NewzIntel.com

Category: Banking

  • MIL-OSI USA: Trump’s Systemic Takedown of CFPB is Making U.S. Consumers Less Safe & Increasing Financial Risks for Military Families and Veterans

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC — Despite the fact that the Consumer Financial Protection Bureau (CFPB) has returned over $21 billion to American consumers who were ripped off by abusive and illegal financial activity since 2011, the Trump Administration is working to dismantle the watchdog agency. 

    The Trump White House has moved to dismiss the agency’s entire workforce, canceled the lease for the agency’s headquarters, suspended supervision of big banks, and dismissed open-and-shut cases against predatory lenders for deceiving consumers into paying usurious interest rates.  Two weeks ago, President Trump said in the Oval Office that his goal is for the CFPB to “be totally eliminated.”  Billionaire tycoon Elon Musk—a White House employee who donated $288 million to Trump’s 2024 campaign could personally benefit from rolling back the CFPB’s oversight capabilities— proposed “deleting” the agency.

    U.S. Senator Jack Reed (D-RI) says millions of Americans are more likely to be scammed and ripped off by junk fees after the Trump Administration took recent steps to incapacitate the CFPB, which was set up after the last major financial crisis.  And Reed, who created CFPB’s Office of Servicemember Affairs to help protect military families from financial fraud, says the Trump Administration’s efforts to dismantle the CFPB increase financial risks to service members.

    “Apparently the Trump-Musk administration thinks consumers never get the short end of the stick from unscrupulous businesses, but that’s not the experience of families.  Billionaires don’t have to worry about having enough money to pay the mortgage and feed their kids, but the vast majority of Americans do.  The CFPB exists so that every American has a strong consumer watchdog looking out for their financial well-being, preventing scams, stopping special interests from running amok, and holding offenders accountable.  This is especially true for servicemembers, veterans, and their families, who are disproportionally targeted by predatory lenders and abusive mortgage, debt collection, payday lending, and auto lending schemes and often face greater financial risks than civilian borrowers due to the nature of their military service,” said Senator Reed.  “Since the CFPB was created, it has made real progress taking on special interests, rooting out scammers, and punishing financial abuse, from deceptive mortgages to unfair credit card terms to unscrupulous payday lenders.  We should be building on that progress, not tearing it down and empowering bad actors.”

    The Trump Administration’s short-sighted decision to stop supervision, enforcement, and litigation eliminates key Military Lending Act (MLA) protections that prevent servicemembers from being exploited. The financial and legal protections in these bipartisan laws–most notably a cap on interest rates on mortgages, credit cards, and auto loans–are critical to national defense and military readiness. Troops should focus on their service obligations while on active duty, rather than worrying about making ends meet at home.

    U.S. service members submitted approximately 84,600 complaints to the CFPB in 2023, a 27 percent increase over the previous year.

    Many elderly veterans are targeted for fraud and deceptive schemes, including scams operated by unaccredited veterans benefits claims agents, who charge exorbitant fees for illegitimate assistance with claims.

    At a special CFPB forum in Washington, DC this week, Senator Reed had a chance to speak with Stacey McCall, an Army veteran who was trapped in a doom loop with an auto lender, unable to transfer her title back home after her assignment overseas ended and being unfairly charged for a Toyota vehicle she couldn’t drive.  She worked for nearly a year to resolve it, unsuccessfully, until the CFPB came to the rescue.

    Senator Reed noted his own experience in uniform and how he saw fellow Army soldiers unfairly treated by unscrupulous car dealers: “I discovered how soldiers, sailors, airmen, guardians are used by financial companies a long time ago.  I was the executive officer of a parachute company in the 82nd Airborne Division, and I spent a lot of time talking to my troops and wondering why they signed a contract to buy a car with 250 percent interest. I thought that was a little outrageous.  But more importantly, why would anyone try to exploit a soldier serving the nation and defending the nation?  So, it got me a little bit upset and put it in the back in my mind.”

    Reed cited his experience in the military as one of the reasons for supporting a regulator whose mission is to focus on consumer protection and military families.

    “Whether serving stateside or abroad, U.S. military personnel and their families and veterans deserve financial protection and a watchdog that actively looks out for their financial well-being.  The CFPB’s Office of Servicemember Affairs has been staffed by real people who have done outstanding work providing personalized assistance to those in need.  The Trump Administration is cutting that service off and as a result, more troops will lose their hard-earned paychecks and more families will fall victim to abusive and predatory financial practices,” said Reed.

    The Senate Banking Committee plans to hold a confirmation hearing Thursday for Jonathan McKernan, President Trump’s nominee to lead the CFPB.  Senator Reed says he plans to ask Mr. McKernan about his plans to protect consumers, including military families, and take meaningful enforcement actions against predatory lending.

    MIL OSI USA News –

  • MIL-OSI China: Announcement on Open Market Operations No.39 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.39 [2025]

    (Open Market Operations Office, February 27, 2025)

    In order to keep the liquidity adequate in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB215 billion through quantity bidding at a fixed interest rate on February 27, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB215 billion

    1.50%

    Date of last update Nov. 29 2018

    2025年02月27日

    MIL OSI China News –

  • MIL-OSI China: Hamas hands over bodies of 4 Israeli hostages to ICRC in Gaza

    Source: China State Council Information Office

    Al-Qassam Brigades, the armed wing of Hamas, handed over the bodies of four Israeli hostages on Wednesday night to the International Committee of the Red Cross (ICRC), a source with Hamas told Xinhua.

    Al-Qassam Brigades handed over the bodies to the ICRC team, and the team will deliver them to the Israeli army through Kerem Shalom crossing in the southern Gaza Strip, the source said.

    In return, Israel is expected to release more than 600 Palestinian detainees, including women and children, as part of the first phase of the agreement.

    Hundreds of Palestinian families of the prisoners have already gathered in Gaza Strip and the West Bank to welcome their freed relatives, witnesses said.

    The exchange follows an agreement between Hamas and Israel, brokered by Egypt, to resolve the dispute over the delayed release of Palestinian prisoners.

    MIL OSI China News –

  • MIL-OSI China: Israel begins to release hundreds of Palestinian prisoners

    Source: China State Council Information Office

    A released Palestinian prisoner gestures while getting off a bus in the West Bank city of Ramallah, Feb. 8, 2025. [Photo/Photo]

    Israeli authorities on Thursday began releasing more than 600 Palestinian prisoners from Israeli jails as part of the Gaza ceasefire agreement between Hamas and Israel, according to Palestinian sources.

    Palestinian sources told Xinhua that buses carrying the prisoners departed from Ofer Prison in the central West Bank, heading toward a reception center in the Beitunia area.

    The Hamas-linked Prisoners’ Information Office said that the seventh and eighth batches of prisoner releases were merged, bringing the total number to 642.

    This release is part of the first phase of the deal brokered by Egypt and Qatar, with support from the United States. Hamas described this release as the largest so far under the ceasefire arrangement.

    “We are witnessing one of the achievements of the Palestinian people with the release of the seventh and eighth batches of prisoners, which is the largest so far within the ceasefire agreement arrangements,” Hamas spokesperson Hazem Qassem said in a press statement.

    He added that Hamas prioritizes the release of Palestinian prisoners in any exchange deal. He also noted that the group had responded to mediators’ requests regarding new mechanisms for exchanging bodies, ensuring Israel’s commitment to the process.

    On Tuesday, Hamas announced it had resolved a dispute over the delayed release of Palestinian prisoners, which was originally scheduled for last Saturday. The resolution followed talks between a Hamas delegation and Egyptian officials in Cairo.

    The delay occurred after Israeli Prime Minister Benjamin Netanyahu demanded assurances from mediators that there would be no repeat of what he described as “provocative military parades” organized by Hamas during previous handover operations, which he considered “insulting to the rights of Israeli hostages.”

    MIL OSI China News –

  • MIL-OSI China: Hong Kong outlines plans to leverage strategic positioning, boost global connectivity

    Source: China State Council Information Office 2

    The Hong Kong Special Administrative Region (HKSAR) will continue to leverage its strategic positioning as the “three centers and a hub” and make good use of the advantages of “one country, two systems,” the financial secretary of the HKSAR government said on Wednesday.
    While delivering the 2025-26 budget at the HKSAR’s Legislative Council, Paul Chan said it is imperative to do so, outlining a range of plans to inject new impetus into Hong Kong’s economy, consolidating and strengthening industries with clear advantages while actively nurturing and developing new industries.
    To reinforce Hong Kong’s status as an international financial center, Chan said the HKSAR government will introduce a series of measures across various fields, including the securities and derivatives market, fixed income and currency hub, as well as asset and wealth management center.
    The Hong Kong Exchanges and Clearing Limited will put forward recommendations to enhance the issuance mechanism of structured products with a view to providing greater flexibility for product listing and trading, he said.
    The Hong Kong Monetary Authority is preparing to issue the third tranche of tokenized bonds, and will continue to encourage digital bonds issuances through the Digital Bond Grant Scheme, while actively exploring tokenizing traditional bonds issued, Chan said.
    To promote the connection of e-payment between the Chinese mainland and Hong Kong, the People’s Bank of China and the Hong Kong Monetary Authority are working closely to implement the linkage of faster payment systems of both places, with a view to providing round-the-clock real-time, small-value cross-boundary remittance service for residents in both places, said Chan, adding that the service is expected to be launched in mid-2025 at the soonest.
    To promote the construction of Hong Kong as an international trade center, Chan said that the Hong Kong Export Credit Insurance Corporation will provide credit insurance for export services relating to multinational supply chain to render more comprehensive support to enterprises seeking to go global.
    Hong Kong will continue to leverage its role as a functional platform for the Belt and Road Initiative (BRI), Chan said, adding that Hong Kong will continue to further cultivate the ASEAN and Middle East markets, and explore opportunities in Central Asia, South Asia and North Africa.
    Chan reaffirmed that the HKSAR government will establish the Hong Kong Maritime and Port Development Board this year to strengthen relevant research, promotion and manpower training to facilitate the sustainable development of the international maritime center.
    In addition, Hong Kong will help the home-developed C919 aircraft enter the global market, Chan said, noting that the Hong Kong International Aviation Academy will expand its training programs in this regard.
    To foster a talent hub, Chan said the HKSAR government will enhance the Admission Scheme for Mainland Talents and Professionals and the General Employment Policy by allowing young non-degree talents with professional and technical qualifications and experience to come to Hong Kong to join skilled trades facing manpower shortage.
    The HKSAR government will continue to attract more students, especially those from ASEAN and other countries under the BRI cooperation framework, to study in Hong Kong through various measures, including the Belt and Road Scholarship, he said. 

    MIL OSI China News –

  • MIL-OSI Banking: St. Kitts and Nevis: Staff Concluding Statement of the 2025 Article IV Mission

    Source: International Monetary Fund

    February 26, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Recent Developments and Outlook

    Growth is expected to pick up to 2 percent in 2025—from 1.5 percent in 2024—supported by tourism, with inflation remaining around 2 percent. In the medium term, growth is projected at 2.5 percent, and inflation is expected to remain stable. Progress has been made in the transition to renewable energy, as the geothermal project is nearing the drilling phase with funding secured.

    The current account deficit (CAD) further widened to 15 percent of GDP in 2024, from 12 percent in 2023. The CAD remains significantly larger than pre-pandemic levels, reflecting a decline in CBI inflows and widening fiscal deficits. It is expected to remain around 12 percent of GDP in the medium term. The external position in 2024 is assessed as weaker than implied by medium-term fundamentals and desirable policies.

    Staff projects fiscal deficits to remain large with public debt rising. The fiscal deficit in 2024 is estimated at 11 percent of GDP, driven by a sharp reduction in CBI revenue. Recent reforms to the program, reinforced by international agreements, suggest that CBI revenue will likely be structurally lower but more sustainable going forward. Hence, the fiscal deficit is projected to be 9 percent of GDP this year, also impacted by the increase in the wage bill and the temporary VAT reduction. Public debt is expected to rise to 61 percent of GDP in 2025. The overall risk of sovereign debt stress continues to be assessed as moderate. In the medium term, fiscal deficits are expected to decrease modestly due to the authorities’ efforts to control expenditures, while debt is projected to reach 68 percent of GDP in 2030.

    Bank credit growth accelerated while vulnerabilities remain. Bank credit grew rapidly at 11 percent (y/y) (particularly in mortgages and consumer loans) amid high non-performing loans (NPLs) and low buffers, while competition among banks increased. Overall, bank NPLs declined, profits rose, and capital somewhat improved. Meanwhile, lending by credit unions expanded swiftly by 12 percent (y/y), while their delinquency ratio increased to 10 percent.

    Near-term risks are tilted to the downside, but the potential for renewable energy provides upsides over the medium term. Substantial changes in CBI revenue constitute an important two-sided risk but a further decline in CBI revenue would pressure fiscal accounts. Downside risks include a slowdown in key source markets for tourism, commodity price volatility, as well as global financial instability impacting domestic banks. The country is also highly exposed to natural disasters (ND). On the other hand, the renewable energy projects could create an additional source of growth and fiscal revenue.

    Economic Policies

    Fiscal Policy

    The staff believes that the main priority is to implement a prompt and steady fiscal consolidation to keep public debt below the regional ceiling of 60 percent of GDP. While the authorities made efforts to contain the fiscal deficit in 2024, more active policies are necessary going forward. Fiscal consolidation will help create space to protect capital expenditure, strengthen resilience against NDs, and hedge against contingent liabilities.

