NewzIntel.com

Category: Banking

  • MIL-OSI Australia: Visit to G20 Finance Ministers and Central Bank Governors meeting in South Africa

    Source: Australian Treasurer

    This week, I will be representing the Treasurer in Cape Town at the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under South Africa’s 2025 G20 Presidency.

    At the G20, Australia engages with the world’s largest economies and adds our voice to the global conversation.

    Against a backdrop of global uncertainty, there is a greater impetus for international macroeconomic cooperation through the G20.

    This meeting will be an opportunity to discuss with fellow Finance Ministers the global economic outlook, sustainable development, combating inequality, and strengthening our international institutions.

    The Albanese Government is working productively with international colleagues to tackle shared challenges.

    MIL OSI News –

  • MIL-OSI China: Announcement on Open Market Operations No.36 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.36 [2025]

    (Open Market Operations Office, February 24, 2025)

    In order to keep the liquidity adequate in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB292.5 billion through quantity bidding at a fixed interest rate on February 24, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB292.5 billion

    1.50%

    Date of last update Nov. 29 2018

    2025年02月24日

    MIL OSI China News –

  • MIL-OSI Banking: Money Market Operations as on February 21, 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) 5,63,402.46 6.20 5.15-6.60
         I. Call Money 12,495.25 6.29 5.15-6.60
         II. Triparty Repo 3,88,401.35 6.18 5.85-6.29
         III. Market Repo 1,60,631.66 6.26 5.70-6.50
         IV. Repo in Corporate Bond 1,874.20 6.46 6.45-6.50
    B. Term Segment      
         I. Notice Money** 289.10 6.34 5.80-6.40
         II. Term Money@@ 129.50 – 6.50-6.65
         III. Triparty Repo 100.00 6.35 6.35-6.35
         IV. Market Repo 414.85 6.61 6.45-6.64
         V. Repo in Corporate Bond 0.00 – –
      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 Fri, 21/02/2025 14 Fri, 07/03/2025 41,046.00 6.26
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Fri, 21/02/2025 3 Mon, 24/02/2025 94,927.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 21/02/2025 45 Mon, 07/04/2025 57,951.00 6.26
         (b) Reverse Repo          
    3. MSF# Fri, 21/02/2025 1 Sat, 22/02/2025 360.00 6.50
      Fri, 21/02/2025 2 Sun, 23/02/2025 0.00 6.50
      Fri, 21/02/2025 3 Mon, 24/02/2025 140.00 6.50
    4. SDFΔ# Fri, 21/02/2025 1 Sat, 22/02/2025 1,10,442.00 6.00
      Fri, 21/02/2025 2 Sun, 23/02/2025 2.00 6.00
      Fri, 21/02/2025 3 Mon, 24/02/2025 25,546.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       58,434.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo 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 (-)]*     1,34,108.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,92,542.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 21, 2025 8,95,393.80  
         (ii) Average daily cash reserve requirement for the fortnight ending February 21, 2025 9,12,240.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 21, 2025 1,66,565.00  
    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: 2024-2025/2233

    MIL OSI Global Banks –

  • MIL-OSI Economics: New ADB President Masato Kanda Assumes Office

    Source: Asia Development Bank

    MANILA, PHILIPPINES (24 February 2025) —Masato Kanda officially assumed office as the 11th President of the Asian Development Bank (ADB) today.

    “I am deeply honored to take on the role of ADB President at this important moment for our region,” Mr. Kanda said. “With the trust of our 69 members and strong support of our dedicated staff, I am committed to advancing ADB’s mission to promote sustainable, inclusive, and resilient growth. Together, we will respond to pressing development challenges, ensuring that ADB remains the partner of choice for the region.”

    Mr. Kanda succeeds Masatsugu Asakawa, continuing a legacy of excellence and innovation. With nearly four decades of experience in international finance and development policy, Mr. Kanda is widely recognized for his forward-thinking leadership and his decisive interventions during periods of market volatility. 

    During his tenure as Japan’s Vice-Minister of Finance for International Affairs, he was instrumental in pioneering innovative financial solutions and orchestrating policy actions that helped stabilize markets.

    “Masato Kanda brings a wealth of experience and a refreshing perspective to ADB. His proven track record in navigating complex financial challenges and fostering international cooperation makes him the ideal leader to guide us as we build upon our strengths and seize emerging opportunities,” said Chair of the ADB Board of Governors Fabio Panetta. “I am confident that under his leadership, ADB will deliver targeted and impactful solutions for our developing member countries.”

    “I am ready to harness the collective expertise within our organization and work closely with our partners to drive transformative change, especially for those most in need,” Mr. Kanda added, reflecting on his appointment. “Our focus will be on pragmatic actions that deliver real results, ensuring that our support creates lasting improvements in the lives of people throughout Asia and the Pacific.”

    Mr. Kanda’s appointment underscores ADB’s ongoing evolution and its commitment to meeting the dynamic needs of its developing member countries. As the bank embarks on a new phase of strategic growth, his leadership will build on ADB’s strong legacy while also positioning the institution to address future challenges and opportunities.

    The ADB Board of Governors’ decision to elect Mr. Kanda was unanimous, reflecting broad confidence in his ability to steer ADB during a time of significant change. His extensive background in managing complex economic policies and his hands-on experience in multilateral settings will be invaluable as ADB continues to adapt to a rapidly changing global landscape.

    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-Evening Report: Labor crashes to a 55–45 deficit in Resolve despite interest rate cut

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    A national Resolve poll for Nine newspapers, conducted February 18–23 from a sample of 1,506, gave the Coalition a 55–45 lead by headline respondent preferences, a three-point gain for the Coalition since January. By 2022 election preference flows, the Coalition led by 52–48, a one-point gain for them.

    Primary votes were 39% Coalition (up one), 25% Labor (down two), 13% Greens (steady), 9% One Nation (up two), 9% independents (down one) and 4% others (down two). Labor’s primary vote is their lowest in any poll this term.

    Anthony Albanese’s net approval was steady at -22, with 56% giving him a poor rating and just 34% a good one. Peter Dutton’s net approval was down one to +5. Dutton led Albanese by 39–35 as preferred PM (39–34 in January).

    By 37–26, voters thought the Coalition was the best choice for them and their household over Labor. By 34–18, they thought Dutton better able to deal with Donald Trump than Albanese. By 43–22, they thought Albanese weaker than Dutton.

    The Liberals led Labor by 41–24 on economic management (42–23 in January). The Liberals led on keeping the cost of living low by 37–25, down a little from 37–22 in January.

    In both the Resolve and Freshwater polls that were taken after the Reserve Bank cut interest rates, the Coalition has increased its lead. Here is the graph that shows the dramatic widening in the Resolve poll in the Coalition’s favour.

    Dutton’s ratings have been much better than Albanese’s in Resolve, and this is now flowing through to voting intentions. To put Labor back on track, Albanese needs to improve his ratings and Dutton’s need to fall. In this respect, the Freshwater poll below was much better for Labor.

    Resolve’s respondent preference flows are probably a pro-Coalition outlier, but the general trend in the polls has been bleak for Labor.

    Freshwater poll: Coalition leads by 52–48

    A national Freshwater poll, conducted February 20–23 from a sample of 1,038, gave the Coalition a 52–48 lead by respondent preferences, a one-point gain for the Coalition since January. Primary votes were 41% Coalition (up one), 31% Labor (down one), 13% Greens (steady) and 15% for all Others.

    Albanese’s net approval improved seven points to -11, while Dutton’s dropped four points to -8. Albanese led Dutton as preferred PM by 45–43 (a 43–43 tie in January).

    On issues, 70% rated cost of living a top three issue, followed by 39% for housing, 27% for both crime and economic management, 26% for health and just 17% for the environment. The Coalition held double-digit leads over Labor on cost of living, crime and economic management.

    Essential poll: Labor gains for a tie

    A national Essential poll, conducted February 12–16 from a sample of 1,146, had a 48–48 tie by respondent preferences including undecided (49–47 to the Coalition in early February). The Coalition had led in the last four Essential polls by one to two points.

    Primary votes were 35% Coalition (down one), 30% Labor (steady), 12% Greens (steady), 9% One Nation (up one), 1% UAP (steady), 9% for all Others (steady) and 4% undecided (steady). By 2022 preference flows, Labor would lead by about 51–49, a 0.5-point gain for Labor.

    Albanese’s net approval dropped five points to -5 since January, with 48% disapproving and 43% approving, but the January poll had an 11-point jump in his net approval from December. Dutton’s net approval was down three points to -4, his worst net approval in Essential since February 2024.

    Asked about the direction of the country, wrong track led by 51–31, a blowout from 46–38 in January. Wrong track led by the same 51–31 margin in December, and it has consistently had sizeable leads since June 2023.

    On taxes and government services, 26% thought they should be reduced, 11% increased and 63% maintained. By 40–31, respondents opposed the Coalition’s plan to reduce the number of public service workers.

    Asked whether they were aware of various Labor achievements, 77% were aware of the $300 energy bill rebate for all households, 66% were aware of TAFE and HECS debt cuts and 61% were aware of increased renewable energy targets. However, only 46% were aware of consecutive budget surpluses.

    Morgan poll and Palmer’s new party

    A national Morgan poll, conducted February 10–16 from a sample of 1,666, gave the Coalition a 51.5–48.5 lead by headline respondent preferences, unchanged from the February 3–9 poll.

    Primary votes were 39.5% Coalition (down one), 28% Labor (down one), 12.5% Greens (up 1.5), 5.5% One Nation (up 1.5), 10% independents (up 0.5) and 4.5% others (down 1.5). By 2022 election flows, the Coalition led by 51–49, a 0.5-point gain for Labor.

    Clive Palmer had voluntarily deregistered the United Australia Party after the 2022 election. The High Court denied his attempt to re-register this party. He has now taken over the existing party “Trumpet of Patriots”.

    Queensland federal and state DemosAU poll

    A DemosAU poll of Queensland that asked for federal voting intentions, conducted February 10–14 from a sample of 1,004, gave the Liberal National Party a 53–47 lead, representing a 1% swing to Labor since the 2022 federal election result in Queensland.

    Primary votes were 39% LNP, 31% Labor, 12% Greens, 10% One Nation and 8% for all Others. DemosAU is using the One Nation preference flow at the 2024 Queensland state election for its federal polls; this was better for the LNP than at the 2022 federal election.

    State voting intentions were 54–46 to the LNP, unchanged since the 2024 election. Primary votes were 40% LNP, 30% Labor, 12% Greens, 10% One Nation and 8% for all Others.

    Economic data: wage growth and jobs

    The Australian Bureau of Statistics reported that in the December 2024 quarter, wages grew 0.7%, down from 0.9% in the September quarter. This was the slowest quarterly wage growth since March 2022. For the year to December, wages grew 3.2%, down from 4.1% in the year to June 2024.

    In the December quarter, inflation was up 0.2% and up 2.4% for the year to December. So wage growth exceeded inflation by 0.5% in the December quarter and 0.8% for the year, but it had exceeded inflation by 0.7% in the September quarter.

    The ABS said 44,000 jobs were added in January, but the unemployment rate rose 0.1% from December to 4.1% owing to a 0.2% increase in the participation rate. The employment population ratio (the percentage of eligible Australians that are employed) rose 0.1% to 65.6%, a record high.

    German election

    I am covering Sunday’s German federal election for The Poll Bludger. The election was held seven months early owing to a breakdown in the governing coalition of centre-left SPD, Greens and pro-business FDP.

    Exit polls and pre-election polls have the conservative CDU/CSU leading, with the far-right AfD in second place and the SPD lagging in third. The final outcome should be known by this afternoon AEDT.

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

    – ref. Labor crashes to a 55–45 deficit in Resolve despite interest rate cut – https://theconversation.com/labor-crashes-to-a-55-45-deficit-in-resolve-despite-interest-rate-cut-250150

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation, Shri Amit Shah addresses the valedictory function of Diamond Jubilee Celebrations of Janata Sahakari Bank Limited in Pune, Maharashtra

    Source: Government of India (2)

    Union Home Minister and Minister of Cooperation, Shri Amit Shah addresses the valedictory function of Diamond Jubilee Celebrations of Janata Sahakari Bank Limited in Pune, Maharashtra

    Revered Shri Moropant Pingale, by establishing Janata Sahakari Bank, sowed a seed that has now grown into a banyan tree, connecting 10 lakh people

    Janata Sahakari Bank has realised the concept of ‘big bank for small people’

    Today, the bank’s deposits exceed ₹9,600 crore, which reflects the trust people have in the bank

    The only way to develop one’s family and contribute to the country’s progress without capital is through cooperation

    In the past 3 years, the Modi government has worked on making the cooperative model marketable and has provided direction for cooperative development

    The concept of setting up a cooperative clearing house for the first time in the country is set to be completed within the next 2 years

    After the formation of the umbrella organization, the clearing of cooperative banks located in any part of the country will be done through cooperative banks themselves

    Posted On: 22 FEB 2025 7:09PM by PIB Delhi

    Union Home Minister and Minister of Cooperation Shri Amit Shah addressed the valedictory function of Diamond Jubilee celebrations of Janata Sahakari Bank Limited in Pune Maharashtra today. Union Minister of State for Cooperation, Shri Murlidhar Mohol and several other dignitaries including the Chief Minister of Maharashtra, Shri Devendra Fadnavis, Deputy Chief Ministers of the state, Shri Eknath Shinde and Shri Ajit Pawar were present, on the occasion.

