Category: Banking

  • MIL-OSI: Coop Pank AS results for January 2025

    Source: GlobeNewswire (MIL-OSI)

    Coop Pank’s financial results in January 2025:

    • In January, number of the bank’s clients increased by 1,900 and number of active clients decreased by 700. By the end of the month number of clients reached 209,500 and number of active clients reached 98,800. Over the year, customer base has grown by 13%.
    • Volume of the bank’s customer deposits increased by 40 million euros, reaching 1.93 billion euros by the end of month. Deposits of corporate customers increased by 24 million and deposits of private customers increased by 3 million euros. The volume of deposits attracted from international platforms increased by 13 million euros. Over the year, volume of bank deposits increased by 11%.
    • The bank’s loan portfolio increased by 9 million euros over the month and reached 1.78 billion euros by the end of January. Home loans portfolio increased by 8 million euros, corporate loans increased by 2 million euros, leasing increased by 0.1 million euros and consumer financing decreased 0.3 million euros. Over the year, loan portfolio increased by 18%.
    • In January, the loan impairment cost was 0.1 million euros.
    • Compared to the first month of last year, the bank’s net income has decreased by 5% and expenses has increased by 4% during the same period this year.
    • The bank earned net profit of 2.7 million euros in January, that is 8% less than in the same period last year.
    • In January, Coop Pank’s return on equity was 15.2% and the cost-income ratio was 49%.
        

    Comment by Paavo Truu, Member of the Management Board and CFO of Coop Pank:

    “This year started strong for Coop Pank with a solid profit of 2.7 million euros. This was driven, among other factors, by the excellent business volume growth at the end of last year, which also contributed to increased revenues in January.

    We see that overall economic activity has picked up at the beginning of 2025, both in the private and business client segments. However, the car leasing market remains very quiet after last year’s turbulent end caused by the car tax. We believe this silence will continue, at least among private individuals, for the coming months and predict a revival in leasing market activity by the second half of the year at the latest.

    The overall market revival is supported by the ongoing downward trend in interest rates – the European Central Bank lowered its rates by 0.25 percentage points in January, and base rates are likely to continue declining. On one hand, this makes borrowing cheaper, but on the other, it also reduces the interest rates on term deposits in the local market.

    At the end of January, Coop Pank expanded its range of products for both private and business clients by introducing a convenient and environmentally friendly virtual card, which is currently offered by only a few universal banks in Estonia. Using a virtual card eliminates the need for a traditional plastic card, its activation is simple and fast, and the card is immediately ready for use. By adding the virtual card to a smart device’s Wallet, it can be used for payments anywhere that displays the contactless payment symbol or the Wallet logo.”

    More detailed quarterly reports of Coop Pank are available at: https://www.cooppank.ee/en/financial-reports

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 209,500. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.

    Additional information:
    Paavo Truu
    CFO
    Phone: +372 5160 231
    E-mail: paavo.truu@cooppank.ee

    Attachment

    The MIL Network

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

    Source: Reserve Bank of India

    Tenor 3-day
    Notified Amount (in ₹ crore) 1,50,000
    Total amount of bids received (in ₹ crore) 1,93,363
    Amount allotted (in ₹ crore) 1,50,016
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.27
    Partial Allotment Percentage of bids received at cut off rate (%) 46.98

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2157

    MIL OSI Economics

  • MIL-OSI Submissions: Australia – CBA Emergency Assistance for Tropical Cyclone Zelia affected areas in WA

    Source: Commonwealth Bank of Australia

    Commonwealth Bank is providing Emergency Assistance to Tropical Cyclone Zelia affected areas across the Pilbara region of Western Australia.

    Commonwealth Bank is providing Emergency Assistance to customers and businesses in areas affected by Tropical Cyclone Zelia in WA.

    Retail Banking Services Group Executive, Angus Sullivan, said: “We are thinking of everyone affected by Tropical Cyclone Zelia across the Pilbara region of Western Australia. We are making a range of measures available, tailored to the needs of our customers.”

    CBA understands each customer will have different needs and encourages those affected to discuss their individual circumstances by either contacting the bank in the CommBank app, phoning 1800 314 695 or visiting their nearest Commonwealth Bank branch, if safe to do so. Business customers can also call 1800 314 695 or speak with their dedicated CommBank relationship manager.

    Special arrangements are in place to provide support to Commonwealth Bank customers should they need it, and the CBA team is ready to assist them with any financial concerns or enquiries.

    For more information on the support we’re providing to impacted communities, visit: commbank.com.au/support/natural-disasters

    CBA Emergency Assistance includes a range of options, including:

    Customised payment arrangements for home loans, credit card, personal loan and some business loans.
    Waiving fees and charges.
    Temporary overdrafts, additional loans or emergency credit limit increases (subject to credit approval).
    Waiving fees and notice periods for early access to Term Deposits.
    Emergency accommodation may be available for customers who have taken out Home Insurance provided by Hollard, distributed by CommBank, subject to making a claim and policy terms and conditions.
    Helping direct claims enquiries for customers seeking support through their Home Insurance provided by Hollard, distributed by CommBank.
    Loan restructuring for business customers with existing loans.
    Waiving fees for temporary and damaged merchant EFTPOS terminals, as well as support with merchant terminal rental fees.

    To access this support please either contact us via the CommBank app, on 1800 314 695 or visit us in branch, if it is safe to do so. Further information about our Emergency Assistance is available online at: commbank.com.au/emergencyassistance

    For emergency help call the State Emergency Service on 132 500. Alternatively, visit WA State Emergency Services. In a life-threatening emergency call 000 (triple zero). (ref. https://wases.com.au/ )

    MIL OSI – Submitted News

  • MIL-OSI Economics: Result of Underwriting Auction conducted on February 14, 2025

    Source: Reserve Bank of India

    In the underwriting auction conducted on February 14, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    Nomenclature of the Security Notified Amount
    (₹ crore)
    Minimum Underwriting Commitment (MUC) Amount
    (₹ crore)
    Additional Competitive Underwriting Amount Accepted
    (₹ crore)
    Total Amount underwritten
    (₹ crore)
    ACU Commission Cut-off rate
    (paise per ₹100)
    6.64% GS 2027 7,000 3,507 3,493 7,000 0.07
    6.79% GS 2034 22,000 11,004 10,996 22,000 0.11
    7.09% GS 2074 10,000 5,019 4,981 10,000 0.18
    Auction for the sale of securities will be held on February 14, 2025.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2156

    MIL OSI Economics

  • MIL-OSI China: China’s economy poised for steady growth in 2025

    Source: China State Council Information Office 3

    China’s economy is expected to maintain stable growth in 2025, according to the Q4 2024 monetary policy report released by the People’s Bank of China on Thursday.

    Stimulus measures rolled out in late 2024 have already begun to revitalize production, demand, and market sentiment, which will further sustain the recovery momentum, according to the report.

    Domestic demand has shown great potential for improvement, with measures to boost consumption and investment delivering standout results. Notably, retail sales for home appliances jumped 11.8 percent year on year in 2024.

    China will adopt a more proactive fiscal policy and a moderately loose monetary policy, prioritizing the stabilization of prices at reasonable levels, the central bank said.

    Monetary authorities will deepen market-driven exchange rate reforms, strengthen foreign exchange market resilience, and enhance cross-border capital flow monitoring, in a bid to ensure the yuan remains stable at an equilibrium level.

    China will accelerate institutional reforms and high-standard financial market opening, with measures to advance the yuan’s global use in cross-border trade and investment, and deepen international currency cooperation, the central bank added.

    MIL OSI China News

  • MIL-OSI China: AI surge fuels optimism on A-share market

    Source: China State Council Information Office

    While the surge of Chinese domestic artificial intelligence companies has led to upbeat sentiment in the A-share market recently, the inflow of more long-term and patient capital and improving fundamentals will be the major drivers of the market’s bullish performance in a more sustained manner, said experts.

    Although the benchmark Shanghai Composite Index and Shenzhen Component Index declined 0.42 percent and 0.77 percent, respectively, on Thursday, trading remained vibrant, as the combined trading value at the Shanghai and Shenzhen bourses topped 1.8 trillion yuan ($250 billion), up 5.9 percent from a day earlier. This marked the 17th consecutive trading day that the trading value stood above the 1-trillion-yuan level.

    Zhang Jiqiang, head of the research institute of Huatai Securities, said that trading capital in the A-share market has increased significantly since Spring Festival. The activity level of financing transactions has reached a new high since mid-November. The net inflow of retail funds exceeded 40 billion yuan from Feb 5 to 7, the highest level since mid-November.

    The performance of property developers, which are market heavyweights, was worth noticing on Thursday when the A-share market fluctuated. The sector rallied for the second consecutive day by 0.79 percent. These companies have seen their prices rise 6.3 percent since trading resumed on Feb 5 after the Spring Festival holiday.

    This can be largely attributed to the progress that leading property developers have made in addressing their debt pressures.

    Shenzhen-based China Vanke announced on Monday that Shenzhen Metro, its largest shareholder, plans to provide a 2.8-billion-yuan loan, with which Vanke will repay debt in the open market.

    Country Garden, another major developer, said on Jan 9 that it has proposed a deal to restructure offshore debt worth $10.3 billion, providing its creditors with multiple options including converting debt into cash and extending the maturity. At the end of November, Sunac China Holdings proposed restructuring plans for 10 debts in the onshore market, of which eight have been supported until now.

    Gloomy expectations about US tariff policies and A-share companies’ business results suppressed market sentiment before the holiday, but since these have been released after the holiday, and catalyzed by the DeepSeek surge, market sentiment has been buoyed, said Zhang from Huatai Securities.

    Similarly, China’s hedge fund managers’ confidence index for A shares rose 2.2 percent on a monthly basis in February, with technology companies as their focus, according to private market tracker Simuwang.

    Qiu Xiang, chief strategist at CITIC Securities, said the revaluation of A-share AI companies has served as a major catalyst of sentiment in the first half of February. During this period, risk appetite picked up, with the bullish sentiment immediately priced in and trading activities being quite extreme.

    As such a mood gradually cools down, investors’ defensive demand will increase and less-volatile stocks will be more preferred, he said.

    Indeed, companies that previously benefited from the DeepSeek surge underwent some significant price adjustments on Thursday. Zhejiang Daily Digital Culture Group and MeiG Smart Technology, which both touched the daily price increase limit of 10 percent for six consecutive days since Spring Festival, saw their prices plunge 7.18 percent and 9.54 percent, respectively, on Thursday.

    The current success of DeepSeek is mainly represented by spiking user traffic. The success of AI companies in the medium term is defined by the proliferation of AI-related devices and the wider application of AI, said Chen Guo, chief strategist at China Securities.

    Companies’ improving profitability is also key to the sustained bullish performance of these listed AI companies, he said.

    Zhang, from Huatai Securities, said the medium- and long-term bull market in A-shares is inseparable from the recovered trading enthusiasm of foreign investors and the inflow of more long-term capital.

    The guideline to promote the inflow of more medium to long-term capital released by top regulators earlier this year is likely to usher in the inflow of more annuity, which has a higher risk appetite, as well as more insurance capital by lowering the latter’s investment risks, he said.

    The People’s Bank of China, the nation’s central bank, said on Thursday that it will continue to complete the design of various tools to facilitate the high-quality development of the Chinese capital market.

    As of the end of January, it has conducted two operations under the Securities, Funds and Insurance Companies Swap Facility, totaling 105 billion yuan. This has led to a significant increase in the scale of proprietary stock investment by securities companies.

    MIL OSI China News

  • MIL-OSI Economics: Money Market Operations as on February 13, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,60,389.95 6.32 5.15-6.58
         I. Call Money 17,096.91 6.34 5.15-6.50
         II. Triparty Repo 3,75,991.85 6.31 6.24-6.50
         III. Market Repo 1,65,791.99 6.35 6.00-6.58
         IV. Repo in Corporate Bond 1,509.20 6.47 6.45-6.50
    B. Term Segment      
         I. Notice Money** 301.80 6.36 5.90-6.40
         II. Term Money@@ 620.00 6.40-7.95
         III. Triparty Repo 187.00 6.38 6.25-6.40
         IV. Market Repo 782.66 6.60 6.50-6.65
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Thu, 13/02/2025 1 Fri, 14/02/2025 2,35,619.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Thu, 13/02/2025 1 Fri, 14/02/2025 1,988.00 6.50
    4. SDFΔ# Thu, 13/02/2025 1 Fri, 14/02/2025 54,539.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       1,83,068.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,756.81  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     58,766.81  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     2,41,834.81  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 13, 2025 9,06,851.56  
         (ii) Average daily cash reserve requirement for the fortnight ending February 21, 2025 9,12,240.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 13, 2025 1,43,346.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 24, 2025 -34,103.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2155

    MIL OSI Economics

  • MIL-OSI USA: Cramer, Thune Introduce Death Tax Repeal Act

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    WASHINGTON, D.C. – The impacts of the federal estate tax, often referred to as the death tax, were reduced in 2017 with the passage of the Tax Cuts and Jobs Act, which doubled the amount exempt from the tax and tied it to inflation. These tax cuts, unless extended, expire in 2025. In particular, the death tax significantly impacts family farms, ranches, and small businesses.
    U.S. Senator Kevin Cramer (R-ND) joined U.S. Senate Majority Leader John Thune (R-SD) in introducing the Death Tax Repeal Act. This legislation would permanently repeal the federal estate tax and generation-skipping transfer taxes, reduce the federal gift tax from 40 percent to 35 percent, and retain the full step-up in basis.
    “Taxing the assets of people who have died is wrong on multiple levels, starting with the fact the same income is taxed twice, during life and after death,” said Cramer. “It’s hard to imagine a less moral government imposition than taxing death.”
    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”
    Cramer supported related efforts when Congress debated the Tax Cuts and Jobs Act.
    The bill is endorsed by supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders, and the U.S. Chamber of Commerce.
    Cosponsors of the bill include U.S. Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsay Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS), and Todd Young (R-IN).
    Click here for bill text.

    MIL OSI USA News

  • MIL-OSI China: China EximBank, UNICEF partner to support children in Nigeria

    Source: China State Council Information Office

    Amakobe Sande (L), UNICEF representative to China, and Zhu Ying, general manager of the Sovereign Business Department of the Export-Import Bank of China, sign a memorandum of understanding in Beijing, Feb. 11, 2025. [Photo provided to China.org.cn]

    The Export-Import Bank of China (China EximBank) and UNICEF signed a memorandum of understanding on Tuesday, marking the first collaboration between UNICEF and a financial institution based in China. This joint effort will focus on strengthening essential services for the well-being of children in Nigeria.

    The partnership will expand access to water, sanitation and hygiene (WASH) for vulnerable children and families. The program will reach 12 health-care facilities, 21 schools and 450 communities in Nigeria’s Federal Capital Territory.

    “UNICEF is grateful to the EximBank for this groundbreaking partnership,” said Amakobe Sande, UNICEF representative to China. “We look forward to working together to reduce the risk of waterborne diseases and improve critical services that safeguard children’s well-being.”

    Achieving universal access to WASH services by 2030 is a key goal of the United Nations Sustainable Development Goals. In Nigeria, however, inadequate access to such services is a major contributor of child mortality and elevates the risk of waterborne diseases such as diarrhea. It is estimated that only about 10% of Nigeria’s 110 million children have access to basic WASH services.

