Category: Banking

  • MIL-OSI Asia-Pac: GIFT City will give India’s aviation sector further confidence, commitment, collaboration to develop a competitive aircraft leasing hub: Civil Aviation Minister Ram Mohan Naidu

    Source: Government of India (2)

    Posted On: 07 MAR 2025 8:54PM by PIB Delhi

    Union Ministry of Civil Aviation jointly with Federation of Indian Chambers of Commerce & Industry (FICCI) with the support of the International Financial Services Centre Authority (IFSCA), organised the second “India Aircraft Leasing and Financing Summit” at Gandhinagar in Gujarat. The inaugural was graced by Union Minister of Civil Aviation Shri Kinjarapu Ram Mohan Naidu.

    Speaking on the occasion, Shri Ram Mohan Naidu, said that today, the GIFT City is comparable with any global financial centers. He emphasised that we are not trying to compete with anyone only complement the global centre. The idea is that we should not miss out on the huge opportunity due to the large market which can accommodate more such players. “GIFT City will give India’s aviation sector the further required confidence, commitment and collaboration to develop a competitive aircraft leasing hub,” he added.

    The Minister further stated that aircraft leasing is a key financial innovation that India’s growing civil aviation sector needs. “Fueled by the UDAN scheme and doubling of India’s airports in 10 years, India has become the 3rd largest domestic aviation market in the world,” he emphasized.

    The Minister also stated that by 2047, the Government is planning to build 350 airports out of which 34 will function as mega airports handling two crore passengers annually. In the next five years, we are planning to build 50 more airports. “The UDAN scheme is also extended for another 10 years which will connect four crore passengers in the country along with creating 120 new destinations in India. He urged to create a strong ecosystem for aircraft financing and leasing in the country to become globally competitive. “GIFT City represents a transformative opportunity to bring home the values created by India’s civil aviation industry,” added Shri Ram Mohan Naidu.

    The Union Minister further chaired Insightful sessions, followed by a plenary discussion focusing on ‘Establishing an Aircraft Lessor Ecosystem in GIFT IFSCA’ and ‘Bridging Financial Gaps: Unlocking Growth in Aviation Financing through Policy & Investment’.

    In his concluding remarks, Shri Ram Mohan Naidu emphasized that the issues raised during the sessions remain a priority for the government, assuring full support for the implementation of the proposed initiatives. He further highlighted the importance of complementing the existing global leasing hubs rather than competing with them, reinforcing India’s commitment to fostering a robust and collaborative aircraft leasing ecosystem.

    Addressing the gathering, Gujarat Chief Minister Shri Bhupendra Rajnikant Patel, said that GIFT City has today established itself as the Fintech hub of India; at such a time, this Summit will prove to be important for the development of the aviation sector and Aircraft Leasing & Financing and towards India’s self-reliance in the aviation sector.

    The Chief Minister further added that due to the changes in the aviation sector in the last ten years under the leadership of Prime Minister Shri Narendra Modi, a strong aviation ecosystem has been created in India today. “Our government is determined to make Gujarat the leader in the aviation sector. We are committed to providing the necessary production capacity, adequate infrastructure and encouragement to the industry for the development of the aviation sector,” he emphasized.

    Civil Aviation Secretary Shri Vumlunmang Vualnam said that the government is committed to provide a stable regulatory framework. “The Indian carriers are looking at doubling their aircrafts they will acquire in the next 5 years from 800 to around 1500 aircrafts,” he added.

    The sessions were extremely interactive with active interventions and suggestions from delegates. The delegates represented all stakeholders in the aircraft leasing including global lessors, Banks, Insurance companies, Legal experts and airlines.

    *****

    Pawan Singh Faujdar/Divyanshu Kumar

    (Release ID: 2109267) Visitor Counter : 59

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Aadhaar Drives Digital Transformation: 225 crore Aadhaar authentication transactions and 43 crore e-KYC transactions carried out in February, marking 14% yearly Growth

    Source: Government of India

    Aadhaar Drives Digital Transformation: 225 crore Aadhaar authentication transactions and 43 crore e-KYC transactions carried out in February, marking 14% yearly Growth

    Aadhaar face authentication sees record growth: 12.54 crore transactions in February, 115 crore Cumulatively

    Posted On: 07 MAR 2025 6:48PM by PIB Delhi

    Aadhaar continues to drive India’s digital transformation, with nearly 225 crore authentication transactions and 43 crore e-KYC transactions carried out in February 2025 alone. The increasing adoption of Aadhaar-based verification highlights its growing role in banking, finance, and other sectors, making processes more seamless, secure, and efficient.

    The total number of eKYC transactions (42.89 cr) carried out during February 2025 is almost 14% more than the numbers during the same period last year.

    Aadhaar e-KYC service continues to play an important role for banking and non-banking financial services by providing transparent and improved customer experience, and helping in ease of doing business.

     

    By the end of February 2025

    • The total number of Aadhaar authentication transactions has crossed 14,555 crore.
    • The total e-KYC transactions have gone beyond 2,311 crore.

     

    Face authentication using Aadhaar gaining popularity

    Aadhaar face authentication transactions continue to get good traction. In February 12.54 crore Aadhaar face authentication transactions were carried out. This is a monthly all time high, since this authentication modality was first introduced in October 2021.

    At least 97 entities have so far on-boarded to use face authentication. Kotak Mahindra Prime Ltd, PhonePe, Karur Vysya Bank and J&K Bank were the new entrants who have on-boarded to use face authentication.  

    Cumulatively, Face Authentication transaction numbers have crossed 115 crore, since it was first rolled out. Of the total numbers, nearly 87 crore such transactions were carried out this financial year, alone.

    The AI/ML based face authentication solution, developed in house by the UIDAI, is being used across sectors including finance, insurance, fintech, health and telecommunications. Several Government departments both at the centre and states are using it for smooth delivery of benefits to targeted beneficiaries.

    ******

    Dharmendra Tewari/ Navin Sreejith /Shatrunjay Kumar

     

    (Release ID: 2109194) Visitor Counter : 26

    MIL OSI Asia Pacific News

  • MIL-OSI Africa: Secretary-General’s remarks to the Group of Friends on Gender Parity and the Circle of Women Permanent Representatives [as delivered]

    Source: United Nations – English

    xcellencies, Dear Friends,

    I am very pleased to join you today and with the permission of the distinguished Ministers of Social Development of Qatar and of Education of Rwanda, I want to express my deep gratitude to Her Excellency Sheikha Alya Ahmed bin Saif Al-Thani, Permanent Representative of the State of Qatar to the United Nations, and His Excellency Ernest Rwamucyo, Permanent Representative of Rwanda to the United Nations, for what has been their remarkable leadership and their continued support and commitment to gender equality – at the United Nations and beyond.

    The Group of Friends has been a driving force in our journey towards gender parity.

    I look forward to our continued and strengthened partnership during this pivotal year – to celebrate hard-won achievements, confront persistent and emerging challenges, and most importantly, accelerate action to achieve gender equality.

    Excellencies,

    2025 is meant to be a year of celebration.

    25 years since the adoption of the UN Security Council resolution 1325 on women, peace, and security;

    And 30 years since the Beijing Declaration and Platform for Action at the Fourth World Conference on Women – milestones which ignited global action.

    But the truth is, 2025 is also a year of reckoning.

    Five years from 2030, we are far from delivering on the promises of the Sustainable Development Goals, including Goal 5: achieving gender equality and empowering all women and girls.

    The environmental and climate crises are disproportionately affecting them.

    And women across the globe continue to endure the worst impacts of war – while being excluded from most of the peace talks.

    Political representation is also stagnating.

    In 2024 – a year that saw a record number of elections worldwide, only five women were elected as Heads of State.

    Worse – we are witnessing an aggressive backlash against gender equality – threatening hard-won progress on women’s human rights and fundamental freedoms.

    We cannot afford to stand still.

    We must push back against this pushback.

    We must secure women’s full, equal and meaningful participation in all decision-making processes – including on peace and security and humanitarian action.

    We must protect, support and amplify the voices of civil society and grassroots organizations, who are on the front lines of defending women’s rights worldwide.

    We must renew our commitment to the Beijing Declaration and Platform for Action under the Beijing+30 framework – and I call on everyone to accelerate its full and effective implementation.

    Last September, Member States have adopted the Pact for the Future.

    The Pact reaffirms that gender equality holds the key to unlock progress on the 2030 Agenda and sustainable development.

    It calls for greater investment in the SDGs, expanding debt relief measures, and strengthened support from Multilateral Development Banks so that governments can invest in the programmes their people need — including education, training, job creation and social protections that foster gender equality.

    And the Global Digital Compact calls for closing the gender digital divide, ensuring women and girls everywhere can access and benefit from the opportunities of a rapidly evolving global economy.

    Gender equality is a thread that runs through the Pact — and I call on all Member States to spare no effort to implement its commitments.

    This includes the revitalization of the Commission on the Status of Women to promote the full and effective implementation of the Platform for Action.

    Excellencies,

    As we look to the challenges all around us, we must also look inside our organization.

    With four years left to reach my goal of a 50/50 balance across the UN System by 2028, I am proud of how far we’ve come.

    With the support of so many of you today, we have seen historic breakthroughs since I launched the System-wide Strategy on Gender Parity.

    In 2017, only five United Nations entities had reached parity.

    Today, that number is 28 – a testament to our collective institutional efforts.

    We are seeing an unprecedented number of women serving in the UN System.

    We have achieved and, more importantly, maintained gender parity among senior leadership and Resident Coordinators since 2020.

    And for the first time in the UN’s history, we have also reached parity in the international professional categories. 

    Excellencies and Friends,

    Despite these significant strides, progress remains uneven – with critical obstacles along the way.

    We still see concerning gaps at the P5 and D-1 levels [and D-2 levels].

    This threatens to undermine our future pipeline of senior leaders.

    Progress has also been slow in non-headquarters and field locations.

    While we have sustained gender parity among Resident Coordinators, women make up only 14 per cent of RCs at the Assistant Secretary-General level.

    And in a majority of peacekeeping operations, the share of women does not exceed 35 per cent.

    We must nurture and promote talent everywhere – and at every level.

    But achieving gender parity is not about numbers alone.

    Representation without transformation is not enough.

    Lack of parity perpetuates power structures that go against gender equality.

    Too many institutions, including our own, remain shaped by patriarchal systems of power that restrict women’s equal access to leadership, economic opportunities, and legal protections.

    If we want a UN that truly represents the people it serves, our organizational culture, policies and decision-making must continue to evolve.

    The UN is committed to leading by example ensuring a workplace built on the principles of dignity, equality, and respect.
     
    The Field-specific Enabling Environment Guidelines, the UN System-wide Knowledge Hub on addressing sexual harassment, and the UN System-wide Dashboard on Gender Parity are helping us steer organizational change.

    And more than 650 UN Gender Focal Points across the entire UN System are working alongside leadership to dismantle barriers and build truly inclusive and supportive workplaces.

    But we must do more.

    That’s why I launched the UN System-wide Gender Equality Acceleration Plan – establishing a robust governance that ensures coordination across 43 UN entities and integrating reporting into existing accountability framework to raise the bar for gender mainstreaming.

    A more gender-equal UN will be a more effective UN.

    One that serves all women and girls, champions political commitment, mobilizes investments, strengthens partnerships, and ensures real accountability.
    And one that reflects the more equal world we want to shape.

    Excellencies, dear friends,

    Gender equality is more than an aspiration.

    It is a human right and a fundamental requirement for breaking cycles of poverty, violence and inequality.

    Advancing gender equality paves the way for a more just, peaceful, and sustainable future for all.

    The road will require bold leadership and collective action.

    To break barriers.

    To safeguard women’s rights and freedoms.

    And drive true, lasting transformation.

    In this context, gender parity is non-negotiable.

    We must serve – and deliver for – all women and girls.

    So let us pursue our collective efforts, turn commitments into ambitious results, and push forward, together.

    And I thank you.
     

    MIL OSI Africa

  • MIL-OSI Europe: Security in every sector

    Source: European Investment Bank

    Teresa Ribera, European Commissioner for a Clean, Just and Competitive Transition, insisted that Europe should stick to its core values, even at a time when the world seems to be in turmoil. “Our values should guide our external and internal policies,” she said.

    “Translating our values means people have sustainable and inclusive growth, which is essential for maintaining a healthy environment, job security, social peace and preserving the resilience of our society.”

    The social peace and resilience of which Ribera spoke were at the heart of a series of panels on housing, in which all participants acknowledged a crisis in Europe now. EIB President Calviño announced a new action plan that includes €10 billion in investment in the sector over the next two years.

    EU Commissioner for Energy and Housing Dan Jørgensen described the challenges facing Europe as interrelated, with high energy prices, climate change, and the threat posed by Russia. “Competitiveness, decarbonization, fighting climate change and becoming independent of Russian fossil fuels is at the core of everything we do right now,” he said.

    Jørgensen said that rents in Europe had risen by as much as a quarter over the last 15 years and house prices by a half. One in ten Europeans are spending 40% or more of their disposable income on housing. “But behind these numbers are people, young people forced to put off starting a family, vulnerable people threatened with homelessness, students who cannot take up university places, workers who cannot accept job offers, rural communities facing depopulation, cities unable to retain teachers, nurses or police officers, because they cannot afford to live where they work,” he said. “These people and their stories provide living proof of the housing crisis and the impact it has on Europe.”

    The European Commission has established a housing task force to deliver an affordable housing plan early next year. The European Investment Bank’s launch of a pan-European investment platform for housing was central to the Commission’s plans, he said.

    Others are already moving against the housing crisis.

    Barcelona Mayor Jaume Collboni described new regulations to cap rents and, by 2028, to eliminate licences to rent apartments to tourists.

    Croatia’s state secretary at the Ministry for Regional Development and EU Funds, Zrinka Raguž, laid out the country’s action plan for affordable housing, which includes an end to real estate tax for those aged less than 45, who also pay only 50% of the value-added tax on the property. Other measures include “activating” vacant properties, more affordable housing, easier planning rules, and more student dorms. Croatia’s plan will cost €2 billion before 2030 and will be funded from the national budget, EU loans, and the rent to be paid on the affordable housing.

    MIL OSI Europe News

  • MIL-OSI Russia: Financial News: Money Market Funds Are the Main Trend of 2024 in the Retail Mutual Fund Segment

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The value of assets under management by the management company in 2024 increased to 26.3 trillion rubles, which is 25.8% more than the value at the end of the previous year.

    The main increase in funds was provided by closed-end mutual investment funds (ZPIF). The driver of this market segment in the fourth quarter was individual ZPIFs, and interest in real estate funds also remained.

    In the retail segment, almost the entire inflow of funds came from money market exchange-traded funds. Their popularity grew throughout the year, and in the fourth quarter it reached its peak: the net inflow of funds was the highest since the existence of such funds (452 billion rubles). The average weighted return of ruble exchange-traded money market mutual funds for 2024 was 18.1%.

    Read more in“Review of key performance indicators of management companies” for the fourth quarter of 2024.

    Preview photo: Bangkok Click Studio / Shutterstock / Fotodom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23437

    MIL OSI Russia News

  • MIL-OSI United Nations: Secretary-General’s remarks to the Group of Friends on Gender Parity and the Circle of Women Permanent Representatives [as delivered]

    Source: United Nations secretary general

    Excellencies, Dear Friends,

    I am very pleased to join you today and with the permission of the distinguished Ministers of Social Development of Qatar and of Education of Rwanda, I want to express my deep gratitude to Her Excellency Sheikha Alya Ahmed bin Saif Al-Thani, Permanent Representative of the State of Qatar to the United Nations, and His Excellency Ernest Rwamucyo, Permanent Representative of Rwanda to the United Nations, for what has been their remarkable leadership and their continued support and commitment to gender equality – at the United Nations and beyond.

    The Group of Friends has been a driving force in our journey towards gender parity.

    I look forward to our continued and strengthened partnership during this pivotal year – to celebrate hard-won achievements, confront persistent and emerging challenges, and most importantly, accelerate action to achieve gender equality.

    Excellencies,

    2025 is meant to be a year of celebration.

    25 years since the adoption of the UN Security Council resolution 1325 on women, peace, and security;

    And 30 years since the Beijing Declaration and Platform for Action at the Fourth World Conference on Women – milestones which ignited global action.

    But the truth is, 2025 is also a year of reckoning.

    Five years from 2030, we are far from delivering on the promises of the Sustainable Development Goals, including Goal 5: achieving gender equality and empowering all women and girls.

    The environmental and climate crises are disproportionately affecting them.

    And women across the globe continue to endure the worst impacts of war – while being excluded from most of the peace talks.

    Political representation is also stagnating.

    In 2024 – a year that saw a record number of elections worldwide, only five women were elected as Heads of State.

    Worse – we are witnessing an aggressive backlash against gender equality – threatening hard-won progress on women’s human rights and fundamental freedoms.

    We cannot afford to stand still.

    We must push back against this pushback.

    We must secure women’s full, equal and meaningful participation in all decision-making processes – including on peace and security and humanitarian action.

    We must protect, support and amplify the voices of civil society and grassroots organizations, who are on the front lines of defending women’s rights worldwide.

    We must renew our commitment to the Beijing Declaration and Platform for Action under the Beijing+30 framework – and I call on everyone to accelerate its full and effective implementation.

    Last September, Member States have adopted the Pact for the Future.

    The Pact reaffirms that gender equality holds the key to unlock progress on the 2030 Agenda and sustainable development.