    Under staff’s active policies scenario, the adjusted primary balance (excluding CBI and transfers to public banks) should be tightened by 2 percentage points of GDP by 2029 relative to the baseline. To this end, fiscal consolidation should be anchored by a set of fiscal rules and driven by tax reforms and reductions in current expenditures while protecting capital expenditure. The combined net impact of fiscal consolidation and structural reforms on growth and the external position is assessed to be positive in the medium term. In particular:

    • Statutory fiscal rules should include an adjusted primary balance floor and a primary current expenditure ceiling, as well as the regional debt ceiling—with escape clauses related to NDs. This would enhance the credibility of the fiscal path and help contain borrowing costs.
    • Tax reforms would boost tax revenue by 2.5 percentage points of GDP and are well within reach. The reforms would also help reduce reliance on the CBI and improve equity and growth. Recommended measures include harmonizing the VAT, supplemented by improved targeted social support; increasing excise rates on alcoholic beverages, tobacco, and fossil fuels; and updating property tax assessments. The Housing and Social Development Levy could become more progressive, and non-labor income, such as investment and rental income, could be taxed to improve equity. The temporary reduction in VAT for the first half of 2025, as well as other pandemic-era tax breaks, should be phased out. Negotiated tax concession packages for corporate income tax—which unfairly benefit profitable large international hospitality companies—should be lapsed, especially in light of the upcoming OECD Pillar II. The authorities’ efforts to improve tax collections, including property taxes and CIT, and to enhance tax administration are welcome, and should be further strengthened.
    • Current expenditure. The authorities’ efforts to streamline current expenditure are welcome and should go further to bring them closer to pre-pandemic levels. Limiting public wage increases and employment—the largest in the ECCU—would help foster private sector job creation. Transfers, including social spending, should be better targeted and more effective.
    • Accompanying structural reforms aimed at enhancing productivity, labor quality, and access to finance could generate significant growth gains.

    The planned establishment of a Sovereign Wealth Fund (SWF) is welcome. The SWF should absorb any upside in the projected CBI revenue, reduce the impact of volatile and uncertain CBI revenue on the budget, and help create fiscal buffers against NDs.

    Progress has been made in improving the CBI framework, but its transparency needs to be enhanced. The government has taken important steps to improve the governance of the program and strengthen the due diligence and application processes. To further improve transparency and accountability, comprehensive annual reports following external audits should be published regularly, including statistics on applications and financial accounts.

    The authorities’ efforts to publish the medium-term debt management strategy (MTDMS) are welcome. Heavy reliance on short-term borrowing—entailing large gross financing needs and additional fiscal risks—should continue to be reduced. The MTDMS—now under government review—should aim to lengthen debt maturity, reduce costs, and diversify the sources of funds. The authorities’ plan to resume the publication of the MTDMS—not published since 2018—is welcome. The government has recently reached three loan agreements with favorable terms with international partners. Additionally, the government could consider increasing engagement with multilateral development partners for concessional borrowing and tapping into the Regional Government Securities Market.

    The staff supports the authorities’ intention to reform the Social Security Fund (SSF). The authorities announced their intention to reform the SSF and have initiated extensive consultations with stakeholders. The proposed options are welcome and concrete measures should be identified. Furthermore, a more comprehensive approach is needed to ensure the fiscal sustainability of the SSF, including improvements in asset management.

    Financial Sector Policy

    Progress to strengthen the systemic bank and safeguard public deposits should continue. The bank has made progress toward reducing NPLs, restoring profitability of its lending business, and further de-risking its foreign investment portfolio. These efforts should continue. The government—as its majority shareholder—and the bank are encouraged to engage with external advisors to revitalize its business model. The planned establishment of the SWF presents an opportunity to transfer public sectors deposits and associated foreign investments from the bank to the SWF, except for the portion necessary for the government’s cash management.

    The Development Bank needs to be reformed. The bank is facing significant challenges due to high NPLs and weak profits. Although the bank does not take deposits, it has borrowed from the public and the banking sector and poses a contingent liability to the government. The government and the new management are actively working to address the bank’s accountability and financial performance. The external audit—not conducted since 2018—is ongoing to fully assess the bank’s financial condition and is expected to conclude in the coming months. The priority is to thoroughly analyze the bank’s financial situation, including its NPLs and loss-making loan programs, reassess its financial and social functions—potentially achievable through private lending and targeted social support—and chart the optimal path forward, firmly based on the bank’s viability and fiscal prudence. The legal framework around the bank should be revised to significantly strengthen its regulation and supervision.

    Financial soundness should be strengthened at private banks and credit unions. Banks should continue their efforts to reduce NPLs and to meet the prudential requirements for provisions and capital, based on their plans submitted to the ECCB. Banks’ efforts to improve financial education of their potential clients are welcome and should be potentially joined with public resources. This is especially important amid the rapid credit growth and the regional credit bureau becoming more operational. In addition, the regulation and oversight of credit unions by the Financial Services Regulatory Commission has room for improvement, particularly in the areas of lending standards, provisioning requirements, and supervisory actions. Efforts to enhance the effectiveness of the AML/CFT framework should continue.

    Structural Policy

    The medium-term growth prospects can be improved. Staff analysis indicates that potential growth has steadily declined from around 6 percent in the 1980s to 2.5 percent, mainly driven by slow productivity growth and a lower contribution from human capital. Staff assess that growth potential can be enhanced through structural reforms aimed at better resource allocation, particularly in the following areas.

    • The efficiency of government services can be enhanced. In this regard, recent progress with digitalization, streamlining tax administration, and implementing a single electronic window is welcome.
    • Credit access should be improved, especially for firms. All banks and credit unions are encouraged to participate in the recently created regional credit bureau to make it effective. While foreclosure processes appear to work efficiently, bankruptcy and insolvency regimes can be enhanced to incentivize out-of-court debt workouts, given the lengthy in-court processes.
    • Labor skills should be better aligned with private and public sector demands. Upskilling is essential for maintaining labor market competitiveness, especially with the recent two-tier increases in minimum wage in 2024 and July 2025, which position the minimum wage well above that of ECCU peers. There are shortages of qualified workers in both the private (tourism) and public (healthcare) sectors. Recent efforts aimed at improving access to education and vocational training can help, especially benefiting the unemployed, and these initiatives should be tailored to meet market demands.
    • Accelerating the energy transition is crucial to increasing competitiveness and growth resilience. The energy transition is expected to enhance energy security, reduce energy costs, and support economic diversification. It is essential to build strong expertise in project management. The investment, ownership, and taxation agreements related to large energy projects should be crafted carefully, considering their long-term economic and fiscal implications.

    To strengthen ND preparedness, the public investment framework and the multi-layered insurance framework should be further enhanced.

    • ND-resilient Infrastructure. Upgrading the power grid—as part of the geothermal project—will enhance resilience to NDs, support energy sustainability by introducing a one-grid that connects the two islands and facilitate the energy transition. Given the country’s challenges with water supply, the authorities’ plan for a renewable energy-powered desalination plant is a significant development.
    • Investment framework. Integrating a pipeline of projects funded by the overall public sector, including statutory bodies, into the Public Sector Investment Program (PSIP)) will help improve medium-term fiscal planning, anchor ND-resilient investment plans, and help unlock concessional financing. Strengthening capital expenditure forecasts would be important for the medium-term fiscal framework. Project execution should be improved considerably. In this regard, the authorities’ plan to formulate a medium-term PSIP strategy will provide a useful framework for comprehensive oversight of public investment and enable project progress tracking.
    • An enhanced multi-layered insurance framework. Staff analysis indicates additional fiscal buffers are essential to enhance an insurance framework against NDs, and government deposits should be preserved at their current level as the first self-insurance layer. This could be further supplemented by (i) expanding coverage through the Caribbean Catastrophe Risk Insurance Facility and (ii) issuing a state-contingent instrument, such as catastrophe bonds or lines of credit.

    The mission would like to thank the St. Kitts and Nevis authorities and all other counterparts for the constructive and candid policy dialogue and productive collaboration.

     

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Reah Sy

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Global Banks –

  • MIL-OSI Russia: St. Kitts and Nevis: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    February 26, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Recent Developments and Outlook

    Growth is expected to pick up to 2 percent in 2025—from 1.5 percent in 2024—supported by tourism, with inflation remaining around 2 percent. In the medium term, growth is projected at 2.5 percent, and inflation is expected to remain stable. Progress has been made in the transition to renewable energy, as the geothermal project is nearing the drilling phase with funding secured.

    The current account deficit (CAD) further widened to 15 percent of GDP in 2024, from 12 percent in 2023. The CAD remains significantly larger than pre-pandemic levels, reflecting a decline in CBI inflows and widening fiscal deficits. It is expected to remain around 12 percent of GDP in the medium term. The external position in 2024 is assessed as weaker than implied by medium-term fundamentals and desirable policies.

    Staff projects fiscal deficits to remain large with public debt rising. The fiscal deficit in 2024 is estimated at 11 percent of GDP, driven by a sharp reduction in CBI revenue. Recent reforms to the program, reinforced by international agreements, suggest that CBI revenue will likely be structurally lower but more sustainable going forward. Hence, the fiscal deficit is projected to be 9 percent of GDP this year, also impacted by the increase in the wage bill and the temporary VAT reduction. Public debt is expected to rise to 61 percent of GDP in 2025. The overall risk of sovereign debt stress continues to be assessed as moderate. In the medium term, fiscal deficits are expected to decrease modestly due to the authorities’ efforts to control expenditures, while debt is projected to reach 68 percent of GDP in 2030.

    Bank credit growth accelerated while vulnerabilities remain. Bank credit grew rapidly at 11 percent (y/y) (particularly in mortgages and consumer loans) amid high non-performing loans (NPLs) and low buffers, while competition among banks increased. Overall, bank NPLs declined, profits rose, and capital somewhat improved. Meanwhile, lending by credit unions expanded swiftly by 12 percent (y/y), while their delinquency ratio increased to 10 percent.

    Near-term risks are tilted to the downside, but the potential for renewable energy provides upsides over the medium term. Substantial changes in CBI revenue constitute an important two-sided risk but a further decline in CBI revenue would pressure fiscal accounts. Downside risks include a slowdown in key source markets for tourism, commodity price volatility, as well as global financial instability impacting domestic banks. The country is also highly exposed to natural disasters (ND). On the other hand, the renewable energy projects could create an additional source of growth and fiscal revenue.

    Economic Policies

    Fiscal Policy

    The staff believes that the main priority is to implement a prompt and steady fiscal consolidation to keep public debt below the regional ceiling of 60 percent of GDP. While the authorities made efforts to contain the fiscal deficit in 2024, more active policies are necessary going forward. Fiscal consolidation will help create space to protect capital expenditure, strengthen resilience against NDs, and hedge against contingent liabilities.

    Under staff’s active policies scenario, the adjusted primary balance (excluding CBI and transfers to public banks) should be tightened by 2 percentage points of GDP by 2029 relative to the baseline. To this end, fiscal consolidation should be anchored by a set of fiscal rules and driven by tax reforms and reductions in current expenditures while protecting capital expenditure. The combined net impact of fiscal consolidation and structural reforms on growth and the external position is assessed to be positive in the medium term. In particular:

    • Statutory fiscal rules should include an adjusted primary balance floor and a primary current expenditure ceiling, as well as the regional debt ceiling—with escape clauses related to NDs. This would enhance the credibility of the fiscal path and help contain borrowing costs.
    • Tax reforms would boost tax revenue by 2.5 percentage points of GDP and are well within reach. The reforms would also help reduce reliance on the CBI and improve equity and growth. Recommended measures include harmonizing the VAT, supplemented by improved targeted social support; increasing excise rates on alcoholic beverages, tobacco, and fossil fuels; and updating property tax assessments. The Housing and Social Development Levy could become more progressive, and non-labor income, such as investment and rental income, could be taxed to improve equity. The temporary reduction in VAT for the first half of 2025, as well as other pandemic-era tax breaks, should be phased out. Negotiated tax concession packages for corporate income tax—which unfairly benefit profitable large international hospitality companies—should be lapsed, especially in light of the upcoming OECD Pillar II. The authorities’ efforts to improve tax collections, including property taxes and CIT, and to enhance tax administration are welcome, and should be further strengthened.
    • Current expenditure. The authorities’ efforts to streamline current expenditure are welcome and should go further to bring them closer to pre-pandemic levels. Limiting public wage increases and employment—the largest in the ECCU—would help foster private sector job creation. Transfers, including social spending, should be better targeted and more effective.
    • Accompanying structural reforms aimed at enhancing productivity, labor quality, and access to finance could generate significant growth gains.

    The planned establishment of a Sovereign Wealth Fund (SWF) is welcome. The SWF should absorb any upside in the projected CBI revenue, reduce the impact of volatile and uncertain CBI revenue on the budget, and help create fiscal buffers against NDs.

    Progress has been made in improving the CBI framework, but its transparency needs to be enhanced. The government has taken important steps to improve the governance of the program and strengthen the due diligence and application processes. To further improve transparency and accountability, comprehensive annual reports following external audits should be published regularly, including statistics on applications and financial accounts.

    The authorities’ efforts to publish the medium-term debt management strategy (MTDMS) are welcome. Heavy reliance on short-term borrowing—entailing large gross financing needs and additional fiscal risks—should continue to be reduced. The MTDMS—now under government review—should aim to lengthen debt maturity, reduce costs, and diversify the sources of funds. The authorities’ plan to resume the publication of the MTDMS—not published since 2018—is welcome. The government has recently reached three loan agreements with favorable terms with international partners. Additionally, the government could consider increasing engagement with multilateral development partners for concessional borrowing and tapping into the Regional Government Securities Market.

    The staff supports the authorities’ intention to reform the Social Security Fund (SSF). The authorities announced their intention to reform the SSF and have initiated extensive consultations with stakeholders. The proposed options are welcome and concrete measures should be identified. Furthermore, a more comprehensive approach is needed to ensure the fiscal sustainability of the SSF, including improvements in asset management.

    Financial Sector Policy

    Progress to strengthen the systemic bank and safeguard public deposits should continue. The bank has made progress toward reducing NPLs, restoring profitability of its lending business, and further de-risking its foreign investment portfolio. These efforts should continue. The government—as its majority shareholder—and the bank are encouraged to engage with external advisors to revitalize its business model. The planned establishment of the SWF presents an opportunity to transfer public sectors deposits and associated foreign investments from the bank to the SWF, except for the portion necessary for the government’s cash management.