    In his address, Union Home Minister and Minister of Cooperation Shri Amit Shah said that the trust earned by Janata Sahakari Bank is a matter of pride for all of us. He said that Janata Sahakari Bank was established by revered Shri Moropant Pingale, a prominent thinker and renowned RSS worker, who lived a selfless life and never backed out of any challenge. Shri Shah said that the seed sown by Shri Moropant in the form of establishment of this bank has now grown into a huge banyan tree, connecting 10 lakh people. He said that it is a testament of the strength and good conduct of the organization. He further stated that Janata Sahakari Bank has sent a positive message across the country, showing that there is no limit for any institution’s progress when it works with transparency, dedication, and integrity.

    Union Home Minister and Minister of Cooperation said that Prime Minister Shri Narendra Modi has made two resolutions before the nation – to make India a fully developed nation by 2047 and to make the country a 5 trillion-dollar economy by 2027. He mentioned that without the development of the cooperative sector, these resolutions will remain incomplete. He emphasized that if the development of every individual and prosperity in every home do not take place, then these two resolutions could remain unfulfilled. Shri Shah said that providing work to every person according to their abilities and connecting them with the country’s development to make every family prosperous is only possible through a cooperative movement.

    Shri Amit Shah said that the mantra of the Ministry of Cooperation given by Prime Minister Shri Narendra Modi is ‘Sahakar se Samriddhi’. He said that Prime Minister Shri Narendra Modi has provided many basic facilities tocrores of people of the country during the last 10 years. He further stated that now these people want to contribute for the development of the country. He emphasized that the only way to develop one’s family and contribute to the country’s progress without capital is through cooperation. Shri Shah remarked that the essence of cooperation is pooling together small amounts of capital to achieve something large. He highlighted that Janata Sahakari Bank is a prime example of this, as it has made the concept of ‘big bank for small people’.

    The Union Minister of Cooperation said that the Modi government has given specialimpetus to the cooperative movement in the last 3 years. He said that India’s model of cooperatives has been made marketable, and the Modi Government is bringing the Cooperative University Bill to empower our youth with cooperative education. He also stated that the government wants to integrate cooperative innovation and make it a driving force for the country’s development. He added Prime Minister Modihas played a key role in providing the right direction to cooperative development.

    Shri Amit Shah said that embracing the newer technologies by the cooperatives is imperative for continued growth. He said that there are a total of 1465 Urban Cooperative Banks in the country out of which 460 are in Maharashtra alone. He said that an umbrella organization for Urban Cooperative Banks, National Urban Co-operative Finance and Development Corporation (NUCFDC), was under consideration for a long time and now the work has been completed to mobilize an amount of Rs. 300 crore for this organization. Shri Shah said that this umbrella organization will be able to provide all kinds of support to the cooperative banks. He said that for the first time, a clearing house for Cooperative Banks has been envisaged in the country which is set to be completed in the next 2 years.

    Union Home Minister and Minister of Cooperation said that under the leadership of Prime Minister Modi, the Ministry of Cooperation has taken several steps to enhance the business of urban cooperative banks. He mentioned that Aadhaar-enabled payment system has been opened for cooperative banks, the limits for gold loans and housing loans have been enhanced, and a provisionfor one-time loan settlement has been introducedfor cooperative banks. He further added that after the formation of an umbrella organization, clearing for any cooperative bank located anywhere in the country will be done through cooperative banks themselves. Shri Shah also stated that to address the growing competition from nationalized banks, small financing banks, and NBFCs, the Government is setting up a monitoring committee to strengthen governance and incorporate technological innovations in Cooperative Banks.

    Shri Amit Shah said that after its establishment in 1949, Janata Sahakari Bank became a scheduled cooperative bank in 1988, adopted core banking in 2005, became a multi-state scheduled cooperative bank in 2012, and also got the honor of starting the country’s first cooperative demat institution. He mentioned that with 71 branches, 2 extension counters, 1,75,000 members, and over 10 lakh satisfied customers, this is not just a bank, but a large family. He stated that today, the bank’s deposit exceeds ₹9,600 crore, which reflects the trust people have in the bank. Shri Shah also highlighted that Janata Sahakari Bank has never backed out, be it in terms of social service, during Latur earthquake, or the Kolhapur-Sangli floods, or the COVID-19 pandemic.

    *****

    RK/VV/ASH/PS

    (Release ID: 2105536) Visitor Counter : 66

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: California to launch first-in-the-nation digital democracy effort to improve public engagement

    Source: US State of California 2

    Feb 23, 2025

    Pilot program to help LA recover and rebuild together

    What you need to know: Governor Newsom will debut a first-in-the-nation deliberative democracy program to help community members directly influence and inform the ongoing Los Angeles firestorm rebuilding and recovery. Engaged California is a new program that will bring together community voices and viewpoints supported by digital platforms — empowering Californians to help inform policy decisions and program design. 

    LOS ANGELES — Governor Gavin Newsom today announced California’s upcoming launch of a bold, innovative program that will bring Californians together to engage, interact, and share ideas to help shape government services and collectively create policy solutions. Engaged California is a program to support community conversations about important topics using digital platforms. With this new initiative, the state will lead the nation in deliberative democracy, better ensuring decisions are centered on the people’s voices. As part of California’s all-in response to the firestorm, this pilot program is being launched now for survivors and the greater Los Angeles community. 

    “Government works better when we build it together – and this means making it easier for everyone to be involved.  After years of development, I am excited to launch this new pilot program to help create a town hall for the modern era – where Californians share their perspectives, concerns, and ideas geared toward finding real solutions. We’re starting this effort by more directly involving Californians in the LA firestorm response and recovery. As we recover, reimagine, and rebuild Los Angeles, we will do it together.”

    Governor Gavin Newsom

    How Engaged California works

    In California, we know a strong democracy takes work. We build it through practices that spark conversation and solve problems. With Engaged California, we will better empower Californians to have honest, respectful discussions on important topics to help create more responsive and people-driven policies and programs. The program is modeled after successful digital democracy efforts in Taiwan, which used digital tools to help increase consensus-building and build governance powered by the people.

    The foundation of the program will encourage participation from Californians across all walks of life to interact with each other to find common ground and help set priorities for state government action. The program will help people to directly voice their concerns and ideas, and improve policymakers’ and administrators’ efforts to listen to Californians outside of election cycles and to be more responsive to their concerns.

    “Fire survivors are looking for answers, and California is gearing up to meet them where they are,” said Government Operations Secretary Amy Tong. “We have to think differently to bring us closer to those we serve, especially those whose voices we may be missing through traditional channels.”

    Engaged California is different from a poll or town hall, and is not designed to mimic social media. The platform is the intersection between technology, democracy, and state government. The end goal is to encourage more discussions as a new way to find common ground, a process known internationally as deliberative democracy.

    The launch of Engaged California will initially focus on the response to the Los Angeles firestorms, bringing together community members to help influence response efforts and better address issues based on community experiences and voices. 

    “The launch of this program and our first deliberation will help us hear from the people we serve,” said California Office of Data and Innovation Director Jeffery Marino. “Far from just a technical tool, this is an innovative approach to foster greater collaboration and co-creation between the people of California and their government.”

    The Government Operations Agency, the California Office of Data and Innovation (ODI), in partnership with Carnegie California, the West Coast office and program of the Carnegie Endowment for International Peace, are leading the development of this program and its supporting deliberative engagement tools. The state is also partnering with the City of Los Angeles, Los Angeles County, and community organizations to help ensure the program is accessible for community members who may be harder to reach. 

    Other program design partners and advisors for this initiative include scholars and leaders from the American Public Trust, the Berggruen Institute, Stanford University’s Deliberative Democracy Lab, UC Berkeley, Harvard University’s Center for Internet and Society, the San Francisco Foundation, Project Liberty Institute and the Kapor Center.

    What our partners are saying

    Mariano-Florentino (Tino) Cuéllar, President, Carnegie Endowment for International Peace: “The future of democracy depends on finding new ways for public officials to become more responsive to the people, to bridge divides, and to harness emerging technologies that can help solve problems and improve lives in California and around the world.  This effort brings us closer to that future by helping to strengthen democracy’s capacity for both deliberation and action on the issues that matter most.” 

    Nathan Gardels, Editor-in-Chief of Noema Magazine and Co-Founder of the Berggruen Institute’s Think Long Committee for California: “Engaged California is a new tool the Office of Data and Innovation has been developing over the last two years that is intended to be a permanent feature of state government. Engaged California is a three-way tool that enables policymakers and administrators to listen to average citizens outside of election cycles and be responsive; it invites citizens to directly voice their concerns and proposals on an ongoing basis; and it is a platform that encourages and enables Californians from all walks of life to interact with each other to find common ground.” 

    Audrey Tang, Taiwan’s first Digital Minister and creator of vTaiwan: “Instead of just one idea dominating the conversation of the entire population, we can have thousands of different ideas and meld them together into something that is working with the people, not just for the people. And the digital participation infrastructure that enables this, I see a great future in California continuing to lead in this direction.” 

    Los Angeles County Board of Supervisors Chair Kathryn Barger: “I am excited to be part of the new Engaged California pilot program, which will harness the power of technology to strengthen my connection with Eaton Fire survivors and ensure their voices shape our recovery efforts. This innovative platform will help us better understand the community’s priorities as we focus on a swift and effective rebuilding process in Altadena. I look forward to leveraging this tool to drive meaningful engagement and deliver the support and resources our residents need.” 

    This announcement builds on the strong digital tools California has implemented to help address and streamline response. In addition to offering disaster recovery services in person, the state is providing survivors with the same services online through its ca.gov/lafires website.

    To learn more, visit engaged.ca.gov.

    Recent news

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    Feb 20, 2025

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    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces appointments 2.21.25

    Source: US State of California 2

    Feb 21, 2025

    Sacramento, California – Governor Gavin Newsom today announced the following appointments:

    Bhavana Prakash, of San Jose, has been appointed to the Physician Assistant Board. Prakash has been a Physician Assistant and Program Manager for the Adult Congenital Heart Program at Stanford Children’s Health since 2024 and a Supervising Physician Assistant at The Permanente Medical Group since 2015. She is a member of the American Congenital Heart Association. Prakash earned a Doctor of Medical Science degree from A.T. Still University, a Master of Medical Science degree from Saint Francis University, and a Master of Science degree in Physician Assistant Studies from Stanford University. This position does not require Senate confirmation, and the compensation is $100 per diem. Prakash is a Democrat.

    Joanne Pacheco, of Fresno, has been appointed to the Dental Hygiene Board of California. Pacheco has been Director of the Dental Hygiene Program at Fresno City College since 2017. She is a member of the American Dental Education Association, American Dental Hygienists’ Association, California Dental Hygienists’ Association, and California Dental Hygiene Educators’ Association. Pacheco earned a Master of Arts degree in Organizational Behavior from Alliant International University and a Bachelor of Arts degree in Organizational Development from Fresno Pacific University. This position does not require Senate confirmation, and the compensation is $100 per diem. Pacheco is a Republican.

    Mark Apostolon, of Stockton, has been appointed to the 2nd District Agricultural Association San Joaquin Fair Board. Apostolon has been Vice President of Strategic Innovation at El Concilio California since 2016. He was an Executive Producer for TV Pug Entertainment from 2008 to 2016. He was a Producer for Comcast from 2000 to 2007. He was a Producer for Calliope Films from 1995 to 1999. Apostolon earned a Bachelor of Science degree in Psychology from Tufts University. He is a member of the San Joaquin County Hispanic Chamber of Commerce, Lodi Animal Services Foundation, and Gay Men’s Sexual Health Foundation. This position does not require Senate confirmation and there is no compensation. Apostolon is a Democrat.

    Kevin Alto, of McKinleyville, has been appointed to the 9th District Agricultural Association Redwood Acres Fair Board. Alto has been President of Kevin Alto Equipment since 1998. This position does not require Senate confirmation and there is no compensation. Alto is a Republican.

