Category: Banking

  • MIL-OSI Africa: SASSA welcomes decision for continued use of gold card

    Source: South Africa News Agency

    Friday, March 28, 2025

    The South African Social Security Agency (SASSA) has welcomed the South African Reserve Bank (SARB) decision to allow for the continued use of the SASSA gold card until all the cards have been successfully replaced.

    The decision by SARB comes after several engagements between SASSA and Postbank on several issues, including alternative payment methods for beneficiaries who have not migrated to the Postbank black card.

    SASSA Acting Chief Executive Officer, Themba Matlou, said the decision has been made in the best interest of all the beneficiaries to safeguard their dignity, lessen panic, while ensuring their safety and easy access to their grants.

    Matlou said he respects and abides by the decisions taken by the relevant banking authorities, including SARB. He also appealed to all gold card holders to still go out to change their card to Postbank black card sooner rather than later.

    “We humbly plea to our beneficiaries to use this opportunity and not wait for the last hour, as this will further inconvenience them. From the onset, we listened to the cries of our beneficiaries and understood their frustration.

    “This should not make you to relax, this should make you to wake up tomorrow, with less pressure, and change your card,” Matlou said in a statement on Friday.

    Briefing the media on Thursday, following Cabinet’s meeting on Wednesday, Minister in the Presidency Khumbudzo Ntshavheni said the deadline for South African Social Security Agency (SASSA) grant beneficiaries to swop their SASSA gold cards for the new Postbank cards had been extended to 30 April 2025.

    This is to allow SASSA and the Department of Social Development to complete the migration of the outstanding beneficiaries – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Russia: Financial news: Four Federal Treasury deposit auctions will take place on 03/28/2025

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 03/28/2025
    Unique identifier of the application selection 22025077
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 1,480,000
    Placement period, in days 4
    Date of deposit 03/28/2025
    Refund date 01.04.2025
    Interest rate for placement of funds (fixed or floating) Fix
    Minimum fixed interest rate for placement of funds, % per annum 20.05
    Basic floating interest rate for placement of funds
    Minimum spread, % per annum
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 09:30 to 09:40
    Preliminary applications: from 09:30 to 09:35
    Applications in competition mode: from 09:35 to 09:40
    Formation of a consolidated register of applications: from 09:40 to 09:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 09:40 to 10:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 10:00 to 10:50
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 10:00 to 10:50
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n
    Application selection parameters
    Date of the selection of applications 03/28/2025
    Unique identifier of the application selection 22025078
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 100,000
    Placement period, in days 182
    Date of deposit 03/28/2025
    Refund date 09/26/2025
    Interest rate for placement of funds (fixed or floating) Flotting
    Minimum fixed interest rate for placement of funds, % per annum
    Basic floating interest rate for placement of funds Ruonmds
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Special
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Closed
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:00 to 12:10
    Formation of a consolidated register of applications: from 12:10 to 12:20
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:10 to 12:30
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 12:30 to 13:20
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 12:30 to 13:20
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a publication of the RUONIA rate value on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Application selection parameters
    Date of the selection of applications 03/28/2025
    Unique identifier of the application selection 22025079
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 500,000
    Placement period, in days 14
    Date of deposit 03/28/2025
    Refund date 04/11/2025
    Interest rate for placement of funds (fixed or floating) Flotting
    Minimum fixed interest rate for placement of funds, % per annum
    Basic floating interest rate for placement of funds Ruonmds
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 16:00 to 16:10
    Preliminary applications: from 16:00 to 16:05
    Applications in competition mode: from 16:05 to 16:10
    Formation of a consolidated register of applications: from 16:10 to 16:20
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 16:10 to 16:30
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 16:30 to 17:20
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 16:30 to 17:20
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a publication of the RUONIA rate value on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Application selection parameters
    Date of the selection of applications 03/28/2025
    Unique identifier of the application selection 22025080
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 10,000
    Placement period, in days 4
    Date of deposit 03/28/2025
    Refund date 01.04.2025
    Interest rate for placement of funds (fixed or floating) Fix
    Minimum fixed interest rate for placement of funds, % per annum 20.05
    Basic floating interest rate for placement of funds
    Minimum spread, % per annum
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 18:30 to 18:40
    Preliminary applications: from 18:30 to 18:35
    Applications in competition mode: from 18:35 to 18:40
    Formation of a consolidated register of applications: from 18:40 to 18:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 18:40 to 18:50
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 18:50 to 19:30
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 18:50 to 19:30
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

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    MIL OSI Russia News

  • MIL-OSI Economics: Monthly Data on India’s International Trade in Services for the Month of February 2025

    Source: Reserve Bank of India

    The value of exports and imports of services during February 2025 is given in the following table.

    International Trade in Services
    (US$ million)
    Month Receipts (Exports) Payments (Imports)
    October – 2024 34,411
    (22.7)
    17,232
    (28.0)
    November – 2024 32,109
    (14.2)
    17,246
    (26.1)
    December – 2024 36,967
    (16.9)
    17,799
    (13.9)
    January – 2025 34,726
    (12.0)
    16,706
    (12.6)
    February – 2025 31,625
    (11.6)
    14,506
    (-4.8)
    Notes: (i) Data for January-February are provisional while those for October-December are revised on pro-rata basis using balance of payments statistics of Q3:2024-25; and
    (ii) Figures in parentheses are growth rates over the corresponding month of the previous year which have been revised on the basis of balance of payments statistics.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2504

    MIL OSI Economics

  • MIL-OSI Banking: Conference of Large Non-Banking Financial Companies

    Source: Reserve Bank of India

    The Reserve Bank held a Conference for the large-sized Non-Banking Financial Companies (NBFCs) on March 28, 2025, in Chennai. Chairpersons of the Audit Committee of the Board (ACB), MD & CEOs and the Statutory Auditors of the NBFCs attended the Conference. The Conference was a part of the series of supervisory engagements that the Reserve Bank has been having with key stakeholders of its Regulated Entities. The theme of the Conference was ‘Shared Vision, Shared Responsibility: Strengthening the NBFCs’. The Conference was attended by over 200 participants.

    Deputy Governor of Reserve Bank, Shri Swaminathan J, and Shri Charanjot Singh Nanda, President, the Institute of Chartered Accountants of India (ICAI), addressed the participants. Executive Directors in-charge of the Regulatory, Supervisory and Enforcement functions of the Reserve Bank also participated in the Conference.

    Deputy Governor Shri Swaminathan, in his address, acknowledged the important role that is being played by NBFCs in the financial ecosystem and the role of Chairpersons of the ACB and Statutory Auditors in ensuring the integrity of financial statements. He emphasised that risk-taking must be prudent and well planned, and never beyond the risk absorption capacity of the entity concerned. Deputy Governor exhorted the NBFCs to proactively adopt fairness in lending and recovery supported by a robust grievance redress mechanism. He also conveyed expectations from auditors on maintaining the audit rigour and adhering to the highest standards of objectivity, transparency and ethics.

    The President, ICAI emphasised the contribution needed from the Chartered Accountancy profession and urged them to live up to the trust reposed on the profession. He touched upon various initiatives taken by the Institute in capacity building of Chartered Accountants, especially with respect to adoption of technology in auditing.

    The Conference included detailed presentations on the concerns observed in NBFCs and the regulatory expectations and a technical session on usage of data analytics in auditing. A Panel Discussion was also held involving MD & CEOs of select NBFCs on the topic of ‘Emerging issues and challenges under Ind AS’.

    The Conference concluded with an interactive session for the participants with senior officials of RBI.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2501

    MIL OSI Global Banks

  • MIL-OSI Banking: RBI imposes monetary penalty on Phoenix ARC Private Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 24, 2025, imposed a monetary penalty of ₹52.70 lakh (Rupees Fifty Two Lakh Seventy Thousand only) on Phoenix ARC Private Limited (the company) for non-compliance with directions on ‘Settlement of dues payable by the borrower’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under Section 12 read with sub-section (1) of Section 30A of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

    The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

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

    The company settled dues of certain borrowers having aggregate outstanding principal amount of more than ₹1 crore without the prior approval of its Board of Directors, as required under the directions on ‘Settlement of dues payable by the borrower’.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2502

    MIL OSI Global Banks

  • MIL-OSI Economics: Developments in India’s Balance of Payments during the Third Quarter (October-December) of 2024-25

    Source: Reserve Bank of India

    Preliminary data on India’s balance of payments (BoP) for the third quarter (Q3), i.e., October-December 2024-25, are presented in Statements I and II.

