NewzIntel.com

Category: Banking

  • MIL-OSI: Siili Solutions Plc: Share Repurchase 3.7.2025

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc       Announcement  3.7.2025
         
         
    Siili Solutions Plc: Share Repurchase 3.7.2025  
         
    In the Helsinki Stock Exchange    
         
    Trade date           3.7.2025  
    Bourse trade         Buy  
    Share                  SIILI  
    Amount             900 Shares
    Average price/ share    6,3222 EUR
    Total cost            5 689,98 EUR
         
         
    Siili Solutions Plc now holds a total of 23 218 shares
    including the shares repurchased on 3.7.2025  
         
    The share buybacks are executed in compliance with Regulation 
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.
         
    On behalf of Siili Solutions Plc    
         
    Nordea Bank Oyj    
         
    Sami Huttunen Ilari Isomäki  
         
    Further information:    
    CFO Aleksi Kankainen    
    Email: aleksi.kankainen@siili.com    
    Tel. +358 50 584 2029    
         
    www.siili.com    

    Attachment

    The MIL Network –

  • MIL-OSI Security: Browning Man Sentenced to Prison for Death on Blackfeet Indian Reservation

    Source: US FBI

    GREAT FALLS – A Browning man who caused a death on the Blackfeet Indian Reservation was sentenced today to 18 months in prison to be followed by 3 years of supervised release, U.S. Attorney Kurt Alme said.

    Douglas Dean McDonald, 29, pleaded guilty in February 2025 to one count of involuntary manslaughter.

    Chief U.S. District Judge Brian M. Morris presided.

    The government alleged in court documents that on the afternoon of June 9, 2024, Douglas Dean McDonald was driving a sedan with his family at 118mph before he changed lanes and struck and killed John Doe, who was operating a motorcycle. Doe’s wife was a passenger on the motorcycle but was not seriously injured.

    Doe and his wife were riding their motorcycle about five miles outside of Browning heading east toward Cut Bank to see the bison herd. There were none, so they decided to turn around. As Doe was executing the U-turn, McDonald, who was traveling at a high rate of speed, went into the westbound lane and struck the motorcycle. The accident severed Doe’s leg, and he died at the scene.

    A witness came upon the crash shortly after it occurred. The witness reported that McDonald and his wife flagged the witness down and wanted a ride to Browning. She reported that there were other individuals at the scene telling McDonald he needed to stay at the scene. When law enforcement arrived, McDonald admitted to consuming twisted teas the night before and smoking a bowl of marijuana at noon that day. He gave a PBT at the scene that was positive for alcohol with a BAC of .02.

    McDonald consented to a blood draw. Law enforcement drove him to the hospital for the blood draw. During this interaction, the officer could detect the smell of alcoholic beverages emitting from his person. At the hospital, McDonald attempted to run away from law enforcement, fleeing through the emergency doors and had to be chased down in the parking lot.

    Montana Highway Patrol conducted the crash investigation. They mapped the scene and analyzed the electronic data from McDonald’s vehicle. Five seconds before the deployment event (collision) McDonald was going 118mph. The data showed that the vehicle slowed to 114mph two seconds before the deployment event, and then slowed to 99mph one second before. The speedometer of the vehicle was frozen at 98mph after the crash. MHP determined that if McDonald had been going the posted speed limit of 70mph, Doe would have been able to successfully execute the U-turn.

    The toxicology report indicated that in addition to alcohol and marijuana, McDonald had fentanyl, methamphetamine, norfentanyl, amphetamine, and gabapentin in his system.

    Assistant U.S. Attorney Kalah Paisley prosecuted the case. The investigation was conducted by the FBI, Blackfeet Law Enforcement Services, Glacier County Sheriff’s Office, and Montana Highway Patrol.

    XXX

    MIL Security OSI –

  • MIL-OSI Africa: President Benedict Oramah takes a bow at the Afreximbank Annual Meetings (AAM2025) after a decade of servant leadership

    Source: APO

    Professor Benedict Okechukwu Oramah, CON, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has taken a bow from serving at the helm of the institution for the last decade; a period that has been touted as transformational and exceptional.

    While giving his closing speech during the AAM2025, Professor Oramah took the audience down memory lane, from June 2015 when shareholders gave him a leadership mandate in Lusaka, Zambia, saying that; “In my acceptance speech, I made a solemn promise to the shareholders, to deliver a solid bank that will be a leader among its peers in all measures of financial performance to quickly grow the capital of the Bank in absolute terms, to improve capitalisation through innovative capital management initiatives to ensure first-class risk management, and achieve adequate returns to shareholders.”

    Professor Oramah highlighted the achievements of the Bank during his tenure, some under very extreme situations, citing the financial rise thus “we have collectively, over the past decade, built a solid financial institution that is good for Global Africa. Total assets and guarantees grew more than eight-fold between September 2015 and April 2025, to reach 43.5 billion US dollars. Total Revenues also rose seven-fold, reaching 3.24 billion US dollars, from 408 million US dollars in 2025. Net income amounted to about 1 billion US dollars last year, about 700% increase, from its level of 125 million US dollars in 2015. Internal capital generation and very strong support of shareholders through significant additional equity investments, saw shareholders’ funds rise from about 1 billion US dollars in September 2015 to 7.5 billion US dollars in April 2025, with callable capital reaching 4.5 billion US dollars from 450 million US dollars in September 2015. Liquidity remained strong, with sources of funding much more diversified in 2024 than in 2015, due to activities of the Africa Resource Mobilisation Unit, which saw the share of African sources of funding rise from 11.7 percent in 2015 to 36.6 percent in May 2025.”

    Going forward, Prof Oramah said that the Bank would like to give priority to the financing and promoting of high-value exports that have the capability of stabilising export revenues and creating jobs thereby raising and stabilising trade and economy in Africa.

    H.E. Bola Ahmed Tinubu, President of the Federal Republic of Nigeria who spoke at the official opening ceremony, appreciated the contribution of Afreximbank to the growth and stability of the economy of Nigeria and by extension Africa at large, saying “Nigeria’s collaboration with Afreximbank is expanding in both scope and breadth through various avenues including but not limited to the oil industry, and food production through fertilizer manufacturer through financing and Nigeria appreciates Afreximbank as a strategic partner in co creation which positively impacts  the lives of Africans and helps transform the Continent.”

    In recognition of the outstanding work done my Professor Oramah over the last 10 years and in the last 3 decades at Afreximbank, President Tinubu on behalf of the Federal Republic of Nigeria, awarded Prof. Oramah one of Nigeria’s highest state commendations: The Grand Commander of the Order of the Niger (GCON).

    Distributed by APO Group on behalf of Afreximbank.

    Media Contact:
    Vincent Musumba
    Communications and Events Manager (Media Relations)
    Email: press@afreximbank.com

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    About Afreximbank:
    African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

    For more information, visit: www.Afreximbank.com

    Media files

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    MIL OSI Africa –

  • MIL-OSI: Total Bankruptcy Filings Increased 10 Percent in the First Half of 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 03, 2025 (GLOBE NEWSWIRE) — Total bankruptcy filings were 276,126 during the first six months of 2025, a 10 percent increase from the 251,069 total filings during the same period a year ago, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data.

    Total individual filings registered an 11 percent increase, as the 260,938 filings during the first half of 2025 were up from the 235,849 filings during the first six months of 2024. Individual chapter 7 filings climbed to 163,219 during the first half of 2025, an increase of 15 percent over the 141,566 chapter 7 filings in the first half of 2024. The 97,125 individual chapter 13s filed in the first six months of 2025 represent a 3 percent increase over the 93,870 filings during the same period in 2024.  

    “The strong 15 percent increase in individual Chapter 7 bankruptcy filings underscores the growing financial pressure facing American households,” said Michael Hunter, vice president of Epiq AACER. “Elevated interest rates, record-high credit card and household debt, and the resumption of student loan repayments and collections are all contributing factors driving more individuals to seek bankruptcy protection.”

    “As of April 2025, the student loan delinquency rate has more than tripled compared to pre-pandemic levels,” Hunter added. “With collections resuming this year and nearly 9 million loans currently delinquent, we anticipate the upward trend in individual filings to continue.”

    Overall commercial filings registered 15,188 for the first half of 2025, representing a slight decrease from the commercial filing total of 15,220 for the first half of 2024. The 3,576 total commercial chapter 11 bankruptcies filed during the first six months of 2025 represented a 15 percent decrease from the 4,205 filed during the same period in 2024. Small business filings, captured as subchapter V elections within chapter 11, totaled 1,183 in the first six months of 2025, a 4 percent decrease from the 1,234 elections during the same period in 2024.

    Total and consumer bankruptcy filings increased comparing the figures from June 2025 to June 2024, while commercial filing categories declined. Total filings in June 2025 were 46,226, representing a 15 percent increase from the 40,293 filed in 2024. Total individual filings were up 16 percent in June 2025 to 43,655 from 37,512. The 27,219 individual chapter 7s in June 2025 grew 23 percent over the 22,183 chapter 7 filings in June 2024, and individual chapter 13s increased 7 percent to 16,316 in June 2025 from the 15,232 in June 2024.

    Overall commercial filings decreased 8 percent in June 2025, as the 2,571 filings were down from the 2,781 commercial filings registered in June 2024. The 622 commercial chapter 11 filings in June represented a 38 percent decrease from the 996 filings in June 2024. Total subchapter V elections within chapter 11 experienced a 23 percent decrease from 277 in June 2024 to 214 in June 2025.

    “Elevated prices, increased borrowing costs and uncertain geopolitical events continue to add to the growing debt loads shouldered by financially distressed families and small businesses,” said ABI Executive Director Amy Quackenboss. “ABI looks forward to providing Congress with research, information and statistics to re-establish higher debt thresholds for subchapter V and chapter 13 to provide greater access for struggling small businesses and consumers to reorganize their finances.”

    ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq AACER is a division of Epiq and is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry’s most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics.

    About Epiq

    Epiq, a technology and services leader, takes on large-scale and complex tasks for corporate legal departments, law firms, and business professionals by integrating people, process, technology, and data. Clients rely on Epiq to streamline legal and compliance, settlement, and business administration workflows to drive efficiency, minimize risk, and improve cost savings. With a presence in 19 countries, our values define who we are and how we partner with clients and communities. Learn how Epiq and our 6,100 people worldwide create meaningful change at www.epiqglobal.com. 

    About ABI 

    ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events.