    “We appreciate UNICEF’s active contribution to the global cause for children,” said Yang Dongning, vice president of the China EximBank. “This program marks a new chapter in our cooperation, and its tangible outcomes will serve as a model for future collaborations.”

    Beyond WASH services, the initiative will also work to strengthen Nigeria’s primary health care system, enhancing maternal and newborn care, and immunization programs. It will further support community engagement and social mobilization and reinforce WASH-related systems and institutions to ensure greater impact. 

    “Waterborne diseases continue to pose a grave threat to children’s health in Nigeria,” said Cristian Munduate, UNICEF representative to Nigeria. She added that this initiative is a crucial step toward securing the rights and well-being of thousands of children in Nigeria.

    MIL OSI China News

  • MIL-OSI USA: President Trump Demands Fair, Reciprocal Trade

    US Senate News:

    Source: The White House
    Today, President Donald J. Trump unveiled a plan for fair, free, reciprocal trade as he makes clear to the world that the United States will no longer tolerate being ripped off. The U.S. has one of the most open economies in the world, yet our trading partners keep their markets closed to U.S. exports — and reciprocal trade will finally correct that imbalance.
    President Trump’s plan to restore fairness and put American workers first was met with immediate praise:
    Renewable Fuels Association: “For almost a decade now, we have spent precious time and resources fighting back against an unfair and unjustified tariff regime imposed by Brazil’s government on U.S. ethanol imports. What’s more ironic is that these tariff barriers have been erected against U.S. ethanol imports while our country has openly accepted—and even encouraged and incentivized—ethanol imports from Brazil. As the two largest ethanol producers on the planet, we long enjoyed a cooperative free-trade relationship with Brazil involving ethanol, relying on each other when there were shortfalls or disruptions in the U.S. or Brazilian marketplace. However, that bilateral cooperation was abandoned by Brazil in 2017, when they instituted a tariff rate quota scheme, and eventually adopted a tariff in 2020. The Brazilian tariff on U.S. ethanol now stands at 18 percent and has virtually eliminated all market access for U.S. ethanol producers. We thank President Trump for taking this action and hope this reciprocal tariff will help encourage a return to free and fair ethanol trade relationship with Brazil.”
    American Iron and Steel Institute: “AISI applauds President Trump’s action today ordering the development of a comprehensive plan for restoring fairness in U.S. trade relationships and countering non-reciprocal trading arrangements. American steel producers know well the negative impact of foreign unfair trade practices, including subsidies, currency manipulation and other unfair and discriminatory policies and practices, on domestic industries and their workers … We look forward to working with the Secretary of Commerce, the U.S. Trade Representative and other key administration officials as they develop their plan of action to ensure reciprocity in international trade and to preserve the competitiveness of the American steel industry and other sectors.”
    Growth Energy: “While American biofuel producers have been almost entirely blocked off from the Brazilian market, Brazilian producers have enjoyed unfettered access to the U.S. In some cases, certain policies in the U.S. even incentivize the use of imported Brazilian ethanol instead of ethanol produced here in the U.S. This runs contrary to putting America first, and is exactly why President Trump is taking steps to address this issue. Thank you, President Trump for taking action and pushing for a level playing field for American ethanol producers.”
    Small Business Administration: “President Trump is right: restoring a level playing field on trade will unlock the next blue collar boom – creating jobs and powering our economy through ‘Made in America.’ Huge news for Main Street!”
    Energy Secretary Chris Wright: “President’s Trump’s ‘Fair and Reciprocal Plan’ on trade puts the American people first. As a former businessman, it’s great to see our country being run like a business and fighting for fairness on trade– it’s the American way!”
    Secretary of the Interior Doug Burgum: “President Trump is making America strong again. His Fair and Reciprocal Plan is commonsense: if you impose tariffs on us, we will impose tariffs on you in return.”
    Secretary of Transportation Sean Duffy: “Bravo, President Trump! Thank you for announcing the Fair and Reciprocal Plan, which is based on legislation we worked on together in your first term. Unfair trade practices have hurt America’s transportation and infrastructure sectors for too long. President Trump’s trade plan will strengthen supply chains, boost infrastructure investments, and expand American transportation solutions. We promised a golden age of transportation, and I will not rest until America’s transportation system is great again!”
    Secretary of Housing and Urban Development Scott Turner: “For too long Washington has put foreign interests above Americans — that ends today. @POTUS’ Fair and Reciprocal Plan will put American workers on a level playing field.”
    EPA Administrator Lee Zeldin: “The American people elected @POTUS with a mandate to grow our economy and bring back American manufacturing. When it comes to Reciprocal tariffs, no one should ever underestimate President Trump’s vision, long game, and determination to deliver the Great American Comeback.”
    Speaker Mike Johnson (R-LA): “For too long, foreign countries have exploited America through unfair trade practices. President Trump’s reciprocal tariffs aim to confront these countries, protecting American workers and businesses through trade that is fair again. The Trump policies are focused on leveling the playing field and putting America FIRST.”
    Sen. Jim Banks (R-IN): “The globalist approach to trade threw our workers under a bus driven by their foreign competitors. President Trump’s America First trade plan corrects this injustice that our industries and workers have faced for decades. The reciprocal tariffs announced today will bring back fairness and prosperity and stop Americans from being taken advantage of.”
    Sen. Marsha Blackburn (R-TN): “President Trump is putting American workers and farmers first. He will end unfair trade deals and prioritize goods made in America! With President Trump at the negotiating table, we are going to get the best possible deal.”
    Sen. Lindsey Graham (R-SC): “Most countries charge us far more in tariffs than we charge them. Those days are over. I applaud President Trump’s decision to impose reciprocal tariffs against our trading partners. Whatever tariffs they put on American products, we will put on their products. This will be a game changer. Simple and brilliant.”
    Sen. Roger Marshall (R-KS): “Gone are the days of unfair trade deals that give foreign nations the upper hand. Today, President Trump put the world on notice: America will no longer be taken advantage of.”
    Sen. Pete Ricketts (R-NE): “The average weighted tariff on foreign products coming into the U.S. is 1.5%, yet the average tariff on U.S. products globally is 6%. President Trump promised to bring those numbers closer to balance. These tariffs are a step toward accomplishing that goal.”
    Sen. Rick Scott (R-FL): “President Trump’s fight for a level playing field and reciprocal treatment is common sense. The U.S. is done treating others better than they’re treating us. President Trump understands the art of the deal, and thanks to his strong leadership, we’re getting better deals that will help our businesses and grow our economy!”
    Sen. Tommy Tuberville (R-AL): “President Trump is brokering deals that put American farmers, manufacturers, and producers first. America has some of the best and brightest manufacturers and there’s no reason we can’t produce most things right here at home.”
    Majority Whip Tom Emmer (R-MN): “The master negotiator strikes again. @POTUS is realigning the playing field with countries that have taken advantage of us for far too long and delivering on his promise to put America FIRST.”
    Chairwoman Lisa McClain (R-MI): “President Trump is wasting no time leveling the playing field. I am optimistic the pressure applied by the ongoing tariff negotiations will lead to a wave of investment across the U.S. @POTUS is keeping his promise to put our economy first.”
    Ways and Means Committee Chair Jason Smith (R-MO): “President Trump understands that American workers and manufacturers can outcompete those of any other nation. But for far too long they have been held back by a lack of reciprocity because other countries impose much higher tariffs and other barriers than the United States imposes on imports. President Trump’s Executive Order helps deliver a level playing field for American workers and manufacturers.”
    Rep. Carlos Gimenez (R-FL): “President Trump has just announced RECIPROCAL TARIFFS for countries unfairly treating American products! If you want to sell to the USA, we must have access to your market as well. What is fair, is fair!”
    Rep. Byron Donalds (R-FL): “We will no longer tolerate being ripped-off by the rest of the world. Under President Trump, government is putting the American people first again. And that means RECIPROCAL TARIFFS”
    Rep. Randy Feenstra (R-IA): “Brazil imposes an 18% tariff on U.S. ethanol while we only charge Brazil 2.5%. In 2024, that imbalance resulted in our nation importing $200 million in Brazilian ethanol while Brazil only imported $52 million in U.S. ethanol. Our farmers deserve better!”
    Rep. Andy Harris (R-MD): “The days of America being taken advantage of are over. The “Fair and Reciprocal Plan” will put the American worker first and bring fairness back to international trade.”
    Rep. Diana Harshbarger (R-TN): “Our nation has been at the bad end of business deals regarding trade practices with other countries for far too long. That’s coming to an end. President Trump’s reciprocal tariffs are putting the world on notice — the gravy train is over, and we won’t be taken advantage of anymore.”
    Rep. Kevin Hern (R-OK): “President Trump is a strong leader – he’s not allowing the world to take advantage of the United States any longer. These reciprocal tariffs will incentivize other nations to level the playing field and remove long-standing, exorbitant tariffs. America FIRST!”
    Rep. Riley Moore (R-WV): “President Trump just announced plans to implement reciprocal tariffs on the foreign countries who are ripping us off. I’m proud to be leading this effort in Congress.”
    Rep. Greg Steube (R-FL): “I thank President Trump for standing up for American workers with his bold plan to restore balance and fairness to the marketplace. He and his administration understand that our workers deserve trade policies that are fair and beneficial to all.  For far too long, blue-collar communities in the United States have been ripped off by foreign competitors benefiting from manipulative trade practices. If other countries believe they can continue to cheat the American people of their share of prosperity, they are sadly mistaken. President Trump has the right plan to secure our economy, restore fairness to international trade, and bring back good-paying jobs to the United States.”
    Rep. Beth Van Duyne (R-TX): “American workers, farmers, and manufacturers finally have a President who fights for them! I applaud President Trump’s plan to combat unfair trade practices. Our best days are still ahead of us!”
    House Republican Study Committee: “The Trump administration just announced reciprocal tariffs for countries like China that rip off the United States. It’s past time to flip the script on this. President Trump is trying to restore fairness in trade, ensuring that other countries are held to account for slapping tariffs on American goods. Gone are the days of our great nation being taken advantage of. Period.”
    President Trump’s plan to restore fairness and put American workers first was met with immediate praise:
    Renewable Fuels Association: “For almost a decade now, we have spent precious time and resources fighting back against an unfair and unjustified tariff regime imposed by Brazil’s government on U.S. ethanol imports. What’s more ironic is that these tariff barriers have been erected against U.S. ethanol imports while our country has openly accepted—and even encouraged and incentivized—ethanol imports from Brazil. As the two largest ethanol producers on the planet, we long enjoyed a cooperative free-trade relationship with Brazil involving ethanol, relying on each other when there were shortfalls or disruptions in the U.S. or Brazilian marketplace. However, that bilateral cooperation was abandoned by Brazil in 2017, when they instituted a tariff rate quota scheme, and eventually adopted a tariff in 2020. The Brazilian tariff on U.S. ethanol now stands at 18 percent and has virtually eliminated all market access for U.S. ethanol producers. We thank President Trump for taking this action and hope this reciprocal tariff will help encourage a return to free and fair ethanol trade relationship with Brazil.”
    American Iron and Steel Institute: “AISI applauds President Trump’s action today ordering the development of a comprehensive plan for restoring fairness in U.S. trade relationships and countering non-reciprocal trading arrangements. American steel producers know well the negative impact of foreign unfair trade practices, including subsidies, currency manipulation and other unfair and discriminatory policies and practices, on domestic industries and their workers … We look forward to working with the Secretary of Commerce, the U.S. Trade Representative and other key administration officials as they develop their plan of action to ensure reciprocity in international trade and to preserve the competitiveness of the American steel industry and other sectors.”
    Growth Energy: “While American biofuel producers have been almost entirely blocked off from the Brazilian market, Brazilian producers have enjoyed unfettered access to the U.S. In some cases, certain policies in the U.S. even incentivize the use of imported Brazilian ethanol instead of ethanol produced here in the U.S.,” said Growth Energy CEO Emily Skor. “This runs contrary to putting America first, and is exactly why President Trump is taking steps to address this issue. Thank you, President Trump for taking action and pushing for a level playing field for American ethanol producers.”
    Small Business Administration: “President Trump is right: restoring a level playing field on trade will unlock the next blue collar boom – creating jobs and powering our economy through “Made in America.” Huge news for Main Street!”
    Energy Secretary Chris Wright: “President’s Trump’s ‘Fair and Reciprocal Plan’ on trade puts the American people first. As a former businessman, it’s great to see our country being run like a business and fighting for fairness on trade– it’s the American way!”
    Secretary of the Interior Doug Burgum: “President Trump is making America strong again. His Fair and Reciprocal Plan is commonsense: if you impose tariffs on us, we will impose tariffs on you in return.”
    Secretary of Transportation Sean Duffy: “Bravo, President Trump! Thank you for announcing the Fair and Reciprocal Plan, which is based on legislation we worked on together in your first term. Unfair trade practices have hurt America’s transportation and infrastructure sectors for too long. President Trump’s trade plan will strengthen supply chains, boost infrastructure investments, and expand American transportation solutions. We promised a golden age of transportation, and I will not rest until America’s transportation system is great again!”
    Secretary of Housing and Urban Development Scott Turner: “For too long Washington has put foreign interests above Americans — that ends today. @POTUS’ Fair and Reciprocal Plan will put American workers on a level playing field.”
    EPA Administrator Lee Zeldin: “The American people elected @POTUS with a mandate to grow our economy and bring back American manufacturing. When it comes to Reciprocal tariffs, no one should ever underestimate President Trump’s vision, long game, and determination to deliver the Great American Comeback.”
    Speaker Mike Johnson (R-LA): “For too long, foreign countries have exploited America through unfair trade practices. President Trump’s reciprocal tariffs aim to confront these countries, protecting American workers and businesses through trade that is fair again. The Trump policies are focused on leveling the playing field and putting America FIRST.”
    Sen. Jim Banks (R-IN): “The globalist approach to trade threw our workers under a bus driven by their foreign competitors. President Trump’s America First trade plan corrects this injustice that our industries and workers have faced for decades. The reciprocal tariffs announced today will bring back fairness and prosperity and stop Americans from being taken advantage of.”
    Sen. Marsha Blackburn (R-TN): “President Trump is putting American workers and farmers first. He will end unfair trade deals and prioritize goods made in America! With President Trump at the negotiating table, we are going to get the best possible deal.”
    Sen. Lindsey Graham (R-SC): “Most countries charge us far more in tariffs than we charge them. Those days are over. I applaud President Trump’s decision to impose reciprocal tariffs against our trading partners. Whatever tariffs they put on American products, we will put on their products. This will be a game changer. Simple and brilliant.”
    Sen. Roger Marshall (R-KS): “Gone are the days of unfair trade deals that give foreign nations the upper hand. Today, President Trump put the world on notice: America will no longer be taken advantage of.”
    Sen. Pete Ricketts (R-NE): “The average weighted tariff on foreign products coming into the U.S. is 1.5%, yet the average tariff on U.S. products globally is 6%. President Trump promised to bring those numbers closer to balance. These tariffs are a step toward accomplishing that goal.”
    Sen. Rick Scott (R-FL): “President Trump’s fight for a level playing field and reciprocal treatment is common sense. The U.S. is done treating others better than they’re treating us. President Trump understands the art of the deal, and thanks to his strong leadership, we’re getting better deals that will help our businesses and grow our economy!”
    Sen. Tommy Tuberville (R-AL): “President Trump is brokering deals that put American farmers, manufacturers, and producers first. America has some of the best and brightest manufacturers and there’s no reason we can’t produce most things right here at home.”
    Majority Whip Tom Emmer (R-MN): “The master negotiator strikes again. @POTUS is realigning the playing field with countries that have taken advantage of us for far too long and delivering on his promise to put America FIRST.”
    Chairwoman Lisa McClain (R-MI): “President Trump is wasting no time leveling the playing field. I am optimistic the pressure applied by the ongoing tariff negotiations will lead to a wave of investment across the U.S. @POTUS is keeping his promise to put our economy first.”
    Ways and Means Committee Chair Jason Smith (R-MO): “President Trump understands that American workers and manufacturers can outcompete those of any other nation. But for far too long they have been held back by a lack of reciprocity because other countries impose much higher tariffs and other barriers than the United States imposes on imports. President Trump’s Executive Order helps deliver a level playing field for American workers and manufacturers.”
    Rep. Carlos Gimenez (R-FL): “President Trump has just announced RECIPROCAL TARIFFS for countries unfairly treating American products! If you want to sell to the USA, we must have access to your market as well. What is fair, is fair!”
    Rep. Byron Donalds (R-FL): “We will no longer tolerate being ripped-off by the rest of the world. Under President Trump, government is putting the American people first again. And that means RECIPROCAL TARIFFS”
    Rep. Randy Feenstra (R-IA): “Brazil imposes an 18% tariff on U.S. ethanol while we only charge Brazil 2.5%. In 2024, that imbalance resulted in our nation importing $200 million in Brazilian ethanol while Brazil only imported $52 million in U.S. ethanol. Our farmers deserve better!”
    Rep. Andy Harris (R-MD): “The days of America being taken advantage of are over. The “Fair and Reciprocal Plan” will put the American worker first and bring fairness back to international trade.”
    Rep. Diana Harshbarger (R-TN): “Our nation has been at the bad end of business deals regarding trade practices with other countries for far too long. That’s coming to an end. President Trump’s reciprocal tariffs are putting the world on notice — the gravy train is over, and we won’t be taken advantage of anymore.”
    Rep. Kevin Hern (R-OK): “President Trump is a strong leader – he’s not allowing the world to take advantage of the United States any longer. These reciprocal tariffs will incentivize other nations to level the playing field and remove long-standing, exorbitant tariffs. America FIRST!”
    Rep. Riley Moore (R-WV): “President Trump just announced plans to implement reciprocal tariffs on the foreign countries who are ripping us off. I’m proud to be leading this effort in Congress.”
    Rep. Greg Steube (R-FL): “I thank President Trump for standing up for American workers with his bold plan to restore balance and fairness to the marketplace. He and his administration understand that our workers deserve trade policies that are fair and beneficial to all.  For far too long, blue-collar communities in the United States have been ripped off by foreign competitors benefiting from manipulative trade practices. If other countries believe they can continue to cheat the American people of their share of prosperity, they are sadly mistaken. President Trump has the right plan to secure our economy, restore fairness to international trade, and bring back good-paying jobs to the United States.”
    Rep. Beth Van Duyne (R-TX): “American workers, farmers, and manufacturers finally have a President who fights for them! I applaud President Trump’s plan to combat unfair trade practices. Our best days are still ahead of us!”
    House Republican Study Committee: “The Trump administration just announced reciprocal tariffs for countries like China that rip off the United States. It’s past time to flip the script on this. President Trump is trying to restore fairness in trade, ensuring that other countries are held to account for slapping tariffs on American goods. Gone are the days of our great nation being taken advantage of. Period.”

