issues that caused and exacerbated the December 2024 incident.

    If not urgently addressed, the regulators are prepared to take further regulatory action. This could include the use of the regulators’ new powers under reforms to modernise the regulatory framework for Financial Market Infrastructures, which came into effect in September 2024, and further rulemaking under the Competition in Clearing and Settlement reforms.

    Background

    The RBA and ASIC are co-regulators of licensed CS facilities and have separate, but complementary, responsibilities for the licensing and supervision of CS facilities licensees.

    These responsibilities include supervising each CS facility licensee’s compliance with the obligation to do all things necessary to ensure that the facility’s services are provided in a fair and effective way, to the extent it is reasonably practicable to do so. In carrying out supervision and assessment of CS facilities, the RBA and ASIC work closely as appropriate.

    The RBA supervises CS facilities from the perspective of the facilities’ importance to the stability of Australia’s financial system. This includes the power to determine financial stability standards for the purpose of ensuring that CS facility licensees conduct their affairs in a way that causes or promotes overall stability in the Australian financial system.

    ASIC’s regulatory action announced today are in addition and separate to ASIC’s investigation into ASX Settlement Pty Ltd (ASX Settlement) for suspected contraventions of section 821A of the Corporations Act.

    MIL OSI News

  • MIL-OSI New Zealand: Reserve Bank capital review welcomed

    Source: New Zealand Government

    The Reserve Bank’s decision to review its capital requirements has been welcomed by Finance Minister Nicola Willis.
    “Submissions made to the finance and expenditure committee’s banking inquiry have raised concerns that New Zealand’s bank capital regime is too conservative, and that this is undermining banking competition, driving up the cost of lending and reducing growth in the New Zealand economy.
    “I share these concerns and welcome the Reserve Bank Board’s decision to conduct an evidence-based review of its capital regime, using international experts, and comparing New Zealand’s requirements with those in comparable countries. 
    “It’s important that the Reserve Bank’s prudential regime preserves the stability of our financial system, while taking care not to not impose excessive costs in the process. 
    “Higher capital requirements increase the cost of borrowing. This can reduce economic activity and drive up the cost of living. I want to see settings that preserve financial stability while encouraging investment, job creation and income growth. 
    “Submitters have argued that other countries have less onerous bank capital requirements and that New Zealand is becoming an outlier internationally. 
    “The Reserve Bank’s decision to conduct a prompt review is a good opportunity to objectively assess New Zealand’s settings and consider whether the Bank’s intention to keep increasing capital requirements still makes sense.” 
    The Reserve Bank increase in minimum capital requirements followed a review in 2017-2019 and is being implemented over seven years with annual increases on 1 July each year. 
    The big banks are currently required to maintain minimum capital of 13.5 per cent and the smaller banks minimum capital of 11.5 per cent. The Reserve Bank has been planning to, by 2028, lift those requirements to 18 and 16 per cent respectively.
    “I welcome the Reserve Bank’s willingness to step back and consider whether decisions it made several years ago are still in step with domestic and international developments.”
    Decisions about bank capital requirements are taken independently by the RBNZ Board in accordance with the Bank’s financial stability objective.

    MIL OSI New Zealand News

  • MIL-Evening Report: Uncertainty and pessimism abound. Will fear be enough to push Dutton into office?

    Source: The Conversation (Au and NZ) – By Frank Bongiorno, Professor of History, ANU College of Arts and Social Sciences, Australian National University

    Tony Abbott was once unelectable. So were Donald Trump and Boris Johnson.

    And so was Peter Dutton, not so long ago. But opinion polls over much of 2024 and early 2025 indicated otherwise, and a nightly assault of pre-election political advertising – as my wife and I watched reruns of Law & Order: Criminal Intent – suggested that the Liberals had done their research and needed to humanise their man.

    Devotees of Detectives Goren and Eames in that venerable program were able to enjoy briefly reviewing Detective Senior Constable Dutton’s time as a Queensland cop, as well as his splendid business career (which has received some closer scrutiny since) and his more recent meeting and greeting of ordinary Australians as a likeable everyman and all-round good guy.

    The ad sometimes played twice in a particular break: the saturation coverage suggested that the Liberals had done rather well with donors. Unfortunately for Dutton, we later gained a deeper insight into the very high priority he attaches to rattling the can for the Liberal Party. Dutton’s decision to attend a fundraiser in Sydney while a cyclone was descending on Queensland did him immense damage, recalling his predecessor’s “I don’t hold a hose, mate” response to the Black Summer bushfires of 2020-21.

    If historical precedent is any guide, Dutton’s task should be somewhere between formidable and impossible. When Australians elect their national governments, they can normally assume they are doing so for at least two terms. The last one-termer was the Labor government of James Scullin, elected in October 1929 and sent into oblivion via an election held a few days before Christmas in 1931.

    Scullin was a victim of the century’s greatest international economic crisis; governments everywhere faltered or disintegrated under similar pressures. The economic challenges faced by the present Labor government have been more modest. But will it suffer a similar fate to Scullin’s Depression-era administration?

    Normally, the rarity of one-termers might have provided Anthony Albanese with a measure of reassurance. But we live in an era where historical precedent seems to count for little.

