Category: Banking

  • MIL-OSI Economics: Ida Wolden Bache: Economic perspectives

    Source: Bank for International Settlements

    Data accompanying the speech

    “Some of the richest countries in the world are small. They are also outward looking.”

    So starts the first chapter of Victor Norman’s textbook on a small open economy. This is also an apt description of our country. Openness and trade have been essential to our prosperity.

    Victor Norman passed away last year, and with that Norway lost a leading researcher and an outstanding communicator. The first edition of Victor Norman’s book was published in 1983. The quotation I just cited is taken from the expanded edition released ten years later. That was more than 30 years ago, but the book bears its age well. The insights it provides are no less relevant today.

    The framework conditions for international cooperation and trade are in play. There is war in Europe, and the governments of many countries see a need for rearmament. In today’s world, emphasis must be placed on national security and preparedness considerations.

    But the gains from trade with other countries are still there in full, especially for a small economy like ours. Norman points out that small countries often have a narrow resource base as they tend to cover a small part of the earth’s crust. Norway, for example, is abundant in energy resources, but poor in arable land and the crop season is short. Norman posits in his textbook that if we shut ourselves out, such a resource base would have left us sitting hungry in overly heated homes. Trade with other countries allows us to decouple consumption from production. Small countries also have small markets, which means that the cost of producing some things domestically is higher than importing them. International trade expands markets. We can sell aluminium and buy aircraft.

    But as Norman writes: “Open economies are not without their problems. Small countries must (almost by definition) take the world as it is – with minimal possibility of influencing international developments.” This is something we have experienced, most recently during the pandemic and the subsequent global surge in inflation.

    MIL OSI Economics

  • MIL-OSI United Kingdom: City prepares for Everton FC’s historic first game at new stadium

    Source: City of Liverpool

    The first Everton Stadium test event takes place today (Monday, 17 February) in front of a capacity of 10,000 spectators.

    Kick off for this historic game at Bramley Moore Dock (an Under-18s friendly fixture against Wigan Athletic) will be 7pm, with road closures around the £500m venue to begin at 5pm (see below).

    To coincide with the venue hosting its first match, a new experimental parking zone for the area around the 52,888 capacity stadium and the city’s north docks (see the map here) also goes live today.

    Established under an Experimental Traffic Regulation Order (ETRO), the zone is subject to a public consultation to gain feedback from residents and businesses.

    Although it goes live today, the new parking scheme becomes fully operational when the 2025/26 football season begins in August.

    There are two key points about the ETRO:

    1. It allows the Council to monitor and evaluate the scheme’s effectiveness, and modify it, if necessary, before making the measures permanent.
    2. These measures can run for a maximum of 18 months (expiring in August 2026) but that does not mean changes have to wait until then.

    For example, although it states the number of permits per business will be set at 10, we will consider any request for more permits on a case-by-case basis.

    You can have your say on this ETRO in our quick survey at: https://www.smartsurvey.co.uk/s/BramleyMooreParking/ and if you have any further questions, please email: bramleymooredockETRO@liverpool.gov.uk 

    All travel options for today’s first test game are outlined below.

    A second test game is being scheduled for March, which will see 25,000 fans use all four stands of the waterfront stadium.

    ROAD CLOSURES:

    Road closures will be in place two hours before kick-off on the main approach roads to the stadium: Waterloo Road, Regent Road, Ten Streets Area, roads surrounding Wellington Employment Park, and roads south of Bankfield Street.

    These roads will also be closed from final whistle until crowds have dispersed. Sandhills Lane will be closed following the final whistle at Sandhills Station to assist in crowd management.

    Supporters travelling by car are advised to avoid these closure areas.

    WALKING to the stadium:

    Road closures in place on surrounding streets will create a safe walking route for supporters on approach to Everton Stadium.

    Both Regent Road and Waterloo Road will be closed to general traffic between the city centre and Bankfield Street to assist pedestrian safety, as well as much of the Ten Streets area.

    Sandhills Lane will also be closed to traffic in the post-match period to assist with crowd movement.

    Supporters crossing the Bascule Bridge on Regent Road will be managed by stewards in attendance, with a flow-system in place for safety reasons.

    BY TRAIN:

    Merseyrail services will be running to normal timetables.

    The closest station is Sandhills, which is approximately a 15-minute walk from the stadium entrance.

    Please note: The Old Hall Street entrance of Moorfields station in Liverpool city centre is only open until 7pm on Monday 17 February.

    A new fan management area will be in operation adjacent to Sandhills in the post-match period, to aid the expected increase in numbers of rail users.

    Sandhills Lane will be closed to general vehicle traffic in the post-match period to assist with crowd movement.

    BY SHUTTLE BUS:

    There will be three commercially-operated shuttle bus services operating for the first test event, running from two hours before kick-off and from 15 minutes from the final whistle, but not during the match. The fare is a standard £2 single fare, and these routes are as follows:

    · 919 Service from / to Commutation Row / Lime Street

    City Centre Pick up & Drop Off: Commutation Row

    Stadium Drop off: Great Howard Street at Blackstone Street

    Stadium Pick Up: Great Howard Street at Bentinck Street

    · 929 Service from / to Liverpool One Bus Station

    City Centre Pick Up & Drop Off: Liverpool One Bus Station

    Stadium Drop off: Great Howard Street at Blackstone Street

    Stadium Pick Up: Great Howard Street, north of Denbigh Street

    · 939 Service from / to Bootle Strand Bus Station

    Bootle Pick-Up & Drop Off: Bootle Bus Station, Washington Parade (Strand Shopping Centre). Please note, the Strand Shopping Centre Multi-Storey Car Park (MSCP) will be open late to accommodate supporters wishing to park in Bootle to use the dedicated Shuttle Bus (MSCP location – Vermont Way, Bootle, L20 4XZ).

    Stadium Drop Off: Derby Road at Wellington Employment Park, north of Blackstone Street

    Stadium Pick Up: Derby Road, north of Boundary Street

    ACCESSIBLE SHUTTLE SERVICE:

    A free shuttle bus service will operate for supporters with accessible needs between Sandhills Station (Sandhills Lane) and Boundary Street (around 175 metres from Everton Stadium), before and after the first test event. This service must be booked in advance by contacting the Accessibility Team at Everton on 0151 556 1878 (option 1, then 2, followed by 3).

    The 919, 929 and 939 shuttle buses, outlined above, also stop at stadium bus stops and Boundary St (at Royal Crest Hotel), for those with limited mobility.

    TAXIS:

    There will be three nearby taxi ranks. All three ranks lie outside of the road closures (outlined below) and are for black/Hackney cabs only. These are located at:

    · Sandhills Station

    · Boundary Street, near junction with Shadwell Street

    · Dublin Street

    BY BICYCLE:

    Cycle parking stands are available for supporters to use. These are located along the Regent Road/dock wall inside the stadium footprint. Bikes are left at the owner’s risk.

    No access to the stadium for supporters to collect their cycles will be possible once the stadium closes post-match.

    Supporters are advised not to cycle within the road closure areas through crowds of supporters.

    BY CAR:

    Supporters are advised that road closures and parking restrictions will be in place in the vicinity of the stadium for the first test event and are advised not to drive directly to the stadium.

    Please DO NOT park on residential and industrial streets surrounding the stadium, as parking enforcement will be in operation. Any illegally parked cars will incur a fine.

    Supporters travelling by car are advised to use car parks in the vicinity of the city centre or Bootle Strand for onward travel to Everton Stadium by train, shuttle bus, or on foot. The Strand Shopping Centre Multi-Storey Car Park, located at Vermont Way, Bootle, L20 4XZ, will be open late to accommodate supporters attending the test event.

    There is limited accessible car parking on site at Everton Stadium, which is now fully booked. Supporters with accessibility requirements who have already been allocated car parking for the first test event are advised to arrive no later than one hour before kick-off as access through closed roads will be denied.

    MIL OSI United Kingdom

  • MIL-OSI Russia: Financial News: Portrait of a Cyber Fraud Victim in 2024

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    In 2024, 34% of citizens who took part in cyber fraud encountered various typessurvey Bank of Russia. At the same time, 9% of those who contacted the criminals lost money. Based on this and other data, the regulator compiled portrait of the victim cyber fraudsters.

    As well asa year earlier, in 2024, women aged 25 to 44 with an average income and secondary education most often fell for the tricks of intruders. As a rule, these are city dwellers who should be more careful about following the rules of cybersecurity: use a strong password, do not share bank card details or codes from SMS messages with strangers. Last year, the proportion of elderly people among victims increased slightly.

    Telephone and SMS fraud, as well as fraud via messengers, still prevail. Among the most popular methods of deception is also gaining access to people’s accounts on Gosuslugi. It is noteworthy that victims usually follow the link sent by the attackers and also voluntarily transfer money to them.

    Most of the victims noted that their losses due to the actions of fraudsters did not exceed 20 thousand rubles. However, the share of large transfers increased: from 100 to 500 thousand rubles. Most of the respondents (more than 70%) lost their own savings after communicating with the attackers, and 15% of the victims gave them the credit money. The deceived began to report thefts more often: 42.8% contacted their bank, 30% – the police.

    Preview photo: fizkes / Shutterstock / Fotodom

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

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

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23367

    MIL OSI Russia News

  • MIL-OSI Economics: Joachim Nagel: Financing the transition to greenhouse gas neutrality – how much and with which instruments?

    Source: Bank for International Settlements

    Check against delivery 

    1 Introduction

    Ladies and gentlemen, 

    I am delighted to be here with you today. What better place than Glasgow to discuss the economic impacts of climate change and the green transition! And not just because it played host to the 2021 United Nations Climate Change Conference.

    Glasgow is also where Adam Smith, the father of modern economics, studied and taught as a professor. Have you ever wondered what he would have thought of climate change? As a famed free-market economist, he might not be the first person you would think of. But even Adam Smith acknowledged that the invisible hand can sometimes lead to suboptimal outcomes.

    Climate change is a prime example of this: market prices do not reflect the negative side effects of greenhouse gas emissions. Fortunately, it is now widely acknowledged that governments need to intervene and encourage individuals and companies to reduce their emissions. 

    Switching to a net-zero emissions economy is a major task. It requires changes in behaviour, innovation and significant investment to rebuild our capital stock. And this transition requires significant financing. 

    In my speech, I will explore what financing the transition to a greenhouse gas-neutral economy could look like. More specifically, I will focus on two key issues. First, how much investment is needed to achieve greenhouse gas neutrality, and how much of this investment is “additional”? Second, what could the financing mix to fund this investment look like?

    I know that answering these questions seems like a tough challenge – a taughy fleece tae scoor. But I will do my best to illustrate my points with clear, practical examples. Along the way, I will discuss electric cars and heating systems to help us understand the issues. 

    My remarks will focus on the European Union (EU), borrowing some detailed insights from Germany. Unfortunately, these data do not cover the United Kingdom (UK). But I will do my best to infer some insights for the UK as well.

    2 How much needs to be invested?

    Let me start with the question of how much the EU needs to invest to achieve greenhouse gas neutrality. The EU’s Fit for 55 package aims to reduce greenhouse gas emissions by at least 55 per cent by 2030. These reductions are benchmarked against 1990 emission levels. This is an intermediate step towards full greenhouse gas neutrality, for which the EU still needs to pass legislation.

    From 2021 to 2030, the European Commission estimates that EU countries need to invest over €1.2 trillion annually.1 This amounts to nearly 8 per cent of the EU’s GDP. The private sector must take on the bulk of these investments. The investment needs are significantly more than the actual annual investment of €760 billion in the previous decade. 

    The European Commission defines the difference between the investment required and the actual investment as the “additional” investment need. This additional investment need amounts to €480 billion, or around 3 per cent of GDP.

    This definition of “additional” investment is very useful from an accounting perspective. It gives a clear picture of how much more the EU needs to invest to meet its climate goals. However, from a financing perspective, it helps to define additional investment differently.

    There are two types of investment needed to achieve greenhouse gas neutrality. The first type is investment that would not happen without the goal of reducing greenhouse gas emissions. A prime example of this type of investment is technology to capture and store carbon dioxide. This technology will play a crucial role in sectors that are difficult to decarbonise. These investments need economic resources and financing beyond what an economy spends just to maintain its capital stock.

    The second type is investment where a greenhouse gas-neutral alternative replaces a fossil fuel-based technology. To illustrate this point, imagine two households buying a new car. The Jones family spend €45,000 on a new combustion engine car. From a technical perspective, the Jones family are making a replacement investment. No additional financing is needed. Meanwhile, the Smith family decide to switch from a combustion engine car to an electric vehicle. Let us say a comparable electric car costs €50,000. Of this amount, €45,000 is a replacement investment. Only the remaining €5,000 requires additional financing.

    Contrast this with how the European Commission defines additional investment: They subtract the annual average value of electric cars bought in the past from the value of electric vehicles needed to meet the EU’s intermediate greenhouse gas reduction goals. Past registrations of electric vehicles fell significantly short of what is needed. Accordingly, the additional investments, as defined by the European Commission’s accounting perspective, are presumably much higher than the additional financing needs. 

    How great could the additional financing needs be? While we do not yet have specific figures for the EU, there are some numbers for Germany. A recent study estimates that Germany needs to invest around €390 billion annually from 2021 to 2030 to reduce emissions by 65 per cent compared to 1990.2 They measure this absolute sum in 2020 prices. Relative to GDP, the investment amounts to 11 per cent. 

    This is fairly close to the 8 per cent investment needs calculated by the European Commission for the EU.3 However, only around 30 per cent of this investment requires additional financing. In absolute terms, this amounts to about €120 billion. 

    Let me pause for a moment to summarise the two key takeaways from my remarks so far. First, the transition to greenhouse gas neutrality calls for significant investment. However, in many cases, we are replacing fossil-based technologies with greenhouse gas-neutral alternatives. Accordingly, the additional financing needs are much smaller and seem manageable.

    Second, we can minimise the additional financing needs by replacing already largely depreciated capital stock. By contrast, replacing relatively new capital stock that has barely depreciated would increase the economic and financial costs. Let me illustrate this point with a brief anecdote. 