    The Development Bank needs to be reformed. The bank is facing significant challenges due to high NPLs and weak profits. Although the bank does not take deposits, it has borrowed from the public and the banking sector and poses a contingent liability to the government. The government and the new management are actively working to address the bank’s accountability and financial performance. The external audit—not conducted since 2018—is ongoing to fully assess the bank’s financial condition and is expected to conclude in the coming months. The priority is to thoroughly analyze the bank’s financial situation, including its NPLs and loss-making loan programs, reassess its financial and social functions—potentially achievable through private lending and targeted social support—and chart the optimal path forward, firmly based on the bank’s viability and fiscal prudence. The legal framework around the bank should be revised to significantly strengthen its regulation and supervision.

    Financial soundness should be strengthened at private banks and credit unions. Banks should continue their efforts to reduce NPLs and to meet the prudential requirements for provisions and capital, based on their plans submitted to the ECCB. Banks’ efforts to improve financial education of their potential clients are welcome and should be potentially joined with public resources. This is especially important amid the rapid credit growth and the regional credit bureau becoming more operational. In addition, the regulation and oversight of credit unions by the Financial Services Regulatory Commission has room for improvement, particularly in the areas of lending standards, provisioning requirements, and supervisory actions. Efforts to enhance the effectiveness of the AML/CFT framework should continue.

    Structural Policy

    The medium-term growth prospects can be improved. Staff analysis indicates that potential growth has steadily declined from around 6 percent in the 1980s to 2.5 percent, mainly driven by slow productivity growth and a lower contribution from human capital. Staff assess that growth potential can be enhanced through structural reforms aimed at better resource allocation, particularly in the following areas.

    • The efficiency of government services can be enhanced. In this regard, recent progress with digitalization, streamlining tax administration, and implementing a single electronic window is welcome.
    • Credit access should be improved, especially for firms. All banks and credit unions are encouraged to participate in the recently created regional credit bureau to make it effective. While foreclosure processes appear to work efficiently, bankruptcy and insolvency regimes can be enhanced to incentivize out-of-court debt workouts, given the lengthy in-court processes.
    • Labor skills should be better aligned with private and public sector demands. Upskilling is essential for maintaining labor market competitiveness, especially with the recent two-tier increases in minimum wage in 2024 and July 2025, which position the minimum wage well above that of ECCU peers. There are shortages of qualified workers in both the private (tourism) and public (healthcare) sectors. Recent efforts aimed at improving access to education and vocational training can help, especially benefiting the unemployed, and these initiatives should be tailored to meet market demands.
    • Accelerating the energy transition is crucial to increasing competitiveness and growth resilience. The energy transition is expected to enhance energy security, reduce energy costs, and support economic diversification. It is essential to build strong expertise in project management. The investment, ownership, and taxation agreements related to large energy projects should be crafted carefully, considering their long-term economic and fiscal implications.

    To strengthen ND preparedness, the public investment framework and the multi-layered insurance framework should be further enhanced.

    • ND-resilient Infrastructure. Upgrading the power grid—as part of the geothermal project—will enhance resilience to NDs, support energy sustainability by introducing a one-grid that connects the two islands and facilitate the energy transition. Given the country’s challenges with water supply, the authorities’ plan for a renewable energy-powered desalination plant is a significant development.
    • Investment framework. Integrating a pipeline of projects funded by the overall public sector, including statutory bodies, into the Public Sector Investment Program (PSIP)) will help improve medium-term fiscal planning, anchor ND-resilient investment plans, and help unlock concessional financing. Strengthening capital expenditure forecasts would be important for the medium-term fiscal framework. Project execution should be improved considerably. In this regard, the authorities’ plan to formulate a medium-term PSIP strategy will provide a useful framework for comprehensive oversight of public investment and enable project progress tracking.
    • An enhanced multi-layered insurance framework. Staff analysis indicates additional fiscal buffers are essential to enhance an insurance framework against NDs, and government deposits should be preserved at their current level as the first self-insurance layer. This could be further supplemented by (i) expanding coverage through the Caribbean Catastrophe Risk Insurance Facility and (ii) issuing a state-contingent instrument, such as catastrophe bonds or lines of credit.

    The mission would like to thank the St. Kitts and Nevis authorities and all other counterparts for the constructive and candid policy dialogue and productive collaboration.

     

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Reah Sy

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/02/27/st-kitts-and-nevis-cs-of-the-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: Banco Itaú Chile Files Material Event Notice Summoning to Annual Shareholders’ Meeting

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, Feb. 26, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) (the “Bank”) today announced that it filed a Material Event Notice with the Chilean Commission for the Financial Market reporting that the Bank scheduled its Annual Shareholders’ Meeting for April 24, 2025.

    The full Material Event Notice is available on the company’s investor relations website at ir.itau.cl.

    Investor Relations – Banco Itaú Chile

    IR@itau.cl / ir.itau.cl

    The MIL Network –

  • MIL-Evening Report: Keith Rankin Chart Analysis – Germany’s stale (and still pale) political mainstream

    Analysis by Keith Rankin.

    Chart by Keith Rankin.

    The above chart traces the vote-share of Germany’s establishment political parties: the right-wing CDU/CSU and the now-centre-right SPD (essentially the Christian Democrats, just like National in New Zealand) and the Social Democrats (just like Labour). And it compares Germany with England to show a similar process there.

    An increasingly stale political centre has consolidated power in both Germany and the United Kingdom, despite record low vote-shares for these establishment parties. In Germany, the ‘major party’ combined vote has fallen to 45% (nearly as low as that in last year’s election in France, for the Centre and the traditional Right). In the United Kingdom, the establishment (Labour, Conservative) vote has fallen to 60%; though, given a much lower turnout in the United Kingdom than Germany, 60% there represents a similar level of support to that of the equivalent parties in Germany.

    With these outcomes being at-best borderline-democratic (JD Vance had a point about the shutting-out of alternative voices), neither country is scheduled to have another election until 2029. And the ‘left’ establishment parties – in office in both countries in March 2025 – are as right-wing as their centre-right predecessor governments of Merkel and Sunak.

    We note that, for Germany, elections before 1991 are for West Germany only. And, for the United Kingdom, my aim has been to focus on England, where Celtic nationalist parties have not played a role; thus until 1979, the British data is for the United Kingdom, whereas from 1983 the data is for England only. We also note that Germany shows few signs of promoting the literally colourful characters who play such an important part in contemporary British politics.

    The waxing and waning of the postwar German mainstream

    Postwar German politics began in 1949, with its new MMP voting system; proportional voting featuring two disqualification mechanisms, a five percent party-vote threshold, and the failure to gain a local electorate using the simple-plurality (FPP) criterion. (In Germany, in the 1950s, the latter disqualification rule was tightened; three electorate seats were required, rather than one.)

    The rise in the two-party vote from 1949 to 1972 represented the consolidation of the major-party system, essentially in line with the post-war German economic miracle. From 1949 to 1969, the government was CDU-led. The SPD led the government from 1969 to 1982 (though with fewer votes than the CDU/CSU). All subsequent governments have been CDU-led, except for the relatively short-lived administrations of Gerhard Schröder (c.2000) and Olaf Scholz.

    The fall in establishment-party vote-share reflects the rise of the Green Party in Germany, which itself reflects the waning of the economic miracle.

    The 1990s’ political stability reflects the reunification era, the political dominance of Helmut Kohl; and the fact that, due to reunification, German politics suspended its characteristic debt-phobia.

    The 2000s and 2010s represents the Angela Merkel era. The 2009 result reflects the Global Financial Crisis. The 2005 vote reflects the early Eurozone period, in which investment within the European Union was diverted into the development of the southern EU countries (and to Ireland). In particular, the 2000s saw the rise of The Left Party, which was shunned by the Establishment parties; this was the beginning of the German ‘firewall’, which meant that ‘grand coalitions’ were favoured over the inclusion of ‘outsider’ parties into government. In that time, the Green Party became a centrist party; inside rather than outside ‘the tent’.

    In 2014 the debt-phobic way Germany ‘resolved’ the Euro crisis was popular in Germany, though ‘austerity’ ushered in the deflationary bias that has characterised subsequent fiscal policy in the European Union. (The adverse effect of deflationary fiscal policy was the use of a zero-interest-rate monetary policy by the European Central Bank; so the adverse consequences of the austerity policies played out more slowly than they might have.)

    Since the initial ‘triumph’ of austerity in 2014, we have seen a substantial and ongoing decline in the vote for the establishment parties. However, these parties managed to consolidate power despite haemorrhaging votes. The new 2025 Government will be a substantially right-wing government made up of German-National (CDU 28.5%) and German-Labour (SPD 16.4%); this represents easily the worst vote ever for the ‘left’ SPD and easily the second-worst vote ever for the ‘winning’ CDU/CSU.

    And, in the United Kingdom, the vote for Labour in 2024 was easily the worst vote of any ‘winning’ party in any election since 1945 (and possible since the time of Walpole in the 1720s).

    Democracy anyone?

    Postscript UK

    In the UK, the highest percentage vote for a political party in the postwar era was 48.8% for Clement Attlee’s Labour Party, seeking a third term in office (in a very-early election which Attlee was tricked into calling). Labour was defeated, despite its record-high poll! Winston Churchill’s Conservatives got 48.0% of the vote; but, crucially, more seats. Attlee’s government was the least stale government in the United Kingdom’s post-war history; Attlee, in the UK, had a popularity and significance comparable to that of Michael Joseph Savage in New Zealand.

    *******

    Keith Rankin (keith at rankin dot nz), trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: WATCH: Senator Reverend Warnock Defends Consumer Protections Under Threat by DOGE

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    WATCH: Senator Reverend Warnock Defends Consumer Protections Under Threat by DOGE

    During a Wednesday Senate Democratic Banking Committee forum, Senator Reverend Warnock spotlighted disastrous harm for Georgia families because of the Trump Administration’s reckless attack on consumer protection, gutting the Consumer Financial Protection Bureau (CFPB)
    The special hearing followed the recent news of the dissolution of CFPB, one of many federal agencies gutted by the Elon Musk-led Department of Government Efficiency (DOGE)
    Senator Reverend Warnock is a member of the Subcommittee on Financial Institutions and Consumer Protection, which he chaired last Congress, and which oversees the CFPB
    In partnership with Senator Reverend Warnock, CFPB addressed 266,560 complaints from Georgians, including 20,168 from servicemembers in the state
    Senator Reverend Warnock on DOGE: “The CFPB is the only financial regulator dedicated solely to protecting Americans’ wallets and pocketbooks from scammers and predatory financial services companies”

    Watch Senator Reverend Warnock at the special Banking hearing HERE
    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), member and former chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, which oversees the CFPB (Consumer Financial Protection Bureau), highlighted the benefits and savings provided by the CFPB and the disasters consequences of this new administration’s efforts to dismantle the agency.
    The special hearing was organized by Ranking Member of the Banking Committee, Senator Elizabeth Warren (D-MA) and aimed to highlight the repercussions of dismantling the CFPB, which was ordered by the Elon Musk-led DOGE earlier this month.
    “If you want to see what government efficiency looks like, it’s a government agency that gets this kind of response [quick], often from bad actors who don’t want to respond, and has returned some $21 billion not to the Treasury, but to the American consumer,” said Senator Reverend Warnock during the special hearing.
    Some of the key witnesses included a former CFPB employee and others who had benefited from the work of the CFPB. Elon Musk was invited to the hearing, but did not attend.
    Last Congress, Senator Warnock worked extensively with CFPB Chair, Rohit Chopra, to return funds and protect Georgians from future financial hardship, including:
    Watch the Senator’s full remarks and line of questioning HERE. 
    See below transcript of the key exchange between Senator Warnock and the hearing witnesses:
    Senator Reverend Warnock (SRW): “We’re here today because of an unelected billionaire – nobody elected Elon Musk – posing as co-President, is trying to delete the CFPB (Consumer Financial Protection Bureau), the only financial regulator dedicated solely to protecting Americans’ wallets and pocketbooks from scammers and predatory financial services companies.”
    “The CFPB, let’s be reminded why it was created. It was created in the wake of the financial crisis that Americans saw when Wall Street bankers got bailed out while millions lost their jobs, lost their homes, lost their life savings, lost their retirements.”
    “Let me get right to the questions because we all understand just how critical this issue is, but let me just point out that when you file a complaint with the bureau, the CFPB sends it directly to the company on your behalf. Americans need to know what they’re getting. Most companies respond within 15 days, it took less than that for Ms. McCall.  This is a model of government efficiency, that’s the tragic irony of this moment.”
    “If you want to see what government efficiency looks like, it’s a government agency that gets this kind of response, often from bad actors who don’t want to respond, and has returned some $21 billion not to the treasury, but to the American consumer.”
    “One predatory practice that has increased costs on consumers that Donald Trump says he wants to address are these opaque hidden fees. If you want to address consumer costs, deal with junk fees. These fees can prevent a working mom from being able to afford a routine car repair so she can get to work. They could mean a person with diabetes cannot afford their insulin or that a family may have to skip a meal during the week to make ends meet.”
    “Ms. Salas, what effects have the bureau’s policies, toward limiting junk fees had on consumers?”
    Ms. Salas (MS): “We placed a lot of emphasis on looking at junk fees across different markets for consumers, we looked at the mortgage market, we looked at banks, and other finance companies in the last two or three years. And in addition to the litigation that my colleagues in the enforcement team have brought to the courts, we have instructed, we have advised companies to refund consumers – over $350 million just in the work that supervision does, and that is money that consumers, American families don’t even know it was the bureau behind the company saying ‘You must give this money back’ because again the work is confidential.”
    (SRW): “So very efficient, very effective.”
    “What do you anticipate happening if congressional Republicans repeal the overdraft fee rule?”
    (MS): “I’m afraid we will go back to where we were a few years ago where consumers didn’t quite understand why they were paying all these fees on their bank accounts, on their savings, on their checking accounts, because of the complicated ways in which banks decided to order the different payments, and for people who are struggling to make ends meet, you cannot afford to lose $25, $30, $100 from your bank account.”
    (SRW): “One last question. Consumer or medical debt is a major problem in our country, we see it, especially in Georgia. According to the CFPB data as of June 2023, about 5% of Americans had unpaid medical bills on their credit reports down from 15% in March of 2022.”
    “From 15 percent now to 5 percent.”
    “Ms. Gillen, it is coming up on 2 years since the credit bureaus made this announcement. What changes have you seen on applicants’ mortgage applications and has this change made it easier for Americans to rightfully qualify for a mortgage?”
    Ms. Gillen (MG): “Yes, I have seen fewer medical debts being reported, but guilty as charged, if I see medical debt, I’ll have the borrower dispute the charge, and I’ll pull a new credit report.”
    (SRW): “Well, good for you, and the CFPB magnifies that many, many times over.”

