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Category: Banking

  • MIL-OSI Banking: Khada Valley Livelihood Restoration Program

    Source: Asia Development Bank

    Transcript

    New 23km Kvesheti-Kobi road in Georgia has been constructed to enhance trade flow, road safety, and provide economic opportunities for the Khada Valley population.

    Alongside the road construction that will provide a year-round access to the valley, the Asian Development Bank (ADB) initiated the Khada Valley Livelihood Restoration and Improvement Program.

    Kamel Bouhmad
    Former Deputy Country Director (2021-2024)
    ADB Georgia Resident Mission

    The purpose was really not to wait until the road is fully built, but to put together an assistance package for the local population so they can start developing skills and getting ready for a new reality when the infrastructure will be there.

    Salome Tsurtsumia
    Deputy Chairman
    Roads Department of Georgia

    The future perspective of the valley’s development is tourism and to attract more tourists, it’s important to have the relevant knowledge and experience in producing organic products.

    ADB engaged the UN Food and Agriculture Organization to help local farmers improve agricultural production.

    Anuki Natsvlishvili
    Veterinary and Food Safety Specialist
    UN Food and Agriculture Organization

    The needs assessment showed us that most farmers have one or two cows, and the milk quality is extremely low. The cheeses were made from unpasteurized milk. For vegetable producers, 02:14 they were not using irrigation systems, or doing manual composting. And for honey producers, farmers wanted to receive information about food safety and legislation. In the beginning, we only started working with a few farmers from Kvesheti and Arakhveti communities. But new farmers started to show up and we started working in several new communities.

    Tariel Karelidze
    Community Liaison Officer
    ADB Consultant

    Our farmer beneficiaries, in addition to theoretical and practical knowledge, received animal food supplements, selected agricultural equipment based on their activities, and established demonstration plots. There are huge expectations for the Kvesheti-Kobi road in the community. They anticipate more tourists and better market access.

    Ketevan Zakaidze
    Farmer from Arakhveti Village

    I have three cows and I make cheese and Matsoni. I learned a lot of new things, like how to get more cheese from milk, how to take care for cows to avoid Mastitis, how to produce safe products to keep ourselves healthy.

    Zurab Beniaidze
    Beekeper from Benian-Begoni Village

    We learned many new things. For example, it was very interesting to learn about acid-based pesticides for bee ticks. We also received uniforms which are essential for beekeeping. I have already started using them.

    The one-year program trained 72 farmers from the Khada Valley and nearby villages.

    Tea Papuashvili
    Project Officer (Infrastructure)
    ADB Georgia Resident Mission

    We have observed that from one training session to another, the number of people kept increasing. This was really a sign of success, a sign that people’s trust and interest were there to learn more and to develop their skills and improve their living conditions.

    Lesley Bearman Lahm
    Country Director
    ADB Georgia Resident Mission

    With this road built, the local population will be provided with unlimited year-round access to their homes and lands, enabling them to expand agriculture production and reap financial gains from increased tourism in the valley.

    MIL OSI Global Banks –

    March 25, 2025

  • MIL-OSI Banking: საცხოვრებელი პირობების აღდგენის პროგრამა ხადის ხეობაში

    Source: Asia Development Bank

    Transcript

    ქვეშეთი-კობის ახალი, 23 კმ-იანი გზა შენდება საქართველოში ვაჭრობის, საგზაო უსაფრთხოებისა და ხადის ხეობის მოსახლეობის ეკონომიკური შესაძლებლობების გასაძლიერებლად.

    აზიის განვითარების ბანკმა (ADB) დაიწყო ხადის ხეობაში საცხოვრებელი პირობების აღდგენის პროგრამა.

    კამელ ბუმადი
    დირექტორის მოადგილე (2021-2024)
    მუდმივი წარმომადგენლობა საქართველოში
    აზიის განვითარების ბანკი

    ჩვენი მიზანი იყო არ დავლოდებოდით გზის მშენებლობის დასრულებას და ადგილობრივი მოსახლეობისთვის შეგვეთავაზებინა დახმარების პაკეტი, რათა მათ დაეწყოთ უნარების განვითარება და მომზადებულიყვნენ ახალი რეალობისთვის.

    სალომე წურწუმია
    თავმჯდომარის მოადგილე
    საქართველოს გზების დეპარტამენტი

    სამომავლო პერსპექტივა ხეობის განვითარებაში არის ტურიზმი, და იმისათვის, რომ რაც შეიძლება მეტი ტურისტი მიიზიდოს უშუალოდ მოსახლეობამ, მნიშვნელოვანია, რომ მათ ჰქონდეთ შესაბამისი ცოდნა და გამოცდილება ნატურალური პროდუქციის წარმოებაში.

    მოსახლეობის წარმოების გაუმჯობესებაში დახმარებისთვის ADB-მ გაეროს სურსათისა და სოფლის მეურნეობის ორგანიზაციას მიმართა.

    ანუკი ნაცვლიშვილი
    ვეტერინარიისა და სურსათის უვნებლობის სპეციალისტი
    გაეროს სურსათისა და სოფლის მეურნეობის ორგანიზაცია

    საჭიროებათა შეფასებამ აჩვენა, რომ ფერმერების უმრავლესობას ჰყავდა ერთი ან ორი ძროხა, რძის ხარისხი იყო ძალიან დაბალი და ყველს ამზადებდნენ არაპასტერიზებული რძისგან. ბოსტნეულის მწარმოებლები არ იყენებდნენ სარწყავ სისტემას და არ აკეთებდნენ კომპოსტირებას. თაფლის მწარმოებლებს სურდათ ინფორმაციის მიღება საკვების უსაფრთხოებისა და კანონმდებლობის შესახებ. თავიდან რამდენიმე ფერმერის გადამზადება დავიწყეთ ქვეშეთისა და არახვეთის თემებში, მაგრამ შემდეგ ახალი ფერმერები გამოჩნდნენ და რამდენიმე ახალი თემში განვაგრძეთ მუშაობა.

    ტარიელ ქარელიძე
    თემთან ურთიერთობის ოფიცერი
    ADB-ის კონსულტანტი

    ფერმერებმა, ჩვენმა ბენეფიციარებმა გარდა თეორიული და პრაქტიკული ცოდნისა, მიიღეს ცხოველთა საკვები დანამატები, სასოფლო-სამეურნეო ტექნიკა გადაეცათ, აღჭურვილობა შესაბამისი, მათი მიმართულებების მიხედვით. მოეწყო სადემონსტრაციო ნაკვეთები. ჩვენი გზა, ქვეშეთი-კობის გზა, დიდი მოლოდინია თემში, რომ ამ გზის შედეგად მათ გაეზრდებათ ბაზართან წვდომა.

    ქეთევან ზაქაიძე
    ფერმერი სოფელ არახვეთიდან

    მყავს ბევრი არა, მაგრამ სამი სული ძროხა, რომლითაც ვაკეთებ ყველს, მაწონს. ძალიან ბევრი რამ ვისწავლე რაც არ ვიცოდი მართლა აქამდე. ის, რომ ყველი მეტი როგორ ამოვიღო რძიდან, მაგალითად, ეს ვისწავლე. ძროხას როგორ მოვუაროთ უფრო მეტად, რომ მასტიტი არ შეხვდეს, უვნებელი სურსათი რომ იყოს.

    ზურაბ ბენიაიძე
    მეფუტკე სოფელ ბენიან-ბეგონიდან

    ძალიან ბევრი სიახლე გავიგე. ერთი ჩემთვის მაგალითად იყო ტკიპის საწინააღმდეგო, ახალი შემოსული მჟავით შეწამვლა. საჩუქრად გადმოგვცეს უნიფორმები, რაც ძალიან გამოსადეგია ჩვენთვის. უკვე გამოვიყენე მე ეგ უნიფორმები.

    ერთწლიანი პროგრამის ფარგლებში გადამზადდა 72 ფერმერი ხადის ხეობისა და მიმდებარე სოფლებიდან.

    თეა პაპუაშვილი
    პროექტის ოფიცერი (ინფრასტრუქტურა)
    მუდმივი წარმომადგენლობა საქართველოში
    აზიის განვითარების ბანკი

    დავაკვირდით, რომ ერთი სწავლებიდან მეორემდე მონაწილეთა რაოდენობა იზრდებოდა. ეს ნამდვილად წარმატების ნიშანია. ნიშანი იმისა, რომ ადამიანებს გაუჩნდათ ნდობა და ინტერესი, რომ ესწავლათ მეტი, დაეხვეწათ უნარები და გაეუმჯობესებინათ ცხოვრების პირობები.

    ლესლი ბეარმან ლამი
    დირექტორი
    მუდმივი წარმომადგენლობა საქართველოში
    აზიის განვითარების ბანკი

    ამ გზის აშენებით, ადგილობრივ მოსახლეობას მთელი წლის განმავლობაში ექნება მისასვლელი თავიან სახლებსა და მიწის ნაკვეთებთან, რაც მათ საშუალებას მისცემს გაზარდონ სოფლის მეურნების წარმოება და მიიღონ ფინანსური სარგებელი ხეობაში გაზრდილი ტურიზმისაგან.

    MIL OSI Global Banks –

    March 25, 2025

  • MIL-OSI Banking: Guidebook on Machine Learning Techniques for Road Quality Monitoring

    Source: Asia Development Bank

    Resilient all-weather roads enable crucial access to services and economic opportunities, yet assessing and monitoring road quality can be costly and time-consuming. This publication explains how smartphones, open-source satellite imagery, and artificial intelligence can be used to augment traditional surveys to improve road data in cost-effective and efficient ways. It draws on a study developed in collaboration with the World Data Lab and the governments of the Philippines and Thailand, supported by the Japan Fund for Prosperous and Resilient Asia and the Pacific.

    MIL OSI Global Banks –

    March 25, 2025

  • MIL-OSI USA: Markey Joins Peters, Senate Committee Ranking Members in Demanding Immediate Review by Agency Inspectors General of Trump Administration’s Mass Dismissals of Federal Employees

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Senators Question Trump Administration Claims and Whether Actions Will Increase Waste and Abuse

    Washington (March 21, 2025) – Senator Edward J. Markey (D-Mass.), Ranking Member of the Small Business and Entrepreneurship Committee joined Senator Gary Peters (D-MI), Ranking Member of the Senate Homeland Security and Governmental Affairs Committee, and 15 Senate Committee Ranking Members in sending a letter to the Inspectors General of 23 federal agencies, pressing for details on the impact of President Trump’s sweeping and unprecedented dismissal of tens of thousands of federal employees. The senators asked the Inspectors General to review the Trump Administration’s actions, citing potential violations of federal laws and procedures, which the senators warn could harm Americans’ access to vital government services and increase waste and abuse of taxpayer dollars.
    “The decision to terminate thousands of employees across multiple federal agencies will impose undue hardship on millions of Americans who rely on their services,” wrote the Senators. “The loss of experienced agency staff may risk causing serious disruptions to nearly 73 million Americans who rely on the Social Security Administration (SSA) to administer retiree and disability benefits and 9.1 million veterans who depend on the Department of Veteran Affairs (V.A.), many of which rely on the V.A. for life saving medical treatments and care.”  
    Highlighting the devastating consequences of these mass firings, the senators underscored the Trump Administration’s layoffs have already disrupted critical operations at agencies that millions of Americans depend on for survival. 
    “Among the 2,400 employees fired from the V.A. since Mr. Trump’s inauguration are workers who purchase medical supplies, schedule appointments and arrange rides for patients to see their doctors,” wrote the Senators, citing a NY Times report. “Additionally, taxpayers seeking in-person assistance as they navigate the 2025 filing season may find the support centers they previously relied on completely relocated or shuttered. That risk is a direct consequence of the Administration’s mass dismissals and decision to terminate over 100 IRS offices with Tax Assistance Centers (TAC) – which provide free, in-person assistance for those seeking it.”
    The senators are requesting that IGs examine whether these dismissals violated agency policies and assess the damage to agency missions, public safety, and national security, calling for an initial review to be completed within 60 days, with findings made available to the public to ensure transparency and accountability.  
    The letter was signed by U.S. Senators and Ranking Members Amy Klobuchar (D-MN), Committee on Agriculture, Nutrition, and Forestry, Kirsten Gillibrand (D-NY), Special Committee on Aging, Patty Murray (D-WA), Committee on Appropriations, Jack Reed (D-RI), Committee on Armed Services, Elizabeth Warren (D-MA), Committee on Banking, Housing, and Urban Affairs, Maria Cantwell (D-WA), Committee on Commerce, Science, and Transportation, Sheldon Whitehouse (D-RI), Committee on Environment and Public Works, Ron Wyden (D-OR), Committee on Finance, Jeanne Shaheen (D-NH), Committee on Foreign Relations, Bernie Sanders (I-VT), Committee on Health, Education, Labor, and Pensions, Dick Durbin (D-IL), Committee on the Judiciary, Richard Blumenthal (D-CT), Committee on Veterans’ Affairs, Martin Heinrich (D-NM), Committee on Energy and Natural Resources, and Jeff Merkley (D-OR), Committee on the Budget.
    The full text of the letter can be found here. 

    MIL OSI USA News –

    March 25, 2025

  • MIL-OSI United Nations: 25 March 2025 Joint News Release Decades of progress in reducing child deaths and stillbirths under threat, warns the United Nations

    Source: World Health Organisation

    The number of children dying globally before their fifth birthday declined to 4.8 million in 2023, while stillbirths declined modestly, still remaining around 1.9 million, according to two new reports released today by the United Nations Inter-agency Group for Child Mortality Estimation (UN IGME).

