Category: Banking

  • MIL-OSI: PureSky Energy Announces Full Term Conversion of Largest-to-Date Solar Portfolio

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Feb. 25, 2025 (GLOBE NEWSWIRE) — PureSky Energy (PureSky), a leader in sustainable energy solutions and independent power producer, is proud to announce the term conversion of a 54.5 MWdc of solar paired with 7.4 MWh of DC-coupled energy storage portfolio with a market value in excess of $150 million, marking a significant milestone as the company’s largest portfolio of solar projects to date. This accomplishment not only reinforces PureSky’s commitment to high-quality renewable energy development but also sets the stage for further expansion of our solar portfolios, driving the transition to clean energy forward.

    The portfolio includes 12 solar projects across New York and Massachusetts. This achievement represents the culmination of PureSky Energy’s strategic evolution from acquiring solar projects primarily through mergers and acquisitions (M&A) to increasing greenfield development—ensuring the consistent quality and reliability of its expanding portfolio and maintaining a balance between acquisitions and greenfield development.

    The Massachusetts projects—Cotuit and Three Rivers—are greenfield developments totaling 8.9 MWdc and feature the entirety of the portfolio’s energy storage capacity. Meanwhile, the New York projects span seven sites acquired from Omni Navitas and three sites from EDF Renewables, illustrating PureSky Energy’s strategic and diversified approach to solar project acquisition and development.

    “This milestone highlights the exceptional quality of our portfolio and reflects the confidence our long-term partners place in our projects,” said Jared Donald, CEO of PureSky Energy. “The successful conversion of this portfolio enables us to continue delivering renewable energy solutions that exceed industry standards and reinvest in initiatives that drive sustainable energy growth, benefiting both communities and the environment.”

    The portfolio’s success is a testament to the collaborative efforts of PureSky Energy’s partners:

    • U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, acted as the tax equity investor.
    • KeyBanc Capital Markets served as the lead debt arranger.
    • CS Energy and EDF Renewables oversaw the construction of the majority of the New York projects with Dynamic Energy building the Massachusetts ones.
    • Empyrean, subsidiary of PureSky Energy, expertly managed procurement and equipment supply, and served as the contractor for BESS.

    “U.S. Bancorp Impact Finance is proud to support PureSky’s portfolio and play a role in accelerating the transition to clean energy,” said Environmental Finance Managing Director Darren Van’t Hof. “These projects highlight the power of collaboration in building a more sustainable future.”

    “We are honored to serve as the lead debt arranger for the Amp IV portfolio, supporting PureSky Energy in achieving this significant milestone,” said Tyler Nielsen, Director, KeyBanc Capital Markets Utilities Power and Renewable Energy Group. “Our involvement reflects our ongoing commitment to financing projects that advance renewable energy and deliver lasting benefits to communities and the environment.”

    This landmark achievement underscores PureSky Energy’s dedication to advancing renewable energy development through a robust strategy that is transitioning from solely M&A to a balanced mix of M&A and greenfield development, guaranteeing the long-term quality and impact of its portfolio. By successfully completing its largest solar portfolio to date, PureSky Energy is positioned to channel its resources and expertise into future projects that will continue to transform the energy landscape.

    About PureSky Energy:
    PureSky Energy is a leading developer, owner, and operator of US community solar, C&I and storage projects with headquarters in Denver, Colorado. Since entering the US market in 2016, the company has rapidly expanded its scale and currently operates a portfolio with generation capacity of approximately 233MW across forty-four sites or under-construction projects expected to be completed in the short term. The company has a large pipeline of solar and battery storage projects across existing and new US markets, placing the platform in a primary position within the distributed generation market. The company’s mission is to make clean energy accessible and affordable to local communities across the United States, while shaping a brighter, more sustainable future for generations to come.

    Website: www.pureskyenergy.com

    Host A Solar Farm: https://www.pureskyenergy.com/community-host

    LinkedIn: https://www.linkedin.com/company/puresky-energy

    For media inquiries, please contact:

    Janet Janzen: marketing@pureskyenergy.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dd3265f2-1554-4f18-b826-50306d0c9bdb

    The MIL Network

  • MIL-OSI: Regula Recognized as a Representative Vendor in the Gartner Market Guide for KYC Platforms for Banking

    Source: GlobeNewswire (MIL-OSI)

    RESTON, Va., Feb. 25, 2025 (GLOBE NEWSWIRE) — Gartner® Market Guide for KYC (Know Your Customer) Platforms for Banking acknowledges Regula for Regula Document Reader SDK and Regula Face SDK. We believe the Market Guide helps financial organizations navigate the changing environment of customer onboarding and verification and recognizes the vendors that effectively respond to the latest market trends.

    We think the Gartner Market Guide for KYC Platforms for Banking* emphasizes the rapid shift to digital KYC in Banking. Gartner states, “The KYC market growth is driven by increasing regulatory requirements and the need for enhanced risk management. This expansion is accelerated by the rising adoption of digital banking, the increasing sophistication of financial crimes, expectations of better customer experience and the demand for more efficient and effective KYC processes.”

    KYC for Banking market trends        

    We believe the KYC market for Banking is based on three key pillars:

    • The move to low-effort customer experience and faster turnaround – to streamline identity verification while creating a smooth onboarding experience for users.
    • The coexistence of one-stop-shop KYC platforms and best-of-breed solutions – banks choose what suits their needs best, but this dichotomy underlines the importance of orchestration tools to effectively manage diverse KYC processes.
    • The urge for real-time fraud detection – a timely and crucial move to fight organized financial crime and identity fraud, which is rapidly becoming more sophisticated.

    Tackling challenges

    Apart from the trends, Gartner points out the most common challenges the Banking industry has to find solutions to when building their KYC workflows.

    Gartner underlines, “The challenge lies in handling the vast diversity of document formats and languages globally, necessitating continuous updates and training of AI models.” To address this issue, Regula Document Reader SDK employs the most comprehensive identity document template database in the world, which is owned and maintained by Regula. Currently, it contains over 14,800 passports, driver’s licenses, national ID cards, and other IDs from 251 countries and territories. By recognizing every layout, security feature, and possible variation within these documents, Regula’s solution ensures efficient, accurate, and reliable ID verification during onboarding, even when dealing with rare or complex documents.

    We feel that another critical challenge is detecting injection attacks, which are more technically complex than common presentation attacks. Presentation attacks involve displaying fake images or videos in front of a device’s camera, while injection attacks insert malicious data directly into the verification process, substituting the camera feed. This makes injection attacks harder to execute but also more difficult to identify. Regula tackles this threat using signal control techniques: by analyzing and validating incoming signals, Regula’s solution ensures that the organization is dealing with authentic data; otherwise, it flags potential fraud for additional verification.

    “In today’s fast-evolving banking landscape, regulatory demands and customer expectations require more than just standard KYC processes—they require precision, adaptability, and speed. We believe our recognition in the Gartner Market Guide for KYC Platforms for Banking highlights Regula’s ability to address these challenges head-on. By combining the most comprehensive identity verification with advanced fraud detection, we’re enabling banks to deliver seamless customer experiences while ensuring top-level security and compliance,” says Henry Patishman, Executive VP of Identity Verification Solutions at Regula.

    Previously, Regula was repeatedly named a Representative Vendor in the Gartner Market Guide for Identity Verification.

    *Gartner, Market Guide for KYC Platforms for Banking, Vatsal Sharma, 10 December 2024.

    About Gartner

    GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

    About Regula

    Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the most comprehensive library of document templates in the world, we create breakthrough technologies for document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security, or speed. Regula has been repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

    Learn more at www.regulaforensics.com.                

    Contact:
    Kristina – ks@regulaforensics.com       

    The MIL Network

  • MIL-OSI: Information Regarding Šiaulių Bankas 2024 Results Announcement Time

    Source: GlobeNewswire (MIL-OSI)

    Šiaulių Bankas will announce Q4 and FY2024 earnings results as scheduled on the investor calendar on 26 February 2025 after trading hours at Nasdaq Vilnius Stock Exchange.

    The investor webinar for Q4 and FY2024 earnings results and key business highlights will be held next day – on 27 February, before trading hours at 8:30 am (EET).

    To join the webinar, please register via following link https://sb.zoomtv.lt. After successful registration you will be provided with the webinar link.

    Please note that in 2025 Šiaulių Bankas will announce its interim results on the dates specified on the investor’s calendar after trading hours at Nasdaq Vilnius Stock Exchange.

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

    The MIL Network

  • MIL-OSI Australia: What is a pop-up SMS scam?

    Source: National Australia Bank

    Ever had a SMS message pop up on your phone screen then can’t find it in your messages? It may be a fake SMS pop-up scam, a new scam trend targeting Australians.

    What is a pop-up SMS scam and how do they work?

    Officially known as a ‘flash’ or ‘class 0 SMS’, a pop-up SMS scam is a text message that appears directly on a phone screen, even if locked.

    The phone can’t be used until the message is dismissed or saved.

    The message does not automatically save in a phone’s SMS inbox, making these scams harder to report and a powerful tool for criminals.

    What are criminals doing with these pop up SMSes?

    Pop-up SMSes are often used legitimately by governments overseas to share urgent messages, such as safety warnings for fires, floods or natural disasters.

    NAB Head of Security Culture and Advisory Laura Hartley said this style of pop-up SMS was now being hijacked by criminals to rip people off.

    “These transnational, organised criminals are the same groups linked to drug and arms trafficking,” she said.

    “The current bank impersonation scam trend is focused on trying to people to ‘call’ NAB and that’s what we see in these messages customers have had reported to us. A few years ago, text messages were much more focused on trying to get people to click a link.”

    How do you recognise a pop-up SMS scam?

    There are common underlying red flags that appear in pop-up SMSes from criminals.

    • Urgency to act about a problem like your NAB ID being used overseas or a suspicious transaction
    • A reference number in a text message
    • Being asked to handover account log ins, PIN codes or to make payments.
    Australians are being warned about a new scam trend involving fake pop-up SMSes that impersonates NAB and temporarily disables their phone.

    How can pop-up SMS scams be stopped?

    Ms Hartley, a criminologist, said it is vital Australians know how to recognise the red flags of these scams.

    “Once funds are sent it’s often very hard to recover money, despite our best efforts. Criminals quickly send it to overseas accounts or to cryptocurrency platforms knowing it makes it harder to retrieve,” Ms Hartley said.

    “You can turn off pop-up SMSes on some mobile phones. However, it’s best to exercise some caution here given these messages are fn used overseas for emergency warnings about natural disasters.”

    Other tips to protect yourself from pop-up SMS scams include:

    • Slow down and ask yourself, ‘Could this be a scam?’
    • Show the message to a trusted family member, friend or colleague for a second opinion
    • Visit the website of organisation being impersonated to see if they’ve warned about the scam

    What should I do if I receive a pop-up text message from ‘NAB’?

    Ms Hartley encouraged customers and the community to report pop-up SMS claiming to be from NAB to phish@nab.com.au.

    “You can also report it to your telco provider,” she said.

    Will NAB ever send customers a pop-up SMS message?

    NAB does not contact customers using pop-up SMS messages.

    “If you aren’t sure if it is legitimately NAB contacting you, call the bank using details you have found yourself via our website or on the back of your card,” Ms Hartley said.

    “Contact your bank immediately if you think you’ve been scammed.”

    Customers, banking & finance

    SEE ALL TOPICS

    Media Enquiries

    For all media enquiries, please contact the NAB Media Line on 03 7035 5015

    MIL OSI News

  • MIL-OSI Australia: NAB warns of pop-up SMS scam targeting Australians

    Source: National Australia Bank

    • Pop-up SMS scam impersonating NAB the latest tactic criminals using to try to rip people off
    • NAB does not use pop-up SMSes to contact customers
    • Reports of, and losses from, NAB-branded impersonation scams down in past year

    Australians are being warned about a new scam trend involving fake pop-up SMSes that impersonates NAB and temporarily disables their phone.

    Appearing on a locked phone screen, the pop-up message urges the person to ‘call ‘NAB’ because their NAB ID has been used overseas.

    The person cannot use their phone until they dismiss the message or save it. The message does not automatically save in a phone’s SMS inbox, making them harder to report and a powerful tool for criminals.

    Read more about pop-up SMS scams in this NAB News explainer.

    An example of a pop-up SMS scam impersonating NAB

    NAB Head of Security Advisory Laura Hartley said NAB did not contact customers using pop-up SMSes.

    “Pop-up SMSes – legitimately used by governments overseas to share emergency warnings – are being hijacked by criminals to rip Australians off,” Ms Hartley said.

    “The current bank impersonation scam trend is focused on trying to get people to ‘call’ NAB through a fake pop-up SMS. A few years ago, text messages were much more focused on trying to get people to click a link.”

    Ms Hartley, a criminologist, said pop-up SMS scams reinforced the need for a coordinated, national approach to the scam epidemic to block malicious traffic.

    “It’s vital to know how to recognise the red flags of this emerging approach. The most common is a sense of urgency and a number to call, so you act quickly about a problem,” she said.

    “The criminals’ goal is to reel you in and then phish you into handing over account log ins, PIN codes or to make payments.

    “If you aren’t sure if it is legitimately NAB contacting you, call the bank using details you have found yourself via the website or on the back of your bank card.”

    The warning comes following NAB’s efforts to tackle impersonation scams, which show losses have reduced by 65% between 2023 and 2024. Reports of bank impersonation scams also decreased by 45% in the same period.

    “Two key NAB initiatives have contributed to these decreases,” Ms Hartley said.

    We worked with telcos to make it harder for criminals to infiltrate bank phone numbers and text message threads and we no longer use links in unexpected customer text messages to make it easier to recognise scam red flags.

    Combined with people becoming more aware of red flags, criminals have been forced to change their approach and come up with new tactics like these pop-up SMSes.

    “But there is no silver bullet. We can, and will, do more.”