    Norma Rojas-Mora, of Bakerfield, has been appointed to the 15th District Agricultural Association Kern County Fair Board. Rojas-Mora has been the Associate Vice Chancellor, Public Relations and Development for the Kern Community College District since 2024.  She was Executive Director of Government Relations and Development for the Kern Community College District from 2022 to 2024. She was the Director of Communication and Community Relations at Bakersfield College from 2018 to 2022. Rojas-Mora was the Resident Services Director at Kern County Housing Authority from 1998 to 2018. She is a member of Latina Leaders of Kern County, Kern County Hispanic Chamber of Commerce Board of Directors, the Kern County Hispanic Chamber of Commerce Business Education Foundation, and the Kern County Workforce Development Board. Rojas-Mora earned a Master of Science degree in Administration from the California State University Bakersfield and a Bachelor of Arts degree in Sociology and Chicana/Chicano Studies from UCLA. This position does not require Senate confirmation and there is no compensation. Rojas-Mora is a Democrat.

    Emily Schoeder, of Dixon, has been appointed to the 36th District Agricultural Association Dixon May Board. She has been a Legislative Assistant for the California Hospital Association since 2019. She was an Office Assistant at Capitol Partners from 2015 to 2018. She is a board member of the Friends of the Crisis Nurseries, an auxiliary of the Sacramento Children’s Home. This position does not require Senate confirmation and there is no compensation. Schroeder has no party preference.

    Elizabeth Lincoln, of Kelseyville, has been appointed to the 49th District Agricultural Association Lake County Fair Board. Lincoln has been the Economic Development Director for the Big Valley Band of Pomo Indians since 2015 and Owner of Indigenous Management Services since 2012. She was a Grant Writer for the Colusa Indian Community from 2009 to 2014. She earned Bachelor of Science degrees in Park Resource Management and Environmental Sciences and Natural Resources from Kansas State University. This position does not require Senate confirmation and there is no compensation. Lincoln is a Democrat.

    Press Releases, Recent News

    Recent news

    Feb 20, 2025

    News Sacramento, California –Governor Gavin Newsom today announced the following appointments:Mayumi Kimura, of Temecula, has been appointed Deputy Secretary of Woman Veterans at the California Department of Veterans Affairs. Kimura has been the Founder and Director…

    Feb 19, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Andrew “Andy” Nakahata, of San Francisco, has been appointed Chief Deputy Executive Director and Chief Operating Officer at the California Infrastructure and Economic Development Bank….

    Feb 19, 2025

    News What you need to know: A court has denied the city of Norwalk’s request to dismiss the state’s lawsuit against the city for its unlawful ban on homeless shelters.  NORWALK — Governor Gavin Newsom issued the following statement in response to a court decision…

    MIL OSI USA News –

  • MIL-OSI: Proposed Combination of Saipem and Subsea7

    Source: GlobeNewswire (MIL-OSI)

    Milan, Luxembourg, 23 February 2025 – Saipem and Subsea7 announce that today they have reached an agreement in principle on the key terms of a possible merger of the two companies1 (the “Proposed Combination”) through the execution of a memorandum of understanding (the “MoU”). The Proposed Combination is expected to create a global leader in energy services.

    Highlights

    • The combination of Saipem and Subsea7 (the “Combined Company”) will be renamed Saipem7, and will have a combined backlog of €43 billion2, Revenue of approx. €20 billion3 and EBITDA in excess of €2 billion4
    • A global organisation of over 45,000 people, including more than 9,000 engineers and project managers
    • Highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies that will benefit the Combined Company’s global client base
    • Saipem and Subsea7 shareholders will own 50% each of the share capital of the Combined Company
    • Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held. Subsea7 will distribute an extraordinary dividend for an amount equal to €450 million immediately prior to completion
    • Transaction expected to deliver material value creation for the shareholders of both Saipem and Subsea7. Annual synergies of approximately €300 million are expected to be achieved in the third year after completion, with one-off costs to achieve such synergies of approximately €270 million
    • The Combined Company will be listed on both the Milan and Oslo stock exchange
    • Siem Industries, reference shareholder of Subsea7, as well as Eni and CDP Equity, reference shareholders of Saipem, have expressed their strong support and intend to vote in favour of the transaction
    • Completion anticipated to occur in the second half of 2026

    The management of both Saipem and Subsea7 share the conviction that there is compelling logic in creating a global leader in energy services, particularly considering the growing size of clients’ projects. Saipem and Subsea7 are highly complementary in terms of market offerings and geographies. The combination would enhance value for shareholders, and all stakeholders, both in the current market and in the long term.

    CDP Equity, Eni and Siem Industries have entered into a separate Memorandum of Understanding, undertaking to support the Proposed Combination and agreeing on the terms of a Shareholders Agreement, to be effective from completion of the Proposed Combination. As part of this, it is intended that the Combined Company’s Chairman will be designated by Siem Industries and that the Combined Company’s CEO will be designated by CDP Equity and Eni. In addition, it is currently envisaged that Mr Alessandro Puliti will be appointed as CEO of the Combined Company5 while it is currently envisaged that Mr John Evans will be the CEO of the entity that will manage the Offshore business of the Combined Company. Such Offshore business will comprise all of Subsea7 and Saipem’s Offshore Engineering & Construction activities.

    The by-laws of the Combined Company are expected to provide for loyalty shares (double votes).

    Strategic Rationale of the Proposed Combination

    The Proposed Combination would be beneficial to the clients of both Saipem and Subsea7, bringing together the respective strengths of both companies:

    • Comprehensive Solutions for Clients: a full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimise project schedules for clients in oil, gas, carbon capture and renewable energy
    • World-class Expertise and Experience: a talented, global workforce of over 45,000 people, including more than 9,000 engineers and project managers, in more than 60 countries, contributing to deliver solutions unlocking value for clients
    • Global Reach and Diversified Fleet: an expanded and diversified fleet of more than 60 construction vessels enhancing the Combined Company’s ability to undertake a wide range of projects, from shallow water to ultra-deepwater operations, utilising a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services and market-leading wind turbine, foundation and cable lay installation capabilities
    • Innovation and Technology: combined expertise to foster innovation in offshore technologies, ensuring cutting-edge solutions for complex projects

    The transaction would create significant shareholder value through:

    • Synergies: expected annual synergies of approximately €300 million in the third year after completion, driven by fleet optimisation, procurement, sales and marketing, and process efficiencies
    • A More Efficient Capital Investment Programme: optimised allocation of capital across a broader, complementary vessel fleet
    • An Attractive Shareholder Remuneration Policy: post-completion, Saipem7 is expected to pay a dividend of at least 40% of Free Cash Flow6 after repayment of lease liabilities
    • Enhanced Capital Structure: a solid balance sheet that is expected to support an investment grade credit rating
    • Greater Scale in Both Equity and Debt Capital Markets: access to a wider investor base and to more diversified sources of capital

    Transaction Structure and Ownership

    • The Combined Company would be created by way of an EU cross-border statutory merger carried out by way of incorporation of Subsea 7 into Saipem, with the latter to be renamed “Saipem7”. The Combined Company would be headquartered in Milan and have its shares listed on both the Milan and the Oslo stock exchanges
    • Siem Industries (being the largest shareholder of Subsea7) would then own approximately 11.9% of the Combined Company’s capital, while Eni and CDP Equity (being the largest shareholders of Saipem) would own approximately 10.6% and approximately 6.4%, respectively

    Transaction Terms

    • Subsea7 shareholders would receive 6.688 new Saipem7 shares for each Subsea7 share held
    • Assuming all Subsea7 shareholders participate in the merger, the share capital of the Combined Company will be held 50-50% by the current shareholders of Saipem and Subsea7
    • Immediately prior to completion of the Proposed Combination, Subsea7 shareholders would receive an extraordinary cash dividend of €450 million7

    Organisational Structure of the Combined Company

    • The Combined Company will be structured in four businesses: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructures and Offshore Drilling
    • The Offshore Engineering & Construction business will be incorporated in an operationally autonomous company, named Subsea7 and branded as “Subsea7 – a Saipem7 Company”, and it is currently envisaged that it will be led by Mr John Evans. It will comprise all of Subsea7’s business and the Asset Based Services business of Saipem, representing approximately 83% of the combined group’s EBITDA of the last 12 months as of 30 September 2024. The company will be headquartered in London
    • In line with Saipem’s previous strategy, the Onshore Engineering & Construction will be run with a focus on reducing overall risk and maximising profitability. The Sustainable Infrastructures business will aim to consolidate its presence in the Italian market with potential expansion overseas. The Offshore Drilling division will seek to continue to maximise its EBITDA and cash flow

    Shareholder Remuneration

    • The MoU allows Saipem and Subsea7 to make shareholder distributions of up to $350 million each in 2025, in the form of dividends8,9
    • In 2026, if the Proposed Combination is not completed before the approval of the full year 2025 results of Saipem and Subsea7, the two companies could each distribute by way of dividends10,11 at least $300 million
    • Following completion of the Proposed Combination, the Combined Company is expected to distribute to shareholders at least 40% of Free Cash Flow12 after repayment of lease liabilities

    Shareholders Agreement

    The Memorandum of Understanding amongst Siem Industries, CDP Equity and Eni provides for, inter alia, a three-year shareholder lock-up and standstill obligation and the submission of a common slate for the appointment of the majority of the members of the board of directors of the Combined Company.

    Timing, Conditions Precedent and Approvals

    The entering into and signing of binding definitive documents in respect of the Proposed Combination is conditional, inter alia, on the successful completion of confirmatory due diligence by the parties, the execution of a mutually satisfactory merger agreement (the “Merger Agreement”) and the approval of the final terms of the Proposed Combination by the Board of Directors of Saipem and Subsea7. The parties will also engage with the relevant works council consultations required by the applicable laws.

    Saipem and Subsea7 have undertaken mutual exclusivity obligations in connection with the negotiations of the Proposed Combination.

    Moreover, completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, approval by the shareholders’ meetings of both Saipem and Subsea7, the former to be also passed with the so-called whitewash majorities for the purposes of the mandatory takeover bid exemption13, and obtaining the required Italian government approval and customary regulatory clearances.

    Until such conditions precedent are satisfied, there can be no certainty that the Proposed Combination will occur.

    The MoU also provides for termination rights for each of Saipem and Subsea7 in connection with material findings in the context of the confirmatory due diligence, or upon payment of a break-up fee, should any of the companies wish to terminate the negotiations at its discretion before entering into the Merger Agreement.

    The parties currently envisage to submit the final terms of the Proposed Combination to their respective Board of Directors for approval and to enter into the Merger Agreement around mid-2025. Completion is currently anticipated to occur in the second half of 2026.

    Conference Call

    On Monday 24 February 2025, at 10:00 CET, the top management of Saipem and Subsea7 will present the transaction in a dedicated conference call, which can be followed by connecting to the below URL:

    https://edge.media-server.com/mmc/p/az2o9ou7/

    The document that will be presented by Saipem and Subsea7 top management will be available on the two respective websites (www.saipem.com and www.Subsea7.com). A replay of the call will be available on the two companies’ websites.

    Advisers

    Goldman Sachs International is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem in particular as to matters of Italian, English, US and Luxembourg law, while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law.

    Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen S.A. and Advokatfirmaet Wiersholm AS are serving as legal counsels as to matters of Luxembourg and Norwegian law, respectively.

    Enquiries

    Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialised Solutions. The company has 6 fabrication yards and an offshore fleet of 21 construction vessels (of which 17 owned and 4 owned by third parties and managed by Saipem) and 15 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 120 nationalities.

    Subsea7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energies.

    +++

    No Offer or Solicitation

    This communication and the information contained in it are provided for information purposes only and are not intended to be and shall not constitute a solicitation of any vote or approval, or an offer to sell or solicitation of an offer to buy, or an invitation or recommendation to subscribe for, acquire or buy securities of Saipem, Subsea 7 or the combined company following the proposed merger of Saipem and Subsea 7 (the “Proposed Business Combination Transaction“) or any other financial products or securities, in any place or jurisdiction, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

    Forward-looking Statements

    This communication contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the Proposed Business Combination Transaction. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Except as required by applicable law, neither Saipem nor Subsea7 undertake any obligation to update any forward-looking information or statements.

    Important Additional Information about the Proposed Business Combination Transaction

    This communication is not a substitute for a registration statement or for any other document that Saipem or Subsea7 may file with the U.S. Securities and Exchange Commission (“SEC”) in connection with the Proposed Business Combination Transaction. In connection with the Proposed Business Combination Transaction, Saipem and Subsea7 are filing relevant materials with the SEC, which, to the extent Saipem’s shares will be required to be registered under the U.S. Securities Act, may include a registration statement on Form F-4 that contains a prospectus. If an exemption from the registration requirements of the U.S. Securities Act is available, the shares issued in connection with the Proposed Business Combination Transaction will be made available within the United States pursuant to such exemption and not pursuant to an effective registration statement on Form F-4.

