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Category: Banking

  • MIL-OSI Security: INTERPOL and African Development Bank to cooperate on combating financial crime and corruption

    Source: Interpol (news and events)

    20 February 2025

    Financial fraud and corruption cost Africa more than USD 90 billion per year.

    ABIDJAN, Côte d’Ivoire: INTERPOL and the African Development Bank Group have signed a letter of intent to pursue greater cooperation to combat corruption, financial crime, cyber-enabled fraud and money laundering.

    The letter was signed by African Development Bank President Dr Akinwumi Adesina INTERPOL Secretary General Valdecy Urquiza during his visit to the Bank’s headquarters in Abidjan as part of his first official mission to Côte d’Ivoire.

    Significant step forward

    The first multilateral development bank to establish such a collaboration with INTERPOL, the Bank described the signing as a “significant step forward in its fight against corruption and financial crime”.

    The agreement aims to enhance collaboration between the Bank’s Office of Integrity and Anti-Corruption (PIAC) and INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC).

    It will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats.

    The agreement comes as Africa faces significant challenges of illicit financial flows, estimated at nearly USD 90 billion annually – a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure.

    According to INTERPOL’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing and other online frauds are a growing concern in Africa due to rapid advancements in digital technology.

    INTERPOL Secretary General Valdecy Urquiza said:

    “Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world. INTERPOL’s closer relationship with the AfDB will help law enforcement agencies and financial institutions across Africa tackle increasingly sophisticated financial crime threats.”

    AfDB President Akinwumi Adesina said:

    “This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries. As the world’s most transparent financial institution for two consecutive years, according to Publish What You Fund, we maintain zero tolerance for corruption and terrorism financing. By joining forces with INTERPOL, we are strengthening our capacity to help African countries build robust systems against money laundering and financial crime.”

    The Bank Group deploys approximately USD 10 billion annually in development financing, with the majority going to government projects.

    MIL Security OSI –

    February 21, 2025
  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – HCBL Co-operative Bank Ltd., Lucknow – Extension of period

    Source: Reserve Bank of India

    The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to HCBL Co-operative Bank Ltd., Lucknow vide Directive No. LKO.DOS.SED.No.S842/10-12-133/2022-2023 dated February 23, 2023 for a period of six months up to August 24, 2023 as modified from time to time, which were last extended up to February 24, 2025 vide Directive No. DOR.MON/D-71/12.22.133/2024-25 dated November 19, 2024. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond February 24, 2025.

    2. Accordingly, the Reserve Bank of India, in the exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from close of business of February 24, 2025 to close of business of May 24, 2025, subject to review.

    3. Other terms and conditions of the Directive under reference shall remain unchanged.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2217

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Asia-Pac: President Lai meets Abe Akie, wife of late Prime Minister Abe Shinzo of Japan

    Source: Republic of China Taiwan

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

    Details
    2025-02-20
    President Lai meets British-Taiwanese All-Party Parliamentary Group delegation
    On the morning of February 18, President Lai Ching-te met with a delegation from the British-Taiwanese All-Party Parliamentary Group (APPG). In remarks, President Lai thanked the delegation members, the Parliament of the United Kingdom, and the UK government for continuing to demonstrate support for Taiwan through a variety of means. He also stated that Taiwan-UK relations have advanced significantly in recent years, noting that the Taiwan-UK Enhanced Trade Partnership (ETP) is the first institutionalized economic and trade framework signed between Taiwan and any European country. The president said he looks forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability, and indicated that together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. A translation of President Lai’s remarks follows: This is the first UK parliamentary delegation of the current session to visit Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. APPG Chair Sarah Champion visited Taiwan last May to attend the inauguration ceremony of myself and Vice President Bi-khim Hsiao. In July, she also attended the annual summit of the Inter-Parliamentary Alliance on China (IPAC), which was held in Taipei. I am delighted that we are meeting once again. Taiwan-UK relations have advanced significantly in recent years. I would especially like to thank our distinguished guests, as well as the UK Parliament and government, for continuing to demonstrate support for Taiwan through a variety of means. For example, the House of Commons held a debate on Taiwan’s international status last November. After the debate, a motion was unanimously passed affirming that United Nations General Assembly (UNGA) Resolution 2758 does not mention Taiwan. Responding to the motion, Parliamentary Under-Secretary of State Catherine West stated that the UK opposes any attempt to broaden the interpretation of the resolution to rewrite history. This highlighted concrete progress in Taiwan-UK bilateral relations. I would also like to thank the UK Parliament and government for openly opposing on multiple occasions any unilateral change to the status quo across the Taiwan Strait, and for emphasizing that the security of the Indo-Pacific and transatlantic regions is closely intertwined. We look forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability. Together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. For example, the Taiwan-UK ETP is the first institutionalized economic and trade framework signed between Taiwan and any European country. We hope to swiftly conclude negotiations on signing sub-arrangements on investment, digital trade, and energy and net-zero transition. This will facilitate even more exchanges and cooperation between Taiwan and the UK. We also hope that the UK will continue to support Taiwan’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Together, we can build even more resilient global supply chains and further contribute to global prosperity and development. I believe that this visit adds to a strong and solid foundation for future Taiwan-UK cooperation. Thank you once again for backing Taiwan. I wish you a fruitful and successful visit. Chair Champion then delivered remarks, thanking President Lai for his warm welcome and for the hospitality he has shown to her and the delegation, and thanking Taiwan’s excellent team of officials for their care and attention. Chair Champion expressed that she thinks the IPAC conference held in Taiwan at the end of July last year was very significant, with legislators from 23 countries coming to show support for Taiwan, adding that that is something they have built on since the conference. She stated that she is also very proud that the UK Parliament supported the motion which made very clear that UNGA Resolution 2758 is specific to China and only to China, expressing that it was important and powerful that they recognize that. The chair went on to say that after the UK’s general election, more than half of the members of parliament are now new. She said she is very proud that there are new MPs as part of the delegation, and that she hopes it gives President Lai reassurance that their commitment to Taiwan is still there.  Chair Champion emphasized that the all-party group is important because it is indeed all-party, and that they work together for their common interests, stating that the common interest for the UK and for the world is to maintain Taiwan’s sovereignty. She also noted that the United States has now come out very much in support of Taiwan, which she said she hopes encourages other countries around the world to do the same. Chair Champion said that the UK will be going into the 27th trade negotiation with Taiwan, and that they hope the partnership that develops is very fruitful. The chair closed by saying that it is wonderful for the delegation to be meeting President Lai, as well as legislators and ministers, and to be understanding more about the culture of Taiwan so that they can build a deeper, longer-lasting friendship. The delegation also included Lord Purvis of Tweed of the House of Lords and Members of Parliament Ben Spencer, Helena Dollimore, Noah Law, and David Reed. The delegation was accompanied to the Presidential Office by Political and Communications Director at the British Office in Taipei Natasha Harrington.  

    Details
    2025-02-20
    President Lai meets former United States Deputy National Security Advisor Matthew Pottinger
    On the morning of February 17, President Lai Ching-te met with a delegation led by former United States Deputy National Security Advisor Matthew Pottinger. In remarks, President Lai thanked the delegation for demonstrating staunch support for Taiwan through their visit. The president pointed out that increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. He emphasized that only by bolstering our defense capabilities can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. The president stated that moving forward, Taiwan will continue to enhance its self-defense capabilities. He also expressed hope of strengthening the Taiwan-US partnership and jointly building secure and resilient non-red supply chains so as to ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. A translation of President Lai’s remarks follows: I am delighted to welcome our good friends Mr. Pottinger and retired US Rear Admiral Mr. Mark Montgomery to Taiwan once again. Last June, Mr. Pottinger and Mr. Ivan Kanapathy came to Taiwan to launch their new book The Boiling Moat. During that visit, they also visited the Presidential Office. We held an extensive exchange of views on Taiwan-US relations and regional affairs right here in the Taiwan Heritage Room. Now, as we meet again eight months later, I am pleased to learn that Mr. Kanapathy is now serving on the White House National Security Council. The Mandarin translation of The Boiling Moat is also due to be released in Taiwan very soon. This book offers insightful observations from US experts regarding US-China-Taiwan relations and valuable advice for the strengthening of Taiwan’s national defense, security, and overall resilience. I am sure that Taiwanese readers will benefit greatly from it. I understand that this is Mr. Montgomery’s fourth visit to Taiwan and that he has long paid close attention to Taiwan-related issues. I look forward to an in-depth discussion with our two friends on the future direction of Taiwan-US relations and cooperation. Increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. One notion we all share is peace through strength. That is, only by bolstering our defense capabilities and fortifying our defenses can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. Moving forward, Taiwan will continue to enhance its self-defense capabilities. We also hope to strengthen the Taiwan-US partnership in such fields as security, trade and the economy, and energy. In addition, we will advance cooperation in critical and innovative technologies and jointly build secure and resilient non-red supply chains. This will ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. We believe that closer Taiwan-US exchanges and cooperation not only benefit national security and development but also align with the common economic interests of Taiwan and the US. I want to thank Mr. Pottinger and Mr. Montgomery once again for visiting and for continuing to advance Taiwan-US exchanges, demonstrating staunch support for Taiwan. Let us continue to work together to deepen Taiwan-US relations. I wish you a smooth and fruitful visit.  Mr. Pottinger then delivered remarks, first congratulating President Lai on his one-year election anniversary and on the state of the economy, which, he added, is doing quite well. Mentioning President Lai’s recent statement pledging to increase Taiwan’s defense budget to above 3 percent of GDP, Mr. Pottinger said he thinks that the benchmark is equal to what the US spends on its defense and that it is a good starting point for both countries to build deterrence. Echoing the president’s earlier remarks, Mr. Pottinger said that peace through strength is the right path for the US and for Taiwan right now at a moment when autocratic, aggressive governments are on the march. He then paraphrased the words of former US President George Washington in his first inaugural address, saying that the best way to keep the peace is to be prepared at all times for war, which captures the meaning of peace through strength. In closing, he said he looks forward to exchanging views with President Lai.

    Details
    2025-02-20
    President Lai meets Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini
    On the afternoon of February 11, President Lai Ching-te met with a delegation led by Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini. In remarks, President Lai thanked Eswatini for continuing to support Taiwan’s international participation at international venues. The president stated that Taiwan and Eswatini work closely in such areas as agriculture, the economy and trade, education, and healthcare, and expressed hope that the two countries will continue to support each other on the international stage and strive together for the well-being of both peoples.  A translation of President Lai’s remarks follows: I warmly welcome our distinguished guests to the Presidential Office. Deputy Prime Minister Dladla previously visited Taiwan while serving as minister of foreign affairs. This is her first time leading a delegation here as deputy prime minister. I want to extend my sincerest welcome. Deputy Prime Minister Dladla has earned a high degree of recognition and trust from His Majesty King Mswati III. She was not only Eswatini’s first woman foreign minister, but is also the second woman to have held her current key position. She shows an active interest in people’s welfare, and has a reputation for being deeply devoted to her compatriots. I have great admiration for this. I am truly delighted to meet with Deputy Prime Minister Dladla today. I would like to take this opportunity to once again express my gratitude to His Majesty the King for leading a delegation to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao last year. This demonstrated the close diplomatic ties between our countries. I also want to thank Eswatini for continuing to support Taiwan’s international participation at international venues. I would ask that when Deputy Prime Minister Dladla returns to Eswatini, she conveys Taiwan’s greetings and gratitude to His Majesty the King and Her Majesty the Queen Mother Ntombi Tfwala. Diplomatic ties between Taiwan and Eswatini have endured for over half a century. Our two nations have continued to work closely in such areas as agriculture, the economy and trade, education, and healthcare. Our largest collaboration to date has been assisting Eswatini in the construction of a strategic oil reserve facility. We will continue to push forward with this project, and look forward to achieving even greater results in all areas. I understand that Deputy Prime Minister Dladla is very concerned about issues regarding gender equality and women’s empowerment. During her term as foreign minister, she facilitated bilateral cooperation in those areas. Now, as deputy prime minister, she is actively attending to the disadvantaged and advancing social welfare. These policies are very much in line with the priorities of my administration. I look forward to strengthening cooperation with Deputy Prime Minister Dladla for the benefit of both our societies. Taiwan and Eswatini are peace-loving nations. Faced with a constantly changing international landscape and the growing threat posed by authoritarianism, we hope that our two countries will continue to support each other on the international stage and strive together for the well-being of both our peoples. In closing, I wish Deputy Prime Minister Dladla and our distinguished guests a pleasant and successful visit. Deputy Prime Minister Dladla then delivered remarks, first greeting President Lai on behalf of the King, the Queen Mother, and the people of Eswatini, and extending gratitude for the warm reception afforded to her and her delegation, which underscores the strong bonds of friendship between our two nations. The deputy prime minister stated that, in reflecting on the fruits of our partnership, the evidence of Taiwan’s commitment to Eswatini is all around us. The strategic oil reserve project launching in April, she indicated, will redefine Eswatini’s energy security, and the Central Bank complex and electrification project stand as monuments of Taiwan’s vision for Eswatini’s progress and indicate that our partnerships are very strong. Deputy Prime Minister Dladla pointed out that education is the foundation of any nation’s progress, and that Taiwan’s contribution to Eswatini’s education sector cannot be overstated. Through Ministry of Foreign Affairs scholarship programs, she said, Eswatini has sent numerous students to Taiwan, where they’ve received world-class education in various disciplines, including engineering, business, and medicine. In turn, she said, these graduates are now contributing to the development of Eswatini. The deputy prime minister stated that Taiwan has also strengthened Eswatini’s industrial and technological sectors, with collaborations and partnerships that create new opportunities for employment and innovation, and that Taiwan’s technical and medical assistance has strengthened Eswatini’s healthcare systems and uplifted the expertise of its professionals. Deputy Prime Minister Dladla also congratulated President Lai once again on his presidency, which she stated will lead Taiwan to new heights, adding that His Majesty coming to Taiwan personally for the inauguration was a resounding declaration of Eswatini’s enduring support for Taiwan’s sovereignty, stability, and rightful place on the world stage. She emphasized that Eswatini stands with Taiwan always and unwaveringly. In conclusion, the deputy prime minister stated that Eswatini fully agrees with Taiwan that we must all safeguard our national sovereignty and protect the lives and property of our people. She said that our common enemy will always be poverty and natural disasters, but against all odds, we will stand united, and we shall remain united and be one. The delegation was accompanied to the Presidential Office by Eswatini Ambassador Promise Sithembiso Msibi.

    Details
    2025-02-20
    Presidential Office thanks US and Japan for joint leaders’ statement
    On February 7 (US EST), President Donald Trump of the United States and Prime Minister Ishiba Shigeru of Japan issued a joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community.” In the statement, the two leaders also “encouraged the peaceful resolution of cross-strait issues, and opposed any attempts to unilaterally change the status quo by force or coercion” and “expressed support for Taiwan’s meaningful participation in international organizations.” Presidential Office Spokesperson Karen Kuo (郭雅慧) on February 8 expressed sincere gratitude on behalf of the Presidential Office to the leaders of both countries for taking concrete action to demonstrate their firm support for peace and stability across the Taiwan Strait and for Taiwan’s international participation. Spokesperson Kuo pointed out that there is already a strong international consensus on the importance of peace and stability in the Indo-Pacific region. The spokesperson emphasized that Taiwan, as a responsible member of the international community, is capable and willing to work together with the international community and will continue strengthening its self-defense capabilities as it deepens its trilateral security partnership with the US and Japan and works alongside like-minded countries to uphold the rules-based international order. The spokesperson said that Taiwan will work toward ensuring a free and open Taiwan Strait and Indo-Pacific region, as well as global peace, stability, and prosperity, as it continues to act as a force for good in the world.