    That was clear enough even at the 2022 election. It was unprecedented in several respects. There was nothing resembling the atmosphere of excitement of 1972, 1983 and 2007 – or, for that matter, 1929 – which had brought Labor governments to power from opposition and awarded them solid or large majorities.

    Labor’s majority on the floor of the House of Representatives following the 2022 election was piddling – a mere three seats, and just two after the election of a speaker. Its primary vote was about 32%. It won just five of the 30 available seats in the third most populous Australian state, Queensland.

    There had never been a Labor victory like this one. Its exceptionalism haunts Labor’s efforts to gain re-election in 2025.

    Labor won in 2022 rather like many state Labor oppositions have won in recent decades. The margin was narrow. The unpopularity of a government, and its leader, was there to be exploited. Again and again, state Labor oppositions have fallen over the line at an initial election, sometimes able only to form minority government: Bob Carr, Mike Rann, Peter Beattie, Steve Bracks and Annastacia Palaszczuk were all examples.

    Voters seemed at best grudging in their support, but enough were willing to give Labor a go and then look over the results when a new election came round a few years later. In each case, governments were able to consolidate, sometimes winning landslide victories by establishing their credentials, exploiting incumbency, and building new constituencies.

    There were signs Albanese might do the same after May 2022. His slim three-seat majority became a five-seat advantage when Labor’s Mary Doyle won the Aston byelection on April 1 2023 – a seat deep in the traditional Liberal heartland. As late as the Dunkley byelection of March 2 2024, also in Melbourne, the base of electoral support that had seen Albanese into office almost two years before looked to be more or less intact.

    Part of the problem for the Coalition seemed to lie with Dutton himself. Would Australians vote for him? Or to put it more precisely: would the kinds of voters in the mainland capital cities who had turned so sharply against Scott Morrison in 2022 shift their votes to a figure as conservative and as bleak as Dutton?

    That bleakness always struck me as being a bigger problem than the conservatism. Australians routinely elect conservative prime ministers. They elected Malcolm Fraser when they thought he was a conservative (as indeed he was). Then they elected him twice more. They elected John Howard, who had proudly called himself the Liberal Party’s most conservative leader ever. Then they elected him another three times. They elected Abbott, even if buyer’s remorse quickly followed. They elected Morrison when the Coalition had seemed dead in the water.

    But leaders such as Howard and Morrison were much more optimistic than Dutton. They both seemed to think Australia was a pretty good place full of pretty good people and that all things being equal, the future was likely to be pretty good too while there were pretty good blokes in charge (but, of course, it would be much better under a Coalition government, which had the best blokes).

    Abbott, to be sure, was more pessimistic – his description of the Syrian conflict as a struggle between “baddies” and “baddies”, and his references to “death cults”, said more about his habit of reducing complexity to melodrama than it did about that Middle East. Yet Abbott’s outlook, at least as expressed publicly while in office, was nowhere near as dismal as Dutton’s.

    For Dutton, the enemy is close to home, menacing us in the dark. His bleakness is in a league of its own.

    Lech Blaine’s portrait in his Quarterly Essay Bad Cop was convincing: Dutton was a man formed and perhaps damaged by his experience as a policeman, and a political hardman in the habit of painting whole groups of people – commonly politically vulnerable – as a threat to society. Dutton evokes a vision of good people besieged by bad, of the decent and law-abiding as in constant danger of being swamped by the immoral and the criminal – or possibly mugged on their way home from a Melbourne restaurant.

    As 2024 unfolded, no one doubted there was sufficient dissatisfaction with Labor building, especially in many outer Australian suburbs, to do the government serious damage at an election. Persistently high interest rates had increased the cost of a mortgage. Inflation had moderated, but living standards had taken a beating. The chattering classes started talking of the inevitability of minority government, but they usually meant minority Labor government. Then they started talking about minority Coalition government, as the polls turned nastier for Labor.

    Labor spirits have revived in recent weeks after Dutton’s missteps over Cyclone Alfred, a comfortable victory in the Western Australian election, and opinion polling that shows the ALP ahead on a two-party preferred count. Still, uncertainty abounds.

    Albanese often campaigned poorly last time: will he again falter? Dutton, meanwhile, is untested as leader in an election campaign, has little policy on the table, and has a habit of going missing when there are hard questions to be answered.

    For me, the key to this election is whether there is a sufficient number of voters, concentrated in the right places, who share enough of Dutton’s pessimism about their own circumstances and, to a lesser extent, about the general state of the country. If, indeed, there is enough congruence between Dutton’s bleakness and theirs, Australia may well have a new government and a new prime minister by winter.

    But Dutton’s blessed run might well have now come to an end. Inflation has moderated, the Reserve Bank has made a cut to interest rates, and a sense of scepticism seems to have settled in about Dutton among voters taking a serious look at him as a potential prime minister a few weeks ago.

    He now looks more like Old Mother Hubbard with a bare policy cupboard, desperately seeking to shore up the hard right vote against depredations from Pauline Hanson and Clive Palmer, than Australia’s answer to Donald Trump.