    On 1 January 2024, the German government introduced a new law governing heating systems. In German, it is known by the beautiful name “Gebäudeenergiegesetz“. This law mandates that heating systems use around two-thirds renewable energy. In anticipation of this new law, many households replaced their old gas heating systems with new ones. These heating systems can run for around 25 years, so they depreciate over a long period. 

    Bad luck if you just installed a new gas heating system and live in the German city of Mannheim. Here, the local gas provider has said it intends to stop its services in 2035. This means that a long-term investment will become unviable when little more than half of it has depreciated: A waste of both financial and economic resources.

    This anecdote highlights one key point: to avoid wasting money, we need a clear and reliable path to greenhouse gas neutrality. With a clear path mapped out, people can confidently invest in the transition. 

    3 What could the financing mix look like?

    Now, let us explore what the potential financing mix could look like. To achieve a greenhouse gas-neutral economy, households, firms and the public sector all need to invest. They can fund these investments using both internal and external sources.

    As the name would suggest, internal financing comes from within. Like the Smith family putting aside some of their income to pay for their new car. Or think of a firm that sells its products and saves some of the profits. That is internal financing, too. External financing, on the other hand, comes from outside sources such as banks or investors. 

    Regarding their financing mix, households, non-financial firms and the public sector differ considerably. Households tend to save significantly and mainly use bank loans as a source of external finance. The public sector, on the other hand, raises most of its funds from external sources by issuing debt securities. Only firms have a more diversified financing mix. Equity and bank loans play prominent roles here. Note that these observations hold for the EU, the UK and Germany alike. 

    So, what might the financing mix for the transition to a greenhouse gas-neutral economy look like? To estimate these figures, we need two key components: First, the respective shares of households, firms and the public sector in total investment. According to rough estimates by Bundesbank staff for Germany, households might have to cover about one-third of the investment, the public sector around 20 per cent, and firms just under half.4

    Second, estimates for the future financing structure of the sectors. We assume that future financing structures will remain unchanged from today.5 This implies that past financing structures are suitable for future climate investment. If this were not the case, perhaps due to the need for innovative financing instruments, the financing structure may differ. 

    What result do we get when we combine the two components? For Germany, we estimate that about 20 per cent of the financing mix could come from internal financing, primarily household savings. In terms of external financing, bank loans might play the largest role. They account for over one-quarter of the estimated financing mix. Households in particular obtain almost all their external financing from banks.

    The second-largest external financing source could be debt securities, accounting for around 20 per cent. The public sector plays a prominent role here, with funding coming almost exclusively from bonds. Finally, the third-largest external financing source could be equity financing, comprising around one-sixth. Firms are the only users of this financing source, as households and the public sector do not issue equity. Different instruments, like loans from non-bank financial intermediaries, might cover the final sixth of the overall investment needs. 

    So, what does this mean for the EU and the UK? Can the findings for Germany be generalised? Fortunately, the financing structures of households, firms and governments are largely comparable across these regions.6 Therefore, one of the two components in the calculations is roughly equal.

    The second component – the sectoral investment needs – is less certain. I am not aware of any studies for the EU or the UK that divide the investment needs across households, firms and the public sector.7 Without a better alternative, the findings for Germany may provide a reasonable initial estimate for both the EU and the UK.

    4 Concluding remarks

    Let me summarise and conclude. I have three main takeaways to share.

    First, “additional” investment needs to become greenhouse gas-neutral can also be defined from a financing perspective. In many cases, we are replacing fossil fuel-based technologies with greenhouse gas-neutral alternatives. And this requires additional financing only if greenhouse gas-neutral technologies are more expensive or if the capital stock being replaced is not yet fully depreciated. The additional financing needs are significantly smaller than the total investment required. Accordingly, I am confident that our financial system can mobilise the necessary financing. 

    Second, banks may play a larger role in financing the climate transition than is commonly anticipated. The main reason for this conclusion is that a substantial portion of climate investments falls on households. They need to make their homes more energy-efficient and replace fossil-fuelled heating systems with greenhouse gas-neutral alternatives. And households simply do not have many viable alternatives to bank loans.

    Accordingly, a robust banking system is essential for achieving greenhouse gas neutrality. That is why we at the Bundesbank are committed to completing the European banking union. However, we also need to improve access to alternative financing sources. Non-financial firms, in particular, would greatly benefit from better capital market financing. That is why we at the Bundesbank are dedicated to creating a European capital markets union. 

    Third, legislators can minimise the additional financing needs by ensuring that the path to greenhouse gas neutrality is planned stringently and for the long term. Why? Because it provides incentives to avoid investments in fossil fuel technologies that may not be fully depreciated before they become non-viable. 


    MIL OSI Economics

  • MIL-OSI: The Finnish Financial Supervisory Authority (FIN-FSA) imposes additional capital requirements and a liquidity requirement on Oma Savings Bank Plc based on the supervisor’s completed review (SREP)

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 17 FEBRUARY 2025 AT 15.30 P.M. EET, OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE

    The Finnish Financial Supervisory Authority (FIN-FSA) imposes additional capital requirements and a liquidity requirement on Oma Savings Bank Plc based on the supervisor’s completed review (SREP)
        
    By decision of 14 February 2025, the Finnish Financial Supervisory Authority (FIN-FSA) has imposed two discretionary additional capital requirements on Oma Savings Bank Plc (OmaSp or Company) in accordance with Chapter 11, Section 2 of the Credit Institutions Act. The Additional Tier 1 capital requirement (P2R) for the Company will be 2.25% and the Additional Tier 2 capital requirement (P2R-LR) will be 0.25%, replacing the existing discretionary capital requirements (additional Tier 1 capital requirement of 1.50% and additional Tier 2 capital requirement of 0.25%).

    The discretionary capital requirements will take effect from 30 June 2025 and will remain in effect until 30 June 2028 at the latest. At least three-quarters of the additional capital requirement must be covered by Tier 1 capital and of this at least three-quarters by Common Equity Tier 1 capital. The Company meets the set additional capital requirements in accordance with own funds requirements and own funds as of 31 December 2024. The decision has been made as a normal part of the supervisor’s reviewing process (SREP) pursuant to Chapter 11 Section 6, Section 6a Subsection 1 Section 1 and Section 6b Subsection 1 Section 1 and 2 of the Act on Credit Institution Operations.

    In addition, the FIN-FSA imposes on OmaSp in accordance with Chapter 11, Section 2 of the Act on Credit Institutions, a liquidity requirement to maintain a minimum survival horizon of at least three months in a scenario according to the stress test methodology of the European Central Bank. The requirement enters into force on 31 December 2025 and is valid until 31 December 2028 at the latest. The Company has started preparations to meet the additional liquidity requirement. The requirement is based on Chapter 11, Section 9 Subsection 1 of the Credit Institutions Act.

    The supervisor’s key observations and ongoing measures are described in more detail in the Financial Statements 31 December 2024, published on 10 February 2025. The Financial Statements can be found on the Company’s website www.omasp.fi/en/investors/reports-and-publications/financial-statements.

    Oma Savings Bank Plc

    Additional information:
    Sarianna Liiri, CEO, tel. +358 40 835 6712, sarianna.liiri@omasp.fi
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network

  • MIL-OSI Economics: SimCorp: BaFin warns about identity fraud

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The financial supervisory authority BaFin warns against investment offers, in particular via WhatsApp, which allegedly originate from SimCorp GmbH, Bad Homburg, or another company of the SimCorp Group. According to their findings, unknown persons using unauthorised names and photos of members of the SimCorp Group are providing financial and investment services without permission. In particular, they offer the brokerage of pre-IPO shares in connection with upcoming IPOs. This is a case of identity fraud.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG)..

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on Shree Balaji Urban Co-operative Bank Ltd., Satna, Madhya Pradesh

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated February 13, 2025, imposed a monetary penalty of ₹1.10 lakh (Rupees One Lakh Ten Thousand only) on Shree Balaji Urban Co-operative Bank Ltd., Satna, Madhya Pradesh (the bank), for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) – Targets and Classification’ and specific directions issued by RBI on making contribution to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The bank was directed by RBI through specific direction to deposit a certain amount in the MSE Refinance Fund administered by Small Industries Development Bank of India (SIDBI) against the shortfall in achievement of PSL target for the Financial Year (FY) 2022-23. On failure to deposit the specified amount, a cautionary letter was issued by RBI advising the bank to deposit the specified amount, but the bank failed to deposit the same. Based on the above-mentioned non-compliance and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the RBI directions. After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had failed to deposit the prescribed amount in the MSE Refinance Fund maintained with SIDBI against the shortfall in achievement of PSL target for FY 2022-23, even after the issuance of cautionary letter, within the prescribed time.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2187

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on Pinnacle Capital Solutions Pvt. Ltd., Jharkhand

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated February 11, 2025, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on Pinnacle Capital Solutions Pvt. Ltd., Jharkhand (the company) for non-compliance with certain directions issued by RBI on ‘Credit Card and Debit Card – Issuance and Conduct Directions’ and ‘Digital Lending’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 58G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934.

    The onsite scrutiny of the company with regard to its digital lending operations was conducted by RBI. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the company was sustained, warranting imposition of monetary penalty:

    The company had:

    1. issued credit line in the nature of credit card to certain borrowers, without prior approval from RBI; and

    2. disbursed loans to borrowers through a pass-through account of a third party.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2182

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on The Muzzafarpur Central Co-operative Bank Ltd

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 11, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Muzzafarpur Central Co-operative Bank Ltd. (the bank) for non-compliance with the certain directions issued by RBI on ‘Know Your Customer’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had not conducted periodic updation of KYC of its customers.

    This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2183

    MIL OSI Economics

  • MIL-Evening Report: Hamas, PIJ slam Israel’s ‘barbaric’ raid on Palestinians at Ofer Prison

    Asia Pacific Report

    Two Palestinian resistance groups have condemned “the brutal assault” on prisoners at Ofer Prison, saying it was “barbaric criminal behaviour that reflects the fascist and terrorist nature of” Israel.

    In the joint statement, Hamas and Palestine Islamic Jihad (PIJ) called the attack a “miserable attempt” by Israel “to restore its shattered prestige”, reports Al Jazeera.

    They called on the world to expose “these inhuman crimes against the prisoners”, which “blatantly violate all international conventions and norms”.

    The statement called on the international community to intervene to protect the “prisoners, stop criminal violations against them, document them and work to hold the criminal occupation leaders accountable”.

    The statement came after Palestinian authorities said Israeli forces had raided a section of Ofer Prison, west of Ramallah in the occupied West Bank, and assaulted detainees.

    “Prisoners were beaten and sprayed with gas,” the Palestinian Prisoners Media Office said.

    Persistent serious allegations of torture and abuse of Palestinian prisoners — many who have not been charged or are held on administrative detention — and beatings right up until the release of detainees under the ceasefire have been made over all six exchange events so far.

    Medical director severely tortured
    Last week, lawyers representing Kamal Adwan Hospital’s medical director Dr Hussam Abu Safiya met him for the first time since he was detained by Israeli forces in north Gaza last December 27.

    He told them he was severely tortured with electric shocks and was being denied needed medication.


    Lawyer spells out torture allegations over Israeli detention of doctor.  Video: Al Jazeera

    Samir Al-Mana’ama, a lawyer with the Al Mazan Center for Human Rights, described his brutal torture in a failed attempt to “extract a confession” from him in an interview with Al Jazeera.

    Al-Mana’ama said Dr Abu Safiya suffered from “an enlarged heart muscle and from high blood pressure” and was beaten up and refused treatment for the heart condition.

    Transferred to Ofter Prison on January 9, he was held in solitary confinement for 25 days and interrogated nonstop by the Israeli army, Israeli intelligence and police, the lawyer added.

    There was “no legal justification” for Abu Safia’s arrest and no evidence against him, the lawyer said.

    Since the interview, Israeli authorities said he was being held under an “unlawful combatant” law — despite his status as a civilian doctor — stripping him of any rights as a detainee.

    Al Jazeera’s Nour Odeh, reporting from Amman in Jordan, said the doctor was one of hundreds of medical workers taken from Gaza by Israeli forces to the notorious Sde Teiman detention camp and other Israeli military prisons.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Europe: Press release – MPs and MEPs meet to discuss economic, budgetary, and social concerns

    Source: European Parliament 3

    The annual European Parliamentary Week will take place on Monday and Tuesday, bringing MEPs together with MPs from member states and EU candidate countries.

    European Parliament President Roberta Metsola will open the event on Monday at 14.30, together with the Marshals of Poland’s Sejm and Senate, Szymon Hołownia and Małgorzata Kidawa-Błońska, respectively.

    Over the event’s two days, participants will discuss the overarching economic, budgetary, and social issues facing Europe and will delve more specifically into the following themes:

    The economic and monetary affairs committee meeting will focus on:

    • The future of Banking Union and Capital Markets Union;
    • Creating an ecosystem for European investments.

    The employment and social affairs committee meeting will focus on:

    • AI and the labour market with a focus on changing working condition;
    • The role of social and employment policies in the EU’s reviewed economic governance framework.

    The budgetary affairs committee meeting will focus on:

    • Bridging the competitiveness gap: how to increase synergies between the national budgets and the post-2027 Multiannual Financial Framework;
    • European Public Goods: how to identify and finance them?

    All relevant information including the participants, programme and the livestream links can be found here.

    MIL OSI Europe News

  • MIL-OSI Economics: Japan e-commerce payments to surpass $200 billion 2025, forecasts GlobalData

    Source: GlobalData

    Japan e-commerce payments to surpass $200 billion 2025, forecasts GlobalData

    Posted in Banking

    The e-commerce market in Japan is poised for 7.7% growth in 2025, reaching JPY29 trillion ($206.8 billion). This surge is driven by shifting consumer preferences towards online shopping and strong mobile penetration, reveals GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Japan Cards and Payments – Opportunities and Risks to 2028,” reveals that Japanese e-commerce market registered 8.4% growth in 2024 to reach JPY26.9 trillion ($191.9 billion).

