Category: Banking

MIL-OSI USA: Grassley, Warren Seek to Strengthen SEC Whistleblower Program
US Senate News:
Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Senate Banking Committee Ranking Member Elizabeth Warren (D-Mass.) reintroduced legislation to strengthen whistleblower protections at the Securities and Exchange Commission (SEC). The bipartisan SEC Whistleblower Reform Act of 2025 would ensure timely processing of whistleblower claims and protect whistleblowers from retaliation.

“Patriotic whistleblowers root out waste, fraud and abuse taking place in the shadows, and we should thank them for recovering billions of valuable taxpayer dollars. I’m proud to reintroduce this legislation to increase government accountability by safeguarding the SEC’s Whistleblower Program,” Grassley said.

“It’s more important than ever to protect whistleblowers who report wrongdoing in the federal government. We’re witnessing President Trump, Elon Musk, and their operatives dismantle entire agencies, install loyalists, undermine consumer and investor protection laws, access sensitive personal information about millions of Americans, and do favors for their billionaire friends at the expense of everyone else. I’m proud to stand with whistleblowers who shine a light on that kind of corruption, and to co-lead this effort to strengthen the whistleblower protections at the SEC,” Warren said.

“Now more than ever, it’s critical that we protect the brave public servants willing to do what’s right and expose wrongdoing. There is bipartisan agreement that we must strengthen whistleblower protections to ensure they don’t face retaliation for the risks they take,” said Senator Cortez Masto.

“The SEC Whistleblower Reform Act is urgently needed legislation to protect innocent investors from frauds. Since its inception under the Dodd-Frank Act, the Securities and Exchange Commission (SEC) Whistleblower Program has recouped over $6.3 billion in sanctions, placing billions back in the hands of honest investors and taxpayers … The SEC Whistleblower Reform Act redresses the erosion of anti-retaliation protections following Digital Realty. It is a bipartisan, common-sense legislation. It rebuilds the protective framework for whistleblowers that made the SEC Whistleblower Program a success,” said Chairman of the National Whistleblower Center’s Board of Directors Stephen M. Kohn.

Additional cosponsors are Sens. Susan Collins (R-Maine), Raphael Warnock (D-Ga.) and Catherine Cortez Masto (D-Nev.).

Specifically, the SEC Whistleblower Reform Act of 2025 would:
1. Protect whistleblowers who report violations to a direct superior from retaliation. Currently, they are only protected if they report directly to the SEC or certain officials.
2. Ensure that claims and awards are processed in a timely manner. Although the SEC has recently improved, it previously had a years-long backlog of claims.
3. Clarify that whistleblowers cannot waive their rights through a pre-dispute arbitration agreement.
Since Grassley helped create the SEC’s whistleblower program in 2010, it has achieved tremendous success. In Fiscal Year 2024, the SEC reported awarding over $255 million to whistleblowers and received over 24,000 whistleblower tips.

The full text of the bill is available HERE.

-30-
MIL OSI USA News –
March 27, 2025
MIL-OSI: Kyrgyzstan is Developing Its Own Crypto Hub: A7A5 Stablecoin Listed on the Regulated Exchange Meer Exchange
Source: GlobeNewswire (MIL-OSI)

BISHKEK, KYRGYZSTAN, March 26, 2025 (GLOBE NEWSWIRE) — Kyrgyzstan continues to solidify its position as a regional crypto hub. The country is advancing its digital asset regulation, testing legal frameworks, and launching licensed platforms. One of the key steps in this direction is the launch of A7A5 – a stablecoin pegged to the Russian ruble within the cryptocurrency ecosystem. The token was issued by the Kyrgyz company Old Vector, in full compliance with local regulatory requirements and with the support of the Kyrgyz government.

One of the world’s leading crypto hubs

As part of the strategic course set by the country’s president, Kyrgyzstan has adopted a comprehensive package of laws regulating the cryptocurrency market. For the first time, the country has introduced full legislation on digital assets, covering all major aspects of the industry – from exchanges to token issuers. This has created a new institutional infrastructure that did not previously exist in the market.

Among the unique innovations is the mechanism for registering token issuances under official state supervision. Regulators ensure that token emissions comply with regulatory requirements, have fiat backing, undergo regular audits, and meet obligations to token holders. In essence, Kyrgyzstan provides one of the most transparent and secure tokenization models in the world.

The first issuance of A7A5 (mint) was carried out in complete accordance with the new national legislation – under the control of regulatory authorities and directed to an officially registered, regulated broker.

The A7A5 token is now available for trading on the regulated exchange Meer Exchange and is expected to be listed on decentralized platforms in the future. Its fiat backing is stored in bank accounts, and its volume is audited by an independent firm on a quarterly basis. The key advantage of A7A5 is the opportunity to earn up to 20% annually, driven by its link to the refinancing rate of the Central Bank of the Russian Federation and additional income strategies in DeFi.

For those seeking an alternative

The digital asset market is moving toward the integration of traditional finance with decentralized technologies. The emergence of stablecoins has enabled users to:
- Transition from volatile crypto assets to stable currencies without leaving the blockchain ecosystem.
- Trade freely against the dollar – the world’s primary reserve currency.
- Participate in DeFi protocols, with the potential to earn quasi-fixed income – returns close to fixed.
However, despite the overall growth of the segment, stablecoins denominated in other currencies are still in their early stages.

Currency diversity? Not yet

Although the segment has seen significant capitalization, stablecoins other than the dollar still have very limited trading volumes:
- USDT – exceeds $60 billion per day.
- USDC – around $6 billion.
- Stablecoins in euros (e.g., EURT, agEUR) rarely exceed $5–10 million in daily trading volume.
- Stablecoins in yen and yuan are almost non-existent on major exchanges and DeFi protocols.
- Stablecoins in emerging market currencies (rubles, reais, rupees, etc.) are virtually absent from the crypto market.
This limits the potential for building robust currency strategies, including FX and carry trades, which are at the core of the global financial market with a daily volume exceeding $7 trillion.

What’s preventing carry trade in crypto?

To execute a traditional carry trade strategy in the digital space, several key elements are still missing:
- Recently, one of the most popular strategies in the global market was the “dollar-yen” trade: borrowing in JPY at a low interest rate and investing in USD. Today, DeFi does not offer the option to borrow in yen or any other currencies to utilize carry trade opportunities, making this scenario unfeasible.
- The reverse strategy – borrowing in dollars within DeFi – is possible, but there is no infrastructure to invest in assets from emerging markets with fixed returns or to hedge currency risk using derivatives.
A7A5: The Solution

The launch of A7A5, followed by its listing on both CEX and DEX, marks the first step in expanding the range of tools available to crypto investors, including:
- Participation in income strategies involving assets from emerging markets.
- The ability to hedge currency risks using derivative instruments.
- Synthetic and direct participation in RWA (Real-World Assets) through digital infrastructure.
A7A5 is designed for investors who are ready to leverage next-generation technologies to achieve higher returns, given the limited alternatives in the world of traditional finance.

The listing on Meer Exchange ensures liquidity, transparency, and institutional access to a new class of digital assets tied to the Russian economy and emerging markets.

Social Links

X: https://x.com/A7A5official

Telegram: https://t.me/A7A5official

LinkTree: https://linktr.ee/a7a5official

Media Contact

Brand: A7A5

Contact: Media team

Email: info@a7a5.io

Website: https://a7a5.io/

The MIL Network –
March 27, 2025
MIL-OSI Submissions: Energy Sector – Congo Energy & Investment Forum (CEIF) 2025 Ministerial Panel: Republic of Congo to Promote Onshore Acreage in Upcoming Bid Round

SOURCE: Energy Capital & Power

A ministerial panel at the inaugural Congo Energy & Investment Forum explored Congo’s strategy for regional collaboration, resource monetization and hydrocarbon development

BRAZZAVILLE, Republic of Congo, March 26, 2025/ — The Republic of Congo’s Ministry of Hydrocarbons announced that the upcoming 2025 licensing round will focus on onshore blocks in the country’s continental basin.

The announcement was made on March 25 by Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo, during a ministerial panel discussion at the inaugural Congo Energy & investment Forum in Brazzaville.

“Our national development plan [aims to] develop the economy, but we cannot start without the development of hydrocarbons. We have no choice but to take care of hydrocarbons to give the country the capacity to develop,” Minister Itoua stated.

During the panel session, Minister Itoua also highlighted the Ministry’s plans to collaborate with oil and gas company Trident Energy to valorize associated gas from the country’s N’Kossa oil field. The Minister announced it will launch an entity to monetize associated gas not used by international oil companies operating in the country as part of a strategy to reach zero flaring by 2030.

Meanwhile, Aimé Sakombi Molendo, Minister of Hydrocarbons of the Democratic Republic of Congo (DRC), announced that the country will hold discussions with the Republic of Congo on March 26 to explore bilateral cooperation and the possibility of co-developing hydrocarbon resources in cross-border basins. This comes as the DRC and Angola are set to kick off discussions with energy major Chevron for the joint development of the common interest zone between the two countries, with a governance agreement having been ratified in December last year.

“We will be discussing with the Republic of Congo bilaterally to see to what extent the two countries can benefit from co-development of our abundant hydrocarbon resources,” Minister Molendo stated.

José Barroso, Secretary of State for Mineral Resources, Petroleum and Gas for Angola, indicated the potential for developing joint projects in the energy sector with both the Republic of Congo and the DRC. Barroso highlighted the need to create the requisite technical conditions to incentivize national companies to participate in their respective markets in the three countries.

“In the pipeline, we have projects that we are discussing amongst ourselves, and in the short future, we will be able to communicate more on this,” Barroso stated.

Meanwhile, Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), discussed the role the upcoming African Energy Bank will have on resource monetization and development in Africa. Spearheaded by APPO and the African Export-Import Bank, the bank aims to facilitate, promote and finance the development of Africa’s oil, gas and energy industries. According to Dr. Farouk, both the bank and the private sector will have an important role to play in ensuring that regional markets move forward and drive cross-border development.

“None of our countries have what it takes to address the challenges of energy by themselves. The African Energy Bank is an example of how Africa wants to be independent and be in control of its resources,” Dr. Farouk stated.

An outline of the Republic of Congo’s 2025 licensing round will be presented during the Congo Energy & Investment Forum.

About the Congo Energy & Investment Forum:
The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the highest patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, brings together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities.

MIL OSI – Submitted News –

March 27, 2025
MIL-OSI United Kingdom: Do you feel £1,400 better off every year since 2014?

Source: Scottish National Party

In the 2014 independence referendum Westminster politicians said “every Scot will be £1,400 better off every year” if people voted ‘No’.

It’s therefore painfully ironic that, just a decade later, people in Scotland see headlines saying “UK families to be ‘£1,400-a-year poorer by 2030’.”

New analysis by the Joseph Rowntree Foundation (JRF) – using forecast models from the Bank of England – shows that the austerity policies of Keir Starmer’s government will leave people worse off in the next five years.

The JRF also said that if living standards haven’t improved by 2030, Labour will not only have failed to meet their own election pledge but will have become the first government in nearly 75 years to have seen a fall in living standards across a full parliament.

They concluded that the worse effects of these policies will fall on the poorest third of the population.

The pledge that “every Scot will be £1,400 better off every year” is not only looking threadbare, it’s been ripped into rags by the very people who promised it.

And, this is no joke, the same Westminster politicians seriously argued that this £1,400 meant people would be able to enjoy ‘scoffing 280 hot dogs’ or drinking ’636 cappuccinos’. Instead we’ve seen food banks rise year on year.

But those aren’t the only promises Westminster politicians made to persuade people to vote ‘No’.

In the run-up to the 2014 referendum people were also promised “lower shopping bills” and that Westminster would “keep energy costs down for families in Scotland“.

Better Together on X: “Lower shopping bills than if we left the United Kingdom say supermarkets. Read more: http://t.co/hcmC81lu9q #indyref http://t.co/MmDmHF6nrt” / X

Better Together on X: “Being part of the UK keeps energy costs down for families in Scotland http://t.co/VkNwzmQ4kq #indyref” / X

They highlighted Gordon Brown urging people in Scotland to vote ‘No’ “to create a more socially just country“; and that a Westminster-run social security system “offers better protection for pensioners, disabled and the unemployed“.

Better Together on X: “Gordon Brown urges people in Scotland to stay in the UK to create a more socially just country http://t.co/0s9ZggfkZN #indyref” / X

Better Together on X: “Gordon Brown in Dundee: “Our UK welfare state offers better protection for pensioners, disabled and the unemployed.” http://t.co/AYzvqu9EBH” / X

With Scots facing yet more energy bill increases – despite Labour promises to cut them by £300 – and Keir Starmer’s government cutting winter fuel payments for pensioners and support for the disabled.

This situation not only makes a bad joke of the Westminster politicians’ promises in the 2014 independence referendum, but it also exposes the duplicity of Labour’s promise of “Change”.

Even before the 2024 election the signs of the direction of the UK were obvious.

Reports revealed that UK workers were missing out on over £10,000 a year, with living standards falling behind other G7 nations, as well as Australia and the Netherlands.

Other analysis showed that, compared to neighbouring countries in north west Europe, the UK in the 21st century has had the least wealth per person, the most poverty, and the greatest gap between rich and poor. It also shows that countries similar in size or smaller than Scotland are wealthier and more equal than the north west European average.

But it could be so much different, and better, for Scotland.

With a huge offshore energy potential, a food and drink sector worth billions and one of the best educated populations in Europe and can even be asked: Why is Scotland in a UK trailing its neighbours so badly?

The reason is that those countries don’t have government from Westminster obsessed with cutting public spending again and again.

Those other countries get government’s they voted for with policies they want, and the results can be seen in how they are wealthier, fairer and happier than the UK.

Despite the ‘No’ campaigns 2014 promises, Westminster isn’t working for Scotland, but independence works for those countries.

So why shouldn’t it work for Scotland too?

MIL OSI United Kingdom –

March 27, 2025
MIL-OSI: Volunteer State Bank Rebrands as Volunteer Bank, Emphasizing Its Commitment to Middle Tennessee

Source: GlobeNewswire (MIL-OSI)

NASHVILLE, Tenn., March 26, 2025 (GLOBE NEWSWIRE) — Volunteer State Bank has rebranded as Volunteer Bank. A locally owned and headquartered financial provider since 1977, the evolution reflects a new look for the future of banking— while embracing the bank’s continued dedication to its customers and expanding footprint in Middle Tennessee.

The rebrand is not the result of a merger or change in ownership, but rather a reflection of the bank’s commitment to the next 50 years—ensuring it remains a strong, independent, and community-focused financial partner for generations to come. The updated logo pays homage to Tennessee, with one of the arms of the “V” symbolizing the state’s shape, reinforcing Volunteer Bank’s pride in serving the region.

“For nearly 50 years, we have built relationships rooted in trust, service, and local decision-making,” said Tony Gregory, chairman, president, and chief executive officer of Volunteer Bank. “As we evolve into Volunteer Bank, we do so with great respect for our history and an even greater vision for the future. We are thrilled to share our refreshed look with our Middle Tennessee neighbors.”

Over the coming weeks, customers and communities will soon see the new Volunteer Bank identity come to life across the bank’s branch locations, digital platforms, and in the cities served throughout Davidson, Williamson, Rutherford, Sumner, Robertson and Wilson counties.

“Middle Tennessee deserves a financial partner who leads with local expertise, serves with purpose and remains genuinely dedicated to giving back to the communities we call home,” Gregory added. “We are passionate about empowering our neighbors to succeed—a commitment we call ‘The Home State Advantage’.”

About Volunteer State Bank

Volunteer Bank is a privately owned, Tennessee-based community bank with over $1.5 billion in assets. Founded in 1977, Volunteer State Bank operates 18 full-service branches throughout Middle Tennessee in Davidson, Robertson, Rutherford, Sumner, Williamson and Wilson counties. Volunteer Bank offers a full suite of financial solutions designed to empower individuals and businesses at every stage of their financial journey. For more information on products, locations, and hours of operation, please visit Volunteer.Bank.

Media Contacts:

Lindsey Hammons, VP, Marketing, Engagement and Communications
Volunteer Bank
Lindsey.Hammons@Volunteer.Bank

The MIL Network –

March 27, 2025
MIL-OSI Africa: Congo Energy & Investment Forum (CEIF) 2025 Ministerial Panel: Republic of Congo to Promote Onshore Acreage in Upcoming Bid Round

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

BRAZZAVILLE, Republic of Congo, March 26, 2025/APO Group/ —

The Republic of Congo’s Ministry of Hydrocarbons announced that the upcoming 2025 licensing round will focus on onshore blocks in the country’s continental basin.

The announcement was made on March 25 by Bruno Jean-Richard Itoua, Minister of Hydrocarbons of the Republic of Congo, during a ministerial panel discussion at the inaugural Congo Energy & investment Forum in Brazzaville.

“Our national development plan [aims to] develop the economy, but we cannot start without the development of hydrocarbons. We have no choice but to take care of hydrocarbons to give the country the capacity to develop,” Minister Itoua stated.

During the panel session, Minister Itoua also highlighted the Ministry’s plans to collaborate with oil and gas company Trident Energy to valorize associated gas from the country’s N’Kossa oil field. The Minister announced it will launch an entity to monetize associated gas not used by international oil companies operating in the country as part of a strategy to reach zero flaring by 2030.

Meanwhile, Aimé Sakombi Molendo, Minister of Hydrocarbons of the Democratic Republic of Congo (DRC), announced that the country will hold discussions with the Republic of Congo on March 26 to explore bilateral cooperation and the possibility of co-developing hydrocarbon resources in cross-border basins. This comes as the DRC and Angola are set to kick off discussions with energy major Chevron for the joint development of the common interest zone between the two countries, with a governance agreement having been ratified in December last year.

“We will be discussing with the Republic of Congo bilaterally to see to what extent the two countries can benefit from co-development of our abundant hydrocarbon resources,” Minister Molendo stated.

José Barroso, Secretary of State for Mineral Resources, Petroleum and Gas for Angola, indicated the potential for developing joint projects in the energy sector with both the Republic of Congo and the DRC. Barroso highlighted the need to create the requisite technical conditions to incentivize national companies to participate in their respective markets in the three countries.

“In the pipeline, we have projects that we are discussing amongst ourselves, and in the short future, we will be able to communicate more on this,” Barroso stated.

Meanwhile, Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), discussed the role the upcoming African Energy Bank will have on resource monetization and development in Africa. Spearheaded by APPO and the African Export-Import Bank, the bank aims to facilitate, promote and finance the development of Africa’s oil, gas and energy industries. According to Dr. Farouk, both the bank and the private sector will have an important role to play in ensuring that regional markets move forward and drive cross-border development.

“None of our countries have what it takes to address the challenges of energy by themselves. The African Energy Bank is an example of how Africa wants to be independent and be in control of its resources,” Dr. Farouk stated.

An outline of the Republic of Congo’s 2025 licensing round will be presented during the Congo Energy & Investment Forum.

MIL OSI Africa –

March 27, 2025
MIL-OSI Africa: Secretary-General’s remarks to the Informal Interactive Dialogue on the Implementation of the Pact for the Future [bilingual, as delivered; scroll down for all-English version]

Source: United Nations – English

r. President of the General Assembly, Excellencies, Ladies and Gentlemen,

I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months.

From day one of the Pact for the Future’s adoption, the President has been its active champion.

I deeply appreciate your efforts, Mr. President, and your leadership.

Excellencies,

Adopting the Pact was the beginning of the process, not the end.

Today I want to focus on what we have done over the last six months — and what we need to do.

We face a long list of challenges.

Conflicts and climate disasters are intensifying.

The Sustainable Development Goals are far off-track — as is the funding required to achieve them.

Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

But let me be very clear. It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever. And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come.

Resources are shrinking across the board — and they have been for a long time.

From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our organization.

Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment.

All these will contribute for a more effective implementation of the Pact for the Future.

Excellencies,

We’ve wasted no time moving into the implementation phase of the Pact.

From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas:

Sustainable Development Goals acceleration…peace and security… international financial architecture…digital technologies…UN governance…and youth.

We’ve created two task teams focusing on future generations and the need to look beyond GDP as a measure of progress and guide to policy-making.

And we’re establishing an internal tracking system to monitor our progress on Pact implementation.

Today, I’d like to report on our efforts since the Pact was adopted, and outline the work ahead in four areas.

First — peace and security.

United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world.

The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund.

We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.

And we’re progressing on a review of all forms of Peace Operations — as requested in the Pact.

Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

It will also recognize the limitations of our operations where there is little or no peace to keep.

We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

Second — finance for development.

Since the Pact’s adoption, we’ve taken action on several fronts.

For example, our Resident Coordinators and Country Teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

We’ve begun analyzing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September.

The Expert Group called for in the Pact to develop measures of progress that go beyond Gross Domestic Product will soon be announced, and will work throughout the year before an inter-governmental process takes over in 2026.

And we’ve been working closely with the World Bank and the IMF to follow-up on the Pact’s action points addressing improvements to the international financial system.

Developing countries must be represented fairly in the governance of the very institutions they depend on.

We know the environment is not favourable.

But we must not give up.

Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt.

In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

Debt relief is a central issue if we want the implementation and the Pact for the Future a reality.

At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, to make them bigger and bolder.

This includes both stretching their balance sheets and recapitalization.