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Public invited to have say on water sector fit for the future

    Source: United Kingdom – Executive Government & Departments

    Press release

    Public invited to have say on water sector fit for the future

    Independent Water Commission explores fresh ideas on water sector reforms, both evolutionary and revolutionary.

    The public, environment groups, investors and others are invited to share their views from today (27 February) on future changes to the water sector.

    How customer bills are set, environmental regulation, the financial resilience of water companies and how to attract long-term investment in the sector are among the areas where the Commission is seeking views. 

    The wide-ranging Call for Evidence is open for views from all interested parties until 23 April. The Independent Water Commission will make its final recommendations to both UK and Welsh Governments this summer.

    Sir Jon Cunliffe, Chair of the Independent Water Commission and Former Deputy Governor of the Bank of England, will give a speech in Manchester today where he will share his reflections since taking up the role.

    Commenting ahead of the event, Sir Jon said: 

    The Commission’s initial work has highlighted a range of serious and often interlocking concerns. Ambitious changes will be needed to address these concerns and rebuild the trust in the system that has broken down on all sides – customers, environmental groups, investors and companies.

    The Call for Evidence will play a key role in shaping the Commission’s thinking going forward and I welcome input from all those who want to contribute to our work.

    There are six key areas where the Commission is seeking views. These are: 

    1. The strategic management of water. This seeks views on how to manage the many competing pressures and demands on the water system, and how strategic direction and management can be set at both national and regional levels. 

    2. The overarching regulatory system. This covers the volume and complexity of legislation in the water sector, and the overall functions and responsibilities of the four regulators (Ofwat, Environment Agency, Drinking Water Inspectorate, Natural Resources Wales).

    3. Economic regulation. This seeks views on the five-yearly Price Review process and the weight placed upon industry-wide benchmarking. It also covers customer protections, financial resilience and investor returns. This includes how to attract the necessary finance for future investment, with a fair balance between risk and reward.

    4. Environmental and drinking water regulation. This covers how regulation can better protect the environment, public health and the country’s finite water resources. It seeks views on how water companies are held to account for non-compliance.

    5. Water company ownership models. This includes the impact of public listing versus private ownership and how to ensure financial resilience.

    6. Asset health and supply chains. This seeks views on improving the resilience of water company infrastructure – its pipes, water treatment plants, reservoirs and pumping stations. It also covers the capacity and robustness of water industry supply chains.

    Sir Jon continued:

    The problems we see today have not emerged overnight. Nor, do I believe, are they the inevitable consequence of a privatised regulated company model.

    Rather, they have developed over time and due to factors including poor decisions and poor performance by companies, regulatory gaps, policy instability and a history of ad-hoc changes that have left an increasingly complex system that is no longer working well for anyone. Our task is to stand back from the current system and explore, with an open mind, potential changes.

    We should not forget that the prize here is significant – cleaner waters, growth and a stable, well-funded sector that can deliver essential, world-class services for future generations.

    Sir Jon is speaking today (27 February) at Mayfield Depot in Manchester, with environmental groups, investors, regulators, industry leaders and government ministers among those present.

    The site is in the city’s first new park in over 100 years and includes the River Medlock, which was restored to create new habitats for wildlife such as kingfishers and brown trout. It demonstrates integrated water management principles – local groups working together to improve water management.

    The Independent Water Commission was announced by the UK and Welsh governments in October 2024. It is operating independently of UK and Welsh Ministers.

    It is supported by an advisory panel, with leading voices from areas including the environment, public health and investment.

    All responses to the Call for Evidence must be received by midnight on Wednesday 23 April 2025.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Scottish businesses sell to the world with £42 million lift

    Source: United Kingdom – Executive Government & Departments

    Press release

    Scottish businesses sell to the world with £42 million lift

    £42 million of export finance deals brokered with Scottish businesses over the last six months.

    • £42 million of export finance deals brokered with Scottish businesses since July
    • Boosting Scottish exports plays a vital role in growing the economy, a key part of the Plan for Change
    • Companies from a range of sectors including food and drink and offshore wind are benefitting from credit guarantees and insurance

    Businesses behind Scotland’s most emblematic exports have been able to grow thanks to £42 million in UK Export Finance (UKEF) deals brokered so far since the summer.

    Enabling companies such as Ferguson Whisky and manufacturer of fire and rescue vehicles Emergency One, which the government of Iraq has contracted to replace some of its fleet of fire engines, to expand to markets abroad helps to grow the economy and create jobs, delivering on the Plan for Change. 

    The latest Scottish business to benefit from support is Aberdeen-based First Tech – one of many offshore services firms in Scotland driving the energy transition and making the country a world-renowned centre of engineering skills. Scotland’s marine economy generated around £4.9 billion in 2022.

    UKEF is renewing a £12 million support package delivered with Virgin Money for First Tech subsidiary First Subsea, allowing it to continue its growth into the offshore wind market and provide UK-made products like cable protections systems, bend restrictor products or heavy lift connectors, across the globe.

    Minister Douglas Alexander will join UKEF representatives today at the ‘Made in Scotland’ roadshow, where he will encourage Scottish businesses to take advantage of the opportunities to sell abroad and hear first-hand about the support UKEF has provided.

    Minister for Trade Policy Douglas Alexander said:

    “Growing the economy is a key part of this UK Government’s Plan for Change, and we recognise the importance of boosting Scottish exports in achieving this.

    “We’re working hard to ensure that Scottish businesses have the support they need to sell to the world and grow, and the help that UK Export Finance provides is a crucial part of this.”

    Martin Suttie, First Tech Ltd Chairman said:

    “First Tech is very proud to be at the forefront of the energy transition story with our continued expertise in oil and gas being a launchpad to make meaningful developments in both the fixed and floating offshore wind market through First Subsea and also First Marine Solutions. 

    “Floating wind technology enables almost every country in the world to integrate floating wind renewable energy into their energy mix.  It is therefore vitally important that the industry continues to develop and prove large scale commercial developments if we are going to genuinely change the energy mix around the globe. The First Tech Group is excited to play an important part in making this transition happen.”

    UKEF is the UK government’s export credit agency, providing credit guarantees and insurance helping smaller businesses to overcome financial barriers to exporting.  Export credit is an integral part of the government trade support being promoted at the first ‘Made in Scotland, Sold to the World’ trade fair of 2025. 

    In 2021, Scotland’s exports were worth £50.1 billion, of which the majority – £33.5 billion – were goods.

    UKEF’s specialised trade finance offer sits alongside other sources of support from public organisations like the Export Support Service, UK Export Academy and British Business Bank, which can offer more general access to finance.

    Notes to editors:

    • UKEF is a UK government ministerial department and the nation’s export credit agency (ECA). UKEF helps exporters access working capital and manage the risk of not getting paid by offering a government guarantee. It supports companies of all sizes and multiple sectors across the UK.

    • UKEF works alongside other sources of public financing and business support in Scotland, including DBT Scotland, Scottish Enterprise, UK Infrastructure Bank, British Business Bank and Scottish National Investment Bank.

    • In 2024, Ferguson Whisky Limited secured a new £450,000 funding package from Virgin Money thanks to UKEF support. Ferguson can support investments in whisky and also organises distillery tours and other events.

    • Based in Cumnock, Emergency One is the UK’s leading manufacturer of fire and rescue vehicles. A UKEF loan has allowed the Iraqi government to purchase 31 Emergency One vehicles and deliver one of its biggest-ever investments into its emergency services. The vehicles will help to tackle the frequent fires which break out in Iraq, especially in the summer.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Ernst Concerned About Long-Term Viability of SBA Loan Program After Biden’s Recklessness

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – During a Senate Committee on Small Business and Entrepreneurship hearing on the long-term viability of the Small Business Administration’s (SBA) 7(a) loan program, Chair Joni Ernst (R-Iowa) blasted the Biden administration for loosening the rules and recklessly expanding the program.
    Ernst warned that declining revenues and rising default rates risked forcing taxpayers to foot the bill for the loan program that had previously operated without subsidy.
    Click here to watch Chair Ernst’s remarks.
    Click here to download high-resolution photos.
    During her questioning, Ernst spoke with First National Bank Senior Vice President Timothy Fitzgibbon of West Des Moines about the threat posed by the Biden administration significantly weakening underwriting standards in the 7(a) program.
    She went on to raise concern about the long-term viability of the program after it posted four straight quarters of negative cash flow as a result of rising delinquencies and falling revenue from fees.
    Ernst concluded her questioning by asking the witnesses about the specific role of Lender Service Providers (LSPs) and how it affects SBA lenders and consequently the American taxpayers. 

    MIL OSI USA News –

  • MIL-OSI United Nations: Bridging Tax Gap Demands Urgent Attention, Deputy Secretary-General Tells Group of 20 Side Event

    Source: United Nations MIL OSI b

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks at the Group of 20 (G20) side event — Domestic Resource Mobilization:  Bridging the Tax Gap, held in Cape Town, South Africa, today:

    It is a pleasure to join you for this important discussion on domestic resource mobilization and bridging the tax gap.  This challenge stands at the heart of financing sustainable development and demands our urgent attention.

    We are not on track to achieve the Sustainable Development Goals (SDGs).  We have an estimated $4 trillion sustainable development financing gap annually.  Domestic public finance is essential for financing the Sustainable Development Goals, increasing equity and strengthening macroeconomic stability.

    Robust fiscal systems, including both tax and expenditure, drive economic growth, industrial transformation and environmental sustainability — contributing to alleviating poverty and reducing inequalities.  Beyond raising revenue, taxation remains fundamental to fairness, trust and sovereignty.

    Yet, after significant increases in taxation in developing countries in the decade before 2009, average tax-to-gross domestic product (GDP) ratios for all developing country groups are below 2010 levels, remaining far below those of developed countries. 

    Successive shocks over the last two decades have severely impacted the mobilization of domestic resources for development.  As global crises intensify, it becomes more critical than ever to increase countries’ taxation capabilities.

    The good news is that there is a large unmet tax potential in many developing countries.  Many Governments have invested in tax reforms, demonstrating how nations can unlock unmet potential.

    Strengthening tax systems requires sustained investment in capacity development based on country needs and priorities.  As economies evolve, so must tax systems.

    The increasingly digitalized economy presents new opportunities but also poses new challenges to an international tax system that has been designed for traditional business models.

    We must develop future-ready tax policies that ensure global fair taxation without imposing excessive burdens — both on taxpayers and tax authorities.  Many organizations — including the UN, International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), World Bank and regional and national tax bodies — are supporting countries in this effort.

    Initiatives like Tax Inspectors Without Borders help countries enhance domestic revenue mobilization.  The Addis Tax Initiative and broader multilateral and regional efforts provide platforms for collaboration, knowledge-sharing and technical assistance.

    However, political will remains insufficient — with countries not investing enough in tax system reform and administration capacity, and donors not delivering promised assistance for supporting revenue mobilization.

    The fourth International Conference on Financing for Development in Sevilla in June offers a pivotal moment to turn commitments for domestic tax reforms into actions and make tax systems more fair, transparent, efficient and effective.

    In our interconnected world, strengthening countries’ fiscal frameworks must go hand in hand with international tax cooperation. Every year, billions of dollars that should fund education, healthcare and infrastructure are lost to tax avoidance and evasion, illicit financial flows and financial crime.

    Africa alone loses approximately $88.6 billion annually to illicit financial flows — around 3.7 per cent of the continent’s GDP — draining resources vital for economic development.

    The G20 has played an important role in advancing tax transparency and tackling tax avoidance.  Expanding the automatic exchange of information and enhancing transparency in beneficial ownership remain paramount.

    But, more must be done to ensure that all countries — particularly those with limited administrative capacity — can fully participate in shaping global tax norms.

    The ongoing negotiations on a UN Framework Convention on International Tax Cooperation present a historic opportunity for progress towards a fair, inclusive, and effective international tax system.

    Through the Pact for the Future, Member States have committed to improving the inclusiveness and effectiveness of tax cooperation under the UN.  Ensuring that international tax rules reflect the diverse needs, priorities and capacities of all countries is central to this effort.

    The two early protocols in the UN Convention — on taxation of income from cross-border services in a digitalized and globalized economy and on preventing and resolving tax disputes — can demonstrate an inclusive and impactful approach.

    The UN process can strengthen global cooperation, enhance legitimacy, certainty, resilience and fairness of international tax rules, while addressing challenges in domestic resource mobilization and ensuring that all countries have a seat at the table.

    Today’s discussion is an opportunity to drive forward these critical issues.  The United Nations remains fully committed to these efforts.  Together, we can build a fairer, more transparent and more effective international tax system — one that provides every country with the means to invest in its future and achieve the Sustainable Development Goals.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Transform Finance-Development Relationship from Vicious Cycle into Virtuous One, Deputy Secretary-General Urges Group of 20

    Source: United Nations MIL OSI b

    Following is UN Deputy Secretary-General Amina Mohammed’s message, as prepared for delivery, on the occasion of the Group of 20 (G20) Finance Ministers and Central Banks Meeting Session II:  International Financial Architecture, held in Cape Town, South Africa, today:

    Let me begin by thanking our South African hosts for their warm hospitality and leadership.  Cape Town — this vibrant city where two oceans meet — could not be a more fitting location for a presidency that aims to bridge divides.

