NewzIntel.com

Category: Banking

  • MIL-OSI USA: Hagerty Hails Enactment of Anti-IRS Snooping Provision in the One Big Beautiful Bill Act

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, hailed the inclusion of the Stop the Nosy Obsession with Online Payments (SNOOP) Act, in the One Big Beautiful Bill Act (OBBBA) signed into law by President Donald Trump on July 4, 2025. The SNOOP Act and its corresponding text in the OBBBA eliminates a Biden-era policy that massively expanded the Internal Revenue Service’s (IRS) 1099-K reporting requirements for small businesses, gig workers, and individual sellers.
    “Small businesses and Tennesseans were unreasonably targeted by the previous administration’s overreach,” said Senator Hagerty.  “By eliminating an ill-conceived and invasive Biden-era policy, the ‘One, Big Beautiful Bill’ provides much-needed tax relief and helps hardworking Americans keep their focus on serving their customers—not the IRS.”
    The SNOOP Act restores the 1099-K reporting thresholds to $20,000 and 200 transactions, their levels prior to the enactment of the American Rescue Plan during the Biden Administration. Senator Hagerty introduced the SNOOP Act in the 119th, 118th, and 117th Congresses.

    MIL OSI USA News –

  • MIL-OSI USA: Warnock Demands Answers on Trump Admin Re-Adding Medical Debt onto Credit Reports

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Warnock Demands Answers on Trump Admin Re-Adding Medical Debt onto Credit Reports

    Senator Reverend Warnock leads the Democratic caucus in demanding the Trump administration explain its rollback of the medical debt rule finalized in January 2025

    In the final days of the Biden Administration, Senator Warnock successfully pressed the CFPB to ban credit lenders from including medical bills in credit reports and prohibit lenders from using medical information in lending decisions

    In Georgia, 27% of rural citizens have medical collections on their credit report, ten percentage points higher than the national average due in part to the state’s refusal to expand Medicaid

    Washington, D.C. – Today, U.S. Senators Reverend Raphael Warnock (D-GA), Banking Committee Ranking Member Elizabeth Warren (D-MA), Senate Minority Leader Chuck Schumer (D-NY), Jeff Merkley (D-OR) and 26 other senators pushed the Trump administration for answers regarding the Consumer Financial Protection Bureau’s (CFPB) decision to vacate the medical debt rule finalized in January 2025. The letter demands CFPB share any data the agency relied on in deciding to petition a court to vacate the rule and any communications it had with entities during the process that would profit from its decision.

    “On April 30, 2025, the Consumer Financial Protection Bureau (CFPB) asked a court to vacate the agency’s recently released rule to remove medical debt from consumer credit reports. We write to request the information you relied on in making that determination, including any communications with collection agencies that stand to profit from it,” the senators said.

    “Medical debt collections information is often inaccurate, and studies show that it is not useful in determining a consumer’s ability to repay other debts…Almost half of all medical bills contain at least one error, and almost half of nonprofit hospitals have routinely and mistakenly billed patients who were eligible for free or discounted care,” they continued.

    At the conclusion of the letter, the senators emphasize the need for transparency into the agency’s decision-making process.

    “On April 30, the CFPB filed a joint motion with the industry groups that oppose the rule, petitioning the court to vacate it – lining the pockets of corporations off the backs of American consumers. Given the substantial evidence that the CFPB’s rule was well-considered and would help consumers without reducing the accuracy of their credit scores, we write to request that the CFPB make public all information relied on by the agency in its decision to drop the rule, including any communications with the debt collection industry,”    the senators closed.

    Senator Warnock continues to stand up in defense of Georgia consumers by holding the CFPB under President Trump accountable. In February, Senator Warnock questioned Trump administration CFPB nominees at a Banking, Housing, and Urban Affairs Committee Hearing. During the hearing, Senator Warnock asked the nominees if they agreed with President Trump on the CFPB being, ‘A very important thing to get rid of’ and if the agency would address the 266,560 outstanding complaints from Georgians in a timely manner. In May, President Trump withdrew his nominee for the CFPB. OMB Director Russell Vought serves as acting director of the agency.

    In Georgia, roughly 640,000 people don’t have access to affordable health care because state leaders have refused to expand Medicaid. 27% of rural citizens have medical collections on their credit report – ten percentage points higher than the national average. Senator Warnock has a long track record of working to address the harmful consequences of medical debt on working families including calling on the CFPB to establish an ombudsman position for consumer medical debt and urging the CFPB to protect Americans from predatory medical debt collection practices. 

    In addition to Senators Warnock, Warren, Schumer, and Merkley the letter was signed by U.S. Senators Amy Klobuchar (D-MN), Ben Ray Lujan (D-NM), Martin Heinrich (D-NM), Adam Schiff (D-CA), John Hickenlooper (D-CO), Angela Alsobrooks (D-MD), Tammy Duckworth (D-IL), Ed Markey (D-MA), Jeanne Shaheen (D-NH), Ron Wyden (D-OR), Cory Booker (D-NJ), Bernie Sanders (I-VT), Lisa Blunt Rochester (D-DE), John Fetterman (D-PA), Kirsten Gillibrand (D-NY), Tina Smith (D-MN), Jack Reed (D-RI), Richard Blumenthal (D-CT), Sheldon Whitehouse (D-RI), Angus King (I-ME), Chris Van Hollen (D-MD), Peter Welch (D-VT), Ruben Gallego (D-AZ), Andy Kim (D-NJ), Mazie Hirono (D-HI), and Jacky Rosen (D-NV).

    Read the full letter HERE, and the text is below

    Dear Acting Director Vought,

    On April 30, 2025, the Consumer Financial Protection Bureau (CFPB) asked a court to vacate the agency’s recently released rule to remove medical debt from consumer credit reports. We write to request the information you relied on in making that determination, including any communications with debt collection agencies that stand to profit from it. 

    Medical debt collections information is often inaccurate, and studies show that it is not useful in determining a consumer’s ability to repay other debts. One major credit scoring company, VantageScore, has stopped using medical debt in its newer models entirely. Almost half of all medical bills contain at least one error, and almost half of nonprofit hospitals have routinely and mistakenly billed patients who were eligible for free or discounted care. People often receive collection notices for debts they did not owe, in the wrong amount, or that should have been covered by insurance—but still end up experiencing long-lasting damage to their credit scores.

    Listing medical debt on a person’s credit report drives down their credit score, which hurts their ability to purchase a car, buy a home or rent an apartment, get utility service, start a business, or access other banking services. This has profound effects on families that can last generations. To make matters worse, medical debt is the most common reason debt collectors contact consumers; the debt collection industry makes one-fourth of its annual revenue from health care debt. Including medical debt on credit reports makes consumers more vulnerable to predatory debt collection practices.

    Medical debt on credit reports also blocks working families from access to credit that they would be able to repay.The CFPB found that people who had all their medical debts completely removed from their credit reports experienced an average credit score increase of 20 points, in some cases elevating families into a higher credit score tier. 

    In response to growing data that medical debt is not a good indicator of creditworthiness, states across the country have acted to ban the inclusion of medical debt on credit reports. And on January 7, the Consumer Financial Protection Bureau (CFPB) issued a final rule to remove medical debt from consumer credit reports. The rule would remove an estimated $49 billion in medical bills from the credit reports of 15 million Americans, prohibit credit reporting companies from sharing medical debt information with lenders, and bar lenders from considering medical debt in underwriting decisions. It was designed to help the millions of Americans who are struggling to make ends meet, by lowering costs and increasing access to affordable credit for working families without affecting the predictive value of their credit reports. The rule would also help reduce the effects of structural racism and other prejudices. People of color are disproportionately harmed by the inclusion of medical debt on credit reports. Meanwhile, adults with a disability and new moms are more than twice as likely to carry medical debt.

    Despite the critical importance of the medical debt rule, on April 30, the CFPB filed a joint motion with the industry groups that oppose the rule, petitioning the court to vacate it—lining the pockets of corporations off the backs of American consumers. Given the substantial evidence that the CFPB’s rule was well-considered and would help consumers without reducing the accuracy of their credit scores, we write to request that the CFPB make public all information relied on by the agency in its decision to drop the rule, including any communications with the debt collection industry, by July 28, 2025. We specifically request that CFPB publicly publish all data about how medical debt relates to key economic indicators, including:

    • Barriers to home and car ownership, including challenges getting loans or not being approved to rent or lease,
    • Paying higher premiums for auto, homeowner’s and other types of insurance,
    • Losing job opportunities as a result of credit reporting on background checks,
    • Obstacles to starting small businesses because of challenges with securing loans,
    • Paying more for everyday services such as household utilities or cell phone contracts

    We are particularly concerned about the outsize impact that medical debt has on the credit scores of seniors, veterans, new parents, people with disabilities, cancer patients and survivors, and small business owners.

    Thank you for your attention to this matter.

    MIL OSI USA News –

  • MIL-OSI Submissions: Africa – Unlocking Opportunity: How India can Harness the Africa Corridor to Grow Merchandise Exports (By Shivank Goel)

    Source: Rand Merchant Bank

    From tech stack adoption in countries like Ghana and Angola, to partnerships between Indian public sector firms and African energy providers, the bilateral relationship is rapidly deepening
    SANDTON, South Africa, July 14, 2025 – By Shivank Goel, an Indo-Africa Corridor Specialist at RMB (www.RMB.co.za)

    At GTR Africa 2025, a diverse panel of experts – including representatives from the Reserve Bank of India’s research wing, MSME chambers and leading financial institutions – explored the question of how India can double its export trade to reach the government’s target of $2 trillion by 2030. In 2024, India’s exports of goods and services were estimated at over $800 billion, up 5.6% year on year. Yet services continue to outpace goods, with an eight-percentage-point lead in growth.

    For India to achieve a more balanced export profile and reach its national targets, boosting merchandise exports is imperative. Africa stands out as a significant factor in helping India achieve its ambitious goals, particularly as a market for Indian merchandise exports. Financial institutions have a substantial role to play in supporting this trade and unlocking the opportunities within the India-Africa corridor.

    A growth market with strategic alignment

    Africa is home to some of the fastest-growing economies in the world. Across sectors such as infrastructure, pharmaceuticals, automotive components, agriculture, and consumer goods, Indian products are already gaining traction. Shared cultural and historical ties, a largely English-speaking business environment, and similar developmental goals in education, technology, healthcare, and infrastructure position the two regions as natural trade partners.

