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Category: Banking

  • MIL-OSI Australia: Why Productivity Matters

    Source: Reserve Bank of Australia

    Introduction

    Thank you for the opportunity to speak here today at the Australian Business Economists’ Annual Forecasting Conference. There has been lots of discussion about productivity in recent years. In some economies this discussion has been about subdued growth in overall productivity, including in Australia since just before the pandemic. There has also been discussion about the outlook for productivity. For example, the extent to which artificial intelligence, quantum computing and other technologies will support future productivity growth. These are important issues that I expect will come up in discussions today.

    In my remarks I’m going to focus on a different question: why does productivity matter? At the central bank we’re not experts in how to improve productivity. But trends in productivity are very important for the macroeconomy. In the context of the Australian economy, I will discuss how stronger productivity growth can support growth in aggregate supply, incomes and aggregate demand. I will then spend some time discussing recent productivity outcomes in Australia and how we’ve been thinking about those in our assessment of economic conditions.

    But first, what is productivity? When we talk about productivity, we’re talking about how much output we get relative to what we put in. At an individual level, I increase my own productivity by making a shopping list before I buy groceries, so I don’t forget anything and avoid multiple trips to the supermarket. At the firm level, productivity might be improved by implementing customer relationship management software to streamline communication with clients and automate routine tasks. At the economy-wide level – which is what matters for the central bank and our dual mandate of full employment and low and stable inflation – productivity reflects a multitude of decisions like these. Ultimately it’s about how efficiently capital and labour are employed across the economy to produce goods and services.

    How do we measure productivity? Economists typically focus on two measures: labour productivity, which measures how much output is produced for every hour worked; and multifactor productivity (MFP), which reflects how efficiently all inputs to production – such as labour, capital, energy and raw materials – are combined to produce output.

    In a simple production function framework where a firm produces output using two inputs – labour and capital – labour productivity depends on two things. The first is how much capital each person has to work with. Providing workers with more or better capital – like machines or faster computers – can increase the amount of output each worker produces. This is referred to as ‘capital deepening’. The second is MFP. Improving MFP involves finding new ways to combine labour and capital to produce more output. For example, by reorganising a production line or using GPS technology to precisely guide machinery for planting, fertilising and harvesting. In this respect, labour productivity is not just about labour efficiency; it depends on firms’ decisions about how much capital to employ and how efficiently labour and capital work together to produce output.

    In thinking about the relationship between productivity and aggregate supply, incomes and demand, I will focus mainly on labour productivity. This is because labour productivity most closely aligns with measures of economic living standards. It’s also easier to measure than MFP.

    As you might sense, productivity is not about working harder, but working smarter. Many of the biggest productivity improvements have come from things that have made our lives easier, like computers, robots, the internet and smartphones – though personally I’m still questioning whether smartphones are productivity enhancing or a productivity sapping distraction.

    Economists talk about productivity a lot. So I’ll now turn to the question of why productivity matters.

    Productivity and supply

    If productivity increases, the economy can produce more goods and services from all the available economic inputs. As such, productivity is a key driver of growth in the supply capacity of the economy, or potential output.

    Productivity in Australia has been volatile in recent years but, looking through the volatility, is around the same level as in the few years before the pandemic. Productivity growth has also been consistently below the RBA’s projections for some time now (Graph 1). This has generated internal discussions about what trend labour productivity growth might look like in the period ahead, and what that means for estimates of potential output growth over the forecast period. The current assumption is that annual labour productivity growth will pick up to around one per cent in the medium term, which is close to its longer run average. This could be consistent with, for example, the rapid adoption of technology across many industries leading to higher productivity outcomes. However, the projected pick-up in productivity growth has not materialised in recent years and staff are currently assessing whether weak productivity outcomes are likely to persist.

    Weak productivity growth in recent years has contributed to slower growth in the supply capacity, or potential output, of the economy than otherwise. Graph 2 shows one of our estimates of potential output, which is based on actual productivity outcomes observed in the data. The graph also shows a counterfactual path where productivity growth in recent years was higher, at its average rate in the two decades prior to the pandemic. This suggests that the size of the economy is a lot smaller than it would have been, had productivity growth been more like in the past (all else equal).

    It’s important to keep in mind that, in this counterfactual world where supply capacity was much higher, incomes and demand would also have been higher too. Let me turn to that now.

    Productivity, incomes and wages

    While productivity growth contributes to growth in the supply capacity of the economy, it also contributes to growth in incomes and demand.

    At times, labour productivity (output per hour worked) and real income per hour track one another closely (Graph 3). Looking through the volatility, both are currently around similar levels as in the period prior to the pandemic.

    Other factors besides productivity can affect growth in incomes per hour. For example, higher prices for Australian exports can generate higher incomes domestically. So the terms of trade – the prices we receive for our exports relative to the prices we pay for our imports – can also be an important driver of incomes in the domestic economy. We can see this in the decade from the early 2000s: despite the slowing in productivity growth, real incomes per hour continued to increase, partly owing to substantial increases in the prices received for Australian exports like iron ore and coal. The surge in demand for our exports, particularly from China, supported profits in the mining industry and related parts of the Australian economy, as well as demand for labour and wages growth.

    Over the longer run, labour productivity and real wages – as measured by average earnings from the national accounts – also tend to move together (Graph 4). Over the inflation targeting period, labour productivity has grown at an average annual rate of 1.1 per cent and real labour earnings have grown at 0.9 per cent. So, higher productivity not only benefits firms, it also benefits workers by increasing their purchasing power. The Productivity Commission has previously pointed to the productivity of bakers as a reason we can consume more bread or spend that extra money elsewhere – in 1901 it took 18 minutes of the average worker’s time to afford a loaf of bread, while today it’s just 4 minutes. There must be a joke in there somewhere about how we spend our dough.

    In the short run, however, growth in real wages and labour productivity can and do diverge as the economy adjusts to economic shocks. For example, and as noted previously, increases in the prices received for Australian exports can have an impact on domestic profits and wages (and without an increase in labour productivity). Ultimately, however, it is very hard for an economy to support real wages growth in the longer run without productivity growth.

    Productivity and consumption

    Productivity growth also tends to support consumption growth. When productivity and incomes are growing more strongly, people are able to spend more and consumption grows more quickly. Weak growth in consumption per capita over recent years has coincided with weak growth in productivity, real incomes and real wages (Graph 5).

    Similar patterns have been evident in other economies, where subdued productivity growth has been associated with slower growth in household incomes and consumption (Graph 6). The exception is the United States, where growth in both productivity and consumption has been relatively strong.

    Recent trends in productivity

    So far I’ve focused on the importance of productivity growth for aggregate supply, incomes and demand over the longer run. I’ll now turn to recent trends in productivity growth in Australia and some potential implications for the near-term economic outlook.

    Discerning recent trends in productivity is difficult because of volatility in the data associated with the pandemic and other supply disruptions. Looking through the volatility, labour productivity growth has been low, averaging 0.2 per cent per year between 2017/18 and 2023/24 (Graph 7).

    Reverting to the simple production function framework that I noted earlier, the slow growth in labour productivity over recent years has reflected slow growth in both MFP and the amount of capital available to each worker.

    MFP growth averaged 0.2 per cent per year between 2017/18 and 2023/24, which was well below its historical average. Some have argued that slower MFP growth could reflect temporary factors. For example, tight labour market conditions over recent years have been associated with large numbers of individuals entering the workforce or changing jobs; this may have weighed on productivity as some individuals were trained or retrained and some firms adapted production processes to accommodate strong employment growth. If this was the case, MFP growth could pick up as the economy adjusts. However, work by some RBA staff finds that temporary factors like these have not been the primary cause of slow MFP growth, suggesting that structural factors could be weighing on productivity growth.

    Slow growth in the amount of capital available for each worker in the Australian economy – or a lack of ‘capital deepening’ – has also contributed to slow growth in labour productivity (Graph 8). Capital per worker was broadly unchanged for around five years leading up to the pandemic and – looking through the volatility in the data during the pandemic – is currently a bit below those levels. In other words, overall investment has not kept pace with the strong growth in employment recently.

    To help understand the recent slow growth in productivity, I’ll look at productivity outcomes in various parts of the economy.

    I’ll start with the non-market sector – which includes the health care, education and public administration industries – where employment growth has been very strong over recent years. The level of measured productivity in some parts of the non-market sector is low relative to the aggregate economy. So, as the non-market sector has become a larger share of the economy in recent years, this has weighed on overall productivity growth in the economy. Our estimates suggest that the rising share of non-market employment lowered the economy-wide measure of labour productivity growth by around 0.3 percentage points per year on average from 2017/18 to 2023/24, as shown by the yellow bars in Graph 9. This compares with around 0.15 percentage points per year over the previous decade, and so the recent effects have been a bit larger than in the past.

    But there is more to the story about productivity and the non-market sector. I have emphasised measured productivity because it is very difficult to measure output – and therefore productivity – in parts of the non-market sector. The central measurement problem is a lack of meaningful prices for some non-market output, such as public hospital services provided to public patients. This makes it very difficult to accurately identify quantities of output, which are needed to measure productivity. For example, research by the Productivity Commission suggests that productivity in the health care industry is higher than official estimates. As such, the drag on productivity from the non-market sector may be overstated.

    Noting the challenges of measuring productivity in the non-market sector, what’s been going on in the rest of the economy? Labour productivity growth in the market sector averaged around 0.6 per cent per year from 2017/18 to 2023/24 – below its average of 1.6 per cent over the previous two decades – though it picked up in 2023/24.

    Table 1: Growth in Labour Productivity

    Average annual growth rates (per cent)(a)
    Sector 1998/99 to 2017/18 2017/18 to 2023/24
    All industries 1.3 0.2
    Non-farm 1.1 0.1
    Market sector 1.6 0.6
    Market sector ex mining 1.4 1.0

    (a) Average growth rates calculated between financial years.

    Sources: ABS; RBA.

    While the level of productivity in the mining industry in Australia is higher than in other industries, productivity growth in that industry has declined over recent years. Excluding mining, productivity growth in the market sector since 2017/18 has averaged 1 per cent per year, though this is still lower than its average over the preceding two decades and well below the rates recorded during the high productivity growth period in the 1990s.

    More generally, a range of explanations have been provided for the slowing in productivity growth globally since the 1990s. A well-documented one for Australia is declining ‘economic dynamism’ – it now takes longer for inputs to production to move to higher productivity firms, and it also takes longer for firms to catch up to the global frontier of performance and technology. Evidence suggests that at least part of the decline in economic dynamism relates to declining competition in the economy. Regulatory barriers also appear to have played a role in Australia, notably in the construction industry. Other explanations include slowing human capital accumulation, declining trade integration, and mismeasurement.

    What does the recent subdued growth in productivity mean for our assessment of economic conditions? While productivity growth is associated with growth in incomes and wages over the longer run, in the short run there can be material divergences between these variables. Over the past year or so, real average hourly earnings in the economy have grown faster than labour productivity. This exerts upward pressure on firms’ unit labour costs and is consistent with our assessment that labour market conditions are still tight, notwithstanding some easing in those conditions over the past couple of years.

    What will happen from here? Our latest forecasts in the Statement on Monetary Policy incorporate a pick-up in productivity growth over the next couple of years, which would add to the economy’s supply capacity and help alleviate cost pressures. But there is considerable uncertainty around this projection. If productivity growth remains weak, the near-term outlook will depend critically on how the economy adjusts. If growth in demand is also weaker and wages adjust quickly to this slower growth in the supply capacity of the economy, there might not be a material impact on cost pressures. But if demand picks up as expected or wages adjust slowly to continued weak productivity outcomes, cost pressures could be higher than we expect. We will continue to monitor these developments carefully, alongside the full range of indicators we use to assess current economic conditions.

    Concluding remarks

    To conclude, productivity matters because it is a key driver of economic living standards. Over the longer run, higher productivity growth expands the supply capacity of the economy and supports growth in incomes, wages and aggregate demand. In the short run, however, there can be meaningful divergences in the growth rates of these important macroeconomic variables. Recent weak growth in productivity has constrained growth in aggregate supply. Whether productivity growth improves from here and how the economy adjusts are important questions for the economic outlook.

    Thank you for your time today. I look forward to your questions.

    MIL OSI News –

  • MIL-OSI United Nations: Human Rights Council: Gaza ceasefire must hold, Türk insists

    Source: United Nations 4

    Human Rights

    UN human rights chief Volker Türk issued a strong appeal on Wednesday for the fragile ceasefire in Gaza to hold, amid delays to talks between Hamas and Israel on extending the truce into the second phase.

    Addressing the Human Rights Council in Geneva on conditions inside the Occupied Palestinian Territory, Mr. Türk condemned the Hamas-led terror attacks on Israel that sparked the war in October 2023.

    The UN High Commissioner for Human Rights also said there was no justification for Israel’s devastating military operations in Gaza, which have left more than 48,000 Palestinians dead, according to local authorities.

    Search for a better future

    “At this tenuous moment the world must ask itself how to resolve this decades old conflict and stop the cycle of violence,” he said.

    “Any plans for a better future must deal with the past, so accountability and justice for violations are crucial.”

    The High Commissioner added that each phase of the ceasefire must be implemented “in good faith, and in full. All of us must do everything in our power to build on it.”

    He said it must be for the Palestinians themselves to determine their own future.

    According to news reports, the delayed release by Israel of Palestinian prisoners is expected to go ahead imminently, in exchange for the return of the bodies of four hostages.

    ‘Unprecedented disregard’

    Summing up the “raft of human rights violations” inside the Occupied Palestinian Territory and lack of accountability, he said there had been “an unprecedented disregard” for basic principles of international humanitarian law by both sides since the outbreak of hostilities in October 2023.

    Mr. Türk maintained there were serious doubts over Israel’s capacity and will to deliver full accountability, notably in relation to unlawful killings in Gaza and the West Bank.

    With Hamas and other Palestinian militants who have taken and tortured hostages, fired indiscriminate projectiles into Israel – amounting to war crimes – there are concerns that they may also have committed serious breaches “including the intentional co-location of military objectives and Palestinian civilians.”

    “Any attempts at shaping a peaceful future where such horrors do not recur must ensure that perpetrators are held to account,” said the High Commissioner. 

    Impunity when given free rein, harms not only those directly impacted but generations down the line, he contended.

    In an apparent response to the outlawing of the UN Palestine refugee relief agency, UNRWA, by Israel and the sanctions against the International Criminal Court by the US earlier this month, the UN rights chief said that “delegitimising and threatening international institutions that are there to serve people and uphold international law also harms us all.”

    He also said any attempt to annex Palestinian land or “forced transfer” of civilians must be resisted.

    “This is the moment for voices of reason to prevail; for solutions that will deliver justice and make space for compassion, healing and truth telling,” said Mr. Türk.

    ‘Systemic’ repression in Nicaragua

    Investigators tasked by the UN Human Rights Council to track alleged grave abuses of power by top Nicaraguan officials insisted on Wednesday that the International Court of Justice (ICJ) should prosecute what they called the systematic and systemic repression of the country’s people.

    The Group of Experts on Nicaragua – who act in an independent capacity and are not UN staff – have previously reported that the Government’s violations appear to constitute crimes against humanity of murder, imprisonment and torture – including rape.

    Their latest report will be presented later this week to the Council.

    The group maintains that President Daniel Ortega and his wife, Rosario Murillo, have created “an authoritarian State where no independent institutions remain, opposition voices are silenced and the population…faces persecution, forced exile, and economic retaliation”.

    Stifling dissent

    It was in response to grave concerns about the severe repression of civil rights in Nicaragua that the international community decided in 2018 to establish an investigative body to report back to the Council.

    “We call on States to hold Nicaragua accountable for its violations of the UN Convention on Torture and the UN Convention on Statelessness before the International Court of Justice…the international community cannot just bear witness. It needs to take concrete measures,” said Reed Brody, member of the Group of Experts.

    “No country in the world has used the arbitrary detention of nationality against political opponents at the same scale that Nicaragua has done; and this is a violation of its obligations under international law under the Convention on the Reduction of Statelessness,” Mr. Brody continued.

    ‘Machine of repression’

    According to the panel’s chair, Jan-Michael Simon, State machinery and the ruling Sandinista party “have virtually fused into a unified machine of repression with domestic and transnational impact.”

    This development – which has reduced the judicial, legislative and electoral powers “to mere bodies coordinated by the presidency” – has resulted in myriad deaths, “arbitrary detentions, enforced disappearances, torture, expulsion of nationals, arbitrary deprivation of nationality,” Mr. Simon insisted.

    MIL OSI United Nations News –

  • MIL-OSI: Ninepoint Partners Announces First Closing of Ninepoint 2025 Flow-Through Limited Partnership

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint”) is pleased to announce that the Ninepoint 2025 Flow-Through Limited Partnership (the “Partnership”) has completed the first closing in connection with its offering of Class A and Class F limited partnership units (the “Units”) pursuant to a prospectus dated January 30, 2025. The Partnership issued 863,072 Units for aggregate gross proceeds of $21,576,800. The Partnership will have a second closing in respect of the Units on or about April 3, 2025. The Units are being offered at a price per Unit of $25.00 with a minimum subscription of 100 Units ($2,500).

    The Partnership intends to provide liquidity to limited partners through a roll-over to the Ninepoint Resource Fund Class in the period between January 15, 2027 to February 28, 2027.

    Investment Objective of the Partnership
    The Partnership’s investment objective is to achieve capital appreciation and significant tax benefits for limited partners by investing in a diversified portfolio of Flow-Through Shares (as defined in the Prospectus) and other securities, if any, of Resource Issuers (as defined in the Prospectus).

    Attractive Tax-Reduction Benefits
    Flow-through partnerships are one of the most effective tax reduction strategies available to Canadians. Ninepoint anticipates that investors participating in the Partnership will be eligible to receive a tax deduction of approximately 100% of the amount invested.

    Resource Expertise
    The Partnership will be sub-advised by Sprott Asset Management LP (“Sprott”), one of Canada’s leading investment advisors in small and mid-cap resource companies. Over its long history of investing in the resource sector, Sprott has developed relationships with hundreds of companies. Its experienced team of portfolio managers is supported by a team of technical experts with extensive backgrounds in mining and geology.

    Portfolio manager Jason Mayer will manage the portfolio of the Partnership and will be supported by Sprott’s broader team of experienced resource investment professionals.

    Agents
    The offering is being made through a syndicate of agents led by RBC Dominion Securities Inc. which includes CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Manulife Wealth Inc., iA Private Wealth Inc., Raymond James Ltd., Richardson Wealth Limited, Canaccord Genuity Corp., Desjardins Securities Inc., Ventum Financial Corp. and Wellington-Altus Private Wealth Inc.

    About Ninepoint Partners LP
    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expects”, “intends”, “anticipates”, “will” and similar expressions to the extent that they relate to the Partnership. The forward-looking statements are not historical facts but reflect the Partnership’s, Ninepoint’s and Sprott’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Partnership, Ninepoint and Sprott believe the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the Partnership, nor Ninepoint or Sprott undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

    This offering is only made by prospectus. The Partnership’s prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from one of the dealers noted above. Investors should read the prospectus before making an investment decision.

    The MIL Network –

  • MIL-OSI Europe: Hearings – Annual hearing with the Chairpersons of the European Supervisory Authorities (ESAs) – 14-10-2024 – Committee on Economic and Monetary Affairs

    Source: European Parliament

    The Committee on Economic and Monetary Affairs (ECON) held its first annual hearing in the 10th term with the Chairpersons of the ESAs, in accordance with Article 3 of the EBA, EIOPA and ESMA Regulations, on 14 October 2024:

    • Verena Ross, Chairperson of the European Securities and Markets Authority (ESMA) as well as Chairperson of the Joint Committee of the European Supervisory Authorities (ESAs) and, in that capacity, second Vice- Chairperson of the European Systemic Risk Board (ESRB);

    • José Manuel Campa, Chairperson of the European Banking Authority (EBA);

    • Petra Hielkema, Chairperson of the European Insurance and Occupational Pensions Authority(EIOPA).