    SAIPEM AND SUBSEA7 URGE INVESTORS AND SHAREHOLDERS TO READ ANY SUCH REGISTRATION STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SAIPEM AND SUBSEA7, THE PROPOSED BUSINESS COMBINATION TRANSACTION AND RELATED MATTERS.

    Investors and shareholders can obtain free copies of the prospectus and other documents filed by Saipem and Subsea7 with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Shareholders of Subsea7 are urged to read the prospectus, if and when available, and the other relevant materials when they become available, as well as any supplements and amendments thereto, before making any voting or investment decision with respect to the Proposed Business Combination Transaction and will receive information at an appropriate time on how to obtain these transaction-related documents for free from the parties involved or a duly appointed agent.

    Use of Non-IFRS Financial Measures

    This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Net debt. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.

    Presentation of Financial Information

    This communication includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7. The presentation of information in any registration statement that Saipem may file with the SEC may be different than the financial data included herein as the financial data included in any registration statement will be required to comply with the rules and regulations of the SEC. Further, any financial data contained herein representing the combination of Saipem and Subsea7 has not been prepared in accordance with the rules and regulations of the SEC, including the pro forma requirements of Regulation S-X. Accordingly, pro forma financial data contained in any registration statement filed with respect to the Proposed Business Combination Transaction may differ from the pro forma financial data contained herein, and such differences may be material. Any combined company financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position that would have been reported had the Proposed Business Combination Transaction been completed as of October 1st, 2024, and should not be taken as representative of the companies’ future consolidated results of operations or financial position had the Proposed Business Combination Transaction occurred as of such date. These estimates are based on financial information available at the time of the preparation of this communication.

    1 Merger by way of incorporation of Subsea7 into Saipem
    2 Combined backlog for Saipem and Subsea7 as of 30 September 2024
    3 Combined Revenue for Saipem and Subsea7 as per last 12 months as of 30 September 2024
    4 Combined EBITDA for Saipem and Subsea7 as per last 12 months as of 30 September 2024
    5 Subject to approval by the Shareholders’ Meeting and the Board of Directors of the Combined Company
    6 Free Cash Flow is defined as Cash Flow from Operations less Capital Expenditure plus Divestments
    7 Subject to approval by the Shareholders’ Meeting
    8 Subject to approval by the Shareholders’ Meeting and the Board of Directors
    9 The dividend paid by Saipem will be qualified as ordinary in nature
    10 Subject to approval by the Shareholders’ Meeting and the Board of Directors
    11 The dividend paid by Saipem will be qualified as ordinary in nature
    12 Free Cash Flow is defined as Cash Flow from Operations less Capital Expenditure plus Divestments
    13 Pursuant to Art. 49, paragraph 1, letter g) of Consob Regulation 11971/99

    Attachment

    The MIL Network –

  • MIL-OSI New Zealand: New Zealand stands with Ukraine, three years after illegal Russian invasion

    Source: New Zealand Government

    As the world marks three years since Russia’s invasion of Ukraine, Foreign Minister Winston Peters has announced additional sanctions on Russian entities and support for Ukraine’s recovery and reconstruction. 

    “Russia’s illegal invasion has brought three years of devastation to Ukraine’s people, environment, and infrastructure,” Mr Peters says. 

    “These additional sanctions target 52 individuals and entities involved in Russia’s military-industrial complex, its energy sector, North Korea’s support to Russia’s war effort, and the forced relocation or re-education of Ukrainian children.”   

    Mr Peters announced a further $3 million contribution to the World Bank-administered Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund.   

    “The Fund supports the Government of Ukraine to maintain services, conduct relief efforts, and plan and implement recovery, reconstruction and reforms,” Mr Peters says.   

    Since the Russia Sanctions Act entered into force in March 2022, New Zealand has imposed sanctions on more than 1,800 individuals and entities, along with a range of trade measures.    

    More information about sanctions, travel bans, and export controls against Russia, as well as diplomatic, military and economic support to Ukraine, can be found on the Ministry of Foreign Affairs and Trade website here.

    MIL OSI New Zealand News –

  • MIL-Evening Report: Caitlin Johnstone: Israel pushes new atrocity narrative just as ceasefire deadline approaches

    Report by Dr David Robie – Café Pacific. –

    COMMENTARY: By Caitlin Johnstone

    A new narrative is being aggressively pushed by Israel and its apologists to justify resuming the Gaza genocide, conveniently just as an important deadline for ceasefire negotiations draws near.

    The Israeli “Defence” Force (IDF) is now claiming that the Israeli children Kfir and Ariel Bibas “were both brutally murdered by terrorists while being held hostage in Gaza, no later than November 2023.”

    IDF spokesman Daniel Hagari told the press on Friday that, “Contrary to Hamas’ lies, Ariel and Kfir were not killed in an airstrike. Ariel and Kfir Bibas were murdered by terrorists in cold blood.

    “The terrorists did not shoot the two young boys, they killed them with their bare hands. Afterward, they committed horrific acts to cover up these atrocities.”

    Anyone who has been following the events in Gaza over the last year and a half will be unsurprised to learn that Israel provided no evidence to support these incendiary claims.

    Benjamin Netanyahu released a video statement in his signature American English waving around an enlarged photograph of the children and talking about what savage monsters the Palestinians are.

    “Hamas murdered them in cold blood,” Netanyahu says, while the camera zooms in on the adorable little redheads. “As the prime minister of Israel, I vow that I will not rest until the savages who executed our hostages are brought to justice. They do not deserve to walk this earth.

    “Nothing will stop me. Nothing.”

    Sabotaging ceasefire negotiations
    This happens just as Netanyahu has been working to sabotage ceasefire negotiations by adding new non-starter demands that were not in the original agreement, just as sources in Israeli media predicted he would do upon his return from Washington earlier this month.

    The six-week-long first stage of the ceasefire deal with Hamas is set to expire at the beginning of March next weekend

    This is obvious babies-on-bayonets atrocity propaganda, being released at the most convenient of times. After Israel has been caught lying about beheaded babies and mass rapes and so much more, only an idiot would take any of these claims on faith.

    But it’s doing the job. Now everywhere you look you’ll see Israel supporters calling to end the ceasefire and reignite the Gaza holocaust to avenge these innocent children. I just saw an article from Tablet Magazine titled “Their Time Is Up,” subtitled “The murder of the Bibas children caps off an 18-month catalog of horrors that has told us exactly who our Palestinian neighbors are.

    “Backed by a friend in the White House, Israel must secure its future through strong unilateral action.”

    Most likely cause of death
    All this despite the fact that we know the most likely cause of the children’s death was the fact that their own government was raining military explosives on places where hostages were being held during that time.

    Hamas reported back in November 2023 that the Bibas children had been killed in an Israeli airstrike along with their mother. In December 2023 it was reported in the mainstream press that Hamas had offered to return their bodies to Israel but Israel had refused, telling the press that “Israel will not address propaganda-based reports coming from Hamas”.

    You don’t need to trust Hamas or anyone else to deduce that a woman and two children being killed by Israeli airstrikes in an area where many women and children were being killed by Israeli airstrikes every day is a much more likely scenario than Palestinian resistance fighters spontaneously deciding to murder children with their bare hands instead of using them as negotiating leverage as planned.

    As journalist Muhammad Shehada recently noted on Twitter, Israel already has an established track record of lying about Hamas killing hostages who were actually killed in Israeli airstrikes.

    In December 2023, Israel informed the families of three hostages that they had been murdered by Hamas. The mother of one of the hostages kept digging and eventually discovered that they had died of asphyxiation when IDF troops “gassed” the tunnel they were hiding in.

    Last September, the IDF admitted that they had killed the hostages in an airstrike and lied about it.

    Three weeks ago Shehada correctly predicted in an article with Zeteo that Israel was preparing to use the Bibas deaths as an excuse to terminate the ceasefire, long before any of this started.

    Shehada noticed the way pro-Israel narrative managers had been pushing the line that great vengeance must be exacted upon Gaza if it turns out the Bibas children have been harmed, despite Hamas having announced their deaths more than a year ago.

    They knew those children were dead, so after the ceasefire was announced in late January they began circulating the narrative that discovery of their demise would be a valid reason to end it.

    Israel forces shoot dead 2 Palestinian children
    Israeli forces shot and killed two Palestinian children in the West Bank just yesterday  —  both of them shot in the back. You could be forgiven for not knowing that this happened, because the Western political/media class has been too focused on the deaths of two little white kids to pay attention to such trivialities.

    Israel needs to keep “discovering” new Hamas atrocities from 2023 because otherwise it just looks like one-sided atrocities being committed by Israel this whole time. First it was beheaded babies, then later it was “We’ve discovered Hamas did mass rapes!”, and now it’s the Bibas kids.

    They need to do this because the Hamas attack was the last time anything happened where Israel could frame itself as the victim, so they’ve been milking it and milking it and milking it for as long as possible while committing orders of magnitude worse abuse in Gaza.

    It’s all designed to drum up outrage, and to draw sympathy toward Israel and away from the obvious victims who Israel has been abusing, displacing and mass murdering for a year and a half.

    As calls to rain vengeance upon Gaza grow louder, remember this: the Bibas kids aren’t the reason, they’re the excuse. The excuse to advance pre-planned agendas against the Palestinians that have been in place since long before those children were born.

    Caitlin Johnstone is an Australian independent journalist and poet. Her articles include The UN Torture Report On Assange Is An Indictment Of Our Entire Society. She publishes a website and Caitlin’s Newsletter. This article is republished with permission.

    This article was first published on Café Pacific.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Fate of 8 workers trapped in south India tunnel remains uncertain

    Source: China State Council Information Office

    The fate of eight workers who were trapped inside an under-construction tunnel in India’s southern state of Telangana remained uncertain on Sunday, as rescue work was hit by a fresh roadblock, said a senior official supervising the rescue work.

    An official reportedly said the collapsed portion of the tunnel was inaccessible, and they would have to look for an alternative to reach out to the trapped workers.

    The incident happened on Saturday morning in Telangana’s Nagarkurnool district when a part of the roof of the Srisailam Left Bank Canal (SLBC) project suddenly collapsed.

    At the time of the incident, there were around 50 workers inside it to repair a leakage. While the rest managed to escape, eight remained trapped inside the tunnel.

    Those trapped included two engineers, two technical staff and four laborers. 

    MIL OSI China News –

  • MIL-OSI USA: Kennedy champions bill to protect investor privacy by prohibiting vulnerable SEC database

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, introduced the Protecting Investors’ Personally Identifiable Information Act. The bill would protect information that could reveal the identity of American investors by prohibiting the Securities and Exchange Commission (SEC) from requiring brokers to submit investors’ personally identifiable information to its Consolidated Audit Trail (CAT).

    Earlier this month, the Trump administration’s SEC issued an order that exempts certain personally identifiable information consisting of investors’ names, addresses and years of birth from CAT reporting. Kennedy’s bill would permanently remove reporting requirements on investors’ personally identifiable information.

    “Americans assume their private information is secure when they invest money in the U.S. stock market. However, the SEC’s unlawful Consolidated Audit Trail could put their data in jeopardy. My bill would protect American investors from foreign enemies and bad actors by preventing the SEC from collecting personal information it doesn’t need and storing it on a dangerous database,” said Kennedy.

    Rep. Barry Loudermilk (R-Ga.) introduced the bill in the House of Representatives.

    “The SEC’s collection of personal financial information through the Consolidated Audit Trail is unconstitutional and entirely unnecessary; and it exposes American investors to serious cybersecurity risks from foreign adversaries and criminal hackers. This is why I developed the Protecting Investors’ Personally Identifiable Information Act in the House. The bill would effectively eliminate the potential for both accidental and intentional breaches by restricting the SEC’s automatic collection of investors’ PII. Among its provisions, the SEC will only be permitted to request this data in cases directly tied to investigating or enforcing violations of federal securities law. I want to thank Senator John Kennedy for introducing the Senate companion to this important bill,” said Loudermilk.

    Sens. John Boozman (R-Ark.), Katie Britt (R-Ala.), Tom Cotton (R-Ark.), Steve Daines (R-Mont.), Jerry Moran (R-Kan.), Pete Ricketts (R-Neb.) and Mike Lee (R-Utah) cosponsored the bill.

    “Investors rely on the SEC to safeguard sensitive financial information. Requiring brokers to submit investors’ private, identifiable information, including social security numbers, into a central database will invite even more attempts to compromise Americans’ data privacy. I am pleased to join my colleagues to reject this ill-advised scheme and protect personal information,” said Boozman.