    Shivani Gupta, Senior Banking and Payments Analyst at GlobalData, comments: “Japan is among the leading e-commerce markets in the Asia-Pacific region, trailing just behind China. This is supported by high mobile and online penetration, as well as a strong preference for online shopping due to its ease and time-saving benefits. Furthermore, the popularity of online shopping events such as Black Friday, Cyber Monday, and Singles’ Day has further fuelled the expansion of e-commerce.”

    To capitalize on the growth potential in the e-commerce sector, international brands are also venturing into this space. For instance, Chinese digital commerce group Alibaba launched a new cross-border e-commerce application “TAO” in October 2024 to compete with rivals such as Amazon and Rakuten.

    TAO provides a wide array of around three million products across various categories and incorporates a range of features, including dedicated customer service, reliable delivery and return policies, multiple payment options, and personalized product recommendations, tailored to Japanese customers. The platform also supports various payment methods such as PayPay, the leading digital wallet in Japan, as well as credit cards and convenience store payments.

    Payment cards remain the preferred payment method for online purchases. According to the GlobalData’s 2024 Financial Services Consumer Survey* credit cards alone accounted for over 50%. This can be attributed to the added benefits they offer, such as interest-free instalment payment options, reward programs, cashback, and discounts.

    Alternative payment solutions are the second most preferred payment method. PayPay remains the most preferred alternative payment option, with international brands such as Amazon Pay and PayPal also making their presence felt.

    Gupta concludes: “The upward trajectory of e-commerce sales is expected to persist in the coming years, driven by evolving consumer preferences, the growing popularity of online shopping festivals, and the emergence of new e-commerce companies in the market. Consequently, the e-commerce market is anticipated to increase at a CAGR of 6.1% between 2025 and 2029 to reach JPY36.7 trillion ($261.8 billion) in 2029.”

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

    MIL OSI Economics

  • MIL-OSI Economics: Government securities transactions between a Primary Member (PM) of NDS-OM and its own Gilt Account Holder (GAH) or between two GAHs of the same PM

    Source: Reserve Bank of India

    RBI/2024-25/115
    FMRD.MIOD.No.15/11.01.051/2024-25

    February 17, 2025

    To

    All participants in Government Securities market

    Madam/Sir,

    Government securities transactions between a Primary Member (PM) of NDS-OM and its own Gilt Account Holder (GAH) or between two GAHs of the same PM

    Transactions in Government securities in the Over the Counter (OTC) market are currently undertaken either on Negotiated Dealing System – Order Matching (NDS-OM) platform or are bilaterally negotiated outside the system and subsequently reported on NDS-OM. All transactions matched on NDS-OM platform are cleared and settled through the Clearing Corporation of India Limited (CCIL), which acts as a Central Counter Party (CCP) for transactions in Government securities.

    2. At present, transactions between a Primary Member (PM) and its own Gilt Account Holder (GAH) and between two GAHs of the same PM are not permitted to be matched on NDS-OM and are also not cleared and settled through CCIL. On a review and based on the feedback received, it has been decided to:

    1. Permit matching of transactions between a PM and its own GAH or between two GAHs of the same PM on both the anonymous Order Matching segment and the Request for Quote (RFQ) segment of NDS-OM. Transactions matched on NDS-OM shall be cleared and settled through CCIL.

    2. Extend the facility of clearing and settlement through CCIL to transactions between a PM and its own GAH or between two GAHs of the same PM which are bilaterally negotiated and reported to NDS-OM, on an optional basis.

    3. Any failure in the settlement of these transactions shall be treated as an instance of ‘SGL bouncing’ in terms of RBI circular “Government securities Act, 2006, Section 27 and 30 – Imposition of penalty for bouncing of SGL forms” dated July 14, 2010, as amended from time to time, and will be subjected to the applicable penal provisions, as specified therein.

    4. Detailed operational guidelines in this regard will be issued by CCIL.

    5. The Directions contained in this circular have been issued under Section 45W of Chapter IIID of the Reserve Bank of India Act, 1934 and are without prejudice to permissions/ approvals, if any, required under any other law.

    Yours faithfully,

    (Dimple Bhandia)
    Chief General Manager

    MIL OSI Economics

  • MIL-OSI Africa: Islamic Finance Expands Africa’s Energy Investment Landscape, Strengthening Arab-African Cooperation

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

    PARIS, France, February 17, 2025/APO Group/ —

    Africa’s energy sector is seeing growing interest from Islamic financial institutions, as demonstrated by the recent $400 million Murabaha financing secured by Africa Finance Corporation (AFC). This transaction not only underscores the growing role of Islamic finance in Africa’s infrastructure development, but also highlights significant opportunities for deeper financial cooperation between Arab and African nations in the energy sector.

    The strong demand for AFC’s facility, which attracted 11 Islamic financial institutions – including Abu Dhabi Islamic Bank, Al Rajhi Bank and Emirates Islamic Bank – signals growing appetite among Middle Eastern banks to engage in Africa’s development. The facility, upsized from an initial $300 million due to high investor interest, reinforces AFC’s strategy to diversify its funding base and aligns with broader efforts to expand energy investment partnerships between Arab and African countries.

    Islamic finance is emerging as a key source of funding for Africa’s energy sector, particularly for large-scale infrastructure projects. The Murabaha financing structure used in AFC’s deal aligns with Sharia principles, offering an attractive and ethical investment vehicle for Middle Eastern and North African financial institutions seeking exposure to African markets. This move complements AFC’s recent $500 million hybrid bond issuance and the corporation’s ongoing efforts to attract diverse capital sources, including potential Panda bonds in China.

    Opportunities for Arab Investment in Africa’s Energy Future

    The increasing participation of Islamic banks and financial institutions presents a strategic opportunity for Middle Eastern nations to play a larger role in Africa’s energy transition. Countries such as the UAE, Saudi Arabia and Qatar have well-capitalized financial institutions and sovereign wealth funds that can accelerate Africa’s energy infrastructure expansion, particularly in natural gas, renewables and power generation.

    Arab nations already have a growing footprint in Africa’s energy sector. The UAE’s Masdar has been investing in renewable projects across North and sub-Saharan Africa – committing $10 billion to deliver 10 GW of clean energy capacity in Africa by 2030 – while Saudi Arabia’s ACWA Power has been involved in developing solar and desalination projects across the continent. QatarEnergy has been actively advancing hydrocarbon exploration in Africa, expanding its interests in Namibia’s offshore Orange Basin, while ADNOC has strengthened its footprint by acquiring a 10% stake in the Area 4 concession of Mozambique’s Rovuma Basin. However, there remains significant untapped potential for Arab-African cooperation, particularly in financing LNG terminals, gas-to-power projects and oil and gas exploration. Countries like Egypt, Algeria and Libya, which straddle both regions, can serve as financial and logistical bridges between Middle Eastern investors and African energy markets.

    The Role of Energy-Focused Islamic Finance

    The AFC’s Murabaha financing comes at a time when global Islamic finance is experiencing sustained growth, with assets expected to see high single-digit expansion through 2025, according to S&P Global Ratings. This growth is supported by strong balance sheets, high profitability and increasing regulatory backing. The surge in Islamic finance presents a timely opportunity for African energy projects, which require significant capital investment to meet the continent’s growing energy demand.

    One of the major advantages of Islamic finance is its alignment with sustainable investment principles, making it particularly attractive for funding Africa’s energy transition. In addition to AFC’s investment in renewable energy ventures such as Xlinks’ renewable energy initiative and the expansion of Lekela Power’s 3 GW capacity target, Islamic financial institutions could extend their involvement to Africa’s gas sector, which is viewed as a transitional fuel to bridge the energy gap.

    Strengthening Arab-African Partnerships at IAE 2025

    The increasing role of Middle Eastern finance in Africa’s energy sector will be a critical focus at the upcoming Invest in African Energy (IAE) Forum in Paris this May.  Serving as the premier African energy project showcase outside of the continent, IAE 2025 provides a space for African governments, investors and key financial players from the Middle East to explore new partnerships and drive investment in gas, LNG and broader energy infrastructure projects. By tapping into Islamic finance, African countries can secure critical capital to accelerate its energy development. At the same time, Arab nations stand to benefit from deeper economic integration with Africa, gaining access to new markets and resources. The AFC’s successful Murabaha financing serves as a strong indicator that the time is ripe for greater energy sector collaboration between Africa and the Middle East.

    IAE 2025 (http://apo-opa.co/4hC0kAA) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    MIL OSI Africa

  • MIL-OSI Europe: At a Glance – Plenary round-up – February 2025 – 14-02-2025

    Source: European Parliament

    The highlight of the February 2025 plenary session was the presentation of the European Commission’s long-awaited 2025 work programme and the subsequent debate. The session also saw a debate on Council and Commission statements on continued EU support for Ukraine, followed by an address by Ruslan Stefanchuk, Speaker of the Verkhovna Rada. Members took part in several debates linked to preparing the EU for a new trade era: on multilateral cooperation on tariffs, the EU-Mercosur Trade Agreement, and protecting the system of international justice and its institutions. A debate and vote on the 2024 European Central Bank annual report took place in the presence of Christine Lagarde, President of the Bank. Parliament held a debate on media freedom, in honour of the memory of journalists Ján Kuciak and Martina Kušnírová; another debate marked the anniversary of the murder of Alexei Navalny. Members also debated the political crisis in Serbia, the escalating violence in the Democratic Republic of the Congo, and resolving humanitarian crises following war and conflict. Finally, Parliament debated the escalation of violence in Sweden, the mental health crisis among Europe’s youth, and cross-border recognition of same-sex couples and their children’s civil status documents.

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: President Lai meets former United States Deputy National Security Advisor Matthew Pottinger

    Source: Republic of China Taiwan

    Details
    2025-02-11
    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
    2025-02-11
    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
    2025-02-11
    President Lai’s response to Pope Francis’s 2025 World Day of Peace message  
    President Lai Ching-te recently sent a letter to Pope Francis of the Catholic Church in response to his message marking the 58th World Day of Peace. The following is the full text of the president’s letter to the pope: Your Holiness, In your message for the 2025 World Day of Peace entitled Forgive us our trespasses: grant us your peace, you called for a cultural change that would bring an end to the governance of interpersonal and international relations by a logic of exploitation and oppression and herald true and lasting peace. I wholeheartedly admire and identify with your point of view. Since transitioning from a medical career to politics, I have remained true to my original intentions in the sense that, while a doctor can help only one person at a time, a public servant can simultaneously assist many people in resolving the difficulties affecting their lives. In my inaugural address in May 2024, I pledged that every day of my term, I would strive to act justly, show mercy, and be humble, which accord with the teachings of the Bible. I promised to treat the Taiwanese people as family and prove myself worthy of their trust and expectations. With an unwavering heart, I have accepted the people’s trust and taken on the solemn responsibility of leading the nation forward and building a democratic, peaceful, and prosperous new Taiwan. In this new year, the changing international landscape continues to present many grave challenges to democratic nations around the world. As the Russia-Ukraine war persists, the steady convergence of authoritarian regimes, including China, Russia, North Korea, and Iran, threatens the rules-based international order and severely impacts peace and stability in the Indo-Pacific and the world at large. Your Holiness has stated that war is a defeat for everyone. I, too, firmly believe that peace is priceless and that war has no winners. A high level of consensus has formed in the international community on upholding peace and stability across the Taiwan Strait. The Taiwanese people also maintain an unyielding commitment to safeguarding a way of life that encompasses freedom, equality, democracy, and human rights. Taiwan will continue to spare no effort in preserving regional peace and stability and serving as a pilot for global peace. In your World Day of Peace message, you urged prosperous countries to assist poorer ones. This compassion is truly touching. Taiwan is proactively implementing values-based diplomacy and, under the Diplomatic Allies Prosperity Project, enhancing allies’ development through a range of initiatives. Over many years, Taiwan has accumulated abundant and unique experience of providing foreign assistance. Seeking to foster self-reliance among disadvantaged countries, we have extended genuine support to help alleviate poverty through such avenues as strengthening basic infrastructure, transferring technology, and cultivating talent. In your message, you reminded countries worldwide that assistance should not be merely an isolated act of charity and pointed to the need to devise a new global financial framework so that food crises, climate change, and other challenges could be jointly addressed. I hold this view in high regard. I therefore earnestly hope that international organizations will stop excluding Taiwan for political reasons. Taiwan is willing to shoulder its international responsibilities so that it can contribute and share its valuable experience through many global platforms.  On behalf of the government and people of the Republic of China (Taiwan), I again express our interest in collaborating with the Holy See to advance world peace through concrete action. We also aspire to demonstrate Taiwanese values and the Taiwanese spirit and work together with the Holy See to uphold the core values of justice, democracy, freedom, and peace.  Please accept, Your Holiness, the renewed assurances of my highest consideration, as well as my best wishes for your good health and the continued growth of the Catholic Church.