    South Africa takes the helm of the G20 at a testing time.  Global gross domestic product (GDP) this year is projected to fall below pre-pandemic averages.  Poor countries are no longer converging towards the income levels of rich countries. 

    This “new normal” of low growth affects the possibilities of developing countries to navigate the energy transition, and build resilient, fair societies.  It ultimately affects whether people will fulfill their potential or not — and whether the promise of the Sustainable Development Goals (SDGs) will be kept.

    We are especially worried about the halting effect of high uncertainty on investment, the possibility of a new inflationary shock resulting from trade disruptions, and the scope for higher-for-longer interest rates that would exacerbate the debt crisis affecting developing economies.

    To face these challenges, we need an international financial architecture that can support economies to grow, liberating them from a vicious cycle where high debt leads to low investment, low investment to low growth, and low growth back to high debt.

    We need an architecture where the cost of capital to developing countries is low, enabling capital to flow where it can be most productive.  The G20 has a unique responsibility to lead this reform.  Three key actions are essential.

    First, we must further strengthen multilateral development banks.  The G20 Roadmap for Better, Bigger and More Effective Multilateral Development Banks points us in the right direction.  Now we must accelerate.  A successful replenishment of the African Development Fund will be a crucial milestone.

    Second, we need a comprehensive approach to the debt crisis.  Member States have put forward important structural proposals in advance of the fourth International Conference on Financing for Development, which we look to the G20 to support.

    Third, we must strengthen the global financial safety net, with the International Monetary Fund (IMF) at its core, to shield all economies in a shock-prone world.  We must channel special drawing rights to where they are most needed. We urge the G20 to use its voice to support the progress and reform developing countries need.

    With the right reforms, and with sufficient political will, we can transform the relationship between finance and development from a vicious cycle into a virtuous one.  This is the promise of South Africa’s G20 presidency — and of your leadership.

    MIL OSI United Nations News –

  • MIL-OSI Australia: Appointments to National Gallery of Australia Council

    Source: Australian Ministers for Regional Development

    The Australian Government has appointed Mrs Penny Fowler AM and Mr Jay Weatherill AO and reappointed Ms Ilana Atlas AO as members of the Council of the National Gallery of Australia for three-year terms.

    The Council is responsible for overseeing the Gallery’s strategic and organisational goals and positioning it for the future so it can continue to deliver on its aim to inspire all Australians through art.

    Minister for the Arts, Tony Burke, congratulated the new and returning appointees.

    “Ilana has been serving on the Council since 2022 and was appointed as Deputy Chair by the Council in November 2023 and we’re thankful she’s agreed to continuing lending her talents. 

    “I’d also like to welcome Jay and Penny. As former Premier of South Australia and Minister for the Arts, Jay was a strong advocate for the sector and will be an excellent addition to the board. 

    “Penny has been the Chair of the National Portrait Gallery Board and understands the important role institutions have in preserving and showcasing some of our nation’s greatest treasures.”

    The National Gallery is dedicated to collecting, sharing and celebrating art from Australia and the world. It is home to the country’s most valuable collection of art, with 155,000 works worth around $7 billion. This includes the world’s largest collection of Aboriginal and Torres Strait Islander art.

    Ms Ilana Atlas AO has served on the National Gallery of Australia Council since March 2022 and was elected Deputy Chair by Council members in November 2023. She is Chair of Jarwun Limited and Scentre Group Limited and is a non-executive director of Origin Energy Limited, the Paul Ramsay Foundation and is also a Panel Member of Adara Partners and a director of Adara Development. Her previous non-executive director roles include Chairman of the Bell Shakespeare Company and Coca-Cola Amatil Limited and Director of ANZ Banking Group and the Human Rights Law Centre. Prior to serving on these Boards, Ms Atlas had a 10 year career at Westpac. Ms Atlas was also a partner in law firm Mallesons Stephen Jaques (now known as King & Wood Mallesons). In 2020 she was appointed an Officer of the Order of Australia for distinguished service to the financial and manufacturing sectors, to education, and to the arts.

    Mr Jay Weatherill AO is the former Premier of South Australia from 2011 to 2018. He currently leads the Thrive by Five campaign within the Minderoo Foundation and is an Ambassador for Reggio Children. He will soon join the Susan McKinnon Foundation pursuing their democracy reform agenda. Previously Mr Weatherill worked as a lawyer between 1987 to 1995 becoming the founder and principal  of his own firm between 1995 and 2002. In 2002 he became a member for the Parliament of South Australia and later Premier where he oversaw various portfolios including Minister for the Arts. Following his term Mr Weatherill became an Industry Professor at the University of South Australia from 2019 to 2024. He serves on several government and industry and philanthropic boards. In 2021 Mr Weatherill was appointed an Officer of the Order of Australia for distinguished service to the people and Parliament of South Australia, particularly as Premier, and to early childhood and tertiary education.

    Mrs Penny Fowler AM is Chairman of the Herald & Weekly Times and is News Corp Australia’s Community Ambassador. Mrs Fowler has been a member of the National Portrait Gallery Board since March 2016 and served as Chair since January 2022 (her term will end on 8 March 2025). She chairs the Royal Children’s Hospital Good Friday Appeal, the Royal Botanic Gardens Victoria and the Tourism Australia Board. She is also on the Advisory Board of Visy/Pratt USA and is a board member of Tech Mahindra & the Bank of Melbourne (St. George) Foundation. Mrs Fowler is a member of Chief Executive Women and an Ambassador for the Australian Indigenous Education Foundation and SecondBite. In 2024 Mrs Fowler was appointed a Member of the Order of Australia for significant service to the community through a range of organisations.

    MIL OSI News –

  • MIL-OSI: Aktia launches an acceleration programme to implement its revised strategic plan with new long-term financial targets and updates its dividend policy

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    27 February 2025 at 1.00 a.m.

    Aktia launches an acceleration programme to implement its revised strategic plan with new long-term financial targets and updates its dividend policy

    Aktia Bank Plc’s Board of Directors has approved the company’s updated strategy with new long-term financial targets and an updated dividend policy. An acceleration programme is being launched to drive the implementation of the strategic plan focusing on organic growth in wealth management.

    The core of Aktia’s growth strategy is to accelerate our journey towards becoming a unique, leading wealth manager empowered by a strong banking heritage. Aktia has a strong customer base and high customer satisfaction in the core segments, Premium and Private Banking, demonstrating the value of our personalised advisory services and product quality.

    During the strategic plan period 2025–2029, we will strengthen our focus on the strategic customer segments Premium, Private Banking, small and medium-sized enterprises (SMEs), and institutions. In these customer segments, we aim for growth and an excellent customer experience. Efficiency and outstanding processes are ensured, for example, through investments in digital development. Aktia stands out by high-quality, personal, and attentive service and comprehensive financial solutions offered to a growing customer base.

    Programme for accelerated strategy implementation

    An acceleration programme is launched to strengthen the implementation of the revised strategic plan and strategic priorities. The objective of the programme is to generate comparable operating profit annualised run rate improvements of approximately EUR 7 million by the end of 2025, and a total of approximately EUR 20 million by the end of 2026 – aligned with, Aktia’s new long-term financial targets. The programme is expected to generate one-off costs, which do not affect the comparable operating result, of approximately EUR 6 million in 2025. The costs relate mainly to external advisory services and are dependent on the financial performance of the programme.

    “Our three strategic priorities are active wealth management, growth in our core segments and a first-class customer experience – enabled by investments in digital development, streamlining our business processes, and developing the Aktia way of working. A cornerstone of our revised strategic plan is to increase the availability of personal service and wealth management solutions for a wider customer base. We intend to go beyond the established segment borders in the market and democratise private banking services. In this way, we want to give more customers the opportunity to benefit from our award-winning asset management, our peak competence in wealth management and our unique customer experience. With a robust financial basis, a unique market position, skilled employees and an ambitious leadership team, we are well equipped to deliver results and drive profitable growth. I strongly believe in our ability to achieve our new financial targets, especially with the acceleration programme now launched to implement our strategic plan,” says Aleksi Lehtonen, CEO of Aktia.

    Aktia’s strategic priorities are:

    1. Active Wealth Management

    As wealth transitions across generations, customers need accessible, sustainable financial solutions. Aktia helps customers grow and transfer wealth with clear, long-term plans and a holistic approach.

    2. Winning in Strategic Segments

    Finland’s growth relies on bold investments, cross-generational legacies and work, and thriving communities. Aktia takes an active role by driving success in Premium, Private Banking, small and medium-sized enterprises (SMEs), and institutional segments.

    3. The Aktia Experience

    We will stand out by specialising in attentive personal service for a growing customer base and by bringing them the Aktia experience. Skilled and committed employees work together to deliver tailored solutions and to respond to the customers’ financial needs and goals.

    Key enabler: Powered by Data and Technology​

    Enhancing our IT setup to enable growth in a scalable and efficient way.

    Long-term financial targets for 2029:

    • Comparable return on equity (ROE) over 15 per cent by 2029
    • Assets under management over EUR 25 billion* by 2029
    • Organic net commission income growth over 5 per cent per year
    • Common Equity Tier 1 (CET1) ratio 2–4 percentage points above the regulatory requirement.

    * This figure reflects gross AuM, corresponding to all AuM in the asset management business for which Aktia receives fee commissions. In the future, Aktia will report both gross and net AuM, rather than only net.

    Updated dividend policy:

    Aktia’s goal is to offer its shareholders a competitive total return, including dividends, the amount of which depends on the Group’s profit development as well as growth and investment needs. In addition, Aktia wants to ensure sufficient capital adequacy in changing market circumstances. Aktia’s capital and dividend policy has been updated.

    Updated dividend policy: Aktia intends to pay a dividend of approximately 60 per cent of the profit for the reporting period to its shareholders.

    In addition, excess capital may be distributed to shareholders using e.g. extra dividends or share buy-backs.

    (Previous dividend policy:  Aktia intends to pay out a dividend of approximately 60 per cent of the profit for the reporting period to its shareholders.)

    Investor Event 27 February 2025:

    Aktia invites investors, analysts and media representatives to an investor event on 27 February 2025 at 12:30 p.m. During the investor event, CEO Aleksi Lehtonen, together with other members of Aktia’s Executive Committee, will present the company’s updated strategic priorities and an overview of the acceleration programme for the implementation of the strategic plan with new financial targets. The event will be held in English.

    You can follow the investor event via a live webcast or a post-event recording on https://aktia.events.inderes.com/2025-investor-event. Participants will have the opportunity to ask questions of Aktia’s Executive Committee during the event. The presentation will be available on Aktia’s website www.aktia.com prior to the event.

    Aktia Bank Plc

    For more information, please contact:
    Oscar Taimitarha, Director of Investor Relations, tel. +358 40 562 2315, ir (at) aktia.fi

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 31 December 2024 amounted to EUR 14.0 billion, and the balance sheet total was EUR 11.9 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network –

  • MIL-OSI Australia: Australian Deputy PM: Appointments to National Gallery of Australia Council

    Source: Minister of Infrastructure

    The Australian Government has appointed Mrs Penny Fowler AM and Mr Jay Weatherill AO and reappointed Ms Ilana Atlas AO as members of the Council of the National Gallery of Australia for three-year terms.

    The Council is responsible for overseeing the Gallery’s strategic and organisational goals and positioning it for the future so it can continue to deliver on its aim to inspire all Australians through art.

    Minister for the Arts, Tony Burke, congratulated the new and returning appointees.

    “Ilana has been serving on the Council since 2022 and was appointed as Deputy Chair by the Council in November 2023 and we’re thankful she’s agreed to continuing lending her talents. 

    “I’d also like to welcome Jay and Penny. As former Premier of South Australia and Minister for the Arts, Jay was a strong advocate for the sector and will be an excellent addition to the board. 

    “Penny has been the Chair of the National Portrait Gallery Board and understands the important role institutions have in preserving and showcasing some of our nation’s greatest treasures.”

    The National Gallery is dedicated to collecting, sharing and celebrating art from Australia and the world. It is home to the country’s most valuable collection of art, with 155,000 works worth around $7 billion. This includes the world’s largest collection of Aboriginal and Torres Strait Islander art.

    Ms Ilana Atlas AO has served on the National Gallery of Australia Council since March 2022 and was elected Deputy Chair by Council members in November 2023. She is Chair of Jarwun Limited and Scentre Group Limited and is a non-executive director of Origin Energy Limited, the Paul Ramsay Foundation and is also a Panel Member of Adara Partners and a director of Adara Development. Her previous non-executive director roles include Chairman of the Bell Shakespeare Company and Coca-Cola Amatil Limited and Director of ANZ Banking Group and the Human Rights Law Centre. Prior to serving on these Boards, Ms Atlas had a 10 year career at Westpac. Ms Atlas was also a partner in law firm Mallesons Stephen Jaques (now known as King & Wood Mallesons). In 2020 she was appointed an Officer of the Order of Australia for distinguished service to the financial and manufacturing sectors, to education, and to the arts.

    Mr Jay Weatherill AO is the former Premier of South Australia from 2011 to 2018. He currently leads the Thrive by Five campaign within the Minderoo Foundation and is an Ambassador for Reggio Children. He will soon join the Susan McKinnon Foundation pursuing their democracy reform agenda. Previously Mr Weatherill worked as a lawyer between 1987 to 1995 becoming the founder and principal  of his own firm between 1995 and 2002. In 2002 he became a member for the Parliament of South Australia and later Premier where he oversaw various portfolios including Minister for the Arts. Following his term Mr Weatherill became an Industry Professor at the University of South Australia from 2019 to 2024. He serves on several government and industry and philanthropic boards. In 2021 Mr Weatherill was appointed an Officer of the Order of Australia for distinguished service to the people and Parliament of South Australia, particularly as Premier, and to early childhood and tertiary education.