    Since 2000, child deaths have dropped by more than half and stillbirths by over a third, fuelled by sustained investments in child survival worldwide. In 2022, the world reached a historic milestone when child deaths dropped slightly below 5 million for the first time. However, progress has slowed and too many children are still being lost to preventable causes.

    “Millions of children are alive today because of the global commitment to proven interventions, such as vaccines, nutrition, and access to safe water and basic sanitation,” said UNICEF Executive Director Catherine Russell. “Bringing preventable child deaths to a record low is a remarkable achievement. But without the right policy choices and adequate investment, we risk reversing these hard-earned gains, with millions more children dying from preventable causes. We cannot allow that to happen.”

    Decades of progress in child survival are now at risk as major donors have announced or indicated significant funding cuts to aid ahead. Reduced global funding for life-saving child survival programmes is causing health-care worker shortages, clinic closures, vaccination programme disruptions, and a lack of essential supplies, such as malaria treatments. These cuts are severely impacting regions in humanitarian crises, debt-stricken countries, and areas with already high child mortality rates. Global funding cuts could also undermine monitoring and tracking efforts, making it harder to reach the most vulnerable children, the Inter-agency Group warned.

    “From tackling malaria to preventing stillbirths and ensuring evidence-based care for the tiniest babies, we can make a difference for millions of families,” said Dr Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization. “In the face of global funding cuts, there is a need more than ever to step up collaboration to protect and improve children’s health.”

    Even before the current funding crisis, the pace of progress on child survival had already slowed. Since 2015, the annual rate of reduction of under-five mortality has slowed by 42%, and stillbirth reduction has slowed by 53%, compared to 2000–2015.

    Almost half of under-five deaths happen within the first month of life, mostly due to premature birth and complications during labour. Beyond the newborn period, infectious diseases, including acute respiratory infections such as pneumonia, malaria, and diarrhoea, are the leading causes of preventable child death. Meanwhile, 45% of late stillbirths occur during labour, often due to maternal infections, prolonged or obstructed labour, and lack of timely medical intervention.

    Better access to quality maternal, newborn, and child health care at all levels of the health system will save many more lives, according to the reports. This includes promotive and preventive care in communities, timely visits to health facilities and health professionals at birth, high-quality antenatal and postnatal care, well-child preventive care such as routine vaccinations and comprehensive nutrition programmes, diagnosis and treatment for common childhood illnesses, and specialized care for small and sick newborns.

    “Most preventable child deaths occur in low-income countries, where essential services, vaccines, and treatments are often inaccessible”, said Juan Pablo Uribe, World Bank Global Director for Health and Director of the Global Financing Facility. “Investing in children’s health ensures their survival, education, and future contributions to the workforce. With strategic investments and strong political will, we can continue to reduce child mortality, unlocking economic growth and employment opportunities that benefit the entire world.”

    The reports also show that where a child is born greatly influences their chances of survival. The risk of death before age five is 80 times higher in the highest-mortality country than the lowest-mortality country, for example, while a child born in sub-Saharan Africa is on average 18 times more likely to die before turning five than one born in Australia and New Zealand. Within countries, the poorest children, those living in rural areas, and those with less-educated mothers face the higher risks.

    Stillbirth disparities are just as severe, with nearly 80% occurring in sub-Saharan Africa and Southern Asia, where women are six to eight times more likely to experience a stillbirth than women in Europe or North America. Meanwhile, women in low-income countries are eight times more likely to experience a stillbirth than those in high-income countries.

    “Disparities in child mortality across and within nations remain one of the greatest challenges of our time,” said the UN DESA Under-Secretary-General, Li Junhua. “Reducing such differences is not just a moral imperative but also a fundamental step towards sustainable development and global equity. Every child deserves a fair chance at life, and it is our collective responsibility to ensure that no child is left behind.”

    UN IGME members call on governments, donors, and partners across the private and public sectors to protect the hard-won gains in saving children’s lives and accelerate efforts. Increased investments, service integration, and innovations are urgently needed to scale up access to proven life-saving health, nutrition, and social protection services for children and pregnant mothers.    

    Notes to editors

    Download multimedia content here.

    The UN IGME child mortality report The UN IGME stillbirth report

    The two reports – Levels & Trends in Child Mortality and Counting Every Stillbirth – are the first of a series of important global data sets released in 2025. UN maternal mortality figures will be published in the coming weeks.

    About UN IGME

    The United Nations Inter-agency Group for Child Mortality Estimation or UN IGME was formed in 2004 to share data on child mortality, improve methods for child mortality estimation, report on progress towards child survival goals and enhance the capacity of countries to produce timely and properly evaluated estimates of child mortality. UN IGME is led by UNICEF and includes the World Health Organization, the World Bank Group and the Population Division of the United Nations Department of Economic and Social Affairs.

     For more information: 

    http://www.childmortality.org/

    MIL OSI United Nations News –

    March 25, 2025

  • MIL-OSI USA: Kennedy, Van Hollen champion bipartisan bill to deter executives of foreign companies from insider trading at the expense of American investors

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Sens. John Kennedy (R-La.) and Chris Van Hollen (D-Md.), members of the Senate Banking Committee, today reintroduced the Holding Foreign Insiders Accountable Act to hold executives of foreign companies that are traded on U.S. stock exchanges to the same disclosure requirements that U.S.-based firms are required to follow. 

    “Insiders at companies in Beijing and Moscow have been able to avoid billions in losses on the U.S. stock exchange by playing by a different set of rules than Americans do. This insider trading comes at a cost to American investors. The Holding Foreign Insiders Accountable Act will help stop opportunistic insider trading by requiring foreign executives to disclose trades immediately,” said Kennedy.

    “When corporate insiders sell their stocks, investors and the public have a right to know. U.S. firms are required to disclose these trades and provide this information to the public, but foreign companies don’t have to play by the same rules. Our legislation will ensure all corporate insiders are held to the same standard and prevent foreign executives from insider trading at the expense of American investors,” said Van Hollen.

    Currently, executives of U.S. publicly traded companies must disclose any trades they make of their own company’s stocks to the Securities and Exchange Commission (SEC) within two business days. Meanwhile, executives of foreign firms are not required to make such timely disclosures and are required to file by paper. The lag this system creates means that foreign executives can keep trades private for a longer period of time, which promotes insider trading at the expense of everyday American investors.

    The legislation would amend Section 16 (a) of the Securities Exchange Act to require executives of public companies based outside the U.S. to make electronic disclosures of trades in their company’s stocks to the SEC within two business days. The SEC would then make that information available to the public, as they currently do with U.S.-based firms. 

    Background:

    • In April 2023, Kennedy and Van Hollen outlined their bill in the Wall Street Journal.  
    • In Aug. 2022, reports uncovered that Chinese investors of corporations listed on U.S. exchanges avoided billions of dollars in losses by making seemingly informed sock sales ahead of declines.
    • In May 2022, Kennedy first introduced the Holding Foreign Insiders Accountable Act. 

    Text of the Holding Foreign Insiders Accountable Act is available here. 

    MIL OSI USA News –

    March 25, 2025

  • MIL-OSI United Kingdom: £2 billion new investment to support biggest boost in social and affordable housebuilding in a generation

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    £2 billion new investment to support biggest boost in social and affordable housebuilding in a generation

    Hard working families to get safe and secure homes as Chancellor announces £2 billion injection of new grant funding to deliver up to 18,000 new social and affordable homes.

    • Landmark announcement part of Plan for Change to deliver security for working people by growing the economy and building 1.5 million homes.

    • £2 billion of new funding will only support development on sites that will deliver in this Parliament, getting spades in the ground quickly to build homes in places such as Manchester and Liverpool.

    Helping hard working families get safe and secure homes and kickstarting economic growth are driving the government’s agenda, as the Chancellor and Deputy Prime Minister today (Tuesday 25 March) announced up to 18,000 new social and affordable homes will be built with a £2 billion injection of investment to deliver the Prime Minister’s Plan for Change.

    The announcement hails a significant milestone on the government’s promise to build 1.5 million new homes whilst driving economic growth by getting Britain building again. It follows the government’s plan to inspire the next generation of British engineers, brickies and chippies, by training 60,000 construction workers to tackle skills shortages and get more young people into jobs.

    The £2 billion investment boost comes as a down payment from the Treasury ahead of more long term investment in social and affordable housing planned later this year, which will provide additional funding for 2026-27 and well as for future years. This forms part of the government’s plan for tackling the housing crisis that has held working families back from the stability and security that comes with a safe roof over your head.

    Thousands of new affordable homes will start construction by March 2027 and will complete by the end of this Parliament. The government is encouraging providers to come forwards as soon as possible with projects and bids to ramp up the delivery of new housing supply, in turn making the dream of home ownership a reality for more people across the country.

    Today’s investment will also unlock development and opportunity on sites that are ready and waiting for spades in the ground in places such as Manchester or Liverpool.

    The Chancellor announced plans on a visit to an affordable housing site in Stoke-On-Trent with the Deputy Prime Minister, working hand in hand to deliver the biggest boost to affordable and social housing in a generation.

    Deputy Prime Minister and Housing Secretary, Angela Rayner said:

    Everyone deserves to have a safe and secure roof over their heads and a place to call their own, but the reality is that far too many people have been frozen out of homeownership or denied the chance to rent a home they can afford thanks to the housing crisis we’ve inherited.

    This investment will help us to build thousands more affordable homes to buy and rent and get working people and families into secure homes and onto the housing ladder. This is just the latest in delivering our Plan for Change mission to build 1.5 million homes, and the biggest increase in social and affordable housing in a generation.

    Chancellor of the Exchequer, Rachel Reeves said:

    We are fixing the housing crisis in this country with the biggest boost in social and affordable housebuilding in a generation. Today’s announcement will help drive growth through our Plan for Change by delivering up to 18,000 new homes, as well as jobs and opportunities, getting more money into working people’s pockets.

    At the conclusion of the current Spending Review process on 11 June 2025, the government will announce further long-term investment into the sector in England, delivering the biggest boost to social and affordable housing in a generation.

    Kate Henderson, Chief Executive at the National Housing Federation, says:

    This funding top-up is hugely welcome and demonstrates the government’s commitment to delivering genuinely affordable, social housing for families in need across the country. The additional £2 billion will prevent a cliff edge in delivery of new homes, ahead of the next funding programme being announced.

    Social housing is the only secure and affordable housing for families on low incomes, and the dire shortage has led to rocketing rates of poverty, overcrowding and homelessness. Investment in social housing is not only key to tackling the housing crisis, but is also excellent value for money, reducing government spending on benefits, health, and homelessness as well as boosting growth. Housing associations are ready to work with the government to deliver a generation of new social homes.

    Charlie Nunn, CEO, Lloyds Banking Group said:

    A safe and lasting home is the foundation for good lives and livelihoods, and we welcome this boost to building much-needed social and affordable homes.  As the UK’s biggest commercial supporter of social housing, we’re working across the private, public and community sectors to help increase provision of good quality, genuinely affordable housing for those in need.

    David Thomas, CEO at Barratt Redrow said:

    To increase construction activity and build the homes the UK desperately needs, we need support for demand across all tenures. As well as providing more much-needed affordable homes, this welcome investment will help unlock mixed-tenure developments and to create jobs and economic growth across the country.

    Stephen Teagle, Chair of The Housing Forum said:

    This additional funding signals that the Government is listening to the sector and reaffirms its strong commitment to accelerating the delivery of much-needed affordable housing while driving economic growth. It represents an unprecedented intervention which, when paired with sustained, long-term investment, will be instrumental in meeting the growing demand for affordable homes.

    Now, it’s up to the industry to rise to the challenge — accelerating delivery, building momentum towards the government’s target of 1.5 million new homes, and ensuring we provide the housing this country urgently needs.

    Guidance

    • The majority of this funding will fall in 2026/27, but a tail of funding will cover completions of homes after this. All projects funded through this £2 billion will need to start by March 2027, and will need to finish by June 2029.

    • The funding will be made available to providers on the same terms as the Affordable Homes Programme for 2021-26, and will act as a bridge to the future grant programme to be announced at Spending Review. We will ask Homes England, GLA and bidders to prioritise homes for social rent, in line with the government’s commitment to support this tenure. 

    • Full details of wider long-term and future grant investment will be announced at the Spending Review. At this point we will set out the full funding for 26/27 and beyond, to supplement this down payment of £2 billion.

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    Published 25 March 2025

    MIL OSI United Kingdom –

    March 25, 2025

  • MIL-OSI China: China to maintain high pressure on corruption fugitives

    Source: China State Council Information Office 2

    China on Monday vowed to continue deepening its international anti-graft cooperation and maintain high pressure on corruption fugitives abroad.
    A campaign codenamed “Sky Net 2025” was launched on Monday to hunt down fugitives, recover illegal proceeds and combat cross-border corruption, according to a meeting of the office for fugitive repatriation and asset recovery under the Central Anti-Corruption Coordination Group.
    The meeting said specific crackdown operations will be carried out by different authorities. For example, the National Commission of Supervision will lead efforts to recover the illegal proceeds of duty-related crimes and prevent losses, and the People’s Bank of China will work with the Ministry of Public Security to target the transfer of illicit funds abroad through offshore companies or underground banking systems.
    China has long taken a tough stance against corruption fugitives. A report from the country’s top anti-graft body earlier this year shows that 1,597 corruption fugitives were repatriated to China during the “Sky Net 2024” campaign, with over 18.28 billion yuan (about 2.55 billion U.S. dollars) worth of illicit assets recovered.