    MIL OSI USA News

  • MIL-OSI USA: Cotton, Boozman, Thune Reintroduce Legislation to Repeal the Federal Death Tax

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton

    FOR IMMEDIATE RELEASE
    Contact: Caroline Tabler or Patrick McCann (202) 224-2353
    February 13, 2025

    Cotton, Boozman, Thune Reintroduce Legislation to Repeal the Federal Death Tax

    Washington, D.C. — Senator Tom Cotton (R-Arkansas) and Senator John Boozman (R-Arkansas) joined U.S. Senate Majority Leader John Thune (R-South Dakota) and 45 of their Senate Republican colleagues today to reintroduce legislation that would permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches, and businesses as the result of the owner’s death.

    The legislation is cosponsored by U.S. Sens. Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsay Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), John Hoeven (R-N.D.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), Jim Justice (R-W.Va.), John Kennedy (R-La.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Dave McCormick (R-Pa.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Tim Sheehy (R-Mont.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.), and Todd Young (R-Ind.). Companion legislation was introduced in the U.S. House of Representatives by Rep. Randy Feenstra (R-Iowa).

    “Families shouldn’t have to sell major portions of their businesses or farms after the death of a parent just to afford the estate tax. Breaking apart a family’s livelihood is neither fair nor good for the economy. This legislation would end the federal death tax, making it much easier to preserve a family’s legacy and way of life,” said Senator Cotton

    “Arkansas’s farm families and small businesses should have the opportunity to preserve their legacies for the next generation instead of getting hit with a penalty that jeopardizes their livelihoods,” said Senator Boozman. “They need certainty and relief from this counterproductive burden. Repealing the death tax supports our agriculture producers and entrepreneurs so they can continue to grow their operations and benefit their local economy.”

    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Senator Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”

    Text of the bill can be found here.

    Background on the Death Tax Repeal Act:

    • Fully repeals the Estate Tax.
    • Repeals the Generation-Skipping Transfer Tax (GSTT) for when a grandparent transfers assets to a grandchild.  
    • Maintains step-up basis.

    MIL OSI USA News

  • MIL-OSI USA: Hoeven, Thune Reintroduce Bill to Repeal the Death Tax

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven

    02.13.25

    WASHINGTON – Senator John Hoeven (R-N.D.) joined Senate Majority Leader John Thune (R-S.D.) in reintroducing legislation that would permanently repeal the federal estate tax, commonly known as the death tax.

    “Our legislation would repeal the death tax and prevent families, particularly those with family farms, from facing unnecessary hardship when a loved one passes away,” said Senator Hoeven. “It removes a major obstacle to estate planning and ensuring the future operations of small businesses and family farms, allowing them to stay intact and continue boosting the economy.”

    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Leader Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”

    Joining Senator Hoeven and Leader Thune in cosponsoring this legislation are Senators Jim Banks (R-Ind.), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), John Boozman (R-Ark.), Katie Britt (R-Ala.), Ted Budd (R-N.C.), Shelley Moore Capito (R-W.Va.), John Cornyn (R-Texas), Tom Cotton (R-Ark.), Kevin Cramer (R-N.D.), Mike Crapo (R-Idaho), Ted Cruz (R-Texas), John Curtis (R-Utah), Steve Daines (R-Mont.), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Lindsay Graham (R-S.C.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), Josh Hawley (R-Mo.), Cindy Hyde-Smith (R-Miss.), Ron Johnson (R-Wis.), Jim Justice (R-W.Va.), John Kennedy (R-La.), James Lankford (R-Okla.), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Mitch McConnell (R-Ky.), Dave McCormick (R-Pa.), Jerry Moran (R-Kan.), Bernie Moreno (R-Ohio), Markwayne Mullin (R-Okla.), Pete Ricketts (R-Neb.), Jim Risch (R-Idaho), Mike Rounds (R-S.D.), Eric Schmitt (R-Mo.), Rick Scott (R-Fla.), Tim Scott (R-S.C.), Tim Sheehy (R-Mont.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), Roger Wicker (R-Miss.), and Todd Young (R-Ind.).

    MIL OSI USA News

  • MIL-OSI Russia: Five best articles in Russian for 13.02.2025

    MIL Analysis: Here are the top five Russian language articles published today. The analysis consists of five articles that are prioritized at the moment.

    In today’s analysis, trends such as trust and consumer protection are highlighted.

    In addition, counterfeiting for 2024 is summarized.

    Education and social services are increasingly evolving and providing new opportunities to teach science to young people. Also, NSU CII staff is focusing on urban infrastructure in the form of new solutions using AI.

    Ethiopian master’s student Yared Dejene Jifar told in an interview why he decided to study in Russia.

    You can read one of the articles below.

    1. Financial News: Good faith behavior is a pledge of confidence in the financial market.

    The Bank of Russia has defined the basic principles of good behavior on the financial market. They are aimed at promoting business and ethical standards, creating a trusting environment and protecting the rights and interests of consumers.

    2. Financial news: Counterfeit rubles have become less common in Russia: 2024 results.

    In 2024, the level of counterfeiting reached its lowest value in recent years: 1 counterfeit per 1 million banknotes in circulation. A total of 8,240 pieces of counterfeit Russian banknotes and coins were detected in the banking system.

    3. The National Research University Higher School of Economics discussed tools of academic development and ways to involve young people in science.

    Higher School of Economics – The round table “Academic Development in the University Today and Tomorrow” was held. The participants discussed the tools of academic development used in various subject areas and ways to involve young people in science, one of which is holding regular scientific seminars. The best practices of Vyshka’s divisions were presented.

    4. How to fix defects in urban infrastructure with the help of artificial intelligence, NSU scientists came up with.

    Employees of the Novosibirsk State University Artificial Intelligence Center (NSU AIC) received a patent for a utility model of an electronic computing device for detecting defects in urban infrastructure and making decisions on their elimination.

    5. Ethiopian Master’s student Yared Dejene Jifar: “I dreamed of studying in Russia”.

    Ethiopian master’s student Yared Dejene Jifar earned a bachelor’s degree in civil engineering from Adams Science and Technology University (ASTU). Inspired by stories of friendship between the countries, he decided to continue his studies in Russia. In the interview, Yared talked about the adjustment process in a different country and shared his plans for the future.

    Learn more about MIL’s content and data services by visiting milnz.co.nz.

    Regards MIL!

    MIL OSI Russia News

  • MIL-OSI China: China to adjust intensity, timing of monetary policies as appropriate

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

    BEIJING, Feb. 13 — China’s central bank will utilize a variety of monetary policy tools and adjust the intensity and timing of policies as appropriate, based on domestic and international economic and financial conditions, as well as financial market operations, according to a report released by the People’s Bank of China (PBOC) on Thursday.

    The aim is to maintain ample liquidity and ensure that social financing and money supply growth align with the country’s goals for economic growth and overall price levels, according to the PBOC’s fourth-quarter 2024 monetary policy report.

    China’s monetary policy toolkit is enriched continuously, and the scope of its monetary policy functions is expanding, the report said.

    Since 2013, the central bank has reduced the reserve requirement ratio (RRR) 29 times, decreasing the average RRR from 20.1 percent to 6.6 percent.

    Outstanding relending loans, including medium-term lending facility loans, stood at 11.4 trillion yuan (1.59 trillion U.S. dollars) at the end of 2024, representing 28.8 percent of the PBOC’s total assets.

    In 2024, the PBOC conducted net purchases of government bonds worth a total of 1 trillion yuan, which, in combination with other monetary tools, maintained a reasonably ample level of liquidity.

    Next, the PBOC will adopt a moderately loose monetary policy and increase financial support further to drive technological innovation and promote consumption, according to the report.

    MIL OSI China News

  • MIL-OSI USA: Kennedy introduces bipartisan bill to help rural small businesses secure capital, create jobs

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today introduced the Expanding Access to Capital for Rural Job Creators Act to help remove the hurdles that rural small businesses face when they try to access capital.

    “Small businesses keep Louisiana’s economy running, and Congress should make sure our rural entrepreneurs aren’t facing unnecessary hurdles to securing capital. Our bill would help rural job creators get their businesses off the ground and better serve American communities,” said Kennedy.

    The bill would amend the Securities Exchange Act of 1934 to require the Securities and Exchange Commission Office of the Advocate for Small Business Capital Formation to submit an annual report on the unique challenges rural businesses face when trying to secure capital. These reports would allow Congress to better weigh legislative action to expand small businesses’ access to capital.

    Sens. Gary Peters (D-Mich.), Raphael Warnock (D-Ga.) and Shelley Moore Capito (R-W.Va.) cosponsored the bill.

    Kennedy previously introduced the Expanding Access to Capital for Rural Job Creators Act in the 117th and 118th Congresses. The Senate passed the bill in the 118th Congress.

    The full bill text is available here.

    MIL OSI USA News

  • MIL-OSI: b1BANK Announces Senna Bayasgalan as Chief Marketing Officer

    Source: GlobeNewswire (MIL-OSI)

    BATON ROUGE, La., Feb. 13, 2025 (GLOBE NEWSWIRE) — b1BANK, announces the appointment of Senna Bayasgalan as chief marketing officer. Bayasgalan will lead brand and marketing technology initiatives to support the banks’ growth and deepen client relationships. Bayasgalan has over 16 years of experience in marketing leadership, international brand building, communications and customer acquisition across private capital, technology and media industries. 

    “We are diligent about the culture we are building, and as a result, fortunate to be able to attract top talent from across the nation,” said Jude Melville, chairman and CEO, b1BANK. “We have a good and genuine story, and with more effective use of technology-enabled branding and distribution tools, I am confident that story has the potential to resonate deeply with a larger audience. Senna’s diverse experience leading marketing campaigns across multiple lines of business will accelerate our continued evolution.” 

    Throughout her career she has skillfully combined data and storytelling to launch international campaigns, build online communities and develop customer retention strategies to grow the brands she has served.  

    “I was instantly drawn to b1BANK’s unique story and its unwavering commitment to serving businesses and local communities,” said Bayasgalan. “I am excited to partner with the talented team at b1 to elevate the brand, foster innovation and help our clients achieve their goals.” 

    Bayasgalan is a founding board member of Asians in Advertising, a mentor for APIA Scholars, Women We Create and 3AF, and a frequent guest lecturer at Georgetown University and other institutions. She earned a Bachelor of Liberal Arts from the University of Texas at Austin. 

    About Business First Bancshares, Inc. 
    As of Dec. 31, 2024, Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, had $7.9 billion in assets, $6.9 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. Commercial banking services include commercial loans and letters of credit, working capital lines and equipment financing, and treasury management services. b1BANK was awarded #1 Best-In-State Bank, Louisiana, by Forbes and Statista, and is a multiyear winner of American Banker’s “Best Banks to Work For.” Visit b1BANK.com for more information. 

    Misty Albrecht
    b1BANK
    225.286.7879
    Misty.Albrecht@b1BANK.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/82d7ef43-d21e-464d-9b89-7653e36ab81c

    The MIL Network

  • MIL-OSI: Fairfax India Holdings Corporation: Financial Results for the Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

    (Note: All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS®Accounting Standards”), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See “Glossary of non-GAAP and other financial measures” at the end of this press release for further details.)

    TORONTO, Feb. 13, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (TSX: FIH.U) announces fiscal year 2024 net losses of $41.2 million ($0.30 net loss per diluted share), compared to net earnings of $371.8 million in fiscal year 2023 ($2.72 net earnings per diluted share). At December 31, 2024 the company’s book value per share decreased 4.1% to $20.96 from $21.85 at December 31, 2023 primarily due to unrealized foreign currency translation losses as the U.S. dollar strengthened against the Indian rupee.