And we must ensure that concessional finance is deployed where it is most needed.

Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

Three — youth and future generations

Our efforts must deliver for young people and the generations to come.

The Pact’s central promise to young people is to listen to their concerns and ideas, and including them at the decision-making table.

Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities.

With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

Through the Declaration on Future Generations, we’re also looking to the generations yet to be born.

We’ve established a Strategic Foresight Network and Community of Practice, to ensure our policies, programmes and field operations are based on long-term thinking.

And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

Quatrièmement : la technologie.

Nous mettons en œuvre les appels du Pacte mondial pour le numérique pour combler toutes les fractures numériques et veiller à ce que tout le monde puisse bénéficier d’un espace numérique sûr et sécurisé.

L’intelligence artificielle fait l’objet d’une attention particulière.

Nous élaborons un rapport sur les options novatrices de financement volontaire qui permettraient de renforcer les capacités en matière d’intelligence artificielle afin d’aider les pays du Sud à exploiter cette technologie au service de l’intérêt général – en tenant compte des recommandations formulées par mon Organe consultatif de haut niveau.

Un avant-projet de résolution visant à établir le Groupe scientifique international indépendant sur l’IA et à organiser un Dialogue mondial sur la gouvernance de l’IA a été distribué la semaine dernière – grâce au travail des co-facilitateurs, l’Espagne et le Costa Rica.

J’invite l’Assemblée générale à agir rapidement pour mettre sur pied ce Groupe et veiller à ce que le savoir-faire et les connaissances en matière d’IA soient mis à la disposition de tous les pays – tout en soutenant le Dialogue mondial.

L’ensemble du système de l’ONU se tient prêt à soutenir ces travaux.

Excellences,

Tout en défendant ces priorités, nous nous attelons par ailleurs à améliorer l’efficience et l’efficacité de nos opérations – comme l’exige le Pacte.

L’automne dernier, nous avons entrepris une évaluation complète dans l’ensemble des entités de l’ONU afin d’exploiter le potentiel de l’innovation, de l’analyse des données, de la transformation numérique et de la prospective dans l’ensemble de nos travaux – conformément à l’initiative ONU 2.0.

Les résultats sont déjà au rendez-vous : nous avons par exemple été capable de constater une accélération de l’évaluation des catastrophes dans la région Asie-Pacifique, un renforcement des programmes de sécurité sociale au Malawi, ou encore une consolidation des fonctions relatives à l’informatique dans l’ensemble du système des Nations Unies.

Ces efforts, où les données sont une question essentielle pour que nous puissions faire une bien meilleure gestion de ces données – ces efforts doivent se poursuivre, en particulier au regard des problèmes de financement auxquels nous devons faire face.

Nous comptons sur votre soutien pour mener ce travail à bien.

Excellences,

Alors que nous œuvrons pour remodeler le système multilatéral et ainsi relever les défis du monde d’aujourd’hui, le Pacte pour l’avenir est un rouage essentiel de ce processus de renouvellement constant.

Nous ne pouvons pas diluer nos efforts.

Gardons intact l’esprit et la détermination qui ont permis de forger et d’adopter le Pacte.

Nous comptons sur vous pour éclairer, inspirer et guider le travail de mise en œuvre à venir.

Une fois encore, merci pour vos idées et votre engagement.

***
[All-English]

Mr. President of the General Assembly, Excellencies, Ladies and Gentlemen,

I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months.

From day one of the Pact for the Future’s adoption, the President has been its active champion.

I deeply appreciate your efforts, Mr. President, and your leadership.

Excellencies,

Adopting the Pact was the beginning of the process, not the end.

Today I want to focus on what we have done over the last six months — and what we need to do.

We face a long list of challenges.

Conflicts and climate disasters are intensifying.

The Sustainable Development Goals are far off-track — as is the funding required to achieve them.

Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

But let me be very clear. It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever. And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come.

Resources are shrinking across the board — and they have been for a long time.

From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our organization.

Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment.

All these will contribute for a more effective implementation of the Pact for the Future.

Excellencies,

We’ve wasted no time moving into the implementation phase of the Pact.

From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas:

Sustainable Development Goals acceleration…peace and security… international financial architecture…digital technologies…UN governance…and youth.

We’ve created two task teams focusing on future generations and the need to look beyond GDP as a measure of progress and guide to policy-making.

And we’re establishing an internal tracking system to monitor our progress on Pact implementation.

Today, I’d like to report on our efforts since the Pact was adopted, and outline the work ahead in four areas.

First — peace and security.

United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world.

The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund.

We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.

And we’re progressing on a review of all forms of Peace Operations — as requested in the Pact.

Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

It will also recognize the limitations of our operations where there is little or no peace to keep.

We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

Second — finance for development.

Since the Pact’s adoption, we’ve taken action on several fronts.

For example, our Resident Coordinators and Country Teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

We’ve begun analyzing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September.

The Expert Group called for in the Pact to develop measures of progress that go beyond Gross Domestic Product will soon be announced, and will work throughout the year before an inter-governmental process takes over in 2026.

And we’ve been working closely with the World Bank and the IMF to follow-up on the Pact’s action points addressing improvements to the international financial system.

Developing countries must be represented fairly in the governance of the very institutions they depend on.

We know the environment is not favourable.

But we must not give up.

Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt.

In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

Debt relief is a central issue if we want the implementation and the Pact for the Future a reality.

At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, to make them bigger and bolder.

This includes both stretching their balance sheets and recapitalization.

And we must ensure that concessional finance is deployed where it is most needed.

Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

Three — youth and future generations

Our efforts must deliver for young people and the generations to come.

The Pact’s central promise to young people is to listen to their concerns and ideas, and including them at the decision-making table.

Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities.

With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

Through the Declaration on Future Generations, we’re also looking to the generations yet to be born.

We’ve established a Strategic Foresight Network and Community of Practice, to ensure our policies, programmes and field operations are based on long-term thinking.

And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

Fourth — technology.

We’re implementing the Global Digital Compact’s calls to close all digital divides and ensure all people benefit from a safe and secure digital space.

Artificial Intelligence is a particular focus.

We’re developing a report on innovative voluntary financing options for AI capacity-building to help the Global South harness AI for the greater good, taking into account the recommendations of my High-Level Advisory Body.

The zero draft resolution to establish the International Independent Scientific Panel on AI and convene a Global Dialogue on AI Governance was also circulated last week — thanks to the work of the co-facilitators, Spain and Costa Rica.

I urge the General Assembly to act swiftly to establish this Panel, and ensure that AI expertise and knowledge are available to all countries, while supporting the Global Dialogue.

The UN system stands ready to support this work.

Excellencies,

As we push for these priorities, we’re also improving the efficiency and effectiveness of our operations, as called for by the Pact.

Last fall, we undertook a comprehensive assessment across UN entities to harness the potential of innovation, data analytics, digital transformation and foresight across our work — as called for in the UN 2.0 initiative.

We’re already seeing results: from speeding-up disaster assessments in the Asia-Pacific, to strengthening social security programmes in Malawi, to consolidating Information Technology functions across the UN System.

This work must continue — especially in light of the funding challenges we face.

We’re counting on your support as we move forward.

Excellencies,

The Pact for the Future is an essential part of this process of constant renewal, as we re-shape the multilateral system for the challenges of today’s world.

We cannot dilute our efforts.

We need to sustain the same spirit and determination in which the Pact was forged and adopted.

We count on you to inform, inspire and guide the implementation work ahead.

Once again, thank you for your ideas and commitment.

MIL OSI Africa –

March 27, 2025
MIL-OSI USA: FEMA May Contact You by Phone

Source: US Federal Emergency Management Agency

Headline: FEMA May Contact You by Phone

FEMA May Contact You by Phone

FEMA Representatives Calling Kentucky Storm SurvivorsFEMA representatives are reaching out to survivors of the February severe storms that have applied for disaster assistance

Representatives may call for a variety of reasons such as issues with applications (missing documents, insurance settlement paperwork, etc

), follow-up on access and functional needs and/or to schedule inspections at the address where the damage was reported

Representatives may also be calling eligible survivors for the Direct Temporary Housing Program

In these instances, phone calls may come from unknown phone numbers or unfamiliar area codes

If you receive a phone call from FEMA, don’t share your personal information unless you are sure the person you are talking to is a legitimate FEMA representative

If you receive a call from someone stating they are a FEMA representative, but you are skeptical, do not give out any information

Call 800-621-3362 to verify the call is legitimate

If you suspect fraud, please send an email to StopFEMAFraud@fema

dhs

govWhen an applicant calls the Helpline to speak with a FEMA representative, they may be asked to share personal information to verify identity

How to Apply for FEMA AssistanceIf you live in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, or Woodford county, and haven’t yet applied for FEMA assistance, you may still complete an application

The deadline to apply for FEMA assistance is Friday, April 25

You can visit a Disaster Recovery Center (DRC) to meet face to face with specialists from FEMA to get assistance filling out your application

The Small Business Administration (SBA) and other state and local agencies are also in DRCs to answer questions about disaster assistance and other recovery resources

You may also upload any documents needed for applications at the centers

If you are unable to visit a DRC, there are other ways to apply: online at DisasterAssistance

gov, use the FEMA App for mobile devices or call 800-621-3362

If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

When you apply, you will need to provide:A current phone number where you can be contacted

Your address at the time of the disaster and the address where you are now staying

Your Social Security Number

A general list of damage and losses

Banking information if you choose direct deposit

If insured, the policy number or the agent and/or the company name

For an accessible video on how to apply for FEMA assistance, go to youtube

com/watch?v=WZGpWI2RCNw

For more information about Kentucky flooding recovery, visit www

fema

gov/disaster/4860

Follow the FEMA Region 4 X account at x

com/femaregion4

martyce

allenjr
Wed, 03/26/2025 – 16:57

MIL OSI USA News –

March 27, 2025
MIL-OSI Economics: Agriculture Committee adopts two decisions to enhance transparency, notifications

Source: WTO

Headline: Agriculture Committee adopts two decisions to enhance transparency, notifications

Tariff-Rate Quotas (TRQs) allow a specified quantity of a product to be imported at a lower tariff rate, while any quantity exceeding that limit is subject to higher tariffs.
Triennial reviews of Nairobi and Bali decisions
The Chair announced that members successfully concluded the third triennial review of the Nairobi Decision on Export Competition in December 2024 through a written procedure. The outcome package includes the Review Report (G/AG/39 ) and a decision on a comprehensive export competition notification requirements and formats (G/AG/2/Add.2 ). This streamlines the relevant notification requirements adopted in 1995 (G/AG/2 ) and integrates the export competition questionnaire (ECQ) from the Nairobi Decision. She thanked members for their constructive engagement in reaching consensus.
Members also adopted a key document on enhanced transparency of TRQ administration notifications (RD/AG/134/Rev.2) in order to implement the Bali Decision on Tariff Rate Quota administration. Members hailed the successful adoption of the decision on TRQ notifications (G/AG/2/Add.3), recognizing it as the culmination of months of hard work and productive dialogue.
Members also launched discussions on the second triennial review of the operation of the Bali Decision and shared their expectations of the review.
Updates on agricultural market developments, food security
Members heard updated reports from the World Food Programme(WFP), the International Grains Council (IGC) and the World Bank on the latest developments in food security and agriculture. The organizations were invited to the Committee to share information and experiences as a follow-up to the report and recommendations of the work programme undertaken pursuant to the MC12 declaration on food insecurity.
The WFP warned that the world is entering a period of high uncertainty, marked by a worsening global food security crisis and humanitarian funding cuts. It estimated that 343 million people suffered from acute food insecurity across 74 countries in 2024 — nearly 200 million more than pre-pandemic levels.
The WFP stressed that conflict remains the primary driver of food insecurity in war zones, including Sudan, the Democratic Republic of the Congo, Gaza and Somalia. Other factors, such as climate change, economic instability, rising food prices and currency depreciation, continue to affect food supply in developing economies.
The WFP urged governments to find political solutions to end conflicts, strengthen food systems and enhance support for local economies. It also called for governments to secure funding to protect vulnerable populations and build community food resilience.
The IGC projected record grain production and a global rebound in grain trade in 2025–26, driven by strong demand from Asia and Africa, as well as other positive market trends. The IGC also outlined its ongoing efforts to improve and standardize trade statistics for rice through better classification of rice types in global trade. It has also developed a dashboard for net food-importing countries to track market changes and refine food security strategies.
The World Bank echoed concerns raised by the WFP and IGC, stating that acute food insecurity remains at record levels, with an estimated 713–757 million people undernourished. It introduced its Global Challenge Program on Food and Nutrition Security, which includes early warning systems, cross-sectoral approaches to nutrition, and improved access to climate finance for smallholders.
The World Bank reaffirmed its commitment to nutrition security, emphasizing its alignment with global efforts such as the Nutrition for Growth Summit in Paris and its integration of nutrition objectives across health, agriculture and social protection investments.
Members thanked the international organizations for their updates. Some highlighted concerns over food insecurity in least developed countries (LDCs) and net food-importing developing countries (NFIDCs), citing conflict, climate change and high import dependency as key challenges. Others emphasized the need for greater financial support for food and climate resilience while urging the WTO to address the root causes of food insecurity through further agricultural reforms.
Members also discussed follow-up to Food Security Work Programme recommendations (G/AG/38) from the 12th Ministerial Conference. The Chair commended members’ efforts in implementing some of these recommendations within the Committee and the Working Group on Trade, Debt and Finance. Some members stressed the need to turn recommendations into concrete actions, including informal dedicated workshops to share experiences.
Review of the NFIDC list
Divergences remain on the annual review of the NFIDCs list, which is undertaken annually in the Committee’s March meeting. Some members favoured a data-based review exercise requiring NFIDCs to present updated statistics, whereas some others saw no basis to submit such data by NFIDCs beyond their inclusion in the list.
The discussion concluded without a common understanding of whether the annual review had been accomplished. Some members called for continued discussions in subsequent meetings, while others opposed extending talks beyond the annual March meeting. At the same time, members agreed that the current list (G/AG/5/Rev.12) remains valid unless consensus dictates otherwise.
Review of agricultural policies
A total of 208 questions were raised by members concerning individual notifications and specific implementation matters during the meeting. This peer review process allows members to address issues related to the implementation of commitments outlined in the Agreement on Agriculture. Of these, 31 issues were raised for the first time, while 15 were recurring matters from previous Committee meetings.
The 31 new items covered a range of topics, including Australia’s food and fibre program, Brazil’s rural initiative, Canada’s multiple farm and dairy support programs, and the European Union’s tariffs on Russian agri-food imports. Other topics included India’s sugar support and tariff changes on Bourbon whiskey, Indonesia’s various farm support policies, and Japan’s support for CO₂ reduction and fertilizer procurement. Members also reviewed Paraguay’s financial assistance to farmers, Switzerland’s farm payments, Thailand’s debt relief measures and rice support, Türkiye’s tax and pricing systems, the United Kingdom’s productivity-boosting scheme, and the United States’ applied tariffs and multiple farm support programs.
Since the previous meeting in November 2024, a total of 110 individual notifications have been submitted to the Committee, covering market access, domestic support, export competition and notifications in the context of the NFIDC Decision. The majority of these notifications — 45 in total — pertain to export competition.
The Chair urged members to submit timely and complete notifications and to respond to overdue questions, stressing the critical importance of enhanced transparency.
All questions submitted for the meeting are available in G/AG/W/252. All questions and replies received are available in the WTO’s Agriculture Information Management System (AG IMS).
Technology transfer
The Chair reported productive discussions at an informal meeting on 13 February regarding guidance on how to pursue further discussions on technology transfer in 2025.
Some members expressed interest in shifting discussions from experience-sharing to the WTO framework of rules and its role in promoting agricultural innovations and technologies. While they acknowledged that the Agreement on Agriculture provides a clear policy and legal basis for agricultural technology transfer — essential for improving food security and rural development — barriers remain in accessing these technologies, highlighting the need for affordable innovations. To address these challenges, these members suggested future seminars to discuss both policy considerations under the Agreement on Agriculture and practical country case studies.
Some members also emphasized the need for the Committee to further explore sustainable agriculture, with a focus on practical, expert-led discussions. One suggestion was to highlight the importance of capacity building in developing economies, supported by strengthened collaboration with regional research centres.
The Chair noted the need to continue discussions on this agenda item at the next meeting, which will help the incoming Chair plan future work.
Other business
The Chair said that the election of the new Chair will be considered at the June meeting, as the consultation process is still ongoing.
The Inter-American Institute for Cooperation on Agriculture (IICA) briefly introduced its 2025 work plan (G/AG/GEN/248). In close cooperation with the WTO, the IICA will organize a seminar in Paraguay in the second half of the year to train government officials from the region on improving their notification capacity and negotiation skills.
Next meeting
The next meeting of the Committee on Agriculture is scheduled for 23-24 June 2025.

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MIL OSI Economics –

March 27, 2025
MIL-OSI: Development of the Annual General Meeting of the BANK of Greenland
Source: GlobeNewswire (MIL-OSI)

Today, the BANK of Greenland held its Annual General Meeting in accordance with the Articles of Association and the previously published notice convening the meeting.

The Annual General Meeting was attended by shareholders representing 1,165,411 votes, of which 544,852 votes were given by proxy to the Board of Directors and 90,246 votes were covered by instructions to holders of power of attorney.
1. The Board of Directors’ Report on the Bank’s activities during the past year
The Chairman of the Board of Directors Gunnar í Liða presented the Board of Directors’ report on the Bank’s activities during the past year. The report of the Board of Directors was noted. The Chairman’s report can be viewed on the Bank’s website at www.banken.gl. The minutes of the Annual General Meeting will also be published on the Bank’s website no later than 14 days after the Annual General Meeting is held.
1. Approval of the Annual Report for 2024, notification of discharge of the Board of Directors and Executive Management, approval of the remuneration of the Board of Directors, and allocation of profit or cover of losses in accordance with the approved Annual Report
The Annual Report for 2024, which shows a resultat after tax of DKK 209 million, equity of DKK 1,593 million and total assets of DKK 10,021 million, was approved as it was submitted. The Board of Directors and the Executive Management were discharged from their obligations.
The Board of Directors’ proposal for the allocation of profit or cover of losses was approved, including the Board of Directors’ recommended dividend of DKK 100 per share.
1. Proposal from the Board of Directors for authorisation to acquire own shares
The Board of Directors’ proposal, for a period up to 1 March 2030, and within 10% of the share capital, to let the Bank be authorised to acquire own shares, was approved.
1. Proposal for amendments to the Articles of Association: New article 5 concerning capital reserves and amendment to article 9 concerning deadline
The Board of Directors’ proposed amendments to the Bank’s Articles of Association were approved.
1. Proposal for amendment of the Remuneration Policy
The Board of Directors’ proposal to amend the remuneration policy was approved
1. Proposal to an indicative vote of the remuneration report
The general meeting approved the remuneration report for 2024 at the indicative voting.
1. Election to the Board of Directors
Gunnar í Liða was re-elected to the Board of Directors for a two-year period.
Pia Werner Alexandersen and Gert Jonassen were elected for a two-year period.

The Board of Directors also consists of Kristian Lennert, Maliina Bitsch Abelsen and Peter Angutinguaq Wistoft as well as the employee-elected members Peter Fleischer Rex, Pilunnguaq Kristiansen and Tulliaq Olsen.

At the subsequent meeting of the Board of Directors, the Board of Directors elected Gunnar í Liða as Chairman and Kristian Frederik Lennert as Vice Chairman.
1. Election of auditor
Deloitte, Statsautoriseret Revisionspartnerselskab, was re-elected as auditor for one year.
1. Any other business
There were no items for consideration under any other business.

BANK of Greenland
Gunnar í Liða
Chairman of the Board of Directors

Attachment
- 05.Referat af Generalforsamling 2025_UK
The MIL Network –
March 27, 2025
MIL-OSI: MRF 2025 Resource Limited Partnership Final Closing April 29, 2025

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 26, 2025 (GLOBE NEWSWIRE) — Middlefield, on behalf of MRF 2025 Resource Limited Partnership (“MRF 2025” or the “Partnership”), is pleased to announce that it has completed the second closing of the initial public offering of MRF 2025 Class A and Class F units for total gross proceeds of $5.0 million. The maximum offering size is $50 million. The offering is being made in each of the provinces of Canada. The Partnership intends to have a third and final closing on April 29, 2025.

The objectives of the Partnership are to provide investors with capital appreciation and significant tax benefits to enhance after-tax returns to limited partners, including the deductibility of 100% of their original investment. The Partnership intends to achieve these objectives by investing in an actively managed, diversified portfolio comprised primarily of equity securities of Canadian companies involved in the resource sector.

Middlefield is a leading provider of flow-through share funds in Canada and has a strong track record of delivering positive after-tax returns. Since 1983, Middlefield has sponsored 70 public and private flow-through funds and has acted as agent or manager for over $2.5 billion of resource investments.

The syndicate of agents for the offering is being co-led by CIBC Capital Markets and RBC Capital Markets and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Richardson Wealth Limited, Manulife Securities Incorporated, iA Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd. and Wellington-Altus Private Wealth Inc.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your CIRO registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.