    Frank Bongiorno 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. Uncertainty and pessimism abound. Will fear be enough to push Dutton into office? – https://theconversation.com/uncertainty-and-pessimism-abound-will-fear-be-enough-to-push-dutton-into-office-247360

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: FortiCard Spearheads Strategic Expansion and Solidifies Long-Term Partnerships

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 30, 2025 (GLOBE NEWSWIRE) — FortiCard, a trailblazer in global financial services, is rapidly advancing its strategic vision through a series of high-profile initiatives and partnership developments that underscore its commitment to shaping the future of finance. The company has recently engaged in fruitful discussions with several banking enterprises that recognize FortiCard’s unique capabilities, resulting in strategic alignments poised to transform industry standards.

    Engagement with Leading Banking Enterprises
    Recognized for its innovative approach and robust technological infrastructure, FortiCard has attracted the attention of numerous banking enterprises, initiating dialogues aimed at exploring collaborative opportunities. These discussions are focused on leveraging FortiCard’s advanced financial platforms and analytical tools to enhance transactional efficiencies and expand service capabilities across the banking sector.

    Strategic Initiatives to Address Investment Order Shortages at FortiCard
    FortiCard is actively deploying a series of strategic measures aimed at addressing the persistent shortage of lend-out investment orders that has troubled its users for several months. These initiatives are expected to significantly enhance FortiCard’s capacity to manage a larger volume of transactions, thereby meeting the increasing demands of its global customer base and reducing barriers to market participation. This strategic shift is designed to optimize operational efficiency and improve service delivery, ensuring that FortiCard remains competitive in the dynamic financial services sector.

    Cementing Relationships: From Short-Term Engagements to Long-Term Commitments
    A key highlight of FortiCard’s strategic agenda is the transformation of several short-term engagements into long-term partnerships. This transition will be formally recognized and celebrated on April 6, symbolizing a major commitment on the part of FortiCard and its partners to a sustained and mutually beneficial collaboration.

    Milestone Signing Ceremony in Singapore
    To mark these expanded partnerships, FortiCard will host a ceremonial signing event on May 1 at the prestigious Marina Bay Sands in Singapore. This venue, renowned for its architectural brilliance and business significance, will serve as the perfect backdrop for celebrating these enduring alliances. The event will not only signify the formalization of these agreements but also showcase FortiCard’s strategic commitment to fostering long-term relationships within the financial industry.

    Future Outlook and Continued Innovation
    As FortiCard continues to navigate the complexities of the global financial landscape, these strategic developments are integral to its mission of driving innovation and advancing the financial services industry. By enhancing its partnerships and expanding operational capabilities, FortiCard is setting new benchmarks for excellence and service delivery in finance.

    About FortiCard
    With a global presence and a reputation for excellence, FortiCard remains at the forefront of the financial services industry, known for its innovative solutions and commitment to client success. FortiCard continues to leverage its expertise to provide secure, profitable, and reliable financial products and services, ensuring it remains a leader in the financial sector.

    Media Contact:
    Company Name: FortiCard Limited
    Contact Person: Alexander Jonathan Williams
    Website: https://forti-card.com
    Email: admin@forti-card.com

    Disclaimer: This press release is provided by the FortiCard Limited. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a48230a2-4302-43fc-a4dd-c5d49c613ec2

    The MIL Network

  • MIL-OSI Africa: International Monetary Fund (IMF) Staff Concludes Visit to Togo

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

    WASHINGTON D.C., United States of America, March 30, 2025/APO Group/ —

    • IMF staff conclude visit to Lomé to discuss macroeconomic policies in the context of the second review of the Extended Credit Facility supported program.
    • Togo’s growth performance remains robust, and inflation is moderating.
    • The authorities have affirmed their commitment to continue advancing policies aimed at strengthening fiscal revenue, making growth more inclusive, and enhancing governance.

    An International Monetary Fund (IMF) staff team, led by Hans Weisfeld, visited Lomé during March 17 – March 28 to discuss macroeconomic developments and policies. This visit took place in the context of the second review of the Extended Credit Facility (ECF)-arrangement that the IMF has been providing to Togo since March 2024.   

    At the conclusion of the visit, Mr. Weisfeld issued the following statement:

    “The IMF team had constructive and productive discussions with the Togolese authorities and commended them on the sustained progress in advancing reforms. 

    “Economic growth reached an estimated 5.3 percent in 2024 and is projected to reach around 5.5 percent over the medium term, barring major adverse shocks. Inflation has continued to slow, to 2.8 percent in February 2025 (annual average).

    “During the visit, IMF staff reiterated the necessity to continue implementing reforms towards a disciplined fiscal approach and a sustainable public debt and to continue reforms to enhance inclusion, improve the business environment, and limit risks.

    “The team will return to Washington, D.C., and will continue discussing with the Togolese authorities, including during the upcoming IMF/World Bank Group Spring Meetings in Washington, D.C. in April. The discussions will focus on making further progress on the structural reform and fiscal policy agenda, among other topics.