    Highlights for 2024 included the following:

    • Net realized gains on investments of $218.9 million primarily related to realized gains on sales of NSE ($167.3 million) and partial sales of CSB Bank ($43.0 million).
    • Excluding reversals of prior period unrealized gains primarily related to the sales of NSE ($167.2 million) and CSB Bank ($56.3 million), the company recorded a net change in unrealized gains on investments of $55.1 million, principally from increases in the fair values of the company’s listed investment in IIFL Capital (formerly IIFL Securities) ($183.9 million) and private company investments in BIAL ($78.6 million), Maxop ($43.1 million) and Jaynix ($34.5 million), partially offset by decreases in the fair value of the company’s listed investments in IIFL Finance ($124.2 million) and CSB Bank ($62.2 million), and private company investment in Sanmar ($95.1 million).
    • Interest and dividend income of $61.5 million primarily related to dividends received from Seven Islands ($29.9 million) and Saurashtra ($4.4 million), and interest earned on bonds ($16.3 million), primarily Government of India bonds.
    • On October 11, 2024 the company completed its previously announced investment in Global Aluminium Private Limited for a purchase price of $82.7 million (7.0 billion Indian rupees).
    • On December 3, 2024 the company entered into an agreement to acquire an additional 10.0% equity interest in BIAL through its wholly-owned subsidiary for purchase consideration of $255.0 million (to be paid in three installments over 18 months, with the initial installment of $84.2 million to be paid on closing). On January 28, 2025 the company obtained shareholder approval for a one-time deviation from its investment concentration restriction in order to complete the additional BIAL purchase. The transaction is expected to close during the first quarter of 2025.
    • The company continued to buy back shares under its normal course issuer bid and during 2024 purchased for cancellation 559,047 subordinate voting shares at a net cost of $8.4 million ($15.07 per subordinate voting share).

    Fairfax India is in strong financial health, with cash and marketable securities at December 31, 2024 of $214.4 million and an undrawn $175.0 million revolving credit facility.

    FAIRFAX INDIA HOLDINGS CORPORATION
    95 Wellington Street West, Suite 800, Toronto, Ontario, M5J 2N7 Telephone: 416-367-4755

    There were 135.0 million and 135.5 million weighted average common shares outstanding during the fourth quarters of 2024 and 2023, respectively. At December 31, 2024 there were 104,839,462 subordinate voting shares and 30,000,000 multiple voting shares outstanding.

    Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release.

    Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

         
    For further information, contact:   John Varnell, Vice President, Corporate Affairs
        (416) 367-4755
         

    This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or an Indian Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.

    Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company’s information technology systems; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; weather risk; taxation risks; emerging markets; MLI; economic risk; trading price of subordinate voting shares relative to book value per share risk; and economic disruptions from the after-effects of the COVID-19 pandemic and the conflicts in Ukraine and the Middle East. Additional risks and uncertainties are described in the company’s annual information form dated March 8, 2024 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

    Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

       
    Information on 
    CONSOLIDATED BALANCE SHEETS
    as at December 31, 2024 and December 31, 2023
    (unaudited – US$ thousands)
      December 31, 2024 December 31, 2023
    Assets    
    Cash and cash equivalents   59,322   174,615
    Bonds   180,507   63,263
    Common stocks   3,381,206   3,581,043
    Total cash and investments   3,621,035   3,818,921
             
    Interest and dividends receivable   8,849   1,367
    Income taxes refundable   174   220
    Other assets   722   1,027
    Total assets   3,630,780   3,821,535
         
    Liabilities    
    Accounts payable and accrued liabilities   1,300   912
    Accrued interest expense   8,611   8,611
    Income taxes payable   5,379  
    Payable to related parties   10,099   120,858
    Deferred income taxes   149,780   108,553
    Borrowings   498,349   497,827
    Total liabilities   673,518   736,761
         
    Equity    
    Common shareholders’ equity   2,826,495   2,958,718
    Non-controlling interests   130,767   126,056
    Total equity   2,957,262   3,084,774
        3,630,780   3,821,535
             
    Book value per share $ 20.96 $ 21.85
     
    Information on
    CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
    for the fourth quarters and years ended December 31, 2024 and 2023 (unaudited – US$ thousands except per share amounts)
                           
      Fourth quarter   Year ended December 31,  
        2024     2023   2024     2023  
    Income                      
    Interest   4,049     3,511   19,504     16,833  
    Dividends   32,769     12,208   41,946     28,831  
    Net realized gains on investments   217     145,758   218,871     193,203  
    Net change in unrealized gains (losses) on investments   (23,929 )   44,581   (167,654 )   361,702  
    Net foreign exchange gains (losses)   (10,282 )   322   (12,616 )   (1,713 )
        2,824     206,380   100,051     598,856  
    Expenses        
    Investment and advisory fees   10,415     10,720   40,405     39,382  
    Performance fee       27,849       69,385  
    General and administration expenses   1,572     1,884   7,914     12,672  
    Interest expense   6,380     6,380   25,521     25,521  
        18,367     46,833   73,840     146,960  

    Earnings (loss) before income taxes

     

    (15,543

    )

     

    159,547

     

    26,211

       

    451,896

     
    Provision for income taxes   15,444     22,794   58,948     68,050  
    Net earnings (loss)   (30,987 )   136,753   (32,737 )   383,846  

    Attributable to:

           
    Shareholders of Fairfax India   (35,782 )   134,968   (41,173 )   371,770  
    Non-controlling interests   4,795     1,785   8,436     12,076  
        (30,987 )   136,753   (32,737 )   383,846  

    Net earnings (loss) per basic and diluted share

    $

    (0.27

    )

    $

    1.00

    $

    (0.30

    )

    $

    2.72

     
    Shares outstanding (weighted average)   134,994,563     135,464,165   135,165,840     136,818,139  
                           
    Information on
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
    for the fourth quarters and years ended December 31, 2024 and 2023 (unaudited – US$ thousands)
             
      Fourth quarter   Year ended December 31,  
      2024   2023   2024   2023  
                     
    Net earnings (loss) (30,987 ) 136,753   (32,737 ) 383,846  
    Other comprehensive loss, net of income taxes                
    Item that may be subsequently reclassified to net earnings (loss)                
    Unrealized foreign currency translation losses, net of income taxes of nil (2023 – nil) (63,961 ) (6,485 ) (85,545 ) (18,614 )
    Comprehensive income (loss) (94,948 ) 130,268   (118,282 ) 365,232  

    Attributable to:

                   
    Shareholders of Fairfax India (96,918 ) 128,727   (122,993 ) 353,913  
    Non-controlling interests 1,970   1,541   4,711   11,319  
      (94,948 ) 130,268   (118,282 ) 365,232  

    GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES 
    Management analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company’s Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures are described below.

    Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

    Cash and marketable securities – This measure is calculated by the company as the sum of cash, cash equivalents, short term investments, Government of India bonds and Other Public Indian Investments, in addition to short term receivables from investment custodians relating to dividends received on behalf of the company. The company uses this measure to monitor short term liquidity risk.

    The MIL Network

  • MIL-OSI: Orrstown Financial Services, Inc. Announces Promotion of Adam Metz to Senior Executive Vice President and Chief Operating Officer

    Source: GlobeNewswire (MIL-OSI)

    HARRISBURG, Pa., Feb. 13, 2025 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (NASDAQ: ORRF) (the “Company”) today announced that Adam L. Metz has been promoted to Senior Executive Vice President and Chief Operating Officer of the Company and its subsidiary bank, Orrstown Bank (the “Bank”), effective immediately, with the intent for him to succeed Thomas R. Quinn, Jr. as President and Chief Executive Officer of the Company and the Bank upon Mr. Quinn’s retirement on May 25, 2026.

    Mr. Metz has served as Executive Vice President and Chief Revenue Officer of the Company and the Bank since February 2019. He previously served as Executive Vice President and Chief Lending Officer of the Company and the Bank from September 2016 to February 2019. From 2011 to 2016, Mr. Metz served as Senior Vice President, Chief Lending Officer of Metro Bank, headquartered in Harrisburg, Pennsylvania.

    “Adam understands the mission, culture and values that have driven Orrstown Bank’s growth over the past decade,” said Thomas R. Quinn, Jr., President and Chief Executive Officer. “His efforts and leadership have contributed significantly to the bank’s success during that time. Adam’s promotion is part of our natural succession planning process and is extraordinarily well-deserved.”

    About Orrstown

    With $5.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudoun County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements reflect the current views of the Company’s management with respect to, among other things, future events and the Company’s financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates, predictions or projections about events or the Company’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company disclaims any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on the Company’s behalf may issue.

    Contact

    For media inquiries or further information, please contact:

    John Moss
    SVP, Director of Marketing and Client Experience, Orrstown Bank
    717-747-1520
    jmoss@orrstown.com

    The MIL Network

  • MIL-OSI Security: Two East Bay Residents, One Of Whom Was A Bank Teller, Indicted On Charges Of Cashing Stolen U.S. Treasury Checks

    Source: Office of United States Attorneys

    OAKLAND – A federal grand jury has indicted Franchesca Calagui, 25, and Dondre Gray, 27, with conspiracy to commit bank fraud and bank fraud, and also charged Calagui with receipt of U.S. Treasury check with forged endorsement or signature.

    According to the indictment unsealed yesterday, from around May 2022 through March 2023, Calagui and Gray, both of Emeryville, Calif., conspired to obtain stolen U.S. Treasury checks, recruit others to fraudulently endorse or sign the stolen U.S. Treasury checks, and give the checks to Calagui to cash for the defendants’ personal benefit.  At the time, Calagui was a part-time associate banker at JP Morgan Chase Bank.

    The indictment describes text messages between Gray and Calagui discussing the ongoing scheme in which Gray stated “I definitely don’t wanna scam with chase since you work there,” and Calagui responded “I do not care if u scam us lmao.”  Gray allegedly explained how he operated the scheme using runners, individuals who gets paid to enter a bank with a fraudulent check, cash it, and return the proceeds to the person who employed the runner.  In all, the defendants are charged with devising and executing a scheme to cash at least 339 stolen U.S. Treasury checks totaling more than $850,000.

    Acting United States Attorney Patrick D. Robbins, FBI Acting Special Agent in Charge Dan Costin, Treasury Inspector General for Tax Administration (TIGTA) Acting Special Agent in Charge Brandon Knarr, Special Agent in Charge Tyler Hatcher of the Internal Revenue Service Criminal Investigation (IRS-CI) Los Angeles Field Office, Special Agent in Charge Ryan Korner from the Federal Deposit Insurance Corporation Office of Inspector General (FDIC-OIG), San Francisco Division Inspector in Charge Stephen M. Sherwood of the U.S. Postal Inspection Service (USPIS), Special Agent in Charge Dimitriana Nikolov with the Department of Veterans Affairs Office of Inspector General’s (VA OIG) Northwest Field Office, and Acting Special Agent in Charge Dean Lake of the Social Security Administration Office of the Inspector General (SSA OIG) made the announcement.

    Both defendants are charged with one count of conspiracy to commit bank fraud under 18 U.S.C. § 1349 and five counts of bank fraud under 18 U.S.C. §§ 1344(1), (2).  Calagui is also charged with five counts of receipt of U.S. Treasury check with forged endorsement or signature under 18 U.S.C. § 510(b).  Calagui and Gray were arrested and made their initial appearances in federal district court yesterday.  Defendants are next scheduled to appear before U.S. District Judge Yvonne Gonzalez Rogers on April 3, 2025, for a status conference.

    An indictment merely alleges that a crime has been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt.  If convicted, each defendant faces a maximum sentence of 30 years in prison and a fine of $1,000,000 on each charged count.  Any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

    Special Assistant United States Attorney Cynthia Johnson is prosecuting this case with the assistance of Amala James. The prosecution is the result of an investigation by the FBI, TIGTA, IRS-CI, FDIC-OIG, USPIS, VA OIG, and SSA OIG.

    Franchesca Calagui Indictment
     

    MIL Security OSI

  • MIL-OSI USA: WATCH: Senator Reverend Warnock Secures Commitment from Fed Chair to Report to Congress If Musk-Led DOGE Attempts to Access Protected Systems or Undermine Agency’s Independence

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    WATCH: Senator Reverend Warnock Secures Commitment from Fed Chair to Report to Congress If Musk-Led DOGE Attempts to Access Protected Systems or Undermine Agency’s Independence

     Senator Reverend Warnock secured a commitment from Federal Reserve Chair Jerome Powell, to report to Congress if the Department of Government Efficiency (DOGE) attempts to undermine the agency’s independence

    The commitment came during the Federal Reserve’s semi-annual Monetary Policy Report to Congress during a Wednesday’s Senate Banking committee hearing

    Senator Reverend Warnock’s questioning underscored concern around the recent reports of DOGE accessing several federal agencies’ privileged information

    During the hearing, Senator Reverend Warnock also highlighted the recent news of the dissolution of the Consumer Financial Protection Bureau

    Senator Reverend Warnock on DOGE: “Thousands of Georgians, of all political stripes, have written into my office, and they are alarmed by an unelected billionaire and his hackster’s dangerous and illegal attempts to access American private data”

    Senator Reverend Warnock on CFPB: “Certainly the bureau (CFPB) was not created to be dismantled. Since its inception, the CFPB has been the only federal agency solely dedicated to protecting Americans’ wallets and pocketbooks from scammers, predatory companies, and financial services”

    Watch Senator Reverend Warnock at Thursday’s hearing HERE

    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), a member of the Banking Committee, secured a commitment from Chair of the Federal Reserve, Jerome Powell, promising to report back to Congress and specifically, the Senate Banking committee, if he learned of any attempt by the Department of Government Efficiency (DOGE) to access the Federal Reserve’s protected systems or any attempt to undermine the agency’s independence. 

    “Will you commit to report to this committee, majority and minority, immediately, should you become aware of any such attempt by Elon Musk or DOGE to pierce the Fed’s (Federal Reserve) independence or access protected systems?” asked Senator Reverend Warnock.

    “Yes,” said Chair Jerome Powell.

    The line of questioning came as there have been reports that several agencies have been accessed by DOGE, namely the Department of Treasury. Additionally, Senator Warnock addressed the shuttering of the Consumer Financial Protection Bureau (CFPB). Last congress, Senator Warnock chaired the Banking subcommittee that had jurisdiction over CFPB.

    “Since its inception, the CFPB has been the only federal agency solely dedicated to protecting Americans’ wallets and pocketbooks from scammers, predatory companies, and financial services. The CFPB reduced costs for Americans, returning more than $21 billion to Americans who had been cheated, since its inception. I want to focus on that as folks are talking about chasing after waste and fraud and abuse,” said Senator Reverend Warnock.

    The hearing marked the first of the Semiannual Monetary Policy Reports to Congress from the Federal Reserve this Congress, which are written reports to Congress containing discussions of “the conduct of monetary policy and economic developments and prospects for the future.”

    Watch the Senator’s full remarks and line of questioning HERE. 

    See below transcript of the key exchange between Senator Warnock and Federal Reserve Chair Jerome Powell:

    Senator Reverend Warnock (SRW): “I want to echo the words of ranking member Warren and so many of my colleagues today on DOGE and project 2025’s illegal attack on the Consumer Protection Financial Bureau, certainly the bureau was not created to be dismantled.”

    “Since its inception, the CFPB has been the only federal agency solely dedicated to protecting Americans’ wallets and pocketbooks from scammers, predatory companies, and financial services. The CFPB reduced costs for Americans, returning more than $21 billion to Americans who had been cheated, since its inception. I want to focus on that as folks are talking about chasing after waste and fraud and abuse.”

    “The CFPB has returned more than $21 billion to Americans.” 