    Key Features of India’s BoP in Q3:2024-25

    • India’s current account deficit (CAD) increased to US$ 11.5 billion (1.1 per cent of GDP) in Q3:2024-25 from US$ 10.4 billion (1.1 per cent of GDP) in Q3:2023-24 but moderated from US$ 16.7 billion (1.8 per cent of GDP)1 in Q2:2024-25.2

    • Merchandise trade deficit increased to US$ 79.2 billion in Q3:2024-25 from US$ 71.6 billion in Q3:2023-24.

    • Net services receipts increased to US$ 51.2 billion in Q3:2024-25 from US$ 45.0 billion a year ago. Services exports have risen on a y-o-y basis across major categories such as business services, computer services, transportation services and travel services.

    • Net outgo on the primary income account, primarily reflecting payments of investment income, increased to US$ 16.7 billion in Q3:2024-25 from US$ 13.1 billion in Q3:2023-24.

    • Personal transfer receipts, mainly representing remittances by Indians employed overseas, rose to US$ 35.1 billion in Q3: 2024-25 from US$ 30.6 billion in Q3:2023-24.

    • In the financial account, foreign direct investment recorded a net outflow of US$ 2.8 billion in Q3:2024-25 as against an inflow of US$ 4.0 billion in the corresponding period of 2023-24.

    • Foreign portfolio investment recorded a net outflow of US$ 11.4 billion in Q3:2024-25 as against an inflow of US$ 12.0 billion in Q3:2023-24.

    • Net inflows under external commercial borrowings (ECBs) to India amounted to US$ 4.3 billion in Q3:2024-25, as against an outflow of US$ 2.7 billion in the corresponding period a year ago.

    • Non-resident deposits (NRI deposits) recorded a net inflow of US$ 3.1 billion, lower than US$ 3.9 billion a year ago.

    • There was a depletion of US$ 37.7 billion to the foreign exchange reserves (on a BoP basis) in Q3:2024-25 as against an accretion of US$ 6.0 billion in Q3:2023-24 (Table 1).

    BoP During April-December 2024

    • India’s CAD widened to US$ 37.0 billion (1.3 per cent of GDP) during April-December 2024 from US$ 30.6 billion (1.1 per cent of GDP) during April-December 2023 primarily on account of a higher merchandise trade deficit.

    • Net invisibles receipts were higher during April-December 2024 than a year ago on account of services and transfers.

    • Net FDI inflow at US$ 1.6 billion during April-December 2024 was lower than US$ 7.8 billion during April-December 2023.

    • During April-December 2024, portfolio investment recorded a net inflow of US$ 9.4 billion, lower than US$ 32.7 billion during the corresponding period a year ago.

    • There was a depletion of US$ 13.8 billion to the foreign exchange reserves (on a BoP basis) during April-December 2024.

    Table 1: Major Items of India’s Balance of Payments
    (US$ billion)
      October- December 2023 PR October-December 2024 P April – December 2023 PR April – December 2024 P
      Credit Debit Net Credit Debit Net Credit Debit Net Credit Debit Net
    A. Current Account 236.0 246.4 -10.4 261.6 273.1 -11.5 689.3 719.9 -30.6 753.2 790.2 -37.0
    1. Goods 106.6 178.3 -71.6 109.8 189.0 -79.2 319.8 512.7 -192.9 325.5 552.8 -227.2
        of which:                        
          POL 20.2 46.0 -25.9 12.6 48.4 -35.7 61.9 130.0 -68.1 49.3 141.4 -92.1
    2. Services 87.8 42.8 45.0 103.5 52.3 51.2 251.7 131.6 120.1 285.5 150.0 135.5
    3. Primary Income 10.1 23.2 -13.1 12.3 29.0 -16.7 31.0 65.9 -34.9 41.3 78.6 -37.3
    4. Secondary Income 31.5 2.2 29.3 36.1 2.9 33.2 86.8 9.7 77.1 100.9 8.9 92.0
    B. Capital Account and Financial Account 216.3 205.0 11.3 320.0 309.1 10.9 603.9 573.0 30.9 898.7 862.2 36.4
        of which:                        
    1. Direct Investment 18.9 14.9 4.0 20.8 23.6 -2.8 54.7 46.9 7.8 66.2 64.6 1.6
    2. Portfolio Investment 125.5 113.5 12.0 171.4 182.8 -11.4 327.2 294.5 32.7 513.4 503.9 9.4
    3. Other Investments 65.9 62.4 3.5 83.4 90.4 -7.0 205.2 176.9 28.2 261.9 235.5 26.4
        of which:                        
          NRI Deposits 22.4 18.5 3.9 25.9 22.8 3.1 62.5 53.2 9.3 78.3 64.9 13.3
          ECBs to India 3.9 6.6 -2.7 11.2 6.9 4.3 21.7 20.7 1.0 32.1 21.1 11.0
    4. Reserve Assets [Increase (-)/Decrease (+)] 0.0 6.0 -6.0 37.7 0.0 37.7 0.0 32.9 -32.9 37.7 23.8 13.8
    C. Errors & Omissions (-) (A+B) 0.0 0.9 -0.9 0.6 0.0 0.6 0.0 0.3 -0.3 0.6 0.0 0.6
    PR: Partially Revised; and P: Preliminary.
    Note: Total of sub-components may not tally with aggregate due to rounding off.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2498


    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on The Citizens Urban Cooperative Bank Ltd., Jalandhar

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 27, 2025, imposed a monetary penalty of ₹15.00 lakh (Rupees Fifteen Lakh only) on The Citizens Urban Cooperative Bank Ltd., Jalandhar (the bank) for non-compliance with specific directions issued by RBI under ‘Supervisory Action Framework (SAF)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    In non-adherence to directions issued under SAF, the bank had:

    1. sanctioned / renewed loans and advances to single borrowers beyond the applicable regulatory limits; and

    2. offered interest rates on term deposits and savings deposits higher than those offered by State Bank of India.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2497

    MIL OSI Economics

  • MIL-OSI Economics: Sources of Variation in India’s Foreign Exchange Reserves during April-December 2024

    Source: Reserve Bank of India

    Today, the Reserve Bank of India released the balance of payments (BoP) data for the third quarter (Q3), i.e., October-December of 2024-25 on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during April-December 2024 are detailed below in Table 1.

    Table 1: Sources of Variation in Foreign Exchange Reserves*
    (US$ billion)
    Items April-December 2023 April-December 2024
    I.   Current Account Balance -30.7 -37.1
    II.   Capital Account (net) (a to f) 63.6 23.3
      a. Foreign Investment (i+ii) 40.5 11.0
        (i) Foreign Direct Investment (FDI) 7.8 1.6
        (ii) Portfolio Investment 32.7 9.4
              of which:    
        Foreign Institutional Investment (FII) 33.0 9.3
                   ADR/GDR 0 0
      b. Banking Capital 33.6 -0.8
              of which: NRI Deposits 9.3 13.3
      c. Short-term Credit -1.0 11.1
      d. External Assistance 5.4 4.2
      e. External Commercial Borrowings -1.7 7.9
      f. Other Items in Capital Account -13.2 -10.1
    III.   Valuation Change 11.1 3.1
    IV.    Total (I+II+III) @
    Increase in reserves (+) / Decrease in reserves (-)
    44.0 -10.7
    *: Based on the old format of BoP which may differ from the new format (BPM6) in the treatment of transfers under the current account and ADRs/ GDRs under portfolio investment.
    @: Difference, if any, is due to rounding off.
    Note: ‘Other Items in Capital Account’ apart from ‘Errors and Omissions’ includes SDR allocation, leads and lags in exports, funds held abroad, advances received pending issue of shares under FDI, capital receipts not included elsewhere, and rupee denominated debt.

    On a balance of payments basis (i.e., excluding valuation effects), foreign exchange reserves decreased by US$ 13.8 billion during April-December 2024 as against an accretion of US$ 32.9 billion during April-December 2023. Foreign exchange reserves in nominal terms (i.e., including valuation effects) decreased by US$ 10.7 billion during April-December 2024 as against an increase of US$ 44.0 billion in the corresponding period of the preceding year (Table 2).

    Table 2: Comparative Position of Variation in Reserves
    (US$ billion)
    Items April-December 2023 April-December 2024
    1 Change in Foreign Exchange Reserves (i.e., Including Valuation Effects) 44.0 -10.7
    2 Valuation Effects [Gain (+)/Loss (-)] 11.1 3.1
    3 Change in Foreign Exchange Reserves on BoP basis (i.e., Excluding Valuation Effects) 32.9 -13.8
    Note: Increase in reserves (+)/Decrease in reserves (-).
    Difference, if any, is due to rounding off.