    With the establishment of the African Continental Free Trade Area (AfCFTA), Africa is poised to become more integrated with an addressable market of 1.2 billion people, $3.4 trillion in GDP, and reduced intra-continental tariffs. This transforms the way Indian exporters can approach the region, moving from fragmented country-specific strategies to viewing Africa as a unified, high-growth destination, not only for trade but also for embedding into the region as a way to participate in the global value chain.

    Financial and structural hurdles to overcome

    Although this opportunity is promising, Indian exporters, particularly micro, small and medium enterprises (MSMEs), face several challenges in navigating African markets. One of the most significant hurdles is logistical complexity, including infrastructure constraints in certain regions, which can disrupt supply chains and increase the cost and time of moving goods across borders.

    Another key concern is partner and counterparty risk. In many cases, assessing the creditworthiness of potential trading partners is difficult, and this uncertainty can deter Indian firms from entering new markets. Exporters must also contend with foreign exchange volatility and concerns about the timely and secure repatriation of funds, which can further complicate trade with certain African countries.

    In addition, many exporters – particularly newer or smaller firms – struggle to access the working capital and trade finance required to scale operations or explore new markets. These financing gaps can limit their ability to take advantage of the growing opportunities presented by Africa’s expanding consumer base and regional trade integration.

    Overcoming these barriers requires a holistic financial approach that combines a deep understanding of local markets with tailored credit solutions, risk mitigation tools, and long-term partnership models.

    Digitisation is a critical enabler of trade finance

    As global trade becomes increasingly volatile due to shifting tariffs, regulatory uncertainty, and tightening cycles, efficiency and agility are critical. Digital transformation plays a pivotal role in reducing costs and improving access to finance.

    Innovations such as e-bills of lading, blockchain-based guarantees, and the use of machine learning and AI for document verification and compliance checks can reduce delays and human error in cross-border trade processes. While traditional trade finance cycles can take 60 to 90 days, digital solutions allow exporters to respond quickly to market changes and manage cash flow more effectively.

    Banks and financiers investing in African-led digitisation efforts are well placed to support Indian exporters entering or expanding in the region. By building digital platforms that align with local regulatory environments and business norms, financial partners can help unlock a new era of trade connectivity between the two regions.

    Leveraging AfCFTA for regional and global value chains

    One of the most powerful tools available to Indian exporters is the ability to use Africa not just as an end market but also as a base for regional and global value chain participation. With AfCFTA aiming to eliminate trade barriers between African nations, a company that invests or establishes operations in one country could potentially access the entire continent tariff-free.

    This opens new opportunities to move up the value chain through manufacturing, technology transfer, and joint ventures that foster local capacity while increasing India’s global trade footprint. It also encourages long-term thinking and investment in the corridor, for shared prosperity, rather than short-term export opportunism.

    The need for skills and inclusive innovation

    Export growth cannot happen in a vacuum. Both India and Africa need to invest in upskilling and reskilling their workforces, particularly in fields like engineering, logistics, manufacturing, and infrastructure. Encouraging more people to pursue careers in these sectors is essential in building long-term trade resilience.

    Technology must be made accessible and inclusive, with tools and training offered in local languages and tailored to diverse educational backgrounds. The goal is not to replace people with machines, but to empower people to work more effectively with technology, enhancing efficiency, accuracy, and productivity, particularly in the areas of financing and trade compliance.

    The role of diplomacy

    India’s growing diplomatic and economic engagement with Africa is already yielding results. During its presidency of the G20 in 2023, India championed the inclusion of the African Union as a permanent member, highlighting its ambition to serve as a voice for the Global South.

    Today, India is collaborating with African nations on digital infrastructure, payment platforms, energy projects, naval cooperation, and more. From tech stack adoption in countries like Ghana and Angola, to partnerships between Indian public sector firms and African energy providers, the bilateral relationship is rapidly deepening.

    To accelerate trade, policy frameworks on both sides must evolve to support openness, competition, and innovation. Incentives for exporters, joint R&D investments, streamlined customs procedures, and predictable regulations will all play a critical role.

    Building a corridor for shared prosperity

    The India–Africa trade corridor represents one of the most promising frontiers for growing Indian merchandise exports in the coming decade. The geopolitical environment is increasingly supportive, and there is significant scale and numerous synergies that can be leveraged for expansion.  

    By investing in digital transformation, financial access, skills development, and long-term policy alignment, stakeholders across the trade ecosystem, from governments and banks to MSMEs and large corporates, can build a corridor that delivers shared growth and resilience. Africa is not just a market to be tapped; it has the potential to become a strategic partner for India in shaping the future of global trade.

    About the Author:
    Shivank Goel is an Indo-Africa Corridor Specialist at RMB. He was a panellist at GTR Africa 2025, contributing to the discussion on policy and finance strategies to accelerate India’s merchandise exports and strengthen the India–Africa trade corridor.

    MIL OSI – Submitted News –

  • MIL-OSI New Zealand: Economy – RBNZ explores the impact of an ageing population on the financial system

    Source: Reserve Bank of New Zealand

    15 July 2025 – New Zealand faces an economic shift as the population ages, according to the Reserve Bank of New Zealand in a Financial Stability Report special topic article released today.

    While the economic impact will unfold slowly, the Reserve Bank is urging financial institutions to understand and be prepared for the structural changes and potential risks associated with this long-term change, Director of Financial System Assessment Kerry Watt says.  

    “An ageing population is likely to influence savings, borrowing and investment behaviour. This in turn will affect interest rates, asset prices and the demand for financial products. The overall impacts may be complex and vary over time.”  

    As the population ages, overall savings are expected to rise in the near term before declining. People typically borrow when young, save during their working years, and draw down those savings in retirement.  

    Increased saving could put downward pressure on interest rates and lift the value of assets like housing and equity. Demand for housing loans may decline as the population ages. Older investors may favour lower risk assets.  

    For banks, increased deposit funding and reduced demand for mortgages may encourage a shift towards other types of lending and expansion in the provision of other services. For the insurance sector, demand for health insurance is expected to grow, while demand for life insurance may decline.  

    Demographic change and changes in the levels of savings and borrowing may also affect how monetary policy flows through the economy. In addition, increased expenditure on healthcare and superannuation will impact fiscal policy.

    “Understanding and adapting to these changes will be key to maintaining financial system resilience,” Mr Watt says.    

     

    More information

    The Grey Wave: Exploring the impact of an ageing population on the financial system: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=b0d0c803e0&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Signature Bank of Georgia (OTCMKTS: SGBG)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 14, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Signature Bank of Georgia (OTCMKTS: SGBG) related to its merger with First Community Corporation. Upon completion of the proposed transaction, Signature Bank shareholders will receive 0.6410 shares of First Community common stock per Signature Bank share. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/signature-bank-of-georgia/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. 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 one is above the law. If you own common stock in the above listed company 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) 2025 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: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Signature Bank of Georgia (OTCMKTS: SGBG)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 14, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Signature Bank of Georgia (OTCMKTS: SGBG) related to its merger with First Community Corporation. Upon completion of the proposed transaction, Signature Bank shareholders will receive 0.6410 shares of First Community common stock per Signature Bank share. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/signature-bank-of-georgia/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. 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 one is above the law. If you own common stock in the above listed company 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) 2025 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 China: China unveils catalogue of green finance-supported projects

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

    BEIJING, July 14 — China’s financial authorities on Monday unveiled a catalogue of green finance-supported projects, as part of efforts to strengthen green finance’s role in driving the country’s green transition in economic and social development and advancing the “Beautiful China” initiative.

    The 2025 edition of the catalogue, jointly issued by the People’s Bank of China (PBOC), the National Financial Regulatory Administration and the China Securities Regulatory Commission, covers projects across a wide range of industries, including energy conservation and carbon reduction, environmental protection, resource recycling, green and low-carbon energy transition, ecological protection and restoration, green infrastructure upgrades, as well as green services and trade.

    The publication of the catalogue aims to boost liquidity in the green finance market, improve the efficiency of green finance asset management and reduce the costs of assessing green finance-supported projects, according to a statement by the PBOC.

    The newly released catalogue, which offers guidance and serves as a reference for the future issuance of green loans and green bonds, will take effect on Oct. 1, 2025.

    MIL OSI China News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of First Community Corporation (NASDAQ: FCCO)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 14, 2025 (GLOBE NEWSWIRE) —

    Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating First Community Corporation (NASDAQ: FCCO) related to its merger with Signature Bank of Georgia. Upon completion of the proposed transaction, Signature Bank shareholders will receive 0.6410 shares of First Community common stock per Signature Bank share. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/first-community-corporation/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. 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 one is above the law. If you own common stock in the above listed company 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) 2025 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: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of First Community Corporation (NASDAQ: FCCO)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 14, 2025 (GLOBE NEWSWIRE) —

    Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating First Community Corporation (NASDAQ: FCCO) related to its merger with Signature Bank of Georgia. Upon completion of the proposed transaction, Signature Bank shareholders will receive 0.6410 shares of First Community common stock per Signature Bank share. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/first-community-corporation/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. 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 one is above the law. If you own common stock in the above listed company 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) 2025 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 Australia: Power bank recalls on the rise due to serious burn and property damage risks

    Source: Australian Ministers for Regional Development

    The ACCC is urging consumers to be alert to a growing list of recalled wireless power banks, which have the potential to cause serious burns and property damage.

    Power banks, also known as portable battery packs, are portable battery chargers commonly powered by rechargeable lithium-ion or lithium-polymer batteries.

    They are designed to charge mobile phones and other portable electronic devices on the go.

    Since 2020, there have been 17 power bank recalls published on ACCC Product Safety website. Of these, 9 were recalled in the last 16 months.

    The ACCC is concerned about these recalls because together they include around 34,000 recalled power banks that are still with consumers.

    “Some consumers have suffered serious burn injuries, and some have had their property damaged because of power banks overheating and catching fire,” ACCC Deputy Chair Catriona Lowe said.

    “Most incidents have occurred when the power bank is charging a phone or other device, which makes it more likely that they will be close to the user when they fail, increasing the likelihood of injuries.”

    The ACCC urges consumers who own a recalled power bank to stop using it immediately and follow the instructions on the recall notice to receive a remedy. You can check if your power bank is subject to a recall by visiting the ACCC Product Safety website.