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

    MIL OSI Asia Pacific News –

    February 21, 2025
  • MIL-OSI: Finnvera Group’s Report of the Board of Directors and Financial Statements 2024 – Level of financing reduced from previous year, expectations of future demand positive – Result EUR 228 million

    Source: GlobeNewswire (MIL-OSI)

    Finnvera Group, Stock Exchange Release, 21 February 2025

    Finnvera Group’s Report of the Board of Directors and Financial Statements 2024

    Level of financing reduced from previous year, expectations of future demand positive – Result EUR 228 million

    Finnvera Group, summary 2024 (vs. 2023)

    • Result 228 MEUR (433) – The result for the period under review was strong for all business operations. Net interest income grew by 20% and net fee and commission income by 12%. During the period under review, Finnvera was able to partially reverse loss provisions for export credit guarantees and special guarantees, which have had a significant impact on the company’s result in recent years, especially those relating to cruise shipping companies. The reference period saw larger reversals of loss provisions than the period under review.
    • Result by business operations: Result of parent company Finnvera plc’s SME and midcap business stood at 23 MEUR (55) and that of Large Corporates business at 173 MEUR (351). The impact of Finnvera’s subsidiary, Finnish Export Credit Ltd, on the Group’s result was 32 MEUR (27).
    • The cumulative self-sustainability target set for Finnvera’s operations was achieved.
    • The balance sheet total EUR 14.8 bn (14.3) increased by 3%.
    • Contingent liabilities decreased by 9% and stood at EUR 14.9 bn (16.4).
    • Non-restricted equity and the assets of the State Guarantee Fund, which provide the Group’s reserves for covering potential future losses, increased by 12% and totalled EUR 2.1 bn (1.9).
    • Expected credit losses on the balance sheet were reduced by 4% to EUR 1.1 bn (1.2).
    • The NPS index (Net Promoter Score) used to measure client satisfaction improved by 15 points to 79 (64).
    • Outlook for 2025: The business outlook for cruise shipping companies continued to improve in 2024. The credit loss risk of export financing liabilities remains high, however, which causes uncertainty concerning the Finnvera Group’s financial performance in 2025.
    Finnvera Group, year 2024 (vs. 2023)
    Result
    228 MEUR
    (433), change -47%
    Balance sheet total
    EUR 14.8 bn
    (14.3), change 3%
    Contingent liabilities
    EUR 14.9 bn
    (16.4), change -9%
    Non-restricted equity and
    the assets of The State Guarantee Fund
    EUR 2.1 bn (1.9), change 12%
    Expense-income ratio
    17.3%
    (19.4), change -2,1 pp
    NPS index
    (net promoter score)
    79
    (64), change 15 points

    Comments from CEO Juuso Heinilä: 

    “Year 2024 was challenging for the Finnish economy, even if a cautious improvement could be observed in the early part of the year. Finland’s key export markets were also affected by a downturn, which dampened Finnish export companies’ prospects. While interest rates dropped and inflation decreased, geopolitical uncertainty persisted.

    Finnvera granted EUR 0.9 billion (1.8) in domestic loans and guarantees in 2024. The significant decrease in financing from the previous year is due to a major individual amount of working capital financing granted to a large corporate in the reference period. The level of SME and midcap financing was similar to the reference period. The largest share of funding by sector was granted to industry, and the regional drivers were the Helsinki Metropolitan Area and Lapland. Financing for investments did not reach the previous year’s level. The level of financing for corporate acquisitions and transfers of ownership was also lower than in previous years.

    A total of EUR 73 million (36) was granted in climate and digitalisation loans intended for green transition and digitalisation projects under the InvestEU guarantee programme. These loans were first granted in June 2023. To ensure that companies of all sizes have access to financing, we launched loans for micro-enterprises’ growth as a pilot project at the beginning of October 2024. Over three months, EUR 6 million in these loans was granted to micro-enterprises. The pilot project will continue until the end of March 2025, after which we will reassess the availability of financing for small companies.

    In accordance with Finnvera’s strategy, 92% of domestic financing was allocated to start-ups, SMEs seeking growth and internationalisation, investments, transfers of ownership, export and delivery projects, and SME guarantee projects. The long period of economic uncertainty eroded SMEs’ liquidity and increased the number of applications for corporate restructuring and bankruptcy.

    Finnvera granted export credit guarantees, export guarantees and special guarantees amounting to EUR 2.9 billion (5.4). The lower amount of export financing reflected the post-cyclical nature of Finnish exports and reduced demand for exports. Annual fluctuations are also always influenced by the timing of large individual export transactions. In particular, financing was granted to companies in the telecommunications, cruise shipping and mining sectors.

    Largest export credit guarantee agreement related to telecommunications sector in Finnvera’s history was signed in April concerning Nokia’s deliveries for the Indian 5G network worth USD 1.5 billion. In the mining sector, we financed Sibanye-Stillwater’s Keliber lithium project with a Finance Guarantee, which can be granted for domestic investments that support exports. In the energy sector, we financed Wärtsilä’s deliveries of energy storage systems for solar and wind power projects in the United States and Chile. These mining and energy projects, whose total value was approx. EUR 500 million, were the first export financing projects compliant with Finnvera’s climate criteria. Towards the end of the year, Finnvera participated in Meyer Turku’s construction financing that amounted to around EUR 1 billion for the Icon 3 ship.

    Finnish Export Credit Ltd, which is Finnvera’s subsidiary, granted EUR 0.6 billion in export credits (0.5) in 2024. While the demand for export credits increased slightly, it remains significantly lower than in pre-pandemic years. An increasing number of export transactions are financed by a bank to which Finnvera grants a guarantee.

    2024 was a successful year for Finnvera. The Finnvera Group’s result was EUR 228 million (433). The SME and midcap business, export credit guarantee and special guarantee operations, and subsidiary Finnish Export Credit Ltd turned a profit. Finnvera also built up its reserves for possible future losses. The business outlook for the cruise shipping sector, which is important for Finnvera’s export credit guarantee exposure, has continued to improve. Repayments have also helped to reduce exposure relating to Russia. In recent years, Finnvera has been able to partially reverse loss provisions for export financing, which have had a significant impact on the Group’s financial performance since 2020. The reversal of loss provisions has especially impacted the good results for the last two financial periods.

    As a result of crises affecting the global economy, the difficulties faced by some companies around the world and in various sectors have built up to form an insurmountable obstacle. During the period under review, Finnvera incurred major export credit guarantee losses in two cases. Our mission is to bear the risks of export companies. Our core business enjoys a high level of profitability, building up our reserves and creating preconditions for enabling companies’ growth and exports. However, the credit loss risks of exposure relating to export financing remain high, which may affect Finnvera’s future financial performance and reserves.

    We continued to develop our operations and services in line with our strategy in 2024. The ongoing upgrade of our basic information systems supports the digitalisation of services and a good client experience. Our client satisfaction reached an exceptionally high level, as did our personnel satisfaction. We invested in accelerating the growth of midcap enterprises in close cooperation with the European Investment Bank and the Tesi Group, and worked together with the Team Finland network and Business Finland to promote exports. We maintained export financing expertise, especially in SMEs and midcap enterprises, and we brought out new export financing instruments to ensure the availability of financing. The overhaul of the legislation applicable to Finnvera, which is included in the Government Programme and which is extremely important in terms of developing Finnvera’s operations and the competitiveness of export financing, was circulated for comments.

    We advanced our sustainability measures based on our goals in 2024. We joined the Net-Zero ECA Alliance of export credit agencies, which enables us to focus on the sustainability theme and enhance our impact through international cooperation. We developed Finnvera’s sustainability reporting as planned.

    In 2025–2028, our new strategy adopted by the company’s Board of Directors at the end of the year will emphasise increasing the volume of Finnish exports and the number of exporters as well as enabling growth and new business. The achievement of these goals will be supported by our competent personnel and management as well as client-oriented digitalisation. Finnvera contributes to ensuring that Finnish companies are able to invest, develop their products and get their products out around the world. This is a prerequisite for ensuring that we can continue to look after our welfare in Finland in the future.”

    Finnvera Group Financing granted, EUR bn 2024 2023 Change, %
    Domestic loans and guarantees 0.9 1.8 -51%
    Export credit guarantees, export guarantees and special guarantees 2.9 5.4 -47%
    Export credits 0.6 0.5 15%
    The fluctuation in the amount of granted financing is influenced by the timing of individual major financing cases.

    The credit risk for the subsidiary Finnish Export Credit Ltd’s export credits is covered by the parent company Finnvera plc’s export credit guarantee.

    Exposure, EUR bn 31 Dec 2024 31 Dec 2023 Change, %
    Domestic loans and guarantees 2.9 3.0 -4%
    Export credit guarantees, export guarantees and special guarantees 21.1 23.4 -10%
    – Drawn exposure 14.3 14.2 1%
    – Undrawn exposure 4.4 4.5 -2%
    – Binding offers 2.4 4.7 -49%
    Parent company’s total exposure 24.0 26.4 -9%
    Contract portfolio of export credits 10.2 11.0 -8%
    – Drawn exposure 6.5 7.3 -11%
    – Undrawn exposure 3.7 3.7 -2%
    The exposure includes binding credit commitments as well as recovery and guarantee receivables.

    Financial performance 

    The Finnvera Group’s result for 2024 was EUR 228 million (433). Finnvera’s result was strong for all business operations. EUR 46 million of the total result was generated in the last quarter of the year, and EUR 182 million between January and September. Compared to the year before, the result was most significantly affected by the changes in the amount of expected losses, or loss provisions. Loss provisions have had a significant impact on the Group’s result in recent years. Finnvera was able to partially reverse its loss provisions for export credit guarantees and special guarantees in 2024, especially those relating to cruise shipping companies. In the reference period, Finnvera was able to reverse more loss provisions than in the review period, which led to an exceptionally good result in 2023. The result for the review period was also significantly affected by higher net interest income and fee and commission income as well as changes in the value of items recognised at fair value through profit or loss.

    The Group’s realised credit losses and change in expected losses totalled EUR 49 million during the review period, whereas the corresponding item was positive with a value of EUR 210 million during the reference period. The realised credit losses of EUR 121 million (128) were slightly lower than in the reference period. During the period under review, two larger individual export credit guarantee compensations were paid. Expected losses, or loss provisions, decreased by EUR 51 million (320), of which the reversal of loss provisions for export credit guarantee and special guarantee operations accounted for EUR 74 million (376). Credit loss compensation from the State covering losses in domestic financing totalled EUR 20 million (18).

    Compared to the year before, the Group’s net interest income increased by 20% to EUR 139 million (115) and net fee and commission income by 12% to EUR 198 million (177). The higher level of market interest rates was a particularly important factor affecting the increased net interest income. The most significant factors increasing the net fee and commission income were recognition of guarantee premiums for reimbursed export and special guarantees and prepayments of individual liabilities as well as the reimbursement of insurance premiums received as a result of the cancellation of reinsurance contracts. The changes in the Group’s value of items recognised at fair value through profit or loss and net income from foreign currency operations amounted to EUR 8 million (-9).

    After the result of the period under review, the parent company’s reserves for domestic operations as well as export credit guarantee and special guarantee operations for covering potential future losses amounted to a total of EUR 1,878 million (1,676) at the end of December. These reserves, which also cover the credit risk of export credits granted by the subsidiary, consisted of the following: the reserve for domestic operations, EUR 432 million (405) as well as the reserve for export credit guarantees and special guarantees and the assets of the State Guarantee Fund for covering losses, totalling EUR 1,446 million (1,272). The State Guarantee Fund is an off-budget fund whose assets include the assets accumulated from the activities of Finnvera’s predecessor organisations. Under the Act on the State Guarantee Fund, the Fund covers the result showing a loss in the export credit guarantee and special guarantee operations if the reserve funds in the company’s balance sheet are not sufficient. The non-restricted equity of the subsidiary, Finnish Export Credit Ltd, amounted to EUR 230 million (198) at the end of December.

    Finnvera Group
    Financial performance
    2024
    MEUR
    2023
    MEUR
    Change
    %
    Q4/2024
    MEUR
    Q4/2023
    MEUR
    Change
    %
    Net interest income 139 115 20% 37 33 10%
    Net fee and commission income 198 177 12% 50 40 24%
    Gains and losses from financial instruments carried at fair value through P&L and foreign exchange gains and losses 8 -9 – -2 -5 -54%
    Net income from investments and other operating income 0 1 -95% 0 0 -23%
    Operational expenses -53 -50 6% -16 -14 12%
    Other operating expenses, depreciation and amortisation -7 -5 35% -3 -1 118%
    Realised credit losses and change in expected credit losses, net -49 210 – -19 209 –
    Operating result 236 439 -46% 47 262 -82%
    Income tax -8 -6 45% -1 -1 4%
    Result 228 433 -47% 46 261 -82%

    Outlook for financing 

    The worst of the recession is behind us, and the Finnish economy is forecast to start growing in 2025. Great expectations are currently placed on the improved outlook for exports as well as the growth and renewal of the entire business sector.

    We expect that the demand for Finnvera’s domestic financing will increase, including more and more financing for investments, as the economic upturn drives a need for more production capacity. Due to the long-standing uncertainty, the economic position of many companies is weak. Finnvera’s role is stressed in arranging financing and sharing the risk with other providers of financing.

    We encourage companies to grasp the growth opportunities created by the green transition with the help of our climate and digitalisation loans and other incentives for sustainable financing. We will continue piloting loans for micro-enterprises’ growth projects until the end of March 2025. While we expect the high demand for the loans to continue, we will reassess small companies’ access to financing after the conclusion of the pilot. Finnvera strives to be active wherever our input is needed to arrange access to financing.

    We expect that the demand for export credit guarantees will start growing in 2025 and that this growth will continue in 2026. Exportation of investment goods, which is vital for Finland’s exports, is post-cyclical and the increase in demand will be reflected in export credit guarantees granted by Finnvera with a delay. Positive signs can already be seen in several sectors, however. Finnvera plays an important role in granting guarantees for long-term trade. We encourage export companies to seek growth in emerging and new markets and to rely on Finnvera for financing export transactions and risk hedging. We will continue to grant export credit guarantees to Ukraine as part of Finland’s national reconstruction programme for the country.

    Finnvera, the Tesi Group and Business Finland will step up their cooperation with the goal of boosting companies’ growth, exports, and the impact of financing. We will continue to work actively together with Team Finland and promote the growth and internationalisation of companies, also while the renewal of public export functions is underway. Finnvera’s Trade Facilitators strive to bring together foreign buyers and Finnish exporters and to promote trade using Finnvera’s export financing together with Business Finland. The aims also include increasing the number of midcap enterprises in Finland.

    Outlook for 2025

    The business outlook for cruise shipping companies continued to improve in 2024. The credit loss risk of export financing liabilities remains high, however, which causes uncertainty concerning the Finnvera Group’s financial performance in 2025.