    It calls for greater investment in the SDGs, expanding debt relief measures, and strengthened support from Multilateral Development Banks so that governments can invest in the programmes their people need — including education, training, job creation and social protections that foster gender equality.

    And the Global Digital Compact calls for closing the gender digital divide, ensuring women and girls everywhere can access and benefit from the opportunities of a rapidly evolving global economy.

    Gender equality is a thread that runs through the Pact — and I call on all Member States to spare no effort to implement its commitments.

    This includes the revitalization of the Commission on the Status of Women to promote the full and effective implementation of the Platform for Action.

    Excellencies,

    As we look to the challenges all around us, we must also look inside our organization.

    With four years left to reach my goal of a 50/50 balance across the UN System by 2028, I am proud of how far we’ve come.

    With the support of so many of you today, we have seen historic breakthroughs since I launched the System-wide Strategy on Gender Parity.

    In 2017, only five United Nations entities had reached parity.

    Today, that number is 28 – a testament to our collective institutional efforts.

    We are seeing an unprecedented number of women serving in the UN System.

    We have achieved and, more importantly, maintained gender parity among senior leadership and Resident Coordinators since 2020.

    And for the first time in the UN’s history, we have also reached parity in the international professional categories. 

    Excellencies and Friends,

    Despite these significant strides, progress remains uneven – with critical obstacles along the way.

    We still see concerning gaps at the P5 and D-1 levels [and D-2 levels].

    This threatens to undermine our future pipeline of senior leaders.

    Progress has also been slow in non-headquarters and field locations.

    While we have sustained gender parity among Resident Coordinators, women make up only 14 per cent of RCs at the Assistant Secretary-General level.

    And in a majority of peacekeeping operations, the share of women does not exceed 35 per cent.

    We must nurture and promote talent everywhere – and at every level.

    But achieving gender parity is not about numbers alone.

    Representation without transformation is not enough.

    Lack of parity perpetuates power structures that go against gender equality.

    Too many institutions, including our own, remain shaped by patriarchal systems of power that restrict women’s equal access to leadership, economic opportunities, and legal protections.

    If we want a UN that truly represents the people it serves, our organizational culture, policies and decision-making must continue to evolve.

    The UN is committed to leading by example ensuring a workplace built on the principles of dignity, equality, and respect.
     
    The Field-specific Enabling Environment Guidelines, the UN System-wide Knowledge Hub on addressing sexual harassment, and the UN System-wide Dashboard on Gender Parity are helping us steer organizational change.

    And more than 650 UN Gender Focal Points across the entire UN System are working alongside leadership to dismantle barriers and build truly inclusive and supportive workplaces.

    But we must do more.

    That’s why I launched the UN System-wide Gender Equality Acceleration Plan – establishing a robust governance that ensures coordination across 43 UN entities and integrating reporting into existing accountability framework to raise the bar for gender mainstreaming.

    A more gender-equal UN will be a more effective UN.

    One that serves all women and girls, champions political commitment, mobilizes investments, strengthens partnerships, and ensures real accountability.
    And one that reflects the more equal world we want to shape.

    Excellencies, dear friends,

    Gender equality is more than an aspiration.

    It is a human right and a fundamental requirement for breaking cycles of poverty, violence and inequality.

    Advancing gender equality paves the way for a more just, peaceful, and sustainable future for all.

    The road will require bold leadership and collective action.

    To break barriers.

    To safeguard women’s rights and freedoms.

    And drive true, lasting transformation.

    In this context, gender parity is non-negotiable.

    We must serve – and deliver for – all women and girls.

    So let us pursue our collective efforts, turn commitments into ambitious results, and push forward, together.

    And I thank you.
     

    MIL OSI United Nations News

  • MIL-OSI: Financial Institutions Face Economic Uncertainties, Rising Competition from Consolidation and Digital-Only Providers, According to New Strata Report

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, March 07, 2025 (GLOBE NEWSWIRE) — Financial institutions nationwide are preparing to navigate significant economic uncertainties and mounting competition from non-traditional, digitally based competitors and industry consolidation throughout 2025, according to a new report from Strata Decision Technology.

    The 2025 CFO Outlook for Financial Institutions report combines industry analysts’ projections with Strata’s independent research. The impacts of interest rate changes and other economic factors — such as tariffs on imports from countries such as China, Canada, and Mexico — remain unknown. At the same time, analysts predict financial institutions could benefit from regulatory changes and the expansion of new technologies.

    “Financial institution leaders face considerable challenges as they work to bolster stability for their institutions in 2025,” said Eric Wheeler, Senior Director for Product Management at Strata. “Yet analysts are cautiously optimistic and predict that the momentum of 2024 will continue this year. Leaders will need to prepare for a variety of potential outcomes as they navigate shifting market forces, rising competition, and an unclear economic environment.”

    Finance leaders cited shifting interest rates as both the No. 1 risk and the primary driver of business model change in 2025. The Federal Reserve has indicated it will lower interest rates in 2025, but not to the extent originally projected and dependent on how the broader economy performs.

    With the Trump administration’s promises to scale back Biden-era regulations, financial institutions anticipate potential easing of capital requirements and further incentives for digital innovation. At the same time, however, the Trump administration is also easing restrictions on fintechs and cryptocurrency providers, which could lead to heightened competition from non-traditional financial services companies.

    The continued rise of digital-only, alternative finance providers such as neobanks and buy-now pay-later platforms remains a serious concern for industry leaders. In response, leaders cited their top three areas for technology spend in 2025 as digital banking, data and analytics, and fraud prevention and security.

    Analysts predict the industry will see an increase in the number of mergers and acquisitions in 2025, as asset quality improvements that began in late 2024 continue. Banks, credit unions, and other financial institutions are expected to continue to consolidate as they seek to build scale and keep pace with technological advancements. Some analysts anticipate the increased M&A activity will include a rise in non-traditional mergers among credit unions and banks, and banks and fintech companies.

    Artificial intelligence (AI) was identified as the top factor that will have the biggest impact on the future of financial services. Business applications of AI remain relatively low across all industries — including financial institutions — but that is expected to rapidly change in the coming years. Strata customers have said their institutions are applying AI primarily for customer service, such as the use of chatbots to communicate with customers. Many institutions plan to expand AI use over the next 12-18 months in areas such as financial systems, planning, fraud prevention, and further personalizing the customer experience.

    To address interest rate uncertainties, institutions are implementing numerous strategies, including increasing their focus on non-interest income, decreasing expenses, and changing product pricing. Financial institution leaders noted that commercial loans are projected to be their top area of profitability growth in 2025. Other anticipated growth areas include mortgage loans, consumer loans, deposits, and small business loans.

    About Strata Decision Technology

    Strata Decision Technology, LLC provides a cloud-based, enterprise performance platform for software, and data and service solutions to help organizations better analyze, plan, and perform in support of their missions. More than 2,300 organizations rely on Strata’s StrataJazz and Axiom solutions for financial analytics, planning, and performance management. Named the market leader for Business Decision Support for more than 15 consecutive years, Strata delivers first-class solutions and service, with an intense focus on accelerating innovation. For more information, please go to www.stratadecision.com.

    Media contact: 
    Sally Brown, Inkhouse
    strata@inkhouse.com

    The MIL Network

  • MIL-OSI Global: Chaotic cosmic clones and the Joker reinvented – what to watch and read this week

    Source: The Conversation – UK – By Anna Walker, Senior Arts + Culture Editor

    When director Robert Eggers asked him what kind of movies he was interested in, Robert Pattinson said: “I only wanna do strange things.” It seems he’s taken the same approach to stardom as fellow teen star, Daniel Radcliffe – make your name in a big-budget franchise, then spend the rest of your career starring in the interesting, the unexpected and downright weird.

    Since his turn as the sparkle-skinned teen vampire heartthrob Edward Cullen in the Twilight movies, Pattinson has played a tortured lighthouse keeper, a celibate space prisoner and a city slicker who barely leaves his limousine. Even his iteration of Batman was kooky – a tragic, lonely hero in smudged black eye make-up.

    The trailer for Mickey 17.

    So, it’s no wonder that he jumped at the chance to star in Mickey 17. The latest film by renowned Korean writer-director Bong Joon-ho, it follows a mission to establish a human settlement on an inhospitable alien planet in the year 2054. In this imagined future, it has become possible to replicate human beings with total accuracy using an advanced form of 3D printing.

    Although outlawed on ethical grounds back on Earth, human printing is legal in the remote regions of space. There, disposable workers known as “expendables” can be reprinted on demand each time they perish. Our reviewer, an expert in science fiction, said: “Like Bong’s earlier films, Mickey 17 combines artful world-building, an impeccable cast, social satire, anarchic humour – and a taste for the grotesque.”

    Mickey 17 is in cinemas now




    Read more:
    Mickey 17: this absurdist, dystopian clone drama is highly entertaining – despite its flaws


    Villains and heroes

    Pattinson’s Batman has yet to face the Joker, the character’s arch nemesis, and a recurring role that is even more prized among actors than Bruce Wayne. But Vera Drew, who co-writes, directs and stars as several iterations of the character in her new film The People’s Joker, hasn’t let a casting director get in the way of her ambitions.

    The trailer for The People’s Joker.

    In this surreal, hilarious – and very much unofficial – film, Drew plays a mix of both Harley Quinn and the Joker. It’s a queer twist on the DC universe, and a metaphor for the difficulties she encountered as a transgender teen.

    For our reviewers, experts in comic books and their adaptations, it was a breath of fresh air. Proof that, in the era of Marvel’s box office dominance, there is still room for unique remixes of familiar superhero stories.

    The People’s Joker is touring cinemas across the UK




    Read more:
    The People’s Joker remixes familiar characters to create a new kind of comic book movie



    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.


    The most streamed TV series on Netflix this week is the new drama Toxic Town – and deservedly so. It tells the true story of a group of women from Corby in Northamptonshire, UK, who gave birth to children with limb differences in the 1980s and 90s. The children were born with shortened arms or legs or missing fingers.

    The drama follows their battle to uncover the cause and their subsequent fight for justice. It makes for compelling viewing, with standout performances from former Doctor Who star Jodie Whittaker and White Lotus’s Aimee Lou Wood.

    The trailer for Toxic Town.

    We asked a pair of climate researchers to review the show. They found it to be a “stark warning about the dangers of weak environmental protections”. Far from being a thing of the past, they argue that we could return to the toxic times seen in Corby if we fail to prioritise stringent environmental safeguards.

    Toxic Town is now streaming on Netflix




    Read more:
    Netflix’s Toxic Town offers a stark warning on environmental rollbacks


    Timely storytelling

    For more culture with a message this week, we highly recommend No Other Land. Winner of the Oscar for best documentary feature film, it chronicles the efforts of Palestinian townspeople to combat an Israeli plan to demolish their villages in the West Bank and use the area as a military training ground.

    The trailer for No Other Land.

    The film was directed by four Palestinian and Israeli activists and journalists including Basel Adra, who is a resident of the area facing demolition. The film’s subject matter has made it difficult to attract distributors in many countries, including the US. British viewers, though, can stream the film for free on Channel 4.

    No Other Land is now in select cinemas and streaming on Channel 4




    Read more:
    A Palestinian-Israeli film just won an Oscar − so why is it so hard to see?


    Show Don’t Tell is the new short story collection from Curtis Sittenfeld. She’s the American writer behind Rodham, the 2020 novel that reimagined the life of Hilary Clinton. Offering slices of life in the American Midwest, it’s a profound exploration of individual and social conflict at a time when the US is on the verge of momentous political change.

    Many of Sittenfeld’s characters are experiencing a low-level sense of dread. Some are obsessed with death. But the stories remind us that, considering the chaotic past decade, where catastrophe and complex political issues have dominated American lives, fear and anxiety are an entirely reasonable emotional response.

    Our reviewer, an expert in American literature and history, read all 12 stories in one sitting. She found them to be moving, witty and achingly real.




    Read more:
    Show Don’t Tell by Curtis Sittenfeld is moving, witty and achingly real


    ref. Chaotic cosmic clones and the Joker reinvented – what to watch and read this week – https://theconversation.com/chaotic-cosmic-clones-and-the-joker-reinvented-what-to-watch-and-read-this-week-251646

    MIL OSI – Global Reports

  • MIL-OSI Canada: Bank of Canada Interest Rate Announcement

    Source: Bank of Canada

    OTTAWA – On Wednesday, March 12, 2025, the Bank of Canada will announce its decision on the target for the overnight rate. A press release will provide a brief explanation of the decision. 

    Time

    09:45 (Eastern Time)

    Lock-Up

    At 08:00 (ET), journalists are invited to review the rate announcement press release, under embargo, at the Bank’s head office in Ottawa. Please use the Bank of Canada Museum entrance, located at 30 Bank Street (corner of Bank and Wellington), and bring photo ID. 

    For security reasons, journalists wishing to attend must confirm their presence by contacting Media Relations before noon (ET) on Tuesday, March 11, 2025. Those who have not registered will not be admitted to the lock-up. 

    At 9:45 (ET), the lock-up ends and the embargo is lifted.

    Distribution

    The rate announcement press release will be available at 09:45 (ET) on the Bank’s website.

    Media Availability

    At 10:30 (ET) Tiff Macklem, Governor of the Bank of Canada, and Carolyn Rogers, Senior Deputy Governor, will hold a press conference in the Bank of Canada’s auditorium. The opening statement will be available on the Bank’s website at 9:45 (ET). 

    For security reasons, all media wishing to attend must register with the Bank in advance.To register, please contact Media Relations before 17:00 (ET) on Tuesday, March 11, 2025. Journalists, camera operators and still photographers who have not registered will not be admitted to the press conference. 

    Please use the Bank of Canada Museum entrance, located at 30 Bank Street (corner of Bank and Wellington), and bring photo ID. 

    Broadcasters needing to set up equipment will be granted access beginning at 9:45 (ET)

    Accredited journalists who wish to participate remotely must contact Media Relations for connection information.

    Webcast

    Audio and video webcasts of the press conference will be accessible from the Bank’s website.

    Note

    For more information, please contact Media Relations.

    MIL OSI Canada News

  • MIL-OSI NGOs: People in Gaza still need a massive scale-up of humanitarian supplies

    Source: Médecins Sans Frontières –

    Sarah Vulstyeke is a project coordinator for Médecins Sans Frontières (MSF). She recently returned from the Gaza Strip, Palestine, where she coordinated operations with an MSF team in northern Gaza, where MSF runs mobile clinics to provide medical assistance to people through general consultations, treatment of non-communicable diseases, changing wound dressings, and health promotion. 

    During the first and second weeks of February, MSF mobile clinics were sent to Jabalia camp and Beit Hanoun. Around 1,200 consultations were conducted, with 11.6 per cent being children under five years. Just over 23 per cent of the consultations were upper tract respiratory infections and 169 dressings were done. Sarah describes what our team saw.

    “When we arrived at the first health centre in the north of Gaza in early February to assess the situation, it was a slap in the face for all of us. There was nothing left to assess: we were shocked and felt helpless after realising how much infrastructure, how many buildings and lives, had been destroyed. 

    Right after the ceasefire [which took effect on 19 January 2025], one of our priorities was to look at how we could support access to basic healthcare for people in Gaza, especially in the northern part of the Strip. Jabalia camp had been besieged and heavily bombed by Israeli forces since 6 October 2024, and Israeli authorities dramatically reduced the quantity of essential aid authorised to enter. 

    Tens of thousands of people remained trapped in the north with barely any access to healthcare since last October; while hundreds of thousands returned there after the implementation of the ceasefire during end of January 2025.  

    A crowd of people wait for medical consultations at the MSF-supported Sheikh Radwan healthcare centre in Gaza City. Gaza Strip, Palestine, February 2025.
    Nour Alsaqqa/MSF

    The devastation we found in Jabalia is hard to describe; there was nothing left, only rubble. We tried to assess the conditions of health centres. But we visited the first one, and it was flattened. Then the second, the third… Everything was in ruins and reduced to piles of rubble. It’s breathtaking and heartbreaking. Looking at the scale of the destruction, we had no other choice but to act quickly. 

    The biggest challenge was to start and set up medical activities amid the rubble. It took a week to clear up enough rubble with our rented bulldozer, just to set up a temporary structure. The first week, we parked by the side of the road and began our activities. 

    Later, we were able to set up tents and shelters where patients could wait for their consultation. The weather was freezing, but still hundreds of patients came every day.  

    People in Gaza, as well as our teams, are determined to try to rebuild what was lost, despite the unbearable difficulties they face every day. The situation is still very precarious, and we are really worried about the consequences that a blockade of humanitarian aid into Gaza could have. 

    People in Gaza still need an immediate and massive scale-up of humanitarian supplies, and it is unacceptable that an entire population is now once again being prevented from receiving humanitarian aid.” 

    MIL OSI NGO

  • MIL-OSI Africa: Secretary-General’s remarks to the UN Observance of International Women’s Day 2025 [bilingual, as delivered; scroll down for all-English and all-French versions]

    Source: United Nations – English

    xcellencies, Dear friends,

    Thank you for the invitation – and for the moving performance.

    We gather today not just to celebrate the International Women’s Day, but to move forward – resilient, united, and unwavering in our pursuit of “equality, development and peace for all women everywhere in the interest of humanity.”

    Those are the first words of the Beijing Declaration – and this year marks the 30th anniversary of that landmark conference and its reaffirmation that women’s rights are human rights.

    Since then, women have broken barriers, shattered ceilings, and reshaped societies.

    More girls are in school.