    “The IMF approved the ECF-arrangement in March 2024 to help the authorities address the legacies of the shocks experienced since 2020, notably the COVID-19 pandemic and the increase in global food and fuel prices. The Togolese authorities were able to lessen these shocks’ impacts on the Togolese population and their economy, but this came at the price of large fiscal deficits and a rapidly rising debt burden. The arrangement provides financing of US$ 390 million to Togo on favorable terms aims to help the Togolese government implement reforms. These reforms aim at (i) making growth more inclusive while strengthening debt sustainability, and (ii) conducting structural reforms to support growth and limit fiscal and financial sector risks. The IMF concluded the first review under the ECF-arrangement in December 2024.

    “The team expresses their gratitude to the authorities, development partners, and representatives of Togo’s civil society for their constructive engagement and support during this visit.”

    MIL OSI Africa

  • MIL-OSI Africa: Nigerians having babies abroad: women explain their reasons

    Source: The Conversation – Africa – By Aduragbemi Banke-Thomas, Associate professor, London School of Hygiene & Tropical Medicine

    Nigerian women make up a significant proportion of foreign women giving birth in several countries.

    A study done in Calgary in Canada found 24.5% of foreign women identified as having travelled abroad to give birth were from Nigeria.

    Research in Chicago in the US found the majority (88%) of those seeking obstetric care in a hospital were Nigerian citizens.

    In the UK, the phenomenon is labelled by some as the “Lagos Shuttle”, highlighting the high number of Nigerian women said to be so-called “birth tourists”.

    It is estimated that over 23% of pregnant Nigerian women would like to travel abroad to give birth.

    Why is this? As medical and legal scholars we asked women who had travelled overseas for the birth of their babies to share their experiences.

    Existing research has not done enough to capture their voices, which matter in framing service delivery and immigration policies.

    We reported findings from this first-of-its-kind study in PLOS Global Public Health.

    As there is no registry of foreign pregnant women who gave birth abroad, it is a challenge to find them. For our study, we used social media platforms to recruit 27 Nigerian women who had given birth to at least one child abroad and conducted in-depth interviews with them to understand their motivations and experiences.

    Why women do it

    Of all recruited, 23 gave birth to at least one child in the US, and four gave birth to at least one child in the UK. One woman each gave birth in Canada, Ireland and Zambia.

    All the women in the study had at least a university degree.

    We found that reasons for seeking childbirth abroad varied.

    Some women were motivated by both perceived and experienced gains of foreign citizenship, which they believed might give their children a good education, a better living environment, and easier access to jobs and loans.

    However, it was not all about citizenship. Another motivation was to benefit from “better healthcare”, especially for those who had either had bad experiences during previous births in Nigeria or were concerned because they were carrying what they called a “precious baby”, for example after years of infertility.

    Many women in the study also sought childbirth abroad because it is where they had loved ones to support them through pregnancy, childbirth and having a newborn – a motivation not previously reported.

    Indeed, the number of Nigerians living in the US has increased over time and as of 2023, over 760,000 Americans identify as being of Nigerian origin. Essentially, more than one in 10 African immigrants in the US are Nigerians.

    Some Nigerian women planned to give birth abroad long before they even got pregnant. Others were encouraged to do so by family, friends or colleagues.

    Some decided to seek childbirth abroad after their income increased.

    Mostly positive

    Childbirth abroad is mostly a positive experience, but some women reported feeling treated badly because they were “self-paying” patients, “black”, or not native to the country.

    While travel for many was mostly uneventful, some experienced life-threatening situations en route to their destination or upon arrival.

    They found the cost of care to be exorbitant, but many reported that they were able to pay it off in instalments, or negotiated rebates or discounts from hospitals. A separate study showed that four in five foreign pregnant women who gave birth in a Canadian hospital, including some from Nigeria, had no outstanding bill after discharge.

    In our study, those who struggled to pay said they incurred unexpected costs due to complications that resulted in caesarean sections or other surgical procedures.

    Support during childbirth abroad was considered crucial and included loved ones from Nigeria who would travel with the pregnant woman to their destination.

    Push and pull syndrome

    With an ongoing exodus of Nigerians out of the country due to push and pull factors, known locally as jàpa, it is more likely that there will be more Nigerian pregnant women who have their support system abroad.

    Countries like Nigeria should do more to improve the quality of care obtainable in their health systems.

    Clearly motivations vary, and it is not always about birthright citizenship. While most women have mostly positive experiences, some have negative experiences that require attention and safeguards. For example, care guidelines in host countries specifically assuring good quality care for all pregnant women, including women who have crossed the border to seek childbirth.

    The return of US president Donald Trump makes the need to install these safeguards particularly urgent. In his first term he ordered the United States Department of State to discontinue the approval of visas for pregnant women.

    In his second term he has focused on abolishing birthright citizenship altogether.

    – Nigerians having babies abroad: women explain their reasons
    – https://theconversation.com/nigerians-having-babies-abroad-women-explain-their-reasons-251067

    MIL OSI Africa

  • MIL-Evening Report: View from The Hill: Dutton has questions to answer on gas; Albanese has supermarket answer still hunting for the problem

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

    Peter Dutton is a tease when it comes to the fine print of policies. At least that’s the benign explanation. Critics have a harsher take on why we’re always being told to wait for the detail. They would claim his policies are often thin, or unfolded on the run.

    Right now, we’re into the first week of the campaign and we’re still waiting for more on the Coalition’s gas reservation policy, announced in Dutton’s budget reply, as well as precision on its immigration policy and for how much extra it would spend on defence.