    “Consumers who own a recalled power bank shouldn’t be concerned about being left out of pocket. Suppliers are offering a full refund or free replacement under these recalls,” Ms Lowe said.

    The ACCC encourages anyone using any power bank that contains lithium-ion batteries to always follow the manufacturer’s instructions, and to store the devices in a cool, dry place.

    Lithium-ion batteries can be highly flammable. Incorrectly manufactured, handled, stored or disposed of products can catch fire, explode or vent toxic gas. 

    “It’s important that people use the correct charger to charge their power bank and check that it is in good condition,” Ms Lowe said.

    “We urge consumers not to charge power banks on flammable materials such as beds, sofas or carpet, and to never use power banks that are damaged, overheating, swelling, leaking or venting gas.”

    “Setting timers as a reminder to unplug devices may help monitor device charging times, as it’s important to disconnect products from chargers when they are fully charged,” Ms Lowe said.

    Check the ACCC’s Product Safety lithium-ion batteries guide for more safety information.

    Recalled power banks that the ACCC is monitoring closely

    Anker Power Bank Model: A1257, A1647, A1681, A1689 – Anker Innovations Limited

    Published: 8 July 2025

    Reason for the recall: The power bank may overheat and catch fire.

    Hazard to consumers: Risk of serious burn injuries and/or property damage if the power bank catches fire. Incidents have occurred overseas, resulting in property damage.

    Baseus power bank 65W 30000 mAh (model number: BS-30KP365) – Shenzhen Baseus Technology Co., Ltd

    Published: 23 May 2025

    Reason for the recall: The power bank may overheat when charging or being used, posing a fire hazard.

    Hazard to consumers: Risk of serious burn injuries and property damage if the lithium-ion battery in the power bank overheats and catches fire.
    Baseus has received 76 reports of incidents involving the portable chargers, including 72 reports of bulging and four reports of fire, including three reports of property damage.

    SnapWireless PowerPack Slim (Gen 1) – SnapWireless

    Published: 21 May 2025

    Reason for the recall: The power bank can overheat and catch fire when used.

    Hazard to consumers: Risk of serious burn injuries or death and property damage. Incidents have occurred.

    Quad lock MAG battery pack – Annex Products Pty Ltd trading as Quad Lock

    Published: 12 Nov 2024

    Reason for the recall: The battery pack can overheat and catch fire.

    Hazard to consumers: There is a risk of serious injury, damage to property or both if the battery pack overheats and catches fire. This can occur even when the product is not in use. Battery packs have overheated and caused property damage.

    BoostCharge Pro fast wireless charger for Apple watch + power bank 10K – Belkin Ltd

    Published: 6 Nov 2024

    Reason for the recall: The lithium-ion cell may overheat and catch fire.

    Hazard to consumers: There is a risk of serious injuries, burns and property damage if the cell overheats and catches fire.

    Anker power bank A1647 – Anker Innovations Limited

    Published: 2 Oct 2024

    Reason for the recall: The battery in the power bank can overheat and catch fire.

    Hazard to consumers: There is a risk of serious injury from burns and/or property damage if the power bank overheats and melts or catches fire. Two incidents have caused injuries and property damage, which occurred overseas.

    Baseus magnetic wireless charging power banks 6000mAh 20W – Shenzhen Baseus Technology Co. Ltd

    Published: 12 July 2024

    Reason for the recall: The power banks contain a lithium-ion battery that can overheat, swell and/or bulge posing a fire hazard.

    Hazard to consumers: There is a risk of injury from burns and/or property damage if the battery starts a fire. There have been incidents resulting in injury and damage to property.

    MagMove 5K Power Bank – Cygnett Pty Ltd

    Published: 26 March 2024

    Reason for the recall: The battery pack can overheat and catch fire.

    Hazard to consumers: Risk of serious burn injuries or property damage. People have been seriously injured and property has been damaged from power banks overheating and catching on fire.

    MIL OSI News –

  • MIL-OSI Economics: African Development Bank Project Enhances Water Access in Malawi Town

    Source: African Development Bank Group
    In the green hills of Rumphi, northern Malawi, the hum of progress can be heard at the newly established Rumphi Technical College. With its modern buildings, new equipment, and a sense of optimism, the college has quickly become a symbol of opportunity.

    MIL OSI Economics –

  • MIL-OSI Economics: African Development Bank and CIF to launch report on increasing business opportunities, access to credit for women in renewable energy in Uganda,…

    Source: African Development Bank Group

    What:        Launch of report: Increasing Business Opportunities and Access to Credit for Women in Renewable Energy in Uganda, Kenya, and Rwanda  

    Who:         African Development Bank and Climate Investment Funds

    When:       July 14, 2025 – 2:00pm – 4:00 pm EAT

    Where:     Zoom: https://afdb.zoom.us/webinar/register/WN_gFMNsnCCSMy_ovBU0N7HxA

    The African Development Bank will launch a new report, Increasing Business Opportunities and Access to Credit for Women in Renewable Energy in Uganda, Kenya, and Rwanda.

    The report, developed under the Climate Investment Funds (CIF)-supported Scaling Up Renewable Energy Program in collaboration with the African Development Bank, sheds light on the challenges and immense untapped potential of women entrepreneurs driving growth in the region’s dynamic renewable energy sector.

    While women comprise over 50% of the population in Uganda, Kenya, and Rwanda, they lead less than 20% of renewable energy businesses in these nations. A significant barrier remains access to finance, with women entrepreneurs in renewable energy accessing only 7% of available commercial capital. This disparity highlights a critical need for targeted interventions to unlock their full economic potential and accelerate the sustainable energy transition in East Africa.

    Report Highlights

    • Barriers to Accessing Business Opportunities and Finance: The study identifies structural, and gender-specific barriers that hinder women entrepreneurs from securing business opportunities and financing.
    • Untapped Opportunities for Women Entrepreneurs: Beyond traditional roles, the report underscores vast opportunities for women to expand their engagement across entire renewable energy value chains.
    • Existing Interventions and Critical Gaps: The report reviews current financing mechanisms, capacity-building programs, technical assistance, and policy interventions designed to support women entrepreneurs in renewable energy.
    • Actionable Recommendations: The report provides concrete recommendations for policymakers, financial institutions, development partners, and large private and public sector companies.

    Join the Conversation

    Engage with key findings, learn from shared stakeholder experiences, and collaborate on practical steps to empower women in renewable energy.

    For more information, click: [email protected]

    MIL OSI Economics –

  • MIL-OSI Economics: Turning the Tide: Democratic Republic of Congo’s Emergency Food Production Project Sows Resilience, Plants Hope

    Source: African Development Bank Group
    In the early morning, the fields stretch as far as the eye can see, bathed in the soft light of the rising sun. In Kwilu, Kasai, and Tshopo provinces of the Democratic Republic of the Congo (DRC), rural communities are reclaiming their land with renewed energy. Here, every furrow in the earth tells a story of resilience…

    MIL OSI Economics –

  • MIL-OSI: Dime Community Bancshares to Release Earnings on July 24, 2025    

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., July 14, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company”) today announced that the Company expects to release its earnings for the quarter ended June 30, 2025 before the open of the U.S. equity markets on Thursday, July 24, 2025. The Company will conduct a conference call at 8:30 a.m. (ET) on Thursday, July 24, 2025, during which President and Chief Executive Officer (“CEO”), Stuart Lubow, will discuss the Company’s second quarter financial performance. There will be a question-and-answer period after the CEO remarks.

    Participants may access the conference call via webcast using this link: Webcast Link Here. To participate via telephone, please register in advance using this Registration Link. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.

    A replay of the conference call and webcast will be available on-demand which will be available for 12 months.

    ABOUT DIME COMMUNITY BANCSHARES, INC.

    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    (1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    FORWARD-LOOKING STATEMENTS
    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.

    The MIL Network –

  • MIL-OSI: Dime Community Bancshares to Release Earnings on July 24, 2025    

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., July 14, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company”) today announced that the Company expects to release its earnings for the quarter ended June 30, 2025 before the open of the U.S. equity markets on Thursday, July 24, 2025. The Company will conduct a conference call at 8:30 a.m. (ET) on Thursday, July 24, 2025, during which President and Chief Executive Officer (“CEO”), Stuart Lubow, will discuss the Company’s second quarter financial performance. There will be a question-and-answer period after the CEO remarks.

    Participants may access the conference call via webcast using this link: Webcast Link Here. To participate via telephone, please register in advance using this Registration Link. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.

    A replay of the conference call and webcast will be available on-demand which will be available for 12 months.

    ABOUT DIME COMMUNITY BANCSHARES, INC.

    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    (1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    FORWARD-LOOKING STATEMENTS
    Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated.

    The MIL Network –

  • MIL-OSI: VisionWave Technologies Inc. and Bannix Acquisition Corp. Complete Business Combination

    Source: GlobeNewswire (MIL-OSI)

    VisionWave Holdings Inc. to Commence Trading on Nasdaq Under Ticker “VWAV”

    VisionWave Technologies Inc. and Bannix Acquisition Corp. Have Closed the Business Combination on July 14, 2025

    VisionWave Holdings Inc. Shares of Common Stock and Warrants Will Begin Trading on Nasdaq on July 15, 2025, Under Ticker Symbols “VWAV” and “VWAVW,” Respectively

    WILMINGTON, Del., July 14, 2025 (GLOBE NEWSWIRE) — VisionWave Technologies Inc. (“VisionWave Technologies”), a defense development company focused on integrating advanced artificial intelligence and autonomous solutions across air, ground, and sea domains ranging from high-resolution radars and advanced vision systems to radio frequency sensing technologies seeking to redefine operational efficiency and precision for military and homeland security applications worldwide, today announced the successful completion of its business combination (the “Business Combination”) with Bannix Acquisition Corp. (Nasdaq: BNIX) (“BNIX”), a special purpose acquisition company, resulting in each of VisionWave Technologies and BNIX becoming a wholly-owned subsidiary of VisionWave Holdings Inc. (“VisionWave Holdings” or the “Combined Company”). On July 15, 2025, VisionWave Holdings shares of common stock will commence trading on the Nasdaq Global Market under the trading symbol “VWAV” and its warrants will trade on under the trading symbol “VWAVW.”