    More women hold positions of power.

    And digital activism has ignited global movements for justice.

    Yet, these hard-fought gains remain fragile – and far from enough.

    Age-old horrors – violence, discrimination and economic inequality – still plague our societies.

    Every ten minutes, a woman is killed by her partner or a family member.

    612 million women and girls live under the shadow of armed conflicts – where their rights are too often considered expendable.

    Less than two-thirds of women worldwide participate in the labour market – and those who do earn far less than men.

    At this pace, eradicating extreme poverty for women and girls would take 130 years.

    And as we see in every corner of the world, from pushback to rollback, women’s rights are under attack.

    Centuries of discrimination are being exacerbated by new threats.

    Digital tools, while brimming with promise, are also often silencing women’s voices, amplifying bias, and fuelling harassment.

    Women’s bodies have become political battlegrounds.

    And online violence is escalating into real-life violence.

    Instead of mainstreaming equal rights, we are witnessing the mainstreaming of chauvinism and misogyny.

    We cannot stand by as progress is reversed.

    We must fight back.

    Last September, Member States adopted the Pact for the Future.

    The Pact reminds us that equality is the engine of progress for all people – and that Agenda 2030 can only be realized when all women and girls enjoy their full rights.

    It calls for greater investment in the SDGs, expanded debt relief, and stronger support from Multilateral Development Banks so that governments can invest in what their people need —  education, training, job creation and social protections that can help drive equality for all.

    And the Global Digital Compact calls for closing the gender digital divide, pushing back against online abuse, and ensuring women and girls everywhere can access the benefits from the opportunities of a rapidly evolving global economy.

    Meanwhile, we are also working to end the scourge of violence against women and girls.

    Through the Spotlight Initiative, the UN and the EU have shown that comprehensive approaches to eliminating gender-based violence can work.

    We have helped keep one million more girls in school.

    We have helped prevent 21 million women and girls from experiencing gender-based violence.

    And across 13 Spotlight Initiative countries, the conviction rate for gender-based violence has doubled.

    These achievements prove that when we unite behind ambitious strategies, we can deliver real change.

    But our work is far from over.

    We must never accept a world where women and girls live in fear, where their safety is a privilege rather than a non-negotiable right.

    Excellencies and friends,

    Leadership on this International Women’s Day belongs to us all.

    At the United Nations, we have achieved and maintained gender parity among senior leadership and Resident Coordinators at world level since 2020.

    And for the first time in our organization’s history, we have also reached parity in the international professional categories.

    This proves once again that systemic change is possible – with concerted and determined action.

    Today, as part of the UN System-wide Gender Equality Acceleration Plan, I am proud to announce our commitment to the Gender Equality Clarion Call:

    A bold, urgent pledge to defend and advance the rights of all women and girls.

    The Clarion Call sets out four priorities:

    Unified leadership – all UN leaders must champion and defend women’s rights in every decision and in every forum;

    Action against pushbacks – We must actively confront backlash, prevent rollbacks, and create spaces where women’s rights can thrive;

    Coordinated impact – working across sectors and all levels to dismantle systemic inequalities; and

    Protecting women human rights defenders – we will defend and amplify the voices of women on the frontlines, standing firm against those who seek to silence them.

    This Clarion Call and the Gender Equality Acceleration Plan must drive real political change in all that we do.

    And we are leading by example – and we call on governments, organizations and businesses to do the same.

    Chers amis,

    La lutte pour l’égalité des genres ne peut se résumer à une question d’équité.

    Il s’agit d’une question de pouvoir – qui participe à la prise des décisions, et qui en est exclu.

    Il s’agit de démanteler les systèmes qui perpétuent les inégalités.

    Et d’assurer ainsi un monde meilleur pour tous.

    Quand les femmes participent aux négociations, la paix dure plus longtemps.

    Quand les filles peuvent aller à l’école, des générations entières sortent de la pauvreté.

    Quand les femmes bénéficient d’opportunités professionnelles égales, les économies se renforcent.

    Et avec la parité dans le leadership politique, les décisions sont plus justes, les politiques sont mieux ciblées et les sociétés sont plus équitables.

    En somme : quand les femmes et les filles vont de l’avant, tout le monde prospère.

    Alors, en cette Journée internationale des droits des femmes, soyons inspirés par les voix des femmes et des filles du monde entier – et choisissons toujours l’action plutôt que l’apathie.

    Réalisons la vision de la Déclaration de Pékin.

    Accélérons le changement.

    Et avançons – pour chaque femme, pour chaque fille, pour chacun, partout.

    Je vous remercie.

    ***
    [All-English]

    Excellencies, Dear friends,

    Thank you for the invitation – and for the moving performance.

    We gather today not just to celebrate the International Women’s Day, but to move forward – resilient, united, and unwavering in our pursuit of “equality, development and peace for all women everywhere in the interest of humanity.”

    Those are the first words of the Beijing Declaration – and this year marks the 30th anniversary of that landmark conference and its reaffirmation that women’s rights are human rights.

    Since then, women have broken barriers, shattered ceilings, and reshaped societies.

    More girls are in school.

    More women hold positions of power.

    And digital activism has ignited global movements for justice.

    Yet, these hard-fought gains remain fragile – and far from enough.

    Age-old horrors – violence, discrimination and economic inequality – still plague our societies.

    Every ten minutes, a woman is killed by her partner or a family member.

    612 million women and girls live under the shadow of armed conflicts – where their rights are too often considered expendable.

    Less than two-thirds of women worldwide participate in the labour market – and those who do earn far less than men.

    At this pace, eradicating extreme poverty for women and girls would take 130 years.

    And as we see in every corner of the world, from pushback to rollback, women’s rights are under attack.

    Centuries of discrimination are being exacerbated by new threats.

    Digital tools, while brimming with promise, are also often silencing women’s voices, amplifying bias, and fuelling harassment.

    Women’s bodies have become political battlegrounds.

    And online violence is escalating into real-life violence.

    Instead of mainstreaming equal rights, we are witnessing the mainstreaming of chauvinism and misogyny.

    We cannot stand by as progress is reversed.

    We must fight back.

    Last September, Member States adopted the Pact for the Future.

    The Pact reminds us that equality is the engine of progress for all people – and that Agenda 2030 can only be realized when all women and girls enjoy their full rights.

    It calls for greater investment in the SDGs, expanded debt relief, and stronger support from Multilateral Development Banks so that governments can invest in what their people need —  education, training, job creation and social protections that can help drive equality for all.

    And the Global Digital Compact calls for closing the gender digital divide, pushing back against online abuse, and ensuring women and girls everywhere can access the benefits from the opportunities of a rapidly evolving global economy.

    Meanwhile, we are also working to end the scourge of violence against women and girls.

    Through the Spotlight Initiative, the UN and the EU have shown that comprehensive approaches to eliminating gender-based violence can work.

    We have helped keep one million more girls in school.

    We have helped prevent 21 million women and girls from experiencing gender-based violence.

    And across 13 Spotlight Initiative countries, the conviction rate for gender-based violence has doubled.

    These achievements prove that when we unite behind ambitious strategies, we can deliver real change.

    But our work is far from over.

    We must never accept a world where women and girls live in fear, where their safety is a privilege rather than a non-negotiable right.

    Excellencies and friends,

    Leadership on this International Women’s Day belongs to us all.

    At the United Nations, we have achieved and maintained gender parity among senior leadership and Resident Coordinators at world level since 2020.

    And for the first time in our organization’s history, we have also reached parity in the international professional categories.

    This proves once again that systemic change is possible – with concerted and determined action.

    Today, as part of the UN System-wide Gender Equality Acceleration Plan, I am proud to announce our commitment to the Gender Equality Clarion Call:

    A bold, urgent pledge to defend and advance the rights of all women and girls.

    The Clarion Call sets out four priorities:

    Unified leadership – all UN leaders must champion and defend women’s rights in every decision and in every forum;

    Action against pushbacks – We must actively confront backlash, prevent rollbacks, and create spaces where women’s rights can thrive;

    Coordinated impact – working across sectors and all levels to dismantle systemic inequalities; and

    Protecting women human rights defenders – we will defend and amplify the voices of women on the frontlines, standing firm against those who seek to silence them.

    This Clarion Call and the Gender Equality Acceleration Plan must drive real political change in all that we do.

    And we are leading by example – and we call on governments, organizations and businesses to do the same.

    Dear friends,

    The fight for gender equality is not just about fairness.

    It is about power – who gets a seat at the table, and who is locked out.

    It is about dismantling systems that allow inequalities to fester.

    And it is about ensuring a better world for all.

    When women participate in negotiations, peace lasts longer.

    When girls can go to school, entire generations lift out of poverty.

    When women enjoy equal job opportunities, economies grow stronger.

    And with parity in political leadership, decisions are fairer, policies are sharper, and societies are more just.

    Simply put: when women and girls rise, everyone thrives.

    So, on this International Women’s Day, let us be guided by the voices of women and girls around the world – and always choose action over apathy.

    Let us realize the vision of the Beijing Declaration.

    Accelerate action.

    And march forward — for every woman, for every girl, for everyone, everywhere.

    Thank you.

    ***
    [All-French]

    Mesdames et Messieurs, chers amis,

    Merci pour votre invitation – et pour cet émouvante prestation.

    Nous sommes réunis aujourd’hui non seulement pour célébrer la Journée internationale des femmes, mais aussi pour aller de l’avant, résilients, unis et résolus, dans notre quête des « objectifs d’égalité, de développement et de paix pour toutes les femmes dans le monde entier, dans l’intérêt de l’humanité tout entière ».

    Ces mots sont les premiers de la déclaration de Beijing. Cette année marque le trentième anniversaire de cette conférence historique, lors de laquelle il a été réaffirmé que les droits des femmes étaient des droits humains.

    Depuis, les femmes ont levé des barrières, brisé des plafonds et remodelé nos sociétés.

    Il y a davantage de filles scolarisées.

    Il y a davantage de femmes aux postes de pouvoir.

    Et le militantisme en ligne a lancé des mouvements mondiaux en faveur de la justice.

    Pourtant, ces avancées obtenues de haute lutte restent fragiles et sont loin d’être suffisantes.

    Des abominations séculaires comme la violence, la discrimination et les inégalités économiques continuent d’accabler nos sociétés.

    Toutes les dix minutes, une femme est tuée par son partenaire ou un membre de sa famille.

    612 millions de femmes et de filles vivent sous la menace de conflits armés, dans lesquels, trop souvent, l’on considère que leurs droits peuvent être sacrifiés.

    Moins de deux tiers des femmes dans le monde participent au marché du travail, et celles qui le font gagnent beaucoup moins que les hommes.

    À ce rythme, il faudrait 130 ans pour mettre fin à l’extrême pauvreté des femmes et des filles.

    Et comme on peut le voir aux quatre coins du monde, de recul en recul, les droits des femmes s’érodent.

    Les effets de siècles de discrimination sont exacerbés par de nouvelles menaces.

    Les outils numériques, bien que pleins de promesses, étouffent souvent la voix des femmes, amplifient les préjugés et alimentent le harcèlement.

    Le corps des femmes est devenu un champ de bataille politique.

    Et la violence en ligne se transforme en violence dans la vie réelle.

    Au lieu d’observer une généralisation de l’égalité des droits, nous assistons à la banalisation du machisme et de la misogynie.

    Nous ne pouvons pas rester les bras croisés alors que les progrès sont réduits à néant.

    Nous devons riposter.

    En septembre dernier, les États Membres ont adopté le Pacte pour l’avenir.

    Ce pacte nous rappelle que l’égalité est le moteur du progrès pour tous et toutes, et que le Programme 2030 ne pourra être réalisé que lorsque toutes les femmes et les filles jouiront pleinement de leurs droits.

    Il appelle à un investissement accru dans les objectifs de développement durable, à un plus grand allègement de la dette et à un soutien plus fort des banques multilatérales de développement, afin que les gouvernements puissent investir dans ce dont leurs populations ont besoin – notamment l’éducation, la formation, la création d’emplois et la protection sociale, qui peuvent faire avancer l’égalité pour tous et toutes.

    Le Pacte mondial pour le numérique appelle à combler la fracture numérique qui existe entre les hommes et les femmes, à lutter contre les atteintes commises en ligne et à veiller à ce que les femmes et les jeunes filles du monde entier puissent saisir et exploiter les possibilités offertes par une économie mondiale en rapide évolution et en tirer profit.

    De notre côté, nous nous efforçons de mettre fin au fléau de la violence à l’encontre des femmes et des filles.

    Grâce à l’Initiative Spotlight, l’ONU et l’Union européenne ont montré que, s’agissant d’éliminer la violence de genre, les approches globales fonctionnent.

    Nous avons aidé un million de filles de plus à continuer d’aller à l’école.

    Nous avons aidé 21 millions de femmes et de filles à ne pas subir de violences de genre.

    Dans 13 pays participant à cette initiative, le taux de condamnation pour violences de genre a doublé.

    Ces résultats prouvent que lorsque nous nous unissons autour de stratégies ambitieuses, nous obtenons des changements réels.

    Mais notre tâche est loin d’être achevée.

    Nous ne pouvons en aucun cas tolérer un monde où les femmes et les filles vivent dans la peur, où leur sécurité est un privilège plutôt qu’un droit non négociable.

    Mesdames et Messieurs,

    En cette Journée internationale des femmes, le leadership nous appartient à toutes et à tous.

    À l’ONU, depuis 2020, nous sommes parvenus à la parité hommes-femmes aux postes de haute direction et parmi les Coordonnateurs et Coordonnatrices résidents, et nous la maintenons.

    Et pour la première fois dans l’histoire de notre organisation, nous avons également atteint la parité parmi les administrateurs et administratrices recrutés sur le plan international.

    Voilà qui prouve une fois encore qu’avec de la détermination et de la concertation, le changement systémique est possible.

    Aujourd’hui, je suis fier d’annoncer que dans le cadre du Plan pour l’accélération de la réalisation de l’égalité des genres dans le système des Nations Unies, nous avons pris un engagement en faveur de l’Appel urgent à l’égalité des genres :

    Un engagement ambitieux et résolu de tout faire, de toute urgence, pour défendre et faire progresser les droits de toutes les femmes et de toutes les filles.

    Cet appel définit quatre priorités :

    L’unification des équipes dirigeantes – les hautes et hauts responsables des entités des Nations Unies doivent, toutes et tous, défendre les droits des femmes dans toutes les décisions et tous les lieux de débat ;

    La lutte contre le repli – nous devons activement combattre les remises en cause, empêcher les retours en arrière et créer des espaces où les droits des femmes peuvent prospérer ;

    La coordination de l’impact – pour abolir les inégalités systémiques dans tous les secteurs et à tous les niveaux ; et

    La protection des défenseurs et défenseuses des droits des femmes – nous défendrons et amplifierons les voix des femmes présentes en première ligne, en nous opposant fermement à ceux qui cherchent à les réduire au silence.

    Cet appel urgent et le Plan pour l’accélération de la réalisation de l’égalité des genres doivent induire un véritable changement politique dans toutes nos actions.

    L’ONU montre la voie. Nous demandons aux gouvernements, aux organisations et aux entreprises de suivre cet exemple.

    Chers amis,

    La lutte pour l’égalité des genres ne peut se résumer à une question d’équité.

    Il s’agit d’une question de pouvoir – qui participe à la prise des décisions, et qui en est exclu.

    Il s’agit de démanteler les systèmes qui perpétuent les inégalités.

    Et d’assurer ainsi un monde meilleur pour tous.

    Quand les femmes participent aux négociations, la paix dure plus longtemps.

    Quand les filles peuvent aller à l’école, des générations entières sortent de la pauvreté.

    Quand les femmes bénéficient d’opportunités professionnelles égales, les économies se renforcent.

    Et avec la parité dans le leadership politique, les décisions sont plus justes, les politiques sont mieux ciblées et les sociétés sont plus équitables.

    En somme : quand les femmes et les filles vont de l’avant, tout le monde prospère.

    Alors, en cette Journée internationale des droits des femmes, soyons inspirés par les voix des femmes et des filles du monde entier – et choisissons toujours l’action plutôt que l’apathie.

    Réalisons la vision de la Déclaration de Pékin.

    Accélérons le changement.

    Et avançons – pour chaque femme, pour chaque fille, pour chacun, partout.

    Je vous remercie.

    MIL OSI Africa

  • MIL-OSI USA: Sen. Mike Lee and Rep. Thomas Massie Introduce Bill to End the Fed

    US Senate News:

    Source: United States Senator for Utah Mike Lee
    WASHINGTON – Sen. Mike Lee (R-UT) and Rep. Thomas Massie (R-KY) have introduced the Federal Reserve Board Abolition Act, legislation that dissolves the United States Federal Reserve and transfers its assets and liabilities to the Department of the Treasury.
    “The Federal Reserve has not only failed to achieve its mandate, it has become an economic manipulator, directly contributing to the financial instability many Americans face today,” said Sen. Lee. “We need to protect our economic future, end the monetization of federal debt that fuels unchecked federal spending, and put American money on solid ground. We need to End the Fed.”
    “Americans have suffered under crippling inflation, and the Federal Reserve is to blame,” said Rep. Massie. “During COVID, the Federal Reserve created trillions of dollars out of thin air and loaned it to the Treasury Department to enable unprecedented deficit spending. By monetizing the debt, the Federal Reserve devalued the dollar and enabled free money policies that caused high inflation.”
     “Monetizing debt is a closely coordinated effort between the Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street,” Rep. Massie continued. “Through this process, retirees see their savings evaporate due to the actions of a central bank pursuing inflationary policies that benefit the wealthy and connected. If we really want to reduce inflation, the most effective policy is to end the Federal Reserve.”
    *****
    You can read the Daily Caller exclusive HERE.
    You can read the bill text HERE.