The MIL Network –

March 27, 2025
MIL-OSI USA: 03.26.2025 Sen. Cruz Introduces Bill to Block Federal Reserve from Issuing Central Bank Digital Currency

US Senate News:

Source: United States Senator for Texas Ted Cruz

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) introduced the Anti-CBDC Surveillance State Act, legislation that prohibits the Federal Reserve from issuing a central bank digital currency (CBDC).
Upon introduction, Sen. Cruz said, “Cryptocurrency represents financial freedom, innovation, and privacy. A Central Bank Digital Currency (CBDC) would undermine these core values, erode privacy, and stifle innovation. I am proud to introduce this bill to restrict the implementation of a CBDC, and I call upon my colleagues to expeditiously take it up and advance it.”
This legislation was cosponsored by Sens. Ted Budd (R-N.C.), Kevin Cramer (R-N.D.), and Thom Tillis (R-N.C.).
Sen. Cramer said, “A central bank digital currency has the potential for financial monitoring and surveillance and could turn the Federal Reserve into a retail bank. Despite the previous administration’s push for this, Congress should not be circumvented and our bill ensures it!”
Sen. Tillis said, “This legislation is a crucial step in protecting Americans’ financial privacy and ensuring that the federal government does not have unchecked power over how we spend our money. A central bank digital currency, if misused, could become a surveillance tool that threatens individual freedoms and free market principles. I’m proud to support this bill and stand with my colleagues in defending the American people from government overreach.”
This bill is endorsed by America First Policy Institute, American Bankers Association, Americans for Tax Reform, America’s Credit Unions, Bank Policy Institute, Blockchain Association, Center for a Free Economy, Center for Freedom and Prosperity, Club for Growth, Consumer Bankers Association, Heritage Action, Independent Community Bankers of America, Project for Privacy & Surveillance Accountability, Restore the Fourth, Small Business & Entrepreneurship Council, Digital Chamber, Association of Mature American Citizens, and Crypto Council for Innovation.
David McIntosh, President of Club for Growth said, “Allowing the Federal Reserve to issue a digital currency would violate the separation of powers, expose Americans to unconstitutional financial surveillance, crowd out private investment and innovation, increase volatility in financial markets, and threaten persistent inflation. Club for Growth applauds WHIP Emmer and the House of Representatives for their effort to keep President Trump’s promise to protect Americans from the clear and present danger of the big government CBDC scheme.”
Rob Nichols, President & CEO of American Bankers Association said, “A central bank digital currency would fundamentally change the relationship between citizens and the Federal Reserve, and would undermine the essential role that banks play in extending credit and driving economic growth. The Anti-CBDC Surveillance State Act protects our financial system and our economy from these harms, and we applaud Sen. Cruz and his cosponsors for introducing it.”
Rebeca Romero Rainey, President & CEO of Independent Community Bankers of America said, “A Federal Reserve-issued central bank digital currency would disintermediate community banks, reduce credit availability, and undermine consumer privacy. ICBA and the nation’s community banks thank Senator Ted Cruz for introducing the CBDC Anti-Surveillance State Act to avoid the unnecessary risks a CBDC would pose to consumers and the economy.”
Read the bill text here.
Sen. Cruz has long been a champion of free markets and cryptocurrency.

Sen. Cruz passed a joint resolution of disapproval overturning the IRS’s Gross Proceeds Reporting rule for brokers handling digital asset sales. This rule would have harmed the digital asset industry by imposing burdensome reporting requirements on decentralized finance (DeFi) participants.
Sen. Cruz originally introduced this legislation in 2024 with the intention of halting the Biden administration’s efforts to issue a central bank digital currency.
Sen. Cruz previously introduced legislation in 2022 and 2023 to prohibit the Federal Reserve from developing a direct-to-consumer central bank digital currency, which could be used as a financial surveillance tool by the federal government.
Sen. Cruz authored the Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions Resolution, also known as the ACCEPT Resolution.
Sen. Cruz introduced an amendment to repeal a provision from the 2021 infrastructure package that created new reporting requirements for many cryptocurrency and blockchain companies in both the 117th and 118th Congresses.

MIL OSI USA News –

March 27, 2025
MIL-OSI: PIMCO Names Janet Yellen and Raghuram Rajan to its Global Advisory Board (GAB); Gordon Brown Becomes Chair
Source: GlobeNewswire (MIL-OSI)
- Janet Yellen served as Treasury Secretary in the Biden Administration and Chair of the Federal Reserve from 2014 to 2018
- Raghuram Rajan served as the Governor of the Reserve Bank of India and as Chief Economist at the International Monetary Fund
- Gordon Brown, former UK Prime Minister, becomes Chair of the GAB
- Ben Bernanke, former Chair of the Federal Reserve, retiring from role as Chair of PIMCO’s GAB after 10 years service
- Mark Carney, Canadian Prime Minister, also recently stepped down from GAB
NEWPORT BEACH, Calif., March 26, 2025 (GLOBE NEWSWIRE) — PIMCO, one of the world’s premier fixed income investment managers, announces the addition of Janet Yellen, former U.S. Secretary of the Treasury and Chair of the Federal Reserve, and Raghuram Rajan, former Governor of the Reserve Bank of India and Chief Economist at the International Monetary Fund, to its Global Advisory Board. The Board provides PIMCO with insights on global economic, political, and strategic developments and their relevance for financial markets.

In addition, Gordon Brown, former UK Prime Minister (2007-2010) and Chancellor of the Exchequer (1997-2007), becomes Chair of the Board. Mr. Brown, who has been a member of PIMCO’s GAB since its founding in 2015, replaces Ben Bernanke, who is retiring after serving 10 years as Chair of the GAB. Mark Carney, Prime Minister of Canada, previously announced his resignation from PIMCO’s GAB in January, when he announced his candidacy for political office. He had served on the Board since 2020.

Before serving as the 78^th U.S. Secretary of the Treasury from 2021-2025, Secretary Yellen was Chair of the Board of Governors of the Federal Reserve from 2014 to 2018 and Vice Chair 2010 to 2014. Secretary Yellen has also held positions at Harvard University, the London School of Economics, and the University of California, Berkeley, where she is now professor emeritus. Her extensive contributions to economic policy and research have established her as a leading figure in the field.

Dr. Raghuram Rajan’s career is distinguished by his influential roles in global economic institutions. He was the 23rd Governor of the Reserve Bank of India from 2013 to 2016 – where he implemented key reforms to stabilize the Indian economy – and was Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006. He is also a Professor of Finance at the University of Chicago Booth School of Business.

“Secretary Yellen and Dr. Rajan’s deep expertise in economic policy make them remarkable additions to our Global Advisory Board,” said Emmanuel Roman, PIMCO’s Chief Executive Officer. “Their insights will be crucial for us as we continue to navigate the complexities of the global economy and assess their potential impact on markets for our clients.”

“Understanding the complexities and impact of central bank policymaking, international governance and economic conditions on fast-moving markets are critical components of our investment strategy. Secretary Yellen and Dr. Rajan’s invaluable insights and experience, and Prime Minister Brown’s leadership as chair, will provide PIMCO clients with deep expertise and knowledge in assessing investment risk and opportunity,” said Dan Ivascyn, PIMCO’s Group Chief Investment Officer.

“We also want to thank Chair Ben Bernanke and Prime Minister Carney for their leadership and valued perspectives over many years on the Global Advisory Board during their constant presence at our investment forums and in guidance to our Investment Committee. We will miss their thoughtful insights and wish them well,” said Mr. Roman.

The Global Advisory Board consists of a diverse group of experts who provide strategic insights into global economic, political, and strategic developments. Secretary Yellen and Dr. Rajan will join Gordon Brown, Joshua Bolten, former White House Chief of Staff, and Michele Flournoy, U.S. defense policy advisor in two U.S. presidential administrations.

Janet Yellen
Janet L. Yellen served as 78^th Secretary of the Treasury from 2021 through 2025. Previously, she was a Distinguished Fellow in Residence at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. She also served as Chairman of the Board of Governors of the Federal Reserve System from 2014 through February 2018, Vice Chair of the Board of Governors from 2010 to 2014 and president and chief executive officer of the Federal Reserve Bank of San Francisco from 2004 to 2010. Dr. Yellen previously served as a member of the Board of Governors of the Federal Reserve System from August 1994 through February 1997, whereupon she was appointed by President Bill Clinton to serve as chair of the Council of Economic Advisers, a post she held until August 1999. Dr. Yellen has written on a wide variety of macroeconomic issues, specializing in the causes, mechanisms, and implications of unemployment. She began her career as an assistant professor at Harvard University and then served as an economist with the Federal Reserve’s Board of Governors before joining the faculty of the London School of Economics in 1978. In 1980 she joined the faculty of the University of California at Berkeley, where she was named the Eugene E. and Catherine M. Trefethen Professor of Business and Professor of Economics, and where she is currently a professor emeritus. Dr. Yellen graduated from Brown University in 1967 and received her PhD in economics from Yale University in 1971. She received the Wilbur Cross Medal from Yale in 1997, honorary degrees from Brown, Bard College, NYU, the London School of Economics and Political Science, the University of Warwick, Yale, the University of Michigan and the University of Pennsylvania. She is a member of the Council on Foreign Relations and the American Academy of Arts and Sciences and has served as President of the American Economic Association and the Western Economic Association and a fellow of the Yale Corporation. She is a Distinguished Fellow of the American Economic Association.

Raghuram Rajan

Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth. He was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund. Dr. Rajan’s research interests are in banking, corporate finance, and economic development. The books he has written include Breaking the Mold: Reimagining India’s Economic Future with Rohit Lamba, The Third Pillar: How the State and Markets hold the Community Behind 2019 which was a finalist for the Financial Times Business Book of the Year prize and Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times prize for Business Book of the Year in 2010. Dr. Rajan is a member of the Group of Thirty. He was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences. In January 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Infosys prize for the Economic Sciences in 2012, the Deutsche Bank Prize for Financial Economics in 2013, Euromoney Central Banker Governor of the Year 2014, and Banker Magazine (FT Group) Central Bank Governor of the Year 2016. Dr. Rajan is the Chairman of the Per Jacobsson Foundation, the senior economic advisor to BDT Capital, and a managing director at Andersen Tax.

About PIMCO
PIMCO is a global leader in active fixed income with deep expertise across public and private markets. We invest our clients’ capital across a range of fixed income and credit opportunities, drawing upon our decades of experience navigating complex debt markets. Our flexible capital base and deep relationships with issuers have helped us become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.

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The MIL Network –
March 27, 2025
MIL-OSI Global: Trump’s America is facing an Andrew Jackson moment – and it’s bad news for the constitution

Source: The Conversation – UK – By Sean Lang, Visiting Fellow in History, Anglia Ruskin University

Statue of Andrew Jackson in Layfayette Square, Washington DC. Flickr

How do you deal with an American president who does not obey the US constitution? The question has arisen because the recent episode where deportation flights carrying Venezuelans were dispatched to El Salvador, despite a court ruling that those flights must not proceed, suggests Donald Trump’s administration has a limited understanding of the separation of powers in the US. A president has no power to defy a court order.

Similarly, a Brown University medical professor, Rasha Alawieh, was deported to Lebanon because of a perceived sympathy for Hezbollah, despite the fact she had a valid US work visa and despite a judge’s order blocking her removal from the US.

This administration’s seemingly blatant disregarding of constitutional procedure is not the first time such a problem has arisen. Early in the life of the new republic it was posed by the election to the presidency in 1828 of Andrew Jackson. Jackson, an unashamed populist, harboured deep suspicion of all federal institutions. His belief in states’ rights sometimes trumped his commitment to the union.

Trump echoes Jackson in many ways. Just as Trump reviles Joe Biden, so Jackson scorned his predecessor, John Quincy Adams. Trump’s attacks on institutions such as USAid and the Department of Education, is echoed by Jackson’s extraordinary war on the Bank of the United States, which he thought too big and grand for a democratic people.

But the parallels come closest in relation to forced expulsion, whether of individuals in Trump’s case, or of whole peoples in Jackson’s.

When Europeans established their colonies in the Americas, they justified their presence by asserting the philosopher John Locke’s principle that legal title to land belonged to those who farmed it. Since the native peoples were mostly nomadic hunters, this legal fiction enabled the Europeans and their American successors to seize land while claiming it was theirs “by right”.

But the peoples of the American southeast – the Chickasaw, Choctaw, Creek, Seminole and Cherokee – took the Europeans at their word. They adopted a much more European lifestyle, establishing towns, wearing European clothing, even converting to Christianity. But above all, they started farming the land, even to the point of owning slaves to work on it. They were known, rather patronisingly, as the “five civilised tribes”.

None of this adoption of western culture would save them, however, when Georgian cotton planters realised, first, that the tribes were sitting on prime cotton-growing land and, subsequently, that there was gold in Cherokee territory. In 1828 the state of Georgia claimed jurisdiction over all the land of the five tribes. Jackson, an old “Indian fighter” and a staunch states-rights southerner who was about to begin his stint as seventh US president, clearly sympathised.

Jackson’s first State of the Union address made it clear that he intended to remove all the “Indian” tribes to the desert lands west of the Mississippi. In Congress, Jackson’s opponents accused him of betraying the very principles on which the republic had been founded. What had these people done that required their removal – and since they were indeed farmers, why was their right to their own land not to be respected in law?

Despite these good reasons for these people to be allowed to stay, the 1830 Removal Act passed and the Chickasaw, Choctaw and Creek peoples packed up and left. The Seminole attempted armed resistance but were defeated.

Supreme Court versus the US president

The Cherokee took their case to the Supreme Court. The US Supreme Court had originally been intended merely as a final court of appeal, but under its long-sitting chief justice, John Marshall, it had established itself as the ultimate arbiter of what was and was not lawful according to the constitution. And this included acts of the president.

The court’s new-found constitutional role was deeply resented in the White House as an unacceptable incursion on the rights of the president, even when it ruled in the president’s favour. Now Marshall was being asked to rule on the constitutional legality of Georgia’s claim to the land of the Cherokee people.

The Cherokee had tried to declare they were a fully independent state, but the court ruled against that. It did, however, find that they constituted a dependent nation within the United States and that, therefore, the State of Georgia had no jurisdiction over them.

‘Trail of Tears’: a dark moment in US history.
Wolfgang Sauber/Wikimedia Commons, CC BY-SA

Georgia, however, simply ignored the Supreme Court and in 1838 sent in troops to round up and expel the Cherokee people. Some 13,000 people set off on what became known as the “Trail of Tears” – about one-third of them died of weakness, disease and hunger.

One American officer commented later that: “I fought through the civil war and have seen men shot to pieces and slaughtered by thousands, but the Cherokee removal was the cruellest I ever knew.”

Jackson was exultant, taunting Marshall that his judgement “has fell still born” and sneering that Marshall had no means of enforcing it. The Cherokee chief, the half-Scottish John Ross, summed up the situation: “We have a country which others covet. This is the only offence we have ever yet been charged with.”

The Cherokee had found that, if the president chose to ignore it, the US constitution offered no protection to the innocent. It’s a history lesson Greenlanders, Mexicans and Canadians – and indeed many Americans who may fall foul of this administration and seek recourse to the law – would do well to study.

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

– ref. Trump’s America is facing an Andrew Jackson moment – and it’s bad news for the constitution – https://theconversation.com/trumps-america-is-facing-an-andrew-jackson-moment-and-its-bad-news-for-the-constitution-253047

MIL OSI – Global Reports –

March 27, 2025
MIL-OSI United Nations: Secretary-General Outlines Four Areas of Focus in Implementing Pact for Future

Source: United Nations General Assembly and Security Council

Following are UN Secretary-General António Guterres’ remarks to the informal interactive dialogue on the implementation of the Pact for the Future, in New York today:

I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months. From day one of the Pact for the Future’s adoption, the President has been its active champion. I deeply appreciate your efforts, Mr. President, and your leadership.

Adopting the Pact was the beginning of the process, not the end. Today, I want to focus on what we have done over the last six months — and what we need to do.

We face a long list of challenges. Conflicts and climate disasters are intensifying. The Sustainable Development Goals (SDGs) are far off-track — as is the funding required to achieve them. Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

But, let me be very clear. It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever. And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come. Resources are shrinking across the board — and they have been for a long time.

From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our Organization. Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment. All these will contribute for a more effective implementation of the Pact for the Future.

We’ve wasted no time moving into the implementation phase of the Pact. From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas: Sustainable Development Goals acceleration; peace and security; international financial architecture; digital technologies; UN governance; and youth.

We’ve created two task teams focusing on future generations and the need to look beyond GDP [gross domestic product] as a measure of progress and guide to policymaking.

And we’re establishing an internal tracking system to monitor our progress on Pact implementation. Today, I’d like to report on our efforts since the Pact was adopted and outline the work ahead in four areas.

First, peace and security. United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world. The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund. We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.

And we’re progressing on a review of all forms of peace operations, as requested in the Pact. Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

It will also recognize the limitations of our operations where there is little or no peace to keep. We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

Second, finance for development. Since the Pact’s adoption, we’ve taken action on several fronts. For example, our resident coordinators and country teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

We’ve begun analysing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September. The Expert Group called for in the Pact to develop measures of progress that go beyond gross domestic product will soon be announced and will work throughout the year before an intergovernmental process takes over in 2026.

And we’ve been working closely with the World Bank and the International Monetary Fund (IMF) to follow-up on the Pact’s action points addressing improvements to the international financial system.

Developing countries must be represented fairly in the governance of the very institutions they depend on. We know the environment is not favourable. But we must not give up.

Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt. In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

Debt relief is a central issue if we want the implementation and the Pact for the Future a reality. At the same time, we will continue advocating to increase the lending capacity of multilateral development banks, to make them bigger and bolder. This includes both stretching their balance sheets and recapitalization.

And we must ensure that concessional finance is deployed where it is most needed. Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

Three, youth and future generations. Our efforts must deliver for young people and the generations to come. The Pact’s central promise to young people is to listen to their concerns and ideas and including them at the decision-making table.

Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities. With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

Through the Declaration on Future Generations, we’re also looking to the generations yet to be born. We’ve established a Strategic Foresight Network and Community of Practice to ensure our policies, programmes and field operations are based on long-term thinking. And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

Fourth, technology. We’re implementing the Global Digital Compact’s calls to close all digital divides and ensure all people benefit from a safe and secure digital space. Artificial intelligence (AI) is a particular focus.

We’re developing a report on innovative voluntary financing options for AI capacity-building to help the global South harness AI for the greater good, taking into account the recommendations of my High-Level Advisory Body.

The zero-draft resolution to establish the International Independent Scientific Panel on AI and convene a Global Dialogue on AI Governance was also circulated last week — thanks to the work of the co-facilitators, Spain and Costa Rica.

I urge the General Assembly to act swiftly to establish this Panel and ensure that AI expertise and knowledge are available to all countries, while supporting the Global Dialogue. The UN system stands ready to support this work.

As we push for these priorities, we’re also improving the efficiency and effectiveness of our operations, as called for by the Pact.

Last fall, we undertook a comprehensive assessment across UN entities to harness the potential of innovation, data analytics, digital transformation and foresight across our work — as called for in the UN 2.0 initiative.

We’re already seeing results: from speeding up disaster assessments in the Asia-Pacific [region], to strengthening social security programmes in Malawi, to consolidating information technology functions across the UN system. This work must continue, especially in light of the funding challenges we face. We’re counting on your support as we move forward.

The Pact for the Future is an essential part of this process of constant renewal, as we reshape the multilateral system for the challenges of today’s world. We cannot dilute our efforts.

We need to sustain the same spirit and determination in which the Pact was forged and adopted. We count on you to inform, inspire and guide the implementation work ahead. Once again, thank you for your ideas and commitment.

MIL OSI United Nations News –

March 27, 2025
MIL-OSI USA: Ahead of Trump Tariff “Liberation Day,” Warren Presses Commerce Secretary Lutnick on Tariffs As Cover for Corporate Greed-Driven Inflation

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren

March 26, 2025

Warren sounds alarm on new data from the Fed showing chaotic Trump tariff strategy enabling price hikes for American consumers

“[Trump is] creating widespread confusion and uncertainty that may give big corporations cover to increase their prices on all goods”

Text of Letter (PDF)

Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee and Member of the Finance Committee, wrote to Commerce Secretary Howard Lutnick ahead of President Trump’s announcement on proposed reciprocal tariffs on April 2, pressing him to explain how he will prevent big corporations from using tariffs as a cover for price hikes. The letter follows new data released last week by the Federal Reserve Board (FRB) indicating that President Trump’s chaotic tariffs rollout is stalling progress on inflation and giving big corporations a new set of excuses to price-gouge American consumers.

“We should use tariffs to support American manufacturing, strengthen onshore critical supply chains, and create good-paying jobs here at home. Instead, we are seeing executives pull back on investment and threaten to impose new and unjustified price increases on consumers,” wrote Senator Warren.

Last week, FRB Chair Jerome Powell announced that the Federal Reserve System will hold interest rates at their current level, reflecting the bureau’s belief that progress towards reducing inflation has stalled. Powell noted that “a good part of [the higher inflation forecast] is coming from tariffs” and that manufacturers tend to “just follow the crowd” and raise prices, even on goods that aren’t subject to tariffs.

The Trump administration currently has no plans to prevent companies from using tariffs as an excuse to hike prices up even further, despite corporate executives’ warnings that tariffs would lead them to preemptively raise prices.