    Dutton said on Sunday we’d get information on the gas policy in the next “couple of days”.

    Danny Price, of Frontier Economics, has been hard at work, putting some modelling together. Price did the modelling for the opposition’s controversial nuclear policy, finding it much cheaper than the government’s energy transition plan. But those numbers depend on the assumptions. That modelling was contested, and no doubt so will be the gas policy analysis.

    Whatever the numbers that come out, they won’t include one key figure: what you would (arguably) save on your power bill. The opposition has learned something from Labor’s debacle of promising, before the last election, that its energy policy would save households $275 by 2025.

    At the weekend Albanese dismissed Labor’s modelling before the 2022 election as “RepuTex modelling based on the circumstances at the time”. Indeed.

    Dutton has, however, suggested his gas policy would reduce the wholesale domestic price from $14 per gigajoule to under $10 a gigajoule. More gas would mean cheaper prices, is its logic.

    The opposition’s thinking is that it lands the generality of a policy first, lets the public absorb that, and then produces detail. But the trouble with releasing the detail so late is the Coalition is likely to get bogged down in a confusing and damaging debate over what opponents will say are dodgy numbers and assumptions.

    This can lose a day or more and there aren’t that many days in a five-week campaign, especially when pre-polling starts a fortnight before the end.

    While Dutton was batting off questions about gas at the weekend, Anthony Albanese swung into his campaign stride in a comfort zone – at attack on supermarkets.

    He announced that if re-elected, Labor will legislate against supermarkets being able to price gouge. Not immediately though. There’d be a taskforce to work out the detail.

    There’s more than a touch of chutzpah here. We’ve just seen the report of a long inquiry by the Australian Competition and Consumer Commission into supermarkets. It found they were very profitable but it didn’t find price gouging. Its raft of recommendations did not include legislation on price gouging.

    This hasn’t deterred the PM, who provided his own definition of the problem. “I got asked today by someone … ‘how do you know what price gouging is?’ Price gouging is when supermarkets are taking the piss off Australian consumers. That’s what it is. That’s what price gouging is. Everyone out there knows. Consumers know. We’ll take action here.”

    He did give the rather less colloquial EU definition.“In the EU, a price is unfair and excessive if, and to quote their law, ‘it has no reasonable relation to the economic value of the product supplied’.”

    After a fairly ordinary start to the campaign, this week Donald Trump will step right into the centre of it, with his much-anticipated tariff announcement. Australian officials continue to lobby the US; no one is confidently predicting whether or not we’ll be escape the firing line.

    Before the Trump announcement will come Tuesday’s first meeting of the new monetary policy board that has been set up under Labor’s changes to the Reserve Bank.

    Unlike February, when all the heat was on the bank’s governor to deliver that rate cut (which did come), nobody is expecting another cut yet. Michele Bullock can relax this week.

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

    ref. View from The Hill: Dutton has questions to answer on gas; Albanese has supermarket answer still hunting for the problem – https://theconversation.com/view-from-the-hill-dutton-has-questions-to-answer-on-gas-albanese-has-supermarket-answer-still-hunting-for-the-problem-253118

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: SFST’s speech at Greater Bay Area Learning Workshop of Finance Career Trainee Program (English only)

    Source: Hong Kong Government special administrative region

    Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Greater Bay Area (GBA) Learning Workshop of the Finance Career Trainee Program today (March 28):
     
    Ms Rose Kay (Chief Operating Officer, Hong Kong and Head of Chief Executive Officer Office, Hong Kong and Greater China and North Asia, Standard Chartered Bank), Ms Florence Wong (Head of Human Resources , Hong Kong, Taiwan and Co-head of Human Resources, GBA, Standard Chartered Bank), Ms Brenda Hou (Senior Head, Asia Pacific, Global Partnership & Client Solutions, CFA (Chartered Financial Analyst) Institute), Mr Ben Yi (Director and Vice President, GBA Youth Innovation and Entrepreneurship Foundation), distinguished guests, ladies and gentlemen,
     
         It is my great pleasure to join you today at the GBA Learning Workshop of the Finance Career Trainee Program co-organised by Standard Chartered Bank, CFA Institute, and KPMG China. Let me begin by commending the organisers for their unwavering dedication to nurturing our next generation of financial leaders.
     
         It is very exciting to learn that nearly 2 500 students from 400 universities worldwide have applied to this programme since its inception in September 2023, reflecting its global reach and credibility. It has not only created valuable learning opportunities for students but also bridged the gap between theoretical knowledge and practical application.
     
         Even more importantly, this finance career trainee programme rightly dedicates its focus to the Greater Bay Area. Indeed, the GBA represents an extraordinary opportunity for ambitious young professionals like those here today. As one of the world’s most dynamic and rapidly evolving economic regions, the GBA serves as a hub of innovation, presenting endless possibilities in financial services, technology, and cross-border collaboration.
     