    Mrs Penny Fowler AM is Chairman of the Herald & Weekly Times and is News Corp Australia’s Community Ambassador. Mrs Fowler has been a member of the National Portrait Gallery Board since March 2016 and served as Chair since January 2022 (her term will end on 8 March 2025). She chairs the Royal Children’s Hospital Good Friday Appeal, the Royal Botanic Gardens Victoria and the Tourism Australia Board. She is also on the Advisory Board of Visy/Pratt USA and is a board member of Tech Mahindra & the Bank of Melbourne (St. George) Foundation. Mrs Fowler is a member of Chief Executive Women and an Ambassador for the Australian Indigenous Education Foundation and SecondBite. In 2024 Mrs Fowler was appointed a Member of the Order of Australia for significant service to the community through a range of organisations.

    MIL OSI News –

  • MIL-OSI Economics: IMF Executive Board Concludes Annual Discussions on CEMAC Common Policies and Common Policies in Support of Member Countries Reform Programs

    Source: International Monetary Fund

    February 26, 2025

    • The CEMAC economy lost momentum in 2023 due to a contraction in hydrocarbon production, while the external position weakened.
    • The commitment expressed at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances, strengthen regional institutions, and prioritize structural reforms offers hope for a more resilient medium-term outlook.
    • Implementing fiscal consolidation in line with these commitments and accelerating structural reforms will be critical to bolstering economic diversification and resilience.

    Washington, DC: On February 24, 2025, the IMF Executive Board concluded the annual discussions with the Central African Economic and Monetary Community (CEMAC) on Common Policies of Member Countries and Common Policies in Support of Member Countries Reform Programs.[1]

    The CEMAC economy slowed in 2023, driven by a decline in hydrocarbon production, with real GDP growth decelerating to 2.5 percent. The external position weakened as the accumulation of foreign exchange (FX) reserves slowed, leaving them below adequate levels. Economic activity is estimated to have gained some momentum in 2024, with real GDP expanding by 3.2 percent, supported by a rebound in hydrocarbon output. However, regional policy assurances on the net foreign assets (NFA) for end-June 2024 (EUR 4.5 billion) were not met, falling short by EUR 4.43 billion. Preliminary data also suggest that the end-December 2024 policy assurances on NFA are unlikely to have been met. This reflects a weakening external position due to lower oil prices and fiscal slippages. Inflation remained persistently high at 4.3 percent in September 2024, exceeding the regional convergence criterion.

    While regional authorities maintained an appropriate monetary policy stance, progress on the reform agenda has slowed somewhat. At its September 2024 meeting, the Central Bank (BEAC) kept the policy rate unchanged at 5 percent and continued its weekly liquidity injections through its main refinancing window to mitigate increased volatility of liquidity conditions in the banking system. BEAC also advanced the enforcement of the FX regulations. BEAC and the Banking Commission of Central Africa (COBAC) remained engaged with banks structurally dependent on BEAC’s refinancing, ensuring they submit credible refinancing plans. The CEMAC Commission has sustained its regional surveillance consultations across member States, while the Permanent Secretariat of CEMAC’s Economic and Financial Reform Program (PREF-CEMAC) has continued implementing the region’s structural reforms action matrix.

    The outlook remains clouded by high uncertainty. Its trajectory depends on the effective implementation of corrective measures by member states, consistent with the commitment made at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances, strengthen regional institutions, and advance structural reforms. In the near term, real GDP growth is projected to slow to 2.8 percent in 2025, primarily due to weaker oil output. Inflation is projected to decline further to 3.1 percent by end-2025, reflecting the lagged effects of past policy tightening and lower global commodity prices. Significant downside risks remain, including delays in addressing fiscal slippages, declining commodity prices, tighter financial conditions, heightened political uncertainty amid a busy 2025 election calendar, persistent inflation, financial instability, slow structural reform progress, food insecurity, domestic conflicts, and climate-related disruptions.

    In the medium term, growth is projected to strengthen to 3.6 percent by 2029, mainly owing to a rebound in the non-oil sector. Structural reforms aimed at improving governance, enhancing the business climate, and expanding access to finance are expected to bolster potential output. Member states are anticipated to implement sustained fiscal consolidation, with public debt projected to decline to 42 percent of GDP by 2029, down from 50.9 percent of GDP in 2024. The current account balance is projected to deteriorate to -2.2 percent of GDP by 2029, from about -1.2 percent of GDP in 2024, driven mainly by lower hydrocarbon export receipts and production. Member states’ adjustment efforts are expected to stabilize reserve coverage at around 4.3 months of prospective imports in the medium term, slightly below staff’s adequacy metrics for a resource-rich monetary union (5 months).

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They noted the loss of economic momentum due to a contraction in hydrocarbon production and slower non-oil growth. Given the weakening external position, large fiscal imbalances, heightened stress in the regional debt market, and elevated uncertainty, they underscored the urgency of a well calibrated macroeconomic policy mix and sustained reform efforts to enhance resilience to shocks and preserve macroeconomic and financial stability.

    Directors welcomed the commitment made at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances, strengthen regional institutions, and prioritize structural reforms to ensure equitable adjustment burden sharing and enhance the monetary union’s external stability. They urged CEMAC authorities to swiftly implement fiscal consolidation in line with these commitments, noting the need to enhance non-oil tax revenues and improve expenditure efficiency, including completing energy subsidy reforms, while ensuring targeted social safety nets for the most vulnerable. Strengthening public financial management, reinforcing debt management, and addressing arrears will also be critical.

    Directors concurred that BEAC should maintain a tightening monetary policy bias and only reduce interest rates if there is clear evidence of inflation converging toward the regional convergence criterion and diminishing risks to external stability. Considering persistent tight liquidity conditions, BEAC should sustain liquidity providing operations while continuing efforts to address fragmentation within the banking system. Continued enforcement of FX regulations also remains crucial.

    Directors reiterated the need for strong collective action from national and regional authorities to preserve financial stability. Efforts should focus on strengthening COBAC’s supervisory capacity, strictly enforcing regulations for noncompliance, resolutely recapitalizing or resolving weak banks, ensuring that banks adequately account for sovereign exposure, addressing new risks posed by digital payments and assets, and strengthening the AML/CFT framework.

    Directors reiterated the importance of strengthening the regional surveillance framework and called for further efforts towards the adoption of the draft sanction mechanism for breaches of regional surveillance rules.

    Directors stressed the importance of accelerating structural reforms to strengthen governance and regulation, human capital, climate adaptation, and regional trade and infrastructure, which would help boost potential growth, economic diversification, and resilience.

    Directors regretted that BEAC did not meet the authorities’ policy assurance on NFA for June 2024, and that the December 2024 target is unlikely to be met, as committed in June 2024. They assessed that the authorities undertook and committed to sufficient corrective action to address the shortfall during the December 2024 Heads of State meeting and endorsed the authorities’ policy assurance on NFA accumulation for end March 2025 and end June 2025 as committed in February 2025. Directors also supported the new policy assurances on financial stability. They emphasized that implementation of these assurances is critical for the success of Fund supported programs with CEMAC member countries.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of these bilateral Article IV consultations, staff hold separate annual discussions with the regional institutions responsible for common policies in four currency unions—the Euro Area, the Eastern Caribbean Currency Union, the Central African Economic and Monetary Union, and the West African Economic and Monetary Union. For each of the currency unions, staff teams visit the regional institutions responsible for common policies in the currency union, collects economic and financial information, and discusses with officials the currency union’s economic developments and policies. On return to headquarters, staff prepares a report, which forms the basis of discussion by the Executive Board. Both staff’s discussions with the regional institutions and the Board discussion of the annual staff report will be considered an integral part of the Article IV consultation with each member.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’ authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm .

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the G20 Finance Ministers and Central Bank Meeting Session II: Int’l Financial Architecture [as prepared for delivery]

    Source: United Nations secretary general

    Excellencies,
    Let me begin by thanking our South African hosts for their warm hospitality and leadership. 
    Cape Town – this vibrant city where two oceans meet – could not be a more fitting location for a presidency that aims to bridge divides.
    South Africa takes the helm of the G20 at a testing time. 
    Global GDP this year is projected to fall below pre-pandemic averages. 
     Poor countries are no longer converging towards the income levels of rich countries. 
    This “new normal” of low growth affects the possibilities of developing countries to navigate the energy transition, and build resilient, fair societies. 
    It ultimately affects whether people will fulfill their potential or not – and whether the promise of the Sustainable Development Goals will be kept.
    We are especially worried about the halting effect of high uncertainty on investment, the possibility of a new inflationary shock resulting from trade disruptions, and the scope for higher-for-longer interest rates that would exacerbate the debt crisis affecting developing economies. 
    Excellencies,
    To face these challenges, we need an International Financial Architecture that can support economies to grow, liberating them from a vicious cycle where high debt leads to low investment, low investment to low growth, and low growth back to high debt.
    We need an architecture where the cost of capital to developing countries is low, enabling capital to flow where it can be most productive.
    The G20 has a unique responsibility to lead this reform. 
    Three key actions are essential:
    First, we must further strengthen Multilateral Development Banks. The G20 Roadmap for Better, Bigger, and more Effective MDBs points us in the right direction. Now we must accelerate. A successful replenishment of the African Development Fund will be a crucial milestone. 
    Second, we need a comprehensive approach to the debt crisis. Member States have put forward important structural proposals in advance of the Fourth International Conference on Financing for Development, which we look to the G20 to support.
    Third, we must strengthen the global financial safety net, with the IMF at its core, to shield all economies in a shock-prone world. We must channel SDRs to where they are most needed. We urge the G20 to use its voice to support the progress and reform developing countries need. 
    Excellencies,
    With the right reforms, and with sufficient political will, we can transform the relationship between finance and development from a vicious cycle into a virtuous one. This is the promise of South Africa’s G20 presidency – and of your leadership. 
    Thank you.
    [END]
     

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the G20 Tax Side Event – Domestic Resource Mobilisation: Bridging the Tax Gap [as prepared for delivery]

    Source: United Nations secretary general

    H.E. Mr. Enoch Godongwana, Minister of Finance of South Africa, 
    Excellencies,
    It is a pleasure to join you for this important discussion on domestic resource mobilization and bridging the tax gap.
    This challenge stands at the heart of financing sustainable development, and demands our urgent attention.
    We are not on track to achieve the Sustainable Development Goals. 
    We have an estimated $4 trillion sustainable development financing gap annually. 
    Domestic public finance is essential for financing the Sustainable Development Goals, increasing equity and strengthening macroeconomic stability. 
    Robust fiscal systems, including both tax and expenditure, drive economic growth, industrial transformation and environmental sustainability – contributing to alleviating poverty and reducing inequalities. 
    Beyond raising revenue, taxation remains fundamental to fairness, trust, and sovereignty.
    Yet, after significant increases in taxation in developing countries in the decade before 2009, average tax-to-GDP ratios for all developing country groups are below 2010 levels, remaining far below those of developed countries. 
    Successive shocks over the last two decades have severely impacted the mobilization of domestic resources for development.  
    As global crises intensify, it becomes more critical than ever to increase countries’ taxation capabilities. 
    The good news is that there is a large unmet tax potential in many developing countries. 
    Many governments have invested in tax reforms, demonstrating how nations can unlock unmet potential. 
    Strengthening tax systems requires sustained investment in capacity development based on country needs and priorities.  
    As economies evolve, so must tax systems. 
    The increasingly digitalized economy presents new opportunities, but also poses new challenges to an international tax system that has been designed for traditional business models. 
    We must develop future-ready tax policies that ensure global fair taxation without imposing excessive burdens – both on taxpayers and tax authorities. 
    Many organizations – including the UN, IMF, OECD, World Bank, and regional and national tax bodies – are supporting countries in this effort. 
    Initiatives like Tax Inspectors Without Borders help countries enhance domestic revenue mobilization. The Addis Tax Initiative and broader multilateral and regional efforts provide platforms for collaboration, knowledge-sharing, and technical assistance. 
    However, political will remains insufficient – with countries not investing enough in tax system reform and administration capacity, and donors not delivering promised assistance for supporting revenue mobilization.
    The Fourth International Conference on Financing for Development, in Sevilla in June, offers a pivotal moment to turn commitments for domestic tax reforms into actions, and make tax systems more fair, transparent, efficient and effective.
    In our interconnected world, strengthening countries’ fiscal frameworks must go hand-in-hand with international tax cooperation. 
    Every year, billions of dollars that should fund education, healthcare, and infrastructure are lost to tax avoidance and evasion, illicit financial flows, and financial crime. 
    Africa alone loses approximately $88.6 billion annually to illicit financial flows – around 3.7% of the continent’s GDP – draining resources vital for economic development. 
    The G20 has played an important role in advancing tax transparency and tackling tax avoidance. Expanding the automatic exchange of information and enhancing transparency in beneficial ownership remain paramount. 
    But more must be done to ensure that all countries – particularly those with limited administrative capacity – can fully participate in shaping global tax norms. 
    The ongoing negotiations on a UN Framework Convention on International Tax Cooperation, present a historic opportunity for progress toward a fair, inclusive, and effective international tax system.
    Through the Pact for the Future, Member States have committed to improving the inclusiveness and effectiveness of tax cooperation under the UN. 
    Ensuring that international tax rules reflect the diverse needs, priorities, and capacities of all countries is central to this effort.  
    The two early protocols in the UN Convention – on taxation of income from cross-border services in a digitalized and globalized economy and on preventing and resolving tax disputes – can demonstrate an inclusive and impactful approach. 
    The UN process can strengthen global cooperation, enhance legitimacy, certainty, resilience, and fairness of international tax rules, while addressing challenges in domestic resource mobilization and ensuring that all countries have a seat at the table.  
    Today’s discussion is an opportunity to drive forward these critical issues. 
    The United Nations remains fully committed to these efforts.
    Together, we can build a fairer, more transparent, and more effective international tax system – one that provides every country with the means to invest in its future and achieve the Sustainable Development Goals.
    Thank you.