    Details
    2025-02-11
    President Lai meets former US Vice President Mike Pence
    On the afternoon of January 17, President Lai Ching-te met with former Vice President of the United States Mike Pence. In remarks, President Lai thanked former Vice President Pence for his contributions to the deepening of Taiwan-US relations, noting that he actively helped to strengthen Taiwan-US cooperation and facilitate the normalization of military sales to Taiwan, and did his utmost to deepen the Taiwan-US economic partnership. The president indicated that former Vice President Pence also spoke up for Taiwan on numerous occasions at international venues, backing Taiwan’s international participation. President Lai expressed hope for a stronger Taiwan-US partnership to maintain peace and stability throughout the world, and that the two sides can advance bilateral exchanges in such areas as the economy, trade, and industry. A translation of President Lai’s remarks follows: I am delighted to welcome former Vice President Pence and Mrs. Karen Pence to the Presidential Office. Former Vice President Pence is not only an outstanding political leader in the US, but also a staunch supporter of Taiwan on the international stage. On behalf of the people of Taiwan, I would like to take this opportunity to extend our deepest gratitude to former Vice President Pence for his contributions to the deepening of Taiwan-US relations. Thanks to former Vice President Pence’s strong backing, ties between Taiwan and the US rose to unprecedented heights during President Donald Trump’s first administration. Former Vice President Pence actively helped to strengthen Taiwan-US security cooperation and facilitate the normalization of military sales to Taiwan, helping Taiwan reinforce its self-defense capabilities. He also did his utmost to deepen the Taiwan-US economic partnership. Former Vice President Pence also paid close attention to the military threats and diplomatic isolation faced by Taiwan. He spoke up for Taiwan on numerous occasions at international venues, taking concrete action to back Taiwan’s international participation. We were truly grateful for this. As we speak, China’s political and military intimidation against Taiwan persist. China and other authoritarian regimes, such as Russia, North Korea, and Iran, are continuing to converge and present serious challenges to democracies around the globe. At this moment, free and democratic nations must come together to bolster cooperation. I believe that a stronger Taiwan-US partnership can be an even more powerful force in maintaining peace and stability throughout the world. Former Vice President Pence has previously supported the signing of a trade agreement between Taiwan and the US. Taiwan looks forward to continuing to work with the new US administration and Congress to advance bilateral exchanges in such areas as the economy, trade, and industry. This is the first time that former Vice President Pence and Mrs. Pence are visiting Taiwan, and their visit is significantly meaningful for Taiwan-US exchanges. On behalf of the people of Taiwan, I want to extend a warm welcome. Moving forward, I hope we will jointly realize even more fruitful achievements through Taiwan-US cooperation. Former Vice President Pence then delivered remarks, thanking President Lai for his hospitality on his and his wife’s first visit to Taiwan, saying that it is an honor to be here to reaffirm the bonds of friendship between the people of America and the people of Taiwan, which are strong and longstanding. The former vice president indicated that the American people admire the people of Taiwan and all that has been accomplished in a few short decades for Taiwan to rise to one of the world’s preeminent economic powers and free societies. He said that he is grateful for President Lai’s courageous and bold leadership of Taiwan, and grateful to be able to express the support of the overwhelming majority of the American people for this alliance. Former Vice President Pence indicated that the values shared by Taiwan and the US, including freedom, the rule of law, and respect for human rights, bind us together in a partnership that transcends geographic boundaries and cultures. He then assured President Lai that China’s increasingly aggressive posture in the Taiwan Strait and across the Indo-Pacific, for the values and interests that both sides share, is deeply concerning to the American people. Former Vice President Pence stated that America is a Pacific nation, and is committed to the status quo, adding that they recognize it is China that wants to change the status quo that America, Taiwan, and other allies in the region want to preserve, which has created an environment of extraordinary growth and prosperity. The former vice president concluded by once again thanking President Lai and his team for their gracious hospitality and conveying best wishes to him and the people of Taiwan. Former Vice President Pence then assured President Lai that just as Taiwan will never surrender its freedom, he will continue to be a voice for a strong US-Taiwan relationship in the defense and the benefit of Taiwan, the US, and the free world. Later that day, Vice President Bi-khim Hsiao hosted a banquet for former Vice President Pence and his delegation at Taipei Guest House to thank him for his longstanding friendship and staunch support for Taiwan-US ties.  

    Details
    2025-02-11
    President Lai meets delegation to 60th Inaugural Ceremonies of US president and vice president
    On the morning of January 16, President Lai Ching-te met with Taiwan’s delegation to the 60th Inaugural Ceremonies of the President and Vice President of the United States. In remarks, President Lai stated that democratic Taiwan stands united, working hard to deepen Taiwan-US ties together. He then entrusted the delegation with three missions: to convey best wishes from the people of Taiwan, convey our firm commitment to democracy, and help Taiwan-US relations reach a new milestone. A translation of President Lai’s remarks follows: The 60th Inaugural Ceremonies of the President and Vice President of the US will be held on January 20. I want to thank Speaker Han Kuo-yu (韓國瑜), president of the Legislative Yuan, for accepting my invitation to lead our nation’s representative delegation to the event. I also thank Legislative Yuan Members Ko Chih-en (柯志恩), Wang Ting-yu (王定宇), Ko Ju-chun (葛如鈞), Lee Yen-hsiu (李彥秀), Chen Kuan-ting (陳冠廷), Kuo Yu-ching (郭昱晴), and Chen Gau-tzu (陳昭姿) for joining this visit to the US to attend the inauguration of President Donald Trump and Vice President J.D. Vance. We have gathered together today despite differences in party affiliation because in democratic Taiwan, while parties may compete domestically, when it comes to engagement externally, they stand united and share responsibility, working hard to deepen Taiwan-US ties and strive for the best interests of the nation. We share the value of defending freedom and democracy, and we share the goal of advancing peace and prosperity. Today, we engage with the world together as those from the same country – the Republic of China (Taiwan). In this complex and volatile new international landscape, and as the nation faces difficulties and challenges, I want to stress that in Formosa, there is no hostility that cannot be let go, and no hardship that cannot be overcome. Unity is the most important, and I hope that Taiwan can stand united, because there is true strength in unity. Democratic Taiwan must stand united in engaging with the world and initiate exchanges with confidence. On that ground, I am entrusting this delegation with three key missions. First, convey best wishes from the people of Taiwan. Just last year, Taiwan and the US celebrated the 45th anniversary of the passage of the Taiwan Relations Act. And on May 20, the US sent a senior bipartisan delegation to congratulate me and Vice President Bi-khim Hsiao on our inauguration. As the leader of this cross-party delegation, Speaker Han must clearly convey the well-wishes of the people of Taiwan, congratulate President Trump and Vice President Vance on their inauguration, and wish success to the new administration and prosperity to the US. Second, clearly convey the firm commitment of the people of Taiwan to democracy. The theme of these inaugural ceremonies is “Our Enduring Democracy: A Constitutional Promise.” Taiwan and the US share the universal value of democracy and are staunch allies. I hope that the delegation can faithfully convey the firm commitment to democracy that the people of Taiwan have, which will not change even in the face of authoritarian threats. Taiwan is willing to stand side by side with the US and other members of the democratic community to defend the sustainable development of global democracy and prevent the expansion of authoritarianism. Third, help Taiwan-US relations reach a new milestone. In recent years, Taiwan-US relations have continued to grow, with the first agreement under the Taiwan-US Initiative on 21st Century Trade having formally taken effect last month. This morning, the House of Representatives also passed the US-Taiwan Expedited Double-Tax Relief Act. I hope that the delegation can help Taiwan-US relations reach a new milestone through these exchanges so that our relations continue to grow, our cooperation expands even more, and so that we can achieve even greater success after the new administration takes office. Four years ago, Taiwan’s representative to the US inaugural ceremonies was Vice President Hsiao, who was then our representative to the US. Everyone has a lot to learn from her. I have specially invited everyone here to converse so that you can draw from Vice President Hsiao’s experience and ensure an even smoother visit. Washington, DC was also hit by a rare blizzard recently, and the weather has been very cold, so make sure to stay warm. I am sending everyone off with hand warmers and thermoses so that you can bring some warmth from Taiwan with you on your journey. And I ask that Speaker Han exercise his wisdom to help generate some warmth between the ruling and opposition parties through cooperation, which they can then bring back to Taiwan. Let us unite to give our all for diplomacy so that we can unite to give our all for Taiwan. I wish the delegation a smooth and safe trip, and hope your missions can be carried out successfully. Speaker Han then delivered remarks, stating that it was an honor to be invited by President Lai to organize a delegation to represent our nation at the 60th Inaugural Ceremonies of the President and Vice President of the US in Washington, DC, and express the Republic of China’s sincere and cordial best wishes. The Legislative Yuan’s president has assumed this important task numerous times in the past, he said, not only to represent the government of the Republic of China, but also to take on the mission of conveying the voices of 23 million people. He went on to say that he is honored to take up the baton, lead eight legislators to the US to attend this celebration that will attract global attention, and express sincere best wishes to newly elected President Trump, Vice President Vance, and the new administration’s team. As enjoined by President Lai, he hopes the delegation’s trip will help open a new chapter in Taiwan-US exchanges. Speaker Han stated that the US is the most free and democratic country in the world. He noted that in 1776 in the US Declaration of Independence, founding father Thomas Jefferson propounded the concept of “unalienable rights,” and emphasized that the people have a right to freedom and the pursuit of happiness, democratic ideas that have long been rooted in the people’s hearts. Today, he said, democracy is also embedded in the DNA of Taiwan’s 23 million people, and this hard-won democratic achievement is a result of the concerted efforts of our pioneering predecessors, thinkers, and activists over the past 100 years. Speaker Han stated that during this visit, the Legislative Yuan delegation hopes to convey the voice of Taiwan as a democratic country. Taiwan’s security, he said, is like the four legs of a table: The first leg is defending the Republic of China, the second is defending freedom and democracy, the third is maintaining Taiwan-US relations, and the fourth is maintaining cross-strait peace. The delegation will travel to the US amidst severe cold weather to show that we value our relationship with the US, and our citizens have great hopes and expectations. Speaker Han stated that this will be a cross-party delegation of eight legislators, all of whom have a strong sense of mission. He hopes that all democratic nations will acknowledge Taiwan’s importance, and pay attention to Taiwan’s 23 million people. The delegation, he said, will do its utmost to convey the goodwill and warmth that the people of Taiwan give to each and every one of our good friends.

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

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Inflation increased to 2.5 percent in January 2025

    Source: Bank of Botswana

    Headline inflation increased from 1.7 percent in December 2024 to 2.5 percent in January 2025, remaining below the lower bound of the medium-term objective range of 3 – 6 percent, and was lower than the 3.9 percent recorded in January 2024. The increase in inflation between December 2024 and January 2025 was mainly due to the base effects associated with the downward adjustment in domestic fuel prices on 21 December 2023, which reduced headline inflation by 0.42 percentage points in January 2024. Furthermore, inflation rose on account of the acceleration in the rate of annual price changes of some categories of goods and services, including Education, Food & Non-Alcoholic Beverages and Alcoholic Beverages & Tobacco. Inflation for domestic tradeables increased from 4.3 percent to 4.6 percent between December 2024 and January 2025. Similarly, inflation for imported tradeables increased significantly from 0.1 percent to 1.6 percent over the same period, mainly on account of base effects associated with the adjustment of domestic fuel prices. As a result, all tradeables inflation rose from 1.2 percent in December 2024 to 2.4 percent in January 2025. Meanwhile, inflation for non-tradeables increased marginally from 2.4 percent to 2.5 percent over the same period.

    Similarly, the 16 percent trimmed mean inflation and inflation excluding administered prices increased from 1.7 percent and 3.3 percent to 2.2 percent and 3.5 percent, respectively, between December 2024 and January 2025.

    MIL OSI Economics

  • MIL-OSI: Danske Bank share buy-back programme: transactions in week 7

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 7 2025 Danske Bank
    Bernstorffsgade 40
    DK-1577 København V
    Tel. + 45 33 44 00 00

    17 February 2025
    Page 1 of 1

    Danske Bank share buy-back programme: transactions in week 7

    On 7 February 2025, Danske Bank A/S announced a share buy-back programme for a total of DKK 5 billion, with a maximum of 45,000,000 shares, in the period from 10 February 2025 to 30 January 2026, at the latest, as described in company announcement no. 6 2025.

    The Programme is carried out in accordance with Article 5 of Regulation (EU) No 596/2014 of the European Parliament and Council of 16 April 2014 (the “Market Abuse Regulation”) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (together with the Market Abuse Regulation, the “Safe Harbour Rules”).

    The following transactions on Nasdaq Copenhagen A/S were made under the share buy-back programme in week 7:

      Number of shares VWAP DKK Gross value DKK
    Accumulated, last announcement
    10/02/2025 5,000 232.3009 1,161,505
    11/02/2025 5,000 232.4115 1,162,058
    12/02/2025 5,000 233.1137 1,165,569
    13/02/2025 5,000 229.9277 1,149,639
    14/02/2025 5,000 231.1261 1,155,631
    Total accumulated over week 7 25,000 231.7760 5,794,400
    Total accumulated during the share buyback programme 25,000 231.7760 5,794,400

    With the transactions stated above, the total accumulated number of own shares under the share buy-back programme corresponds to 0.003% of Danske Bank A/S’ share capital.

    Danske Bank

    Contact: Claus Ingar Jensen, Head of Group Investor Relations, tel. +45 25 42 43 70

    Attachment

    The MIL Network

  • MIL-OSI Economics: Joint Statement by the Saudi Finance Minister and IMF Managing Director on Supporting Recovery in the Middle East’s Conflict-Affected Economies

    Source: International Monetary Fund

    February 17, 2025

    Al Ula, Saudi Arabia, – February 16, 2025: On the sidelines of the inaugural annual global Conference on Emerging Market Economies in Al Ula, Saudi Arabia (February 16-17), the Saudi Finance Ministry and the International Monetary Fund (IMF) co-hosted a high-level roundtable on “Working Together to Support Recovery in the Middle East’s Conflict-Affected Economies”, bringing together finance ministers of countries in the region, the Foreign Affairs Minister of Syria, representatives from the World Bank, and heads of other International Financial Institutions and the Arab Coordination Group.

    Following the meeting, Kristalina Georgieva, Managing Director of the IMF, and Mohammed Aljadaan, Finance Minister of Saudi Arabia, made the following statement:

    “This important meeting brought together representatives from the Middle East and key economic and development partners to discuss how we can work together to support recovery in the Middle East’s conflict-affected economies.”

    “We thank all participants for recognizing the urgency and importance of this task, as well as for their commitment to work together to ensure that the conflict-affected countries can start addressing their humanitarian needs. This would help them start rebuilding their economies in an efficient, swift, and durable way for the benefit of their people.”

    “Participants welcomed the meeting as an opportunity to discuss recent developments and build a common understanding of the challenges facing conflict-affected countries. They emphasized the importance of strengthening coordination to support the recovery of these countries as the spillovers would impact all. Particular attention was paid to the situation in Syria.”

    Participants agreed on the following priorities to support conflict-affected countries:

    • A Continuous Diagnosticof the challenges and economic and social context facing each conflict-affected country, including an assessment of humanitarian and reconstruction needs. Such a diagnostic should identify institution-building priorities, gaps in policies, and financing needs.
    • Enhanced Capacity Development (CD) aimed at rapidly scaling up IMF and World Bank CD initiatives to help strengthen and, as needed, build new institutions. Support would need to be tailored to strengthen essential functions of fiscal, monetary and banking institutions.
    • Mobilization of financial assistance from the international community . Financial support—coordinated with international and regional development partners—will be needed to fund comprehensive reform programs, including reconstruction and humanitarian aid.