    MIL OSI China News –

    March 25, 2025

  • MIL-OSI China: China’s central bank to conduct MLF operations with adjusted rules on Tuesday

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

    BEIJING, March 24 — China’s central bank on Monday said that it will issue 450 billion yuan (62.5 billion U.S. dollars) of one-year medium-term lending facility (MLF) loans on Tuesday, with adjusted rules.

    Starting this month, the MLF will undertake operations that utilize fixed-quantity, interest-rate bidding and a multiple-price bidding method, the People’s Bank of China said in a statement.

    The MLF was introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral.

    On Feb. 25, the central bank conducted a 300-billion-yuan MLF, featuring a one-year maturity period and an interest rate of 2 percent. Following the operation, the outstanding MLF balance stood at 4.09 trillion yuan.

    MIL OSI China News –

    March 25, 2025

  • MIL-OSI China: China willing to expand all-round cooperation with ADB: Chinese premier

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

    Chinese Premier Li Qiang meets with Asian Development Bank (ADB) President Masato Kanda at the Great Hall of the People in Beijing, capital of China, March 24, 2025. [Photo/Xinhua]

    BEIJING, March 24 — Chinese Premier Li Qiang met with Asian Development Bank (ADB) President Masato Kanda on Monday in Beijing, expressing willingness to further expand all-round cooperation between China and the ADB.

    Li said in recent years, affected by geopolitical turbulence and rising protectionism, the world economy has recovered slowly with increased instability and uncertainty.

    Li called on Asian countries to strengthen solidarity and coordination, adhere to multilateralism, advance regional economic integration, break down barriers to the flow of trade, investment and technology, and maintain the stability and smooth flow of industrial and supply chains.

    At the same time, all sides should strengthen macro policy coordination, deepen exchanges and cooperation in science and technology innovation, enhance the efficiency and resilience of the Asian economy, better withstand various risks, and join hands to achieve common development, Li added.

    Noting that the ADB is an important multilateral development institution in the Asia-Pacific region, Li said China is ready to further expand all-round cooperation with the ADB, push the partnership to a new level, better achieve mutual benefit and win-win results, and provide more public goods for the region.

    The premier said both sides should strengthen financial cooperation in such fields as environmental protection, green and low-carbon development, elderly care and medical care, and deepen knowledge cooperation in such fields as the development of emerging industries, fiscal and tax system reform, and aging response.

    China is ready to share its useful experience in poverty reduction and digital economy with other developing members in the Asia-Pacific to support them in better meeting challenges and achieving sustainable development, said Li.

    Kanda said at a time when international trade is increasingly fragmented, China is committed to further deepening reform and high-level opening-up, which not only achieves steady growth of its own economy, but also makes important contributions to economic growth in Asia and the world at large.

    ADB attaches great importance to cooperation with China, and is willing to take the 40th anniversary of cooperative ties as an opportunity to strengthen cooperation with China in knowledge innovation, green development and other fields, promote the development of the Asia-Pacific region, and push the cooperative partnership between both sides to a higher level.

    Chinese Premier Li Qiang meets with Asian Development Bank (ADB) President Masato Kanda at the Great Hall of the People in Beijing, capital of China, March 24, 2025. [Photo/Xinhua]

    MIL OSI China News –

    March 25, 2025

  • MIL-OSI USA: DAUPHIN COUNTY – Governor Shapiro to Host Roundtable and Make an Announcement on the Impacts of Federal Funding Cuts on Pennsylvania Agriculture

    Source: US State of Pennsylvania

    March 25, 2025 – Harrisburg, PA

    ADVISORY – DAUPHIN COUNTY – Governor Shapiro to Host Roundtable and Make an Announcement on the Impacts of Federal Funding Cuts on Pennsylvania Agriculture

    Governor Josh Shapiro will host a roundtable at the Central PA Food Bank to hear about how recent federal funding cuts are impacting food banks and farmers across Pennsylvania. Following the roundtable, Governor Shapiro will hold a press conference to update the public on action his Administration is taking in response to these cuts.

    WHO:
    Governor Josh Shapiro
    Secretary Russell Redding, Department of Agriculture
    Joe Arthur, CEO of Central PA Food Bank
    Chris Hoffman, Pennsylvania Farm Bureau President
    Pennsylvania Farmers
    Representative Justin Fleming

    WHEN:
    TOMORROW, Tuesday, March 25, 2025; Media availability begins at 2:30 PM.
    Media may join the last 10 minutes of the roundtable; a full press conference will immediately follow at approximately 2:45 PM.

    WHERE:
    Central PA Food Bank
    3908 Corey Road,
    Harrisburg, PA 17109

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

    March 25, 2025

  • MIL-OSI New Zealand: INVESTOR SUMMIT SPEECH

    Source: New Zealand Government

    Ka nui te mihi kia kotou, kia ora, and good morning everyone. 
    To those of you visiting us from overseas, can I extend a very special welcome to each and every one of you. 
    Welcome to New Zealand, welcome to the best country on planet Earth, and welcome to our stunning Auckland waterfront. 
    And to all those Kiwis I see in the room today, thank you for being here and showcasing some of the extraordinary businesses and talent that exists in our business community. 
    And it was a real pleasure to meet many of you informally last night, and my Ministers and I are really looking forward to spending much more time with you over the next two days. 
    I meant it before when I said this is the best country on planet Earth. 
    Because what makes New Zealand so very special and unique is our Kiwi Spirit which is exemplified in the qualities, character, and attitude of New Zealanders.  
    For us, it‘s about resilience and determination, ingenuity and innovation, adventure and exploration, creativity and practical problem-solving, humility and mateship, fairness, and a deep care for our land and community. 
    It’s no surprise that growing up in New Zealand, our heroes are Kiwi trailblazers and pioneers, people who have dared to push boundaries, challenge the status quo, and leave a lasting mark on the world.
    From our early Māori explorers navigating vast oceans guided by the stars, to modern-day adventurers like Sir Edmund Hillary conquering Everest.   
    To Ernest Rutherford, the father of nuclear physics, who split the atom and revolutionised our understanding of science. To Rocket Lab’s Peter Beck and his groundbreaking developments in rocket technology launching satellites into space. 
    And Kate Shepperd, who secured New Zealand women the right to vote – the very first country in the world to do so. 
    And our phenomenal athletes who show the world what determination and talent can achieve. Or the stunning world of The Lord of the Rings created by one of our most creative storytellers – Peter Jackson.
    We may be a small country, but time and again, we have proven that size is no barrier to greatness. From the peaks of Everest to the frontlines of social progress, from scientific breakthroughs to arts and sporting legends, Kiwis have led the way.
    And we’re living in an age when New Zealand has never been closer to the action – right in the middle of the booming Indo-Pacific with direct connections to Asia and North America. 
    With the weight of global economic activity shifting from the Atlantic to the Pacific and digital connections breaking down barriers, New Zealand has never been closer to the world.  
    But for all our spirit and hard work, we also know New Zealand can’t do it alone. 
    We’re a small country of around five million people like Ireland, Singapore, and Denmark. 
    Just as those countries have prospered by tapping into larger markets, building stronger international connections, and fostering trade and investment, New Zealand needs to do the same. 
    If we want our country to thrive, we need to work even harder to compete on the world stage – and, in particular, to unlock the commercial partnerships that will supercharge the next generation of growth in the New Zealand economy. 
    That means the Government will work more with Industry to deliver much of the infrastructure and projects that will be showcased over the next two days. 
    Many of your organisations will have extensive experience delivering outstanding world-class infrastructure to national and regional governments worldwide.
    I want New Zealand to seize every opportunity to partner with the private sector and deliver a fresh generation of infrastructure investment to unleash economic growth.  
    But it’s not just infrastructure. 
    I want to develop closer ties between outstanding New Zealanders and their companies based here, with investors and organisations based offshore.  
    I also want to unlock more partnerships between indigenous Iwi Māori organisations and commercial investors, whether they are based in Auckland or Abu Dhabi, Dunedin or Denver.  
    I want start-ups based in Christchurch and Hamilton fighting for seed capital in San Francisco and London – winning their share of global influence and success. 
    Breaking perceptions about the New Zealand economy is critical to that. 
    Yes, we have globally competitive dairy, film, and tourist industries, but our space industry is also operating at the cutting edge, ranking fourth in the world for launches behind the US, China, and Russia. 
    Over the next two days, you will hear more about our plan to unleash growth and ensure New Zealand reaches its full potential. 
    We want you to join us on that journey, and we will have several opportunities on display. 
    That will include the opportunity to deliver infrastructure in partnership with the Crown – both in the form of immediate opportunities and the pipeline of projects going forward. 
    It will include working with Iwi Māori organisations to grow their businesses as they make a multigenerational investment in their people. 
    It will include opportunities in a range of specific sectors where we believe New Zealand has a unique role to play and where we expect the Government to focus its efforts on growth. 
    In the very short term, we have made good economic progress in our first year in Government, although there’s still a long way to go. 
    New Zealand is now in the early stages of a cyclical economic recovery, with growth beginning to pick up and unemployment expected to peak around its current rate. 
    Inflation has fallen and now sits comfortably anchored within the Reserve Bank’s target band at 2.2%. 
    Annual tourism expenditure was up 23% last year, and services and manufacturing activity have returned to growth after extended periods of contraction. 
    Business confidence is at around its highest level in a decade. As confidence has risen, retail trade has picked up, and growth is expected to rise, hitting 3% in 2026. 
    So, there’s now cause for optimism in the New Zealand economy that the recovery is underway and better days lie ahead. 
    For policymakers here in New Zealand, that poses an opportunity – not just to watch the economic recovery, but to shape it. 
    Step-changing economic productivity, lifting incomes, creating jobs, and unleashing the investment New Zealand needs to become much more prosperous.  
    Which brings us to today. 
    I know the only way we will raise incomes, lift New Zealanders’ standard of living, and fund the quality public services we rely on is by unlocking more investment, more innovation, and more entrepreneurship.
    Having broken inflation last year, our collective focus has now turned to shaping the economic recovery – ensuring we take every possible step to lift New Zealand’s economic performance. 
    That renewed energy and effort forms the backdrop of this Summit. 
    My Government is working around the clock to make New Zealand an outstanding place to do business. 
    But before I highlight some of those reforms and my economic priorities as Prime Minister, I want to make a more fundamental point about New Zealand as an investment destination. 
    New Zealand has been and will continue to be a poster child for social and political stability in a more volatile and challenging world. 
    That reputation is long-standing, but in challenging times, it has come into sharper focus. 
    We stand up for our values and live by them, too. That means respecting civil liberties, private property and private life, and the democratic and social institutions that underpin them. 
    We consistently advocate for a rules-based international order that allows small countries like New Zealand to thrive. Free trade isn’t just an idea in New Zealand; it’s the bedrock of our prosperity. 
    For farmers and growers living in rural New Zealand, it has allowed a modern economic miracle: the opportunity to not just collectively operate one of the most efficient agricultural sectors in the world but to live in some of the most stunning parts of the world while they do it. 
    Finally, we might disagree sometimes – but we’re not disagreeable. Over the next two days, you will hear from various political leaders.
    You will hear from senior Ministers representing each of the three political parties in our Coalition Government, as well as Barbara Edmonds, the Labour Party’s Opposition Finance Spokesperson.  
    It’s pretty normal in New Zealand for political parties to disagree with each other – often loudly, and sometimes even with my own Coalition colleagues. 
    But I believe the broad political representation that is here demonstrates that most New Zealanders share the same motivations – higher incomes and more financial freedom, quality public services, and a long-standing belief that our best days lie ahead of us. 
    When you look at all the tension, volatility, and strife in the world today, I think that makes us pretty special, and a very attractive destination for anyone looking to take shelter from the global storm. 
    Political stability, however, is not an excuse for a lack of ambition. 
    You should be under no illusions about my commitment to the Government’s growth agenda and the reforms we are pushing through to unleash investment in the New Zealand economy. 
    Last month, Minister for Economic Growth Nicola Willis published our Government’s Going for Growth Agenda – we have copies for you here – which outlines a range of actions we are taking to get the New Zealand economy moving and realising its vast potential. 
    Each of those actions fits into one of five pillars we have identified as critical to lifting economic growth and improving New Zealanders’ standard of living:

    Developing talent,
    Encouraging innovation, science, and technology,
    Introducing competitive business settings,
    Promoting global trade and investment,
    And delivering infrastructure for growth. 