    MIL OSI USA News

  • MIL-OSI United Nations: Secretary-General’s remarks to the UN Observance of International Women’s Day 2025 [bilingual, as delivered; scroll down for all-English and all-French versions]

    Source: United Nations

    Excellencies, Dear friends,

    Thank you for the invitation – and for the moving performance.

    We gather today not just to celebrate the International Women’s Day, but to move forward – resilient, united, and unwavering in our pursuit of “equality, development and peace for all women everywhere in the interest of humanity.”

    Those are the first words of the Beijing Declaration – and this year marks the 30th anniversary of that landmark conference and its reaffirmation that women’s rights are human rights.

    Since then, women have broken barriers, shattered ceilings, and reshaped societies.

    More girls are in school.

    More women hold positions of power.

    And digital activism has ignited global movements for justice.

    Yet, these hard-fought gains remain fragile – and far from enough.

    Age-old horrors – violence, discrimination and economic inequality – still plague our societies.

    Every ten minutes, a woman is killed by her partner or a family member.

    612 million women and girls live under the shadow of armed conflicts – where their rights are too often considered expendable.

    Less than two-thirds of women worldwide participate in the labour market – and those who do earn far less than men.

    At this pace, eradicating extreme poverty for women and girls would take 130 years.

    And as we see in every corner of the world, from pushback to rollback, women’s rights are under attack.

    Centuries of discrimination are being exacerbated by new threats.

    Digital tools, while brimming with promise, are also often silencing women’s voices, amplifying bias, and fuelling harassment.

    Women’s bodies have become political battlegrounds.

    And online violence is escalating into real-life violence.

    Instead of mainstreaming equal rights, we are witnessing the mainstreaming of chauvinism and misogyny.

    We cannot stand by as progress is reversed.

    We must fight back.

    Last September, Member States adopted the Pact for the Future.

    The Pact reminds us that equality is the engine of progress for all people – and that Agenda 2030 can only be realized when all women and girls enjoy their full rights.

    It calls for greater investment in the SDGs, expanded debt relief, and stronger support from Multilateral Development Banks so that governments can invest in what their people need —  education, training, job creation and social protections that can help drive equality for all.

    And the Global Digital Compact calls for closing the gender digital divide, pushing back against online abuse, and ensuring women and girls everywhere can access the benefits from the opportunities of a rapidly evolving global economy.

    Meanwhile, we are also working to end the scourge of violence against women and girls.

    Through the Spotlight Initiative, the UN and the EU have shown that comprehensive approaches to eliminating gender-based violence can work.

    We have helped keep one million more girls in school.

    We have helped prevent 21 million women and girls from experiencing gender-based violence.

    And across 13 Spotlight Initiative countries, the conviction rate for gender-based violence has doubled.

    These achievements prove that when we unite behind ambitious strategies, we can deliver real change.

    But our work is far from over.

    We must never accept a world where women and girls live in fear, where their safety is a privilege rather than a non-negotiable right.

    Excellencies and friends,

    Leadership on this International Women’s Day belongs to us all.

    At the United Nations, we have achieved and maintained gender parity among senior leadership and Resident Coordinators at world level since 2020.

    And for the first time in our organization’s history, we have also reached parity in the international professional categories.

    This proves once again that systemic change is possible – with concerted and determined action.

    Today, as part of the UN System-wide Gender Equality Acceleration Plan, I am proud to announce our commitment to the Gender Equality Clarion Call:

    A bold, urgent pledge to defend and advance the rights of all women and girls.

    The Clarion Call sets out four priorities:

    Unified leadership – all UN leaders must champion and defend women’s rights in every decision and in every forum;

    Action against pushbacks – We must actively confront backlash, prevent rollbacks, and create spaces where women’s rights can thrive;

    Coordinated impact – working across sectors and all levels to dismantle systemic inequalities; and

    Protecting women human rights defenders – we will defend and amplify the voices of women on the frontlines, standing firm against those who seek to silence them.

    This Clarion Call and the Gender Equality Acceleration Plan must drive real political change in all that we do.

    And we are leading by example – and we call on governments, organizations and businesses to do the same.

    Chers amis,

    La lutte pour l’égalité des genres ne peut se résumer à une question d’équité.

    Il s’agit d’une question de pouvoir – qui participe à la prise des décisions, et qui en est exclu.

    Il s’agit de démanteler les systèmes qui perpétuent les inégalités.

    Et d’assurer ainsi un monde meilleur pour tous.

    Quand les femmes participent aux négociations, la paix dure plus longtemps.

    Quand les filles peuvent aller à l’école, des générations entières sortent de la pauvreté.

    Quand les femmes bénéficient d’opportunités professionnelles égales, les économies se renforcent.

    Et avec la parité dans le leadership politique, les décisions sont plus justes, les politiques sont mieux ciblées et les sociétés sont plus équitables.

    En somme : quand les femmes et les filles vont de l’avant, tout le monde prospère.

    Alors, en cette Journée internationale des droits des femmes, soyons inspirés par les voix des femmes et des filles du monde entier – et choisissons toujours l’action plutôt que l’apathie.

    Réalisons la vision de la Déclaration de Pékin.

    Accélérons le changement.

    Et avançons – pour chaque femme, pour chaque fille, pour chacun, partout.

    Je vous remercie.

    ***
    [All-English]

    Excellencies, Dear friends,

    Thank you for the invitation – and for the moving performance.

    We gather today not just to celebrate the International Women’s Day, but to move forward – resilient, united, and unwavering in our pursuit of “equality, development and peace for all women everywhere in the interest of humanity.”

    Those are the first words of the Beijing Declaration – and this year marks the 30th anniversary of that landmark conference and its reaffirmation that women’s rights are human rights.

    Since then, women have broken barriers, shattered ceilings, and reshaped societies.

    More girls are in school.

    More women hold positions of power.

    And digital activism has ignited global movements for justice.

    Yet, these hard-fought gains remain fragile – and far from enough.

    Age-old horrors – violence, discrimination and economic inequality – still plague our societies.

    Every ten minutes, a woman is killed by her partner or a family member.

    612 million women and girls live under the shadow of armed conflicts – where their rights are too often considered expendable.

    Less than two-thirds of women worldwide participate in the labour market – and those who do earn far less than men.

    At this pace, eradicating extreme poverty for women and girls would take 130 years.

    And as we see in every corner of the world, from pushback to rollback, women’s rights are under attack.

    Centuries of discrimination are being exacerbated by new threats.

    Digital tools, while brimming with promise, are also often silencing women’s voices, amplifying bias, and fuelling harassment.

    Women’s bodies have become political battlegrounds.

    And online violence is escalating into real-life violence.

    Instead of mainstreaming equal rights, we are witnessing the mainstreaming of chauvinism and misogyny.

    We cannot stand by as progress is reversed.

    We must fight back.

    Last September, Member States adopted the Pact for the Future.

    The Pact reminds us that equality is the engine of progress for all people – and that Agenda 2030 can only be realized when all women and girls enjoy their full rights.

    It calls for greater investment in the SDGs, expanded debt relief, and stronger support from Multilateral Development Banks so that governments can invest in what their people need —  education, training, job creation and social protections that can help drive equality for all.

    And the Global Digital Compact calls for closing the gender digital divide, pushing back against online abuse, and ensuring women and girls everywhere can access the benefits from the opportunities of a rapidly evolving global economy.

    Meanwhile, we are also working to end the scourge of violence against women and girls.

    Through the Spotlight Initiative, the UN and the EU have shown that comprehensive approaches to eliminating gender-based violence can work.

    We have helped keep one million more girls in school.

    We have helped prevent 21 million women and girls from experiencing gender-based violence.

    And across 13 Spotlight Initiative countries, the conviction rate for gender-based violence has doubled.

    These achievements prove that when we unite behind ambitious strategies, we can deliver real change.

    But our work is far from over.

    We must never accept a world where women and girls live in fear, where their safety is a privilege rather than a non-negotiable right.

    Excellencies and friends,

    Leadership on this International Women’s Day belongs to us all.

    At the United Nations, we have achieved and maintained gender parity among senior leadership and Resident Coordinators at world level since 2020.

    And for the first time in our organization’s history, we have also reached parity in the international professional categories.

    This proves once again that systemic change is possible – with concerted and determined action.

    Today, as part of the UN System-wide Gender Equality Acceleration Plan, I am proud to announce our commitment to the Gender Equality Clarion Call:

    A bold, urgent pledge to defend and advance the rights of all women and girls.

    The Clarion Call sets out four priorities:

    Unified leadership – all UN leaders must champion and defend women’s rights in every decision and in every forum;

    Action against pushbacks – We must actively confront backlash, prevent rollbacks, and create spaces where women’s rights can thrive;

    Coordinated impact – working across sectors and all levels to dismantle systemic inequalities; and

    Protecting women human rights defenders – we will defend and amplify the voices of women on the frontlines, standing firm against those who seek to silence them.

    This Clarion Call and the Gender Equality Acceleration Plan must drive real political change in all that we do.

    And we are leading by example – and we call on governments, organizations and businesses to do the same.

    Dear friends,

    The fight for gender equality is not just about fairness.

    It is about power – who gets a seat at the table, and who is locked out.

    It is about dismantling systems that allow inequalities to fester.

    And it is about ensuring a better world for all.

    When women participate in negotiations, peace lasts longer.

    When girls can go to school, entire generations lift out of poverty.

    When women enjoy equal job opportunities, economies grow stronger.

    And with parity in political leadership, decisions are fairer, policies are sharper, and societies are more just.

    Simply put: when women and girls rise, everyone thrives.

    So, on this International Women’s Day, let us be guided by the voices of women and girls around the world – and always choose action over apathy.

    Let us realize the vision of the Beijing Declaration.

    Accelerate action.

    And march forward — for every woman, for every girl, for everyone, everywhere.

    Thank you.

    ***
    [All-French]

    Mesdames et Messieurs, chers amis,

    Merci pour votre invitation – et pour cet émouvante prestation.

    Nous sommes réunis aujourd’hui non seulement pour célébrer la Journée internationale des femmes, mais aussi pour aller de l’avant, résilients, unis et résolus, dans notre quête des « objectifs d’égalité, de développement et de paix pour toutes les femmes dans le monde entier, dans l’intérêt de l’humanité tout entière ».

    Ces mots sont les premiers de la déclaration de Beijing. Cette année marque le trentième anniversaire de cette conférence historique, lors de laquelle il a été réaffirmé que les droits des femmes étaient des droits humains.

    Depuis, les femmes ont levé des barrières, brisé des plafonds et remodelé nos sociétés.

    Il y a davantage de filles scolarisées.

    Il y a davantage de femmes aux postes de pouvoir.

    Et le militantisme en ligne a lancé des mouvements mondiaux en faveur de la justice.

    Pourtant, ces avancées obtenues de haute lutte restent fragiles et sont loin d’être suffisantes.

    Des abominations séculaires comme la violence, la discrimination et les inégalités économiques continuent d’accabler nos sociétés.

    Toutes les dix minutes, une femme est tuée par son partenaire ou un membre de sa famille.

    612 millions de femmes et de filles vivent sous la menace de conflits armés, dans lesquels, trop souvent, l’on considère que leurs droits peuvent être sacrifiés.

    Moins de deux tiers des femmes dans le monde participent au marché du travail, et celles qui le font gagnent beaucoup moins que les hommes.

    À ce rythme, il faudrait 130 ans pour mettre fin à l’extrême pauvreté des femmes et des filles.

    Et comme on peut le voir aux quatre coins du monde, de recul en recul, les droits des femmes s’érodent.

    Les effets de siècles de discrimination sont exacerbés par de nouvelles menaces.

    Les outils numériques, bien que pleins de promesses, étouffent souvent la voix des femmes, amplifient les préjugés et alimentent le harcèlement.

    Le corps des femmes est devenu un champ de bataille politique.

    Et la violence en ligne se transforme en violence dans la vie réelle.

    Au lieu d’observer une généralisation de l’égalité des droits, nous assistons à la banalisation du machisme et de la misogynie.

    Nous ne pouvons pas rester les bras croisés alors que les progrès sont réduits à néant.

    Nous devons riposter.

    En septembre dernier, les États Membres ont adopté le Pacte pour l’avenir.

    Ce pacte nous rappelle que l’égalité est le moteur du progrès pour tous et toutes, et que le Programme 2030 ne pourra être réalisé que lorsque toutes les femmes et les filles jouiront pleinement de leurs droits.

    Il appelle à un investissement accru dans les objectifs de développement durable, à un plus grand allègement de la dette et à un soutien plus fort des banques multilatérales de développement, afin que les gouvernements puissent investir dans ce dont leurs populations ont besoin – notamment l’éducation, la formation, la création d’emplois et la protection sociale, qui peuvent faire avancer l’égalité pour tous et toutes.

    Le Pacte mondial pour le numérique appelle à combler la fracture numérique qui existe entre les hommes et les femmes, à lutter contre les atteintes commises en ligne et à veiller à ce que les femmes et les jeunes filles du monde entier puissent saisir et exploiter les possibilités offertes par une économie mondiale en rapide évolution et en tirer profit.

    De notre côté, nous nous efforçons de mettre fin au fléau de la violence à l’encontre des femmes et des filles.

    Grâce à l’Initiative Spotlight, l’ONU et l’Union européenne ont montré que, s’agissant d’éliminer la violence de genre, les approches globales fonctionnent.

    Nous avons aidé un million de filles de plus à continuer d’aller à l’école.

    Nous avons aidé 21 millions de femmes et de filles à ne pas subir de violences de genre.

    Dans 13 pays participant à cette initiative, le taux de condamnation pour violences de genre a doublé.

    Ces résultats prouvent que lorsque nous nous unissons autour de stratégies ambitieuses, nous obtenons des changements réels.

    Mais notre tâche est loin d’être achevée.

    Nous ne pouvons en aucun cas tolérer un monde où les femmes et les filles vivent dans la peur, où leur sécurité est un privilège plutôt qu’un droit non négociable.

    Mesdames et Messieurs,

    En cette Journée internationale des femmes, le leadership nous appartient à toutes et à tous.

    À l’ONU, depuis 2020, nous sommes parvenus à la parité hommes-femmes aux postes de haute direction et parmi les Coordonnateurs et Coordonnatrices résidents, et nous la maintenons.

    Et pour la première fois dans l’histoire de notre organisation, nous avons également atteint la parité parmi les administrateurs et administratrices recrutés sur le plan international.

    Voilà qui prouve une fois encore qu’avec de la détermination et de la concertation, le changement systémique est possible.

    Aujourd’hui, je suis fier d’annoncer que dans le cadre du Plan pour l’accélération de la réalisation de l’égalité des genres dans le système des Nations Unies, nous avons pris un engagement en faveur de l’Appel urgent à l’égalité des genres :

    Un engagement ambitieux et résolu de tout faire, de toute urgence, pour défendre et faire progresser les droits de toutes les femmes et de toutes les filles.

    Cet appel définit quatre priorités :

    L’unification des équipes dirigeantes – les hautes et hauts responsables des entités des Nations Unies doivent, toutes et tous, défendre les droits des femmes dans toutes les décisions et tous les lieux de débat ;

    La lutte contre le repli – nous devons activement combattre les remises en cause, empêcher les retours en arrière et créer des espaces où les droits des femmes peuvent prospérer ;

    La coordination de l’impact – pour abolir les inégalités systémiques dans tous les secteurs et à tous les niveaux ; et

    La protection des défenseurs et défenseuses des droits des femmes – nous défendrons et amplifierons les voix des femmes présentes en première ligne, en nous opposant fermement à ceux qui cherchent à les réduire au silence.

    Cet appel urgent et le Plan pour l’accélération de la réalisation de l’égalité des genres doivent induire un véritable changement politique dans toutes nos actions.

    L’ONU montre la voie. Nous demandons aux gouvernements, aux organisations et aux entreprises de suivre cet exemple.

    Chers amis,

    La lutte pour l’égalité des genres ne peut se résumer à une question d’équité.

    Il s’agit d’une question de pouvoir – qui participe à la prise des décisions, et qui en est exclu.

    Il s’agit de démanteler les systèmes qui perpétuent les inégalités.

    Et d’assurer ainsi un monde meilleur pour tous.

    Quand les femmes participent aux négociations, la paix dure plus longtemps.

    Quand les filles peuvent aller à l’école, des générations entières sortent de la pauvreté.

    Quand les femmes bénéficient d’opportunités professionnelles égales, les économies se renforcent.

    Et avec la parité dans le leadership politique, les décisions sont plus justes, les politiques sont mieux ciblées et les sociétés sont plus équitables.

    En somme : quand les femmes et les filles vont de l’avant, tout le monde prospère.

    Alors, en cette Journée internationale des droits des femmes, soyons inspirés par les voix des femmes et des filles du monde entier – et choisissons toujours l’action plutôt que l’apathie.

    Réalisons la vision de la Déclaration de Pékin.

    Accélérons le changement.

    Et avançons – pour chaque femme, pour chaque fille, pour chacun, partout.

    Je vous remercie.