    ENDS 

    Notes to editors

    Customers, banking & finance

    SEE ALL TOPICS

    Media Enquiries

    For all media enquiries, please contact the NAB Media Line on 03 7035 5015

    MIL OSI News

  • MIL-OSI Russia: Bank accounts will be “gutted” – Central Bank warns of dangerous virus

    Translartion. Region: Russians Fedetion –

    Sours: Mainfin Bank –

    How does the new scheme for stealing funds from Russians’ accounts work?

    The fraudulent scheme involves a program like SpyNote, which is disguised as harmless applications – the victim may not realize that the smartphone is infected. The theft scheme is carried out in stages:

    First, the victim installs an application on the phone, not realizing the danger – the spy can pretend to be, for example, a game. Fraudsters remotely monitor the smartphone screen – they see the passwords entered, SMS codes, incoming calls. After some time, the attackers open an online bank and empty the accounts, withdrawing all the money. In the same way, fraudsters can gain access to other services, including sending messages to friends asking for a transfer of funds.

    “The applications of individual banks are protected from such a virus, but not all financial institutions have protection, which puts clients in a vulnerable position,” the Central Bank of the Russian Federation noted.

    In addition, the installation of a virus program can be carried out even without the participation of the smartphone owner – recently the Ministry of Internal Affairs warned Russians about the dangers of the WhatsApp messenger: the victim only needs to follow the link for the device to be infected.

    What should you remember to protect yourself from fraud?

    Security experts are once again calling on Russians to remain vigilant in order to protect their savings from fraudsters. The main rules of protection include:

    ban on installing applications from dubious sources; refusal to communicate passwords, SMS codes and personal data to third parties; connecting a mobile bank – information about transactions will be received immediately; excluding third-party access to the smartphone; timely updating of the phone number in case of replacement in the service bank.

    Fraudsters often call potential victims, inventing various legends: renewal of the compulsory medical insurance policy, recalculation of work experience, financing of the Armed Forces of Ukraine, extension of the contract with the telecom operator, etc. When receiving such a call, it is recommended to refuse communication by hanging up.

    14:45 02.25.2025

    Source:

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

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

    HTTPS: //Mainfin.ru/novosti/ Bankovsky-account-Blazut-Prohrosien-CB-Buscal-Ob-O-hazard-Virus

    MIL OSI Russia News

  • MIL-OSI: Draganfly to Present at Centurion One Capital 8th Annual Growth Conference

    Source: GlobeNewswire (MIL-OSI)

    Saskatoon, SK, Feb. 25, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an award‑winning leader in drone solutions and systems development, is pleased to announce that its CEO, Cameron Chell, will be presenting at the Centurion One Capital 8th Annual Growth Conference, taking place at the Four Seasons Hotel in Toronto from March 3 to March 6, 2025.

    Cameron Chell is scheduled to present on Thursday, March 6, 2025, at 3:45 PM ET. In addition to the presentation, he will be attending investor meetings and participating in discussions focused on the evolving landscape of drone technology and its impact on various industries.

    “We are excited to share Draganfly’s latest advancements and strategic vision at the Centurion One Capital Growth Conference,” said Cameron Chell, CEO of Draganfly. “With the increasing adoption of drone technology across emergency response, agriculture, and logistics, we look forward to discussing how Draganfly continues to drive innovation and expand our impact globally.”

    Centurion One Capital 8thAnnual Growth Conference

    Format: Presentations, Panel Discussions, and 1 X 1 Investor Meeting

    Presentation Date: Thursday, March 6th, 2025

    Time: 8:00 AM EDT – 5:00 PM EDT

    Venue: Four Seasons Hotel

    For more information and registration details, please visit: www.centuriononecapital.com/news-events.

    About Centurion One Capital

    Centurion One Capital (“Centurion One”) is the premier independent Investment Banking firm dedicated to fueling the growth and success of growth companies in North America. With an unwavering commitment to delivering comprehensive financial solutions and strategic guidance, Centurion One is a trusted strategic partner and catalyst to propel issuers to unlock their full potential.

    Our team comprises seasoned professionals who combine extensive financial expertise with deep knowledge of various sectors. We take a proactive and results-driven approach, working closely with our clients to develop tailored strategies and execute transactions that maximize value and drive long-term success.

    Centurion One – Empowering Growth. Driving Innovation. Partnering for Success. For more information about Centurion One, visit www.centuriononecapital.com

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO) is a leading developer of drone solutions, software, and AI systems dedicated to revolutionizing industries such as public safety, agriculture, defense, and critical infrastructure. With over two decades of experience, Draganfly’s cutting-edge technology and commitment to innovation continue to shape the future of unmanned aerial systems worldwide.

    Learn more about Draganfly at www.draganfly.com.

    Media Contact

    Erika Racicot

    Email: media@draganfly.com

    Company Contact

    Email: info@draganfly.com

    The MIL Network

  • MIL-OSI Economics: BOBC Auction Results – 25 February 2025

    Source: Bank of Botswana

    The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 5 March 2025. The summarised results of the auction held on 25 February 2025, are attached below:

    BOBC Auction Results – 25 February 2025.pdf

    MIL OSI Economics

  • MIL-OSI Africa: Abia State Steals Spotlight at Inaugural Sports African Investment Summit (SAIS): Signs Agreement with Sport Nigeria Ltd to Manage Sports Special Economic Zone

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

    LAGOS, Nigeria, February 25, 2025/APO Group/ —

    The inaugural edition of the #SportsAfricaInvestmentSummit (#SAIS2025) delivered two power-packed days of dialogue, deal-making, and action-oriented discussions, setting the stage for accelerated investment in African sports.

    Sport Nigeria’s Vice Chairman, Yahaya Maikori (https://apo-opa.co/4gW9C9p), delivered the welcome address, setting the tone for a summit that brought together key stakeholders across sports, business, and governance. The CEO of Sport Nigeria LTD/GTE (https://apo-opa.co/4gW9C9p), Nkechi Obi (https://apo-opa.co/4gW9C9p), set the agenda for the summit. The Chairman of the National Sports Commission, Mallam Shehu Dikko, delivered the keynote address, “Sports as a Catalyst for Africa Towards 2063”.

    The Summit had three plenary sessions, one fire-side chat and 18 breakout sessions with various engaging topics all focused on how Africa can create a market for sports goods and services, how the ideal products suitable for the market can be developed and how the market creation and product development activities can be funded.

    Two major highlights at the Summit were the signing of a technical and collaborative agreement between the Government of Abia State (https://apo-opa.co/4gW9C9p) and Sport Nigeria LTD/GTE (https://apo-opa.co/4gW9C9p) for the development of the Abia State Sports Special Economic Zone (#SSEZ), and the presentation of Spaces For Sport (#S4S), Sport Nigeria’s flagship community-based infrastructure project.

    Goodwill messages were delivered by the Obi of Onitsha, Igwe Nnaemeka Alfred Achebe, XAVIER MURON (https://apo-opa.co/4gW9C9p), Country Manager of Agence Française de Développement (https://apo-opa.co/4gW9C9p), and Christophe Bazivamo, the High Commissioner of Rwanda to Nigeria. The Summit was closed by Lanre Buluro (https://apo-opa.co/4gW9C9p), Managing Director, Investment Banking of Chapel Hill Denham (https://apo-opa.co/4gW9C9p): who represented the CEO, Lanre Balogun (https://apo-opa.co/41z7uAg).

    The next edition will be held in Q1 2026. Please send your email addresses to sais@sportnigeria.ng to be added to our mailing list.

    MIL OSI Africa

  • MIL-Evening Report: Barred European Union politician brands Israel as ‘a rogue state’

    Israel has now banned another European Union parliamentarian from entering the country, reports Al Jazeera.

    The government gave no reasons why Lynn Boylan, who chairs the European Parliament EU-Palestine delegation, was denied entry.

    “This utter contempt from Israel is the result of the international community failing to hold them to account,” Boylan, an Irish MP in Brussels, said in a statement.

    “Israel is a rogue state, and this disgraceful move shows the level of utter disregard that they have for international law.

    “Europe must now hold Israel to account.”

    Boylan said she had planned to meet with Palestinian Authority officials, representatives of civil society organisations, and people living under Israeli occupation.

    She is a member of the Sinn Fein party in Ireland, which has been among the most vocal countries in criticising the Israeli government over its treatment of Palestinians.

    France’s Hassan also refused
    Earlier, EU lawmaker Rima Hassan was also refused entry at Ben-Gurion airport and ordered to return to Europe.

    “Hassan, who is expected to land from Brussels in the coming hour, consistently works to promote boycotts against Israel in addition to numerous public statements both on social media and in media interviews,” said Israeli Interior Minister Moshe Arbel’s office.

    Hassan is a French national of Palestinian origin known for her support of the Palestinian cause and for speaking out against Israel’s war on Gaza.

    Kaja Kallas, the EU foreign policy chief, outlined a range of worries about the situation in war-battered Gaza and the occupied West Bank.

    “We have constantly called on all parties, including Israel, to respect international humanitarian law,” she said, adding that Europe “cannot hide our concern when it comes to the West Bank”.

    ICC raps Merz over warrants
    Meanwhile, the International Criminal Court (ICC) has declared that states cannot unilaterally “determine soundness” of its rulings

    Earlier, it was reported that Germany’s election winner Friedrich Merz was saying he planned to invite Israeli Prime Minister Benjamin Netanyahu to visit the country — despite an ICC war crimes warrant issued for his arrest, which Merz claimed did not apply.

    The ICC responded by saying states had a legal obligation to enforce its decisions, and any concerns they may have should be addressed with the court in a timely and efficient manner.

    “It is not for states to unilaterally determine the soundness of the court’s legal decisions,” said the ICC in a statement.

    Israel rejects the jurisdiction of the court and denies war crimes were committed during its devastating war on Gaza.

    Germans feel a special responsibility towards Israel because of the legacy of the Holocaust, and Merz has made clear he is a strong ally. But Germany also has a strong tradition of support for international justice for war crimes.

    Amnesty slams ‘shameful silence’
    Amnesty International and 162 other civil society organisations and trade unions have signed a joint letter calling on the EU to ban trade and business with Israel’s settlements in occupied Palestinian territory.

    “Despite EU consensus about the settlements’ illegality and their link to serious abuses, the EU continues to trade and allow business with them,” the letter said.

    This contributes to “the serious and systemic human rights and other international law abuses underpinning the settlement enterprise”, it added.

    The International Court of Justice (ICJ) in July issued a landmark advisory opinion affirming that states must not recognise, aid or assist the unlawful situation arising from Israel’s occupation of Palestinian territory.

    Article by AsiaPacificReport.nz

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: RYVYL Announces 2024 Preliminary Revenue of $56.0 Million and Introduces 2025 Revenue Guidance of $80 Million to $90 Million

    Source: GlobeNewswire (MIL-OSI)

    – Expects 2025 gross margin to expand to mid-40s percentage –

    SAN DIEGO, CA, Feb. 25, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging electronic payment technology for diverse international markets, announced it expects to report 2024 total revenue of $56.0 million, within the range of 2024 full year revenue guidance of $56 million to $60 million. Management intends to report financial results in mid-March 2025.

    “Robust business development and sales initiatives in 2024 have positioned us to resume strong growth in 2025,” said Fredi Nisan, CEO of RYVYL. “In addition, our efforts to grow our high-margin, banking-related revenue at RYVYL EU are coming to fruition. Our product mix has been shifting. As this continues, we expect to drive significantly higher overall gross margin in 2025.”

    RYVYL 2025 Guidance

    Based on the strength of its RYVYL EU as well as newly signed business and a solid pipeline for both RYVYL EU and NEMS, the Company expects 2025 revenue to be in the range of $80 million to $90 million. This represents over 50% growth at the mid-point of the range in comparison to 2024 preliminary revenue results. The Company also expects to increase gross margins to the mid-40s percent, which would yield a positive annual adjusted EBITDA and positive operating cash flow in the second half of the year.

    The foregoing guidance is based on the Company’s continuation of the business, as currently conducted. On January 24, 2025, the Company entered into an agreement with a financing source that was structured as a pre-funded asset sale with a 90-day closing period, which ends on April 23, 2025 and may be extended an additional 30 days to May 23, 2025, if the Company pays $500,000 for such extension. Shares in the Company’s RYVYL EU subsidiary were placed in escrow during the closing period. Although there are no guarantees, the Company intends to terminate the asset sale within the closing period by paying $16.5 million in consideration of such termination. The Company’s financial guidance for 2025 is based on fully retaining its RYVYL EU subsidiary.

    Strengthened Balance Sheet

    With the recent January 27, 2025 payment of $13.0 million to the Securityholder, the outstanding balance of the Series B Convertible Preferred Stock (“Preferred Stock”) was fully retired and the 8% Senior Secured Note (the “Note”) balance was reduced to $4.0 million. The Company previously had converted $55.0 million of the Note principal into the Preferred Stock.

    George Oliva, CFO of RYVYL, stated, “I am very pleased that the net effect of these two transactions was to increase shareholder equity by over $50 million without any associated dilution to the common shareholders. We expect the impact of this balance sheet restructuring will lower the cost of capital as we invest in our growth in 2025.”

    The Company has recently filed an S-1 registration statement to raise up to $24 million, including the overallotment, and intends to explore all fund-raising options, including term debt, equity or some combination to fund the termination payment of $16.5 million. There is an option to extend the closing period 30 days to May 23, 2025, in exchange for a payment of an additional $500,000.

    Transaction Processing Volumes as a Percentage of Revenue

    Transaction processing volumes in the Company’s merchant acquiring business is one measure of the Company’s business, and this has been correlated with overall revenue growth. The Company is providing the following additional information regarding processing volumes in relation to revenue for the period from January 1, 2021 through December 31, 2024 (estimated). During this period, the blended percentage has been trending lower due to the rapid growth in the Company’s International business, which, as compared to North America, has a higher mix of banking revenues that carry a lower residual rate versus acquiring. The Company expects this trend to continue in 2025 as its International revenue is expected to increase as a percentage of total revenue compared to 2024.