    Across each of those pillars, we have Ministers from across the Government working day and night to drive through reform – in transport,  tourism, aquaculture, construction, advanced aviation, mining, energy, agriculture, and horticulture. 
    Over the next two days, you will hear much more about our work programme in those areas that will play a critical role in the next phase of New Zealand’s growth story – with more information on a series of specific investable propositions available in the private sector. 
    Among that reform programme are some significant changes designed to achieve a profound step change in the New Zealand economy that I would like to touch on today. 
    For a start, we are clearing away decades of broken planning law – brick by brick. 
    We have introduced the Fast Track regime, which streamlines the consenting process for projects that are regionally and nationally significant. 
    In short, instead of seeking different permissions under different laws, under Fast Track, it’s all done in one place, with a faster process and fewer hurdles to getting underway. 
    That regime is now up and running, and I know a number of projects have already submitted applications since it became operational last month. 
    In short, if you want to build a wind farm, a highway, a quarry, hundreds of new homes, or any other regionally or nationally significant projects, we are busting down the doors to make it happen faster and cheaper. 
    149 projects have already been listed in legislation, but nothing prevents new projects from applying for referral into the scheme. 
    And it doesn’t stop with Fast Track. 
    Further planning reforms are also on the way, including a total replacement of the Resource Management Act. 
    We are also eliminating the barriers to more significant investment in energy and generation to unleash abundant, affordable energy. 
    The impact of unaffordable and unreliable energy on economic growth has been brought into the spotlight in recent years following the Russian invasion of Ukraine. 
    Industries in Europe that had historically relied on access to low-cost natural gas came under tremendous strain, putting pressure on growth and household incomes. 
    In New Zealand, we are lucky that 85% of electricity generation is already renewable, thanks to decades of investment in hydro, wind, solar, and geothermal.  
    But we can’t risk falling short in the years to come. So, as a Government, we are tearing down the barriers to fresh energy investment. That means introducing more permissive rules for renewables.
    But it also means ending restrictions on offshore oil and gas exploration – and providing certainty for market participants by confidently saying that gas has to be part of New Zealand’s energy mix going forward.  
    At the same time, we are making it easier to invest in New Zealand from offshore.  
    That started last year, with fresh directives to our Overseas Investment Office, which slashed processing times and made applications more predictable. 
    Today, an application for offshore investment is approved within 18 days on average, compared to 28 days prior to those changes.
    And two weeks ago, we announced upcoming changes to legislation designed to further improve the timeliness and reliability of our overseas investment regime. 
    We also announced just last month that, from April 1 this year, individuals who invest at least $5 million in New Zealand will be eligible for an Active Investor Visa, with a pathway to residency after three years. 
    I know that for many of you from offshore in this room, that will be positive news. But as a New Zealander, I have to say it’s an even bigger deal for the sharp, ambitious Kiwis here and all around the country, who are hungry for capital and hungry to grow. 
    We know the impact foreign investment has on local businesses. It’s not just the capital investment; it’s the skills, connections, and linkages into new markets. 
    That translates into higher wages, more jobs, more money in Kiwi wallets, and more resilient businesses that make an even greater contribution in the community. 
    We need more of it, especially for a small country hungry to grow like New Zealand, which is why I have invited many of you here today. 
    I believe New Zealand’s best days are ahead of us—and we can make them happen if we get serious about partnering with commercial expertise to solve some of our biggest economic challenges and seize on the huge economic opportunities ahead of us. 
    Helping to end New Zealand’s infrastructure deficit through private sector partnership.
    Fattening out our capital markets and opening up new sectors for growth.
    Strengthening our connections to the world, enhancing technology, lifting productivity, and opening new markets for our products and services. 
    Over the next two days, you will hear from a range of leaders—cabinet Ministers, business leaders, and Iwi Māori leaders—who I know are committed to responding to our challenges and opportunities. 
    There will also be plenty of time across both days for closer interactions and to discuss the opportunities and challenges that you are confronting in your own businesses. 
    While you’re here, please also enjoy our hospitality and culture. We’re not just here to do business—we’re here to build relationships and make the case for New Zealand as an outstanding country to invest in, to visit, and to establish roots in. 
    So once again, and on behalf of the New Zealand Government and the New Zealand people, welcome to this year’s Summit. 
    I’m excited to get stuck in – and I can’t wait to hear more from you over the next two days about your approach to business and the difference you could make for growth, investment, jobs, and opportunity for us here in New Zealand. 
    Thank you. 

    MIL OSI New Zealand News –

    March 25, 2025

  • MIL-OSI New Zealand: Economy – Report calls for collective action to improve access to bank accounts – Reserve Bank

    Source: Reserve Bank of New Zealand

    25 March 2025 – New research commissioned by the Reserve Bank of New Zealand – Te Pūtea Matua has highlighted barriers that can prevent some New Zealanders from opening bank accounts.

    The research, titled First steps to financial inclusion, was conducted by ThinkPlace New Zealand and explored opening bank accounts from the perspective of frontline bank staff and customers. It found that certain groups were reported to be most likely to find it difficult to open a bank account, including recent migrants, rural communities, the elderly, people with disabilities, and trusts (including Māori trusts).

    “Financial inclusion empowers people to manage money, build confidence, and engage in the economy. Addressing barriers to financial participation is a strategic priority aligned with our modernised legislation,” says Assistant Governor Simone Robbers.

    Frontline banking staff play a key role in helping customers open accounts, but some participants reported that they are not able to open accounts for some people. From a survey of 722 frontline staff, a third of frontline staff said that they had not been able to open an account for someone often (on a monthly basis) or very often (on a weekly basis). Some of these cases may be temporary while others may be long term.

    The most common barriers reported by participating staff include lack of proof of address, complex paperwork, lack of photo identification, language barriers and lack of access to a bank branch.

    Other findings:

    Risk appetite: 76% of participating staff noted being encouraged to take a cautious or very cautious approach to onboarding.
    Awareness: 60% of frontline staff reported that their employer had policies in place to support flexibility and exceptions for onboarding customers, 40% of frontline staff reported that their employer did not have such policies in place, or they were not sure.
    Staff training: Nearly half participating frontline staff said they were trained on how to apply flexibility in the onboarding process, while 31% said they had not been trained and 15% were not sure.

    The research also highlighted existing practices that support financial inclusion, such as extra care teams, customer education, policy changes, and both digital and in-person onboarding.

    “This research provides a snapshot of the onboarding experience in Aotearoa New Zealand and outlines the shifts needed to promote efficient and inclusive access to bank accounts,” Ms Robbers says.

    While the research fills some gaps in understanding access to bank accounts, they also highlight the need for further research (for example, on the annual number of declined bank account applications). The insights from this report will help to inform our upcoming initiatives, including on Financial Inclusion Indicators, Māori Access to Capital, and our work with the Council of Financial Regulators on basic transaction accounts.

    “The Reserve Bank remains committed to working with banks, regulators, and community groups to remove barriers and promote financial inclusion for all New Zealanders,” Ms Robbers says.

    More information

    Read the full report  : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=02dd182a11&e=f3c68946f8

    MIL OSI New Zealand News –

    March 25, 2025

  • MIL-OSI Banking: Verizon to speak at New Street Research Conference on March 26

    Source: Verizon

    Headline: Verizon to speak at New Street Research Conference on March 26

    NEW YORK – Frank Boulben, senior vice president and chief revenue officer for the Consumer Group of Verizon (NYSE, Nasdaq: VZ), is scheduled to speak at the New Street Research and BCG Future of Connectivity Leaders Conference on Wednesday, March 26, at 8:30 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, www.verizon.com/about/investors.

    Boulben will discuss the unit’s progress to innovate on its mobile and broadband platforms, bringing differentiated offers to the market and enhancing its value proposition, while elevating the customer experience and strengthening customer relationships.

    Verizon is on track to deliver on its full-year 2025 financial and operational guidance and remains committed to its three key priorities of growing wireless service revenue, expanding adjusted EBITDA1 and generating strong free cash flow1.

    For 2025, Verizon continues to expect the following:

    • Total wireless service revenue growth2 3 of 2.0 percent to 2.8 percent.
    • Adjusted EBITDA growth1 of 2.0 percent to 3.5 percent.
    • Adjusted EPS1 growth of 0 to 3.0 percent.
    • Cash flow from operations of $35.0 billion to $37.0 billion.
    • Capital expenditures between $17.5 billion and $18.5 billion.
    • Free cash flow1 of $17.5 billion to $18.5 billion.

    1 Non-GAAP financial measure. See the accompanying schedules and www.verizon.com/about/investors for reconciliations of non-GAAP financial measures cited in this document to most directly comparable financial measures under generally accepted accounting principles (GAAP).

    2 Total wireless service revenue represents the sum of Consumer and Business segments.

    3 Reflects the reclassification of recurring device protection and insurance related plan revenues from other revenue into wireless service revenue beginning January 2025. Reclassified 2024 annual revenues were more than $2.9 billion.

    Forward-looking statements

    In this communication we have made forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include the information concerning our possible or assumed future results of operations. Forward-looking statements also include those preceded or followed by the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “forecasts,” “hopes,” “intends,” “plans,” “targets” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The following important factors, along with those discussed in our filings with the Securities and Exchange Commission (the “SEC”), could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: the effects of competition in the markets in which we operate, including the inability to successfully respond to competitive factors such as prices, promotional incentives and evolving consumer preferences; failure to take advantage of, or respond to competitors’ use of, developments in technology, including artificial intelligence, and address changes in consumer demand; performance issues or delays in the deployment of our 5G network resulting in significant costs or a reduction in the anticipated benefits of the enhancement to our networks; the inability to implement our business strategy; adverse conditions in the U.S. and international economies, including inflation and changing interest rates in the markets in which we operate; cyberattacks impacting our networks or systems and any resulting financial or reputational impact; damage to our infrastructure or disruption of our operations from natural disasters, extreme weather conditions, acts of war, terrorist attacks or other hostile acts and any resulting financial or reputational impact; disruption of our key suppliers’ or vendors’ provisioning of products or services, including as a result of geopolitical factors or the potential impacts of global climate change; material adverse changes in labor matters and any resulting financial or operational impact; damage to our reputation or brands; the impact of public health crises on our business, operations, employees and customers; changes in the regulatory environment in which we operate, including any increase in restrictions on our ability to operate our networks or businesses; allegations regarding the release of hazardous materials or pollutants into the environment from our, or our predecessors’, network assets and any related government investigations, regulatory developments, litigation, penalties and other liability, remediation and compliance costs, operational impacts or reputational damage; our high level of indebtedness; significant litigation and any resulting material expenses incurred in defending against lawsuits or paying awards or settlements; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets affecting the cost, including interest rates, and/or availability of further financing; significant increases in benefit plan costs or lower investment returns on plan assets; changes in tax laws or regulations, or in their interpretation, or challenges to our tax positions, resulting in additional tax expense or liabilities; changes in accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; and risks associated with mergers, acquisitions, divestitures and other strategic transactions, including our ability to consummate the proposed acquisition of Frontier Communications Parent, Inc. and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all.

    Non-GAAP Reconciliations

    Free Cash Flow Forecast

    (dollars in millions)

    12 Mos. Ended 12/31/25

    Net Cash Provided by Operating Activities Forecast

    $ 35,000 – 37,000

    Capital expenditures forecast (including capitalized software)

    (17,500 – 18,500)

    Free Cash Flow Forecast

    $ 17,500 – 18,500

    MIL OSI Global Banks –

    March 25, 2025

  • MIL-OSI Banking: Members consider China’s request for panel to examine EU battery electric vehicle duties

    Source: World Trade Organization

    DS630: European Union — Definitive Countervailing Duties on New Battery Electric Vehicles from China

    China submitted its first request for the establishment of a dispute panel with respect to the definitive countervailing duties imposed by the European Union in October 2024 on new battery electric vehicles from China. The request also concerns the underlying investigation that led to the imposition of the duties. China and the European Union held consultations in December 2024 with the aim of reaching a mutually satisfactory solution but failed to resolve the dispute, China said, prompting its request for the panel.

    China outlined the various concerns it had about the process resulting in the duties. It said this process was not carried out in a manner consistent with the WTO’s Agreement on Subsidies and Countervailing Measures and the General Agreement on Tariffs and Trade 1994.  China said that while WTO members have the legitimate right to adopt trade remedy measures, such rights must be exercised within the confines of the WTO agreements.

    The European Union said it regretted China’s decision to request a panel. The EU said it had hoped the consultations with China had provided the necessary information and clarifications China needed. China undoubtedly has the right to bring this issue to WTO dispute settlement, the EU said, but it strongly maintains that the measures in question are entirely justified and is confident they are in compliance with WTO rules. The EU said it is not ready to accept the establishment of a panel.

    The DSB took note of the statements and agreed to revert to this matter should a requesting member wish to do so.

    DS593: European Union – Certain Measures Concerning Palm Oil and Oil Palm Crop Based Biofuels

    The European Union said it intended to implement the panel ruling in DS593 by bringing the concerned measures into conformity with the WTO agreements. The EU said it was impractical for it to comply immediately and that it needed a reasonable period of time to do so.  The EU added that it was keen to discuss and agree with Indonesia the length of this period of time at the earliest available opportunity, as it has done with Malaysia in a related dispute case.

    Indonesia underlined the necessity for the EU to adjust its policies in line with the WTO agreements as well as the importance of prompt and effective implementation of the panel’s ruling. Indonesia said it is committed to working constructively with the EU to ensure a smooth and efficient implementation process. It encouraged the EU to provide a clear and detailed timeline for this process.

    DS597: United States – Origin Marking Requirement (Hong Kong, China)

    The United States once again raised the matter of the panel ruling in DS597 at the DSB meeting. The US said it was raising the matter as a result of further alarming developments and effects of the National Security Law of Hong Kong, China on free speech and human rights.  The US referred back to its previous statements regarding its position on essential security and its reasons for placing this item on the DSB agenda.

    Hong Kong, China said it was regrettable that the United States continues to abuse DSB meetings as a platform for political posturing. The US approach reflects a troubling presumption that it alone has the authority to interpret national security matters, said Hong Kong, China, adding that it remains frustrated at being deprived of the legitimate right to allow the case to be settled through a proper channel.