    “Completing the Business Combination and having our shares listed on the Nasdaq Global Market is a significant achievement for the VisionWave team, and we are grateful to our employees and partners who have supported us on this journey as we begin our next chapter as we seek to develop new and cutting technologies in the defense sector,” said Douglas Davis, Executive Chairman of VisionWave Holdings. “We believe this milestone will provide us with the tools to develop our technology and implement our business plan. We are excited to continue to seek building value for all stakeholders.” “This is a defining moment for VisionWave,” said Noam Kenig, Chief Executive Officer of VisionWave Holdings. “As we enter the public markets, our focus is on accelerating innovation in defense-grade AI systems, pursuing strategic global partnerships, and delivering on contracts that will shape the next generation of military technologies. I’m honored to lead the company into this exciting new chapter.”

    Advisors

    Fleming PLLC served as legal counsel to BNIX.

    Law Office of Robert M. Yaspan served as legal counsel to VisionWave Technologies.

    RBSM LLP served as the Auditor to VisionWave Holdings.

    Donohoe Advisory Associate, LLC served as Listing Advisor to VisionWave Holdings.

    Marula Capital Group a registered FINRA advisor provided the Fairness Opinion to the Business Combination.

    I-Bankers Securities, Inc., the underwriter in the original IPO.

    About VisionWave Holdings Inc.

    VisionWave Holdings Inc. is at the forefront of revolutionizing defense capabilities by integrating advanced artificial intelligence (AI) and autonomous solutions across air, ground, and sea domains. Its state-of-the-art innovations— ranging from high-resolution radars and advanced vision systems to radio frequency (RF) sensing technologies are seeking to redefine operational efficiency and precision for military and homeland security applications worldwide. From tactical ground vehicles to precision weapon control systems, VisionWave leads the development of reliable, high-performance technologies that transform defense strategies and deliver superior results, even in the most challenging environments. With headquarters in the U.S. and strategic partnerships in Canada and the United Arab Emigrants, VisionWave is uniquely positioned to serve global markets, offering cutting-edge defense solutions that address the evolving needs of security forces across the world.

    For more corporate and product information, please visit our website https://www.visionwave.tech.

    About Bannix Acquisition Corp.

    Bannix Acquisition Corp. is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

    Forward-Looking Statements

    This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the estimated implied enterprise value of the Combined Company, VisionWave Holdings’ ability to scale and grow its business, the advantages and expected growth of the Combined Company, the Combined Company’s ability to source and retain talent, and the cash position of the Combined Company following closing of the Business Combination, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of BNIX’s and VisionWave Technologies’ management and are not predictions of actual performance.

    These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by these forward-looking statements. Although each of BNIX, VisionWave Technologies and VisionWave Holdings believes that it has a reasonable basis for each forward-looking statement contained in this press release, each of BNIX, VisionWave Technologies and VisionWave Holdings cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the definitive proxy statement/prospectus mailed to BNIX stockholders, and filed by the Combined Company with the SEC and other documents filed by the Combined Company or BNIX from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. BNIX, VisionWave Technologies and VisionWave Holdings cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the ability to recognize the anticipated benefits of the Business Combination, costs related to the Business Combination, the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination, the outcome of any potential litigation, government or regulatory proceedings, and other risks and uncertainties, including those to be included under the heading “Risk Factors” in the definitive proxy statement/prospectus mailed to BNIX stockholders, and those included under the heading “Risk Factors” in the annual report on Form 10-K for the fiscal year ended December 31, 2024, of BNIX and in its subsequent quarterly reports on Form 10-Q and other filings with the SEC. There may be additional risks that BNIX, VisionWave Technologies and VisionWave Holdings presently do not know or that the parties currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of BNIX, VisionWave Technologies and VisionWave Holdings as of the date of this press release. Subsequent events and developments may cause those views to change. However, while BNIX, VisionWave Technologies and VisionWave Holdings may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of BNIX, VisionWave Technologies and VisionWave Holdings as of any date subsequent to the date of this press release. Except as may be required by law, BNIX, VisionWave Technologies and VisionWave Holdings do not undertake any duty to update these forward-looking statements.

    VisionWave Holdings Investor Relations:

    Douglas Davis, Executive Chairman of the Board
    (302) 305-4790
    doug.davis@bannixacquisition.com

    The MIL Network –

  • MIL-OSI Africa: African Development Bank Approves $62 Million Emergency Grant to Restore Critical Services in Conflict-Affected Sudan

    Source: APO – Report:

    The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a $62.13 million emergency grant to support the Sudan Integrated Social Sector Infrastructure Rehabilitation Project (SISSIRP). This vital support aims to restore essential health, education, and water services that have been severely disrupted by the ongoing civil conflict in Sudan, which erupted in 2023.

    The funding package, approved on 11 July 2025, comprises $44.57 million from Pillar 1 of the Transition Support Facility and $17.56 million from the African Development Fund, the Bank’s concessional financing window for low-income countries.

    Sudan is currently facing one of the world’s gravest humanitarian crises. An estimated 30.6 million people are in urgent need of assistance, including 11.5 million internally displaced persons, 54% of whom are women. The conflict has devastated critical infrastructure and services across the country, leaving healthcare facilities, schools, and water systems destroyed. This breakdown has deepened poverty, widened inequalities, and significantly limited access to basic services, particularly in conflict-affected areas.

    Commenting on the project, Mary Monyau, the Bank’s Country Manager for Sudan, highlighted the initiative’s importance: “This project is a crucial step towards rebuilding lives and livelihoods. By restoring access to clean water, healthcare, and essential infrastructure, we are not only addressing immediate humanitarian needs but also laying the foundation for long-term resilience and development.”

    The two-year project (2025-2027) will focus on four Sudanese states– Aj Jazira, River Nile, Sennar, and White Nile – and is designed to improve the resilience and well-being of the population by rehabilitating and strengthening social sector services. The SISSIRP is structured around three core components:

    1. Strengthening Social Infrastructure and Systems: Rehabilitation of key education, health, and WASH (water, sanitation, and hygiene) facilities to ensure continued access to safe drinking water and essential public services.
    2. Capacity Development and Community Engagement: Strengthening the capacities of individuals, institutions, and communities to manage and sustain the delivery of social services and infrastructure.
    3. Governance and Implementation Support: Ensuring transparent, accountable, and effective project implementation with robust monitoring and mechanisms to guarantee equitable access for targeted beneficiaries.

    The initiative aligns with the Bank’s extended Country Brief for Sudan. It also supports the Bank’s Ten-Year Strategy (2024–2033) and contributes directly to one of its key “High 5” priorities, “Improve the Quality of Life for the People of Africa.” It further aligns with sub-themes including access to basic drinking water services, coverage of essential health services, and youth inclusion in employment, education, and training.

    – on behalf of African Development Bank Group (AfDB).

    Contact:
    Joyce Mulama
    Communication and External Relations Department 
    media@afdb.org

    Media files

    .

    MIL OSI Africa –

  • MIL-OSI Economics: Piero Cipollone: The digital euro: legal tender in the digital age

    Source: European Central Bank

    Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament

    Brussels, 14 July 2025

    Thank you for inviting me to take part in this exchange of views. I would like to talk about why we need the digital euro – and the cost of not pursuing it.

    My message is simple. The main reason for issuing a digital euro is to preserve the benefits of cash in the digital era. To do so, we need to complement physical cash with a digital form of cash.

    The inability to use physical cash in online transactions or for digital payments at the point of sale deprives us of a key payment option, reducing resilience, competition, sovereignty and, ultimately, consumers’ freedom to choose how to pay.

    This increases the risks that European consumers, merchants and policymakers face. For a growing number of their transactions, Europeans lack access to central bank money – the money that is backed by the sovereign and has legal tender status, underpinning our monetary union because it is accepted everywhere in the euro area.

    Monetary sovereignty and people’s freedom to pay with legal tender: two sides of the same coin

    The Eurosystem is committed to cash and will continue to issue it.[1] But people’s habits are shifting towards digital payments.

    As the role of online payments has grown, the role of cash in day-to-day transactions has been declining at pace: between 2019 and 2024 its share fell from 68% to 40% in volume terms and from 40% to 24% in value terms.[2]

    This has two important implications.

    First, the role of cash will be significantly reduced if we do not provide a digital equivalent. If we fail to act, we will fail to fulfil our responsibility as a central bank towards the people we serve.

    Second, our monetary sovereignty is eroding. People’s ability to pay across the euro area with sovereign money – cash – and frequently choosing to do so, is a key pillar of monetary sovereignty. A digital form of cash would protect our sovereignty and ensure our monetary union is also a digital monetary union.

    What’s particularly concerning in Europe is that the gap left by declining cash use is being filled by non-European payment solutions. For card payments, only seven out of the 20 euro area countries have a national card scheme. These card schemes cannot be used in other euro area countries and are also losing market share domestically. For e-commerce, European-owned solutions are prevalent in only three euro area countries.[3]

    Strengthening our legal tender to stop the erosion of our monetary sovereignty

    To address this situation, the Single Currency Package protects the rights of those who want to continue to pay with cash, while complementing physical cash with a digital form of the legal tender: the digital euro.

    I believe we are being presented with a false choice: a private pan-euro area payment solution or a public one. First, it is not just about payments; it is about the evolution of the money. And second, it is a historical fact that state-issued money and money issued by private parties have typically coexisted, reinforcing each other.[4]

    The cost of inaction

    Since the start of the euro, we have recognised the need for an integrated retail payments market. This prompted the development of the Single Euro Payments Area (SEPA) to harmonise bank transfers. However, SEPA does not cover key use cases such as payments at the point of sale.

    Over the years, private firms have made several attempts to create a pan-European payment solution, but difficulties in coordinating among market participants prevented those firms from delivering a scalable and unified system.[5] Some 25 years after the launch of the euro, we still have no European payment solution that allows people to pay digitally throughout the euro area in stores, for e‑commerce goods and services and from person to person.

    Let us take a leap of faith. Imagine things would be different this time and that banks would manage to work together to rapidly provide a pan-European private payment solution. Would it still make sense to have the digital euro? The answer is yes.

    First, the digital euro would help preserve money as a public good that is easily accessible to everyone and universally accepted across the euro area. By contrast, private money belongs to the competitive space, so we cannot guarantee its acceptance by all merchants.