    The valuation gain, primarily reflecting higher prices of gold, amounted to US$ 3.1 billion during April-December 2024 as compared with a valuation gain of US$ 11.1 billion during April-December 2023.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2499

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on Mahindra Rural Housing Finance Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 26, 2025, imposed a monetary penalty of ₹3.20 lakh (Rupees Three Lakh Twenty Thousand only) on Mahindra Rural Housing Finance Limited (the company) for non-compliance with certain provisions of the ‘Reserve Bank of lndia (Know Your Customer (KYC)) Directions, 2016’ and ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 52A of the National Housing Bank Act, 1987.

    The statutory inspection of the company was conducted by the National Housing Bank with reference to its financial position as on March 31, 2023. Based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty:

    1. The company failed to carry out periodic review of risk categorisation, with such periodicity being at least once in six months, during FY 2022-23.

    2. The company failed to take prior written permission of the RBI before appointing a director, resulting in change in management, on account of change of more than 30 per cent of its directors (excluding independent directors).

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2500

    MIL OSI Economics

  • MIL-OSI: HSBC Bank Plc – Form 8.5 (EPT/RI) – Advanced Medical Solutions Group plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.         KEY INFORMATION

    (a) Name of exempt principal trader: HSBC Bank Plc
    (b) Name of offeror/offeree in relation to whose relevant securities this form relates:
         Use a separate form for each offeror/offeree
    Advanced Medical Solutions Group plc
    (c) Name of the party to the offer with which exempt principal trader is connected: OFFEREE: Advanced Medical Solutions Group plc
    (d) Date dealing undertaken: 27 March 2025
    (e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
         If it is a cash offer or possible cash offer, state “N/A”
    N/A      

    2.         DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchases/ sales

     

    Total number of securities Highest price per unit paid/received
    (GBP)
    Lowest price per unit paid/received
    (GBP)
    Ordinary Shares Purchase 53,991 233.500 p 210.306 p
    Ordinary Shares Sale 35,569 232.500 p 210.306 p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description Nature of dealing Number of reference securities Price per unit (GBP)
    e.g. CFD e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Ordinary Shares Swap Reducing a Short Position 24,378 230.500 p
    Ordinary Shares Swap Increasing a Short Position 42,800 233.500 p

    (c)        Stock-settled derivative transactions (including options)

    (i)         Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit
             

     

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
       

     

       

    3.         OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included.  If there are no such agreements, arrangements or understandings, state “none”
     

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
    (i)  the voting rights of any relevant securities under any option; or
    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
     

    None

    Date of disclosure: 28 March 2025
    Contact name: Dhruti Singh
    Telephone number: 0207 088 2000

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. 

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network

  • MIL-OSI Economics: RBI imposes monetary penalty on The Kangra Central Co-operative Bank Ltd., Himachal Pradesh

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 27, 2025, imposed a monetary penalty of ₹25.00 lakh (Rupees Twenty Five Lakh only) on The Kangra Central Co-operative Bank Ltd., Himachal Pradesh (the bank) for non-compliance with the conditions subject to which the banking license was issued to it by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with the conditions of banking license issued by RBI and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said licensing conditions. After considering the bank’s reply to the notice, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had extended loans outside its area of operation in violation of conditions of the banking license.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2496

    MIL OSI Economics

  • MIL-OSI Europe: Answer to a written question – Reconstruction fund for Gaza – E-000202/2025(ASW)

    Source: European Parliament

    The EU has put its effort first on scaling up humanitarian support in Gaza and stands ready to engage in the early recovery and reconstruction of Gaza. On 18 February 2025, the EU released the Gaza Interim Rapid Damage and Needs Assessment (IRDNA)[1], prepared jointly with the United Nations and the World Bank and in collaboration with the Palestinian Authority.

    The needs for recovery and reconstruction are estimated at EUR 49 billion. Given the magnitude of needs, it will require the mobilisation and coordination of all donors, including the Arab States.

    The IRDNA will be followed by a conflict recovery framework. It will set the priorities for scalable recovery and reconstruction. It will also inform about the relevant implementation channels and funding mechanisms, in close cooperation with a reformed Palestinian Authority.

    The conditions for scalable recovery and reconstruction are not yet in place, with protracted uncertainty on the security, governance and political arrangements that are to be determined.

    The Commissioner for the Mediterranean will lead the Commission’s work on developing, with international partners, a dedicated reconstruction plan for Gaza, in good cooperation with the High Representative/Vice-President and the Commissioner in charge of preparedness and crisis management.

    • [1] https://www.eeas.europa.eu/sites/default/files/documents/2025/Gaza%20RDNA_0.pdf
    Last updated: 28 March 2025

    MIL OSI Europe News

  • MIL-OSI Europe: ECB Consumer Expectations Survey results – February 2025

    Source: European Central Bank

    28 March 2025

    Compared with January 2025:

    • median consumer perceptions of inflation over the previous 12 months decreased, while median inflation expectations for the next 12 months and for three years ahead remained unchanged;
    • expectations for nominal income growth over the next 12 months increased, while expectations for spending growth over the next 12 months decreased;
    • expectations for economic growth over the next 12 months became more negative, while the expected unemployment rate in 12 months’ time increased;
    • expectations for growth in the price of homes over the next 12 months remained unchanged, while expectations for mortgage interest rates 12 months ahead declined.

    Inflation

    The median rate of perceived inflation over the previous 12 months decreased in February to 3.1%, from 3.4% in January. This is its lowest level since September 2021. Median expectations for inflation over the next 12 months were unchanged at 2.6%, as were those for inflation three years ahead at 2.4%. Inflation expectations at the one-year and three-year horizons thus remained below the perceived past inflation rate. Uncertainty about inflation expectations over the next 12 months decreased slightly in February to its lowest level since January 2022. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, over the previous year and a half inflation perceptions and expectations for lower income quintiles were, on average, slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70), albeit to a lesser degree than in previous years. (Inflation results)

    Income and consumption

    Consumers’ nominal income growth expectations over the next 12 months increased to 1.0% in February from 0.9% in January. Perceived nominal spending growth over the previous 12 months decreased further to 4.9% in February, from 5.1% in January and 5.2% in December. This decrease was observed across most income groups. Expected nominal spending growth over the next 12 months also decreased to 3.5% in February, the same value as in December, from 3.6% in January. (Income and consumption results)

    Economic growth and labour market

    Economic growth expectations for the next 12 months were more negative, standing at -1.2%, compared with -1.1% in January, but still above the December value of -1.3%. Expectations for the unemployment rate 12 months ahead increased to 10.5%, the same as in December, from 10.4% in January. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (10.0%), implying a broadly stable labour market. Expectations for both economic growth and the unemployment rate remained broadly stable in the previous fourth months, fluctuating within a narrow range. (Economic growth and labour market results)

    Housing and credit access

    Consumers expected the price of their home to increase by 3.0% over the next 12 months, which was unchanged from January. Households in the lowest income quintile continued to expect higher growth in house prices than those in the highest income quintile (3.5% and 2.7% respectively). Expectations for mortgage interest rates 12 months ahead declined slightly to 4.4% from 4.5%. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (5.0%), while the highest income households expected the lowest rates (3.9%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months declined, as did the net percentage of those expecting a tightening over the next 12 months. (Housing and credit access results)

    The release of the Consumer Expectations Survey (CES) results for March is scheduled for 29 April 2025.

    For media queries, please contact: Nicos Keranis, Tel: +49 172 758 7237

    Notes

    MIL OSI Europe News

  • MIL-OSI Economics: RBI imposes monetary penalty on UCA Finvest Private Limited, New Delhi

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 27, 2025, imposed a monetary penalty of ₹4.10 lakh (Rupees Four Lakh and Ten Thousand only) on UCA Finvest Private Limited (the company) for non-compliance with specific conditions under which the company was issued the Certificate of Registration (CoR) by RBI under section 45IA(5) of Reserve Bank of India Act, 1934 (RBI Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (a) of sub-section (1) of Section 58G read with sub-section (6) of Section 58 B of the RBI Act.

    The financial statements of the company for FY 2021-22 and related correspondence in that regard, revealed, inter alia, non-compliance with the specific conditions of the CoR. Based on the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said conditions of the CoR.

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

    The company in violation of the specific conditions of the Certificate of Registration, had:

    1. accepted public funds and

    2. customer interface, when it sanctioned loans and advances.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2494

    MIL OSI Economics

  • MIL-OSI Africa: African Development Bank Group approves $50 million trust fund to end school-age hunger in Africa

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

    ABIDJAN, Ivory Coast, March 28, 2025/APO Group/ —

    The Board of Directors of the African Development Bank (www.AfDB.org) approved the establishment of a fund to help put an end to hunger and malnutrition amongst school age-children in Africa. 