“I am deeply concerned that President Trump is now enabling this corporate greed, allowing companies to increase prices across the board, regardless of whether goods are actually subject to tariffs,” continued Senator Warren.

Big corporations have continuously threatened that tariffs would lead them to preemptively raise prices. AutoZone’s CEO said: “We’ll generally raise prices ahead of [tariffs]—we know what the tariffs will be—we generally raise prices ahead of that.” At an earnings call in mid-March, MasterBrand’s CFO said they “anticipate that wide-ranging price increases will be needed across our various products.”

Senator Warren also demanded Lutnick answer specific questions, including whether he agrees with Powell’s assessment that price increases may be a result of companies’ choosing to pass on the cost of tariffs to consumers, whether the Commerce Department has analyzed the impact of Trump’s tariffs on prices, and whether price increases have been limited to products subject to increased tariffs. Senator Warren also asked Lutnick to share specific actions Trump has taken—if any—to limit companies’ ability to pass on the costs of tariffs or impose broad price increases onto consumers.

MIL OSI USA News –

March 27, 2025

MIL-OSI: Quadient SA: FY 2024 results: Solid 1st year delivery of “Elevate to 2030” strategic plan, with Digital Solution achieving €267m in revenue and 61% EBITDA growth to €47m

Source: GlobeNewswire (MIL-OSI)

Quadient FY 2024 results:
Solid 1^st year delivery of “Elevate to 2030” strategic plan, with Digital Solution achieving €267m in revenue and 61% EBITDA growth to €47m

Key highlights

FY 2024 financial targets achieved
Two operating profitability milestones reached:
Digital EBITDA margin at 17.5%, up 5.7pts yoy, reflecting strong profitability improvement
All three solutions are EBITDA positive
Consolidated sales of €1,093 million, up +2.8% on a reported basis, including the contribution of the latest acquisitions
FY 2024 subscription-related revenue up +10.2% in Digital and up +11.5% in Lockers
FY 2024 subscription-related revenue of €777m, representing 71% of total revenue, up +€30m yoy,
vs. +€90m 2026 target
FY 2024 Group current EBIT of €146 million, up +2.2% organically
Proposed dividend of €0.70 per share, up by €0.05 for the fourth consecutive year
FY 2025 outlook: acceleration both in organic revenue growth and in current EBIT organic growth vs. 2024

Paris, 26 March 2025

Quadient S.A. (Euronext Paris: QDT), an Intelligent automation platform powering secure and sustainable business connections, today announces its 2024 fourth-quarter consolidated sales and full-year results (period ended on 31 January 2025). The full year 2024 results were approved by the Board of Directors during a meeting held on 25 March 2025.

Geoffrey Godet, Chief Executive Officer of Quadient S.A., stated: “We have delivered a solid first year of our Elevate to 2030 strategic plan.

Our Digital Automation platform has reached the record level of c.€270 million in revenue thanks to both the addition of 2,600+ new customers and the contribution from the increased usage and upsell from our existing 16,500 customer base. This strong revenue increase has been delivered together with a significant improvement in profitability with EBITDA rising by 61% to reach €47 million. We are now in a good position to exceed the 20% EBITDA margin ambition set for 2026.

2024 also saw the highest level of Digital cross-sold deals into our Mail customer base while at the same time our Mail business continues to outpace competition. In Lockers, investments made over the past couple of years are paying off, contributing to a strong performance in H2 with double digit growth in revenue thanks to increased usage of the locker base across all regions. In addition, Lockers have reached EBITDA breakeven over the full year and profitability will further improve as we continue to increase the size of our network, grow its usage and take advantage of the recent addition of Package Concierge in the US residential sector.

At Company level, this solid performance translates into a €30 million increase in annual recurring revenue, well on track to deliver the €90 million increase targeted by 2026. Based on this solid start to the strategic plan, we are confident in our ability to continue building a €1bn recurring revenue platform by 2030, generating €250 million current EBIT. Therefore, we are proposing to increase our dividend for the fourth consecutive year in a row, to €0.70.

While macro uncertainties have recently been growing, we are expecting an acceleration of organic growth in revenue and current EBIT in 2025 against 2024 levels.”

Comments on FY 2024 performance

Group sales came in at €1,093 million in FY 2024, a +2.8% increase on a reported basis, and +0.4% organic growth compared to FY 2023, in line with Quadient’s expectations. The reported growth includes a positive currency impact of €2 million and a positive scope effect of €24 million, which is related to the acquisitions of Daylight (September 2023), Frama (February 2024) and Package Concierge (December 2024).

In the fourth quarter of 2024, reported revenue growth stood at +4.1% and organic revenue growth was broadly flat, at -0.2%, compared to Q4 2023.

Subscription-related revenue reached €777 million in FY 2024, growing +1.6% organically, and representing 71% of total sales. This represents a €30 million increase year-on-year (compared to the +€90 million target by 2026), progressing toward the €1 billion subscription-related revenue target by 2030. Performance in the fourth quarter of 2024 was steady, up 2.1% organically against Q4 2023, driven by a double-digit organic increase in Digital and in Lockers. Non-recurring revenue declined by 2.4% organically in FY 2024, including a 5.1% decline in Q4 2024, essentially due to a high comparison basis in Mail hardware sales.

By geography, North America (58% of revenue) continued to outperform other regions with a +2.8% organic growth achieved in FY 2024.

Consolidated sales and EBITDA by Solution

FY 2024 consolidated sales

In € million	FY 2024	FY 2023	Change	Organic change
Digital	267	245	+9.1%	+7.7%
Mail	732	729	+0.4%	(2.5)%
Lockers	94	88	+5.7%	+4.3%
Group total	1,093	1,062	+2.8%	+0.4%

EBITDA and EBITDA margin

	FY 2024		FY 2023
In € million	EBITDA	EBITDA margin	EBITDA	EBITDA margin
Digital	47	17.5%	29	11.8%
Mail	200	27.4%	218	29.9%
Lockers	1	0.6%	(3)	(3.0)%
Group total	247	22.6%	244	23.0%

Digital

In FY 2024, revenue from Digital reached €267 million, up 7.7% organically (+10.1% in Q4 2024 vs. Q4 2023) and up 9.1% on a reported basis (including the contribution from Daylight) compared to FY 2023.

This solid performance was driven by a strong 10.2% organic growth in subscription-related revenue in FY 2024 (+10.5% in Q4 2024 vs. Q4 2023), including a good contribution from North America and continued positive commercial trends across the platform with further solid cross-selling and up-selling. In FY 2024, subscription-related revenue was representing 82% of Digital total sales, a further increase compared to 80% in FY 2023.

At the end of FY 2024, annual recurring revenue (ARR), which is a forward-looking indicator of future subscription-related revenue, reached €232 million, up from €206 million at the end of FY 2023, representing a 12.7% organic growth.

EBITDA for Digital was €47 million in FY 2024, up +61% year-on-year. EBITDA margin was at 17.5%, a strong improvement of 5.7 points compared to FY 2023. In H2 2024, EBITDA margin further improved, reaching 19.1%, after 15.7% in H1 2024. This positive evolution in profitability reflects the combination of subscription-related revenue growth and platform maturity. The Digital solution is well on track to reach its target of EBITDA margin greater than 20% in 2026.

As part of its customer acquisition strategy, Digital continues to demonstrate strong commercial momentum. Over
2,600 new customers were added in FY 2024 thanks in particular to robust cross-selling with Mail, especially in North America. Digital experienced a dynamic fourth quarter, with several key deals secured in the US. Additionally, a new partnership was established with Avaloq to deliver Customer Communications Management capabilities to the financial services industry.

As part of the customer expansion process, the focus continues to be on further increasing up-selling, notably in financial automation process. Several platform innovations have been made, to bring added value to customers, including the ramp-up and extension of Repay for direct supplier invoice payments in the US and Canada, and new electronic invoice formats (UBL, CII, Factur-X) to align with upcoming European e-invoicing regulation.

In Quadient’s core geographies, the addressable demand for its Digital automation platform is set to grow from
c.€6 billion in 2023 to c.€9 billion in 2027, representing a +10% CAGR, creating substantial growth opportunities in both communication and financial automation.

To capture this growth, Quadient is strongly positioned, leveraging on:

a sound base of highly predictable business, with over 16,500 customers, 82% subscription-based revenue,
and a churn rate well below 5%,
a highly recognized platform in financial & communication automation, and 84.5% of Saas customers,
across three regions,
a fully scalable and modulable platform, for small to large customers, driving new client acquisition (+2,600 in FY 2024) and record cross-sell of Digital solutions into Quadient Mail customers and increased upsell opportunities among existing customers,
an efficient go-to-market organisation that driving a 34% year-on-year increase in bookings in Q4 2024 and +12.7% growth of ARR at the end of the year.

Mail

Mail revenue reached €732 million in FY 2024, down 2.5% on an organic basis (-4.6% in Q4 2024 vs. Q4 2023). The reported growth stood at +0.4%, including the contribution of Frama.

Hardware sales recorded a minor -1.7% organic decline in FY 2024, despite a 7.3% drop registered in Q4 2024, mainly reflecting a high comparison basis related to deals signed in H2 2023.

Subscription-related revenue (68% of Mail sales) recorded a 2.9% organic decline in FY 2024.

EBITDA for Mail was €200 million for FY 2024. EBITDA margin reached 27.4%, down 2.5 points compared to FY 2023. Mail EBITDA margin was impacted by the dilutive effect of Frama acquisition, including integration costs. Frama’s performance is due to improve significantly from 2025 onward, with positive current EBIT already reached in FY 2024 and payback of the acquisition expected in FY 2025.

Thanks to its strong focus on customer acquisition, Quadient’s Mail business continues to outperform the market. In Q4 2024, commercial performance remained resilient in North America, particularly in highly regulated industries where secure mail communications are key.

As part of the customer expansion focus, outlook remains strong driven by a high customer satisfaction rate of 95.7% and robust cross-selling performance, especially in the US where a record-breaking performance in placement of Digital solutions was recorded in Q4 2024. Mail business also benefited from the positive impact of the ongoing US mailing systems decertification, though this impact is expected to conclude in Q1 2025. Lastly, Quadient aims at upgrading Frama’s installed base and initiating some cross-selling to promote its Digital offer to Frama’s customers.

At the end of January 2025, already 42.4% of Quadient installed base has been upgraded with its newest technology.

Lockers

Lockers revenue reached €94 million in FY 2024, a +4.3% increase on an organic basis, with strong momentum in the latter part of the year (+8.0% in Q4 2024 vs. Q4 2023, after a strong Q3 2024, up +14.3% year-on-year) and a +5.7% increase on a reported basis compared to FY 2023, including a marginal contribution from Package Concierge.

Subscription-related revenue was up 11.5% organically in FY 2024 (+19.6% in Q4 2024 vs. Q4 2023), benefiting from:

the continued strong volumes ramp up in the British and the French open networks;
the sustained strong momentum in the US, driven by higher monetization of usage fees;
a resilient performance in Japan, despite an unfavorable e-commerce environment.

Overall, subscription-related revenue stood at 64% of total revenue in FY 2024, up from 61% in FY 2023.

Non-recurring revenue (license & hardware sales and professional services) were down 6.8% organically in FY 2024. Hardware sales were still impacted by slower new installations in North America.

Quadient’s global locker installed base reached c.25,700 units at the end of FY 2024, including c. 3,000 units from Package Concierge, vs. c.20,200 units at the end of FY 2023. This is reflecting an acceleration in the pace of installation of new lockers, notably in the UK, fueled by the partnerships signed by Quadient to host parcel lockers in new suitable locations.

EBITDA for Lockers was above breakeven, at €1 million in FY 2024. EBITDA margin stood at 0.6%, up by 3.6 points compared to FY 2023. This significant profitability improvement, illustrated by a 6.7% EBITDA margin in H2 2024, was driven by growing recurring revenue and increased usage. Additionally, the revised commercial agreement with Yamato for the Japanese installed base was implemented at the beginning of H2 2023.

As part of the customer acquisition focus, Quadient is accelerating the pace of installation for new lockers in its open networks in Europe, mostly in France and the UK, with installed base up 145% year-on-year. This is supported by the additional deals signed for premium locations (including Morrisons Daily Stores and ScotRail…). Additionally, the trend for new installations in North America has turned positive in Q4, where market share leadership position in Residences and Universities remains robust.

As part of the customer expansion strategy, volumes from both pick-up and drop-off in European open networks saw a significant increase, growing sevenfold between Q4 2023 and Q4 2024. The momentum in North America for the locker network, particularly across the multifamily sector and higher education campuses was strong in Q4 2024. In Japan, macroeconomic conditions have impacted parcel volumes, but new initiatives, such as the new partnership with Japan Post, are aimed at driving volume growth and increasing adoption.

REVIEW OF 2024 FULL-YEAR RESULTS

Simplified P&L

In € million	FY 2024	FY 2023	Change
Sales	1,093	1,062	+2.8%
Gross profit	818	788	+3.7%
Gross margin	74.8%	74.2%
EBITDA	247	244	+1.2%
EBITDA margin	22.6%	23.0%
Current EBIT	146	147	(0.5)%
Current EBIT margin	13.4%	13.8%
Optimization expenses and other operating income & expenses	(23)	(15)	+58.0%
EBIT	123	132	(7.0)%
Financial income/(expense)	(39)	(31)	+24.8%
Income before tax	84	101	(16.8)%
Share of results of associated companies	1	(0)	n/a
Income taxes	(17)	(17)	+2.8%
Net income of continued operations	68	84	(19.4)%
Net income from discontinued operations	(0)	(14)	(98.7)%
Net attributable income	66	69	(3.4)%
Earnings per share	1.94	2.02
Diluted earnings per share	1.94	2.01

Gross margin stood at 74.8% in FY 2024 slightly up compared to FY 2023, due to lower cost of sales.

EBITDA⁽¹⁾ for the Group reached €247 million in FY 2024, up €3 million compared to FY 2023. EBITDA grew by 3.0% organically, driven by strong growth of 80% in Digital and improved profitability in Lockers, which more than compensated for the softer EBITDA performance in Mail. The EBITDA margin reached 22.6% in FY 2024. It was almost stable compared to FY 2023: despite the impact of the change in revenue mix and the dilutive effect of Frama acquisition, the Group EBITDA margin was supported by significant profitability gains in Digital and Lockers.

Depreciation and amortization stood at €101 million in FY 2024, compared to €98 million in FY 2023. This slightly higher depreciation mainly reflects the increase in Lockers’ asset base.

Current operating income (current EBIT) reached €146 million in FY 2024 compared to €147 million in FY 2023, up 2.2% on an organic basis. Current EBIT margin stood at 13.4% of sales in FY 2024 compared to 13.8% in FY 2023.

Optimization costs and other operating expenses stood at €23 million in FY 2024, versus €15 million in FY 2023. This increase mainly relates to the write-off of an IT project, additional office optimization and Frama restructuring costs.

Consequently, EBIT reached €123 million in FY 2024, versus €132 million recorded in FY 2023.

Net attributable income

Net cost of debt was up from €29 million in FY 2023 to €39 million in FY 2024, impacted by higher interest rates. The currency gains & losses and other financial items was broadly flat in FY 2024, compared to a loss of €2 in FY 2023. Overall, net financial result was a loss of €39 million in FY 2024 compared to a loss of €31 million in FY 2023.

Income tax expense was stable year-on-year at €17 million.

Net income from discontinued operations of the Mail Italian subsidiary was null in FY 2024, compared to a €14 million loss in FY 2023. This loss included exceptional charges related to the sale process for this subsidiary, which was sold to a local mail distribution company in October 2024.

Net attributable income after minority interests amounted to €66 million in FY 2024 compared to €69 million in FY 2023.

Earnings per share⁽²⁾ stood at €1.94 in FY 2024 compared to €2.02 in FY 2023. The fully diluted earnings per share⁽²⁾ was €1.94 in FY 2024 compared to €2.01 in FY 2023.

Cash flow generation

The change in working capital was a net cash inflow of €9 million in FY 2024 compared to a net cash outflow of €6 million in FY 2023, mostly reflecting the positive impact from timing on prepaid expenses and customers deposits.

The leasing portfolio and other financing services stood at €623 million as of 31 January 2025, compared to €598 million as of 31 January 2024, up on an organic basis (i.e. excluding currency impact of €18 million) for the first time in several years thanks to good hardware placements in Mail. While generating future subscription-related revenue, this increase in lease receivables resulting from the good performance in the placement of new equipment translates into a cash outflow of
€7 million in FY 2024. At the end of FY 2024, the default rate of the leasing portfolio stood at around 1.1% compared to c.1.3% at the end of FY 2023.

Interest and taxes paid increased to €67 million in FY 2024 versus the amount of €55 million paid in FY 2023. The difference was mostly explained by higher interest rates in FY 2024.

Capital expenditure reached €108 million in FY 2024, up €7 million compared to FY 2023, mostly due to UK locker open network deployment. Capex for Digital reached €24 million in FY 2024, slightly up compared to €22 million in FY 2023 and was mainly focused on R&D and platform development. Capex for Mail remained at fairly high level of €51 million
(vs. €53 million in FY 2023), due to continued high placement of machines related to the US decertification, which is expected to end in Q1 2025. Capex for Lockers increased from €26 million to €33 million to support the ramp-up of the deployment of the open network in the UK. The sale of Frama real estate in Switzerland generated €6 million in cash inflows in FY 2024.

All in all, cash flow after capital expenditure (free cash flow) reached €66 million in FY 2024, compared to €64 million in FY 2023.

Leverage and liquidity position

Net debt stood at €741 million as of 31 January 2025, a slight increase against €709 million as of 31 January 2024. In FY 2024, Quadient successfully raised approximately €325 million in new facilities, including the following transactions in H2 2024:

in October 2024, the Company secured EBRD financing, including a €25 million Schuldschein;
in December 2024, the Company secured a USD 50 million bank loan;
in January 2025, Quadient further strengthened its financial position with the issuance of a USD 100 million USPP.

These new facilities enabled Quadient to repay post-closing its €260 million bond due in February 2025 and settle the repayment of Schuldschein loans for €29 million, also due in early 2025. As a result of these transactions, the Company’s average debt maturity has been extended to four years as of the end of February 2025, compared to three years at the end of FY 2023.

The leverage ratio (net debt/EBITDA) remained broadly stable at 3.0x⁽³⁾ as of 31 January 2025 compared to 2.9x⁽³⁾ as of 31 January 2024. Excluding leasing, Quadient leverage ratio remained stable at 1.7x⁽³⁾ as of 31 January 2025, despite the acquisitions of Frama and Package Concierge in 2024, as well as the implementation of a share buyback programs.

As of 31 January 2025, the Group had a strong liquidity position of €667 million, split between €367 million in cash and a €300 million undrawn credit line, maturing in 2029.

Shareholders’ equity stood at €1,113 million as of 31 January 2025 compared to €1,069 million as of 31 January 2024. The gearing ratio⁽⁴⁾ stood at 66.6% as of 31 January 2025.

SHAREHOLDER’ RETURN

Proposed dividend for FY 2024 stands at €0.70 per share, representing an 8% increase against FY 2023, and a payout ratio of 36.1% of net income, higher than Quadient’s minimum 20% pay-out ratio of net income as per the Group’s dividend policy. This represents a €0.05 year-on-year increase, for the fourth consecutive year. The dividend is subject to approval by the Annual General Meeting, scheduled for 13 June 2025, and will be paid in cash in one instalment on 6 August 2025.

In addition, Quadient’s announced in September 2024 the launch of a share buyback program for a total consideration of up to €30 million. To date, €10 million worth of shares have been repurchased, with the program set to be executed over an
18-month⁽⁵⁾ period. This operation demonstrates Quadient’s confidence in the value creation potential of its “Elevate to 2030” strategic plan, its ability to reach its FY 2026 leverage ratio target⁽⁶⁾ and is in line with the capital allocation policy of the Company, while improving shareholders’ return.

OUTLOOK

The evolving dynamics within Quadient’s business portfolio, characterized by strong growth in Digital and Lockers revenue alongside a moderate decline in Mail revenue, will naturally drive a year-on-year acceleration in the Company’s total revenue growth.

As Digital and Lockers continue to expand their share of Quadient’s revenue and profit, while simultaneously improving their profitability, this shift is expected to contribute to a higher growth in current EBIT

As a result, Quadient targets an acceleration in organic revenue growth and in current EBIT organic growth in 2025 compared to 2024.

Quadient also confirms its 3-year guidance for the 2024-2026 period of minimum 1.5% organic revenue CAGR and minimum 3% organic current EBIT CAGR.

Q4 2024 BUSINESS HIGHLIGHTS

Avaloq and Quadient Partner to Elevate Client Communications for Financial Services
On 3 December 2024, Quadient and Avaloq announced today their partnership to offer unrivaled customer communications management (CCM) capabilities for the financial services industry. Avaloq has selected Quadient Inspire as its standard CCM solution, seamlessly integrating it into the Avaloq platform.

Quadient Launches SimplyMail in Europe to Help Small Businesses Leverage Digital Solutions to Enhance Efficiency in Mail Operations
On 11 December 2024, Quadient announced the launch in Europe of SimplyMail, a solution designed to address the growing needs for smaller businesses to automate and optimize their mail operations with ease.

Quadient Named a Worldwide Automated Document Generation and CCM Leader by IDC
On 12 December 2024, Quadient announced it has been named a Leader in the IDC MarketScape: Worldwide Automated Document Generation and Customer Communication Management 2024 Vendor Assessment.