    MIL OSI United Nations News –

  • MIL-OSI: Board of Directors’ proposals to Aktia Bank Plc’s Annual General Meeting 2025

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    26.2.2025 at 11.40 p.m.

    Board of Directors’ proposals to Aktia Bank Plc’s Annual General Meeting 2025

    The Board of Directors of Aktia Bank Plc (hereinafter “Aktia” or “company”) has decided that the Annual General Meeting will be held on 3 April 2025 at 4.00 p.m. at Pikku-Finlandia, Karamzininranta 4 in Helsinki.

    The company will publish the invitation to the Annual General Meeting separately later. The invitation will contain more detailed information on registration and attendance at the General Meeting.

    In addition to the proposals set forth by the Board of Directors below, the proposals of the Shareholders’ Nomination Board for the Annual General Meeting 2025 concerning the number of members and election of the Board of Directors and the remuneration of the Board of Directors have been published in a separate Stock Exchange Release on 31 January 2025.

    Adoption of the financial statements and the consolidated financial statements

    The Board of Directors proposes that the Annual General Meeting will decide on adopting the financial statements. The company’s auditor has recommended adopting the financial statements.

    Resolution on the use of the profit shown in the balance sheet and the payment of dividend

    The Board of Directors proposes that a dividend of EUR 0.82 per share shall be paid for the financial year 2024.

    Shareholders registered in the register of shareholders of the company maintained by Euroclear Finland Ltd on the record date for the dividend payment 7 April 2025 are entitled to the dividend. The Board of Directors proposes that the dividend shall be paid out on 14 April 2025 in accordance with the rules of Euroclear Finland Ltd.

    Aktia Bank Plc’s Remuneration Report for 2024

    The Board of Directors proposes to the Annual General Meeting that the Remuneration Report for the company’s governing bodies be confirmed. The Remuneration Report is expected to be published on or about 13 March 2025.

    Resolution on the auditor’s and sustainability reporting assurance provider’s remuneration

    The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that remuneration shall be paid to the auditor against the auditor’s reasonable invoice. The Board of Directors also proposes that remuneration shall be paid to the sustainability reporting assurance provider against a reasonable invoice for measures related to the assurance of sustainability reporting.

    Determination of the number of auditors and sustainability reporting assurance providers

    The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that the number of auditors and sustainability reporting assurance providers shall be one (1).

    Election of the auditor and the sustainability reporting assurance provider

    The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that KPMG Oy Ab, a firm of authorised public accountants, shall be elected as auditor, with Tiia Kataja, APA, as auditor-in-charge. The Board of Directors also proposes, based on the recommendation of the Board of Directors’ Audit Committee, that KPMG Oy Ab, an Authorised Sustainability Audit Firm, shall be elected as sustainability reporting assurance provider, with Tiia Kataja, Authorised Sustainability Auditor (ASA), as sustainability reporting assurance provider-in-charge. The auditor and the sustainability reporting assurance provider shall be elected for a term of office beginning when the Annual General Meeting 2025 has ended and continuing up until the Annual General Meeting 2026 has ended.

    Authorising the Board of Directors to decide on issue of shares or special rights entitling to shares referred to in Chapter 10 of the Companies Act in one or several tranches

    The Board of Directors proposes that the General Meeting authorises the Board of Directors to issue shares, or special rights entitling to shares referred to in Chapter 10 of the Companies Act, as follows:

    A maximum amount of 7,316,000 shares can be issued based on this authorisation, which corresponds to approximately 10% of all shares in the company.

    The Board of Directors is authorised to decide on all terms for issues of shares and of special rights entitling to shares. The authorisation concerns the issuance of new shares. Issues of shares or of special rights entitling to shares can be carried out in deviation from the shareholders’ pre-emptive subscription right to the company’s shares (directed share issue).

    The Board of Directors has the right to use this authorisation, among other things, to strengthen the company’s capital base, for the company’s share-based incentive scheme, acquisitions and/or other corporate transactions.

    The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the issue authorisation given by the Annual General Meeting on 3 April 2024.

    Authorising the Board of Directors to decide on acquisition of own shares

    The Board of Directors proposes that the General Meeting authorises the Board of Directors to decide on the acquisition of 500,000 shares at a maximum, corresponding to approximately 0.7% of the total number of shares in the company.

    The company’s own shares may be acquired in one or several tranches using the unrestricted equity of the company.

    The company’s own shares may be acquired at a price formed in public trading on the date of the acquisition, or at a price otherwise prevailing on the market. The company’s own shares may be acquired in a proportion other than that of the shares held by the shareholders (directed acquisition).

    The company’s own shares may be acquired to be used in the company’s share-based incentive schemes and/or for the remuneration of the members of the Board of Directors, for further transfer, retention, or cancellation.

    The Board of Directors is authorised to decide on all additional terms concerning the acquisition of the company’s own shares.

    The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to purchase the company’s own shares given by the Annual General Meeting on 3 April 2024.

    Authorising the Board of Directors to decide to divest the company’s own shares

    The Board of Directors proposes that the General Meeting authorises the Board of Directors to decide on divesting own shares held by the company, as follows.

    Based on the authorisation, a maximum of 500,000 shares may be divested.

    Board of Directors is authorised to decide on all additional terms concerning the divestment of the company’s own shares. The divestment of the company’s own shares can be carried out in deviation from the shareholders’ pre-emptive subscription rights to shares in the company (directed share issue), e.g., for implementing the company’s incentive programs and for remuneration, including divesting the company’s own shares to board members for payment of board remuneration.

    The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to divest the company’s own shares given by the Annual General Meeting on 3 April 2024.

    Aktia Bank Plc

    Further information:
    Oscar Taimitarha, Director, Investor Relations, tel. + 358 40 562 2315, ir (at) aktia.fi

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 860 people around Finland. Aktia’s assets under management (AuM) on 31 December 2024 amounted to EUR 14.0 billion, and the balance sheet total was EUR 11.9 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network –

  • MIL-OSI: Compass Point and Sea Court Management Announce Strategic Partnership

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — Compass Point Research & Trading, LLC (“Compass Point”), a leading middle market investment bank, is pleased to announce its partnership with Sea Court Management (“Sea Court”), an alternative investment management firm. Founded by industry veterans James DeNaut, Steven Quamme, and Patrick English, Sea Court shares Compass Point’s deep sector expertise and strategic focus, enabling both firms to leverage their collective knowledge and relationships to deliver capital raising and tailored advisory solutions to its clients.

    Sea Court recently closed the Sea Court Opportunity Fund I (the “Fund”), with $50 million in committed capital. The Fund is designed to support a curated group of early-and mid-stage investments, and will leverage Compass Point’s investment banking, capital markets, and research capabilities.

    Burke Hayes, Chief Executive Officer, and Head of Investment Banking for Compass Point said, “We are excited to partner with the Sea Court team, as we see this as a unique opportunity to support innovative growth companies and their investors in the early-and-mid-stages of their lifecycle. Sea Court’s expertise identifying and investing in differentiated companies makes them an ideal partner for us”.

    Jim DeNaut, Chief Executive Officer of Sea Court said “We are thrilled about our partnership with Compass Point which will enhance our ability to provide trusted advice and full cycle capital to a broader set of platform companies and sectors. Compass Point shares our focus of bringing high quality innovative and disruptive solutions companies to an expanded group of investors”.

    Over the course of his career, Jim DeNaut has advised numerous M&A, capital markets, and asset management clients. Additionally, he has more than fifteen years of experience advising and allocating capital for a variety of institutions, family offices and endowments. Prior to forming Sea Court, from 2010 to 2022, Jim served as President and Chief Executive Officer, Senior Managing Director and Head of International Investment Banking at Nomura Securities International, Inc. He also served on the Board of Directors of Nomura Holdings America, Inc. Prior to Nomura, Jim served as Senior Managing Director, Head of Global Banking Americas, and Head of Corporate and Investment Banking, Americas (2000 to 2010) at Deutsche Bank Securities, Inc. Prior to Deutsche Bank, Jim was a Managing Director in the Investment Banking Division at Morgan Stanley, Inc.

    Steven Quamme serves as Managing Partner of Sea Court. Prior to forming Sea Court, Steve was co-founder and President of Cartica Management, LLC, a $3 billion SEC-registered investment advisor focused exclusively on the emerging markets. Cartica’s institutional investor base included many of the world’s largest pension plans, university endowments, family offices and sovereign wealth funds. Prior to forming Cartica, Steve was the Chief Operating Officer of Breeden Partners, a $2 billion U.S. activist fund. Formerly, Steve was the founder and co-CEO of Milestone Merchant Partners (subsequently acquired by Houlihan Lokey), a full-service merchant bank that provided investment banking services and managed a series of private equity funds focused on the US and India.

    Patrick English serves as Managing Partner of Sea Court. Patrick has 25 years of experience in a broad range of professional capacities in the private equity, venture capital, real estate, hedge fund, and institutional securities industries. Prior to Sea Court, Patrick served as Partner and Chief Operating Officer at Three Mountain Capital, a discretionary global macro hedge fund that he co-founded. 

    About Compass Point

    Compass Point Research & Trading LLC is a leading full-service middle market investment bank. Our broad range of capabilities include public and private capital raising, corporate advisory services, fundamental research, Washington policy analysis and execution services. We provide innovative solutions for entrepreneurial businesses and their investors.

    Headquartered in Washington, D.C., with offices in Charleston, SC, New York, NY, and Orange County, CA, Compass Point is a member of FINRA and SIPC. For further information about Compass Point, please visit our website at www.compasspointllc.com.

    About Sea Court Management
    Sea Court Management is an alternative investment management firm that invests in early-and-mid-stage growth companies. Sea Court focuses on identifying and investing in companies with innovative technologies and businesses. Recent investments include companies in healthcare, life sciences, digital asset and technology sectors. www.seacourtcapital.com

    Media Contact:
    Christopher Nealon
    202.540.7315
    cnealon@compasspointllc.com

    The MIL Network –

  • MIL-OSI: Athene Names Louis-Jacques Tanguy Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, Feb. 26, 2025 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”), the leading retirement services company and subsidiary of Apollo Global Management, Inc. (NYSE:APO), announced today that it has appointed Louis-Jacques (LJ) Tanguy as Executive Vice President and Chief Financial Officer, effective March 1, 2025.

    LJ has served as the Chief Accounting Officer for Apollo since early 2022 and has over 25 years of extensive accounting and financial experience. Prior to joining Apollo, he spent 13 years at Deutsche Bank as a Managing Director in various finance leadership roles in London and New York. Prior to that, LJ was the Head of the Asia Pacific Product Valuation Group for Merrill Lynch Japan Securities in Tokyo and has also worked at Société Générale in Paris and Asia in various roles in Finance and Risk. He holds a Ph.D. in Business Management, a Master’s in Finance and a Bachelor’s in Economics from the University of Aix-Marseille.

    “We are very pleased that LJ will be Athene’s new CFO,” said Jim Belardi, CEO of Athene. “As Apollo’s Chief Accounting Officer, he successfully built and led a multifaceted organization spanning across the asset manager and retirement services businesses and played a key role in our successful merger. LJ is a champion for excellence and cross-functional collaboration, and his appointment appropriately supports the business now and for the long term.”

    “I am excited to support the continued growth and innovation of our firm by serving as Athene’s next CFO,” said Tanguy. “I look forward to working even more closely with my outstanding colleagues who have driven Athene to be the leading retirement services provider and partnering with them to achieve the next phase of our growth.”

    About Athene
    Athene is the leading retirement services company, with over $360 billion of total assets as of December 31, 2024 and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:
    Jeanne Hess
    Vice President, External Relations
    +1 646 768 7319
    jeanne.hess@athene.com

    The MIL Network –

  • MIL-OSI: Aktia Bank Plc’s Board of Directors resolves to establish a new Long-term Share-based Incentive Plan and a Bridge Plan, and to continue the Share Savings Plan

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    26 February 2025 at 11.30 p.m.

    Aktia Bank Plc’s Board of Directors resolves to establish a new Long-term Share-based Incentive Plan and a Bridge Plan, and to continue the Share Savings Plan

    The Board of Directors of Aktia Bank Plc has resolved to establish a new long-term share-based incentive plan for selected key employees of the group. The purpose of the plan is to align the interests of the company’s shareholders and key employees in order to increase the company’s value in the long term, to commit key employees to implement the company’s strategy, objectives and long-term interest and to offer them a competitive incentive plan based on earning the company’s shares.

    The plan consists of one three-year performance period, which covers the financial years 2025–2027.

    In the plan, the target group has the opportunity to earn Aktia Bank Plc’s shares based on performance. The performance criteria of the plan are tied to absolute and relative Total Shareholder Return (TSR), Return on Equity and ESG criteria. For certain key persons in asset management, a part of the reward is earned based on income on AuM. The target group may consist of a maximum of 50 key employees, including the CEO and members of the Executive Committee.

    The potential rewards from the plan will be paid after the end of the performance period within approximately four (4) years in five (5) instalments, in accordance with the financial sector legislation. Before payment, the rewards may be reduced based on risk adjustments. The payment of each reward instalment is followed by a one-year (1) retention period, during which the participant cannot dispose of the shares paid as a reward.

    The value of the rewards to be paid on the basis of the plan corresponds to a maximum total of 500 000 shares of Aktia Bank Plc, including also the proportion to be paid in cash. The potential reward will be paid partly in Aktia Bank Plc’s shares and partly in cash. The cash proportion of the reward is intended to cover taxes and statutory social security contributions. As a rule, no reward will be paid if the key employee’s employment or director contract terminates before the end of the performance period.

    The CEO and the Executive Committee members must hold 50 per cent of the received shares, until the value of their total shareholding in the company equals their annual base salary for the previous calendar year. Such number of shares must be held for as long as the membership in the Executive Committee continues.