    MIL OSI United Nations News

  • MIL-OSI Video: ECB International Women’s Day 2025 | Opening remarks

    Source: European Central Bank (video statements)

    Opening remarks
    Christine Lagarde, President of the European Central Bank

    https://www.youtube.com/watch?v=g9QEyfCcIyw

    MIL OSI Video

  • MIL-OSI Video: ECB International Women’s Day 2025 | In conversation

    Source: European Central Bank (video statements)

    In conversation

    Christine Lagarde, President of the European Central Bank
    Claudia Buch, Chair of the Supervisory Board of the European Central Bank
    Klaas Knot, President of De Nederlandsche Bank
    Annamaria Lusardi, Professor at Stanford University
    Joachim Nagel, President of the Deutsche Bundesbank
    Fabio Panetta, Governor of the Banca d’Italia

    https://www.youtube.com/watch?v=ZvVzgcXCFBw

    MIL OSI Video

  • MIL-OSI Video: ECB International Women’s Day 2025 | Q&A and Closing remarks

    Source: European Central Bank (video statements)

    Questions & answers and open forum
    Closing remarks

    https://www.youtube.com/watch?v=PESjE3xSHl0

    MIL OSI Video

  • MIL-OSI USA: Bowman, Remarks on “Monetary Policy Transmission to Real Activity” and the Recent Experience

    Source: US State of New York Federal Reserve

    Thank you for the invitation to participate at this year’s U.S. Monetary Policy Forum conference. It is a pleasure to be here to discuss the conference report and present my views on the transmission of monetary policy to real activity in recent years.1 I would like to start by thanking the authors of the paper for their thoughtful and comprehensive analysis of the effects of monetary policy on economic activity. As you all may know, my background is in banking and bank regulation, so my experience with and interest in understanding the transmission and effects of monetary policy stems from my responsibilities as a Member of the Federal Open Market Committee (FOMC).
    Turning to the discussion, I will begin with a few comments and suggestions on the paper and then focus on how monetary policy and other factors influenced U.S. economic performance during the tightening cycle that started in March 2022. I will then conclude with some thoughts on the relevance of the results in the paper for monetary policy going forward.
    Comments and Suggestions on “Monetary Policy Transmission to Real Activity”The paper’s stated purpose is to estimate how monetary policy shocks affect gross domestic product (GDP) and employment through the use of a range of models. The evidence is generally similar to previous studies, supporting the broader principle that monetary policy exerts its effects with long lags and has a limited contribution to changes in real activity when the shock is small and not very persistent. We should keep in mind, however, that many other shocks hit the economy and that at times it may be hard to see the effects of monetary policy actions estimated in the paper as they work through the actual economy.
    The paper notes that a 1 percentage point increase in the federal funds rate that retraces gradually, taking five to six quarters to reach half of its initial size, has persistent negative effects on GDP and employment. At maximum, this shock lowers GDP by 0.4 percent in about 18 months and employment by 0.3 percent in about two years, on average across the models considered in the paper. However, there is a wide range of estimated responses, as they depend on each model specification and the data used. The most sensitive components of GDP are residential investment, business fixed investment, and durable goods consumption, which is consistent with employment in the construction and durable goods manufacturing industries being highly interest-rate sensitive.
    The paper analyzes the transmission of monetary policy to real activity, but it would have been very interesting to go one step further and also see the effects of monetary policy on inflation. This is especially relevant because the FOMC has been focused on bringing inflation down to its 2 percent target over the past few years. Of course, higher interest rates lower inflation by dampening aggregate demand and real activity, thereby removing pressure on resource utilization, wages, and prices.
    The authors use several models to analyze the transmission of monetary policy. They use two well-known structural models created by Federal Reserve Board staff that have been used in Tealbook, the FRB/US and EDO models, in addition to two reduced-form VAR models, the New York Fed Bayesian VAR model and a simple four-variable proxy VAR model. It is reassuring that the estimated responses to a federal funds rate shock in the two models that I am most familiar with, the Board FRB/US and EDO models, seem consistent with previous findings.2
    One small issue is that neither of the VAR models directly includes the federal funds rate. The authors acknowledge this limitation in the analysis and address it by roughly estimating that a 100-basis points shock to the policy rate boosts the 1-year and 2‑year Treasury yields by 45 and 40 basis points, respectively. This approach may have resulted in the implied monetary policy shock in the two VAR models looking more persistent than in the two structural models. I would suggest the authors take another look at this aspect of their exercise, so that the contours of the monetary policy shocks look more similar across the different models.
    An alternative approach would have been to take the 1- and 2-year averages of the federal funds rate from the FRB/US and EDO impulse responses and possibly add a small term premium. This approach would have suggested larger effects of the federal funds rate shock on the 1- and 2-year Treasury yields than estimated by the authors. Another approach, especially in the proxy VAR setting, would have been to use a measure of the shadow federal funds rate, which provides a gauge of the overall monetary policy stance and is not constrained by the zero lower bound.3
    The paper focused on the effect of changes in the policy rate, but an important channel for the transmission of monetary policy is how it affects private interest rates that are relevant for households and businesses consumption and investment decisions. Private rates include interest rates charged on outstanding credit card balances, rates on auto and other durable goods loans, mortgage rates, and corporate bond yields. Although credit card rates move closely in line with the policy rate and include a time-varying spread that depends on the default risk profile of the borrower, longer-term private fixed rates on mortgages and corporate bonds depend on the expected path of the federal funds rate, the term premium embedded in longer-term Treasury yields, and risk spreads relative to Treasury securities of comparable maturity. Accordingly, monetary policy tools other than the policy rate, including forward guidance and the amount of securities holdings in the central bank’s balance sheet, are also important for the transmission of monetary policy since they can more forcefully affect the expected path of the federal funds rate, term premiums, and risk spreads.
    The authors analyze the contribution of major aggregate demand components to the overall effect of a monetary policy shock on GDP. One minor issue is that not all the models treat business investment equally. In particular, the EDO model includes inventory investment under business investment, while all other models do not appear to do so. This difference may contribute to the much larger initial reaction of business investment in the EDO model compared to the other models, as inventory investment reacts quickly to a shock in the federal funds rate.
    I would like to offer one last comment on the relatively small effect of monetary policy on real activity. Although I do not disagree with the authors’ assessment, I think that the estimated effects can cumulate to be quite sizable even for the transient unexpected shock considered. The FOMC quickly raised interest rates to fight surging inflation between March 2022 and July 2023 by a cumulative 5-1/4 percentage points. According to the average impulse responses, a shock of this magnitude would lead to declines of about 2 percent on the level of real GDP and 1.5 percent on the level of employment, which would translate into a similarly large increase in the unemployment rate if those who lost their jobs mostly remained in the labor force. This seems to suggest the potential for fairly large effects on real activity, especially when the monetary policy shock has more persistent effects on the policy rate and results in larger increases in term premiums and risk spreads.
    The Recent Tightening CycleThe FOMC started raising the federal funds rate in March 2022 to combat rising inflation. Although the initial rate hike was a mere 1/4 percentage point, the pace of tightening was faster over the remainder of the year, with an overall increase of more than 4 percentage points in the policy rate by the end of 2022. Rate hikes continued in smaller 1/4 percentage point steps the following year, adding to 1 additional percentage point increase by July 2023. As the authors note in the paper, the rapid pace of monetary policy tightening was somewhat surprising, especially as the FOMC was initially slow to react to signs that the rise in inflation during 2021 was not merely transitory and required more aggressive action.
    As financial conditions tightened rapidly and the yield curve inverted in 2022, fears of an impending recession started to rise, with Federal Reserve Board staff mentioning downside risks to real activity and that a mild recession seemed equally likely to the baseline Tealbook projection for sluggish economic growth over the next year.4 The staff eventually predicted a mild recession in the Tealbook forecast after the bank failures and banking system stress in the spring of 2023.5 Such recession was widely predicted and, in hindsight, it never materialized. As you well know, the yield curve inversion has not been the only predictor of recessions that has failed in recent years.
    On a Q4-over-Q4 basis, GDP growth slowed considerably in 2022 to a modest pace of only 1.3 percent. The components of GDP that exerted the most drag on growth that year were residential investment, goods consumption, and inventory investment, subtracting a total of 1‑1/2 percentage points from real GDP growth in 2022.
    Residential investment weakened rather quickly and fell more than 16 percent in 2022. The sharp decline in this category seems largely explained by higher mortgage rates, which surged more than 3 percentage points over the course of the year as the FOMC aggressively tightened monetary policy. In addition to higher interest rates, the 1-1/2 percent drop in goods consumption in 2022 likely reflected the imprint of higher inflation on real disposable income and the unwinding of previous fiscal stimulus.
    Somewhat at odds with the empirical results in the paper, business fixed investment continued to rise appreciably as special factors led to a delayed response to the rise in interest rates. A broader measure of business investment that includes inventories did show a slowdown in growth, but even this broad measure continued to rise appreciably in 2022. Business fixed investment was likely supported by construction of new microchip and battery plants, the continued boost to software investment following the switch to remote work, and a rebound in nonresidential structures and transportation equipment investment after their protracted decline over the pandemic.
    Payroll employment increased strongly in 2022 as labor force participation rose, the unemployment rate declined, and the labor market tightened considerably. Payroll employment moved back up to its pre-pandemic level and approached its trend as social distancing receded. The recovery dynamics in employment largely masked any effects from rising interest rates in 2022. The effect from higher interest rates on employment also tends to lag and be more persistent than the effect on GDP, so any effects likely showed up in 2023, an outcome that is consistent with the findings in the paper.
    Some Reasons Why the Economy OutperformedThe economy outperformed in 2023 as widespread predictions of an impending recession never materialized and instead growth picked up. From the point of view of the models in the paper, the stronger economy in 2023 also seems surprising, but this likely reflected other factors that influenced the economy and that are not accounted for in the model simulations.
    Despite significant tightening in broad financial conditions in 2023, GDP growth strengthened notably as fiscal policy turned from a drag into a meaningful boost to growth and potential output accelerated further due to increased immigration and strong productivity growth. These favorable supply developments allowed for stronger economic activity along with easing of inflationary pressures. Although growth surprised to the upside in 2023, labor market tightness eased with the unemployment rate edging up over the year and payroll employment growth slowing markedly.
    Faster GDP growth in 2023 was driven by a rebound in goods consumption, some recovery in residential investment, and stronger government spending. Goods consumption was boosted by strong gains in real compensation and personal income, including from declining inflation. Despite continued drag from higher mortgage rates, residential investment started recovering in 2023 as other factors supported demand. In particular, the labor market remained strong and household balance sheets were still healthy. The sharp rise in mortgage rates also created a lock‑in effect that increased demand for new housing and construction activity.
    The marked deceleration in employment in 2023 seems consistent with the longer lags in the response of employment to the rise in interest rates relative to that of GDP, especially as a significant portion of employment gains reflected increased labor supply from immigration, which allowed the labor market to come into better balance. Also consistent with the paper results, employment gains in the construction and durable goods manufacturing industries were more noticeably below their 2015-2019 trends than employment gains for the aggregate economy.
    As the authors argue, another reason why real activity was more resilient in the face of higher interest rates may have been the healthy balance sheets of households and businesses at the start of the tightening cycle. Households had accumulated excess savings during the pandemic, reflecting both increased fiscal stimulus and reduced consumption due to social distancing and supply bottlenecks.6 In fact, data from the Financial Accounts of the U.S. indicate that in the two years between the end of 2019 and the end of 2021, household bank deposits rose by nearly $4 trillion.7
    In addition, many households and nonfinancial businesses were able to refinance their mortgages and corporate bonds at very low rates during the pandemic. Although higher interest rates likely held back additional consumption expenditures and investment spending, they had less of an effect on households’ and nonfinancial businesses’ net cash flows as the average interest rates on household mortgages and business debt remained low.8
    With historically low borrowing costs during the pandemic era, mortgage originations and refinancing activity reached very high levels. As a result, the share of outstanding mortgages with an interest rate below 4 percent increased to nearly 70 percent by 2022 and it remains well above pre-pandemic levels today. Similarly, nonfinancial businesses issued record amounts of corporate bonds and extended the maturity of their debt to avoid new debt issuance earlier in the subsequent rate hiking cycle. Between 2020 and 2021, the fraction of triple-B corporate bonds maturing within three years fell to its lowest levels in nearly 20 years.
    Fiscal policy also reentered expansionary territory in 2023, with above-trend stimulus partly driven by strong state and local government spending. Although the unwinding of COVID-19 fiscal support continued in 2023, the federal budget deficit turned back up and rose to near 6 percent of GDP, while the primary deficit inched up towards 4 percent of GDP. These deficit levels are unusual for an expansion, especially as fiscal policy seems to have contributed to the degree of tightness in the economy.
    One way to describe the resiliency of real activity to higher interest rates during the recent tightening cycle is to say that some of the previously noted factors led to a rise in r-star. Higher population growth, from the influx of new immigrants, and higher productivity growth, arguably from the use of new technologies like artificial intelligence and the surge in new business formations, especially in high-tech industries, have likely boosted investment demand. In addition, the lack of significant fiscal consolidation has also increased demand for savings. An economy with stronger investment demand and very little household savings likely requires a higher equilibrium interest rate relative to pre-pandemic norms.
    Relevance of Results for Monetary Policy Going ForwardThe U.S. economy has been experiencing major shocks and structural changes since the pandemic, which may have influenced or masked the transmission of monetary policy to real activity. It is, therefore, not straightforward to see how the impulse responses shown in this paper have translated in practice. And, as the paper acknowledges, a large portion of the fluctuations in real activity are driven by shocks other than those to monetary policy. Although the FOMC has been focused on lowering inflation in the past few years, as we continue to make progress on approaching our 2 percent target, I expect that the labor market and economic activity will become a larger factor in the FOMC’s policy discussions. Accordingly, the stylized results on real activity effects in the paper will prove especially useful going forward.
    ConclusionI will conclude by saying that I enjoyed the paper, and that I appreciate the opportunity to be here to share my views on this topic. I look forward to the discussion and to hearing feedback from other participants and the perspective of my FOMC colleague and fellow discussant.
    ReferencesAladangady, Aditya, David Cho, Laura Feiveson, and Eugenio Pinto (2022). “Excess Savings during the COVID-19 Pandemic,” FEDS Notes. Washington: Board of Governors of the Federal Reserve System, October 21.
    Brayton, Flint, Thomas Laubach, and David Reifschneider (2014). “The FRB/US Model: A Tool for Macroeconomic Policy Analysis,” FEDS Notes. Washington: Board of Governors of the Federal Reserve System, April 3.
    Board of Governors of the Federal Reserve System (2022). “Minutes of the Federal Open Market Committee, November 1-2, 2022,” press release, November 23, 2022.
    Board of Governors of the Federal Reserve System (2023). “Minutes of the Federal Open Market Committee, March 21-22, 2023,” press release, April 12, 2023.
    Castro, Andrew, Michele Cavallo, and Rebecca Zarutskie (2022). “Understanding Bank Deposit Growth during the COVID-19 Pandemic,” FEDS Notes. Washington: Board of Governors of the Federal Reserve System, June 6.
    Chung, Hess, Michael Kiley, and Jean-Philippe Laforte (2010). “Documentation of the Estimated, Dynamic, Optimization-based (EDO) Model of the U.S. Economy: 2010 Version (PDF),” Federal Reserve Board Finance and Economics Discussion Series 2010-29. Washington: Board of Governors of the Federal Reserve System, May.
    Eichenbaum, Martin, Sergio Rebelo, and Arlene Wong (2022). “State-Dependent Effects of Monetary Policy: The Refinancing Channel,” American Economic Review, vol. 112 (March), pp. 721‑61.
    Fabiani, Andrea, Falasconi, Luigi, and Heineken, Janko (2024). “Monetary Policy and the Maturity Structure of Corporate Debt,” unpublished paper, available at SSRN: http://dx.doi.org/10.2139/ssrn.3945615.
    Jungherr, Joachim, Matthias Meier, Timo Reinelt, and Immo Schott (2024). “Corporate Debt Maturity Matters for Monetary Policy,” International Finance Discussion Papers 1402. Washington: Board of Governors of the Federal Reserve System, December 6.
    Wu, J. Cynthia and F. Dora Xia (2016). “Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound,” Journal of Money, Credit, and Banking, vol. 48 (March-April), pp. 253-91, https://doi.org/10.1111/jmcb.12300.

    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. I would like to thank Eugenio Pinto and Michele Cavallo for their assistance in preparing these remarks. Return to text
    2. See Brayton et al. (2014) and Chung et al. (2010). Return to text
    3. The estimated measure of the shadow federal funds rate is based on the work by Wu and Xia (2016). Return to text
    4. See Board of Governors of the Federal Reserve System FOMC Minutes (November 2022). Return to text
    5. See Board of Governors of the Federal Reserve System FOMC Minutes (March 2023). Return to text
    6. See Aladangady et al. (2022). Return to text
    7. See Castro et al. (2022). Return to text
    8. The effectiveness of monetary policy can be substantially reduced both during a long period of low interest rates and for a long period after interest rates renormalize. See Eichenbaum et al. (2022) for the mortgage refinancing channel and Fabiani et al. (2024) and Jungherr et al. (2024) for the corporate debt maturity channel. Return to text

    MIL OSI USA News

  • MIL-OSI Security: FBI Denver Warns of Online File Converter Scam

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    The FBI Denver Field Office is warning that agents are increasingly seeing a scam involving free online document converter tools, and we want to encourage victims to report instances of this scam.

    In this scenario, criminals use free online document converter tools to load malware onto victims’ computers, leading to incidents such as ransomware.