    China reiterated its objections to the item being placed on the DSB agenda. It said the WTO dispute settlement mechanism is a forum to resolve trade disputes rather than a place to discuss political issues.

    Appellate Body appointments

    Colombia, speaking on behalf of 130 members, introduced for the 85th time the group’s proposal to start the selection processes for filling vacancies on the Appellate Body. The extensive number of members submitting the proposal reflects a common interest in the functioning of the Appellate Body and, more generally, in the functioning of the WTO’s dispute settlement system, Colombia said.

    The United States said it does not support the proposed decision and noted its longstanding concerns with WTO dispute settlement that have persisted across US administrations. The US said the panel reports in DS593 and DS597 provided examples of its concerns regarding WTO dispute settlement overreach. The US said fundamental reform of WTO dispute settlement is needed to address these and other US concerns. Despite extensive US engagement, WTO members continue to have vastly different perspectives on the role of WTO dispute settlement in today’s world and the reforms that are needed, it added.

    More than 20 members took the floor to comment, one speaking on behalf of a group of members. Most reiterated their support for the joint proposal and for the urgent need to restore a fully functioning dispute settlement system. Several welcomed the progress made in the dispute settlement reform discussions last year and said they looked forward to starting consultations on how to take the process forward. Ten members urged others to consider joining the Multi-party interim appeal arrangement (MPIA), a contingent measure to safeguard the right to appeal in the absence of a functioning Appellate Body. 

    Colombia, on behalf of the 130 members, said it regretted that for the 85th occasion members have not been able to launch the selection processes. Ongoing conversations about reform of the dispute settlement system should not prevent the Appellate Body from continuing to operate fully, and members shall comply with their obligation under the Dispute Settlement Understanding to fill the vacancies as they arise, Colombia said for the group.

    Surveillance of implementation

    The United States presented status reports with regard to DS184, “US — Anti-Dumping Measures on Certain Hot-Rolled Steel Products from Japan”,  DS160, “United States — Section 110(5) of US Copyright Act”, DS464, “United States — Anti-Dumping and Countervailing Measures on Large Residential Washers from Korea”, and DS471, “United States — Certain Methodologies and their Application to Anti-Dumping Proceedings Involving China.”

    The European Union presented a status report with regard to DS291, “EC — Measures Affecting the Approval and Marketing of Biotech Products.”

    Indonesia presented its status reports in DS477 and DS478, “Indonesia — Importation of Horticultural Products, Animals and Animal Products.” 

    Next meeting

    The next regular DSB meeting will take place on 25 April 2025.

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    MIL OSI Global Banks –

    March 25, 2025

  • MIL-OSI Banking: Members continue TRIPS implementation review discussion, address IP notification obligations

    Source: WTO

    Headline: Members continue TRIPS implementation review discussion, address IP notification obligations

    Under Article 71.1 of the TRIPS Agreement, the TRIPS Council is required to conduct a review of the implementation of the Agreement after two years and at periodic intervals thereafter. However, the initial review in 1999 was never completed and no other review has subsequently been initiated.
    The Chair recalled that over the past year members had spent significant time and energy on considering how to finally launch the review. They ultimately converged on a “Proposed Process for the First Review of the Implementation of the TRIPS Agreement under Article 71.1” that was circulated as document JOB/IP/79/Rev.3 on 22 November 2024.
    However, the Chair noted, despite intensive and constructive engagement by members, who have never been closer to consensus on this particular issue, that document could not be adopted. Reporting on the group consultations she held with members on 7 March to hear ideas on how to approach work on this issue in the future, she indicated that members’ concerns that had prevented the adoption of the draft document in December remained prevalent.
    A number of delegations expressed their willingness to continue discussions on this issue. Therefore, the Chair left the door open to hold another round of consultations in the coming weeks, provided that delegations remain willing to engage constructively and find an agreed solution.
    Notifications
    The WTO Secretariat provided an update on notifications under various provisions of the TRIPS Agreement received by the Council since its last meeting in November 2024. The Secretariat also submitted the “Annual report on notifications and other information flows”.
    The report indicates that although participation in WTO notifications has increased, many members are not fulfilling their ongoing notification obligations, which impacts the Council’s monitoring function. Despite considerable legislative changes in IP over the past 15 years, 21 per cent of developed and 37 per cent of developing members have not notified the Council of any new or amended laws since 2009. Furthermore, 63 per cent of IP enforcement contact points and 75 per cent of technical and financial cooperation contact points have not been updated in over a decade.
    In 2024, members submitted 125 notifications, including 116 new or updated domestic laws or regulations pertaining to the TRIPS Agreement, as required under Article 63.2. The rate of participation remained steady, with 26 members submitting at least one notification.
    Reports on technology transfer to LDCs and on technical and financial cooperation were similar to those in 2023, with 16 developed members submitting reports. However, no notifications were received in 2024 for the special compulsory licensing system or updates on biotechnology or geographical indications.
    The report also notes that the e-TRIPS information system, designed to improve transparency and provide simple online submission processes, has seen steady usage since its 2019 launch. By 2024, 93 per cent of members were using the platform and 96 per cent of total submissions were made through the platform.
    Delegations notifying new or revised legislation took the floor to inform the Council of the main elements presented in their documents. This practice has become an established tradition, with many delegations following it at recent sessions of the Council. It has proven to be very useful in improving understanding of the notifications, raising awareness and promoting transparency.
    Technology transfer
    The TRIPS Council meeting was attended by the participants of the annual WTO workshop on incentives for technology transfer to least-developed countries (LDCs) under the TRIPS Agreement. This was opened by Deputy Director-General Johanna Hill on 17 March. The workshop brought together 30 participants from LDCs, experts from eight developed members, specialists from the public and private sectors and intergovernmental organizations.
    Technology transfer is deeply embedded in the TRIPS Agreement and is explicitly mentioned in its objectives in Article 7. Since 2003, when WTO members agreed on the transparency mechanism for technology transfer under Article 66.2, developed country members have submitted over 400 reports detailing their actions and commitments. To date, the TRIPS Council has conducted 21 reviews of these reports, generating valuable insights into effective strategies and best practices.
    A follow-up to the annual review of reports from nine developed members on their technology transfer commitments and related programmes took place at the TRIPS Council. See here.
    Several LDC members thanked the Secretariat for organizing the workshop and developed countries for their detailed reports. They underscored the importance of informal dialogue between LDC members and developed country members. This is particularly important when it comes to tailoring technology transfer programmes to LDCs’ priority needs and learning from developed members’ experience, they added.
    On a separate ad hoc agenda item, members addressed a communication on “IP and innovation: Technology transfer case studies” introduced by Australia, Canada, the European Union, Israel, Japan, the Republic of Korea, New Zealand, Singapore, Switzerland, Chinese Taipei, the United Kingdom and the United States. The objective was to facilitate discussions at the TRIPS Council, using concrete case studies that show real-world technology transfer in action across industries such as agriculture, sustainability and manufacturing.
    Many projects were showcased to underline how technology transfer can support innovation and economic growth. These included a Japanese-Tanzanian partnership producing insecticide-treated nets and technical know-how provided to Sri Lankan companies in the manufacturing and textile industries. The World Intellectual Property Organization (WIPO) presented WIPO GREEN, an online platform connecting providers and seekers of eco-friendly technologies to combat climate change.
    Non-violation and situation complaints (NVSCs)
    The Chair reported on the consultations she held in early March with the most active members and Group coordinators on this issue, where delegations largely repeated their known positions. One member suggested that the Secretariat organize a briefing session on this issue to provide an overview of the points and arguments raised in the past, she said.
    She underlined that none of the various suggestions made by her predecessors in meetings and informal consultations as to how members could resume a substantive debate have been taken up by members, indicating that there is little desire to restart substantive discussions on this issue. Taking into account that the 14th Ministerial Conference (MC14) will take place in March 2026, she reminded members that the examination of the scope and modalities of these complaints is a ministerial mandate for this Council, which members should make a serious effort to fulfill.
    At the 13th Ministerial Conference (MC13), ministers adopted the Decision on TRIPS Non-Violation and Situation Complaints, tasking the TRIPS Council to continue its review of the scope and modalities for NVSCs and to make recommendations to MC14. It was also agreed that, in the meantime, members would not bring such complaints under the TRIPS Agreement.
    Non-violation and situation complaints (NVSCs) refer to whether and under what conditions members should be able to bring WTO dispute complaints where they consider that another member’s action, or a particular situation, has deprived them of an expected advantage under the TRIPS Agreement, even though no obligation under the Agreement has been violated.
    Members have historically differed on whether such non-violation cases are feasible in intellectual property. Some delegations consider NVSCs essential to maintaining the proper balance of rights and obligations within the TRIPS Agreement while helping to ensure that legitimate obligations are not circumvented or avoided. Others believe there is no place for the application of non-violation complaints in the area of intellectual property because of the legal insecurity and curtailment of flexibilities that could ensue and favour their complete ban in the TRIPS area.
    Pandemic response
    The Chair highlighted the WTO’s compilation document COVID-19: Measures Regarding Trade-Related Intellectual Property Rights, available on its website. This document, compiled by the Secretariat using official sources and verified by relevant members, provides a non-exhaustive overview of IP-related measures taken in response to the pandemic. She urged delegations to update the Secretariat with any new measures, modifications or expirations.
    Discussions continued on proposals under paragraph 24 of the Ministerial Declaration on the WTO Response to the COVID-19 Pandemic and Preparedness for Future Pandemics, reaffirmed in the Abu Dhabi Ministerial Declaration of March 2024. This provision mandates the Council to assess challenges and lessons from the pandemic, including through members’ proposals.
    Members also continued to review two submissions: one by the United Kingdom on Intellectual Property, Voluntary Licensing, and Technology Transfer, and another by Bangladesh, Colombia, Egypt and India on TRIPS for Development and Post-MC13 Work on TRIPS-Related Issues. The debate centered on pandemic preparedness and the WTO’s role in addressing IP concerns.
    Some delegations stressed the need for balancing IP rights with public health to secure access to medicines in future crises. Others highlighted the need for updated IP policies and voluntary licensing as key for effective technology transfer, calling for evidence-based discussions under this agenda item.
    Other issues
    Members discussed a second ad hoc agenda item under the heading of “IP and the public interest”, included at the request of Bangladesh, Brazil, Colombia, India and Pakistan. These delegations submitted a paper on this topic, entitled “Intellectual Property for Development Group – Side Activity: 30 Years of Developing Countries’ Expectations and Concerns about TRIPS”.
    Participating members presented a summary of a side event organized on 19 March by the informal group of countries known as “Intellectual Property (IP) for Development”. At this event, delegates and experts were invited to an initial discussion to reflect on the history of the TRIPS negotiations, 30 years after their conclusion. Proponents noted that a discussion on the evolution and impact of TRIPS will help to improve the available information, providing valuable insights and reflections for assessing the expectations of developing economies.
    The Chair said that there have been no new acceptances of the protocol amending the TRIPS Agreement since the last Council meeting. This means that, to date, the amended TRIPS Agreement applies to 141 members. Twenty-five members have yet to accept the Protocol.

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    MIL OSI Global Banks –

    March 25, 2025

  • MIL-OSI Banking: Canada initiates WTO dispute regarding Chinese duties on agricultural, fishery products

    Source: WTO

    Headline: Canada initiates WTO dispute regarding Chinese duties on agricultural, fishery products

    Canada claims the measures are inconsistent with China’s obligations under various provisions of the General Agreement on Tariffs and Trade (GATT) 1994 and the Dispute Settlement Understanding.
    Further information is available in document WT/DS636/1
    What is a request for consultations?
    The request for consultations formally initiates a dispute in the WTO. Consultations give the parties an opportunity to discuss the matter and to find a satisfactory solution without proceeding further with litigation. After 60 days, if consultations have failed to resolve the dispute, the complainant may request adjudication by a panel.

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    MIL OSI Global Banks –

    March 25, 2025

  • MIL-OSI Banking: Verizon to redeem debt securities on April 23, 2025

    Source: Verizon

    Headline: Verizon to redeem debt securities on April 23, 2025

    NEW YORK – Verizon Communications Inc. (“Verizon”) (NYSE, NASDAQ: VZ) today announced that it will redeem the following notes on April 23, 2025 (the “Redemption Date”):

    I.D. Number

    Title of Security

    Principal Amount
    Outstanding

    CUSIP: 92343V DD3

    ISIN: US92343VDD38

    Common Code: 146607594

    2.625% Notes due 2026 (the “Notes”)

    $984,778,000

    The redemption price for the Notes will be equal to the greater of (i) 100% of the principal amount of the Notes being redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed (exclusive of interest accrued to the Redemption Date), as the case may be, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Notes) plus 20 basis points (the “Redemption Price”), plus, in either case, accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. The Redemption Price will be calculated in accordance with the terms of the Notes on the third Business Day (as defined in the Notes) preceding the Redemption Date.

    Questions relating to the notice of redemption and related materials should be directed to the paying agent: U.S. Bank Trust Company, Trust Company, National Association, Attn: Corporate Trust Services, 111 Fillmore Ave E, St. Paul, MN 55107, or via telephone at 1-800-934-6802.

    MIL OSI Global Banks –

    March 25, 2025

  • MIL-OSI Banking: WTO regional trade policy course underway in Trinidad and Tobago

    Source: World Trade Organization

    In a video message at the opening session, WTO Deputy Director-General Xiangchen Zhang said that the course would focus on trade policy issues relevant to the Caribbean region, linking regional trade dynamics to WTO agreements.