    “Participants underscored their readiness to work together and complement each other’s efforts while focusing on their institutional mandates. They will continue to work closely and with other partners to further support the international response to the recovery of conflict-affected economies in the Middle East region.”

    They agreed to establish an informal coordination group to support these efforts. Discussions will be continued at the upcoming IMF/World Bank Spring Meetings on April 21-26 in Washington, D.C.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    MIL OSI Economics

  • MIL-OSI United Kingdom: Statement on £15m funding for two cultural projects in Leeds

    Source: City of Leeds

    Leeds City Council has today welcomed confirmation of £15m in central government funding for two major cultural projects.

    The Ministry of Housing, Communities and Local Government (MHCLG) has committed £10m to help breathe fresh life into Holbeck’s historic Temple Works building, paving the way for it to become the home of a new British Library North.

    A further £5m in funding has been confirmed in support of plans to create a National Poetry Centre at the landmark Trinity St David’s Church on Woodhouse Lane.

    Councillor James Lewis, leader of Leeds City Council, said:

    “The British Library North project aims to create a world-class space for learning, research, exhibitions and events that would unlock the huge potential of Temple Works and boost the ongoing regeneration of the wider Holbeck and South Bank areas.

    “It is therefore really welcome news that the Ministry of Housing, Communities and Local Government has confirmed that, following a consultation, this £10m of funding is now in place to support the process of bringing the Temple Works building into public ownership and back into use.

    “We have worked hard in recent months with partners, including the West Yorkshire Combined Authority, Homes England and the British Library itself, to make the case for this funding.

    “Together we were able to emphasise the importance of the scheme and the economic and social benefits it would bring to Leeds, West Yorkshire and the North, not least through engagement and connections with local communities.

    “We were very pleased to welcome the Deputy Prime Minister to Temple Works last week so she could see first-hand what this remarkable heritage asset is all about.

    “We will now continue to work alongside partners on detailed plans for the full funding, design and development of a project that remains a complex and challenging undertaking, but one that offers a major regeneration opportunity for both Temple Works and the surrounding area.

    “The council also welcomes today’s confirmation that £5m in funding for Leeds’s proposed National Poetry Centre is now in place.

    “We were pleased to have the opportunity, during the MHCLG consultation, to add our voice to the widespread support for this project, which is being led by the National Poetry Centre Charitable Trust with the University of Leeds and poet laureate Simon Armitage.”

    ENDS

    MIL OSI United Kingdom

  • MIL-OSI Russia: Joint Statement by the Saudi Finance Minister and IMF Managing Director on Supporting Recovery in the Middle East’s Conflict-Affected Economies

    Source: IMF – News in Russian

    February 17, 2025

    Al Ula, Saudi Arabia, – February 16, 2025: On the sidelines of the inaugural annual global Conference on Emerging Market Economies in Al Ula, Saudi Arabia (February 16-17), the Saudi Finance Ministry and the International Monetary Fund (IMF) co-hosted a high-level roundtable on “Working Together to Support Recovery in the Middle East’s Conflict-Affected Economies”, bringing together finance ministers of countries in the region, the Foreign Affairs Minister of Syria, representatives from the World Bank, and heads of other International Financial Institutions and the Arab Coordination Group.

    Following the meeting, Kristalina Georgieva, Managing Director of the IMF, and Mohammed Aljadaan, Finance Minister of Saudi Arabia, made the following statement:

    “This important meeting brought together representatives from the Middle East and key economic and development partners to discuss how we can work together to support recovery in the Middle East’s conflict-affected economies.”

    “We thank all participants for recognizing the urgency and importance of this task, as well as for their commitment to work together to ensure that the conflict-affected countries can start addressing their humanitarian needs. This would help them start rebuilding their economies in an efficient, swift, and durable way for the benefit of their people.”

    “Participants welcomed the meeting as an opportunity to discuss recent developments and build a common understanding of the challenges facing conflict-affected countries. They emphasized the importance of strengthening coordination to support the recovery of these countries as the spillovers would impact all. Particular attention was paid to the situation in Syria.”

    Participants agreed on the following priorities to support conflict-affected countries:

    • A Continuous Diagnosticof the challenges and economic and social context facing each conflict-affected country, including an assessment of humanitarian and reconstruction needs. Such a diagnostic should identify institution-building priorities, gaps in policies, and financing needs.
    • Enhanced Capacity Development (CD) aimed at rapidly scaling up IMF and World Bank CD initiatives to help strengthen and, as needed, build new institutions. Support would need to be tailored to strengthen essential functions of fiscal, monetary and banking institutions.
    • Mobilization of financial assistance from the international community . Financial support—coordinated with international and regional development partners—will be needed to fund comprehensive reform programs, including reconstruction and humanitarian aid.

    “Participants underscored their readiness to work together and complement each other’s efforts while focusing on their institutional mandates. They will continue to work closely and with other partners to further support the international response to the recovery of conflict-affected economies in the Middle East region.”

    They agreed to establish an informal coordination group to support these efforts. Discussions will be continued at the upcoming IMF/World Bank Spring Meetings on April 21-26 in Washington, D.C.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    https://www.imf.org/en/News/Articles/2025/02/17/pr-25038

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: Tectum Mainnet Goes Live, Powering PayFi With High-Speed Blockchain & SoftNote Payments

    Source: GlobeNewswire (MIL-OSI)

    • Powered by Willow-Tree Consensus, Tectum 4.0 delivers high-performance Layer-1 scalability for real-world applications and digital payments.
    • At the PayFi forefront, Tectum connects tradFi with decentralized payments, enabling seamless blockchain transactions.
    • Tectum 4.0 supports dApps and smart contracts, while Tectum 3.0 powers SoftNote, a zero-fee, transactionless payment system.
    • With 1.7 million SoftNote bills minted, it enables wallet-free, fee-free, and offline crypto transactions, revolutionizing digital payments.
    • The following consensus upgrade set for Q2 2025, with Tectum Labs (Q1) driving CBDCs/tokenization and Tectum Keys (Q2) launching quantum-resistant security

    Dubai, Feb. 17, 2025 (GLOBE NEWSWIRE) — – Tectum, the next-generation performance-driven blockchain, has officially launched Tectum 4.0 – its public Layer-1 mainnet, delivering industry-leading scalability and efficiency to support real-world applications, seamless digital payments, and enterprise adoption.

    Tectum 4.0 vs. Tectum 3.0: A Dual-Layer Blockchain for Performance & Payments

    Tectum operates a dual-blockchain ecosystem, where Tectum 4.0 functions as a public, high-performance Layer-1 blockchain optimized for speed, scalability, and decentralized applications (dApps). This allows developers to build scalable, real-world solutions that leverage blockchain efficiency without bottlenecks.

    In contrast, Tectum 3.0 is a private centralized blockchain specifically designed to support SoftNote, Tectum’s flagship transactionless payment system. The private nature of Tectum 3.0 ensures zero-fee transactions, making SoftNote an optimal payment solution that functions without gas fees or network congestion.

    This hybrid architecture allows Tectum 4.0 to power high-speed smart contracts and dApps, while Tectum 3.0 ensures seamless, fee-free crypto transactions through SoftNote.

    SoftNote vs. Traditional Crypto Payments: A Paradigm Shift

    Unlike traditional crypto payments, which require on-chain confirmations, high gas fees, and network processing delays, SoftNote eliminates these barriers by offering a transactionless model that allows instant peer-to-peer transfers of Bitcoin (BTC), Ethereum (ETH), USDT, and other digital assets.

    Key Advantages of SoftNote Over Traditional Crypto Payments:

    • Bankless & Accountless: SoftNote eliminates the need for traditional banking infrastructure—users can transact freely without requiring a bank account or even a crypto wallet. As bearer instruments, SoftNotes functions like physical cash, allowing users to hold, print, and transfer them seamlessly.
    • Transaction-less: Unlike traditional crypto transactions that require network confirmations and gas fees, SoftNote operates on Tectum’s Layer-3 architecture, enabling instant, off-chain transactions without network congestion or added costs.
    • Network-less: Payments can be made without an internet connection, ensuring global accessibility—even in regions with limited digital infrastructure.
    • Zero Fees: SoftNote transactions are fee-free, removing the financial barriers typically associated with blockchain payments.
    • Physical & Digital Usability: SoftNotes bridges the gap between digital and physical assets, offering the convenience of digital payments with the flexibility of cash.

    With 1.7 million SoftNote bills already minted globally, SoftNote is driving mainstream adoption of crypto payments, making digital transactions as seamless as using cash.

    “Blockchain must evolve beyond speculation to drive real-world utility,” said Alexander Guseff, Founder & CEO of Tectum. “With the launch of Tectum 4.0, we are setting a new standard for speed and scalability, while SoftNote transforms digital payments by making crypto as seamless as cash. By eliminating fees, delays, and infrastructure barriers, SoftNotization bridges the gap between blockchain and everyday transactions, positioning Tectum at the forefront of the PayFi movement.”

    SoftNotization vs. Tokenization: Enabling Mass Crypto Adoption

    While tokenization converts real-world assets into digital blockchain-based tokens, SoftNotization is a step beyond tokenization – it allows digital assets to be used in physical form, making crypto spendable in everyday transactions.

    With SoftNotization, users can convert their crypto holdings into SoftNotes, enabling them to spend Bitcoin, Ethereum, stablecoins, or any digital asset just like cash – even in regions where crypto wallets and Web3 complexity hinder adoption.

    This makes SoftNotization a critical driver of crypto mass adoption, especially in unbanked and underbanked economies, where a familiar cash-like payment system can simplify blockchain adoption for businesses and consumers alike.

    What’s Next for Tectum?

    Following the mainnet launch, Tectum will activate full consensus mechanisms in March 2025, strengthening security, decentralization, and transactional integrity. As PayFi adoption grows, Tectum will roll out SDKs on the public mainnet, equipping developers to build scalable applications for digital payments. The company is also expanding its ecosystem with new products and services.

    At the forefront is Tectum Labs, an innovation hub for business tokenization and CBDCs, launching in Q1 2025. It will drive projects such as FreeSolar, TectumKeys, and SyntezNote, showcasing Tectum’s multi-industry reach. Additionally, Tectum Keys, a quantum-resistant security solution, launches in Q2 2025, setting a new standard for digital asset protection.

    -ENDS-

    About Tectum
    Tectum is transforming digital payments with Tectum 4.0, its high-performance Layer-1 blockchain, designed for scalability and real-world adoption.

    Built on Tectum 3.0, SoftNote enables zero-fee, instant peer-to-peer crypto transactions, eliminating network confirmations and gas fees. The SoftNote ecosystem includes the SoftNote Wallet for secure storage, the SoftNote Merchant Terminal for seamless point-of-sale transactions, and the SoftNote Pay App for simplified everyday payments.

    Beyond payments, Tectum Labs specializes in asset tokenization and CBDC solutions, helping businesses digitize assets and supporting governments in CBDC development.

    Tectum empowers Bitcoin and other cryptocurrencies to become truly spendable, breaking barriers to adoption and enabling seamless micropayments. Its ecosystem includes the Tectum Emission Token ($TET) for SoftNote minting and quantum-proof authentication (XFA) for enhanced security.

    A subsidiary of Crispmind Ltd., Tectum is committed to scalable, secure, and inclusive blockchain solutions that redefine global transactions. To learn more, visit www.tectum.io.

    Media Contact: 
    Aroma Kumar, aroma@lunapr.io  
    Luna PR 

    The MIL Network

  • MIL-OSI Economics: Result of the 4-day Variable Rate Repo (VRR) auction held on February 17, 2025

    Source: Reserve Bank of India

    Tenor 4-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of bids received (in ₹ crore) 57,413
    Amount allotted (in ₹ crore) 57,413
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.27
    Partial Allotment Percentage of bids received at cut off rate (%) N.A.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2179

    MIL OSI Economics

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 17, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 1,00,000
    Total amount of bids received (in ₹ crore) 1,34,675
    Amount allotted (in ₹ crore) 1,00,014
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.27
    Partial Allotment Percentage of bids received at cut off rate (%) 43.37

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2176

    MIL OSI Economics

  • MIL-Evening Report: Would Sidney Nolan be cancelled for painting Ned Kelly today? That’s what Creative Australia has done to Khaled Sabsabi

    Source: The Conversation (Au and NZ) – By Ella Barclay, Senior Lecturer, School of Art and Design, Australian National University

    Despite the perceived outrage at Khaled Sabsabi’s depiction of Hassan Nasrallah in his 2007 work You, Australian art has long made subjects of outlaws and questionable figures. And it is all the richer for it.

    On Thursday, Shadow Arts Minister and self-described defender of free speech Claire Chandler asked Senator Penny Wong:

    Why is the Albanese government allowing a person who highlights a terrorist leader in his artwork to represent Australia on the international stage at the Venice Biennale?

    Without seeing the work, Senator Wong said

    I agree with you that any glorification of the Hezbollah leader Nasrallah is inappropriate.

    This was followed by disapproval from Arts Minister Tony Burke. Within 24 hours, Creative Australia’s board announced Khaled Sabsabi and curator Michael Dagostino, the nominated artistic team for the Australian Pavilion at the 2026 Venice Biennale, had been scratched.

    The news sparked shock resignations at Creative Australia, private funding retractions and widespread outrage across the Australian and international arts sectors.

    The work in question, You, isn’t related to Sabsabi’s proposed 2026 Biennale work. It is an experimental video artwork which engages with the complexities of the 2006 Lebanon War and how Sabsabi, who was born in Tripoli and migrated to Australia in 1978, may have experienced this war remotely via newsfeed.

    The work features images of now-deceased Lebanese Hezbollah leader Hassan Nasrallah. It should be noted the work was made in 2007, 14 years before Australia determined Hezbollah to be a terrorist organisation. It resides in the prestigious collection of Sydney’s Museum of Contemporary Art.