         In recent years, financial co-operation in the GBA has grown significantly. For example, the Cross-Boundary Wealth Management Connect allows eligible residents in Mainland China, Hong Kong and Macau to invest in wealth management products through a closed-loop capital channel established between banks and brokers. Meanwhile, the Government and the financial industry have actively strengthened financial infrastructure, with cross-border mobile payments becoming increasingly common across the GBA. Another noteworthy development is the successful pilot for cross-boundary credit referencing between Hong Kong and Shenzhen, which has helped address the challenges faced by small and medium-sized enterprises in obtaining cross-border financing.
     
    These examples underscore how financial collaboration in the GBA is creating exciting new opportunities – not only for the financial industry but also for young professionals. For our youngsters here today, I encourage you to embrace these opportunities, contribute to these collaborative efforts, and play an active role in shaping the future of finance in this dynamic region.
     
         As you prepare to step into the exciting and ever-changing financial industry, I would like to offer three more pieces of advice:
     
         First, think beyond borders: The GBA’s strength lies in its cross-boundary collaboration. By working across different cities, you can develop a global perspective, gain insights into diverse markets, and leverage the collective strengths of the region.
     
         Second, stay curious and adaptable: The financial industry is evolving rapidly, driven by technological advancements and shifting economic landscapes. Staying curious, adaptable and eager to learn will be key to thriving in this dynamic environment.
     
         Last but not least, be purpose-driven: As the next generation of leaders, please strive to make a meaningful impact. Financial services are not only about driving profitability but also about contributing to society, promoting sustainability, and improving lives.
     
         I am confident that through this programme, you will gain the skills, insights, and networks necessary to excel in the financial industry while contributing to the continued growth of the GBA as a global financial powerhouse.
     
         In closing, I would like to once again express my gratitude to Standard Chartered Bank, CFA Institute, and KPMG China for their remarkable vision and dedication to empowering young talent.
     
    Thank you, and I wish you all a successful and inspiring workshop ahead.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Auction for Sale (re-issue) of (i) ‘6.64% GS 2027’ and (ii) ‘6.79% GS 2034’

    Source: Government of India

    Posted On: 28 MAR 2025 6:44PM by PIB Delhi

    The Government of India (GoI) has announced the sale (re-issue) of (i) “6.64% Government Security 2027” for a notified amount of ₹6,000 crore (nominal) through price based auction using multiple price method and (ii) “6.79% Government Security 2034” for a notified amount of ₹30,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on April 04, 2025 (Friday).

    Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

    Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 04, 2025. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

    The result of the auctions will be announced on April 04, 2025 (Friday) and payment by successful bidders will be on April 07, 2025 (Monday).    

    The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

    ****

    NB/KMN

    (Release ID: 2116346) Visitor Counter : 236

    Read this release in: Hindi

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Fraudulent website and social media accounts related to Dah Sing Bank, Limited

    Source: Hong Kong Government special administrative region

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

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

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Approx. 31 lakh defence pensioners, of the total 32 lakh, onboarded on SPARSH portal

    Source: Government of India

    Approx. 31 lakh defence pensioners, of the total 32 lakh, onboarded on SPARSH portal

    Raksha Pension Samadhan Ayojans organised at various places for those living in remote areas

    Over 200 DAD offices, 16 Bank branches and nearly five lakh CSCs operational to help pensioners

    Posted On: 29 MAR 2025 7:48PM by PIB Delhi

    Of the total 32 lakh defence pensioners, approx. 31 lakh have been onboarded on System for Pension Administration – Raksha (SPARSH) and their pensions are being directly credited into their bank accounts. Launched in October 2020, SPARSH is a ‘Digital India’ initiative that aims to provide a comprehensive, transparent, and efficient solution for managing defence pensions, including sanctioning and disbursing pensions to the Armed Forces personnel and Defence civilians living across the country.

    In order to help veterans and their families, old women and people living in remote areas where there are no computers & internet facilities, Raksha Pension Samadhan Ayojans (RPSA) are organised at various places to resolve their problems. During January 2024 to December 2024, seven RPSAs were organised in different parts of the country.

    In addition, more than 90 SPARSH outreach programmes have been organised by the Defence Accounts Department (DAD) during the same period to assist veterans and their families. Department representatives also participated in ESM Rallies, Navy Veteran Meets, Air Force Veteran Conclaves organized by the Indian Defence Forces across the nation.

    Ex-servicemen and their families can also get help and required information regarding their pension by calling PCDA (P) toll free number 1800-180-5325, where fully trained staff are deployed to help. So far, more than 50 lakh calls have been answered providing them help and information since its inception in December, 2014.

    SPARSH is administered by the DAD through the Principal Controller of Defence Accounts (Pensions) in Prayagraj and caters to all three Services (Army, Navy, Air Force) and allied organisations.

    In the erstwhile Legacy System, Pensions to the Armed Forces were sanctioned by three different Pension Sanctioning Agencies (PSAs) namely, O/o PCDA (Pension), Prayagraj; O/o PCDA (Navy), Mumbai and O/o Jt. CDA (Air Force), New Delhi to personnel of Army, Navy and Air Force respectively. The disbursement of pension was made by over 45,000 branches of Public and Private sector Banks, State Treasury offices, Post Offices and Indian Embassy Nepal.