    “The SEC’s Consolidated Audit Trail database holds millions of Americans’ sensitive financial information. Since taking office, I’ve pushed back against the profound risks the CAT poses to Americans’ individual liberty and personal privacy. The Protecting Investors’ Personally Identifiable Information Act would permanently prohibit the requirement of submitting personal information to the CAT, protecting American investors,” said Britt.

    “Investors put their faith in the U.S. when they choose to invest in our stock market, and they should not have to worry about their personal information being stolen. This bill will increase our cybersecurity and stop the over-collection of unnecessary personal information for the millions of people who trust our stock market system with their savings and their privacy,” said Daines.

    “Protecting the information of American investors helps build trust and security that encourages investments in our markets. As adversaries target Americans’ personal data through cyberattacks, it is important that the SEC only keeps the data it needs instead of housing additional, personal information that could place investors at greater risk,” said Moran.

     “The Protecting Investors’ Personally Identifiable Information Act is a necessary step in protecting the information and identities of American investors. The American people should feel confident that their participation in the stock market does not mean the leaking of their private information,” said Ricketts. 

    The American Securities Association (ASA) supports the Protecting Investors’ Personally Identifiable Information Act.

    “Senator Kennedy is a true champion for the American people and we applaud his bill to stop the federal government from collecting individual investors’ personal and financial information in a national registry, which is a sitting duck for hackers. The SEC can conduct responsible oversight of our equity markets without collecting the most sensitive personal information of working families, retirees, and savers,” said Chris Iacovella, CEO of the ASA.

    The SEC’s CAT became operational on May 31, 2024, making it the largest government database of its kind. The CAT will collect all customer and order information for equity securities and listed options, including data that might be considered personally identifiable information. 

    The SEC is implementing the CAT despite concerns from investor protection groups and the securities industry and in the wake of vulnerabilities that recent cyber-attacks have revealed at federal agencies. 

    Kennedy’s bill would prohibit the SEC from requiring market participants to submit investors’ personally identifiable information to the CAT. Under this legislation, the SEC can obtain personally identifiable information related to investors only by requesting it on a case-by-case basis. Companies and investors trading on the U.S. stock exchanges would need to fulfill the SEC’s request for this information within 24 hours, though additional time may be requested. 

    The bill would also require the SEC to delete personally identifiable information once the agency resolves the investigation or issue that required that information. 

    Text of the Protecting Investors’ Personally Identifiable Information Act is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Lummis, Colleagues Seek Clarification from SEC on Digital Asset ETP Staking Restrictions

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis

    Washington, D.C.— U.S. Senator Cynthia Lummis (R-WY), Chair of the Senate Banking Subcommittee on Digital Assets, joined by U.S. Senators Kirsten Gillibrand (D-NY), Steve Daines (R-MT), Ron Wyden (D-OR), Thom Tillis (R-NC), Bill Hagerty (R-TN), and Bernie Moreno (R-OH), sent a bipartisan letter to the Securities and Exchange Commission (SEC) requesting clarification of the agency’s position regarding protocol staking in digital asset exchange traded products (ETPs).

    “The current lack of availability of protocol staking for these issuers significantly impacts the investment potential of digital asset ETPs in the U.S. and challenges the competitive positioning of U.S. asset managers in the global market,” the senators wrote. “ETPs in Canada and Europe do not prohibit protocol staking. By not permitting certain digital asset ETP issuers to include protocol staking in their S-1 filings, the SEC is undermining the consensus mechanisms underpinning certain digital assets, weakening the resilience and integrity of the data stored on certain distributed ledgers.”

    The letter requests specific answers from the SEC regarding:

    • The analysis used to restrict protocol staking from certain S-1 filings 
    • Identified opportunities and risks associated with protocol staking 
    • The rationale for prohibiting staking within securities instruments 

    The letter requests a response from the SEC by March 21, 2025.

    The full text of the letter is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James Announces $970,000 in Grants to Fund Fair Housing Programs in the Capital Region

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James today announced $970,000 in grants to support and expand fair housing testing and enforcement in New York’s Capital Region. This grant funding will be provided to United Tenants of Albany, Inc. (UTA) and the Fair Housing Justice Center (FHJC) to develop and launch the region’s first fair housing testing and enforcement program and fund the program for a minimum of two years. The Capital Region is the most populous region of New York state that is not currently served by a Qualified Fair Housing Organization (QFHO). QFHOs, as designated by the U.S. Department of Housing and Urban Development, operate fair housing enforcement programs and seek to protect families from housing discrimination. 

    Housing discrimination perpetuates racial discrimination and discrimination against protected classes, and without the sort of fair housing testing and enforcement program now made possible by these grants, the Capital Region faces greater risk of social and economic inequality, neighborhood disinvestment, increased childhood poverty, and widening homeownership disparities. These grants will bring critical and necessary services to the Capital Region and promote fair access to housing for thousands of New Yorkers. 

    “Access to housing is a basic human right, but too often, discriminatory practices and high prices prohibit countless New Yorkers from securing stable housing and further exacerbates the housing crisis,” said Attorney General James. “Investing in fair housing testing programs ensures we can create greater fair housing opportunities, protect tenants statewide, and hold landlords accountable. The new program supported by these grants will allow for an expansion of accessible and affordable housing across the Capital Region and help more New Yorkers find a place to call home.”

    Fair housing testing programs seek to identify and investigate housing discrimination in order to ensure fair access to housing for all. In 2021, the New York state Legislature established the Anti-Discrimination in Housing Fund, which collects licensing fees and discrimination fines from brokers and real estate agents to finance grants in support of fair housing testing and enforcement efforts. Grants from the Anti-Discrimination in Housing Fund are intended to benefit local non-profit organizations focused on preventing illegal discriminatory housing practices.

    The Office of the Attorney General (OAG) will award $520,000 to UTA to create a new fair housing enforcement program in the Capital Region and $450,000 to FHJC – a QFHO that is well-versed in fair housing testing and enforcement programs – to provide training and technical assistance while UTA develops and launches the program. The FHJC will be subcontracting with CNY Fair Housing, a Syracuse-based QFHO, to provide these services. The FHJC and CNY Fair Housing will also assist OAG in identifying additional regions in New York that could benefit from increased fair housing support.

    By utilizing fair housing testing and enforcement programs, Attorney General James has been able to reveal and eliminate housing discrimination practices at real estate brokerages on Long Island. In March 2023, Attorney General James took action against Coldwell Banker for discriminating against Black, Hispanic, and other potential homebuyers of color. As a result of Attorney General James’ intervention, Coldwell Banker was required to implement fair housing training for all real estate agents and to fund programs to promote enforcement of and compliance with fair housing laws in Suffolk County. In August 2022, Attorney General James took action against three other Long Island real estate brokerages that were discriminating against homebuyers of color. In some cases, agents at these brokerages were recorded showing preferential treatment to white homebuyers, disparaging neighborhoods of color, and only directing homebuyers of color to homes in neighborhoods where residents predominantly belonged to communities of color. In a fair housing settlement with Attorney General James, these brokerages contributed more than $115,000 to fix discriminatory practices and implement fair housing trainings. 

    “For over fifty years, UTA has specialized in advocating for tenants’ rights, and telling landlords what is and isn’t acceptable,” said Canyon Ryan, Executive Director of United Tenants of Albany. “But now, we are developing the capacity to go one step beyond advocacy: enforcement. With support from the Office of the Attorney General, the Fair Housing Justice Center, and others, UTA looks forward to ensuring landlords are held accountable when they violate fair housing laws.”

    “The Capital Region needs a full-service fair housing organization to address ongoing issues of illegal housing discrimination and residential racial segregation,” said Michele Cortese, Interim Executive Director, Fair Housing Justice Center, Inc. “The Fair Housing Justice Center (FHJC) applauds the New York Office of Attorney General for recognizing this urgent need and making the necessary resources available to create an effective fair housing program in the Albany area. The FHJC is proud to have been selected by the Attorney General’s Office to provide extensive training, resources, and technical assistance to this emerging fair housing program.”  

    “Fair Housing is excited to be helping build fair housing capacity in the Capital Region, an area that has gone far too long without a fair housing organization,” said Sally Santangelo, Executive Director of CNY Fair Housing. “We know people in the region are experiencing housing discrimination and we are grateful that the Attorney General is investing in protecting their rights.”

    The OAG is allocating $970,000 to grantees over the program period of two years. Program continuation and grant renewal options will be evaluated and determined by OAG.

    This is the latest action taken by Attorney General James to root out discriminatory housing practices and expand fair housing support across the state. In September 2024, Attorney General James and New York State Homes and Community Renewal (HCR) Commissioner RuthAnne Visnauskas announced the return of 263 apartments to rent stabilization and reduction of rent for an additional 43 apartments throughout New York City. In August 2024, Attorney General James stopped property owner and management company Shamco Management Corp. from illegally denying housing opportunities to low-income renters in New York City. In October 2023, she released a report detailing deep racial disparities in homeownership and access to home financing across the state. Also in October 2023, Attorney General James announced an agreement with Platzner International Group (PIG) and their various properties for denying housing to low-income residents in Westchester County. In May 2020, Attorney General James announced a $4.5 million grant to the Eliminating Barriers to Housing in New York (EBHNY) program which benefited existing QFHOs. This program set the framework for New York to continue funding these organizations through HCR under their Fair Housing Testing, Education and Networking Program. 

    MIL OSI USA News –

  • MIL-OSI Security: Serial Bank Robber Sentenced to 10+ Years in Federal Prison for Robbery Committed While on Supervised Release

    Source: Office of United States Attorneys

    A serial bank robber who robbed three banks while on supervised release for a prior bank robbery conviction was sentenced Thursday to more than 10 years in federal prison, announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham. 

    Taurick Demon Walker, 43, was charged via criminal complaint in August 2023 and indicted the following month. He pleaded guilty in October 2024 to bank robbery and was sentenced Thursday by U.S. District Judge Jane J. Boyle to 105 months for the bank robbery plus 24 months for violating the conditions of his supervised release – which prohibited committing any felonies – for a total of 129 months in federal prison. 

    According to court records, Mr. Walker was convicted of bank robbery in March 2018 and sentenced to six years in federal prison. He served his time and was released in March 2023. 

    Just five months after his release, on Aug. 10, 2023, Mr. Walker entered a Regions Bank in Irving, passed a teller a note, and demanded “all your money now.”  The teller handed over a wad of cash and Mr. Walker fled the scene. 

    Eight days later, on Aug. 18, Mr. Walker robbed two other banks: a Truist Bank in Dallas and a Wells Fargo in Garland. On both occasions, he approached a teller and pressed a note against the glass that read “Bank Robbery 20,000.”

    Investigators were able to link Mr. Walker to both robberies using a network of FLOCK license plate readers.

    In an interview with law enforcement, a family member told police she recognized a cowboy hat worn during one of the robberies as Mr. Walker’s. 

    The Federal Bureau of Investigation’s Dallas Field Office conducted the investigation with the assistance of the Dallas, Garland, and Irving Police Departments. Assistant U.S. Attorney Robert Withers prosecuted the case..

    MIL Security OSI –

  • MIL-OSI: Triumph Financial to Present at the Raymond James & Associates’ 46th Annual Institutional Investors Conference on March 5, in Orlando, Florida

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Feb. 21, 2025 (GLOBE NEWSWIRE) — Triumph Financial, Inc. (Nasdaq: TFIN) today announced that Aaron Graft, Vice Chairman and CEO, will present at the Raymond James & Associates’ 46th Annual Institutional Investors Conference on March 5, in Orlando, Florida. Triumph Financial, Inc.’s presentation is scheduled to begin at 11:35 a.m. ET. The presentation will be webcast live and may be accessed through this direct link, https://wsw.com/webcast/rj131/tfin/1599201 or via the Company’s website at tfin.com through the News & Events, Events & Presentations links.

    About Triumph

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

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2025. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.

    Source: Triumph Financial, Inc.

    Investor Relations:
    Luke Wyse
    Senior Vice President, Head of Investor Relations
    lwyse@tfin.com
    214-365-6936

    Media Contact:
    Amanda Tavackoli
    Senior Vice President, Director of Corporate Communication
    atavackoli@tfin.com
    214-365-6930

    The MIL Network –

  • MIL-OSI: United Community Banks, Inc. Announces Quarterly Cash Dividend on Common Stock

    Source: GlobeNewswire (MIL-OSI)

    GREENVILLE, S.C., Feb. 21, 2025 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (“United”), reported that its Board of Directors approved a quarterly cash dividend of $0.24 per share on the Company’s common stock. The dividend is payable April 4, 2025 to shareholders of record as of March 14, 2025.