    A double standard

    Prior to Sabsabi, a number of prominent Australian artists have depicted outlaws and controversial figures in their work. So how were those works received?

    Let’s look at Sidney Nolan’s Ned Kelly series as an example. These 27 famous paintings depict the notorious bushranger Edward (Ned) Kelly’s final days in 1880. Nolan painted the series between 1946 and 1947, in the aftermath of the catastrophic second world war.

    The works can be understood as an effort to investigate homegrown violence in Australia’s history, wherein the outlaw is a metaphor used to explore conflicting migrant/settler cultures among the bright and dusty central Victorian landscape.

    Similarly, late Australian painter and 2000 Archibald Prize winner Adam Cullen did not meet much controversy when his 2002 portrait of convicted violent criminal Mark “Chopper” Read was installed in the Art Gallery of NSW. That same year, Cullen illustrated Mark Read’s children’s book, Hooky the Cripple.

    An acclaimed artist, Cullen is revered for depicting violence and darkness in Australian culture. His works reside in most state and national collections.

    Art thrives through diverse perspectives

    Marri Ngarr artist Ryan Presley’s 2018 series Blood Money revises Australian banknotes to feature historical First Nations figures, and forms part of the Reserve Bank of Australia’s art collection.

    Works in the series include First Nations colonial resistance fighters and outlaws Jandamarra (1873–97), Woloa (1800-31), Pemulwuy (1750-1802) and Dundalli (circa 1820-55).

    These individuals waged violence against the Crown and were classified as enemy combatants in their time. Yet it’s fair to say they make compelling and appropriate subjects for Presley’s art, which helps us better understand Australia’s complex and violent history.

    Iranian-born Australian photographer Hoda Afshar’s Agonistes (2020), an award-winning portrait series with accompanying video, features various Australian whistleblowers, including Witness K Lawyer Bernard Collaery and the incarcerated Afghan Files whistleblower David McBride.

    Each figure depicted in Afshar’s portraits has faced punishment and persecution by local authorities, in part due to Australia’s weak whistleblower protection laws.

    Khaled Sabsabi is a distinguished Australian artist whose Biennale proposal won a rigorous open tender to be exhibited in Venice 2026. Spanning 30 years, his work examines spiritualism, optimism and the intricate beauty of a migrant Australian experience that’s particularly unique to the global microcosm of Western Sydney.

    If artists are to be cancelled for making works that spark “divisive debate”, as Creative Australia has called it, there won’t be much art left to see.

    Ella Barclay has previously received funding from Creative Australia.

    ref. Would Sidney Nolan be cancelled for painting Ned Kelly today? That’s what Creative Australia has done to Khaled Sabsabi – https://theconversation.com/would-sidney-nolan-be-cancelled-for-painting-ned-kelly-today-thats-what-creative-australia-has-done-to-khaled-sabsabi-249952

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: Announcement on Open Market Operations No.31 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.31 [2025]

    (Open Market Operations Office, February 17, 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 RMB190.5 billion through quantity bidding at a fixed interest rate on February 17, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB190.5 billion

    1.50%

    Date of last update Nov. 29 2018

    2025年02月17日

    MIL OSI China News

  • MIL-OSI Australia: Interview with Natarsha Belling, National News at Noon, Channel 7

    Source: Australian Treasurer

    Natarsha Belling:

    Good afternoon, Treasurer. Thanks for joining us this afternoon.

    Jim Chalmers:

    Thanks very much, Natarsha.

    Belling:

    Surely you are hoping for a rate cut tomorrow.

    Chalmers:

    Because I respect the independence of the Reserve Bank, its governor, and its board, I try not to make predictions or pre‑empt the discussions that are going on right now in Sydney about future movements in interest rates. I know that the independent Reserve Bank has a job to do and some issues to consider. I’m focused on my job. And because we’ve been working so hard on the cost of living and fighting inflation, what we’ve been able to do in Australia is get inflation down and wages up and keep unemployment low. That’s my job and I’m focused on that.

    Belling:

    Inflation is down now, but it certainly hasn’t been. And wages may be increasing, but the cost of living is hurting millions of Australians. Surely you have to admit that.

    Chalmers:

    I do, Australians are under pressure. That is still the case. Even though we have made very substantial progress together on inflation and now sustained progress on inflation, we know that Australians are still doing it tough and that’s why the cost of living is the Albanese government’s primary focus. But when it comes to inflation, even just last week a couple of the major bank economists released new forecasts for inflation. They lowered them substantially. So, we have made that very significant progress together as Australians when it comes to inflation. We have been delivering lower inflation, higher wages and low unemployment. But we know that the job’s not done and people are still under the pump.

    Belling:

    So, in regards to inflation at the moment, if inflation is coming under control and if there is a cut to the official rate tomorrow, we know that is going to take a long time to actually really dent into those family budgets. If people do have a mortgage, it will take many months to take effect and they’re still dealing with skyrocketing costs.

    Chalmers:

    First of all, again, I don’t want to engage in a hypothetical. We’ll know tomorrow afternoon whether the independent Reserve Bank’s decided to cut interest rates or not. But I do accept your broader point and that is that these cost‑of‑living pressures are pretty widespread and that’s why we’ve got the tax cuts rolling out, the energy bill relief, cheaper medicines, cheaper early childhood education, it’s why we’re getting wages moving again, more rent assistance, fee‑free TAFE – all of these things are about recognising that people are under substantial pressure. The government’s got a role to play in easing that pressure wherever it responsibly can. And that’s what we’ve been doing, really, over the course of the 2 and a half years, almost 3 years that we’ve been in office. The cost of living has been the number one focus of this government. And that will continue to be the case no matter what the Reserve Bank decides independently tomorrow.

    Belling:

    Now, the cost‑of‑living crisis is number one at the top of the agenda with how Australians will vote on the upcoming federal election. Do you concede that they won’t vote you in because they are having to deal with this cost‑of‑living crisis?

    Chalmers:

    Look, I don’t obsess over the polls, and that’s because my job is to – my job is to focus on a different set of numbers in the economy. And to the extent they’re related, I think it just reflects the fact, as you and I have been talking about today, that people are under pressure and they express that sometimes in the political system. But my focus as the Treasurer, our focus as the government, is on a different set of numbers in the economy: inflation, unemployment, wages, all of the things that you and I have been talking about today.

    Belling:

    Ok, Treasurer, there is speculation that you have been privately telling MPs not to speculate on what the Reserve Bank may do. Is that true?

    Chalmers:

    I say the same thing to my colleagues behind closed doors that I say publicly, and that is not to take any outcome from the Reserve Bank for granted, and I mean that. I have so much respect for the Reserve Bank, its governor and its board, that I don’t engage in a running commentary on what they might decide. I don’t predict or pre‑empt those discussions that are underway right now, I say that to my colleagues as well. They will announce their decision in due course. Our job as the Cabinet in the Albanese Labor government is to alleviate the cost‑of‑living pressures wherever we responsibly can, to work around the clock as we have been, on getting inflation down at the same time as we get wages up and keep unemployment low. And we have made some really good progress there, but we don’t pretend that there isn’t more work to do.

    Belling:

    Treasurer, a Budget is scheduled for March, but can you commit to that at this stage? Surely you’ll then have some more sweeteners and then go into a May election. So, can you say that Budget is locked and loaded for March?

    Chalmers:

    That’s what we’re working towards. The final decision on the timing of the election will be up to the Prime Minister, as is always the case. But Katy Gallagher and I are working very hard with the Expenditure Review Committee to put together that Budget for March. And what people can expect in our fourth Budget is what they saw in the first 3. We will continue to take the right economic decisions for the right reasons. We’ll continue to prioritise getting on top of inflation without ignoring the risks to growth in our economy. It’s been that combination, that balance that we’ve struck in the first 3 Budgets that has helped us get inflation down and wages up and keep unemployment low. And that’s the approach that we’ll continue to take in the fourth Budget.

    Belling:

    Treasurer, if Labor does lose the federal election, will you be the next Labor leader?

    Chalmers:

    I’m not even thinking about that – 100 per cent of my time is spent putting together the Budget, putting together our economic policies with our colleagues, working around the clock not just to see the return of the Albanese Labor government, but also to make sure that we can continue to make progress in the economy. The alternative to that, the big risk posed to progress in the economy, would be a change of government. We know that Australians would already be thousands of dollars worse off if Peter Dutton had his way, worse off still if he wins the election. And so my job is to work as hard as I can as Anthony Albanese’s Treasurer in this Labor government to keep making the right economic decisions to win the next election so we can continue to deliver for the Australian people, particularly when it comes to the cost of living.

    Belling:

    Jim Chalmers, thank you for joining us this afternoon.

    MIL OSI News

  • MIL-OSI Asia-Pac: Text of the Vice-President’s address to the Faculty and Staff of National Judicial Academy, Bhopal (Excerpts)

    Source: Government of India

    Posted On: 15 FEB 2025 2:41PM by PIB Delhi

    Distinguished audience, this is my maiden visit to this prestigious university. While I hold the office of the Vice-President of the country, and by that virtue I happen to be ex-officio chairman of the Council of States, commonly referred to as the Rajya Sabha. 

    My recent public life started in 2019, when the honourable President on 20th of July signed a warrant appointing me Governor, State of West Bengal. It was an act of providence, because that happened to be the birthday of my wife. Another providential convergence, it was 50th anniversary of Neil Armstrong’s landing on the moon but for me, it was painful, because for three decades as a Senior Advocate, and for four decades as an advocate, I was with the jealous mistress, the legal profession. 

    The jealous mistress left me, and my wife got liberated so my active connection with the institution was virtual, not physical. But I can assure anyone who is listening to me, I jealously pondered the jealous mistress. And I thoroughly relished being an advocate for about ten and a half years, and thereafter senior advocate for three decades. 

    Given this background, I will not fail in availing an opportunity on this platform to reflect on issues that are dominating discourse at the present, and the largest democracy on the planet, the oldest, the most vibrant, and home to one-sixth of humanity. I would reflect on constitutional institutions that define democracy, that is, legislature, judiciary, executive but before that, let me advert, democracy has been evolved and defined by two words, One, expression. You must have right to express. If that right is compromised, throttled, or diluted, democracy gets thinner and thinner and thinner. 

    It is your right of expression that makes you the most important factor in the democracy, the stakeholder. One facet of expression is right to vote. But more important is to express your views, your point of view. You participate in governance, administration, by having a voice of expression. This expression is not standalone, this expression requires dialogue. Expression without dialogue means my way or no way. 

    Dialogue is nothing but reflection, either approval of your expression or the other point of view. My own experience says that in life, the other point of view is not only important but more often than not the correct point of view. But lending consideration to the other point of view is quintessential for humanity’s development, because consideration does not mean you concede a point. Consideration means you respect all points of view, and you can find a way out. 

    If the two points cannot be reconciled, herein comes the human spirit of cooperation, convergence, coordination. A difference of opinion should not result in confrontation. A difference of opinion must ignite an urge to converge to find a common ground. Sometimes yielding is a better part of discretion. 

    In this backdrop, let me focus on the state of the nation. I say so because I had the occasion to see the state of the nation in 1989 when I was elected to the Parliament for the first time. Also when I became a Union Minister then and I had the occasion to see the state of the nation now, also last decade or so. 

    In last few years, as a consequence of affirmative governance, innovative policies, the nation is filled with an environment of hope and possibility that can be seen all around. It is all prevailing. We have witnessed economic upsurge that is being accoladed by global institutions like the International Monetary Fund or the World Bank. 

    Economic growth of this country amongst large economies is outstanding because we are at the peak. This economic growth has fuelled a phenomenal infrastructure growth which everyone has come across. Unimaginable, beyond dreams, people-centric policies have led to ground realisation of facilities that are very wholesome to the people at large. Every house with electric connection, with toilet, with cooking gas availability, with banking inclusion. Ongoing schemes like pipe water, roof top solar schemes. There has been handholding of those who are in the last row by way of making available resources to them including affordable housing or Pradhan Mantri Awas Yojana. 

    What has impressed our young people, and the public at large is deep digital penetration. The technological accessibility and adaptation have been massive, stunning the world. This has enhanced both easy service delivery and ease of governance, ease of business. Once there was a system when because of lack of transparency, lack of accountability, power corridors were infested with agents known as liaison. They corrupted the system; technology has neutralised that. 

    Therefore, to cut it short, no country in the world has grown so fast as Bharat in last few years. Now, this development that the people have tasted has converted our Bharat at the moment as the most aspirational Nation in the world and imagine, a one-sixth of humanity is in high aspirational gear. There are chances of people getting restive or getting in restlessness but if unleashed, this nuclear energy can take us to great heights and that is a challenge before institutions that define our democracy. This calls for optimal performance by pillars of democracy, the legislature, the judiciary and the executive. 

    Friends, time constraint permits me only suggestive focus and for the kind of intelligence that is there in the audience, a suggestion or even a subtle suggestion will make my point. 

    India’s democratic framework did not start in 1947. We have several millennia of rich jurisprudence and that demands careful preservation of institutional autonomy and mutual respect amongst its pillars. Jurisdictional respect and deference require that these institutions operate within defined constitutional bounds while maintaining cooperative dialogue, keeping national interest ever in mind. The principle of separation of powers, necessitates clear demarcation of responsibilities to prevent institutional overreach. 

    Legislatures to begin with because I am directly connected with this in my position as Chairman of the Council of States. Our Parliament, once a theatre of profound dialogue and debate, has yielded to disruption and disturbance. You all are aware. 

    The deliberative dignity envisioned by our Constitution makers stands compromised today with partisan interpretations even on matters of National Security prevailing. How can we ever sacrifice Nation-First principle! How can we relegate national interest to any other interest! 

    Friends, Parliament’s transformation from deliberative dignity to disruptive discord virtually threatens democratic essence. Let me remind you of the Constituent Assembly that, painstakingly, over 18 sessions, spread over little less than three years, dealt with issues that were highly contentious. They were divisive, but there were no disruptions. Tough issues and tough terrain were negotiated with the spirit to find solutions through dialogue, debate, consensus, give and take. 