    Multiple agencies, lack of technical expertise, siloed work approach and lack of coordination led to incorrect payouts to pensioners due to delayed or incorrect or non-revision of pension with widows bearing the brunt of this problem, getting fixed at minimum pension rates. Not only were there delays in payment of monthly pensions, there was no visibility or transparency to the pensioners, regarding their data and entitlements. Grievances were not attended to by the PDAs on account of lack of knowledge or laxity.

    To mitigate such problems, SPARSH was conceptualized and implemented successfully where sanctioning of the pension and its disbursement directly to the account of the pension was brought onto a single platform.

    SPARSH has enabled and systematised correct revision based on data available in data-base, and reduced the time between sanction of pension and payment, revised incorrect pensions, enabled pensioners to have access to their data and entitlements and provided them with the wherewithal to reach out to the authorities with requests for data updation or grievances.

    SPARSH is a transparent system, which speaks the truth. It faithfully shows to Veterans and their families, the mis-match/deficiency in data of pensioner [ie Name, Aadhar Number, PAN Number, Date of Birth, Family Details, Mobile Number etc] and also enables them to view their pension eligibility and details in real-time on the portal, which was not possible in the Legacy System.

    Such access to information has enabled the pensioners to apply for correction of their data or flag other issues relevant to them by means of online grievance system available on SPARSH. While this has led to an increase in the number of grievances, on the positive side it has provided the pensioners an opportunity to correct their data, which was not possible earlier.

    Apart from correcting the data received through complaints, DAD is also taking suo-motu cognizance of data discrepancies and updating the data at its own level so that pensioners do not face any kind of problem related to pension and their pension or family pension continues smoothly.

    In order to ensure last mile connectivity for each SPARSH pensioner, SPARSH Service Centers have been set up to help pensioners, especially those who are not tech-savvy, navigate the SPARSH landscape by making available services to them through these centres. These include addressing technical queries/issues, identification, registering Grievances, reporting Causalities (Death/Missing/Conviction etc.), giving IT Saving & Declarations

    At present, 201 offices of the DAD, Branches of 16 Banks including IPPB and 4.63 lakh CSCs are operational across the length and breadth of the country to help pensioners.

    Due to poor quality of data available with the erstwhile PDAs, the migration of some pensioners has resulted in such data being onboarded on SPARSH. Data updation exercise is being carried out on a war footing for completion at the earliest.

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    VK/Savvy

    (Release ID: 2116648) Visitor Counter : 601

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Minister Shri Pralhad Joshi inaugurates a 5.4 GW high-tech plant at Chikhli in Gujarat

    Source: Government of India

    Union Minister Shri Pralhad Joshi inaugurates a 5.4 GW high-tech plant at Chikhli in Gujarat

    Today is a memorable day for Gujarat and our country: Shri Pralhad Joshi

    In the last 10 years, there has been an unprecedented increase in solar power capacity in the country from 2.82 GW in 2014 to 104 GW today, showing a significant increase of 3580%: Shri Pralhad Joshi

    Posted On: 29 MAR 2025 4:46PM by PIB Ahmedabad

    Union Minister of New and Renewable Energy Shri Pralhad Joshi inaugurated a state-of-the-art 5.4 GW solar cell gigafactory/manufacturing facility of Warree Energy at Chikhali in Gujarat. Union Minister of Jal Shakti, Shri C. R. Patil, Chief Minister of Gujarat Shri Bhupendrabhai Patel, senior Ministers of Gujarat such as Energy and Petrochemicals Minister Shri Kanubhai Desai;  Shri Harshbhai Sanghvi, Minister of State for Home, Sports and Youth Affairs;  Shri Mukeshbhai Patel, Minister of State for Environment, Climate Change and Water Resources and Shri P.P. Chaudhary were present at the occasion.

    As India’s largest state-of-the-art solar cell production plant, this landmark achievement is a decisive step towards strengthening the domestic solar supply chain and reducing dependence on imports. While the global solar energy value chain is also at the forefront of the country’s march as a net exporter and enabler in the ecosystem.

    Speaking on the occasion, The Minister for New and Renewable Energy, Shri Pralhad Joshi said, “This magnificent facility embodies the spirit of India and stands in the form of India’s growing expertise in the global renewable energy scenario. This is in full alignment with our national vision of establishing India as a global manufacturing hub for clean energy technologies. The plant will not only cater to local needs but also position India as a major exporter of advanced solar technologies.”

    Shri Pralhad Joshi further said that today is a memorable day not only for Waaree Energy but also for Gujarat and our country. Our sacred Granthas, including the Vedas and Upanishads, have always emphasised the importance of harmony between humanity and the environment.

    Talking about the importance of Gayatri Mantra,  he said that this mantra, written thousands of years ago, is dedicated to the divine energy of the Sun. Even today crores of Indians start their day with this holy mantra. While the Sun pays respect to god through namaskar. Now that we reflect this deep spiritual tradition, it is shocking that till 2014, India had not made any progress in the areas of renewable energy and sustainability. We were nowhere to be seen on the global map of sustainability.

    Shri Pralhad Joshi said that it was only after Prime Minister Modiji assumed office in 2014 that India’s approach towards environmental sustainability began to change. We are not only participating in the global energy revolution, but we are leading it. Today, we have become the third largest renewable energy capacity in the world. In the last 10 years, there has been an extraordinary increase in the solar power capacity in the country, from 2.82 GW in 2014 to  104 GW today, showing a significant increase of 3580%.