    Press Contacts 

    Carrie Trent 
    Epiq, Senior Director of Communications 
    Carrie.Trent@epiqglobal.com

    John Hartgen 
    ABI, Public Affairs Officer
    jhartgen@abi.org

    The MIL Network –

  • MIL-OSI: Total Bankruptcy Filings Increased 10 Percent in the First Half of 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 03, 2025 (GLOBE NEWSWIRE) — Total bankruptcy filings were 276,126 during the first six months of 2025, a 10 percent increase from the 251,069 total filings during the same period a year ago, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data.

    Total individual filings registered an 11 percent increase, as the 260,938 filings during the first half of 2025 were up from the 235,849 filings during the first six months of 2024. Individual chapter 7 filings climbed to 163,219 during the first half of 2025, an increase of 15 percent over the 141,566 chapter 7 filings in the first half of 2024. The 97,125 individual chapter 13s filed in the first six months of 2025 represent a 3 percent increase over the 93,870 filings during the same period in 2024.  

    “The strong 15 percent increase in individual Chapter 7 bankruptcy filings underscores the growing financial pressure facing American households,” said Michael Hunter, vice president of Epiq AACER. “Elevated interest rates, record-high credit card and household debt, and the resumption of student loan repayments and collections are all contributing factors driving more individuals to seek bankruptcy protection.”

    “As of April 2025, the student loan delinquency rate has more than tripled compared to pre-pandemic levels,” Hunter added. “With collections resuming this year and nearly 9 million loans currently delinquent, we anticipate the upward trend in individual filings to continue.”

    Overall commercial filings registered 15,188 for the first half of 2025, representing a slight decrease from the commercial filing total of 15,220 for the first half of 2024. The 3,576 total commercial chapter 11 bankruptcies filed during the first six months of 2025 represented a 15 percent decrease from the 4,205 filed during the same period in 2024. Small business filings, captured as subchapter V elections within chapter 11, totaled 1,183 in the first six months of 2025, a 4 percent decrease from the 1,234 elections during the same period in 2024.

    Total and consumer bankruptcy filings increased comparing the figures from June 2025 to June 2024, while commercial filing categories declined. Total filings in June 2025 were 46,226, representing a 15 percent increase from the 40,293 filed in 2024. Total individual filings were up 16 percent in June 2025 to 43,655 from 37,512. The 27,219 individual chapter 7s in June 2025 grew 23 percent over the 22,183 chapter 7 filings in June 2024, and individual chapter 13s increased 7 percent to 16,316 in June 2025 from the 15,232 in June 2024.

    Overall commercial filings decreased 8 percent in June 2025, as the 2,571 filings were down from the 2,781 commercial filings registered in June 2024. The 622 commercial chapter 11 filings in June represented a 38 percent decrease from the 996 filings in June 2024. Total subchapter V elections within chapter 11 experienced a 23 percent decrease from 277 in June 2024 to 214 in June 2025.

    “Elevated prices, increased borrowing costs and uncertain geopolitical events continue to add to the growing debt loads shouldered by financially distressed families and small businesses,” said ABI Executive Director Amy Quackenboss. “ABI looks forward to providing Congress with research, information and statistics to re-establish higher debt thresholds for subchapter V and chapter 13 to provide greater access for struggling small businesses and consumers to reorganize their finances.”

    ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq AACER is a division of Epiq and is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry’s most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics.

    About Epiq

    Epiq, a technology and services leader, takes on large-scale and complex tasks for corporate legal departments, law firms, and business professionals by integrating people, process, technology, and data. Clients rely on Epiq to streamline legal and compliance, settlement, and business administration workflows to drive efficiency, minimize risk, and improve cost savings. With a presence in 19 countries, our values define who we are and how we partner with clients and communities. Learn how Epiq and our 6,100 people worldwide create meaningful change at www.epiqglobal.com. 

    About ABI 

    ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events.

    Press Contacts 

    Carrie Trent 
    Epiq, Senior Director of Communications 
    Carrie.Trent@epiqglobal.com

    John Hartgen 
    ABI, Public Affairs Officer
    jhartgen@abi.org

    The MIL Network –

  • MIL-OSI: Total Bankruptcy Filings Increased 10 Percent in the First Half of 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 03, 2025 (GLOBE NEWSWIRE) — Total bankruptcy filings were 276,126 during the first six months of 2025, a 10 percent increase from the 251,069 total filings during the same period a year ago, according to data provided by Epiq AACER, the leading provider of U.S. bankruptcy filing data.

    Total individual filings registered an 11 percent increase, as the 260,938 filings during the first half of 2025 were up from the 235,849 filings during the first six months of 2024. Individual chapter 7 filings climbed to 163,219 during the first half of 2025, an increase of 15 percent over the 141,566 chapter 7 filings in the first half of 2024. The 97,125 individual chapter 13s filed in the first six months of 2025 represent a 3 percent increase over the 93,870 filings during the same period in 2024.  

    “The strong 15 percent increase in individual Chapter 7 bankruptcy filings underscores the growing financial pressure facing American households,” said Michael Hunter, vice president of Epiq AACER. “Elevated interest rates, record-high credit card and household debt, and the resumption of student loan repayments and collections are all contributing factors driving more individuals to seek bankruptcy protection.”

    “As of April 2025, the student loan delinquency rate has more than tripled compared to pre-pandemic levels,” Hunter added. “With collections resuming this year and nearly 9 million loans currently delinquent, we anticipate the upward trend in individual filings to continue.”

    Overall commercial filings registered 15,188 for the first half of 2025, representing a slight decrease from the commercial filing total of 15,220 for the first half of 2024. The 3,576 total commercial chapter 11 bankruptcies filed during the first six months of 2025 represented a 15 percent decrease from the 4,205 filed during the same period in 2024. Small business filings, captured as subchapter V elections within chapter 11, totaled 1,183 in the first six months of 2025, a 4 percent decrease from the 1,234 elections during the same period in 2024.

    Total and consumer bankruptcy filings increased comparing the figures from June 2025 to June 2024, while commercial filing categories declined. Total filings in June 2025 were 46,226, representing a 15 percent increase from the 40,293 filed in 2024. Total individual filings were up 16 percent in June 2025 to 43,655 from 37,512. The 27,219 individual chapter 7s in June 2025 grew 23 percent over the 22,183 chapter 7 filings in June 2024, and individual chapter 13s increased 7 percent to 16,316 in June 2025 from the 15,232 in June 2024.

    Overall commercial filings decreased 8 percent in June 2025, as the 2,571 filings were down from the 2,781 commercial filings registered in June 2024. The 622 commercial chapter 11 filings in June represented a 38 percent decrease from the 996 filings in June 2024. Total subchapter V elections within chapter 11 experienced a 23 percent decrease from 277 in June 2024 to 214 in June 2025.

    “Elevated prices, increased borrowing costs and uncertain geopolitical events continue to add to the growing debt loads shouldered by financially distressed families and small businesses,” said ABI Executive Director Amy Quackenboss. “ABI looks forward to providing Congress with research, information and statistics to re-establish higher debt thresholds for subchapter V and chapter 13 to provide greater access for struggling small businesses and consumers to reorganize their finances.”

    ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq AACER is a division of Epiq and is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry’s most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics.

    About Epiq

    Epiq, a technology and services leader, takes on large-scale and complex tasks for corporate legal departments, law firms, and business professionals by integrating people, process, technology, and data. Clients rely on Epiq to streamline legal and compliance, settlement, and business administration workflows to drive efficiency, minimize risk, and improve cost savings. With a presence in 19 countries, our values define who we are and how we partner with clients and communities. Learn how Epiq and our 6,100 people worldwide create meaningful change at www.epiqglobal.com. 

    About ABI 

    ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events.

    Press Contacts 

    Carrie Trent 
    Epiq, Senior Director of Communications 
    Carrie.Trent@epiqglobal.com

    John Hartgen 
    ABI, Public Affairs Officer
    jhartgen@abi.org

    The MIL Network –

  • MIL-OSI Russia: Financial news: Lists of self-regulatory organizations of arbitration managers

    Translation. Region: Russian Federal

    Source: Central Bank of Russia (2) –

    According to Article 26 of the Law, the Bank of Russia maintains a unified register in the financial market, which contains the name of the SRO, the date of the decision on inclusion in the register, the types of activities in relation to which the SRO carries out self-regulation, TIN, OGRN, address, and a list of SRO members.

    According to Article 33 of the Law, self-regulatory organizations uniting credit consumer cooperatives were included in the unified register of self-regulatory organizations in the financial market from the date of entry into force of the Law with the assignment of SRO status.

    The law provides for the obligation for financial organizations listed in Part 1 of Article 3 of the Law to become a member of one of the self-regulatory organizations within one hundred and eighty days from the date of receipt by the non-profit organization of the status of a self-regulatory organization in the financial market in relation to the type of activity carried out by the financial organization.

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

    MIL OSI Russia News –

  • MIL-OSI Security: Serial Bank Robber Sentenced to Over 10 Years in Prison

    Source: US FBI

    ATLANTA – Khyri Deandre Brown, 28, of Dallas, Ga., has been sentenced for robbing a bank, attempting to rob three additional banks, and brandishing a firearm during a November 2023 crime spree.

    “Brown repeatedly threatened the lives of bank employees and customers by robbing or attempting to rob banks at gunpoint,” said U.S. Attorney Theodore S. Hertzberg. “This case exemplifies how law enforcement partnerships facilitate the successful prosecutions of dangerous offenders like Brown, whose crimes spanned multiple jurisdictions. Seamless coordination by our federal and local law enforcement partners brought Brown to justice and ended his reign of terror.”

    “This case highlights the FBI’s commitment to working closely with our local partners to identify and arrest violent offenders who threaten public safety,” said Paul Brown, Special Agent in Charge of FBI Atlanta. “Brown’s armed crime spree endangered innocent lives across multiple communities. Thanks to the swift collaboration between law enforcement agencies, he was brought to justice before he could inflict real harm.”

    According to U.S. Attorney Hertzberg, the charges, and other information presented in court, Brown committed the following armed robberies and attempted armed robberies.

    • On November 17, 2023, Brown approached a teller window at a Wells Fargo Bank branch in Hampton, Georgia with a Pringles potato chip can in hand and demanded money. Brown then reached into his waistband as if he were retrieving a weapon. Before the employee complied with Brown’s request, Brown fled the bank without receiving any money.
    • On November 18, 2023, Brown entered a Truist Bank branch in Atlanta with a Pringles can in one hand and retrieved a gun from his waistband. Brown walked up to a teller, pointed the gun at her, and demanded money. After the teller struggled to open her drawer for a few seconds, Brown fled the bank without receiving any money.
    • On November 22, 2023, Brown entered a Truist Bank branch in Marietta, Georgia, approached the teller counter, stated that he was robbing the bank, and demanded money. After a few moments, Brown quickly exited the bank without receiving anything.
    • On November 27, 2023, Brown entered a Fifth Third Bank branch carrying a green Pringles chip can. Brown walked up to a bank employee, lifted his shirt to display a gun tucked in his waistband, and demanded money. Brown then walked around the counter, grabbed money from the employee’s drawer, and placed the cash inside the Pringles can. He then fled the bank.