    “Make no mistake, this attack on the CFPB will increase costs for Americans and give the green light to fraudsters and predatory actors seeking to cheat hard-working Americans.”

    “Chairman Powell, thousands of Georgians of all political stripes have written into my office, and they are alarmed by an unelected billionaire and his hackster’s dangerous and illegal attempts to access American private data, and the Treasury Department systems that control six trillion dollars in annual payments to millions of American citizens, including social security, Medicare, and tax refunds. 

    “Has Elon Musk or members of his team, to your knowledge, attempted to access the Fed’s protected data and systems?”

    Chair of the Federal Reserve, Jerome Powel (JP): “I don’t believe.”

    SRW: “Will you commit to report to this committee, majority and minority, immediately should you become aware of any such attempt by Elon Musk or DOGE to pierce the Fed’s independence or access protected systems?

    JP: “Yes.”

    MIL OSI USA News

  • MIL-OSI: Financial Institutions, Inc. Announces 3.3% Increase in Common Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company”), parent company of Five Star Bank and Courier Capital, LLC, announced that on February 12, 2025, its Board of Directors approved a quarterly cash dividend of $0.31 per outstanding common share, an increase of $0.01, or 3.3%, from the most recent quarter.

    “The increase in our quarterly cash dividend is reflective of both our Board’s ongoing commitment to building shareholder value and its confidence in the Company’s long-term sustainable growth strategy,” said President and Chief Executive Officer Martin K. Birmingham.

    The $0.31 cash dividend represents an annualized yield of 4.4% based on the closing share price of $28.00 on February 12, 2025.

    The Company also announced dividends of $0.75 per share on its Series A 3% preferred stock and $2.12 per share on its Series B-1 8.48% preferred stock.

    All dividends are payable April 2, 2025, to shareholders of record on March 14, 2025.

    About Financial Institutions, Inc.
    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.1 billion in assets as of December 31, 2024, offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, financial planning and consulting services to individuals and families, businesses, institutions, non-profits and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    For additional information contact:
    Kate Croft
    Director of Investor and External Relations
    (716) 817-5159
    klcroft@five-starbank.com

    The MIL Network

  • MIL-OSI: Epsilon Energy Ltd. Announces New Share Repurchase Program and Borrowing Base Redetermination

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 13, 2025 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. (“Epsilon” or the “Company”) (NASDAQ: EPSN) today announced that its Board of Directors terminated and revoked authority under the normal course issuer bid program which commenced on March 27, 2024. At the same time, the Board of Directors approved a new one-year share repurchase program, under which the Company is authorized to repurchase up to 2,200,876 common shares, representing 10% of the outstanding common shares of Epsilon, for an aggregate purchase price of not more than US $13.0 million, pursuant to a normal course issuer bid. The one-year period commenced on February 12, 2025. The program will end on February 11, 2026, unless the maximum amount of common shares is purchased before then or Epsilon provides earlier notice of termination.

    The Company believes that the market price of its common shares may not reflect their underlying value and the Board of Directors has authorized this initiative because, in the Board’s opinion, the proposed repurchase of common shares constitutes an appropriate use of Epsilon’s funds, and the repurchase of its common shares is one way of creating shareholder value.

    Repurchases will be made from time to time through the facilities of the NASDAQ Global Market. The price paid for the common shares will be, subject to applicable securities laws, the prevailing market price of such common shares on the NASDAQ Global Market at the time of such purchase. The Company intends to fund the purchase out of available cash and does not expect to incur debt to fund the share repurchase program.

    The Company also announced the results of a borrowing base redetermination on the Company’s senior secured reserve-based lending revolving credit facility (the “Credit Facility”) with Frost Bank (the “Lender”). Effective on February 10, 2025, the Lender redetermined the borrowing base at $45 million, which will remain until the next redetermination later in the year.

    About Epsilon

    Epsilon Energy Ltd. is a North American onshore natural gas and oil production and gathering company with assets in Pennsylvania, Texas, Alberta, New Mexico, and Oklahoma.

    Contact Information:

    281-670-0002

    Jason Stabell
    Chief Executive Officer
    Jason.Stabell@EpsilonEnergyLTD.com

    Andrew Williamson
    Chief Financial Officer
    Andrew.Williamson@EpsilonEnergyLTD.com

    The MIL Network

  • MIL-OSI Submissions: Australia – CBA partners with NSW Government to deliver banking services, building a brighter future for people, businesses and communities – CBA

    Source: Commonwealth Bank of Australia (CBA)

    CBA to deliver innovative payments and transaction banking services at scale, to shape the State’s digital future.

    NSW Government today announced that Commonwealth Bank has been selected to provide banking services and support to benefit the people, businesses and communities of the State.

    As part of the agreement, CBA will deliver liquidity management, transaction banking, merchant acquiring, FX, cross-border payments and transit payments services, to increase efficiency and make transacting with the government seamless for the people of New South Wales.

    CBA will help shape the State’s digital future by deploying the bank’s innovative payments technologies and transaction banking expertise, including globally recognised responsible AI capabilities, specialised government payment solutions and market leading merchant technologies.

    CBA has been retained to provide transit ticketing services for the NSW Government and will support the State to deliver new technologies for improved journey planning, payment and information access.

    As part of the long-term partnership, CBA is committed to delivering a number of benefits for the broader community and citizens of New South Wales, including investments to support small business, innovation and data insights.

    Approximately 40 per cent of all payments across Australia are processed through CBA’s network, and this rich data and insight will be leveraged to enable the government to make timely and informed data-driven decisions to help build a brighter future for the State.

    The agreement will also help to ensure the safety and security of payments through the implementation of CBA’s leading cyber and fraud management technologies, such as Namecheck, an Australian banking first that has saved the bank’s customers more than $400 million in mistaken payments and scams to date.

    Sinead Taylor, incoming CBA Group Executive, Institutional Banking and Markets, said CBA would bring the bank’s full breadth of transaction banking capabilities to drive better outcomes for New South Wales.

    “We are thrilled to have been given the opportunity by the New South Wales Government to harness our scale, digital innovation and government credentials to support a thriving, resilient and sustainable New South Wales.”

    “CBA is at the forefront of payments modernisation and our secure, resilient and innovative payments technologies, combined with our sophisticated scams and fraud mitigation tools, will drive efficiencies and deliver a better experience for people across the State.”

    “The New South Wales Government and CBA have a history of working together to drive innovation, with our long-standing partnership with Transport for NSW as just one example, and we look forward to broadening our partnership to benefit the people, businesses and communities of New South Wales.”

    MIL OSI – Submitted News

  • MIL-OSI Australia: NSW Government puts trust in NAB to transform banking and payments

    Source: National Australia Bank

    NAB has been selected by the NSW Government to provide whole of government banking and payment services for the next five years, the NSW Treasurer announced today.

    Under the partnership arrangement, all NSW Government agencies across the state will be able to access simple, secure and cost-effective core banking solutions through NAB’s transactional banking services, merchant services, purchasing and procurement cards and payment facilities.

    NAB’s market-leading digital payment and cash management solutions, including its real-time payments technology and NAB Liquidity+ platform, as well as its advanced fraud and scam prevention capabilities, will also be utilised.

    Safe, simple, reliable banking solutions for the largest state economy

    NAB Group Executive Corporate & Institutional Banking, Cathryn Carver, said NAB was thrilled to partner with the NSW Government to deliver more customer-centric, efficient and modern banking and payments solutions for the citizens and businesses of NSW.

    “With the largest population, business footprint and economy of all the states, the financial strength and stability of the NSW Government carries great weight in Australia. As their banking partner, NAB is committed to providing superior products and services to help maintain a safe, efficient and cost-effective financial ecosystem in the state,” Ms Carver said.

    “We’re confident our best-in-market technology innovation and industry expertise, especially through our liquidity management, FX, cross-border payments, and New Payments Platform programs, will also deliver a lot of value as the Government progresses the NSW digital strategy,” Ms Carver said.

    A shared ambition for greater customer-centricity

    NAB’s strategy places customer centricity at the core.

    “As Australia’s biggest business bank, and with wide-reaching corporate and institutional and personal banking divisions, NAB has a deep understanding of what it takes to deliver the best banking solutions and outcomes for businesses, customers and communities,” Ms Carver added.

    “The value we place on customer-centricity aligns with that of the NSW Government, and this sets the stage for us to jointly develop payment solutions that are truly simpler, safer, and more secure for the citizens and businesses of NSW.”

    A partnership built on more than money

    A strong alignment on social priorities further enhances the partnership between NAB and the NSW Government, with both committed to tackling affordable housing and cost-of-living pressures, progressing a just transition, and supporting indigenous and small business growth and resilience.

    “Our shared values and investment plans surrounding key societal issues was a central discussion point throughout the selection process,” Ms Carver said, adding “being in lockstep on strategic priorities creates terrific footing for a long and trusted partnership.”

    “NAB’s $6 billion ambition to fund more specialist and affordable housing, our deep community partnerships with highly-regarded organisations, like the Salvos, and our support of the Australian Business Growth Fund and National Reconstruction Fund were just a few of the examples we shared to demonstrate our purpose-driven strategy.

    “It was also pleasing to have received such a positive response to our deep banking expertise in critical sectors for NSW such as education, health and infrastructure, and our ongoing investment into start-ups and technology innovation via our NAB Ventures business.”

    Today’s announcement progresses a partnership spanning more than a decade.

    “We’re delighted to be strengthening our long-standing relationship with the NSW Government and supporting its vision to deliver purposeful, digital solutions that enable a thriving, resilient and prosperous New South Wales,” Ms Carver said.

    Notes to editors

    • The partnership agreement is for an initial term of five years with options to extend for a further six years.

    MIL OSI News

  • MIL-OSI Security: Kanawha County Man Pleads Guilty to Withholding Information in Bankruptcy Case

    Source: Office of United States Attorneys

    CHARLESTON, W.Va. – James Eugene Wells, 73, of Marmet, pleaded guilty today to withholding records relating to the property or financial affairs of a debtor in bankruptcy from an officer of the court or a United States Trustee entitled to its possession.

    According to court documents and statements made in court, in October 2022, a Charleston business solely owned by Wells’ wife filed for Chapter 11 bankruptcy. Wells helped with the business’ day-to-day management, including by overseeing many of its financial affairs, but was never an employee of the business. Wells admitted that he applied for and obtained five loans in the business’ name after the bankruptcy filing, from February 2023 through February 2024. Wells further admitted that he did not disclose the existence of the loans to the United States Trustee, who oversees the administration of bankruptcy cases in the Southern District of West Virginia.

    On January 31, 2024, the U.S. Bankruptcy Court held a hearing on the U.S. Trustee’s motion to dismiss the business’ bankruptcy case. That day, the bankruptcy lawyer for the business informed the U.S. Trustee of the existence of one of the four loans that Wells had obtained by that time in the business’ name. Wells admitted that during the motion hearing, including while the bankruptcy judge questioned him under oath, he did not disclose the existence of the other three loans. Wells further admitted that the fifth loan, obtained on February 8, 2024, was not approved by the bankruptcy court or disclosed to the U.S. Trustee. On February 21, 2024, the bankruptcy court dismissed the business’ bankruptcy case.

    A total of $68,000 was obtained in proceeds from the five loans and used for the business’ operations. The lender charged the business $9,700 in fees.

    Wells is scheduled to be sentenced on May 5, 2025, and faces a maximum penalty of five years in prison, up to three years of supervised release, and a $250,000 fine.

    United States Attorney Will Thompson made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI). The United States Trustee’s Charleston field office, which serves West Virginia, made the criminal referral of this case to the U.S. Attorney’s Office. The United States Trustee Program is a component of the Department of Justice whose mission is to promote the integrity and efficiency of the bankruptcy system for the benefit of all stakeholders — debtors, creditors and the public.

    United States District Judge Joseph R. Goodwin presided over the hearing. Assistant United States Attorney Jonathan T. Storage is prosecuting the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:25-cr-7.

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    MIL Security OSI

  • MIL-OSI USA: Cassidy, Booker Introduce Legislation to Combat Skyrocketing Flood Insurance Premiums, Give Americans Relief

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Cory Booker (D-NJ) introduced the Flood Insurance Affordability Tax Credit Act to give low- and middle-income households enrolled in the National Flood Insurance Program (NFIP) a 33 percent refundable tax credit to combat rising flood insurance premiums. FEMA’s risk assessment program, Risk Rating 2.0, has caused flood insurance premiums to skyrocket, leaving many Americans vulnerable, including thousands of Louisianans who have been forced to drop their policies.
    “While we work to fix the broken National Flood Insurance Program, this tax credit provides relief to current policyholders struggling with skyrocketing premiums. It also provides a path for others to re-enroll in the program,” said Dr. Cassidy. “We must give Americans the ability to protect their families and homes.” 
    “Flood insurance is a critical safety net for families, but costs are going up and it’s harder and harder to afford,” said Senator Booker. “This bipartisan legislation will provide much needed relief by offering a tax credit to help people across the nation, particularly in New Jersey, who are struggling to keep up with rising flood insurance premiums. Protecting your family and your home shouldn’t be a luxury, and this bill is an important step toward making flood insurance more affordable for all Americans.”
    The Flood Insurance Affordability Tax Credit Act will also direct the U.S. Treasury Secretary to establish a program where premiums can be paid in advance on behalf of taxpayers when premiums are due, benefitting families when they need it most. 
    Background
    In 2024, Cassidy has delivered a series of speeches on the U.S. Senate floor calling for action on NFIP. Most recently, he highlighted the need for the Flood Insurance Affordability Tax Credit on the Senate floor. 
    In October 2024, Cassidy released a report outlining the current state of the NFIP and the issues that have led to skyrocketing premiums for millions of homeowners.
    In January 2024, the U.S. Senate Banking Committee held a hearing on NFIP at the request of Cassidy. The hearing highlighted the urgent need for Congress to act and featured a Louisiana witness. Cassidy also participated in a roundtable hosted by GNO, Inc. and the Coalition for Sustainable Flood Insurance before introducing the bill to hear from community leaders and advocates on the issue.
    Cassidy traveled St. Bernard Parish in 2023 to talk with residents about their flood insurance premiums, recording the second episode of his series Bill on the Hill.

    MIL OSI USA News

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Praise Sri Lanka’s Action Plan on Women, Peace and Security, Ask about Legislation on Child Marriage and Domestic Violence

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today concluded its consideration of the ninth periodic report of Sri Lanka, with Committee Experts praising the State’s national action plan on women, peace and security, and raising questions about the Muslim Marriage and Divorce Act, which permitted child marriage, and domestic violence.

    One Committee Expert said the national action plan on women, peace and security was a positive step in addressing the needs of women in conflict.  Were there plans to conduct a mid-term assessment of the plan?

    Yamila González Ferrer, Committee Expert and Country Rapporteur for Sri Lanka, said that the Muslim Marriage and Divorce Act was amended in 2022, but there were still concerns about elements of the law.  Were there plans to further amend the law, including to ban child marriage?

    Another Committee Expert said at least one in five women in Sri Lanka had experienced violence from an intimate partner, and many did not report it.  What was the timeline for adopting proposed amendments to the Prevention of Domestic Violence Act?  What protections were provided to women victims of violence?