    $ in Millions

    Processing   2021     2022     2023   2024E   Q1 24 Q2 24 Q3 24 Q4 24E
    North America $ 1,514.5   $ 1,000.5   $ 1,360.0   $ 738.5     $ 239.0   $ 152.6   $ 170.6   $ 176.3  
    International     $ 683.0   $ 1,690.0   $ 3,746.4     $ 755.0   $ 902.1   $ 952.3   $ 1,137.1  
    Total $ 1,514.5   $ 1,683.5   $ 3,050.0   $ 4,485.0     $ 994.0   $ 1,054.6   $ 1,122.9   $ 1,313.5  
    Revenue                  
    North America $ 26.4   $ 28.6   $ 48.9   $ 18.2     $ 9.7   $ 3.0   $ 2.8   $ 2.7  
    International     $ 4.3   $ 16.9   $ 37.8     $ 7.1   $ 8.9   $ 10.4   $ 11.4  
    Total $ 26.4   $ 32.9   $ 65.9   $ 56.0     $ 16.8   $ 11.9   $ 13.2   $ 14.1  
    Revenue as % Processing                
    North America   1.7 %   2.9 %   3.6 %   2.5 %     4.1 %   2.0 %   1.6 %   1.5 %
    International       0.6 %   1.0 %   1.0 %     0.9 %   1.0 %   1.1 %   1.0 %
    Total   1.7 %   2.0 %   2.2 %   1.2 %     1.7 %   1.1 %   1.2 %   1.1 %

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding timely payment of the second tranche, the benefit to stockholders from the repayment of the Note and repurchase of the Preferred Stock, and the timing and expectation of revenues from the license described herein and are charactered by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the licensee understands and complies with various banking laws and regulations that may impact the licensee’s ability to process transactions. For example, federal money laundering statutes and Bank Secrecy Act regulations discourage financial institutions from working with operators of certain industries – particularly industries with heightened cash reporting obligations and restrictions – as a result of which, banks may refuse to process certain payments and/or require onerous reporting obligations by payment processors to avoid compliance risk. These statements are also subject to any damages the Company could suffer as the result of previously announced litigation or actions of any governmental agencies. These and other risk factors affecting the Company are discussed in detail in the Company’s periodic filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of the latest information, future events or otherwise, except to the extent required by applicable laws.

    Disclaimer Regarding Financial Information        

    The financial information presented in this press release, for the year ended December 31, 2024, is based on preliminary financial statements prepared by management, for the year ended December 31, 2024. Accordingly, such financial information may be subject to change. All such information contained in this press release will be qualified with reference to the audited financial results for the year ended December 31, 2024, which the Company intends to release or before March 13, 2025, and in any event by March 31, 2025, and will be posted on www.sec.gov. While the Company does not expect there to be any material changes to the financial information provided in this press release, any variation between the Company’s actual results and the preliminary financial information set forth herein may be material.

    IR Contact:
    David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

    The MIL Network

  • MIL-OSI United Nations: Germany and WFP join forces to reach crisis-affected children in northern Togo with nutritious school meals

    Source: World Food Programme

    LOME – TOGO: The United Nations World Food Programme (WFP) has welcomed a contribution of EUR 11 million from the Government of Germany, facilitated by the Federal Ministry for Economic Cooperation and Development (BMZ).

    The funding channelled through the German Development Bank (KfW), will enable WFP to provide daily nutritious meals to 28,000 pre-school and primary school children in the Kara and Savanes regions of northern Togo.

    With Germany’s funding, WFP will rehabilitate school kitchens, provide fuel-efficient stoves, establish school gardens and grain milling units, and support nutrition education to children, parents and teachers, ensuring a holistic approach to food security, health, and education. 

    ““Through this collaboration with Germany, we are extending our activities to some of Togo’s most vulnerable populations, building sustainable systems that connects local production with school feeding, creating a powerful cycle of development.” said Dr Moïse BALLO, WFP’s Country Director and Representative in Togo. “Our school feeding programme not only improves children’s education and nutrition but also empowers local communities.”

    WFP will target 110 schools within communities hosting refugees and internally displaced persons (IDPs), from the spillover of the Sahel crisis. Food commodities for school meals will be sourced locally from smallholder farmers and women’s cooperatives, thereby stimulating the local economy. 

    “We are pleased to be able to work with WFP to make an important contribution to food security for children in a region that is affected by spillover of the Sahel crisis,” said Dr. Claudius FISCHBACH, German Ambassador to Togo. “Germany is supporting Togo and the other states in the Gulf of Guinea through various measures in the areas of stability, social cohesion and development. It is particularly important to us that the chosen approaches can be continued in a sustainable way.” 

    In collaboration with the Food and Agriculture Organization of the United Nations (FAO), and the Ministry of Agriculture and local organizations, WFP will provide agricultural inputs, equipment and technical training to 8,250 smallholder farmers and 1,000 members of food transformation cooperatives most of whom are women.

    WFP’s Home-Grown School Feeding programme in Togo targets 45,500 children in 160 primary schools in the northern regions of the country.

    #                 #                   #

    About WFP

    WFP is the world’s largest humanitarian organization, saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters, and the impact of climate change. 

    MIL OSI United Nations News

  • MIL-OSI Asia-Pac: The Department of Administrative Reforms and Public Grievances (DARPG) released the 33rd Monthly Report on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) of Central Ministries/ Departments performance for the month of January, 2025

    Source: Government of India

    The Department of Administrative Reforms and Public Grievances (DARPG) released the 33rd Monthly Report on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) of Central Ministries/ Departments performance for the month of January, 2025

    A total of 1,25,789 Grievances were Redressed by Central Ministries/Departments in January, 2025

    For the 31st month in a row, the monthly disposal crossed 1 lakh cases in the Central Secretariat

    Department of Posts, Department of Telecommunications, andDepartment of Revenuetopped in Group A category in the rankings released for the month of January, 2025

    Department of Land Resources, Ministry of Parliamentary Affairs and Department of Heavy Industry topped in Group B category in the rankings released for the month of January, 2025

    Posted On: 25 FEB 2025 4:19PM by PIB Delhi

    The Department of Administrative Reforms and Public Grievances (DARPG) released the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) monthly report for January 2025, which provides a detailed analysis of types and categories of public grievances and the nature of disposal. This is the 33rdreport on Central Ministries/Departments published by DARPG.

    The progress for January 2025 indicates 1,25,789 Grievances Redressed by Central Ministries/Departments. The Average Grievance Disposal Time in the Central Ministries/Departments from 1st January to 31stJanuary 2025 is 15 days. These reports are part of the 10-step CPGRAMS reform process which was adopted by DARPG to improve the quality of disposal and reduce the timelines.

    The report provides the data for new users registered through the CPGRAMS Portal in the month of January 2025. A total of 56,214new users registered in the month of January 2025, with maximum registrations from Uttar Pradesh (8,843) registrations.

    The said report also provides the Ministry/Department-wise analysis on the grievances registered through Common Service Centres in January 2025. CPGRAMS has been integrated with the Common Service Centre (CSC) portal and is available at more than 5 lakh CSCs, associating with 2.5 lakh Village Level Entrepreneurs (VLEs). 5,863 grievances were registered through CSCs in the month of January 2025. It also highlights the major issues/categories for which the maximum grievances were registered through CSCs.

    In January 2025, the Feedback Call Centre collected 53,821feedbacks. 33,028 feedbacks (61%) were collected for Central Ministries/Departments by the Feedback Call Centre.

    The following are the Key Highlights of the DARPG’s monthly CPGRAMS report for January 2025 for Central Ministries/ Departments:

    1. PG Cases:
    • In January 2025, 1,25,442 PG cases were received on the CPGRAMS portal, 1,25,789 PG cases were redressed and there exists a pendency of 58,425PG cases, as of 31stJanuary 2025.
    1. PG Appeals:
    • In January 2025, 21,175appeals were received and 20,086 appeals were disposed.
    • The Central Secretariat has a pendency of 25,160 PG Appeals at the end of January 2025.
    1. Grievance Redressal Assessment and Index (GRAI) – January 2025
    • Department of Posts, Department of Telecommunications, and Department of Revenue are amongst the top performers in the Grievance Redressal Assessment & Index within the Group A (more than equal to 500 grievances) for January 2025.
    • Department of Land Resources, Ministry of Parliamentary Affairs and Department of Heavy Industry are amongst the top performers in the Grievance Redressal Assessment & Index within the Group B (less than 500 grievances) for January 2025.

    The report also features 4 success stories of effective grievance resolution from Central Ministries/Departments:

    1. Grievance of Shri Selva Kumar – HDFC Account under debit freeze

    Shri Selva Kumar received a notification from HDFC Bank stating that a Debit/Withdrawal Block had been placed on his account due to non-compliance with account guidelines. Following this, he visited the branch, completed the e-KYC process, and submitted the required documents as instructed. Despite repeating this process three times at the bank’s request, his debit account remained frozen. Upon further inquiry, the bank informed Shri Kumar that the freeze was due to excessive UPI P2P transactions. The branch manager suggested converting his Farmer’s Savings Account into a regular Savings Account as an alternative solution. However, this conversion was not processed, and the account’s debit freeze remained unresolved. Frustrated by the delays and lack of resolution, Shri Kumar escalated the matter by filing a grievance on the CPGRAMS Portal, seeking immediate action. In response, HDFC Bank provided a written confirmation stating that the debit freeze on his account had been successfully removed. The grievance was resolved within a week to complainant’s satisfaction.

    1. Grievance of Shri Ram Prasad Dhakar – Transfer of balance to new HDFC Smart Hub Vypaar Prepaid Card

    Shri Ram Prasad Dhakar reported that his HDFC Smart Hub Vypaar Prepaid Card, which had a balance of Rs. 10,500, was accidentally lost. He promptly lodged a complaint with the customer care center and received a new card. However, the balance of Rs. 10,500 from the lost card was not credited to the new card. Despite filing multiple complaints with the HDFC Branch Manager over the past two years, the issue remained unresolved. Frustrated by the lack of action, Shri Dhakar raised a grievance on the CPGRAMS Portal, seeking a prompt resolution. In response, HDFC Bank provided a written confirmation that the balance of Rs. 10,500 had been successfully transferred from the lost card to the new one. The issue was resolved within two weeks, and Shri Dhakar praised the CPGRAMS platform for its efficient and effective grievance redressal mechanism.

    1. Grievance of Shri Rama Shankar Singh – Non-receipt of gratuity payment

    Shri Rama Shankar Singh, who retired as Chief Travelling Ticket Inspector (CCTT) from Northeast Frontier Railways on 30th June 2024, faced delays in receiving his gratuity amount of approximately Rs. 16 lakhs, despite having submitted all the required No Dues certificates. Seeking intervention for the prompt release of his gratuity along with applicable interest, he filed a grievance on the CPGRAMS Portal. In response, the gratuity amount of Rs. 16,33,500 was transferred to Shri Singh, resolving the grievance within 10 days to his utmost satisfaction.

    1. Grievance of Smt. Swati – Removal of EMI lock from device

    Smt. Swati purchased a mobile phone on EMI, financed by Bajaj Finance. Despite completing all the EMI payments, her phone was locked by the financier. Seeking immediate resolution, she filed a grievance on the CPGRAMS portal. In response, Bajaj Finance confirmed in a written reply that the loan had been successfully closed and the EMI lock has been removed from her device. The grievance was successfully resolved to complainant’s satisfaction.

    ***

    NKR/PSM

    (Release ID: 2106128) Visitor Counter : 58

    MIL OSI Asia Pacific News

  • MIL-OSI Video: Ukraine, Sudan & other topics – Daily Press Briefing | United Nations

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:

    – Secretary-General Travels
    – Ukraine
    – Sudan
    – Sudan/Humanitarian
    – Deputy Secretary-General
    – West Bank
    – Occupied Palestinian territory
    – Peacekeeping
    – Haiti
    – DR Congo/Humanitarian
    – DR Congo
    – Mozambique
    – Colombia

    UKRAINE
    The Secretary-General issued a statement in which he affirmed that the war in Ukraine stands as a grave threat not only to the peace and security of Europe but also to the very foundations and core principles of the United Nations.
    After three years of death and destruction, he once again calls for urgent de-escalation and an immediate end to the hostilities.  The Secretary-General welcomes all efforts towards achieving a just and inclusive peace. The United Nations stands ready to support such efforts.
    This afternoon, at 3pm, Rosemary DiCarlo, the Under-Secretary-General for Political and Peacebuilding Affairs, will brief the Security Council on Ukraine.