    On November 29, 2023, officers from the Dallas Police Department arrested Brown after pulling over his vehicle in Paulding County, Georgia. Brown was the sole occupant of the vehicle. During the arrest, officers found, among other items, a large amount of cash in Brown’s pocket, a green Pringles chip can on the front passenger floorboard, and a gun on the rear floorboard.

    On June 30, 2025, U.S. District Judge Sarah E. Geraghty sentenced Brown to ten years, five months in prison followed by three years of supervised release. Brown was convicted on March 20, 2025, after he pleaded guilty to two counts of attempted bank robbery, one count of armed bank robbery, one count of attempted armed bank robbery, and one count of brandishing a firearm during and in relation to a crime of violence.

    This case was investigated by the Federal Bureau of Investigation, with valuable assistance from the Atlanta Police Department, Cobb County Police Department, Dallas Police Department, Lovejoy Police Department, and Marietta Police Department.

    Assistant U.S. Attorney Benjamin Wylly, and former Special Assistant U.S. Attorney McClellon D. Cox, III, prosecuted the case.

    For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6185. The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

    MIL Security OSI –

  • MIL-OSI Banking: RBI to conduct 7-day Variable Rate Reverse Repo (VRRR) auction under LAF on July 04, 2025

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on Friday, July 04, 2025, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor (day) Window Timing Date of Reversal
    1 1,00,000 7 10:00 AM to 10:30 AM July 11, 2025
    (Friday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/648

    MIL OSI Global Banks –

  • MIL-OSI Europe: ESAs sign Memorandum of Understanding with AMLA for effective cooperation and information exchange

    Source: European Banking Authority

    The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today announced that they have concluded a multilateral Memorandum of Understanding (MoU) with the European Union’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) to ensure effective cooperation and information exchange between the four institutions.

    The multilateral MoU outlines how the ESAs and AMLA will exchange information with one another and cooperate in practice to perform their respective tasks in an efficient, effective and timely manner. The memorandum aims to promote supervisory convergence throughout the EU’s financial sector, enable the exchange of necessary information, and foster cross-sectoral learning and capacity building among supervisors in areas of mutual interest. It is part of the overall cooperation framework that AMLA is required to issue in relation to the financial sector and is an important component of the institutional arrangements going forward. 

    Petra Hielkema, Chair of EIOPA and Chair of the Joint Committee of the ESAs said: “The memorandum we signed demonstrates the strong commitment of Europe’s financial supervisors to working closely together to combat money laundering and terrorist financing—crimes that undermine social justice and the well-being of our communities. Uncovering companies that engage in or facilitate such activities demands serious effort and dedication. The ESAs stand ready to support AMLA with all the knowledge and information at our disposal so that it can exercise its new powers to ensure that these illicit activities do not go undetected or unpunished on our soil. We look forward to a productive and efficient EU-wide collaboration with AMLA to protect the integrity of the EU’s financial system and create a safer and fairer financial environment for all.”

    Bruna Szego, Chair of AMLA said: “This Memorandum marks an important step in delivering a risk focused and integrated European AML/CFT framework. Cooperation between AMLA and the ESAs is essential so that we support each other to effectively deliver on our respective mandates and work together for a safer and more resilient Europe . The fight against crime affects all sectors and we are stronger when we work together’.

    Legal background

    Article 91 of the AMLA Regulation requires AMLA to conclude a multilateral MoU with the ESAs by 27 June 2025, which would set out how the Authorities intend to cooperate in the performance of their tasks under Union law.

    About AMLA

    The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has the objective to transform the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision in the EU and enhance cooperation among financial intelligence units (FIUs). AMLA will directly supervise the EU’s highest-risk financial institutions with significant cross-border exposure. It will exercise indirect supervision across both the financial and non-financial sectors, ensuring that national supervisors apply EU AML/CFT rules consistently and effectively.. AMLA coordinates the work of Financial Intelligence Units (FIUs) helping to improve the quality, consistency, and cross-border exchange of financial intelligence.  It complements EU AML/CFT rules by developing regulatory and implementing technical standards and issuing guidelines.

    About the ESAs

    The three European Supervisory Authorities (the EBA, EIOPA and ESMA) have the objective to protect the public interest by contributing to the short, medium, and long-term stability and effectiveness of the financial system, for the Union economy, its citizens, and businesses. The ESAs are tasked with developing and implementing a common regulatory framework and convergent supervisory practices across the EU.

    Through the Joint Committee, the ESAs regularly and closely coordinate their supervisory activities within the scope of their respective responsibilities to ensure consistency in their practices. The Joint Committee’s chairmanship rotates annually among the authorities. In 2025, the forum is chaired by EIOPA.

    MIL OSI Europe News –

  • MIL-OSI Europe: ESAs sign Memorandum of Understanding with AMLA for effective cooperation and information exchange

    Source: European Banking Authority

    The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today announced that they have concluded a multilateral Memorandum of Understanding (MoU) with the European Union’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) to ensure effective cooperation and information exchange between the four institutions.

    The multilateral MoU outlines how the ESAs and AMLA will exchange information with one another and cooperate in practice to perform their respective tasks in an efficient, effective and timely manner. The memorandum aims to promote supervisory convergence throughout the EU’s financial sector, enable the exchange of necessary information, and foster cross-sectoral learning and capacity building among supervisors in areas of mutual interest. It is part of the overall cooperation framework that AMLA is required to issue in relation to the financial sector and is an important component of the institutional arrangements going forward. 

    Petra Hielkema, Chair of EIOPA and Chair of the Joint Committee of the ESAs said: “The memorandum we signed demonstrates the strong commitment of Europe’s financial supervisors to working closely together to combat money laundering and terrorist financing—crimes that undermine social justice and the well-being of our communities. Uncovering companies that engage in or facilitate such activities demands serious effort and dedication. The ESAs stand ready to support AMLA with all the knowledge and information at our disposal so that it can exercise its new powers to ensure that these illicit activities do not go undetected or unpunished on our soil. We look forward to a productive and efficient EU-wide collaboration with AMLA to protect the integrity of the EU’s financial system and create a safer and fairer financial environment for all.”

    Bruna Szego, Chair of AMLA said: “This Memorandum marks an important step in delivering a risk focused and integrated European AML/CFT framework. Cooperation between AMLA and the ESAs is essential so that we support each other to effectively deliver on our respective mandates and work together for a safer and more resilient Europe . The fight against crime affects all sectors and we are stronger when we work together’.

    Legal background

    Article 91 of the AMLA Regulation requires AMLA to conclude a multilateral MoU with the ESAs by 27 June 2025, which would set out how the Authorities intend to cooperate in the performance of their tasks under Union law.

    About AMLA

    The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has the objective to transform the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision in the EU and enhance cooperation among financial intelligence units (FIUs). AMLA will directly supervise the EU’s highest-risk financial institutions with significant cross-border exposure. It will exercise indirect supervision across both the financial and non-financial sectors, ensuring that national supervisors apply EU AML/CFT rules consistently and effectively.. AMLA coordinates the work of Financial Intelligence Units (FIUs) helping to improve the quality, consistency, and cross-border exchange of financial intelligence.  It complements EU AML/CFT rules by developing regulatory and implementing technical standards and issuing guidelines.

    About the ESAs

    The three European Supervisory Authorities (the EBA, EIOPA and ESMA) have the objective to protect the public interest by contributing to the short, medium, and long-term stability and effectiveness of the financial system, for the Union economy, its citizens, and businesses. The ESAs are tasked with developing and implementing a common regulatory framework and convergent supervisory practices across the EU.

    Through the Joint Committee, the ESAs regularly and closely coordinate their supervisory activities within the scope of their respective responsibilities to ensure consistency in their practices. The Joint Committee’s chairmanship rotates annually among the authorities. In 2025, the forum is chaired by EIOPA.

    MIL OSI Europe News –

  • MIL-OSI Europe: ESAs sign Memorandum of Understanding with AMLA for effective cooperation and information exchange

    Source: European Banking Authority

    The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today announced that they have concluded a multilateral Memorandum of Understanding (MoU) with the European Union’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) to ensure effective cooperation and information exchange between the four institutions.

    The multilateral MoU outlines how the ESAs and AMLA will exchange information with one another and cooperate in practice to perform their respective tasks in an efficient, effective and timely manner. The memorandum aims to promote supervisory convergence throughout the EU’s financial sector, enable the exchange of necessary information, and foster cross-sectoral learning and capacity building among supervisors in areas of mutual interest. It is part of the overall cooperation framework that AMLA is required to issue in relation to the financial sector and is an important component of the institutional arrangements going forward. 

    Petra Hielkema, Chair of EIOPA and Chair of the Joint Committee of the ESAs said: “The memorandum we signed demonstrates the strong commitment of Europe’s financial supervisors to working closely together to combat money laundering and terrorist financing—crimes that undermine social justice and the well-being of our communities. Uncovering companies that engage in or facilitate such activities demands serious effort and dedication. The ESAs stand ready to support AMLA with all the knowledge and information at our disposal so that it can exercise its new powers to ensure that these illicit activities do not go undetected or unpunished on our soil. We look forward to a productive and efficient EU-wide collaboration with AMLA to protect the integrity of the EU’s financial system and create a safer and fairer financial environment for all.”

    Bruna Szego, Chair of AMLA said: “This Memorandum marks an important step in delivering a risk focused and integrated European AML/CFT framework. Cooperation between AMLA and the ESAs is essential so that we support each other to effectively deliver on our respective mandates and work together for a safer and more resilient Europe . The fight against crime affects all sectors and we are stronger when we work together’.

    Legal background

    Article 91 of the AMLA Regulation requires AMLA to conclude a multilateral MoU with the ESAs by 27 June 2025, which would set out how the Authorities intend to cooperate in the performance of their tasks under Union law.

    About AMLA

    The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has the objective to transform the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision in the EU and enhance cooperation among financial intelligence units (FIUs). AMLA will directly supervise the EU’s highest-risk financial institutions with significant cross-border exposure. It will exercise indirect supervision across both the financial and non-financial sectors, ensuring that national supervisors apply EU AML/CFT rules consistently and effectively.. AMLA coordinates the work of Financial Intelligence Units (FIUs) helping to improve the quality, consistency, and cross-border exchange of financial intelligence.  It complements EU AML/CFT rules by developing regulatory and implementing technical standards and issuing guidelines.