    Through dialogue of the highest order, these institutions now must achieve, in contemporary times, synergy in serving greater national causes. While doing so, they can maintain their distinct identities. It is concerning because I see day in and day out. 

    Friends, I was inviting your attention that the high standards set by the Constituent Assembly are today compromised. How can we allow in temples of democracy disturbance and disruption? That means the public representatives are not mindful of their constitutional ordinance. How can national interest be overtaken by partisan concerns? How can confrontational stance, and often of irretrievable nature, show exit door to consensus? I urge all through this platform to be cognisant of alarmingly potential and dangers inherent in such kind of derailments undermining the sanctity of parliamentary institutions. To sacrifice such institutions is to taint and tarnish democracy and this indicates lack of commitment to national development. Time for us to be in togetherness, in tandem, to get a reprieve from this malady. I said, I am in a diagnostic clinic of the highest order. 

    Coming to Judiciary, being a member of the bar, I have association. I am therefore a foot soldier. Lawyers are extension of the Bench. They work in togetherness with mutual respect and admiration. Judgements are as good as the assistance of the Bench. It is one of the factors. 

    Like legislature, the judicial architecture also faces critical structural changes. When I became a parliamentary affairs minister in 1990, I went to that room from where the Supreme Court operated. For many years it operated from the Parliament building. There were eight judges, they were not sitting on odd days because there was no work. More often than not, all the eight judges sat together. Gradually we know the situation that is now, and rightly reflected by Justice Bose, but I invite to steer your minds on one aspect. When the strength of the Supreme Court was eight judges, under Article 145(3) there was a stipulation that interpretation of the Constitution will be by a bench of five judges or more. 

    Please note, when the strength was eight, it was five and Constitution allows the highest court of the land to interpret the Constitution. You interpret what is interpretable. In the guise of interpretation, there can be no arrogation of authority. That being the situation, without reflecting more, for fear of being understood or misunderstood, understood in one pretext or misunderstood in another pretext, we need to urgently focus to ensure that the essence and sprit which the founding fathers had in mind under Article 145(3) about interpretation of the Constitution must be respected. If I analyse arithmetically, they were very sure interpretation will be by a majority of judges because the strength then was eight. That five stands as it is and the number is more than fourfold. 

    I seek to recall observations made in speech imparted by a former Chief Justice of India, Shri Gogoi, as nominated Member of Rajya Sabha, nominated by the Honourable President of India in the distinguished category of 12. The former Chief Justice of India as sitting member of Rajya Sabha in the nominated category which is elevated, reflected, I seek to quote him, “The law may not be to be my liking but that does not make it arbitrary. Does it violate the basic feature of the Constitution? I have to say something about the basic structure. There is a book by former Solicitor-General of India Andhyarujina on the Kesavananda Bharati case. Having read the book, my view is that the doctrine of the basic structure of the Constitution has a debatable, very debatable jurisprudential basis. I would not say anything more than this.” 

    The basic structure doctrine debate reflects our institutional tendency to question foundations while ignoring structural cracks. 

    Slightly digressing, we are a country where iconic status is accorded to parameters that are baffling. We don’t scrutinise or probe and that reputation becomes a serious cause of concern because we label someone a jurist without proper analysis. Time for us to give it up. And as much as I have reflected on occasions, we can’t allow others to calibrate us. 

    Another facet, and I try to make it as noticeable as possible, the Judiciary’s public presence must be primarily through judgments. Judgments speak for themselves. Judgments carry weightage and under the Constitution, if the judgement emanates from the highest court of the land, it has binding presidential value. Any other mode of expression other than through judgments avoidably undermines institutional dignity. Again, with the total command that I have, I exercise restraint to assert I seek revisitation of the present state of affairs, so that we get back to the groove, a groove that can give sublimity to our judiciary. 

    When we look around the globe, we never find judges reflecting the way we see here on all issues. I must indicate there is a soothing development. Of late, the storm is withering, calm is prevailing. I hope it continues because we really had a very stormy session echoed in the country, outside the country, on issues, and on occasion so personalised through public domain reflections that sanctity of the highest court was compromised when a judgement of the Supreme Court was called, that it is final because it is the last one. Someday, my view will prevail. 

    Sir, I have known you from a distance. In the High Court at Jharkhand, even if I did not have a case in your court, I used to sit in the last row. There is an aura of the court. Judgments are read, and they will be read by generations that come. When institutions compete instead of complement, democracy pays the price. For Constitutional democracy to survive, institutions must learn to differ without disrupting. And dissent without destroying. Democracy thrives not on institutional isolation, but in coordinated autonomy. Indisputably, institutions contribute productively and optimally while working in their respective domains. Out of difference, I will not advert to instances, except observe that executive governance by judiciary is being frequently noticed and discussed nearly in all quarters. 

    We are a sovereign nation, our sovereignty resides in the people. The constitution given by the people makes this sovereignty inviolable. Executive governance reflecting the will of the people is constitutionally sanctified. Accountability is enforceable when executive roles are performed by elected government. Governments are accountable to legislature and periodically accountable to the electorate but if executive governance is arrogated or outsourced, enforceability of accountability will not be there. 

    Exclusively, governance lies with the government. Sir, with utmost respect, from any other source in the country or outside, from legislature or judiciary, it is antithetical to Constitutionalism and certainly not in consonance with fundamental premise of democracy. Sir, executive governance by judicial decree is a Constitutional paradox that largest democracy on the planet cannot afford any longer. When institutions forget their bounds, democracy is remembered by the wounds this forgetfulness imparts. The constitution envisions harmony, synergetic approach, to be in sync, surely, a concert of chaos was never in the contemplation of the founding fathers of the Constitution. Constitutional consultation without institutional coordination is mere Constitutional tokenism. 

    Sir, let me give one illustration, when two words were interpreted for the first time, consultation and concurrence, and it was indicated that consultation will be concurrence by a judicial directive. Those who engaged in this interpretation conveniently did not avert to article 370 where both the words are used. Article 370 of the Constitution, which is no longer therefortunately, because it was the only temporary article of the Constitution, uses both, consultation and concurrence. How can the two words forget the lexical premise of it used in the constitution? I have distinguished people on the academic side be so taken. I have often said, when it comes to gender discrimination, if it is obvious, is tolerable but when gender discrimination is subtle, it is very painful. That has to be remedied. Similarly, the line between judicial activism and overreach is thin, but the impact on democracy is thick. 

    Sir, you are aware of a case decided, if I’m not mistaken, by Justice Vivian Bose. The line between may be true and must be true is very thin. It has to be negotiated by unimpeachable evidence of great veracity. Similarly, the situation when we come to revenue matters, tax planning, tax evasion, tax avoidance. The line is very thin. Justice Desai, while sitting with Justice Krishna Iyer, had said so and it says, if you are a good chartered accountant, plan. If you are a powerful man, it is avoidance. If you are vulnerable, then you know, wrath of love. 

    Similarly, I say, the line is thin, but this thin line is between democracy and despotism. To stir your minds, how can in a country like ours, or in any democracy, by statutory prescription, Chief Justice of India participates in the selection of the CBI director. Can there be any legal rationale for it? I can appreciate that a statutory prescription took shape because executive of the day yielded to a judicial verdict. But time has come to revisit. This surely does not merge with democracy. How can we involve Chief Justice of India with any executive appointment? 

    I have no doubt the nation is on its way to emerging as a developed nation.

    For the first time, Bharat is not a nation with a potential. Potential is getting harnessed and exploited day in and day out. Viksit Bharat is not our dream. It is a definitive object we are bound to achieve but this requires earnest, coordinated functioning of the three vital institutions. I therefore, strongly suggest evolution of a structured dialogue mechanism must be there for inter-institutional coordination. Thereby, national interest will be served. Constitutional consultationsmust have a protocol for the same. 

    Sir, the blurring line again between judicial review as you are aware was evolved in the American Supreme Court long back. It’s very blurred, Judicial review and judicial overreach. Let me invite attention of all of you. In the Supreme Court of America, before 1869 had judges varying in number, six, eight, but strength was in single digit. In 1869, they decided eight judges. Today, there are eight judges, all the eight judges sit together with quorum being six. They have no pendency. 

    It is this place where you can examine that the jurisdiction of the American Supreme Court is nearly the same as our jurisdiction. Is there a matter in judicial domain which lies exclusively with the magistrate or a district judge or the High Court not being dealt by the Supreme Court? The structure of the Constitution is very categorical. Judicial governance is left to the High Courts in their areas. There’s a constitutional prescription, all subordinate courts and tribunals in the jurisdictional area of the High Court are subject to the control of the High Court but there is no similar control of the Supreme Court of either the High Courts or subordinate judiciary. 

    When I analyse the disposals, Sir, to play and fudge it with figures, it’s very dangerous because we are monetising ignorance of the people. If informed minds get into the habit of exploiting the ignorance of others, nothing can be more dangerous than this. I have examined the recent two volumes sent by the Supreme Court registry. The disposal has to be two-faceted. 

    Dismissal at the threshold of Article 136 that is largely their disposal. The disposal after leave is granted or otherwise the statutory appeals are there is the only real disposal. And how can there be disposal when in a country unknown to the other dispensations in the world we have a PIL court, we have Suo moto cognizance. Day in and day out we are appointing committees, SITs, groups. I wouldn’t say more, except executive decision-making. The autonomy is not autonomy. The autonomy comes with a great sense of accountability and that accountability is enforceable rigorously and on occasions in a stringent way by several agencies that virtually are at the neck of the bureaucrats or politicians deciding it. Let us preserve it. 

    Parliamentary supremacy in law-making I concede is subject to judicial review. It’s a good thing, the judicial review has to be on the anvil that the legislation is in conformity with the Constitution but when it comes to making an amendment in the Indian Constitution, the ultimate repository, the ultimate power, the ultimate authority and the last authority is only the Indian Parliament. There can be no intervention from any quarter whatsoever on any pretext whatsoever because will of the people is reflected in a representative manner on the most sanctified platform through elections. 

    The world and the nation face existential challenges today. Our institutions cannot afford to be standalone. Our institutions cannot believe as being a repository of an authority dictating others how to conduct their affairs. Neither the legislature can do it nor any other institution, climate change means a global existential challenge. Within our country we have challenges of illegal migrants, demographic dislocations. These are not small issues, conversion through allurements. These issues must engage our attention. We have to find solutions to the problems and neutralise these menacing forces that have sinister design and are activating perniciously anti-national narratives. 

    I conclude that time has come for each one of us individually and for each institution collectively to introspect, reform and return to the Constitutional groove as envisioned by our founding fathers, ensuring democracy’s sustainable growth through proper jurisdictional deference and coordination. 

    I am grateful for the patient hearings, and I am sure this institution will emerge as a think tank to discuss issues because there is no other platform to sum up. I have reflected only on tip of the iceberg. 

    Thank you so much.

    ***

    JK

    (Release ID: 2103499) Visitor Counter : 42

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Animal Husbandry & Dairying Department and World Organisation for Animal Health Set Roadmap for Public Private Partnerships in the Livestock Sector

    Source: Government of India (2)

    Animal Husbandry & Dairying Department and World Organisation for Animal Health Set Roadmap for Public Private Partnerships in the Livestock Sector

    Workshop Focuses on District Level Veterinary Laboratories, FMD Free Zones, Robust Vaccine Value Chain; To Boost Animal Health in India

    Need to Develop a Structured PPP Policy within One Year to Strengthen Veterinary Services in India: Secretary DAHD

    Posted On: 15 FEB 2025 1:14PM by PIB Delhi

    The Department of Animal Husbandry & Dairying (DAHD), under the Ministry of Fisheries, Animal Husbandry and Dairying in collaboration with the World Organisation for Animal Health (WOAH), successfully organized the WOAH PVS-PPP (Performance of Veterinary Services-Public Private Partnership) Targeted Support Workshop from 11th to 13th February 2025 in New Delhi. The workshop aimed to strengthen the veterinary services through public-private partnerships (PPP) in areas such as vaccine platforms, veterinary workforce development, institutional infrastructure, and the creation of Foot-and-Mouth Disease (FMD)-Free Zones.

    The discussions centered on bridging the critical gaps in veterinary services in India through structured PPP engagement, with emphasis on:

    • Expanding veterinary infrastructure, including the establishment of NABL-accredited veterinary laboratories at the district level.
    • Strengthening disease control programs through enhanced surveillance and FMD-Free Zone development.
    • Building veterinary workforce capacity through structured training and knowledge-sharing platforms.
    • Strengthening self-reliance in veterinary vaccine production by developing a robust vaccine value chain.
    • Defining a comprehensive PPP policy framework to integrate private sector expertise in veterinary research, diagnostics, and extension services.

    Ms. Alka Upadhyaya, Secretary, DAHD, highlighted the critical role of veterinary services in supporting the livestock sector, which contributes over 30% to India’s Agricultural Gross Value Added (GVA). She underscored the need for establishing veterinary laboratories with NABL accreditation and emphasized that private sector collaboration is essential for disease surveillance, workforce capacity, and vaccine production. “This workshop has created a platform for structured PPP engagement in veterinary services. The discussions will contribute to a roadmap that enhances national disease control programs, expands veterinary infrastructure, and ensures a sustainable ecosystem for animal health security,” she said. Ms. Upadhyaya further emphasized the need for developing a structured PPP policy within a year to ensure long-term investment and private sector participation in veterinary services.

    Dr. Hirofumi Kugita, World Organization for Animal Health, Regional Representative for Asia and the Pacific, acknowledged India’s leadership in veterinary services and its potential to contribute to global best practices through knowledge-sharing and laboratory collaborations.

    Dr. Abhijit Mitra, Animal Husbandry Commissioner and the chief veterinary officer of the country, noted that scaling up veterinary services requires a structured institutional framework where the public and private sectors work together. He said, “This workshop has set the groundwork for defining such a framework, and the next steps will focus on execution and capacity building”.