    Further information:

    Juuso Heinilä, CEO, tel. +358 29 460 2576

    Ulla Hagman, CFO, tel. +358 29 460 2458

    Finnvera publishes the Report of the Board of Directors and its financial statements as an XHTML file compliant with the European Single Electronic Format (ESEF) requirements. Auditor Ernst & Young Ltd has issued an independent assurance report that provides reasonable assurance concerning Finnvera’s ESEF financial statements. The XHTML file is available in Finnish and English. Finnvera additionally publishes the report and financial statements in PDF format.

    ESEF Report 2024 (ZIP)

    Finnvera Group’s Report of the Board of Directors and Financial Statements 1 January – 31 December 2024 (PDF)

    Distribution: NASDAQ Helsinki Ltd, London Stock Exchange, key media, www.finnvera.fi

    The report is available in Finnish and English at www.finnvera.fi/financial_reports

    Attachments

    • 743700T69OBBJO7TCA15-2024-12-31-0-en
    • Finnvera-Group-Report-of-the-Board-of-Directors-and-Financial-Statements-2024

    The MIL Network –

    February 21, 2025
  • MIL-OSI: Notice to convene the annual general meeting of Danske Banks A/S

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no 8 2025 Danske Bank
    Bernstorffsgade 40
    DK-1577 København V
    Tel. + 45 45 14 14 00

    21 February 2025

    Page 1 of 1

    Notice to convene the annual general meeting of Danske Banks A/S

    Danske Bank A/S will hold its annual general meeting on Thursday 20 March 2025 at 3.00pm (CET).

    As was the case in 2024, the annual general meeting will be held as a fully electronic general meeting without the possibility of attending in person.

    A fully electronic general meeting facilitates participation for a wider audience, including our international investors, while ensuring that all shareholders can exercise their rights to participate in, ask questions and vote at the general meeting on the same terms.

    Attached is the agenda, including complete proposals.

    Get more information on our general meeting on www.danskebank.com/agm

    The Board of Directors of Danske Bank A/S

    Contact: Stefan Kailay Wind, Head of Corporate Communications & Media Relations, tel. +45 45 14 14 00

    Attachments

    • Agenda – annual general meeting 2025
    • Company announcement no 8 2025

    The MIL Network –

    February 21, 2025
  • MIL-OSI United Nations: WFP welcomes Japan’s commitment to action against global hunger

    Source: World Food Programme

    YOKOHAMA – The United Nations World Food Programme (WFP) has welcomed a timely contribution of US$58 million from the Government of Japan. This contribution will enable WFP to support vulnerable populations affected by conflict, climate change, and economic crisis in 28 countries across Asia, the Middle East and Africa.

    Over US$10 million will be allocated to provide emergency food assistance in Palestine, supporting severely food-insecure Palestinians in the West Bank and Gaza Strip hard-hit by conflict and consecutive shocks. This assistance will help them access lifesaving foods to meet their essential needs and open a window of hope for families.  

    In Afghanistan, a US$7 million contribution will be used to provide lifesaving food and nutrition assistance, including for an emergency school feeding programme. With US$4 million to Myanmar, WFP continues to deliver emergency food assistance to the most vulnerable populations in crisis-affected states and regions. Additionally, in Thailand, Japan’s contribution will be allocated to deliver urgent food and nutrition assistance in border areas affected by the unpredictable and rapid evolution of the conflict in Myanmar.

    This contribution also highlights Japan’s consistent commitment to addressing food insecurity in Africa seizing the momentum of the Ninth Tokyo International Conference on African Development (TICAD 9), which will be held in August in Japan.

    Among the Horn of Africa countries, US$3 million will be allocated to deliver emergency food and nutrition assistance to populations affected by conflict and climatic shocks in Somalia. With another US$3 million, WFP will support vulnerable populations including refugees, asylum seekers, and migrants in Djibouti by sustaining emergency food and nutrition assistance amid successive and complex crises. 

    In Angola, Ethiopia, Malawi and Zambia, with a US$5.5 million contribution, WFP aims to enhance collaboration with Japanese corporations to jointly achieve Zero Hunger with their technology and expertise. 

    “We highly appreciate the contribution from the Government of Japan, which enables us to address critical food needs at scale across the world at this challenging moment, when our joint multilateral solidarity is needed more than ever,” said Yasuhiro Tsumura, Director of the WFP Japan Relations Office. “No one should be left behind. With generous funding from Japan, WFP will support the lives and livelihoods of the most vulnerable households, ensuring the global food security is our joint mandate. We earnestly seek the continued support of the Japanese people to help us in our mission at a time when we face severe funding shortfalls worldwide.” 

    Japan has consistently been one of WFP’s top donors. The countries and regions benefitting from US$58 million Japan’s Supplementary Budget are: Afghanistan, Angola, Bangladesh, Burkina Faso, Burundi, Cameroon, Chad, Djibouti, Ethiopia, Ghana, Guinea-Bissau, Iran, Jordan, Lebanon, Madagascar, Malawi, Mali, Myanmar, Palestine, Rwanda, Somalia, South Sudan, Thailand, the Gambia, Uganda, Yemen, Zambia, and Zimbabwe. 

     

    #                 #                   #

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

    Follow us on X, formerly Twitter, via @wfp_media @WFP_JP

    MIL OSI United Nations News –

    February 21, 2025
  • MIL-OSI: StoneX Unites with Women’s Run Series to Champion Athletics Diversity

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 21, 2025 (GLOBE NEWSWIRE) — StoneX Financial Ltd, the U.K. based subsidiary of StoneX Group Inc., is proud to continue their partnership with the Women’s Run Series – a pioneering running initiative designed to increase female and ethnic minority participation in athletics. The next event scheduled is on International Women’s Day – Saturday, March 8, 2025 – at the Queen Elizabeth Olympic Park in London, previously a venue for the 2012 Olympic and Paralympic Games.

    Supported by RunThrough, the Women’s Run Series represents a significant step forward in reducing the barriers to participation in athletics, by inspiring an inclusive environment that welcomes runners of all backgrounds.

    Victoria Lepadden, Head of Client Management (Non-Banks) at StoneX Payments, said, “I’m so excited that StoneX and Women’s Run Series have come together to organise the groundbreaking Women’s Run Series. This event ties in so well with our ‘Women in StoneX’ movement. Both StoneX and Women’s Run Series have provided opportunities for women to come together, have fun, and get fit at the same time. I’m delighted to see that the series will be expanding across the country this year, giving more women the chance to join in and help them thrive in a supportive community.”

    Lucy Wood, Race Director at Women’s Run Series, added, “We are thrilled to bring this event to life in partnership with StoneX. This partnership strengthens our commitment to increasing female and ethnic minority participation in running events, ensuring that everyone, regardless of background, feels welcome and supported. Together, we’re creating more opportunities for women to experience the joy of running in an environment designed just for them.”

    For more information about the Women’s Run Series and to register for upcoming events, visit www.womensrunseries.co.uk.

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service, and deep expertise. The group strives to be the one trusted partner to its clients, providing its network, products, and services to enable them to pursue trading opportunities, manage market risks, make investments, and improve business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, as well as more than 400,000 retail accounts, from more than 80 offices spread across six continents.

    The MIL Network –

    February 21, 2025
  • MIL-OSI Economics: RBI retains Advisory Committee of Aviom India Housing Finance Private Limited

    Source: Reserve Bank of India

    It may be recalled that, in exercise of powers conferred under Section 45-IE (5) (a) of the RBI Act, 1934, the Reserve Bank had, on January 30, 2025, constituted a three-member Advisory Committee to assist Shri Ram Kumar, Administrator of Aviom India Housing Finance Private Limited (AVIOM) in discharge of his duties. The members of the Committee are:

    1. Shri Paritosh Tripathi, ex-CGM, State Bank of India

    2. Shri Rajneesh Sharma, ex-CGM, Bank of Baroda

    3. Shri Sanjaya Gupta, ex-MD & CEO, PNB Housing Finance Limited

    Upon admission of the petition for insolvency resolution process by the New Delhi Bench of the Hon’ble National Company Law Tribunal in respect of AVIOM vide order dated February 20, 2025, the Reserve Bank has decided that the above mentioned three-member Committee shall continue as the Advisory Committee under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The Advisory Committee shall advise the Administrator in the operations of AVIOM during the Corporate Insolvency Resolution Process.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2216

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Economics: Result of the 45-day Variable Rate Repo (VRR) auction held on February 21, 2025

    Source: Reserve Bank of India

    Tenor 45-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of bids received (in ₹ crore) 57,951
    Amount allotted (in ₹ crore) 57,951
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.28
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2214

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI United Kingdom: CMA reaches settlement with banks in competition case

    Source: United Kingdom – Executive Government & Departments

    Banks agree to pay fines for past exchanges of sensitive information about UK government bonds.

    • CMA and 4 banks agree to settle separate cases related to UK government bonds, known as gilts
    • Citi, HSBC, Morgan Stanley and Royal Bank of Canada will pay fines totalling over £100 million – Deutsche Bank has immunity for reporting its conduct which began in 2009 and ended in 2013
    • Individual traders at each of the banks took part in private one-to-one Bloomberg chatrooms in which they shared sensitive information relating to buying and selling gilts on specific dates

    Gilts are an important type of UK government bond that help to finance public spending. Investors in gilts lend money to the UK government and in return receive a steady and stable stream of cash interest payments.

    Healthy competition drives investment, innovation and growth, and it is important that competitors decide their price and strategies independently in order to ensure effective competition in a market. 

    Following an investigation by the Competition and Markets Authority (CMA), the banks have agreed to pay fines for specific instances in which traders shared competitively sensitive information about aspects of the pricing of UK bonds. The sharing of information occurred in one-to-one exchanges between traders about the buying and selling of gilts and gilt asset swaps.

    This conduct took place on various dates between 2009-2013, with the last exchanges occurring in 2010 for HSBC, 2012 for Morgan Stanley, and 2013 for each of Citi, Deutsche Bank and Royal Bank of Canada. Since then, the banks have implemented extensive compliance measures to ensure this behaviour does not happen again.

    Juliette Enser, Executive Director of Competition Enforcement at the CMA, said:

    Following constructive engagement between the banks and the CMA, we are pleased that we have been able to settle these 5 cases involving the past sharing of competitively sensitive information about pricing.

    The financial services sector is an integral part of the UK economy, contributing billions every year, and it’s essential that it functions effectively. Only through healthy and competitive markets can we ensure businesses and investors have confidence to invest and grow – for the benefit of all in the UK.

    The fines imposed today reflect the CMA’s commitment to dealing with competition law breaches and deterring anti-competitive conduct. The fines would have been substantially higher had the banks not already taken unusually extensive steps to make sure that this doesn’t happen again.

    Unlawful exchanges in one-to-one chatrooms

    Each of the exchanges took place in separate bilateral online Bloomberg chatrooms between individual traders at 2 banks [see Figure 1] and included information relevant to the pricing of UK government bonds – specifically, gilts and gilt asset swaps.

    In particular, each one-to-one exchange of information took place in relation to one or more of the following: firstly, the sale of gilts by the UK Debt Management Office via auctions on behalf of HM Treasury, secondly the subsequent buying and selling, i.e. trading, of gilts and gilt asset swaps, and thirdly the selling of gilts to the Bank of England – known as ‘buy back’. Not all banks were involved in unlawful exchanges in all 3 contexts.

    Figure 1 – Parties to the separate one-to-one exchanges

    Consequences

    Four banks – Citi, HSBC, Morgan Stanley and Royal Bank of Canada – have settled and agreed to pay fines totalling £104,460,000.

    Deutsche Bank is exempt from a financial penalty as it alerted the CMA to its participation in the chats via the authority’s leniency policy. Citi applied for leniency during the CMA’s investigation and as a result has received a reduced fine.

    In agreeing to settle with the CMA, the banks have agreed to pay these fines, bringing the investigation to a close.

    The fines for each bank are:

    • Citi: £17,160,000 – this includes a 35% leniency discount and a 20% reduction for settling in advance of the CMA issuing its Statement of Objections
    • HSBC: £23,400,000 – this includes a 10% reduction for settling after the CMA issued its Statement of Objections
    • Morgan Stanley: £29,700,000 – this includes a 10% reduction for settling after the CMA issued its Statement of Objections
    • Royal Bank of Canada: £34,200,000 – this includes a 10% reduction for settling after the CMA issued its Statement of Objections

    The fines take into account the length of time that has passed since the end of the infringements and the extensive compliance measures that the banks have implemented since then – some of which were in place before the start of the CMA’s investigation.

    The firms have until 22 April 2025 to pay their fines.

    More information on this investigation and the CMA’s update is available on the UK government bonds: suspected anti-competitive arrangements case page.

    Notes to editors

    1. A gilt is a UK government bond issued by HM Treasury through the UK Debt Management Office (‘DMO’). This case concerned conventional gilts only, i.e. gilts that pay a fixed rate of interest to the holder. Gilts are commonly issued through auction by the DMO in the UK to gilt-edged market makers (‘GEMMs’) and are actively traded in the financial market following issuance. All 5 banks investigated by the CMA are GEMMs.
    2. In 2009, in response to the financial crisis, the Bank of England adopted a quantitative easing (‘QE’) policy, which involved the Bank of England buying assets – the majority of which were gilts. The Bank of England therefore conducted regular buy-back auctions at certain points during the relevant period.
    3. The DMO, the Bank of England and HM Treasury were not under investigation. The DMO, on behalf of HM Treasury, and the Bank of England have assisted the CMA with the investigation by responding to information requests.
    4. The CMA has issued five separate bilateral infringement decisions. Decision documents are addressed to the following entities: Citigroup Global Markets Limited and its ultimate parent company Citigroup Inc. (together ‘Citi’), Deutsche Bank Aktiengesellschaft (‘Deutsche Bank’), HSBC Bank Plc and its ultimate parent company HSBC Holdings Plc (together ‘HSBC’), Morgan Stanley & Co. International Plc and its ultimate parent company Morgan Stanley (together ‘Morgan Stanley’), and RBC Europe Limited and its ultimate parent company Royal Bank of Canada (together ‘Royal Bank of Canada’).
    5. In each decision, the CMA has found a single and repeated ‘by object’ infringement (i.e. that the conduct had, as its object, the restriction or distortion of competition within the UK). The CMA has not made any finding as to whether the conduct at issue had the effect of preventing, restricting or distorting competition.
    6. The information exchanges took place between: – Citi and Deutsche Bank: on 12 specific dates between July 2012 and January 2013 – Citi and Morgan Stanley: on 3 specific dates between December 2011 and February 2012 – Deutsche Bank and HSBC: on 12 specific dates between October 2009 and June 2010 – Deutsche Bank and Morgan Stanley: on 8 specific dates between October 2009 and June 2011 – Deutsche Bank and Royal Bank of Canada: on 41 specific dates between November 2009 and April 2013
    7. In the case of 4 of the banks (Citi, Deutsche Bank, HSBC and Morgan Stanley) the information was exchanged by a single trader based in the UK. In the case of the Royal Bank of Canada, the information was exchanged on different occasions by 2 traders based in the UK. None of the traders remain employed by the bank they worked for at the time.
    8. Bloomberg chatrooms are a means of electronic communication through which participants can exchange messages. Although the information exchanged through certain Bloomberg chatrooms formed part of the CMA’s investigation, Bloomberg was not under investigation.
    9. All banks were involved in unlawful exchanges relating to trading. In addition, Citi, Deutsche Bank, HSBC and Morgan Stanley were involved in unlawful exchanges relating to auctions; and Deutsche Bank, Citi and Morgan Stanley were involved in unlawful exchanges relating to buy-back auctions. Deutsche Bank and RBC also coordinated their strategies for trading gilts via brokers on a limited number of occasions.
    10. Under the CMA’s leniency policy, a business that has been involved in cartel activity may be granted immunity from penalties or a reduction in penalty in return for reporting the cartel activity and assisting the CMA with its investigation.
    11. A party under investigation by the CMA may enter into a settlement agreement if it is prepared to admit that it has breached competition law, is willing to pay a fine and agree to a streamlined administrative procedure for the remainder of the investigation. Settlement can take place before or after the CMA issues a Statement of Objections, which sets out the CMA’s provisional findings of fact and its legal and economic assessment of them.
    12. The CMA and the Financial Conduct Authority have concurrent functions to enforce competition law in the financial services sector. It was agreed that the CMA would exercise those functions in relation to this investigation.
    13. For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.