    “The goal is to equip the participants with the knowledge and tools to effectively advocate for their government’s positions in WTO negotiations, regional discussions, and engagements with other trading partners. The course will also help strengthen your government’s ability to meet WTO obligations and seize new opportunities within the global trading system,” said DDG Zhang.

    Guided by WTO experts, regional specialists, and the academic team from UWI, participants will explore a wide range of trade-related topics, including trade facilitation, agriculture, trade in services, digital trade, small and medium sized enterprises and other development issues.

    In addition to deepening their understanding of WTO rules and procedures, the programme will also explore strategies to enhance the region’s resilience against natural disasters.

    “In the Caribbean, we are acutely aware of the challenges that result from being small island states in the global system,” said Randal Karim, Permanent Secretary of the Ministry of Trade and Industry of Trinidad and Tobago, who represented Minister Paula Gopee-Scoon at the opening ceremony. 

    “These challenges, which include vulnerability to climate change and natural disasters, demand resilience, innovation and strategic trade policies. To maximise our potential requires a deep understanding of the global dynamics and effective engagement at the multilateral level,” he added.

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    MIL OSI Global Banks –

    March 25, 2025

  • MIL-OSI Banking: Verizon Business announces Partner Recognition Program winners at 2025 Channel Partners Conference & Expo

    Source: Verizon

    Headline: Verizon Business announces Partner Recognition Program winners at 2025 Channel Partners Conference & Expo

    NEW YORK – Verizon Business today announced the winners of its annual Partner Recognition Program to kick off this year’s Channel Partners Conference & Expo activation in Las Vegas, where the company will have a large presence across the mainstage and event floor.

    This year, eleven partners are being recognized for being on the leading edge of serving customers and delivering results. Recognitions include both performance-based and self-nominated awards, with winners being evaluated based on their accomplishments, alignment with social and community impact, customer business impact, and partner innovation.

    “Our partners are a very important part of our business,” said Mark Tina, Channel Chief and Vice President of Indirect Partner Sales for Verizon Business. “Partnerships are a two-way street – we win together and we lose together – and having a positive culture that extends to the community around you, as well as a spirit of innovation, are core values we look at when working with partners. The businesses being recognized this year as winners of the Verizon Partner Network Recognition Program exemplify these values, and we’re lucky to work with them.”

    The Verizon Partner Network, which was also honored today by CRN®, a brand of The Channel Company, with a 5-Star Award in the 2025 CRN Partner Program Guide, developed this recognition program to celebrate the accomplishments of vendors who demonstrate excellence in their partner program, allowing for an opportunity to recognize how their commitment to greatness is fostering innovation within the channel.

    The following winners are being recognized in the 2024 Verizon Partner Network Recognition program:

    Value Added Distributor of the Year 2024: GetWireless

    Value Added Reseller of the Year 2024: Connected Solutions Group, LLC

    Wireline Business Agent of the Year 2024: Intelisys, Inc.

    Wireless Business Agent of the Year 2024: ConectUS

    Wireline Subagent of the Year 2024: Bluewave Technology Group, LLC

    Wireless Subagent of the Year 2024: Intratem

    Alternate Channel Distribution Partner of the Year: Axe Elite – A Vaultek Company

    SMB Agent of the Year 2024: Victra

    SMB Agent of the Year 2024: Team Wireless

    Customer Business Impact Award 2024: Simple Innovations Group

    Partner Innovation Award 2024: Intwine Connect

    Social & Community Impact Award 2024: Axe Elite – A Vaultek Company

    Visit Verizon Partner Network to learn more about our business and partner solutions, and check out www.CRN.com/PPG to learn more about the program’s 5-Star Award.

    Verizon Business celebrates innovation at Channel Partners

    Verizon Business will showcase its far-reaching business solutions at the channel’s biggest industry event of the year (lounge located at Titian 2301A). At the Verizon Business lounge, attendees will be able to meet with solution experts to learn more about the transformative benefits of Verizon’s solutions, including:

    • Verizon 5G and Fixed Wireless Access (FWA) Solutions
    • Security Services and Solutions
    • Public Sector Solutions

    Additionally, attendees can hear from Verizon Business Channel Chief, Mark Tina during two different speaking engagements.

    • Tuesday, March 25, 12:20 p.m. PT in Venetian Ballroom F: Keynote – “Why Partner Experience (PX) Is Finally Getting Its Due: Practical Tools To Elevate Your Bottom Line”
    • Wednesday, March 26, 12:25 p.m. PT in Venetian Ballroom F: Channel Partners Power Panel – The Channel Connection for Telcos

    To find out more about Verizon’s Partner Network and solutions, visit the Verizon Business Experience Lounge at Titian 2301A and Verizon’s partner program site.

    MIL OSI Global Banks –

    March 25, 2025

  • MIL-OSI Europe: Answer to a written question – Sharp increase in credit transfer fraud in Romania and Bulgaria – E-002903/2024(ASW)

    Source: European Parliament

    While security requirements introduced by the EU Payment Services Directive[1], such as strong customer authentication, have had a positive impact on reducing payment fraud, malicious behaviours are constantly evolving and increasingly relying on the manipulation of the payment service user.

    Cases where users are manipulated by fraudsters into making a payment, or to disclose sensitive information which is used to commit fraud are becoming more widespread.

    Where the user is manipulated into making a fraudulent credit transfer, often the user bears the losses as the transaction is deemed to have been authorised.

    According to the latest European Banking Authority (EBA) risk assessment report[2], the greatest increase in the total value of losses due to fraud borne by users of credit transfers was observed in Bulgaria, Romania and Hungary, but the issue is not limited to Eastern Europe. Combatting payment fraud is a key priority for the Commission.

    The Commission’s proposal on a Payment Services Regulation (PSR) published in June 2023[3] and currently in co-decision procedure, includes additional fraud prevention measures. It also proposes to introduce new redress rights for consumers, for example in case of bank employee impersonation fraud.

    Data quality issues often stem from incomplete data submissions or methodological misclassifications by reporting agents. It is primarily the role of competent authorities at national level to follow-up on such issues where they occur.

    To further enhance data quality, the PSR proposal mandates the EBA to develop technical standards on the reporting of payment fraud data.

    This also aims to foster a more consistent application of the legal requirements and a more effective enforcement by competent authorities.

    • [1]  PSD2: OJ L 337, 23.12.2015, p. 35-127.
    • [2] https://www.eba.europa.eu/sites/default/files/2024-11/f03ee0c1-7258-4391-8bf1-578924956049/EBA%20Risk%20Assessment%20Report%20-%20Autumn%202024.pdf, p. 101-102.
    • [3]  COM/2023/367 final: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52023PC0367

    MIL OSI Europe News –

    March 25, 2025

  • MIL-OSI NGOs: MSF condemns Israeli strike on Nasser hospital in Gaza, calls for protection of health facilities

    Source: Médecins Sans Frontières –

    JERUSALEM  – Médecins Sans Frontières (MSF) strongly condemns Israel’s strike on Nasser Hospital in Khan Younis, southern Gaza—the largest remaining functioning hospital in the Gaza Strip, where MSF teams work. 

    On 23 March, Israeli forces targeted the hospital’s inpatient surgical department, killing two people, according to the Ministry of Health.  MSF teams confirmed there were several people injured, one of which was admitted to our trauma unit, and that severe damage was done to the building. This attack, shows a total disregard for the protection of medical facilities, endangered patients and medical staff and the very provision of healthcare. As Israeli forces escalate their operations in Gaza once again, MSF calls for the respect and protection of healthcare facilities, patients and medical staff in Gaza, where the health system has been all but destroyed. 

    “Strikes such as these are horrific for staff and patients” says Claire Nicolet, MSF head of emergencies in Gaza. “We cannot go back to repeated attacks on health care facilities when the health system in Gaza is already hanging by a thread, and no supplies have entered in weeks.”
    While Gaza’s healthcare system has collapsed, and the medical needs of people continue to skyrocket, medical workers are yet again forced to fear for their lives while providing care. At Nasser hospital, two MSF colleagues, who were working in different hospital departments, described panic among patients at the time of the attack.
     

    ” The distance between us and the explosion was so close that we could’ve been hit too,” explains an MSF nurse who works in another ward in Nasser hospital and was close by when the strike happened. “Our colleagues, medical staff, patients and their caretakers were all terrified.” 
    During Israel’s war on Gaza, MSF has witnessed relentless attacks on health facilities, a complete disregard for patients, medical workers and International Humanitarian Law (IHL), resulting in the systematic dismantling of Gaza’s health system.  Not a single hospital in the Gaza Strip is currently fully functional, and only 21 out of the enclave’s 36 hospitals are partially functioning, according to the World Health Organization (WHO).

    As one of the last main hospitals in southern Gaza, Nasser hospital is providing care for people with severe burns and trauma injuries, newborns, and pregnant women. 
    Since returning in mid-May 2024, MSF teams have been supporting the emergency, pediatric, and maternity departments at Nasser hospital, as well as running a burn and trauma unit. In February 2024, MSF teams were forced to flee after the hospital was shelled by Israeli forces.
    Furthermore, Nasser Hospital as other health facilities in Gaza is facing several challenges of supplies, including hygiene items, medication and surgical items, while Israeli authorities continue their siege on the Strip for over 20 days. Due to the numerous influxes of patients from recent bombings, MSF stocks are decreasing faster than expected, and the blockade is making it impossible for our teams to restock vital items such as antibiotics, painkillers and anesthetics.
    In a separate incident on May 24, MSF teams in Al-Mawasi primary health care clinic were forced to close the emergency room, evacuate the facility and suspend activities for the day due to close-by shootings and shelling. Healthcare facilities, patients and medical staff must be protected.

    MSF calls once again for the immediate restoration of the ceasefire and for the resumption of the entry of essential aid and basic supplies, which people in Gaza desperately need. 

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    MIL OSI NGO –

    March 25, 2025

  • MIL-OSI USA: Peters and Senate Committee Ranking Members Demand Immediate Review by Agency Inspectors General of Trump Administration’s Mass Dismissals of Federal Employees

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

    WASHINGTON, D.C. – U.S. Senator Gary Peters (D-MI), Ranking Member of the Senate Homeland Security and Governmental Affairs Committee, led 16 Senate Committee Ranking Members in a letter to the Inspectors General of 23 federal agencies, pressing for details on the impact of President Trump’s sweeping and unprecedented dismissal of tens of thousands of federal employees. The senators asked the Inspectors General to review the Trump Administration’s actions, citing potential violations of federal laws and procedures, which the senators warn could harm Americans’ access to vital government services and increase waste and abuse of taxpayer dollars.

    “The decision to terminate thousands of employees across multiple federal agencies will impose undue hardship on millions of Americans who rely on their services,” wrote the senators. “The loss of experienced agency staff may risk causing serious disruptions to nearly 73 million Americans who rely on the Social Security Administration (SSA) to administer retiree and disability benefits and 9.1 million veterans who depend on the Department of Veteran Affairs (V.A.), many of which rely on the V.A. for life saving medical treatments and care.”  

    Highlighting the devastating consequences of these mass firings, the senators underscored the Trump Administration’s layoffs have already disrupted critical operations at agencies that millions of Americans depend on for survival. 

    “Among the 2,400 employees fired from the V.A. since Mr. Trump’s inauguration are workers who purchase medical supplies, schedule appointments and arrange rides for patients to see their doctors,” wrote the senators, citing a NY Times report. “Additionally, taxpayers seeking in-person assistance as they navigate the 2025 filing season may find the support centers they previously relied on completely relocated or shuttered. That risk is a direct consequence of the Administration’s mass dismissals and decision to terminate over 100 IRS offices with Tax Assistance Centers (TAC) – which provide free, in-person assistance for those seeking it.”

    The senators are requesting that IGs examine whether these dismissals violated agency policies and assess the damage to agency missions, public safety, and national security, calling for an initial review to be completed within 60 days, with findings made available to the public to ensure transparency and accountability.  

    In addition to Peters, the letter was signed by U.S. Senators and Ranking Members Amy Klobuchar (D-MN), Committee on Agriculture, Nutrition, and Forestry, Kirsten Gillibrand (D-NY), Special Committee on Aging, Patty Murray (D-WA), Committee on Appropriations, Jack Reed (D-RI), Committee on Armed Services, Elizabeth Warren (D-MA), Committee on Banking, Housing, and Urban Affairs, Maria Cantwell (D-WA), Committee on Commerce, Science, and Transportation, Sheldon Whitehouse (D-RI), Committee on Environment and Public Works, Ron Wyden (D-OR), Committee on Finance, Jeanne Shaheen (D-NH), Committee on Foreign Relations, Bernie Sanders (I-VT), Committee on Health, Education, Labor, and Pensions, Dick Durbin (D-IL), Committee on the Judiciary, Richard Blumenthal (D-CT), Committee on Veterans’ Affairs, Martin Heinrich (D-NM), Committee on Energy and Natural Resources, Jeff Merkley (D-OR), Committee on the Budget and Ed Markey (D-MA), Committee on Small Business and Entrepreneurship.

    The full text of the letter can be found here. 