    SUDAN
    The Secretary-General is deeply concerned at the announcement by the Rapid Support Forces and affiliated civilian actors and armed groups of a political charter that expresses an intention to establish a governing authority in Rapid Support Forces areas of control. This further escalation in the conflict in the Sudan deepens the fragmentation of the country and risks further entrenching the crisis. Preserving Sudan’s unity, Preserving Sudan’s sovereignty and territorial integrity remains key for a sustainable resolution of the conflict and the long-term stability of the country and the wider region.
    The Secretary-General also condemns the persistent violence perpetrated against civilians across Sudan by both parties to the conflict, including ethnically motivated attacks. Sudanese women, Sudanese children and men are paying the heaviest price for the continued military offensives by the belligerents in this conflict.
    The Secretary-General’s Personal Envoy, Ramtane Lamamra, is engaging the warring parties and all other relevant stakeholders to achieve progress on a cessation of hostilities, protection of civilians and humanitarian access and to promote de-escalation.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=24%20February%202025

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

    MIL OSI Video

  • MIL-OSI Europe: Annual accounts for 2024 | Statement at the press conference presenting the Deutsche Bundesbank’s Annual Report for 2024

    Source: Deutsche Bundesbank in English

    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:
    We have reached the peak of the losses.
    Net equity has climbed to more than €250 billion.
    There is a revaluation reserve of over €260 billion for the gold.
    So the Bundesbank’s balance sheet is sound.
    The positive message is that the Bundesbank is fully able to perform its tasks even in the face of losses. 
    This slide shows that the Bundesbank’s net equity increased significantly, rising by €50 billion or roughly 25%. We will look at the development of net equity in detail in just a moment. 
    Now let’s take a closer look at developments in the annual accounts for 2024.
    2 Balance sheet
    First, let’s look at the assets side of our balance sheet:
    Total assets once again declined as a result of monetary and foreign exchange policy activities: they were down by around €149 billion, or 5.9%. Viewed over multiple years, though, total assets are still up on the end of 2019 – that is to say, their level before the pandemic and before the start of the highly accommodative monetary policy. 
    As in the previous year, the decline in total assets has three main drivers on the assets side:
    First, securities holdings from the monetary policy purchase programmes decreased by €98 billion: this was largely concentrated on the APP portfolio, for which reinvestments of principal payments were discontinued as of July 2023. For the PEPP, meanwhile, reinvestments were gradually reduced to zero only as of the second half of 2024. We will see the effects of this more clearly in the 2025 annual accounts.
    Second, lending related to monetary policy operations contracted by €67 billion, above all due to the phase-out of the TLTROs conducted at particularly favourable interest rates during the pandemic.
    Third, liquidity outflows meant that the TARGET claim on the ECB fell by €47 billion in 2024.
    On the liabilities side of the balance sheet, there was a corresponding significant decline in deposits: liabilities related to monetary policy operations fell on the year to €960 billion. In addition, other euro balances dropped on the year to €134 billion, mainly owing to smaller balances of non-euro area central banks. 
    Another key item on the liabilities side is banknotes in circulation: when the negative interest rate policy period ended in 2022, growth in the volume of banknotes in circulation within the Eurosystem had effectively come to a halt due to the higher opportunity cost of holding cash. Only in recent months has growth picked up again at individual national central banks. The Bundesbank’s share of the Eurosystem’s banknotes in circulation reported on the balance sheet under liabilities item 1 “Banknotes in circulation” rose to €389 billion. The volume of banknotes issued by the Bundesbank actually increased more than in the rest of the euro area. This can be seen in liabilities sub-item 9.2 “Net liabilities related to the allocation of euro banknotes within the Eurosystem”, which has risen to €567 billion.
    The third aspect I would like to discuss is the revaluation accounts item: this item increased on the year, climbing by €70 billion to €267 billion.
    You will see a breakdown of the revaluation accounts item on the next slide.
    The revaluation reserve for gold contained within that item has risen by €69 billion to €263 billion based on the market value of gold as at the reporting date. The revaluation reserve for gold has grown strongly when viewed over the long term, in particular. This revaluation reserve is currently almost thirteen times as high as its level when monetary union was launched at the start of 1999. 
    The revaluation reserve for foreign currency has increased by €1 billion, driven by the weaker euro. This growth is mainly attributable to assets denominated in US dollars.
    The revaluation reserves also have an impact on net equity, as shown on the next slide.
    Net equity comprises: 
    capital and reserves; 
    the provision for general risk; 
    the revaluation accounts item; and 
    as of the 2024 annual accounts, the accumulated loss. 
    Looking at developments over multiple years, we can see that net equity developed positively in 2020 and 2021 over and above the increase in the provision for general risk (rising from €186 billion to €197 billion). In 2022, net equity went up to €207 billion, even though the Bank released some of the provision for general risk. In 2023, the provision for general risk in the amount of €19.2 billion was fully released to offset losses; however, the decline in net equity was much smaller, at €7 billion. This was mainly because of further growth in the revaluation reserve for gold owing to movements in the price of gold. Given that the revaluation reserves are now at their highest ever level of €267 billion, net equity rose overall to €251 billion in the reporting year, despite the accumulated loss of €19.2 billion, and is now at an all-time high.
    Having net equity of €251 billion shows that the Bank can absorb the existing and prospective losses. It is fully able to fulfil its mandate. Our balance sheet is sound.
    3 Profit and loss account
    Let’s now turn our attention to the profit and loss account.
    Joachim Nagel has already pointed it out: the Bundesbank’s earnings situation has improved only slightly on the year. The turnaround in interest rates and the associated key interest rate hikes in 2022 and 2023 have set many things in motion. Much like in 2023, the combination of long-term monetary policy securities – generating low levels of remuneration – on the assets side and short-term deposits remunerated at higher rates on the liabilities side was a source of considerable strain in 2024. 
    The burdens arising from interest rate risk are affecting us via two channels this year:
    via our own securities holdings; and 
    via securities carried on the balance sheets of the other national central banks in cases where these securities are subject to income and risk sharing and are thus included in the pooling of monetary income among national central banks. 
    Now to the main items of our current profit and loss account: 
    The largest component of the profit and loss account isnet interest income. In bar 1, you can see that this has improved slightly, rising by €0.8 billion on the year. But at -€13.1 billion, it is clearly in negative territory, as it was in the previous year. 
    Why is that so? As already touched upon, the monetary policy asset purchases have given rise to longer-term fixed interest positions (generating a low level of remuneration). The counterparts of these on the liabilities side of the balance sheet – after deducting banknotes in circulation – are short-term interest-bearing deposits of commercial banks. The mismatch in maturities has left an open euro interest rate position on the balance sheet. The significant increase in the deposit facility rate in 2022 and 2023 is continuing to cause interest rate risk from this open interest rate position to materialise – putting net interest income under strain.
    Specifically, this means that while the remuneration of monetary policy securities increased only marginally (to 0.54% on average), credit institutions’ monetary policy deposits resulted in a significant interest charge (of 3.81% on average for the year) owing to the higher deposit facility rate. This gives us a negative interest margin of -3.28% for 2024. On average for the year, this negative interest margin is actually up slightly on 2023 (-2.90%). However, maturing monetary policy securities, in particular, resulted in the open euro interest rate position being 22% lower on average for 2024, thus placing a lower burden on net interest income overall. 
    Realised gains arising from financial operations and write-downs related to foreign exchange and securities (bar 2) were, at €860 million, up by €467 million on the year on balance. Realised gains (mainly US dollars in the case of foreign exchange and US Treasury notes in the case of securities) – which were still coming under pressure from the stronger US dollar in the previous year – rose by €638 million to €1.2 billion in 2024.
    At the same time, there were larger write-downs in the amount of €324 million. This is €171 million more than in the year before. While the need for write-downs on foreign exchange holdings was lower than in the previous year, there was a greater need for write-downs on securities holdings denominated in foreign currency, primarily as a result of higher capital market yields on US Treasury notes. 
    That brings me to monetary income. This comprises interest income from monetary policy assets, less interest paid on their counterpart liability items. In the Eurosystem, the resulting net interest income is shared according to the capital key. 
    At -€5.4 billion, the net result of pooling monetary income (bar 3) in 2024 was roughly the same as in the previous year. The lion’s share is still attributable to redistribution effects relating to monetary policy supranational securities. These are securities issued by supranational institutions, such as the European Union. These securities were purchased by other national central banks as part of PSPP and PEPP purchases. The Bundesbank itself has no holdings. The Eurosystem’s holdings came to an annual average of €398 billion. Income and risks are shared within the Eurosystem. 
    The supranational securities holdings generate only a low level of remuneration. Compared with the main refinancing rate, theinterest margin is thus negative at around -3.6% on an annual average for 2024. The lower income resulting from this for the affected national central banks is balanced out among the national central banks via the common pool of monetary income. Based on its capital share of 26.6%, the charge for the Bundesbank came to around €3.8 billion.
    Staff costs (bar 4) in 2024 were down by €623 million to €1.5 billion. The decrease was caused by one-off effects in the previous year, in which additional transfers to staff provisions were necessary. 
    For 2024, this initially results in a loss for the year of €19.8 billion, which is €1.8 billion lower than the loss in 2023 before releasing the provision for general risk. 
    In the previous year, however, it was possible to offset the loss by fully releasing the provision for general risk of €19.2 billion (bar 6) and making withdrawals from reserves to the tune of around €2.4 billion (bar 7). By contrast, there are only reserves of just under €0.7 billion left available to offset the loss in the reporting year. 
    The profit and loss account for financial year 2024 thus closed with an accumulated loss of €19.2 billion, which will be carried forward to 2025.
    4 Conclusion
    I shall now conclude my remarks by summarising the main takeaways.
    The financial burdens remained considerable in 2024. We expect the burdens to subside significantly as early as 2025. Nevertheless, they will remain considerable. 
    The open euro interest rate position will shrink further in size now that reinvestments under the PEPP have now also been phased out. Monetary policy securities holdings will become smaller as they mature. In addition, the negative interest margin will decrease because the lower deposit facility rate will reduce the interest expense for credit institutions’ monetary policy deposits. 
    Overall, we expect to report losses and carry them forward for some time and that we will therefore be unable to distribute any profit for an extended period of time. 
    That brings me to the most important message of my speech today.
    The Bundesbank has considerable assets. These are significantly in excess of its obligations. Our revaluation reserves, for instance, amount to €267 billion. Net equity comes to more than €250 billion.
    In short, the Bundesbank can bear both the current and the foreseeable financial burdens. What this shows is that the Bundesbank remains able to fully discharge its tasks even with an accumulated loss. 
    The Bundesbank’s balance sheet is sound.
    Thank you.

    MIL OSI

    MIL OSI Europe News

  • MIL-OSI Submissions: Asia Pacific – Regional UN forum calls for targeted and evidence-based solutions to speed up sustainable development progress

    Source: United Nations – ESCAP

    Sustained economic growth in Asia and the Pacific has lifted millions out of poverty. Yet, the attainment of the 17 Sustainable Development Goals (SDGs) by 2030 remains well beyond the region’s grasp as less than a sixth of SDG targets will be met on current trends.

    At the opening of the 12th Asia-Pacific Forum on Sustainable Development today, government officials, civil society, youth and international organization representatives called for prioritized, targeted actions with strong multiplier effects across different sectors so that the region moves closer to as many targets as possible.

    “With the technology and finance that drive the world now largely coming from the region, the means to attain sustainable development lie within us. Our commitments must be translated into concrete actions,” urged Armida Salsiah Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP).

    “This region has immense potential to accelerate SDG progress – through action to harness the power of technology, accelerate the energy transition and transform food systems, driving progress across all the Goals,” said United Nations Deputy Secretary-General Amina J. Mohammed in her video remarks. “Use your voice to ensure that the needs and priorities of this region shape action over the coming years.”

    Asia and the Pacific faces defining challenges, urgent actions needed

    With recent years being the warmest on record, the world is rapidly approaching the critical +1.5°C threshold. The consequences — ranging from disruptions in agriculture and health to the increasing frequency of disasters and challenges for human settlements — are set to reshape livelihoods and economies. Delegates at the opening further called for urgent action to mitigate climate change risks and build resilience. This includes an accelerated shift towards renewable energy and regional power systems, integrating cooling solutions into sectoral policies and investing in climate adaptation to safeguard communities.

    Additionally, they drew attention to the fundamental demographic shift taking place with increasingly ageing populations, especially in countries still developing. Delegates highlighted the need to invest in future generations: better education, health and youth employment as well as intergenerational collaboration to ensure everyone remain well-integrated into society.

    “It is time to move beyond conversations, trust young people with inclusive, innovative and science-based solutions and facilitate intergenerational linking and learning for a cohesive sustainable development agenda,” said Shayal Nand, who presented the Youth Call to Action at the session.

    Speaking on behalf of the Asia-Pacific Regional Civil Society Engagement Mechanism, Beena Pallical said, “We call on all states and UN agencies to commit to comprehensive redressal of systemic barriers, centering people and the planet over profits, in line with the principle of equity and inclusivity to realize development justice for a far better world for our tomorrow.”

    APFSD serves as a crucial regional platform to shape global development dialogue

    Suman Bery, Vice Chair of NITI Aayog of India was elected Chair of the session. He underscored the Forum’s importance as a key platform to review regional progress and discuss sustainable development priorities moving forward at a fast pace.

    Over the next four days, Forum participants will undertake an in-depth review of the region’s progress on Sustainable Development Goals 3 (good health and well-being); 5 (gender equality); 8 (decent work and economic growth); 14 (life below water) and 17 (partnership for the Goals). The outcome of the regional Forum will feed into the global High-Level Political Forum in July.

    Bob Rae, President of the United Nations Economic and Social Council noted that of the 39 countries that will present their Voluntary National Reviews at the High-Level Political Forum in July in New York, 12 are ESCAP members. “This very strong number demonstrates the region’s commitment to evidence-based follow-up and shared learning which is so critical in pursuit of the SDGs,” he said.

    ESCAP, ADB and UNDP launch report on advancing a just transition

    At the Forum, ESCAP, the Asian Development Bank and the United Nations Development Programme jointly launched the latest edition of the Asia-Pacific SDG Partnership Report 2025, which highlights the critical need for a just transition to green and blue economies. This is a necessary step to addressing climate change while ensuring sustainable development, but it must be fair and inclusive, creating decent work opportunities and leaving no one behind.

    The report reveals that a just transition has the potential to generate millions of new jobs while addressing the risks of disruptions to employment and livelihoods, particularly for workers in carbon-intensive industries, the informal sector and those lacking social protection. It further highlights more than 50 examples of potential solutions and good practices implemented across the region, showcasing how a just transition can be pursued on many fronts as well as scalable and adaptable across diverse national contexts.

    Note:
    The Asia-Pacific Forum on Sustainable Development is hosted annually by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) to assess regional progress on the Sustainable Development Goals and explore solutions to accelerate action. The forum provides a space for countries to identify regional trends, discuss best practices and lessons learned as well as strengthen regional collaboration to ensure no one is left behind.  

    For more information on the 12th APFSD: https://www.unescap.org/events/apfsd12
     
    Access the full Asia-Pacific SDG Partnership Report 2025: https://www.unescap.org/kp/2025/delivering-just-transition-advancing-decent-work-gender-equality-and-social-protection

    MIL OSI – Submitted News

  • MIL-OSI Economics: Hong Kong card payments market to surpass $185 billion in 2025, forecasts GlobalData

    Source: GlobalData

    Hong Kong card payments market to surpass $185 billion in 2025, forecasts GlobalData

    Posted in Banking

    The card payment market in Hong Kong is poised to register 11.0% growth in 2025, reaching HKD1.5 trillion ($186.5 billion), driven by rising consumer spending and growing consumer preference for electronic payments, reveals GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Hong Kong (China SAR) Cards and Payments: Opportunities and Risks to 2028,” reveals that card payment value in Hong Kong registered a growth of 15.7% in 2023, driven by the rise in consumer spending. The value grew further to register an estimated growth of 12.2% in 2024 to reach HKD1.3 trillion ($168.1 billion).