    About the ESAs

    The three European Supervisory Authorities (the EBA, EIOPA and ESMA) have the objective to protect the public interest by contributing to the short, medium, and long-term stability and effectiveness of the financial system, for the Union economy, its citizens, and businesses. The ESAs are tasked with developing and implementing a common regulatory framework and convergent supervisory practices across the EU.

    Through the Joint Committee, the ESAs regularly and closely coordinate their supervisory activities within the scope of their respective responsibilities to ensure consistency in their practices. The Joint Committee’s chairmanship rotates annually among the authorities. In 2025, the forum is chaired by EIOPA.

    MIL OSI Europe News –

  • MIL-OSI Europe: ESAs sign Memorandum of Understanding with AMLA for effective cooperation and information exchange

    Source: European Banking Authority

    The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today announced that they have concluded a multilateral Memorandum of Understanding (MoU) with the European Union’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) to ensure effective cooperation and information exchange between the four institutions.

    The multilateral MoU outlines how the ESAs and AMLA will exchange information with one another and cooperate in practice to perform their respective tasks in an efficient, effective and timely manner. The memorandum aims to promote supervisory convergence throughout the EU’s financial sector, enable the exchange of necessary information, and foster cross-sectoral learning and capacity building among supervisors in areas of mutual interest. It is part of the overall cooperation framework that AMLA is required to issue in relation to the financial sector and is an important component of the institutional arrangements going forward. 

    Petra Hielkema, Chair of EIOPA and Chair of the Joint Committee of the ESAs said: “The memorandum we signed demonstrates the strong commitment of Europe’s financial supervisors to working closely together to combat money laundering and terrorist financing—crimes that undermine social justice and the well-being of our communities. Uncovering companies that engage in or facilitate such activities demands serious effort and dedication. The ESAs stand ready to support AMLA with all the knowledge and information at our disposal so that it can exercise its new powers to ensure that these illicit activities do not go undetected or unpunished on our soil. We look forward to a productive and efficient EU-wide collaboration with AMLA to protect the integrity of the EU’s financial system and create a safer and fairer financial environment for all.”

    Bruna Szego, Chair of AMLA said: “This Memorandum marks an important step in delivering a risk focused and integrated European AML/CFT framework. Cooperation between AMLA and the ESAs is essential so that we support each other to effectively deliver on our respective mandates and work together for a safer and more resilient Europe . The fight against crime affects all sectors and we are stronger when we work together’.

    Legal background

    Article 91 of the AMLA Regulation requires AMLA to conclude a multilateral MoU with the ESAs by 27 June 2025, which would set out how the Authorities intend to cooperate in the performance of their tasks under Union law.

    About AMLA

    The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has the objective to transform the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision in the EU and enhance cooperation among financial intelligence units (FIUs). AMLA will directly supervise the EU’s highest-risk financial institutions with significant cross-border exposure. It will exercise indirect supervision across both the financial and non-financial sectors, ensuring that national supervisors apply EU AML/CFT rules consistently and effectively.. AMLA coordinates the work of Financial Intelligence Units (FIUs) helping to improve the quality, consistency, and cross-border exchange of financial intelligence.  It complements EU AML/CFT rules by developing regulatory and implementing technical standards and issuing guidelines.

    About the ESAs

    The three European Supervisory Authorities (the EBA, EIOPA and ESMA) have the objective to protect the public interest by contributing to the short, medium, and long-term stability and effectiveness of the financial system, for the Union economy, its citizens, and businesses. The ESAs are tasked with developing and implementing a common regulatory framework and convergent supervisory practices across the EU.

    Through the Joint Committee, the ESAs regularly and closely coordinate their supervisory activities within the scope of their respective responsibilities to ensure consistency in their practices. The Joint Committee’s chairmanship rotates annually among the authorities. In 2025, the forum is chaired by EIOPA.

    MIL OSI Europe News –

  • MIL-OSI Europe: ESAs sign Memorandum of Understanding with AMLA for effective cooperation and information exchange

    Source: European Banking Authority

    The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today announced that they have concluded a multilateral Memorandum of Understanding (MoU) with the European Union’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) to ensure effective cooperation and information exchange between the four institutions.

    The multilateral MoU outlines how the ESAs and AMLA will exchange information with one another and cooperate in practice to perform their respective tasks in an efficient, effective and timely manner. The memorandum aims to promote supervisory convergence throughout the EU’s financial sector, enable the exchange of necessary information, and foster cross-sectoral learning and capacity building among supervisors in areas of mutual interest. It is part of the overall cooperation framework that AMLA is required to issue in relation to the financial sector and is an important component of the institutional arrangements going forward. 

    Petra Hielkema, Chair of EIOPA and Chair of the Joint Committee of the ESAs said: “The memorandum we signed demonstrates the strong commitment of Europe’s financial supervisors to working closely together to combat money laundering and terrorist financing—crimes that undermine social justice and the well-being of our communities. Uncovering companies that engage in or facilitate such activities demands serious effort and dedication. The ESAs stand ready to support AMLA with all the knowledge and information at our disposal so that it can exercise its new powers to ensure that these illicit activities do not go undetected or unpunished on our soil. We look forward to a productive and efficient EU-wide collaboration with AMLA to protect the integrity of the EU’s financial system and create a safer and fairer financial environment for all.”

    Bruna Szego, Chair of AMLA said: “This Memorandum marks an important step in delivering a risk focused and integrated European AML/CFT framework. Cooperation between AMLA and the ESAs is essential so that we support each other to effectively deliver on our respective mandates and work together for a safer and more resilient Europe . The fight against crime affects all sectors and we are stronger when we work together’.

    Legal background

    Article 91 of the AMLA Regulation requires AMLA to conclude a multilateral MoU with the ESAs by 27 June 2025, which would set out how the Authorities intend to cooperate in the performance of their tasks under Union law.

    About AMLA

    The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has the objective to transform the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision in the EU and enhance cooperation among financial intelligence units (FIUs). AMLA will directly supervise the EU’s highest-risk financial institutions with significant cross-border exposure. It will exercise indirect supervision across both the financial and non-financial sectors, ensuring that national supervisors apply EU AML/CFT rules consistently and effectively.. AMLA coordinates the work of Financial Intelligence Units (FIUs) helping to improve the quality, consistency, and cross-border exchange of financial intelligence.  It complements EU AML/CFT rules by developing regulatory and implementing technical standards and issuing guidelines.

    About the ESAs

    The three European Supervisory Authorities (the EBA, EIOPA and ESMA) have the objective to protect the public interest by contributing to the short, medium, and long-term stability and effectiveness of the financial system, for the Union economy, its citizens, and businesses. The ESAs are tasked with developing and implementing a common regulatory framework and convergent supervisory practices across the EU.

    Through the Joint Committee, the ESAs regularly and closely coordinate their supervisory activities within the scope of their respective responsibilities to ensure consistency in their practices. The Joint Committee’s chairmanship rotates annually among the authorities. In 2025, the forum is chaired by EIOPA.

    MIL OSI Europe News –

  • MIL-OSI Europe: ESAs sign Memorandum of Understanding with AMLA for effective cooperation and information exchange

    Source: European Banking Authority

    The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today announced that they have concluded a multilateral Memorandum of Understanding (MoU) with the European Union’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) to ensure effective cooperation and information exchange between the four institutions.

    The multilateral MoU outlines how the ESAs and AMLA will exchange information with one another and cooperate in practice to perform their respective tasks in an efficient, effective and timely manner. The memorandum aims to promote supervisory convergence throughout the EU’s financial sector, enable the exchange of necessary information, and foster cross-sectoral learning and capacity building among supervisors in areas of mutual interest. It is part of the overall cooperation framework that AMLA is required to issue in relation to the financial sector and is an important component of the institutional arrangements going forward. 

    Petra Hielkema, Chair of EIOPA and Chair of the Joint Committee of the ESAs said: “The memorandum we signed demonstrates the strong commitment of Europe’s financial supervisors to working closely together to combat money laundering and terrorist financing—crimes that undermine social justice and the well-being of our communities. Uncovering companies that engage in or facilitate such activities demands serious effort and dedication. The ESAs stand ready to support AMLA with all the knowledge and information at our disposal so that it can exercise its new powers to ensure that these illicit activities do not go undetected or unpunished on our soil. We look forward to a productive and efficient EU-wide collaboration with AMLA to protect the integrity of the EU’s financial system and create a safer and fairer financial environment for all.”

    Bruna Szego, Chair of AMLA said: “This Memorandum marks an important step in delivering a risk focused and integrated European AML/CFT framework. Cooperation between AMLA and the ESAs is essential so that we support each other to effectively deliver on our respective mandates and work together for a safer and more resilient Europe . The fight against crime affects all sectors and we are stronger when we work together’.

    Legal background

    Article 91 of the AMLA Regulation requires AMLA to conclude a multilateral MoU with the ESAs by 27 June 2025, which would set out how the Authorities intend to cooperate in the performance of their tasks under Union law.

    About AMLA

    The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has the objective to transform the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision in the EU and enhance cooperation among financial intelligence units (FIUs). AMLA will directly supervise the EU’s highest-risk financial institutions with significant cross-border exposure. It will exercise indirect supervision across both the financial and non-financial sectors, ensuring that national supervisors apply EU AML/CFT rules consistently and effectively.. AMLA coordinates the work of Financial Intelligence Units (FIUs) helping to improve the quality, consistency, and cross-border exchange of financial intelligence.  It complements EU AML/CFT rules by developing regulatory and implementing technical standards and issuing guidelines.

    About the ESAs

    The three European Supervisory Authorities (the EBA, EIOPA and ESMA) have the objective to protect the public interest by contributing to the short, medium, and long-term stability and effectiveness of the financial system, for the Union economy, its citizens, and businesses. The ESAs are tasked with developing and implementing a common regulatory framework and convergent supervisory practices across the EU.

    Through the Joint Committee, the ESAs regularly and closely coordinate their supervisory activities within the scope of their respective responsibilities to ensure consistency in their practices. The Joint Committee’s chairmanship rotates annually among the authorities. In 2025, the forum is chaired by EIOPA.

    MIL OSI Europe News –

  • MIL-OSI Africa: Orange Middle East and Africa Releases its 2024 Corporate Social Responsibility (CSR) Report: “Cultivating Impact” for Inclusive and Sustainable Development

    Source: APO

    Orange Middle East and Africa (OMEA) (www.Orange.com) unveils its 2024 Corporate Social Responsibility (CSR) report. Entitled “Cultivating Impact”, the report illustrates Orange’s commitment to a sustainable, inclusive transformation grounded in the realities of the 17 countries in which the brand operates.