    The End School-Age Hunger Fund (ESAH) was approved on 20 March with the aim of bolstering school meal programmes in targeted African countries by expanding existing initiatives and creating new ones so that more children in Africa have access to nutritious food while attending school while simultaneously boosing rural economies through agricultural productivity.  

    The implementation of the Fund, which will be run in conjunction with the African Development Fund (https://apo-opa.co/4hO6ZXT), the concessional window of the African Development Bank Group, includes the participation of the Children’s Investment Fund Foundation, which has already demonstrated its commitment by signing a $50 million letter of commitment to establish the Fund. 

    In September 2024, Children’s Investment Fund Foundation and the Bank signed a letter of intent (https://apo-opa.co/4hNsjMT) in which the CIFF undertook to provide up to $50 million for the creation of the End School-Age Hunger Fund , witnessed by African Leaders for Nutrition Champion and African Union Nutrition Champion, His Majesty King Letsie III of Lesotho. In addition, the Foundation indicated that it was fully prepared to contribute a further $50 million to the Fund, once the Bank had made its initial contribution. The Foundation is committed to supporting broader resource leveraging efforts to attract more donors to the Fund. At the same time, the African Development Bank is seeking to engage other philanthropic organisations, such as the Aliko Dangote Foundation, to strengthen the Fund’s donor base. 

    The End School-Age Hunger Fund will support activities that contribute directly to school food initiatives within the continent, ensuring the provision of nutritious meals to children while promoting the development of small and medium-sized enterprises that provide services related to these programmes. Where appropriate, it is expected to provide essential technical assistance to governments, encouraging them to prioritise nutritious school feeding programmes as a vital mechanism for enhancing socio-economic development, ensuring student retention in schools, and improving learning outcomes and social protection. 

    “The End School-Age Hunger Fundwill work to secure a five-year commitment from the targeted countries, which is the standard implementation period for the Bank’s investment projects,” said Dr. Beth Dunford, the African Development Bank Group’s Vice President for Agriculture, Human and Social Development. “The implementation period is long enough to establish a solid proof of concept to ensure the continuation of the initiative beyond the initial funding phase.” 

    The Children’s Investment Fund Foundation is the world’s largest philanthropic organisation dedicated specifically to improving the lives of children. Since 2004, the Foundation has received voluntary contributions and donations totalling over $2.4 billion. Over the past ten years, its endowment has grown to a value of $6 billion (2020), which highlights the potential opportunity it offers in terms of harnessing resources. 

    MIL OSI Africa

  • MIL-OSI: Signet Bank Initiated Coverage of Šiaulių Bankas at target price of EUR 1.27

    Source: GlobeNewswire (MIL-OSI)

    28 March 2025, Signet, one off the leading Latvian investment banks, has initiated sponsored research of AB Šiaulių Bankas and published the initiation of coverage report. Analysis suggests a target price of EUR 1.27, which represents a compelling 35% upside potential over the bank’s current market valuation (EUR 0.94).

    Šiaulių Bankas demonstrated robust loan portfolio expansion, recording a 5Y CAGR of 15%, while deposits have grown at an annual rate of 12%, outpacing broader market. The Bank has maintained a disciplined approach to cost control and delivered above-industry ROE in recent years.

    Šiaulių Bankas` strong share price performance (+36% YTD) reflects solid investor confidence in Bank`s strategic development. However, the stock still trades at a notable discount of 30% on P/B basis, and 19% on P/E basis relative to peer averages, essentially deserving higher valuation with 14% ROE.

    Looking ahead Signet analysts forecast the Bank to sustain attractive dividend yield within the 5.3% – 9.2% range over the 2025 – 2029 estimated horizon (5.6% in 2024), reinforcing its commitment to disciplined capital deployment and shareholder value maximization.

    Based on Signet analyst`s estimates and key assumptions, Šiaulių Bankas equity is valued at EUR 1.27 per share, implying a 35% upside to the current market price (EUR 0.94).

    Signet Bank is one of the first banks of independent Latvia. The Bank has focused its strategy on servicing entrepreneurs and their companies, with an emphasis on high-quality capital management and structuring investment projects.

    Šiaulių Bankas is also covered by IPOPEMA, Enlight Research, Erste Group, Norne Securities, Swedbank and WOOD & Company. The analysts’ evaluations and reports are available to investors on Šiaulių Bankas’ website.

    If you would like to receive Šiaulių Bankas news for investors directly to your inbox, subscribe to our newsletter.

     

     

     

    Important Notice:

    Signet Bank reports are prepared on behalf of Šiaulių Bankas and based on publicly available information. Reports are published for informational purposes only and do not constitute, and shall not be deemed to constitute, an investment recommendation to buy, sell or enter into any other transactions in respect of the shares of Šiaulių Bankas. The information provided may not form the basis of any subsequent transaction. Investors themselves are responsible for making investment decisions based on the information published.

     

    Additional information: 
    Tomas Varenbergas 
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network

  • MIL-OSI Global: Foreign aid cuts could mean 10 million more HIV infections by 2030 – and almost 3 million extra deaths

    Source: The Conversation – Global Perspectives – By Rowan Martin-Hughes, Senior Research Fellow, Burnet Institute

    CI Photos/Shutterstock

    In January, the Trump administration ordered a broad pause on all US funding for foreign aid.

    Among other issues, this has significant effects on US funding for HIV. The United States has been the world’s biggest donor to international HIV assistance, providing 73% of funding in 2023.

    A large part of this is the US President’s Emergency Plan for AIDS Relief (PEPFAR), which oversees programs in low- and middle-income countries to prevent, diagnose and treat the virus. These programs have been significantly disrupted.

    What’s more, recent funding cuts for international HIV assistance go beyond the US. Five countries that provide the largest amount of foreign aid for HIV – the US, the United Kingdom, France, Germany and the Netherlands – have announced cuts of between 8% and 70% to international aid in 2025 and 2026.

    Together, this may mean a 24% reduction in international HIV spending, in addition to the US foreign aid pause.

    We wanted to know how these cuts might affect HIV infections and deaths in the years to come. In a new study, we found the worst-case scenario could see more than 10 million extra infections than what we’d otherwise anticipate in the next five years, and almost 3 million additional deaths.

    What is HIV?

    HIV (human immunodeficiency virus) is a virus that attacks the body’s immune system. HIV can be transmitted at birth, during unprotected sex or thorough blood-to-blood contact such as shared needles.

    If left untreated, HIV can progress to AIDS (acquired immunodeficiency syndrome), a condition in which the immune system is severely damaged, and which can be fatal.

    HIV was the world’s deadliest infectious disease in the early 1990s. There’s still no cure for HIV, but modern treatments allow the virus to be suppressed with a daily pill. People with HIV who continue treatment can live without symptoms and don’t risk infecting others.

    A sustained global effort towards awareness, prevention, testing and treatment has reduced annual new HIV infections by 39% (from 2.1 million in 2010 to 1.3 million in 2023), and annual deaths by 51% (from 1.3 million to 630,000).

    Most of that drop happened in sub-Saharan Africa, where the epidemic was worst. Today, nearly two-thirds of people with HIV live in sub-Saharan Africa, and nearly all live in low- and middle-income countries.

    HIV can be diagnosed with a simple blood test.
    MaryBeth Semosky/Shutterstock

    Our study

    We wanted to estimate the impact of recent funding cuts from the US, UK, France, Germany and the Netherlands on HIV infections and deaths. To do this, we used our mathematical model for 26 low- and middle-income countries. The model includes data on international HIV spending as well as data on HIV cases and deaths.

    These 26 countries represent roughly half of all people living with HIV in low- and middle income countries, and half of international HIV spending. We set up each country model in collaboration with national HIV/AIDS teams, so the data sources reflected the best available local knowledge. We then extrapolated our findings from the 26 countries we modelled to all low- and middle-income countries.

    For each country, we first projected the number of new HIV infections and deaths that would occur if HIV spending stayed the same.

    Second, we modelled scenarios for anticipated cuts based on a 24% reduction in international HIV funding for each country.

    Finally, we modelled scenarios for the possible immediate discontinuation of PEPFAR in addition to other anticipated cuts.

    With the 24% cuts and PEPFAR discontinued, we estimated there could be 4.43 million to 10.75 million additional HIV infections between 2025 and 2030, and 770,000 to 2.93 million extra HIV-related deaths. Most of these would be because of cuts to treatment. For children, there could be up to an additional 882,400 infections and 119,000 deaths.

    In the more optimistic scenario in which PEPFAR continues but 24% is still cut from international HIV funding, we estimated there could be 70,000 to 1.73 million extra new HIV infections and 5,000 to 61,000 additional deaths between 2025 and 2030. This would still be 50% higher than if current spending were to continue.