    Second, the digital euro would enhance resilience. We would have a reliable fallback in times of crisis, complementing cash. An especially important feature is that the digital euro would also function offline, providing a secure payment method even without an internet connection.[6] Moreover, as is the case with cash, we would be sure that all components of the digital euro remain in European hands.

    Third, the digital euro would prevent market concentration. The availability of legal tender and its wide adoption would put merchants in a stronger position to negotiate fees. In addition, the digital euro would create open standards with a wide acceptance network, making it easier for payment service providers to scale up their solutions. This would result in greater competition and innovation at European level.[7]

    Conclusion

    Let me conclude.

    The Treaty on the Functioning of the European Union entrusts you, the co-legislators, to “lay down the measures necessary for the use of the euro as the single currency.”

    We can together ensure that our currency is fit for the digital age by complementing physical cash and private payment initiatives with digital cash. Indeed, the digital euro is key to preserving the benefits of cash in the digital era.

    MIL OSI Economics –

  • MIL-OSI Europe: Answer to a written question – Limited impact of Global Gateway on the African continent – E-001679/2025(ASW)

    Source: European Parliament

    The Global Gateway strategy[1] is delivering with impact in Africa based on the shared objective of sustainable prosperity for both continents.

    The report to the EU-African Union Ministerial of 21 May 2025[2] shows tangible and consequential progress in all the 11 priority areas of the Africa-Europe Investment Package announced at the 2022 Summit[3] and aligned with African Union’s Agenda 2063[4]. The very high participation on both sides at the Ministerial meeting testifies of the vitality and importance of the partnership.

    With the Global Gateway, the EU has shifted to a partnership-based model, moving beyond donor-recipient ties to foster economic and social development and creating sustainable job in the partner countries.

    While other international actors might promote different development models, Global Gateway aims to create links, not dependency but rather contribute to the development of the partner countries.

    It is the EU’s value-based offer for financially sustainable and quality projects implemented in a Team Europe approach[5]. In a challenging international context, the EU stands out as a reliable and trusted partner.

    In 2022, the EU’s Foreign Direct Investment stock in Africa was EUR 309 billion (compared to EUR 41 billion for China). Scaling up Global Gateway is a clear mandate of the Commissioner for International Partnerships.

    • [1] https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/stronger-europe-world/global-gateway_en.
    • [2] https://international-partnerships.ec.europa.eu/publications-library/preliminary-monitoring-report-considered-au-eu-ministerial-follow-committee_en.
    • [3] https://international-partnerships.ec.europa.eu/policies/global-gateway/initiatives-sub-saharan-africa/eu-africa-global-gateway-investment-package_en.
    • [4] https://au.int/en/agenda2063/overview.
    • [5] Including Member States, European Investment Bank, European Bank for Reconstruction and Development, European Financial Institutions, Member States’ agencies and the private sector.
    Last updated: 14 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: In-Depth Analysis – Public hearing with Claudia Buch, Chair of the ECB / SSM Supervisory Board – 15 July 2025 – 14-07-2025

    Source: European Parliament

    This briefing has been prepared for the public hearing with the Chair of the Single Supervisory Mechanism (SSM), Claudia Buch, scheduled for 15 July 2025 in the ECON Committee. Content: 1. Annual Report on Supervisory Activities for 2024 2. Annual Report on Sanctioning Activities in the SSM in 2024 3. ECB sanctions against SEB Baltics 4. The SSM’s simplification efforts 5. ECB’s feedback on Parliament’s Banking Union Annual Report 6. Between prudence and politics: EBA default framework fails to reflect legislative intent 7. National security or economic intervention? The stretching boundaries of golden power 8. New external expertise on (1) competitiveness of European banks and (2) real estate risks 9. Latest Supervisory Banking Statistics (Q4 2024)

    MIL OSI Europe News –

  • MIL-OSI Security: FBI Seeks Information Regarding Anchorage Bank Robbery

    Source: US FBI

    ANCHORAGE, AK—The FBI Anchorage Field Office is seeking information regarding the identity and whereabouts of an unknown suspect who robbed the Wells Fargo Bank located within the Anchorage 5th Avenue Mall at 320 W 5th Avenue.

    On Friday, July 11, 2025, at approximately 1:40 p.m., an unknown suspect entered the bank, approached a bank employee, and presented a note demanding money. The note also indicated that the suspect was in possession of a firearm. The suspect then fled the area on foot after the robbery.

    The suspect was observed sitting in a massage chair outside the bank several minutes before entering. Witnesses described the suspect as an adult male, approximately 5’5” tall, and possibly in his 40s or 50s.

    Anyone with information concerning the identity and whereabouts of this individual should contact the FBI Anchorage Field Office at 907-276-4441 or submit a tip online at tips.fbi.gov.

    MIL Security OSI –

  • MIL-OSI USA: Opening Remarks of Commissioner Kristin Johnson: Regulators Roundtable on Financial Markets Innovation and Supervision of Emergent Technology

    Source: US Commodity Futures Trading Commission

    It is truly my pleasure to welcome you all today to the Regulators Roundtable on Financial Markets Innovation and Supervision of Emergent Technology. My sincere and tremendous gratitude to everyone who has gathered here in London today. This year marks the third year that I have had the privilege of convening an exceptional group of senior prudential and market regulators representing diverse jurisdictions around the world.
    Our discussion this afternoon will focus on forces that are rapidly transforming the financial services sector of the global economy with particular emphasis on two elements of the increasingly digitized financial services sector—the integration of artificial intelligence and the threat of cyber risks.
    For each of us—whether we’re shaping monetary policy, evaluating compliance with current regulatory guidelines, enforcing transparency and accountability in banking, capital markets, derivatives markets or digital asset markets, or supervising the next generation of digital finance platforms—the topics on today’s agenda are top of mind.
    Today we are continuing the conversations launched during the previous roundtables. Each of these topics have only become more important in the year since we last gathered.
    Let’s begin with artificial intelligence (AI).[1]
    AI in Financial Markets and Financial Markets Regulation 
    AI holds significant promise for making financial services more inclusive, efficient, and accessible. But its deployment must be underpinned by robust governance, ethical design, and global regulatory collaboration. For global regulatory leadership—including this august group convened today—the challenge is to balance innovation with stability, openness with security, and automation with human oversight.
    Improving Accuracy, Efficiency, and Operational Resilience
    Evidence suggests that AI improves accuracy, efficiency, and operational resilience and that AI-driven systems may outperform traditional approaches. Some potential applications include:
    Fraud Detection and Risk Management

    Anomaly Detection: AI systems can detect unusual transaction patterns in real-time, flagging potential fraud or cyber threats more effectively than traditional rule-based systems.
    Behavioral Biometrics: Advanced models track behavioral traits (typing speed, swipe patterns) to authenticate users and reduce identity theft.

    Process Automation

    Intelligent Document Processing (IDP): AI extracts, classifies, and processes information from unstructured documents (e.g., loan applications, KYC documents), reducing processing time and human error.
    Trade Surveillance & Market Monitoring: AI can sift through vast quantities of data to detect signs of market manipulation, insider trading, or compliance breaches with greater precision.

    Enhancing Compliance with Regulation and Reducing the Costs of Compliance 
    AI promises to reduce transaction and compliance costs by dynamically routing orders to the best venues, reducing slippage and lowering transaction costs. Evidence suggests that AI improves accuracy, efficiency, and operational resilience. AI-driven systems may outperform traditional approaches for detecting fraud, managing risks, executing back-office services, verifying identity, surveilling markets for evidence of market manipulation, insider trading, and compliance breaches.
    AI also promises to enhance supervisory technology for regulators—automating data collection, analysis, and reporting, reducing frictions with regulatory compliance, and enabling more dynamic regulation at reduced costs. AI may facilitate efficient, faster-paced updating and modernization of regulation. AI may also offer continuous monitoring and enhanced real-time confirmation of compliance, reducing reliance on less frequent, periodic audits, and facilitating market participants and regulators’ ability to identify regulatory breaches earlier and potentially reducing the number and size of regulatory breaches.
    Reducing Transaction and Compliance Costs
    Transaction Costs

    Smart Routing and Algorithmic Trading: AI optimizes trade execution by dynamically routing orders to the best venues, reducing slippage and transaction costs.

    Compliance and Regulatory Reporting

    RegTech Solutions: AI-powered regulatory technology automates data collection, analysis, and reporting, easing the burden of compliance with dynamic regulations.
    Continuous Monitoring: AI systems can provide real-time compliance checks rather than periodic audits, leading to faster resolution and fewer regulatory breaches.

    Industry Use Cases
    While the financial services industry has integrated predictive technologies in risk assessment and predictive analytics for decades, over the last several years, we have witnessed a transformational shift in the diversity of use cases. In 2017, JPMorgan Chase launched a contract intelligence platform that automates review of commercial credit agreements, reducing by hundreds of thousands of hours the human resources annually required to complete credit agreement reviews.[2] HSBC, and a number of other financial institutions, have integrated AI in their transaction monitoring and anti-money laundering (AML) platforms to detect anomalies across millions of transactions in real-time, increasing accuracy in their assessment of suspicious activity reports.[3] Similar to other financial services firms, Mastercard has launched cyber risk and fraud detection software that relies on AI to analyze 75 billion transactions per year to block fraud in milliseconds.[4]
    Risks and Considerations for Policymakers
    In testimony before Congress, published academic literature, and a series of speeches during my tenure as a Commissioner at the CFTC, I have outlined and encouraged regulators to explore a number of risks and considerations. 
    For example, we face real concerns around bias in AI models, especially when it comes to lending and underwriting. There is a need for greater transparency and explainability, so that AI driven decisions are subject to the rigorous accountability standards that we typically apply in our supervisory oversight. And as AI becomes more embedded in core infrastructure, cyber resilience becomes a systemic concern, not just an operational one.
    There is also the matter of concentration risk. As more institutions rely on a handful of foundational AI models or platforms, we must ask: what happens when those systems fail or are compromised? I outline a few additional risks below:
    Bias and Fairness

    Model Transparency: AI decisions, especially in lending or insurance, must be explainable to ensure non-discriminatory practices.
    Data Integrity: Models are only as good as the data they are trained on—bad data can perpetuate historical inequalities.