    Shri Pralhad Joshi said that the emphasis on module production has  also increased   and its capacity has increased from 2 GW in 2014  to  80 GW today. In 2014, the production of Solar Cells and Wafers did not exist, but today India has 25 GW of cells and 2 GW of Wafers produces. To give a further boost to this, the government has issued guidelines stating that all solar PV modules used in projects will have to get their solar cells from ALM list-II starting from June 1, 2026. By 2030, this initiative will take India’s renewable energy efforts to new heights. We are confident that the production of solar modules will skyrocket and reach 150 GW by that time. Our capacity for solar cells will increase to 100 GW, with wafer production reaching 40 GW.

    He further said that under the leadership of Prime Minister Modi,  India co-founded the International Solar Alliance to accelerate the global development of solar energy. At present, more  than 100 countries have committed to a greener future through the ISA. For many years, a country (China) has been a powerful force in the field of renewable and new-age resources. But today India is emerging as Vishwamitra, becoming the voice of the global South and leading a new world order.

    The global is becoming the voice of the Global South and leading the new world order. He said that there are  195 countries in the world, but under the visionary leadership of PM Modi, It was India who started the One Sun, One  World, One Grid  initiative. This is the reason why, today, when the European Union College of Commissioners visits it for the first time outside the European continent, they prefer India.

    Shri Pralhad Joshi said “ Today, be it the International Energy Agency,  the World Economic Forum,  the IMF or the World Bank, all of them are looking at India as a beacon of leadership. All this has been possible due to the vision, speed and scale of our PM Modi. He is the son of this land of Gujarat, and has carried forward the legacy of leadership that this land has given us. This land gave us Mahatma Gandhi and Sardar Patel. This land has given India its entrepreneurial identity. It was in Gujarat that the growth story of renewable energy started.  It all started when Modi was the chief minister of this state. Today, Gujarat has become a model that has now been expanded across India, setting a national benchmark. In this context, Chief Minister Bhupendra Patel ji also deserves praise for his leadership in furthering Modiji’s vision. They are ensuring that Gujarat remains at the forefront of this crucial field. I encourage other states to adopt Gujarat’s model of development in the field of renewable energy. Other states should learn from Gujarat’s example of creating a conducive environment for industries and investing in renewable energy.”

    Union Minister Joshi pointed out that, according to the Future of Jobs Report 2025  released by the World Economic Forum, creating jobs globally in sectors such as green transition will lead to 170 million jobs by 2030. Contributing to this number will also be the significant number of jobs generated by this 5.4 GW solar cell manufacturing plant. The facility will create numerous opportunities for both local residents and professionals, he said.

    Shri Pralhad Joshi said that Gujarat is a state where renewables make up 57% of the total energy capacity, while thermal energy accounts for 43%. He added that the state has more potential to increase its progress under the flagship schemes of the Central Government. A total of 3.85 lakh installations have been done so far under the PM Surya Ghar: Muft Bijali Yojana. This number needs to be boosted. Union Minister Joshi said that passion of Gujarat is not just about trade and commerce. It is about doing business responsibly and sustainably. We are proud that this plant with its full potential will contribute to making India a global powerhouse in solar energy, he said.

    AP/IJ/GP/JD

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    MIL OSI Asia Pacific News

  • MIL-OSI New Zealand: Advocacy – Palestinians Mark Land Day: A Call for Justice and Resistance

    Statement: Palestine Forum of New Zealand – Maher Nazzal

    Palestinians around the world commemorate Land Day today, marking 49 years since the killing of six unarmed Palestinian protesters by Israeli forces on March 30, 1976. This annual event stands as a powerful reminder of the Palestinian struggle against land confiscation, dispossession, and apartheid policies.

    Land Day originated from mass demonstrations by Palestinian citizens of Israel in response to the Israeli government’s plans to seize thousands of dunams of Palestinian land in the Galilee. The brutal crackdown that followed resulted in deaths, injuries, and mass arrests—igniting a legacy of resistance that continues today.

    Land Day is not just a historical event; it is a reflection of the ongoing reality for Palestinians facing land theft, forced displacement, and settler colonialism. From the Galilee in 1976 to Gaza, Jerusalem, and the West Bank today, the struggle remains the same: the right to our land, the right to return, and the right to live in dignity.

    As Israel escalates its policies of land grabs, illegal settlements, and home demolitions, Palestinians reaffirm their steadfastness (sumud) in the face of oppression. Around the world, supporters of Palestinian rights are urged to amplify the call for justice, demand an end to apartheid, and stand against occupation.

    Maher Nazzal

    MIL OSI New Zealand News

  • MIL-OSI Economics: African Development Bank approves $19.85 million grant for emergency support to the most vulnerable in Sudan’s conflict areas

    Source: African Development Bank Group
    The Board of Directors of the African Development Bank Group has approved a $19.85 million grant to support emergency humanitarian operations in Sudan, with a strong focus on improving women’s livelihoods and easing the impact of the ongoing conflict on communities and infrastructure.

    MIL OSI Economics