    Bridge Plan

    The Board of Directors of Aktia Bank Plc has resolved to establish a bridge plan for key employees of the group, including CEO and group Executive Committee. The objective of the plan is to support the company’s strategy by motivating the key employees to achieve financial and strategic targets set for the group. In addition, the purpose of the plan is to bridge the transfer from the previous incentive plan with one-year performance periods to the plan with three-year performance periods.

    The plan includes one one-year performance period (calendar year 2025). During the performance period 2025, the reward from the plan is based on group comparable operating profit targets and operating profit run-rate targets decided by the Board of Directors, and individual targets related to each participant’s own area of responsibility and strategy execution within the participant’s own area of responsibility. 

    Half of the cash reward earned, based on the performance period will be converted into Aktia shares after the performance period and will be paid in five instalments in 2026, 2027, 2028, 2029 and 2030. Shares received as a reward cannot be transferred within one year of the payment of the reward instalment.

    At the target level, the maximum value of the reward based on the performance period is EUR 2,000,000 in total upon the launch of the plan. The final cost of the plan depends on the achievement of the targets of the performance criteria of the performance period and on the conversion price of the share after the end of the performance period. During the performance period 2025, approximately 20 key employees belong to the target group of the plan.

    Share Savings Plan

    The Board of Directors of Aktia Bank Plc has decided on a continuation of AktiaUna, a long-term share savings plan for the employees of the Aktia Group, that was launched in 2018 to support the implementation of Aktia’s strategy.

    The objective of the share savings plan is to motivate Aktia’s employees to invest in Aktia shares and to own shares in Aktia. The objective is also to align the interests and commitment of the employees and management to work for a good value development and increased shareholder value in the long-term.

    AktiaUna share savings plan offers approximately 850 Aktia employees the opportunity to save 2–6% of their salaries (the members of the Group’s Executive Committee up to 12% and selected key employees up to 7%) and with this savings amount regularly acquire Aktia shares at a 10% discount. Furthermore, the participants are motivated by granting them free matching shares against shares acquired in AktiaUna share savings plan after approximately two years. The prerequisite for receiving matching shares is that an employee holds the acquired shares until the end of the holding period, and their employment at Aktia has not terminated before the end of the holding period.

    The value of the matching shares during the savings period 2025–2026 amounts to a maximum total of EUR 3,500,000 upon the launch of the plan. At an Aktia share price of EUR 10.16, this amount corresponds to the value of approximately 345,000 Aktia shares. The final cost of the plan depends on the number of participants and shares acquired in the plan by the employees.

    Aktia Bank Plc

    Further information:
    Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315, ir (at) aktia.fi

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 31 December 2024 amounted to EUR 14.0 billion, and the balance sheet total was EUR 11.9 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network –

  • MIL-OSI Russia: Government meeting (2025, No. 6)

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    1. On the draft federal law “On Amendments to Article 2232 of the Federal Law “On Insolvency (Bankruptcy)”

    The development of the bill is due to the need to provide additional support to participants in the special military operation.

    2. On the draft federal law “On Amendments to Articles 28 and 2137 of the Federal Law “On Insolvency (Bankruptcy)”

    The bill is aimed at regulating the issue of the date from which the ten-day period for the execution by the bankruptcy trustee of the obligation to include in the Unified Federal Register of Bankruptcy Information a notice of completion of the procedure applied in the bankruptcy case should be calculated.

    3. On amendments to certain acts of the Government of the Russian Federation (in terms of amendments to the Regulation on the Ministry of Economic Development of the Russian Federation)

    The draft act is aimed at updating the normative legal regulation in the area of preferential regimes for the implementation of economic activities.

    4. On the draft federal law “On Amendments to the Federal Law “On Veterans””

    The bill is aimed at granting the status of veteran and disabled person of combat operations to military personnel (employees) who carried out tasks to repel an armed invasion of the country’s territory, as well as during an armed provocation on the state border of Russia and in the territories of the country’s subjects adjacent to the areas where a special military operation is being conducted.

    5. On the draft federal law “On Amending Article 26 of the Federal Law “On Road Safety””

    The bill is aimed at improving the quality of training for vehicle drivers.

    6. On amendments to the Decree of the Government of the Russian Federation of July 20, 2011 No. 590 (in terms of amendments to the Regulation on the Ministry of Culture of the Russian Federation)

    The draft resolution is aimed at ensuring that the activities of the Ministry of Culture of Russia comply with the provisions of the Federal Law of December 13, 2024 No. 472 “On Amendments to the Federal Law “On Cultural Heritage Sites (Historical and Cultural Monuments) of the Peoples of the Russian Federation”.

    7. On the allocation of budgetary allocations for the financial support of the one-time payment to certain categories of citizens of the Russian Federation established by Decree of the President of the Russian Federation of January 15, 2025 No. 15 in connection with the 80th anniversary of the Victory in the Great Patriotic War of 1941-1945.

    The draft order is aimed at providing support to disabled people and participants of the Great Patriotic War, as well as categories of citizens equivalent to them.

    Moscow, February 26, 2025

    The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

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

    MIL OSI Russia News –

  • MIL-OSI: Medallion Financial Corp. to Report 2024 Fourth Quarter and Full-Year Results on Tuesday, March 4, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN, the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, as well as loan products and services offered through fintech strategic partners, announced today that it will report its results for the quarter and full-year ended December 31, 2024, after the market closes on Tuesday, March 4, 2025.

    CONFERENCE CALL AND WEBCAST INFORMATION

    A conference call to discuss the financial results will be held the next morning, March 5, 2025.

    How to Participate

    • Date: Wednesday, March 5, 2025
    • Time: 9:00 a.m. Eastern time
    • U.S. dial-in number: (833) 816-1412
    • International dial-in number: (412) 317-0504
    • Live webcast: Link to Webcast of 4Q24 Earnings Call

    A link to the live audio webcast of the conference call will also be available at the Company’s IR website.

    Replay Information

    The webcast replay will be available at the Company’s IR website until the next quarter’s results are announced.

    The conference call replay will be available following the end of the call through Wednesday, March 12.

    • U.S. dial-in number: (844) 512-2921
    • International dial-in number: (412) 317-6671
    • Passcode: 1019 6407

    INDIVIDUAL MEETING INFORMATION

    To increase relations with institutional investors, management has dedicated time to hosting individual meetings with portfolio managers and analysts after its earnings conference call. If you are interested in scheduling a meeting with management, please contact investorrelations@medallion.com or (212) 328-2176.

    About Medallion Financial Corp.

    Medallion Financial Corp. (NASDAQ:MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries, and loan products and services offered through fintech strategic partners. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.

    Company Contact:

    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com

    The MIL Network –

  • MIL-OSI: Horizon Bancorp, Inc. Announces Retirement of Craig Dwight as Chairman and Enhancements to Board of Directors Structure

    Source: GlobeNewswire (MIL-OSI)

    MICHIGAN CITY, Ind., Feb. 26, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) Horizon Bancorp, Inc. (“Horizon” or the “Company”) announced that Craig Dwight, Chairman of Board, will retire from the Board of Directors effective at the expiration of his current term on May 1, 2025. Mr. Dwight provided written notice of his decision on February 24, 2025, which was accepted by the Board on February 25, 2025. Concurrently, the Board of Directors elected Eric Blackhurst to serve as an Independent Chairperson, effective upon Mr. Dwight’s retirement. Mr. Blackhurst has served as a Company Director for over seven years during which time his leadership has been instrumental, notably as Chairperson of Corporate Governance and as a member of the Compensation Committee. Mr. Blackhurst recently retired from an esteemed 35-year career at The Dow Chemical Company where he served as Associate General Counsel, Corporate Transactions and Latin America. His is currently interim president of Alma College. Additionally, with Horizon’s transition to an Independent Chairperson, the role of Independent Lead Director, currently held by Michele Magnuson, will be retired. Ms. Magnuson will remain on the Board and continue to serve on the Compensation and Governance Committees.

    “On behalf of the Board of Directors, Executive Leadership, and Horizon’s Advisors, it is my privilege to thank and congratulate Craig who will retire from the Board upon the expiration of his term in May. For more than 25 years Craig drove the success of Horizon by fostering a winning culture centered on placing client needs first, strengthening the communities Horizon calls home, and delivering significant value for Horizon’s shareholders. His legacy of servant leadership has positively impacted all who have had the pleasure to work with him. We wish Craig and his family the best as he enjoys this richly earned new chapter in life,” said Thomas Prame, Horizon’s President and Chief Executive Officer. “I am also pleased to announce the Board’s election of Eric Blackhurst to Independent Chairperson. Eric’s strategic vision, character and experience make him ideally suited to seamlessly transition into the role of Chairperson. I look forward to our continued positive working relationship and the value he will bring to Horizon in this important new role. Additionally, we would like to thank Michele Magnuson for her impactful stewardship as independent Lead Director over the last 3 years. We are fortunate to have Michele as a Board member, and we look forward to the positive contributions she continues to bring to the Board and organization.”

    In addition to the changes to Horizon’s director roles, Horizon welcomes Larry Magnesen to the Horizon Bank’s Board of Directors effective February 25, 2025. Mr. Magnesen brings to the Bank Board significant experience in marketing and corporate communications resulting from his 20 plus-year career at Fifth Third Bank in various senior leadership roles. “Larry has a vast experience in financial services marketing and corporate communications that will benefit Horizon Bank’s strategic objective of profitably expanding our core banking relationships,” Prame added. “Larry brings a great understanding of attracting and retaining core clients that is combined with an intimate knowledge of our local markets through his former leadership roles. I look forward to the immediate contributions Larry will bring to Horizon’s strategic outlook and the valuable skillset he adds to our already very talented Bank Board.”

    About Horizon Bancorp, Inc.

    Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the nearly 8 billion–asset bank holding company for Horizon Bank, which serves customers across attractive Midwestern markets through convenient digital tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential, indirect auto, and other secured consumer lending, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in–market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

    Contact: Thomas Prame
    Chief Executive Officer and President
    Phone: (219) 814-5983
    Date: February 26, 2025

    The MIL Network –

  • MIL-OSI: Triumph Financial to Acquire Greenscreens.ai

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Feb. 26, 2025 (GLOBE NEWSWIRE) — Triumph Financial, Inc. (Nasdaq: TFIN), a financial and technology company specializing in payments, factoring, banking and intelligence solutions for the transportation industry, has agreed to acquire Greenscreens.ai.

    Greenscreens.ai is a pricing solution for the logistics industry that delivers short-term freight market pricing intelligence and business insights. Using machine learning, their solutions help customers make data-informed pricing and purchasing decisions.

    “The acquisition of Greenscreens.ai marks another significant step in our strategy to transform data into actionable intelligence for the freight industry,” said Aaron P. Graft, founder, vice chairman and chief executive officer of Triumph Financial. “With our recent acquisition of Isometric Technologies, we laid the groundwork for performance-based intelligence. The acquisition of Greenscreens.ai will expand our capabilities into pricing intelligence.”

    Dawn Salvucci-Favier, chief executive officer of Greenscreens.ai, added, “Joining Triumph is an exciting opportunity for Greenscreens.ai. Since day one, our mission has been to provide the industry’s leading neutral platform for pricing and revenue optimization. As a part of Triumph, we can broaden our impact and accelerate innovation in freight pricing.”

    “This acquisition strengthens Triumph’s ability to deliver validated, high-quality data that enhances decision-making and drives efficiency,” Graft said. “As we expand our Intelligence segment, we remain committed to giving customers in our network access to actionable insights into the freight industry so they can transact confidently.”

    Under the terms of the agreement, Triumph will acquire Greenscreens.ai for $140 million in cash and $20 million in TFIN stock. The acquisition is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close during the second quarter of 2025. J.P. Morgan is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal counsel to Triumph Financial in connection with the transaction. DLA Piper is acting as legal counsel to Greenscreens.ai in connection with the transaction.

    About Triumph
    Triumph Financial, Inc. (Nasdaq: TFIN) is a financial holding company focused on payments, factoring, banking and intelligence. Headquartered in Dallas, Texas, its diversified portfolio of brands includes TriumphPay, Triumph, TBK Bank and LoadPay.

    About Greenscreens.ai
    Greenscreens.ai is transforming how the freight industry buys and sells freight through a collaborative and dynamic approach driven by clean data and innovative technology. Leveraging sophisticated machine learning algorithms, Greenscreens.ai provides market intelligence via an intuitive and integrated platform, empowering users to quickly adjust their freight strategies based on powerful real-time data insights. With two distinct products—one serving shippers and one serving brokers—customers buy and sell with confidence, unveil markets, and build resilience.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the ability of Triumph Financial to consummate the pending acquisition of Greenscreens.ai, including the possibility that the expected benefits related to the pending acquisition may not materialize as expected; the pending acquisition of Greenscreens.ai may not be timely completed, if completed at all; prior to the completion of the pending acquisition of Greenscreens.ai, Greenscreens.ai’s business could experience disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; Triumph Financial may be unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies with Greenscreens.ai within Triumph Financial management’s expected timeframes or at all; the ability to satisfy the closing conditions to the Greenscreens.ai transaction in a timely basis or at all; the ability of Triumph Financial or Greenscreens.ai to retain and hire key personnel; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of TBK Bank and Greenscreens.ai to terminate the merger agreement; and the outcome of any legal proceedings that may be instituted against Triumph Financial, Greenscreens.ai or their respective directors, officers or employees. For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2025. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.

    Source: Triumph Financial, Inc.

    The MIL Network –

  • MIL-OSI Economics: African Development Bank, Pandemic Fund sign agreement to leverage resources for pandemic preparedness

    Source: African Development Bank Group
    The African Development Bank Group has signed an agreement to become an implementing entity of the Pandemic Fund. This enables the Bank to coordinate financing of the Fund’s approved projects in Africa, as well as to participate in a call for proposals for financing investments scheduled to launch next month.

    MIL OSI Economics –