    Cybersecurity and Resilience

    Adversarial AI: As AI becomes embedded in core infrastructure, it’s also a target for manipulation—highlighting the need for robust, secure design.
    Systemic Concentration: Overreliance on a few AI platforms or vendors could increase systemic vulnerabilities.

    Governance and Accountability

    Model Risk Management: Institutions must manage the full lifecycle of AI models—development, validation, deployment, and monitoring—with strong oversight.
    Cross-Border Coordination: Global consistency in AI governance frameworks will be crucial to avoid regulatory arbitrage and ensure responsible innovation.

    Next Steps in Governing AI
    Governance—at the firm level and the system level—matters more than ever. Fintechs must invest in model risk management, ethical design, and responsible data practices. Supervisory approaches must evolve to keep pace with the changes occurring in the markets subject to our supervision.
    Regulatory agencies in the US are increasingly deploying AI to review large volumes of data and detect emerging risks by identifying outliers. Using AI in this capacity, often referred to as “suptech,” may offer regulators more effective tools to combat fraud, market manipulation, illicit finance, money-laundering and other long-standing threats to the integrity of our markets.
    Cyber Risks
    I have encouraged diverse stakeholders to be mindful of potential cyber risks that may impact individual firms or the broader financial markets ecosystem.[5]
    We continue to discuss these risks. As we consider them, let’s think about the potential implications of interdependence and the possibility of contagion—the threat that a domino effect of risks may occur at an accelerated speed.
    Operational Resilience
    Over the past few years, we have made progress in preparing ourselves to take on these challenges. The Commission issued a proposed rule, unanimously supported, to create an operational resilience framework for futures commission merchants, swap dealers, and major swap participants to “identify, monitor, manage, and assess risks relating to information and technology security, third-party relationships, and emergencies or other significant disruptions to normal business operations” in December 2023.[6]
    Cyber resilience is a critical gateway issue for protecting market integrity, and an area where we need to be “all hands on deck” on both sides of the pond. Cyber resilience is only as strong as its weakest link. As most cyber threats may be launched against financial institutions in many nations, it is important to stay vigilant and collaborate closely on best practices and lessons learned.
    Third-Party Risk Management
    As I discussed in recent remarks, the Market Risk Advisory Committee that I sponsor at the CFTC has been actively focused on cyber resilience and third-party risk management issues.[7] When the Commission released its proposed operational resilience framework, a subcommittee workstream of the MRAC recognized that there may have been some important gaps in operational resilience with respect to other market participants, such as central counterparties regulated by the CFTC, and took up the mantle to continue to examine areas not fully addressed by the Commission. The CCP Risk & Governance Committee organized recommendations that were presented to the commission that “would improve upon the existing framework and require that derivatives clearing organizations establish, implement, and maintain a third-party relationship management program.”[8]
    Many aspects of the recommendations were informed by internationally recognized best practices and international standard setting bodies, such as the Bank for International Settlements Principles for Financial Market Infrastructure. Once again, this highlights the importance of international collaboration, in setting the standard for best practices, and for developing policies that are familiar to global market participants.
    I look forward to discussing today the latest developments in third party risk management, such as new principles on third-party risk supervision issued by the European Securities and Markets Authority (ESMA) just last month.[9]
    International Coordination and Cooperation 
    As we move across the landscape of emerging technologies and the attendant risks, it is increasingly clear that international cooperation is not optional—it is essential. Innovative technologies and the risks that may arise as a result of digitization are not bound by jurisdictional, territorial, or national boundaries. The threats or risks born in one nation may quickly ripple across continents.
    A vulnerability in a third-party service provider can contemporaneously compromise multiple financial institutions. A sophisticated actor can launch a cyber-attack from anywhere in the world, orchestrating the consequences such that they impact any one nation or group of nations simultaneously.
    Let me highlight a few ways we are already working together on these issues, and where we must go further.
    First, harmonizing regulatory expectations.
    We need to align our supervisory approaches across jurisdictions to ensure that cyber risk is being addressed consistently. The Financial Stability Board, CPMI-IOSCO, and other international standard setting bodies have already announced important principles—but implementation must be global, not fragmented.
    Standards like NIST, ISO 27001, and the FSB’s cyber incident response guidance should form the backbone of our shared expectations. It is worth exploring mutual recognition of cyber audits and certifications for third-party providers, especially cloud platforms.
    Second, information sharing.
    Timely, secure, and actionable intelligence must flow across borders—not just between regulators, but also with the private sector. There are institutions that are helping to build these bridges, but we need to enhance real-time alert systems and threat-sharing protocols. Silence, in the cyber domain, is a vulnerability.
    Third, we must strengthen crisis response and recovery.
    Too often, we focus on prevention. But in today’s threat landscape, we must assume that breaches will occur—and focus on how we respond.
    That means building interoperable incident response plans. Conducting joint cyber drills and tabletop exercises simulations and establishing trusted communications channels that can activate instantly in the event of a cross-border incident.
    Fourth, we must tackle concentration risk and supply chain vulnerabilities.
    Many of our institutions rely on the same cloud providers, fintech APIs, and software stacks. We need a coordinated approach to supervising these critical third parties—through shared resilience testing, pooled audits, and transparent incident reporting.
    And finally, we must invest in cyber capacity building, especially in emerging and developing economies. Because in a globally interconnected system, our resilience is only as strong as the weakest link. Let us support these markets with the tools, training, and frameworks they need—not just to defend themselves, but to contribute to the global cyber defense ecosystem.
    In Conclusion — Looking Ahead
    The cyber threat landscape is evolving quickly—AI-powered attacks, deepfakes, quantum computing threats, and vulnerabilities in decentralized finance are no longer theoretical.
    To meet these challenges, we must act together—with speed, with coordination, and with trust. This is no small ask, and we can’t do it alone.
    Let us make cybersecurity a shared responsibility. Let us foster the partnerships—public and private, domestic and international—that are essential to securing our financial future.
    Because in today’s world, cyber resilience is not just a technology issue—it is a financial stability imperative.
    Finally, our convenings and conversations must continue. Trust can be a competitive advantage if we let it—a most potent tool in our toolbox to help us unlock the potential of new technology while also maintaining effective governance structures that give us the confidence and stability to keep moving forward.
    I am hopeful as we continue to convene, as regulators, and with the broader communities we serve, that we can develop standards and best practices that can be relied on around the globe.
    I look forward to hearing the different thoughts and approaches that will be shared today on these issues that are top of mind for our markets globally.

    [1] The thoughts and perspectives that I share with you today are my own; they are not the views and perspectives of my fellow Commissioners, the Commission, or the staff of the CFTC.

    [6] CFTC, Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants, 89 Fed. Reg. 4706 (proposed Jan. 24, 2024). 

    MIL OSI USA News –

  • MIL-OSI United Nations: Gaza: UNICEF mourns seven children killed queuing for water

    Source: United Nations 2

    The incident occurred in central Gaza on Sunday, according to media reports, which said that four other people also lost their lives due to the Israeli airstrike. 

    The Israeli military said it had been targeting a terrorist but a “technical error” saw the munition stray off course.

    Uphold protection of children

    UNICEF Executive Director Catherine Russell noted that the incident came just days after several women and children were killed while lining up for nutritional supplies.

    “The Israeli authorities must urgently review the rules of engagement and ensure full compliance with international humanitarian law, notably the protection of civilians, including children,” she wrote in a statement posted on X.

    The UN has repeatedly deplored the killing of Palestinians seeking food aid amid the dire humanitarian situation in Gaza, where food security experts have warned that the entire population is not getting enough to eat.

    Stockpiles of food available

    Meanwhile, “truckloads of food and medical supplies are waiting in warehouses” just outside the enclave, UN Palestine refugee agency UNRWA said in a tweet.

    It included a quote from one of its health workers who said that “in the past, I only saw such cases of malnutrition in textbooks and documentaries.  Today, I am treating them face to face in the health centre.”

    UNRWA appealed for starvation of civilians to stop and for the siege to be lifted.  

    “Let the UN, including UNRWA, do its lifesaving work,” the tweet said.

    West Bank annexation ‘well underway’

    Separately, UNRWA also highlighted the situation of Palestinians in the occupied West Bank against the backdrop of the war in Gaza.

    Agency chief Philippe Lazzarini told an international conference in Switzerland on Monday that “annexation is well underway.”

    UNRWA said “this is not just destruction: it is part of systematic forced displacement, a violation of international law, and a form of collective punishment.”

    In January, Israeli forces launched operations in Tulkarm and Jenin in the West Bank, which UNRWA has previously said are the most extensive in two decades.

    Humanitarians reported last week that the operations are causing massive destruction and displacement while attacks by Israeli settlers have intensified.

    MIL OSI United Nations News –

  • MIL-OSI Analysis: ‘Pig butchering’ scams have stolen billions from people around the world. Here’s what you need to know

    Source: The Conversation – UK – By Bing Han, Lecturer in Economic Crime, University of Portsmouth

    thanun vongsuravanich / Shutterstock

    At the beginning of 2025, panic about fraud and human trafficking erupted on Chinese social media. It started when a Chinese actor called Wang Xing was tricked into travelling to Thailand for an audition, where he was abducted by criminals and taken to a scam centre in Myanmar.

    Wang was reported missing and, within three days, the Thai police had located and returned him to Thailand. Details of the operation were not revealed, leading to speculation that withholding more information was part of a deal that led to Wang’s release.

    Inside the compound, Wang’s head was shaved and he told the police he was forced to undergo the first phase of training on how to carry out scams.



    Read more:
    Scam Factories: the inside story of Southeast Asia’s brutal fraud compounds

    One such scam is known as “pig butchering”. This type of scam began attracting attention in China around 2019, and is typically carried out by Chinese organised crime groups. Scammers establish fake romantic and trusting relationships with victims before luring them into fraudulent investments or other financial traps.

    Pig-butchering scammers have stolen billions of dollars from victims worldwide. In one notable example from 2023, a banker from Kansas in the US called Shan Hanes embezzled US$47 million (£34.6 million) from his bank to cover his losses after falling victim to a pig butchering scam. Hanes was subsequently sentenced to more than 24 years in prison. So, what do we know about how pig butchering scams work?

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    A pig butchering scam consists of three stages: hunting, raising and killing. These stages correspond to scammers finding victims online, talking with them to build trust and then getting them to invest large amounts of money in fraudulent schemes.