Quadient Recognized in Two IDC MarketScape Reports for Accounts Receivable Automation Applications
On 16 December 2024, announced it has been named a Leader in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for Small and Midmarket 2024 Vendor Assessment. Additionally, Quadient has been recognized for the first time as a Major Player in the IDC MarketScape: Worldwide Accounts Receivable Automation Applications for the Enterprise 2024 Vendor Assessment.

Quadient Surpasses 25,000 Global Locker Installations with US Package Concierge Acquisition, Setting Sights on Exceeding €100M of Locker Revenue in 2025
On 18 December 2024, Quadient announced the acquisition of US-based parcel management solutions provider Package Concierge®, exceeding the 25,000-unit mark in its global installed base. Package Concierge provides innovative digital locker technology that addresses the growing challenges of package management in residential, commercial, retail and university campuses across the United States.

Quadient strengthens its financial position with a USD50 million bank loan from Bank of America
On 20 December 2024, announced a USD50 million bank loan from Bank of America. This new credit facility, which comes with a 3-year maturity at a variable rate, strengthens Quadient’s financial position ahead of debt maturities due in 2025.

Report by Leading Analyst Firm Shows Quadient Recorded the Fastest Growth in 2023 Among CCM Market Leaders
On 10 January 2025, Quadient announced that a newly released report by market research and consulting firm IDC shows Quadient rapidly closing the gap on the top position. Quadient’s 13.7% year-on-year revenue growth in 2023 has accelerated from its 11% growth in 2022. This is also the fastest growth among the major Customer Communications Management (CCM) vendors globally, outperforming the overall market growth.

Quadient Secures New c.$1.6 Million Contract to Enhance US Government Agency’s Mail Automation Capacity
On 14 January 2025, Quadient announced that it has been selected by a US government agency to modernize its mail automation infrastructure in a contract valued at c.$1.6 million. This follows a previous announcement in October 2024, where Quadient was awarded a contract worth nearly $1 million for a similar modernization project with another federal agency.

Leading Human Resources Technology Company Selects Quadient for Accessibility Compliance in Customer Communications
On 16 January 2025, Quadient announced that a leading US provider of integrated benefits, payroll, and human resources cloud solutions has selected customer communications management (CCM) platform Quadient Inspire to ensure accessibility compliance for its US federal agency client.

Quadient Partners with ScotRail to Introduce Parcel Lockers at Stations Across Scotland
On 21 January 2025, Quadient announced a partnership with ScotRail to deploy Parcel Pending by Quadient automated lockers across Scotland’s rail network. ScotRail, Scotland’s national rail operator, is enhancing its passenger experience and operational efficiency with the installation of parcel lockers in its stations.

Quadient strengthens its financial position through a USD100 million US Private Placement from MetLife
On 22 January 2025, Quadient announced that it has signed a new USD100 million US Private Placement (USPP) with MetLife Investment Management (“MIM”), reinforcing its financial position. This new USPP of USD 100 million senior notes has a
7-year average maturity and comes with an additional shelf facility allowing the issue of senior notes for a maximum aggregate principal amount of USD50 million.

Quadient Teams Up with Buzz Bingo to Bring Convenient Parcel Lockers to Bingo Clubs Across the UK
On 28 January 2025, Quadient announced a partnership with Buzz Bingo to deploy Parcel Pending by Quadient automated lockers in 35 of its 81 bingo clubs across the UK, with plans for further installations in the future. This collaboration enhances parcel collection, delivery, and return convenience while improving the customer experience at Buzz Bingo locations.

Leading US Law Firm Chooses Quadient in a Deal Over $1M to Streamline Mailing, Shipping, and Accounting Processes
On 30 January 2025, Quadient announced a new contract with one of the largest injury law firms in the US, transitioning the firm from its long-standing provider to Quadient. Under the new agreement, worth over 1 million dollars, the firm is rolling out nearly 100 Quadient iX-Series mailing systems at offices across the country, all seamlessly integrated with Quadient’s cloud-based S.M.A.R.T. accounting and shipping software.

Quadient Reports Strong Year-End Locker Usage Growth in Multifamily and Higher Education Campuses in North America
On 31 January 2025, Quadient announced strong year-end momentum in the adoption and usage of its Parcel Pending by Quadient locker network across multifamily and higher education campuses in North America.

POST-CLOSING EVENTS

Morrisons Partners with Quadient for Convenient Parcel Delivery at its Morrisons Daily Stores
On 18 February 2025, Quadient announced a new partnership with Morrisons. The partnership will see Parcel Pending by Quadient parcel lockers installed at 230 Morrisons Daily stores by spring 2025.

Quadient Enables New Shipping Service with Japan Post on its Open Locker Network, Driving Convenience and Increased Parcel Volume
On 3 March 2025, Quadient announced an expanded partnership between Japan Post and Packcity Japan, a joint venture between Quadient and Yamato Transport. Thanks to the extended partnership, consumers will not only receive Japan Post deliveries at Packcity Japan’s nationwide open network of automated parcel lockers, but they will also now be able to ship parcels from the lockers, called PUDO stations. Consumers using Japan Post’s Yu-Pack parcel service use a mobile app to ship from a PUDO station, eliminating the need to wait at delivery counters or manually handling shipping slips.

Quadient Maintains Leader Position on Aspire Leaderboard for Customer Communications and Interaction Experience Software
On 13 March 2025, Quadient announced it has maintained its leadership position on the Aspire Leaderboard. Produced by independent advisory firm Aspire CCS, the Aspire Leaderboard highlights and compares vendors in the customer communications management (CCM) and customer experience management software space. It is updated in real-time as vendors release enhancements and adjust strategies.

To know more about Quadient’s news flow, previous press releases are available on our website at the following address: https://invest.quadient.com/en/newsroom.

CONFERENCE CALL & WEBCAST

Quadient will host a conference call and webcast today at 6:00 pm Paris time (5:00 pm London time).

To join the webcast, click on the following link: Webcast.

To join the conference call, please use one of the following phone numbers:

▪ France: +33 (0) 1 70 37 71 66.
▪ United States: +1 786 697 3501.
▪ United Kingdom (standard international): +44 (0) 33 0551 0200.

Password: Quadient

A replay of the webcast will also be available on Quadient’s Investor Relations website for 12 months.

Calendar

3 June 2025: Q1 2025 sales release (after close of trading on the Euronext Paris regulated market)
13 June 2025: Annual General Meeting

About Quadient®

Quadient is a global automation platform provider powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.

For more information about Quadient, visit https://invest.quadient.com/en/.

Contacts

APPENDIX

Digital: New name for Intelligent Communication Automation

Mail: New name for Mail-Related Solutions

Lockers: New name for Parcel Locker Solutions

FY 2024 and Q4 2024 consolidated sales

FY 2024 consolidated sales by geography

In € million	2024	2023	Change	Organic change
North America	632	607	+4.0%	+2.8%
Main European countries^(a)	369	354	+4.5%	(2.0)%
International^(b)	92	101	(9.7)%	(5.4)%
Group total	1,093	1,062	+2.8%	+0.4%
Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

Q4 2024 consolidated sales by Solution

In € million	Q4 2024	Q4 2023	Change	Organic change
Digital	73	65	+11.5%	+10.1%
Mail	196	196	(0.3)%	(4.6)%
Lockers	27	22	+20.2%	+8.0%
Group total	295	284	+4.1%	(0.2)%

Q4 2024 consolidated sales by geography

In € million	Q4 2024	Q4 2023	Change	Organic change
North America	171	160	+7.0%	+2.5%
Main European countries^(a)	100	97	+3.3%	(2.9)%
International^(b)	24	27	(10.7)%	(6.9)%
Group total	295	284	+4.1%	(0.2)%
Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

Financial statements – Full-year 2024

Consolidated income statement

In € million	FY 2024 (period ended on 31 January 2025)	FY 2023 (period ended on 31 January 2024)
Sales	1,093	1,062
Cost of sales	(275)	(274)
Gross margin	818	788
R&D expenses	(63)	(63)
Sales and marketing expenses	(287)	(275)
Administrative and general expenses	(187)	(176)
Service and support expenses	(116)	(109)
Employee profit-sharing, share-based payments and other expenses	(10)	(7)
M&A and strategic projects expenses	(8)	(11)
Current operating income	146	147
Optimization expenses and other operating income & expenses	(23)	(15)
Operating income	123	132
Financial income/(expense)	(39)	(31)
Income before taxes	84	101
Income taxes	(17)	(17)
Share of results of associated companies	1	(0)
Net income from continued operations	68	84
Net income of discontinued operations	(0)	(14)
Net income	67	70
Of which: Minority interests	1	1
Net attributable income	66	69

Simplified consolidated balance sheet

Assets In € million	FY 2024 (period ended on 31 January 2025)	FY 2023 (period ended on 31 January 2024)
Goodwill	1,131	1,082
Intangible fixed assets	119	121
Tangible fixed assets	170	156
Other non-current financial assets	65	65
Other non-current receivables	2	2
Leasing receivables	623	598
Deferred tax assets	38	17
Inventories	75	67
Receivables	240	228
Other current assets	79	84
Cash and cash equivalents	367	118
Current financial instruments	1	2
Assets held for sale	0	9
TOTAL ASSETS	2,910	2,550

Liabilities In € million	FY 2024 (period ended on 31 January 2025)	FY 2023 (period ended on 31 January 2024)
Shareholders’ equity	1,113	1,069
Non-current provisions	12	12
Non-current financial debt	722	715
Current financial debt	347	66
Lease obligations	38	46
Other non-current liabilities	3	2
Deferred tax liabilities	101	104
Financial instruments	5	5
Trade payables	104	79
Deferred income	223	212
Other current liabilities	242	225
Liabilities held for sale	0	15
TOTAL LIABILITIES	2,910	2,550

Simplified cash flow statement

In €millions	FY 2024 (period ended on 31 January 2025)	FY 2023 (period ended on 31 January 2024)
EBITDA	247	244
Other elements	(15)	(19)
Cash flow before net cost of debt and income tax	233	225
Change in the working capital requirement	9	(6)
Net change in leasing receivables	(7)	(0)
Cash flow from operating activities	235	219
Interest and tax paid	(67)	(55)
Net cash flow from operating activities	168	165
Capital expenditure	(108)	(101)
Disposal of assets	6	0
Net cash flow after investing activities	66	64
Impact of changes in scope	(37)	(5)
Net cash flow after acquisitions and divestments	29	59
Dividends paid	(22)	(21)
Change in debt and others	219	(39)
Net cash flow after financing activities	226	(1)
Cumulative translation adjustments on cash	(6)	(2)
Net cash from discontinued operations	(1)	(9)
Change in net cash position	219	(11)

^([1]) EBITDA = current operating income + provisions for depreciation of tangible and intangible fixed assets.
^([2]) For the FY 2024, the average compounded number of shares is 34,114,060. Diluted number of shares is 34,486,288.
([3]) Including IFRS 16
([4]) Net debt / shareholder’s equity
([5]) Subject to the renewal of the share buyback authorizations at the 2025 AGM
([6]) FY 2026 leverage ratio excluding leasing target of 1.5x

Attachment

The MIL Network –

March 27, 2025

MIL-OSI United Nations: Pact for the Future: Countries urged to translate pledges into action

Source: United Nations 2

26 March 2025 UN Affairs

UN Member States met on Wednesday for the first of three key meetings to advance a global agreement that pledges concrete actions to achieve a safer, more peaceful, sustainable and inclusive world for generations to come.

General Assembly President Philémon Yang convened the informal interactive dialogue on the implementation of the Pact for the Future, which covers five areas: sustainable development, international peace and security, science and technology, youth, and transforming global governance.

It was adopted at a UN summit in September 2024 together with two annexes – a Global Digital Compact and a Declaration for Future Generations – marking a significant step towards a renewed multilateral system.

For a look back at our full live coverage on the day, go here.

‘A shared commitment’

“The Pact for the Future is a shared commitment to a more just, sustainable and secure world. But a promise is only meaningful when it has been translated into action,” Mr. Yang told delegates gathered in the Trusteeship Council at UN Headquarters in New York.

He recognized the complexity and unique challenges that each country will face in implementation, including least developed countries, landlocked developing countries, and small island developing states.

Mr. Yang emphasized that implementation must reflect what works best for each nation, which requires tailored approaches that consider resource restraints and capacity gaps. 

“To succeed, we must build an enabling environment through smart investments and right reforms,” he said, calling for closing the resource gap, flexible trade policies, and stronger international cooperation in technical assistance, capacity-building and knowledge-sharing.

Divisions and mistrust

UN Secretary-General António Guterres highlighted action that has occurred since the Pact’s adoption but also the work that still lies ahead amid “a long list of challenges” that include intensifying conflicts and climate disasters.

“Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself,” he said.

“Meanwhile, critical funding is being drastically cut for people in desperate need – with more reductions to come,” he warned.

Progress on peace efforts

Mr. Guterres updated on progress in four key areas, starting with peace and security. He said the Pact represents a commitment to strengthen tools to prevent and address conflict and ensure that UN peace efforts respond to new and emerging threats.

In this regard, he noted progress on a review of all Peace Operations, as requested in the agreement.

“The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable – with viable exit strategies and transition plans,” he said.

“It will also recognize the limitations of our operations where there is little or no peace to keep,” he added.

Fairer financial system

Turning next to finance for development, Mr. Guterres said the UN has been working closely with the World Bank and the International Monetary Fund (IMF) to follow-up on action points in the Pact regarding improvements to the international financial system.

“Developing countries must be represented fairly in the governance of the very institutions they depend on,” he said.

The Secretary-General also has established an expert group to identify practical steps for action on debt.

“At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, making them bigger and bolder,” he said.

“This includes both stretching their balance sheets and recapitalization. And we must ensure that concessional finance is deployed where it is most needed.”

Meanwhile, the UN will also continue pushing forward on other priorities outlined in the Pact, including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

Focus on youth

Mr. Guterres was adamant the international community must deliver for young people and generations to come.

He said progress is being made towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

The UN is also developing core principles to strengthen youth engagement across its work, while the Declaration on Future Generations looks to those yet to be born.

The Secretary-General said that later this year he will appoint a Special Envoy for Future Generations to scale up these efforts.

Closing digital divides

His final point concerned technology, and Mr. Guterres reported that the UN is implementing the Global Digital Compact’s calls to close all digital divides and ensure everyone, everywhere, benefits from a safe and secure digital space.

Particular focus is on Artificial Intelligence (AI), he said, and a report is being developed on voluntary financing options to help countries in the Global South to harness AI for the greater good.

Furthermore, the zero draft of a resolution to establish the International Independent Scientific Panel on AI and convene a Global Dialogue on AI Governance was circulated last week.

The UN chief urged the General Assembly to act swiftly to establish the Panel, ensure AI expertise and knowledge are available to all countries, and support the Global Dialogue.

UN taking action

Mr. Guterres added that as the UN pushes for these priorities, the global body is also improving the efficiency and effectiveness of its operations, in line with the Pact.

“We’re already seeing results: from speeding-up disaster assessments in the Asia-Pacific, to strengthening social security programmes in Malawi, to consolidating Information Technology functions across the UN System,” he said.

The Secretary-General stressed that this work must continue “especially in light of the funding challenges we face,” underlining the need for support.

MIL OSI United Nations News –

March 27, 2025

MIL-OSI: WithSecure Corporation: SHARE REPURCHASE 26.3.2025

Source: GlobeNewswire (MIL-OSI)

WithSecure Corporation, STOCK EXCHANGE RELEASE, 26 March 2025 at 6.30 PM (EET)


WithSecure Corporation: SHARE REPURCHASE 26.3.2025

In the Helsinki Stock Exchange

Trade date	26.3.2025
Bourse trade	Buy
Share	WITH
Amount	10 000	Shares
Average price/ share	0,9560	EUR
Total cost	9 560,00	EUR


WithSecure Corporation now holds a total of 266 890 shares
including the shares repurchased on 26.3.2025

The share buybacks are executed in compliance with Regulation
No. 596/2014 of the European Parliament and Council (MAR) Article 5
and the Commission Delegated Regulation (EU) 2016/1052.


On behalf of Withsecure Corporation

Nordea Bank Oyj

Janne Sarvikivi	Sami Huttunen


Contact information:
Laura Viita
Vice President Controlling, Investor relations and Sustainability
WithSecure Corporation
Tel. +358 50 4871044
Investor-relations@withsecure.com

Attachment

WithSecure 26.3.2025

The MIL Network –

March 27, 2025

MIL-OSI United Kingdom: Sign your street up for a party to celebrate Victory in Europe Day

Source: City of Coventry

Those who wish to celebrate VE Day with a street party this year can now submit their street party applications for the Bank Holiday week.

People across the country are planning to commemorate the day. This year marks 80 years since World War II ended.

Residents of Coventry are invited to apply to host their own street party. Streets will be able to select one day over the Bank Holiday week – Monday 5, Friday 9 or Monday 12 May 2025.

Cllr Abdul Salam Khan, Deputy Leader of Coventry City Council and Cabinet Member for Events, said:

We know residents of Coventry enjoy holding their own street parties to mark special occasions, and we’re delighted to offer the opportunity to celebrate VE Day outdoors with family and friends.

It’s a significant event that, as a city, we are proud to remember and commemorate, so we will also be hosting other events and activities across Coventry, which residents will soon hear more about.

Cllr Patricia Hetherton, Cabinet Member for City Services at Coventry City Council, said:

VE Day is an important occasion, which is why we are encouraging people to hold street parties by waiving road closure charges.

We’re providing advance notice of the free applications to enable people to make plans. We do, however, have a strict cut-off date to allow time for traffic management plans to be put in place so those who are holding parties can do so safely.

We encourage those who are looking to mark the occasion by holding a street party to submit their applications as soon as possible.

The closing date for VE Day Party applications is 5pm on Sunday, 6 April 2025. Applications received after this date will not be processed.

You can put in an application and find out more about holding a street party in your community by visiting www.coventry.gov.uk/streetparty or emailing temptm@coventry.gov.uk.

If you need advice on licensing issues related to arranging a street party, visit www.coventry.gov.uk/licensing-regulation or email licensing@coventry.gov.uk.

Published: Wednesday, 26th March 2025

MIL OSI United Kingdom –

March 27, 2025
MIL-OSI: Resolutions of Annual General Meeting of LHV Group
Source: GlobeNewswire (MIL-OSI)

The Annual General Meeting of Shareholders of AS LHV Group (LHV Group) was held on 26 March 2025 at Hilton Tallinn Park Hotel. It was possible to participate in the meeting in person or electronically.

A total of 1,192 shareholders participated in the meeting, representing a total of 215,268,277 votes, which corresponds to 66.40% of all votes entitled to participate in the meeting.

Of the participants 1,102 shareholders, representing a total of 131,820,583 votes, voted before the meeting according to the procedure for pre-voting and electronic participation published with the notice on calling the meeting.

The notice on calling the Annual General Meeting was published in the stock exchange information system and on the Group’s website on 4 March 2025. On the same date, the notice was printed in Postimees daily newspaper.

The Annual General Meeting of the Shareholders of LHV Group adopted the following resolutions:

1. Annual Report 2024

Approve the Annual Report of LHV Group for the financial year 2024 as submitted to the General Meeting.

In favour: 194,709,108 votes (90.45% of the represented votes)
Opposed: 472,672 votes (0.22% of the represented votes)
Neutral: 16,304 votes (0.01% of the represented votes)
Withheld: 20,070,193 votes (9.32% of the represented votes)

2. Profit Distribution for Financial Year 2024

The consolidated net profit attributable to LHV Group as the parent company of the consolidation group in the financial year 2024 amounts to EUR 152,405 thousand. Transfer EUR 0 to the legal reserve. Approve the profit allocation proposal made by the Management Board and pay dividends in the net amount of 9 euro cents per share. The list of shareholders entitled to receive dividends will be established as at on 9 April 2025 EOD of Nasdaq CSD settlement system. Consequently, the day of change of the rights related to the shares (ex-dividend date) is set to 8 April 2025. From this day onwards, the person acquiring the shares will not have the right to receive dividends for the financial year 2024. Dividends shall be disbursed to the shareholders on 10 April 2025.

In favour: 210,519,615 votes (97.79% of the represented votes)
Opposed: 25,761 votes (0.01% of the represented votes)
Neutral: 8,061 votes (0.00% of the represented votes)
Withheld: 4,714,840 votes (2.19% of the represented votes)

3. Financial Results of First Two Months of 2025

An overview of the economic results of LHV Group for the first two months of 2025 was given by the CEO of LHV Group.

4. Five-Year Financial Forecast

An overview of the five-year financial forecast of LHV Group was given by the CEO of LHV Group.

5. Amendments to 2020–2024 Share Option Program

Approve the amendments of LHV Group’s 2020–2024 share option program as presented to the General Meeting and authorize LHV Group’s Supervisory Board to implement the 2020–2024 share option program in accordance with the program’s terms.

In favour: 206,661,208 votes (96.00% of the represented votes)
Opposed: 1,170,927 votes (0.54% of the represented votes)
Neutral: 655,451 votes (0.30% of the represented votes)
Withheld: 6,780,691 votes (3.15% of the represented votes)

6. 2025–2029 Share Option Program

Approve LHV Group’s 2025–2029 share option program as presented to the General Meeting and authorize LHV Group’s Supervisory Board to implement the 2025–2029 share option program in accordance with the program’s terms.