    Introducing the report, Saroja Savitri Paulraj, Minister of Women and Child Affairs of Sri Lanka and head of the delegation, said the Sri Lankan Government was committed to upholding the rights of women and girls and advancing gender equality.  This review held particular significance, as it was the country’s first engagement with an international human rights treaty body since the presidential and parliamentary elections of 2024.

    Ms. Paulraj said Sri Lanka’s first national action plan for women, peace and security for 2023 to 2027 had been launched.  The Government was committed to realising the full promise of the women, peace and security agenda.  The delegation added that the action plan addressed displacement, and women’s protection, security and participation in peacebuilding.  The State party was planning to conduct a review of the implementation of the action plan.

    On the Muslim Marriage and Divorce Act, the delegation said the Government had conducted consultations regarding its amendment.  It was trying to strike a balance between women’s and children’s rights and cultural rights.  Ms. Paulraj added that the Women’s Parliamentary Caucus had suggested setting a minimum age for marriage and establishing a multi sectoral committee to address this issue.

    On domestic violence, the delegation said the Prevention of Domestic Violence Act had been amended; the amended Act would come into force this year.  The Assistance to Victims Act underlined the rights of victims to be treated with respect and privacy, and to request legal, medical and psychosocial assistance.  A toll-free hotline operated by female officers was available for reporting domestic violence.

    In closing remarks, Ms. Paulraj said the Sri Lankan Government had undertaken significant efforts to strengthen women’s empowerment.  It was fully committed to addressing the issues that women faced in the State and would continue to engage with the Committee constructively.

    In her concluding remarks, Nahla Haidar, Committee Chair, said that the State party had shared candidly and transparently the progress made and difficulties it was facing.  She commended the State party for its efforts and encouraged it to implement the Committee’s recommendations for the benefit of all Sri Lankan women and girls.

    The delegation of Sri Lanka consisted of representatives from the Ministry of Women and Child Affairs; Attorney General’s Department; Sri Lanka Police; Ministry of Foreign Affairs, Foreign Employment and Tourism; and the Permanent Mission of Sri Lanka to the United Nations Office at Geneva.

    The Committee will issue the concluding observations on the report of Sri Lanka at the end of its ninetieth session on 21 February.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet at 10 a.m. on Friday, 14 February to consider the sixth periodic report of Liechtenstein (CEDAW/C/LIE/6).

    Report

    The Committee has before it the ninth periodic report of Sri Lanka (CEDAW/C/LKA/9).

    Presentation of Report

    SAROJA SAVITRI PAULRAJ, Minister of Women and Child Affairs of Sri Lanka and head of the delegation, said the Sri Lankan Government was committed to upholding the rights of women and girls and advancing gender equality.  This review held particular significance, as it was the country’s first engagement with an international human rights treaty body since the presidential and parliamentary elections of 2024 and the formation of the new Government in Sri Lanka.  Sri Lanka was proud to have a member from Sri Lanka in the Committee, Rangita de Silva de Alwis.  Her contribution to this Committee’s work was highly appreciated.

    Ms. Paulraj said she was the first Tamil Member of Parliament elected from the Southern Province, which had a predominantly Sinhala community.  Women’s representation in Sri Lanka’s Parliament had risen from 4.8 to 9.7 per cent with the election of 22 female members in November 2024.  These women included individuals from the working class and marginalised communities, including, for the first time in history, two women from the Malayaga community. 

    Sri Lanka was proud to have its third female Prime Minister, Dr. Harini Amarasuriya.  One of the Government’s key electoral pledges had been to ensure the equal representation of women in Government. Appointing a woman to the post of Deputy Chairman of Committees of Parliament for the first time was another milestone.  The Sri Lankan judiciary also had a high percentage of women at senior levels. Thirty-two per cent of Ambassadors in Sri Lanka were women.  Across all levels of Sri Lanka’s diplomatic service, women were in the majority. During the reporting period, Sri Lanka Police appointed four female Deputy Inspectors General of Police and the first female Director of the Criminal Investigation Department.  Many women had been appointed to the Government’s decision-making councils, commissions and boards.

    The Government had made a policy commitment to reduce the burden of unpaid care work for women. Women played a crucial role in driving the economy in Sri Lanka, with their contributions being essential in generating income across key sectors.  Women made up most of the workforce in industries such as garments, plantations, and as migrant workers.  For the first time, a woman had been appointed as the Chairperson of the Sri Lankan Apparel Exporters Association in the corporate sector.

    The Government had introduced several initiatives to support economic recovery and empower citizens, particularly focusing on women and youth.  One notable proposal was the establishment of a new development bank aimed at providing new entrepreneurs, including rural and disadvantaged women, with loans without the requirement for collateral.  The Sri Lanka Women’s Bureau was the national mechanism implementing projects and programmes for the social and economic development of women from national to grassroots level.

    The Women Empowerment Act of 2024 introduced mechanisms to give effect to the obligations undertaken by Sri Lanka in relation to the Convention, and defined women’s right to equality and non-discrimination.  A key component of this Act was to establish an independent National Commission on Women, and to provide provisions for the appointment of a Woman Ombudsperson on ensuring women’s rights and setting up a National Fund for Women. 

    The Land Development (Amendment) Act of 2022 had brought in provisions to ensure gender equality and non-discrimination in land inheritance.  The Women’s Parliamentary Caucus had suggested setting a minimum age for marriage and establishing a multi sectoral committee to address this issue.

    Addressing sexual and gender-based violence was a key priority for the Government.  It would establish mechanisms to prioritise and expedite the resolution of cases involving sexual offences against women and minors, ensuring that victims received timely redress.  The progress review of the first national action plan to address sexual and gender-based violence for the period 2016-2020 found a 70 per cent level of implementation.  Thereafter, a second plan for the period 2024-2028 was launched in 2024.  This plan focused on prevention programmes in schools, places of work, and community-based initiatives, as well as programmes on engaging men to address gender-based violence. 

    Children and Women Desks had been newly established in police stations, and the Government would also double the allocation for 2025 for the establishment and expansion of shelter homes for women.

    Sri Lanka’s first national action plan for women, peace and security for 2023 to 2027 had been launched.  The action plan was developed through an inclusive process of broad consultations with survivors of conflict and vulnerable women and children.  The Government was committed to realising the full promise of the women, peace and security agenda. 

    Technology-facilitated gender-based violence was another pressing challenge that Sri Lanka was facing.  The Government was working to implement stronger laws and policies to protect individuals from privacy violations, online stalking, and hate speech.  Sri Lanka was a party to the Budapest Convention on Cybercrime, which focused on addressing online and technology-facilitated violence against women.  The Online Safety Act of 2024 aimed to protect the vulnerable sections of the society in line with international standards.

    Sri Lanka was committed to upholding human rights, gender equality, and social justice.  Its foremost priority was to ensure that no one was left behind.  Sri Lankan women had been active participants in the country’s development agenda and the Government was committed to addressing existing challenges and supporting women to carry out this role.

    Questions by Committee Experts

    YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, said that Sri Lanka’s Constitution established that all persons had the right to live free from discrimination. However, this was not yet a reality. Sri Lanka was in the process of drafting a new Constitution.  Were there plans to incorporate the rights of women and girls into the Constitution? Proposals had been made to reform criminal laws to remove discriminatory provisions affecting women related to marriage. What progress had been made in this regard?

    The national human rights institution had “A” status under the Paris Principles.  What actions had it implemented to protect women’s rights? Were its complaints mechanisms effective?  Were there plans to update the national action plan on human rights?  There were several obstacles limiting the capacity of the judicial system to protect women affected by sexual and gender-based violence and domestic violence.  How was the State party strengthening the judiciary and reducing trial times?

    The death penalty was legal in Sri Lanka.  Although there was a de facto moratorium in place, courts continued to sentence women to death, often not considering mitigating circumstances such as gender-based violence.  Could the State party provide data on women sentenced to death?  Had the Convention been invoked before the courts?

    Responses by the Delegation

    The delegation said that the Constitution guaranteed the right to non-discrimination.  Violations of fundamental rights could be brought before the Supreme Court, which had drawn reference to the Convention in some of its determinations.  In one case, it had held that equality could be seriously impaired when women were subjected to workplace gender-based violence.  The Women’s Commission was mandated to introduce mechanisms to give effect to Convention obligations.

    There were several mechanisms in place facilitating access to justice.  The Legal Commission of Sri Lanka provided free legal services to citizens who had incomes of less than 40,000 rupees.  This threshold did not apply for cases of a domestic nature. The Human Rights Commission and the Women’s Commission were empowered to receive complaints related to human rights violations directly from victims, investigate the matter, and make recommendations.  Financial assistance and counselling were provided to women victims of violence. The Prevention of Domestic Violence Act allowed for victims to make complaints directly to the police.

    Sri Lanka had maintained a moratorium on the death penalty since 1978.  The Supreme Court had intervened in the past to prevent the death penalty from being carried out.  A recent amendment to the Penal Code increased the minimum age from which the death penalty could be applied from 16 to 18 years.

    Many efforts had been made to implement the Committee’s previous concluding observations.  The Government had established a coordinating committee to follow-up on the Committee’s concluding observations, in collaboration with civil society.  In 2022, legislation on marriage and divorce was amended to remove all provisions permitting the marriage of a minor with parents’ permission. Legislation on inheritance had also been revised to remove its gender components.

    Questions by Committee Experts 

    YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, said that the Muslim Marriage and Divorce Act was amended in 2022, but there were still concerns about elements of the law addressing abortion and rape.  Were there plans to further amend the law?  Was work underway to ensure that authorities could mainstream a gender perspective in measures promoting access to justice?

    Another Committee Expert congratulated the Government on appointing a woman Prime Minister.  Ms. de Silva’s contributions enriched the Committee. The national action plan on women, peace and security was a positive step in addressing the needs of women in conflict.  However, challenges remained in this field.  Were there plans to conduct a mid-term assessment of the plan?  How would the Government ensure accountability for past conflict-related gender-based violence and ensure the rights of victims to protest and mourn publicly?

    Non-governmental organizations faced financial and regulatory obstructions.  How would the State party support women human rights defenders and remove restrictions on the activities of civil society?

    One Committee Expert welcomed measures for increasing the political representation of women, but said the Committee was concerned by the low level of representation of women in public and private life.  She commended the quota of 25 per cent representation for local government bodies, but said this was not in line with the Committee’s recommendation of 50 per cent representation.  The Expert further commended an initiative to enhance the incomes of women in the agricultural sector.  Had this initiative been successful?  What affirmative actions had been implemented in other sectors?

    Responses by the Delegation

    The delegation said the Government had conducted consultations regarding the Muslim Marriage and Divorce Act.  It was trying to strike a balance between women’s and children’s rights and cultural rights, and was working to ensure that the law reflected the views of the people.  There was constant training of police officers and the judiciary on the Convention.  Persons who caused a woman to miscarry, except to save the life of the woman, were punished, but the Government was considering legal amendments in this regard.

    Sri Lanka’s civil society had made important contributions to the protection of human rights.  The window in which civil society could challenge bills had been extended from seven to 14 days.  Freedom of expression, speech and assembly were protected in the Constitution. The Government was committed to protecting the freedom of expression of civil society.  It had simplified administrative requirements for registering non-governmental organizations.  Regulatory measures were needed to prevent non-governmental organizations from engaging in money laundering and financing of terrorism. Complaints could be made regarding infringements of the rights of human rights defenders to the Supreme Court, the National Police Commission, the Women’s Ombudsperson, and the Human Rights Commission, which had produced guidelines on the protection of human rights defenders.

    Women were selected to leadership roles on public bodies on merit.  Their representation was improving.  Sri Lanka had had the world’s first woman Prime Minister.  There was no quota for appointments to roles in the public sector, but over 50 per cent of prosecutors were women.  The Government had conducted several awareness raising campaigns encouraging women’s participation in public life.  Diploma programmes were developed to train women to participate in political roles, and a forum had been held to advocate for increased representation of women in trade unions.  Leadership courses had been held for minority women.  Women’s representation in local government had risen to 25 per cent in 2018, thanks to the quota enacted in 2017.  The Government aimed to increase the representation of women in Parliament and provincial councils to 30 per cent.

    The women, peace and security action plan addressed displacement, and women’s protection, security and participation in peacebuilding.  A steering committee had been established to implement the plan and make policy recommendations.  The State party was planning to conduct a review of the implementation of the action plan.

    The Government was developing a truth and reconciliation process that had the people’s trust.  The Office for Reparations had reviewed more than 6,000 complaints, tracing around 180 missing persons and helping over 4,000 families to access remedies.  Investigation results were accessible to the public.  The national reparations policy was tabled in Parliament in 2022.  It included provisions for memorialisation. The Office provided livelihood support, land rights, housing, psychosocial support and measures to prevent violence.  Payments had been provided for over 11,000 individuals across various categories. An independent body had also been established to conduct investigations into historic violations.

    Questions by Committee Experts 

    A Committee Expert congratulated Sri Lanka on having the first female Prime Minister in the world and on electing its third female Prime Minister.  The State party needed to consider temporary special measures such as quotas to improve women’s representation in various fields.  Would the State party increase its 25 per cent quota for Parliament and other bodies?

    Another Committee Expert said gender stereotypes perpetuated inequalities in Sri Lanka.  What actions had been taken by the State party to promote gender equality in school curricula and tackle gender stereotypes? What was the timeline for amending the Muslim Marriage and Divorce Act to ban child marriage?

    At least one in five women in Sri Lanka had experienced violence from an intimate partner, and many did not report it. Women who sought justice faced discriminatory treatment in the judicial system.  What was the timeline for adopting proposed amendments to the Domestic Violence Act?  How would the State party address barriers to women victims accessing justice?  Were gender courts available in rural areas? What protections were provided to women victims of violence?  Courts did not recognise marital rape and girls over age 16 were not protected from statutory rape.  How would the State party ensure that all girls without exception were protected from rape?

    One Committee Expert welcomed the national action plan to combat trafficking, the Witness Protection Act, and a fund to compensate victims of violence.  Was the unit working to prevent trafficking a militarised unit? Most persons trafficked to the Middle East were female domestic workers.  Traffickers recruited women and girls from rural areas and forced them to work in the commercial sex industry in urban areas.  Law enforcement lacked proper training on identifying trafficking. What measures were in place to ensure the protection of victims who reported trafficking crimes?  Were there efforts being made to reduce the evidence threshold for declaring trafficking crimes?  How did the State party ensure that victims of trafficking were not criminalised?  Did police officers receive training on trafficking and labour rights?

    Responses by the Delegation

    The delegation said the Prevention of Domestic Violence Act had been amended and would come into force this year. The Assistance to Victims Act provided for the establishment of a national authority for the protection of victims and witnesses.  It underlined the rights of victims to be treated with respect and privacy, and to request legal, medical and psychosocial assistance.  Female victims could request investigating officers of a particular gender.

    The police had implemented specialised protective units and a targeted programme that encouraged increased reporting of domestic violence and reduced death rates.  A toll-free hotline operated by female officers was available for reporting domestic violence.

    The National Anti-Human Trafficking Taskforce coordinated police actions to investigate trafficking in persons. The Taskforce included members of various Government departments; it was not a militarised entity.  There was also an anti-trafficking desk within the Ministry of Defence.  The Government operated a shelter for female victims of trafficking, which provided health, food and other support services.  Awareness raising campaigns on the importance of reporting trafficking crimes were in place.  Trafficking in persons was an offence in the Penal Code.  Persons who committed or conspired to commit trafficking offences were liable for a penalty of between three to 15 years imprisonment. 