    There are some similarities between a pig butchering scam and a traditional romance scam. Scammers may, as in a traditional scam, approach their victims by posing as a possible romantic partner on a dating app or a friend on social media.

    But the key difference lies in how the scam is executed. In a traditional romance scam, trust is based on the victim’s desire to maintain a romantic relationship with the scammer. Because of this, traditional romance scams can sometimes last for years.

    Pig butchering scams, in comparison, generally take place over a shorter time frame. Rather than focusing on extracting money solely through emotional manipulation, they lean heavily on the victim’s desire to make money together with the scammer. They often involve just a few months of talking with the victim.

    The scammers present themselves as financially successful and confident people with broad networks and attractive investment opportunities. Once a victim makes a small initial investment, scammers rapidly escalate the process and push them into making much larger financial commitments.

    In one example from 2024, a woman in the US state of Connecticut called Jacqueline Crenshaw met a man on an online dating site. He was posing as a widower with two children and frequently spoke with Crenshaw over the phone. Within two months, they began discussing investing in cryptocurrency.

    Crenshaw sent him US$40,000 (£29,500) initially and received screenshots from him showing supposedly huge profits from the cryptocurrency investment. The scammer soon encouraged Crenshaw to invest much more, which ultimately led to her losing nearly US$1 million (£738,000).

    Organised crime groups

    Pig butchering scams are typically run by highly organised criminal groups. These groups have management teams, provide training to new recruits and often hire people as models who occasionally interact with victims.

    The Chinese government has taken several steps to combat fraud in recent years. It enacted the Anti-Telecom Fraud Law in 2022, which was designed specifically to prevent and punish the use of telecommunications and internet technologies to defraud individuals and organisations. It was introduced in response to the growing prevalence of pig butchering scams in China.

    The Chinese Ministry of Public Security has also developed a mobile application called the National Anti-Fraud Center App. The app allows the public to report scams and access real-time risk alerts related to fraud. Alongside the work of other government departments, it has helped intercept 4.7 billion scam calls and 3.4 billion fraudulent text messages since the beginning of 2024.

    The crackdown on fraud within China has made it more difficult for criminal groups to operate domestically, prompting many to relocate their bases abroad. South-east Asian countries – particularly Cambodia, Laos and Myanmar – have become a preferred destination for such groups.

    Regions of northern Myanmar, such as Kokang and Wa State, have become breeding grounds for organised fraud over the past few years. Chinese is widely spoken in both of these areas and local customs closely resemble those in China.

    This has been exacerbated by persistent corruption in border areas, poor governance and instability. The collapse of the illegal online gambling industry in south-east Asia following the pandemic has also led crime groups to search for new sources of revenue. These conditions have together facilitated the proliferation of large-scale fraudulent operations.

    Organised fraud has evolved into a key pillar of the local economy in certain parts of south-east Asia. The profits generated from online scams are estimated to amount to 40% of the combined GDP of Cambodia, Laos and Myanmar.

    Criminal leaders have established tightly controlled compounds that serve as hubs for online scams, with their primary activities centred on pig butchering. These compounds are frequently presented as “technology parks”, which helps recruit workers. However, many people are forced to work in the scam centres.

    Pig butchering scams can inflict severe financial harm on victims. But are also closely tied to violent crime, human trafficking and other forms of organised criminal activity. They pose a growing threat to regional and global security.

    Bing Han 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. ‘Pig butchering’ scams have stolen billions from people around the world. Here’s what you need to know – https://theconversation.com/pig-butchering-scams-have-stolen-billions-from-people-around-the-world-heres-what-you-need-to-know-252774

    MIL OSI Analysis –

  • MIL-OSI Analysis: Over €10 billion has now been pledged for Ukraine’s recovery. It’s nowhere near enough

    Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

    Clearly angered by the intensification of Russia’s air campaign against Ukraine, Donald Trump has pivoted from the suspension of US military assistance to Ukraine to promising its resumption. Russia’s strikes on major cities killed more civilians in June than have died in any single previous month, according to UN figures.

    Over the past two weeks, the US president has made several disparaging comments about his relationship with Vladimir Putin, including on July 13 that the Russian president “talks nice and then he bombs everybody in the evening”.

    Not only will the US resume delivery of long-promised Patriot air defence missiles, Trump is now also reported to be considering a whole new plan to arm Ukraine, including with offensive capabilities. And he has talked about imposing new sanctions on Putin’s regime.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    This is the background against which the eighth Ukraine Recovery Conference took place in Rome on July 10 and 11. The event, attended by many western leaders and senior business executives, was an important reminder that while the war against Ukraine will be decided on the battlefield, peace will only be won as the result of rebuilding Ukraine’s economy and society.

    Ending the war anytime soon and on terms favourable to Kyiv will require an enormous effort by Ukrainians and their European allies. But the country’s recovery afterwards will be no less challenging.

    According to the World Bank’s latest assessment, at the end of 2024 Ukraine’s recovery needs over the next decade stood at US$524 billion (£388 billion). And with every month the war continues, these needs are increasing. Ukraine’s three hardest-hit sectors are housing, transport and energy infrastructure, which between them account for around 60% of all damage.

    At the same time, the International Monetary Fund (IMF) provided a relatively positive assessment of Ukraine’s overall economic situation at the end of June, forecasting growth of between 2% and 3% for 2025 – likely to grow to over 4% in 2026 and 2027. But the IMF also cautioned that this trajectory – and the country’s macroeconomic stability more generally – will remain heavily dependent on external support.

    Taking into account a new €2.3 billion package from the EU, consisting of €1.8 billion of loan guarantees and €580 million of grants, the cumulative pledge of over €10 billion (£8.7 billion) made by countries attending the Ukraine recovery conference is both encouraging and sobering.

    It is encouraging in the sense that Ukraine’s international partners remain committed to the country’s social and economic needs, not merely its ability to resist Russia on the battlefield.

    But it is also sobering that even these eye-watering sums of public money are still only a fraction of Ukraine’s needs. Even if the EU manages to mobilise its overall target of €40 billion for Ukraine’s recovery, by attracting additional contributions from other donors and the private sector, this would be less than 8% of Ukraine’s projected recovery needs as of the end of 2024.

    As the war continues and more of the (diminishing) public funding is directed towards defence expenditure by Kyiv’s western partners, this gap is likely to grow.

    Overcoming the trauma of war

    Money is not the only challenge for Ukraine recovery efforts. Rebuilding the country is not simply about undoing the physical damage.

    The social impact of Russia’s aggression is hard to overstate. Ukraine has been deeply traumatised as a society since the beginning of Russia’s full-scale invasion in February 2022.

    Generally reliable Ukrainian casualty counts – some 12,000 civilians and 43,000 troops killed since February 2022 – are still likely to underestimate the true number of people who have died as a direct consequence of the Russian aggression. And each of these will have left behind family members struggling to cope with their loss. In addition, there are hundreds of thousands of war veterans.

    Even before the full-scale invasion of Ukraine, there were nearly half a million veterans from the “frozen” conflict that followed Russia’s annexation of Crimea and incursion into eastern Ukraine. By the end of 2024, this number had more than doubled to around 1 million. Most of them have complex social, economic, medical and psychological needs that will have to be considered as part of a society-wide recovery effort.

    Returning refugees

    According to data from the UN refugee agency (UNHCR), there are also some 7 million refugees from Ukraine and 3.7 million internally displaced people (IDPs). This is equivalent to one quarter of the country’s population. The financial needs of UNHCR’s operations in Ukraine are estimated at $800 million in 2025, of which only 27% was funded as of the end of April.

    Once the fighting in Ukraine ends, refugees are likely to return in greater numbers. Their return will provide a boost to the country’s economic growth by strengthening its labour force and bringing with them skills and, potentially, investment. But like many IDPs and veterans, they may not be able to return to their places of origin, either because these are not inhabitable or remain under Russian occupation.

    Some returnees are likely to be viewed with suspicion or resentment by those Ukrainians who stayed behind and fought. Tensions with Ukrainians who survived the Russian occupation in areas that Kyiv may recover in a peace deal are also likely, given Ukraine’s harsh anti-collaboration laws.

    As a consequence, reintegration – in the sense of rebuilding and sustaining the country’s social cohesion – will be a massive challenge, requiring as much, if not more, of Ukraine’s partners’ attention and financial support as physical reconstruction and the transition from a war to a peace-time economy.

    Given the mismatch between what is needed and what has been provided for Ukraine’s recovery, one may well be sceptical about the value of the annual Ukraine recovery conferences. But, to the credit of their organisers and attendees, they recognise that the foundations for post-war recovery need to be built before the war ends. The non-military challenges of war and peace must not fall by the wayside amid an exclusive focus on battlefield dynamics.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

    – ref. Over €10 billion has now been pledged for Ukraine’s recovery. It’s nowhere near enough – https://theconversation.com/over-10-billion-has-now-been-pledged-for-ukraines-recovery-its-nowhere-near-enough-260936

    MIL OSI Analysis –

  • MIL-OSI Submissions: Over €10 billion has now been pledged for Ukraine’s recovery. It’s nowhere near enough

    Source: The Conversation – UK – By Stefan Wolff, Professor of International Security, University of Birmingham

    Clearly angered by the intensification of Russia’s air campaign against Ukraine, Donald Trump has pivoted from the suspension of US military assistance to Ukraine to promising its resumption. Russia’s strikes on major cities killed more civilians in June than have died in any single previous month, according to UN figures.

    Over the past two weeks, the US president has made several disparaging comments about his relationship with Vladimir Putin, including on July 13 that the Russian president “talks nice and then he bombs everybody in the evening”.

    Not only will the US resume delivery of long-promised Patriot air defence missiles, Trump is now also reported to be considering a whole new plan to arm Ukraine, including with offensive capabilities. And he has talked about imposing new sanctions on Putin’s regime.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    This is the background against which the eighth Ukraine Recovery Conference took place in Rome on July 10 and 11. The event, attended by many western leaders and senior business executives, was an important reminder that while the war against Ukraine will be decided on the battlefield, peace will only be won as the result of rebuilding Ukraine’s economy and society.

    Ending the war anytime soon and on terms favourable to Kyiv will require an enormous effort by Ukrainians and their European allies. But the country’s recovery afterwards will be no less challenging.