In favour: 200,680,460 votes (93,22% of the represented votes)
Opposed: 1,173,460 votes (0.55% of the represented votes)
Neutral: 978,108 votes (0.45% of the represented votes)
Withheld: 12,436,249 votes (5.78% of the represented votes)

7. Conditions of Performance Pay

As of 1 January 2026, to prospectively raise for the next five (5) years, i.e., for the period of the 2025–2029 share option program, the percentage of performance pay payable to the management members and equivalent staff of LHV Group and its group companies up to two hundred percent (200%) of their basic salary in accordance with the rationale presented to the General Meeting.

In favour: 199,828,946 votes (92.83% of the represented votes)
Opposed: 3,299,238 votes (1.53% of the represented votes)
Neutral: 376,838 votes (0.18% of the represented votes)
Withheld: 11,763,255 votes (5.46% of the represented votes)

8. Acquisition of Own Shares

Approve the acquisition of LHV Group’s own shares under the following conditions:
- The purpose of acquiring own shares is to create value for shareholders by using the acquired shares for the execution of applicable General Meeting’s approved share option programs.
- The acquisition shall be executed within a period of up to five (5) years from the adoption of this resolution. The acquisitions may take place in one or multiple transactions within thirteen (13) months from each LHV Group’s Supervisory Board decision to execute the acquisition of own shares.
- LHV Group is entitled to acquire a maximum of its own shares necessary for fulfilling the commitments arising from the General Meeting’s approved share option programs. The acquisition may take place in portions corresponding to the required volume for a single year, multiple years, or the full duration of the applicable share option programs. This resolution shall also apply if the shareholders approve amendments to the share option programs that affect the acquisition volume. In any case, the total nominal value of the shares owned by LHV Group does not exceed 1/10 of the share capital.
- The price per share to be paid for own shares shall be no less than EUR 0.00 and must not exceed the closing price of the Nasdaq Tallinn Stock Exchange on the previous trading day, as determined before the execution date of each respective acquisition (or the date of announcement of the execution of the acquisition). The purchase price per share shall not exceed the average market price of the last 30 trading days by more than fifty percent (50%). The acquisition of shares shall be executed under market conditions in accordance with the rules of Nasdaq Tallinn Stock Exchange.
- The acquisition of own shares must not cause the net assets to become less than the total of share capital and reserves which pursuant to law or the Articles of Association shall not be paid out to shareholders.
Authorize LHV Group’s Supervisory Board, in accordance with this resolution, applicable legislation and the General Meeting’s approved share option programs, to decide and execute own shares acquisitions, determine the acquisition price, procedure, and other conditions, and to carry out all necessary actions related to the own shares acquisition. The Supervisory Board may delegate technical and procedural tasks related to the execution of the acquisition to the Management Board. The execution of the own shares acquisition shall be conditional upon the European Central Bank’s consent.

In favor: 202,399,668 votes (94.02% of the represented votes)
Opposed: 1,164,099 votes (0.54% of the represented votes)
Neutral: 236,684 votes (0.11% of the represented votes)
Withheld: 11,467,826 votes (5.33% of the represented votes)

9. Amendments to Articles of Association

Approve the new redaction of the Articles of Association of LHV Group, thereby amending clauses 4.1.5 and 4.1.6. with the following wording:
“4.1.5. The Supervisory Board has set up the Audit Committee, the Risk and Capital Committee, the Nomination Committee and the Remuneration Committee and established the relevant terms of reference.”
“4.1.6. The Supervisory Board shall be authorized, for a period of 3 (three) years from the entry into force of this version of the Articles of Association, to increase the share capital through contributions 1 (once) per year by up to 2% (two percent) of the share capital as valid at the time of the respective resolution. If the full 2% (two percent) limit has not been used in previous years, the unused portion may be carried forward within the authorization period. However, if the limit has been fully utilized, the increase in any following year shall not exceed 2% (two percent).”

In favour: 202,252,123 votes (93.95% of the represented votes)
Opposed: 14,450 votes (0.01% of the represented votes)
Neutral: 1,085,252 votes (0.50% of the represented votes)
Withheld: 11,916,452 votes (5.54% of the represented votes)

All relevant documents associated with the Group’s General Meeting (including the notice on calling the General Meeting, draft resolutions, LHV Group’s annual report for 2024, including the independent auditor’s report, proposal for the profit distribution, the remuneration report, the Supervisory Board’s report on its activities and assessment of the 2024 annual report and proposals for approving of the terms of performance pay, LHV Group’s share option programs and LHV Group’s Articles of Association) have been presented in more detail on the Group’s website (https://investor.lhv.ee/en/general-meetings/#26.03.2025) where the minutes of the meeting shall also be made available at the latest 7 days after the General Meeting.

LHV Group is the largest domestic financial group and capital provider in Estonia. The main subsidiaries of LHV Group are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs more than 1,160 people. As at the end of February, the banking services of LHV are used by 462,000 clients, the pension funds managed by LHV have 113,000 active clients, and LHV Kindlustus protects a total of 174,000 clients. LHV Bank, a subsidiary of the Group, holds a UK banking licence and offers banking services to international fintech companies and loans to small and medium-sized enterprises.

Priit Rum
Communications Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee

The MIL Network –
March 27, 2025
MIL-OSI United Nations: Secretary-General’s remarks to the Informal Interactive Dialogue on the Implementation of the Pact for the Future [bilingual, as delivered; scroll down for all-English version]

Source: United Nations secretary general

Mr. President of the General Assembly, Excellencies, Ladies and Gentlemen,

I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months.

From day one of the Pact for the Future’s adoption, the President has been its active champion.

I deeply appreciate your efforts, Mr. President, and your leadership.

Excellencies,

Adopting the Pact was the beginning of the process, not the end.

Today I want to focus on what we have done over the last six months — and what we need to do.

We face a long list of challenges.

Conflicts and climate disasters are intensifying.

The Sustainable Development Goals are far off-track — as is the funding required to achieve them.

Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

But let me be very clear. It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever. And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come.

Resources are shrinking across the board — and they have been for a long time.

From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our organization.

Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment.

All these will contribute for a more effective implementation of the Pact for the Future.

Excellencies,

We’ve wasted no time moving into the implementation phase of the Pact.

From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas:

Sustainable Development Goals acceleration…peace and security… international financial architecture…digital technologies…UN governance…and youth.

We’ve created two task teams focusing on future generations and the need to look beyond GDP as a measure of progress and guide to policy-making.

And we’re establishing an internal tracking system to monitor our progress on Pact implementation.

Today, I’d like to report on our efforts since the Pact was adopted, and outline the work ahead in four areas.

First — peace and security.

United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world.

The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund.

We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.

And we’re progressing on a review of all forms of Peace Operations — as requested in the Pact.

Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

It will also recognize the limitations of our operations where there is little or no peace to keep.

We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

Second — finance for development.

Since the Pact’s adoption, we’ve taken action on several fronts.

For example, our Resident Coordinators and Country Teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

We’ve begun analyzing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September.

The Expert Group called for in the Pact to develop measures of progress that go beyond Gross Domestic Product will soon be announced, and will work throughout the year before an inter-governmental process takes over in 2026.

And we’ve been working closely with the World Bank and the IMF to follow-up on the Pact’s action points addressing improvements to the international financial system.

Developing countries must be represented fairly in the governance of the very institutions they depend on.

We know the environment is not favourable.

But we must not give up.

Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt.

In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

Debt relief is a central issue if we want the implementation and the Pact for the Future a reality.

At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, to make them bigger and bolder.

This includes both stretching their balance sheets and recapitalization.

And we must ensure that concessional finance is deployed where it is most needed.

Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

Three — youth and future generations

Our efforts must deliver for young people and the generations to come.

The Pact’s central promise to young people is to listen to their concerns and ideas, and including them at the decision-making table.

Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities.

With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

Through the Declaration on Future Generations, we’re also looking to the generations yet to be born.

We’ve established a Strategic Foresight Network and Community of Practice, to ensure our policies, programmes and field operations are based on long-term thinking.

And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

Quatrièmement : la technologie.

Nous mettons en œuvre les appels du Pacte mondial pour le numérique pour combler toutes les fractures numériques et veiller à ce que tout le monde puisse bénéficier d’un espace numérique sûr et sécurisé.

L’intelligence artificielle fait l’objet d’une attention particulière.

Nous élaborons un rapport sur les options novatrices de financement volontaire qui permettraient de renforcer les capacités en matière d’intelligence artificielle afin d’aider les pays du Sud à exploiter cette technologie au service de l’intérêt général – en tenant compte des recommandations formulées par mon Organe consultatif de haut niveau.

Un avant-projet de résolution visant à établir le Groupe scientifique international indépendant sur l’IA et à organiser un Dialogue mondial sur la gouvernance de l’IA a été distribué la semaine dernière – grâce au travail des co-facilitateurs, l’Espagne et le Costa Rica.

J’invite l’Assemblée générale à agir rapidement pour mettre sur pied ce Groupe et veiller à ce que le savoir-faire et les connaissances en matière d’IA soient mis à la disposition de tous les pays – tout en soutenant le Dialogue mondial.

L’ensemble du système de l’ONU se tient prêt à soutenir ces travaux.

Excellences,

Tout en défendant ces priorités, nous nous attelons par ailleurs à améliorer l’efficience et l’efficacité de nos opérations – comme l’exige le Pacte.

L’automne dernier, nous avons entrepris une évaluation complète dans l’ensemble des entités de l’ONU afin d’exploiter le potentiel de l’innovation, de l’analyse des données, de la transformation numérique et de la prospective dans l’ensemble de nos travaux – conformément à l’initiative ONU 2.0.

Les résultats sont déjà au rendez-vous : nous avons par exemple été capable de constater une accélération de l’évaluation des catastrophes dans la région Asie-Pacifique, un renforcement des programmes de sécurité sociale au Malawi, ou encore une consolidation des fonctions relatives à l’informatique dans l’ensemble du système des Nations Unies.

Ces efforts, où les données sont une question essentielle pour que nous puissions faire une bien meilleure gestion de ces données – ces efforts doivent se poursuivre, en particulier au regard des problèmes de financement auxquels nous devons faire face.

Nous comptons sur votre soutien pour mener ce travail à bien.

Excellences,

Alors que nous œuvrons pour remodeler le système multilatéral et ainsi relever les défis du monde d’aujourd’hui, le Pacte pour l’avenir est un rouage essentiel de ce processus de renouvellement constant.

Nous ne pouvons pas diluer nos efforts.

Gardons intact l’esprit et la détermination qui ont permis de forger et d’adopter le Pacte.

Nous comptons sur vous pour éclairer, inspirer et guider le travail de mise en œuvre à venir.

Une fois encore, merci pour vos idées et votre engagement.

***
[All-English]

Mr. President of the General Assembly, Excellencies, Ladies and Gentlemen,

I thank the President of the General Assembly for convening this important dialogue — the first of three in the coming months.

From day one of the Pact for the Future’s adoption, the President has been its active champion.

I deeply appreciate your efforts, Mr. President, and your leadership.

Excellencies,

Adopting the Pact was the beginning of the process, not the end.

Today I want to focus on what we have done over the last six months — and what we need to do.

We face a long list of challenges.

Conflicts and climate disasters are intensifying.

The Sustainable Development Goals are far off-track — as is the funding required to achieve them.

Geopolitical divisions and mistrust are blocking effective action, with some actively questioning the value of international cooperation and the multilateral system itself.

But let me be very clear. It is exactly because of these divides and these mistrusts that the Pact for the Future and the two parallel documents are more important than ever. And the bigger the obstacle, the bigger will be my determination to make things move forward in line with the will expressed by Member States in the Summit of the Future.

Meanwhile, critical funding is being drastically cut for people in desperate need — with more reductions to come.

Resources are shrinking across the board — and they have been for a long time.

From day one of my mandate, we embarked on an ambitious agenda to become more effective and cost-effective across our organization.

Earlier this month, I announced the “UN80” initiative to continue this work and intensify it.

We’re reviewing efficiencies and improvements to current arrangements, the implementation of mandates handed down by Member States, and structural changes and programme realignment.

All these will contribute for a more effective implementation of the Pact for the Future.

Excellencies,

We’ve wasted no time moving into the implementation phase of the Pact.

From an operational perspective, we established a principal-level steering committee — which I chair — overseeing six working groups focused on action and reforms in key areas:

Sustainable Development Goals acceleration…peace and security… international financial architecture…digital technologies…UN governance…and youth.

We’ve created two task teams focusing on future generations and the need to look beyond GDP as a measure of progress and guide to policy-making.

And we’re establishing an internal tracking system to monitor our progress on Pact implementation.

Today, I’d like to report on our efforts since the Pact was adopted, and outline the work ahead in four areas.

First — peace and security.

United Nations peace operations help safeguard people and communities in some of the most desperate corners of the world.

The Pact represents a commitment to strengthen tools to prevent and address conflict, to ensure that our peace efforts respond to new and emerging threats.

In November, I issued a report on peacebuilding which included concrete suggestions to strengthen the Peacebuilding Commission and Fund.

We’re actively working on the second independent progress study on the positive contribution of young people to peace processes.

And we’re progressing on a review of all forms of Peace Operations — as requested in the Pact.

Our recent proposals to the Security Council regarding Haiti are a case in point where new approaches can be developed to complex security challenges.

The review will be an opportunity to help adapt peace operations to today’s realities, and ensure they’re guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

It will also recognize the limitations of our operations where there is little or no peace to keep.

We will also continue pushing forward on other peace-related priorities of the Pact — including disarmament commitments around nuclear, biological and chemical weapons, lethal autonomous weapons and the growing weaponization of outer space.

And we will continue advocating — including through the intergovernmental negotiations process — for the Pact’s call to make the Security Council more representative of today’s world and more effective in the capacity to promote peace in the world.

Second — finance for development.

Since the Pact’s adoption, we’ve taken action on several fronts.

For example, our Resident Coordinators and Country Teams are now mapping out how we can accelerate progress at the national levels in close cooperation with the Governments.

We’ve begun analyzing the impact of military expenditure on the achievement of the SDGs and on our own work at the UN — with a final report out by September.

The Expert Group called for in the Pact to develop measures of progress that go beyond Gross Domestic Product will soon be announced, and will work throughout the year before an inter-governmental process takes over in 2026.

And we’ve been working closely with the World Bank and the IMF to follow-up on the Pact’s action points addressing improvements to the international financial system.

Developing countries must be represented fairly in the governance of the very institutions they depend on.

We know the environment is not favourable.

But we must not give up.

Since the Pact’s adoption, I have also established an expert group to identify practical steps for action on debt.

In the coming weeks, they will propose a list of achievable outcomes — and release a full report in June in advance of the Financing for Development Conference in Spain.

Debt relief is a central issue if we want the implementation and the Pact for the Future a reality.

At the same time, we will continue advocating to increase the lending capacity of Multilateral Development Banks, to make them bigger and bolder.

This includes both stretching their balance sheets and recapitalization.

And we must ensure that concessional finance is deployed where it is most needed.

Many of these actions depend on decisions of other multilateral institutions and of Member States, but we will not relent in our constant advocacy for what the Pact for the Future has clearly indicated as the way to pursue.

Three — youth and future generations

Our efforts must deliver for young people and the generations to come.

The Pact’s central promise to young people is to listen to their concerns and ideas, and including them at the decision-making table.

Following the establishment of a UN Youth Office in 2022, young people played a key role in shaping the Pact’s priorities.

With the Pact’s adoption, we’re now progressing towards establishing a Youth Investment Platform to ensure that national funding mechanisms and investment platforms are focused on the needs of young people.

And we’re developing core principles to strengthen youth engagement across our work at the United Nations — including by broadening the representation of younger colleagues within our organizational structures.

Through the Declaration on Future Generations, we’re also looking to the generations yet to be born.

We’ve established a Strategic Foresight Network and Community of Practice, to ensure our policies, programmes and field operations are based on long-term thinking.

And later this year, I will appoint a Special Envoy for Future Generations to scale up these efforts.

Fourth — technology.

We’re implementing the Global Digital Compact’s calls to close all digital divides and ensure all people benefit from a safe and secure digital space.

Artificial Intelligence is a particular focus.

We’re developing a report on innovative voluntary financing options for AI capacity-building to help the Global South harness AI for the greater good, taking into account the recommendations of my High-Level Advisory Body.

The zero draft resolution to establish the International Independent Scientific Panel on AI and convene a Global Dialogue on AI Governance was also circulated last week — thanks to the work of the co-facilitators, Spain and Costa Rica.

I urge the General Assembly to act swiftly to establish this Panel, and ensure that AI expertise and knowledge are available to all countries, while supporting the Global Dialogue.

The UN system stands ready to support this work.

Excellencies,

As we push for these priorities, we’re also improving the efficiency and effectiveness of our operations, as called for by the Pact.

Last fall, we undertook a comprehensive assessment across UN entities to harness the potential of innovation, data analytics, digital transformation and foresight across our work — as called for in the UN 2.0 initiative.

We’re already seeing results: from speeding-up disaster assessments in the Asia-Pacific, to strengthening social security programmes in Malawi, to consolidating Information Technology functions across the UN System.

This work must continue — especially in light of the funding challenges we face.

We’re counting on your support as we move forward.

Excellencies,

The Pact for the Future is an essential part of this process of constant renewal, as we re-shape the multilateral system for the challenges of today’s world.

We cannot dilute our efforts.

We need to sustain the same spirit and determination in which the Pact was forged and adopted.

We count on you to inform, inspire and guide the implementation work ahead.

Once again, thank you for your ideas and commitment.

MIL OSI United Nations News –

March 27, 2025
MIL-OSI United Kingdom: Media Release – Pre-season update for Harbour Users Wednesday 26 March 2025

Source: Channel Islands – States of Alderney

Media Release

Date: 26^th March 2025

Pre-season update for Harbour Users

Spring is fast approaching and therefore it is time to update Harbour users with some useful dates and information regarding the introduction of seasonal infrastructure and Harbour services.

Pontoons

The inner sections of the Harbour Pontoon facility are scheduled for installation on Friday the 11^th of April, this will include the passenger landing pontoon and access bridge. The remaining sections will be introduced according to demand.

Water taxi

The Water taxi service will also commence operations on Friday the 11^th of April to coincide with the pontoon’s installation. Following a successful trial in 2024, the operating hours will continue be restricted to a weekend only service during the spring months.

Taxi Hours (Times in BST)

·       Weekends and Bank Holidays: 0800-0000

·       Monday-Thursday (April & May): No taxi available

·       Weekdays: June – August: 0800-0000

Taxi Mobile telephone: 07781 121 046 VHF Ch 73

Mooring maintenance

The servicing of all outer Harbour Moorings is due to commence on the 2nd of April. The diving and servicing work takes approximately 14 days to complete, during this time crane activity will be restricted to general cargo working and essential lifts to ensure that the project does not suffer unnecessary delays.

Any mooring holders who have not already recovered ropes and tackle from their allocated mooring buoy may contact the Harbour Office to arrange collection or make an enquiry.

Please note that the availability of some services and facilities may vary when weather conditions exceed safe working limits.

Harbour Office

The Harbour Office will be staffed at weekends and Bank Holidays from Friday the 18^th of April between the hours of0800 and 1700. During these times vessel safety traffic and passage reporting can be directed to Alderney Port Control on VHF Channel 74.

Maritime Emergencies can be reported to Alderney Coastguard on VHF Channel 16 or by dialling 999.

Please contact the Harbour Office on 01481 820070 or email harbour@alderney.gov.gg for enquiries or to report an issue or incident to the Duty Harbour Officer.

ENDS

MIL OSI United Kingdom –

March 27, 2025
MIL-OSI United Kingdom: Spring Statement 2025 speech

Source: United Kingdom – Executive Government & Departments 3

Speech

Spring Statement 2025 speech

Spring Statement 2025 speech as delivered by Chancellor Rachel Reeves.

Mr Speaker, [political content redacted].

To provide security for working people.

And to deliver a decade of national renewal.

That work began in July – and I am proud of what we have delivered in just nine months.

Restoring stability to our public finances…

… giving the Bank of England the foundation to cut interest rates…

… three times since the General Election.

Rebuilding our public services…

… with record investment in our NHS…

… bringing waiting lists down for 5 months in a row.

And increasing the National Living Wage…

… to give 3 million people a pay rise from next week.

Now our task is to secure Britain’s future…

… in a world that is changing before our eyes.

The threat facing our continent was transformed when Putin invaded Ukraine.

It has since escalated further…

… and continues to evolve rapidly.

At the same time, the global economy has become more uncertain…

… bringing insecurity at home…

… as trading patterns become more unstable…

… and borrowing costs rise for many major economies.

Mr Speaker, the job of a responsible government is not simply to watch this change.

This moment demands an active government.

A government not stepping back, but stepping up.

A government on the side of working people…

… helping Britain to reach its potential.

We have the strengths to do just that…

… as one of the world’s largest economies …

… an ally to trading partners across the globe…

… and a hub for global innovation.

These strengths…

… and the progress we have made so far…

… mean we can act quickly and decisively in a more uncertain world…

… to secure Britain’s future…

… and to deliver prosperity for working people.