    Shivani Gupta, Senior Banking and Payments Analyst at GlobalData, comments: “Cash payments are on the decline in Hong Kong as electronic methods increasingly gain popularity, supported by a high adult population, rising consumer awareness of electronic payments and a well-established payment infrastructure. This shift in consumer behavior signals a move away from conventional payment approaches to embrace digital alternatives.”

    Among the card types, credit and charge cards accounted for 77.7% share of the overall card payment value in 2024. This is mainly due to the value-added benefits associated with these cards, such as flexible payment options and reward programs.

    Debit cards, on the other hand, account for the remaining 22.3% share. Although debit cards are traditionally preferred for cash withdrawals, they are now increasingly being used for payments as well, especially low-to-medium value transactions. Consumers are embracing debit cards, with the domestic scheme Electronic Payment Service (EPS) driving growth. EPS cards are accepted at over 30,000 merchant locations in Hong Kong and Macau.

    Gupta adds: “Widespread adoption and usage of contactless cards are contributing to overall card payments usage. Consumers and merchants in Hong Kong are increasingly becoming aware of the benefits of contactless cards, leading to their increased usage. According to GlobalData’s 2024 Financial Services Consumer Survey*, over 56% of the respondents in Hong Kong indicated having access to a contactless card and used it for payments.”

    The rising usage of contactless payments for public transport payments is also contributing to card payments growth. For instance, in August 2024, Mastercard announced its integration into the mass transit railway system MTR Corporation’s contactless credit and debit card payment services. This allows Mastercard cardholders to use their contactless payment cards at MTR entry and exit gates when traveling on the MTR heavy rail network, excluding the Airport Express.

    Gupta concludes: “The upward trajectory of Hong Kong’s card payments market is expected to persist in the coming years, driven by the convenience of electronic payments, widespread payment infrastructure, and the increased accessibility of contactless technology. The card payments market is anticipated to increase at a CAGR of 7.3% between 2025 and 2029 to reach HKD1.9 trillion ($247.5 billion) in 2029.”

    *GlobalData’s 2024 Financial Services Consumer Survey was carried out in Q2 2024. Approximately 67,292 respondents aged 18+ were surveyed across 41 countries.

    MIL OSI Economics

  • MIL-OSI Economics: Development Asia: Expanding Access to Housing in Uzbekistan through Market Reforms

    Source: Asia Development Bank

    Through the Mortgage Market Sector Development Program, ADB is providing a $50-million policy-based loan to support mortgage market reforms that will economize the government’s housing subsidy and policy framework and create a conducive environment and infrastructure for market-based mortgage lending. It is also providing a $300-million financial intermediation loan to finance the country’s new mortgage refinancing company that enables domestic commercial banks to provide residential mortgage and housing improvement loans. A technical assistance grant of $800,000 supports the implementation of the program.

    Strengthening the policy, regulatory, and legal framework. Findings from a review of the policy, regulatory, and legal framework for the mortgage finance sector and housing market assessment formed the basis for the design of the program. The study recommended that subsidy arrangements be revised to ensure that higher subsidies are provided to lower income households and regressive subsidies are changed.

    Improving the housing strategy and subsidy framework. ADB provided the Ministry of Economy and Finance recommendations on revising the housing finance and subsidy approach as a result of which the government adopted series of changes to enable gradual transformation of state housing programs toward a market-based principles and improving the subsidy targeting.

    Establishing and operationalizing a wholesale mortgage refinance company. The government established the Uzbekistan Mortgage Refinancing Company with ADB support and equity investment from government and commercial banks. It provides banks with access to local currency long-term funding. The company prefinances and refinances eligible mortgage loans and housing improvement loans issued by participating banks at an interest rate close to market rates.

    To support operationalization of the company, the project tapped the Frankfurt School of Finance & Management and its consulting team of experts, most of them active and retired CEOs and board chairpersons of international and national mortgage refinance corporations including from Armenia, France, Malaysia, and Pakistan. The team prepared the company’s business plan, human resources plan, legal framework, institutional arrangement, internal policies and procedures, list of products and services, and risk management plan. The government believed that the first CEO of the mortgage refinancing company was of utmost importance to building everyone’s confidence in this new institution and was directly involved in vetting and hiring the CEO.

    Expanding and improving data collection. The project supported work on improving housing statistics, introducing a housing price index in Uzbekistan, and developing a mortgage market database and website. International experts provided in-person and on-line training to ministries, banks, and other stakeholders. A new system was introduced to collect housing sector data (i.e., mortgage loans by type, terms, program and other categories) through updates to the annual statistical reporting forms for commercial banks. The collected data is also shared with the Ministry of Finance.

    MIL OSI Economics

  • MIL-OSI: Municipality Finance issues EUR 15 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    25 February 2025 at 10:00 am (EET)

    Municipality Finance issues EUR 15 million notes under its MTN programme 

    Municipality Finance Plc issues EUR 15 million notes on 26 February 2025. The maturity date of the notes is 26 February 2036. MuniFin has a right, but no obligation, to redeem the notes early on 26 February 2026. The notes bear interest at a fixed rate of 3.51% per annum until 26 February 2026, after which the interest is paid at 3.25% per annum, unless MuniFin redeems the notes early.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 26 February 2025.

    Barclays Bank Ireland PLC acts as the dealer for the issue of the notes. 

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the State of Finland.
    The Group’s balance sheet totals over EUR 53 billion.
    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.
    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.
    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. 
    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network

  • MIL-OSI China: China conducts 300-bln-yuan MLF operation to sustain banking liquidity

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

    BEIJING, Feb. 25 — China’s central bank on Tuesday conducted a 300-billion-yuan (about 41.83 billion U.S. dollars) medium-term lending facility (MLF) operation to maintain ample liquidity in the country’s banking system.

    The MLF operation features a one-year maturity period and an interest rate of 2 percent, unchanged from the rate of the previous operation conducted last month, according to a statement on the website of the People’s Bank of China.

    After the latest operation, the outstanding MLF balance stood at 4.09 trillion yuan.

    Tuesday’s operation was a scaled-down rollover, as a total of 500 billion yuan of MLF will mature this month.

    The central bank conducted 1.7 trillion yuan of outright reverse repos in January, which was equivalent to releasing a degree of medium-term liquidity in advance, said Wang Qing, chief macro analyst at Golden Credit Rating.

    At present, medium-term liquidity in the market is kept abundant to support banks in increasing credit supply, facilitate government bond issuance, and stabilize market expectations, the analyst noted.

    MIL OSI China News

  • MIL-OSI USA: Padilla Presses for Answers on DOGE Cuts to Critical Housing Programs and Staff

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    WASHINGTON, D.C. — U.S. Senator Alex Padilla (D-Calif.) and 24 other Senators sounded the alarm on concerning reports that President Trump’s Department of Government Efficiency (DOGE) Task Force will make wide-ranging, harmful cuts hampering the Department of Housing and Urban Development’s (HUD) ability to support vulnerable communities and combat the housing and homelessness crises.

    The DOGE Task Force plans reportedly include laying off 50 percent of its workforce, eliminating half of HUD’s field offices, and gutting critical programs that protect families and people with disabilities from discrimination, help address the housing and homelessness crises, and support communities recovering from disasters. HUD has three field offices in California, and these cuts are especially concerning as Southern California recovers from the devastating fires last month. HUD only recently rebuilt its workforce after a 20 percent drop between 2012 and 2019, and further cuts threaten disaster recovery efforts while delaying housing development.

    “HUD engages in critical work supporting communities in expanding their housing supply, providing rental assistance, and preventing homelessness—work that is urgently important for millions of Americans looking to purchase a home to build generational wealth or find an affordable place to rent,” wrote the Senators. “Axing these offices will handicap the Department’s ability to serve the American public and exacerbate the housing crisis we currently find ourselves in.”

    “DOGE’s actions thus far at other agencies have caused widespread chaos, hampered the ability of agencies to do their work, and provided potentially illegal data access to individuals with conflicts of interest,” continued the Senators. “There is no indication that DOGE’s work at HUD will be any less detrimental.”

    There are also reports that HUD is terminating the Green and Resilient Retrofit Program, which was authorized by Congress to help repair and improve efficiency in homes for families, seniors, and people with disabilities. These funds have already been awarded and obligated to nonprofits and other housing providers to improve more than 30,000 homes all across the country — but now DOGE at HUD is trying to claw these funds back. In 2024, California received five green and resilient retrofit program grants.

    The Senators also expressed confusion and frustration at the lack of transparency surrounding the launch of a HUD DOGE Task Force identifying a purported $260 million in wasteful HUD contracts, and asked HUD Secretary Scott Turner to provide additional information and a precise accounting of the alleged wasteful spending identified by DOGE.

    The letter, led by Senators Angela Alsobrooks (D-Md.), Elizabeth Warren (D-Mass.), and Tina Smith (D-Minn.), was signed by Padilla as well as Senators Richard Blumenthal (D-Conn.), Maria Cantwell (D-Wash.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Chuck Schumer (D-N.Y.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), and Ron Wyden (D-Ore.).

    Senator Padilla believes everyone deserves access to affordable and safe housing and recognizes the need to drastically increase the affordable housing stock to address the homelessness crisis facing California and the country, including to support disaster victims. In the aftermath of the Los Angeles fires, Padilla introduced the bipartisan Disaster Housing Reform for American Families Act to expedite, expand, and improve temporary housing available to victims of disasters like wildfires and storms. Last year, he announced the reintroduction of his Housing for All Act, a comprehensive approach to invest in proven, locally-developed solutions to address the homelessness and affordable housing crises.

    Full text of the letter is available here and below:

    Dear Secretary Turner:

    We write regarding your recent announcement that you have launched a “Department of Government Efficiency” (DOGE) Task Force at the Department of Housing and Urban Development (HUD) and your statement indicating that DOGE has identified $260 million in wasteful contracts at HUD. We are also seeking additional information about alarming reports of HUD’s plans to cancel a program serving families, seniors, and people with disabilities and fire half of its workforce. To address these questions, we request information about DOGE’s involvement at HUD, and the impact it is having on HUD funding and staffing needed to implement its mission.

    HUD engages in critical work supporting communities in expanding their housing supply, providing rental assistance, and preventing homelessness—work that is urgently important for millions of Americans looking to purchase a home to build generational wealth or find an affordable place to rent.

    According to public reports, HUD plans to lay off 50 percent of its workforce. These cuts would eliminate half of HUD’s field offices serving local communities across the country and gut the offices of Fair Housing and Equal Opportunity (FHEO), Policy Development and Research (PD&R), and Community Planning and Development (CPD), which protect families and people with disabilities from discrimination, address our homelessness crisis, and provide resources to communities to tackle our housing shortage and recover from disasters. Axing these offices will handicap the Department’s ability to serve the American public and exacerbate the housing crisis we currently find ourselves in.

    In addition to personnel cuts, you also announced that HUD and DOGE have identified $260 million in savings on wasteful contracts. If this represents legitimate waste, we are happy to work with you to wipe it out. But to date, there has been no transparency about DOGE’s involvement, or what exactly it is finding. We ask that you provide additional information on the allegedly wasteful spending identified by DOGE, and a clear accounting of how these funds have been misused. This is particularly important because, even before implementing any cuts, HUD’s DOGE Task Force is already interfering with the department’s future planning and funding which is critical to boosting our nation’s housing supply. Public reporting suggests that DOGE’s request for information on HUD’s contracts has put all “future funding grants […] effectively on pause.”

    Further, reports indicate HUD is now terminating the Green and Resilient Retrofit Program, which was provided by Congress to help repair and improve efficiency in homes for families, seniors, and people with disabilities. These funds have already been awarded and obligated to nonprofits and other housing providers to improve more than 30,000 homes all across the country.

    But now, HUD is trying to claw these funds back, cancelling signed contracts and breaking its word to residents and owners. Not only is this bad faith, but it also cuts a program that will reduce operating costs and protect families and seniors from the effects of disasters. Without these funds or continued trust in HUD as a reliable partner, some properties in dire need of rehabilitation may opt out of the program and be permanently lost from our country’s already limited stock of affordable housing, in red and blue states alike.

    DOGE’s actions thus far at other agencies have caused widespread chaos, hampered the ability of agencies to do their work, and provided potentially illegal data access to individuals with conflicts of interest. There is no indication that DOGE’s work at HUD will be any less detrimental.

    During your testimony in front of the Senate Committee on Banking, Housing, and Urban Affairs, you spoke about empowering HUD employees and serving HUD’s mission “to create strong and sustainable communities and support quality affordable homes — serving the most vulnerable of our nation.”

    It is not clear how laying off half its staff serves HUD’s mission, or whether the $260 million figure you referred to in your interview represents legitimate waste and abuse. As HUD Secretary, it is your job to ensure that the millions of Americans who rely on HUD can continue to do so without DOGE’s interference.

    As members of the Senate who have authorized and funded HUD’s programs and are responsible for its oversight, it is critical that we understand the scope of DOGE’s activities at HUD. We request that you answer the following questions by February 26, 2025:

    1. How many individuals are currently part of HUD’s DOGE Task Force? Please provide the names of all Task Force members and whether they are considered employees of HUD or any other federal agency.

    2. What are the specific components of the $260 million in contracts that you described in your February 11, 2025, interview on The Charlie Kirk Show? Please provide a list of all contracts that DOGE employees have identified as wasteful and the justification for cancellation.

    3. Do members of the DOGE Task Force have access to any non-public HUD information, including data systems, contracting systems, personnel records, or other legal records? Does this include proprietary Tribal enrollment data submitted for Native American Housing Assistance and Self-Determination Act (NAHASDA) funding?

    4. What steps have you taken to protect Americans’ data and ensure compliance with the Privacy Act?

    5. What are the objectives of the HUD DOGE Task Force and how long will the Task Force be in place?

    6. Has there been any pause or delay in disbursing or obligating HUD funds, including delays in signing grant agreements, since January 20, 2025? Please provide a detailed accounting of any pauses or delays.