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    Updates to this page

    Published 21 February 2025

    MIL OSI United Kingdom –

    February 21, 2025
  • MIL-OSI Economics: Result of the 14-day Variable Rate Repo (VRR) auction held on February 21, 2025

    Source: Reserve Bank of India

    Tenor 14-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of bids received (in ₹ crore) 41,046
    Amount allotted (in ₹ crore) 41,046
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.26
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)   

    Press Release: 2024-2025/2213

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Economics: Asian Development Blog: Unintended Consequences: Managing the Surprising Impacts of Conditional Cash Transfers

    Source: Asia Development Bank

    Conditional cash transfers provide immediate financial relief while fostering long-term investments in education and health, helping to break the cycle of poverty. Research reveals both intended and unintended effects that policymakers and project designers should consider.

    Conditional cash transfers are direct cash payments to people in need. They are designed to reduce poverty by providing cash transfers to households that fulfill specific conditions. These criteria often revolve around education, such as school attendance, or health, such as prenatal checkups. 

    By alleviating people’s short-term budget constraints while at the same time incentivizing long-term investments in human capital, these cash payments aim to break the cycle of poverty.

    The dual approach of immediate financial relief and long-term human capital investment has made conditional cash transfers widely popular. Early programs, starting in the late 1990s, were implemented in Latin America, with PROGRESA in Mexico and Bolsa Familia in Brazil being notable examples. 

    Since then, conditional cash transfers have seen widespread adoption globally, often as flagship anti-poverty programs supported by international development finance institutions. In Asia and the Pacific, Indonesia’s Program Keluarga Harapan (PKH) is a prominent example of a large-scale program.

    Conditional cash transfers are among the most closely studied anti-poverty programs due to their clear objectives, measurable goals, and widespread adoption. Large-scale programs are often informed by small-scale, rigorously measured pilots, which assess the impacts on recipients’ health and educational outcomes before being adopted at national scale. 

    Systematic reviews of existing studies generally find mixed to positive impacts on both short-term and long-term outcomes, further contributing to the popularity of conditional cash transfers.

    As new programs continue to be introduced and existing ones run for decades, the associated research grows. Beyond the intended impacts, new data sources and the realization that development policies can have multiple effects have led to a new strain of research. 

    Cash transfers, especially those with behavioral conditions, influence recipients’ actions in expected and unexpected ways, leading to both positive and negative outcomes. Research along these lines sheds light on their broader impact beyond the intended effects.

    Maximizing the benefits of conditional cash transfers requires understanding both their intended and unintended effects, ensuring that program design is evidence-based and adapted to local contexts.

    Given the expense of anti-poverty programs, findings on positive spillover effects can help to justify them, while negative impacts can inform necessary adjustments. 

    One prominent positive externality observed is the reduction in crime rates, especially in Latin America. As children are increasingly sent to school due to conditional cash transfer requirements, studies have found that gang violence decreases.

    These programs make skipping school to engage in violence more costly because recipient households risk losing their cash transfer payments if they don’t fulfill the program’s conditionalities.

    Similarly, the programs have been found to decrease child labor and reduce the prevalence of child marriages in rural areas. These are unintended effects, that is, impacts beyond the traditional theory of change of conditional cash transfer programs.

    These examples display how there are potential benefits beyond initial project design. 

    However, negative effects induced by conditional cash transfers have also been observed. One notable example is when parents pay more attention to the child that is targeted by the conditionality of the cash transfer program than their other children who are not targeted. 

    While school-aged children may feel pressured from increased attention and the need to perform well, older children can also suffer from parental neglect.  Another example is the mistargeting of conditional cash transfers, which can produce resentment and other problems in communities. 

    Although this issue is not specific to conditional cash transfers, the effect can be magnified because these are often flagship poverty programs.

    What can we make of these findings? It is crucial to acknowledge that these results can be highly context-specific. In some cases, side effects such as crime vary by region. 

    That said, awareness of potential externalities can help foster positive examples, while tweaking program design can contribute to mitigating negative ones.

    Given the importance of context-specificity, conditional cash transfer interventions should be carefully adapted to the local setting. This approach can help design interventions that avoid negative side effects and inform policy making at an earlier stage.

    Understanding a broader set of changes that a policy brings about can also inform cost-benefit analysis, helping to determine which intervention is best suited to achieve set objectives most efficiently in light of scarce resources. 

    A practical starting point is implementing pilot programs that test for both the intended and potential unintended effects of conditional cash transfers on a small scale. This ensures that scale-up decisions are evidence-based and consider outcomes beyond the primary objectives. 

    Maximizing the benefits of conditional cash transfers requires understanding both their intended and unintended effects. Evidence-based program design can enhance positive outcomes while minimizing risks, ensuring these interventions are both effective and equitable.

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Economics: India’s Industrial Park Rating System: IPRS 2.0 and Beyond

    Source: Asia Development Bank

    The brief breaks down the Industrial Park Rating System 2.0 (IPRS) and explains how it measures factors including internal and external infrastructure, environment and safety, and business support services. It details how the results of IPRS 2.0 informed the Government of India’s decision to develop 100 investment-ready industrial parks and why IPRS 3.0 will be key to supporting innovation, boosting trade, and enhancing sustainability.

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 21, 2025

    Source: Reserve Bank of India

    Tenor 3-day
    Notified Amount (in ₹ crore) 1,75,000
    Total amount of bids received (in ₹ crore) 94,927
    Amount allotted (in ₹ crore) 94,927
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.27
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2212

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Economics: ADB Invites Participants to Milan 2025

    Source: Asia Development Bank

    Transcript

    Milan
    58th ADB Annual Meeting
    4-7 May 2025

    Asel Djusupbekova
    The Secretary
    Asian Development Bank

    “The 58th Annual Meeting of the ADB Board of Governors is taking place from the 4th to 7th of May. This year, our Annual Meeting is returning to Europe for the first time in 9 years.

    As a global hub for innovation, industry, and culture, Milan serves as an ideal setting for our meeting as we come together under the theme “Sharing Experience, Building Tomorrow.

    We are committed to driving meaningful discussions on critical issues that will forge our path into a more sustainable future. Our focus this year is on four areas:

    As rapid advancements are redefining economies, industries, and societies, we will examine how digital innovation can support the development agenda while addressing challenges.

    We will also highlight the region’s essential but complex shift to a low-carbon future.

    We will discuss how to build resilience by developing innovative technologies and strategies, both within countries, and across borders.

    And, we will discuss the critical need for sustainable food security amid growing global uncertainties.

    Building on these focus areas, this year’s program will feature a diverse range of seminars and events.

    Milan represents a connection between Europe and Asia and the Pacific; and our shared commitment to fostering collaboration between our regions.

    By working together, we can overcome challenges and unlock opportunities for sustainable growth.
     
    Together, let us share experiences and build a better tomorrow. I look forward to seeing you in Milan.”

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Economics: Result of Underwriting Auction conducted on February 21, 2025

    Source: Reserve Bank of India

    In the underwriting auction conducted on February 21, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    Nomenclature of the Security Notified Amount
    (₹ crore)
    Minimum Underwriting Commitment (MUC) Amount
    (₹ crore)
    Additional Competitive Underwriting Amount Accepted
    (₹ crore)
    Total Amount underwritten
    (₹ crore)
    ACU Commission Cut-off rate
    (paise per ₹100)
    6.75% GS 2029 14,000 7,014 6,986 14,000 0.12
    6.98% GOI SGrB 2054 5,000 2,520 2,480 5,000 0.89
    7.34% GS 2064 15,000 7,518 7,482 15,000 0.25
    Auction for the sale of securities will be held on February 21, 2025.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2211

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI China: Announcement on Open Market Operations No.35 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.35 [2025]

    (Open Market Operations Office, February 21, 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 RMB182.5 billion through quantity bidding at a fixed interest rate on February 21, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB182.5 billion

    1.50%

    Date of last update Nov. 29 2018

    2025年02月21日

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI Economics: Money Market Operations as on February 20, 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) 5,73,540.52 6.23 3.00-6.65
         I. Call Money 16,460.79 6.35 5.15-6.45
         II. Triparty Repo 3,88,782.20 6.20 5.75-6.61
         III. Market Repo 1,66,214.48 6.27 3.00-6.65
         IV. Repo in Corporate Bond 2,083.05 6.51 6.50-6.60
    B. Term Segment      
         I. Notice Money** 305.30 6.24 5.75-6.45
         II. Term Money@@ 631.00 – 6.50-6.65
         III. Triparty Repo 1,385.95 6.21 6.00-6.45
         IV. Market Repo 324.50 6.58 6.45-6.60
         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          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Thu, 20/02/2025 1 Fri, 21/02/2025 1,00,022.00 6.27
      Thu, 20/02/2025 1 Fri, 21/02/2025 32,916.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Thu, 20/02/2025 1 Fri, 21/02/2025 760.00 6.50
    4. SDFΔ# Thu, 20/02/2025 1 Fri, 21/02/2025 1,37,648.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -3,950.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Mon, 17/02/2025 4 Fri, 21/02/2025 57,413.00 6.26
         (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 (-)]*     1,91,521.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,87,571.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 20, 2025 8,87,764.02  
         (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 20, 2025 1,32,938.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 24, 2025 -34,103.00  
    @ 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. 2024-2025/2138 dated February 12, 2025 and Press Release No. 2024-2025/2013 dated January 27, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2210

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI USA: Cramer, Smith and Colleagues Introduce Legislation to Support North Dakota Bus Manufacturing

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    WASHINGTON, D.C. – In recent years, several prominent bus manufacturers have declared bankruptcy. Outdated payment practices from the Federal Transit Administration (FTA) are contributing to the challenging business environment and unnecessarily raising costs for bus manufacturers and their customers. Amendments to the FTA are referred to the Senate Banking, Housing, and Urban Development (Banking) Committee, which has jurisdiction.

    U.S. Senator Kevin Cramer (R-ND), member of the Senate Banking Committee, and U.S. Senators Tina Smith (D-MN), Katie Britt (R-AL), and John Fetterman (D-PA) introduced the Bus Rolling Stock Modernization Act. The bill modernizes the 40-year-old structure for bus payments, allowing transit agencies to make advance payments of up to 20% for bus rolling stock purchased using federal funds. This simple reform provides flexibility and cost savings for both local transit agencies and manufacturers. These savings free up much-needed capital for bus manufacturers, allowing for more significant investments in their operations to meet customer demand.

    FTA regulations only allow for advance payment when the manufacturer obtains a performance bond or letter of credit, and the grantee receives pre-approval from FTA. The existing process is cumbersome, time consuming, and costly for both transit agencies and manufacturers. The Bus Rolling Stock Modernization Act would simplify the purchasing process and help drive down costs for agencies and manufacturers.

    “Our legislation cuts unnecessary red tape, allowing bus manufacturers across America to invest in their production capacity,” said Cramer. “This commonsense change provides greater flexibility for North Dakota’s local transit agencies and directly benefits manufacturers like Motor Coach Industries in Pembina.”

    “Each day, transit systems connect Minnesotans to their jobs, schools, and countless other opportunities – all while reducing traffic congestion,” said Smith. “This bill makes a commonsense update to current practice by cutting unnecessary red tape and strengthen the domestic bus manufacturing market. This small change will also support U.S. bus manufacturing jobs, get more buses into service, and help Americans get to their work, school, and health care appointments more easily.”

    “This bill strengthens the motorcoach industry, driving job creation and economic growth at Motor Coach Industries (MCI) in Pembina, North Dakota, and across all our U.S. manufacturing sites, which employ 4,000 Americans,” said Paul Soubry, President and CEO of NFI Group, MCI’s parent company. “We sincerely appreciate the Senator’s leadership in championing policies that drive innovation, investment, and workforce expansion in American manufacturing.”

    Click here for bill text.

    MIL OSI USA News –

    February 21, 2025
  • MIL-OSI USA: Lummis Demands Documents from Federal Reserve on Operation Chokepoint 2.0

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis

    Washington, D.C.— Senator Cynthia Lummis (R-WY), Chair of the Senate Banking Subcommittee on Digital Assets, issued a slew of document demands to the Federal Reserve Board of Governors and the Federal Reserve Banks of Dallas and Richmond regarding Operation Chokepoint 2.0 and digital assets.

    “The days of the Fed hiding its policy bias and mismanagement are over,” said Lummis. “Ensuring we have transparency in the digital asset space is integral to maintaining public trust and promoting responsible innovation in this rapidly evolving space. Congress has a constitutional duty to conduct thorough oversight, and Chairman Tim Scott and I are making sure the American people get the answers they deserve on Operation Chokepoint 2.0.”

    In her requests, Senator Lummis emphasized that claims of privilege or confidentiality do not exempt the Federal Reserve from Congressional oversight under Article I of the U.S. Constitution. The letters set a deadline of March 13, 2025 for production of documents.

    As Chair of the newly formed Subcommittee on Digital Assets, Senator Lummis has made oversight of federal regulators’ approach to digital asset innovation a top priority for the 119th Congress.

    Full text of the cover letter to the Federal Reserve Board of Governors can be found here.

    Full text of the cover letter to the Federal Reserve Board Inspector General can be found here.

    Full text of the letter to the Federal Reserve Bank of Dallas can be found here.

    Full text of the letter to the Federal Reserve Bank of Richmond can be found here.

    MIL OSI USA News –

    February 21, 2025
  • MIL-OSI New Zealand: Tech and Security – New Zealand’s digital wellbeing ranking declines with the biggest setback in internet affordability

    Source: SurfShark

    The Digital Quality of Life Index is an annual study that ranks 121 countries by their digital wellbeing based on 5 core pillars: internet quality, internet affordability, e-security, e-infrastructure, and e-government                                

    Surfshark’s Digital Quality of Life Index (DQL) 2024 ranks New Zealand 32nd in the world. The study indicates how well the country is performing in terms of overall digital wellbeing compared to other nations. New Zealand dropped by five places from last year, which suggests the commitment to develop the digital landscape and position the country as a leader in leveraging technological advancements to improve citizens’ quality of life has slowed down. (ref. https://surfshark.com/research/dql )

    “In an election year like 2024, where the digital realm shaped political discourse and societal values, prioritizing digital quality of life proved to be more important than ever. It helps to ensure informed citizens, protects democratic processes, and fosters innovation. Our annual project helps to better understand where each county stands in terms of digital divide, highlighting where a nation’s digital quality of life excels and where further focus is required,” says x, Surfshark’s spokesperson.