    “The best way to thwart these fraudsters is to educate people so they don’t fall victim to these fraudsters in the first place,” said FBI Denver Special Agent in Charge Mark Michalek. “If you or someone you know has been affected by this scheme, we encourage you to make a report and take actions to protect your assets. Every day, we are working to hold these scammers accountable and provide victims with the resources they need.”

    To conduct this scheme, cyber criminals across the globe are using any type of free document converter or downloader tool. This might be a website claiming to convert one type of file to another, such as a .doc file to a .pdf file. It might also claim to combine files, such as joining multiple .jpg files into one .pdf file. The suspect program might claim to be an MP3 or MP4 downloading tool.

    These converters and downloading tools will do the task advertised, but the resulting file can contain hidden malware giving criminals access to the victim’s computer. The tools can also scrape the submitted files for:

    • Personal identifying information, such as social security numbers, dates of birth, phone numbers, etc.)
    • Banking information
    • Cryptocurrency information (seed phrases, wallet addresses, etc.)
    • Email addresses
    • Passwords

    Unfortunately, many victims don’t realize they have been infected by malware until it’s too late, and their computer is infected with ransomware or their identity has been stolen.

    The FBI Denver Field Office encourages victims or attempted victims of this type of scheme to report it to the FBI Internet Crime Complaint Center at www.ic3.gov.

    In addition, the FBI Denver Field Office recommends taking the following actions to protect yourself from this scam:

    • Take a breath, slow down and think. Be aware of your actions online and what risks you could be exposed to.
    • Keep your virus scan software up to date and scan any file you receive before opening it to help eliminate malicious software from being installed on your computer.

    If you are a victim of this scam, here are some steps to take:

    • Contact your financial institutions immediately. Take steps to protect your identity and your accounts.
    • Change all your passwords using a clean, trusted device.
    • Make a report at IC3.gov
    • Run up-to-date virus scan software to check for potentially malicious software installed by the scammers. Consider taking your computer to a professional company specializing in virus and malware removal services.

    MIL Security OSI

  • MIL-OSI: Changes in Inbank Articles of Association

    Source: GlobeNewswire (MIL-OSI)

    AS Inbank has proposed the following amendments to the Inbank Articles of Association for approval at the Annual General Meeting of Shareholders on 31 March 2025:

    6.3 The Supervisory Board has a right, within 3 (three) years as of the entry into force of the version of the articles of association, to increase the share capital by monetary contributions by EUR 76,000, i.e. to increase the share capital to the amount of EUR 1,227,966.30.

    7.9 The Bank may be represented in transactions and legal operations by two members of the Management Board jointly. A person acting in the name of the Bank may not represent the Bank in concluding transactions or holding legal disputes with a third person with regard to whom the person acting in the name of the Bank or a person with an economic interest equivalent to that of such person has personal economic interests.

    Additional information:
    Styv Solovjov
    AS Inbank
    Head of Investor Relations
    +372 5645 9738
    styv.solovjov@inbank.ee

    The MIL Network

  • MIL-OSI: Banking Virtual Investor Conference: Presentations Now Available for Online Viewing

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 07, 2025 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Banking Virtual Investor Conference, held March 6th are now available for online viewing.

    REGISTER NOW AT: https://bit.ly/4iv2XnM

    The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download investor materials from the company’s resource section.

    Select companies are accepting 1×1 management meeting requests through March 11th

    To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.

    March 6th


    About Virtual Investor Conferences
    ®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    Media Contact:
    OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

    Virtual Investor Conferences Contact:
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    The MIL Network

  • MIL-OSI USA: Fact Sheet: President Donald J. Trump Adresses Risks from Perkins Coie LLP

    US Senate News:

    Source: The White House
    STOPPING ABUSES THAT UNDERMINE THE NATION: Today, President Donald J. Trump signed an Executive Order to suspend security clearances held by individuals at Perkins Coie LLP, pending a review of whether their access to sensitive information is consistent with the national interest.
    Security clearances held by Perkins Coie LLP employees will be immediately suspended, pending a review of whether their access to sensitive information is consistent with the national interest.
    The Federal Government will halt all material and services, including sensitive compartmented information facility (SCIF) access provided to Perkins Coie LLP and restrict its employees’ access to government buildings.
    Federal Agencies will also refrain from hiring Perkins Coie LLP employees unless specifically authorized.

    To ensure taxpayer dollars no longer go to contractors whose earnings subsidize partisan lawsuits against the United States, the Federal Government will prohibit funding contractors that use Perkins Coie LLP.
    All Federal Government contracts with Perkins Coie LLP will undergo rigorous scrutiny, with agency heads directed to terminate engagements to the maximum extent permitted by law.

    The practices of Perkins Coie LLP will be reviewed under Title VII to ensure compliance with civil rights laws against racial bias.
    ENSURING GOVERNMENT SERVES THE AMERICAN PEOPLE: President Trump’s Administration will not tolerate Perkins Coie LLP’s unethical and discriminatory actions that threaten our elections, military strength, and national security.
    In 2016, Perkins Coie LLP hired Fusion GPS to manufacture a false “dossier” designed to steal an election while representing failed presidential candidate Hillary Clinton.
    Perkins Coie LLP pushed debunked claims of secret Trump-Russia communications via Alfa Bank, with attorney Michael Sussmann indicted for lying to the FBI about this scheme.
    Perkins Coie LLP has worked with activist donors, including George Soros, to judicially overturn enacted election laws, such as those requiring voter identification.
    A court was forced to sanction Perkins Coie attorneys for unethical lack of candor before the court.

    Perkins Coie LLP has been accused of racially discriminating against its own attorneys, staff, and applicants.
    Perkins Coie has publicly announced racial percentage quotas for hiring and promotions, violating civil rights laws, and excluded applicants from fellowships based on race until lawsuits forced change.

    Perkins Coie LLP hosted an FBI workspace, raising concerns about partisan misuse of sensitive data during investigations targeting President Trump.
    Perkins Coie LLP has filed lawsuits against the Trump Administration, including one designed to reduce military readiness.
    A RETURN TO ACCOUNTABILITY: President Trump is delivering on his promise to end the weaponization of government and protect the nation from partisan actors who exploit their influence.  
    President Trump is refocusing government operations to their core mission—serving the citizens of the United States.  
    President Trump signed an Executive Order to end the weaponization of the Federal Government on his first day in office after promising to “end forever the weaponization of government and the abuse of law enforcement against political opponents.”
    President Trump revoked security clearances held by dozens of intelligence officials who falsely claimed in a 2020 letter, during the height of the U.S. presidential election season, that Hunter Biden’s laptop was tantamount to Russian disinformation.

    MIL OSI USA News

  • MIL-OSI Africa: The G20: how it works, why it matters and what would be lost if it failed

    Source: The Conversation – Africa – By Danny Bradlow, Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria

    South Africa took over the presidency of the G20 at the end of 2024. Since then the world has become a more complex, unpredictable and dangerous place. The most powerful state in the world, the US, seems intent on undermining the existing order that it created and on demonstrating its power over weaker nations. Other influential countries are turning inward.

    These developments raise concerns about how well mechanisms for global cooperation, such as the G20, can continue to operate, particularly those that work on the basis of consensual decision making. Danny Bradlow sets out how the G20 works, and what’s at stake.

    What’s the G20’s purpose?

    The G20 is a forum in which the largest economies in the world meet regularly to discuss, and attempt to address, the most urgent international economic and political challenges. The group, which includes both rich and developing countries, accounts for about 67% of the world’s population, 85% of global GDP, and 75% of global trade.

    The G20, in fact, is a misnomer. The actual number of G20 participants in any given year far exceeds the 19 states and 2 international entities (the European Union and the African Union) that are its permanent members. Each year they are joined by a number of invited “guests”. While there are some countries, for example Spain and the Netherlands, that are considered “permanent” G20 guests, the full list of guests is determined by the chair of the G20 for that year. This year, South Africa has invited 13 countries, including Denmark, Egypt, Finland, Singapore and the United Arab Emirates. They are joined by 24 invited international organisations such as the International Monetary Fund, the World Bank and the United Nations and eight African regional organisations, among others.

    The G20 should be understood as a process rather than a set of discrete events. Its apex is the annual leaders’ summit at which the participating heads of state and government seek to agree on a communiqué setting out their agreements on key issues. These agreements are non-binding and each of the participating states usually will implement most but not all the agreed points.

    The communiqué is the outcome of a two track process: a finance track, consisting of representatives of the finance ministries and central banks in the participating counties, and a “sherpa” track that deals with more political issues. In total these two tracks will involve over 100 meetings of technical level officials and policymakers.

    Most of the work in each track is done by working groups. The finance track has seven working groups dealing with issues ranging from the global economy and international financial governance to financial inclusion and the financing of infrastructure. The sherpa track has 15 working groups dealing with issues ranging from development and agriculture to health, the digital economy, and education.

    The agenda for the working group meetings is based on issues notes prepared by the G20 presidency. The issues notes will discuss both unfinished business from prior years and any new issues that the president adds to the G20 agenda.

    The working group chairs report on the outcomes of these meetings to the ministerial meetings in their track. These reports will first be discussed in meetings of the deputies to the ministers. The deputies will seek to narrow areas of disagreement and sharpen the issues for discussion so that when they are presented at the ministerial meeting the chances of reaching agreement are maximised.

    The agreements reached at each of these ministerial meetings, assuming all participants agree, will be expressed in a carefully negotiated and drafted communiqué. If the participants cannot agree, the minister chairing the meeting will provide a chair’s summary of the meeting. These documents will then inform the communiqué that will be released at the end of the G20 summit. This final communiqué represents the formal joint decision of the participating heads of state and government.

    The G20 process is supplemented by the work of 13 engagement groups representing, for example, business, labour, youth, think tanks, women and civil society in the G20 countries. These groups look for ways to influence the outcomes of the G20 process.

    What is the G20 troika and how does it operate?

    The G20 does not have a permanent secretariat. Instead, the G20 president is responsible for organising and chairing the more than 100 meetings that take place during the year. The G20 has decided that this burden should be supported by a “troika”, consisting of the past, present and future presidents of the G20. This year the troika consists of Brazil, the past chair; South Africa, the current chair; and the US, the future chair.

    The role of the troika varies depending on the identity of the current chair and how assertive it wishes to be in driving the G20 process. It will also be influenced by how active the other two members of the troika wish to be.

    The troika helps ensure some continuity from one G20 year to another. This is important because there is a significant carryover of issues on the G20 agenda from one year to the next. The troika therefore creates the potential for the G20 president to focus on the issues of most interest to it over a three year period rather than just for one year.

    How successful has the G20 process been?

    The G20 is essentially a self-appointed group which has designated itself as the “premier forum for international economic cooperation”.

    The G20 was first brought together during the Asian financial crisis in the 1990s. At that time, it was limited to a forum in which ministers of finance and central bank governors could meet to discuss the most important international economic and financial issues, such as the Asian financial crisis.

    The G20 was elevated to the level of heads of state and government at the time of the 2008 global financial crisis.

    The G20 tends to work well as a cooperative forum when the world is confronting an economic crisis. Thus, the G20 was a critical forum in which countries could discuss and agree on coordinating actions to deal with the global financial crisis in 2008-9.

    It has performed less well when confronted with other types of crises. For example, it was found wanting in dealing with the COVID pandemic.

    It has also proven to be less effective, although not necessarily totally ineffective, when there is no crisis. So, for example, the G20 has been useful in helping address relatively technical issues such as developing international standards on particular financial regulatory issues or improving the functioning of multilateral development banks. On other more political issues, for example climate, food security, and funding the UN’s sustainable development goals, it has been less effective.

    There’s one less obvious, but nevertheless important, benefit. The G20 offers officials from participating countries the chance to interact with their counterparts from other G20 countries. As a result, they come to know and understand each other better, which helps foster cooperation between states on issues of common interest. It also ensures that when appropriate, these officials know whom to contact in other countries and this may help mitigate the risk of misunderstanding and conflict.

    These crisis management and other benefits would be lost if the G20 were to stop functioning. And there is currently no alternative to the G20 in the sense of a forum where the leading states in the world, which may differ on many important issues, can meet on a relatively informal basis to discuss issues of mutual interest. Importantly, the withdrawal of one G20 state, even the most powerful, should not prevent the remaining participants from using the G20 to promote international cooperation on key global challenges.

    In this way it can help manage the risk of conflict in a complex global environment.

    – The G20: how it works, why it matters and what would be lost if it failed
    – https://theconversation.com/the-g20-how-it-works-why-it-matters-and-what-would-be-lost-if-it-failed-251500

    MIL OSI Africa

  • MIL-OSI: Jones Healthcare and Technology Innovation Conference Announces Dr. Charity Dean as Keynote Speaker

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES and NEW YORK, March 07, 2025 (GLOBE NEWSWIRE) — The highly anticipated Jones Healthcare and Technology Innovation Conference is pleased to announce Dr. Charity Dean, CEO, Founder, and Chairman of PHC Global, as a keynote speaker for the event. Dr. Dean will join Eric F. Trump, Executive Vice President of The Trump Organization, to headline the conference, which will take place April 8-9, 2025, at The Venetian Resort in Las Vegas, Nevada. This premier event will bring together leading healthcare and technology companies, institutional investors, and opinion leaders to explore the latest trends and innovations shaping both industries.

    Throughout the two-day conference, participants will engage in expert-led panels, corporate presentations, fireside chats, and one-on-one meetings covering advancements in healthcare and technology. Attendees will gain insights into how these rapidly evolving sectors are driving innovation and creating new opportunities.

    “Dr. Charity Dean’s expertise in biosecurity and public health aligns perfectly with the mission of this conference—to showcase innovative solutions that are transforming healthcare and technology,” said Alan Hill, CEO of Jones. “Combined with Eric Trump’s insights from the world of business, the conference will provide attendees with a well-rounded perspective on innovation, leadership, and the future of both industries.”

    Moe Cohen, Head of Investment Banking at Jones, added, “We are proud to host a conference that highlights the latest advancements in healthcare and technology and facilitates connections that drive progress. With keynote speakers of this caliber, attendees can expect thought-provoking discussions that inspire forward-thinking solutions.”

    In addition, Biotech TV and FINTECH.TV will be onsite conducting interviews with participating companies throughout the conference, providing exclusive media coverage and capturing insights from industry leaders.

    If you are interested in attending, please contact your Jones representative to inquire about an invitation.

    For more information about the conference, sponsorship opportunities, or to register, please email mdoyle@jonestrading.com.

    About Jones:

    JonesTrading Institutional Services, LLC (“Jones”) is a leading full-service investment banking firm providing a comprehensive suite of services, including capital markets, M&A, and strategic advisory to corporate clients. The firm is dedicated to building lasting partnerships by delivering innovative solutions, deep industry expertise, and tailored strategies that drive value and success. Founded in 1975, Jones has established itself as the global leader in block trading and a premier liquidity provider to institutional investors. The firm’s offerings also include derivatives trading, outsourced trading, electronic trading, prime services, private markets trading, and research/market intelligence. Member FINRA and SIPC.

    For more information, please visit www.jonestrading.com

    Human Resources
    HR@jonestrading.com

    The MIL Network

  • MIL-OSI: Ändring av underliggande

    Source: GlobeNewswire (MIL-OSI)

    Ändring av underliggande

    Med anledning av Millicom International Cellulars kommande avnotering från Nasdaq Stockholm kommer Nordea den 17 mars 2025 ändra den underliggande tillgången för de certifikat som anges i [Bilaga A] till Millicom International Cellular, som är noterad på Nasdaq Global Select i USA. Som en följd av att den nya underliggande tillgången är noterad i USA kommer handelstiderna ändras från 09.00-17.25 till 15.30-21.55 och Nordea gör följande övriga ändringar i de slutliga villkoren för de berörda certifikaten:

    Fält Ändras från Ändras till
    Valuation Time 17.30 CET 22.00 CET
    Underlying Asset ISIN SE0001174970 LU0038705702
    Reference Price and Currency SEK USD
    Reference Source NASDAQ NASDAQ Global Select
    Base Rate STIBOR SOFR
    Relevant Screen Page STISEKTNDFI= SOFRRATE Index
    Translation Rate Not Applicable Applicable
    Cross Rate Not Applicable Applicable
    Crossing Currency Exchange Rate Not Applicable EUR
    Exchange Rate Reference Source Not Applicable Bloomberg
    Exchange Rate Reference Time Not Applicable 18.00 CET

    De berörda certifikaten har utfärdats enligt Nordea Bank Abp:s grundprospekt daterade den 18 December 2019,16 December 2022 respektive 15 december 2023. Ändringarna görs med stöd av Nordeas rätt enligt grundprospekten att ändra de slutliga villkoren vid extraordinära händelser, såsom en avnotering.

    Valutakonvertering kommer ske med valutakurs från 18.00 den 17 mars 2025.

    Attachment

    The MIL Network

  • MIL-OSI Global: Knocking down abandoned buildings has a lot of benefits for Detroit − but it’s costly for cities

    Source: The Conversation – USA – By Mark Skidmore, Professor of Government Finance and Policy, Michigan State University

    Detroit has knocked down more than 20,000 homes since 2014. The process continues. Patrick Gorski/NurPhoto via Getty Images

    Few cities have experienced a sharper economic change of fortune than Detroit.

    It was one of the fastest-growing cities in the nation between 1900 and 1950.

    In the nearly 75 years since then, it has lost over 60% of its population, becoming the defining example of a postindustrial city in decline.