    About United Community Banks, Inc.
    United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution that is committed to improving the financial health and well-being of its customers and the communities it serves. United Community provides a full range of banking, wealth management and mortgage services. As of December 31, 2024, United Community Banks, Inc. had $27.7 billion in assets, 199 offices across Alabama, Florida, Georgia, North Carolina, South Carolina, and Tennessee, as well as a national SBA lending franchise and a national equipment lending subsidiary. In 2024, United Community became a 10-time winner of J.D. Power’s award for the best customer satisfaction among consumer banks in the Southeast region and was recognized as the most trusted bank in the Southeast. In 2024, United was named by American Banker as one of the “Best Banks to Work For” for the eighth consecutive year and was recognized in the Greenwich Excellence and Best Brands Awards, receiving 15 awards that included national honors for overall satisfaction in small business banking and middle market banking. Forbes has also consistently listed United Community as one of the World’s Best Banks and one of America’s Best Banks. Additional information about United can be found at ucbi.com.

    For more information:
    Jefferson Harralson
    Chief Financial Officer
    (864) 240-6208
    Jefferson_Harralson@ucbi.com

    The MIL Network –

  • MIL-OSI: Orange County Bancorp, Inc. Declares Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    MIDDLETOWN, N.Y., Feb. 21, 2025 (GLOBE NEWSWIRE) — Orange County Bancorp, Inc. (Nasdaq: OBT), parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. today announced a declaration of a $0.13 cash dividend per share of its common stock. The dividend will be paid on March 17, 2025 to shareholders of record on March 4, 2025.

    About Orange County Bancorp Inc.
    Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.5 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.

    Contact:
    Candice Varetoni
    CVaretoni@orangebanktrust.com
    AVP Marketing Officer
    Orange Bank & Trust Company

    The MIL Network –

  • MIL-OSI USA: Senators Hassan, Banks, and Lankford Demand Accountability from PowerSchool Following Major Student Data Breach

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    WASHINGTON – U.S. Senators Maggie Hassan (D-NH), Jim Banks (R-IN), and James Lankford (R-OK) are demanding answers from PowerSchool and Bain Capital executives following a significant cyberattack that compromised the personal data of thousands of students and staff nationwide. The Senators cite inadequate cybersecurity measures, delayed notifications, and poor communication from the company, whose software manages sensitive student and staff information for thousands of schools in the United States, including schools across New Hampshire. 

    “We write to express significant concern about the risks that students, staff, and school districts face after malicious actors stole their personal data in a cyberattack on your company’s information systems,” wrote the Senators. “According to recent reports, malicious actors breached PowerSchool’s SIS service and stole this sensitive data, putting students and staff at significant risk of identity theft. School district leaders who we have spoken with raised serious concerns about delays in your company’s response to the cybersecurity incident, including delayed notifications to impacted schools.” 

    “According to reports, your company failed to put in place basic cybersecurity safeguards – such as multi-factor authentication – that could have helped to prevent the cyberbreach,” the Senators continued. “Your company also has not clearly communicated a date by which impacted individuals will receive free identity protection and credit monitoring services. Your delayed and unclear communication is unacceptable, especially given the sensitive nature of the personal data that was stolen. We urge you to immediately notify all impacted individuals and provide them with these protective services.” 

    Click here to see the full letter or see text below: 

    Dear Mr. Gulati and Mr. Ward:

    We write to express significant concern about the risks that students, staff, and school districts face after malicious actors stole their personal data in a cyberattack on your company’s information systems. We urge PowerSchool to immediately notify all students and staff whose personal data may have been compromised, provide impacted individuals with identity protection services free-of-charge as soon as possible, and provide answers to questions regarding your company’s reported cybersecurity failings.

    More than 16,000 customers use PowerSchool’s software products to serve 50 million students in the United States.[1] Schools use PowerSchool’s Student Information System (SIS) service to manage student enrollment, attendance, grades, and records – as well as school staff records. These records could include dates of birth, Social Security numbers, home addresses, health information, and other private, personally identifiable information.

    According to recent reports, malicious actors breached PowerSchool’s SIS service and stole this sensitive data, putting students and staff at significant risk of identity theft. School district leaders who we have spoken with raised serious concerns about delays in your company’s response to the cybersecurity incident, including delayed notifications to impacted schools. While the breach occurred as early as December 19, 2024, you failed to detect it until December 28, 2024.[2] Moreover, you did not notify SIS customers of the incident until January 7, 2025 – nineteen days after the incident.

    Your company also has not clearly communicated a date by which impacted individuals will receive free identity protection and credit monitoring services. Your delayed and unclear communication is unacceptable, especially given the sensitive nature of the personal data that was stolen. We urge you to immediately notify all impacted individuals and provide them with these protective services.

    According to reports, your company failed to put in place basic cybersecurity safeguards – such as multi-factor authentication – that could have helped to prevent the cyberbreach. Moreover, since the cybersecurity incident, PowerSchool has reportedly hired a cybersecurity technology company to conduct an analysis of the incident. This is an important step toward accountability and regaining the trust of your customers and the public. We ask you to be transparent with the analyst’s findings, and we request your prompt and comprehensive answers to the following questions:

    • Please detail the timeline of events from the date that the SIS cybersecurity incident occurred through today.
    • How many individuals across the United States had their data compromised by the December 2024 cyberattack on SIS? Please provide a breakdown of the number of current and former students and school staff who were impacted by state and school district.
    • What assistance have you provided to states, school districts, and schools that were impacted by the data breach, and what supports will you provide them moving forward? 
    • How far back do the compromised records go? For instance, if a school used SIS services 10 years ago but no longer does, was that school impacted by the breach?
    • What assistance have you provided to states, school districts, and schools that no longer have an active SIS contract but are past clients and whose data was compromised?
    • Schools may use several PowerSchool software products. Were any of your other software products compromised by the cybersecurity incident? If so, was student and staff data accessed, and what are your plans to notify and support impacted individuals?
    • Please provide a date by which your company will fulfill its stated commitment to provide two years of complimentary identity protection and credit monitoring services to students and staff whose personally identifiable information was compromised. Do you commit to providing these services to all impacted students and staff even if it is not required by state law or your contracts? Did your company require multi-factor authentication for PowerSchool employees and contractors at the time of the breach? If not, why, and will you commit to requiring the use of this cybersecurity safeguard moving forward?
    • How swiftly did you notify federal, state, and local law enforcement about the cybersecurity incident, and are you cooperating with any investigations they may have underway into the incident?

    Thank you for your attention to this important matter. We ask that you reply no later than March 7, 2025.

    MIL OSI USA News –

  • MIL-OSI Economics: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

    Source: European Central Bank

    February 2025

    21 February 2025

    Market operations

    Extension of liquidity lines until January 2027

    On 23 January 2025 the Governing Council approved the extension of the ECB repo lines with eight non-euro area central banks (Magyar Nemzeti Bank, Banca Națională a României, Bank of Albania, Andorran Financial Authority, National Bank of the Republic of North Macedonia, Central Bank of the Republic of San Marino, Central Bank of Montenegro and Central Bank of the Republic of Kosovo) until 31 January 2027. The decision was taken pursuant to the new framework for euro liquidity lines, which was adopted in 2023.

    Eurosystem climate stress test report

    On 13 February 2025 the Governing Council took note of the main findings of the 2024 climate stress test on the Eurosystem’s balance sheet, which will feed into the Eurosystem’s climate-related financial disclosures.

    Market infrastructure and payments

    Inclusion of provisions on the TARGET Analytical Environment in the T2 Currency Participation Agreement

    On 13 February 2025 the Governing Council approved the amendments to the agreement on the use of T2 services (T2 Currency Participation Agreement) to include the TARGET Analytical Environment as a standard feature offered to both current and future signatories of the T2 Currency Participation Agreement.

    Advice on legislation

    ECB Opinion on flood insurance

    On 4 February 2025 the Governing Council adopted Opinion CON/2025/3 at the request of the Chair of the Oireachtas (Irish National Parliament) Joint Committee on Finance, Public Expenditure and Reform and Taoiseach (Irish Prime Minister).

    ECB Opinion on indirect participants in, and access to, payment systems, and a new exemption from the cash rule

    On 5 February 2025 the Governing Council adopted Opinion ECB Recommendation on the external auditors of the European Central Bank for the financial years 2025 to 2029

    On 12 February 2025 the Governing Council adopted Recommendation ECB/2025/6 to the Council of the European Union on the external auditors of the European Central Bank.

    Statistics

    Extension of the Integrated Reporting Framework and the Common Data Management investigation phases

    On 17 February 2025 the Governing Council approved the revised Quality Review Gate 1 documentation (including the Financial Envelopes and Project Charters), extending until the end of September 2025 the investigation phases of the ESCB and SSM Common Data Management and the ESCB Integrated Reporting Framework projects.

    Banknotes and coins

    Composition of the design contest jury for the new euro banknotes

    On 6 February 2025 the Governing Council took note of the composition of the design contest jury for the new euro banknotes. The jury will prepare a shortlist of designs to support the selection of the final design of the future euro banknotes by the Governing Council and is scheduled to start work in early 2025.

    ECB Banking Supervision

    Update of the 2025 Supervisory Examination Programme (SEP) for on-site inspections and internal model investigations at significant institutions

    On 30 January 2025 the Governing Council did not object to a proposal by the Supervisory Board for an update of the 2025 SEP for on-site inspections and internal model investigations at significant institutions and outsourcing service providers. The on-site SEP is based on SSM supervisory priorities for 2025-2027 published on the ECB’s banking supervision website.

    MIL OSI Economics –

  • MIL-OSI Economics: ECB announces changes to use of external ratings for private sector assets in Eurosystem collateral framework

    Source: European Central Bank

    21 February 2025

    • Second-best rating will apply for private sector assets
    • Changes will enter into force no earlier than 18 months from today to allow technical implementation
    • For euro area public sector assets, first-best rating will continue to apply

    On 19 February 2025 the Governing Council of the European Central Bank (ECB) decided to change the rules on the use of credit ratings issued by external credit assessment institutions (ECAIs) to assess the eligibility of private sector assets for use as collateral under the Eurosystem collateral framework and to determine the haircuts to be applied to those assets. Accordingly, the second-best rating will apply for private sector assets such as unsecured bank bonds, covered bank bonds and assets issued by non-financial corporations. This decision also applies to the accepted non-euro area public sector and follows a thorough review of the rating aggregation rules aimed at making better use of all available credit rating information in the Eurosystem Credit Assessment Framework (ECAF). The review took account of the increased number of ECAIs accepted in the ECAF and the fact that the Eurosystem is open to accepting additional rating agencies once they comply with the ECAF acceptance criteria.

    Under the current rules, where multiple ECAI ratings exist, the Eurosystem selects the first-best rating for the purpose of assessing collateral credit quality (when it determines the eligibility of private and public sector assets for use as collateral and assigns the haircuts to be applied). This approach applies to all assets other than asset-backed securities, for which a second-best rating rule is already followed.

    Under the new rules, private sector assets will be assessed on the basis of the second-best rating among the ratings from accepted ECAIs. For assets with only one rating from an accepted ECAI, where the second-best rule therefore cannot be applied, a one-notch downgrade will be applied to the available rating to determine the rating relevant for collateral purposes.

    The Governing Council also decided that the rules will remain unchanged for assets issued or guaranteed by the euro area public sector (e.g. euro area central, regional and local governments; international and supranational issuers located in the euro area whose shareholders are located in the EU; and agencies recognised by the ECB). These assets, for which the Eurosystem makes regular use of all available credit quality information and applies enhanced due diligence procedures, will therefore continue to be assessed on the basis of their first-best rating.

    The Governing Council reserves the right to deviate from credit rating agencies’ ratings if warranted, in line with its discretion under the monetary policy framework, thereby avoiding mechanistic reliance on these ratings.

    The change to the rules on the use of external ratings for private sector assets will enter into force no earlier than 18 months from today to allow for an implementation in the Eurosystem IT infrastructure. The date will be announced well in advance, together with the technical details, on the ECB’s website.

    For media queries, please contact Carlijn Straathof, tel.: +49 69 1344 23419.

    Notes

    MIL OSI Economics –

  • MIL-OSI United Nations: Nearly 148,000 in Gaza receive cash aid

    Source: United Nations 2

    Humanitarian Aid

    Aid operations in the Gaza Strip continue to reach people from north to south with critical assistance, including cash, the UN humanitarian affairs office, OCHA, said on Friday. 

    Since the ceasefire on 19 January, some 138,000 Palestinians have benefited from cash assistance, including people with disabilities and pregnant and breastfeeding women.

    The UN Children’s Fund (UNICEF) reported that market conditions across Gaza have improved since the ceasefire took effect. Goods are reportedly less expensive, and more commodities are available. 