    Out of the Index’s five pillars, New Zealand performed best in e-infrastructure, claiming 19th place, but faced challenges in e-security, ranking 36th. The nation ranks 23rd in e-government, 30th in internet affordability, and 35th in internet quality. In the overall Index, New Zealand surpasses Australia (37th) but lags behind the UK (9th). In Oceania, New Zealand takes 1st place and leads the region.    

    New Zealand ranks higher in e-government than 81% of the countries analyzed, with 98 countries falling below it.       

    E-government determines how advanced and digitized a country’s government services are. A well-developed e-government helps minimize bureaucracy, reduce corruption, and increase transparency within the public sector. This pillar also shows the level of Artificial Intelligence (AI) readiness a country demonstrates. Countries with the highest readiness to adopt AI technology are also ready to counter national cyberthreats. New Zealand ranks 23rd in the world in e-government — nine places lower than last year.

    New Zealand is 36th in the world in e-security — same as last year.  

    The e-security pillar measures how well a country is prepared to counter cybercrime and how advanced a country’s data protection laws are. New Zealand outperforms Australia, which ranks 42nd, but lags behind the UK, which takes 23rd place in the e-security pillar. New Zealand is prepared to fight against cybercrime; the country has good data protection laws.     

    “New Zealand has robust data protection laws, with its Privacy Acts sharing key similarities with the GDPR — one of the world’s strictest data protection frameworks. Both regulate data collection, usage, and transfers; however, unlike the GDPR, New Zealand’s Privacy Acts do not emphasize consent or address rights such as data erasure, objection, portability, or DPIAs. On the other hand, they provide more detailed guidelines for information sharing with public agencies. Despite strong data protection laws, improving New Zealand’s ability to combat cybercrime remains an important area for growth. A 2024 study by telecommunications company Kordia highlighted vulnerabilities affecting businesses, including third-party vendor failures, cloud misconfigurations, and security lapses. Strengthening e-security will be key to enhancing New Zealand’s digital quality of life in the future,” says x, Surfshark’s representative.

    New Zealand’s internet quality is 17% higher than the global average.                                              

    New Zealand’s fixed internet averages 240Mbps. To put that into perspective, the world’s fastest fixed internet — Singapore’s — is 347Mbps. Meanwhile, the slowest fixed internet in the world — Tunisia’s — is 14Mbps.

    New Zealand’s mobile internet averages 152Mbps. The fastest mobile internet — the UAE’s — is 430Mbps, while the world’s slowest mobile internet — Yemen’s — is 12Mbps.

    Compared to Australia, New Zealand’s mobile internet is 5% slower, while fixed broadband is 115% faster. Since last year, mobile internet speed in New Zealand has improved by 19%, while fixed broadband speed has grown by 9%.  

    Despite the setback, the internet is affordable in New Zealand compared to other countries.        

    New Zealanders have to work 1 hour 15 minutes a month to afford fixed broadband internet. While this is less than average, it is 5 times more than in Bulgaria, which has the world’s most affordable fixed internet (Bulgarians have to work 14 minutes a month to afford it). 

     
    New Zealanders have to work 51 minutes 19 seconds a month to afford mobile internet. This is 4 times more than in Angola, which has the world’s most affordable mobile internet (Angolans have to work 9 minutes a month to afford it).              

    “This year’s Digital Quality of Life (DQL) ranking revealed a decline in New Zealand’s internet affordability. And DQL is not the only research that highlights this — recent research from Cable.co.uk placed New Zealand 128th globally for broadband affordability. The average monthly broadband cost in New Zealand was reported at NZD 82 — a staggering twenty times higher than Sudan, which topped the list as the most affordable. An expert from Cable.co.uk also noted that the high cost of broadband in developed nations like New Zealand is not necessarily due to the expense of deploying advanced infrastructure but is often influenced by higher earnings and market conditions. To improve its overall digital quality of life, New Zealand may need to look deeper into enhancing its internet affordability,” says x, Surfshark’s representative.

    New Zealand is 19th in e-infrastructure.  

    Advanced e-infrastructure makes it easy for people to use the internet for various daily activities, such as working, studying, shopping, etc. This pillar evaluates how high internet penetration is in a given country, as well as its network readiness (readiness to take advantage of Information and Communication Technologies). New Zealand’s internet penetration is high (96% — 14th in the world), and the country ranks 23rd in network readiness.

    On a global scale, investing in e-government and e-infrastructure improves digital wellbeing the most.                                      

    Among the five pillars, e-government has the strongest correlation with the DQL Index (0.92), followed by e-infrastructure (0.91); internet affordability shows the weakest correlation at 0.65.        

    METHODOLOGY

    The DQL Index 2024 examines 121 nations based on five core pillars that consist of 14 indicators. The study is based on the United Nations’ open-source information, the World Bank, and other sources. New Zealand’s full profile in the 2024 Digital Quality of Life report and an interactive country comparison tool can be found here: https://surfshark.com/research/dql/country/NZ

    NOTES

    Surfshark is a cybersecurity company focused on developing humanized privacy and security solutions. The Surfshark One suite includes one of the very few VPNs audited by independent security experts, an officially certified antivirus, a private search tool, and a data leak alert system. Surfshark is recognized as the Tech Advisor’s Editor’s Choice for 2024. For more research projects, visit our research hub at: surfshark.com/research

    MIL OSI New Zealand News –

    February 21, 2025
  • MIL-OSI Submissions: Africa – Arab Fund and United Nations Economic and Social Commission for Western Asia (UN-ESCWA) Join Forces to Upgrade Data Portal for Sustainable Development in the Arab Region

    SOURCE: Islamic Development Bank Group (IsDB Group)

    The three-year partnership will include hands-on workshops, the creation of knowledge sharing resources, and the development of innovative strategies to improve development indicators

    KUWAIT CITY, Kuwait, February 20, 2025/ — The Arab Fund for Economic and Social Development and the United Nations Economic and Social Commission for Western Asia (UN-ESCWA) signed a Memorandum of Understanding (MoU) to enhance the Arab Development Portal (https://apo-opa.co/4h645gR), a key online data resource for Arab countries. This collaboration aims to speed up Arab countries’ progress towards achieving the Sustainable Development Goals (SDGs).

    The portal is a regional knowledge and data platform providing access to reliable development data from various credible sources. The upgraded version will include tools powered by artificial intelligence tools, user-friendly dashboards and predictive analytics, offering valuable insights into economic trends, global benchmarks, and SDG indicators.

    “This collaboration with the Arab Fund, representing ACG institutions, marks a pivotal step in strengthening data-driven, evidence-based decision-making across the Arab region. By enhancing data dissemination and accessibility, we empower policymakers and researchers with the insights needed to address critical challenges in economic development, public health, unemployment, climate resilience, and other key areas aligned with the Sustainable Development Goals,” said Rola Dashti, Under-Secretary-General and Executive Secretary of UN-ESCWA.

    The Arab Development Portal (https://apo-opa.co/4h645gR) was established by the Arab Coordination Group (ACG) (https://apo-opa.co/41ouIJ4), an alliance of 10 Arab development institutions including the Arab Fund.

    “Partnership is at the core of our new strategy to maximize our impact on social and economic development across member countries,” said Bader Alsaad, Arab Fund’s Director General and Chairman of the Board of Directors. “Together with UN-ESCWA we will use our expertise and resources to create a data-driven approach that helps policymakers make informed decisions.”

    The three-year partnership will include hands-on workshops, the creation of knowledge sharing resources, and the development of innovative strategies to improve development indicators. It will also strengthen connection between the portal and its sources and will offer specialized training on AI tools to boost skills in data management and analysis.

    MIL OSI – Submitted News –

    February 21, 2025
  • MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Thailand

    Source: International Monetary Fund

    February 20, 2025

    Washington, DC: On February 11, The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Thailand and endorsed the staff appraisal without a meeting on a lapse-of-time basis.

    Thailand’s economy is gradually recovering, but at a slower pace than peers. Economic activity expanded modestly by 1.9 percent in 2023 and 2.3 percent in the first three quarters of 2024, driven by private consumption growth and a rebound in tourism. Inflation remained subdued, averaging 0.4 percent (y/y) annually in 2024, well below the Bank of Thailand’s target range of 1 to 3 percent. External factors such as the decline in global energy and food prices, lower import prices have played a role, but domestic factors such as energy subsidies, price controls, and the unwinding of pandemic-related fiscal support have also contributed to the lower inflation. The current account balance strengthened to 1.4 percent of GDP in 2023, from -3.5 percent of GDP in 2022, and continues to register a moderate surplus as of November 2024, supported by the continued recovery in tourism and higher exports.

    A gradual cyclical recovery is expected to continue. Real GDP is projected to grow by 2.7 percent in 2024 and to increase to 2.9 percent in 2025. This is underpinned by the expansionary fiscal stance envisaged under the 2025 budget, which includes additional cash transfers of 1.0 percent of GDP and a rebound in public investment. Tourism-related sectors are expected to continue to support growth, as well as private consumption that will be further boosted by the authorities’ cash transfers. As growth continues to firm up, inflation is expected to pick up but remain in the bottom half of the target range in 2025. The current account balance is expected to improve further in 2024 and 2025, driven by the ongoing recovery in tourist arrivals.

    Risks to Thailand’s economic outlook are tilted to the downside. On the external front, an escalation of global trade tensions or deepening geoeconomic fragmentation could disrupt Thailand’s export recovery and dampen FDI inflows, while increased commodity price volatility could affect growth and lead to inflation spikes, and potentially tighter-for-longer global financial conditions. The intensification of regional conflicts could disrupt trade and travel flows while more frequent extreme climate events would adversely impact growth prospects. On the domestic front, the private sector debt overhang could impair financial institutions’ balance sheets and further decrease credit supply, negatively affecting growth. Renewed political uncertainty could hinder policy implementation and undermine confidence.

    Executive Board Assessment[2]

    In concluding the 2024 Article IV consultation with Thailand, Executive Directors endorsed the staff’s appraisal, as follows:

    Thailand’s economic recovery is ongoing, but it has been relatively slow and uneven. Economic activity expanded modestly in 2024, driven by private consumption and a rebound in tourism-related activities, while delayed budget implementation slowed the pace of public investment. The slow recovery, compared to ASEAN peers, is also rooted in Thailand’s longstanding structural weaknesses, while emerging external and domestic headwinds have also contributed to subdued inflation. The outlook remains highly uncertain with significant downside risks.

    As economic slack narrows, the focus should shift to rebuilding fiscal space. A less expansionary fiscal stance than envisaged under the FY25 budget would still provide impulse to support the recovery while helping to preserve policy space. Alternatively, reallocating part of the planned cash transfers toward productivity-enhancing investments or social protection would enable stronger inclusive growth and help reduce the public debt-to-GDP ratio. Starting in FY26, a revenue-based medium-term fiscal consolidation is needed to bring down public debt and rebuild buffers.

    Thailand’s fiscal framework can be further strengthened. This would require strengthening fiscal rules to better support the debt anchor by introducing a risk-based rules approach. Costs associated with quasi-fiscal operations such as energy price caps should be adequately accounted for, and fiscal risks closely monitored. Improving data provision for government finance statistics and SOEs is important.

    Staff welcomes the BOT’s decision to cut the policy rate in October and recommends a further reduction in the policy rate to support inflation and also translate into improvements in borrowers’ debt-servicing capacity with limited risk of additional leverage amid tight lending. Given remaining high uncertainty in the outlook, the authorities should stand ready to adjust their monetary policy stance in a data and outlook-dependent manner. Central bank independence with clear communication of policy moves is key to maintaining the credibility and effectiveness of monetary policy in anchoring inflation expectations.

    Effective coordination across policy tools, underpinned by adequate buffers, is essential for managing adverse scenarios. While the flexible exchange rate should continue to act as a shock absorber, the complementary use of FXI might alleviate policy trade-offs by smoothing destabilizing premia when large non-fundamental shocks render the FX market dysfunctional. Further liberalization of the FX ecosystem and phasing out of remaining capital flow management measures would help deepen the FX market and limit the need for FXI over time.

    A comprehensive package of prudential and legal measures needs to be deployed to facilitate an orderly private deleveraging. Staff welcomes the measures already implemented to address both the existing household debt stock and the buildup of new leverage. However, simultaneous and forceful implementation of personal debt workouts via more effective bankruptcy proceedings is essential to lower the existing household debt stock.

    The external position in 2024 was moderately stronger than warranted by fundamentals and desirable policy settings. Policies aimed at promoting investment, enhancing social safety nets, liberalizing the services sector, and minimizing tax incentives and subsidies that distort competition would facilitate external rebalancing.

    Resolute structural reforms are needed to boost productivity and competitiveness. Reform priorities include facilitating competition and openness, upgrading physical and ICT infrastructure, upskilling/reskilling the labor force, increasing export sophistication by leveraging digitalization, and strengthening governance. Providing an adequate social protection floor to vulnerable households could help enhance their resilience to shocks and address structural drivers of household debt accumulation.