    The wide range in our estimates reflects low- and middle-income countries committing to far more domestic funding for HIV in the best case, or broader health system dysfunction and a sustained gap in funding for HIV treatment in the worst case.

    Some funding for HIV treatment may be saved by taking that money from HIV prevention efforts, but this would have other consequences.

    The range also reflects limitations in the available data, and uncertainty within our analysis. But most of our assumptions were cautious, so these results likely underestimate the true impacts of funding cuts to HIV programs globally.

    Sending progress backwards

    If funding cuts continue, the world could face higher rates of annual new HIV infections by 2030 (up to 3.4 million) than at the peak of the global epidemic in 1995 (3.3 million).

    Sub-Saharan Africa will experience by far the greatest effects due to the high proportion of HIV treatment that has relied on international funding.

    In other regions, we estimate vulnerable groups such as people who inject drugs, sex workers, men who have sex with men, and trans and gender diverse people may experience increases in new HIV infections that are 1.3 to 6 times greater than the general population.

    The Asia-Pacific received US$591 million in international funding for HIV in 2023, which is the second highest after sub-Saharan Africa. So this region would likely experience a substantial rise in HIV as a result of anticipated funding cuts.

    Notably, more than 10% of new HIV infections among people born in Australia are estimated to have been acquired overseas. More HIV in the region is likely to mean more HIV in Australia.

    But concern is greatest for countries that are most acutely affected by HIV and AIDS, many of which will be most affected by international funding cuts.

    Rowan Martin-Hughes receives funding from the National Health and Medical Research Council of Australia. He has previously received funding to conduct HIV modelling studies from the Australian government Department of Health and Aged Care, Gates Foundation, Global Fund to Fight AIDS, Tuberculosis and Malaria, UNAIDS, UNFPA, UNICEF, World Bank and World Health Organization.

    Debra ten Brink has previously received funding to conduct HIV modelling studies from the Australian government Department of Health and Aged Care, Gates Foundation, Global Fund to Fight AIDS, Tuberculosis and Malaria, UNAIDS, UNFPA, UNICEF, World Bank and World Health Organization.

    Nick Scott receives funding from the National Health and Medical Research Council of Australia. He has previously received funding to conduct HIV modelling studies from the Australian government Department of Health and Aged Care, Gates Foundation, Global Fund to Fight AIDS, Tuberculosis and Malaria, UNAIDS, UNFPA, UNICEF, World Bank and World Health Organization.

    ref. Foreign aid cuts could mean 10 million more HIV infections by 2030 – and almost 3 million extra deaths – https://theconversation.com/foreign-aid-cuts-could-mean-10-million-more-hiv-infections-by-2030-and-almost-3-million-extra-deaths-253017

    MIL OSI – Global Reports

  • MIL-OSI New Zealand: Road closed after serious crash, Horsham Downs

    Source: New Zealand Police (District News)

    One person is in a critical condition after a serious crash at Horsham Downs.

    The single-vehicle crash happened shortly before 7:20pm on Bankier Road.

    One occupant of the vehicle is in a critical condition and has been taken to Waikato Hospital.

    A second occupant has minor injuries.

    Bankier Road is closed with diversions at Boyd Road and Horsham Downs Road while the Serious Crash Unit attends the scene.

    ENDS

    MIL OSI New Zealand News

  • MIL-OSI Russia: The grand opening of a renovated student coworking space took place at HSE

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    The development and implementation of the project took almost a year. Several layout options were proposed, but the optimal one was found quite quickly. The main tasks that needed to be solved in this space were various usage scenarios, acoustic comfort, and modern multimedia equipment.

    The coworking space provides 32 workstations at common tables, 6 acoustic booths for individual work and 20 free seating places in the recreation area. The negotiation area, designed for 10 people, is separated from the main volume by a glass partition. There are also 15 poufs to increase the number of seats in case of large events. The project turned out to be bright and dynamic. The final touch was a neon sign, the design of which was chosen based on the results of a student vote. All this became possible thanks to the joint efforts of HSE employees and students and colleagues from VTB Bank, who co-authored the project.

    “Perhaps we should have a karaoke night here,” jokes Vice-Rector Irina Martusevich, drawing attention to the good acoustics. The coworking space is designed for a large number of students to work simultaneously, which means that zoning and movement of sound in the space are extremely important. “At HSE, we strive to ensure that students communicate with each other as actively as possible, since the ability to communicate is one of the soft skills in demand among Russian employers. Our graduates have this skill, which distinguishes them from those who are used to working alone,” Irina Martusevich emphasized.

    Vice-Rector Salambek Dombaev is confident that the coworking space “will become a place of inspiration for students, teachers and scientists.” “I hope that this is not the last facility on our large university campus that we will make so beautiful and multifunctional together with our partners from VTB,” he added.

    “It is important to create classrooms that will not only be comfortable, but also useful for students, so that they receive a high-quality education, enter life and build a successful career,” emphasized Irina Kuzmina, VTB’s Corporate Social Responsibility Project Manager. She also recalled that the bank has long been cooperating with the Higher School of Economics and such partnerships make it possible, among other things, to find new young personnel among students.

    The project and author’s supervision of implementation was carried out HSE Design Laboratory. The coworking space’s special feature is a mobile partition wall that can divide the space into two independent spaces. The coworking space’s use scenarios are limited by the imagination of students and employees: it’s equally comfortable to hold a hackathon, lecture, round table, film screening or a small board game championship.

    Another feature is the presence of a screen with a schedule. Everyone can see when the coworking space is occupied and when it is free. As Deputy Vice-Rector Dmitry Shminke noted, this is a guarantee that students studying in the coworking space will always be able to plan their work in it and no one will ask them to vacate the space prematurely, as happened before the renovation.

    The first symbolic event in the updated coworking space was a round table with representatives of student organizations. Students discussed the possibilities of using the spaces for student events and tested the already popular acoustics.

    You can book a coworking space for your event right now. The booking form is available on the website Center for Support of Student InitiativesAt the same time, the space remains a place where you can come and work out in your free time.

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

    MIL OSI Russia News

  • MIL-OSI United Nations: Tens of millions at risk of extreme hunger and starvation as unprecedented funding crisis spirals

    Source: World Food Programme

    Photo: WFP/WFP/Jerry Ally Kahashi. WFP food distribution in Goma, DRC.

    ROME – The United Nations World Food Programme (WFP) warned today that 58 million people risk losing life-saving assistance in the agency’s 28 most critical crisis response operations unless new funding is received urgently.

    Despite the generosity of many governments and individual donors, WFP is experiencing a steep decline in funding across its major donors. The severity of these cuts, combined with record levels of people in need, have led to an unprecedented crisis for tens of millions across the globe reliant on food aid.

    Right now, the organization is facing an alarming 40 percent drop in funding for 2025, as compared to last year. This is having severe repercussions for its food aid efforts globally, particularly emergency feeding programs that support the most vulnerable.

    “WFP is prioritizing countries with the greatest needs and stretching food rations at the frontlines. While we are doing everything possible to reduce operational costs, make no mistake, we are facing a funding cliff with life-threatening consequences,” said Rania Dagash-Kamara, WFP Assistant Executive Director for Partnerships and Innovation. “Emergency feeding programmes not only save lives and alleviate human suffering, they bring greatly needed stability to fragile communities, which can spiral downwards when faced with extreme hunger.”

    WFP on the Frontlines 

    Today, global hunger is skyrocketing as 343 million people face severe food insecurity, driven by an unrelenting wave of global crises including conflict, economic instability, and climate-related emergencies. In 2025, WFP’s operations are focused on supporting just over one-third of those in need – roughly 123 million of the world’s hungriest people – nearly half of whom (58 million) are at imminent risk of losing access to food assistance.

    Last year, WFP teams helped feed more than 120 million people in 80 countries, delivering urgent food aid to hunger hot spots and frontline crises around the world. 

    Imminent Pipeline Breaks

    As WFP works to quickly adapt its operations to current low funding levels, it is alerting donors that its 28 most critical crisis response operations are facing severe funding constraints and dangerously low food supplies through August. 

    The 28 programs span: Lebanon, Sudan, Syria, South Sudan, Chad, Afghanistan, Myanmar, Uganda, Niger, Burkina Faso, DRC, Yemen, Mali, Bangladesh, Venezuela, Haiti, Mozambique, Nigeria, Somalia, Kenya, Ukraine, Malawi, Burundi, Ethiopia, Palestine, Central African Republic, Jordan, and Egypt

    Below are a few examples of these programmes.
     