    A transformation rooted in usage, skills, and territories

    The report comes at a pivotal time for Africa and the Middle East, where digital, energy, economic and financial transitions are driving deep and progressive societal shifts. One clear guiding principle emerges: human-centered digital technology. It takes shape in everyday uses, built on access to resilient, optimized, and low-carbon digital infrastructure, and a strong commitment to the circular economy through the recovery, refurbishment, and recycling of network and mobile equipment allowing millions to fully experience the digital age, even in the most remote areas. This transformation is accelerated by solutions such as Max it, OMEA’s super-app as a new lever for inclusion, Orange Money and Orange Bank Africa for financial inclusion, and Orange Energies for energy inclusion.

    A commitment rooted in the realities of Africa and the Middle East

    Throughout the report, OMEA’s role as a key player in regional transformation is reflected in a clear and committed vision: a development model that combines economic performance with social responsibility. In the 17 countries where the Group operates, Orange works closely with local realities to meet the specific needs of each territory.
    Driven by its 18,000 employees, this shared ambition is embodied in the company’s operations and in the #OrangeEngageforChange program, which rallies employees around high-impact, socially driven projects. This culture of impact is also reflected in the millions of opportunities made available to youth, women, and entrepreneurs through free inclusion initiatives like the Orange Digital Centers, which have already trained and supported 1.2 million people. The company’s commitment also translates into concrete actions in health, culture, ecosystem preservation, and community resilience.

    Yasser Shaker, CEO of Orange Middle East and Africa, comments: “Cultivating impact means anchoring our mission in people’s daily lives by turning our commitments into meaningful, lasting actions. In 2025 we will continue, together, to accelerate this positive transformation to build a fairer, more inclusive, and more resilient future.”

    Asma Ennaifer, Executive Director, CSR, Orange Digital Center and Communications for Orange Middle East and Africa, concludes: “Our responsibility is to act in a way that is concrete, measurable, and aligned with local challenges. Every action we take only matters if it brings tangible progress for women, youth, entrepreneurs, and the communities we serve.”

    To discover and download Orange Middle East and Africa’s 2024 CSR report: Rapport RSE OMEA 2024 – EN (https://apo-opa.co/4lGtGzz)

    Distributed by APO Group on behalf of Orange Middle East and Africa.

    MIL OSI Africa –

  • MIL-OSI Africa: African Development Bank awards $1 million grant to support green skills development for South Africans, with focus on youth

    Source: APO

    The African Development Bank (www.AfDB.org), through the Fund for African Private Sector Assistance (FAPA), has awarded a $1 million grant to South Africa’s National Business Initiative (NBI) to strengthen efforts to build a dynamic, demand-led skills ecosystem that enables South Africans, particularly young people, to access emerging job opportunities in the green economy. 

    South Africa continues to face significant challenges in youth employment, with StatisticsSA (http://apo-opa.co/3I92YRD) reporting that 46.1% of young people aged 15 to 34 were unemployed in the first quarter of 2025.

    The funding will support the country’s Just Energy Transition Skilling for Employment Programme (JET SEP), led by the National Business Initiative in partnership with the management consultancy Boston Consulting Group. The initiative coordinates private sector efforts to prepare the workforce for the energy transition, in tandem with the government’s JET Skilling Implementation Plan, focused on inclusive workforce development and sustainable job creation. 

    Specifically, the grant will finance the programme’s first phase, including feasibility studies for the design of skills development zones and capacity building within the public technical and vocational education and training system.  Skills development zones will anchor the delivery of inclusive skills and foster local economic growth during the country’s just-energy transition.

    Launched in 2024 and endorsed by the JET Project Management Unit under the presidency of the Government of South Africa, JET SEP has garnered support from over 30 influential South African CEOs, public sector leaders, and civil society leaders in the past year.   

    Of the grant, Kennedy Mbekeani, African Development Bank Director General for Southern Africa, said: “By linking a strong private sector coalition – the engine for job creation – with government, academia, and NGOs, the FAPA grant will play a catalytic role to support informed policy decisions in skills development and labour market programmes. It will also strengthen skills development efforts for the growth of the Micro, Small and Medium Enterprises and the creation of jobs for youth in South Africa’s green economy.”   

    The grant builds on the African Development Bank’s significant investment in South Africa’s energy sector. Since 2007, the Bank has invested $3.4 billion to support energy infrastructure, including renewable energy. The current grant will support the government’s efforts to identify the skills needed for the sector, with a particular focus on renewable energy.

    Shameela Soobramoney, CEO of the National Business Initiative, said: “This grant from the African Development Bank is a critical step toward turning vision into action, strengthening the national skills system, and ensuring that all South Africans are equipped to seize new opportunities in the green economy. We are proud to continue working alongside our partners and stakeholders to build an inclusive future-ready workforce and to stimulate local economies in a way that leaves no one behind.”

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media contact:
    African Development Bank    :
    Emeka Anuforo,
    Communication and External Relations Department,
    media@afdb.org  

    NBI:
    Siphokuhle Mkancu, 
    IRM Engagement & Communications Manager:
    Economic Inclusion,
    SiphokuhleM@nbi.org.za,
    +27 76 1292 511 

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

    Media files

    .

    MIL OSI Africa –

  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Austria

    Source: IMF – News in Russian

    July 3, 2025

    • Austria has experienced two successive years of recession under weak domestic and external demand, triggered by the energy price shock and subsequent euro area monetary tightening. Despite weak demand and some easing in labor market conditions, inflation at around 3 percent year-on-year still exceeds inflation in the euro area by about 1 percentage point, with sticky services inflation and the lapsing of energy price relief policies causing headline inflation to rise. The fiscal deficit widened to 4.7 percent of GDP in 2024 due to the weak economy, lagged effects of inflation, and one-off expenditures, among other factors, resulting in an increase in public debt to 81 percent of GDP.
    • The growth outlook continues to remain weak for 2025, reflecting planned fiscal consolidation and heightened global trade barriers and trade policy uncertainty. A return to growth is expected from 2026 onwards, though the medium-term growth and fiscal outlook faces significant headwinds from demographic aging and sluggish productivity growth.
    • The outlook is subject to risks in both directions. Downside risks to growth predominate, including from increased global trade policy uncertainty and protracted weak sentiment. Upside risks include a faster-than-expected rebound in private demand or easing of global trade tensions.

    Washington, DC – [July 3, 2025]: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation26F[1] with Austria. The authorities have consented to the publication of the Staff Report prepared for this consultation.27F[2]

    Executive Board Assessment28F[3]

    Austria faces a challenging economic situation. Following two successive years of recession triggered by the energy-price shock and subsequent euro-area monetary tightening, the growth outlook remains weak for 2025, reflecting sizable planned fiscal consolidation and heightened global trade barriers and uncertainty. GDP is expected to recover more strongly from 2026 onwards under the baseline scenario. Nevertheless, the near-term outlook faces significant risks, including from global trade policy uncertainty and related uncertain financial conditions, which could affect economic sentiment and demand. Inflation in 2025Q1 still well exceeds the euro-area average and is only expected to close the gap gradually by end-2026. While Austria’s external position in 2024 is assessed as broadly in line with the level implied by medium-term fundamentals and desired policy settings, Austria’s competitiveness could be undermined over time if inflation convergence does not occur, which could happen if productivity-adjusted wage growth persistently exceeds the euro-area average. Moreover, headwinds from population aging and sluggish productivity growth will continue to constrain medium-term growth prospects, absent significant reforms. Major new fiscal adjustment measures are also needed over the medium term to put the debt ratio back on a downward path while offsetting rising spending pressures from aging, defense, the green transition, and interest payments.

    The government’s near-term fiscal consolidation measures will help reduce inflationary pressures and slow the rise in debt. The government’s announced fiscal measures for 2025 are expected to lower the deficit and are sufficient for 2025 given the weak economy. If near-term downside risks materialize, the authorities should let automatic stabilizers operate freely to avoid an excessive drag on growth, with measures deployed to protect the most vulnerable in the event of a severe downturn.

    A bold and well-designed package of consolidation measures can yield significant savings over the medium term. The authorities should aim to cut the deficit to below 2 percent of GDP to put the debt ratio on a declining path. To achieving this while offsetting rising spending pressures, the authorities could consider some combination of gradually reducing pension replacement rates, which are among the highest in the EU; limiting public-sector wage increases; increasing health-care spending efficiency; and eliminating environmentally harmful subsidies, along with greater reliance on property, inheritance, gift, and excise taxes—taxes that are all somewhat low in Austria compared to the European average. Gradually increasing the national carbon price could generate additional fiscal resources, help prepare for anticipated higher carbon prices under EU ETS2, and encourage efficient carbon mitigation in service of Austria’s ambitious decarbonization goals.

    Reforms to increase labor supply and reduce regulatory barriers could significantly boost medium and long-term growth. Boosting labor supply by narrowing the gap in full-time work by females and in labor force participation among elderly workers relative to the EU average could offset more than 20 years of demographic aging in terms of the effect on GDP. In this regard, ongoing efforts to provide more childcare are welcome and should be deepened by further expanding childcare and eldercare facilities, undertaking pension reforms that incentivize longer working lives, and continuing efforts to better integrate immigrants into the work force. The growth outlook could be further improved by stepping up efforts to cut red tape in services sectors where regulatory barriers remain high, speed the approval of renewable energy projects, and reduce regulatory bottlenecks in housing supply, including by easing land-use regulations. Measures to promote capital market finance for firms, especially equity financing for young firms at different stages of growth, could foster more innovation and entrepreneurship, as could ongoing efforts to strengthen ecosystems of collaboration between academia and industry.

    Deepening the EU Single Market is also critical for improving Austria’s productivity and economic growth. Intra-EU trade barriers remain significant. Reducing these barriers and deepening the EU Single Market, including through reforms such as Savings and Investment Union and the establishment of harmonized rules for businesses operating in different jurisdictions (i.e., creating and implementing a well-designed common 28th corporate regime) could allow firms to better leverage economies of scale and catalyze financing for innovative ideas. Further energy market integration within the EU would help reduce the level and variability of energy costs. Supporting such reforms is one of the most important steps that Austria could take to boost productivity and growth across both Austria and Europe.