    MIL OSI USA News –

    March 25, 2025

  • MIL-OSI Asia-Pac: Government Launches BAANKNET and e-BKray to enhance PSU Bank E-Auctions for Asset Sales

    Source: Government of India (2)

    Government Launches BAANKNET and e-BKray to enhance PSU Bank E-Auctions for Asset Sales

    BAANKNET Portal ensures Transparency with automated KYC and Secure Payments

    Posted On: 24 MAR 2025 6:18PM by PIB Delhi

    In order to boost the sale value realized through bank e-auctions, Public Sector Banks(PSBs) were requested by Department of Financial Services to redesign their e-auction platform. The platform “e-BKray” was launched on 28th February, 2019. In order to further streamline the listing and auctioning of assets of Banks, a revamped e-auction portal named “BAANKNET” was launched on 03rd January, 2025.

    The salient features of the BAANKNET portal are as follows:

    • State-of-the-art Innovative Platform: A cutting-edge property listing and e auction platform specifically designed for banks and lending institutions to address the recovery of Non-Performing Asset (NPA) loans through efficient property auctions.
    • Robust Architecture: Ensures seamless reliability and accessibility for users through both mobile and web interfaces, making it easy for stakeholders to interact with the platform.
    • Automated KYC and Secure Payment Gateways: Integrates advanced Know Your Customer (KYC) tools and secure payment gateways, ensuring a transparent and secure auction process.
    • Comprehensive Property Listings: Offers a convenient solution from property “search” to “sale” for all types of properties across India, streamlining the entire auction journey.
    • Simplified Navigation: Provides an easy-to-use interface for property search and auctions, making the process user-friendly and accessible.
    • Smart Auctions and Fair Pricing: Facilitates intelligent auction mechanisms, ensuring fair pricing and maximum value for all listed properties.
    • Transparency and Seamlessness: Guarantees transparent, efficient, and seamless auction processes, enhancing stakeholder trust and confidence.
    • Bank Verified Titles: Ensures that all property titles are verified by banks, providing authenticity and reliability in the auction process.

    The BAANKNET portal is specifically designed to enhance transparency and speed up the process of disposing of Non-Performing Asset (NPA) cases. By leveraging state-of-the-art technology and integrating automated KYC tools, secure payment gateways, and bank-verified property titles, the platform ensures a high level of transparency throughout the property auction process.

    All 12 Public Sector Banks, and Insolvency and Bankruptcy Board of India (IBBI) are using the platform for listing and auction of properties across the country.

    This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary written reply to a question in Lok Sabha today.

    *****

    NB/AD

    (Release ID: 2114503) Visitor Counter : 60

    MIL OSI Asia Pacific News –

    March 25, 2025

  • MIL-OSI Asia-Pac: Government has taken several initiatives to facilitate ease of access to credit to Women Entrepreneurs

    Source: Government of India (2)

    Government has taken several initiatives to facilitate ease of access to credit to Women Entrepreneurs

    Government has announced a new Loan Scheme for Women, SC/ST Entrepreneurs in the Union Budget 2025-26

    Credit to women by Public Sector Banks has seen a substantial increase over last 5 years

    Jan Samarth Portal simplifies access to 15 government

    Posted On: 24 MAR 2025 6:17PM by PIB Delhi

    The Government reviews all credit linked schemes from time to time and takes several initiatives in order to facilitate ease of access to credit to the entrepreneurs including women entrepreneurs.

    As per para 32 of Union Budget 2025-26 “A new scheme will be launched for 5 lakh women, Scheduled Castes and Scheduled Tribes first- time entrepreneurs. This will provide term loans upto Rs. 2.00 crore during next 5 years.  The Scheme will incorporate lessons from successful Stand Up India Scheme. Online capacity building for entrepreneurship and managerial skills will also be organized.”

    The entrepreneurs are also provided collateral free loans upto Rs. 20 lakh to enable them to set up or expand their business activities under Pradhan Mantri MUDRA Yojana (PMMY) launched on 8th April 2015.

    Further, as informed by Reserve Bank of India (RBI), the details of credit extended to women by Public Sector Banks during the last five years is as under:

    Credit to women by Public Sector Banks

    (No. of A/cs in Lakh and Amount in ₹ Crore)

    Financial Year

    No of A/cs

    Amount Outstanding

    Mar-20

    207.60

                  488,459.43 

    Mar-21

    289.46

                  731,617.22 

    Mar-22

    305.56

                 836,200.08 

    Mar-23

    350.90

              1,008,935.62 

    Mar-24

    387.24

              1,169,279.00 

    The Government has taken various steps towards effective implementation of the Schemes and for addressing the challenges faced by potential beneficiaries including women which, inter alia, include intensive publicity campaigns, simplification of application form, Credit Guarantee Scheme, providing support in Stand-Up India Scheme by reduction in margin money as well as inclusion of activities allied to agriculture.

    The Jan Samarth portal is a one-stop digital platform for linking fifteen Government-sponsored loans and subsidies Schemes. It provides a quick and efficient way to apply for loans and obtain approvals based on a digital evaluation of the applicant’s data. Further, many Banks and financial institutions have developed online platforms and mobile apps for end to end digital processing of loan applications, reducing the need for physical paperwork and in-person visits.

    This information was given by Minister of State in the Ministry of Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today.

    *****

    NB/AD

    (Release ID: 2114502) Visitor Counter : 55

    MIL OSI Asia Pacific News –

    March 25, 2025

  • MIL-OSI Asia-Pac: India to host 3-day FATF Private Sector Collaborative Forum 2025 (PSCF 2025) from 25th -27th March, 2025, in Mumbai

    Source: Government of India (2)

    India to host 3-day FATF Private Sector Collaborative Forum 2025 (PSCF 2025) from 25th -27th March, 2025, in Mumbai

    FATF President Ms. Elisa de Anda Madrazo to formally inaugurate PSCF 2025 on 26th March, 2025, with RBI Governor Shri Sanjay Malhotra presiding over the event

    The PSCF 2025 agenda reflects global priorities, including payment transparency, financial inclusion, and digital transformation of financial systems

    Posted On: 24 MAR 2025 5:05PM by PIB Delhi

    The Financial Action Task Force (FATF) Private Sector Collaborative Forum (PSCF) 2025 will be held from 25th -27th March, 2025, in Mumbai. The forum is being hosted by the Reserve Bank of India (RBI) and the Department of Revenue, Ministry of Finance, Government of India, reaffirming India’s responsible leadership in global efforts to combat money laundering and terrorist financing.

     

    FATF President Ms. Elisa de Anda Madrazo will formally inaugurate the PSCF 2025 on 26th March, 2025, with Reserve Bank of India (RBI) Governor Shri Sanjay Malhotra presiding over the event. The Indian delegation to PSCF is a multi-disciplinary team led by Shri Vivek Aggarwal, Additional Secretary (Revenue), Ministry of Finance.

    India’s Leadership in AML/CFT Efforts

    India’s participation in FATF initiatives has been widely recognised. India is a member of steering group of FATF and also co-chairs a working group on Risks, Trends and Methodologies work group. In November 2024, India hosted the plenary of Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) in Indore. In June 2024, India’s FATF Mutual Evaluation Report was tabled at the FATF Plenary in Singapore and subsequently released in September 2024. India achieved the best possible outcome by being placed in ‘regular follow-up,’ a status that only a few countries have attained in their Mutual Evaluations.

    The report commended India’s exemplary efforts in curbing money laundering and terrorist financing, highlighting the country’s advanced fintech ecosystem, innovations like the Unified Payments Interface (UPI) and Aadhaar-enabled digital identity verification, and proactive inter-agency coordination. India’s approach has set a global benchmark for integrating technology with financial security.

    PCSF 2025

    The upcoming PCSF event is another milestone in India’s journey in its efforts in curbing money laundering and terrorist financing. The PSCF is an annual event that provides a critical platform for dialogue between FATF member countries, international organisations, and private sector stakeholders. It aims to enhance the implementation of FATF’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) standards by fostering collaboration, exchanging best practices, and addressing emerging global challenges.

    This year’s forum will see participation from countries across FATF’s Global Network, along with representatives from financial institutions, designated non-financial businesses and professions (DNFBPs), virtual asset service providers (VASPs), international organisations, and academia.

    Key Highlights and Agenda Focus Areas

    The PSCF 2025 agenda reflects global priorities, including payment transparency, financial inclusion, and digital transformation of financial systems. With financial crimes evolving due to technological advancements — such as cryptocurrency-related laundering — India’s expertise in leveraging technology and fostering a risk-based approach offers valuable insights for the international community. By hosting this significant event, India reinforces its commitment to FATF’s global standards.

    Over the next three days, discussions at the forum will revolve around several critical issues shaping the global AML/CFT landscape. Participants will explore how FATF can continue to address evolving threats while promoting financial inclusion through robust, risk-based supervision of regulated entities. The dialogue will also focus on enhancing transparency in beneficial ownership and leveraging digital tools to strengthen AML/CFT compliance mechanisms.

    Information-sharing practices within the private sector will be evaluated to identify ways to better address emerging financial crime threats. Furthermore, the forum will engage in deliberations on emerging terrorist financing and proliferation financing risks, emphasising the need for measures that reinforce global resilience against these challenges.

    ****

    NB/KMN

    (Release ID: 2114453) Visitor Counter : 28

    MIL OSI Asia Pacific News –

    March 25, 2025

  • MIL-OSI Asia-Pac: Prime Minister’s New 15 Point Programme Implemented in The Country, Including Odisha

    Source: Government of India

    Posted On: 24 MAR 2025 4:34PM by PIB Delhi

    The Prime Minister’s New 15 Point Programme for welfare of minorities is implemented in the country, including Odisha, as an overarching programme. The programme covers various schemes/initiatives of the Government implemented by various Ministries/Departments, with an aim to ensure that underprivileged and weaker sections of six centrally notified minority communities have equal opportunities for availing the various Government welfare Schemes.

    The schemes of the Ministry of Minority Affairs covered under the 15 Point Programme are exclusively meant for six notified minorities. Further, 15% of the outlays and targets, to the extent possible, of schemes/ initiatives implemented by other participating Ministries/ Departments are earmarked for notified minorities. However, the Schemes are being implemented by the respective Ministries/Departments under the saturation approach of Government. Under the saturation approach of the Government many of the components have achieved mainstreaming. Furthermore, consistent efforts are being made to improve the full delivery of benefits in the various relevant schemes for minority communities.

    The schemes of Ministry of Minority Affairs and other participating Ministries included in the Programme are as under:

    i. Pre-Matric Scholarship Scheme (Ministry of Minority Affairs)

    ii. Post-Matric Scholarship Scheme (Ministry of Minority Affairs)

    iii. Merit-cum- Means based Scholarship Scheme (Ministry of Minority Affairs)

    iv. National Minorities Development Finance Corporation (NMDFC) Loan Schemes

    v. Samagra Shiksha Abhiyaan (M/o Education)

    vi. Deen Dayal Antyodaya Yojana (DAY-NRLM) (M/o Rural Development)

    vii. Deen Dayal Upadhyay Gramin Kaushal Yojana (M/o Rural Development)

    viii. Pradhan Mantri Awaas Yojana (M/o Rural Development)

    ix. Deen Dayal Antyodaya Yojana -National Urban Livelihoods Mission (M/o Housing & Urban Affairs)

    x.  Priority Sector Lending by Banks (Department of Financial Services)

    xi.  Pradhan Mantri Mudra Yojana (Department of Financial Services)

    xii.  POSHAN Abhiyaan (Ministry of Women & Child Development)

    xiii.  National Health Mission (Department of Health & Family Welfare)

    xiv.  Ayushman Bharat (Department of Health & Family Welfare)

    xv. National Rural Drinking Water Programme (Jal Jeevan Mission), (Department of Drinking Water & Sanitation)

    This information was given by the Union Minister of Minority Affairs & Parliamentary Affairs, Shri Kiren Rijiju in a written reply in the Rajya Sabha today

    ***

    SS/ISA

    (Release ID: 2114427) Visitor Counter : 16

    MIL OSI Asia Pacific News –

    March 25, 2025

  • MIL-OSI Banking: Celebrating Unrivaled this Women’s History Month

    Source: Samsung

    This Women’s History Month, Samsung Galaxy is thrilled to celebrate history in the making with Unrivaled — a 3-on-3 basketball league, developed in collaboration with the biggest stars in women’s basketball. In its inaugural season, Unrivaled is already proving to be historic.
    Here at Samsung Galaxy, we are honored to play a key role in bringing this groundbreaking league to life as its Presenting and Official Technology Partner. As an Unrivaled collaborator, we are helping to celebrate and uplift the league while empowering its athletes with cutting-edge Galaxy technology to elevate their game and connect with fans like never before. We’re also aiming to amplify the voices of trailblazers like #TeamGalaxy ambassadors Napheesa Collier and Breanna Stewart, who both embody the spirit of pushing boundaries on and off the court. As co-founders of Unrivaled, Collier and Stewart created the league’s vision to elevate women’s sports, empower athletes, and engage fans in new and exciting ways.