    Table 1. Thailand: Selected Economic Indicators, 2019–30

    Per capita GDP (2023): US$7,338

    Exchange Rate (2023): 34.8 Baht/USD

    Unemployment rate (2023): 1 percent

    Poverty headcount ratio at national poverty line (2021): 6.3 percent

    Net FDI (2023): US$ -7.16 billion

    Population (2023): 70.18 million

                       

    Actual

    Projections

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    Real GDP growth (y/y percent change) 1/

    2.1

    -6.1

    1.6

    2.5

    1.9

    2.7

    2.9

    2.6

    2.7

    2.7

    2.7

    2.7

    Consumption

    3.4

    -0.3

    1.3

    4.8

    4.6

    4.3

    4.0

    2.9

    2.1

    2.3

    2.6

    2.6

    Gross fixed investment

    2.0

    -4.8

    3.1

    2.3

    1.2

    0.1

    4.1

    2.1

    1.8

    2.3

    2.4

    2.5

    Inflation (y/y percent change)

                           

    Headline CPI (end of period)

    0.9

    -0.3

    2.2

    5.9

    -0.8

    1.2

    1.3

    1.5

    1.5

    1.7

    1.7

    1.8

    Headline CPI (period average)

    0.7

    -0.8

    1.2

    6.1

    1.2

    0.4

    1.0

    1.3

    1.5

    1.6

    1.7

    1.8

    Core CPI (end of period)

    0.5

    0.2

    0.3

    3.2

    0.6

    0.8

    1.3

    1.0

    1.2

    1.4

    1.4

    1.6

    Core CPI (period average)

    0.5

    0.3

    0.2

    2.5

    1.3

    0.6

    1.1

    1.2

    1.1

    1.3

    1.4

    1.5

    Saving and investment (percent of GDP)

                           

    Gross domestic investment

    23.8

    23.8

    28.6

    27.8

    22.5

    20.8

    21.9

    22.2

    22.0

    21.8

    21.8

    21.6

    Private

    16.9

    16.8

    16.9

    17.3

    17.3

    16.7

    16.6

    16.4

    16.3

    16.1

    16.1

    16.0

    Public

    5.7

    6.4

    6.5

    6.1

    5.6

    5.6

    5.9

    5.8

    5.7

    5.7

    5.7

    5.7

    Change in stocks

    1.2

    0.5

    5.1

    4.5

    -0.4

    -1.5

    -0.6

    0.0

    0.0

    0.0

    0.0

    0.0

    Gross national saving

    30.8

    27.9

    26.5

    24.4

    24.0

    22.6

    24.0

    24.5

    24.4

    24.4

    24.5

    24.4

    Private, including statistical discrepancy

    25.8

    26.2

    26.8

    22.6

    21.0

    19.8

    21.8

    21.9

    21.7

    21.7

    21.8

    21.6

    Public

    5.0

    1.8

    -0.3

    1.7

    3.0

    2.8

    2.2

    2.5

    2.7

    2.7

    2.7

    2.8

    Foreign saving

    -7.0

    -4.2

    2.1

    3.5

    -1.4

    -1.8

    -2.2

    -2.3

    -2.4

    -2.6

    -2.7

    -2.8

    Fiscal accounts (percent of GDP) 2/

                           

    General government balance 3/

    0.4

    -4.5

    -6.7

    -4.5

    -2.0

    -2.2

    -3.6

    -3.2

    -2.9

    -2.8

    -2.8

    -2.8

      SOEs balance

    0.4

    0.6

    -0.3

    -0.6

    -0.7

    -0.1

    -0.2

    -0.1

    -0.1

    -0.1

    -0.1

    0.0

    Public sector balance 4/

    0.8

    -3.9

    -7.1

    -5.1

    -2.7

    -2.3

    -3.8

    -3.3

    -3.0

    -2.9

    -2.9

    -2.8

    Public sector debt (end of period) 4/

    41.1

    49.4

    58.3

    60.5

    62.4

    63.3

    64.7

    65.4

    66.0

    66.1

    66.4

    66.4

    Monetary accounts (end of period, y/y percent change)

               

    Broad money growth

    3.6

    10.2

    4.8

    3.9

    1.9

    2.3

    3.7

    3.5

    3.2

    3.8

    3.2

    3.7

    Narrow money growth

    5.7

    14.2

    14.0

    3.1

    4.2

    5.9

    3.2

    4.7

    4.2

    5.1

    4.3

    4.9

    Credit to the private sector (by other depository corporations)

    2.4

    4.5

    4.5

    2.5

    1.5

    0.1

    1.0

    1.6

    1.8

    2.1

    2.3

    2.5

    Balance of payments (billions of U.S. dollars)

                           

    Current account balance

    38.3

    20.9

    -10.7

    -17.2

    7.4

    9.5

    11.9

    13.2

    14.6

    16.5

    18.2

    19.4

    (In percent of GDP)

    7.0

    4.2

    -2.1

    -3.5

    1.4

    1.8

    2.2

    2.3

    2.4

    2.6

    2.7

    2.8

    Exports of goods, f.o.b.

    242.7

    227.0

    270.6

    285.2

    280.7

    293.6

    301.8

    312.5

    327.2

    343.1

    359.0

    375.5

    Growth rate (dollar terms)

    -3.3

    -6.5

    19.2

    5.4

    -1.5

    4.6

    2.8

    3.6

    4.7

    4.9

    4.6

    4.6

            Growth rate (volume terms)

    -3.7

    -5.8

    15.4

    1.2

    -2.7

    2.1

    1.9

    2.7

    3.5

    3.6

    3.2

    3.2

    Imports of goods, f.o.b.

    216.0

    186.6

    238.6

    271.6

    261.4

    274.9

    284.6

    295.1

    309.1

    324.1

    339.1

    354.9

    Growth rate (dollar terms)

    -5.6

    -13.6

    27.9

    13.8

    -3.8

    5.2

    3.5

    3.7

    4.7

    4.9

    4.6

    4.7

            Growth rate (volume terms)

    -5.8

    -10.4

    18.0

    1.0

    -4.1

    3.7

    3.5

    3.3

    3.4

    3.3

    3.3

    3.3

    Capital and financial account balance 5/

    -24.7

    -2.6

    3.6

    6.9

    -4.9

    -9.5

    -11.9

    -13.2

    -14.6

    -16.5

    -18.2

    -19.4

    Overall balance

    13.6

    18.4

    -7.1

    -10.2

    2.6

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Gross official reserves (including net forward position, end of period) (billions of U.S. dollars)

    259.0

    286.5

    279.2

    245.8

    254.6

    262.5

    262.5

    262.5

    262.5

    262.5

    262.5

    262.5

    (Months of following year’s imports)

    16.7

    14.4

    12.3

    11.3

    11.1

    11.1

    10.7

    10.2

    9.7

    9.3

    8.9

    8.5

    (Percent of short-term debt) 6/

    338.0

    315.3

    291.2

    236.3

    242.7

    239.6

    231.7

    222.5

    213.7

    206.2

    199.6

    252.3

    (Percent of ARA metric)

    252.5

    278.3

    263.3

    222.3

    233.2

    231.8

    226.4

    219.2

    212.3

    205.4

    199.3

    200.0

    Exchange rate (baht/U.S. dollar)

    31.0

    31.3

    32.0

    35.1

    34.8

    35.3

    …

    …

    …

    …

    …

    …

    NEER appreciation (annual average)

    7.2

    -0.3

    -4.5

    -1.8

    3.9

    …

    …

    …

    …

    …

    …

    …

    REER appreciation (annual average)

    5.8

    -2.6

    -5.7

    -1.1

    1.2

    …

    …

    …

    …

    …

    …

    …

    External debt

                           

    (In percent of GDP)

    31.7

    38.0

    38.9

    40.6

    38.2

    38.4

    38.5

    38.6

    38.7

    38.7

    38.8

    38.8

    (In billions of U.S. dollars)

    172.7

    190.1

    196.9

    201.4

    196.5

    202.4

    213.1

    223.8

    233.8

    245.9

    257.0

    270.0

    Public sector 7/

    38.0

    37.2

    41.5

    41.2

    35.8

    38.4

    40.8

    43.3

    45.6

    48.1

    50.8

    53.7

    Private sector

    134.0

    152.9

    155.4

    160.3

    160.7

    164.5

    172.9

    181.1

    188.8

    198.3

    206.8

    217.0

    Medium- and long-term

    74.6

    79.4

    82.3

    82.3

    80.3

    80.7

    86.5

    91.1

    95.3

    101.5

    107.1

    114.0

    Short-term (including portfolio flows)

    59.4

    73.5

    73.1

    78.0

    80.4

    83.8

    86.4

    90.0

    93.5

    96.8

    99.7

    103.0

    Debt service ratio 8/

    7.8

    7.5

    6.3

    7.3

    7.9

    7.8

    7.8

    7.3

    8.3

    9.3

    10.3

    10.3

    Memorandum items:

                           

    Nominal GDP (billions of baht)

    16889.2

    15661.3

    16188.6

    17378.0

    17922.0

    18603.0

    19371.2

    20282.2

    21143.0

    22211.7

    23164.5

    24307.8

    (In billions of U.S. dollars)

    544.0

    500.5

    506.3

    495.6

    515.0

    527.1

    553.9

    580.2

    604.8

    635.4

    662.7

    695.4

    Output Gap (in percent of potential output)

    0.2

    -4.2

    -4.1

    -2.0

    -1.5

    -0.7

    0.0

    0.1

    0.0

    0.0

    0.0

    0.0

    Sources: Thai authorities; CEIC Data Co. Ltd.; and IMF staff estimates and projections.

    1/ This series reflects the new GDP data based on the chain volume measure methodology, introduced by the Thai authorities in May 2015.

    2/ On a fiscal year basis. The fiscal year ends on September 30.

    3/ Includes budgetary central government, extrabudgetary funds, and local governments.

    4/ Includes general government and SOEs.

    5/ Includes errors and omissions.

    6/ With remaining maturity of one year or less.

    7/ Excludes debt of state enterprises.

    8/ Percent of exports of goods and services.

                                                             

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

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

    @IMFSpokesperson

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI China: China’s central bank to promote cross-border RMB use

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

    BEIJING, Feb. 20 — The People’s Bank of China (PBOC) will promote the use of renminbi (RMB) in cross-border payments, pricing, investment and financing, with an aim to facilitate international trade, investment and financing, according to a statement published Thursday.

    The central bank said it would develop the offshore RMB market, leverage the roles of currency swaps and RMB clearing banks, and pledged to accelerate the construction of Shanghai’s status as an international financial center and enhancing Hong Kong’s status as an international financial center.

    By the end of 2024, the RMB’s share in global payments ranked fourth, while its share in global trade financing stood at third, indicating a steady rise in the internationalization of the RMB, according to data released at a conference held by the central bank from Monday to Tuesday.

    In 2025, efforts will be made to expand the functions of the central bank in macro-prudential management and financial stability, improve the macro-prudential policy framework, and innovate relevant tools, the PBOC said during the meeting.

    The PBOC will also improve financial management in the real estate sector to help reverse the market downturn and stabilize the sector.

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI USA: Senators Marshall, Cornyn, and GOP Colleagues Urge ATF to Rescind Biden’s Unconstitutional 2A Rules and Align with Trump Agenda

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington, DC – U.S. Senators Roger Marshall, M.D. (R-Kansas), John Cornyn (R-Texas), and 28 of their Senate GOP 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 Donald Trump’s Second Amendment priorities laid out in his recent Executive Order. 
    They also called on Deputy Director Richardson to identify and rescind former President Joe 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 the ATF has revoked the licenses of federal firearm licensees (FFLs) over minor bookkeeping violations.
    The Senators wrote: “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 the ATF’s rules and policies with the President’s strong support for the Second Amendment.”
    “Under former President Joe Biden, the 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.”
    Joining Senator Marshall, Senator Cornyn, and Senate Majority Leader John Thune (R-South Dakota) are Senators Thom Tillis (R-North Carolina), John Barrasso (R-Wyoming), Cindy Hyde-Smith (R-Mississippi), Shelley Moore Capito (R-West Virginia), Jim Justice (R-West Virginia), Jim Risch (R-Idaho), Cynthia Lummis (R-Wyoming), Steve Daines (R-Montana), Ted Cruz (R-Texas), Kevin Cramer (R-North Dakota), Mike Crapo (R-Idaho), James Lankford (R-Oklahoma), John Hoeven (R-North Dakota), Rick Scott (R-Florida), Lindsey Graham (R-South Carolina), Ted Budd (R-North Carolina), Bill Hagerty (R-Tennessee), Tim Sheehy (R-Montana), Pete Ricketts (R-Nebraska), Bill Cassidy (R-Louisiana), Joni Ernst (R-Iowa), Marsha Blackburn (R-Tennessee), Todd Young (R-Indiana), Markwayne Mullin (R-Oklahoma), Deb Fischer (R-Nebraska), Jim Banks (R-Indiana), and Jerry Moran (R-Kansas).
    The full text of the letter is available HERE.

    MIL OSI USA News –

    February 21, 2025
  • MIL-OSI USA: Cornyn, GOP Colleagues Urge ATF to Rescind Unconstitutional Biden Rules, Align with Trump 2A Agenda

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senator John Cornyn (R-TX) and 29 of his Senate GOP 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:

    They wrote: “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.”

    Senate Majority Leader John Thune (R-SD) and Senators 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), Bill Cassidy (R-LA), 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) joined the letter.

    The full text of the letter is available here and below.

    February 20, 2025

    Marvin G. Richardson

    Deputy Director

    Bureau of Alcohol, Tobacco, Firearms and Explosives

    99 New York Avenue, NE

    Washington, DC 20226

    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.

    Sincerely,

    /s/

    MIL OSI USA News –

    February 21, 2025
  • MIL-OSI: Federal Home Loan Bank of San Francisco Announces Annual and Fourth Quarter 2024 Operating Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 20, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (Bank) today announced its unaudited annual and fourth quarter 2024 operating results.

    • Net income for the full year of 2024 totaled $402 million.
    • Net income for the fourth quarter of 2024 was $90 million.
    • In 2024, the Bank allocated $93 million to its Affordable Housing Program (AHP) and voluntary housing and community development initiatives.

    “The Federal Home Loan Bank of San Francisco continues to be a vital force for economic growth and stability across our three-state region, providing steadfast support to our members and communities in all market conditions,” said Joseph E. Amato, interim president and chief executive officer of the Bank. “Throughout 2024, we delivered on-demand, low-cost liquidity to our members, empowering them to strengthen local economies and support community lending. Our collaboration with members to drive impactful affordable housing and economic development projects through our grant programs reflects our unwavering commitment to addressing housing affordability and enhancing the financial well-being of the communities we serve. Furthermore, our Bank responds to the urgent needs of our communities including those created by natural disasters. We recently committed $2 million to aid wildfire recovery efforts in Southern California, comprised of $1.4 million in matching funds from member financial institutions for local relief organizations, and $600 thousand in donations for nonprofit organizations to bolster both immediate and long-term disaster response efforts. Together with our members, we will ensure our communities have the resources needed to recover from these devastating wildfires.”

    Financial Results

    Net income for 2024 was $402 million, a decrease of $137 million compared with 2023. The decrease was primarily attributable to a decrease in net interest income of $219 million and an increase in other expense of $19 million, partially offset by an increase in other income of $86 million.

    • The $219 million decrease in net interest income was attributable to lower average balances of advances and short-term investments and higher costs of interest-bearing liabilities. The decrease was also attributable to $106 million of higher net advance prepayment fees in the prior year. These decreases to net interest income were partially offset by lower average balances of consolidated obligation bonds and discount notes, an increase in the average balances of available-for-sale securities, and higher yields on interest-earning assets.
    • The $86 million increase in other income was primarily driven by $33 million in net realized losses recognized in the prior year from derivatives economically hedging prepaid advances, along with $30 million of other income recognized in 2024 in connection with the termination of a long-term funding arrangement entered into with a member borrower in 2017.
    • The $19 million increase in other expense was attributable to a $25 million increase in the Bank’s charitable, “mission-oriented” contributions in the current year, mainly to fund downpayment assistance grants to middle-income homebuyers (delivered by participating member financial institutions).

    For the fourth quarter of 2024, net income was $90 million, a decrease of $30 million compared to the same period during the prior year. This decrease was primarily attributable to a decrease in net interest income of $14 million, mainly driven by lower average balances of advances and short-term investments. The decrease in net income was also attributable to an $8 million increase in the Bank’s charitable, “mission-oriented” contributions relative to the prior-year period, mainly to fund the Access to Housing and Economic Assistance for Development (AHEAD) Program. Additionally, the provision for credit losses increased by $8 million which was largely attributable to decreases in the fair values and the present value of expected cash flows of certain private-label residential mortgage-backed securities.

    Balance Sheet and Capital

    At December 31, 2024, total assets were $81.7 billion, a decrease of $11.1 billion from $92.8 billion at December 31, 2023. This decline was primarily driven by a reduction in advances of $15.7 billion, from $61.3 billion at December 31, 2023, to $45.6 billion at December 31, 2024. Advances declined primarily due to maturities of advances acquired by nonmembers in connection with certain Bank member acquisitions. Investments at December 31, 2024, were $35.0 billion, a net increase of $4.7 billion from $30.3 billion at December 31, 2023, attributable to net purchases of $2.7 billion in short-term investments and $2.0 billion in U.S. Treasury securities.