    The discussion focused on the institutions’ experience throughout the previous year, including the Authorities’ role in rulemaking, supervision and coordination, as well as on the institutions’ expectations regarding their future development and key challenges in the context of their respective budgetary and resource needs.

    MIL OSI Europe News –

  • MIL-OSI Europe: Spain: EIB and Luzaro renew their commitment to boosting SMEs in the Basque Country with a new financing operation for up to €100 million

    Source: European Investment Bank

    • The EIB and Luzaro signed the first tranche for €25 million today in San Sebastián.
    • The financing operation is being supported by the Basque Government.
    • It is expected to mobilise over €280 million in investment for more than 1 000 SMEs in the Basque Country.

    The European Investment Bank (EIB) has approved a new financing package of up to €100 million for Luzaro, with the objective of increasing investment and liquidity for small and medium-sized enterprises (SMEs) and mid-caps in the Basque Country.

    The first tranche of financing, for €25 million, was formally signed today in San Sebastián by Gemma Feliciani, Director of Financial Institutions at the EIB, and Elena Urbizu, Luzaro Managing Director at an event held by Luzaro to conclude new collaboration agreements with the Basque government and the EIB.

    The EIB financing is guaranteed by the Basque government, and will help mobilise more than €280 million in investment in the real economy, facilitating access to credit with favourable conditions for more than 1 000 Basque firms.

    The operation will further strengthen the collaboration between the EIB and Luzaro, and this fifth agreement will bring its total volume to €350 million in financing for Basque SMEs.

    EIB Director of Financial Institutions Gemma Feliciani stated, “This new agreement reaffirms our commitment to the business landscape in the Basque Country, providing crucial financing so that SMEs and mid-caps can grow, innovate and create quality jobs.”

    Luzaro Managing Director Elena Urbizu stated, “Thanks to this EIB loan guaranteed by the Basque government, we will continue to increase our lending and to build our own funds in order to grant financing to a greater number of companies. Our task is to promote business development in our region through cooperation between the public and the private sector.”

    Background information

    European Investment Bank

    The ElB is the long-term lending institution of the European Union, owned by the Member States. Built around eight core priorities, it finances investments that pursue EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

    The EIB Group, which also includes the European Investment Fund, signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

    All projects financed by the EIB Group are in line with the Paris Agreement, as pledged in the group’s Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects that contribute directly to climate change mitigation and adaptation, and a healthier environment.

    In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024, helping power the country’s green and digital transition and promote economic growth, competitiveness and better services for inhabitants.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    Luzaro

    Luzaro is a financial institution granting long-term participatory loans. It was established in 1992 to promote, foster and provide capital to SMEs in the autonomous community of the Basque Country, and to spur and support SME creation, growth and financing with other initiatives and loans. It is a unique entity stemming from public-private partnership between the Basque government, Kutxabank, Laboral Kutxa, Abanca, Sabadell, IVF and Enisa. It also collaborates with the EIB, and certain operations enjoy the support of the ELKARGI Guarantee Society (SGR). Luzaro has agreements with different government institutions in the Basque Country, such as the SPRI Group’s Ekintzaile programme for young SMEs. It currently has seven members of staff.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Suspension of the EU-Israel Association Agreement and recognition of the State of Palestine – E-001357/2024(ASW)

    Source: European Parliament

    The European Union is gravely concerned with the situation in Gaza and the escalation in the West Bank. In its conclusions of 27 June and 17 October 2024, the European Council welcomed the adoption of UN Security Council Resolution 2735 calling for an immediate ceasefire in Gaza, the release of all hostages and a significant and sustained increase in the flow of humanitarian assistance. It further condemned the ongoing extremist settler violence in the West Bank and deplored all loss of civilian life.

    The Foreign Affairs Council (FAC) regularly discusses the situation in the Middle East. On 18 March 2024, the FAC had an exchange of views on the EU-Israel Association Agreement which is based on shared values such as the respect for human rights, the rule of law and democracy[1].

    On 24 June 2024, the FAC further discussed the matter, including the possibility of an Association Council with Israel[2].

    In response to the question on possible initiatives regarding the Association Agreement, it should be pointed out that, in accordance with Article 218(9) TFEU, it is for the Commission or the High Representative, as the case may be, to submit a proposal for a Council decision.

    In that respect, on 18 November 2024, the FAC discussed the proposal of the High Representative to suspend the political dialogue between the EU and Israel under the Association Agreement[3].

    The European Union has reiterated its unwavering commitment to lasting and sustainable peace in accordance with the relevant resolutions of the UN Security Council.

    It has also reaffirmed that its long-standing position on the Middle East Process — as set out in several Council conclusions — is a commitment to achieving a two-state solution with the State of Israel and an independent, democratic, contiguous, sovereign and viable State of Palestine living side-by-side in peace, security and mutual recognition[4], and stressed that a credible pathway to Palestinian statehood is a crucial component of that political process.

    • [1] https://www.consilium.europa.eu/en/meetings/fac/2024/03/18/
    • [2] https://www.consilium.europa.eu/en/meetings/fac/2024/06/24/
    • [3] https://www.consilium.europa.eu/en/meetings/fac/2024/11/18/?utm_source= brevo&utm_campaign=AUTOMATED%20-%20Alert%20-%20Newsletter&utm_medium=email&utm_id=3318
    • [4] 13103/22, 11954/14

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Mahakumbh 2025: A Spectacle of Faith, Unity, and Tradition

    Source: Government of India

    Ministry of Information & Broadcasting

    Mahakumbh 2025: A Spectacle of Faith, Unity, and Tradition

    As the sacred waters settle, the echoes of devotion and grandeur leave an everlasting imprint on history

    Posted On: 26 FEB 2025 7:22PM by PIB Delhi

    Introduction

    In a world marked by the hustle of modernity, few events hold the power to bring millions together in pursuit of something greater than themselves. The Maha Kumbh Mela, currently being held from 13 January 2025 to 26 February 2025, is a sacred pilgrimage that is celebrated four times over a course of 12 years. Kumbh Mela, the world’s largest peaceful gathering, draws millions of pilgrims who bathe in sacred rivers seeking to purify themselves from sins and attain spiritual liberation. The Maha Kumbh Mela is deeply embedded in Hindu mythology and represents one of the most significant gatherings of faith in the world. This sacred event rotates between four locations in India-Haridwar, Ujjain, Nashik, and Prayagraj– each situated by a holy river, from the Ganges to the Shipra, the Godavari, and the confluence of the Ganges, Yamuna, and the mythical Sarasvati in Prayagraj. The expected turnout of 45 crore devotees in 45 days was exceeded within a month, reaching 66 crores+ by the concluding day.

    Attractions of Kumbh Mela 2025

    • Triveni Sangam: The sacred confluence of the Ganga, Yamuna, and Saraswati, offering a deeply spiritual experience.
    • Ancient Temples: Hanuman Mandir, Alopi Devi Mandir, and Mankameshwar Temple, showcasing the city’s religious heritage.
    • Historical Landmarks: Ashoka Pillar, University of Allahabad, and Swaraj Bhawan, reflecting India’s rich history and colonial-era architecture.
    • Cultural Vibrance: Bustling streets, markets, local art, and cuisine providing a glimpse into the city’s life.
    • Kalagram: Kalagram, set up by the Ministry of Culture in Sector-7 of the Maha Kumbh district, is a vibrant cultural village showcasing India’s rich heritage. Designed around the themes of Craft, Cuisines, and Culture, it offered an immersive experience through performances, exhibitions, and interactive zones.
    • Akhara Camps: Spiritual hubs where sadhus and seekers engaged in meditation, discussions, and philosophical exchanges.
    • Immersive Digital Experiences: Inspired by Kumbh 2019, ten stalls facilitating the pilgrims with this experience were specially set up at prime locations in the Kumbh Mela to show videos of major events such as Peshwai, auspicious bathing days, Ganga aarti, etc.
    • Drone Show: A Grand Drone show was organised by the Uttar Pradesh Tourism Department featuring hundreds of drones creating vibrant shapes in the sky. Devotees were mesmerized by the divine depiction of the Samudra Manthan (churning of the ocean) and Gods drinking from the Amrit Kalash.
    • Cultural events at the Ganga Pandal: It saw renowned artists from across the country mesmerize devotees with grand presentations of music, dance, and art from 7th – 10th February. The main highlights of the event included performances by famous artists like Odissi dancer Dona Ganguly on 7th; renowned singer Kavita Krishnamurti and Dr. L. Subramaniam on 8th; Suresh Wadkar and Sonal Mansingh on 9th; and, on 10th, celebrated singer Hariharan. In addition, prominent artists from various Indian classical dance and music traditions made the evening musical and grand.
    • International Bird Festival: Held from February 16-18, 2025, showcasing over 200 migratory and local birds, including endangered species.

    Key Rituals and Practices

    • Shahi Snan: The most significant ritual, where millions bathe at Triveni Sangam to cleanse sins and attain Moksha. Special dates like Paush Purnima and Makar Sankranti witness grand processions of saints and Akharas, marking the official start of the Maha Kumbh.
    • Ganga Aarti: A visually stunning ritual where priests offer glowing lamps to the sacred river, evoking devotion.
    • Kalpavas: A month-long period of spiritual discipline where devotees renounce comforts, engage in meditation, and participate in Vedic rituals like Yajnas and Homas.
    • Prayers & Offerings: Dev Pujan honors deities, while rituals like Shraadh (ancestral offerings) and Veeni Daan (offering hair to the Ganges) symbolize surrender and purification. Acts of charity, such as Gau Daan (cow donation) and Vastra Daan (clothing donation), hold great merit.
    • Deep Daan: Thousands of lamps are floated on the river, creating a celestial glow that symbolizes devotion and divine blessings.
    • Prayagraj Panchkoshi Parikrama: A sacred journey around Prayagraj’s holy sites, reviving an ancient tradition and offering spiritual fulfillment.

     

    History and Major Bathing Dates

     

    The origins of the Kumbh Mela are rooted in Hindu mythology. According to the Samudra Manthan (churning of the ocean) story in the ancient Hindu scriptures, the gods (Devas) and demons (Asuras) fought over the Amrit (nectar of immortality). During this celestial battle, drops of the nectar fell at four locations—Prayagraj, Haridwar, Ujjain, and Nashik—where the Kumbh Mela is now held, with the Maha Kumbh occurring once every 144 years at Prayagraj.  Historically, the Maha Kumbh Mela has been referenced since ancient times, with records dating back to the Maurya and Gupta periods. It received royal patronage from various dynasties, including the Mughals, and was documented by colonial administrators like James Prinsep. Over centuries, it evolved into a global spiritual and cultural phenomenon. Recognized by UNESCO as an intangible cultural heritage, the Kumbh Mela symbolizes India’s enduring traditions, fostering unity, spirituality, and cultural exchange among millions worldwide.

    The timing of each Kumbh Mela is determined by the astrological positions of the Sun, Moon, and Jupiter, believed to signal an auspicious period for spiritual cleansing and self-enlightenment. The festival embodies a confluence of faith, culture, and tradition, attracting ascetics, seekers, and devotees alike. The event’s grandeur is marked by Shahi Snans (bathing rituals), spiritual discourses, and vibrant cultural processions that reflect India’s deep spiritual heritage.

     

    Major bathing dates are:

    Date

    Bathing Occasion

    Significance

    Number of Devotees taking a dip

    (Approx.)

    January 13, 2025

    Paush Purnima

    It serves as an unofficial inauguration of the Maha Kumbh Mela, signifying the commencement of this grand event. Additionally, Paush Purnima marks the initiation of Kalpvasa, a period of intense spiritual practice and devotion observed by pilgrims during the Maha Kumbh Mela.

    1.5 crore

    January 14, 2025

    Makar Sankranti

    (First Shahi Snan)

    Makar Sankranti signifies the sun’s transition to its next astronomical position in accordance with the Hindu calendar. This auspicious day marks the initiation of charitable donations at the Maha Kumbh Mela. Pilgrims traditionally make contributions based on their own volition and generosity.

    3.5 crore

    January 29, 2025

    Mauni Amavasya

    (Second Shahi Snan)

    Mauni Amavasya is a day steeped in significance, as it is believed that the celestial alignments are most propitious for the sacred act of bathing in the holy river. It commemorates a profound event when Rishabh Dev, revered as one of the first sages, broke his protracted vow of silence and immersed himself in the purifying waters of the Sangam. As a result, Mauni Amavasya draws the largest congregation of pilgrims to the Kumbh Mela, making it a momentous day of spiritual devotion and purification.

    5 crore

    February 3, 2025

    Basant Panchami

    (Third Shahi Snan)

    Basant Panchami symbolizes the transition of seasons and celebrates the arrival of the Goddess of Knowledge, Saraswati, in Hindu mythology.

    2.33 crore

    February 12, 2025

    Maghi Purnima

    Maghi Purnima is renowned for its connection with the veneration of Guru Brahaspati and the belief that the Hindu deity Gandharva descends from the heavens to the sacred Sangam.

    2 crore

    February 26, 2025

    Maha Shivratri

    Maha Shivaratri holds deep symbolism as it marks the final holy bath of the Kalpvasis, and it is intrinsically connected to Lord Shankar.

    1.3 crore

     

    Key Infrastructure Development

     

    • Temporary City Setup: Maha Kumbh Nagar had been transformed into a temporary city with thousands of tents and shelters, including super deluxe accommodations like the IRCTC’s “Maha Kumbh Gram” luxury tent city which offers deluxe tents and villas with modern amenities.
    • Roads and Bridges:
    • Renovation of 92 roads and beautification of 17 major roads
    • Construction of 30 pontoon bridges using 3,308 pontoons.
    • Signage for Navigation: A total of 800 multi-language signages (Hindi, English, and regional languages) were installed to guide visitors.
    • Public Utilities: Over 2,69,000 checkered plates had been laid for pathways. Mobile toilets and robust waste management systems ensured hygiene.

     

    Medical Facilities at Maha Kumbh

     

    The Maha Kumbh 2025 witnessed an extensive medical setup to ensure the well-being of millions of devotees. With over 2,000 medical personnel deployed across the Mela area, the Uttar Pradesh government implemented high-tech healthcare services in every sector. From minor treatments to major surgeries, all medical needs were addressed efficiently.

     

    Key Medical Arrangements:

    • Central Hospital at Parade Ground:
      • 100-bed capacity
      • OPD, ICU, and emergency care
      • Conducted over 10,000 treatments and multiple successful deliveries
    • Additional Hospitals:
      • 23 hospitals with a total capacity of 360 beds
      • Two sub-central hospitals (25 beds each)
      • Eight sector hospitals (20 beds each)
      • Two infectious disease hospitals (20 beds each)
    • Medical Services Expansion During Amrit Snan & Magh Purnima:
      • 133 ambulances deployed, including seven river ambulances and one air ambulance
      • Medical Observation Rooms at key railway stations for emergencies
      • First aid posts with trained staff at multiple locations
    • SRN Hospital and Other City Hospitals on High Alert:
      • 250 beds reserved at SRN Hospital
      • Blood bank stocked with 200 units
      • Swaroop Rani Nehru Hospital prepared with:
        • 40-bed trauma center
        • 50-bed surgical ICU
        • 50-bed medicine ward
        • 10-bed cardiology ward and ICU
    • Medical Teams and Emergency Readiness:
      • 300 specialist doctors deployed at the Super Specialty Hospital
      • Expert doctors from AIIMS Delhi and BHU remained on high alert
      • 150 AYUSH medical personnel provided alternative treatments
    • Advanced Facilities and AI Integration:
      • ECG services and Central Pathology Lab conducting 100+ tests daily
      • 50+ free diagnostic tests available for pilgrims
      • AI-driven translation technology enabled doctors to communicate in 22 regional and 19 international languages
    • Affordable Medicines through Jan Aushadhi Kendras:
    • Five Jan Aushadhi Kendras set up in Mahakumbh Nagar, including one in Kalagram
    • Established under Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP)
    • Provided affordable and quality medicines to pilgrims throughout the Mela
    • Part of a nationwide network of 15,000+ Jan Aushadhi centers, with 62 centers in Prayagraj
    • Contributed to the national target of ₹2,000 crore in medicine sales, with ₹1,500 crore already achieved.

     

    The entire medical infrastructure was continuously monitored by senior officials to ensure smooth operations, cleanliness, and quick emergency responses. These arrangements played a crucial role in managing the healthcare needs of millions at the Maha Kumbh 2025.

     

    AYUSH at Maha Kumbh

     

    The Ayush OPDs, clinics, stalls, and wellness sessions emerged as major attractions for devotees and visitors at Maha Kumbh 2025, Prayagraj. The Ministry of Ayush, in collaboration with the National Ayush Mission, Uttar Pradesh, provided free healthcare services to both domestic and international pilgrims. With a strong focus on traditional healing systems, Ayush services received widespread participation, reinforcing the global trust in Ayurveda, Homeopathy, and Naturopathy.

     

    Key Highlights of Ayush Services:

    1. Extensive Healthcare Support: Over 1.21 lakh devotees availed Ayush services during the festival.
    2. Dedicated Ayush OPDs: A team of 80 doctors across 20 OPDs provided 24×7 medical services, addressing both common and chronic conditions.
    3. International Participation: Foreign devotees also accessed Ayush OPD consultations and wellness therapies.
    4. Yoga Therapy Sessions: Daily therapeutic yoga sessions were conducted from 8:00 AM to 9:00 AM at designated camps in the Sangam area and Sector-8, led by experts from the Morarji Desai National Institute of Yoga (MDNIY), New Delhi.
    5. Integrated Healthcare: Over 7 lakh pilgrims received medical care, including:
      • 4.5 lakh treated at 23 allopathic hospitals
      • 3.71 lakh pathology tests conducted
      • 3,800 minor and 12 major surgeries successfully performed
    6. Specialist Involvement: Experts from AIIMS Delhi, IMS BHU, and international specialists from Canada, Germany, and Russia contributed to providing world-class healthcare.
    7. Traditional Treatments: 20 AYUSH hospitals offered treatments in Ayurveda, Homeopathy, and Naturopathy to over 2.18 lakh pilgrims.
    8. Holistic Wellness: Services such as Panchakarma, yoga therapy, and health awareness campaigns were well-received, enhancing the overall well-being of attendees.

     

    Security Measures

    Security at Maha Kumbh 2025 had been strengthened through a seven-tier system with AI-powered surveillance, a vast deployment of personnel, and emergency response mechanisms. Over 50,000 security personnel, including paramilitary forces, 14,000 home guards, and 2,750 AI-based CCTV cameras, had been deployed. Enhanced measures included drone and underwater surveillance, cyber security, and river safety. Fire safety infrastructure had been expanded with specialized vehicles and firefighting stations. Lost and Found centers used digital registration and social media updates to reunite missing persons with their families.

     

    Key Security Measures

    1. Surveillance and Law Enforcement
    • AI & Drone Monitoring: 2,750 AI-powered cameras, drones, anti-drones, and tethered drones for real-time tracking.
    • Underwater Drones: First-time deployment for 24/7 river surveillance, operating up to 100 meters deep.
    • Checkpoints & Intelligence Squads: Screening at multiple entry points, hotel and vendor inspections, and patrols.
    • Seven-Tier Security System: Layered protection from the outer perimeter to the inner sanctum.

     

    1. Fire Safety Measures
    • ₹131.48 crore allocated for fire safety, ensuring the deployment of:
      • 351 firefighting vehicles.
      • 50+ fire stations and 20 fire posts.
      • Four Articulating Water Towers (AWT) equipped with thermal cameras, reaching 35 meters in height.
      • Over 2,000 trained fire personnel.
      • Fire safety equipment installed in all tent settlements.

     

    1. Emergency & Disaster Response
    • Multi-Disaster Response Vehicles: Equipped with lifting bags (10-20 tonnes), rescue tools, and victim location cameras.
    • Remote-Controlled Life Buoys: Deployed for immediate water rescue operations.
    • Incident Response System (IRS): Ensures swift emergency handling through a coordinated command structure.

     

    1. Enhanced River Security
    • 3,800 Water Police personnel deployed, including 2,500 currently on duty and 1,300 additional personnel before the event.
    • 11 FRP Speed Motor Boats and four Anaconda motorboats with built-in changing rooms for patrol.
    • Three Water Police Stations & Two Floating Rescue Stations operating 24/7.
    • Four Water Ambulances equipped with medical facilities stationed along the river.
    • Deep-Water Barricading: An 8-km stretch secured to prevent accidents.
    • Equipment Deployment: 100 diving kits, 440 lifebuoys, and over 3,000 life jackets.

     

    1. Overall Deployment & Infrastructure
    • Security Forces: 10,000+ police personnel, NDRF, SDRF, CAPF, PAC, and bomb disposal squads.
    • Prayagraj Police Infrastructure:
      • 57 permanent police stations.
      • 13 temporary police stations.
      • 23 security checkpoints.
      • 8 zones, 18 security sectors.
    • 700+ boats with police and disaster response personnel stationed along the rivers.
    • Mock Drills & Inspections: Conducted by police and ATS teams for security preparedness.

     

    1. CRPF’s Role in Maha Kumbh 2025
    • 24/7 Security: Personnel deployed at ghats, Mela grounds, and key routes.
    • Use of Modern Technology: Vigilant monitoring to handle emergencies effectively.
    • Guidance & Assistance: Helping devotees navigate massive crowds with a polite approach.
    • Disaster Management: Rapid response team on high alert for crises.
    • Humanitarian Efforts: Assisting in reuniting lost children and elderly with their families.

     

    Cyber Security at Maha Kumbh

    More than 65 crore devotees have visited the Maha Kumbh Nagar. To ensure that such a large number of devotees are well-informed, the Uttar Pradesh government had decided to utilize every platform, including print, digital, and social media. Cyber experts have been actively monitoring online threats and investigating gangs exploiting platforms such as AI, Facebook, X, and Instagram. A mobile cyber team was also deployed for large-scale public awareness campaigns.

    Special cyber security arrangements were initiated to safeguard devotees from across the globe:

    • Deployment of 56 dedicated cyber warriors and experts for cyber patrolling.
    • Establishment of a Maha Kumbh cyber police station to counter cyber threats like fraudulent websites, social media scams, and fake links.
    • 40 Variable Messaging Displays (VMDs) installed in both the fair area and the commissionerates for raising awareness about cyber threats.
    • Formation of a dedicated helpline number, 1920, and promotion of verified government websites.

     

    Ease of Making Payments at Maha Kumbh

    • Seamless Digital Banking Services: Ensuring convenience, safety, and security for millions of devotees and pilgrims.
    • Service Infrastructure: Service counters, mobile banking units, and customer assistance kiosks at five key locations.
    • Daak Sevaks: Trusted Daak Sevaks offering doorstep banking services for cash withdrawals via Aadhaar-linked accounts through AePS (Aadhaar ATM).
    • ‘Banking at Call’ facility: Pilgrims can dial 7458025511 to access banking services anywhere within Maha Kumbh.
    • Empowering Digital Transactions: Enabling local vendors and businesses to accept digital payments through DakPay QR Cards, fostering a cashless ecosystem.
    • Awareness Campaigns: Educating pilgrims and vendors through trained professionals, Daak Sevaks, hoardings, and digital demonstrations and assisting with account openings, transactions, and queries.
    • Memorabilia Offer: Free printed photographs for visitors as a keepsake.

    Railway Transportation at Maha Kumbh

    Maha Kumbh 2025, necessitated extensive preparations by Indian Railways to ensure seamless transportation, safety, and infrastructure readiness. Indian Railways has undertaken massive operational, infrastructural, and security measures to handle the unprecedented influx of devotees at Prayagraj and adjoining regions.

    1. Operational Measures To manage the surge in passengers, Indian Railways has implemented the following measures:

    • Special Train Services: Over 1,000 special trains are being introduced on high-demand routes to Prayagraj from various parts of India.
    • Increased Train Frequencies: Regular trains operating on critical routes have been augmented to handle additional passengers.
    • Reservation System Enhancements: Tatkal and special booking counters have been set up to facilitate smooth ticketing.
    • Dedicated Help Desks: Information booths and inquiry counters have been increased at major railway stations to assist pilgrims.

    2. Security and Crowd Management Given the large congregation, security measures have been significantly bolstered:

    • Deployment of RPF and GRP Personnel: More than 10,000 personnel from the Railway Protection Force (RPF) and Government Railway Police (GRP) have been deployed at key stations.
    • CCTV Surveillance: High-resolution CCTV cameras have been installed across railway stations and inside trains for real-time monitoring.
    • Drone Surveillance: Drones are being used for crowd monitoring and quick response to emergencies.
    • AI-Based Crowd Management Systems: Advanced AI-based predictive modeling is being used to monitor crowd density and prevent stampedes.

     

    3. Infrastructure Development To accommodate the increased footfall, major infrastructural upgrades have been carried out:

    • Expansion of Platforms: Stations in Prayagraj and nearby regions have undergone expansion to handle additional trains.
    • New Foot Over Bridges (FOBs): Additional FOBs have been constructed to ease passenger movement.
    • Enhanced Lighting and Signage: Railway stations have been equipped with improved lighting and digital signboards for better navigation.
    • Escalators and Lifts: Stations have been upgraded with escalators and lifts for the convenience of elderly and differently-abled passengers.

    4. Passenger Amenities and Digital Initiatives To ensure a comfortable experience for devotees, Indian Railways has introduced several passenger-friendly initiatives:

    • Additional Waiting Rooms and Rest Areas: Temporary waiting halls with adequate seating, clean drinking water, and sanitation facilities have been established.
    • Food and Water Distribution: Special food counters and kiosks have been set up to provide hygienic meals and drinking water.
    • Digital Ticketing and Mobile App Services: The Indian Railways app has been upgraded with real-time train tracking, ticket booking, and emergency services information.
    • Public Announcement Systems: High-quality PA systems have been installed for timely announcements regarding train arrivals and departures.

     

    5. Disaster Preparedness and Emergency Response To mitigate risks and handle emergencies effectively, Indian Railways has implemented:

    • Quick Response Teams (QRTs): Deployed at key stations to handle medical emergencies and crowd control.
    • Onboard Medical Facilities: Special medical coaches have been added to long-distance trains.
    • Fire Safety Measures: Fire extinguishers and emergency exits have been reviewed and upgraded in railway coaches and stations.
    • Coordination with Local Authorities: Continuous coordination with local police, healthcare units, and disaster management teams to handle contingencies.

    Bus Transportation at Maha Kumbh

    The Uttar Pradesh government had deployed 1200 additional buses on 12 February 2025, supplementing the 3050 already allocated for Maha Kumbh 2025. Special shuttle services had also been arranged to enhance intra-city transportation.

    • Buses were available every 10 minutes at four temporary bus stations.
    • 750 shuttle buses were operating every 2 minutes for intra-city connectivity.
    • Measures taken to prevent overcrowding and ensure smooth pilgrim movement.

    Air Transportation for Maha Kumbh

    Prayagraj Airport underwent significant modernization to support the large influx of devotees during the Maha Kumbh Mahotsav from January 13 to February 26, 2025. Expansion efforts improved connectivity, capacity, and passenger services, ensuring a seamless travel experience. To ensure seamless travel for tourists attending the Maha Kumbh, the Ministry of Tourism had partnered with Alliance Air to enhance air connectivity to Prayagraj from multiple cities across India.

    1. Flight Operations & Connectivity
    • 81 new flights were introduced in January 2025 to accommodate pilgrims.
    • The total number of flights increased to 132, providing around 80,000 monthly seats.
    • Direct connectivity expanded from 8 cities in December 2024 to 17 cities, while connecting flights reached 26 cities, including Srinagar and Visakhapatnam.
    • The Union Civil Aviation Minister directed airlines to regulate airfares, especially for peak days like the Shahi Snan (January 29, February 3) and other major bathing days (February 4, 12, and 26).

     

    1. Passenger and Flight Traffic
    • The airport witnessed 30,172 passengers and operated 226 flights within a week.
    • For the first time, over 5,000 passengers traveled through the airport in a single day.
    • Night flights were introduced, providing 24/7 connectivity—a historic first in the airport’s 106-year history.

     

    1. Infrastructure Expansion
    • The terminal area expanded from 6,700 sq. m. to 25,500 sq. m.
    • The old terminal was reconfigured to accommodate 1,080 peak-hour passengers, while a new terminal handled 1,620 passengers.
    • Parking capacity increased from 200 to 600 vehicles.
    • Check-in counters rose from 8 to 42, and baggage scanning machines (XBIS-HB) increased from 4 to 10.
    • Aircraft parking bays grew from 4 to 15, while conveyor belts increased from 2 to 5.
    • Taxi tracks and airport gates were expanded from 4 to 11.

     

    1. Enhanced Passenger Experience
    • Boarding bridges increased from 2 to 6 for smoother passenger movement.
    • New lounges, a childcare room, and additional F&B counters were introduced.
    • The UDAN Yatri Café was established for affordable food options.
    • Meet-and-greet services were launched for differently-abled passengers.
    • Prepaid taxi counters and city bus services were introduced in collaboration with the UP Government.

     

    1. Safety & Medical Facilities
    • Security infrastructure was strengthened with additional aerobridges and door-framed metal detectors.
    • Ambulances and air ambulance services were deployed to handle medical emergencies.
    • Arriving pilgrims were given a floral welcome, enhancing their spiritual journey.

    Ensuring Food Availability and Safety

    The Union Government and Uttar Pradesh government have taken multiple measures to provide affordable food and ensure food safety at Maha Kumbh 2025. Subsidized rations, free meals, and stringent food safety protocols are in place to cater to millions of devotees.

     

    1. Subsidized Ration Distribution by NAFED
    • Quality ration at affordable prices distributed across Prayagraj.
    • Over 1000 metric tons of rations provided.
    • 20 mobile vans ensure delivery across Maha Kumbh.
    • Orders via WhatsApp/call on 72757 81810 for doorstep delivery.
    • Subsidized items:
      • Wheat flour & rice (10 kg packets).
      • Moong, masoor, and chana dal (1 kg packets).

     

    1. Free Meal Distribution & Cooking Gas Arrangements
    • 20,000 people served free meals daily.
    • 25,000 new ration cards issued for Maha Kumbh.
    • 35,000+ gas cylinders refilled and 3,500 new connections issued.
    • 5,000 gas cylinders refilled daily to support food preparation.

     

    1. Food Safety Measures by FSSAI & UP Government
    • 5 zones & 25 sectors monitored for food hygiene.
    • 56 Food Safety Officers (FSOs) deployed across the fair.
    • 10 Mobile Food Testing Labs (Food Safety on Wheels) conducting on-the-spot food safety tests.
    • Hotels, dhabas & stalls regularly inspected for hygiene compliance.
    • Public health lab in Varanasi testing food samples from Maha Kumbh.

     

    1. Awareness & Public Engagement
    • FSSAI’s interactive pavilion educating visitors on food safety.
    • Nukkad Natak performances & live quizzes promoting hygiene awareness.
    • Adulteration checks & training sessions for vendors and food businesses.

    Cleanliness and Sanitation

    The Swachh Maha Kumbh Abhiyan has set a benchmark for environmental stewardship, ensuring a cleaner and more sustainable pilgrimage experience.

     

    1. Sanitation Infrastructure
    • 10,200 sanitation workers and 1,800 Ganga Sevadut deployed for cleanliness.
    1. Waste Management Initiatives
    • 22,000 sanitation workers ensuring litter-free fairgrounds.
    • Water treatment initiatives to maintain clean river water for bathing.
    • Strict plastic ban and use of biodegradable cutlery.
    • Thousands of bio-toilets and automated garbage disposal units installed.

     

    1. Major Bathing Days and Cleanliness Efforts
    • Basant Panchami (Feb 14, 2025):
      • 2.33 crore devotees took a dip in the Triveni Sangam.
      • 15,000 sanitation workers and 2,500 Ganga Seva Doots deployed.
      • Special cleaning of akhada paths and ghats.
      • Quick Response Teams (QRTs) ensured swift waste removal.
    • Magh Purnima (Feb 24, 2025):
      • Over 2 crore devotees participated.
      • Overnight cleaning drive restored ghats and fairgrounds.
      • Special cleaning vehicles and cesspool operations maintained sanitation.

     

    1. Sanitation and Waste Disposal System
    • 12,000 FRP toilets with septic tanks.
    • 16,100 prefabricated steel toilets with soak pits.
    • 20,000 community urinals installed.
    • 20,000 trash bins and 37.75 lakh liner bags for waste collection.
    • Special sanitation teams clearing waste post-major rituals.

     

    1. Miyawaki Forests: A Green Initiative
    • 119,700 saplings of 63 species planted in 2023-24 across 34,200 sqm.
    • Buswar dumping yard transformed into a green zone with 27,000 saplings.
    • Species planted: Mango, neem, peepal, tamarind, tulsi, gulmohar, and medicinal plants.

     

    1. Public Participation and Awareness
    • Swachhata Rath Yatra promoting cleanliness.
    • Street plays, musical performances, and public address systems spreading awareness.
    • Waste disposal initiatives: Segregation at source and organized garbage collection.

     

    1. River Cleaning with Trash Skimmer Machines
    • Two machines remove 10-15 tons of waste daily from Ganga and Yamuna.
    • Machine capacity: 13 cubic meters, covering a 4 km stretch of the river.
    • Waste disposal at Naini plant, plastic sent for recycling, and organic waste composted.

     

    1. Welfare of Sanitation Workers
    • Sanitation colonies with housing and amenities.
    • Primary schools for workers’ children under Vidya Kumbh initiative.
    • Proper food, accommodation, and timely wages ensured.

    Water Supply

    A large-scale arrangement for clean and pure drinking water has been made for millions of pilgrims coming from across the country and abroad at the Maha Kumbh:

    • 233 Water ATMs installed across the Mela area, operational 24/7.
    • RO (Reverse Osmosis) purified water provided to pilgrims.
    • Over 40 lakh pilgrims benefited from these Water ATMs between January 21 and February 1, 2025.
    • Initially, water was available at ₹1 per liter via coins or UPI payments, but now it is completely free.
    • Each ATM is equipped with sensor-based monitoring to detect faults.
    • SIM-based technology ensures connectivity with the administration’s central network.
    • Each ATM dispenses 12,000 to 15,000 liters of RO water daily.
    • On-site operators ensure smooth functioning and quick resolution of technical issues.
    • Pilgrims must refill bottles instead of using plastic, reducing waste.
    • Water supply arrangements focus on cleanliness and sustainability.
    • Technical teams monitor ATMs to ensure uninterrupted service.

     

    International Bird Festival

    This festival blended science, nature, and culture, inspiring conservation efforts and sustainable development.

    • Date & Venue: February 16-18, 2025, in Prayagraj.
    • Bird Species: Over 200 migratory and local birds, including endangered species.
    • Objective: Promote environmental conservation and biodiversity awareness.

     

    Festival Highlights

    • Bird Watching & Awareness
      • Rare birds like Indian Skimmer, Flamingo, and Siberian Crane.
      • Thousands of migratory birds from Siberia, Mongolia, Afghanistan, and other regions.
      • Eco-tourism plan for devotees, featuring expert-led bird walks and nature walks.
    • Competitions & Activities
      • Photography, painting, slogan writing, debates, and quizzes.
      • Prizes worth ₹21 lakhs (₹10,000 to ₹5 lakhs).
    • Expert Insights
      • Ornithologists, environmentalists, and conservation experts in technical sessions.
      • Discussions on bird migration, habitat protection, climate change impact.
    • Cultural & Educational Programs
      • Street plays, art exhibitions, and cultural performances on biodiversity.
      • Student participation in conservation activities for hands-on learning.

    List of Notable Personalities at Maha Kumbh

     

    Various well-known personalities visited Prayagraj to take a dip in the holy Triveni Sangam. These include:

    • Hon. President of India Smt. Droupadi Murmu
    • Prime Minister Shri Narendra Modi
    • Home Minister Shri Amit Shah
    • Defense Minister Shri Rajnath Singh
    • Governor of Uttar Pradesh Smt. Anandiben Patel
    • UP Chief Minister Yogi Adityanath & Cabinet Ministers
    • Chief Ministers:
      • Rajasthan – Shri Bhajan Lal Sharma
      • Haryana – Shri Nayab Singh Saini
      • Manipur – Shri N. Biren Singh
      • Gujarat – Shri Bhupendra Patel
    • Union Ministers:
      • Shri Gajendra Singh Shekhawat
      • Shri Arjun Ram Meghwal
      • Shri Shripad Naik
    • Members of Parliament:
      • Dr. Sudhanshu Trivedi
      • Shri Anurag Thakur
      • Smt. Sudha Murthy
      • Shri Ravi Kishan
    • Sports & Entertainment Personalities
    • Olympic Medalist Saina Nehwal
    • Cricketer Suresh Raina
    • International Wrestler Khali
    • Renowned Poet Kumar Vishwas
    • Choreographer Remo D’Souza
    • Bollywood Actress Katrina Kaif
    • Bollywood Actress Raveena Tandon

    Kalagram

    Kalagram, set up by the Ministry of Culture in Sector-7 of the Maha Kumbh district, is a vibrant cultural village showcasing India’s rich heritage. Designed around the themes of Craft, Cuisines, and Culture, it offers an immersive experience through performances, exhibitions, and interactive zones. The space brings together traditional arts, folk performances, digital storytelling, and culinary delights, making it a must-visit for devotees and tourists. The exhibition featured performances by nearly 15,000 artists from different parts of the country.

     

    Key Highlights of Kalagram

    • Grand Entrance: 635 ft wide, 54 ft high façade depicting 12 Jyotirlingas and Lord Shiva consuming Halahal.
    • Massive Stage: 104 ft wide and 72 ft deep, themed on Char Dham.
    • Performances: 14,632 artists perform daily on multiple stages.
    • Anubhuti Mandapam: 360° immersive experience narrating the descent of Ganga.
    • Aviral Shashwat Kumbh: Digital exhibition by ASI, NAI, and IGNCA on Kumbh’s history.
    • Food Zone: Offers satvik cuisine from different regions and Prayagraj’s local delicacies.
    • Sanskriti Aangans: Handicrafts and handlooms by 98 artisans from seven Zonal Cultural Centres.

    International Tourism at Maha Kumbh

    The Maha Kumbh 2025 in Prayagraj emerged as a global phenomenon, attracting foreign tourists, travel writers, and spiritual seekers from various countries. The Uttar Pradesh government and the Ministry of Tourism implemented extensive initiatives to facilitate international participation, promote cultural exchange, and position the event on the world tourism map.

     

    1. International Participation and Tourism Initiatives
    • A group of British travel writers visited the Maha Kumbh on February 25–26, 2025, exploring religious, historical, and cultural sites in Prayagraj.
    • Special plans were executed to provide accommodation, guided tours, digital information centers, and cultural programs for foreign visitors.
    • The delegation also visited Prayagraj Fort, Anand Bhawan, Akshayavat, Alfred Park, and the Sangam area, along with trips to Ayodhya, Varanasi, and Lucknow.

     

    1. Foreign Tourists and Cultural Engagement
    • Pilgrims and tourists from South Korea, Japan, Spain, Russia, the United States, and other nations participated in the festival.
    • Many engaged with local guides at the Sangam Ghat to understand the spiritual and cultural significance of the event.
    • A visitor from Spain described the experience as a “once-in-a-lifetime opportunity.”
    • Foreign devotees actively participated in the rituals and ceremonies, with many international sadhus and sanyasis taking the holy dip.

     

    1. Maha Kumbh as a Global Cultural Brand
    • The event was promoted as part of the “Brand UP” vision, highlighting Uttar Pradesh’s potential for tourism and investment.
    • The Uttar Pradesh government engaged with global tourism and hospitality stakeholders at international fairs to foster sustainable tourism and investment opportunities.
    • The strategic engagement aimed to enhance India’s reputation as a land of spirituality and innovation.

     

    1. Promotion at International Tourism Fairs
    • Maha Kumbh 2025 was showcased at FITUR in Madrid, Spain (January 24–28, 2025) and ITB Berlin, Germany (March 4–6, 2025).
    • Special 40-square-meter pavilions were set up to display Uttar Pradesh’s cultural heritage and attract global tourists.
    • VVIP lounges facilitated B2B and B2C interactions, ensuring international collaborations.
    • Promotional materials in multiple languages helped reach a diverse global audience.

     

    1. Digital Maha Kumbh and Global Engagement
    • The event’s official website saw 33 lakh visitors from 183 countries in the first week of January.
    • Visitors from 6,206 cities worldwide accessed the platform, with India, the United States, Britain, Canada, and Germany leading the traffic.
    • The technical team managing the site reported a surge in global traffic, with millions of daily users exploring content on Maha Kumbh’s history and spiritual significance.
    • The digital initiative ensured seamless access to information, enabling visitors to focus on the spiritual aspects of the festival without logistical challenges.

     

    1. Incredible India Pavilion and Tourist Services
    • On January 12, 2025, the Ministry of Tourism set up the Incredible India Pavilion, a 5,000 sq. ft. immersive space at Maha Kumbh.
    • The pavilion facilitated foreign tourists, scholars, researchers, journalists, photographers, and the Indian diaspora.
    • The Dekho Apna Desh People’s Choice Poll allowed visitors to vote for their favorite tourism destinations in India.
    • A dedicated toll-free Tourist Infoline (1800111363 or 1363) was launched, operating in 10 international languages and Indian regional languages like Tamil, Telugu, Kannada, Bengali, Assamese, and Marathi.

     

    1. Luxury Accommodation and Travel Packages
    • The Ministry of Tourism collaborated with UPSTDC, IRCTC, and ITDC to provide curated tour packages and luxury accommodations.
    • ITDC set up 80 luxury accommodations at Tent City, Prayagraj, while IRCTC introduced luxury tents for the convenience of international tourists.
    • A digital brochure detailing the tour packages was widely circulated through Indian Missions and India Tourism Offices to reach a broader audience.

     

    Through these extensive efforts, Maha Kumbh 2025 successfully established itself as a global spiritual and cultural event, reinforcing Uttar Pradesh’s identity as a premier destination for religious tourism and international investment.

    Key Exhibitions at Maha Kumbh

    The Maha Kumbh Mela 2025 featured a vast array of exhibitions designed to showcase India’s rich cultural, artistic, and spiritual heritage. These exhibitions provided visitors and pilgrims with a unique opportunity to engage with the traditions, crafts, and historical narratives of India.

     

    1. Kumbh Gram (Sector 7) Exhibitions

    A specially curated space in Sector 7 of Kumbh Gram hosted several exhibitions reflecting the diverse aspects of India’s heritage, handicrafts, tourism, and disaster preparedness. These included:

    • Khadi Gramodyog Exhibition: Displaying the significance of khadi and village industries, promoting indigenous craftsmanship and self-reliance.
    • One District One Product (ODOP) Pavilion: Showcasing district-specific products from Uttar Pradesh, supporting local artisans and businesses.
    • Uttar Pradesh Darshan Mandapam: A visual journey through the major cultural and religious sites of Uttar Pradesh.
    • Incredible India Kala Gram: Featuring a vast collection of artistic works that celebrated India’s folk and traditional art forms.
    • Chhattisgarh Exhibition: Presenting the unique cultural and traditional aspects of Chhattisgarh, including tribal art and crafts.
    • Uttar Pradesh Tourism Exhibition: Highlighting major tourist destinations within Uttar Pradesh, encouraging travel and exploration.
    • North Central Zone Cultural Centre (NCZCC) Pavilion: Dedicated to promoting the region’s diverse cultural performances, arts, and heritage.
    • National Disaster Management Authority (NDMA) Exhibition: Educating visitors on disaster preparedness, resilience, and emergency response mechanisms.

    2. ‘Bhagwat’ Exhibition at Allahabad Museum

    Union Minister Gajendra Singh Shekhawat inaugurated the ‘Bhagwat’ exhibition at the Allahabad Museum, an initiative that showcased a remarkable collection of miniature paintings inspired by the Bhagwat. The exhibition presented intricate depictions of significant events from the Bhagwat, offering visitors a deep insight into India’s spiritual and artistic traditions.

    3. ‘Aviral Shashvat Kumbh’ Exhibition

    This exhibition provided a historical perspective on the Kumbh Mela, tracing its origins and evolution over centuries. Featuring artifacts, digital displays, and informational posters, ‘Aviral Shashvat Kumbh’ aimed to educate visitors on the enduring legacy of this grand festival and its role in India’s spiritual landscape.

    The exhibitions at Maha Kumbh 2025 not only enhanced the spiritual experience of pilgrims but also served as a window into India’s rich cultural heritage. Through a blend of traditional artistry, historical retrospectives, and interactive showcases, these exhibitions played a crucial role in making Maha Kumbh 2025 an enriching and memorable event for millions of attendees.

    Telecom at Maha Kumbh: BSNL

    Under the Atmanirbhar Bharat initiative, Bharat Sanchar Nigam Limited (BSNL) played a crucial role in strengthening the communication infrastructure at the Maha Kumbh 2025, ensuring reliable connectivity for millions of pilgrims, administrative officials, security forces, and volunteers. A dedicated customer service center was set up in the Mela area, where visitors received on-site assistance, complaint resolution, and uninterrupted communication services.

    Pilgrims from different parts of the country were provided with free SIM cards from their respective circles. If any pilgrim lost or damaged their SIM card, they did not need to return to their home state, as BSNL had arranged for SIM cards from all circles across the country to be available in the Mela area. This service was provided free of charge, allowing devotees to stay connected with their families throughout the event.

    BSNL established a camp office at Lal Road, Sector-2, from where all communication services were managed. There was a significant increase in demand for fiber connections, leased line connections, and mobile recharges during the Kumbh, and BSNL ensured the availability of SIM cards from different states, benefiting both pilgrims and security personnel.

    To guarantee uninterrupted communication, BSNL activated a total of 90 BTS towers in the Mela area:

    • 30 BTS towers operating on the 700 MHz 4G band
    • 30 BTS towers on the 2100 MHz band
    • 30 BTS towers with 2G-enabled connectivity

     

    Additionally, BSNL provided several advanced communication services, including:

    • Internet leased lines
    • Wi-Fi hotspots
    • High-speed internet (FTTH)
    • Webcasting
    • SD-WAN services
    • Bulk SMS services
    • M2M SIMs
    • Satellite phone services

     

    Through these initiatives, BSNL ensured seamless communication throughout the Mahakumbh 2025, supporting both the public and the administrative machinery in managing the grand event efficiently.

    Akharas at Maha Kumbh

    In Maha Kumbh 2025, the Akharas played a significant role, representing various traditions and sects of Sanatan Dharma. The word ‘Akhara’ originates from ‘Akhand,’ meaning indivisible. These religious institutions have existed since the 6th century during the time of Adi Guru Shankaracharya and have been the custodians of spiritual practices and rituals at the Kumbh Mela.

     

    A total of 13 Akharas participated in this Maha Kumbh, including the Kinnar Akhara, Dashnam Sannyasini Akhara, and Mahila Akhara, symbolizing gender equality and a progressive outlook. The grand processions and sacred rituals of the Akharas were among the main attractions of the event, inspiring millions of devotees toward spiritual growth, discipline, and unity.

    These institutions not only preserved the spiritual and cultural values of Sanatan Dharma but also embraced modern sensibilities by promoting inclusivity and equality. The presence of the Akharas at Maha Kumbh fostered unity across caste, religion, and cultural diversity, making the event a symbol of spiritual and cultural enrichment.

    Green Maha Kumbh: A National-Level Environmental Discussion

    The Green Maha Kumbh was held on January 31, 2025, as a significant platform to promote environmental awareness alongside cultural and spiritual traditions. The event brought together over 1,000 environmental and water conservation experts from across the country. It was organized as part of the Gyan Maha Kumbh – 2081 series by Shiksha Sanskriti Utthan Nyas.

    The discussions at the Green Maha Kumbh focused on:

    • Issues related to nature, the environment, water, and cleanliness.
    • Maintaining the balance of the five elements of nature.
    • Sharing best practices in environmental conservation and cleanliness.
    • Strategies to engage devotees in sustainability efforts during Maha Kumbh.

     

    Experts from various fields shared their insights and experiences on tackling environmental challenges and implementing eco-friendly solutions. Additionally, the discussions explored ways to raise awareness among visitors about environmental protection, promoting initiatives that ensured a cleaner and greener Maha Kumbh. The event reinforced the vision of an environmentally responsible Maha Kumbh, setting a precedent for sustainable practices in future religious gatherings.

    Netra Kumbh

     

    Maha Kumbh 2025 witnessed several record-breaking initiatives, with a significant focus on healthcare and social welfare. One of the most remarkable efforts was the Netra Kumbh, a massive eye care initiative aimed at combating vision impairment. Spanning 10 acres in Sector 5 near Nagvasuki, the event set new benchmarks in eye testing and spectacle distribution, striving to secure a place in the Guinness Book of World Records.

    • Record-Breaking Eye Tests & Spectacles: Over 5 lakh people underwent eye tests, and 3 lakh spectacles were distributed.
    • Daily OPD & Facilities: The Netra Kumbh had 11 hangars, offering 10,000 consultations daily with specialists and optometrists.
    • Previous Achievement: The earlier Netra Kumbh secured a place in the Limca Book of Records.
    • Aim for Guinness World Record: The 2025 event sought to surpass previous achievements and enter the Guinness Book of World Records.
    • Eye Donation Camp: Encouraged donations to help reduce blindness, addressing corneal issues affecting over 15 million people in India.

     

    BHASHINI in Maha Kumbh

    At Maha Kumbh 2025, the Ministry of Electronics and Information Technology (MeitY) successfully leveraged BHASHINI, a revolutionary initiative under the Digital India program, to overcome language barriers and enhance communication. By offering multilingual access in 11 Indian languages, BHASHINI transformed information dissemination, navigation, emergency response, and governance, ensuring a seamless experience for millions of pilgrims. Additionally, the Kumbh Sah’AI’yak chatbot, powered by AI, provided real-time assistance, making Maha Kumbh 2025 more accessible and technologically advanced than ever before.

    BHASHINI’s Role in Maha Kumbh 2025:

    1. Real-Time Information Dissemination: Announcements, event schedules, and safety guidelines were translated into 11 Indian languages, enabling pilgrims to stay informed regardless of their native language.
    2. Simplified Navigation: BHASHINI’s speech-to-text, text-to-speech tools, and multilingual chatbot, integrated with mobile applications and kiosks, assisted devotees in finding their way.
    3. Accessible Emergency Services: The CONVERSE feature helped pilgrims communicate with the 112-emergency helpline in their native languages, in collaboration with the UP Police.
    4. E-Governance Support: Authorities used BHASHINI to effectively communicate regulations, guidelines, and public service announcements to a diverse audience.
    5. Lost and Found Assistance: BHASHINI’s Digital Lost & Found Solution enabled visitors to register lost or found items using voice inputs, with real-time translations simplifying the process.

     

    Kumbh Sah’AI’yak Chatbot:

    • Launched by Prime Minister Narendra Modi, this AI-powered, multilingual, voice-enabled chatbot played a crucial role in assisting pilgrims.
    • Powered by advanced AI technologies like Llama LLM, it provided real-time navigation and event-related information.
    • BHASHINI’s language translation enabled the chatbot to function in Hindi, English, and nine other Indian languages, ensuring inclusivity and accessibility.

     

    Akashvani’s Kumbhvani

     

    In a significant initiative to keep devotees and pilgrims informed, Akashvani’s Kumbhvani News Bulletins were broadcasted live through the public address system in Mahakumbh Nagar in Prayagraj, Uttar Pradesh. The first Kumbhvani News Bulletin was aired on public address system today i.e. 18.01.2025 at 8:30 am. The Kumbhvani news bulletins were broadcasted three times a day, at 8:30-8:40 am, 2:30-2:40 pm, and 8:30-8:40 pm, providing updates on various activities related to the Mahakumbh Mela. Additionally, devotees could also tune in to Kumbhvani news bulletins on 103.5 MHz frequency in Prayagraj.

     

    References

    https://pib.gov.in/EventDetail.aspx?ID=1197&reg=3&lang=1

    https://www.instagram.com/airnewsalerts/p/DE3txwqIpRQ/

    Click here to see PDF:

    Santosh Kumar | Sarla Meena | Rishita Aggarwal

    (Release ID: 2106476)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister Shri Sarbananda Sonowal to Chair Post-Budget Industry Meet on February 27, 2025

    Source: Government of India

    Union Minister Shri Sarbananda Sonowal to Chair Post-Budget Industry Meet on February 27, 2025

    Major Maritime initiatives to be announced in Mumbai

    Posted On: 26 FEB 2025 7:25PM by PIB Delhi

    Union Minister of Ports, Shipping and Waterways, Shri Sarbananda Sonowal will chair a high-level industry consultation in Mumbai on February 27, 2025 (Thursday). The event will bring together industry leaders, government officials, and stakeholders to discuss key maritime sector announcements from Union Budget 2025 and their impact on India’s maritime growth.

    Senior officials of the Ministry of Ports, Shipping, and Waterways (MoPSW), including the Secretary (MoPSW), port authorities, all subordinate organisations, Consulate Generals of major maritime nations, maritime associations, and major maritime industry stalwarts will participate in discussions on modernising maritime infrastructure, improving operational efficiency, and promoting sustainability in the sector.

    Strategic Dialogue on Budget-2025

    • Establishment of the ₹25,000 crore Maritime Development Fund (MDF): This fund aims to support long-term investments in the sector, with the government contributing 49% and the remaining 51% mobilised from ports and private sector investments.
    • Introduction of the Revamped Shipbuilding Financial Assistance Policy (SBFAP 2.0): With an outlay of ₹18,090 crore, this policy will strengthen domestic shipyards and enhance their global competitiveness.
    • Large ships are classified as infrastructure assets to facilitate long-term, low-cost financing.

    New Maritime Initiatives-2025

    • Global Maritime India Summit and Sagarmanthan: The Great Oceans Dialogue: The Union Minister will announce the dates for these significant events aimed at strengthening India’s global maritime leadership.
    • Major maritime initiatives: The Union Minister will also announce initiatives aimed at further strengthening India’s position as a global maritime leader.

    Technical Sessions on Shipbuilding & Shipbreaking

    The event will feature focused discussions on shipbuilding and shipbreaking policies:

    • Session 1: Key Union Budget announcements on shipbuilding, including financial assistance policies led by industry leaders and government representatives.
    • Session 2: Financial and policy support for shipbuilding clusters, shipbreaking regulations, and capital assistance for infrastructure development.
    • Session 3: Future strategies for shipbuilding, incentives for industry growth, and expansion of shipbreaking operations.

    Key Attendees

    The event will see participation from leading organisations, including:

    • All major Industry Associations like FICCI, CII, ASSOCHAM, PHCCI, FIEO, etc.
    • All major Maritime related Associations like INSA, ICCSA, MASSA, CSLA, CFSAI, Shipyards Association of India, etc.
    • All major, international and national, shipping lines, Port & Terminal Operators, Shipyards, Freight forwarders, Stevedores, Cruise & Ferry operators, etc.
    • Major PSUs associated with ports and shipbuilding like those of Defence, MoPNG, etc.
    • Domestic and Foreign Banks, Financial Institutions and Funds.

    ***

     

    G.D. Hallikeri / Henry

    (Release ID: 2106477) Visitor Counter : 69

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Senator Lee Introduces SCREEN Act for 119th Congress to Protect Children from Pornography Online

    US Senate News:

    Source: United States Senator for Utah Mike Lee
    WASHINGTON – Senator Mike Lee has introduced the Shielding Children’s Retinas from Egregious Exposure on the Net (SCREEN) Act, a step toward safeguarding minors from the pervasive threat of online pornographic content. Sens. John Curtis (R-UT) and Jim Banks (R-IN) are cosponsors. Representative Mary Miller (R-IL) leads the companion bill in the House of Representatives.  
    “It is time for our laws to catch up with technology,”  said Senator Mike Lee. “The SCREEN Act addresses the urgent need to protect minors from exposure to online pornography and stop those who profit from stealing the innocence of America’s youth.”
    “As a mother of seven and grandmother to 20, I am committed to defending parental rights,” said Representative Mary Miller. I am proud to join Senator Mike Lee in introducing the SCREEN Act to the House, providing parents with more control over their children’s online access and protecting our kids from exposure to pornography. I urge my colleagues in the House to act swiftly in adopting the SCREEN Act to protect American children.”
    “Like any parent in Utah, I’m deeply concerned that children remain vulnerable to explicit content online, as well as the psychological and societal harm it brings,” said Senator Curtis. “Our bill ensures that online platforms take responsibility by leveraging modern technology to verify users’ ages and prevent minors from accessing explicit material—all while upholding personal freedoms.”
    “Internet pornography has infected our culture and corroded the vulnerable minds of America’s kids, with the average age of initial exposure being 12 years old. That’s appalling,” said Senator Banks. “The accessibility of commercial pornography calls for the implementation of commonsense guardrails to protect our children. Indiana passed an age verification bill last year, paving the way for the rest of the nation. Our bill combats—with federal legislation—the forces attempting to poison the young minds of America.”
    Despite Congress’s ongoing efforts over the past three decades to shield children from online pornography, prior legislative measures have been challenged and overturned by the Supreme Court on the grounds of not meeting the least restrictive means test. Nonetheless, the Court acknowledged the government’s compelling interest to protect children.
    Advancements in technology since the Supreme Court last addressed this matter reveal a stark reality: traditional methods like blocking and filtering software have fallen short, leaving an alarming 80% of teenagers exposed to online pornography. The repercussions on minors are profound, contributing to a spectrum of psychological issues, unhealthy sexual behaviors, and broader societal harms.
    Senator Lee’s SCREEN Act is a necessary evolution of the law, aligning technological progress with the government’s duty to protect children. The Act mandates commercial pornographic websites to implement robust age verification technologies, providing a pragmatic and narrowly tailored solution to a complex problem.
    The bill has garnered support from the National Center on Sexual Exploitation, National Decency Coalition, Heritage Action, Ethics and Public Policy Center, American Principles Project, Family Policy Alliance, Institute for Family Studies, Family Research Council, Concerned Women for America, Ethics and Religious Liberty Commission, Culture Reframed, Enough is Enough, Envoc, Foundation and Council on Pornography Reform, Eagle Forum, Eagle Forum of Alabama, and The Silent Addiction.
    For bill text, click HERE. 
    For a one-pager, click HERE.

    MIL OSI USA News –

  • MIL-OSI: TowneBank Announces Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    SUFFOLK, Va., Feb. 26, 2025 (GLOBE NEWSWIRE) — Hampton Roads based TowneBank (NASDAQ: TOWN) announced today that its Board of Directors declared its first-quarter shareholder cash dividend of $0.25 per common share payable on April 11, 2025, to shareholders of record on March 31, 2025.

    The amount and declaration of future cash dividends are subject to Board of Directors’ approval in addition to regulatory restrictions.

    About TowneBank:
    Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, TowneBank values all employees and members by embracing their diverse talents, perspectives, and experiences.

    Today, TowneBank operates over 50 offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its affiliated companies that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $17.25 billion as of December 31, 2024, TowneBank is one of the largest banks headquartered in Virginia.

    Media contact:
    G. Robert Aston, Jr., Executive Chairman, 757-638-6780
    William I. Foster III, President and Chief Executive Officer, 757-417-6482

    Investor contact:
    William B. Littreal, Chief Financial Officer, 757-638-6813

    The MIL Network –

  • MIL-OSI USA: Cortez Masto, Rounds Introduce Bipartisan Legislation to Promote American Businesses in Competition with China

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Mike Rounds (R-S.D.) introduced bipartisan legislation to help American businesses compete with Communist China. The Strengthening Exports Against China Act would incentivize economic growth by eliminating barriers for American businesses competing directly with China in emerging industries like artificial intelligence and semiconductors. Companion legislation has been introduced in the House by Representatives Young Kim (R-Calif.) and Joyce Beatty (D-Ohio).
    “The Chinese Communist Party provides massive subsidies and financing for businesses in emerging industries. To remain competitive, the United States needs to do more to support innovative businesses here at home,” said Senator Cortez Masto. “My bipartisan legislation will support more American businesses directly competing with China to help them make breakthroughs in AI, critical mineral mining and processing, and other transformational areas.”
    “It’s time for fair competition on the global stage,” said Senator Rounds. “We must level the playing field for U.S. exporters when they’re up against firms backed by the Chinese Communist Party’s opaque financing. The Strengthening Exports Against China Act would allow the Export Import Bank to increase export financing and insurance support to U.S. firms that export products in direct competition with China.”
    The Export-Import Bank (EXIM) creates American jobs by promoting and financing exports. The China and Transformational Exports Program (CTEP) was established on a bipartisan basis in 2019 to counter Chinese export subsidies and financing while advancing U.S. innovation and export competitiveness in 10 Transformation Export Areas, including AI, 5G, energy efficiency, and semiconductors. Unfortunately, the CTEP is struggling to scale up due to the rules governing EXIM financing. Under current law, if EXIM projects reach or exceed a two percent default rate, the Bank must immediately freeze all lending. This default rate cap poses a significant challenge to EXIM’s ability to support U.S. exporters in emerging, less established fields. The Strengthening Exports Against China Act would eliminate the default rate cap for exporters covered by the CTEP program to help them better compete directly with PRC rivals.
    The full text of the legislation can be found here.
    Senator Cortez Masto has led efforts in Congress to strengthen our national security and supply chains. She has consistently blocked burdensome taxes on mining and wrote important provisions of the Bipartisan Infrastructure Law to bolster Nevada’s critical mineral supply chain. She’s also introduced bipartisan legislation to strengthen the domestic supply chain for rare-earth magnets, which are critical components of cell phones, computers, defense systems, and electric vehicles, but are almost exclusively made in China.

    MIL OSI USA News –

  • MIL-OSI United Nations: Upcoming Financing for Development Conference ‘Perhaps Last’ Chance for Real Commitments, Deputy Secretary-General Tells Summit

    Source: United Nations General Assembly and Security Council

    Following is UN Deputy Secretary-General Amina Mohammed’s message for the opening of the Finance in Common Summit, held in Cape Town, South Africa, today:

    I thank Remy Rioux and Adama Mariko from Finance in Common’s leadership, and this event’s co-hosts, the Development Bank of Southern Africa and the Asian Infrastructure Investment Bank, for bringing us together.

    The world is dangerously off track in achieving the Sustainable Development Goals (SDGs).  While we have made progress on many aspects of our development agenda, we have also faced multiple setbacks, including the pandemic, new conflicts, slowing global growth and escalating borrowing costs.

    Looking ahead, accelerating climate impacts, crushing debt burdens, and the spectre of escalating trade and geopolitical tensions are darkening the horizon.  The only way out of this storm is financing.

    But, right now, developing countries are unable to mobilize SDG investments in the face of debt overhangs, capital flight, climate risks and illicit financial flows that bleed their economies dry.  Even official development assistance (ODA), which has long provided a minimum safety net, is now under threat.

    The fourth International Conference on Financing for Development in Sevilla in July will be a pivotal moment to renew the global financing framework and redouble our collective efforts to achieve the 2030 Agenda [for Sustainable Development].  It presents a significant, and perhaps the last, opportunity before 2030 for real financial commitments to turn aspirations into actions.

    Addressing the sustainable development crisis requires two essential changes — both of which require the work of the institutions here at the Financing in Common Summit.

    The first change is a massive investment push.  The now-adopted Pact for the Future called for a massive financial stimulus to help developing countries invest in sustainable development.

    This push must be publicly led, but designed to leverage private investment and innovation.  It must work to mobilize capital at low cost.  And it must focus on transformative investments that can yield the greatest impact. Public development banks are integral to meeting this challenge.

    Doing so requires good governance, careful risk management and effective, independent management.  Development banks also need clear direction from policymakers to align their operations with the 2030 Agenda.

    The second change is reforming the international financial architecture.  This was another key commitment in the Pact for the Future.  The existing architecture was crafted 80 years ago when many countries were still under colonial rule.

    It’s high time for change.  This system needs to be fit for purpose in today’s world, which means putting developing countries squarely in the driver’s seat.  The elevation of public development banks is a critical part of this change.

    National banks are best placed to source projects and work with Governments to develop project pipelines that align with country priorities.  MDB [Multilateral development bank] financing, co-financing and working with national development banks can all combine to expand developing country ownership and improve the efficiency of the international system.

    The fourth International Conference on Financing for Development is uniquely placed to support this agenda.  The zero draft of the Conference’s outcome document already contains ambitious proposals related to public development banks.  While Member States will ultimately decide how to proceed, I urge you to support them.

    Across this work and more, your engagement with the Financing for Development process will help ensure the Conference has political traction and the best chance of success.  I wish you a successful Summit this week and hope to see you again in Sevilla.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks to the opening of the Finance in Common Summit 2025 [as prepared for delivery]

    Source: United Nations secretary general

    Excellencies, Distinguished guests,

    I thank Remy Rioux and Adama Mariko from Finance in Common’s leadership, and this event’s co-hosts, the Development Bank of Southern Africa and the Asian Infrastructure Investment Bank, for bringing us together.

    Excellencies,

    The world is dangerously off track in achieving the Sustainable Development Goals.

    While we have made progress on many aspects of our development agenda, we have also faced multiple setbacks, including the pandemic, new conflicts, slowing global growth, and escalating borrowing costs.

    Looking ahead, accelerating climate impacts, crushing debt burdens, and the specter of escalating trade and geopolitical tensions are darkening the horizon.

    The only way out of this storm is financing.

    But right now, developing countries are unable to mobilize SDG investments in the face of debt overhangs, capital flight, climate risks, and illicit financial flows that bleed their economies dry.

    Even official development assistance, which has long provided a minimum safety net, is now under threat.

    The Fourth International Conference on Financing for Development in Sevilla in July will be a pivotal moment to renew the global financing framework and redouble our collective efforts to achieve the 2030 Agenda.

    It presents a significant, and perhaps the last, opportunity before 2030 for real financial commitments to turn aspirations into actions.

    Addressing the sustainable development crisis requires two essential changes – both of which require the work of the institutions here at the Financing in Common Summit.

    The first change is a massive investment push.

    The now-adopted Pact for the Future called for a massive financial stimulus to help developing countries invest in sustainable development.

    This push must be publicly-led but designed to leverage private investment and innovation. It must work to mobilize capital at low cost. And it must focus on transformative investments that can yield the greatest impact.

    Public development banks are integral to meeting this challenge.

    Doing so requires good governance, careful risk management, and effective, independent management.

    Development banks also need clear direction from policymakers to align their operations with the 2030 Agenda.

    The second change is reforming the international financial architecture.

    This was another key commitment in the Pact for the Future.

    The existing architecture was crafted 80 years ago when many countries were still under colonial rule.

    It’s high time for change.

    This system needs to be fit for purpose in today’s world, which means putting developing countries squarely in the driver’s seat.

    The elevation of public development banks is a critical part of this change.

    National banks are best placed to source projects and work with governments to develop project pipelines that align with country priorities.

    MDB financing, co-financing, and working with national development banks can all combine to expand developing country ownership and improve the efficiency of the international system.

    The Fourth International Conference on Financing for Development is uniquely placed to support this agenda.

    The zero draft of the conference’s outcome document already contains ambitious proposals related to public development banks. While Member States will ultimately decide how to proceed, I urge you to support them.

    Excellencies,

    Across this work and more, your engagement with the FfD process will help ensure the Conference has political traction and the best chance of success.

    I wish you a successful Summit this week and hope to see you again in Sevilla.

    Thank you.
     

    MIL OSI United Nations News –

  • MIL-OSI: Johanna Bartee Appointed to Boards of First Fed and First Northwest Bancorp

    Source: GlobeNewswire (MIL-OSI)

    PORT ANGELES, Wash., Feb. 26, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (NASDAQ: FNWB) and its subsidiary First Fed Bank are pleased to announce the appointment of Johanna Bartee to the Board of Directors for both companies.

    Ms. Bartee brings extensive experience in banking, finance, and economic development, along with a strong commitment to community-driven initiatives across the North Olympic Peninsula.

    “We are thrilled to welcome Johanna to our Board of Directors,” said Matt Deines, President and CEO of First Fed Bank and FNWB. “Her expertise in finance and community development will be invaluable as we continue to serve our customers and communities.”

    Ms. Bartee is the Executive Director of JST Capital, a Native Community Development Financial Institution (CDFI) in Sequim, WA, dedicated to supporting underserved communities. Before founding JST Capital in 2018, she built a successful career in finance, working in institutional banking, investment banking, and business development roles at leading financial firms in New York and Southern California. Prior to completing an MBA at Columbia Business School, she managed large-scale communications and IT security projects as an Account Manager for a Department of Defense contractor in Honolulu, Hawaii.

    Beyond her professional achievements, Ms. Bartee is actively involved in community development. She serves as a Board Director for the Clallam County Opportunity Fund and is a member of the Port Angeles Waterfront District Board, advocating for economic growth and revitalization initiatives.

    Ms. Bartee’s appointment reflects First Fed’s commitment to strengthening its leadership with professionals dedicated to fostering economic and social impact.

    About FNWB

    First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently First Fed has 18 locations in Washington state including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. First Fed is headquartered in Port Angeles, Washington.

    First Fed Bank was recognized by Puget Sound Business Journal as a Best Workplace in 2023 and top Corporate Philanthropist in 2023 and 2024. By popular vote, First Fed received 2024 awards for Best Bank and Best Lender in Best of the Peninsula for Clallam County. First Fed is a Member FDIC and equal housing lender.

    Contact: Matthew P. Deines
    President & CEO
    (360) 457-0461

    The MIL Network –

  • MIL-OSI Africa: CORRECTION: Ghana’s Mining in Motion Summit Gains Support from Key Leaders

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

    ACCRA, Ghana, February 26, 2025/APO Group/ —

    Otumfuo Osei Tutu II, King of the Ashanti Kingdom; Hon. Emmanuel Armah Kofi Buah, Minister of Lands and Natural Resources of Ghana; and Oheneba Kwaku Duah, the son of Otumfuo Osei Tutu II and Managing Director of the Ashanti Green Initiative recently met to discuss the upcoming Mining in Motion Summit in Ghana.

    They explored the summit’s potential to improve the artisanal and small-scale gold mining (ASGM) sector in Ghana and the role of government, international partners and major mining firms in accelerating the sector’s growth. Hon. Kofi Buah endorsed the event, emphasizing its significance in connecting small-scale miners with technology providers, financiers, regulatory bodies and global industry stakeholders to improve their operations and impact.

    Organized by the Ashanti Green Initiative along with the World Bank, the World Gold Council and other international partners, Mining in Motion will take place from June 2 – 4 in Accra.

    The summit is held under the theme Sustainable Mining & Local Growth – Leveraging Resources for Global Impact, uniting key decision-makers, including H.E. John Dramani Mahama, President of the Republic of Ghana, as well as representatives from public and private sector mining institutions from South Africa, the Republic of Guinea, the African Union, ECOWAS and the United Nations.

    The three-day event will highlight the role of traditional authorities in shaping artisanal and small-scale mining practices, emphasizing the sector’s contribution to employment and economic growth. In 2024 alone, Ghana’s artisanal miners generated $5 billion in foreign exchange earnings through gold exports. Providing direct employment for over one million Ghanaians and accounting for 35% of domestic gold output, the sector has the potential to significantly shape socioeconomic development in the west African country.

    As Ghana’s mining sector increasingly supports sustainable development, the Mining in Motion Summit will highlight best practices for integrating ASGM into the global financial system. Representatives from prominent international financing organizations will share their insights.

    In a significant move to boost earnings for small-scale miners, Ghana has announced plans to establish a Gold Board. This new entity will simplify the process of purchasing gold from small-scale miners, providing them with easier access to global markets. With Samuel Adu Gyamfi, who was appointed Acting Managing Director of Precious Minerals Marketing Company last month and tasked with setting up the Ghana Gold Board, playing a pivotal role in shaping the summit, Mining in Motion is set to have a sizable impact on the growth of Ghana’s gold sector.

    Through a series of high-level panel discussions, deal signings, project showcases and exclusive networking, Mining in Motion serves as the ideal platform to connect Ghanaian miners with regional counterparts and global investors for forge industry-changing partnerships.

    Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting ASGM and medium to large scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting https://MiningInMotionSummit.com/. For sponsorship opportunities or delegate participation, contact sales@ashantigreeninitiative.org.

    MIL OSI Africa –

  • MIL-OSI United Nations: ‘Last Chance’ to Achieve Two-State Solution, UN Mediator Tells Security Council, as Speakers Highlight Need to Sustain Gaza Ceasefire

    Source: United Nations General Assembly and Security Council

    This may be “the last chance” to achieve a two-State solution — the creation of independent Israel and Palestine coexisting peacefully side by side — a United Nations mediator told the Security Council today, as it considered the fragile ceasefire in the Gaza Strip, the first phase of which is set to expire on 1 March.

    While welcoming the implementation of this initial phase, including the release of 34 hostages, Sigrid Kaag, UN Special Coordinator for the Middle East Peace Process ad interim, added:  “None of us will forget the harrowing pictures of the coffins of the Bibas children taken hostage with their mother and killed while in captivity.” Condemning Hamas’ public parading of hostages, she also noted the release of 1,135 Palestinian prisoners and detainees, and reports of the ill treatment and humiliation they experienced.

    In Gaza, far more remains to be done to address over 15 months of deprivation of basic human necessities and “above all, a loss of human dignity”, she said, while noting some improvements in humanitarian aid access.  “Palestinians must be able to resume their lives, to rebuild and to construct their future in Gaza,” she stressed, adding that there can be no question of forced displacement.  Gaza must remain an integral part of a future Palestinian State, and the Strip must be unified with the West Bank including East Jerusalem, “politically, economically and administratively”, she said, calling on the Council to ensure continued support for the full realization of the ceasefire deal, urgent de-escalation in West Bank and support for Gaza’s recovery and reconstruction — which would cost $53 billion.

    Also briefing the Council today was Daniel Levy, President of the US/Middle East Project, who stressed that Israelis and Palestinians both deserve security, while acknowledging the “power asymmetry” between a colonizing State and a colonized people.  Recalling the Israeli ambassador’s “gimmick” of shredding the UN Charter at the General Assembly podium, he said:  “When a State like Israel conducts itself in ways that render the Charter meaningless and which assault [international] conventions, including on genocide […] then that is a challenge that cannot be allowed to pass.”

    Calling for a full ceasefire, the release of all Israeli hostages and a surge in humanitarian assistance, he cautioned:  “There is good reason to fear that this could collapse.”  In that vein, he warned against the attempt to permanently depopulate the north of Gaza, adding:  “Hamas non-governance in Gaza is achievable, the movement itself has said so.”  But, there will be resistance if the structural violence of occupation and apartheid continue.  He also cautioned against zero-sum thinking, also stressing that the unlawful forced displacement of Palestinians must not be endorsed or encouraged by any State, let alone, one of the permanent five.

    Testimony from Ex-Hostage

    “I was kidnapped by Hamas terrorists on 7 October 2023 from the Nova music festival with my partner,” recalled Noa Argamani, who also addressed the Council today.  She added that she was taken by force into Gaza and “held in total fear, living in a nightmare”.  Noting that she was rescued by Israeli soldiers after eight months in captivity, she said:  “Being here today is a miracle, but I’m here today to tell you we have no time.” There are still 63 hostages in captivity — 24 believed to still be alive — “the [ceasefire] deal must go on, in full”, she urged.

    Recalling that her captors murdered her friend, she underscored:  “Every second in captivity is dangerous.”  The Council must “not let the darkness take over”, she warned, stating that she came to the Council so that the international community understands that “the hostages are in hell” and deserve to return home immediately.

    Determined to Eradicate Hamas

    “This is the story of every hostage and every family shattered by Hamas’ terror,” said Israel’s delegate, urging the Council to adopt a resolution condemning the group — a move he argued the 15-member organ could have taken 16 months ago.  Stressing that the tragedy will not end “until each one of them is back home”, he continued: “The question now is whether this Council will help write that ending, or continue to look away.”

    “No matter what happens, our commitment to freeing all the hostages and completely eradicating Hamas is unshakeable,” he underscored. Turning to the humanitarian situation, he pointed to thousands of trucks entering Gaza every week to deliver aid and stressed:  “The only starved people in Gaza are the hostages.”  He added that “it is time to think beyond the frameworks of the past and build a new reality — one where terrorists do not hold entire communities hostage and where life is sacred once more”.

    Recordings of Gunfire at Family 

    Riyad H. Mansour, Permanent Observer for the State of Palestine, said while “nothing justifies” what happened to the Bibas family, Palestinian children are “not any less deserving of your outrage for their killing”.  He went on to play recordings of the calls made to emergency services by 15-year-old Layan Hamadeh and her 6-year-old cousin Hind Rajab — both found dead later — after their family members were shot dead while evacuating Gaza City by car. He also remembered the Palestinian parents who had to collect “what remained of their children’s bodies in plastic bags”.

    “Did you see the images of our released prisoners, often starved, with marks and scars on their bodies?”, he asked, noting that Israel subjects them to beatings and humiliating treatments.  “How many hostages were released by military actions and how many hundreds of Palestinians have perished in these military attacks that were supposed to rescue the hostages but led to the death of many of them?”, he asked, adding:  “Ceasefire works.”  The next few days is a test of Israel’s true priorities, he said.

    Support for Ceasefire’s Second Phase

    Council members stressed the need to uphold the ceasefire and reach an agreement on the second phase, which aims to establish a permanent truce.  Under this phase, Israel would fully withdraw from Gaza, while Hamas would release all remaining hostages in exchange for additional detainees.

    The representative of Sierra Leone, voiced a “renewed sense of relief and optimism” despite “the uncertainty that still looms”.  The representative of the Republic of Korea noted that the agreement shows “what firm political will can bring to the region” as Israeli hostages and Palestinian prisoners reunite with their families.  The ceasefire is also saving lives, Denmark’s delegate said, adding that it is vital that it moves to its second phase.  Georgios Gerapetritis, Minister for Foreign Affairs of Greece, added that the ceasefire will “allow planning for a more prosperous and secure ‘day after’ for the whole region”.

    The representative of France said that his country has deployed specialized personnel within the framework of the European Union Border Assistance Mission at the Rafah Crossing Point to support the ceasefire.  He also noted that his country and Saudi Arabia will co-chair an international conference for the implementation of a two-State solution in June.

    The Russian Federation’s delegate expressed concern about the “opaque monitoring mechanism”, highlighting accusations from both sides about the other side’s bad faith in the implementation of individual steps.  Somalia’s delegate said that the continued attacks, illegal arrests, settlement-expansion and excessive use of force “undermine the spirit of the ceasefire deal” and that “mediation efforts will not succeed if the aggression continues unchecked”.  If the ceasefire fails, Panama’s delegate warned, “then the human toll will be incalculable and prospects for regional peace and stability will fade further”.

    The representative of the United Kingdom welcomed improved aid supplies since the ceasefire agreement as having “demonstrated the central role of the UN and humanitarian actors, including UNRWA [United Nations Relief and Works Agency for Palestine Refugees in the Near East]”.  She also expressed concern over tightening humanitarian space, as well as the expansion of Israel’s operations killing and displacing civilians in the West Bank.

    Gaza’s Future without Hamas

    The representative of the United States expressed support for Israel’s “sovereign decision” to close UNRWA offices in Jerusalem, adding:  “UNRWA is not and never has been the only option for providing humanitarian assistance in Gaza”.  Her country stands with all hostages, she said, adding that the desecration of the remains of Shiri Bibas shows “the depth of Hamas’s cruelty”.  President Donald J. Trump has made clear that the future of Gaza must look different, she said, adding that Hamas must be fully removed from power and held accountable for its 7 October 2023 terrorist massacre.

    Save West Bank from Becoming Next Gaza

    Other speakers, however, highlighted the impact of Israel’s occupation of Palestinian territories, and the escalation of settlements and violence in the West Bank.  “Israel is not trying to return to calm,” said Kuwait’s delegate, speaking for the Arab Group.  Asking the Council if it is waiting for a repeat of the Gaza tragedy, he called on the international community to help end the occupying Power’s aggression in the West Bank and its attacks on Christian and Muslim holy sites in the Aqsa Mosque compound.

    Algeria’s delegate drew attention to the Israeli Finance Minister’s declaration that the “goal for 2025 is to demolish more than what Palestinian are building in the West Bank”.  Stressing the need to support UNRWA and empower the Palestinian Authority, he added that weakening the Authority is a deliberate strategy by the Israeli occupying Power which dreams “of a land free of Palestinians”, from the river to the sea.  Five newborn babies froze to death yesterday in a hospital in Gaza City, he noted, adding “we have no more time to waste”.  The ceasefire agreement should serve as a foundation for a durable peace plan.

    Slovenia’s delegate stressed:  “Gaza belongs to Gazans and it is an integral part of the Palestinian State.”  Pointing to the “many more steps” needed for lasting peace to persist in the Middle East, he observed:  “While peace seems to be a big word, it essentially boils down to everyday decisions to work for it.”

    “The cumulative effect of Israel’s violent occupation of Palestinian territories has entrapped the Palestinian people in a cycle of violence and poverty,” Guyana’s delegate noted.  Pakistan’s representative pointed to the forcible displacement, military raids, settler violence and illegal land annexations Israel is conducting, describing these as “ethnic cleansing in real time”.

    The representative of China, Council President for February, speaking in his national capacity, urged the international community to support the parties in moving ahead with negotiations on the second phase of the ceasefire and called on Israel to cease its military and settler activity in the West Bank, underscoring:  “The West Bank must not become the next Gaza.”

    MIL OSI United Nations News –

  • MIL-OSI Security: New Jersey Man Pleads Guilty To Filing A False Tax Return; Avoided Paying More Than $1 Million In Taxes

    Source: Office of United States Attorneys

    NEWARK, N.J. – A New Jersey man admitted to filing a false tax return and causing more than $200,000 in tax losses for tax year 2018, Acting United States Attorney Vikas Khanna announced.

    Francis Esposito, 66, of Red Bank, New Jersey, pleaded guilty before United States District Court Judge Georgette Castner in Trenton federal court today to an Information charging him with one count of filing a false tax return.

    According to documents filed in this case and statements made in court:

    Esposito was the sole or majority owner of numerous entities. For tax years 2015 through 2018, Esposito derived certain income through these entities that he failed to report on his Form 1040.

    For tax year 2018, Esposito had approximately $719,272 of unreported income, which resulted in a tax loss of approximately $216,635. For tax year 2017, Esposito had approximately $940,978 of unreported income, which resulted in a tax loss of approximately $383,806. For tax year 2016, Esposito had approximately $746,886 of unreported income, which resulted in a tax loss of approximately $304,640. For tax year 2015, Esposito had approximately $589,929 of unreported income, which resulted in a tax loss of approximately $244,291. In total, Esposito’s unreported income resulted in a tax loss of approximately $1,149,372.

    The filing a false tax return charge has a maximum term of three years, and a maximum fine of $250,000 or twice the gain or loss resulting from the offense.

    Acting United States Attorney Khanna credited special agents of the Internal Revenue Service – Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan in Newark.  

    The government is represented by Assistant U.S. Attorneys Vinay Limbachia and Andrew Kogan of the Cybercrime Unit in Newark.
     

    MIL Security OSI –

  • MIL-OSI: Bank of Åland Plc: Notice to convene the Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    Bank of Åland Plc
    Notice to convene general meeting
    February 26, 2025, 17.15 EET.

    Notice to convene the Annual General Meeting

    Notice is hereby given to the shareholders of the Bank of Åland Plc (Ålandsbanken Abp) of the Annual General Meeting (AGM) to be held at 3.00 p.m. Finnish time (15.00 EET) on Tuesday, March 25, 2025 at the Alandica Kultur & Kongress auditorium, Strandgatan 33, Mariehamn, Åland, Finland.

    The reception of persons who have registered to participate in the Meeting and the distribution of voting tickets will commence at 2.00 p.m. on the above date.

    A. Matters on the agenda of the Annual General Meeting

    The following matters will be dealt with at the Meeting:

    1. Opening of the Meeting

    2. Calling the Meeting to order
    3. Election of persons to check the minutes and to supervise the counting of votes

    4. Verification of the legality of the Meeting

    5. Verification of attendance at the Meeting and adoption of the voting list

    6. Presentation of the financial statements, the Report of the Directors and the Auditors’ Report for 2024

    Managing Director’s review.

    7. Adoption of the financial statements

    8. Decision on allocation of the profit shown in the balance sheet and dividend distribution

    The Board of Directors proposes that a dividend of EUR 2.40 per share plus an extra dividend of EUR 0.35 per share shall be paid for the financial year January 1 – December 31, 2024, that the record date for dividend payment shall be Thursday, March 27, 2025 and that the payment date shall be Thursday, April 3, 2025.

    9. Decision on granting discharge from liability to the members of the Board of Directors and the Managing Director for the financial year January 1 – December 31, 2024

    10. Presentation and adoption of the compensation report

    11. Decision on the number of members on the Board of Directors

    It is proposed that the number of Board members shall be set at seven.

    12. Decision on fees for the members of the Board

    The Board of Directors proposes an unchanged annual fee for its Chairman (EUR 37,000), the Deputy Chairman (EUR 31,500) and each other Board member (EUR 29,000). The Board also proposes an unchanged fee per meeting attended for the Chairman (EUR 1,000) and for each other Board member (EUR 750).

    It shall be noted that the fee per meeting for Board members’ attendance at meetings of the committees appointed by the Board is EUR 750 per Board member and EUR 1,000 for the committee Chairman. In addition, it shall be noted that compensation for travel and accommodation expenses as well as daily subsistence allowances are paid in compliance with the instructions of tax authorities and the Bank’s travel guidelines.

    13. Election of Board members

    The Nomination Committee proposes the re-election of Board members Anders Å Karlsson, Nils Lampi, Mirel Leino-Haltia, Malin Lombardi, Christoffer Taxell, Ulrika Valassi and Anders Wiklöf for a term of office that will run until the closing of the next AGM.

    14. Decision on the auditors’ fees

    In accordance with the recommendation of the Audit Committee, the Board of Directors proposes that the auditors’ fees be paid as invoiced.

    15. Decision on the number of auditors

    The Board of Directors proposes that the number of auditors shall be unchanged, that is, one auditor.

    16. Election of auditors

    In accordance with the recommendation of the Audit Committee, the Board of Directors proposes the re-election of the authorised accounting firm of KPMG Oy Ab, with Henry Maarala (KHT) as auditor in charge, for a term of office that will run until the closing of the next AGM.

    17. Decision on the sustainability auditors’ fees

    In accordance with the recommendation of the Audit Committee, the Board of Directors proposes that the sustainability auditors’ fees be paid as invoiced.

    18. Election of sustainability auditors

    In accordance with the recommendation of the Audit Committee, the Board of Directors proposes the election of the authorised accounting firm of KPMG Oy Ab, with Henry Maarala (KHT) as auditor in charge, for a term of office that will run until the closing of the next AGM. KPMG Oy Ab has informed the Bank that certified sustainability auditor Henry Maarala will be the sustainability auditor in charge.

    19. Closing of the Meeting

    B. General Meeting documents

    The above-mentioned proposals by the Board of Directors, this notice convening the Annual General Meeting (AGM) and other documents that shall be available as provided by the Finnish Companies Act are found on the website of the Bank of Åland Plc, www.alandsbanken.fi in Swedish.

    The Board’s proposals and the accounting documents will also be available at the Company’s Head Office and at the AGM. Copies of these documents and of this notice convening the AGM will be sent to shareholders upon request.

    C. Instruction for participants in the Annual General Meeting

    1. Shareholders listed in the Company’s shareholder register

    Shareholders who were listed on March 13, 2025 (the record date for the AGM) in the Company’s shareholder register, which is maintained by Euroclear Finland Ab, are entitled to participate in the Meeting. A shareholder whose shares are registered in his or her Finnish personal book-entry securities account is listed in the Company’s shareholder register.

    Shareholders wishing to participate in the AGM must register no later than 12 noon on Thursday, March 20, 2025.

    They may register for the AGM:

    a) via the internet at the address www.alandsbanken.fi/bolagsstamma

    b) by telephone at +358 18 29 011;

    c) by letter addressed to Bank of Åland Plc, PB 3, AX-22101 Mariehamn, Åland, Finland.

    When registering, please state the shareholder’s name, personal identity code or business ID number and the name of any assistant or authorised representative and the representative’s personal identity code. These personal data will be used only for purposes attributable to the AGM and for processing of registrations related to this.

    If needed, the shareholder and his/her authorised representative must be able to prove their identity and/or authorisation at the Meeting venue.

    2. Holders of nominee-registered shares

    A holder of nominee-registered shares is entitled to participate in the AGM on the basis of the shares he or she would be entitled to be listed on March 13, 2025 (the record date for the AGM) in the Shareholder Register maintained by Euroclear Finland Ab. Participation also requires that on the basis of these shares, no later than 10.00 a.m. on March 20, 2025 the shareholder has been listed in the temporary shareholder register maintained by Euroclear Finland Ab. In the case of nominee-registered shares, this shall be counted as registration for the AGM. Changes in the shareholding after the record date for the AGM shall not affect the right to participate in the AGM or the shareholder’s number of votes.

    Registration shall be carried out by the asset manager’s account administrator no later than the above-mentioned deadline. A holder of nominee-registered shares is urged to request instructions well in advance from his or her asset manager regarding entry into the temporary shareholder register, issuance of powers of attorney and registration for the AGM. The asset manager’s account managing institution shall register the holder of nominee-registered shares who wishes to participate in the AGM in the Company’s temporary shareholder register no later than the above-mentioned deadline.

    3. Authorised representatives and powers of attorney

    Shareholders may participate in the AGM and exercise their rights at the Meeting through authorised representatives. A shareholder’s authorised representative must show a dated power of attorney or otherwise prove in a reliable manner that he or she is authorised to represent the shareholder.

    If a shareholder is represented at the Meeting by more than one authorised representatives, who represent a shareholder with shares in different book-entry securities accounts, at the time of registration the shareholder must state on the basis of which shares each authorised representative is representing the shareholder.

    Any original powers of attorney should be sent to the Bank of Åland Plc, PB 3, AX-22101 Mariehamn, Åland, Finland and be in the possession of the Company before the expiration of the registration period. Please label the envelope “Annual General Meeting” or “AGM”. Alternatively, a copy of the power of attorney may be sent by e-mail to bolagsstamma@alandsbanken.fi, in which case the original power of attorney shall be shown at the AGM.

    4. Other instructions and information

    Shareholders who attend the Meeting are entitled to ask questions concerning matters being dealt with at the Meeting, pursuant to Chapter 5, Section 25 of the Finnish Companies Act.

    On the date of this Notice convening the Annual General Meeting, the number of shares in the Bank of Åland Plc totals 6,476,138 Series A shares, which represent 129,522,760 votes, and 8,890,781 Series B shares, which represent 8,890,781 votes, or 15,366,919 shares and 138,413,541 votes in all. Each Series A share has 20 votes at the Meeting and each Series B share has one vote, but subject to the limitation on voting rights stipulated in the Articles of Association, Section 7.

    Mariehamn, February 25, 2025

    Board of Directors

    The MIL Network –

  • MIL-OSI Economics: 13th Global Community of Practice (G-CoP) – Unlocking Africa’s Potential: Driving Innovation and Harnessing Domestic Debt Markets for Sustainable…

    Source: African Development Bank Group
    Do you wish to be part of a transformative conversation shaping Africa’s future?
    The African Development Institute of the African Development Bank is excited to invite you to the 13th Global Community of Practice (G-CoP) Policy Dialogue focusing on innovative strategies for unlocking Africa’s domestic debt markets.

    MIL OSI Economics –

  • MIL-OSI: Varonis Opens Data Centers in India to Support Expanding Customer Base and Minimize Cloud Data Risk 

    Source: GlobeNewswire (MIL-OSI)

    MIAMI and MUMBAI, India, Feb. 26, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data security, today announced new data centers in India. Located in Mumbai and Pune, the centers will support customers using the Varonis cloud-native Data Security Platform to protect sensitive data, maintain privacy regulations, and stay on top of threats with AI-powered automation.

    New draft rules under the Digital Personal Data Protection Act require Indian businesses to navigate the country’s intricate legal landscape skillfully. Varonis’ new data centers will support customers who must comply with regulatory frameworks from the Reserve Bank of India, the Securities and Exchange Board of India, and the Insurance Regulatory and Development Authority of India — all without disrupting the business.

    “Varonis’ new data centers in India help us meet strict data localization requirements while strengthening our security,” said Makesh Chandramohan, the Group CISO of Aditya Birla Capital. “Varonis will help us ensure compliance, reduce latency, and improve our overall cybersecurity posture.”

    “Our new data centers underscore Varonis’ dedication to providing our customers with deep data visibility wherever it lives — in the most important data stores and applications across SaaS, IaaS, on-prem, and hybrid environments,” said Scott Leach, Varonis VP of APAC. “The launch demonstrates our ongoing commitment to helping customers automatically reduce their data security risk with a unified platform.”

    With data growing at a rate that surpasses the ability to secure it, organizations turn to Varonis to protect their sensitive cloud data.

    “Varonis establishing its data centers in India demonstrates our commitment to our customers and partners in the region and helps ensure their requirements around data sovereignty and regional regulatory compliance are met comprehensively,” said Maheswaran Shanmugasundaram, Country Manager for India at Varonis. “This move will accelerate our mission to help customers protect their most valuable and vulnerable asset — data — automatically and help ensure they are compliant and secure.”

    Additional Resources

    About Varonis

    Varonis (Nasdaq: VRNS) is a leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com

    The MIL Network –

  • MIL-OSI: Šiaulių Bankas Group Results for the Year 2024

    Source: GlobeNewswire (MIL-OSI)

    • Financial targets. Šiaulių Bankas Group demonstrated strong performance and successfully achieved all its financial targets for 2024, delivering on its guidance
    • Profit. Šiaulių Bankas Group earned a record net profit of €78.8 million
    • Loan portfolio. The loan portfolio grew by 17% year-on-year to over €3.4 billion
    • Deposits. The deposit portfolio grew by 12% over the year to almost €3.6 billion at the end of 2024
    • Fee & commission income. Net fee and commission income grew by 44% year-on-year to over €29 million
    • Dividends. Šiaulių Bankas Group intends to propose a distribution of 50% of its 2024 net profit, or €0.061 dividend per share
    • Share buybacks. Will allocate up to 5% of the 2024 net profit for own share buybacks
    • Rebranding. A rebranding of Šiaulių Bankas will be proposed for the upcoming shareholders’ meeting

    “In 2024, we have successfully integrated INVL’s retail business into Šiaulių Bankas Group, updated our long-term vision and strategy, and initiated a business transformation that we believe will bring greater value to our customers, shareholders, and society.

    While launching strategic projects such as the replacement of the core banking platform and rebranding preparation, we maintained high profitability and service quality, effectively managing risk and costs.

    The successful implementation of our first international bond issuances and the updated dividend policy demonstrate our commitment to efficient capital utilization and delivering high returns to shareholders during the transformation period,” says Vytautas Sinius, CEO of Šiaulių Bankas.

    Šiaulių Bankas Group earned an unaudited net profit of €78.8 million in 2024 which is 5% more than in 2023. Operating profit before allowance for impairment losses and income tax amounted to €107.3 million, a 3% decrease compared to operating profit of €111.0 million in 2023.

    Net interest income grew by 2% year-on-year to €160.2 million, while net fee and commission income grew by 44% to over €29 million. The latter increased 11% in the last quarter of 2024 alone, compared to Q3 2024.

    All loan book segments grew during the year, with the total loan portfolio increasing by 17% (€503 million) to €3.43 billion. New credit agreements worth €1.5 billion were signed during the year, 14% more than in 2023 (€1.3 billion).

    The quality of the loan portfolio remains strong, with provisions of €11.3 million made in 2024, €4 million less than in 2023. The Cost of Risk (CoR) of the loan portfolio for year 2024 was 0.35% (0.54% for the 2023).

    The deposit portfolio grew by 12% since the beginning of the year (€383 million) and exceeded €3.5 billion at the end of the year. The amount of term deposits grew by 22% (€348 million) to over €1.9 billion during the year and their share in the total deposit portfolio increased by 5 percentage points to 54%.

    The bank’s capital structure was enhanced by an additional issue of Tier 1 (AT1) bonds of €50 million in the fourth quarter. All issuances made in 2024 have significantly strengthened and diversified the capital base, which allows for continued rapid growth while ensuring high returns for investors.

    The Bank’s Management Board, taking into the account the updated dividend policy, the bank’s strong performance in 2024, its robust capital position, and the favourable outlook for the operating environment, has decided to propose a dividend of 50% of the 2024 net profit (€0.061 per share) for approval at the Bank’s Annual General Meeting.

    Šiaulių Bankas has repurchased own shares worth €10.2 million and is planning to continue with buyback programmes, in line with the existing the European Central Bank’s (ECB’s) authorisation granted on 15th August 2024. The bank will also propose to allocate up to 5% of its 2024 net profit for the share buybacks for the capital reduction purpose, and to grant shares as part of the deferred variable remuneration for the employees of the Šiaulių Bankas Group.

    The group’s cost/income ratio (C/I) was 49.0%1 (41.2%1 in 2023) and the return on equity (RoE) was 14.0% (15.5% in 2023) at the end of the year. The capital and liquidity position remained strong and prudential ratios are being met by a wide margin. The capital adequacy ratio (CAR) stood at 22.8%2 and the liquidity coverage ratio (LCR) at 232%2.

    Income Statement (€’m) FY2024 FY2023 % ∆
           
    Net Interest Income 160.2 156.9 2%
    Net Fee & Commission Income 29.1 20.3 44%
    Other Income 34.4 19.3 78%
    Total Revenue 223.7 196.5 14%
           
    Salaries and Related Expenses (49.5) (36.2) 37%
    Other Operating Expenses (66.9) (49.3) 36%
    Total Operating Expenses (116.4) (85.5) 36%
           
    Operating Profit 107.3 111.0 (3%)
    Allowance for Impairment Losses (10.9) (15.2) (28%)
    Income Tax Expense (17.7) (20.4) (13%)
           
    Net Profit 78.8 75.4 5%
           
    Balance Sheet Metrics (€’m) Dec 2024 Dec 2023 % ∆
           
    Loans 3 435 2 932 17%
    Total Assets 4 923 4 808 2%
    Deposits 3 561 3 178 12%
    Equity 585 543 8%
           
    Assets under Management3 1,977 1,556 27%
    Assets under Custody 1,936 1,943 0%
           
    Key Ratios FY2024 FY2023 ∆
           
    Net Interest Margin (NIM) 3.3% 4.2% -93bps
    Cost-to-Income ratio (C/I)1 49.0% 41.2% +779bps
    Return on Equity (RoE) 14.0% 15.5% -146bps
    Cost of Risk (CoR) 0.3% 0.5% -19bps
    Capital Adequacy Ratio (CAR)2 22.8% 22.4% +36bps
             

    Overview of Business Segments

    Corporate Client Segment

    Šiaulių Bankas has significantly increased the volume of corporate financing over the year – in 12 months new corporate financing agreements worth of €960 million were signed in 2024, 29% increase compared to previous year. In the 2024 the portfolio has grown by 20% (€308 million) to over €1.8 billion. Growth has been well-diversified across several strategic sectors, including manufacturing, retail, and renewable energy. A favourable business environment has encouraged investment and created additional opportunities for expansion.

    Šiaulių Bankas continued its commitments to promote sustainability and signed amendments to the Pre-financing and Contingent loan agreements with the European Investment Bank (EIB) concluded in 2016 to increase the Bank’s investment up to €255 million from €195 million – to finance the modernization programme of multi-apartment buildings in Lithuania.

    Private Client Segment

    In 2024, Šiaulių Bankas has successfully implemented key strategic initiatives that strengthened its market position and ensured sustainable growth. The successful integration of INVL retail business was a major accomplishment, which enabled the bank to expand its service offering and provide customers with even more opportunities. The implementation of new core banking platform is on track, promising a greater efficiency and an improves customer experience.

    To strengthen its image and further meet the expectations of its customers, Šiaulių Bankas has also started preparations for the rebranding. A rebranding of Šiaulių Bankas will be proposed for the upcoming shareholders’ meeting.

    The volume of new mortgage contracts in 2024 increased by 21% year-on-year to €213 million. In 2024 the mortgage portfolio has grown by 17% (€136 million) reaching €0.9 billion. The volume of new consumer loan contracts increased by 5% year-on-year to €232 million. Since the beginning of 2024, the consumer loan portfolio has grown by 19% (€57 million) to over €0.35 billion.

    Investment Client Segment

    The bank has remained active in the local corporate bond market, originating €42 million in corporate bonds across 10 issuances for its clients in Q4 2024. Total corporate bond issuance for the year reached €227 million. According to Nasdaq Baltics, Šiaulių Bankas is leading security issuer in Lithuania and the Baltic States and maintains the largest share of securities trading on the Lithuanian stock exchange.

    Šiaulių Bankas demonstrated strong performance in asset management business in 2024. Client assets under management (AuM) reached €1.46 billion and grew by €277 million year-on-year. Growth was driven by new client investment flows and investment performance. In 2024, Šiaulių Bankas asset management company, earned €164.4 million for Tier II pension fund clients and €19.8 million for Tier III clients. In total, the profit generated for clients during the year was €184.2 million.

    SB Alternative Investment Fund III, providing new investment opportunities for Lithuanian retail investors, has enjoyed a successful launch, attracting over €6 million in 2024. Distribution of units of the investment fund is ongoing.

    The Life Insurance segment also showed steady growth, Risk Under Management (RUM) reaching EUR 1.7 billion in the fourth quarter, EUR 174 million more than a year ago.

    1after eliminating the impact of the client portfolio of SB Draudimas
    2preliminary data
    3includes Asset Management and Modernisation Funds AuM

    Šiaulių Bankas invites shareholders, investors, analysts and all interested parties to a webinar presentation of the financial results and highlights for the 2024. The webinar will start on 27 February 2025 at 8.30 am (EET). The webinar will be held in English. Please register here. Please find attached the information that will be presented at the webinar.

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

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

    Attachments

    The MIL Network –

  • MIL-OSI Economics: Michael S Barr: Managing financial crises

    Source: Bank for International Settlements

    Thank you for the opportunity to speak to you today. I note that the objectives of the Program on Financial Stability include “supporting the world’s financial authorities in refining proven crises management tools and strategies.” Speaking as a representative of one of those authorities, I thought I would further the program’s goals by focusing these remarks on the principles and practice of crisis management. I am favored in that task with what one might call the luck of having been regularly confronted with crises in each of my three stints as a public servant, over a career divided between government and academia. In noting how often my arrival in government was accompanied by crisis, it might be reasonable to wonder if this is correlation or causation.

    Kidding aside, crisis management is central to all management because it demands the very best from managers when it is most needed. Anyone who spends time in government can expect that some of the most memorable and challenging experiences will be managing through tough situations, when the answers to problems are unclear but the mission of the organization comes into acute focus. The financial system is in a perpetual state balancing risk and reward. Sometimes the system falls out of balance, and vulnerabilities turn into stress or even crisis. This moment is when it is crucial to mitigate spillovers from the financial system that can hurt businesses and households and wreak havoc on the economy at large.

    Some of the most important features of modern economies were developed to prevent and mitigate financial crises. The first central banks, and eventually the Federal Reserve, were created to provide stable currencies and banking systems in support of the long-term stability of the provision of credit necessary to foster growth and rising living standards. Regulation of financial markets, regulation and supervision of banks, federal deposit insurance, and laws to protect investors, consumers, and businesses were developed over time to promote both financial stability and durable economic growth. I have spoken previously about how monetary policy and financial stability are inextricably linked and how the tools we use to conduct monetary policy and support financial stability work together.

    MIL OSI Economics –

  • MIL-OSI Economics: Abdul Rasheed Ghaffour: Transforming banking and advancing sustainability

    Source: Bank for International Settlements

    Since its inception 58 years ago, ASEAN has evolved to become a significant force in global trade, investment and diplomacy. ASEAN now stands as the world’s fourth-largest economic bloc, with an estimated GDP of USD4.13 trillion.1 Looking ahead to 2025, ASEAN is poised for another strong year. GDP is expected to grow by 4.7%,2 significantly outperforming the global average. Much has been said about ASEAN’s pivotal role in global supply chains, our geopolitical neutrality and our strategic location for global trade. However, ASEAN’s driver for sustainable economic growth also comes from within: robust domestic consumption from a youthful demographic, strong growth of individual member states and increasing regional integration. In 2023, for example, intra-ASEAN trade accounted for 21.5% of the region’s total trade in goods.

    Let me touch briefly on Malaysia’s growth outlook. After a strong performance last year, Malaysia is expected to record steady growth going into 2025 despite the challenging global environment. The diversified export structure will help cushion against external demand shocks. But, more importantly, key factors within the economy, particularly the robust expansion in investment activity and resilient household spending, will be important to drive growth this year. Exports are also expected to continue expanding with support from tech upcycle and forthcoming tourist arrivals. We acknowledge that the growth outlook is highly subject to risks from trade and investment restrictions. However, growth could potentially be higher from greater spillovers from the tech upcycle, more robust tourism activities and faster implementation of investment projects in the country.

    The financial sector lies at the core of ASEAN’s progress over the years. The sector acts as the central engine to our economy, facilitating financial flows within ASEAN. Indeed, over the last few decades, we have made progress in facilitating regional capital flows, connecting our payment infrastructure and introducing a framework to support the integration of our banking system through the ASEAN Banking Integration Framework (ABIF). However, the potential for intra-ASEAN investments remains untapped, and there is still much to be done to achieve regional regulatory coherence. My vision is for the financial sector to become the critical enabler for the next phase of economic integration under the ASEAN Economic Community (AEC) 2045. This would require the sector to strategically harness the three driving forces: funding, technology and talent.

    Mobilising funds to unlock new growth sectors, bridge financing gap and drive sustainable growth for ASEAN

    Let’s start with funding, which is a crucial driver of ASEAN economic growth. ASEAN is facing significant funding gaps that demand our urgent attention. Let me share a few examples. The Asian Development Bank reports that ASEAN economies will need infrastructure investments of at least USD2.8 trillion from 2023 to 2030 to sustain economic growth, reduce poverty and respond to climate change. Key projects in the region that require large financing include the ASEAN Power Grid, which is pivotal to advancing the region’s climate and energy security agenda, and various ASEAN highway and railway projects, such as the Asian Highway Network, which are cornerstones of regional economic development and integration. Our micro, small, and medium enterprises (MSMEs) also face a daunting financing gap, exceeding USD300 billion annually.3

    These figures underscore the urgent need for strategic investments and collaborative efforts to secure a resilient and sustainable future for ASEAN. This need is even more pressing in a region where over 90% of all social infrastructure development has traditionally relied on public resources,4 and public funding faces increasing constraints. How, then, can the financial sector step in as a catalyst to crowd in diverse sources of funding and facilitate long-term investments to ensure sustainable economic expansion and build more resilient supply chains and communities?

    This is where blended finance, the strategic use of public, private, and philanthropic finance sources and development finance, can be a critical tool to mobilise additional private capital flows toward sustainable development in ASEAN. The financial sector is pivotal in advancing blended finance to meet funding gaps in ASEAN, by enabling acceptable risk-taking levels based on various funding sources. This approach leverages the willingness of development finance and philanthropic funders, including sovereign funds within ASEAN to assume greater risk exposure, utilising tools like partial credit guarantees to attract additional investors. Multilateral development banks and development finance institutions play a critical role by offering concessional financing and technical assistance, which supports local companies in accessing capital markets and structuring deals, thereby encouraging participation by private financial institutions through co-funding arrangements.

    I also believe that this is an opportunity for Islamic finance to demonstrate its unique role and impact. In recent years, Islamic finance has gained momentum within the ASEAN region. It offers alternative solutions to conventional financial structures through the use of risk sharing and social finance instruments that can be mobilised towards the development of productive economic sectors such as healthcare, transportation and green sectors. Notably, the deployment of blended capital using instruments such as waqf and zakat in Malaysia and a few neighbouring countries such as Indonesia and Brunei have significantly contributed to financial inclusion for the underserved and strengthened support for the MSMEs. An example of this is Malaysia’s iTEKAD initiative, a social blended finance programme for low-income microentrepreneurs that provides social and commercial funding, which comes together with training and mentorship to empower them in generating sustainable income. In the capital market structure, Islamic finance has also been mobilised for infrastructure, climate and green projects. In Malaysia, for example, a total of USD56 billion of sukuk was issued in 2023 to fund real economic sectors with a high concentration in renewable energy and green real estate.

    Embracing innovative financing structures will involve navigating various complexities that demand careful consideration, collaboration and adaptation. Hence, advancing capacity building within the financial sector is very crucial. In Malaysia, the Joint Committee on Climate Change (JC3) continues to serve as a key focal point in supporting the financial preparedness for climate change. As part of Malaysia’s ASEAN Chairmanship in 2025, Bank Negara Malaysia is committed to supporting the region’s transition efforts. During the ASEAN Finance Ministers and Governors Meeting week from 7 to 10 April this year in Kuala Lumpur, we will host several side events to advance these discussions. These events include a closed-door investor roundtable focused on innovative financing solutions for sizeable ASEAN green and transition projects, as well as pitching sessions on sustainable ASEAN Projects. We invite the financial industry to contribute and participate in these events.

    Responsible deployment of technology in financial services is key to maximise its potential while minimising risk

    Ladies and gentlemen,

    There is an immense potential for ASEAN to also leverage technology. This is the second point. With a median age of about 30 and a substantial portion under 35,5 ASEAN’s population is digitally proficient. Indeed, the adoption of digital financial services can be a game-changer in addressing challenges within the region, which include to better serve the needs of large unbanked and underbanked populations in our region.

    The outlook for digital financial services in ASEAN is very bright. Through innovations such as mobile wallets, digital payments and micro-lending, digital finance is expanding access to financial services for individuals who previously had limited options. These services are not just filling gaps – they are creating new pathways to financial inclusion, thereby allowing individuals to save, invest and access credit with unprecedented ease.

    While digital financial services hold tremendous promise, it comes with its own set of risks. Today’s technological advances are progressing at an unprecedented pace, making our response to these developments very crucial. For financial institutions, deployment of technology must be done thoughtfully and responsibly with holistic consideration of the impacts and value to the broader environment and community. This unwavering commitment to enhance financial services and preserve consumer confidence includes addressing cybersecurity risks, strengthening climate resilience, promoting financial literacy and ensuring that digital financial services are secure and accessible to all segments of society.

    As regulators, our commitment is for our policies to strike a balance between embracing technological innovation and, at the same time, preserving financial stability. Our Regulatory Sandbox allows for experimentation and contributes to the recalibration of regulatory policies such as eKYC. We also adapt our regulations to welcome new players into the market, those that have strong value propositions on inclusion, as demonstrated by the issuance of our licensing and regulatory framework for digital banks and digital insurers and takaful operators.

    Investing in talent strategies that not only creates a more agile and adaptive workforce, but also paves the way for regional talent mobility

    Let me move on to the third point. At the heart of economic growth and development lies talent. ASEAN is blessed with a vibrant, young and dynamic workforce. To capitalise on this potential, the financial sector will need to create an environment that nurtures the next generation of leaders and innovators in finance who carry a unique ASEAN identity – one that is not only tech-savvy, but also adept at navigating the complexities of regional regulations and global economic shifts while championing social equity and environmental sustainability.

    I would like to also take this opportunity to share Malaysia’s efforts in developing talent in our financial sector. In July last year, the industry launched the Financial Sector Future Skills Framework, and this is to empower individuals to take charge of their professional development, while creating new talent pipelines and succession pools. I reiterate the call I made during the launch of the framework for the industry to work closely with training institutes, professional bodies and industry associations to ensure that training programmes meet the established quality assurance standards and set high standards in new skill areas.

    Complementing this is a dynamic talent development hub, offering tailored learning programmes and certifications. For example, the Financial Sector Talent Enrichment Programme (FSTEP) targets fresh graduates interested in launching their career in financial services, while globally recognised financial certifications are available for seasoned professionals.

    Malaysia is also home to regional research and learning hubs such as the SEACEN Centre and is recognised globally as a leader in Islamic finance. With a multitude of well-established talent development institutions and capacity-building providers in Islamic finance, we offer a fertile ground for nurturing specialised skills and thought leadership in this field.

    To truly capitalise on the large working-age population in ASEAN, we need to go beyond domestic efforts. Financial institutions across the region should pursue collaborative initiatives that enhance talent mobility, such as through mutual recognition of qualifications and expertise sharing. ABIF can also be leveraged to intensify efforts to promote greater regulatory coherence through capacity-building initiatives. By doing so, we can improve connectivity across ASEAN markets, paving the way for a more integrated and resilient future for the region.

    In closing, today’s discourse reaffirms the financial sector’s commitment to turning AEC 2045 into a reality. The challenge lies in ensuring that the ASEAN financial sector has the capacity to do so by mobilising funds, leveraging technology, and developing regional talent.

    As I conclude my speech, I leave you with a thought from Peter Drucker: ‘The best way to predict the future is to create it.’ Together, let’s create a future where the financial sector empowers ASEAN’s growth and integration. On that note, I wish you all productive discussions during the rest of the Summit.

    MIL OSI Economics –

  • MIL-OSI Economics: Joachim Nagel: Presentation of the Deutsche Bundesbank’s Annual Report 2024

    Source: Bank for International Settlements

    Check against delivery 

    1 Welcome

    Ladies and gentlemen, 

    I would like to welcome you to our press conference, at which we will present our annual accounts.

    First Deputy Governor Sabine Mauderer will explain our annual accounts to you in more detail in just a few moments. 

    To begin, however, I would like to take a look at current developments in economic activity and prices. I will then explain what conclusions I draw for our monetary policy stance. And, at the end of my statement, I will present the most important figures from our profit and loss account.

    2 Need for economic policy action in Germany

    Two days on from the snap Bundestag election, the election results are at the focus of attention among the media and the public as a whole.

    There is a clear government mandate and a likely option for a coalition. In view of this, I hope that a new government will be formed swiftly.

    I am sure that all of the parties involved are cognisant of their responsibility: Germany needs an effective government as soon as possible. A government that uses smart economic policy to enable the economy to get back on track. That puts the German economy on a path to higher growth. By ensuring greater certainty of planning and improving supply-side conditions.

    MIL OSI Economics –

  • MIL-OSI Economics: Sabine Mauderer: Presentation of the Deutsche Bundesbank’s Annual Report 2024

    Source: Bank for International Settlements

    Check against delivery 

    1 Introduction

    Ladies and gentlemen,

    A warm welcome to you from me as well. 

    Before we start looking at the 2024 annual accounts together in a few minutes, allow me to make a few introductory remarks.

    The President has already said it: the monetary policy measures of the past few years are still having an effect. They are also reflected on central banks’ balance sheets. 

    As you know, the Bundesbank started making provision for the increased financial risks early on, in the annual accounts for 2016. These risks materialised yet again in 2024. 

    On balance, the Bundesbank posted losses of around €19.8 billion in 2024, after a loss of €21.6 billion in the previous year. In 2023, however, we recorded a net distributable profit of zero because we used all of our provision for general risk and some of our reserves to offset losses. For 2024, remaining reserves totalling €0.7 billion were still available to offset some of the loss. The Bank is thus reporting an accumulated loss of €19.2 billion for 2024.

    Let me share three important messages:

    1. We have reached the peak of the losses.
    2. Net equity has climbed to more than €250 billion.
    3. There is a revaluation reserve of over €260 billion for the gold.

    MIL OSI Economics –

  • MIL-OSI Global: Starmer announces aid cuts to fund defence – but Britain’s days as an aid superpower are already long over

    Source: The Conversation – UK – By Balazs Szent-Ivanyi, Reader in Politics and International Relations and Deputy Director Aston Centre for Europe, Aston University

    Keir Starmer’s announcement that the UK will cut foreign aid in order to fund more defence spending seems like smart politics. With the US’s commitment to European security in question, it is clear that European countries, including the UK, need to spend more on defence.

    The US president, Donald Trump, with whom the prime minister is meeting on Thursday, has long called out Europeans for free-riding on America’s security guarantee. Credible promises of more British defence spending (including on American kit) may also deter Trump from introducing tariffs on UK imports.

    Building up the UK’s and Europe’s defence capabilities comes with a hefty price tag, and finding the money is tricky. The UK economy has weak growth prospects, and Labour has made a pledge not to increase taxes “on working people”. This leaves budget cuts in other areas as the only approach. The government seems to have decided that cutting foreign aid may be the least painful option for voters.

    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

    Sign up for our weekly politics newsletter, delivered every Friday.

    Foreign aid has generally been seen as an area of government spending which has relatively weak groups of domestic supporters. Charities and companies that directly benefit from aid spending through government contracts are a smallish group, and many receive funding from several sources.

    Hostility to aid among the general public is relatively high. According to a 2024 survey by the British Foreign Policy Group, 46% of Britons surveyed thought that UK aid should not return to its previous high of 0.7% of gross national income (GNI), or should be cut even further below the 0.5% at the time of that survey.

    A frequent argument made by successive British governments is that aid, by targeting poverty and conflict, can address the root causes of migration. The public, however, is sceptical about aid’s ability to reduce irregular migration or make the UK safer.



    Read more:
    Why many policies to lower migration actually increase it

    Although Labour voters are more positive about aid’s benefits, it is unlikely that the government would see any major electoral harm from reductions to the aid budget.

    Where aid is really used

    While cutting aid may be a smart move politically, it will have longer-term consequences for the UK’s global influence and its ability to achieve positive change in the world. Many charities were quick to point this out, arguing that it will hurt the lives of the poorest across the world.

    Aid is now set to shrink from 0.5% of GNI to 0.3%, which implies the UK will still have a substantial aid programme. On average, rich countries spent 0.37% of their GNI on aid in 2023 – not much more than what the UK will spend now.

    In practice, however, 23% of the British aid budget in 2023 was made up by Home Office spending on housing refugees in the UK. This is unlikely to decline quickly, even though the government has said it aims to reduce it. A further 34% consisted of contributions to multilateral organisations like the United Nations and World Bank. While there is scope to cut some of this, large savings are difficult without the UK leaving some organisations.

    Given these two fixed items, very little will remain for “genuine” development programmes in partner countries – the kind of funding that is actually visible as UK aid.



    Read more:
    The UK spent a third of its international aid budget on refugees in the UK – what it’s paying for, and why it’s a problem

    Such a small genuine aid programme will undoubtedly mean lower development impact and lower British influence. But the UK’s standing and soft power, particularly in poorer countries, was already in tatters well before Starmer’s announcement.

    The merger between the Foreign Office and Department for International Development in 2020, followed by budget cuts and the re-allocation of aid to the Home Office, has destroyed the UK’s reputation as an “aid superpower” and champion of the global poor.

    Across-the-board cuts have even devastated programmes which the UK has declared as priority areas, such as support for women and girls. Some would argue that after these cuts, the UK did not have much of a reputation left to lose.

    But this story of UK aid is not unique. Indeed, the world has entered a new era of aid fatigue. The populist right portrays aid as wasteful and ineffective, as shown by the Trump administration’s dismantling of the US Agency for International Development.



    Read more:
    USAID’s freeze has thrust the entire global aid system into uncertainty

    Many Africans see aid as a neocolonial enterprise aimed at spreading western ideologies, a sentiment often echoed by the progressive left. Western countries themselves are increasingly open about their selfish reasons for providing aid, such as boosting business, while many non-western donors have emerged as alternatives.

    It is not a surprise that the west’s influence in the world has waned, as evidenced by its failure to build a global anti-Russia coalition following the invasion of Ukraine.

    The UK will need to adapt to these realities. Designing a smarter and highly targeted aid programme, perhaps from the ground up, is now more important than ever to rebuild Britain’s reputation.

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

    – ref. Starmer announces aid cuts to fund defence – but Britain’s days as an aid superpower are already long over – https://theconversation.com/starmer-announces-aid-cuts-to-fund-defence-but-britains-days-as-an-aid-superpower-are-already-long-over-250873

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: Union Minister Dr. Jitendra Singh Reviews Research Facilities at CSIR-IMTECH, Chandigarh, inspects Microbe Repository and takes update on ongoing projects

    Source: Government of India (2)

    Union Minister Dr. Jitendra Singh Reviews Research Facilities at CSIR-IMTECH, Chandigarh, inspects Microbe Repository and takes update on ongoing projects

    Dr. Jitendra Singh launches New Tulip Garden & Agri-Startups at CSIR-IHBT, Palampur

    From 50 to 9,000 Startups: India Emerges as Global Biotech Innovation Hub- Dr. Jitendra Singh

    Floriculture Mission Expands to 1,000 Hectares, Generating ₹80 Crores for Farmers

    Science and Technology Minister Dr. Singh Inaugurates Key projects at CSIR-IHBT, Palampur

    Posted On: 26 FEB 2025 5:54PM by PIB Delhi

    CHANDIGARH, February 26: Union Minister of State (Independent Charge) for Science and Technology, Dr. Jitendra Singh, inspected Microbe Repository and other facilities at the CSIR-Institute of Microbial Technology (CSIR-IMTECH) here and also took an update on the ongoing projects in the institute.

    During the review, Dr. Jitendra Singh highlighted that microbial technology is a crucial pillar of biotechnology, emphasizing its growing significance in shaping the next generation industrial revolution.

    Dr. Jitendra Singh credited Prime Minister Narendra Modi for the groundbreaking New BioE3 Policy, which places a renewed focus on biomanufacturing and bio foundries. He underscored India’s rapid progress in the biotech sector, stating, “India’s bioeconomy has witnessed an extraordinary surge from $10 billion in 2014 to over $130 billion in 2024, with projections to reach $300 billion by 2030.”

    The Minister also recalled the recent launch of India’s first indigenous antibiotic, Nafithromycin, developed to combat resistant infections. He noted that the number of biotech startups in India has grown exponentially from just 50 in 2014 to nearly 9,000 today, solidifying India’s position as a global hub for biotech innovation. Furthermore, he informed that India now ranks third in the Asia-Pacific region and 12th globally in bio-manufacturing, underscoring the increasing importance of CSIR-IMTECH in driving pioneering research in microbial genetics, infectious diseases, fermentation technology, environmental microbiology, and bioinformatics.

    CSIR-IMTECH, a premier research institute in microbial biotechnology, hosts a repository of over 14,000 microbial strains through its Microbial Type Culture Collection and Gene Bank (MTCC). This national repository not only provides authenticated cultures to researchers and industries but also supports key regulatory authorities, including IPC, BIS, and NBA, in microbe-related concerns. The institute is at the forefront of harnessing microbial resources for scientific and industrial applications, addressing unmet needs in healthcare, pharmaceuticals, agriculture, and environmental sciences.

    Connecting virtually with CSIR-Institute of Himalayan Bioresource Technology (CSIR-IHBT), Palampur, Dr. Singh inaugurated several new facilities and participated in critical scientific discussions. He joined the EMBO Workshop on High Elevation Plant Adaptation in a Changing Climate (HEPACC) and the Industry, Farmer & Academia (IFA) Meet, emphasizing that such initiatives reflect the Government of India’s commitment to scientific advancement, economic empowerment, and sustainable agriculture.

    Dr. Jitendra Singh also virtually inaugurated a New Tulip Garden at Palampur in Himachal Pradesh, commending the CSIR-IHBT Palampur team for their scientific interventions that have enabled wider tulip cultivation even in other seasons, a model that can be replicated in other regions. Additionally, he launched products developed by agri-startups that have been supported by the institute, fostering innovation in the agricultural sector.

    Dr. Jitendra Singh lauded CSIR-IHBT for leading multiple national missions, including: CSIR Floriculture Mission – Expanded floriculture to 1,000 hectares, benefiting 3,800 farmers across Himachal Pradesh, Punjab, Haryana, Uttarakhand, and Ladakh, generating an income of ₹80 crore. Aroma Mission. Millet Mission. Immunity Mission. Waste to Wealth Mission. Phenome India-CSIR Health Cohort Knowledgebase. CSIR Precision Agriculture Mission

    The Minister also inaugurated state-of-the-art facilities, including Autonomous Green House, Heeng Seed Production Centre, Heeng QPM Facility, Ornamental Bulb Processing Facility and Phyto-Analytical Facility.

    Additionally, he laid the foundation stone for the Phyto factory Facility and dedicated a Cement Concrete Road from Floriculture Junction to Chandpur R&D Farm.

    Dr. Jitendra Singh emphasized that by integrating scientific research, industry collaboration, and government policies, the rich biodiversity of Himalayan states can be harnessed for economic prosperity, benefiting farmers and advancing India’s scientific ecosystem.

    ****

    NKR/PSM

    (Release ID: 2106459) Visitor Counter : 76

    MIL OSI Asia Pacific News –

  • MIL-OSI Video: Israel/Palestine: Last chance to achieve two-state solution – Briefing | United Nations

    Source: United Nations (Video News)

    The Special Coordinator for the Middle East Peace Process, Sigrid Kaag, today (25 Feb) said the Middle East is faced with a “historic opportunity” to attain “peace, security, and dignity,” but warned that “this may be our last chance to achieve the two-State solution.”

    Kaag told the Security Council in New York that “Arab states are leading the efforts to devise a plan for rebuilding Gaza, with Egypt planning to host a conference dedicated to Gaza’s reconstruction” and pointed out that the UN “is ready to support reconstruction efforts.”

    Palestinian civilians, she said, “must be able to resume their lives, to rebuild, and to construct their future in Gaza” and stressed that “there can be no question of forced displacement.”

    Kaag said, “we need to ensure that: One, Gaza remains an integral part of a future Palestinian State. Two, Gaza and the West Bank including East Jerusalem are unified politically, economically, and administratively. Three, there will be no long-term IDF presence in Gaza and Israel’s legitimate security concerns are addressed.”

    She said, “we need to commit to ending the occupation and a final resolution of the conflict based on UN resolutions, international law and previous agreements.”

    Former Israeli hostage Noa Argamani plead the Council for a continuation of the ceasefire and the release of all hostages.

    Argamani said, “the deal must go on in full and completely in all the stages,” noting that her partner, Avinatan Or “and many other hostages are only supposed to be released in the second stage of the deal.”

    Argamani was rescued by Israeli forces in Gaza after eight months in captivity.

    United States Ambassador Dorothy Camille Shea said, “as a result of the ceasefire, the countries of the Middle East have an historic opportunity to reshape the region in a way that affords its people a better path forward,” adding that the United States “will do its part to create a more prosperous future for all of the region’s people.”

    Palestinian Ambassador Riyad Mansour for his part said, “our history is filled with wars that Israel promised will be decisive, and they were not; of mass forcible displacement that was supposed to end the Palestine question, and it did not. The idea that more injustice, more brutality, more oppression, would lead to peace is madness. The idea that more killing, more maiming, more displacing will bring security is delusional. There is no military solution to this conflict. Only a political one.”

    Israeli Ambassador Danny Danon told the Council that the conflict between Israel and Hamas was not a “symmetrical” one. He said, “on one side, there are families holding on to hope. On the other side, there is an organization that murders infants and holds onto their bodies until it serves a political and propaganda purpose. “

    “No matter what happens,” he said, “our commitment to freeing all the hostages and completely eradicating Hamas is unshakeable.”

    Outside the Council, Kaag told reporters that “forced displacement of the Palestinians from Gaza is both not acceptable. It’s a violation of international law and Palestinians themselves don’t want it, and countries of the region don’t want it.”

    She said, “Gaza can be recovered and reconstructed. It is complicated, complex, but with political will and the right agreements, it can be done.”

    Danon, for his part said, “the end game in Gaza will be without Hamas. That is a given. With these negotiations about how to achieve that, we have the similar voices from the US representative, and we are grateful for the votes and the support. And I think the negotiators should also understand that they we will not accept the end of the conflict when Hamas is still in power in Gaza.”

    https://www.youtube.com/watch?v=sb77YT5Wi7Q

    MIL OSI Video –

  • MIL-OSI Asia-Pac: LCQ12: Reinforcing Hong Kong’s status as an offshore Renminbi business hub

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Adrian Ho and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (February 26):
     
    Question:
     
         The Chief Executive has proposed in the 2024 Policy Address that the Government will continue to enhance the mutual market access regime and reinforce Hong Kong’s status as the world’s largest offshore Renminbi (RMB) business hub, contributing to the internationalisation of RMB. In this connection, will the Government inform this Council:
     
    (1) given that the Hong Kong Exchanges and Clearing Limited (HKEX) launched the “Hong Kong Dollar-Renminbi Dual Counter Model” (dual-counter model) in June 2023 to provide investors with a variety of trading currency options and more investment opportunities, and investors’ holdings in Hong Kong Dollar and RMB counters of the same security can be seamlessly switched, of the total transaction amount recorded since the implementation of the dual-‍counter model and its proportion in the securities market;
     
    (2) whether it has assessed the operation and effectiveness of the dual-‍counter model based on the figures in (1); of the policies to be implemented in the future to enhance promotion, so as to encourage more listed companies and investors to adopt the dual counter model;
     
    (3) given that the HKEX has announced earlier the launch of a Single Tranche Multiple Counter this year to optimise the settlement procedures for Multi-‍counter Eligible Securities (including dual-‍counter securities) within the Central Clearing and Settlement System, of the progress of implementing such arrangement; and
     
    (4) given that the Government has indicated that it, in co-ordination with the regulators and the HKEX, will continue to make efforts in promoting offshore RMB business and strengthening product ecosystem at various levels, of the policies and measures in place to further enrich the RMB investment product suite in Hong Kong (e.g. incentivising more institutions to issue RMB-denominated exchange-traded funds and other products), so as to consolidate Hong ‍Kong’s position as an offshore RMB hub?
     
    Reply:
     
    President,
     
         Hong Kong is a premier global offshore Renminbi (RMB) business hub which possesses the world’s largest offshore pool of RMB funds, and operates the largest offshore RMB foreign exchange and over-the-counter interest rate derivatives market. Hong Kong also provides a diversified range of RMB products and services. With the support of the Central People’s Government, the Government, regulators and Hong Kong Exchanges and Clearing Limited (HKEX) have all along been leveraging the unique advantages under “one country, two systems” to continuously enhance the mutual market access mechanism, further strengthening Hong Kong’s function as a global offshore RMB business hub while promoting the progress of RMB internationalisation.
     
         In consultation with the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC) and the HKEX, my reply to the four parts of the question is as follows:
     
    (1) and (2) To meet the increasing demand from global investors for allocating RMB assets, the Government, regulators and the HKEX actively promote the issuance and trading of RMB securities in Hong Kong. To this end, the HKEX launched the “Hong Kong Dollar (HKD)-RMB Dual Counter Model” (dual-counter model) in 2023 to provide investors with more diversified trading options and flexibility to trade securities in HKD or RMB according to their needs. The HKEX also introduced the “Dual Counter Market Maker” (DCMM) regime, under which buy and sell quotes are offered through the RMB counter to promote liquidity of RMB-denominated stocks. To create favorable conditions for market makers to conduct market making and liquidity providing activities at lower transaction costs, the Government has made legislative amendments to exempt the stamp duty of specific transactions by DCMMs.
     
         Since implementation, the dual-counter model and the DCMM regime have been operating smoothly. Currently, a total of 24 issuers have adopted the dual-counter model to provide HKD and RMB securities trading. Meanwhile, 12 exchange participants have been designated as DCMMs to conduct market making and liquidity providing activities. Since the launch of the regime in June 2023 until mid-February 2025, the total trading volume of the HKD counter and RMB counter of dual-counter securities reached approximately HKD16.5 trillion and RMB42 billion respectively, accounting for about 31 per cent of the total turnover of the cash securities market in total. Under the dual-counter model, the HKEX and market participants (including listed companies, investors, brokers, banks and market makers) have accumulated considerable practical experience in issuing, trading, settling and converting the same stocks, especially the highly liquid ones, in different currencies. This helps consolidate readiness for further developing the RMB securities market.
     
         With the sustained growth of RMB cross-boundary payment and its share in global payment, we believe that the number of offshore investors holding RMB will gradually increase. Meanwhile, the China Securities Regulatory Commission announced in 2024 its support for the inclusion of RMB stock trading counter under Southbound trading of Stock Connect. The regulators and exchanges of the two places are conducting relevant technical preparations at full speed, so as to enable Mainland investors to trade Hong Kong stocks in RMB as soon as possible. The Government and the HKEX will also continue to expand and deepen the coverage of listed and potential issuers through various channels such as key promotional activities, roadshow events, thematic speeches and forum exchanges, and introduce in detail the advantages of the dual-counter model in Hong Kong with a view to gradually attracting more listed companies to adopt it.
     
    (3) To improve the efficiency and scalability of trading and settlement of multi-counter securities (such as dual-counter securities and exchange-traded products), the HKEX has announced the upcoming launch of the single tranche multiple counter arrangement to optimise the settlement procedures for multi-counter eligible securities within the Central Clearing and Settlement System. Under the enhanced arrangement, trading under different trading counters of securities will be reflected under the domain settlement counter for clearing and settlement purposes. It will spare clearing participants from inter-counter transfer, obviating the need for separate clearing and settlement for individual trading counters. Moreover, a “same stock netting” procedure will be added to allow offsetting the position of one currency counter against the position with opposite direction of another currency counter of the same securities.
     
         The enhanced measures will better utilise the characteristics of multi-counter securities as a single security and improve settlement efficiency. Relevant information including launch arrangements, technical documents, sample reports and data files, and frequently asked questions have been uploaded to the HKEX’s dedicated website (Note). To facilitate market participants to familiarise with the operation of the single tranche multiple counter arrangement, the HKEX will hold practice sessions in the second quarter of this year. Relevant details will be announced in due course. Subject to technical preparations and regulatory approval, the enhanced arrangement is targeted for implementation by the end of June this year.
     
    (4) The Government, in collaboration with the regulators and the HKEX, have been committed to promoting the development of Hong Kong’s offshore RMB business and enriching the RMB product ecosystem. Apart from stock trading, we have been supporting Mainland institutions to issue more offshore RMB bonds and promoting more institutions to issue RMB denominated exchange-traded funds (ETFs) and other products, etc.
     
         The Ministry of Finance has issued RMB sovereign bonds in Hong Kong for 17 consecutive years since 2009. The cumulative issuance amount reached RMB366 billion as of end-2024. Earlier this month, it further issued five series of RMB sovereign bonds totalling RMB12.5 billion.
     
         Over the past year, various measures have been introduced to enrich and support offshore RMB business. The eligible product scope of equity ETFs under Stock Connect was further expanded in July 2024, including 91 new ETFs in total. The Mainland-Hong Kong Mutual Recognition of Funds arrangement has been enhanced with effect from January this year. The measures, including relaxation of sales restriction, will significantly enhance the scale of funds. On the other hand, OTC Clearing Hong Kong Limited has allowed offshore investors to use Mainland Government Bonds and Policy Bank Bonds held through Bond Connect as margin collateral for Northbound Swap Connect, providing greater flexibility to international investors and enhancing their capital efficiency, which are conducive to further attracting participation of overseas investors.
     
         In addition, the Hong Kong and Mainland regulators announced in January new measures to deepen financial co-operation between the two places. Notably, the extension of settlement time under the Central Securities Depositories (CSDs) and supporting of settlement of multi-currency bonds through the CSDs linkage under Southbound Bond Connect were implemented in January this year, while expansion of the scope of eligible Mainland investors will be taken forward in due course. Offshore RMB repurchase business using Northbound Bond Connect bonds as collateral was also implemented smoothly on February 10, with multiple repurchase transactions completed on the first day of implementation. The RMB Trade Financing Liquidity Facility arrangement will be launched on February 28, with a view to facilitating banks in providing RMB trade finance services to corporates. The total facility size is RMB100 billion.
     
         In terms of insurance, the insurance industry has been developing RMB-denominated policies, and has recently introduced multi-currency insurance products including those in RMB to meet market needs.
     
         We will continue to spare no efforts in building the offshore RMB ecosystem, taking forward mutual market access measures that are supported by regulators of the two places, including the inclusion of real estate investment trusts under Stock Connect, and exploring new initiatives with the Mainland regulators. We will also continue to support Hong Kong financial institutions to further expand the suite of attractive investment products for providing more investment opportunities for domestic and overseas investors and consolidating Hong Kong’s status as an offshore RMB business centre.
     
    Note 1: The HKEX’s dedicated website: www.hkex.com.hk/Services/Clearing/Securities/What_s-New/Enhancement-of-Settlement-Arrangement-for-Multi-counter-Eligible-Securities?sc_lang=en

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PRESS RELEASE – Invitation for Public and Stakeholder Comments on the Moneylenders Bill and Microfinance Bill

    Source: Government of Western Samoa

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    14 February 2025

    The Central Bank of Samoa (CBS) is seeking the public’s input on two important draft Legislation, the Samoa Moneylenders Bill and the Samoa Microfinance Bill. These two Bills are critical pieces of legislation designed to ensure fair practices, protect consumers, and promote financial stability.

    The objectives of the Moneylenders Bill are to: (1) protect borrowers from exploitative and deceptive lending practices; (2) regulate moneylenders including monitoring and ensuring interest rates are reasonable and consistent with prevailing monetary conditions; (3) minimise the administrative costs associated with loan defaults, address borrower complaints, and reduce indebtedness caused by excessive loan costs; and (4) establish a fair lending environment by promoting equity and transparency in moneylending transactions.

    For the Microfinance Bill, its main purposes are to: (1) license and regulate microfinance institutions; (2) promote good governance; (3) safeguard member deposits by restricting their use; (4) mandates transparency and accountability through regular reporting to the CBS; and (5) establish clear guidelines for loan agreements and prevent unauthorized microfinance activities.

    Your comments and suggestions are invaluable in shaping the final versions of these bills and in ensuring that these important legislative measures are well-rounded, effective, and in line with the needs of the Samoan public. We encourage all interested parties to participate in this consultation process by sharing their comments, suggestions, and concerns. The deadline for submitting comments is Monday, 30 June 2025 at 11:45pm.

    How to Access the Bills and Feedback Forms

    MONEYLENDERS:

    Feedback Form (Link or QR code):

    https://forms.office.com/r/W3jCPRxuZS

    Moneylenders Bill (Link or QR code):

    https://qrco.de/moneylenders2025

    MICROFINANCE:

    Feedback Form (Link or QR code):

    https://forms.office.com/r/VbNG8LGcwM

    Microfinance Bill (Link or QR code):

    https://qrco.de/microfinancebill2025

    The Central Bank of Samoa is committed to transparency and accountability in the legislative process, and we value your contribution in this important endeavor.

    For more information on this matter, please contact the Financial Supervision and Regulatory Services Department on emails: siavata.nofoaiga@cbs.gov.ws or alofaifo.seleni@cbs.gov.ws

    END.

    SOURCE – Central Bank of Samoa

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