    Diet diversity improving

    Furthermore, for the first time since July, children under age five and pregnant and breastfeeding women have a more diverse diet. They are consuming more fruit, vegetables, eggs and dairy products.                                                                    

    Humanitarians also continue to provide shelter support to people in Gaza, with the UN Palestine refugee agency, UNRWA, distributing tents, tarpaulins, blankets, mattresses, clothes and kitchen items to thousands of families hosted in 120 shelters. 

    West Bank hostilities

    Meanwhile, OCHA remains concerned by Israeli forces’ ongoing operations in the northern part of the West Bank which began on 21 January,  the longest there since the early 2000s. 

    OCHA warned that settler violence also continues. Between 11 and 17 February, the agency documented 34 incidents – an average of almost five per day – involving settlers and resulting in casualties or property damage. 

    In one incident, Israeli settlers severed agricultural water pipes in the Tulkarm governorate, affecting the livelihoods of a dozen Palestinian farmers. 

    During the same period, nearly 40 Palestinians were displaced near Al Maniya village in Bethlehem following recurrent attacks from Israeli settlers over the past year.   

    Access restrictions imposed by Israeli authorities continue to hinder Palestinians’ movement, affecting access to markets, workplaces, emergency services and health and educational facilities.

    OCHA has documented the displacement of almost 2,300 Palestinians, including 1,100 children, across the West Bank since the start of 2023 due to heightened settler violence and access restrictions by Israeli authorities. 

    In other developments:

    Ensure return of human remains

    UN Spokesperson Stéphane Dujarric said the Secretary-General is deeply concerned by reports that the remains of an Israeli hostage in Gaza, Shiri Bibas, which were due to be returned on Thursday alongside her children’s remains, are still missing.

    The Secretary-General “stresses the imperative to respect the dignity of the deceased and to ensure their remains are returned to their families in accordance with international humanitarian law and human rights law,” he said.

    He underlined that every release must be carried out with the utmost dignity and in line with humanitarian principles.

    The Secretary-General renewed his appeal to the parties to abide by all their commitments and continue the full implementation of the ceasefire and hostage release deal.

    MIL OSI United Nations News –

  • MIL-OSI Russia: Financial news: The All-Russian online Olympiad on financial literacy and entrepreneurship for schoolchildren will begin on March 4

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The Olympiad has been held for five years in a row, and this year, for the first time, students in grades 10–11 will be able to join in. You can take part any day up to and including April 3 on the educational platform Uchi.ru.

    Schoolchildren will learn how to plan a budget, assess risks, and resist fraudulent schemes. They will also try themselves in the role of entrepreneurs — they will analyze input data, forecast demand, and manage resources in their own project to increase profits. The tasks are adapted for all age groups: primary school students will get acquainted with the basic concepts and principles of financial literacy, and high school students will work out scenarios with changing conditions.

    The Olympiad will open with an online lesson by Vadim Uvarov, Director of the Information Security Department of the Bank of Russia, “Droppers: How to Avoid Fraudsters.” The broadcast will take place on March 4 at 9:30 Moscow time and will be available onevent page, in the personal accounts of users on the platform Uchi.ru, as well as in the official community of the Bank of Russia inVKontakte, where participants will be able to ask questions to the speaker.

    “Fraudsters are increasingly involving teenagers in their schemes, mainly via the Internet under the pretext of easy money. During the lesson, I will talk about common traps that criminals lure young people into. We will talk about what droppering is and what the risks are. The lesson will also be useful for parents: I will give some practical advice on how to help a child avoid becoming an accomplice to financial crimes,” Vadim Uvarov noted.

    To participate, you must register. on the website or log in using your login and password from Uchi.ru. Depending on the result, participants will receive a certificate, diploma or diploma, and teachers will receive letters of thanks.

    The Olympiad is organized by the ANO National Priorities, the Bank of Russia, the Ministry of Finance of Russia, the Ministry of Economic Development of Russia and the educational platform Uchi.ru in accordance with the goals and objectives of the national project Effective and Competitive Economy. The event will be held with the support of the all-Russian public and state movement of children and youth Movement of the First.

    Interest in the Olympiad is constantly growing: in 2021, 800 thousand schoolchildren joined it, in 2024 – more than 2.3 million.

    Preview photo: Wavebreakmedia / Shutterstock / Fotodom

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    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23393

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: Reclassification of mutual funds: conditions of the Bank of Russia

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    Mutual investment funds (PIF) will have the right to change their status from “qual” to “non-qual” if they meet certain conditions. They are spelled out indraft instructions of the Bank of Russia, which is published for public comment.

    This opportunity will become available on March 1, 2026, and will be relevant primarily for those funds that were focused on riskier assets only at the initial stage.

    In order to undergo requalification, the management company, in particular, will need to amend the rules of trust management so that units are now available to non-qualified investors, and also adapt the composition and structure of the fund to new shareholders. By the time the documents, including the adjusted rules, are sent to the Bank of Russia for registration, all units must be paid in full, and there should be no restrictions or grounds for termination of the mutual fund itself.

    The change of status will allow qualified investors to exit the project after the completion of its risky stage, for example, after the commissioning of the constructed shopping center, while non-qualified investors will be able to receive regular income from renting out the constructed facility.

    Comments and suggestions regarding the draft instruction can be sent to the Bank of Russia up to and including March 7, 2025.

    Preview photo: Andrei Stepanov / Shutterstock / Fotodom

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    MIL OSI Russia News –

  • MIL-OSI Russia: Financial News: One Million Retail Investors Became Shareholders in Money Market ETFs in a Year

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    On February 20, 2025, Moscow Exchange held a conference “The Collective Investment Market – from the First Trillion to a Place in Every Investor’s Portfolio”. The event was timed to coincide with the fifth anniversary of the start of trading in units of exchange-traded mutual investment funds (EMIF) of the money market.

    The event discussed the current state and development prospects of the collective investment market as a whole and one of its flagship products – money market exchange-traded funds. Participants reviewed and assessed the market from different angles: regulatory, client and commercial – and during the discussions outlined the main trends in the industry and investors’ expectations.

    As of February 1, 2025, the number of investors who invested in money market funds on the Moscow Exchange approached 1.4 million people. Thus, over the year, one million private investors became shareholders.

    Trading in the first money market mutual fund started on the Moscow Exchange stock market on January 20, 2020. Today, investors have access to 16 money market mutual funds (13 ruble and 3 yuan), 10 of which were launched in 2024. Money market funds account for 85% of the total net asset value of all mutual funds (more than 1 trillion rubles in absolute terms as of February 1 of this year) and 83% of the total trading turnover in mutual funds.

    Viktor Zhidkov, Chairman of the Board of Moscow Exchange:

    “The Russian collective investment industry is still relatively young and is in the stage of active growth, the significant potential of which is embedded in the retail segment. Collective investment mechanisms contribute to the best implementation of this potential, and Moscow Exchange is interested in their further development and distribution. Funds, primarily exchange-traded funds, are the instrument with which one should begin to get acquainted with the financial market and which should find a place in the portfolio of every investor. We welcome the efforts of management companies to develop new mutual funds and are always ready to meet market participants halfway, both by creating new benchmarks for them and by helping to solve problems that arise when launching exchange trading in units. We congratulate the industry on its anniversary and wish it stable growth rates, new products and grateful investors.”

    At the end of the conference, a ceremonial award ceremony was held for management companies – market leaders with the largest money market funds by net asset value:

    UK VIM Investments for the mutual fund “Liquidity” with assets of 379.6 billion rubles; UK Pervaya for the mutual fund “Pervaya – Savings Fund” with assets of 227.6 billion rubles; UK Alfa-Capital for the mutual fund “Alfa-Capital Money Market” with assets of 210.5 billion rubles.

    Also awarded were the money market fund managers of UK BrokerCreditService, UK AAA Capital Management, Finam Management, UK Promsvyaz, UK Sistema Capital, Finstar Capital, AK Bars Capital, UK DOKHOD and T-Capital.

    There are currently 80 mutual funds on the Moscow Exchange. As of the end of 2024, the number of shareholders in exchange-traded funds was 6.2 million, of which 3.8 million made at least one transaction per month on average.

    The Moscow Exchange Money Market is one of the most important segments of the Russian financial market, with the help of which both large corporations and small companies and individual investors manage their monetary liquidity. The list of money market instruments includes repo with the Central Credit Union, repo with the Central Credit Union, repo with the Bank of Russia, interdealer repo, deposits with the Central Credit Union, loans, as well as deposit and loan auctions. The Moscow Exchange acts as the organizer of trades, clearing and settlements are carried out by the National Clearing Center (NCC, part of the Moscow Exchange Group).

    Contact information for media 7 (495) 363-3232Pr@moex.kom

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    MIL OSI Russia News –

  • MIL-OSI Africa: Afreximbank to Set up $1 Billion Oil Service Financing Facility in Guyana

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

    GEORGETOWN, Guyana, February 21, 2025/APO Group/ —

    In a significant announcement at the Guyana Energy Conference and Supply Chain Expo being held from, February 18 – 21, Prof. Benedict Oramah, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank) (www.Afreximbank.com), declared the multilateral Bank’s intention to establish a $1 billion oil service financing facility in Guyana. This initiative aims to enhance local participation in the country’s fast growing oil industry, in alignment with the government’s local content policies. The Bank will deploy the $1 billion facility directly to qualifying corporate clients or through a factoring line via local banks, enabling them to finance invoices from local contractors.

    President Oramah highlighted the transformative potential of Guyana’s estimated 12 billion barrels of crude oil reserves. Emphasising the transformative power in proactive resource management, he advised Guyana to aggressively harness and build capital from its oil resources.

    He said, “Given the level of oil production in Guyana and its offshore location, I estimate that the oil service sector would amount to 5 to 8 billion US dollars annually. But where will it go? Most of it would be paid to oil service companies abroad, if Guyana does nothing to avoid that. A 50% retention in Guyana would increase Guyana’s GDP by 29% to 47%.” As such, he called for robust local content policies that would enable Guyanese entrepreneurs to become significant players in the oil value chain.

    Based on Afreximbank’s rich history of supporting commodity-dependent economies, President Oramah shared insights to complement the ongoing efforts of the Guyanese government. He acknowledged the inherent risks associated with dependency on a single commodity and laid stress on the importance of diversification.

    He cautioned, “The commodity market is prone to volatility and cyclicality; hence, the reliance on crude revenues as a primary source of government funding could expose the national economy to volatile commodity markets.” As such, he advised the government to secure long-term off-take contracts with oil service companies, which will enhance market access and price stability.

    In the spirit of deepening Afri-Caribbean partnership, President Oramah remarked that skilled oil service companies from Ghana, Egypt, and South Africa, are “ready and willing to support Guyanese… And of course, Afreximbank is there to underwrite the marriage.”

    He added that: “These measures are necessary if Guyana and other new entrants in the Caribbean and Africa are to avoid the painful “Dutch Disease. We make these suggestions based on the three long decades of financing oil and gas activities across Africa. We have witnessed oil-dependent economies transform for better or worse through these periods. In all these, the difference reflected the policy choices the leaders made.”

    MIL OSI Africa –

  • MIL-OSI Canada: Trade conflict: What can the Bank of Canada do?

    Source: Bank of Canada

    We are starting our framework renewal

    Since 1995, the Bank’s framework for monetary policy has been to target 2% inflation, the midpoint of a range between 1% and 3%. The post-pandemic inflation shock tested this framework like never before. But monetary policy worked, and inflation returned to 2%.

    Canada’s economy is now facing a future rife with more frequent shocks and more structural change. That’s why we’ll be asking a few key questions as we begin the review of our framework—a process that happens every five years:

    • With more supply shocks ahead, do we need a richer playbook for how we achieve the inflation target?
    • How do we best measure underlying inflation in a more volatile world?
    • How do monetary policy and housing interact?

    The monetary policy framework has worked well for decades, so the bar for change is high. But the world economy is shifting, and the Bank must be as ready as possible for what lies ahead.

    MIL OSI Canada News –

  • MIL-OSI Canada: Tariffs, structural change and monetary policy

    Source: Bank of Canada

    What monetary policy can and cannot do

    If the economy is on a lower path and there’s upward pressure on inflation, what’s the response from monetary policy and the Bank of Canada?

    What the Bank can do is help the economy adjust. With inflation now back around the 2% target, we are better positioned to contribute to economic stability. However, with a single instrument—our policy interest rate—we can’t lean against weaker output and higher inflation at the same time. As we consider our monetary policy response, we will need to carefully assess the downward pressure on inflation from weakness in the economy and weigh that against the upward pressure on inflation from higher import prices and supply chain disruptions.

