Category: Banking

  • MIL-OSI: $TOCKHOLDER ALERT: The M&A Class Action Firm Launches Legal Inquiry for the Merger – AUB, CYTH, PDCO, SKGR

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Dec. 21, 2024 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Atlantic Union Bankshares Corp. (NYSE: AUB), relating to a proposed merger with Sandy Spring Bancorp, Inc. Under the terms of the agreement, all Sandy Spring shares will automatically be converted into the right to receive 0.900 shares of AUB, and cash in lieu of fractional shares.

    ACT NOW. The Shareholder Vote is scheduled for February 5, 2025.

    Click here for more information https://monteverdelaw.com/case/atlantic-union-bankshares-corp/. It is free and there is no cost or obligation to you.

    • Cyclo Therapeutics, Inc. (NASDAQ: CYTH), relating to its proposed merger with Rafael Holdings, Inc. Under the terms of the agreement, Cyclo common stock will automatically be converted into the right to receive shares of Rafael common stock.

    Click here for more information https://monteverdelaw.com/case/cyclo-therapeutics-inc/. It is free and there is no cost or obligation to you.

    • Patterson Companies, Inc. (NASDAQ: PDCO), relating to the proposed merger with Patient Square Capital. Under the terms of the agreement, shareholders of Patterson will receive $31.35 in cash per share.

    Click here for more https://monteverdelaw.com/case/patterson-companies-inc-pdco/. It is free and there is no cost or obligation to you.

    • SK Growth Opportunities Corporation (NASDAQ: SKGR), relating to the proposed merger with Webull Corp. Under the terms of the agreement, shares of SK Growth will be converted into shares of Webull Corp.

    Click here for more https://monteverdelaw.com/case/sk-growth-opportunities-corporation-skgr/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network

  • MIL-OSI: $TOCKHOLDER ALERT: The M&A Class Action Firm Urges Shareholders of USAP, NBR, ALTR, SASR to Take Immediate Action

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Dec. 21, 2024 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Universal Stainless & Alloy Products Inc. (Nasdaq: USAP), relating to its proposed merger with Aperam US Absolute LLC. Under the terms of the agreement, all USAP shares will be automatically converted into the right to receive $45.00 per share.

    ACT NOW. The Shareholder Vote is scheduled for January 15, 2025.

    Click here for more information https://monteverdelaw.com/case/universal-stainless-alloy-products-inc/. It is free and there is no cost or obligation to you.

    • Nabors Industries Ltd. (NYSE: NBR), relating to its proposed merger with Parker Wellbore Co. Under the terms of the agreement, Nabors will acquire Parker Wellbore’s issued and outstanding common shares in exchange for 4.8 million shares of Nabors common stock, subject to a share price collar.

    ACT NOW. The Shareholder Vote is scheduled for January 17, 2025.

    Click here for more information https://monteverdelaw.com/case/nabors-industries-ltd-nbr/. It is free and there is no cost or obligation to you.

    • Altair Engineering Inc. (NASDAQ: ALTR), relating to a proposed merger with Siemens AG. Under the terms of the agreement Altair stockholders will receive $113.00 per share in cash.

    ACT NOW. The Shareholder Vote is scheduled for January 22, 2025.

    Click here for more information https://monteverdelaw.com/case/altair-engineering-inc-altr/. It is free and there is no cost or obligation to you.

    • Sandy Spring Bancorp, Inc. (Nasdaq: SASR), relating to a proposed merger with Atlantic Union Bankshares Corp. Under the terms of the agreement, all Sandy Spring shares will automatically be converted into the right to receive 0.900 Atlantic Union shares, and cash in lieu of fractional shares.

    ACT NOW. The Shareholder Vote is scheduled for February 5, 2025.

    Click here for more information https://monteverdelaw.com/case/sandy-spring-bancorp-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network

  • MIL-OSI Banking: IMF Management Approves a New Staff Monitored-Program with Haiti

    Source: International Monetary Fund

    December 21, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.

    • Management of the International Monetary Fund (IMF) approved on December 20, 2024, a Staff-Monitored Program (SMP) with Haiti covering the period through December 2025.
    • This new 12-month SMP is expected to contribute to strengthen macroeconomic stability to support well-being of people and to enhance economic resilience and governance. It will anchor the government’s macroeconomic priorities for the year ahead.
    • Fund management also welcomes the authorities’ commitment to publish the forthcoming Governance Diagnostic Report.

    Washington, DC–December 21, 2024: Management of the International Monetary Fund (IMF) approved on December 20, 2024, a Staff-Monitored Program (SMP) with Haiti which runs through December 19, 2025. The new 12month SMP was designed by the Haitian authorities and IMF staff, keeping in mind Haiti’s fragility and capacity constraints while supporting the authorities’ economic policy objectives.

    SMPs are arrangements between country authorities and the IMF to monitor the implementation of the authorities’ economic program and to establish a track record of policy implementation that could pave the way for financial assistance from the Fund under the Upper Credit Tranche (UCT).

    Haiti faces a multidimensional crisis, a political transition, with a challenging outlook. The country is beset by both global and country-specific shocks, which have heightened its fragility. In addition to causing terrible human suffering, escalating gang violence has blocked the flow of goods and services. These events have further fueled inflation and left half the population suffering acute food insecurity. The supply-side shock caused by the security crisis will continue to suppress growth and feed inflation unless the security outlook improves.

    The top priority is to continue to restore security. This is a prerequisite for macroeconomic stability and for allowing growth to materialize. Despite domestic and global difficulties, the authorities are firmly committed to negotiating a new SMP and have managed to contain somewhat the impact of the various shocks, thereby averting even worse macroeconomic outcomes. Net international reserves were valued at nearly US$1billion at the end of September 2024. Despite the political instability, Haiti’s two key economic institutions (Ministry of Economy and Finance and the Central Bank of Haiti) have remained continuously engaged with the Fund. They have consistently attempted to adopt feasible measures to limit macroeconomic imbalances and ensure a reasonable level of economic activity in the country. They have also continued to provide data and information on previously agreed benchmarks, even when the previous SMP had lapsed.

    The SMP is an important anchor for signaling the authorities’ commitment to continue making progress toward macroeconomic stabilization and strengthen governance, and locking in macroeconomic gains accumulated over recent years, despite the many headwinds. Despite the delicate political context, and thanks to a highly inclusive consultative process, the authorities have been able to demonstrate full ownership and support for the SMP through the high-level Program Monitoring Committee (Comite du Suvie).

    The authorities have a narrow but important window of opportunity to implement reforms that can help Haiti build resilience and eventually restore its medium- and long-term potential. An urgent government priority is re-starting the mobilization of revenue, to support the country’s massive development needs and boost well-targeted spending. The measures under the new SMP should help achieve these goals.

    Continued strengthening of the social safety net is essential to cushion the impact of the shocks on the population and alleviate widespread poverty. The spending commitments previously indicated by the authorities using Food Shock Window resources should be audited in line with SMP commitments.

    The fiscal and monetary authorities’ commitment to keeping monetary financing of the deficit at zero is commendable and should continue. The FY2023 financial audit of the BRH is urgent and its eventual publication by June 2025 would be important for demonstrating transparency. The authorities’ careful pace of monetary tightening has been appropriate and consistent with the goal of fighting inflation.

    Advancing governance reforms is paramount to help Haiti exit from fragility, ensure inclusive growth and build trust with the private sector and development partners. In this vein, the authorities’ commitment to publish the Governance Diagnostic Report is commendable. It should provide a road map for reforms to enhance governance and will require capacity development support not only from the Fund but also from development partners.

    A government-led strategy to continue to strengthen the economy’s resilience to multiple shocks requires the financial support of the international community. This assistance is indispensable to allow quality spending, over the short, medium, and long term. Without it, Haiti will continue to suffer large import compression. External assistance should take the form of grants. The authorities should avoid contracting non-concessional loans, to ensure consistency with the SMP commitments. Non-concessional loans would not only be against SMP commitment. It would also undermine debt sustainability.

    In line with the Fund Strategy for Fragile and Conflict-Affected States, IMF staff will also continue to coordinate closely with Haiti’s main development partners, particularly on governance and capacity development.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    @IMFSpokesperson

    MIL OSI Global Banks

  • MIL-OSI Economics: Available for sale soon… Silver Commemorative Coin on the occasion of the Silver Jubilee of His Majesty the King, marking 25 years of His Majesty’s reign

    Source: Central Bank of Bahrain

    Available for sale soon… Silver Commemorative Coin on the occasion of the Silver Jubilee of His Majesty the King, marking 25 years of His Majesty’s reign

    Published on 22 December 2024

    Manama, Kingdom of Bahrain – 22 December 2024 – The Central Bank of Bahrain announces the issuance of a silver commemorative coin minted on the occasion of the Silver Jubilee of His Majesty King Hamad bin Isa Al Khalifa, marking 25 years of His Majesty’s reign, in a limited quantity of 1,000 coins.

    The front side of the silver commemorative coin features the portrait of His Majesty King Hamad bin Isa Al Khalifa and the Silver Jubilee logo, while the reverse side features The Prosperous Al- Sakhir Palace.

    It is worth noting that the Central Bank of Bahrain issued the commemorative coin using Ultra High Relief Technology for a three dimensional (3-D) effect on both sides.

    Under the directives of His Majesty King Hamad bin Isa Al Khalifa, all proceeds from the sale of the coin will go to charitable organisations and funds, through the Royal Humanitarian Foundation (RHF).

    The sale of the silver commemorative coin will be announced shortly, noting that appointments will be open for booking soon through ‘Mawaeed’ National Appointment System app. The app can be downloaded from the eGovernment App Store www.bahrain.bh/apps.

    Share this

    MIL OSI Economics

  • MIL-OSI China: China combines policy tools to revitalize property sector

    Source: China State Council Information Office

    An aerial drone photo taken on Jan. 16, 2024 shows people waiting to receive the keys to their new homes at a relocation residential complex in Shijiazhuang, north China’s Hebei Province. (Xinhua/Yang Shiyao)

    In a year of heightened challenges, China’s property market is showing clearer signs of recovery, bolstered by well-targeted policies that have restored confidence and rekindled demand.

    In late September, a key meeting convened by the Political Bureau of the Communist Party of China Central Committee emphasized the need to stabilize the property market and reverse its downturn, calling for adjustments to housing purchase restrictions, reduction in interest rates on existing mortgage loans, and improvement to land, fiscal, tax and financial policies.

    In keeping with these imperatives, authorities have acted decisively to reduce home-buying costs, ease mortgage burdens, and provide critical support to first-time homebuyers and those looking to upgrade their housing.

    On September 29, the country’s central bank instructed commercial banks to reduce interest rates for existing housing loans, including first and second home mortgages, by no lower than 30 basis points below the loan prime rate (LPR), a market-based benchmark lending rate, by October 31, 2024, to ease financial burdens on property owners.

    Following this, major cities, including the Chinese capital of Beijing and the cities of Shanghai, Guangzhou and Shenzhen, have adjusted their real estate policies, unveiling a raft of measures to boost local property markets.

    These new initiatives represent a further step in the ongoing policy push, building on landmark measures announced on May 17 that included cutting minimum down payment ratios, setting up a relending facility for affordable housing, and pledging to deliver unfinished homes.

    Together, these efforts are swiftly reflected in the latest market data. According to the National Bureau of Statistics (NBS), the decline in the prices of commercial residential homes in the country’s 70 large and medium-sized cities narrowed on a year-on-year basis in November.

    Home transactions also showed a turnaround in October, with new home transactions reversing a 15-month decline and rising 0.9 percent year on year. The total transactions of both new and second-hand homes grew by 3.9 percent, marking the first increase following eight months of drops.

    The market’s renewed confidence can be traced to several high-level meetings where a flurry of policies to support the property market were unveiled, sending a wave of optimism, said Lu Wenxi, a market analyst with the real estate agency Centaline Property, highlighting notably active second home transactions in major cities like Shanghai.

    The shift in market sentiment is palpable on the ground. In a bustling real estate office in Beijing’s Chaoyang District, a manager described the past two months as the busiest period of this year. “I sometimes have to take clients on seven viewings in a single day, barely having time for lunch,” he said.

    This rebound signals the start of a recovery, but long-term stability also hinges on rebuilding market confidence, particularly ensuring the timely delivery of housing projects.

    In this respect, the “white list” mechanism launched in January has played a pivotal role, offering targeted financial support to eligible real estate projects.

    As of the end of October, loans approved for “white list” real estate projects had exceeded 3 trillion yuan (about 417.24 billion U.S. dollars). By the end of this year, the approved loan amount for these projects is expected to reach 4 trillion yuan.

    The current rebound might be the strongest in two years, largely driven by restored market confidence, said Gao Yuan, director of the Beijing Lianjia Research Institute. He anticipated lasting momentum as buyers and sellers steadily return, pointing to a more sustainable recovery.

    The focus on stabilizing the property market is a part of the country’s broader drive to anchor expectations and secure economic growth. In its recent tone-setting Central Economic Work Conference, the country stressed the importance of “stabilizing expectations” as a key objective for the coming year.

    Analysts say these expectations — often the unseen force that drives market sentiment — are considered a linchpin for overall economic recovery.

    The latest business activity and expectation indices reflect growing optimism among market players. In October, the property sector’s business activity in the purchasing managers’ index rose by 2.5 percentage points month on month, while the business expectation index climbed by 1.8 percentage points.

    “With improved expectations, the market is sustaining a sound recovery from the previous downturn,” noted NBS spokesperson Fu Linghui at a press conference on Monday.

    After three years of adjustment, “the real estate market is starting to bottom out as the policies take effect,” the Ministry of Housing and Urban-Rural Development noted at a recent press conference.

    Beyond the goal of stabilization, China’s housing policies are also shifting focus towards quality and sustainability. The emphasis is no longer merely on “having a home” but on “having a better home,” aiming to ensure a resilient rebound capable of weathering future challenges.

    Urban renewal projects spearhead this transition, breathing new life into older neighborhoods and improving living conditions for millions. Over 66,000 such projects were implemented in 2023. In 2024, another 54,000 projects are set to revitalize aging residential areas.

    Looking ahead to 2025, a report by China Minsheng Bank noted that market confidence is the golden key to stabilizing the property sector, urging further efforts to foster confidence, guide expectations, and ensure the successful implementation of existing and upcoming policies. 

    MIL OSI China News

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah, launches various initiatives to strengthen the cooperative sector in Tripura

    Source: Government of India (2)

    Union Home Minister and Minister of Cooperation Shri Amit Shah, launches various initiatives to strengthen the cooperative sector in Tripura

    Under the leadership of Prime Minister Shri Narendra Modi, emphasis is being laid on cooperatives for the welfare of every farmer and poor of Tripura

    Farmers of Tripura should join hands with National Cooperative Organics Limited (NCOL) to get their land and products certified

    Today, 8 initiatives, including a MoU between NCOL and Tripura State Organic Farming Development Agency will give impetus to cooperatives in the state and it will open many dimensions for farmers

    Organic farming offers solutions to many problems; it enhances the prosperity of farmers and also helps in maintaining a higher groundwater level

    In the previous governments, cooperatives in Tripura were running at a loss, but since 2018, Tripura’s cooperatives have been earning profits

    Modi ji has launched the world’s largest food storage scheme, and now, there will not be a single tehsil in Tripura without a storage facility

    Out of the 57 initiatives taken by the Ministry of Cooperation, Tripura has made significant progress in implementing 41 initiatives, which is a major achievement

    Posted On: 22 DEC 2024 7:06PM by PIB Delhi

    Union Home Minister and Minister of Cooperation, Shri Amit Shah, today launched various initiatives to strengthen the cooperative sector in Tripura. On this occasion, the Chief Minister of Tripura, Prof. (Dr.) Manik Saha, and the Secretary, Ministry of Cooperation, Dr. Ashish Kumar Bhutani, along with several other dignitaries, were present.

    In his address, Shri Amit Shah said under the leadership of Prime Minister Shri Narendra Modi, emphasis is being laid on cooperatives for the welfare of every farmer and poor of Tripura. He mentioned that the objective of the Ministry of Cooperation, established by Prime Minister Modi, is ‘Sahkar Se Samriddhi’. Shri Shah highlighted that Prime Minister Modi has elevated India’s economy from 11thto 5thposition, and by 2027, the country will attain the 3rdposition. He added that our goal is not only to achieve the 3rdposition but also to ensure the participation of 140 crore Indians in this process. Prosperity, happiness, education, and healthcare should reach every family and individual. He emphasized that the only path to achieve this is through cooperation.

    Union Home Minister and Minister of Cooperation said that there are more than 8 lakh cooperatives in the country through which more than 350 million people are associated with cooperatives. Cooperatives like Amul, IFFCO, KRIBHCO, and NAFED have worked to connect people with cooperatives. He said, today, cooperatives exist in almost all sectors, including banking, agricultural financing, medical support, and fertilizer distribution.

    Shri Amit Shah said that we have launched Mobile Rural Marts through NABARD, and these marts will aim to provide pulses, rice, and wheat flour at affordable prices to people in five districts under the India brand, through NABARD. He mentioned that 50 primary cooperative societies of Tripura State Cooperative Bank have been provided with micro ATMs. Today, cooperative petrol pumps and a consumer store in Dhalai district have also been inaugurated in Tripura. Shri Shah further noted that eight initiatives have been taken today to boost cooperation, including the Smart Training Center of Tripura State Cooperative Union, the distribution of mini seed kits to 500 farmers through NCCF, and the MoU between National Cooperative Organics Limited (NCOL) and Tripura State Organic Farming Development Agency.

    Union Minister of Cooperation said that Tripura is traditionally a state that produces more than 70% organic products, but these products are not certified. He mentioned that Tripura’s farmers should connect with the NCOL through cooperative institutions, so that their land and products can be certified. Shri Shah stated that within two to three years, NCOL will help farmers secure at least 30% higher prices for their products. He further emphasized that organic farming not only enriches and preserves our land but also keeps the environment healthy and protects our bodies from various diseases. He added that organic farming solves many problems, increases the prosperity of farmers, and helps in maintaining a higher groundwater level.

    Shri Amit Shah said that the central government has established three national-level multipurpose cooperative societies to provide quality seeds, market organic products, and connect farmers’ produce to the global market. He mentioned that over 35 cooperative institutions from Tripura have applied for membership in these three societies. Shri Shah further stated that currently, there are 3,138 different types of cooperatives in Tripura, including dairy, fisheries, consumer cooperatives, livestock, and poultry cooperatives. He noted that previous governments established cooperatives but used them as a means to recruit their cadres, causing them to incur losses. He said in 2018 when his party formed government in the state, Tripura’s cooperatives started earning profits, and now, with the efforts of the Narendra Modi government, their profits are increasing.

      

    Union Home Minister and Minister of Cooperation said that farmers in Tripura can work through cooperatives for the prosperity of themselves and their families. He mentioned that Prime Minister Modi has launched the world’s largest food storage scheme, under which 2,000 metric ton capacity warehouses will be built on a cooperative basis in Tripura. He assured that there will not be a single tehsil in the state without a storage facility. Shri Shah added that out of the 57 initiatives taken by the Ministry of Cooperation, Tripura has made significant progress in implementing 41 of them, which is a major achievement.

    *****

    RK/VV/ASH/PS

     

    (Release ID: 2087053) Visitor Counter : 71

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah addresses the North East Bankers Conclave 2024, organized by the North East Development Finance Corporation (NEDFI) in Agartala, Tripura

    Source: Government of India (2)

    Union Home Minister and Minister of Cooperation Shri Amit Shah addresses the North East Bankers Conclave 2024, organized by the North East Development Finance Corporation (NEDFI) in Agartala, Tripura

    Under the leadership of Prime Minister Shri Narendra Modi Ji, Northeast will become the gateway to India’s development & trust and will break all records in infrastructure development in next 25 years

    Modi Ji has empowered the Northeast from the perspectives of emotion, economy, and ecology

    In the next 10 years, the Northeast is expected to experience an average growth rate of 20%

    In 2023-24, our public sector banks earned a profit of 1.5 lakh crore, and their NPA remained below 2.8%

    The Northeast is the best destination for investing in future business

    The greatest potential lies within the Northeast, which is why the region needs to be viewed not through statistics, but through sensitivity

    All bankers should explore 100% potential in every state of the Northeast region and move forward in the direction of building a developed Northeast and a developed India

    Today, our waterways are connected to Chittagong port, opening the way for products from the northeast to be shipped across the world

    India’s banks have successfully provided MUDRA loans, SVANidhi loans, and completed the recovery of 10 lakh crore rupees in bad debts over the past 10 years

    Posted On: 21 DEC 2024 9:08PM by PIB Delhi

    Union Home Minister and Minister of Cooperation Shri Amit Shah addressed the North East Bankers Conclave 2024, organized by the North East Development Finance Corporation (NEDFI) in Agartala, the capital of Tripura. On this occasion, Union Minister of Communications and Development of the North East Region Shri Jyotiraditya M. Scindia, Chief Minister of Tripura Professor (Dr.) Manik Saha, Chief Minister of Arunachal Pradesh Shri Pema Khandu, Union Minister of State for Northeast Development Dr. Sukanta Majumdar, the Union Home Secretary, Shri Govind Mohan and several other dignitaries were present.

    In his address Union Home Minister and Minister of Cooperation said that for India, with a population of 1.4 billion and diverse geographical conditions, it is essential to promote the economy while ensuring the economic development of every region, state, village, and individual. He said until we complete economic development of 140 crore people of the country we cannot become a developed nation. Shri Shah added that the concept of a developed nation isthat every person is capable of looking after his family, every person has basic facilities and every person contribute in the development of the country. He said that such nation can become a developed nation.

    Shri Amit Shah said that equal development is necessary for any country to move forward and our bankers should adopt this basic principle. He said that development of the Northeast is a national responsibility of all of us. Shri Shah requested bankers that they should not see Northeast only from the perspective of business,potential and profit but as a responsibility. He highlighted that under the leadership of Prime Minister Shri Narendra Modi Ji, the Northeast will become the gateway to India’s development and trust in the next 25 years, serving as the gateway to the entire nation’s trust. He expressed confidence that the Northeast will break all records in infrastructure development as well.

    Union Home Minister and Minister of Cooperation appealed to the participants of the Northeast Bankers Conclave to assist in financial inclusion, economic development, and infrastructure development, urging that their approach should be sensitive to these areas. He called for the creation of separate parameters for finance, infrastructure, agriculture, MSMEs, and personal loans in the Northeast. Shri Shah said that the State Bank of India should develop specific guidelines for Northeast finance, considering the current capacity of the region with a positive outlook. He emphasized that there is immense potential in the region, and the Northeast has become the gateway for India’s exports.

    Shri Amit Shah said that a few years ago, the enclaves between Bangladesh and India were exchanged. After independence, some parts of India were inside Bangladesh, and some parts of Bangladesh were within India, which caused significant difficulties in building and maintaining infrastructure. Prime Minister Modi Ji took the initiative, and after 75 years of independence, constitutional amendments were made and talks were held with Bangladesh to exchange the enclaves between the two countries. As a result, today our waterways are connected to Chittagong, and through the Chittagong port, the entire Northeast now has open routes to send products to the world.He said that earlier the transportation cost used to be 12 to 15 percent, making it impossible to export products from the North East to outside the country, but today, whatever is produced in the Northeast, the global market is open through the Chittagong port.

    Union Home Minister said that in the past 10 years, a revolution in connectivity for the economic development of the Northeast has almost been completed. Through ISRO, excellent programs have been developed for the proper and efficient use of local resources, and peace and stability have also been achieved in the Northeast.Prime Minister Shri Narendra Modi ji has empowered the Northeast from the perspectives of emotion, economy, and ecology. In the past 10 years, Narendra Modi ji himself has visited the Northeast 65 times, and central ministers have spent over 700 nights in the Northeast. This reflects that the Northeast is a major focus of the Government of India.

    Shri Amit Shah said that in the past 10 years, many successful insolvency laws have been created in India’s banking sector. The banks in India have managed to complete the recovery of bad debts worth 10 lakh crores through schemes like MUDRA loans, SVANidhi loans, and others. Home Minister mentioned that 10 public sector banks have been merged into larger banks. Previously, public sector banks were operating at a loss, but in 2023-24, these banks made a profit of 1.5 lakh crores, and their NPA has reduced below 2.8%. He added that for future business investments, there is no better destination than the Northeast, as it is expected to experience an average growth rate of 20% over the next 10 years. Shri Shah emphasized that the financial policy should be made more flexible, and a good package should be provided to every sector and industry in the Northeast to move forward.

    Shri Amit Shah said that the biggest benefit of UPI will be for the Northeast. 95% of India’s villages are now equipped with 3G and 4G connectivity, and 80% connectivity has been completed in the Northeast as well. Additionally, numerous infrastructure projects have been carried out in the Northeast, over 20 water-based projects have been completed, and peace has been established. He mentioned that in the coming days, many industries are likely to come to the region. Tata Group’s Rs. 27,000 crore semiconductor project indicates that large industrial groups are looking to explore the potential of the Northeast. Home Minister further stated that the 50,000 MW hydropower potential in the region has not yet been fully explored, and the Brahmaputra River could provide the country with an endless supply of affordable electricity.

    Union Home Minister and Minister of Cooperation said that the greatest potential lies within the Northeast, and the region should be viewed not through statistics, but through sensitivity. Its development should not be seen as a business task, but as a national responsibility.Shri Shah said that all bankers should explore 100% potential in every state of the Northeast region and move forward in the direction of building a developed Northeast and a developed India.

    ****

     

    RK/VV/ASH/PS

    (Release ID: 2086893) Visitor Counter : 63

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Text of Vice-President’s Address at 5th Global Alumni Meet of Panjab University in Chandigarh (Excerpts)

    Source: Government of India (2)

    Posted On: 21 DEC 2024 6:50PM by PIB Delhi

    Hon’ble Governor of Gujarat, Acharya Devvrat Ji. Acharyaji is a doyen of Governors also, which means the senior most Governor, leading all the Governors. I have had the good fortune to be Governor with him, and therefore know his deep commitment and passion for natural and organic agriculture.He is extremely concerned with the rural sector, the farm sector, and these two taken together are fundamental to the growth of this nation. These are the two vital sectors that will pave the passage for Viksit Bharat at 2047.

    Acharya Devvrat doesn’t believe in preaching. He practices. And those of you who can get the opportunity to go to his farm will see what he talks, he performs first. I still recall before governors of all the states in the presence of the Prime Minister of the country and the Hon’ble President. He addressed us on farming. And trust me, he took much beyond his time, and no one objected. I’m extremely happy to note that he is an alumnus of Panjab University.

    Shri K. K. Paul has had the distinction of being Governor Uttarakhand, Meghalaya, Manipur, Nagaland, Member UPSC and Commissioner of Police Delhi. The presence of Shri Shekhar Gupta, An alumnus of this university is very different for me. In the world of journalism, he has shown his fearless commitment to truth and facts, and presently, as editor-in-chief of the print, he is widely read, and when it comes to critical issues facing the nation, he economizes on words, 50 words. I am a regular reader of his contributions. He has headed country’s most prestigious and independent media. He being the alumnus on the dais is a matter of pride for me.

    Shri Atul Karwal ji, and mind you, he has earned for us global reputation. National disaster doesn’t give any respect to principles of natural justice. It comes, number one, uninvited. It comes with full fury and a DG of National Disaster Response Team, his performance has been exemplary. So exemplary that the nation has earned laurels and we have been accoladed globally that in similar situations on the planet, Bharat has earned the name being one of the first responders.

    He is the initiator of a new culture and I had the good fortune to get the benefit of it as Governor of the state of West Bengal. On account of geographical conditions and being a country close to the sea, our entire line, thousands of kilometers, is always a challenge. States of West Bengal, Odisha in particular suffer cyclones. It is in that capacity I came to know gradation of cyclones. But I can share with you. So remarkable was the performance that human lives were saved, hardly any mortality.

    And therefore I can say that the alumnus on the dais, Acharya Devvrat, Shri K. K. Paul, Shri Shekhar Gupta and Shri Atul Karwal, are amongst many who are legends, who are respected for their contributions, their convictions and their deep commitment, and I would be reflecting a little later if we have such a rich reservoir of human resource, such a talent that is nationally and globally acknowledged, time for us to engage into optimum output.Professor Renu Vig, the first woman Vice-Chancellor of this University, and if I may engage into some kind of self-praise, appointed by a Chancellor, who comes from rural stock. Her two years have defined this university with transparency, accountability and dedication.

    I will also not commit a mistake of not naming my dear friend, Shri Satpal Jain, a distinguished senior advocate, one of the senior constitutional functionaries in the legal field of government of India, and associated also for a number of years with the management of this university in capacity as a member of the Senate or Syndicate. Ladies and gentlemen, there is the presence of another gentleman I must take note of. He is an alumnus of IIT Kanpur.He is Shri Sunil Kumar Gupta, 1987 batch, IAS officer. And he is helping the Vice-President of the country as secretary to the Vice President.

    Countries are known by the institutions they nurture. Because it is institutions that are crucibles of innovation, change, research. They catalyse big change, they create concepts. It is their innovation that is translated by industry, by process of execution. And therefore countries that are ahead in research and develop research are the countries that emerge as world leaders. Let me give you some figures to begin with. Harvard endowment fund in 2024, ladies and gentlemen, jumps to 53 billion US dollars endowment fund. And this is larger than the GDP of 120 countries, and at the base of it is the alumni of Harvard.

    The alumni of Panjab University. They have occupied positions of the President of the country, the Vice President of the country, the Prime Minister of the country, Cabinet Ministers, Secretaries and Cabinet Secretaries, distinct positions in armed forces, in journalism, in art, in culture, in sports, Nobel laureate and what not. But then, I am here to see their commitment only as alumni of this institution. Just imagine the power of the alumni if they act in a structured manner. If they nurture their alma mater, the results will not be geometrical, they will be incremental.

    सुना था बहुत दिनों से अपना चेहरा नहीं देखा, कोई आईना तो दिखा दे। With utmost restraint at my command but out of great compulsive need मैं alumni को आज आईना दिखाना चाहता हूं। Society progresses. Why? Because we need an ecosystem that enables every citizen to fully exploit his/her potential to realize ambitions and aspirations. We accolade the prime minister of the country. Why? He created such an ecosystem. It generated an atmosphere of hope and possibility.

    He gave new dimension to development. It became people-centric. His achievements are phenomenal, reflected in our exponential economic rise, infrastructure we never dreamt of, and our outreach of inclusion in banking sector to the rural woman by way of gas connection, by way of toilets, by way of नल and नल with जल. There is a question before all of us. Has the rich resource of alumni of this prestigious university exploited its resources, its talent or potential to nurture this institution.

    I leave this soul searching to all of you. But I will make one appeal. Those who look back carry bad baggage. Let us shake off that baggage. Time to make a new beginning. Why a new beginning? We are at a turning point in our history. We are already in the last quarter of independence of our country.

    The centennial independence of our country, last quarter. We have entered the last quarter of the century of adoption of the Indian Constitution. And therefore, right time for the alumni of this prestigious university to take a call. संकल्प लेकर जाएँगे, संकल्पित होकर जाएँगे कठोर निर्णय करेंगे हर वर्ष पंजाब यूनिवर्सिटी के लिए योगदान दूँगा। It doesn’t matter, ladies and gentlemen, what your fiscal contribution is. What matters is that there is contribution.

    Ladies and gentlemen, these endowment funds are not to be analyzed in the context only of it being, let’s say, for Harvard or 50 billion US dollars. No. This generates a great integral bond with the university, with its students. And that bond reflects positively, affirmatively, in several areas. I would seek to invite a focus

    Alumni engagement is vital for curriculum development. Can you imagine of a greater human resource that can make available to you ideas as to what should go into your curriculum. Industry alignment, research in partnerships, evolution of policies, governance mechanisms, financial support is only one part of it. The other part will change the careers of many for the better. It is through your efforts that universities will be enabled to embrace critical thinking innovation. Prepare, motivate, energize and inspire our youth for entrepreneurship. Your input can shape them into future leaders.

    And it is a time when we must have mindset and culture in the country that when it comes to country’s interest, let us not have partisan approach. Let our instinct be fired only by nationalism. Let nationalism alone guide us. Let the principle of nation being always first guide us. I am pained and disturbed on two counts. One, some states have not adopted it. I am sure this is inconceivable on any rational ground. How can this happen? And this happens because the academia, the intelligentsia and the journalism, those in journalism, they don’t generate that pressure.

    We cannot afford in this country to engage into politics at the cost of nationalism or development. That is something which has to be focused. The role of alumni is much beyond. I don’t want this to be limited only to educational institutions. I have advocated from this platform. Number one, wherever I go, I find Panjab University Alumni Associations good, remarkable. It keeps people in connect but please have one confederation of alumni associations for Panjab University. Second, there must be national confederation of alumni associations, of IITs, of IIMs, of universities like Panjab University, institutes of eminence, and that will be a think tank unrivaled and matched in the world. Such kind of remarkable human resource can contribute.

    In evolution of national policies. They will bring on the table their global experience. I’m reminded of a young student who told me just a month back that there was a time when an Indian mind was not seen in global corporates. And now there is no global corporate that doesn’t see Indian genius at the apex level. That’s a big change.

    भारत ने कभी नहीं सोचा था कि भारत दुनिया में आज इतने प्रखर पर होगा। कल्पना से परे था कि जिन्होंने हम पर राज किया और उस स्थान पर मैं राज्यपाल भी रहा।पश्चिम-बंगाल का राजभवन। उनको हमने पीछे छोड़ दिया। हमें कहा जाता था कि दुनिया के अंदर पाँच हिलती डुलती अर्थव्यवस्थाएं हैं। Fragile five economies of the world, We suffered being part of it and now our economy is spinally so strong that we are among the top 5 और दो साल में जापान और जर्मनी, हम किसी को पीछे नहीं छोड़ते हम सिर्फ आगे निकलना जानते हैं।

    मैंने आँखों से देखा है। I was elected to Parliament in 1989, I was a Minister. मेरी आँखों के सामने निर्णय लिया गया कि भारत का सोना भौतिक रूप से स्विट्ज़रलैंड के बेंक में गिर्वी रखा जाएगा, और रखा गया क्योंकि Foreign Exchange डगमगा रहा था। आज उस समय के मुकाबले Foreign Exchange 700 गुना है– 700 times, मैंने वो आँखों से देखा जब 1990 में मंत्री परिषद के सदस्य के रूप में श्रीनगर गया था। डल लेक के कोने पर वो होटल है। जहां हम रुके थे, हमें 2-3 दर्जन से ज्यादा लोग दिखाई नहीं दे रहे थे और मैंने वो सीन भी देखा, जब राज्यसभा में बताया गया हर साल 2 करोड़ से ज्यादा पर्यटक जा रहे हैं। More than 2 Crores, मैंने देखा है, उस समय वातावरण क्या था। कानून के समक समानता नहीं थी, नहीं थी समानता ! Power corridors were extralegally leveraged by nefarious elements, Shekhar Gupta ji का write up है, you can go to that.

    ऐसे हालात में Alumni Association का role बहुत बड़ा हो जाता है। आपके मजबूत कंधों पर बहुत बड़ी जिम्मेवारी है।आज यदि अगर आप ठान लेते हैं, आज अपनी Alma mater को आप गले लगा लेते हैं, आज आप संकल्प लेते हैं कि हम इस University को भी बदलेंगे, इस University के हर छात्र जीवन को हम दिशा देंगे-क्रांतिकारी नतीजे आएंगे, क्यूंकि अपना देश बड़ा विचित्र है। Here iconic status is determined on parameters that are baffling. Look around and you’ll find iconic figures and देखें वो कैसे अपना कलर बदलते हैं। I would not name, I would leave it to your genius. The Indian Banking sector is doing good now because is handling NPAs created by earlier regime. छपा है, उनका बयान देखिए। जब जोड़ने की लंबी यात्रा हो रही थी, एक उद्घोषणा की गई की इस देश के अंदर 5% से ज्यादा की ग्रोथ तो हो ही नहीं सकती। शेखर गुप्ता जी आपने तो जरूर प्रश्न पूछा होगा उनसे की ग्रोथ तो 5 के बजाय 2.5 गुना हो गई थी।

    Ladies and gentlemen, as citizens of this country, it is our prime obligation to ensure that we do not allow in this country disorder to be order of the day. It is indigestible for us. We cannot allow people who have inimical instincts, intentions, evil design towards our progress, and trust me, these forces are powerful. These forces are powerful only on two planks — One, they are fueled by fiscal power which is very tempting. So people fall prey to it. When they fall prey to it, they for a moment forget nationalism and commitment to the nation or the nation first principle, पर जब आम नागरिक, आम भारतीय आज शासन कि सकारात्मक नीतियों को अपने पक्ष में मान रहा है। सकारात्मक नीतियों का लाभ उस तक पहुँच रहा है तो यह जरूर सामने आता है कि जो हो रहा है वो और ज्यादा होना चाहिए, but fundamental premise is we must acknowledge what is happening.

     

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    JK/RC/SM

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Key stakeholders from NPS ecosystem to come together with the launch of Association of NPS Intermediaries (ANI) today

    Source: Government of India (2)

    Key stakeholders from NPS ecosystem to come together with the launch of Association of NPS Intermediaries (ANI) today

    Necessary to plan early for pension, ANI may create awareness about it: Secretary, Department of Financial Services, Government of India

    ANI to strengthen & redouble efforts to expand pension coverage in India through collective efforts and feedback mechanism: PFRDA Chairperson Dr. Deepak Mohanty

    Posted On: 21 DEC 2024 3:34PM by PIB Mumbai

     

    : Mumbai, December 21, 2024

    The Association of NPS Intermediaries (ANI) was officially launched today at a conference titled “Securing Tomorrow, With Pension” held at the Insurance Institute of India, Mumbai today. On the occasion, the association’s logo was also unveiled by the Chairperson of PFRDA, Dr. Deepak Mohanty.  This landmark initiative brings together key stakeholders from the National Pension System (NPS) ecosystem to foster collaboration, strengthen subscriber welfare, and promote the continued growth of NPS as a critical retirement planning tool for the citizens of India.

    The Secretary, Department of Financial Services (DFS), Ministry of Finance, virtually delivered the keynote address on the occasion. DFS Secretary congratulated the newly formed Association of NPS Intermediaries. It was emphasised that, with the changing demographics, rapid urbanisation and changes in family structure, early planning for the pension product by an individual is a necessity. In this regard, he urged advocacy by the newly formed association. The association was assured that any feedback from them will be examined with utmost care and urgency.

    Speaking at the conference, PFRDA Chairperson Dr. Deepak Mohanty, emphasized,
    “The launch of the Association of NPS Intermediaries is a significant milestone for the pension sector. I am confident it will further strengthen & redouble our efforts in creating awareness to expand pension coverage in India through collective efforts and feedback mechanism. The Association will lead the charge, with guidance from its members and regulators, to become a global benchmark for financial security.”

    Dr. Mohanty stated, National Pension System (NPS) has seen tremendous growth in recent years, establishing itself as a cornerstone for long-term retirement planning in India. With assets under management (AUM) exceeding ₹13.8 lakh crore, both Atal Pension Yojana (APY) and NPS, having a total subscriber base of 8 crores, has emerged as one of the most efficient, tax-advantageous, and low-cost retirement solutions available today. This remarkable growth underscores the increasing acceptance of pension schemes and the vital role it plays in securing the future of India’s working population, he added.

    Dr. Mohanty also said that the NPS industry is expanding rapidly, driven by growing awareness, government initiatives through PFRDA and NPS Trust and support from a robust network of intermediaries. The system’s flexibility, transparency, and ability to cater to a wide range of investors—from salaried employees to self-employed individuals—have made it a preferred choice for retirement planning across the country. The steady rise in subscribers and growing assets reflect the confidence Indian citizens place in NPS as a trusted retirement product, said the PFRDA Chairperson.

    Speaking about the important role to be played by ANI, Dr. Mohanty said, as the NPS ecosystem evolves, the formation of the Association of NPS Intermediaries marks a significant milestone. This association unites various stakeholders, including Pension Fund Managers.

    The conference titled “Securing Tomorrow, With Pension” featured an insightful address by Shri Siddhartha Mohanty, Chairperson of LIC of India, who focused on the pivotal role of increased pension assets in the development of the financial sector in India. Shri Rama Mohan Rao Amara, MD of State Bank of India, and Shri Amitabh Chaudhry, MD & CEO of Axis Bank Ltd., shared their perspectives on the critical role financial institutions play in driving the adoption and growth of the NPS. Shri Animesh Mishra, Additional Central Provident Fund Commissioner, EPFO, also addressed the gathering, emphasizing the lack of advocacy about the need for sustainable pension and EPF alone will not be sufficient to reach the desired replacement rate.

    A panel discussion on “Pension Society in Viksit Bharat@2047”, moderated by Prof. (Dr.) Manoj Anand, Whole-Time Member (Finance), PFRDA, with participation of experts from the Government, Industry and Academia.  During moderation, Prof. (Dr.) Manoj Anand, Whole-Time Member (Finance), PFRDA in its opening remark highlighted on the increased longevity, need for financial literacy and long-term sustainable investment options focussed on ESG. Shri Pankaj Sharma, Joint Secretary, DFS emphasized that Government is taking adequate steps to increase the penetration and the young generation should be sensitised the saving for pension. Dr Ritu Anand, Thought Leader, Human Resources stated that lot of work has to be done by the HR Community to introduce NPS starting from the top management of the corporates. Sh. Dhirendra Kumar, CEO, Value Research mentioned that Pension Funds should aim to make investment provisions for the longer term considering the longer investment horizon of the product. Smt Bahroze Kamdin, Partner, Deloitte Haskins & Sells informed that NPS is a tax efficient product and at the same time ensures that the investments are safe and secure with decent returns. Prof S.V.D. Nageswara Rao, Prof and Head, SJM School of Management, IIT Bombay mentioned that Financial Literacy is most important step to ensure better penetration of pension across the society.

    About Association of NPS Intermediaries (ANI)

    The Association of NPS Intermediaries is a collective platform representing all stakeholders in the NPS ecosystem. It is committed to enhancing the effectiveness of the system, strengthening subscriber welfare, and collaborating with policymakers to shape the future of retirement planning in India. The ANI stakeholders are Points of Presence (Bank and Non-Bank), Central Record Keeping Agencies, Trustee Banks, Custodians, Aggregators, Annuity Service Providers, Pension Agents, Retirement Advisors, and other industry participants.

    The primary objectives of the association are to:

    • Promote NPS as a reliable, flexible, and tax-efficient retirement product.
    • Focus on subscriber welfare by ensuring smooth and transparent processes within the system.
    • Collaborate with regulators and policymakers to improve the NPS framework and contribute to developing the pension market in India.

     *****

    Sriyanka Chatterjee/ Edgar Coelho/P.Kor

     

     

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  • MIL-OSI Economics: Chad: New EUR 28 million African Development Bank-funded solar project to boost Chad’s energy access

    Source: African Development Bank Group
    The Board of Directors of the African Development Bank Group has approved funding worth EUR 28 million to build solar power plants in Gassi and Lamadji, Chad. This is part of the Bank’s Desert to Power program to increase energy access across Africa.

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  • MIL-OSI Economics: Chad: the African Development Fund approves a grant of USD 11 million to increase rice production through comprehensive water management.

    Source: African Development Bank Group
    The Board of Directors of the African Development Fund – the African Development Bank Group’s concessional financing window – approved a grant of USD 11.53 million to Chad in Abidjan on 17 December 2024 to implement the Project to Support Rural Infrastructure Development and the Promotion of Agricu

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  • MIL-OSI Economics: 2024 Year in Review: First visit by a U.S. Secretary of State to the African Development Bank, waves of investment in the African Development Fund…

    Source: African Development Bank Group
    As the curtain falls on 2024, the African Development Bank marks the final celebrations of its 60th anniversary – six decades of promoting sustainable economic growth and reducing poverty in Africa. In 60 years, the Bank has mobilized more than USD 184 billion to support Africa’s development and growth. In total, it has financed 6,…

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  • MIL-OSI Economics: Africa Investment Forum 2024 Market Days highlights Japan’s Role in Africa’s agricultural and energy revolution

    Source: African Development Bank Group

    African Development Bank President Dr. Akinwumi Adesina painted a compelling picture of the potential of Africa’s agricultural and energy transition during a plenary session at the Africa Investment Forum 2024 Market Days, highlighting the deepening Japan-Africa partnership, emphasizing how Japanese technology and innovation could help unlock them.

    He spoke on 9 December as part of two panel discussions on Africa’s agriculture and energy transition, that brought together 100 Japanese investors, showcased how digital solutions , innovative technologies and business models are transforming Africa’s business  landscape.

    “Agriculture is the place to be,” declared Dr. Adesina, highlighting Africa’s possession of 65% of the world’s remaining arable land. “You may like oil and gas, that’s fine. But nobody drinks oil, and nobody smokes gas. But everybody eats food three times a day.” With the global food and agricultural market in Africa projected to reach $1 trillion by 2030, the continent presents unprecedented opportunities for investment and innovation.

    Digital Revolution in Agriculture

    Space Shift Inc. demonstrated their groundbreaking use of satellite technology for crop monitoring in Nigeria. Chief Business Officer Tamao Tada presented how their AI-powered system combines optical and radar satellite data to provide continuous monitoring of crop growth, harvest timing predictions, and historical farming activity records – even through cloud cover. This technology is enhancing credit scoring for farmers and improving agricultural decision-making.

    AAIC Partners Africa Limited, through Director Hiroki Ishida, shared their success story in Rwanda and Tanzania, where they’ve implemented smart agriculture projects covering 1,700 hectares. Their work demonstrates how Japanese technology can transform large-scale agricultural operations in Africa through IoT solutions and satellite technology optimization.

    VunaPay’s COO, Koya Matsuno, addressed one of agriculture’s most pressing challenges through their digital platform that enables instant payments to farmers upon produce delivery. “Imagine working hard for a month and your boss tells you that you’re not going to get paid for another six months,” Matsuno illustrated, highlighting how their solution is transforming agricultural finance.

    Green Carbon Inc.’s Manager, Ryo Harada, introduced innovative approaches to generating carbon credits in agriculture. Their projects, including biochar and alternate wetting and drying (AWD) in rice fields, can reduce methane emissions by 30-50% while generating valuable carbon credits for farmers.

    Strategic Partnership Framework

    The Japan International Cooperation Agency (JICA), represented by Jin Wakabayashi, Deputy Director General for Private Sector Investment Finance, outlined their comprehensive support for agricultural development, emphasizing three key pillars for private finance window: Climate-resilient agriculture; Food security enhancement and financial inclusion facilitation.

    The African Development Bank’s Director of Private Sector Operations, Richard Ofori-Mante, highlighted successful collaborations with Japanese institutions, including a $600 million of the Enhanced Private Sector Assistance for Africa (EPSA) facility with JICA and ongoing partnerships with major Japanese corporations like Mitsubishi.

    “What I see here is what Executive Director Nomoto and I envisioned,” reflected Dr. Adesina, describing the creation of a comprehensive ecosystem supporting Japanese investment in African agriculture. This ecosystem spans agricultural technology and innovation; infrastructure development; financial services; private equity and venture capital and government support mechanisms.

    The Bank’s collaboration with MasterCard on the Community Pass program, aiming to provide 100 million African farmers with digital access to financial services and agricultural information, exemplifies this ecosystem approach.

    Green Transition and Digital Solutions

    Uncovered Fund specializes in supporting start-ups in Africa, including climate technology company and electric vehicle (EV) battery service provider, through their funds to support net zero in the continent. “Not just financing, the Uncovered Fund also provides Japanese technology to the start-ups”, explained Mr. Takuma Terakubo, CEO & General Partner.

    Hitachi Energy is also working towards clean energy transition and carbon neutral. Through its technologies and partnerships, Hitachi is implementing infrastructure projects which deliver reliable renewable energy to cities and rural areas, contributing to electrification of Africa. Mr. Bekim Tahiri, Executive & Global Sales Manager, emphasizes the importance of digitalization to make all the information visible to identify any issues to maintain their power supply and critically of investing into the Electrical Grid to successfully integrate clean energy whilst supporting access to power for the African continent.

    Mizuho, one of the global systemically important banks, has been a bridge between Africa and Asia through strong partnerships with African financial institutions. In his presentation, Mr. Junaid Belo-Osagie, Executive Director, focused on two sectors: hydrogen and clean cooking. “In terms of clean cooking, four in five Africans are exposed to harmful gases, and only 4 billion USD are required to move towards clean cooking scenario”, he added.

    The mission of the Japan Organization for Metals and Energy Security (JOGMEC) is to ensure a stable and affordable supply of energy and mineral resources. Ms. Yuri Uchida, Deputy General Manager of JOGMEC, underscored that in terms of hydrogen and ammonia sector, JOGMEC has a support system that focuses on the price gap, where they try to promote low-carbon hydrogen society.

    Nippon Export and Investment Insurance’s (NEXI) business in Africa has been growing in the past 20 years at an annual growth rate of 18%. Mr. Yuichiro Akita, General Manager, illustrated several cases including two wind power projects in Egypt and one solar power project in Kenya, where they underwrote insurances to facilitate green energy transition. “We have projects pipeline worth 5 billion USD in the coming years”, Mr. Akita emphasized.

    Catalyzing Action

    Ken Shibusawa, Vice-chairperson of Africa Project Team, Keizai Doyukai (Japan Association of Corporate Executives), brought urgency to the discussions. Moderator of the second session, he challenged his Japanese peers to move from interest to action, emphasizing that beyond the commonly discussed “cost of inaction” in sustainability, there was another critical cost: Japan’s missed opportunities in Africa. “In Japan, we have the technology, we have the people, we have the money, but what we lack is the Action,” Shibusawa noted, urging Japanese businesses to realize the cost they’re paying for future generations by not acting in Africa.

    Japan’s Long-term Commitment to Africa

    In closing remarks, Deputy Vice Minister of Finance of Japan, Daiho Fujii, underscored Japan’s long-standing commitment to African development, dating back to the country’s first participation in the African Development Fund in 1973. He highlighted Japan’s pioneering role in private sector mobilization, notably through the establishment of the EPSA at the Bank in 2006, which has provided around $9 billion to date.

    “Africa undoubtedly has huge potential to attain high growth, create jobs and build a solid economic structure for future generations,” Fujii emphasized. He particularly noted how the day’s focus on agricultural innovation and green growth addresses critical development challenges while respecting African ownership of its development path.

    The Deputy Vice Minister stressed that “it is time for us to co-create innovative solutions together with Africa,” highlighting how Japanese solutions and innovative business models presented during the session could be “real game-changers” in addressing the continent’s challenges and unleashing its potential.

    Looking ahead to TICAD 9

    With Japan’s upcoming Tokyo International Conference on African Development (TICAD 9), set to take place in Yokohama in August 2025, and the African Development Fund’s 17th replenishment negotiations on the horizon, the partnership between Japan and Africa in agricultural innovation and green growth is poised for further expansion. This momentum is evidenced by Executive Director Takaaki Nomoto’s successful mobilization of 100 Japanese participants for the Forum, up from 80 investors last year.

    Looking toward TICAD 9, Deputy Vice Minister Fujii reaffirmed Japan’s commitment: “Japan respects African ownership and will continue to encourage sustainable development driven by Africa… I believe if we work together, we can see an Africa where all people enjoy healthy and productive lives.”

    The convergence of Japanese technology, investment, and Africa’s agricultural and energy transition potentials is creating unprecedented opportunities for sustainable development and food and energy security, marking a new chapter in Japan-Africa relations.

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  • MIL-OSI Australia: Doorstop interview, Wollongong City Centre

    Source: Australian Treasurer

    STEPHEN JONES:

    I want to start by expressing on behalf of the Albanese government our deepest sympathy for the people of Germany who have lost their lives or suffered terrible injury in a terrible tragedy overnight. The mind boggles what might lead somebody to drive a car into a crowded market in the days before Christmas. It’s a tragedy and I know all Australians share their sympathy to the people of Germany. And, of course, our consular officials are busy to ensure that all Australians are safe and there’ll be more information on the matter in the course of the day. But, first and foremost, our message of sympathy goes out to the German people, particularly the families of those involved.

    Now Christmas time and particularly in the few days before Christmas, everybody is out there trying to do their Christmas shopping and get a bargain. Whenever something big like this is going on, the criminals, the fraudsters and the scammers are out as well. So the government’s sending a message to all Australians just to be careful, particularly when shopping online. We know that the scammers like to take advantage of people in a rush, spending their money, people going online perhaps for the first time and making a purchase. Scammers like to take advantage of people going online for the first time to make a purchase. So a few quick tips. Never press those blue links that you’re getting in an email or an SMS. That’s how scammers drag you off to a fake website. If something looks too good to be true, then it probably is too good to be true. Just stop, check, protect your information. Don’t give your information out to people who are calling you with unsolicited calls and just be careful online over the Christmas period.

    We know a lot of people are shopping online but a message for all of our shoppers. Bear in mind your local retailers. They’ve been doing it tough this year. If you’ve got a few dollars to spend, do some shopping at one of your local shops to ensure that we’re spreading the love around. Happy to take questions.

    JOURNALIST:

    Thank you, Stephen. Just on Germany before I go to retail spending, if that’s okay. I know that the government’s put out a travel warning for Australians in Germany and they’ve labelled this a suspected terrorist incident, what’s your message to Australian travellers in Germany right now and would you go as far as calling this out as a terrorist incident?

    JONES:

    We’re not going to get ahead of ourselves. I’ll leave it to the authorities in Germany who are doing the investigation for them to determine the motivation behind this terrible tragedy. And any Australians who are travelling in Europe, particularly in Germany at the moment, just check in with the consular information. Smartraveller is always up‑to‑date on the latest advice for people travelling in that region, but we won’t get ahead of ourselves before we start labelling the motivation behind this terrible tragedy.

    JOURNALIST:

    Thank you. Now, on retail spending, there’s the new data out that Australians are tipped to spend 2.7 per cent more this Christmas than they did last Christmas. Good news for retail outlets but definitely not for an interest rate cut. Is this extra spending what Labor really wants right now, especially heading into an election?

    JONES:

    Our thoughts are with the retailers who’ve had a really tough year and we want to ensure that they can continue to keep their doors open into next year. So, for Aussie shoppers who are bagging a bargain over the next few weeks, don’t forget your local retailers. Shop locally. Sure, you’re going to shop online as well but we want you to spread some love around your local retailers. Good news for retailers who’ve been doing it tough. But, of course, when it comes to the independent Reserve Bank, we know they tend to look through these seasonal periods. We know that every year there’s an uptick in consumption around Christmas time, as there should be. People have had a tough year. They’re looking forward to taking some time out with family and celebrating with their loved ones. We welcome that and want to ensure that people can have a great Christmas. And, as far as the Australian Government’s concerned, we’re doing our job to ensure that we’re providing cost‑of‑living support while we can while responsibly managing our spend through the Budget.

    JOURNALIST:

    Even though people are spending more this Christmas, they are doing it tough and there’s some concerns that it means they could be – if they’re not being savvy and looking at, you know, savings and sales, they could be cutting out on other things like essentials. And it’s yeah, obviously clear that Australians are still doing it tough. What would your response be to how people are feeling right now in this climate and any criticism that Labor is to blame for particularly inflation?

    JONES:

    Well, look, I think the government has really tried to balance this right to ensure that we provide cost‑of‑living support and tax relief support where we can. Had we followed the advice of Peter Dutton, we’d be in recession today. We know that Australians have saved up over the course of the year to spend a little more with their family and loved ones over Christmas time and that’s a great thing. We won’t be taking the advice of Peter Dutton who would have seen Australian retailers in an even tougher position today, Australia in recession and those million people who are in a job today who wouldn’t have been, would be out of work. And that’s not a price that we’re willing to pay for a few headlines. We want to ensure that we’re responsibly managing the economy, keeping Australians in jobs and keeping the economy out of recession and that’s been our priority.

    JOURNALIST:

    And as far as, is this the burst that businesses need right now who are struggling with, you know, rising energy costs, wages, the increasing costs everywhere they look.

    JONES:

    Look, after a tough year with retailers, I know a lot of businesses in my area and around the country are hoping to make some good money over Christmas so they can even things out a bit and keep trading in the new year, but we acknowledge it’s been a really tough time for Australian business, particularly retailers and small businesses, which is why we hope they’re going to have a profitable time over the next month or so.

    JOURNALIST:

    I understand there’s more details on the cash mandate you’re pursuing and there’s carve‑outs for bottle shops, cafés, jewellers, takeaway food and hairdressers. Can you talk me through the reasoning behind this?

    JONES:

    We know that the majority of Australians, for the majority of their purchases are using some form of tap‑and‑go digital payment but around about 13 per cent of retail transactions are still using cash and around 1.5 million Australians are using cash for over 80 per cent of their purchases. We’ll protect their right to do so, and that’s what the cash mandate’s all about. But we also know that it does impose some costs on small businesses. Most small businesses, in fact close to 99 per cent of businesses, are still accepting cash. We want to ensure that it stays that way for essential transactions. We’re consulting. We’ve put some proposals out overnight on what we think the right balance is. But what’s our objective? Ensuring that those Australians who want to use cash can. But there’s another reason for it as well. Every Australian’s had the experience where they’ve got to the cash register, the machine’s not working, their tap‑and‑go won’t work, so we need cash as a backup for when digital payments aren’t working. So whether you’re an Australian who loves using cash or you’ve got an insurance that you’ve got a payment method when electronic payment systems go down, we’ve all got an interest in ensuring this works properly.

    JOURNALIST:

    Why not have a blanket rule? Why carve out some businesses? For example, a person might be able to go to a pharmacist and have cash accepted and they could go to the next shop which is a café or a bottle shop and the business might say, ‘Sorry, we don’t accept cash.’

    JONES:

    This is a genuine consultation. We’ve put some proposals out there around where we think the boundaries are for essential versus non‑essential goods. We’re not going to have a situation where every online purchase or every small marketplace in the country is required to go back to accepting cash when they’ve been digital from the very beginning. We want to get the balance right. It’s about essential purchases. It’s about protecting the right of Australians to use cash for those essential purchases if they choose to do so.

    MIL OSI News

  • MIL-OSI Economics: The Case for Investing in Post-Crash Care in Asia and the Pacific

    Source: Asia Development Bank

    These burdens disproportionally affect the young and working population. Beyond post-crash response, improvement at the trauma care system can reduce a patient’s length of hospital stay, average cost of health care, and improve overall functioning and quality of life post-injury. This makes investments in trauma care systems a highly cost-effective approach for multisectoral action across the health and transport sectors. The benefits of improvement in trauma care extend beyond road traffic injuries but extend to other major trauma cases, and contribute to universal health coverage.

    MIL OSI Economics

  • MIL-OSI Banking: Money Market Operations as on December 20, 2024

    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) 8,198.97 6.62 5.75-7.10
         I. Call Money 881.85 6.27 5.75-6.90
         II. Triparty Repo 5,477.15 6.59 6.25-6.77
         III. Market Repo 53.47 6.20 6.20-6.20
         IV. Repo in Corporate Bond 1,786.50 6.88 6.85-7.10
    B. Term Segment      
         I. Notice Money** 10,175.64 6.78 5.10-7.00
         II. Term Money@@ 267.00 7.00-7.15
         III. Triparty Repo 4,07,739.70 6.71 6.50-6.80
         IV. Market Repo 1,46,635.19 6.71 5.90-6.90
         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 Fri, 20/12/2024 7 Fri, 27/12/2024 1,50,004.00 6.52
         (b) Reverse Repo          
    3. MSF# Fri, 20/12/2024 1 Sat, 21/12/2024 4,580.00 6.75
      Fri, 20/12/2024 2 Sun, 22/12/2024 0.00 6.75
      Fri, 20/12/2024 3 Mon, 23/12/2024 258.00 6.75
    4. SDFΔ# Fri, 20/12/2024 1 Sat, 21/12/2024 56,377.00 6.25
      Fri, 20/12/2024 2 Sun, 22/12/2024 0.00  6.25
      Fri, 20/12/2024 3 Mon, 23/12/2024 8,467.00  6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       89,998.00   
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 13/12/2024 14 Fri, 27/12/2024 75,004.00 6.52
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,459.41  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     85,993.41  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,75,991.41  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on December 20, 2024 9,93,519.37  
         (ii) Average daily cash reserve requirement for the fortnight ending December 27, 2024 9,66,084.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ December 20, 2024 1,50,004.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on November 29, 2024 1,04,225.00  
    @ 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. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1755

    MIL OSI Global Banks

  • MIL-OSI Global: How global inequality hinders climate action

    Source: The Conversation – UK – By Susan Ann Samuel, PhD Candidate, School of Politics and International Studies, University of Leeds

    Leaders from around the globe are meeting in Davos. Michael Derrer Fuchs/Shutterstock

    World leaders have gathered for the World Economic Forum annual meeting in Davos, Switzerland. One of their main goals is to align their responses to geopolitical shocks such as floods and wildfires that hamper trade, investment and more.

    The meeting also supposedly aims to find ways to stimulate economic growth to improve living standards, foster a just and inclusive energy transition, achieve security and cooperation amidst conflicts, and accelerate the economic response to an “intelligent age” of AI.

    But, a new report from Oxfam International, published on the first day of the meeting in Davos, highlights how global inequality is more rampant than ever. The report, written by a team of policy campaigners and inequality research advisers outlines how billionaire wealth rose sharply in 2024 worldwide, with the pace of the increase three times faster than in 2023.

    The World Economic Forum lists extreme weather as one of the top global risks. But, as world leaders convene in Davos, the high-profile anti-climate stances of some of them stand in stark opposition to any meaningful progress for climate action.

    The Oxfam report highlights the exploitation involved in creating and sustaining wealth and outlines how, as inequalities deepen, vulnerable communities are disproportionately affected. The most vulnerable – overwhelmingly women, people of colour, Indigenous groups and low-wage workers – are caught in a cycle of insufficient wages, limited services and minimal political influence.

    The report also highlights how wealth inequality is often intertwined with historical processes of extraction — both within countries (for example, through weak labour protections that lowers wages) and between countries (through trade, finance, and resource exploitation).

    The climate connection

    Other research has also shown how inequality is deeply interwoven with climate breakdown. Each crisis exacerbates the other. Historically, the richest nations – and within them, the wealthiest people – have contributed the most to greenhouse gas emissions.

    Meanwhile, lower-income countries that bear little responsibility for global heating suffer the most. These countries, already burdened by debt and systemic inequality, have fewer resources to protect communities from extreme weather, crop failures and infrastructure damage. This makes day-to-day survival a struggle for billions.

    When climate change exacerbates existing inequalities, marginalised communities are denied basic human rights. For instance, droughts reduce crop yields and deplete water sources, so more people — often women and children — have to ration supplies or go without. This directly infringes on their rights to food, safe drinking water and sanitation.

    In these ways, without climate action, the warming planet threatens to widen inequalities by affecting the poorest people most severely. A 2020 World Bank report estimated that an additional 68 to 135 million people could be pushed into poverty by 2030 because of climate change. French researchers identified that climate change also slows down the economic catch-up of poorer countries.




    Read more:
    Extreme weather has already cost vulnerable island nations US$141 billion – or about US$2,000 per person


    The reality on the ground is bleak. Floods in Pakistan displaced thousands and affected more than 33 million people in 2023. That’s ten times more than the total population of Los Angeles where, when the recent wildfires struck, 170,000 people had to be evacuated.

    Around the world, climate movements continue. Law suits that demand climate action are transforming governance. High-level negotiations like the UN’s annual climate summit carry on seeking progress, although the processes could be improved to accelerate change.

    What can Davos do? World leaders need to look at how wealth and power can be redistributed (reparations for climate damages is one way to do this) and low-income, climate-vulnerable nations can be better represented in global decision-making.

    Without this kind of change, there’s a risk climate action will perpetuate the same structural imbalances that first enabled environmental exploitation. Only by tackling both climate injustice and economic inequality together can the world prevent further climate disasters and ensure a more equitable future.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.


    Susan Ann Samuel receives funding from the University of Leeds, for her PhD research.

    ref. How global inequality hinders climate action – https://theconversation.com/how-global-inequality-hinders-climate-action-247841

    MIL OSI – Global Reports

  • MIL-OSI: Information on audited Financial statements for the nine month period as at 30th of September of 2024

    Source: GlobeNewswire (MIL-OSI)

    Urbo bankas UAB (hereinafter – “the Bank”), company code 112027077, address: Konstitucijos pr.18B, Vilnius.

    The Bank earned a net profit of EUR 6.5 million in the first three quarters of this year. The loan portfolio grew by 14.6% to EUR 364 million during the period, while the bank’s assets at the end of September stood at EUR 577 million, or 15.6% more than a year earlier (EUR 499 million).

    At the end of the third quarter, the amount of deposits held with the Bank reached EUR 489 million, 16.2% more than a year earlier. Meanwhile, net interest income increased by almost a tenth (EUR 1.5 million) to EUR 16.7 million.

    In the third quarter of this year, net fee and commission income of the Bank decreased by 30.4% (EUR 1.2 million) to EUR 2.7 million compared to the same period of 2023. In the comparative period, the net result on foreign currency transactions decreased by EUR 0.8 million (30.4%) to EUR 1.8 million, due to the contraction of the net currency market in Lithuania.

    The Bank’s shareholders’ equity stood at EUR 63 million on 30 September this year. Compared to the end of September 2023, it has increased by 14.1%, from EUR 55 million. At the end of September, the Bank had 285 employees, and its customer service network consisted of 25 territorial branches.

    For more information please contact: Julius Ivaška, Head of Business Division, tel. +370 601 04 453, e-mail media@urbo.lt

    Attachment

    The MIL Network

  • MIL-OSI Economics: RBI to conduct 4-day Variable Rate Repo (VRR) auction under LAF on December 23, 2024

    Source: Reserve Bank of India

    On a review of current and evolving liquidity conditions, it has been decided to conduct a second Variable Rate Repo (VRR) auction on December 23, 2024, Monday, as under:

    Sl. No. Notified Amount
    (₹ crore)
    Tenor
    (day)
    Window Timing Date of Reversal
    1 75,000 4 12:45 PM to 1:15 PM December 27, 2024
    (Friday)

    2. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1759

    MIL OSI Economics

  • MIL-OSI: Periodic announcement on the acquisition of the Bank‘s own shares and its results (week 7)

    Source: GlobeNewswire (MIL-OSI)

    This announcement contains information on transactions of the acquisition of own shares of AB Šiaulių bankas (the Bank) carried during the period specified below under the Bank’s own share buy-back programme announced on 31 October 2024. 

    The period during which the acquisition of the Bank’s own shares under the programme was carried out – 04.11.2024 – 20.12.2024. 

    Period covered by this periodic report – 16.12.2024 – 20.12.2024. 

    Other information: 

    Transaction overview 
    Date  Total number of shares purchased on the day ( units)  Weighted average price (EUR)  Total value of transactions (EUR) 
    2024.12.16 90,000 0.829 74,580.03
    2024.12.17 75,000 0.828 62,115.00
    2024.12.18 80,000 0.828 66,240.00
    2024.12.19 75,000 0.826 61,950.03
    2024.12.20 50,000 0.825 41,250.01
    Total acquired during the current week  370,000 0.827 306,135.07
    Total acquired during the programme period  3,010,461 0.826 2,486,973.54
           
     

    The Bank’s own bought-back shares: 9,890,461 units.  

    Following the above transactions, the Bank will own a total of 10,260,461 units of own shares representing 1.55 % of the Bank’s issued shares. 

    Further detailed information on the transactions is attached. 

    This information is also available at: www.sb.lt   

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

    Attachment

    The MIL Network

  • MIL-OSI: Šiaulių bankas to invest additional €60 million to finance the renovation of multi-apartment buildings in Lithuania

    Source: GlobeNewswire (MIL-OSI)

    On 20 December, 2024, Šiaulių bankas AB and the European Investment Bank (EIB) signed amendments to the Pre-financing and Contingent loan agreements concluded in 2016 to increase the Bank’s investment by €60 million – up to €255 million from €195 million – to finance the modernization programme of multi-apartment buildings in Lithuania.

    “The multi-apartment building modernisation fund under Bank’s administration has signed financing contracts for almost €200 million this year alone. The demand for renovation projects is gaining pace and we have committed to increase Šiaulių Bankas’ investments in renovation financing by €60 million after discussions with the Ministry of Environment of Lithuania and the EIB. This way we continue to contribute to a more sustainable and country and wellbeing,” says Vytautas Sinius, CEO of Šiaulių Bankas.

    Šiaulių Bankas has been involved in the financing market for the modernization of multi-apartment buildings in Lithuania for more than 12 years. During this period, the Bank and its partners have financed the renovation of more than 3,000 projects total loan worth exceeding €1.2 billion.

    “The Ministry of the Environment appreciates the cooperation with Šiaulių bankas, the financial intermediary chosen by the EIB, which, recognising the importance of renovation, has made it possible to finance the long-standing modernisation of multi-apartment buildings. The additional funding will ensure the continuity of the loan funds created with EU funds and a smooth transition to new financial instruments. I hope that these additional funds will accelerate the implementation of renovation projects,” said Povilas Poderskis, Minister of the Environment.

    “This collaboration between Šiaulių bankas and EIB represents another significant step in strengthening our long-term partnership in the housing sector. We are pleased to support this initiative at a time when financing for renovation and energy efficiency is most needed. By contributing to the Government’s goals in this critical sector, we are helping to drive sustainable development and support the creation of greener, more resilient homes, while advancing broader climate objectives,” said Junona Bumelytė, EIB Fund and Structuring Officer.

    Šiaulių Bankas launched the €200 million SB Modernisation Fund 2, financed by Šiaulių bankas itself, the Government, with the EIB as fund manager, as well as Swedbank, the European Bank for Reconstruction and Development (EBRD), and pension funds managed by the Šiaulių bankas Group this year. This fund has already signed financing agreements for almost all allocated amount to renovate up to 300 multi-apartment buildings across Lithuania.

    The aim is to renovate most of the multi-apartment buildings in Lithuania by 2050. Two thirds of these buildings are currently energy class D and below. Modernized buildings save energy while improving living conditions and increasing value.

    Additional information:

    Tomas Varenbergas

    Head of Investment Management Division

    tomas.varenbergas@sb.lt

    The MIL Network

  • MIL-OSI China: Announcement on Open Market Operations No.254 [2024]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.254 [2024]

    (Open Market Operations Office, December 23, 2024)

    In order to keep liquidity adequate at a reasonable level in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB109.6 billion through quantity bidding at a fixed interest rate on December 23, 2024.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB109.6 billion

    1.50%

    Date of last update Nov. 29 2018

    2024年12月23日

    MIL OSI China News

  • MIL-OSI: Sydbank share buyback programme: transactions in week 51

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement No 61/2024

    Peberlyk 4
    6200 Aabenraa
    Denmark

    Tel +45 74 37 37 37
    Fax +45 74 37 35 36

    Sydbank A/S
    CVR No DK 12626509, Aabenraa
    sydbank.dk

    23 December 2024  

    Dear Sirs

    Sydbank share buyback programme: transactions in week 51
    On 28 February 2024 Sydbank announced a share buyback programme of DKK 1,200m. The share buyback programme commenced on 4 March 2024 and will be completed by 31 January 2025.

    The purpose of the share buyback programme is to reduce the share capital of Sydbank and the programme is executed in compliance with the provisions of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 and Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016, collectively referred to as the Safe Harbour rules.

    The following transactions have been made under the share buyback programme:

      Number of shares VWAP Gross value (DKK)
    Accumulated, most recent
    announcement

    3,069,000

     

    1,081,994,110.00

    16 December 2024
    17 December 2024
    18 December 2024
    19 December 2024
    20 December 2024
    12,000
    12,000
    12,000
    23,000
    20,000
    380.49
    376.68
    382.44
    359.94
    355.94
    4,565,880.00
    4,520,160.00
    4,589,280.00
    8,278,620.00
    7,118,800.00
    Total over week 51 79,000   29,072,740.00
    Total accumulated during the
    share buyback programme

    3,148,000

     

    1,111,066,850.00

    All transactions were made under ISIN DK 0010311471 and effected by Danske Bank A/S on behalf of Sydbank A/S.

    Further information about the transactions, cf Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse and Commission delegated regulation, is available in the attachment.

    Following the above transactions, Sydbank holds a total of 3,148,283 own shares, equal to 5.76% of the Bank’s share capital.

    Yours sincerely
            
    Mark Luscombe        Jørn Adam Møller
    CEO        Deputy Group Chief Executive

    Attachment

    The MIL Network

  • MIL-OSI Economics: ADB, Vastu Housing Finance to Enhance Access to Affordable and Sustainable Housing in India

    Source: Asia Development Bank

    NEW DELHI, INDIA (23 December 2024) – The Asian Development Bank (ADB) and Vastu Housing Finance Corporation Limited (Vastu) have entered into a senior secured loan agreement of up to $70 million to enhance access to affordable and sustainable housing loans in India’s underserved states. This financing will be utilized to provide loans to economically weaker sections and low-income groups, with an emphasis on female borrowers. At least 15% of the funds will be allocated to first-time borrowers.

    “ADB aims to address the critical housing shortage in India while promoting environmentally friendly housing that enhances climate resilience for homeowners by focusing on lower-income households and sustainable housing,” said PSOD Director General Suzanne Gaboury. “This partnership with Vastu illustrates ADB’s commitment to supporting financial inclusion and sustainable development in India, in alignment with the country’s national financial inclusion strategy.”

    According to the Reserve Bank of India, shortfalls of 45 million houses for economically weaker communities and 50 million for low-income groups account for 95% of India’s overall housing deficit. These groups often struggle to access credit due to high mortgage costs and limited credit history. This highlights the necessity for affordable housing finance companies that provide loans to new borrowers and self-employed individuals in rural and semi-urban areas.

    Sandeep Menon, Founder, MD & CEO, Vastu, said, “Vastu is poised to expand our reach and deepen our impact in extending affordable housing finance to the credit-underserved segments, with a focus on women borrowers. We are glad to partner with ADB to further this vision. Together, we aim to bridge the credit gap for India’s emerging middle-class and lower-income households.”

    Vastu is a technology-driven affordable housing finance company that focuses on self-employed customers in growing peri-urban and rural cities and towns. With a strong presence in semi-urban and rural areas, Vastu offers affordable housing loans and loans against property, emphasizing sustainability and financial inclusion.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region. 

    MIL OSI Economics

  • MIL-OSI Economics: Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – Colour Merchants Co-operative Bank Ltd., Ahmedabad – Extension of period

    Source: Reserve Bank of India

    The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Colour Merchants Co-operative Bank Ltd., Ahmedabad vide Directive AMD.DOS.SSM.No.S1053/11-03-039/2023-2024 dated September 25, 2023, the validity of which was extended up to close of business on December 25, 2024 vide Directive DOR.MON.D-55/12.21.039/2024-25 dated September 24, 2024.

    2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond close of business on December 25, 2024. Accordingly, the Reserve Bank of India, in exercise of the powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from close of business on December 25, 2024 to close of business on March 25, 2025, subject to review.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1761

    MIL OSI Economics

  • MIL-OSI Asia-Pac: Appointments of Hong Kong, China’s representatives to ABAC announced

    Source: Hong Kong Government special administrative region

         The Government today (December 23) announced that the Chief Executive (CE) has reappointed Ms Mary Huen as Hong Kong, China (HKC)’s representative and Mr Spencer Fung as alternate representative to the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC). At the same time, the CE has appointed Mr Geoffrey Kao as HKC’s alternate representative to ABAC. All appointments are for a term of two years from January 1, 2025.
     
         “I am very grateful to Ms Huen and Mr Fung for continuing to serve on ABAC, and to Mr Kao for agreeing to represent HKC in ABAC. I am confident that their extensive experience in the business sector and valuable insights will further enhance the work of ABAC, bringing concrete benefits to the Asia-Pacific region,” the Secretary for Commerce and Economic Development, Mr Algernon Yau, said.
     
         Ms Huen is the Chief Executive Officer (Hong Kong and Greater China & North Asia) of Standard Chartered Bank (Hong Kong) Limited. Mr Fung is the Group Executive Chairman of Li & Fung. Mr Kao is the Executive Director of Wah Ming Hong Limited.
     
         ABAC was established in 1996 as a permanent business advisory body to provide advice to APEC on business sector priorities. HKC has appointed three representatives and three alternate representatives to ABAC. Currently, the Chairman of Esquel Group, Ms Marjorie Yang, and the Managing Partner of Qiming Venture Partners, Ms Nisa Leung, are the other two HKC’s representatives. The Chairman of Lai Yuen Company Limited, Mr Duncan Chiu, is another HKC’s alternate representative.

    MIL OSI Asia Pacific News

  • MIL-OSI: Danske Bank share buy-back programme: Transactions in week 51

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 56 2024   Group Communications
    Bernstorffsgade 40
    DK-1577 København V
    Tel. +45 45 14 00 00

    23 December 2024

    Danske Bank share buy-back programme: Transactions in week 51

    On 2 February 2024, Danske Bank A/S announced a share buy-back programme for a total of DKK 5.5 billion, with a maximum of 70 million shares, in the period from 5 February 2024 to 31 January 2025, at the latest, as described in company announcement no. 2 2024.

    The programme is being carried out under Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016, also referred to as the Safe Harbour Rules.

    The following transactions were made under the share buy-back programme in week 51:

      Number
    of shares
    VWAP
    DKK
    Gross value
    DKK
    Accumulated, last announcement 24,842,951 201.8504 5,014,560,316
    16/12/2024 27,000 205.9551 5,560,788
    17/12/2024 150,000 203.3941 30,509,115
    18/12/2024 165,317 203.5644 33,652,656
    19/12/2024 235,000 200.9343 47,219,561
    20/12/2024 288,472 196.0895 56,566,330
    Total accumulated over week 51 865,789 200.4050 173,508,449
    Total accumulated during the share buyback programme 25,708,740 201.8018 5,188,068,766

    With the transactions stated above the total accumulated number of own shares under the share buy-back programme corresponds to 2.98% of Danske Bank A/S’ share capital.

    We enclose share buy-back transaction data in detailed form of each transaction in accordance with the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016.

    Danske Bank

    Contact: Stefan Singh Kailay, Group Press Officer, tel. +45 45 14 14 00

    Attachments

    The MIL Network

  • MIL-OSI Global: Europe’s microstates: the medieval monarchies that survive in our midst

    Source: The Conversation – UK – By Elisa Bertolini, Associate Professor of Comparative Public Law, Bocconi University

    San Marino is one of four microstates with very distinct constitutional arrangements. Shutterstock/kavalenkava

    Continental Europe is home to four microstates with populations of between 30,000 and 80,000 people: Andorra, on the border between France and Spain; Liechtenstein, nestled between Switzerland and Austria; Monaco, which sits on the French Riviera; and San Marino, which is surrounded by northern Italy.

    These states have existed since the medieval period and their tiny size has enabled them to develop and maintain singular constitutional arrangements. They have all developed original solutions to the problems of state architecture, many of which survive today.

    All four of these microstates participate in the Council of Europe (Europe’s human rights organisation) and have therefore had to modernise to meet international standards of governance. This includes the independence of the judiciary.

    However, all four have also implemented these reforms without altering their institutional identity. Their commitment to preserving their distinctiveness from other countries prevents wider reform to their institutions. For them, the protection of national tradition and identity is a form of self-preservation rather than a mere expression of ideology.

    The distinctiveness of the four microstates lies in the survival of institutional arrangements that can no longer to be found practically anywhere else in the world. In the principalities of Liechtenstein and Monaco, for example, the monarchy still has a central role in the constitution.

    Unlike in most European states with a monarchy, in Liechtenstein and Monaco, the royal head of state continues to exercise meaningful power. Andorra and San Marino, meanwhile, operate under a dual head of state arrangement. They effectively have two monarchs.

    The populations of Europe’s medieval microstates.
    World Bank/ Data Commons, CC BY-ND

    Institutional arrangements in these principalities has been shaped by their diminutive size, both in terms of territory and population, and their geographical location. And these arrangements have survived since the middle ages because they have become their identity. While national tradition is an ideological debate in other nations, in these, preserving the past is a survival mechanism.

    Liechtenstein and Monaco

    Liechtenstein and Monaco are constitutional monarchies of the kind that offer substantial power to the royal family. Everything is organised around a prince, who exercises the executive power. Contemporary monarchies in the western legal tradition generally have a ceremonial king or queen but the executive power is held by an elected government. Liechtenstein and Monaco have maintained their historical organisation of government, centred on a very powerful monarch.

    Although his powers are not unlimited, in Monaco, the prince is not even accountable to the parliament for the powers he does hold. Liechtenstein’s prince enjoys even more powers, including the right to appoint half of the members of the constitutional court.

    However, the prince of Liechtenstein’s sovereign power is held in partnership with the people of Liechtenstein. The institutional architecture is built as to allow a system of checks and balances between the prince and the people.

    Since a 2003 constitutional amendment, for example, the people can table a motion of no-confidence in the prince if more than 1,500 citizens are in agreement to do so, which triggers a referendum on confidence in him. The same number of citizens can mount an initiative to abolish the monarchy entirely, should they choose to do so.

    Andorra and San Marino

    The principality of Andorra should more properly be called co-principality, because of its co-princes arrangement. One of the princes is the bishop of Urgell – from Catalonia – and the other is the president of the French Republic (and previously the French king or emperor). So another Andorran peculiarity is that neither of the princes are Andorran nationals.

    Following a 1993 reform that established a fully fledged constitution, neither prince holds sovereign power. Their present constitutional role is almost entirely ceremonial. However, concerns remain over the fact that they are not nationals of the state and that the heads of state are selected neither by the Andorran people nor by their representatives. The historical reason for a foreign head of state is the geographical location of Andorra – wedged between Catalonia and France. Allowing itself to be put under this double sovereignty was a guarantee of survival.

    San Marino also has a two-headed state but both leaders, called the Captains Regent, are Sammarinese nationals. They are elected by the Grand and General Council (the Sammarinese legislative body) and their distinctive trait is that they serve only a six-month term of office.

    The reason for such a short tenure is that San Marino has a population of just under 34,000 people. Everyone knows everyone else, which is a situation that can be detrimental to the independence of elective offices.

    Captains Regent can’t shore up enough power in their short time in office to be able to overthrow the republic. The Captains Regent were first established in 1243, shortly before a number of Italian republics were overthrown by wealthy families. One of the reasons why San Marino has been able to survive is because it has prevented one family from being more powerful than the others for centuries.

    Microstates are, therefore, not like Europe’s regular-sized states. They have distinctive institutional architectures – and often for understandable reasons.

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

    ref. Europe’s microstates: the medieval monarchies that survive in our midst – https://theconversation.com/europes-microstates-the-medieval-monarchies-that-survive-in-our-midst-245328

    MIL OSI – Global Reports

  • MIL-OSI: Bitget Ranks Among Top 3 Crypto Exchanges for Futures Trading in November Report

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Dec. 23, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has shared its monthly transparency report highlighting the ecosystem’s strong performance in November 2024. The cryptomarket saw a sharp increase, with Bitcoin surging past $106,000. At Bitget, this ATH trend was replicated, with Bitget Token (BGB) rising from approximately $1.44 to $1.70, marking an increase of around 18%. This upward trend was driven by Bitget’s global expansion and significant growth in trading volumes, user engagement, and platform security, especially achieving the third position worldwide in global futures trading.

    Bitget retained over 45 million users with a daily trading volume of $10 billion, while USDT-M futures trading volume surged to $16 billion, and daily spot trading volume doubled, reaching $400 million. Its Protection Fund, growing impressively from $400 million+ to over $600 million, supports strong security and user trust on the platform.

    In November, Bitget’s top-performing spot tokens saw impressive growth, led by UNICE at 2666.71%. Additionally, 13 tokens were listed on Poolx, and 5 tokens among these were also featured in Pre-market listings, showcasing strong interest and dual exposure for these assets.

    Bitget hosted “Pitch n’ Slay” event in Bangkok. Under Bitget’s Blockchain4Her program, the competition provided exposure, capital and guidance for female entrepreneurs in the blockchain space and offered a chance to secure up to $100,000 in funding by Foresight Ventures. Pitch n’ Slay showcased the power of collaboration in creating inclusive pathways for women in blockchain, aligning with Bitget’s commitment to fostering a diverse and thriving blockchain ecosystem.

    Bitget introduced VND Bank Transfer in Vietnam. It enables users to deposit VND through VietQR and withdraw funds via bank transfers to purchase popular crypto such as BTC, ETH, USDT, SOL, and BGB through Bitget’s cash conversion feature.

    Bitget Wallet introduced a comprehensive memecoin trading toolkit, enabling users to discover high-potential tokens, analyze critical data, and trade seamlessly across multiple chains. Additionally, it launched the Refer2Earn Program, encouraging user growth through passive income, and a $20M Telegram Mini-App Support Program to empower developers and drive innovation in the Telegram ecosystem.

    Bitget’s strong performance shows it shines again as the top global players in the crypto industry. The company will keep focusing on innovation, user engagement, and market expansion in the rapidly evolving crypto sector, ongoingly bridging CeFi and DeFi, and expanding access to decentralized finance.

    For more information, please visit the monthly report here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin priceEthereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: WebsiteTwitterTelegramLinkedInDiscordBitget Wallet
    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/44eb3496-f2b3-4044-a147-b66820609d72

    The MIL Network

  • MIL-OSI Economics: sante-Itd.com.co: BaFin investigates Sante Limited

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Sante Limited and the services it is offering. BaFin has information that the company is offering banking business and/or financial services on its website sante-Itd.com.co without the required authorisation. The company is not supervised by BaFin.

    Banking business and financial services may only be offered in Germany with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.

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

    Please be aware:

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

    MIL OSI Economics