Mr Speaker, as I set out at the Budget last year…

… I am today returning to the House to provide an update on our public finances…

… supported by a new forecast from the independent Office for Budget Responsibility…

… ahead of a full Spending Review in June.

I will then return to the House in the autumn to deliver a budget…

… in line with our commitment to deliver just one major fiscal event a year.

So let me turn now to the OBR’s forecasts…

… and I want to thank Richard Hughes and his team for their dedicated work.

The increased global uncertainty has had two consequences.

First, on our public finances.

And second, on our economy.

I will take each in turn.

In the autumn, I set out new fiscal rules that would guide this government.

These fiscal rules are non-negotiable.

They are the embodiment of this government’s unwavering commitment…

… to bring stability to our economy…

… and to ensure security for working people.

[political content redacted]

But we must earn that trust every single day.

The two fiscal rules that I set out at the Budget were…

First, our “Stability Rule”, which ensures that public spending is under control…

… balancing the current budget by 2029-30…

… so that day-to-day spending is met by tax receipts.

Second, our “Investment Rule” to drive growth in the economy…

… ensuring that net financial debt falls by the end of the forecast period…

… while enabling us to invest alongside business.

Turning first to the Stability Rule, the OBR’s forecast shows that…

… before the steps that I will take in this statement…

… the current budget would have been in deficit by £4.1bn in 2029-30…

… having been in surplus by £9.9bn in the autumn…

… as the UK, alongside our international peers like France and Germany…

… has seen the cost of borrowing rise during this period of heightened uncertainty in global markets.

As a result of the steps that I am taking today…

… I can confirm that I have restored in full our headroom against the “stability rule”…

… moving from a deficit of £36.1bn in 2025-26 and £13.4bn in 2026-27…

… to a surplus of £6.0bn in 2027-28, £7.1bn in 2028-29 and a surplus of £9.9bn in 2029-30.

[political content redacted]

That means that we are continuing to meet the Stability Rule two years early…

… building resilience to shocks in this, a more uncertain world.

The OBR forecast that the “investment rule” is also met two years early…

… with net financial debt of 82.9% of GDP in 2025-26 and 83.5% in 2026-27…

… before falling from 83.4% in 2027-28, to 83.2% in 2028-29 and 82.7% in 2029-30…

… providing headroom of £15.1bn in the final year of the forecast…

… broadly unchanged from the autumn.

[political content redacted]

… debt interest payments now stands at £105.2bn this year…

… Mr Speaker, that is more than we allocate on Defence, the Home Office and Justice combined.

[political content redacted]

So the responsible choice is to reduce our levels of debt and borrowing in the years ahead…

… so that we can spend more on the priorities of working people. And that is exactly what this government will do.

Mr Speaker.

I said that our fiscal rules were non-negotiable.

And I meant it.

I will always deliver economic stability.

And I will always put working people first.

[political content redacted]

I said it at the Budget.

And I say it again today.

Let me now set out the steps the government has taken.

At the Budget we protected working people…

… by keeping our promise not to raise their rates of National Insurance, income tax or VAT.

At the same time, we began to rebuild our public services…

[political content redacted]

Ours were the right choices, the right choices for stability and the right choices for renewal…

… funded by the decisions that we took on tax.

As I promised in the autumn, this Statement does not contain any further tax increases.

But when working people are paying their taxes, while still struggling with the cost-of-living…

…it cannot be right that others are still evading what they rightly owe in tax.

In the Budget, I delivered the most ambitious package of measures that we have ever seen…

… to cut down on tax evasion…

… raising £6.5bn per year by the end of the forecast.

Today, I go further…

… continuing our investment in cutting-edge technology …

… investing in the HMRC’s capacity to crack down on tax avoidance…

… and setting out plans to increase the number of tax fraudsters charged every year by 20%.

These changes raise a further £1bn…

… taking the total revenue raised from reducing tax evasion under this [political content redacted] government to £7.5bn…

… figures verified by the Office for Budget Responsibility…

… and I want to thank my Honourable Friend the Exchequer Secretary for his continued work in this area.

Mr Speaker, last week my Right Honourable Friend the Secretary of State for Work and Pensions, set out this government’s plans to reform the welfare system.

[political content redacted]

We believe that if you can work, you should work…

… but if you can’t work, you should be properly supported.

This government inherited a broken system.

More than 1,000 people are qualifying for Personal Independence Payments.

And 1 in 8 young people are not in employment, education or training.

If we do nothing, we are writing off an entire generation.

That cannot be right and we will not stand it.

It is a waste of their potential and it is a waste of their futures and we will change it.

As my Right Honourable Friend said in her statement last week…

… the final costings would be subject to the OBR’s assessment.

Today, the OBR have said…

… that they estimate the package will save £4.8bn in the welfare budget…

… reflecting their judgements on behavioural effects and wider factors.

This also reflects final adjustments to the overall package…

… consistent with the Secretary of State’s statement last week…

… and the government’s Pathways to Work Green Paper.

The Universal Credit Standard Allowance will increase from £92 per week in 2025-26 to £106 per week by 2029-30…

… while the Universal Credit Health element will be cut for new claimants by 50% and then frozen.

On top of this, we are investing £1bn to provide guaranteed, personalised employment support to help people back into work…

… and £400m to support the Department for Work and Pensions and our Job Centres to deliver these changes effectively and fairly…

… taking total savings after that for the package to £3.4bn.

Whilst spending on disability and sickness benefits will continue to raise, these plans

mean that welfare spending as a share of GDP will fall between 2026-27 and the end of the forecast period.

[political content redacted]

We are reforming our welfare system…

… making it more sustainable…

… protecting the most vulnerable…

… and supporting more people back into secure work lifting them out of poverty.

Mr Speaker, at the Budget, I fixed the foundations of our economy to deliver on the promise of change.

That work has already begun.

2 million extra appointments in our NHS.

Waiting lists down.

New breakfast clubs opening across England.

The largest settlements in real terms for Scotland, Wales and Northern Ireland in the history of devolution.

Asylum costs, falling.

Promises made, promises kept.

[political content redacted]

At the Budget…

… alongside providing an increase in funding for this year and next…

… I set the envelope for the Spending Review…

… which we will deliver in June…

led by my RHF the Chief Secretary to the Treasury

… to set departmental budgets until 2028-29 for day-to-day spending…

… and until 2029-30 for capital spending.

Today, I am reflecting two steps that we have taken in our spending plans.

First, because we are living in an uncertain world…

… as the Prime Minister has set out…

… we will increase defence spending to 2.5% of GDP, reducing overseas aid to 0.3% of Gross National Income.

This means we save £2.6bn in day-to-day spending in 2029-30…

… to fund our more capital-intensive defence commitments.

Second, in recent months, we have begun to fundamentally reform the British state…

… driving efficiency and productivity across government…

… to deliver tangible savings…

… and improve services across our country.

Earlier this month, the Prime Minister set out our plans to abolish the arms-length body NHS England…

… and ensure that money goes directly to improving the service for patients.

My Right Honourable Friend the Health Secretary is driving forward vital reforms to increase NHS productivity…

… bearing down on costly agency spend…

… to save money so that we can improve patient care.

And my Right Honourable Friend the Chancellor of the Duchy of Lancaster is taking forward work to significantly reduce the costs of running government…

… by 15%, worth £2bn, by the end of the decade.

This work shows that we can make our state leaner, and more agile…

… delivering more resources to the frontline…

… while ensuring we control day-to-day spending to meet our fiscal rules.

Today, I build on that work…

… by bringing forward £3.25bn of investment…

… to deliver the reforms that our public services need…

… through a new Transformation Fund.

That is money brought forward now…

… to bring down the costs of running government by the end of the forecast period…

… by making public services more efficient, more productive and more foucssed on the user.

I can confirm today the first allocations from this fund…

… including funding for Voluntary Exit Schemes to reduce the size of the Civil Service…

… pioneering AI tools to modernise the state…

… investment in technology for the Ministry of Justice to deliver probation services more effectively…

… and up-front investment so we can support more children in foster care…

… to give them the best possible start in life…

… and reduce cost pressures in the future.

Our work to make government leaner…

… more productive…

… and more efficient…

… will help deliver a further £3.5bn of day-to-day savings by 2029-30.

Overall, day-to-day spending will be reduced by £6.1bn by 2029-30…

… and it will now grow by an average of 1.2% a year above inflation…

… compared to 1.3% in the Autumn.

Mr Speaker, I can confirm to the House that day-to-day spending will increase in real terms, above inflation, in every single year of the forecast.

And in the Spending Review, apart from the reduction in overseas aid…

… day-to-day spending across government has been fully protected.

I can also confirm our approach to capital investment.

In the Autumn Budget I announced £100bn of additional capital spending…

… to crowd in investment from the private sector…

… to fix our crumbling infrastructure…

… and to create jobs in every corner of our country.

[political content redacted]

Today, I am instead increasing capital spending …

… by an average of £2bn per year compared to the Autumn…

… to drive growth in our economy…

… and to deliver in full our vital commitments on defence.

This government will ensure that every pound we spend will deliver for the British people…

… by increasing productivity…

… driving growth in our economy…

… and improving our frontline public services.

Mr Speaker, let me turn now to the impact of increased uncertainty on our economy.

To deliver economic stability, we must work closely with the Bank of England…

… supporting the independent Monetary Policy Committee to meet their 2% inflation target.

There have been three interest rate cuts since the General Election and today’s data showed that inflation fell in February.

[political content redacted]

… the OBR forecast that CPI inflation will average 3.2% this year…

… before falling rapidly to 2.1% in 2026 and meeting the 2% target from 2027 onwards…

… giving families and businesses the security that they need…

… and providing our economy with the stable platform it needs to grow.

Mr Speaker…

… earlier this month, the OECD downgraded this year’s growth forecast for every G7 economy, including the UK.

And the OBR have today revised our growth forecast for 2025…

… from 2% in the autumn…

… to 1% today.

I am not satisfied with these numbers.

That is why we on this side of the house are serious about taking the action needed to grow our economy.

Backing the builders, not the blockers…

… with a third runway at Heathrow Airport…

… and the Planning and Infrastructure Bill.

Increasing investment…

… with reforms to our pension system…

… and a new National Wealth Fund.

And tearing down regulatory barriers…

… in every sector of our economy.

That is a serious plan for growth.

That is a serious plan to improve living standards.

That is a serious plan to renew our country.

Mr Speaker, a changing world presents challenges.

But it also presents new opportunities.

For new jobs.

… and new contracts…

… in our world-class defence industrial centres…

… from Belfast to Deeside, and from Plymouth to Rosyth.

In February, the Prime Minister set out our government’s commitment to increase spending on defence to 2.5% of GDP from April 2027…

The biggest sustained increase in defence spending since the end of the Cold War

…and an ambition to spend 3% of GDP on defence in the next parliament.

That was the right decision in a more insecure world…

… putting an extra £6.4bn into defence spending by 2027.

But we have to move quickly in this changing world.

And that starts with investment.

So today I can confirm that I will provide an additional £2.2bn for the Ministry of Defence in the next financial year…

… a further downpayment on our plans to deliver 2.5% of GDP by 2027.

This additional investment is not just about increasing our national security…

… but increasing our economic security, too.

As defence spending rises, I want the whole country to feel its benefits.

So I will set out the immediate steps that we are taking to boost Britain’s defence industry…

… and to make the UK a defence industrial superpower.

We will spend a minimum of 10% of the Ministry of Defence’s equipment budget on novel technologies …

… including drones and AI enabled technology…

… driving forward advanced manufacturing production in places like Glasgow, in Derby and in Newport…

… creating demand for highly skilled engineers and scientists…

… and delivering new business opportunities for UK tech firms and start-ups.

We will establish a protected budget of £400m within the Ministry of Defence…

… a budget that will rise over time for UK Defence Innovation…

… with a clear mandate to bring innovative technology to the front line at speed.

We will reform our broken defence procurement system…

… making it quicker, more agile and more streamlined….

… and giving small businesses across the UK better access to Ministry of Defence contracts.

Something welcomed by the Federation of Small Businesses.

We will take forward our Plan for Barrow, a town at the heart of our nuclear security…

… working with my Honourable Friend the Member for Barrow and Furness…

… and providing £200m, supporting the creation of thousands of jobs there.

We will regenerate Portsmouth naval base, securing its future…

… as called for by my Honourable Friend the Member for Portsmouth South.

We will secure better homes for thousands of military families… the homes that they deserve [political content redacted].

… homes for our military families in the constituencies of my Honourable Friends for Plymouth Moor View, Plymouth Sutton & Devonport, York Outer and in Aldershot.

That is the difference that this [political content redacted] government is making.

Finally, Mr Speaker, we will provide £2bn of increased capacity for UK Export Finance…

… to provide loans for overseas buyers of UK defence goods and services…

Because I want to do more with our defence budget so we can buy and make and sell things here in Britain.

… giving further opportunities for our world leading defence companies and those who work in them…

… to grow and create jobs here in Britain…

… as military spending rises right across Europe.

To oversee all of this vital work…

… my Right Honourable Friend the Defence Secretary and I will establish a new Defence Growth Board…

… to maximise the benefits from every pound of taxpayers’ money that we spend.

And we will put defence at the heart of our modern industrial strategy…

… to drive innovation that can deliver huge benefits back into the British economy.

Mr Speaker, that is how we make our country a defence industrial superpower…

… so the skills of the future…

… the jobs of the future…

… and the opportunities of the future…

… can be found right here in the United Kingdom.

Mr Speaker, [political content redacted] there are no shortcuts to economic growth.

It will take long-term decisions.

It will take hard yards.

It will take time for the reforms that we are introducing to be felt in the everyday economy.

It is right that the Office for Budget Responsibility consider the evidence…

… and look carefully at measures before recognising a growth impact in their forecast.

But, Mr Speaker, I can announce to the House…

… that the OBR have considered – and have scored – one of the central planks of our plan for growth.

In my first week as Chancellor, I announced that we were pursuing the most ambitious set of planning reforms in decades…

… to get Britain building again.

And in December – we published changes to the National Planning Policy Framework…

… driven forward tirelessly by my Right Honourable Friend the Deputy Prime Minister…

… reintroducing mandatory housing targets…

… and bringing “grey belt” land into scope.

The OBR have today concluded that these reforms will permanently increase the level of real GDP…

… by point 0.2% by 2029-30…

… an additional £6.8bn in our economy…

… and by point 0.4% of GDP within 10 years…

… an additional £15.1bn in our British economy.

Mr Speaker, that is the biggest positive growth impact that the OBR have ever reflected in their forecast, for a policy with no fiscal cost.

And taken together with our plans to increase capital spending that we set out in the Budget last year…

… this government’s policies will increase the level of real GDP by point 0.6% in the next ten years.

Mr Speaker, that is the difference that this [political content redacted] government is making.

Policies to grow our economy.

[political content redacted]

The OBR have concluded that our reforms will lead to housebuilding reaching a forty-year high…

… of 305,000 a year by the end of the forecast period.

And changes to the National Planning Policy Framework alone…

… will help build over 1.3 million homes in the UK over the next five years…

… taking us within touching distance…

… of delivering our manifesto promise to build 1.5 million homes in England in this parliament.

[political content redacted]

The impact on our economy goes further still.

[political content redacted]

We need economic growth.

So I can today confirm…

… that the effect of our growth policies…

… including our planning reforms…

… means an additional £3.4 billion to support our public finances and our public services by 2029-30.

The proceeds of growth.

[political content redacted]

Mr Speaker, earlier this week…

… we provided an additional £2bn of investment in social and affordable homes next year…

… delivering up to 18,000 new homes…

… and allowing local areas to bid for new developments across our country…

… including sites in Thanet, in Sunderland and in Swindon.

More security for families across our country.

[political content redacted]

And to build these new homes…

… we need people with the right skills.

Earlier this week, my Right Honourable Friend the Education Secretary announced more than £600m…

… to train up 60,000 more construction workers…

… including with 10 new Technical Excellence colleges across every region of our country…

… giving working people the chance to fulfil their potential.

New opportunities for our young people.

[political content redacted]

Mr Speaker, all this is just the start.

The Planning and Infrastructure Bill passed its second reading on Monday.

[political content redacted]

Once this Bill completes its passage…

… it will help deliver the homes and infrastructure our country badly needs.

[political content redacted]

And today, I can confirm to the House…

… that the OBR have upgraded their growth forecast next year…

… and every single year thereafter…

… with GDP growth of 1.9% in 2026, 1.8% in 2027, 1.7% in 2028, and 1.8% in 2029.

Mr Speaker,

By the end of the forecast…

… our economy is larger compared to the OBR’s forecast at the time of the Budget.

[political content redacted]

But Mr Speaker, this isn’t just about lines on a graph.

It is about improving people’s lives.

Working people are still feeling the pinch after a cost of living crisis [political content redacted] that saw prices spiral.

So I am pleased that the OBR confirm today …

… that Real Household Disposable Income…

… will now grow this year at almost twice the rate expected in the autumn.

[political content redacted]

… and after taking into account inflation…

… the OBR say today…

… that people will be on average over £500 a year better off under this [political content redacted] government.

That will mean more money in the pockets of working people. Higher living standards.

[political content redacted]

Mr Speaker, the world is changing.

We can see that…

… and we can feel it.

A changing world demands a government that is on the side of working people.

Acting in their interest.

Acting in the national interest.

Not retreating from challenges.

Not stepping back.

But a government with the courage to step up…

… to secure Britain’s future…

… and to seize the opportunities that are out there before us.

I am impatient for change, the British people are impatient for change, [political content redacted].

And we are beginning to see change happen.

Our Plan for Change is working.

Defence spending is rising.

Waiting lists are falling.

Wages are up.

Interest rates are cut.

[political content redacted]

And today, Mr Speaker…

… the OBR confirm…

… that our plan to get Britain building…

… will drive growth in our economy…

… and put more money in people’s pockets.

There are no quick fixes.

But we have taken the right choices.

[political content redacted]

Delivering security for our country and security for working people.

That is what drives this government.

That is what drives me as Chancellor.

And that is what drives the choices that I have set out today.

And I commend this statement to the House.

Updates to this page

Published 26 March 2025

MIL OSI United Kingdom –

March 27, 2025
MIL-OSI Banking: Technical fault impacting submissions of AML/CFT Annual Return

Source: Isle of Man

Published on: 26 March 2025

The AML/CFT Division of the Financial Services Authority (‘the Authority’) wishes to inform all stakeholders of a technical issue that has occurred outside of its control affecting the submission of the AML/CFT Annual Return and the timely delivery of 2-Factor Authentication (2FA) codes.

Due to this unforeseen issue, some users are unable to log in within the timeframes required for secure 2FA access. The Government technical team is working diligently to resolve the problem as quickly as possible.

In light of these circumstances, the Authority has decided to extend the deadline for the submission of the AML/CFT Annual Return by one week. The new deadline for submissions is now Monday April 7th, 2025. We appreciate your understanding and co-operation during this time.

We will provide updates as soon as the issue is resolved, and normal email services are restored. In the meantime, if you have any urgent queries or require assistance, please contact our support team at amlreturns@iomfsa.im or on 01624 686889.

Thank you for your patience and continued compliance. A further communication will be sent once the problem is resolved.

MIL OSI Global Banks –

March 27, 2025
MIL-OSI Banking: Sanjay Malhotra: Address – Private Sector Collaborative Forum of the Financial Action Task Force

Source: Bank for International Settlements

It is a pleasure to be here at the Private Sector Collaborative Forum (PSCF) 2025 of the Financial Action Task Force. I am happy to note that this is the first time that the forum is being held in India. I thank FATF for giving us this opportunity. In my previous role as the Secretary in the Department of Revenue, Ministry of Finance, Government of India, I had the opportunity of being closely associated with the FATF during our mutual evaluation last year.

About FATF

Financial Action Task Force (FATF), the standard setting body for illicit financing has come a long way since its establishment in 1989. Over the years, it has evolved from an organisation with only 16 members to a global forum with 40 members. Through the FATF-styled regional bodies¹, its reach is even wider. The standards developed by FATF are used by over 200 jurisdictions to combat money laundering (ML), terrorism financing (TF) and proliferation financing. The implementation of the standards has played an important role in strengthening the global financial system and making the world a safer place.

India’s Mutual Evaluation by FATF

India accords immense importance to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT). Last year, India underwent the mutual evaluation by the FATF. India was placed in the ‘regular follow-up’ category, a distinction shared by only a few other G20 countries². This is a recognition of our effective AML and CFT framework. It demonstrates our commitment to AML and CFT. This is a result of many years of building and continuously improving and strengthening the financial system of our country.

This was possible due to the collaborative efforts of all stakeholders, led by the Government of India including financial entities and designated non-financial businesses and professions in the private and public sector, regulators, and the state governments. The private sector plays a vital role in keeping the financial systems secure. Their role in implementing due diligence procedures, conducting robust risk assessments, monitoring transactions, and reporting suspicious activities is critical for preventing the abuse of the financial system. They identify suspicious activities and help government agencies in destroying illicit financial networks.

Strong public-private partnerships form the bedrock for safeguarding the integrity of the financial system. In India, we recognize the importance of close cooperation between public and private sector stakeholders in achieving these goals. Reserve Bank of India, as the regulator and supervisor of a large segment of the financial system in India has diligently and consistently worked towards building and ensuring implementation of a strong AML and CFT framework in this segment of the financial system, in line with FATF recommendations. The Reserve Bank has taken several initiatives to enhance cooperation and coordination with various stakeholders. Similarly, the Financial Intelligence Unit (FIU)-India has also set up FPAC³, a public-private cooperation forum for facilitating closer interaction and collaboration. It has also supported the setting up of ARIFAC⁴ – a cross sectoral forum for the private sector reporting entities to collaborate among themselves.

It is a result of these collaborative efforts that we have been able to build and demonstrate a robust and resilient AML and CFT framework. I compliment all the stakeholders, especially, the regulated entities in the financial sector as well as the designated non-financial businesses and professions for the successful mutual evaluation.

However, as all of you are aware, the threats from money laundering and terror financing to the national and global financial systems are continuously evolving and becoming more sophisticated. This is primarily due to technological advancements. In order to effectively counter these threats, we need to continue the close cooperation among various stakeholders – government agencies, financial entities in both the public and private sectors, civil society, and others.

The mutual evaluation process was rigorous and detailed. While providing us with valuable insights into our strengths, it has highlighted some areas of improvement in our AML-CFT framework. We are determined to further strengthen our financial system to deter and combat illicit financial activities taking into consideration the recommendations made during the evaluation. We will continue to strive for continuous improvement in this regard.

Some thoughts on the Agenda for PSCF 2025

I am told that yesterday’s sessions were very engaging and produced lively discussions. Looking at the agenda for today and tomorrow, I am confident that the deliberations on contemporary topics such as evolving AML-CFT landscape, financial inclusion & humanitarian channels, risk-based approach to supervision, digitalization & information sharing, beneficial ownership and countering of proliferation financing, will also be exciting. Let me outline some of my thoughts for the forum on these areas.

First, while we all continue to make our financial systems safe and secure against money laundering and terror financing, we as policy makers need to be mindful that our measures are not over-zealous and do not stifle legitimate activities and investments. You would appreciate that multiple laws and rules, each with their own level of granularity cast a high level of burden of compliance on the regulated financial service providers. This is relevant in the context of AML-CFT too. Therefore, we need to have laws and regulations which, with surgical precision, target only the illegitimate and illicit, rather than use them as blunt tools which unintentionally hurt even the honest.

Similarly, even while implementing the legal framework and regulations, we need to keep in mind the impact on persons and businesses. Risk-based approach is recommended in this regard. But let us keep in mind that this is only a step forward in reducing compliance burden. Let us appreciate that it is not the ultimate solution, as any risk-based approach is not perfect; it would have false positives and false negatives. We need to continuously refine and improve our risk assessment models to make them robust.

To make these improvements, we need to improve the quality of our data and harness emerging technologies. This will help improve screening of transactions and detection of suspicious activities thereby reducing false positives and false negatives. Considering the evolving landscape in the area of money laundering resulting from changing customer behaviour and evolving products and services, we need to continuously augment AML risk assessment framework and make appropriate system enhancements on a regular basis after assessing the impact of ML and other risks. The focus has to also be on understanding the latest trends and developments in the financial world that can be exploited by criminals and accordingly develop tools and enabling frameworks that will allow us to detect suspicious transactions and activities early and take pre-emptive action. With the adoption of new technological tools and models, I am sure that AML-CFT risk assessments can be further fine-tuned. I would urge you all to discuss and share best practices in identification, mitigation and supervision of AML-CFT risks. This will not only help to reduce compliance burden on the Regulated Entities but also result in optimal allocation of supervisory resources.

While India has made remarkable progress in financial inclusion, we need to ensure that we continue to widen and deepen it. The discussions on FATF standards to promote financial inclusion need to find answers to the challenge of aligning financial inclusion and financial integrity, especially for the developing economies. It must be ensured that regulations do not create unintended barriers to financial inclusion. We need to be mindful of customer rights and convenience while fulfilling the due diligence requirements. I am happy to note that the amendments to Recommendation 1 and its interpretive note under the Mexican presidency intend to foster and promote financial inclusion without compromising on financial integrity. Similar approach is needed to extend access of financial channels for supporting humanitarian aid.

In recent years, digitalisation has been increasingly applied to customer onboarding and customer due diligence (CDD) processes. India has made huge strides in this regard too. The digital KYC and video KYC are shining examples of this. The Central KYC Records Registry (CKYCR) with more than one billion records is another example, which has the potential of ushering in a new era of customer onboarding by making it easier and seamless not only for customers but also for regulated entities to perform customer identification and due diligence. I am told there is a separate session to deliberate on the state of play of technical solutions in customer due diligence area. The discussions could be helpful in further enhancing the capability and utility of CKYCR manifold.

Further, during the process of CDD, reporting entities collect a large amount of data from the customers. Moreover, there are requirements of sharing of information with Financial Intelligence Units, law enforcement agencies and data registries leading to concerns regarding data protection and sharing of information without consent. India has recently enacted a law for Digital Personal Data Protection. Exchange of experiences from different jurisdictions will help us in better implementing the law in our country.

Another important area which needs discussion is the travel rule. In today’s world, fast payment systems are revolutionizing financial access and deepening financial inclusion. Developing countries like India have made huge progress in making digital payments accessible, affordable, and convenient. While card networks have helped developed economies in improving payment systems, fast payment systems have assisted Emerging Market and Developing Economies (EMDEs) leapfrog in this area. We have also enabled cross border payments using fast payment systems with a few countries. We will continue to work towards fulfilling our commitment to the effective implementation of the next phase of G20 roadmap towards inclusive cross-border payments by 2027. In this context, the ongoing discussions on FATF Recommendation 16 (R.16), known as the travel rule, assume importance. To meet the G20 objective of making cross-border payments faster, cheaper, more transparent and more inclusive, while maintaining their safety and security, it would be desirable to make the travel rule technology-neutral.

Lastly, discussions regarding combating proliferation financing and sanctions evasion need to answer questions related to identification of products and services which are most vulnerable to exploitation and the mitigation of the risks related to such products. This forum can discuss the best practices as well as challenges in this regard.

Conclusion

To conclude, I would like to stress that through our collaborative efforts, we can safeguard the trust that underpins the global financial framework. Together, let us continue to collaborate and innovate in building a financial ecosystem that is not only safe and secure but also fast, convenient, accessible and affordable. Let us build financial systems that not only thwart the attempts of money laundering, terror financing and proliferation financing, but also support financial inclusion, encourage innovation, and facilitate economic growth. In the end, I wish the forum very fruitful and productive deliberations.

Thank you.

MIL OSI Global Banks –

March 27, 2025
MIL-OSI Banking: Gabriel Makhlouf: Opening remarks – launch of the Consumer Protection Code
Source: Bank for International Settlements

Good morning everyone,

I would like to welcome you all to the Central Bank today.

Welcome in particular to Robert Troy TD, Minister of State, as well as Brian McHugh, Chair of the Competition and Consumer Protection Commission (CCPC), and Liam Sloyan the Financial Services and Pensions Ombudsman (FSPO).

We are also joined by stakeholders from across the financial system who, over the last three years, have supported and informed the development of the revised Consumer Protection Code which we are publishing today. Thank you all for coming and thank you for your commitment to dialogue and engagement to inform the new Code. You have made an important contribution to the new Code.

Before turning to the Code itself, let me say a few words about consumer protection more generally and our approach here in the Central Bank of Ireland.

Our mission is to serve the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy. We are guided by the objective set out in our founding legislation which stated that the Central Bank’s “constant and predominant aim shall be the welfare of the people as a whole”. Everything that we do is aimed at serving the public interest and protecting consumers of financial services, whether it is through the consumer protection code, the mortgage measures, our monetary policy actions, our oversight of the payments system, or our supervision of individual firms.

Over the last decade, we have, along with the CCPC and FSPO in particular, played a significant role in strengthening the consumer protection framework in Ireland, to ensure that the system and protections are in line with global standards. I was pleased with the endorsement we received from the OECD just before Christmas. But while this strengthening of the framework has improved supports and outcomes for consumers, we also recognise the importance of ensuring that the framework – like all frameworks – continues to adapt and evolve so that it remains fit for purpose and future-ready.

The challenges and risks facing us are clear. The global economy is fragmenting and countries across the globe are undergoing significant economic transitions – in demography, in technology, in climate – while also experiencing a period of unprecedented innovation. The ways in which we as consumers buy, use and engage with financial services are changing significantly. These changes reflect new preferences, provide new opportunities and meet different needs on the part of individuals, households and businesses. But they also create new challenges and new risks in the financial sector that we supervise and for the consumers we protect.

In the face of this changing ecosystem, we need to adapt, evolve and transform. In fact all of us – firms, regulators, advocates, media – need to work together to secure customers’ interests as they seek to navigate their financial affairs and to plan for their financial futures.

As set out in our Strategy, the Central Bank recognises that we must keep up with the changing world if we are to continue to deliver on our mandate. As both a regulator and supervisor we are working to ensure that our frameworks are ready to respond to the changes that people are experiencing in their daily lives, and that we are connected to – and understand – the needs of the individuals, households and businesses that make up the real economy which ultimately supports the welfare of the people as a whole. For us it means being focused on innovation, building our data capability, modernising our regulations, evolving to adopt new mandates and transforming our supervisory framework.

Our new supervisory approach came into effect in January this year. It remains outcomes-focused and risk-based, building on our existing principles and practices. The changes enable a more integrated approach to the different aspects of our mandate but remain focused on achieving four safeguarding outcomes: the protection of consumer and investor interests, the integrity of the financial system, the safety and soundness of firms, and the stability of the financial system. Importantly, our new approach places consumer protection at the heart of day-to-day supervision. It positions us better as an organisation to meet our objectives to ensure consumers of financial services are protected in a changing financial landscape.

Consumer Protection Code

Let me turn to the revised Consumer Protection Code itself. It is built on the strong foundations of its predecessor which is the cornerstone of our – and the wider national – consumer protection framework for financial services. Throughout the course of the morning, you will hear further detail on the measures and protections that the updated Code will introduce. And you will also be able to read about them in the suite of materials that we are publishing today.

At its core, financial regulation is about supporting positive outcomes, protecting consumers and investors, and, ultimately, contributing to the economic well-being of the community as a whole. In reviewing the Code we have focused on modernising the regulatory framework to reflect the provision of financial services in a digital world. Consumers will benefit from a package of protections that better reflect how they are accessing financial services in the modern world. Regulated firms will benefit from an integrated regulatory format, and a clearer articulation of their Code obligations, complementing the work they are already doing.

One of our key objectives in revising the Code has been to put customers at the heart of the culture, strategy and business models of financial services firms. This is addressed through a new Securing Customers’ Interests Standard, supported by detailed guidance which describes what firms need to consider, the actions they need to take, and the mind-set they should have towards their customers. We want to see a maturing of firms’ understanding and engagement with their consumer protection obligations where they take ownership for meeting these obligations, deliver positive outcomes and are proactive in addressing any issues that arise.

Another important aspect of our review has been on protecting consumers in vulnerable circumstances, as they are more likely to suffer detriment or harm. The new Code sets out an updated definition of vulnerability along with enhanced requirements which reflect an improved understanding of its dynamic nature, recognising that people can move in and out of circumstances that make them vulnerable. We want firms need to understand the broad nature of vulnerability, and ensure that their culture, policies and processes take account of the needs of consumers in vulnerable circumstances.

The revised Consumer Protection Code comes into effect 12 months from today. We will continue to engage with industry and consumer representatives in relation to its implementation over the next year. We want to see the new Code contributing to building trust in the financial system and for consumers to have the confidence that it will work to deliver positive outcomes for them.

In my view implementing the revised Code successfully will be more likely if it is seen as a collective effort on the part of all participants in the financial system:
- firms must continue to put the customer at the heart of their culture, strategy, business model and decision-making. Customer interests should not be the afterthought to finalising a strategy. Consideration of the impacts on customers and customer outcomes needs to be a key aspect of the strategy development and decision-making process itself;
- consumer representative organisations play an important role in supporting and advising consumers in their interactions with financial services and I’m sure they will continue to do this as we work through implementation of the revised Code;
- media organisations of course play an important role in informing all the participants in the system;
- agencies such as the CCPC, FSPO and others will continue to play their important roles as key players in the national consumer protection framework; and
- the Central Bank we will remain focused on ensuring that the financial system operates in the best interests of consumers and the wider economy, as well as playing our part in communicating with consumers to raise their awareness of the revised Code.
Adopting a whole-of-system approach will support effective implementation of the revised Code and ensure the protection of consumer and investor interests in their interactions with a rapidly-changing financial system.

Thank you once again for joining us today.
MIL OSI Global Banks –
March 27, 2025
MIL-OSI Economics: pellertrading.online: BaFin warns of website and points to suspected identity fraud

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

The operator of the website appears only under the name PellerTrading, without mentioning a legal form. He claims to be based in Zurich, Switzerland, at LLB Swiss Investments AG and in London, United Kingdom.

BaFin has no information indicating that LLB Swiss Investments AG, a company registered in the Swiss commercial register and with the Swiss Financial Market Supervisory Authority (FINMA), has any connection to the offers on the pellertrading.online website or to the operator of the website. It is assumed that this is an identity fraud at the expense of LLB Swiss Investments AG.

Recently, BaFin has become aware of other websites with almost identical content, which BaFin has also warned against. In all cases, the presentation on the websites begins with the following sentence: “Step up your trading with [name of operator]”.

Anyone offering financial or investment services or crypto-securities services in Germany requires the permission of BaFin. However, some companies offer such services without the necessary permission. You can find information on whether a particular company is authorized by BaFin in the database of companies.

BaFin’s information is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).

Please be aware:

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

MIL OSI Economics –

March 27, 2025
MIL-OSI Global: Mississippi’s education miracle: A model for global literacy reform

Source: The Conversation – USA – By Harry Anthony Patrinos, Professor of Education Policy, University of Arkansas

Mississippi’s reforms have led to significant gains in reading and math, despite the state being one of the lowest spenders per pupil in the U.S. Klaus Vedfelt/Getty Images

In a surprising turnaround, Mississippi, once ranked near the bottom of U.S. education standings, has dramatically improved its student literacy rates.

As of 2023, the state ranks among the top 20 for fourth grade reading, a significant leap from its 49th-place ranking in 2013. This transformation was driven by evidence-based policy reforms focused on early literacy and teacher development.

The rest of the country might want to take note.

That’s because Mississippi’s success offers a proven solution to the reading literacy crisis facing many states – a clear road map for closing early literacy gaps and improving reading outcomes nationwide.

As an expert on the economics of education, I believe the learning crisis is not just an educational issue. It’s also economic.

When students struggle, their academic performance declines. And that leads to lower test scores. Research shows that these declining scores are closely linked to reduced economic growth, as a less educated workforce hampers productivity and innovation.

The Mississippi approach

In 2013, Mississippi implemented a multifaceted strategy for enhancing kindergarten to third grade literacy. The Literacy-Based Promotion Act focuses on early literacy and teacher development. It includes teacher training in proven reading instruction methods and teacher coaching.

Relying on federally supported research from the Institute of Education Science, the state invested in phonics, fluency, vocabulary and reading comprehension. The law provided K-3 teachers with training and support to help students master reading by the end of third grade.

It includes provisions for reading coaches, parent communication, individual reading plans and other supportive measures. It also includes targeted support for struggling readers. Students repeat the third grade if they fail to meet reading standards.

The state also aligned its test to the NAEP, or National Assessment of Educational Progress, something which not all states do. Often referred to as “The Nation’s Report Card,” the NAEP is a nationwide assessment that measures student performance in various subjects.

Mississippi’s reforms have led to significant gains in reading and math, with fourth graders improving on national assessments.

I believe this is extremely important. That’s because early reading is a foundational skill that helps develop the ability to read at grade level by the end of third grade. It also leads to general academic success, graduating from high school prepared for college, and becoming productive adults less likely to fall into poverty.

Research by Noah Spencer, an economics doctoral student at the University of Toronto, shows that the Mississippi law boosted scores.

Students exposed to it from kindergarten to the third grade gained a 0.25 standard deviation improvement in reading scores. That is roughly equivalent to one year of academic progress in reading, according to educational benchmarks. This gain reflects significant strides in students’ literacy development over the course of a school year.

Another study has found an even greater impact attributed to grade retention in the third grade – it led to a huge increase in learning in English Language Arts by the sixth grade.

But the Mississippi law is not just about retention. Spencer found that grade retention explains only about 22% of the treatment effect. The rest is presumably due to the other components of the measure – namely, teacher training and coaching.

Other previous research supports these results across the country.

Adopting an early literacy policy improves elementary students’ reading achievement on important student assessments, with third grade retention and instructional support substantially enhancing English learners’ skills. The policy also increases test scores for students’ younger siblings, although it is not clear why.

Moreover, third grade retention programs immediately boost English Language Arts and math achievements into middle school without disciplinary incidents or negatively impacting student attendance.

These changes were achieved despite Mississippi being one of the lowest spenders per pupil in the U.S., proving that strategic investments in teacher development and early literacy can yield impressive results even with limited resources.

The global learning crisis

Mississippi’s success is timely. Millions of children globally struggle to read by age 10. It’s a crisis that has worsened after the COVID-19 pandemic.

Mississippi’s early literacy interventions show lasting impact and offer a potential solution for other regions facing similar challenges.

In 2024, only 31% of U.S. fourth grade students were proficient or above in reading, according to the NAEP, while 40% were below basic. Reading scores for fourth and eighth graders also dropped by five points compared with 2019, with averages lower than any year since 2005.

In 2013, Mississippi ranked 49th in fourth grade reading scores.
Klaus Vedfelt/Getty Images

Mississippi’s literacy program provides a learning gain equal to a year of schooling. The program costs US$15 million annually – 0.2% of the state budget in 2023 – and $32 per student.

The learning gain associated with the Mississippi program is equal to about an extra quarter of a year. Since each year of schooling raises earnings by about 9%, then a quarter-year gain means that Mississippi students benefiting from the program will increase future earnings by 2.25% a year.

Based on typical high school graduate earnings, the average student can expect to earn an extra $1,000 per year for the rest of their life.

That is, for every dollar Mississippi spends, the state gains about $32 in additional lifetime earnings, offering substantial long-term economic benefits compared with the initial cost.

The Mississippi literacy project focuses on teaching at the right level, which focuses on assessing children’s actual learning levels and then tailoring instruction to meet them, rather than strictly following age- or grade-level curriculum.

Teaching at the right level and a scripted lessons plan are among the most effective strategies to address the global learning crisis. After the World Bank reviewed over 150 education programs in 2020, nearly half showed no learning benefit.

I believe Mississippi’s progress, despite being the second-poorest state, can serve as a wake-up call.

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

– ref. Mississippi’s education miracle: A model for global literacy reform – https://theconversation.com/mississippis-education-miracle-a-model-for-global-literacy-reform-251895

MIL OSI – Global Reports –

March 27, 2025
MIL-OSI Russia: Financial News: New Issue of the Magazine “Money and Credit”: Modeling Trust and the Forecasting Power of News

Translartion. Region: Russians Fedetion –

Source: Central Bank of Russia –

Published first in 2025 number quarterly scientific journal of the Bank of Russia “Money and Credit”. Among the topics of the issue are modeling trust in the central bank based on social media data, forecasting inflation using news texts and analysis of factors influencing inflation risks.

Trust in the central bank is one of the factors of the effectiveness of monetary policy (MP): the higher the level of trust in the central bank, the stronger its influence on inflation expectations. To assess the level of trust, survey data are usually used, which are problematic to conduct too often. Anastasia Matevosova (Moscow State University; Institute of Economics of the Russian Academy of Sciences) offers use big data and builds an indicator based on sentiment analysis of VKontakte user comment texts. Such an indicator can be used with different frequencies – for example, on both weekly and annual data. Modeling on weekly data revealed that an increase in trust leads to a decrease in inflation expectations with a lag of about 2 weeks.

Text analysis using neural networks can also help in forecasting inflation. Elizaveta Volgina (Moscow State University) in her work uses To do this, information from the media news is added to standard macro variables (such as the dynamics of wages, industrial production or oil prices). The author shows that such a forecast is more accurate than a forecast without taking into account the news.

When conducting monetary policy, it is important for central banks to take into account not only the inflation forecast, but also the risks that it will be higher. With the same forecast, a situation in which the risk of high inflation is more significant requires stricter monetary policy measures. Alexandra Chudayeva (RANEPA) analyzes the factors of such inflation risks andshows, that on a yearly horizon these include an increase in wages and a decline in production, and on a monthly horizon – an increase in retail turnover and a weakening of the ruble.

You can read these and other articles from the magazine “Money and Credit” No. 1 for 2025 atwebsite magazine.

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

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

HTTPS: //vv. KBR.ru/Press/Event/? ID = 23489

MIL OSI Russia News –

March 27, 2025

Category: Banking

Supreme Court versus the US president

‘A shared commitment’

Divisions and mistrust

Progress on peace efforts

Fairer financial system

Focus on youth

Closing digital divides

UN taking action

Spring Statement 2025 speech

Updates to this page

About FATF

India’s Mutual Evaluation by FATF

Some thoughts on the Agenda for PSCF 2025

Conclusion

Consumer Protection Code

Please be aware:

The Mississippi approach

The global learning crisis