    As of December 31, 2024, the Bank exceeded all regulatory capital requirements. The Bank exceeded its 4.0% regulatory requirement with a regulatory capital ratio of 8.9% at December 31, 2024. The increase in the regulatory capital ratio from 8.0% at December 31, 2023 mainly resulted from the decrease in total assets during 2024. The Bank also exceeded its risk-based capital requirement of $1.1 billion with $7.3 billion in permanent capital. Total retained earnings increased to $4.5 billion at December 31, 2024, from $4.3 billion at December 31, 2023.

    On February 19, 2025, the Bank’s board of directors declared a quarterly cash dividend on the average capital stock outstanding during the fourth quarter of 2024 at an annualized rate of 8.75%. The quarterly dividend rate is consistent with the Bank’s dividend philosophy of endeavoring to pay a quarterly dividend rate that is equal to or greater than the current market rate for highly rated investments and that is sustainable under current and projected earnings while maintaining appropriate levels of capital. The quarterly dividend will total $63 million, and the Bank expects to pay the dividend on March 11, 2025.

    Affordable Housing Program and Voluntary Housing and Community Commitments

    The Bank’s community programs and targeted initiatives address the unique affordable housing and economic development needs of communities across its district of Arizona, California, and Nevada. The AHP is an annual statutory grant program that supports the creation, preservation, or purchase of affordable housing and is funded with 10% of the Bank’s previous year’s net income. Since its inception in 1990, the Bank awarded over $1.35 billion in grants to aid the purchase, development, or rehabilitation of over 154,600 affordable homes in the regions the Bank’s members serve.

    In addition, early in 2024, the Bank’s board of directors approved plans to voluntarily allocate an additional 5% of its 2023 annual net earnings (income before interest expense related to dividends paid on mandatorily redeemable capital stock and the assessment for the AHP) to fund affordable housing and economic development initiatives.

    To meet these commitments, the Bank recorded a total allocation of $93 million in 2024, an increase of $14 million compared to 2023. The $93 million allocation included $52 million related to the statutory AHP program and $41 million related to voluntary housing and economic development initiatives. The Bank’s voluntary contributions were disbursed through multiple initiatives during 2024, including, but not limited to:

    • $20 million in downpayment assistance grants delivered by Bank members to over 400 homebuyers,
    • $7 million awarded to 84 organizations across Arizona, California, and Nevada through the AHEAD Program,
    • $2 million benefiting Native American communities for essential infrastructure and affordable housing development, and
    • $1 million delivered through a targeted matching grant program distributed across 45 grants for local housing counseling agencies to expand homeownership opportunities for low- to moderate-income prospective homebuyers.

    Financial Highlights
    (Unaudited)
    (Dollars in millions)

    Selected Balance Sheet Items
      at Period End
      Dec 31, 2024     Dec 31, 2023  
    Total Assets $ 81,735     $ 92,828  
    Advances   45,637       61,335  
    Mortgage Loans Held for Portfolio, Net   693       754  
    Investments, Net1   34,961       30,294  
    Consolidated Obligations:      
    Bonds   58,174       64,297  
    Discount Notes   14,378       19,187  
    Mandatorily Redeemable Capital Stock   331       706  
    Capital Stock – Class B – Putable   2,458       2,450  
    Retained Earnings   4,483       4,290  
    Accumulated Other Comprehensive Income/(Loss)   63       (72 )
    Total Capital   7,004       6,668  
           
    Selected Other Data at Period End   Dec 31, 2024       Dec 31, 2023  
    Regulatory Capital Ratio2   8.90 %     8.02 %
      Three Months Ended   Twelve Months Ended  
    Selected Operating Results for the Period Dec 31, 2024     Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    Net Interest Income $ 148   $ 162   $ 580   $ 799  
    Provision for/(Reversal of) Credit Losses   5     (3)     —     4  
    Other Income/(Loss)   15     22     93     7  
    Other Expense   57     52     219     200  
    Affordable Housing Program Assessment   11     15     52     63  
    Net Income/(Loss) $ 90   $ 120   $ 402   $ 539  
                     
      Three Months Ended   Twelve Months Ended  
    Selected Other Data for the Period Dec 31, 2024     Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    Net Interest Margin3   0.72 %   0.72 %   0.69 %   0.71 %
    Return on Average Assets   0.43     0.52     0.47     0.47  
    Return on Average Equity   5.15     7.29     5.89     7.60  
    Annualized Dividend Rate4   8.75     8.25     8.75     7.49  
    Average Equity to Average Assets Ratio   8.36     7.15     8.02     6.23  
     
    1. Investments consist of federal funds sold, interest-bearing deposits, trading securities, available-for-sale securities, held-to-maturity securities, and securities purchased under agreements to resell.
    2. The regulatory capital ratio is calculated as regulatory capital divided by total assets. Regulatory capital includes retained earnings, Class B capital stock, and mandatorily redeemable capital stock (which is classified as a liability) but excludes accumulated other comprehensive income/(loss). Total regulatory capital as of December 31, 2024, and 2023, was $7.3 billion and $7.4 billion, respectively.
    3. Net interest margin is calculated as net interest income (annualized) divided by average interest-earning assets.
    4. Cash dividends are declared, recorded, and paid during the period, on the average capital stock outstanding during the previous quarter.
     

    Federal Home Loan Bank of San Francisco
    The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions–commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions propel homeownership, finance affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements related to the Bank’s dividend philosophy and dividend rates. These statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “endeavoring,” “will,” and “expects,” or their negatives or other variations on these terms. The Bank cautions that by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized, including future dividends. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Report on Form 10-K and other periodic and current reports that we may file with the Securities and Exchange Commission, as well as regulatory and accounting rule adjustments or requirements; the application of accounting standards relating to, among other things, hedge accounting of derivatives and underlying financial instruments, along with related fair values; future operating results; the withdrawal of one or more large members; high inflation and interest rates that may adversely affect our members and their customers; and our ability to pay a quarterly dividend rate that is equal to or greater than similar current rates for highly rated investments. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

    The MIL Network –

    February 21, 2025
  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Thailand

    Source: IMF – News in Russian

    February 20, 2025

    Washington, DC: On February 11, The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Thailand and endorsed the staff appraisal without a meeting on a lapse-of-time basis.

    Thailand’s economy is gradually recovering, but at a slower pace than peers. Economic activity expanded modestly by 1.9 percent in 2023 and 2.3 percent in the first three quarters of 2024, driven by private consumption growth and a rebound in tourism. Inflation remained subdued, averaging 0.4 percent (y/y) annually in 2024, well below the Bank of Thailand’s target range of 1 to 3 percent. External factors such as the decline in global energy and food prices, lower import prices have played a role, but domestic factors such as energy subsidies, price controls, and the unwinding of pandemic-related fiscal support have also contributed to the lower inflation. The current account balance strengthened to 1.4 percent of GDP in 2023, from -3.5 percent of GDP in 2022, and continues to register a moderate surplus as of November 2024, supported by the continued recovery in tourism and higher exports.

    A gradual cyclical recovery is expected to continue. Real GDP is projected to grow by 2.7 percent in 2024 and to increase to 2.9 percent in 2025. This is underpinned by the expansionary fiscal stance envisaged under the 2025 budget, which includes additional cash transfers of 1.0 percent of GDP and a rebound in public investment. Tourism-related sectors are expected to continue to support growth, as well as private consumption that will be further boosted by the authorities’ cash transfers. As growth continues to firm up, inflation is expected to pick up but remain in the bottom half of the target range in 2025. The current account balance is expected to improve further in 2024 and 2025, driven by the ongoing recovery in tourist arrivals.

    Risks to Thailand’s economic outlook are tilted to the downside. On the external front, an escalation of global trade tensions or deepening geoeconomic fragmentation could disrupt Thailand’s export recovery and dampen FDI inflows, while increased commodity price volatility could affect growth and lead to inflation spikes, and potentially tighter-for-longer global financial conditions. The intensification of regional conflicts could disrupt trade and travel flows while more frequent extreme climate events would adversely impact growth prospects. On the domestic front, the private sector debt overhang could impair financial institutions’ balance sheets and further decrease credit supply, negatively affecting growth. Renewed political uncertainty could hinder policy implementation and undermine confidence.

    Executive Board Assessment[2]

    In concluding the 2024 Article IV consultation with Thailand, Executive Directors endorsed the staff’s appraisal, as follows:

    Thailand’s economic recovery is ongoing, but it has been relatively slow and uneven. Economic activity expanded modestly in 2024, driven by private consumption and a rebound in tourism-related activities, while delayed budget implementation slowed the pace of public investment. The slow recovery, compared to ASEAN peers, is also rooted in Thailand’s longstanding structural weaknesses, while emerging external and domestic headwinds have also contributed to subdued inflation. The outlook remains highly uncertain with significant downside risks.

    As economic slack narrows, the focus should shift to rebuilding fiscal space. A less expansionary fiscal stance than envisaged under the FY25 budget would still provide impulse to support the recovery while helping to preserve policy space. Alternatively, reallocating part of the planned cash transfers toward productivity-enhancing investments or social protection would enable stronger inclusive growth and help reduce the public debt-to-GDP ratio. Starting in FY26, a revenue-based medium-term fiscal consolidation is needed to bring down public debt and rebuild buffers.

    Thailand’s fiscal framework can be further strengthened. This would require strengthening fiscal rules to better support the debt anchor by introducing a risk-based rules approach. Costs associated with quasi-fiscal operations such as energy price caps should be adequately accounted for, and fiscal risks closely monitored. Improving data provision for government finance statistics and SOEs is important.

    Staff welcomes the BOT’s decision to cut the policy rate in October and recommends a further reduction in the policy rate to support inflation and also translate into improvements in borrowers’ debt-servicing capacity with limited risk of additional leverage amid tight lending. Given remaining high uncertainty in the outlook, the authorities should stand ready to adjust their monetary policy stance in a data and outlook-dependent manner. Central bank independence with clear communication of policy moves is key to maintaining the credibility and effectiveness of monetary policy in anchoring inflation expectations.

    Effective coordination across policy tools, underpinned by adequate buffers, is essential for managing adverse scenarios. While the flexible exchange rate should continue to act as a shock absorber, the complementary use of FXI might alleviate policy trade-offs by smoothing destabilizing premia when large non-fundamental shocks render the FX market dysfunctional. Further liberalization of the FX ecosystem and phasing out of remaining capital flow management measures would help deepen the FX market and limit the need for FXI over time.

    A comprehensive package of prudential and legal measures needs to be deployed to facilitate an orderly private deleveraging. Staff welcomes the measures already implemented to address both the existing household debt stock and the buildup of new leverage. However, simultaneous and forceful implementation of personal debt workouts via more effective bankruptcy proceedings is essential to lower the existing household debt stock.

    The external position in 2024 was moderately stronger than warranted by fundamentals and desirable policy settings. Policies aimed at promoting investment, enhancing social safety nets, liberalizing the services sector, and minimizing tax incentives and subsidies that distort competition would facilitate external rebalancing.

    Resolute structural reforms are needed to boost productivity and competitiveness. Reform priorities include facilitating competition and openness, upgrading physical and ICT infrastructure, upskilling/reskilling the labor force, increasing export sophistication by leveraging digitalization, and strengthening governance. Providing an adequate social protection floor to vulnerable households could help enhance their resilience to shocks and address structural drivers of household debt accumulation.

    Table 1. Thailand: Selected Economic Indicators, 2019–30

    Per capita GDP (2023): US$7,338

    Exchange Rate (2023): 34.8 Baht/USD

    Unemployment rate (2023): 1 percent

    Poverty headcount ratio at national poverty line (2021): 6.3 percent

    Net FDI (2023): US$ -7.16 billion

    Population (2023): 70.18 million

                       

    Actual

    Projections

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    Real GDP growth (y/y percent change) 1/

    2.1

    -6.1

    1.6

    2.5

    1.9

    2.7

    2.9

    2.6

    2.7

    2.7

    2.7

    2.7

    Consumption

    3.4

    -0.3

    1.3

    4.8

    4.6

    4.3

    4.0

    2.9

    2.1

    2.3

    2.6

    2.6

    Gross fixed investment

    2.0

    -4.8

    3.1

    2.3

    1.2

    0.1

    4.1

    2.1

    1.8

    2.3

    2.4

    2.5

    Inflation (y/y percent change)

                           

    Headline CPI (end of period)

    0.9

    -0.3

    2.2

    5.9

    -0.8

    1.2

    1.3

    1.5

    1.5

    1.7

    1.7

    1.8

    Headline CPI (period average)

    0.7

    -0.8

    1.2

    6.1

    1.2

    0.4

    1.0

    1.3

    1.5

    1.6

    1.7

    1.8

    Core CPI (end of period)

    0.5

    0.2

    0.3

    3.2

    0.6

    0.8

    1.3

    1.0

    1.2

    1.4

    1.4

    1.6

    Core CPI (period average)

    0.5

    0.3

    0.2

    2.5

    1.3

    0.6

    1.1

    1.2

    1.1

    1.3

    1.4

    1.5

    Saving and investment (percent of GDP)

                           

    Gross domestic investment

    23.8

    23.8

    28.6

    27.8

    22.5

    20.8

    21.9

    22.2

    22.0

    21.8

    21.8

    21.6

    Private

    16.9

    16.8

    16.9

    17.3

    17.3

    16.7

    16.6

    16.4

    16.3

    16.1

    16.1

    16.0

    Public

    5.7

    6.4

    6.5

    6.1

    5.6

    5.6

    5.9

    5.8

    5.7

    5.7

    5.7

    5.7

    Change in stocks

    1.2

    0.5

    5.1

    4.5

    -0.4

    -1.5

    -0.6

    0.0

    0.0

    0.0

    0.0

    0.0

    Gross national saving

    30.8

    27.9

    26.5

    24.4

    24.0

    22.6

    24.0

    24.5

    24.4

    24.4

    24.5

    24.4

    Private, including statistical discrepancy

    25.8

    26.2

    26.8

    22.6

    21.0

    19.8

    21.8

    21.9

    21.7

    21.7

    21.8

    21.6

    Public

    5.0

    1.8

    -0.3

    1.7

    3.0

    2.8

    2.2

    2.5

    2.7

    2.7

    2.7

    2.8

    Foreign saving

    -7.0

    -4.2

    2.1

    3.5

    -1.4

    -1.8

    -2.2

    -2.3

    -2.4

    -2.6

    -2.7

    -2.8

    Fiscal accounts (percent of GDP) 2/

                           

    General government balance 3/

    0.4

    -4.5

    -6.7

    -4.5

    -2.0

    -2.2

    -3.6

    -3.2

    -2.9

    -2.8

    -2.8

    -2.8

      SOEs balance

    0.4

    0.6

    -0.3

    -0.6

    -0.7

    -0.1

    -0.2

    -0.1

    -0.1

    -0.1

    -0.1

    0.0

    Public sector balance 4/

    0.8

    -3.9

    -7.1

    -5.1

    -2.7

    -2.3

    -3.8

    -3.3

    -3.0

    -2.9

    -2.9

    -2.8

    Public sector debt (end of period) 4/

    41.1

    49.4

    58.3

    60.5

    62.4

    63.3

    64.7

    65.4

    66.0

    66.1

    66.4

    66.4

    Monetary accounts (end of period, y/y percent change)

               

    Broad money growth

    3.6

    10.2

    4.8

    3.9

    1.9

    2.3

    3.7

    3.5

    3.2

    3.8

    3.2

    3.7

    Narrow money growth

    5.7

    14.2

    14.0

    3.1

    4.2

    5.9

    3.2

    4.7

    4.2

    5.1

    4.3

    4.9

    Credit to the private sector (by other depository corporations)

    2.4

    4.5

    4.5

    2.5

    1.5

    0.1

    1.0

    1.6

    1.8

    2.1

    2.3

    2.5

    Balance of payments (billions of U.S. dollars)

                           

    Current account balance

    38.3

    20.9

    -10.7

    -17.2

    7.4

    9.5

    11.9

    13.2

    14.6

    16.5

    18.2

    19.4

    (In percent of GDP)

    7.0

    4.2

    -2.1

    -3.5

    1.4

    1.8

    2.2

    2.3

    2.4

    2.6

    2.7

    2.8

    Exports of goods, f.o.b.