    Chronic population loss creates a significant mismatch in the housing market. An ongoing reduction in the demand for housing leads to an oversupply of vacant properties. Vacant properties can quickly deteriorate due to neglect, arson, vandalism and crime.

    Shuttered and repossessed homes line the streets of a middle-class neighborhood on the East side of Detroit.
    Charles Ommanney via Getty Images

    Rehabilitating abandoned and neglected properties is often not possible. It can take just a few years for vacant homes to transition from being habitable to blighted. What should policymakers do with the growing unwanted inventory?

    One option is to do nothing and wait for real estate developers to clean up the parcels and hopefully rebuild.

    In the absence of private sector action, which often fails to take hold, city officials may implement policies to remove blighted properties and stabilize neighborhoods. That’s what Detroit has been doing since 1974. As a result, 17% of the city’s land area is now composed of vacant land where houses once stood.

    As a group of economists who study municipal finance of cities experiencing population decline, we took a deep look at the success of razing blighted properties in Detroit.

    Detroit removes thousands of blighted homes

    Between 2014 and 2019, the city demolished 20,800 blighted properties through the Detroit Demolition Program. The heaviest concentration of demolitions occurred in the lowest-valued areas of the city such as the Brightmoor, Burbank and Midwest neighborhoods.

    Location of demolitions and property sales prices in Detroit from 2009 to 2019. The heaviest concentration of demolitions occurred in the lowest-valued areas of the city, as shown in red and orange.
    Alvayay Torrejón, Paredes, Skidmore (2023), CC BY-NC-ND

    From 2014 to 2019, many of the demolitions were funded by the federal government’s Hardest Hit Fund. The goals of the fund are to help reduce homeowner foreclosures and stabilize neighborhoods. This fund spent US$52 million tearing down homes in Detroit.

    As with any government intervention, it is critical to evaluate costs and benefits so leaders can be sure they are implementing the most effective revitalization strategy.

    Costs and benefits of demolition

    Research demonstrates that demolitions not only eliminate blight, they also stabilize neighborhood housing values, improve property tax compliance, reduce crime and eliminate toxic materials such as asbestos and lead paint.

    From the perspective of city finances, the success of razing a property can be assessed in two ways.

    First, does it increase the value of nearby properties? A study that two of us published in 2017 answered this question in the affirmative: Tearing down an abandoned building in Detroit does increase the value of nearby properties by a small amount: $162.

    Second, how do changes in the value of those nearby properties affect Detroit’s property tax revenue? If property values increase, property taxes increase too, so it is possible to calculate how long it takes for the city to recoup its costs. On average, demolishing a blighted structure in Detroit costs $21,556.

    In the case of Detroit during the period examined, our research shows the benefits of the program in terms of increased property values are limited and do not fully cover the demolition costs.

    Even if you optimistically assume the benefits of demolition extend to properties as far as about 2½ blocks away, the increase in property tax revenue generated from the demolition is too small to cover demolition costs.

    To understand why, imagine drawing a circle around the razed property with a radius of about 0.125 miles, which is how we defined 2½ city blocks, and then examining the change in property value and tax revenue of the properties within the circle. While removing a blighted property is a win in many other ways, it doesn’t have much effect on neighboring home values.

    Our findings indicate that vacant lots also have a negative effect on the property values of surrounding homes. For example, for homes within 2½ city blocks, the net effect of a demolition without redevelopment is an increase in neighboring home prices of $162. In this case, it would take 50 years for money collected via property taxes to equal the costs of demolition. It’s hard to say what happens if the lot is redeveloped because so few are.

    If you measure the effect using smaller rings around the razed property, full cost recovery times get even longer.

    State and federal assistance

    Yet over the long run, these demolitions are essential for maintaining quality of life and positioning the city for future redevelopment. Some would argue that it is the role of government to pay for programs like this in struggling cities. Under President George W. Bush, for example, the U.S. Department of Housing and Urban Development implemented the Neighborhood Stabilization Program, which included funds for the demolition of blighted structures.

    The federal Hardest Hit Fund covered many of the demolitions in Detroit from 2014 to 2019. When that program ended, city voters showed their enthusiasm for removing blighted properties by approving Proposal N, a $250 million Detroit-funded plan to continue the demolition program.

    However, additional property taxes to cover demolition costs may further put the city at competitive disadvantage in the region, nationally and globally. Detroit already has among the highest property taxes in the country.

    Allowing the state to foot the bill would keep property taxes affordable, but support for such programs is mixed in the state Capitol in Lansing due to resource constraints and the fact that other Michigan cities such as Flint have also struggled with declines in population.

    Lessons learned from Detroit’s razing

    Detroit and other postindustrial American cities such as Cleveland, Ohio, and Gary, Indiana, have experienced population declines in recent decades, but these challenges are by no means exclusively a United States phenomenon.

    Throughout history, cities such as Rome have experienced enormous drops in population. Paris lost population in medieval times. Some ancient cities such as Carthage and Petra have been fully abandoned.

    In the coming years, Japan, Korea and a number of European countries are on track to experience significant population decline. Many resource-dependent cities in China have the same problem.

    That means lessons learned from Detroit may be helpful to policymakers in other places. Many leaders in Detroit did not imagine that the population would decline over decades, and they didn’t plan for that happening.

    Other cities have an opportunity to prepare. They can start by diversifying their economies and city revenue streams so that government has the funding to step in and ensure that quality of life is maintained as population shrinks.

    Mark Skidmore receives funding from the Lincoln Institute of Land Policy.

    Camila Alvayay-Torrejon receives funding from Lincoln Institute of Land Policy.

    Dusan Paredes Araya receives funding from Lincoln Institute of Land Policy.

    ref. Knocking down abandoned buildings has a lot of benefits for Detroit − but it’s costly for cities – https://theconversation.com/knocking-down-abandoned-buildings-has-a-lot-of-benefits-for-detroit-but-its-costly-for-cities-248994

    MIL OSI – Global Reports

  • MIL-OSI Global: The G20: how it works, why it matters and what would be lost if it failed

    Source: The Conversation – Africa – By Danny Bradlow, Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria

    South Africa took over the presidency of the G20 at the end of 2024. Since then the world has become a more complex, unpredictable and dangerous place. The most powerful state in the world, the US, seems intent on undermining the existing order that it created and on demonstrating its power over weaker nations. Other influential countries are turning inward.

    These developments raise concerns about how well mechanisms for global cooperation, such as the G20, can continue to operate, particularly those that work on the basis of consensual decision making. Danny Bradlow sets out how the G20 works, and what’s at stake.

    What’s the G20’s purpose?

    The G20 is a forum in which the largest economies in the world meet regularly to discuss, and attempt to address, the most urgent international economic and political challenges. The group, which includes both rich and developing countries, accounts for about 67% of the world’s population, 85% of global GDP, and 75% of global trade.

    The G20, in fact, is a misnomer. The actual number of G20 participants in any given year far exceeds the 19 states and 2 international entities (the European Union and the African Union) that are its permanent members. Each year they are joined by a number of invited “guests”. While there are some countries, for example Spain and the Netherlands, that are considered “permanent” G20 guests, the full list of guests is determined by the chair of the G20 for that year. This year, South Africa has invited 13 countries, including Denmark, Egypt, Finland, Singapore and the United Arab Emirates. They are joined by 24 invited international organisations such as the International Monetary Fund, the World Bank and the United Nations and eight African regional organisations, among others.

    The G20 should be understood as a process rather than a set of discrete events. Its apex is the annual leaders’ summit at which the participating heads of state and government seek to agree on a communiqué setting out their agreements on key issues. These agreements are non-binding and each of the participating states usually will implement most but not all the agreed points.

    The communiqué is the outcome of a two track process: a finance track, consisting of representatives of the finance ministries and central banks in the participating counties, and a “sherpa” track that deals with more political issues. In total these two tracks will involve over 100 meetings of technical level officials and policymakers.

    Most of the work in each track is done by working groups. The finance track has seven working groups dealing with issues ranging from the global economy and international financial governance to financial inclusion and the financing of infrastructure. The sherpa track has 15 working groups dealing with issues ranging from development and agriculture to health, the digital economy, and education.

    The agenda for the working group meetings is based on issues notes prepared by the G20 presidency. The issues notes will discuss both unfinished business from prior years and any new issues that the president adds to the G20 agenda.

    The working group chairs report on the outcomes of these meetings to the ministerial meetings in their track. These reports will first be discussed in meetings of the deputies to the ministers. The deputies will seek to narrow areas of disagreement and sharpen the issues for discussion so that when they are presented at the ministerial meeting the chances of reaching agreement are maximised.

    The agreements reached at each of these ministerial meetings, assuming all participants agree, will be expressed in a carefully negotiated and drafted communiqué. If the participants cannot agree, the minister chairing the meeting will provide a chair’s summary of the meeting. These documents will then inform the communiqué that will be released at the end of the G20 summit. This final communiqué represents the formal joint decision of the participating heads of state and government.

    The G20 process is supplemented by the work of 13 engagement groups representing, for example, business, labour, youth, think tanks, women and civil society in the G20 countries. These groups look for ways to influence the outcomes of the G20 process.

    What is the G20 troika and how does it operate?

    The G20 does not have a permanent secretariat. Instead, the G20 president is responsible for organising and chairing the more than 100 meetings that take place during the year. The G20 has decided that this burden should be supported by a “troika”, consisting of the past, present and future presidents of the G20. This year the troika consists of Brazil, the past chair; South Africa, the current chair; and the US, the future chair.

    The role of the troika varies depending on the identity of the current chair and how assertive it wishes to be in driving the G20 process. It will also be influenced by how active the other two members of the troika wish to be.

    The troika helps ensure some continuity from one G20 year to another. This is important because there is a significant carryover of issues on the G20 agenda from one year to the next. The troika therefore creates the potential for the G20 president to focus on the issues of most interest to it over a three year period rather than just for one year.

    How successful has the G20 process been?

    The G20 is essentially a self-appointed group which has designated itself as the “premier forum for international economic cooperation”.

    The G20 was first brought together during the Asian financial crisis in the 1990s. At that time, it was limited to a forum in which ministers of finance and central bank governors could meet to discuss the most important international economic and financial issues, such as the Asian financial crisis.

    The G20 was elevated to the level of heads of state and government at the time of the 2008 global financial crisis.

    The G20 tends to work well as a cooperative forum when the world is confronting an economic crisis. Thus, the G20 was a critical forum in which countries could discuss and agree on coordinating actions to deal with the global financial crisis in 2008-9.

    It has performed less well when confronted with other types of crises. For example, it was found wanting in dealing with the COVID pandemic.

    It has also proven to be less effective, although not necessarily totally ineffective, when there is no crisis. So, for example, the G20 has been useful in helping address relatively technical issues such as developing international standards on particular financial regulatory issues or improving the functioning of multilateral development banks. On other more political issues, for example climate, food security, and funding the UN’s sustainable development goals, it has been less effective.

    There’s one less obvious, but nevertheless important, benefit. The G20 offers officials from participating countries the chance to interact with their counterparts from other G20 countries. As a result, they come to know and understand each other better, which helps foster cooperation between states on issues of common interest. It also ensures that when appropriate, these officials know whom to contact in other countries and this may help mitigate the risk of misunderstanding and conflict.

    These crisis management and other benefits would be lost if the G20 were to stop functioning. And there is currently no alternative to the G20 in the sense of a forum where the leading states in the world, which may differ on many important issues, can meet on a relatively informal basis to discuss issues of mutual interest. Importantly, the withdrawal of one G20 state, even the most powerful, should not prevent the remaining participants from using the G20 to promote international cooperation on key global challenges.

    In this way it can help manage the risk of conflict in a complex global environment.

    Danny Bradlow, in addition to his position at the University of Pretoria, is working as a G20 senior advisor to the South African Institute of International Affairs and is co-chair of the T20 Taskforce on Financing of Sustainable Development.

    ref. The G20: how it works, why it matters and what would be lost if it failed – https://theconversation.com/the-g20-how-it-works-why-it-matters-and-what-would-be-lost-if-it-failed-251500

    MIL OSI – Global Reports

  • MIL-OSI USA: Disaster Recovery Centers Open in Letcher, Owsley Counties

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Centers Open in Letcher, Owsley Counties

    Disaster Recovery Centers Open in Letcher, Owsley Counties

    FRANKFORT, Ky — Disaster Recovery Centers are open in Letcher and Owsley counties in areas affected by the February floods. Disaster Recovery Centers, operated by the Kentucky Division of Emergency Management and FEMA, offer in-person support to survivors in declared counties as the result of severe storms, straight-line winds, flooding, landslides and mudslides from February. OWSLEY COUNTYOwsley County Recreation Center, 99 County Barn Road, Booneville, KY 41314LETCHER COUNTYLetcher County Recreation Center, 1505 Jenkins Road, Whitesburg, KY 41848All Disaster Recovery Centers operate from 7 a.m. to 7 p.m. ET Monday through Saturday and 1 to 7 p.m. ET on Sundays, unless otherwise noted. FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs. The deadline to apply for federal assistance is April 25, 2025.Other centers are open in the following locations:PIKE COUNTYPike Public Library, 126 Lee Ave., Pikeville, KY 41501Belfry Public Library, 24371 US-119 North, Belfry, KY 41514PERRY COUNTYHazard Community College, 1 Old Community College Drive, Hazard, KY 41701MARTIN COUNTYMartin County Library, 180 E Main Street, Inez, KY 41224KNOTT COUNTYKnott County Sports Complex, 450 Kenny Champion Loop #8765, Leburn, KY 41831FLOYD COUNTYFloyd County Board of Education, 442 KY-550, Eastern, KY 41622Additional Disaster Recovery Centers will open across the Commonwealth disaster area in the coming days. In addition to FEMA personnel, representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U.S. Small Business Administration (SBA) will be available at the recovery centers to assist survivors.You do not need to visit a center to apply with FEMAIf you are unable to visit the center, there are other ways to apply: you can apply online at DisasterAssistance.gov, by calling 800-621-3362, or by using the FEMA mobile app. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service.When you apply, you will need to provide:A current phone number where you can be contacted.Your address at the time of the disaster and the address where you are now staying.Your Social Security Number. A general list of damage and losses.Banking information if you choose direct deposit. If insured, the policy number or the agent and/or the company name.The first step to receive FEMA assistance is to apply. There are four ways to apply: visit DisasterAssistance.gov, download the FEMA App, visit a Disaster Recovery Center or call the toll-free FEMA Helpline at 800-621-3362. The phone line is open daily from 7 a.m. to midnight ET, and help is available in most languages. The deadline to apply for assistance for flooding is April 25, 2025. For an accessible video on how to apply for FEMA assistance, go to youtube.com/watch?v=WZGpWI2RCNw.For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860. Follow the FEMA Region 4 X account at x.com/femaregion4. 
    sarah.cleary
    Thu, 03/06/2025 – 20:19

    MIL OSI USA News

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Imperial Urban Co-operative Bank Ltd, Jalandhar – Extension of Period

    Source: Reserve Bank of India

    The Reserve Bank of India, vide directive CDG.DOS.RSG.No.S1645/16-03-046/2022-2023 dated March 09, 2023, had placed Imperial Urban Co-operative Bank Ltd, Jalandhar – under Directions from the close of business on March 10, 2023, for a period of six months up to September 10, 2023, the validity of which was last extended up to close of business on March 10, 2025 vide directive DOR.MON/D-79/12.28.319/2024-25 dated December 05, 2024.

    2. The Reserve Bank of India, in exercise of the powers vested in it under subsection (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank further for a period of three months from close of business on March 10, 2025 to close of business on June 10, 2025, as per the directive DOR.MON/D-103/12.28.319/2024-25 dated March 05, 2025, subject to review.

    3. The extension of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2336

    MIL OSI Economics

  • MIL-OSI Economics: RBI approves the voluntary amalgamation of Jawahar Sahakari Bank Ltd., Hupri with Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd

    Source: Reserve Bank of India

    The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Jawahar Sahakari Bank Ltd., Hupri with Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd. The Scheme has been sanctioned in exercise of the powers conferred under sub-section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The Scheme will come into force with effect from March 10, 2025 (Monday). All the branches of Jawahar Sahakari Bank Ltd., Hupri, will function as branches of Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd., with effect from March 10, 2025.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2337

    MIL OSI Economics

  • MIL-OSI Asia-Pac: Text of the Vice-President’s address at the inaugural ‘Murli Deora Memorial Dialogues’ (Excerpts)

    Source: Government of India (2)

    Posted On: 06 MAR 2025 10:30PM by PIB Delhi

    We had such a feast, both of governance and leadership. Shinde Ji, you have stolen the thunder. I am wonderstruck whether I can add anything. I may only repackage it. I recall every moment I spent with Shinde Ji, but more when me and my wife, went to his residence and had the good fortune to perform puja.

    His address is remarkably relevant, full of depth, assessment of contemporary scenario and challenges. He speaks of spinal experience he has gained from worker to leader and a leader is always a leader. It doesn’t matter in a cricket team you play at which number.

    I am absolutely elated that a leader has such a sacrificial attitude. My congratulations to you.

    We have amongst us, Shrimati Hema Deora Ji. I was greatly touched because she is privy to the hand holding which I received as a young parliamentarian from Shri Murli Deora Ji. I was elected to Parliament in 1989 and that was a big change. Congress had lost power and I was a Union Minister. He was a congressman. He took me to then Bombay, now Mumbai, and he helped me and introduced me to people who matter in industry and in the Marwadi community. When she revealed this briefly I had vivid recollection of those days. A man of sterling qualities, Murli Deora Ji. Ma’am your presence matters to us. I’m sure you will have the good occasion to see your son perform in Rajya Sabha. Eknath Shinde Ji has sent a jewel to Rajya Sabha. He marks his addresses with due diligence, thorough study, calm and composed. I’m sure you’ll be in Chairman’s Gallery to applaud him someday.