    The financial sector remains healthy and macroprudential policies are broadly appropriate, but continued vigilance on potential credit risks is warranted. Banks face potential credit risks, including from nonfinancial corporates affected by the rise in global trade barriers and trade policy uncertainty. To mitigate these risks and prepare for an expected normalization of bank profits from recent highs, the authorities should continue to encourage banks to value collateral conservatively, ensure adequate risk provisions, and remain prudent in profit distributions, including to build resilience to shocks and invest in infrastructure to safeguard against cyberthreats. Regarding the borrower-based measures for residential real estate lending, which are set to lapse in July 2025, the new government should consider legislation to adopt these measures as permanent instruments, as they are consistent with international standards for prudent underwriting. Meanwhile, supervisors should remain vigilant that banks adhere closely to the proposed lending guidelines that will replace the borrower-based measures. Regarding CRE risks, the introduction of the SSyRB set at 1 percent of CRE assets is welcome, and the authorities should continue their efforts to close macroprudential CRE data gaps. The current setting of the CCyB at zero remains appropriate given weak credit growth. Implementing key outstanding recommendations from IMF staff’s 2020 Financial System Stability Assessment would further strengthen the framework for financial sector oversight and safety mechanisms.

     

    Table 1. Austria: Selected Economic Indicators, 2022–26

    Population (million, 2024):

    9.1

     Per capita GDP: 

    $56,216

    Quota (SDR million, current):

    3932.0

     Literacy rate 1/:

    100%

    Main products and exports:

    Diversified

     Poverty rate 2/:

    14.9%

    Key exports markets:

    Germany, CESEE

    		      

    2022

    2023

    2024

    2025

    2026
         

    Proj.

                                                                  

    		          

     

    		          

    Output

    		          

         Real GDP growth (%)

    5.4

    -0.9

    -1.3

    -0.1

    0.8

    w

    Employment

    		          

         Unemployment (Harmonized) (%)

    4.7

    5.1

    5.4

    5.6

    5.5

    W

    Ww

    		      

    Prices

    		          

         Inflation (%, average)

    8.6

    7.7

    2.9

    3.2

    1.7
             

    General government finances

    		          

         Revenue (% of GDP)

    49.7

    50.1

    51.6

    52.0

    52.1

         Expenditure (% of GDP)

    53.1

    52.7

    56.3

    56.3

    56.3

         Fiscal balance (% of GDP)

    -3.4

    -2.6

    -4.7

    -4.3

    -4.1

         Public debt (% of GDP)

    78.4

    78.5

    81.2

    82.8

    84.0
             

    Money and credit 

    		          

         Broad money (% change)

    5.2

    -0.1

    4.3

    3.0

    3.2

         Credit to the private sector (% change) 3/

    6.2

    0.2

    0.5

    1.1

    2.0
             

    Balance of payments

    		          

         Current account (% of GDP)

    -0.9

    1.3

    2.4

    2.6

    2.9

         FDI (% of GDP, net)

    0.0

    1.1

    0.3

    0.3

    0.3

         Reserves (months of imports) 

    1.3

    1.2

    1.6

    1.6

    1.6

         External debt (% of GDP)

    150.8

    152.3

    157.8

    161.0

    163.6
             

    Exchange rates

    		          

         REER (% change)

    0.2

    1.8

    0.5

    …

    …

    Sources: Authorities, and staff estimates and projections.

    1/ Percent of population aged 15-74 with education attainment between pre-primary and tertiary education.

    2/ 2022, at risk of poverty rate after social transfers.

    3/ Households and non-financial corporations. Exchange rate adjusted.
                       

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

    [2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/Austria page.  

    [3] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/07/02/pr-25237-austria-imf-concludes-2025-art-iv-consult

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Property Market – Modest value growth in NZ property re-emerges in June – Cotality NZ

    Source: Cotality NZ

    Property values in Aotearoa New Zealand ticked up by +0.2% in June, reversing two minor monthly falls of -0.1% apiece in April and May, according to Cotality NZ’s latest hedonic Value Index (HVI).

    At $815,389 in June, property values remain -16.1% down from the January 2022 peak, however they have managed to edge up by a total of +1.1% since September last year and by +0.6% in 2025 so far.

    Values around the main centres were either flat in June or up slightly. Tāmaki Makaurau Auckland and Te Whanganui-a-Tara Wellington were stable, but there was a +0.2% rise in Ōtepoti Dunedin, +0.3% in Kirikiriroa Hamilton, and +0.6% each in Tauranga and Ōtautahi Christchurch.

    Cotality NZ (formerly CoreLogic) Chief Property Economist Kelvin Davidson said the result emphasised the current variability of the market.

    “On one hand, mortgage rates have come down a long way, and that benefits borrowers whether they’re in Whangārei or Winton. But the normal upwards influence this would tend to have on sales volumes and property values is currently being dampened by other forces.”

    “In particular, the abundance of listings on the market means most buyers aren’t in a rush and can be quite tough when it comes to price negotiations.”

    “The subdued labour market remains an important factor, too. After all, it’s not only the direct job losses that are problematic, but a reduction in security for those who have kept their jobs will also be weighing on the property market.”

    “Of course, problems for some are opportunities for others, and a soft market is providing plenty of scope for first home buyers.”

    “Mortgaged multiple property owners also remain on the comeback trail, particularly at the smaller end – those buying their first rental investment, or perhaps their second.”

    National and Main Centres
    Region
    Change in dwelling values
    Month
    Quarter
    Annual
    From peak
    Median value
    Tāmaki Makaurau Auckland
    0.0%
    -0.4%
    -1.0%
    -20.9%
    $1,079,747
    Kirikiriroa Hamilton
    0.3%
    0.5%
    2.0%
    -10.0%
    $752,125
    Tauranga
    0.6%
    0.1%
    -1.1%
    -16.5%
    $915,657
    Te-Whanganui-a-Tara Wellington*
    0.0%
    -1.0%
    -5.0%
    -24.6%
    $797,457
    Ōtautahi Christchurch
    0.6%
    0.8%
    2.5%
    -4.5%
    $678,364
    Ōtepoti Dunedin
    0.2%
    0.2%
    -0.4%
    -10.7%
    $614,656
    Aotearoa New Zealand
    0.2%
    -0.1%
    -0.7%
    -16.1%
    $815,389

    Tāmaki Makaurau Auckland
    June was another variable month for the sub-markets across Tāmaki Makaurau Auckland, with Papakura down by -0.7%, and North Shore, Rodney, Waitakere, and Manukau also recording modest falls. By contrast, Auckland City recorded a +0.3% rise and Franklin was up by +0.5%.
    Most of these areas remain lower than three months ago as well, although Auckland City has edged higher by +0.2% since March.

    Mr Davidson said: “There have been hints in the past few months that the stock of listings available on the market in Tāmaki Makaurau Auckland has started to drop slightly. But listings remain high, and, as with many other parts of the country, this means buyers still have the upper hand.”

    “In this environment, it’s not surprising to see continued patchiness in values around the super-city.”

    Te Whanganui-a-Tara Wellington

    Generally speaking, June was also another subdued month for property values in the wider Te Whanganui-a-Tara Wellington area.

    Indeed, Te Awa Kairangi ki Tai Lower Hutt edged down by -0.2%, Wellington City and Kāpiti Coast were flat, while Porirua and Te Awa Kairangi ki Uta Upper Hutt managed modest increases of +0.1-0.2%. Only Kāpiti Coast has shown a (small) rise since March.

    “Te Whanganui-a-Tara Wellington’s previous sharp downturn in property values seems to have come to an end, no doubt reflecting the influence of lower mortgage rates. But values are yet to show any clear upwards trend, and alongside high levels of listings, the uncertainty around public sector employment is likely to remain a restraining factor in Te Whanganui-a-Tara Wellington too,” said Mr Davidson.

    Regional results
    Outside the main centres, property values were a mixed bag in June.

    For example, Rotorua was down by -0.7%, with Tūranganui-a-Kiwa Gisborne, Whanganui, and Heretaunga Hastings all dropping modestly. But Whangārei, Te Papaioea Palmerston North, Waihōpai Invercargill, and Tāhuna Queenstown saw rises in June of least +0.4%.

    “It’s always difficult to cast a wide net over every region and conclude that any one factor is driving provincial housing markets. At present, for example, lower mortgage rates are obviously a common factor, while some will be faring better than others off the back of a strong dairy sector.”

    “Ultimately, the wider economic uncertainty we’re currently seeing and a subdued labour market still seem to be causing property market variability from month to month in a number of regions,” added Mr Davidson.

    Property market outlook
    Looking ahead, Mr Davidson suggested that ‘caution’ remains a key word.

    “In this environment where buyers have the upper hand and economic sentiment remains subdued, it’s hard to see these ‘flat’ housing market conditions suddenly turning around within a month or two.”

    “The Reserve Bank’s upcoming official cash rate decisions, including a probable hold next week on Wednesday 9th, aren’t likely to sway the housing market too much.”

    “One factor that has been getting attention lately is the potential boost to the economy and property market that might be provided as existing mortgage-holders reprice from a current average rate of around 5.9% down towards prevailing interest rates of 5% or less. But some might save that extra cash or even keep their repayments the same and reduce the term of the loan.”

    “In other words, for every upwards influence on the housing market at present, you can probably find a downwards factor. All in all, given that values have only risen by less than 1% over the first half of 2025, a modest calendar year gain in the range of 2-3% now seems on the cards, rather than anything stronger,” Mr Davidson concluded.

    For more property news and insights, visit www.corelogic.co.nz/news-research.

    Notes:
    The Cotality Hedonic Home Value Index (HVI) is calculated using a hedonic regression methodology that addresses the issue of compositional bias associated with median price and other measures. In simple terms, the index is calculated using recent sales data combined with information about the attributes of individual properties such as the number of bedrooms and bathrooms, land area and geographical context of the dwelling. By separating each property into its various formational and locational attributes, observed sales values for each property can be distinguished between those attributed to the property’s attributes and those resulting from changes in the underlying residential property market. Additionally, by understanding the value associated with each attribute of a given property, this methodology can be used to estimate the value of dwellings with known characteristics for which there is no recent sales price by observing the characteristics and sales prices of other dwellings which have recently transacted. It then follows that changes in the market value of the entire residential property stock can be accurately tracked through time.

    The detailed ‘frequently asked questions’ and methodological information can be found at:https://www.corelogic.co.nz/our-data/hedonic-index

    MIL OSI New Zealand News –

  • MIL-OSI: eToro Appoints Former SEC Commissioner Laura Unger and Wix CFO Lior Shemesh as Board Members

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 03, 2025 (GLOBE NEWSWIRE) — eToro Group Ltd. (“eToro”, or the “Company”) (NASDAQ: ETOR), the trading and investing platform, today announced the appointment of Laura Unger and Lior Shemesh as Board Members. Both Ms. Unger and Mr. Shemesh will also join eToro’s Audit & Risk Committee.