    MIL OSI Global Banks –

    March 25, 2025

  • MIL-OSI USA: Barr, Helping Small Businesses Reach Their Potential

    Source: US State of New York Federal Reserve

    Thank you for the opportunity to speak to you today.1 The United States has an enviable entrepreneurial culture and a strong track record of building new companies. Yet, new and small business owners often navigate significant challenges from establishment to growth. These challenges typically include limitations in accessing capital, in developing robust business and professional networks for peer support and opportunities, and in building the comprehensive skills, resources, and social connections that contribute greatly to business resiliency and sustainability. Women and minority entrepreneurs may face even greater obstacles. While business formation is, of course, primarily a matter for the private sector, public policy can and should encourage increased rates of entrepreneurship and business formation—and the capital, networks, and skills essential for success for all business owners.
    Today, I want to highlight the vital role that small businesses play in driving the U.S. economy, consider the challenges in accessing credit that some small business owners face, and offer some practical solutions to help small businesses thrive.
    Small Businesses and Their Role in the EconomySmall businesses are the heart of the U.S. economy. They produce nearly half of the country’s gross domestic product and employ just under half of all private sector workers.2
    Small businesses have created more than 60 percent of net new jobs since 1995, and business applications have remained consistently elevated at around 5 million annually since mid-2020.3 In recent years, women-owned businesses and minority-owned businesses were two of the fastest-growing segments of businesses. The number of small businesses owned by minorities increased by almost 60 percent and the growth rate for women-owned businesses was not far behind at 50 percent during this time period.4 We should all be encouraged by these statistics, as several studies suggest that improving business ownership and entrepreneurship across demographic groups would help grow our economy faster.5
    And from an individual perspective, entrepreneurship and small business ownership may offer meaningful economic advantages. Research suggests that entrepreneurship often correlates with enhanced job satisfaction and improved economic mobility for business owners—though outcomes naturally vary based on multiple factors including market conditions, industry, and individual circumstances.6
    As we recognize the value of small businesses, it’s also important to recognize that surviving as a small business is not easy. About one in six new businesses fail during their first year and almost 50% fail by their fifth year.7 When a small business struggles or fails, the repercussions often extend beyond the enterprise itself. Entrepreneurs who have invested personal savings and assets in their ventures may face significant financial strain, creating ripple effects that impact their families’ stability as well as the broader economic health of their communities.
    In light of these dynamics, it is essential to understand the fundamental challenges that small businesses face and develop targeted tools and policies that can effectively support entrepreneurs as they start and scale their businesses. Today, let me focus on credit access and the need for more transparency in lending terms.
    Access to Credit for Small BusinessesMany small businesses need credit to launch and grow their business. Small businesses access financing from diverse sources, including banks of all sizes, credit unions, online lenders, and other nonbank financing companies. Despite this range of sources, the Federal Reserve’s Small Business Credit Survey (SBCS) identified credit availability as a challenge faced by over a quarter of small businesses.8 In addition, many small businesses face problems with the credit they do obtain.
    While access to credit poses challenges for many small businesses, these hurdles can be even more pronounced for women and minority business owners. Research consistently shows that women-owned businesses typically start with smaller amounts of initial capital compared to other firms, even when accounting for factors like education, experience, credit scores, and business characteristics such as industry and growth potential.9 Furthermore, women- and minority-owned businesses often encounter distinct obstacles when seeking financing. Minority business owners often have lower credit scores compared to non-minority business owners, which can lead to lower approval rates for loans.10
    Banks, nonbanks, and online lenders have the potential to fill these financing needs. But to be effective, they need to understand consumer preferences and behavior to provide credit products that meet these needs in a safe and fair way.
    Addressing the Need for Financial TransparencyA significant challenge facing small businesses is the absence of policies providing essential tools and protection for small business borrowers. Despite the fact that many small businesses function more like households than Fortune 500 companies, they generally fall outside regulatory disclosure requirements intended to ensure transparency in pricing, facilitate comparison shopping, and protect the financial interest of borrowers.
    Consider the Truth in Lending Act (TILA), implemented in Regulation Z, which does not extend protection to small business borrowers.11 This exclusion stems partly from the assumption that small business owners possess financial sophistication or can access professional assistance when needed. This regulatory gap matters because business financing offers may present pricing structures that differ substantially from the standardized disclosures that small business owners are accustomed to seeing on consumer credit disclosures.
    Research from focus groups conducted by the Federal Reserve Board and the Federal Reserve Bank of Cleveland revealed that many small business owners struggle with understanding the specialized terminology used by certain nonbank lenders.12 For instance, instead of providing familiar metrics like an Annual Percentage Rate (APR) or an interest rate, some nonbank providers present a factor rate—a fundamentally different metric that cannot be directly compared to an APR or interest rate. The research identified a lender’s website that advertised a “factor rate of 1.15” which translated to an undisclosed estimated APR of approximately 70 percent. Further complicating matters, some lenders may disclose an interest rate without including an APR, meaning that various fees and additional costs may not be reflected in the stated rate that borrowers often use to evaluate their financing options.
    While complexity sometimes serves a business purpose, in many cases, it obfuscates the costs and can lead to poor financial decisions by small business owners. More broadly, product design by banks and nonbanks should help to counter, not lean into, biases that can lead to poor financial decision-making. For instance, present bias describes our natural tendency to prioritize immediate benefits over long-term considerations. This might lead business owners to focus more on quick access to funds or low initial payments rather than evaluating the complete long-term cost structure. Similarly, status quo bias suggests that once a small business borrower establishes a lending relationship, they may be less inclined to explore alternatives, even when more favorable options become available. The perceived complexity or uncertainty of refinancing or switching lenders can reinforce this tendency to maintain existing arrangements. Understanding psychological factors and cognitive biases can help small business borrowers make more informed financial decisions by recognizing how the presentation of lending terms might affect their evaluation process.
    In light of these realities, banks, small business advocates, and industry stakeholders should support policies that help small businesses better understand risks, and to drive the market towards products that are designed to overcome, not exacerbate, these problems. Potential policies would include enhancing transparency in loan terms, thus enabling business owners to make more informed financial decisions. Additional borrower safeguards worth consideration include ensuring that loan products are sustainably repayable and don’t lead businesses into costly reborrowing cycles, as well as ensuring fair treatment both during the loan origination process and throughout any restructuring efforts or collection proceedings.
    Some states are moving forward with policies that protect small businesses. California and New York, for example, now require many lenders to offer clear disclosure of the APR and estimated monthly payments.13 This requirement gives borrowers the opportunity to understand the financing being offered in a clear, concise manner, enabling informed comparisons across different product options. Several other states passed versions of disclosure laws for small business financing transactions, with some variability over the range of financing transactions covered and the types of disclosures required.14
    The Role of Community-Based ProgramsI want to recognize the important role that community-based programs can play in supporting entrepreneurs. These programs provide accessible tools, technical assistance, and educational resources that help entrepreneurs reach their full potential. Local organizations such as small business development centers, educational institutions, and community development financial institutions are connecting small business owners with personalized consulting, technical assistance and education, and entrepreneurial skills development.
    The most successful of these types of programs deliver practical technical assistance and education while fostering collaboration within local entrepreneurial ecosystems. These include university- or community college-based initiatives connecting business owners with volunteer consultants, resource hubs offering workshops, or rural development centers providing specialized support. By emphasizing both skill-building and community connections, these programs help small businesses and entrepreneurs overcome barriers to success.
    ConclusionIn conclusion, small businesses are engines of innovation, job creation, and economic mobility in our society. Great work has been done to understand what it takes to help small businesses thrive and grow, including access to sound and affordable credit, skills-building, and business networks. I encourage us to build on this work by enhancing financial transparency, implementing supportive policies, and leveraging community-based programs to enhance business opportunities. These collective efforts to support entrepreneurs and small business owners not only benefit individual enterprises but also contribute to a healthy and dynamic economy that works for all.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. U.S. Small Business Administration Office of Advocacy, “Frequently Asked Questions About Small Business, 2024.” July 2024. Return to text
    3. Id. See also Kennan Fikri and Daniel Newman, “Business Applications Eked Out a New Record in 2023,” Economic Innovation Group, January 2024. Return to text
    4. See U.S. Census Bureau, “Survey of Business Owners—Survey Results: 2012,” February 2016; “Annual Business Survey: 2022,” October 2023; “Census Bureau Releases New Data on Minority-Owned, Veteran-Owned, and Women-Owned Businesses,” October 26, 2023; and “Nonemployer Statistics by Demographics: 2021.” Return to text
    5. McKinsey Institute for Economic Mobility, The Economic Impact of Closing the Racial Wealth Gap, August 13, 2019, https://www.mckinsey.com/industries/public-sector/our-insights/-the-economic-impact-of-closing-the-racial-wealth-gap. McKinsey Institute for Economic Mobility, The Economic State of Latinos in America: the American Dream Deferred, December 2021, https://www.mckinsey.com/featured-insights/sustainable-inclusive-growth/the-economic-state-of-latinos-in-america-the-american-dream-deferred. Andre M. Perry and Carl Romer, “To Expand the Economy, Invest in Black Businesses,” The Brookings Institution. December 31, 2020. Wells Fargo, “2025 Impact of Women-Owned Businesses (PDF)”. Return to text
    6. See, e.g., Levine, R., & Rubinstein, Y. (2022). “Smart and illicit: Who becomes an entrepreneur and do they earn more?” Quarterly Journal of Economics, 137(1), 191-241; JPMorganChase & Co and Gallup. Entrepreneurial Insights: Owning and Employing as a Pathway to Wealth and Well Being. April 2024, https://news.gallup.com/poll/643268/employing-others-linked-wealth-wellbeing.aspx. Return to text
    7. US Bureau of Labor Statistics. Survival of Private Sector Establishments by Opening Year (TXT). Return to text
    8. “2024 Report on Employer Firms: Findings from the 2023 Small Business Credit Survey (PDF),” Small Business Credit Survey, Federal Reserve Banks, March 2024. Other financial challenges include rising costs of goods, services, and/or wages; paying operating expenses; uneven cash flow; weak sales; and making payments on outstanding debt. Return to text
    9. U.S. Department of Commerce, “Women Owned Business in the 21st Century (PDF),” October 2010. This report found that women start with less capital than men and are less likely to take on additional debt to expand their businesses. They are more likely than men to indicate that they do not need any financing to start their businesses. Susan Coleman and Alicia Robb, “A Comparison of New Firm Financing by Gender: Evidence from the Kauffman Firm Survey Data,” May 5, 2009, https://link.springer.com/article/10.1007/s11187-009-9205-7. This report found that, consistent with previous studies, women start their businesses with significantly lower levels of financial capital than men. Findings also reveal that women rely heavily on personal rather than external sources of debt and equity for both start-up capital and follow-on investments. Return to text
    10. Fairlie, Robert, Alicia Robb, and David T. Robinson. “Black and White: Access to Capital Among Minority-Owned Startups (PDF).” NBER Working Paper No. 28154. November 2020. Return to text
    11. While Regulation Z sets forth requirements for consumer credit advertising – and includes provisions to state charges as an Annual Percentage Rate (APR) and, among other things, full repayment terms when referencing payments, and certain other credit terms that may apply – Regulation Z does not apply to business credit. Because of this, lenders offering small business credit and lending products, often have more flexibility when it comes to disclosures of their products’ costs and features than do lenders offering credit products for personal or household use. Return to text
    12. Barbara Lipman and Ann Marie Weirsch, “Alternative Lending through the Eyes of “Mom-and-Pop” Small-Business Owners” (2016). Return to text
    13. California Code of Regulations, Title 10, Chapter 3, Subchapter 3 (PDF); New York State Department of Financial Services, 23 NYCRR 600 (PDF). Return to text
    14. See, e.g., Virginia, Utah, and Florida. For more details on the regulations across states, see https://onyxiq.com/commercial-financing-disclosure-laws/. Return to text

    MIL OSI USA News –

    March 25, 2025

  • MIL-OSI Economics: Development Asia: Navigating the Rising Tide: Transformational Adaptation for Resilient Atoll Nations

    Source: Asia Development Bank

    Short-term responses, while necessary for immediate relief, are insufficient to address the deep-rooted and long-term challenges faced by these countries. As sea-levels continue to rise and coastal inundation intensifies, a shift to more transformational adaptation strategies will be necessary.

    Transformational adaptation strategies will leverage an understanding of current and future climate risks (which is a function of hazards, exposure, and vulnerabilities) to identify and prioritize sustainable, integrated, and sequenced adaptation investments across sectors, ensuring long-term resilience and preventing maladaptation.

    Transformational adaptation concept example of an atoll island. 
    Source: Asian Development Bank. Illustration by Lucas Kukler.  

    Transformational adaptation requires holistic strategies that integrate the latest understanding of science, inclusive governance approaches, local cultural and traditional knowledge, and innovative financing mechanisms. This could include a combination of measures such as improved land use and settlement planning, land reclamation, resilient infrastructures, strengthening building designs, developing green skills, relocation policies, integrated water resources management approaches, improved disaster preparedness, and nature-based solutions.

    Resources needed for implementing transformational adaptation strategies are greater than currently available. Equally important is the approach to identify the funding and financing of adaptation investments—how investments are identified, prioritized, financed, and maintained. This will differ significantly from business-as-usual practices. 

    For example, the Republic of Marshall Islands “survival plan”, National Adaptation Plan, estimates that protecting all of its atolls to withstand sea level rise would result in costs increasing up to $35 billion for a 2-meter sea level rise from $5 billion for a 0.5-meter sea level rise—equivalent to 125 times and 17.8 times of the country’s GDP in 2023 pegged at $0.28 billion, respectively.

    Transformational adaptation strategies will also require longer preparation and implementation lead times than investments typically supported under the usual decision making and financing cycles—which means long-term commitment and programmatic approaches for financing. It will also need to promote enabling factors and policy actions to address the underlying drivers of vulnerability, such as land tenure.

    MIL OSI Economics –

    March 25, 2025
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