    • Sudan: WFP requires nearly US$570 million to support over 7 million people per month in Sudan where a looming pipeline break will hit as early as April. Famine was first confirmed in Zamzam camp near the embattled city of El Fasher and has since spread to 10 areas across North Darfur and the Western Nuba mountains. In Sudan 24.6 million people do not have enough to eat. Delays in funding to deliver emergency food assistance, emergency nutrition and emergency logistics will cut a vital lifeline for millions with immediate and devastating consequences for vulnerable populations, who in many cases are just one step away from starvation.
    • Democratic Republic of Congo (DRC): WFP requires US$399 million to feed 6.4 million as escalating violence by militia groups in the east has already displaced more than a million people. Food and nutrition assistance across the DRC is vital to stabilize the region and reach the most vulnerable who have already been displaced by conflict multiple times.
    •  Palestine: WFP emergency response requires approximately US$265 million over the next six months to provide support to nearly 1.4 million people in Gaza and the West Bank. An additional US$34 million is urgently needed for 3-month shock-responsive cash transfer assistance to support 40,000 families in the West Bank. The humanitarian situation in Gaza remains critical with over 2 million people fully dependent on food assistance – most of them displaced, without shelter and income.
       
    • Syria: WFP requires US$140 million to provide food and nutrition assistance to 1.2 million people every month. Without new funding, WFP faces a pipeline break in August which would cut off food assistance to one million of the most severely food-insecure individuals. Any disruption in life-saving assistance threatens to erode stability and social cohesion during a critical moment when millions of Syrians try to return home.
       
    • Lebanon: WFP requires US$162 million to feed 1.4 million people as severe funding shortfalls are already disrupting food assistance to vulnerable Lebanese and Syrian refugees – fostering instability and heightened social tensions. With an ongoing economic crisis and government transition in Lebanon, food insecurity continues to rise with one in three already facing acute hunger. 
       
    • South Sudan: WFP requires US$281 million to provide food and nutrition assistance to 2.3 million people escaping war, climate extremes, and an economic disaster – plunging them into a severe hunger crisis. South Sudan has also seen more than one million people arrive, fleeing from the war in Sudan. Nearly two-thirds of the people in South Sudan are acutely food insecure. New funding for WFP’s crisis response activities in South Sudan is needed now to preposition life-saving food ahead of the rainy season.
    • Myanmar: WFP requires US$60 million to provide life-saving food assistance to 1.2 million peopleWithout immediate new funding a pipeline break in April will cut off one million from all support. Increased conflict, displacement and access restrictions are already sharply driving up food aid needs as the lean season is expected to begin in July when food shortages hit hardest.
    • Haiti: WFP requires US$10 million to feed 1.3 million as brutal violence by armed groups has caused record levels of hunger and displacement. Half the population is facing extreme hunger and a quarter of the children under the age of five are stunted. More than a million people have been forced from their homes, including a record 60,000 in just one month this year. WFP has been providing hot meals and cash assistance to displaced people, but without new funding, that lifesaving assistance could be suspended in the coming weeks.
    • Saheland Lake Chad Basin: WFP requires US$570 million to reach 5 million people with life-saving food and nutrition assistance. Without new funding a pipeline break is expected in April. Millions of the most vulnerable people in Burkina Faso, Mali, Mauritania, Niger, the Central African Republic, Cameroon, and Nigeria in need of emergency support also face dire consequences as the June to August lean season approaches. At current funding levels, five million people risk losing critical support from WFP in the months ahead.

    #                 #                   #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on X, formerly Twitter, via @wfp_media 

    MIL OSI United Nations News

  • MIL-OSI: Form 8.5 (EPT/RI)-Advanced Medical Solutions Group plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)        Name of exempt principal trader:         Investec Bank plc
    (b)        Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    Advanced Medical Solutions Group plc
    (c)        Name of the party to the offer with which exempt principal trader is connected: Investec is Financial Adviser, NOMAD and Corporate Broker to Advanced Medical Solutions Group plc
    (d)        Date dealing undertaken: 27th March 2025
    (e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
            If it is a cash offer or possible cash offer, state “N/A”
    N/A

    2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchases/ sales Total number of securities Highest price per unit paid/received Lowest price per unit paid/received

    Ordinary shares

    Purchases

    427,093

    234

    196.9

    Ordinary shares

    Sales

    500,270

    234

    198.6

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
    N/A N/A N/A N/A N/A

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
    N/A N/A N/A N/A N/A N/A N/A N/A

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit
    N/A N/A N/A N/A N/A

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
    N/A N/A N/A N/A

    3.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
    (i)        the voting rights of any relevant securities under any option; or
    (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None
    Date of disclosure: 28thMarch 2025
    Contact name: Priyali Bhattacharjee
    Telephone number: +91 9768034903

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network

  • MIL-OSI: Turtle Creek Asset Management UCITS fund surpasses US$100m in AUM

    Source: GlobeNewswire (MIL-OSI)

    LONDON, March 28, 2025 (GLOBE NEWSWIRE) — Turtle Creek Asset Management Inc. (‘Turtle Creek’), a Canadian independent investment management firm with a 26-year history, is pleased to announce that assets for its UCITS fund, Turtle Creek North American Equity Fund, an Irish ICAV fund, surpassed US$100m in January 2025.

    The fund also has a new administrator, US Bank Global Fund Services (Ireland) and from March 10th there has been daily dealing.

    Turtle Creek’s North American mid-cap value strategy has a track record of over 25 years, and is both rigorous and repeatable. The UCITS fund portfolio targets to own shares in 30 companies between US$2 billion – US$20 billion at the time of purchase, and is constructed from the 100+ companies that the firm actively follows. It is managed according to the same cash flow based value investing strategy and continuous optimization process that has been successful for over 25 years.

    Andrew Brenton, Turtle Creek’s CEO, said: “This is a very significant landmark in AUM to have reached for the UCITS fund, and is indicative of the importance to Turtle Creek of it. North American mid-caps represent excellent opportunities for European investors seeking quality companies that are underappreciated by the market and offer diversification beyond a highly concentrated U.S. large-cap market. The current environment means the portfolio is trading at a favorable discount to its intrinsic value, offering an attractive entry point.”

    Michael Bowen, Senior Vice President, Global Head of Relationship Management, said: “We think long-term value investing in North American equities with a well-considered, consistent and nuanced investment approach represents a primary portfolio building block. Given the current volatility and uncertainty in markets we believe allocators understand the importance of a very active approach to stock selection and portfolio optimization, and also appreciate why our mid-cap focus is particularly attractive in these circumstances.”

    Turtle Creek was established in 1998 by Andrew Brenton, Jeffrey Cole and Jeffrey Hebel who have worked together continuously for over 30 years. Prior to Turtle Creek, they founded and ran the private equity investment subsidiary of The Bank of Nova Scotia. While successful at generating strong returns for the bank, they pivoted to public equity investing on account of routinely observing better run, profitable companies trading at irrational prices, and concluded that improved risk-adjusted-returns could be achieved. Today, Turtle Creek manages mid-cap public equity portfolios totalling more than US$4 billion. There is a 12 person investment team based in Toronto.

    Turtle Creek’s strategy has an open-ended, publicly available track record via a Canadian vehicle. The UCITS is very similar in overall exposure to the existing strategy. The UCITS Fund has been available for qualified investors in the UK, Switzerland, Luxembourg, Spain, the Netherlands, Germany, Austria and Poland, and Turtle Creek is actively considering registration in other jurisdictions.

    About Turtle Creek Asset Management Inc.

    Turtle Creek Asset Management Inc. was founded in 1998 by Andrew Brenton, Jeffrey Cole and Jeffrey Hebel. Based in Toronto, Turtle Creek is comprised of twelve investment team members and sixteen additional employees, offering a different kind of value investing focused on long-term capital growth for a clientele of high-net-worth families, institutions and wealth advisors.

    For further information, please visit:
    https://www.turtlecreek.ca/
    https://funds.carnegroup.com/turtlecreekucitsicav

    Contacts:

    The MIL Network

  • MIL-OSI Economics: Asian Development Blog: Empowering Women in Tourism: The Key to a Healthy, Resilient Industry

    Source: Asia Development Bank

    Empowering women in tourism through targeted policies can overcome barriers like limited finance and caregiving burdens, unlocking their potential to drive job creation, sustainable innovation, and economic and health resilience in times of crisis.

    Tourism has emerged as one of the fastest-growing sectors in Asia and the Pacific, with international arrivals reaching 87% of pre-pandemic levels in 2024. Women are a significant driving force in the tourism sector in Asia and the Pacific, constituting a majority of the workforce (52%). Micro-, small and medium-sized enterprises led by women are pivotal to generating jobs in tourism and spurring local development. 

    For instance, in Cambodia, the women’s labor force participation rate was 80% in 2019, and women constituted 60% of the tourism workforce, with many employed in small enterprises and involved in designing tours to promote culture, art, tradition, religion, food, souvenirs, and tourist attractions. 

    By contrast, the Maldives presents a stark contrast: home to over 160 island resorts, it has only 10% female resort employees and a mere 3% local women in 2019. In Kyrgyzstan and Tajikistan, women are predominantly employed in hospitality, tours and artisanal crafts. The tourism industries in these countries are also male dominated, with Tajikistan’s employing 31% women.

    Despite this diversity in national contexts, women workers and women-led small businesses face similar challenges in the tourism industry across Asia’s developing countries. 

    Even in countries with higher female participation, such as Cambodia, women are overrepresented in low-paid, low-skilled, and often temporary or part-time jobs that heighten job insecurity, financial instability, and a wage gap. This is a common phenomenon across developing Asian countries with lower female participation in tourism. 

    One of the reasons is societal expectations on women’s role as the primary caregivers at home. The significant burden on female entrepreneurs and workers to balance paid work with unpaid, domestic responsibilities restricts their ability to take more business risks and expand their networks. 

    A report from the International Labour Organization shows that women in Asia and the Pacific spend 4.1 times more time in unpaid care work than men. The resulting time scarcity and mobility constraints faced by women impact their ability to participate in the labor market, grasp opportunities for career advancement, invest in and expand their businesses, and achieve financial independence. 

    These barriers also reinforce women’s lack of collateral required for loans that are essential to access to finance. Data shows that only 17%, 36%, and 49% of women own a house alone or jointly in Maldives, Tajikistan, and Cambodia, respectively. This not only restricts their ability to borrow, invest, and grow tourism businesses but also affects broader aspects of their well-being, including nutritional security and access to healthcare.

    By offering diverse cultural insights and authentic travel experiences, women-led businesses enrich the global tourism landscape.

    Structural discrimination from financial institutions further limits women’s access to finance. These, in turn, reinforce women’s concentration in low-paying or less secure positions, while men tend to dominate managerial and leadership roles, intensifying these inequalities in tourism. 

    In addition to financial exclusion, women in tourism often face unsafe and precarious working conditions. The seasonal nature of tourism, poor working conditions faced by women in tourism, such as workplace safety and harassment, and insufficient social protection, including mental health support on overworking and childcare support, exacerbate these issues. Many women also work in the informal sector and family-owned tourism businesses with no employment benefits or safety nets. 

    Health and hygiene-related risks also disproportionately affect women in tourism. The lack of access to proper sanitation facilities, clean water supply, and hygiene amenities at tourism workplaces could pose risks to women’s health and safety, such as their vulnerability to reproductive and urinary tract infections, privacy and violence concerns when using shared facilities, and challenges in managing menstrual hygiene. 

    These vulnerabilities were worsened during the COVID-19 pandemic, which caused an economic shock in the tourism industry that led to business closures and job losses. Also, it has increased unpaid care work and exposed the vulnerability of women entrepreneurs who often do not have sufficient financial reserves and support mechanisms to weather such crises.

    Despite these challenges, women in the tourism industry have demonstrated resilience and innovation. In Kyrgyzstan and Tajikistan, women-led guesthouses, tour companies, and handicraft cooperatives have gained recognition for promoting personalized services and cultural heritage, attracting both domestic and international tourists and contributing to local economies.

    Women can be agents of change for sustainable tourism, promoting culturally sensitive and innovative solutions. Examples of empowerment that help address inequalities and improve health and economic outcomes include: 

    Increasing opportunities for women in national tourism, health, and economic policies: A multisector approach to policymaking may ensure that women have equal opportunities, compensation, and support to thrive in the industry. Enhanced maternal, sexual, and reproductive health services are needed. The Tajikistan National Development Strategy 2030, which explicitly calls for the equal treatment of women in the labor market, is a promising initiative. 

    Creating a safe and healthy work environment for women: Addressing workplace safety, harassment, and discrimination in both public and private sectors can help women feel secure and supported. Improving health and security standards may also attract more solo and group female travelers. 

    Reducing barriers to obtaining loans and credit: Microfinance programs and financial products tailored to women may promote women’s access to finance for investing in and expanding their businesses, adopting new technologies, bolstering marketing efforts, and keeping businesses afloat when visitor numbers decline.

    Targeted training programs and capacity-building initiatives: Networks, mentorship, legal aid, counselling services, and digital training may provide support and resources for women to navigate challenges and enhance their business skills.

    Improved sex-disaggregated data for real-time, evidence-based policymaking: Women in tourism contribute to a large sector.

    By accurately quantifying the scope of female entrepreneurship in tourism, officials can craft targeted interventions that bolster women’s rights, strengthen community resilience, and safeguard the natural assets that underpin local economies.  

    In the end, empowering women entrepreneurs in tourism benefits not only the individuals who own and operate these businesses, but also entire communities seeking inclusive, healthy, and resilient growth.  

    By offering diverse cultural insights and authentic travel experiences, women-led businesses enrich the global tourism landscape—while underscoring that economic development is most sustainable when it lifts everyone. 
     

    Maria Gisela Orinion, Kyi Thar, and Marjorie van Strien contributed to this blog post.

    MIL OSI Economics

  • MIL-OSI China: Global South’s modernization in focus at Boao Forum

    Source: China State Council Information Office

    The Boao Forum for Asia International Conference Center in Boao, Hainan province, March 26, 2025. [Photo by Xu Xiaoxuan/China.org.cn]

    Over the past two decades, Global South countries have contributed nearly 80% of world economic growth, solidifying their role as a key driver of global development. Their growing influence has made them a focal point at the 2025 Boao Forum for Asia Annual Conference, held from March 25 to 28 in Boao, south China’s Hainan province.

    At a panel discussion during the forum on March 26, experts explored the diverse paths to modernization for the Global South, emphasizing collaboration, self-reliance and inclusive development.

    Xiaojun Grace Wang, trust fund director at the U.N. Office for South-South Cooperation (UNOSSC), highlighted the varied modernization trajectories of these nations. “Each country has distinct concerns and priorities. Least developed nations and small island states, for instance, have unique considerations,” Wang noted. “We must listen to their collective voices, recognize their varying stages of development, and acknowledge that real strength comes from unity amid diversity.”

    She emphasized that cooperation should extend beyond the traditional North-South divide. “We must leverage the expertise and technology of developed nations,” she said, stressing that collaboration in diversity is key.

    Kirill Babaev, director of the Institute of China and Contemporary Asia of the Russian Academy of Sciences, underscored the shared aspirations of Global South nations despite their regional differences. “From the Eurasian Economic Union and Shanghai Cooperation Organization to ASEAN and the Gulf Cooperation Council, these nations share common values in globalization, forming the foundation for a broader global economic mainstream,” he said.

    Zheng Yongnian, dean of the School of Public Policy at the Chinese University of Hong Kong, Shenzhen, identified two major challenges facing the Global South. The first is internal: “These countries often express concerns but struggle to translate them into concrete actions,” he observed. The second challenge is external, particularly disruptions to the global trade system initiated by U.S. President Donald Trump’s administration. “If globalization is hindered, poverty will deepen, leading to instability,” he warned.

    Zheng also criticized Western-style modernization for its exclusiveness and lack of inclusiveness. He argued that while Western nations have achieved prosperity, they have not actively helped poorer countries develop. “Economic disparity is detrimental to human rights,” he stated.

    Citing a Chinese proverb — “in adversity, perfect oneself; in success, perfect all under heaven” — Zheng said that this philosophy is reflected in China’s modernization approach. China worked hard to develop when it was poor and now seeks to assist other nations through initiatives like the Belt and Road Initiative and the New Development Bank, he explained.

    Danny Quah, dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore, stressed the importance of self-reliance. “Global South countries must demonstrate leadership in their own development,” he said.

    Quah underlined that economic growth and capacity building are essential for ensuring these nations control their own destinies. True development, he added, involves creating value — building infrastructure, improving public health, and unlocking the creativity and potential of people.

    MIL OSI China News

  • MIL-OSI: Municipality Finance issues a USD 1 billion benchmark under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    28 March 2025 at 9:00 am (EET)

    Municipality Finance issues a USD 1 billion benchmark under its MTN programme

    Municipality Finance Plc issues a USD 1 billion benchmark on 31 March 2025. The maturity date of the benchmark is 1 April 2030. The benchmark bears interest at a fixed rate of 4.250% per annum.

    The benchmark is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the benchmark are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the benchmark to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 31 March 2025.