    The workshop brought together over 100 participants from State Animal Husbandry Departments, Veterinary Councils, Disease Diagnostic Laboratories, ICAR research institutes, Agent for Health and Extension of Livestock Production (A-HELP), the Agriculture Skill Council of India, the Central Drugs Standard Control Organization, private sector stakeholders, Indian Federation of Animal Health Companies (INFAH), vaccine manufacturers, Food and Agriculture Organization and the World Bank. Seven WOAH experts facilitated discussions, defining PPP strategies for resource mobilization, risk management, and stakeholder integration during the workshop. The workshop concluded with the presentation of a PPP Roadmap for the Veterinary Sector, outlining actionable strategies to enhance veterinary services, disease surveillance, and livestock productivity. The outcomes will contribute to policy development, investment mobilization, and structured PPP implementation, ensuring long-term benefits for India’s animal husbandry sector.

    ****

    Aditi Agrawal

    (Release ID: 2103484) Visitor Counter : 31

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: English rendering of PM’s address at ET Now Global Business Summit

    Source: Government of India (2)

    Posted On: 15 FEB 2025 11:33PM by PIB Delhi

    Shri Vineet Jain ji, industry leaders, CEOs, all other esteemed dignitaries, ladies and gentlemen! Greetings to all of you…

    Last time when I attended the ET Summit, elections were just around the corner. At that time, I had humbly said that Bharat would work at a new speed in our third term. I am satisfied that this speed is now visible, and the country is also supporting it.  After the formation of the new government, the BJP-NDA has been continuously receiving the blessings of the people in various states across the country! In June, the people of Odisha accelerated the resolution of a ‘Viksit Bharat’ (Developed India), then the people of Haryana extended their support, and now the people of Delhi have given us overwhelming support.  This is an acknowledgment of how the people of the country are standing shoulder to shoulder in pursuit of the goal of a ‘Viksit Bharat’.

    Friends,

    As you mentioned, I just returned last night from my visit to the U.S. and France. Today, whether it’s the world’s major countries or global forums, the level of trust they have in Bharat is unprecedented. This was also reflected in the discussions during the AI Action Summit in Paris. Today, Bharat is at the centre of global discussions about the future, and in some areas, it is even leading.  Sometimes, I wonder—if in 2014, the people of this country had not blessed us, just think—if a new wave of reforms had not begun in Bharat, would we have seen this transformation? I don’t think so, not at all. And I am sure you would not be convinced otherwise either. Would so many changes have taken place? Those of you who understand Hindi must have immediately grasped my point.  The country was functioning before as well. But back then, Bharat witnessed two things—the Congress speed of development and the Congress speed of corruption. If that had continued, what would have happened? A crucial time period for the country would have been wasted.  In 2014, the Congress government had set a target—that by 2044, they would make Bharat the third-largest economy. That means they were thinking in terms of a 30-year timeline. That was the Congress speed of development. And now, you have also seen the speed of development of a ‘Viksit Bharat’. In just one decade, Bharat has made it to the top five economies of the world.  And friends, I say this with full responsibility—you will see Bharat becoming the world’s third-largest economy in the next few years. Just do the math—2044 vs. today’s speed.  A young nation like ours needs this very speed, and today, Bharat is moving forward with exactly that momentum!

    Friends,

    Previous governments avoided reforms, and we must not forget this. The ET folks may forget, but I remind them. The reforms that were eventually implemented in the past were not out of conviction but out of compulsion. Today, the reforms happening in Bharat are being carried out with conviction. The earlier mindset was—why put in so much effort? Why bother with reforms? We’ve been elected, let’s just enjoy, complete five years, and think about elections when they come. There was hardly any discussion about how major reforms could transform the country.  You all belong to the business world. You don’t just deal with numbers—you review your strategies, discard old methods, even if they were profitable once. No industry moves forward by carrying the burden of outdated practices—it lets them go.  Unfortunately, governments developed a habit of living under the burden of colonial rule in Bharat. Therefore, British-era policies and systems were carried forward mindlessly even after independence. We often hear a phrase—Justice delayed is justice denied. It’s spoken like a sacred mantra. We’ve been hearing this for years, but did anyone work seriously to fix it? No.  Over time, we became so accustomed to these inefficiencies that we stopped noticing the need for change. And then, there’s an ecosystem—some of them may be present here too—that actively prevents discussions on positive developments. Their entire energy is spent on blocking progress. But in a democracy, it’s equally important to discuss and reflect on good things as it is to critique the negatives. Yet, a mindset has been created where spreading negativity is considered democratic, and if positive developments are highlighted, democracy is labelled as weak.  It’s critical to break free from this mentality.  Let me give you some examples… 

    Friends,

    Until recently, the penal codes in Bharat were from 1860. Yes, 1860! The country became independent, but we never thought of changing them because we had developed a habit of living with a colonial mindset. What was the purpose of these 1860 laws? Their aim was to strengthen British rule in Bharat and punish Indian citizens. When a system is built with punishment at its core, how can justice be delivered? That’s why, justice used to take years under this system.  We made a massive change. It wasn’t easy—it took tremendous effort, millions of human hours—but we finally brought in the Bharatiya Nyaya Sanhita (BNS). The Indian Parliament approved it, and now, even though it has been only 7–8 months since its implementation, the changes are already visible. You may not see it in newspapers, but if you go among the people, you’ll notice it. Let me share some real examples of how justice delivery has transformed since Nyaya Sanhita has been introduced.  It took just 14 days to solve a triple murder case —from FIR to final judgment! The accused was sentenced to life imprisonment.  In one such case, a minor’s murder case was resolved within 20 days.  In regard to a gang rape case in Gujarat —FIR was filed on October 9, the charge sheet was submitted by October 26, and today, February 15, the court has convicted the accused. In Andhra Pradesh, the court sentenced the accused to 25 years of imprisonment in a crime against a 5-month-old child. Digital evidence played a crucial role in this case. In another case of rape and murder, the suspect was tracked through the e-prison module. Similarly, a rape and murder case was registered in another state, which revealed that the accused had already been jailed for another crime in a different state. His arrest happened without delay. There are countless such cases where justice is being delivered swiftly. 

    Friends,

    A major reform has also been undertaken in property rights. A UN study has identified the lack of property rights as a major challenge for people in many countries. Across the world, millions of people do not have legal documents for their property. But having clear property rights helps in reducing poverty. Earlier governments didn’t even realize this, and even if they did, who would take on the headache? Who would put in the effort? After all, this kind of work doesn’t make it to ET headlines, so why bother? But this is not how nations are run or built! That’s why we launched the Svamitva Yojana. Drone surveys have been conducted in over 3 lakh villages under the Svamitva Yojana. More than 2.25 crore people have received property cards. And today, I’m giving ET a headline: I know writing about Svamitva might not be easy for ET, but with time, even habits change!

    Due to the Svamitva Yojana, property worth 100 lakh crore rupees has been unlocked in rural areas of the country. This means that these properties worth 100 lakh crore rupees already existed in villages, belonging to the poor, but it could not be utilized for economic development. Since people in villages did not have property rights, they could not avail loans from banks. However, this issue has now been permanently resolved. Today, reports from across the country highlight how property cards under the Svamitva Yojana are benefiting people. A few days ago, I spoke to a sister from Rajasthan who had received a property card under this scheme. Her family had been living in a small house for 20 years. As soon as they got the property card, they were able to secure a loan of 8 lakh rupees from the bank. With this money, she started a shop, and the income from it is now helping her family support their children’s higher education. This is how change happens! In another state, a person in a village used his property card to get a loan of 4.5 lakh rupees from the bank. With that money, he purchased a vehicle and started a transportation business. In yet another village, a farmer took a loan against his property card and set up modern irrigation facilities in his fields. There are many such examples where new earning opportunities are emerging for villagers and the poor. These are the real stories of reform, perform, and transform—stories that don’t make it to newspaper headlines or TV channels.

    Friends,

    After independence, there were many districts in our country where governments failed to bring development. This was a failure of governance—not a lack of budget. Funds were allocated, announcements were made, and even stock market reports were published about rising and falling indices. But what should have been done was a focused effort on these districts. Instead, these districts were labelled as backward districts and left to fend for themselves. No one was willing to work on them. Even government officials posted there considered it a punishment posting.

    Friends,

    Amidst this negativity, I took this challenge head-on and completely changed the approach. We identified more than 100 districts across the country, which were once called backward districts, but I called them Aspirational Districts—not backward. We started assigning young officers to these districts and worked on improving governance at the micro level. We focused on the indicators where these districts lagged the most. Then, we implemented the government’s flagship schemes in these areas in mission mode through special camps. Today, many of these aspirational districts have transformed into inspirational districts.

    I want to talk about some of the Aspirational Districts in Assam—those that previous governments labelled as backward—and I want to highlight their transformation. Take Barpeta district in Assam, for example. Back then in 2018, only 26% of elementary schools had the correct student-to-teacher ratio. Only 26%. Today, that number has reached 100% in that district, ensuring that every school meets the required teacher-student balance. Similarly, in Begusarai, Bihar, only 21% of pregnant women were receiving supplementary nutrition, despite the availability of budget and resources. But despite that only 21% women were receiving supplementary nutrition. In Chandauli, Uttar Pradesh, the figure was even lower at 14%. But today, this number has reached 100% in both districts. We’ve also made remarkable progress in child vaccination campaigns. In Shravasti, Uttar Pradesh, vaccination coverage has increased from 49% to 86%. In Ramanathapuram, Tamil Nadu, it has improved from 67% to 93%. Seeing these successes, we realized that this grassroots transformation model was highly effective. So, after successfully identifying and working on 100 Aspirational Districts, we have now taken this mission to the next level. We have identified 500 Aspirational Blocks, where we are now focusing on rapid development. Just imagine—when these 500 blocks experience fundamental improvements, the entire nation’s development indicators will transform!

    Friends,

    Here, we have a large number of industry leaders present. You have seen multiple decades and have been in business for a long time. The kind of business environment Bharat should have was often part of your wish list. Now, think—where were we 10 years ago, and where are we today? A decade ago, Bharat’s banking system was in crisis. It was fragile, and millions of Indians were outside the formal banking network. As Vineet ji just mentioned about Jan-Dhan accounts, Bharat was one of the few countries where accessing credit was very difficult.

    Friends,

    We worked on multiple levels simultaneously to strengthen the banking sector. Our strategy has been: Banking the unbanked, Securing the unsecured and Funding the unfunded. Ten years ago, the argument was that financial inclusion was impossible because there weren’t enough bank branches. But today, nearly every village in Bharat has a bank branch or banking correspondent within 5 km. One example of how credit access has improved is the MUDRA Yojana, which has provided 32 lakh crore rupees to those who would have never qualified for loans under the old banking system. This is a huge change. MSME loans have become much easier to access. Today, even street vendors are getting collateral-free loans, and loans for farmers have more than doubled. We are not only disbursing more loans with bigger amounts but also ensuring that our banks remain profitable. A decade ago, even Economic Times was publishing headlines about banking scams and record NPAs (Non-Performing Assets). Editorials were filled with concerns about the fragility of our banking system. And today what is being published? Between April and December, public sector banks have recorded over 1.25 lakh crore rupees in profits! Friends, this is not just a change in headlines. This is a change in the system, driven by our banking reforms. It proves that the pillars of our economy are growing stronger than ever.

    Friends,

    In the past decade, we have transformed the fear of business into the ease of doing business. With GST, Bharat now has a Single Large Market, which has significantly benefited industries. Our unprecedented infrastructure development has reduced logistics costs and increased efficiency. We have eliminated hundreds of unnecessary compliances and are now further reducing them through Jan Vishwas 2.0. I firmly believe that government intervention should be minimized. To achieve this, we are also setting up a Deregulation Commission to streamline regulations even further.

    Friends,

    Today, Bharat is witnessing another major transformation—one that is preparing us for the future. When the First Industrial Revolution began, Bharat was sinking deeper into colonial rule.
    During the Second Industrial Revolution, while the world was witnessing new inventions and factories, Bharat’s local industries were being destroyed. Raw materials were being exported out of Bharat, leaving us behind. Even after independence, the situation didn’t change much. When the world was moving toward the computer revolution, Indians had to get a licence just to buy a computer! Bharat missed out on the benefits of the first three industrial revolutions, but in the Fourth Industrial Revolution, we are ready to move forward alongside the world!

    Friends,

    In its journey toward becoming a ‘Viksit Bharat’, our government considers the private sector a key partner. The government has opened several new sectors for private participation, including the space sector. Today, many young entrepreneurs and start-ups are making significant contributions in this space sector. Similarly, the drone sector, which was once closed to the public, now offers huge opportunities for youth. We have also opened up commercial coal mining for private firms, making auctions more liberalised. The private sector has played a major role in the country’s renewable energy achievements, and now, we are also expanding private participation in the power distribution sector to enhance efficiency. One of the biggest reforms in this year’s budget is something that no one dared to do before—we have opened the nuclear sector for private participation as well!

    Friends,

    Today, our politics has also become performance-oriented. The people of Bharat have made it clear—only those who stay connected to the ground and deliver real results will survive. A government must be sensitive to people’s problems—that is the first requirement of good governance. Unfortunately, those who handled policy-making before us often lacked both sensitivity and willpower to bring real change. Our government, however, has listened to people’s problems with empathy and taken bold, decisive steps to solve them with passion and commitment. Various global studies confirm that because of the basic facilities provided to citizens and their empowerment in the last decade, 25 crore Indians have moved out of poverty. This massive shift has created a new neo-middle class, which is now aspiring to buy their first two-wheeler, first car, and first home. To support the middle class, we made a significant change in this year’s budget—we increased the zero-tax limit from 7 lakh rupees to 12 lakh rupees. This decision will strengthen the middle class and further boost economic activity across the country. This is possible only with a government that is both proactive and sensitive to the needs of the people!

    Friends,

    A ‘Viksit Bharat’ is built on a foundation of trust—trust among citizens, the government, and business leaders. This element of trust is essential for progress. Our government is working tirelessly to strengthen this trust among the people. We are creating an environment of confidence for innovators, where they can incubate their ideas freely. We are ensuring that businesses can rely on stable and supportive policies for sustainable growth. I hope that this ET Summit will further reinforce this trust. With these words, I conclude my remarks. Best wishes to all of you. Thank you very much!

     

    DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered

    MIL OSI Asia Pacific News