    242.7

    227.0

    270.6

    285.2

    280.7

    293.6

    301.8

    312.5

    327.2

    343.1

    359.0

    375.5

    Growth rate (dollar terms)

    -3.3

    -6.5

    19.2

    5.4

    -1.5

    4.6

    2.8

    3.6

    4.7

    4.9

    4.6

    4.6

            Growth rate (volume terms)

    -3.7

    -5.8

    15.4

    1.2

    -2.7

    2.1

    1.9

    2.7

    3.5

    3.6

    3.2

    3.2

    Imports of goods, f.o.b.

    216.0

    186.6

    238.6

    271.6

    261.4

    274.9

    284.6

    295.1

    309.1

    324.1

    339.1

    354.9

    Growth rate (dollar terms)

    -5.6

    -13.6

    27.9

    13.8

    -3.8

    5.2

    3.5

    3.7

    4.7

    4.9

    4.6

    4.7

            Growth rate (volume terms)

    -5.8

    -10.4

    18.0

    1.0

    -4.1

    3.7

    3.5

    3.3

    3.4

    3.3

    3.3

    3.3

    Capital and financial account balance 5/

    -24.7

    -2.6

    3.6

    6.9

    -4.9

    -9.5

    -11.9

    -13.2

    -14.6

    -16.5

    -18.2

    -19.4

    Overall balance

    13.6

    18.4

    -7.1

    -10.2

    2.6

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Gross official reserves (including net forward position, end of period) (billions of U.S. dollars)

    259.0

    286.5

    279.2

    245.8

    254.6

    262.5

    262.5

    262.5

    262.5

    262.5

    262.5

    262.5

    (Months of following year’s imports)

    16.7

    14.4

    12.3

    11.3

    11.1

    11.1

    10.7

    10.2

    9.7

    9.3

    8.9

    8.5

    (Percent of short-term debt) 6/

    338.0

    315.3

    291.2

    236.3

    242.7

    239.6

    231.7

    222.5

    213.7

    206.2

    199.6

    252.3

    (Percent of ARA metric)

    252.5

    278.3

    263.3

    222.3

    233.2

    231.8

    226.4

    219.2

    212.3

    205.4

    199.3

    200.0

    Exchange rate (baht/U.S. dollar)

    31.0

    31.3

    32.0

    35.1

    34.8

    35.3

    …

    …

    …

    …

    …

    …

    NEER appreciation (annual average)

    7.2

    -0.3

    -4.5

    -1.8

    3.9

    …

    …

    …

    …

    …

    …

    …

    REER appreciation (annual average)

    5.8

    -2.6

    -5.7

    -1.1

    1.2

    …

    …

    …

    …

    …

    …

    …

    External debt

                           

    (In percent of GDP)

    31.7

    38.0

    38.9

    40.6

    38.2

    38.4

    38.5

    38.6

    38.7

    38.7

    38.8

    38.8

    (In billions of U.S. dollars)

    172.7

    190.1

    196.9

    201.4

    196.5

    202.4

    213.1

    223.8

    233.8

    245.9

    257.0

    270.0

    Public sector 7/

    38.0

    37.2

    41.5

    41.2

    35.8

    38.4

    40.8

    43.3

    45.6

    48.1

    50.8

    53.7

    Private sector

    134.0

    152.9

    155.4

    160.3

    160.7

    164.5

    172.9

    181.1

    188.8

    198.3

    206.8

    217.0

    Medium- and long-term

    74.6

    79.4

    82.3

    82.3

    80.3

    80.7

    86.5

    91.1

    95.3

    101.5

    107.1

    114.0

    Short-term (including portfolio flows)

    59.4

    73.5

    73.1

    78.0

    80.4

    83.8

    86.4

    90.0

    93.5

    96.8

    99.7

    103.0

    Debt service ratio 8/

    7.8

    7.5

    6.3

    7.3

    7.9

    7.8

    7.8

    7.3

    8.3

    9.3

    10.3

    10.3

    Memorandum items:

                           

    Nominal GDP (billions of baht)

    16889.2

    15661.3

    16188.6

    17378.0

    17922.0

    18603.0

    19371.2

    20282.2

    21143.0

    22211.7

    23164.5

    24307.8

    (In billions of U.S. dollars)

    544.0

    500.5

    506.3

    495.6

    515.0

    527.1

    553.9

    580.2

    604.8

    635.4

    662.7

    695.4

    Output Gap (in percent of potential output)

    0.2

    -4.2

    -4.1

    -2.0

    -1.5

    -0.7

    0.0

    0.1

    0.0

    0.0

    0.0

    0.0

    Sources: Thai authorities; CEIC Data Co. Ltd.; and IMF staff estimates and projections.

    1/ This series reflects the new GDP data based on the chain volume measure methodology, introduced by the Thai authorities in May 2015.

    2/ On a fiscal year basis. The fiscal year ends on September 30.

    3/ Includes budgetary central government, extrabudgetary funds, and local governments.

    4/ Includes general government and SOEs.

    5/ Includes errors and omissions.

    6/ With remaining maturity of one year or less.

    7/ Excludes debt of state enterprises.

    8/ Percent of exports of goods and services.

                                                             

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2025/02/20/pr25040-thailand-imf-executive-board-concludes-2024-article-iv-consultation-with-thailand

    MIL OSI

    MIL OSI Russia News –

    February 21, 2025
  • MIL-OSI Security: Former Baltimore Department Of Finance Employee Sentenced To Four Years In Connection With Bribery And Covid-19 Cares Act Scheme

    Source: Office of United States Attorneys

    Baltimore Department of Finance employee took more than $250,000 in bribes and obtained more than $143,000 in fraudulent COVID-19 relief benefits

    Baltimore, Maryland – U.S. District Judge Richard D. Bennett, today, sentenced Joseph Gillespie, age 35, of Baltimore City, Maryland, to four years in federal prison and three years of supervised release in connection with a bribery scheme and conspiracy to commit wire fraud scheme involving COVID-19 CARES Act relief benefits.

    Phil Selden, Acting United States Attorney for the District of Maryland, announced the sentence with Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI), Baltimore Field Office.

    “Defendant Gillespie abused the public trust through a bribery scheme and took advantage of money meant to help during the COVID-19 pandemic,” stated Acting United States Attorney Selden. “When government employees take bribes and public funds, it harms the very communities they are meant to serve. The District of Maryland U.S. Attorney’s Office will relentlessly pursue those who try to compromise the public trust.”

    “Gillespie’s extensive schemes and lies ultimately cost hardworking taxpayers. Instead of performing his job with honesty, he looked for illicit ways to line his own pockets. This sentence proves that corruption never pays,” said FBI Baltimore SAC William J. DelBagno. “The FBI and our partners remain committed to holding accountable those who try to cheat the system for their own benefit and profit.”

    According to Gillespie’s plea agreement, beginning in 2016, and continuing to 2023, the Defendant engaged in a bribery scheme in which he abused his position of trust as a public official within the Baltimore City Department of Finance for his own personal gain.

    As an employee of the Baltimore City Department of Finance, Revenue Collections Department, Gillespie routinely accepted bribes from various property owners in Baltimore City (“the City”) whose property was subject to certain financial obligations, and if the obligations remained unpaid, to a tax sale.  He accepted these bribes — typically 10-15 percent of the amount owed to the City — in exchange for removing or extinguishing these financial obligations, including for citations, tax obligations, and water obligations – thereby causing losses to the City.  Gillespie also accepted bribes in exchange for delaying or postponing — without approval or permission from other City officials — due dates for the payment of outstanding financial obligations, fines, and payments owed to the City, thus forestalling the placement of a lien on the property by the City.

    Once Gillespie received the bribe payment, he would extinguish the financial obligation owed to the City by marking the obligations as paid in the City’s online records.  After removing the obligation, the Defendant would, at times, send a photograph of a cashier slip from his office reflecting that a payment was made towards a financial obligation owed to the City when, in fact, no such payment was made.

    Gillespie engaged in multiple covertly recorded telephone and video conversations with an FBI undercover agent (UC), in which the Defendant and the UC discussed the specifics of the bribery scheme outlined above.

    For example, in a recorded phone conversation with the UC, the UC confirmed the size of the bribe payment with the Defendant: “[S]o you want 100 for each property?” Defendant said, “yeah that’s basically how I do.”  Gillespie then informed the UC that he (Gillespie) had a “girl” in “water”— i.e., the Baltimore City Department of Public Works — that could “wipe some s*** out,” referring to financial obligations owed to the City.

    During a covert video recording of the conversation with the UC, Gillespie told the UC that he had the ability to “wipe a bill off” the City’s record of outstanding obligations tied to a particular property or to “put paid next to ‘em,” even though the financial obligation had not in fact been paid.  The Defendant further stated that he removed certain financial obligations linked to the properties that the UC told the Defendant were his, stating “[t]here was a couple, extra miscellaneous bills that y’all had that I wiped off . . . . That s*** gone now.”

    Gillespie also extended the deadline for payment of financial obligations owed to the City on eight properties by three months.  Gillespie asked for $800 in bribes in return — $100 for each of the eight properties, and, during the recorded meeting, the UC provided Gillespie $800 cash.  Gillespie also stated that he had the ability to wipe out overdue water bills owed to the City, “Once I let you know [about a big water bill], I’ll give it to my girl, and I’ll tell you what you need to give me for her to knock it off.”  Gillespie then stated:

    “Going forward, I’m just your inside man . . . That’s what I do for a lot of different people around the City.  You know what I mean – manage their s*** for them a little bit. . . .  I’m gonna go look at your s***.  Anyone with a high water bill I’m gonna text you the address, and I’m gonna tell you what I need, and we can knock them out going forward with that . . . . Any water bill that’s too high, I’ll get my girl to take care of that.”

    Gillespie’s bribery scheme continued for years thereafter, and he admitted that he enlisted the help of multiple co-conspirators in connection with his scheme.  According to the plea agreement, Gillespie received more than $250,000 in connection with the bribery scheme and caused losses to the City in excess of $1,250,000.

    Further, Gillespie also engaged in a scheme to fraudulent COVID-19 CARES relief funds.  Financial assistance offered through the CARES Act included forgivable loans to small businesses for job retention and certain other expenses, through the Paycheck Protection Program (PPP), administered through the United States Small Business Administration (SBA).

    For example, in 2021, Gillespie and co-defendant Ahmed (“Adam”) Sary submitted a fraudulent PPP loan application to Cross River Bank to obtain a PPP loan for JAG Investments (“JAG”), a company the Defendant owned.  The PPP loan application contained numerous material misrepresentations, including that JAG, in 2019, had 19 employees and an average monthly payroll of more than $55,000. In support of the loan application, a fabricated 2019 Internal Revenue Service (“IRS”) Form 940 – Employer’s Annual Federal Unemployment Tax Return – was submitted, which falsely stated that JAG’s total payments to employees, in 2019, was more than $275,000.

    Based on the false representations and fraudulent submissions made on behalf of Gillespie as the owner of JAG, the PPP loan was funded on March 6, 2021, and approximately $138,000 was distributed to a bank account controlled by Gillespie. Gillespie agreed to pay Sary kickbacks totaling $38,000 for his work in submitting the false application and obtaining the fraudulent PPP loan.  In addition, after receipt of the PPP loan, Gillespie established payroll services for JAG to facilitate documentation that would later be used to substantiate a request for the PPP loan to be forgiven.

    The District of Maryland COVID-19 Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors.  The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    For more information about the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.  Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    Acting United States Attorney Phil Selden commended the FBI for their work in the investigation, the Small Business Administration’s Office of Inspector General and the Baltimore City Inspector General for assistance as well.  Mr. Selden thanked Assistant U.S. Attorneys Paul A. Riley and Evelyn L. Cusson who are prosecuting the federal case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

    February 21, 2025
  • MIL-OSI: E Split Corp. Renews At-The-Market Equity Program

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — (TSX: ENS, ENS.PR.A) E Split Corp. (the “Company”) is pleased to announce it has renewed its at-the-market equity program (“ATM Program”) that allows the Company to issue Class A and Preferred Shares (the “Class A Shares” and “Preferred Shares”, respectively) to the public from time to time, at the Company’s discretion. Any Class A Shares or Preferred Shares sold in the ATM Program will be sold through the Toronto Stock Exchange (the “TSX”) or any other marketplace in Canada on which the Class A Shares and Preferred Shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale.

    Sales of Class A Shares and Preferred Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated February 14, 2025 (the “Equity Distribution Agreement”) with National Bank Financial Inc. (the “Agent”). Sales of Class A Shares and Preferred Shares will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Class A Shares and Preferred Shares in Canada. Since the Class A Shares and Preferred Shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution.

    The ATM Program is being offered pursuant to a prospectus supplement dated February 14, 2025 to the Company’s short form base shelf prospectus dated February 12, 2025. The maximum gross proceeds from the issuance of the shares will be $200,000,000 for each of the Class A and Preferred Shares. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor or from representatives of the Agent and are available on SEDAR+ at www.sedarplus.ca.. The volume and timing of distributions under the ATM Program, if any, will be determined at the Company’s sole discretion. The ATM Program will be effective until March 13, 2027, unless terminated prior to such date by the Company.

    The Company intends to use the proceeds from the ATM Program in accordance with the investment objectives and investment strategies of the Company, subject to the investment restrictions of the Company. E Split Corp. invests in a portfolio comprised primarily of common shares of Enbridge Inc. (“Enbridge”), a leading North American oil and gas pipeline, gas processing, and natural gas distribution company. Middlefield Capital Corporation provides investment management advice to the Company.

    The investment objectives for the Class A Shares are to provide holders with non-cumulative monthly cash distributions and to provide holders with the opportunity for capital appreciation potential. The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, currently in the amount of $0.1750 per Preferred Share, and to return the original issue price to holders of Preferred Shares on June 30, 2028.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment funds on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the funds. You can find more detailed information about the fund in the public filings available at www.sedar.com. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all distributions and do not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “plans”, “estimates” or “intends” (or negative or grammatical variations thereof), or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes in applicable legislation, and the performance of each fund. There are no assurances the funds can fulfill such forward-looking statements and the funds do not undertake any obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing one or more of the funds, many of which are beyond the control of the funds. Investors should not place undue reliance on forward-looking statements.

    The MIL Network –

    February 21, 2025
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