    Persons who committed rape were punished with imprisonment for no less than seven years, or no less than 15 years when the victim was under 16.  A man who had a non-consensual sexual relationship with a woman who was formerly his wife was criminalised.

    Questions by Committee Experts 

    One Committee Expert asked whether marital rape had been criminalised, and if not, when it would be.  Were there plans to provide specific services for victims of technologically-assisted gender-based violence and to provide training to stakeholders on this issue?

    YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, asked how awareness raising campaigns promoted the rights of women in vulnerable situations.

    Another Committee Expert said that in 2023, 51 per cent of harmful speech online targeted women.  Women’s rights groups and even the Prime Minister were targeted by online hate speech.  How did legislation protect women and rights groups online?  Some social media platforms had not removed harmful content due to high thresholds for removal.  Did the State party plan to hold these platforms to account to protect women?  Thirty-two per cent of Ambassadors were female, though women made up more than half of the foreign service.  How would the State party support women to become Ambassadors?  Many transgender women faced barriers in accessing residence certificates and the right to vote.  How was the State party addressing these barriers?

    Another Committee Expert said Sri Lankan women who married foreigners faced barriers in passing their nationality to their children.  What measures were in place to ensure that women could transmit their nationality on par with their male counterparts?  Tamil women, women in rural zones, and displaced women often lacked documentation to prove their nationality.  Lesbian, bisexual, transgender and intersex women faced discrimination from police and confronted obstacles in obtaining gender recognition papers.  Children born to foreign parents did not obtain Sri Lankan nationality, raising issues of statelessness for plantation workers.  How was the State addressing these issues?

    Responses by the Delegation

    The delegation said statutory rape was currently rape of persons aged up to 16 years.  Marital rape was not currently criminalised.  The Online Safety Act aimed to promote safety for women and girls online.  The Cybercrime Investigation Unit was tasked with handling all cyber-related complaints, including those related to sexual and gender-based violence and online child exploitation.  It acted swiftly to remove harmful online content, including from social media platforms. Women could submit complaints of online abuse through email and hotlines.  The Act established an independent Online Safety Commission that could issue directives to internet service providers, requiring them to respond to discriminatory online acts.  The Commission could also disable users, remove offending content, and seek internet intermediaries to disclose the identities of offenders.

    Women played a significant role in diplomatic representation at all levels.  They accounted for more than 50 per cent of diplomatic mission staff, so it was likely that women would account for more than 50 per cent of Ambassadors in future.

    Freedom of expression was recognised in the Constitution, but this right was not without limitation.  It could not be used to infringe on the rights of others. Hate speech against political candidates could be reported to the Elections Commission, as well as the Women’s Commission and the Human Rights Commission.

    The conferment of citizenship was previously linked to fathers in legislation; however, this had been amended to allow for citizenship to be conferred by both parents.  Citizenship could be provided to stateless children by the State.  There was no legal impediment to persons obtaining birth certificates.  Tamils of Indian origin would be recognised as Sri Lankan citizens.  The Government was considering programmes to provide permanent residency to members of the Malayaga community, and the members of Parliament from this community could take up this issue in the legislature.  There were measures to identify stateless children and register them. Mobile units were in place that supported birth registration for families living on plantations.

    The family background report system had been criticised as being discriminatory, placing the burden of childcare on women.  In 2022, the Cabinet of Ministers removed the mandatory family background report for women seeking work abroad and lowered the age limit for them.  The Government was supporting access to caretakers for children aged two and above.  It sought to support both women and men to seek work overseas without compromising their family’s welfare.

    Questions by Committee Experts

    One Committee Expert asked whether the Online Services Act was effective.  Had there been any prosecutions under it?  What was the State party doing to implement local elections, which had not been held since 2018, and to support women’s participation in those elections?

    A Committee Expert asked whether the period of free birth registration would be extended.

    One Committee Expert said Sri Lanka had made achievements regarding girls’ education.  Girls’ literacy rate was over 90 per cent, which was much higher than many other countries in the region.  However, child marriages remained a challenge in rural communities and were a major reason for girls dropping out of schools.  The COVID-19 pandemic also affected girls in rural areas, as they had limited opportunities to participate in online education.  The computer literacy rate on plantations was less than half that of other regions. 

    Stereotypes hindered the access of Muslim women and girls to education.  What measures had the State party taken to combat dropouts of girls in primary and secondary education?  What measures were in place to promote gender mainstreaming in education? How did the State party ensure that girls of all religions could access education?  What activities were carried out to prevent stereotypes in education?

    Responses by the Delegation

    The delegation said the Online Safety Act was a new law.  There had yet to be prosecutions under the law.  The related Commission would soon be set up and would be able to investigate complaints.

    Every citizen over the age of 18 who was qualified to be an elector could become one.  Sri Lanka had established an independent Election Commission that could investigate complaints of violations and issue sanctions. The Supreme Court had upheld the right to vote and held that any impediment to such was a violation.  The law on local government elections was being revised; once this had concluded, local elections could be held.

    The education system was committed to ensuring equal access for all students, regardless of gender.  The provision of free school meals and textbooks allowed for girls from poor families to pursue their education.  The State party was committed to reducing the burden that education placed on parents.  Education was compulsory until age 16.  An initiative to provide girls with sanitary pads was implemented in 2024, benefitting 800,000 girls.  Scholarships were provided to girls from low-income families to participate in technology studies.  There had been an increase in the share of girls participating in science, technology, engineering and maths courses in university in recent years; the share was currently 37 per cent.

    Questions by Committee Experts

    A Committee Expert commended the State party for establishing sexual harassment committees and creating a labour complaints mechanism.  Most women worked in the informal sector, where they lacked labour rights and were vulnerable to abuse.  Many informal sector workers lacked access to social security, leave and childcare services. What measures were in place to protect the rights of women in the informal sector?  Did the State party plan to establish mechanisms to allow domestic workers to seek redress in cases of abuse?  Were there plans to extend paid maternity leave to at least 14 weeks and promote shared parental leave?  Were there plans to ratify International Labour Organization Conventions 181, 189 and 190?  The number of Sri Lankan migrant domestic workers had increased in recent years. These workers often faced abuse from their employers.  How were these workers informed about their rights and protected from abuse? 

    Another Committee Expert commended Sri Lanka’s commitment to strengthening public health care. Persistent barriers obstructed women’s sexual and reproductive health rights.  How would State policies address these barriers?  Restrictive laws forced many women to resort to unsafe abortions. What steps had been taken to ensure women’s safe access to abortion?  What measures were in place to prevent forced sterilisation and ensure informed consent? Girls faced challenges in accessing information on contraception, leading to high rates of early pregnancies. What measures were in place to reduce early pregnancies?  Many schools in rural areas lacked proper sanitation facilities, forcing girls to miss school during menstrual periods.  There was also a very high tax of 47 per cent on menstrual products. How was the State party supporting access to sanitation facilities and menstrual products for women and girls?

    Female genital mutilation continued to be practiced in some Muslim communities.  There was no law criminalising female genital mutilation in Sri Lanka.  When would one be developed?  What awareness raising campaigns on female genital mutilation were in place?  Some women experienced obstetric violence during childbirth.  Did the State party intend to implement measures to prevent such practices?

    Responses by the Delegation

    The delegation said women spent more time than men in unpaid domestic work in Sri Lanka.  The Government had taken steps to train care workers to improve the availability of childcare and disability care services for working mothers and reduce the burden of unpaid care work.  Sri Lanka was interested in ratifying International Labour Organization Convention 190.  The necessary amendments had been incorporated into legislation.  The State had also implemented policies to promote women’s employment.  The Minister of Labour and Foreign Employment was conducting consultations with stakeholders to strengthen protections of Sri Lankan domestic workers overseas.  The Women’s Empowerment Act aimed to address the gender pay gap.

    Taxes on sanitary products and baby formula had been removed.  Budgetary allocations had been ensured for sexual and reproductive health services across the country.  All students from sixth grade received sexual and reproductive health education, which addressed preventing unwanted pregnancies.  Medical practitioners who practiced or promoted female genital mutilation were sanctioned.  There were no specific offences on female genital mutilation or obstetric violence, but these acts were prohibited under general legislation on violence.

    Questions by Committee Experts 

    One Committee Expert commended the State party on working to ensure the empowerment of women and girls through the rural employment programme and programmes on digital transformation. What concrete actions were being taken to ensure that vulnerable women and girls were aware of the economic empowerment policies in place?  How was the State party preventing the abuse of women by financial institutions and regulating lending practices?  Had the State party assessed fiscal reforms and their impacts on the rights of women and girls?  How was the State party mitigating the unfair financial burden of tax on women and girls? What measures were in place to increase the representation of women and girls in decision making related to economic empowerment?  What measures were there to support female athletes to overcome structural barriers in sports? 

    Another Committee Expert said female tea plantation workers continued to have less access to Government subsidies and microcredit due to their lack of access to land ownership.  How was this being addressed?  Women with disabilities continued to face stigma and discrimination, and infrastructure was not adapted to persons with disabilities.  How was the State party working to make inclusive education programmes more adapted to persons with disabilities?  There were also persistent hate crimes against lesbian, bisexual, transgender and intersex women.  What measures were in place to prevent such hate crimes?  Same sex sexual acts were criminalised; would they be decriminalised?  What reforms had been made to ensure adequate facilities for women in prisons?  Were women prisoners allowed to live with their young children in prisons?

    Responses by the Delegation

    The delegation said the Government had implemented various welfare measures for persons in poverty.  Around 1.7 million households benefited from welfare support.  There were various Government programmes for empowering women-led households.  The banking system had also provided special loan schemes with favourable interest rates and flexible return policies for women entrepreneurs during the financial crisis.  Banks had offered advisory services and capacity building programmes for women entrepreneurs.  The State had been regulating lending institutions.  Support had been provided to 185 rural women affected by unregulated microcredit schemes.  A socioeconomic protection scheme helped to ease loss of income due to unemployment.

    Sri Lanka had undertaken various initiatives to empower women to engage in technology studies and the digital economy. The national strategy for women’s development promoted women’s digital freedom and security.  Many women entrepreneurs had been trained on digital skills.

    Sanitary facilities in prisons had been improved to ensure a comfortable stay for women, and facilities for children in prison with their mothers had also been improved.  There were plans to establish a separate women’s prison aligned with international standards.

    The police had been instructed on protecting the fundamental rights of lesbian, gay, bisexual, transgender and intersex persons and investigating complaints from these persons.  A bill had been lodged in Parliament on decriminalising same-sex relations.  The Supreme Court had found that there was no barrier to the amendment of this legislation. The bill had yet to be considered due to the dissolution of Parliament.

    Questions by Committee Experts 

    YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, asked whether the law on terrorism could be used to prevent the operation of women’s organizations.

    Another Committee Expert welcomed the State party’s efforts to ensure women’s equal rights in law and family relations.  Had measures been taken to amend the Penal Code to ensure that legislation on statutory rape protected all girls under age 16, including girls over age 12 who were married?  The Committee expected that the State party would address legislation on polygamy. When would the State party revise the family law to allow women to have equal rights to men concerning custody of children?  What was the status of legal amendments seeking to strengthen the rights of widows?

    NAHLA HAIDAR, Committee Chair, said that, while respecting the freedom of belief, the State party needed to work to protect the rights of Muslim women and girls.

    Responses by the Delegation

    The delegation said the law on terrorism had not been used to limit the activities of women’s organizations in recent years.  The law was only used in instances when it was necessary.

    The amended Muslim Marriage and Divorce Act set the age of marriage at 18, but children from age 16 could be married with parental consent.  The previous Cabinet of Ministers had approved the amended bill, and the new Government would consider whether to take this legislation forward.  The Parliamentary Caucus had proposed the establishment of a committee to address the issue of child marriages.

    Concluding Remarks

    SAROJA SAVITRI PAULRAJ, Minister of Women and Child Affairs of Sri Lanka and head of the delegation, said Sri Lanka participated in the review in a spirit of openness.  It appreciated the Committee’s recognition of the progress it had made and the challenges it faced.  The Government had undertaken significant efforts to strengthen women’s empowerment.  It was fully committed to addressing the issues that women faced in the State. Ms. Paulraj thanked the Committee for the constructive dialogue.  The Government was committed to the promotion and protection of the human rights of all Sri Lankans and would continue to engage with the Committee constructively.

    NAHLA HAIDAR, Committee Chair, said that the State party had shared candidly and transparently the progress made and the difficulties it was facing.  The dialogue had helped the Committee to better understand the situation of women and girls in Sri Lanka.  It commended the State party for its efforts and encouraged it to implement the Committee’s recommendations for the benefit of all women and girls in the State party.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CEDAW25.009E

    MIL OSI United Nations News

  • MIL-OSI Europe: France: BNP Paribas signs an agreement with the EIB to generate up to €8 billion in wind energy investments

    Source: European Investment Bank

    • Co-signed initiative to spur funding for wind energy sector in the European Union, supporting transition to net zero and boosting innovation of Europe’s renewable energy manufacturers
    • Up to €8 billion of new wind energy investments in real economy thanks to leverage effect of EIB counter-guarantee and BNP Paribas’ portfolio of bank guarantees
    • This deal between EIB and BNP Paribas is part of the EIB’s contribution to the European Wind Power Package. The operation is backed by InvestEU, the EU programme aiming to mobilise investment of more than €372 billion by 2027.

    BNP Paribas has signed an agreement with the European Investment Bank (EIB) that will stimulate up to €8 billion of funding for wind energy projects across the European Union. This initiative will unlock key investments to support new wind farm projects, supply chain efficiency and improved grid interconnections, therefore accelerating wind energy development and ultimately increasing production.

    Under the agreement, the EIB has extended a €500 million counter-guarantee, enabling BNP Paribas, to establish a €1 billion portfolio of bank guarantees designed to back new investments in wind farms in the EU. The leverage effect of such a counter-guarantee is expected to spur up to €8 billion of investments in the real economy.

    The agreement falls under a €5 billion initiative announced by the EIB in support of the European Wind Power Package presented by the European Commission in October 2023. The initiative aims at accelerating wind energy deployment and strengthening the competitiveness of Europe’s wind industry. The programme aims to support the production of 32 GW of the 117 GW of wind capacity needed to enable the European Union to meet its goal of generating at least 45% of its energy from renewable sources by 2030.This transaction is part of BNP Paribas’ long-standing commitment to supporting the energy transition by directing its financing towards low-carbon energy, which will account for at least 90% of the bank’s energy production financing by 2030.

    Supporting renewable energy is key to European energy independence, says EIB Vice-President Ambroise Fayolle“Guarantees, like the ones EIB provides through this new financial instrument, contribute to enable the funding of essential projects that drive the green transition, support the decarbonization of the European economy, and strengthen industrial competitiveness.

    “BNP Paribas is pleased to reinforce our historic relationship with the European Investment Bank, this time to support the continent’s growing wind energy sector,” says Alain Papiasse, Chairman of Corporate and Institutional Banking at BNP Paribas “This partnership reflects our mutual commitment to advancing sustainable energy projects that strengthen the continent’s economy while reducing its carbon footprint. By uniting our expertise and resources with the EIB’s pivotal support, we hope to help drive lasting, positive projects for communities, businesses and the environment.