    Commenting on the appointments, Yoni Assia, Co-founder and CEO, said: “As eToro enters this new chapter as a Nasdaq listed company, we are delighted that Laura Unger and Lior Shemesh will join eToro’s Board. As leaders in their respective fields, they bring extensive knowledge and expertise to the Board. We look forward to benefiting from Laura’s experience across regulatory governance and risk management, as well as Lior’s financial and operational leadership as we continue to grow eToro’s presence around the world, including our goal to expand our operations in the U.S.”

    Ms. Unger is a financial services regulatory, legislative, policy and strategy expert. She has held a variety of public and private sector roles and served on multiple corporate boards over the last twenty years, including Borland Software, MBNA, Merrill Lynch IQ Funds, Ambac Financial, CA Technologies, CIT Group and Navient Corporation. She is a former SEC Commissioner and Acting Chair, and former Counsel to the U.S. Senate Banking Committee.

    Ms. Unger currently serves as an independent director and Risk Committee Chair for the global investment bank Nomura Holdings Inc. (NYSE “NMR”) (Tokyo), as Audit Chair and director of its largest subsidiary, Nomura Holdings America, and director of its trading platform, Instinet.

    Ms. Unger began her government career as an SEC Enforcement Attorney in NYC and Washington, DC, followed by her service as Securities Counsel to the US Committee on Banking, Housing and Urban Affairs. She received a B.A. in Rhetoric from the University of California at Berkeley in 1983, and a J.D. from New York Law School in 1987.

    “I’m pleased to join eToro’s Board at such an exciting moment for the company and for the investing landscape more generally. I look forward to sharing my two decades of experience by providing capital markets, regulatory and governance insights. Beyond this, eToro and I share a passion for understanding technology’s impact on capital markets. At a time when the pace of technological innovation is accelerating, I’m thrilled to be joining a company which prides itself on being at the forefront of compliant innovation,” said Ms. Unger.

    ​Lior Shemesh is an experienced CFO with a strong track record of shaping and leading the financial strategy and operations for technology companies. He has served as CFO of Nasdaq listed software company Wix since April 2013. Before joining Wix, Lior served as VP Finance and then CFO at Alverion Ltd., a provider of optimized wireless broadband solutions. Previously, he held senior finance roles at Veraz Networks Inc., a softswitch, media gateway and digital compression solutions provider, and ECI Telecom Ltd., a network infrastructure provider.

    ​From July 2012 to June 2021, Mr. Shemesh served on the board of directors of Aspen Group Ltd., where he was also on the compensation committee, financial statements committee, as well as Chair of the audit committee.

    ​Mr. Shemesh began his career as an accountant at Israel Aerospace Industries. He has a B.A. in Accounting & Economics and an M.B.A. from Bar-Ilan University.

    “I’m honored to be joining the Board of eToro at such a pivotal time in its growth journey. I’ve spent years in the technology space and am deeply impressed by eToro’s commitment to harnessing technology to empower individual investors around the world. I look forward to working with the Board and eToro’s leadership team to support the company’s mission and help drive its continued growth and success,” said Mr. Shemesh.

    About eToro
    eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media center here for our latest news.

    Cautionary Language Concerning Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding eToro’s financial outlook and market positioning. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “outlook,” “guidance,” “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “plan,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond eToro’s control. eToro’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to market volatility and erratic market movements; failure to retain existing users or adding new users; extreme competition; changes in regulatory and legal framework under which eToro operates; regulatory inquiries and investigations; eToro’s estimates of its financial performance; interest rate fluctuations; the evolving cryptoasset market, including the regulations thereof; conditions related to eToro’s operations in Israel, including the ongoing war; risks related to data security and privacy and use of OSS; risks related to AI; changes in general economic or political conditions; changes to accounting principles and guidelines; the ability to maintain the listing of eToro’s securities on Nasdaq; unexpected costs or expenses; and other factors described in “Risk Factors” in eToro’s Registration Statement on Form F-1, filed with the Securities and Exchange Commission (the “SEC”) on March 24, 2025, as amended, and declared effective by the SEC on May 13, 2025. Further information on potential risks that could affect actual results will be included in the subsequent filings that eToro makes with the SEC from time to time.

    Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent eToro’s views as of the date of this press release. eToro anticipates that subsequent events and developments will cause its views to change. eToro undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing eToro’s views as of any date subsequent to the date of this press release.

    Contact
    Media Relations – pr@etoro.com
    Investor Relations – investors@etoro.com

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e5e9931e-ef09-48e3-b5c9-448e9ecfb052

    https://www.globenewswire.com/NewsRoom/AttachmentNg/89bdaab3-6db5-4493-ad09-8535b5e87f45

    The MIL Network –

  • MIL-OSI Africa: Ethiopia: African Development Bank approves $50 million Trade Finance Transaction Guarantee Facility to Awash Bank for support to Small and Medium Sized Enterprises (SMEs) and local corporates

    Source: APO


    .

    The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a $50 million Trade Finance Transaction Guarantee facility to support to trade finance activities of Awash Bank S.C. (Awash) (https://apo-opa.co/44ecHyL), in Ethiopia.  

    This facility will enable the Bank to provide a guarantee of up to 100 percent to confirming banks for the non-payment risk arising from the confirmation of Letters of Credit and similar trade finance instruments issued by Awash. The facility will provide much needed import trade finance requirements to Small and Medium Sized Enterprises (SMEs) and local corporates in Ethiopia. It will also support intra-Africa trade, thus directly contributing to the successful implementation of the African Continental Free Trade Area (AfCFTA) (https://apo-opa.co/44J2Sc1) agenda.  

    Following the approval, African Development Bank Head of Trade Finance, Lamin Drammeh said: “Supporting Trade in Africa is a key priority at the African Development Bank. Trade finance is an important driver of economic growth and is critical for cross-border trade, particularly in emerging markets. We are delighted to work with Awash, a strong partner with extensive knowledge and network in Ethiopia, on a shared ambition to support the region’s Trade.” 

    Commenting on the approval, Tsehay Shiferaw, CEO of Awash Bank S.C., said: “The Trade Finance Transaction Guarantee facility approved to our bank by the African Development Bank will ease the burden of arranging cash collateral with banks, thereby improving our liquidity and enabling us to support more trade customers.” He added: “The facility will enhance our trade relationships with other International and African confirming banks.

    Awash looks forward to further strengthening its partnership and benefiting more from the resources and extensive capabilities of the African Development Bank and its partners, Shiferaw said. 

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Contact: 
    Amba Mpoke-Bigg
    Communication and External Relations Department
    email: a.mpoke-bigg@afdb.org  

    Technical Contact: 
    Bernard Muhati 
    b.muhati@afdb.org   

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. 

    For more information: www.AfDB.org

    MIL OSI Africa –

  • MIL-OSI: 40% of Banking Work Will Be Redefined by AI by 2030, ThoughtLinks CEO Sumeet Chabria Projects — And It’s Already Underway

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 03, 2025 (GLOBE NEWSWIRE) —  ThoughtLinks, a strategic advisory firm founded by global banking executive Sumeet Chabria and focused on banks and capital markets, released a bold projection: By 2030, nearly 40% of banking technology, operations, and knowledge work will be redefined by AI. As first reported this morning by Business Insider, these findings, based on proprietary modeling of nearly 5,000 banking processes, confirm that this change is already underway.

    Driving this transformation is the convergence of generative and agentic AI, democratized data, cloud-native infrastructure, and intelligent automation—forces that are rapidly accelerating disruption. At its core lies a structural shift altering both the nature of work itself and who performs it. A new generation of AI agents—“digital workers”—is emerging, designed to collaborate with people and amplify human capabilities.

    “AI capabilities are increasingly embedded within vendor systems, platforms, and tools, even if not yet fully activated,” says Chabria. “This is quietly accelerating structural change beneath the surface.”

    A Strategic Blueprint for Value Creation in Banking and Capital Markets

    To compete in this new reality, banks must align four strategic pillars into a practical blueprint for sustainable value. These pillars form the foundation of ThoughtLinks’ core proposition and power effective AI-enabled business goals:

    • AI-First Technology Strategy
    • Enterprise-Wide Transformation
    • Growth and Efficiency through AI
    • Future-Ready Workforce Strategies

    Where the Shift Is Already Happening

    AI-driven reinvention spans all areas of banking. Agentic AI, in particular, complements banking’s relationship-driven approach. AI agents promise to enhance interactions with customers and employees by providing context and continuity, expanding organizational capacity.

    • Consumer banking — Virtual AI assistants anticipate customer needs, answer queries, and suggest next-best actions.
    • Wealth management — AI synthesizes data, client preferences, and portfolio performance to surface personalized insights and augment advisor capacity.
    • Credit and lending — Conversational AI streamlines complex applications, flags risks early, and accelerates approvals.
    • Customer servicing — Intelligent agents resolve a growing share of routine requests, reducing costs and enhancing experiences.
    • Risk and compliance — Early deployments monitor transactions and communications in real time, detect anomalies, and escalate threats—potentially establishing a new enterprise-wide line of defense.
    • Global markets — AI supports analysts and traders by summarizing vast volumes of information, curating signals, and stress-testing investment theses.

    In technology and operations—where nearly half a bank’s workforce and suppliers operate—AI is reinventing how systems are built, tested, and delivered. The traditional software development lifecycle faces unprecedented change as more productive and faster ways to build systems emerge. In parallel, sourcing and service models are evolving as human labor moves toward AI-enabled processes, prompting a rethink of supplier strategies, operating models, and contracts.

    The scale and pace of change raise enterprise questions, such as:

    Growth & Efficiency:
    How can we scale AI effectively while delivering measurable ROI?

    Operations:
    Which processes should shift to AI, and how can doing so simplify the enterprise landscape? And how should we modernize global capability centers (GCCs) to keep pace?

    Risk & Controls:
    As we automate, how do we build smarter safeguards and ensure AI runs within strong, adaptive guardrails?

    Talent & Culture:
    Which tasks are impacted, and when? How do we rethink roles and help people view AI as a growth opportunity?

    And for the leaders navigating it all—it takes staying clear on what matters, building new disciplines, trusting your gut, and rallying the right people around a vision that makes the path ahead feel steady, not overwhelming.

    Roadmap to 2030

    As AI reshapes banking, institutions must move beyond isolated use cases and proactively assess how this technology impacts everyday tasks. This means continually examining and aligning business activities with strategic objectives.

    “The winners in this new era will not just implement AI—they will thoughtfully redesign their organizations around it,” Chabria concluded. “Their strategic advantage will come from elevating both people and performance, ensuring that human ingenuity remains central to innovation and progress.”