    Bank of Montreal Europe plc, BNP Paribas, Deutsche Bank Aktiengesellschaft and Nomura International plc acts as the Joint Lead Managers for the issue of the benchmark.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland.
    The Group’s balance sheet is over EUR 53 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network

  • MIL-OSI: Diversified Energy Announces Successful Placement of 4-year Senior Secured Notes

    Source: GlobeNewswire (MIL-OSI)

    BIRMINGHAM, Ala., March 28, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC) (NYSE: DEC) (“Diversified” or the “Company”), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces that it has successfully placed $300 million of new senior secured notes. The new notes are due to mature in April 2029 and will pay a fixed coupon of 9.75% per annum, payable semi-annually in arrears.

    The net proceeds from the senior secured notes will be used for repayment of existing debt and for general corporate purposes. The new class of debt provides increased liquidity, which currently stands at approximately $440 million inclusive of the proceeds of the note offering, is leverage-neutral, and will enhance cash flow, allowing flexibility for continued investment in high rate of return opportunities.

    DNB Markets, a part of DNB Bank ASA, acted as Manager and Bookrunner in the bond offering.

    For further information, please contact:

    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    Senior Vice President, Investor Relations &  
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Public Relations  
       

    About Diversified
    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    Forward-Looking Statements

    This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning Diversified and the Contemplated Bond Offering. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements reflect Diversified’s beliefs and expectations, are based on numerous assumptions regarding Diversified’s present and future business strategies and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements will come to pass. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond Diversified’s ability to control or estimate precisely. Factors that may cause actual results to differ materially from the forward-looking statements contained in this announcement include the risk factors described in the “Risk Factors” section in Diversified’s Annual Report and Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of their date and neither Diversified nor any of its directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. You are cautioned not to place undue reliance on such forward-looking statements.

    Important Notice to UK and EU Investors
    This announcement is directed at and is only being distributed to persons: (a) if in member states of the European Economic Area, “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (“Qualified Investors“); or (b) if in the United Kingdom, “qualified investors” within the meaning of Article 2(e) of the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, who are (i) persons who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order“), or (ii) persons who fall within Article 49(2)(a) to (d) of the Order; or (c) persons to whom they may otherwise lawfully be communicated (each such person above, a “Relevant Person“). No other person should act or rely on this announcement and persons distributing this announcement must satisfy themselves that it is lawful to do so. This announcement must not be acted on or relied on by persons who are not Relevant Persons, if in the United Kingdom, or Qualified Investors, if in a member state of the EEA. Any investment or investment activity to which this announcement or the the Contemplated Bond Offering relates is available only to Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA, and will be engaged in only with Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA.

    The MIL Network

  • MIL-OSI Banking: Special Clearing Operations on March 31, 2025

    Source: Reserve Bank of India

    RBI/2024-25/134
    CO.DPSS.RPPD.No.S1278/03-01-002/2024-2025

    March 28, 2025

    The Chairman and Managing Director / Chief Executive Officer
    All Scheduled Commercial Banks including Regional Rural Banks /
    Urban Co-operative Banks / State Co-operative Banks /
    District Central Co-operative Banks / Local Area Banks / Payment Banks /
    Small Finance Banks / National Payments Corporation of India

    Madam / Dear Sir,

    Special Clearing Operations on March 31, 2025

    A reference is invited to the circular issued by Department of Government and Bank Accounts (DGBA) vide CO.DGBA.GBD.No.S1003/42-01-029/2024-2025 dated March 17, 2025 addressed to all the agency banks on Annual Closing of Government Accounts –Transactions of Central/State Governments – Special Measures for the Current Financial Year (2024-25).

    2. Normal clearing timings under Cheque Truncation System (CTS) as applicable to any working “Monday” shall be followed on March 31, 2025. Further, to facilitate accounting of all the Government transactions for the current financial year (2024-25) by March 31, 2025, it has been decided to conduct Special Clearing under CTS exclusively for Government Cheques on March 31, 2025 as detailed below:

    Date Presentation Session Return Session
    March 31, 2025
    (Monday)
    17:00 Hours to 17:30 Hours 19:00 Hours to 19:30 Hours

    3. It is mandatory for all banks to participate in the special clearing operations on March 31, 2025. All the member banks of CTS are also required to keep their inward clearing processing infrastructure open during the Special Clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the Special Clearing.

    4. Member banks are advised to adhere to the instructions contained in this circular as well as instructions issued by the President of the National Grid Clearing House. Member banks may also be guided by the circular NPCI/2016-17/CTS/Circular No.32 dated October 3, 2016 issued by NPCI regarding clearing type for instruments to be presented in Special Clearing sessions.

    Yours faithfully,

    (Sudhanshu Prasad)
    Chief General Manager

    MIL OSI Global Banks

  • MIL-OSI Banking: Assessing the Enabling Environment for Disaster and Pandemic Risk Financing: A Country Diagnostics Tool Kit

    Source: Asia Development Bank

    Designed as a tool kit, it considers the impacts of COVID-19, analyzes the enabling environment for disaster risk financing, and considers the role capital markets, insurance, and other risk transfer instruments can play. Providing questionnaires and resources to calculate financial protection against disasters and identify gaps, the publication shows how a layered risk strategy can help bolster financial resilience and protect development gains.

    MIL OSI Global Banks

  • MIL-OSI Economics: Result of the 5-day Variable Rate Repo (VRR) auction held on March 28, 2025

    Source: Reserve Bank of India

    Tenor 5-day
    Notified Amount (in ₹ crore) 1,00,000
    Total amount of bids received (in ₹ crore) 38,423
    Amount allotted (in ₹ crore) 38,423
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.28
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad           
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2493

    MIL OSI Economics

  • MIL-OSI: Appointment within the Societe Generale Group

    Source: GlobeNewswire (MIL-OSI)

    APPOINTMENT WITHIN THE SOCIETE GENERALE GROUP

    Press release

    Paris, 28 March 2025

    Societe Generale announces the appointment of Alexis Kohler as Executive Vice President. He will join the Bank in June 2025 and will be a member of the Group Executive Committee.

    Reporting to Slawomir Krupa, Chief Executive Officer, Alexis Kohler will have the following responsibilities:

    • As Chairman of Investment Banking, he will be responsible for leading Mergers & Acquisitions, Equity Capital Markets and Acquisition Finance activities, as well as coordinating coverage teams for large clients.
    • He will assist the Chief Executive Officer in implementing transformation programs within the firm.
    • Alexis Kohler will oversee the Group’s General Secretariat and the Human Resources and Communication departments.

    Alexis Kohler will contribute to the Group’s success with his unique skill set, his extensive understanding of the global economy’s dynamics and challenges across all sectoral, industrial and commercial dimensions, and his strong analytical capacity and outstanding dedication. Alexis Kohler’s appointment marks a new addition to Societe Generale’s leadership team, combining different and complementary skills and wide-ranging experiences, to the benefit of the competitiveness and sustainable performance of the bank.

    Slawomir Krupa, Chief Executive Officer, comments: “I am delighted to welcome Alexis Kohler to the Executive Committee of Societe Generale. He will bring a wealth of talent, experience and commitment to our Group. His numerous qualities will be a key asset to foster our development in Investment Banking and continue the transformation journey of our firm, serving our 26 million clients across the world with the same passion we have shared for 160 years.”

    Biography 

    Alexis Kohler has been the General Secretary of the Presidency of the French Republic since 2017, after holding various senior positions at the French Ministry of Economy and Finance in Paris, with the International Monetary Fund and the World Bank in Washington and the Finance Department of MSC. Alexis Kohler is a graduate of Sciences Po Paris, ESSEC and the Ecole Nationale d’Administration.

    Members of the Group Executive Committee as of June 2025:

    • Slawomir Krupa, Chief Executive Officer 
    • Pierre Palmieri, Deputy Chief Executive Officer 
    • Alexis Kohler, Executive Vice President, Chairman of Investment Banking, also in charge of the Group General Secretary, Group Human Resources, Group Communication and the coordination of transformation programs
    • Lubomira Rochet, Executive Vice President in charge of Retail Banking activities in France, Private Banking and Insurance, as well as the Group’s Chief Operating Office
    • Leopoldo Alvear, Group Chief Financial Officer 
    • Anne-Christine Champion, Co-Head of Global Banking and Investor Solutions
    • Anne-Sophie Chauveau-Galas, Group Chief Human Resources Officer
    • Alexandre Fleury, Co-Head of Global Banking and Investor Solutions 
    • Delphine Garcin-Meunier, Head of Mobility and International Retail Banking & Financial Services
    • Stéphane Landon, Group Chief Risk Officer
    • Laura Mather, Group Chief Operating Officer
    • Laetitia Maurel, Group Chief Communication Officer 
    • Grégoire Simon-Barboux, Group Chief Compliance Officer

    Press contact:  
    Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com

    Societe Generale

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

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

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

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

    In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

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

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