    We have amongst us distinguished Members of Parliament. Though the audience is absolutely very imminent and each one of you matters to me hugely but I don’t believe in taking risks. Therefore I must recognise presence of Members of Parliament. One on the dais, Shri Milind Deora Ji. A stalwart of politics in the State and the Nation, Shri Ashok Chauhan Ji. Shri G.K. Vasan Ji, whose father had handheld me in a similar manner as Murli Deora Ji. Young, energetic, youthful, but in third term, Shrikant Shinde Ji. I hope I don’t miss any parliamentarian otherwise, I may suffer at their hands

    Shri Raghavendra Singh, President Kotak Mahindra Bank is energy capsule has great administrative capacities, but what I gather from him, having known him, for the third generation, is full of positivity. I must recognize presence of some who are present here, Shri Ashok Hinduja Ji is here, We have Shri Uday Kotak Ji.

    I’ll come to Amrita Ji a little later because she is much beyond the spouse of the Chief Minister for me. His Holiness Syedna Sahab Ji.

    Shri Gauranga Das, Shri Gaur Gopal Das, they both are from ISCON. People in Industry, Shri Pranav Adani, Shri Neeraj Bajaj, Mr. Jalas Dhani, and let me tell you, everyone who is present here, I am greatly indebted, but never miss a journalist if he is your friend. You may suffer at his hands forever. I am referring to none other than Sanjay Pugalia, whom I have known for more than four decades. We had such a wonderful cricket match and India is in the finals so why not remember Surya Kumar Yadav? He’s known as Mr. 360 degrees

    Now, Amrita ji. Amrita ji, you have created a problem for me because of a condition I set for Devendra Fadnavis, that I will receive him at Upa-Rashtrapati Niwas as only if he is accompanied by Amrita ji. Every time he makes excuse, please ensure. I would love to receive both of you at Upa-Rashtrapati Niwas, where I have had the great occasion to receive Shinde Ji.

    Now, ladies and gentlemen, I come to the inaugural lecture.

    It is an absolute honour and privilege to deliver the Murli Deora Memorial Lecture Dialogue, dedicated to one of the finest public figures in politics, who nurtured friendships all his life. He bridged the differences and was loved by all. In his life, he missed one thing. He had no adversaries that was his stature. Murali bhai, as fondly reminisced by his peers, exemplified public spirit and dedication.

    He was a statesman in the mould of a politician, a rare blend of foresight and pragmatism. From being the youngest mayor of Bombay, now Mumbai, to serving seven terms in Parliament, he showed deep commitment to democratic values and public service. His belief in dialogue, debate, discussion, deliberation, consensual approach, cooperative approach, coordination, are being missed now.

    Murli Deora will always be remembered for his proactive efforts to save the country from the hazards of smoking. He approached the highest Court of the land, sought affirmative intervention to secure a ban on smoking at public places. Life of Murli Deora Ji was a testament to the idea of leadership, that this idea is not a pedestal but a pilgrimage, a journey of service to the last, the least and the lonely.

    I commend, ladies and gentlemen, Milind Deora, a senior parliamentarian, former Union Minister, and his friends for organising this annual feature as a befitting tribute to Murli Ji. The theme “Leadership and Governance” is indeed thought provoking as also of great contemporaneous relevance.

    Bharat, home to one sixth of humanity, is the oldest, largest and most vibrant and functional democracy. Bharat is the only Nation in the world that has constitutionally structured democratic institutions from village to National level.

    First, I focus on the source of Governance in Democracy. Our Constitution’s Preamble indicates ‘We The People’ as the foundational source and premise of Governance. Preamble of the Constitution also reveals purpose of governance being Justice, Equality, Fraternity for all.  We must appreciate the contours of ‘We The People’  the ultimate repository of sovereignty. A sovereignty that we cannot afford to dilute or to be taken away.

    We the people through electoral platforms constitute Parliament, Legislatures, panchayats, municipalities and elect the President and the Vice- President. The sanctity of this repository of sovereignty is essential for democratic governance. Imagine what will befall us if we are deprived of our sovereignty. The integrity of ‘We the People’ in the present times is being stressed and challenged and the challenge is surfacing in multiple ways. Leadership faces a daunting task to preserve and sustain this.

    Let me advert to some worrying trends. There are many, I am referring only to some. The Nation houses millions of illegal migrants causing a demographic upheaval. Millions of illegal migrants are in this country making a huge demand on our health services, education services. They are depriving our people of employment opportunities. Such elements have alarmingly secured electoral relevance in some areas and their securing electoral relevance is shaping the essence of our democracy. Emerging dangers can be evaluated through historical reference where Nations were swept off their ethnic identity by similar demographic invasions.

    As a matter of fact there are countries where demographic invasion resulted in complete eclipse of ethnicity where ethnicity was in complete majority.

    Ladies and gentlemen, this malaise, far more severe than COVID, is aggravatingly intersected with conversions through allurements, with vulnerable sections trying to be trapped, the marginalised, the tribal, the weaker become easy prey to these temptations and allurements.

    Faith is your own, faith is dictated by conscience. The Indian constitution gives freedom of faith but if this faith is held hostage by temptations, it is according to me, defacing freedom of faith. The concerning objective behind these pernicious designs is to detrimentally vary and ultimately eclipse ‘We the people’s’ identity and secure for themselves a majoritarianism position. I’m sure no one will disagree. This danger has to be thwarted.

    This is too serious an onslaught to be either countenanced or overlooked. Just reflect for a moment the change that has taken place in our demography in the last two decades. Look at some of the areas where impregnable fortresses emerged.

    The theme “Leadership and Governance” is indeed thought provoking as also of great contemporaneous relevance.

    Bharat, home to one sixth of humanity, is the oldest, largest and most vibrant and functional democracy. Bharat is the only nation in the world that has constitutionally structured democratic institutions from village to national level.

    First, I focus on the source of Governance in Democracy. Our Constitution’s Preamble indicates ‘We The People’ as the foundational source and premise of Governance. The Preamble of the Constitution also reveals purpose of governance being Justice, Equality, Fraternity for all.  We must appreciate the contours of ‘We The People’ – the ultimate repository of sovereignty.

    A sovereignty that we cannot afford to dilute or to be taken away.

    The power of ‘We the people’ cannot suffer any sacrilege or dilution. Leadership must engage in overdrive, generating National consensus to preserve the sanctity of ‘We the people’ and work in togetherness, in tandem, to neutralise all misadventures against it.

    ‘We The People’ faces onslaughts from within and without. Forces inimical to Bharat have converged to systemically weaken nationalistic spirit. Constitutional institutions face orchestrated public ridicule as part of political strategy. Even the Presidency isn’t spared. Tarnishing institutions, especially on foreign land, is against our culture, is against our national interest.

    Every citizen has the power of social media. I beseech everyone in the interest of this country to be alive to these trends and make contributions. Anti-national narratives gain evil-inspired momentum. Misinformation aimed at destabilising the nation is rising.

    We had the painful occasion to see it during COVID. The pandemic that shook the world, then a nation of over 1.3 billion faced it by innovative mechanisms initiated by the Prime Minister and it was successfully handled. The entire global fraternity, as I call it, in Bharat, while tackling pandemic at home, lent assistance to hundreds of other countries. But some amongst us did not spare any effort to run us down. Such category of people who are recipe for chaos need to be exposed. Leadership must navigate this challenge through citizens’ mindset response.

    Friends, Bharat is a global beacon of inclusivity and thrives with unity in diversity. This calls for all to prioritise nation first. Commitment to nationalism marks freedom and democracy.

    No interest, partisan, economic, or personal, can justifiably be the ground to compromise national interest.

    Ladies and gentlemen, Issues of constitutional clarity, whether Constitution is categorical, our founding fathers have given us the path. On issues like language, common civil code, seats of divisions are being sown. The response of the government emanates from constitutional

    prescriptions.

    We have to work in overdrive to see that these issues that are premised on our Constitution are not politicised to the detriment of the Nation.

    Leadership must seek national consensus and public awareness to sensitize people of the dangers that are inherent in such approaches. India’s civilizational ethos offer a rich repository of leadership principles that predate modern governance theories by millennia.

    Our Vedic knowledge offers insight for leadership. Leadership in public life requires vision, character, and commitment to nationalism. We have seen what wonders visionary leadership can do in the last 10 years. The nation has navigated from a disturbed scenario of gloom to one of hope and possibility.

    We must always remember, ladies and gentlemen, we are the land of Vedas, Upanishads, Ramayan, Mahabharat, Srimad Bhagavad Gita and the wisdom therein guides us all throughout.

    The Bhagvad Gita provides timeless leadership lessons through Lord Krishna’s counsel to Arjuna.

    “यद्यदाचरति श्रेष्ठस्तत्तदेवेतरो जनः।

    स यत्प्रमाणं कुरुते लोकस्तदनुवर्तते॥”

    “Whatever a great man does, others follow. Whatever standard he sets by his exemplary acts, the world pursues.”

    This verse underscores the profound responsibility of leaders, because they are naturally taken as torchbearers, role models whose actions shape the course of the society.

    But a challenge that is coming to society from these people is very dangerous. An informed mind, having held credible positions, trades on the ignorance of people to monetise politically. And that happened on many occasions in the last ten years. People in authority, who presided over our financial institutions for long, had no qualms in indicating to the world that India can never register economic rise beyond 5%. And we had one and a half times of that, that very year. On such matters, ladies and gentlemen, our memory should not be short.

    Kautilya’s Arthashastra, perhaps the world’s earliest comprehensive treatise on statecraft and governance, offers sophisticated insights on leadership.

    I quote “The king shall consider as good not what pleases himself but what pleases his subject.”

    This ancient wisdom resonates with modern governance principles, where true leadership transcends self-interest to embrace collective welfare. We all have seen this development. We need to continue it.

    Let us reflect on what is there in our civilisational essence and ethos. Vasudhaiva Kutumbakam, Sarvajan Hitaaya, Sarvajan Sukhaaya.

    These are the twin pillars of governance from our scriptures, and look at how it translated for the entire world to know. During India’s presidency of G20, one earth, one family, one future, this was universally accoladed and accepted.

    Friends, democracy flourishes with expression and dialogue. Abhivyakti or samvad are its jewels. One is incomplete without the other. Expression complements dialogue and the other way round. If you believe in the right of expression without taking note of the dialogue, then you miss the point. In the process you indicate, I alone am right, to the exclusion of every other thought. And that is why we have emanated from our scriptures, Anantavada. This is essential. Inalienable facet of good governance, judgemental response to different viewpoints, differing viewpoints, a point that is different than yours, reflects absolutism. And absolutism has no place in democracy. Democracy requires consensual approach.  The other point of view must be considered. And there should be an effort for convergence to an agreed viewpoint.

    Constituent Assembly debates exemplify this approach. For little less than three years, in 18 sessions, Constituent Assembly deliberated very contentious issues, very divisive issues that took recourse to dialogue, debate, discussion, and deliberation.

    There never was an occasion for disruption or disturbance but when we find such a big change taking place. Disruption is being weaponized as a political strategy to make Parliament or legislatures dysfunctional. This does not augur well for the health of democracy and in some situations, it will pronounce death knell of democracy. If these temples of democracy do not perform constitutional ordainment, then people in the country are bound to be concerned and worried.

    I, as Chairman of the Council of States, express my deep anguish. And I appeal to people at large, academia, intellectuals, those in business, trade, commerce and industry, those in media, public servants, to create a mindset to put pressure on Parliamentarians and representatives. You perform because there can be no vacuum in democracy. If the legitimate platform of debate is dysfunctional. People will take to the streets. They have to voice their concerns in one way or the other.

    Ladies and gentlemen, coming to another challenge. Last 10 years, the nation has witnessed exponential economic upsurge, phenomenal infrastructural growth, deep digitization, technological penetration, unknown before. Global institutions are accommodating Bharat as a favorite destination of investment and opportunity. The rural landscape has been revolutionized with every house having toilet, electric connection, pipe water is on the way, gas connection, road connectivity, health and education centers. And people therefore have gravitated to politics of development as indicated by Eknath Shinde Ji. In that scenario, this phenomenal success story during the last 10 years brings with it a great challenge. On one hand, no nation in the world has this kind of growth as Bharat has had in the last 10 years.

    India at the moment on account of this growth is the most aspirational nation in the world. Imagine a country of 1.4 billion with that kind of demographic dividend getting into aspirational mode. The leadership has to perform at rocket speed. Because there can be restiveness, restlessness. And therefore I call upon every person, do not look at the government alone. Your opportunity basket is flattening every day, blossoming. When you look at surface of the sea, or deep sea, or ground surface, or deep ground, or sky, or space.

    India’s performance has increased your participation. Blue economy or space economy, you can take to that area.

    Good governance requires that we prevent problems, we preempt problems. It is not merely solving a problem. We must have a full diagnosis. Why should a problem be there at all? Real-time delivery is quintessential.

    There was a time not long ago when power corridors were infested with lies and agents, corrupt elements, who extra-legally leveraged decision-making. Patronage was the password for a contract or a job. But on account of introduction of technology, expedition service delivery, transparent and accountable mechanism. These power corridors now are fully sanitised. The world is looking to India for generating transparency, accountability, quick service delivery, people-centric policies in their countries

    Ladies and gentlemen, I see one concern, and that concern is across the political spectrum. There is emergence of a new strategy, and the strategy is of appeasement or being placatory.

    Now, election is important in Democracy but not the end of it. Our scriptures have indicated means are as important as the end.

    And the governments, we are in a state where financial position is very strong. The financial capital of the country, a global center for business and trade, but some governments that took recourse to this appeasement and placatory mechanisms are finding it very difficult to sustain in power, but one consequence is very categorical and those in economics know it.

    We have stalwarts of economics sitting here and that is if there is excessive spending on electoral promises, then the state’s ability to invest in infrastructure is correspondingly reduced. This is detrimental to the growth scenario.

    And therefore, I would call upon leadership of all political parties in the interest of democratic values to generate a consensus that engages into such kind of electoral promises that can be performed only at the cost of CAPEX expenditure of the state.

    I should not be misunderstood, ladies and gentlemen, because while the Indian Constitution has given us right of equality, it does provide in Article 14, 15 and 16 an acceptable category of affirmative governance, affirmative action, the reservation for SC, ST, for those who are in the economically weaker section. That is sanctified.

    There are exceptional situations for rural India, for the farmer, where affirmative steps are required to be taken. But this is very distinct from the other aspects I was talking about. This is not placatory or appeasing. It is justifiable economic policy. And therefore, it is good leadership that can take a call, where to draw the line in the fiscal sense in the matter of political foresight and leadership spine.

    There is another aspect on which we need to focus. National debate is required so that we take note of the shift from Democracy to Emocracy. Emotion-driven policies, emotion-driven debates, discourses threaten good governance. Historically, populism is bad economics. And once a leader gets attached to populism it is difficult to get out of the crisis. And therefore, the central factor has to be the good of the people, the largest good of the people, and the lasting good of the people. Empower people to empower themselves rather than empower them momentarily, because that affects their productivity.

    Our institutions are very critical. Our institutions must continue to be relevant. Political leadership must address declining relevance of institutions due to disruption and divisive politics. We have an example before us, as I said earlier. We have the legacy of our Constitution being negotiated through dialogue without acrimony. Today’s leaders should consult this spirit.

    Parliament is much beyond ideological discourse. Its democracy is a temple where discussions should focus on progress and people’s welfare. Sliding parliamentary institutions into irrelevance is a challenge to democracy and our existence. It is worrisome when disruption and disturbance are weaponised, as I said. A dysfunctional Parliament, particularly in Bharat, that is the world’s oldest, largest, and most vibrant democracy, is injustice to the people. Our people deserve much better from our parliamentarians.

    From this sacred place, I urge parliamentarians and legislators to soul-search. Democracy cannot function when expression and dialogue are compromised, while citizens must hold representatives accountable. For eternal vigilance remains freedom’s price. Institutional perimeters must be maintained. Judicial overreach into executive governance disrupts democratic values. I do not mean to reflect more on it, but I affirm governance is the sole prerogative of the executive and this is premised because executive is accountable to the people, to the legislature, every five years or before, the executive has to go to the people to get their approval. And every action taken by the executive is amenable to legislature intervention but if this executive function is performed by any other institution, including judicial, it will be difficult to look for accountability and, furthermore the wherewithal, the information, the database, that help arrive at a decision cannot be available at other institutions other than the executive.

    Leadership is purpose driven and not position of power. It has been said in Upanishad. The Ishavasya Upanishad ईशवस्य उपनिषद counsels: “तेन त्यक्तेन भुञ्जीथाः” (Ten Tyakten bhunjitha)– “Enjoy through renunciation.”

    Our leaders will have to embrace this philosophy. Selfless service in governance by blending India’s timeless wisdom with today’s needs create Tagore’s vision. Rabindranath Tagore has said, I tread where mind is without fear and head is held high.

    “सत्यमेव जयते नानृतम्”, which emanates from Mundaka Upanishad, it says, truth alone must survive and nothing else. The Rig Veda, moving together in harmony principle, must be our North Star.

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    JK/RC/SM

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