    Yannick Jung, Head of Global Banking at BNP Paribas stated “We see the EIB’s invaluable support in this partnership as a way of accelerating our ongoing strategy to facilitate the transition to a Low Carbon Economic Model. By supporting European Corporates along the Wind Value Chain, we believe our collective efforts will inspire innovation, foster sustainability and pave the way for a more robust Europe”.

    Background information

    About the EIB

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives by bolstering digitalisation and technological innovation, security and defence, agriculture and bioeconomy, social infrastructure, high-impact investments outside the EU, and the Capital Markets Union.   

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 projects in 2024. These commitments are expected to mobilise around €350 billion in investment, supporting 400 000 companies and 5.8 million jobs.   

    All projects financed by the EIB Group are in line with the Paris Climate Accord and the EIB Group does not fund investments in fossil fuels. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.   

    In 2024, France was the largest recipient of EIB Group financing, with total investment of €12.6 billion. Two-thirds of this financing went to projects contributing to the fight against global warming and adaptation to its effects.

    About BNP Paribas

    BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 63 countries and has nearly 183,000 employees, including more than 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

    About InvestEU and the wind power package

    The InvestEU programme provides the European Union with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for the European Union’s strategic priorities such as the European Green Deal and the digital transition. InvestEU brings all EU financial instruments previously available for supporting investments within the European Union together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

    The European Commission presented the European Wind Power Package in October 2023 to tackle the unique set of challenges faced by the wind sector, including insufficient and uncertain demand, slow and complex permitting, lack of access to raw materials and high inflation and commodity prices, among others. In a specific Action Plan, the Commission set out a set of initiatives concerning permitting, auction design, skills and access to finance to ensure that the clean energy transition goes hand-in-hand with industrial competitiveness and that wind power continues to be a European success story. As part of this plan, in July 2024, the European Investment Bank (EIB) activated a €5 billion initiative to support manufacturers of wind-energy equipment in Europe.

    MIL OSI Europe News

  • MIL-OSI Europe: New cooperation between EIB Group and Santander Bank Polska to boost Polish SMEs and female entrepreneurship

    Source: European Investment Bank

    • EIB, EIF and Santander Bank Polska sign new synthetic securitisation agreement to inject PLN 5 billion into Polish SMEs
    • Focus on female entrepreneurs and firms meeting gender equality criteria

    The European Investment Bank (EIB), the European Investment Fund (EIF), Santander Bank Polska and Santander Leasing have signed a new agreement to support lending to small and medium-sized enterprises in Poland, with particular focus on financing businesses that meet gender equality criteria. The cooperation is set to mobilise up to PLN 5 bln in new funding, at least a third of which will benefit companies owned or led by women, those promoting inclusive employment or offering products designed to tackle the gender gap.

    “The EIB and the EIF join forces with Santander Bank Polska to generate PLN 5 billion in new financing for Polish SMEs, with particular focus on alleviating persistent gender gaps. Promoting gender equality is not just the right thing to do – it is simply good for business. Meanwhile, women’s small and medium enterprises around the world face disproportionate challenges getting credit. The EIB Group is working to advance gender equality and women’s economic empowerment through ensuring equal access to the assets, services, benefits and opportunities our investments generate. Our financing for gender equality last year amounted to €3 billion and I am happy to be collaborating with Santander on this essential matter,” said EIB Vice-President Teresa Czerwińska.

    Specifically, the sides signed a synthetic securitisation agreement through which the EIB Group invests a total of PLN 3.9 billion to reduce Santander’s risks associated with existing loans in order to facilitate new lending. A detailed note on the structure of the agreement, which will also support climate projects, is attached underneath this press release.

    “We are proud to be making real impact together with Santander Bank Polska, drumming up gender finance and green investment. With this transaction, which is the EIB Group’s largest synthetic securitisation to date, we free up capital for Santander, which is then invested into targeted policy areas. Since 2013, the EIB Group has invested €12 billion ln in securitisations in Poland and Central-Eastern Europe, helping to drive a robust growth of this market in the region and deepening the European Union’s capital markets,” said EIF Deputy Chief Executive Merete Clausen.

    Polish businesses will be able to access new funding from the EIB Group’s fifth synthetic securitisation agreement with Santander over the next three years.      

    “We have been continuously working with the EIB Group for 15 years to find business solutions that first and foremost meet our customers’ expectations and support the implementation of Santander Bank Polska Group strategy. Our cooperation with the EIB includes liquidity and capital initiatives, and through each of them we support segments such as SMEs and mid-caps. The projects completed so far have contributed to increasing the availability of financing for these customer groups, which are key to the development of Polish entrepreneurship. For me, this transaction is of exceptional importance. Thanks to the released capital, we will be able to even better support female entrepreneurship in Poland,” said Magdalena Proga-Stępień, Member of the Management Board heading the Retail Banking Division at Santander Bank Polska.

    Diversity and inclusion activities are an important part of Santander Bank Polska Group strategy. In addition to financial products and solutions that boost women’s entrepreneurship, Santander Bank Polska Group also implements numerous training projects that improve the professional competencies of women in business, such as “Strong in Business.” This is a series of educational workshops, as well as a competition for female entrepreneurs, in which participants could win educational grants and funding for the best business plans. More than 3600 women participated in the last edition of the program. At the same time, the Santander Group regularly organizes recruitment for the “Santander W50” global women’s talent development program, in which more than 800 female leaders have already participated. The program helps consolidate leadership styles, build a personal brand and join a prestigious global network of female leaders.

    “This is the largest securitization agreement in the history of our cooperation with the EIB Group. Thanks to our successful collaboration with the EBI, we support Polish entrepreneurs by offering them more favourable financing conditions. Our goal is to facilitate access to funds that enable businesses to grow and invest in their future. For years, we have been working with international financial institutions to use available financial resources for socially important purposes, primarily such as supporting SMEs, financing climate-friendly investments, or supporting Polish female entrepreneurs,” said Krzysztof Kowalewski, vice-president of Santander Leasing Poland. “The share of companies run by women among Santander Leasing clients is 25 percent, and we are pleased that this indicator is steadily growing. Just six years ago it was 10 percent lower. Our female clients most often operate in industries that drive the economy and innovation: wholesale and retail trade, healthcare, but also professional and scientific activities.”

    Background information

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

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

    The EIB Group will soon share full results of its 2024 activities in Poland. The Group’s latest Investment Survey (EIBIS) showed Poland fares better than European Union peers when it comes to gender equality in business management.

    To enhance the positive impact of its activities on gender equality and empower women and girls, the EIB Group adopted a Strategy on Gender Equality and Women’s Economic Empowerment and a Gender Action Plan, with the aim of embedding gender equality and in particular women’s economic empowerment in the EIB’s business model. It covers its lending, blending and advisory work within and outside the European Union. In 2024, EIB financing for gender equality represented more than €3 billion and over 40 projects. You can find more information here on the EIB gender equality initiatives.

    The EIB is also committed to driving gender equality in the workplace. We have included gender equality goals in our business model and are implementing a Strategy on Gender Equality and Women’s Economic Empowerment. We apply Financing for Gender Equality criteria – which are based on the leading global gender-lens investing reporting criteria (“2X”) around the world.

    Santander Bank Polska is one of the largest financial groups and the biggest private bank in Poland. It offers state-of-the-art financial solutions to personal customers, micro, small and medium enterprises, and domestic and international corporations.  The bank operates one of the biggest networks of branches and partner outlets. It also renders services via electronic channels, including mobile banking. It is one of market leaders in terms of the use of modern technologies in banking. The bank is a member of the global Santander Group.  The Group is present in 10 key markets in Europe and both Americas (Spain, Poland, the United Kingdom, Portugal, the USA, Chile, Brazil, Argentina, Mexico and Germany). Customer satisfaction and loyalty are a priority for Santander Bank Polska. For this reason, strategic and ongoing management of Santander Bank Polska is geared to creating solutions, products and services that help customers take care of their personal finance and effectively manage their companies.

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: NSSTA Celebrates 17th Foundation Day on 13th February, 2025

    Source: Government of India (2)

    NSSTA Celebrates 17th Foundation Day on 13th February, 2025

    Theme: “Empowering Governance Through Statistical Excellence – 17 Years of Capacity Development and Collaboration.”

    Posted On: 13 FEB 2025 7:53PM by PIB Delhi

    The National Statistical Systems Training Academy (NSSTA), Ministry of Statistics & Programme Implementation, Government of India celebrated its 17th Foundation Day at Mahalanobis Auditorium, NSSTA, Greater Noida, Uttar Pradesh. This celebration marks the 17 years of excellence in statistical training and capacity building of NSSTA. The theme for this year’s celebration was “Empowering Governance Through Statistical Excellence – 17 Years of Capacity Development and Collaboration.” The event underscored NSSTA’s crucial role in equipping statisticians and field officials with advanced methodologies, ensuring high quality data collection that supports evidence-based policy making.

    The celebration commenced with the lighting of the lamp by dignitaries, followed by Vandana and a performance of the musical instrument by the Bureau of Outreach and Communication (BOC), Ministry of Information & Broadcasting. Shri K. B. Surwade, ISS, Additional Director General (CDD), MoSPI, delivered the welcome address, highlighting NSSTA’s role in developing statistical professionals and modernizing data collection methodologies. He emphasized its responsibility in strengthening statistical capacity across central, state, and UT governments, as well as developing countries, through a blend of traditional and modern approaches. He also underscored NSSTA’s national and global collaborations, the Indian data governance framework, and its commitment to fostering a data-driven and prosperous India, while expressing gratitude to MoSPI for their support.

    Shri P. R. Meshram, ISS, Director General (DG), MoSPI, addressed NSSTA’s 17th Foundation Day, highlighting its role in strengthening statistical systems since 2009. He emphasized NSSTA’s contributions to capacity building, having trained over 4,000 officers, including international participants, through collaborations with global institutions. Stressing the evolving role of statisticians, he called for technical proficiency, ethical integrity, and dynamic skilling to support Viksit Bharat 2047. Shri Shombi Sharp, UN Resident Coordinator in India, highlighted global perspectives on capacity building in official statistics and potential collaborations with NSSTA to promote statistical excellence. India has made significant contributions to the global statistical field, with pioneers like Prof. P.C. Mahalanobis shaping modern frameworks that continue to drive policymaking and governance. Accurate and timely data is crucial for tracking Sustainable Development Goals (SDGs), with platforms like the National Indicator Framework (NIF) and Global Indicator Framework (GIF) relying on robust statistics for informed decision-making. As India advances toward Viksit Bharat 2047, the United Nations remains a committed partner, emphasizing that data should serve as a unifying force in addressing complex global challenges.

     

     

    Dr. Saurabh Garg, IAS, Secretary, MoSPI, provided insights on statistical strategy and India’s future priorities. He emphasized the integration of advanced technologies, real-time data generation, and alternative data sources. Highlighting India’s evolving statistical landscape, he underscored the role of technology, collaboration, and high-quality data in shaping the future. He also acknowledged the National Sample Survey’s 75-year legacy in shaping India’s socio-economic and environmental policies, strengthened through NSSTA’s capacity-building initiatives. District-level data releases are in Plan, which will bolster evidence-based governance. The collaborations with IITs and other institutes of repute have fuelled research. Additionally, India’s leadership in the UN Statistical Commission and initiatives like iGOT have reinforced statistical literacy and innovation. With a focus on quality, inclusivity, and modernization, MoSPI aims to position India as a global leader in data-driven decision-making, aligned with the vision of Viksit Bharat 2047.

     

    Shri Adil Zainulbhai, Chairman, Capacity Building Commission (CBC), addressed the collaboration and role of NSSTA in strengthening the vision of the Capacity Building Commission. NSSTA actively collaborates with iGOT and CBC and has demonstrated exemplary performance during National Learning Week (NLW) alongside the Field Operations Division of MOSPI, with a significant percentage of users completing the target of 4+ learning hours.

    He stressed that the world is evolving rapidly, making it imperative to embrace technology to realize the vision of Viksit Bharat 2047. As the pace of data collection and surveys accelerates, there is an need to reassess how information is analyzed and utilized effectively. He emphasized that Al and big data are revolutionizing statistical applications, underscoring the necessity of integrating Al training into decision-making processes and promoting widespread digital adaptation. He further highlighted the critical role of NSSTA in advancing data-driven governance by enabling individuals to comprehend and apply data in everyday decision-making. Leveraging platforms such as IGOT for digital learning, he asserted that the focus must be on equipping all civil servants with essential statistical and technological competencies to enhance policy implementation and governance.

    In continuation to this, Prof. Rajeeva Laxman Karandikar, Chairman of NSC, emphasized its role in capacity development and the growing significance of data in AI and modern technologies. He highlighted that without embracing these innovations, individuals and institutions risk obsolescence. AI models rely on vast datasets for insights, making inferential statistics crucial for data relevance. While AI holds great potential for national development, human intelligence remains vital. He cautioned against misinterpreting data, stressing the need for sound judgment in decision-making.

     

    A vote of thanks presented by Dr. J. S. Tomar, DDG, NSSTA to all dignitaries, our partners, collaborators, and well-wishers, whose continued support and encouragement have strengthened NSSTA’s vision and activities.

    As part of the celebrations, NSSTA also released the Statistical Training needs Assessment (STA) Survey Report, prepared in collaboration with the Capacity Building Commission (CBC). The survey assesses the skill levels and training needs of Indian Statistical Service (ISS) officers and provides key insights to develop a targeted training strategy. The report highlights areas for capacity building, including advanced statistical methods, IT tools, and interdisciplinary competencies, ensuring a structured approach to professional development. Dignitaries at the event emphasized the significance of the report in fostering a culture of continuous learning and strengthening MoSPI’s training initiatives.

     

    A technical session followed, featuring discussions on the use of official statistics in governance. The speakers included Shri Amarjeet Sinha, IAS, Former Secretary, Ministry of Rural Development, Government of India, who shared experiences on official statistics use cases for decision-making. Dr. Sonalde Desai, NCAER, highlighted the importance of capacity development for producing and using official statistics. Dr. Amandeep Singh Kapoor, IPS, Director, CDTI, Jaipur, emphasized the importance of NSSTA and CDTI collaboration for mutual benefits. NSSTA is also collaborating with other national institutes of repute, as well as UN and international agencies like the World Bank, IMF SARTTAC. Through partnerships with global organizations, we are aligning our methodologies with international best practices while maintaining their relevance to our unique national context. He highlighted the role of data inclusivity in policymaking, advocating for the integration of AI and non-traditional data sources such as satellite imagery and mobile data to enhance data collection and analysis. Additionally, he stressed the necessity of district-wise granular datasets for more effective policy targeting and capacity-building initiatives. Through partnerships with global organizations, we are aligning our methodologies with international best practices while maintaining their relevance to our unique national context. Representatives from the first three ISS pass-out batches (2007, 2008, and 2009) of NSSTA shared their training experiences and highlighted the way forward.

     

    The event concluded with a vibrant cultural program. Today`s NSSTA 17thfoundation day celebrated NSSTA’s commitment to nurturing a future ready statistical workforce. As India moves towards realizing vision of Viksit Bharat 2047, NSSTA remains a cornerstone in the evolution of India’s statistical ecosystem, ensuring that official statistics continue to drive informed policy making and national progress. With 75 years of NSS shaping India’s development, NSSTA’s role in building the capacity of the next generation of statistical professionals will be instrumental in ensuring a data-driven and prosperous future to achieve the vision of Vikshit Bharat 2047.

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