    Unlike the pandemic, if tariffs persist there will be no economic bounce-back. Long-lasting tariffs mean lower potential output because our economy works less efficiently. Monetary policy cannot restore the lost supply. At most, it can smooth the decline in demand.

    The sharp fall in exports and investment when tariffs are imposed, combined with weaker consumption, means that initially demand would fall more than potential output, creating excess supply in the economy. Provided the inflationary impact of tariffs is not too big, monetary policy can help smooth the adjustment by supporting demand so it doesn’t weaken too much more than supply. But how much support monetary policy can provide is constrained by the need to control inflation.

    The initial impact of tariffs is a one-time rise in the level of consumer prices. Monetary policy cannot change that. What monetary policy can—and must—do is ensure that higher prices do not become ongoing inflation. This means making sure that households and businesses continue to expect inflation to remain well anchored on the 2% target. Simply put, monetary policy needs to ensure the increase in inflation is temporary.

    Strengthening Canada’s economic union

    I hope—we all hope—Canada can continue open trade with the United States. A trusted open trade relationship benefits both countries. But if we are faced with a prolonged trade conflict, the only way to offset this negative structural change is with a positive structural change.

    Structural policies are appropriately the responsibility of elected governments and parliaments—not the Bank of Canada. So I will tread lightly here.

    The Bank has previously highlighted Canada’s productivity challenge. And it’s good to see more focus by federal and provincial governments on structural reforms to increase productivity and investment by strengthening our economic union.

    Removing rules that restrict interprovincial trade and harmonizing or mutually recognizing provincial regulations could provide some offset to increased trade friction with the United States. Provinces could also make it easier for workers to move within Canada by mutually recognizing different labour accreditations. There is also scope for all levels of government to reduce the timelines and uncertainty related to regulatory approvals. And better east-west transportation links would make trade within Canada less expensive—and help get Canadian products to overseas markets.

    Again, it is not for the Bank of Canada to prescribe these policies or investments. But higher productivity means higher potential output and more capacity for growth without inflation. As Canada confronts the reality of increased trade friction with the United States, a concerted focus on productivity has rarely been more important.

    Renewing our monetary policy framework

    In some ways, the US tariff threat is part of a broader global economic shift. The structural tailwinds of peace, globalization and demographics that helped keep inflation low are turning into headwinds—and the world looks increasingly shock prone. Higher long-term interest rates, elevated sovereign debt and slower economic growth have made the global economy more vulnerable. Compounding these vulnerabilities are war, rising trade protectionism and economic fragmentation. Canada also has a structural supply challenge in its housing market. For years, the supply of housing has not kept up with demand, and housing affordability has deteriorated.

    These shifts all have implications for inflation. They may put more upward pressure on prices, and a more shock-prone world means more volatility in inflation. And that brings me to my original topic: the Bank’s flexible inflation-targeting framework.

    Since 1995, the 2% target has been jointly agreed with the Government of Canada. This gives it political legitimacy and gives the Bank the operational independence to conduct monetary policy.

    For 25 years leading up to the pandemic, inflation was low and stable. But the pandemic tested the framework like never before. We faced huge shocks to both demand and supply, a deep recession and a rapid rebound. As the economy reopened, inflation rose sharply, hitting 8%. Guided by the framework, the Bank raised the policy rate forcefully to bring inflation down. Since last summer, inflation has been close to 2%, and we’ve cut our policy rate to keep it there. In short, the framework was tested—and it proved resilient.

    The measure of the framework’s success is not only whether inflation is close to 2%. It’s also how the framework performs in the face of shocks, especially big ones.

    The next renewal of the framework is set for 2026, and the review begins now. Our focus in this review will be how we can improve the framework and its implementation to best address structural changes. We will consider several questions.

    With more supply shocks, do we need a richer playbook for monetary policy? The usual response to supply shocks is to look through their temporary impact on inflation. But we saw in the pandemic that supply shocks can be persistent, and they can accumulate. The best response will depend on the situation.

    In a world with more volatility, how should we measure underlying inflation? No single measure of core inflation works for all circumstances. What measures are most robust in a shock-prone world? Should we focus on two or three preferred measures, or is a broader approach better?

    We also want to consider the interaction of monetary policy and housing. Housing affordability is a major concern for Canadians, and rising housing costs feed inflation. But monetary policy cannot directly increase housing supply—that’s an issue for elected governments at all levels. Still, we must consider how monetary policy affects housing demand and supply and how the imbalance between them feeds into inflation in shelter prices.

    The question of housing market imbalances also matters for the measurement of underlying inflation. Does persistently high inflation in shelter prices distort our measures of core inflation?

    Finally, each time we’ve reviewed our framework we’ve asked about the inflation target itself. In our five reviews since 1995, we’ve considered whether 2% is the right target and we’ve weighed alternatives, including price-level targeting and nominal GDP targeting, among others. Each time, we’ve concluded that 2% inflation is the right target. Canadians have told us they don’t want higher inflation. They have also told us that the 2% target is well known and well understood. That has helped anchor inflation expectations through thick and thin, including through the pandemic crisis. With trade conflict on our doorstep, we need to focus our resources on the most pressing and important issues for our framework review. In my view, now is not the time to question the anchor that has proven so effective in achieving price stability.

    Conclusion

    We have covered a lot of ground, and it’s time for me to conclude.

    Canada’s economy is on a better footing. Inflation has returned to target, interest rates have come down substantially, and household spending has strengthened. But a new crisis is on the horizon. If US tariffs play out as threatened, the economic impact would be severe. A protracted trade conflict would sharply reduce exports and investment. It will cost jobs and boost inflation in the next few years and lower our standard of living in the long run. The uncertainty alone is already causing harm.

    Central banks can do little to mitigate the damage caused by a trade war. Our role will be to balance the upside risks to inflation from higher costs with the downside risks from weaker demand. Our focus will be to help smooth the painful adjustment to a lower path for the economy while preventing price increases from becoming higher ongoing inflation.

    The inflation-targeting framework has proven both flexible and durable. Its review every five years is an opportunity to reflect on what’s working well and what could be improved. The framework proved itself time and again, and the bar for change is high.

    But the world economy is shifting. At the Bank of Canada, we are committed to ensuring we are as prepared as possible for the changes to come.

    Thank you.

    I would like to thank Daniel de Munnik, Mikael Khan, Oleksiy Kryvtsov and Stephen Murchison for their help in preparing this speech.

    MIL OSI Canada News –

  • MIL-OSI USA: Cassidy, Cornyn, Colleagues Urge ATF to Rescind Unconstitutional Biden Rules, Align with Trump 2A Agenda

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), John Cornyn (R-TX), and 28 Republican colleagues today sent a letter to the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) Deputy Director Marvin Richardson urging him to align the agency with President Trump’s Second Amendment priorities as laid out in his recent Executive Order and calling on him to identify and rescind former President Biden’s unlawful firearms regulations, including the “Engaged in the Business” rule, pistol brace rule, so-called “ghost gun” rule, and “zero tolerance” policy under which ATF has revoked the licenses of federal firearm licensees (FFLs) over minor bookkeeping violations.
     “On Friday, February 7, 2025, President Donald J. Trump took decisive action to reaffirm law-abiding Americans’ Second Amendment rights in issuing his Executive Order, Protecting Second Amendment Rights.  We urge you to immediately align ATF’s rules and policies with the President’s strong support for the Second Amendment,” wrote the senators.
    “Under former President Joe Biden, ATF adopted numerous policies and rules that infringed upon Americans’ Second Amendment protections. President Trump’s Executive Order directs Attorney General Pam Bondi to review and develop a plan of action regarding President Biden’s unlawful firearms regulations. We ask that you work with the Attorney General to quickly identify and rescind these policies,” continued the senators.
    Cassidy and Cornyn were joined by U.S. Senators John Thune (R-SD), Thom Tillis (R-NC), John Barrasso (R-WY), Cindy Hyde-Smith (R-MS), Shelley Moore Capito (R-WV), Jim Justice (R-WV), Jim Risch (R-ID), Cynthia Lummis (R-WY), Steve Daines (R-MT), Ted Cruz (R-TX), Kevin Cramer (R-ND), Mike Crapo (R-ID), James Lankford (R-OK), John Hoeven (R-ND), Roger Marshall (R-KS), Rick Scott (R-FL), Lindsey Graham (R-SC), Ted Budd (R-NC), Bill Hagerty (R-TN), Tim Sheehy (R-MT), Pete Ricketts (R-NE), Joni Ernst (R-IA), Marsha Blackburn (R-TN), Todd Young (R-IN), Markwayne Mullin (R-OK), Deb Fischer (R-NE), Jim Banks (R-IN), and Jerry Moran (R-KS) in sending the letter.
    Read the full letter here or below:
    Dear Deputy Director Richardson:
    Thank you for your service in leading the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) during the presidential transition. On Friday, February 7, 2025, President Donald J. Trump took decisive action to reaffirm law-abiding Americans’ Second Amendment rights in issuing his Executive Order, Protecting Second Amendment Rights.  We urge you to immediately align ATF’s rules and policies with the President’s strong support for the Second Amendment.
    Under former President Joe Biden, ATF adopted numerous policies and rules that infringed upon Americans’ Second Amendment protections. President Trump’s Executive Order directs Attorney General Pam Bondi to review and develop a plan of action regarding President Biden’s unlawful firearms regulations. We ask that you work with the Attorney General to quickly identify and rescind these policies. In particular, we call your attention to the following anti-Second Amendment regulations and policies, which must be immediately rescinded:

    The engaged in the business rule, which is an unconstitutional attempt to move ATF to do all it can to impose universal background checks on law-abiding Americans. ATF has been enjoined, at least temporarily, from enforcing the rule because it violated the text of the Gun Control Act. 
    The pistol brace rule, which improperly reclassifies pistols equipped with stabilizing braces as “short-barreled rifles” (SBRs), thereby subjecting them to stringent regulations and serious criminal penalties under the National Firearms Act and the Gun Control Act. We are troubled by the fact that ATF promulgated this rule after it previously determined that attaching a stabilizing brace to a pistol did not render the pistol an SBR.  This rule threatens to put stabilizing braces out of reach of millions of gun owners, including disabled combat veterans who rely on them to be able to shoot heavy pistols. Furthermore, the rule made law-abiding Americans felons overnight for having lawfully purchased stabilizing brace equipped pistols. Multiple courts have already found the rule to be arbitrary and capricious under the Administrative Procedure Act, and it was ordered vacated by the U.S. District Court for the Northern District of Texas.  We appreciate the Government’s recent motions to hold ATF’s 5th and 11th Circuit appeals defending the rule in abeyance and to postpone oral argument, and ATF should work quickly to accede to the vacatur given the ongoing litigation. 
    The so-called “ghost gun” rule,  which cracks down on law-abiding hobbyists who are exercising their Second Amendment rights to privately build firearms—a longstanding tradition that traces back to the Colonial Era.  The regulations are currently before the Supreme Court, but ATF should act immediately to rescind this rule.
    The “zero tolerance” policy, under which ATF has revoked the licenses of federal firearm licensees (FFLs) over minor bookkeeping violations.  This policy violates a decades-long precedent of ATF working with FFLs to address these minor, unintentional violations and revoking FFL licenses only in cases of major, willful violations that threaten public safety. ATF should develop a program to restore the federal firearms licenses of those FFLs whose licenses were unfairly revoked—or surrendered under duress—where they did not engage in willful conduct (as understood prior to June 23, 2021, when the policy was announced) and do not represent at threat to public safety.

    In addition to promptly rescinding these rules and policies, we urge you to immediately destroy the hundreds of millions of ATF Form 4473 firearm transaction records and other licensee records that are over 20 years old. These records have no particular law enforcement value but do contain the sensitive information of millions of law-abiding gun owners.  ATF should likewise return to the policy of allowing FFLs to destroy Form 4473 in their possession that are over 20 years old, which the Biden Administration initiated in violation of the federal prohibition on gun registration.  Ending the policy of retaining these very old records will save money for the American taxpayer and counteract ATF’s unconstitutional rule change.  
    Furthermore, we urge you to “continue collaboration to improve the process for” National Firearms Act applications. Congress recently instructed ATF to make these improvements.  While NFA wait times have improved significantly, ATF must continue to “address ongoing delays in application processing times” until the archaic process is at least as efficient as the National Instant Criminal Background Check System. There is no reason that the right to purchase a firearm should be so greatly delayed; a right delayed is a right denied.
    The foregoing should not be considered a full accounting of every action or policy for which ATF may be held responsible under President Trump’s Executive Order but represent obvious and high priority places for ATF to initiate compliance.
    We look forward to working with you through the transition as you implement President Trump’s agenda and reorient ATF toward protecting Americans’ Second Amendment rights.

    MIL OSI USA News –