    About ThoughtLinks

    ThoughtLinks is a strategic advisory firm specializing in AI strategy, enterprise transformation, and innovation for banking and capital markets. Led by CEO Sumeet Chabria and composed entirely of former global C-suite executives, the firm partners with Fortune 500 institutions to drive AI-powered growth, efficiency, and workforce transformation.

    True to its name, Thought ‘Links’ connects strategic business needs to best-in-class solutions, next-gen technology, and top talent across the financial services ecosystem—empowering human potential.

    For more information, visit www.ThoughtLinks.net or learn more about our CEO and founder, Sumeet Chabria.

    Notes to Editors

    Media Contact Information
    Phone: 305-728-5283
    Email: media@thoughtlinks.net

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on Shree Chhani Nagarik Sahakari Bank Limited, Vadodara, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated June 30, 2025, imposed a monetary penalty of ₹4.00 lakh (Rupees Four Lakh only) on Shree Chhani Nagarik Sahakari Bank Limited, Vadodara, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’, ‘Customer Protection – Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions’, ‘Basic Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs)’ and ‘Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) – A Graded Approach’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

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

    The bank had failed to:

    1. carry out periodic review of risk categorisation of certain accounts at least once in six months;

    2. provide customers with 24×7 access to report unauthorized electronic banking transactions through multiple channels; and

    3. implement certain cyber security controls prescribed by RBI under the Cyber Security Framework.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/646

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Shree Chhani Nagarik Sahakari Bank Limited, Vadodara, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated June 30, 2025, imposed a monetary penalty of ₹4.00 lakh (Rupees Four Lakh only) on Shree Chhani Nagarik Sahakari Bank Limited, Vadodara, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’, ‘Customer Protection – Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions’, ‘Basic Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs)’ and ‘Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) – A Graded Approach’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

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

    The bank had failed to:

    1. carry out periodic review of risk categorisation of certain accounts at least once in six months;

    2. provide customers with 24×7 access to report unauthorized electronic banking transactions through multiple channels; and

    3. implement certain cyber security controls prescribed by RBI under the Cyber Security Framework.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/646

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Shree Chhani Nagarik Sahakari Bank Limited, Vadodara, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated June 30, 2025, imposed a monetary penalty of ₹4.00 lakh (Rupees Four Lakh only) on Shree Chhani Nagarik Sahakari Bank Limited, Vadodara, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’, ‘Customer Protection – Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions’, ‘Basic Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs)’ and ‘Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) – A Graded Approach’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

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

    The bank had failed to:

    1. carry out periodic review of risk categorisation of certain accounts at least once in six months;

    2. provide customers with 24×7 access to report unauthorized electronic banking transactions through multiple channels; and

    3. implement certain cyber security controls prescribed by RBI under the Cyber Security Framework.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/646

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Shree Chhani Nagarik Sahakari Bank Limited, Vadodara, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated June 30, 2025, imposed a monetary penalty of ₹4.00 lakh (Rupees Four Lakh only) on Shree Chhani Nagarik Sahakari Bank Limited, Vadodara, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’, ‘Customer Protection – Limiting Liability of Customers of Co-operative Banks in Unauthorised Electronic Banking Transactions’, ‘Basic Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs)’ and ‘Comprehensive Cyber Security Framework for Primary (Urban) Cooperative Banks (UCBs) – A Graded Approach’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

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

    The bank had failed to:

    1. carry out periodic review of risk categorisation of certain accounts at least once in six months;

    2. provide customers with 24×7 access to report unauthorized electronic banking transactions through multiple channels; and

    3. implement certain cyber security controls prescribed by RBI under the Cyber Security Framework.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/646

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on District Central Co-operative Bank Ltd., Durg, Chhattisgarh

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated June 30, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on District Central Co-operative Bank Ltd., Durg, Chhattisgarh (the bank) for non-compliance with certain directions issued by RBI on ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

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

    The bank:

    i) (a) did not upload the KYC records of certain customers onto Central KYC Records Registry (CKYCR) within the prescribed timeline,

    (b) did not carry out periodic updation of KYC of certain customers as per the prescribed periodicity; and

    ii) allotted multiple customer identification codes to certain individual customers, instead of a Unique Customer Identification Code (UCIC) for each individual customer.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/647

    MIL OSI Economics –

  • MIL-OSI Economics: CBB Government Development Bond Issue No. 41 Oversubscribed

    Source: Central Bank of Bahrain

    CBB Government Development Bond Issue No. 41 Oversubscribed

    Published on 3 July 2025

    Manama, Bahrain –3rd July 2025 – The Central Bank of Bahrain (CBB) announces that the issue of the 4-year Government Development Bond has been oversubscribed by 267%.

    Subscriptions worth BD 667.621 million were received for the BD 250 million issue, which carries a maturity of 4 years.

    The fixed annual coupon rate on the issue, which begins on 9th July 2025 and matures on 9th July 2029, is 6.25%.

    The Government Development Bonds are issued by the CBB on behalf of the Government of the Kingdom of Bahrain.

    This is Government Development Bond issue No.41 (ISIN BH000551W253).

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    MIL OSI Economics –

  • MIL-OSI Economics: CBB Government Development Bond Issue No. 41 Oversubscribed

    Source: Central Bank of Bahrain

    CBB Government Development Bond Issue No. 41 Oversubscribed

    Published on 3 July 2025

    Manama, Bahrain –3rd July 2025 – The Central Bank of Bahrain (CBB) announces that the issue of the 4-year Government Development Bond has been oversubscribed by 267%.

    Subscriptions worth BD 667.621 million were received for the BD 250 million issue, which carries a maturity of 4 years.

    The fixed annual coupon rate on the issue, which begins on 9th July 2025 and matures on 9th July 2029, is 6.25%.

    The Government Development Bonds are issued by the CBB on behalf of the Government of the Kingdom of Bahrain.

    This is Government Development Bond issue No.41 (ISIN BH000551W253).

    Share this

    MIL OSI Economics –

  • By the Numbers: Deconstructing India’s Unprecedented Poverty Decline

    Source: Government of India

    Source: Government of India (4)

    The global narrative of poverty reduction has an Indian imprint in the latest data releases. The decline in poverty, confirmed by a confluence of national and international assessments, is a significant landmark on India’s developmental journey. Reduced poverty means more empowered citizens, a factor that reflects the dynamic interplay of sustained economic growth, year after year, focusing on meticulously targeted welfare architecture.

    Even as global goals on poverty estimation shift—evidenced by the World Bank’s recent adoption of a stricter poverty threshold—India’s performance remains a hope—a journey of encouragement—on its path to become a developed country by 2047.

    Data tells its story. According to a discussion paper from NITI Aayog, a staggering 24.82 crore people, a quarter of a billion souls, escaped the clutches of multidimensional poverty in the nine years between 2013-14 and 2022-23 alone. 29.17% of India was multidimensionally poor in 2013-14, which was reduced to 11.28% in 2022-23.

    Measurement of multidimensional poverty based on the Multidimensional Poverty Index (MPI) is a more holistic metric developed by the UNDP and the University of Oxford in 2010. This index, as its name suggests, measures poverty across multiple, overlapping dimensions—health, education, and living standards—offering a granular, non-monetary picture of deprivation at the household level.

    The largest declines in multidimensional poverty were registered in some of the nation’s most populous states, with Uttar Pradesh leading the charge by liberating 5.94 crore people, followed by Bihar (3.77 crore), Madhya Pradesh (2.30 crore), and Rajasthan (1.87 crore).

    This exodus, on the path of empowerment, is corroborated by the World Bank’s “Spring 2025 Poverty and Equity Brief,” which notes the lifting of 17.1 crore people from extreme poverty in the country. Going by the old poverty rate of USD 2.15 per person per day, India’s population had 16.2% extremely poor people, living on less than USD 2.15 a day in 2011-12. It fell significantly to 2.3% in 2022-23.

    The World Bank assessment notes that these populous states, which accounted for 65% of India’s extreme poor in 2011-12, were responsible for an astonishing two-thirds of the overall national poverty decline by 2022-23. The progress has permeated both rural and urban landscapes with equal force. Rural poverty saw a dramatic fall from 18.4% to just 2.8% between 2011-12 and 2022-23, while urban poverty in the same period dwindled from 10.7% to a mere 1.1%.

    Consider the impact of the World Bank’s recalibrated international poverty line to USD 3 per person per day (in 2021 Purchasing Power Parity, released in May 2024) from USD 2.15. While this statistical adjustment instantly swelled the ranks of the world’s extreme poor, fresh household-consumption data from India reveals a story of remarkable resilience of the country. The recalibration should have added 22.6 crore people worldwide to its extreme-poverty count, but the real addition was just 12.5 crore, thanks to India’s positive indicators and reduced numbers.

    Updated consumption data and changed survey methods to its poverty indicators and headcount ratio reflect that India is doing extremely well on meeting positive indicators to reduce poverty. According to the new international poverty line, the percentage of extremely poor people in India rose from 16.2% (or 20.59 crore people) in 2011-12 to 27.12% (or 34.47 crore people).

    The latest data shows a significant decline in these numbers, corroborating India’s growth story. Under the new line—poverty fell drastically, from 27.12% in 2011-12 to 5.25% in 2022-23. In absolute terms, the headcount dropped from 34.45 crore to 7.52 crore over the same period—a striking decline that underscores India’s continuing progress—of addressing needs of the most vulnerable strata of the society.

    Also, according to the NITI Aayog’s discussion paper, between 2005-06 and 2015-16, the annual rate of decline was 7.69%. However, in the subsequent period from 2015-16 to 2019-21, this rate surged to an impressive 10.66% annually. This acceleration puts India firmly on track to achieve the Sustainable Development Goal of halving multidimensional poverty well before the 2030 deadline.

    Furthermore, as India navigates evolving global benchmarks, its progress holds firm. If we go by the previous poverty rates, at the lower-middle-income poverty line of USD 3.65 per day, the poverty rate was more than halved in the country, dropping from 61.8% to 28.1% over the decade from 2011-12 to 2022-23. This suggests that millions (37.8 crore people in absolute numbers) are not just crossing the threshold of extreme poverty but are continuing on an upward trajectory.

    Perhaps most tellingly, this growth has not come at the expense of equality. The Gini Index, a standard measure of income and consumption-based inequality, actually declined from 28.8% in 2011-12 to 25.5% in 2022-23, indicating that the fruits of economic expansion are being distributed more broadly than before. India’s journey is a powerful demonstration that rapid, large-scale poverty reduction is an achievable reality, providing a solid foundation upon which the aspirations of a developed nation can be confidently built.