    7. Has HUD cancelled – or does HUD intend to cancel – the Green and Resilient Retrofit Program, including terminating or failing to enter into awards or contracts?

    8. Please explain in detail any plans to reduce HUD staffing below the level of staff employed at the agency on January 20, 2025, including:

    a. Current or planned changes in staffing by HUD Office and the reason for any change, including retirement, participation in a Deferred Resignation Program, or other actions;

    b. The number of staff that would be present in each HUD Office after planned changes; and

    c. Whether any programs or functions of HUD would be reduced or eliminated.

    9. Are there any programs, functions, or offices you plan to eliminate at HUD? If so, please provide a list of those programs, functions, or offices. If not, please detail how you intend to perform HUD’s critical functions and prevent mismanagement of funds with the proposed staff reductions.

    As DOGE’s work is already affecting HUD programs and personnel, it is critical that Congress, which funds and oversees HUD activities, understands the full scope of DOGE’s work within HUD immediately. Thank you for your prompt attention to this urgent matter.

    Sincerely,

    MIL OSI USA News

  • MIL-OSI: Inbank unaudited financial results for Q4 and 12 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    In 2024, Inbank exhibited strong growth in total net income and net profit, and completed a landmark significant risk transaction (SRT) with the European Investment Bank Group (EIB). 

    • In 2024, total net income reached 75.5 million euros, increasing by 26% year-on-year, driven by expanding margins and growing portfolio volumes across both the Baltics and CEE regions.
    • The consolidated net profit for the year amounted to 12.2 million euros, growing 20% year-on-year and return on equity (ROE) was 9%. These results were impacted by one-off items, including a 2.46 million euro cost from closing Inbank’s credit card business, 1.34 million euros in capitalised growth advisory and capital raising fees, and extraordinary profit of 0.66 million euros from the sale of stake in financial technology start-up Paywerk. Excluding all these one-off items, Inbank’s normalised net profit for the year grew by 51% year-on-year to 15.4 million euros, resulting in a normalised ROE of 11.3%.  
    • The loan and rental portfolio reached 1.15 billion euros increasing 11% year-on-year, while the deposit portfolio grew by 8% to 1.17 billion euros. At the end of 2024, Inbank’s total assets stood at 1.44 billion euros growing 9% year-on-year.
    • In 2024, Inbank reached a record sales volume of 715 million euros and the company’s Gross Merchandise Value (GMV) grew by 4%. 
    • In 2024, Inbank’s car finance portfolio became the largest product segment growing by 43% to 350 million euros. In terms of GMV the merchant solutions remain Inbank’s largest sales engine, delivering 255 million euros of new volume. Buy-now-pay-later (BNPL) nearly tripled its sales year-on-year to 45 million euros, becoming a mainstream product among Baltic online merchants and PSPs.
    • In 2024 Inbank increased the Effective Interest Rate (EIR) on the portfolio from 10.80% in 2023 to 11.28% in 2024. During the year, Inbank’s funding cost slightly decreased to 4.40% compared to 4.46% a year earlier. As a result, total income margin reached 5.37%, a 23 basis point improvement from 2023.
    • Despite high inflation and a higher interest rate burden for customers over the last couple of years, Inbank’s credit quality has remained stable. The impairment losses to the average credit portfolio increased slightly to 1.65%, which is mostly related to changes in the company’s provisioning methodology.
    • By the end of 2024, Inbank had 872,000 active customer contracts and over 6,000 active retail partners. 

    Results for Q4 2024

    • In Q4 2024, total net income reached a record 20.7 million euros increasing by 28% year-on-year. 
    • The net profit for Q4 declined to 1.4 million euros, which is lower 50% year-on-year, impacted by extraordinary expenses due to closure of credit card business and write-off of advisory fees. The quarterly ROE was 3.7%. However, normalized net profit, excluding one-off items, reached 4.4 million euros, demonstrating a 59% year-on-year growth. The quarterly normalized ROE was 11.9%.
    • The GMV for Q4 reached 191 million euros, marking a 14% increase year-on-year. Quarterly sales growth was primarily driven by the car finance segment, which reached 58.1 million euros, marking a 46% year-on-year increase. Rental services, led by full-service car rentals, also showed strong growth, rising 36% to a quarterly GMV of 21.1 million euros. Merchant solutions remained Inbank’s largest sales segment, with a GMV of 64.2 million euros, although declining 10% year-on-year. 
    • As a result of consistent repricing efforts, Inbank’s loan portfolio EIR reached to 11.63%, compared to 10.83% a year ago. Also, as interest rates declined throughout the year, Inbank’s Q4 funding cost decreased to 4.28% from 4.58% a year ago. Over the year, the company’s margins improved by 70 basis points, with net interest margin rising to 5.77% and the total income margin, which includes rental business, reached 5.63%.  
    • In Q4, Inbank’s impairment losses stood at 2.01%, primarily influenced by slight adjustments in impairment loss modeling methodology during Q3 and Q4. Despite these changes, the underlying portfolio quality remains stable, with no significant changes in the distribution of overdue days compared to previous periods. 

    Priit Põldoja, Chairman of the Management Board, comments on the results:

    “Inbank closed 2024 with a record revenue and sales result. Our GMV for the fourth quarter ended on a strong note, reaching an all-time sales record of 191 million euros, marking a 14% increase year-on-year. We also achieved a record quarterly total income of 20.7 million euros, up 28% from the same period last year. 

    For the full year Inbank recorded a net profit of 12.2 million euros in 2024, which is 20% higher than a year earlier. These results include several one-off events which impacted our annual profit significantly. During the year we focused on improving margins and streamlined our product portfolio by exiting credit card business. Without one-off events Inbank profit increased by 51% to 15.4 million euros. 

    In November, Inbank signed a synthetic securitization transaction with the European Investment Bank Group (EIB). The 147 million euro deal was backed by Inbank’s solar panel loans to private individuals in Poland, marking the first transaction of its kind in the Polish market. This initiative provided Inbank with 11 million euros in CET1 capital relief at the time of execution. Combined with the equity rise in August, Inbank has significantly strengthened its capital base to support future growth.

    As a result of the work done during 2024, Inbank business is more focused, our organization is better aligned and our capital base is stronger entering 2025. In anticipation of a more favorable interest rate environment, and growing consumer confidence in our key markets, we remain committed to driving growth and improving our financial performance in coming years.”

    Key financial indicators as of 31.12.2024 and for Q4

    Total assets EUR 1.44 billion 
    Loan and rental portfolio EUR 1.15 billion 
    Deposit portfolio EUR 1.17 billion 
    Total equity EUR 148 million
    Net profit EUR 1.4 million
    Return on equity 3.7%

    Consolidated income statement (in thousands of euros)

      Q4 2024 Q4 2023 12 months 2024 12 months 2023
    Interest income calculated using effective interest method 32,495 27,249 121,441 98,723
    Interest expense -13,662 -12,841 -53,949 -45,331
    Net interest income 18,833 14,408 67,492 53,392
             
    Fee and commission income 51 114 366 473
    Fee and commission expenses -1,053 -1,137 -4,690 -4,199
    Net fee and commission income/expenses -1,002 -1,023 -4,324 -3,726
             
    Rental income 9,004 6,869 32,435 23,905
    Sale of assets previously rented to customers 3,735 3,571 15,849 14,155
    Other operating income -762 220 42 769
    Cost of rental services -5,729 -4,808 -21,107 -15,896
    Cost of assets sold previously rented to customers -3,558 -3,303 -15,243 -12,556
    Net rental income/expenses 2,690 2,549 11,976 10,377
             
    Net gains/losses from financial assets measured at fair value 186 -90 9 -14
    Foreign exchange rate gain/losses -17 341 365 128
    Net gain/losses from financial items 169 251 374 114
             
    Total net interest, fee and other income and expenses 20,690 16,185 75,518 60,157
             
    Personnel expenses -5,260 -4,476 -19,986 -16,628
    Marketing expenses -885 -848 -3,071 -3,266
    Administrative expenses -5,263 -2,960 -14,547 -11,033
    Depreciations, amortization -2,807 -1,406 -8,513 -6,007
    Total operating expenses -14,215 -9,690 -46,117 -36,934
             
    Share of profit from associates 0 -72 663 250
    Impairment losses on loans and receivables -5,197 -3,235 -16,355 -13,203
    Profit before income tax 1,278 3,188 13,709 10,270
             
    Income tax 100 -412 -1,497 -68
    Profit for the period 1,378 2,776 12,212 10,202
             
    Other comprehensive income that may be reclassified subsequently to profit or loss        
    Currency translation differences -16 -403 -288 -415
    Total comprehensive income for the period 1,362 2,373 11,924 9,787

    Consolidated statement of financial position (in thousands of euros)

      12/31/24 12/31/23
    Assets    
    Cash and cash equivalents 153,191 172,921
    Mandatory reserves at central banks 25,156 21,020
    Investments in debt securities 46,724 33,581
    Financial assets measured at fair value through profit or loss 27 79
    Loans and receivables 1,041,542 942,056
    Investments in associates 0 141
    Other financial assets 4,569 5,268
    Tangible fixed assets 98,069 75,206
    Right of use assets 20,551 26,716
    Intangible assets 31,560 30,906
    Other assets 9,718 8,185
    Deferred tax assets 4,707 4,505
    Total assets 1,435,814 1,320,584
         
    Liabilities    
    Customer deposits 1,171,359 1,081,566
    Financial liabilities measured at fair value through profit or loss 503 50
    Other financial liabilities 59,135 60,927
    Current tax liability 62 311
    Deferred tax liability 533 204
    Other liabilities 4,620 3,691
    Subordinated debt securities 52,046 49,745
    Total liabilities 1,288,258 1,196,494
         
    Equity    
    Share capital 1,152 1,086
    Share premium 54,849 43,563
    Statutory reserve 109 103
    Other reserves 1,329 1,543
    Retained earnings 90,117 77,795
    Total equity 147,556 124,090
         
    Total liabilities and equity 1,435,814 1,320,584

    Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 6,000 merchants, Inbank has 872,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

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

    Attachment

    The MIL Network

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 25, 2025

    Source: Reserve Bank of India

    Tenor 2-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of bids received (in ₹ crore) 1,15,440
    Amount allotted (in ₹ crore) 75,012
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.26
    Partial Allotment Percentage of bids received at cut off rate (%) 59.18

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2249

    MIL OSI Economics

  • MIL-OSI Australia: Active transport boost for New South Wales

    Source: Australian Ministers 1

    People living in NSW will have more opportunities to walk, cycle and actively move through their communities thanks to support from the Albanese Government. 

    $16 million will be invested in 10 projects across NSW to build new or upgrade existing bicycle and walking paths.

    Lake Macquarie City Council will receive $1.3 million to construct a shared path from Soldiers Road to Lake Macquarie Airport via Pacific Highway. The approximately 280m of shared path will provide the missing link between existing shared user paths and will deliver improved road safety with a designated path for pedestrian  and cyclists separate from traffic on the road.   

    Further north, in Bellingen $3.36 million will be invested to design and construct 2940m of shared paths and footpaths from South Urunga Urban Release Area to Urunga CBD. A favourite location for tourists and locals, the new paths will make the area safer and more accessible.   

    The Brewarrina Shire Council will receive $3 million for the design and construction of four pedestrian and cycle paths to connect the Brewarrina Township to the Barwon River. The project will also include solar-powered lighting, shaded rest areas and seating. 

    Other projects receiving funding include:

    • Over $2 million for Blue Mountains City Council to construct a shared path from White Cross Road, Winmalee to Hawkesbury Heights Lookout.
    • $88,000 for Port Macquarie Hastings Council to construct a footpath at St Agnes Primary School.  
    • $877,000 for Canterbury-Bankstown Council to design and construct a cycleway at Phillips Avenue, Canterbury. 
    • $2.9 million for the Wilson Street West Cycleway in Newtown to be delivered by Transport for NSW. 
    • $781,000 for Lake Macquarie City Council to design and construct a shared path in Cooranbong. 
    • $1 million for the Goodooga Town Centre to Bore Baths Connection Project in Brewarrina. 
    • $596,000 for the design and construction for a footpath and pedestrian crossings along Palace Street, Petersham. 

    The Albanese Government is making our cities and regions even better places to live, building social infrastructure, connecting place and designing healthier, more liveable towns. 

    Our new Active Transport Fund is one part of this, providing safe and accessible transport options that are good for the planet and good for ourselves.  

    This program supports the Government’s commitment to invest in infrastructure planning, design and construction that improves safety outcomes for vulnerable road users under the National Road and Safety Strategy 2021-2030. 

    For more information visit: investment.infrastructure.gov.au/resources-funding-recipients/active-transport-fund-resources

    Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

    “From the Blue Mountains to Bellingen, we’re investing in active transport options right across New South Wales to shape the way locals and visitors move around our great towns. 

     “Whether you’re on a motor scooter, pushing a pram, walking or cycling, we’re making it easier for people to get to school, work or local services, without having to jump in the car. 

    Quotes attributable to Federal Member for Shortland Pat Conroy: 

    “This is about so much more than bike lanes and footpaths, it’s about increasing mobility for all our citizens. It will also improve safety and accessibility for the residents of Pelican and everyone who visits our beautiful part of the world.”

    MIL OSI News

  • MIL-OSI Asia-Pac: President Lai meets Japanese House of Representatives Member Tamaki Yuichiro

    Source: Republic of China Taiwan

    Details
    2025-02-21
    President Lai meets Abe Akie, wife of late Prime Minister Abe Shinzo of Japan
    On the morning of February 21, President Lai Ching-te met with Abe Akie, the wife of late Prime Minister Abe Shinzo of Japan. In remarks, President Lai thanked Mrs. Abe for carrying on the legacy of former Prime Minister Abe, being a benevolent and determined force for regional peace and prosperity, and calling on all parties to continue to place attention on peace in the Taiwan Strait. The president stated that Taiwan will carry on the legacy and spirit of former President Lee Teng-hui and former Prime Minister Abe, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. A translation of President Lai’s remarks follows: Last May, Mrs. Abe came to Taiwan to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao, and we reminisced about the past here at the Presidential Office. I would like to warmly welcome her back today. I am also delighted to be meeting with all guests in attendance. Yesterday, Mrs. Abe and I attended the opening of the very first Halifax Taipei forum, for which Mrs. Abe also delivered a keynote speech earlier today. In her speech, she offered valuable input on global security and democratic development. I would like to thank Mrs. Abe for making this special trip to Taiwan to take part, showing her strong support for Taiwan. Former Prime Minister Abe pioneered the vision of a free and open Indo-Pacific, and called on the international community to pay attention to peace and stability in the Taiwan Strait and Indo-Pacific. These have become common strategic goals of democratic countries around the world and will have a far-reaching influence over international developments and Taiwan’s security. They were important contributions that former Prime Minister Abe made in regard to the Taiwan Strait and the Indo-Pacific region. Recently, current Prime Minister of Japan Ishiba Shigeru and United States President Donald Trump held a meeting and jointly reiterated the importance of peace and stability across the Taiwan Strait, as well as opposed unilateral changes to the status quo by force or coercion. They also expressed support for Taiwan’s participation in international organizations. This shows that Prime Minister Ishiba is furthering the legacy of former Prime Minister Abe. We are very grateful for the former prime minister’s friendship toward Taiwan, and to Mrs. Abe for carrying on his legacy. Mrs. Abe is a benevolent and determined force for regional peace and prosperity, and has called on all parties at numerous public venues to continue to place attention on peace in the Taiwan Strait. Last December, for instance, she traveled at the invitation of President Trump and his wife to the US, where she addressed cross-strait issues and spoke up for Taiwan. We were deeply moved by this. As authoritarian states continue to expand, Taiwan will keep working alongside like-minded nations such as Japan and the US, as well as the European Union, to jointly contribute to regional and global peace and prosperity. I look forward to continued advancement of regional peace and prosperity with the help of Mrs. Abe’s efforts. Mrs. Abe will also be meeting with daughter of former President Lee and Lee Teng-hui Foundation Chairperson Annie Lee (李安妮) tomorrow. Former President Lee and former Prime Minister Abe were both fully devoted to promoting Taiwan-Japan relations. We will carry on their legacy and spirit, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. In closing, I wish you all a smooth and successful visit. Mrs. Abe then delivered remarks, first expressing her sincere thanks to President Lai for taking the time to meet. She said that former Prime Minister Abe hailed from Yamaguchi Prefecture, and that accompanying her that day were House of Councillors Member Kitamura Tsuneo, Yamaguchi Prefecture Governor Muraoka Tsugumasa, Yamaguchi Prefectural Assembly Deputy Speaker Shimata Noriaki, and many other important figures from Yamaguchi. If former Prime Minister Abe’s spirit could look upon this scene, she said, he would certainly be very pleased. Mrs. Abe recalled that when the former prime minister passed away, then-Vice President Lai traveled to their official residence to express his condolences and pay tribute. She said that she will never forget such a gesture of deep friendship, heartfelt condolences, and care. The year before last, she indicated, a memorial photo exhibition for former Prime Minister Abe was held in Taiwan, and many Taiwanese people from all walks of life came to view it. Last year, Mrs. Abe continued, she had the privilege of attending President Lai’s inauguration ceremony, where she met with many friends from Taiwan and personally felt the close and beautiful ties that Taiwan and Japan share. Mrs. Abe stated that she will carry out the wishes of former Prime Minister Abe and do her utmost to help raise Taiwan-Japan relations to new heights, saying that she looks forward to hearing the advice that President Lai and all those present have to offer. The delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-02-21
    President Lai attends opening of 2025 Halifax Taipei forum
    On the afternoon of February 20, President Lai Ching-te attended the opening of the 2025 Halifax Taipei forum. In remarks, President Lai thanked the Halifax International Security Forum for their strong support for Taiwan, and for having chosen Taiwan as the first location outside North America to hold a forum. Noting that we face a complex global landscape, the president called on the international community to take action. He said that as authoritarianism consolidates, democratic nations must also come closer in solidarity, and called on the international community to create non-red global supply chains, as well as unite to usher in peace. President Lai emphasized that Taiwan will work toward maintaining peace and stability in the Taiwan Strait, and collaborate with democratic partners to form a global alliance for the AI chip industry and together greet a bright, new era. A transcript of President Lai’s remarks follows: To begin, I want to give a warm welcome to all the distinguished guests here at the very first Halifax Taipei forum. The Halifax International Security Forum, held every year in Canada, has been an important gathering for freedom-loving nations worldwide. I would like to thank Halifax and President [Peter] Van Praagh for their strong support for Taiwan. Every year since 2018, Taiwan has been invited to participate in the forum. Last year, former President Tsai Ing-wen was invited to speak, and this year, Halifax has chosen Taiwan as the first location outside North America to hold a forum. As President Van Praagh has said, “While the security challenges ahead are too big for any single country to solve alone, there is no challenge that can’t be met when the world’s democracies work together.” Today, we have world leaders and experts who traveled from afar to be here, showing that they value and support Taiwan. It demonstrates solidarity among democracies and the determination to take on challenges as one. I would like to express my gratitude and admiration to all of you for serving as defenders of freedom. At this very moment, Russia’s invasion of Ukraine is still ongoing. Authoritarian regimes including China, Russia, North Korea, and Iran continue to consolidate. China is hurting economies around the world through its dumping practices. We face grave challenges to global economic order, democracy, freedom, peace, and stability. Taiwan holds a key position on the first island chain, directly facing an authoritarian threat. But we will not be intimidated. We will stand firm and safeguard our national sovereignty, maintain our free and democratic way of life, and uphold peace and stability across the Taiwan Strait. Taiwan cherishes peace, but we also have no delusions about peace. We will uphold the spirit of peace through strength, using concrete actions to build a stronger Taiwan and bolster the free and democratic community. I sincerely thank the international community for continuing to attach importance to the situation in the Taiwan Strait. Recently, US President Donald Trump and Japan’s Prime Minister Ishiba Shigeru issued a joint leaders’ statement expressing their firm support for peace and stability across the Taiwan Strait, and for Taiwan’s participation in international affairs. As we face a complex global landscape, I call on the international community to take the following actions: First, as authoritarianism consolidates, democratic nations must also come closer in solidarity. Just a few days ago, the top diplomats of the US, Japan, and South Korea held talks, underlining the importance of maintaining peace and stability across the Taiwan Strait. They also conveyed their stance against “any effort to destabilize democratic institutions, economic independence, and global security.” On these issues, Taiwan will also continue to contribute its utmost. I recently announced that we will prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP.  Soon after I assumed office last year, I formed the Whole-of-Society Defense Resilience Committee at the Presidential Office. This committee aims to combine the strengths of government and civil society to enhance our resilience in national defense, economic livelihoods, disaster prevention, and democracy. We will also deepen our strategic partnerships in the democratic community to mutually increase defense resilience, demonstrate deterrence, and achieve our goal of peace throughout the world. Second, let’s create non-red global supply chains.  For the democratic community to deter the expansion of authoritarianism, it must have strong technological capabilities. These can serve as the backbone of national defense, promote industrial development, and enhance economic resilience. So, in addressing China’s red supply chain and the impact of its dumping, Taiwan is willing and able to work with global democracies to maintain the technological strengths among our partners and build resilient non-red supply chains. As a major semiconductor manufacturing nation, Taiwan will introduce an initiative on semiconductor supply chain partnerships for global democracies. We will collaborate with our democratic partners to form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. The achievements of today’s semiconductor industry in Taiwan can be attributed to our collective efforts. Government, industry, academia, and research institutions had to overcome various challenges over the last 50 years for us to secure this position.  We hope Taiwan can serve as a base for linking the capabilities of our democratic partners so that each can play a suitable role in the semiconductor industry chain and develop its own strengths, deepening our mutually beneficial cooperation in technology. This benefits all of us. Moreover, it allows us to further enhance deterrence and maintain global security. Third, let’s unite to usher in peace. China has not stopped intimidating Taiwan politically and militarily. Last year, China launched several large-scale military exercises in the Taiwan Strait. Its escalation of gray-zone aggression now poses a grave threat to the peace and stability of the Indo-Pacific region. As a responsible member of the international community, Taiwan will maintain the status quo. We will not seek conflict. Rather, we are willing to engage in dialogue with China, under the principles of parity and dignity, and work toward maintaining peace and stability in the Taiwan Strait. As the agenda of this forum suggests, democracy and freedom create more than just opportunities; they also bring resilience, justice, partnerships, and security. Taiwan will continue working alongside its democratic partners to greet a bright, new era. Once again, a warm welcome to all of you. I wish this forum every success. Thank you. Also in attendance at the event were Mrs. Abe Akie, wife of the late former Prime Minister Abe Shinzo of Japan, and Halifax International Security Forum President Van Praagh.

    Details
    2025-02-21
    President Lai meets British-Taiwanese All-Party Parliamentary Group delegation
    On the morning of February 18, President Lai Ching-te met with a delegation from the British-Taiwanese All-Party Parliamentary Group (APPG). In remarks, President Lai thanked the delegation members, the Parliament of the United Kingdom, and the UK government for continuing to demonstrate support for Taiwan through a variety of means. He also stated that Taiwan-UK relations have advanced significantly in recent years, noting that the Taiwan-UK Enhanced Trade Partnership (ETP) is the first institutionalized economic and trade framework signed between Taiwan and any European country. The president said he looks forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability, and indicated that together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. A translation of President Lai’s remarks follows: This is the first UK parliamentary delegation of the current session to visit Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. APPG Chair Sarah Champion visited Taiwan last May to attend the inauguration ceremony of myself and Vice President Bi-khim Hsiao. In July, she also attended the annual summit of the Inter-Parliamentary Alliance on China (IPAC), which was held in Taipei. I am delighted that we are meeting once again. Taiwan-UK relations have advanced significantly in recent years. I would especially like to thank our distinguished guests, as well as the UK Parliament and government, for continuing to demonstrate support for Taiwan through a variety of means. For example, the House of Commons held a debate on Taiwan’s international status last November. After the debate, a motion was unanimously passed affirming that United Nations General Assembly (UNGA) Resolution 2758 does not mention Taiwan. Responding to the motion, Parliamentary Under-Secretary of State Catherine West stated that the UK opposes any attempt to broaden the interpretation of the resolution to rewrite history. This highlighted concrete progress in Taiwan-UK bilateral relations. I would also like to thank the UK Parliament and government for openly opposing on multiple occasions any unilateral change to the status quo across the Taiwan Strait, and for emphasizing that the security of the Indo-Pacific and transatlantic regions is closely intertwined. We look forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability. Together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. For example, the Taiwan-UK ETP is the first institutionalized economic and trade framework signed between Taiwan and any European country. We hope to swiftly conclude negotiations on signing sub-arrangements on investment, digital trade, and energy and net-zero transition. This will facilitate even more exchanges and cooperation between Taiwan and the UK. We also hope that the UK will continue to support Taiwan’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Together, we can build even more resilient global supply chains and further contribute to global prosperity and development. I believe that this visit adds to a strong and solid foundation for future Taiwan-UK cooperation. Thank you once again for backing Taiwan. I wish you a fruitful and successful visit. Chair Champion then delivered remarks, thanking President Lai for his warm welcome and for the hospitality he has shown to her and the delegation, and thanking Taiwan’s excellent team of officials for their care and attention. Chair Champion expressed that she thinks the IPAC conference held in Taiwan at the end of July last year was very significant, with legislators from 23 countries coming to show support for Taiwan, adding that that is something they have built on since the conference. She stated that she is also very proud that the UK Parliament supported the motion which made very clear that UNGA Resolution 2758 is specific to China and only to China, expressing that it was important and powerful that they recognize that. The chair went on to say that after the UK’s general election, more than half of the members of parliament are now new. She said she is very proud that there are new MPs as part of the delegation, and that she hopes it gives President Lai reassurance that their commitment to Taiwan is still there.  Chair Champion emphasized that the all-party group is important because it is indeed all-party, and that they work together for their common interests, stating that the common interest for the UK and for the world is to maintain Taiwan’s sovereignty. She also noted that the United States has now come out very much in support of Taiwan, which she said she hopes encourages other countries around the world to do the same. Chair Champion said that the UK will be going into the 27th trade negotiation with Taiwan, and that they hope the partnership that develops is very fruitful. The chair closed by saying that it is wonderful for the delegation to be meeting President Lai, as well as legislators and ministers, and to be understanding more about the culture of Taiwan so that they can build a deeper, longer-lasting friendship. The delegation also included Lord Purvis of Tweed of the House of Lords and Members of Parliament Ben Spencer, Helena Dollimore, Noah Law, and David Reed. The delegation was accompanied to the Presidential Office by Political and Communications Director at the British Office in Taipei Natasha Harrington.  

    Details
    2025-02-21
    President Lai meets former United States Deputy National Security Advisor Matthew Pottinger
    On the morning of February 17, President Lai Ching-te met with a delegation led by former United States Deputy National Security Advisor Matthew Pottinger. In remarks, President Lai thanked the delegation for demonstrating staunch support for Taiwan through their visit. The president pointed out that increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. He emphasized that only by bolstering our defense capabilities can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. The president stated that moving forward, Taiwan will continue to enhance its self-defense capabilities. He also expressed hope of strengthening the Taiwan-US partnership and jointly building secure and resilient non-red supply chains so as to ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. A translation of President Lai’s remarks follows: I am delighted to welcome our good friends Mr. Pottinger and retired US Rear Admiral Mr. Mark Montgomery to Taiwan once again. Last June, Mr. Pottinger and Mr. Ivan Kanapathy came to Taiwan to launch their new book The Boiling Moat. During that visit, they also visited the Presidential Office. We held an extensive exchange of views on Taiwan-US relations and regional affairs right here in the Taiwan Heritage Room. Now, as we meet again eight months later, I am pleased to learn that Mr. Kanapathy is now serving on the White House National Security Council. The Mandarin translation of The Boiling Moat is also due to be released in Taiwan very soon. This book offers insightful observations from US experts regarding US-China-Taiwan relations and valuable advice for the strengthening of Taiwan’s national defense, security, and overall resilience. I am sure that Taiwanese readers will benefit greatly from it. I understand that this is Mr. Montgomery’s fourth visit to Taiwan and that he has long paid close attention to Taiwan-related issues. I look forward to an in-depth discussion with our two friends on the future direction of Taiwan-US relations and cooperation. Increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. One notion we all share is peace through strength. That is, only by bolstering our defense capabilities and fortifying our defenses can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. Moving forward, Taiwan will continue to enhance its self-defense capabilities. We also hope to strengthen the Taiwan-US partnership in such fields as security, trade and the economy, and energy. In addition, we will advance cooperation in critical and innovative technologies and jointly build secure and resilient non-red supply chains. This will ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. We believe that closer Taiwan-US exchanges and cooperation not only benefit national security and development but also align with the common economic interests of Taiwan and the US. I want to thank Mr. Pottinger and Mr. Montgomery once again for visiting and for continuing to advance Taiwan-US exchanges, demonstrating staunch support for Taiwan. Let us continue to work together to deepen Taiwan-US relations. I wish you a smooth and fruitful visit.  Mr. Pottinger then delivered remarks, first congratulating President Lai on his one-year election anniversary and on the state of the economy, which, he added, is doing quite well. Mentioning President Lai’s recent statement pledging to increase Taiwan’s defense budget to above 3 percent of GDP, Mr. Pottinger said he thinks that the benchmark is equal to what the US spends on its defense and that it is a good starting point for both countries to build deterrence. Echoing the president’s earlier remarks, Mr. Pottinger said that peace through strength is the right path for the US and for Taiwan right now at a moment when autocratic, aggressive governments are on the march. He then paraphrased the words of former US President George Washington in his first inaugural address, saying that the best way to keep the peace is to be prepared at all times for war, which captures the meaning of peace through strength. In closing, he said he looks forward to exchanging views with President Lai.

    Details
    2025-02-21
    President Lai meets Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini
    On the afternoon of February 11, President Lai Ching-te met with a delegation led by Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini. In remarks, President Lai thanked Eswatini for continuing to support Taiwan’s international participation at international venues. The president stated that Taiwan and Eswatini work closely in such areas as agriculture, the economy and trade, education, and healthcare, and expressed hope that the two countries will continue to support each other on the international stage and strive together for the well-being of both peoples.  A translation of President Lai’s remarks follows: I warmly welcome our distinguished guests to the Presidential Office. Deputy Prime Minister Dladla previously visited Taiwan while serving as minister of foreign affairs. This is her first time leading a delegation here as deputy prime minister. I want to extend my sincerest welcome. Deputy Prime Minister Dladla has earned a high degree of recognition and trust from His Majesty King Mswati III. She was not only Eswatini’s first woman foreign minister, but is also the second woman to have held her current key position. She shows an active interest in people’s welfare, and has a reputation for being deeply devoted to her compatriots. I have great admiration for this. I am truly delighted to meet with Deputy Prime Minister Dladla today. I would like to take this opportunity to once again express my gratitude to His Majesty the King for leading a delegation to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao last year. This demonstrated the close diplomatic ties between our countries. I also want to thank Eswatini for continuing to support Taiwan’s international participation at international venues. I would ask that when Deputy Prime Minister Dladla returns to Eswatini, she conveys Taiwan’s greetings and gratitude to His Majesty the King and Her Majesty the Queen Mother Ntombi Tfwala. Diplomatic ties between Taiwan and Eswatini have endured for over half a century. Our two nations have continued to work closely in such areas as agriculture, the economy and trade, education, and healthcare. Our largest collaboration to date has been assisting Eswatini in the construction of a strategic oil reserve facility. We will continue to push forward with this project, and look forward to achieving even greater results in all areas. I understand that Deputy Prime Minister Dladla is very concerned about issues regarding gender equality and women’s empowerment. During her term as foreign minister, she facilitated bilateral cooperation in those areas. Now, as deputy prime minister, she is actively attending to the disadvantaged and advancing social welfare. These policies are very much in line with the priorities of my administration. I look forward to strengthening cooperation with Deputy Prime Minister Dladla for the benefit of both our societies. Taiwan and Eswatini are peace-loving nations. Faced with a constantly changing international landscape and the growing threat posed by authoritarianism, we hope that our two countries will continue to support each other on the international stage and strive together for the well-being of both our peoples. In closing, I wish Deputy Prime Minister Dladla and our distinguished guests a pleasant and successful visit. Deputy Prime Minister Dladla then delivered remarks, first greeting President Lai on behalf of the King, the Queen Mother, and the people of Eswatini, and extending gratitude for the warm reception afforded to her and her delegation, which underscores the strong bonds of friendship between our two nations. The deputy prime minister stated that, in reflecting on the fruits of our partnership, the evidence of Taiwan’s commitment to Eswatini is all around us. The strategic oil reserve project launching in April, she indicated, will redefine Eswatini’s energy security, and the Central Bank complex and electrification project stand as monuments of Taiwan’s vision for Eswatini’s progress and indicate that our partnerships are very strong. Deputy Prime Minister Dladla pointed out that education is the foundation of any nation’s progress, and that Taiwan’s contribution to Eswatini’s education sector cannot be overstated. Through Ministry of Foreign Affairs scholarship programs, she said, Eswatini has sent numerous students to Taiwan, where they’ve received world-class education in various disciplines, including engineering, business, and medicine. In turn, she said, these graduates are now contributing to the development of Eswatini. The deputy prime minister stated that Taiwan has also strengthened Eswatini’s industrial and technological sectors, with collaborations and partnerships that create new opportunities for employment and innovation, and that Taiwan’s technical and medical assistance has strengthened Eswatini’s healthcare systems and uplifted the expertise of its professionals. Deputy Prime Minister Dladla also congratulated President Lai once again on his presidency, which she stated will lead Taiwan to new heights, adding that His Majesty coming to Taiwan personally for the inauguration was a resounding declaration of Eswatini’s enduring support for Taiwan’s sovereignty, stability, and rightful place on the world stage. She emphasized that Eswatini stands with Taiwan always and unwaveringly. In conclusion, the deputy prime minister stated that Eswatini fully agrees with Taiwan that we must all safeguard our national sovereignty and protect the lives and property of our people. She said that our common enemy will always be poverty and natural disasters, but against all odds, we will stand united, and we shall remain united and be one. The delegation was accompanied to the Presidential Office by Eswatini Ambassador Promise Sithembiso Msibi.

    Details
    2025-02-14
    President Lai holds press conference following high-level national security meeting
    On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: F. Cleo Kawawaki Appointed as Director General for ADB’s New Sectors Department 2

    Source: Asia Development Bank

    MANILA, PHILIPPINES (25 February 2025) — The Asian Development Bank (ADB) has appointed F. Cleo Kawawaki as Director General for the newly-formed Sectors Department 2, which will manage operations for the agriculture, food, nature, rural development, water, urban development, and digital sectors. 

    “With climate change, the private sector shift, and digitization as ADB’s priorities, I am excited and honored by this assignment and the opportunity to help ensure that these shifts contribute to the sustainable growth of our developing member countries,” said Ms. Kawawaki. “As ADB strives to achieve its ambitious corporate Strategy 2030, my task will be to ensure maximum efficiency and effectiveness in delivering benefits to our member countries that have a lasting positive impact on communities and economies utilizing the full menu of solutions that ADB has under one roof.”

    Ms. Kawawaki has more than 35 years of professional work experience, including over 24 years at ADB and 11 years in investment banking. She will continue to head ADB’s Office of Markets Development and Public-Private Partnership, which supports private sector-led growth in the region. She is a former Deputy Director General of ADB’s Southeast Asia Department and has held senior roles in ADB’s Central and West Asia Department including energy sector director.

    ADB introduced a new operating model in 2022 to better serve the rapidly changing needs of its developing member countries. To support this mandate, the Sectors Group was restructured into three distinct Sector Departments, ensuring a balanced spread of responsibilities. The realignment will enhance managerial oversight, improve operational efficiency, and ensure more effective leadership across all functions.

    ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.

    MIL OSI Economics

  • MIL-OSI Economics: Money Market Operations as on February 24, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,96,672.53 6.26 5.00-6.53
         I. Call Money 16,262.22 6.33 5.15-6.45
         II. Triparty Repo 4,15,094.95 6.24 6.00-6.50
         III. Market Repo 1,63,441.16 6.29 5.00-6.53
         IV. Repo in Corporate Bond 1,874.20 6.45 6.45-6.46
    B. Term Segment      
         I. Notice Money** 249.35 6.19 5.70-6.35
         II. Term Money@@ 537.00 6.40-7.25
         III. Triparty Repo 4,250.00 6.40 6.33-6.45
         IV. Market Repo 1,940.23 6.44 6.35-6.61
         V. Repo in Corporate Bond 400.00 6.72 6.72-6.72
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Mon, 24/02/2025 1 Tue, 25/02/2025 36,775.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Mon, 24/02/2025 1 Tue, 25/02/2025 2,400.00 6.50
    4. SDFΔ# Mon, 24/02/2025 1 Tue, 25/02/2025 78,791.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -39,616.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 21/02/2025 14 Fri, 07/03/2025 41,046.00 6.26
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 21/02/2025 45 Mon, 07/04/2025 57,951.00 6.26
      Fri, 14/02/2025 49 Fri, 04/04/2025 75,003.00 6.28
      Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,095.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     2,33,105.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,93,489.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 24, 2025 9,08,199.10  
         (ii) Average daily cash reserve requirement for the fortnight ending March 07, 2025 9,22,740.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 24, 2025 36,775.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on February 07, 2025 -1,973.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2248

    MIL OSI Economics

  • MIL-OSI China: China conducts 300-billion-yuan MLF operation to sustain banking liquidity

    Source: China State Council Information Office

    China’s central bank on Tuesday conducted a 300-billion-yuan (about 41.83 billion U.S. dollars) medium-term lending facility (MLF) operation to maintain ample liquidity in the country’s banking system.

    The MLF operation features a one-year maturity period and an interest rate of 2 percent, unchanged from the rate of the previous operation conducted last month, according to a statement on the website of the People’s Bank of China.

    After the latest operation, the outstanding MLF balance stood at 4.09 trillion yuan.

    MIL OSI China News

  • MIL-OSI Economics: 2025 Asia–Pacific SDG Partnership Report—Delivering a Just Transition: Advancing Decent Work, Gender Equality, and Social Protection

    Source: Asia Development Bank

    Produced by ADB, the Economic and Social Commission for Asia and the Pacific, and the United Nations Development Programme, the report looks at workforce disruption and underscores the need to boost training, improve social protection, and target gender equality. It highlights how sectors including renewable energy and sustainable fisheries can create jobs and why digitalization and innovative financing mechanisms are key to pushing countries toward the 2030 Sustainable Development Goals.

    MIL OSI Economics

  • MIL-OSI Video: You ask, we answer: careers, inflation and cooperation

    Source: European Central Bank (video statements)

    Your questions answered: whether it’s about careers at the ECB, how our work affects people and businesses, or how we plan to tackle global challenges, we tackle listeners’ questions in this #AskECB episode of The ECB Podcast.

    Join our host Stefania Secola as she talks to colleagues Eglantine Devaux and Gabriel Glöckler.

    The views expressed are those of the speakers and not necessarily those of the European Central Bank.

    Published on 25 February 2025 and recorded on 20 February 2025.

    In this episode:
    00:36 Your questions answered
    You, our listeners, sent us your burning questions on social media. What did you want to know? And who do we have onboard to answer your questions?

    01:54 Working at the European Central Bank
    What does it take to join the team? How do we nurture and grow talent? And what are the advantages of working in such a diverse environment?

    08:34 Small businesses and consumers
    How do our monetary policy decisions affect small businesses and consumers? How does this relate to our mission? We tackle these questions by looking at the example of a garden centre.

    08:54 Stable, predictable changes in prices
    How do we keep prices stable? What tools do we have available? And how does our price stability objective help motivate us?

    14:47 Facing global economic challenges
    What challenges lie ahead? How can we respond to uncertainty, geopolitical tensions and a changing climate?

    16:19 The challenge posed by tariffs
    How will tariffs impact our economies, and what about inflation?

    18:27 Europe’s potential
    What opportunities can we harness as Europeans? And what could they mean for our economy?

    22:43 Communication among central banks worldwide
    How do we work together? Are there particular structures in place? And what topics do we discuss?

    27:49 Our guests’ hot tips
    Eglantine and Gabriel share their hot tips with our listeners.

    Further reading:
    ECB vacancies
    https://talent.ecb.europa.eu/careers

    Graduate programme
    https://www.ecb.europa.eu/careers/what-we-offer/graduate/html/index.en.html

    Traineeship
    https://www.ecb.europa.eu/careers/what-we-offer/traineeship/html/index.en.html

    What we offer
    https://www.ecb.europa.eu/careers/what-we-offer/benefits/html/index.en.html

    IMF – Ask an Economist https://m.youtube.com/playlist?list=PLmYAE4wV1YQzDbnDZlNJoqMhIDUQpEPTZ

    IMF – Back to Basics https://m.youtube.com/playlist?list=PLmYAE4wV1YQyRb6H1_XJWY73HJVdR6oBX

    IMF- Analyze This! https://m.youtube.com/playlist?list=PLmYAE4wV1YQz_LzOLaKTpDWyH93SNuF7x

    IMF – Charts in Motion https://m.youtube.com/playlist?list=PLmYAE4wV1YQz6xXWx5eB7uT9zE-4KcmAZ

    ECB – Espresso Economics
    https://www.youtube.com/@Espresso_Economics

    ECB Instagram
    https://www.instagram.com/europeancentralbank/

    European Central Bank
    www.ecb.europa.eu

    ECB Banking Supervision
    https://www.bankingsupervision.europa.eu/home/html/index.en.html

    https://www.youtube.com/watch?v=N9slWx4FR28

    MIL OSI Video