    According to the World Bank’s latest assessment, at the end of 2024 Ukraine’s recovery needs over the next decade stood at US$524 billion (£388 billion). And with every month the war continues, these needs are increasing. Ukraine’s three hardest-hit sectors are housing, transport and energy infrastructure, which between them account for around 60% of all damage.

    At the same time, the International Monetary Fund (IMF) provided a relatively positive assessment of Ukraine’s overall economic situation at the end of June, forecasting growth of between 2% and 3% for 2025 – likely to grow to over 4% in 2026 and 2027. But the IMF also cautioned that this trajectory – and the country’s macroeconomic stability more generally – will remain heavily dependent on external support.

    Taking into account a new €2.3 billion package from the EU, consisting of €1.8 billion of loan guarantees and €580 million of grants, the cumulative pledge of over €10 billion (£8.7 billion) made by countries attending the Ukraine recovery conference is both encouraging and sobering.

    It is encouraging in the sense that Ukraine’s international partners remain committed to the country’s social and economic needs, not merely its ability to resist Russia on the battlefield.

    But it is also sobering that even these eye-watering sums of public money are still only a fraction of Ukraine’s needs. Even if the EU manages to mobilise its overall target of €40 billion for Ukraine’s recovery, by attracting additional contributions from other donors and the private sector, this would be less than 8% of Ukraine’s projected recovery needs as of the end of 2024.

    As the war continues and more of the (diminishing) public funding is directed towards defence expenditure by Kyiv’s western partners, this gap is likely to grow.

    Overcoming the trauma of war

    Money is not the only challenge for Ukraine recovery efforts. Rebuilding the country is not simply about undoing the physical damage.

    The social impact of Russia’s aggression is hard to overstate. Ukraine has been deeply traumatised as a society since the beginning of Russia’s full-scale invasion in February 2022.

    Generally reliable Ukrainian casualty counts – some 12,000 civilians and 43,000 troops killed since February 2022 – are still likely to underestimate the true number of people who have died as a direct consequence of the Russian aggression. And each of these will have left behind family members struggling to cope with their loss. In addition, there are hundreds of thousands of war veterans.

    Even before the full-scale invasion of Ukraine, there were nearly half a million veterans from the “frozen” conflict that followed Russia’s annexation of Crimea and incursion into eastern Ukraine. By the end of 2024, this number had more than doubled to around 1 million. Most of them have complex social, economic, medical and psychological needs that will have to be considered as part of a society-wide recovery effort.

    Returning refugees

    According to data from the UN refugee agency (UNHCR), there are also some 7 million refugees from Ukraine and 3.7 million internally displaced people (IDPs). This is equivalent to one quarter of the country’s population. The financial needs of UNHCR’s operations in Ukraine are estimated at $800 million in 2025, of which only 27% was funded as of the end of April.

    Once the fighting in Ukraine ends, refugees are likely to return in greater numbers. Their return will provide a boost to the country’s economic growth by strengthening its labour force and bringing with them skills and, potentially, investment. But like many IDPs and veterans, they may not be able to return to their places of origin, either because these are not inhabitable or remain under Russian occupation.

    Some returnees are likely to be viewed with suspicion or resentment by those Ukrainians who stayed behind and fought. Tensions with Ukrainians who survived the Russian occupation in areas that Kyiv may recover in a peace deal are also likely, given Ukraine’s harsh anti-collaboration laws.

    As a consequence, reintegration – in the sense of rebuilding and sustaining the country’s social cohesion – will be a massive challenge, requiring as much, if not more, of Ukraine’s partners’ attention and financial support as physical reconstruction and the transition from a war to a peace-time economy.

    Given the mismatch between what is needed and what has been provided for Ukraine’s recovery, one may well be sceptical about the value of the annual Ukraine recovery conferences. But, to the credit of their organisers and attendees, they recognise that the foundations for post-war recovery need to be built before the war ends. The non-military challenges of war and peace must not fall by the wayside amid an exclusive focus on battlefield dynamics.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

    – ref. Over €10 billion has now been pledged for Ukraine’s recovery. It’s nowhere near enough – https://theconversation.com/over-10-billion-has-now-been-pledged-for-ukraines-recovery-its-nowhere-near-enough-260936

    MIL OSI –

  • MIL-OSI Russia: China does not seek competitive advantage through currency devaluation – deputy head of the Central Bank

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 14 (Xinhua) — China does not seek to gain an international competitive advantage through currency devaluation, Zou Lan, deputy governor of the People’s Bank of China (PBOC, central bank), said at a press conference on Monday.

    As he noted, the US dollar index and US Treasury yields have recently experienced increased volatility, which has led to side effects on global financial markets.

    On the contrary, China’s financial market has shown strong resilience and is functioning stably overall, Zou Lan noted. Since the publication of a joint statement on the results of the Sino-American trade and economic talks held in Geneva in May, the yuan to dollar exchange rate has shown two-way fluctuations, steadily remaining below 7.2 yuan per dollar.

    “The dynamics of the US dollar currently remain uncertain, while China’s domestic fundamentals continue to improve. The yuan exchange rate continues to fluctuate in both directions, with a solid foundation for maintaining basic stability,” Zou Lan said.

    Major developed economies have entered a cycle of interest rate cuts and market expectations for renewed monetary easing by the U.S. Federal Reserve are growing, with the interest rate differential between China and the United States expected to show a narrowing trend, the vice governor added.

    According to him, China’s balance of payments is generally balanced, the financial market is functioning stably, and significant progress has been made in building the foreign exchange market.

    Zou Lan assured that the PBOC will remain committed to the decisive role of the market in determining the exchange rate, maintain exchange rate flexibility, strengthen expectations management, prevent the risk of excessive fluctuations, and maintain the overall stability of the yuan at a reasonable and balanced level. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News –

  • MIL-OSI Africa: International Islamic Trade Finance Corporation (ITFC) Signs Landmark US$513 Million Syndicated Murabaha Financing with the Government of Pakistan to Support Energy Imports

    Source: APO

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, signed a US$513 million Syndicated Murabaha Financing Facility with the Islamic Republic of Pakistan, represented by the Ministry of Economic Affairs, to support the country’s critical energy sector needs.

    The signing ceremony was witnessed by H.E. Dr. Muhammad Al-Jasser, President of the Islamic Development Bank (IsDB), and the agreement was signed by Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, and Hon. Dr. Kazim Niaz, Federal Secretary for Economic Affairs, on behalf of the Government of Pakistan.

    This milestone facility marks the largest syndicated financing arranged by ITFC for Pakistan over the last three years, reaching US$513 million, which was significantly oversubscribed, with the final amount raised being more than double the initial target, reflecting strong interest and confidence from investors. The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas (LNG) to meet Pakistan’s energy needs.

    This milestone facility stands as the largest syndicated operation led by ITFC for Pakistan in recent years, with the final amount raised being more than double the initial target, underscoring the strong confidence and demand from the market.

    On this occasion, Eng. Adeeb Y. Al-Aama, CEO of ITFC, stated: “This syndicated financing is a clear vote of confidence by the market in both the ITFC capabilities and Pakistan’s economic trajectory. It demonstrates the growing trust of our financing partners and ITFC’s steadfast commitment to supporting energy security in Pakistan. Since 2008, our strategic partnership with the Government of Pakistan has resulted in the approval of more than US$8.1 billion in trade finance, reflecting our longstanding commitment to the country’s economic growth. This agreement represents a continuation in that partnership, as we remain dedicated to mobilizing Shari’ah-compliant resources that support Pakistan’s development priorities and strengthen its trade resilience.”

    Commenting on the signing, Hon. Dr. Kazim Niaz, Federal Secretary for Economic Affairs, added that “This significant financing from the International Islamic Trade Finance Corporation (ITFC) underscores the growing confidence of international capital markets and development partners in Pakistan’s economic trajectory. We are witnessing positive trends in our macroeconomic indicators, reflecting the resilient efforts towards economic recovery and stability. This facility will further bolster our trade capabilities and contribute to sustained growth. Pakistan remains committed to fostering an environment conducive to robust partnerships and enhanced economic cooperation. The Government of Pakistan is grateful for the continuous support extended by the ITFC”.

    This latest financing reflects ITFC’s continued efforts to provide impactful, Shari’ah-compliant trade solutions that address the urgent needs of member countries. By supporting Pakistan’s energy sector, the facility contributes to broader goals of economic stability, sustainable development, and enhanced trade integration across the OIC region.

    Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

    Contact us:
    Tel: +966 12 646 8337
    Fax: +966 12 637 1064
    E-mail: ITFC@itfc-idb.org

    Social media:
    Twitter: http://apo-opa.co/4lYYqfn
    Facebook: http://apo-opa.co/4635dzQ
    LinkedIn: International Islamic Trade Finance Corporation (ITFC) (http://apo-opa.co/44QOv4B)

    About the International Islamic Trade Finance Corporation (ITFC):
    The International Islamic Trade Finance Corporation (ITFC) is the trade finance arm of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.

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    MIL OSI Africa –

  • MIL-OSI Russia: Financial News: Ruble Strengthens Against Dollar in June, Stocks and Bonds Rise in Price

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    An important disclaimer is at the bottom of this article.

    The ruble rose against the US dollar for the seventh month in a row in June, while weakening slightly against the yuan. Demand for the currency from companies reached a year-low.

    The softening of the Bank of Russia’s rhetoric regarding the further trajectory of the key rate amid signs of slowing inflation supported the Russian financial market.

    Yields on the OFZ and corporate bond markets continued to decline. Most major stock indices began to grow, with the Moscow Exchange Index up 0.7% over the month.

    Read more in the next issue “Review of Financial Market Risks”.

    Preview photo: Jakub Zerdzicki / Shutterstock / Fotodom

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial News: Monetary Conditions Indicators Showed Retention of Achieved Tightness in May

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    An important disclaimer is at the bottom of this article.

    Nominal interest rates declined in May, but a renewed decline in inflation expectations helped maintain the achieved tightness of monetary conditions. However, the decline in nominal rates became more pronounced in June.

    Operational estimates indicate a further decrease in interest rates on loans and deposits in June. Credit activity in the corporate and retail segments remained moderate. This restrained the growth of the money supply. The dynamics of monetary aggregates in June were comparable to May.

    For more details, read the information and analytical commentary “Monetary conditions and the transmission mechanism of monetary policy”.

    Preview photo: zhu difeng / Shutterstock / Fotodom

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –