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  • MIL-OSI USA: Remarks by Acting Chairman Caroline D. Pham, 100 Impact Leaders Dinner and Annual Awards, Digital Assets Global Forum, UK House of Lords

    Source: US Commodity Futures Trading Commission

    Good evening, my lords, ladies and gentlemen. I would like to express my gratitude to Lord Taylor of Warwick and Dr. Lisa Cameron, as well as the Financial Club and the UK US Crypto Alliance, for this recognition at the Digital Assets Global Forum 100 Impact Leaders Dinner and Annual Awards and inviting me to provide remarks. Thank you also to Baroness Uddin and Lord Ranger, and especially to all the event staff at the House of Lords.
    It is a great honor to receive this year’s Legacy Award, and a great privilege to share my views regarding innovation and market structure in financial services. Tonight’s event is a testament to the strength and longevity of the close relationships among UK and U.S. institutions, and the special relationship between our two great Nations.
    Crypto and Digital Assets
    In April, Treasury Secretary Bessent and Chancellor Reeves discussed digital asset regulation and laid the groundwork for our governments to explore ways “to support the use and responsible growth of digital assets.”
    In the context of that discussion, I was pleased to learn that Chancellor Reeves acknowledged the importance of the UK-U.S. Financial Regulatory Working Group (FRWG), which I will discuss in a few minutes. Both the U.S. Commodity Futures Trading Commission (CFTC) and the UK Financial Conduct Authority (FCA) are members, and our agencies have partnered closely for decades.
    The UK Government has moved quickly on cryptoasset regulatory proposals, including the FCA’s public consultation on various papers and publication of an FCA Crypto Roadmap.
    So, I would like to highlight for you the CFTC’s swift progress on President Trump’s executive orders and policy agenda for digital assets.
    For both our Nations, this is the light at the end of a very long tunnel, the dawn of a new golden age for market innovation, and the culmination of years of hard work by both the public and private sectors.
    Responsible innovation and fair competition
    While UK regulators have recently gained a secondary mandate on competition, the CFTC has long had a dual mandate to promote responsible innovation and fair competition in our markets.
    Our dual mandate enshrines the simple truth that derivatives are financial instruments that are at the cutting edge of market innovation, and therefore our regulatory framework must be principles-based and flexible to adapt to new markets and new products.
    Let me tell you about my personal journey towards ensuring that the CFTC remains not only the first, but also at the forefront, of leadership on digital asset markets.
    The U.S. regulation of spot digital assets is a high priority for the CFTC because the largest digital asset markets are commodities.
    It is also a high priority for me because I have worked on crypto and digital assets initiatives for over 10 years—since 2013, when I was staff at the CFTC and the Bitcoin Foundation came to Washington, DC to engage with regulators on responsible innovation.
    That’s right—the crypto industry did not run away from regulation, they ran towards it, even in those early years, in hopes of finding a clear regulatory roadmap.
    At that time, we at the CFTC thought that Bitcoin was a commodity. Two years later, in 2015, the CFTC made this view known publicly, and has maintained this view ever since as this novel asset class has expanded to include more tokens.
    After my initial experience with crypto at the CFTC, I engaged on crypto again in the private sector.
    I worked on Citi’s digital asset strategy, including product development and strategic equity and venture capital investments, and I worked on transactions, partnerships, vendors, and new clients.
    I led digital assets global regulatory strategy and policy advocacy and initiatives to implement governance, risk, and control frameworks and compliance policies and procedures. That included leading global engagement in supervisory examinations of distributed ledger technology (DLT or blockchain) and digital assets by both U.S. and non-U.S. regulators—including the FCA.
    Based on my hands-on experience, when I became a CFTC Commissioner, I knew providing regulatory clarity for digital assets had to be a priority.
    I first proposed 10 fundamentals for responsible digital asset markets, which could be universally applied in any jurisdiction, in 2022. Then, I proposed a CFTC digital asset markets pilot program as a U.S. regulatory sandbox in 2023. I was gratified to be named to CoinDesk’s Most Influential 2023 list for these efforts.
    Last year, in 2024, the Digital Asset Markets Subcommittee of the CFTC’s Global Markets Advisory Committee (GMAC), which I sponsor, developed and made two recommendations to the Commission: (1) a U.S. digital asset taxonomy and (2) regulatory treatment of tokenized non-cash collateral.
    I want to thank the firms—many in this audience—from the largest banks and asset managers, to exchanges and clearinghouses, to crypto native startups, who have contributed to the GMAC’s efforts and graciously provided their time and resources to create a consensus view across both traditional and digital asset markets.
    These recommendations for industry standards reflect years of thoughtful, disciplined work from the actual builders in this space who are the industry leaders.
    It’s a common global solution that works for everyone, and also includes input from both international standard setters and non-U.S. regulatory authorities.
    A golden age for market innovation
    This year, in the Trump Administration’s first 100 days, the CFTC has taken decisive action to implement these prior proposals and promote a pro-innovation, pro-growth approach for digital assets.
    The CFTC is a member of the President’s Working Group on Digital Asset Markets, which is expected to release a report next month that will be the Administration’s crypto roadmap. We have been working closely with the U.S. Treasury Department, the SEC, and other agencies on this productive and fruitful effort.
    In February, I hosted a first-ever Crypto CEO Forum and participated in the groundbreaking White House Digital Assets Summit.
    The CFTC has withdrawn outdated staff advisories and released new guidance to improve regulatory clarity for American and other innovators and entrepreneurs in crypto and digital assets.
    We have had discussions on a digital asset markets pilot program and will soon participate as an observer in industry tokenization initiatives.
    And, the CFTC recently completed a public comment period on 24/7 trading and perpetual derivatives, two crypto market innovations that may have implications for other asset classes with sufficient liquidity. Perpetual derivatives have been trading live on CFTC-registered designated contract markets (DCMs) since April, and 24/7 trading has been live since May.
    The CFTC has provided technical assistance to Congress on various digital asset legislative proposals, including the CLARITY Act, and stands ready to carry out our mission if our jurisdiction is expanded. The future is bright.
    Looking ahead, the U.S. must have a durable and flexible approach to regulation that will keep up with continuing innovation and stand the test of time.
    Lessons learned
    I appreciate Lord Taylor’s remarks about learning from the past. I will share some lessons learned from my experience at the CFTC and in the private sector with implementing the Dodd-Frank Act, the last time the U.S. enacted legislation that dramatically reshaped market structure.
    The CFTC’s implementation of Dodd-Frank with our swaps regulations had far-reaching unintended consequences. Fifteen years later, the CFTC is still working to eliminate unworkable, overly burdensome requirements and resolve regulatory overreach that have significantly increased costs for all market participants with no meaningful benefits.
    There are two key lessons learned, and we must not repeat the mistakes of the past.
    Regulatory moat
    First, Dodd-Frank’s duplicative, costly, and unnecessary regulatory requirements that cost billions of dollars annually for registration, compliance, and reporting—in addition to enforcement penalties that have become a tax on doing business—have resulted in a regulatory moat that is a barrier to entry for smaller firms, startups, and entrepreneurs.
    This has led to anti-competitive effects and consolidation and concentration of market participants, because only the biggest firms can afford the overhead.
    Any mandate or issuance of new regulations by the CFTC should leverage our existing registration categories and compliance requirements to avoid piling on with another layer of overregulation that has no benefit to market integrity or customer protection.
    Market fragmentation
    Second, Dodd-Frank’s jurisdictional overreach and the CFTC’s initial approach to cross-border activity resulted in swaps market fragmentation. These effects were especially profound in London and New York, the most important trading hubs.
    A lack of harmonization based on principles of international comity, mutual recognition, and regulatory coherence led to fractured market liquidity that is less resilient to market shock or dislocation, increasing both market volatility and systemic risk.
    Market fragmentation also resulted in increased complexity and costs for international financial institutions and other market participants’ legal entity strategy, booking models, and other operational processes. Increasing complexity increases both financial and non-financial risks.
    Again, fifteen years later, the CFTC still has not completed implementing a substituted compliance regime across all CFTC swaps regulation.
    Most of the CFTC’s over 20 staff letters, advisories, or other guidance issued since January under my leadership as acting Chairman have been to fix remaining Dodd-Frank issues based on my experience as an operating executive.
    Because crypto and digital asset markets are borderless by design, it is imperative that the CFTC’s policy approach ensures that substituted compliance will be available from the start for entities that are properly registered in their home country jurisdictions that have comparable regulatory schemes, and that reciprocal mutual recognition for CFTC-registered entities is available as well.
    The close partnership between UK and U.S. authorities can help to achieve this regulatory coherence. By leveraging existing registration categories and cross-border substituted compliance or mutual recognition, the CFTC and our non-U.S. regulatory counterparts would not have to reinvent the wheel and further delay growth and progress for digital asset markets.
    Our current CFTC regulated entities could begin trading crypto on day one, and bring previously offshore activity back onshore to the U.S. with no negative impact to depth of market liquidity.
    Simplicity is the solution
    I have encouraged technology-neutral regulations that do not have to be continually rewritten to keep up with innovation, and activity-based regulations that do not require burdensome and costly entity-registration requirements that stifle competition by raising the gate to new entrants with less capital (namely, start-ups and entrepreneurs).
    It is critical that once further regulatory clarity is provided, including through interpretations and exemptions, that the CFTC is prepared to move quickly rather than waiting to complete the 4 to 5 year process to develop and adopt additional digital asset regulations, for the crypto and financial sector to then spend even more years to implement.
    The regulatory burn rate and the costs of missing out on market share are real.
    A simple approach that can be completed in 12 to 18 months is the fastest way to ensure that the U.S. is no longer left behind when it comes to promoting innovation and welcoming American entrepreneurs and companies to come back home.
    This is how we ensure U.S. competitiveness and that the U.S. leads the way in harnessing the potential of this new technology to create economic opportunities for all Americans.  This is how the U.S. becomes the crypto capital of the world.
    UK and U.S. Relationship
    In the FinTech and digital-assets space, the CFTC’s coordination with our UK counterparts has enabled us to navigate the rapidly changing landscape, mitigate risks, and advance responsible innovation. I especially want to recognize our close cooperation with the FCA in this regard.
    In 2018, the CFTC and the FCA signed a FinTech Innovation Arrangement wherein we each committed to collaborate and support innovative firms through our respective financial technology initiatives.
    CFTC staff members have also benefitted from participating with their UK peers and other regulatory partners in the Financial Innovation Partnership, which is a dialogue like the FRWG, designed to focus on facilitating our mutual engagement in financial innovation.
    In other areas of financial services oversight, we have a long and deep history of collaboration.
    These long-standing examples serve as a formidable blueprint for successful collaboration going forward regarding digital-assets, decentralized finance, and artificial intelligence (AI):

    In 1986, the CFTC and the Securities and Exchange Commission (SEC) signed a memorandum of understanding with the UK Department of Trade and Industry, now succeeded by the FCA.

    In 1989, the CFTC included the UK among the first exemptions issued under Rule 30.10 (allowing UK firms to serve as futures brokers for U.S. customers on UK exchanges without having to register as brokers in the U.S.).   Many UK firms still avail themselves of this 30.10 relief.

    In 1991, we signed a memorandum of understanding amongst the CFTC, SEC, the then Department of Trade and Industry, and the Securities and Investments Board (the latter two succeeded by the FCA, the Prudential Regulation Authority, and the Bank of England) on mutual assistance and the exchange of information.

    In 2009, the CFTC and the Bank of England executed a memorandum of understanding on Central Counterparty Clearing House (CCP) supervision.

    In 2020, the CFTC revised that clearing memorandum of understanding with the Bank of England to reflect the cooperation and exchange of information in the supervision and oversight of CCPs that operate on a cross-border basis in the U.S. and UK.

    In the Spring of 2023, the CFTC and Bank of England announced a further strengthening of our commitment to close cooperation and mutual understandings on the supervision of CCPs.

    Later in 2023, the UK Parliament published its CCP equivalence decision for the CFTC. This was an important milestone in our mutual deferential approach to supervision because it highlights our strong cooperation and allows greater cross-border access for our regulated entities.

    Each of these achievements have been possible because we have a relationship based on trust and mutual respect.
    Since the financial crisis and global derivatives regulatory reform, the CFTC directly regulates the largest UK banks as swap dealers, and much hard work has gone into establishing a substituted compliance and mutual recognition regime. I’m pleased to have furthered these efforts under my chairmanship as well.
    The UK-U.S. Financial Regulatory Working Group
    During the most recent FRWG meeting, representatives of our finance ministries, markets regulators, and prudential authorities discussed the strong current of innovation evident in our jurisdictions as well as the means to collaborate on a foundational framework in the areas of digital-assets and AI.
    Our respective delegations provided updates on proposed legislation to regulate digital assets, including stablecoin. UK participants also noted that you have updated your Digital Securities Sandbox and are building on recent discussions between the Chancellor and the U.S. Treasury Secretary.
    Importantly, the FRWG also discussed exploring potential opportunities to support cross-border innovation. Participants emphasized the importance of effective regulation in promoting economic growth while also addressing risks and continued bilateral and international engagement within the sector and amongst authorities.
    In that regard, FRWG representatives also exchanged views on their respective approaches to AI and both current and future AI use cases within financial services. U.S. and UK authorities discussed means to work together, including as appropriate through international standard-setting and coordination institutions, to realize the potential of this technology and address the risks of AI in financial services.
    Conclusion
    During my chairmanship and as a commissioner, I have tirelessly advocated for a level playing field for global businesses and access to markets. Relationships—especially special ones like ours, the UK and the U.S.—make this possible.
    Through my work with the CFTC’s GMAC and engagement with international standard-setters like the Financial Stability Board (FSB), Bank for International Settlements (BIS) and the Basel Committee for Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO), and the Organization for Economic Co-operation and Development (OECD), and my bilateral relationships with nearly two dozen of the CFTC’s regulatory counterparts around the world, I believe that we can achieve shared prosperity through economic growth and the engine of capital markets.
    As our Nations continue to forge ahead with our pro-innovation agendas through our multiple regulatory initiatives, our markets will be well-served by our continued cooperation.
    Thank you.

    MIL OSI USA News –

  • MIL-OSI Analysis: The UK has published a ten-year industrial strategy to boost key sectors of the economy – here’s what the experts think

    Source: The Conversation – UK – By Michael A. Lewis, Professor of Operations and Supply Management, University of Bath

    PBabic/Shutterstock

    The UK government has published a ten-year strategy outlining how it aims to boost productivity and innovation across eight key sectors of the economy. From the future of AI to energy security and net zero, it’s a broad and ambitious plan. Our experts assess what it tells us about how the UK economy – and the jobs it offers – could look in future.

    Nuclear placed firmly in the centre of the UK’s low-carbon future

    Doug Specht, Reader in Cultural Geography and Communication, University of Westminster

    For clean energy and industrial growth, the strategy presents an ambitious and comprehensive vision. And it seeks to establish the UK as a global leader in clean energy manufacturing and innovation. A key strength lies in its substantial investment commitments, however this includes £14.2 billion for the controversial Sizewell C nuclear power station and more than £2.5 billion for a Small Modular Reactor (SMR) programme.

    Nuclear energy remains controversial – nevertheless, the strategy firmly places it as a central pillar for low-carbon, reliable energy and national security.

    The strategy also targets high-growth sectors, prioritises regional development and introduces support schemes and regulatory reforms to tackle high electricity costs for industry, and slow grid connections. Yet despite these potential strengths, there are notable challenges. Implementation risks are significant, given the ten-year timeframe and potential shifts in political priorities.

    And regional disparities and social inequalities may not be fully addressed, as the focus is on high-potential city regions. Some areas could be left behind. Skills shortages in engineering and digital sectors persist, and there is not enough detail on reskilling and lifelong learning. The importance of supply chain resilience, especially for the critical minerals needed for the green transition is acknowledged but not fully assured.

    Overall, the strategy is ambitious and well-structured. But a reliance on nuclear rather than true renewables is seeking a quick win with high risks and high costs. A more radical and inclusive plan that expanded green infrastructure, and provided details of resilient growth across all regions and sectors, would have been welcomed.



    Read more:
    Nuclear energy is a risky investment, but that’s no reason for the UK government to avoid it

    An innovation boost for the UK’s world-leading creative industries

    Bernard Hay, Head of Policy at the Creative Industries Policy and Evidence Centre, Newcastle University

    The plan for the creative industries is a significant step forward for this critical sector. With multiple new commitments announced on areas ranging from scale-up finance and AI to skills, exports and freelance support, there is a lot to welcome for the sector. After all, it already accounts for over 5% of the UK’s annual gross value added (or GVA – which measures the value of goods and services) and 14% of its services exports.

    One key aspect is boosting creative industries’ research and development (R&D), which is a driver of innovation, productivity and growth. This includes £100 million for the Arts and Humanities Research Council’s clusters programme, which supports location-based, creative R&D partnerships between universities and industry.

    And by the end of the year, HMRC will publish clarification on what types of activity are eligible for R&D tax relief, to include arts activities that meet certain criteria. This is a nuanced change, but together with the other plans, it could have a catalytic effect on innovation in the sector.

    Supporting regional creative economies is a golden thread running through this plan. A new £4 billion group capital initiative from the British Business Bank, announced earlier in the spending review, will be an important source of scale-up finance for small and medium-sized creative businesses that face barriers in accessing capital.

    It is also welcome to see the government both increasing creative industries investment in several city-regions and supporting places to join up and work together through “creative corridors”. Coupled with the ongoing devolution of powers and funding in England, the next decade provides a huge opportunity for local policy innovation. This includes sharing and scaling proven strategies in growing regional creative economies.

    An effective industrial strategy relies on high-quality data and analysis to support it. This is especially true when dealing with a rapidly evolving part of the economy such as the creative industries. The new plan includes commitments to strengthen the evidence base, including by increasing access to official statistics. This is good news not only for researchers, but for the whole sector.

    The Lowry in Salford is part of a creative cluster in the north-west of England.
    Debu55y/Shutterstock

    Advanced manufacturing: promising plans, but persistent problems

    Michael Lewis, Professor of Operations and Supply Management, University of Bath

    The government plans to invest £4.3 billion in advanced manufacturing. This covers research-driven production in sectors including automotive, aerospace and advanced materials (engineered substances that are especially useful in these industries). Some firms may also get energy cost relief through green levy exemptions.

    A long-term plan is overdue, but the challenges are huge. Automotive production is targeted to rise substantially, but the sector will still depend heavily on a range of critical imports. The aerospace sector will start 40,000 apprenticeships by 2035, yet further education funding remains below 2010 levels. Much of the promised investment appears to be the repackaging of existing funding.

    Most importantly, how to deliver these changes remains unclear. There are good ideas, like £99 million to expand the relatively successful Made Smarter Adoption programme to help small and medium-sized enterprises employ digital technology. But when helping small firms adopt basic digital tools counts as policy success, it shows how far UK manufacturing has fallen behind competitors. Likewise, when you need a new “connections accelerator service” just to help companies connect to the grid, it shows the scale of basic infrastructure problems that undermine grander ambitions.

    Overall, the strategy marks real progress. However, without clear delivery plans, it reads more like a wish list than an action plan. This explains why industry reactions have been cautiously optimistic at best.

    A chance to take the lead in the global AI race

    Kamran Mahroof, Associate Professor of Supply Chain Analytics and Programme Leader for the MSc in the Applied Artificial Intelligence and Data Analytics, University of Bradford

    From a digital and technologies perspective, the industrial strategy appears to signal a strong commitment to anchoring the nation at the forefront of the global AI race. The proposed Sovereign AI Unit shows an intent to ensure national control and access to critical AI infrastructure, computational power and expertise.

    This is pivotal, not only for research and development, but also for national security and economic resilience in an increasingly AI-driven world. It points to a recognition that relying solely on external providers for cutting-edge AI capabilities carries inherent risks.

    Besides, some of the world’s most innovative AI businesses are based in the UK. British companies are pushing the limits of what is feasible, from Synthesia’s advances in synthetic media to DeepMind’s developments in machine learning. In sectors including public safety, insurance and defence, smaller firms like Faculty, Tractable and Mind Foundry are also having a significant impact.

    Complementing this, the AI Growth Zones are designed to act as regional magnets for investment and innovation, particularly in the realm of data centres and high-density computational facilities. By streamlining planning and providing preferential access to energy, these zones could accelerate the development of the physical infrastructure needed.

    This decentralised approach has received more than 200 bids already from local authorities. It also has the potential to spread the economic benefits of AI beyond established tech hubs, encouraging new regional powerhouses and creating high-skilled jobs right across the UK.

    Taken as a whole, these projects show a deliberate effort to develop core competencies and draw in private-sector funding. This puts the UK in a position to benefit from AI’s potential. This effort to develop national AI capabilities is not a new idea – it echoes the US AI executive order and the EU’s AI Act.

    However, given the dominance of global tech giants, the UK needs to define “sovereignty” in practice and decide whether it is willing to provide large-scale funding. At a time when debates continue around the UK’s defence budget — a field now deeply intertwined with AI – more transparency is needed on how these ambitions will be funded.

    Growth plans for financial services – and moves to share the benefits beyond London

    Sarah Hall, 1931 Professor of Geography, University of Cambridge

    One of the most striking elements of the new plan is that it places financial services much more centrally compared to previous approaches.

    There are good reasons for doing this. Financial services are a vital component of the UK economy, contributing close to 9% of economic output in 2023. Clearly then, an industrial strategy without one of the most important economic sectors would make little sense.

    There is also a welcome emphasis on the ways in which financial services can grow, not only as a sector in its own right, but also to be better integrated in supporting the growth of other parts of the economy. Some important policy moves have already been announced, such as changes to pension funds aimed at increasing their investment in large infrastructure projects.

    In order to meet these ambitions, the strategy is right to note that financial services need to be supported, not only in London but also across the many clusters around the UK. These include, for example, Edinburgh, Manchester and Bristol.

    There will be more details in the sector plan, released alongside Chancellor Rachel Reeves’ Mansion House speech on July 15. At that point, we will be able to assess the measures intended to grapple with two longstanding issues for UK financial services. That is, how does the government bridge the gap between finance and the “real” economy (goods and non-financial services)? And how does it bridge the gap between London and the rest of the UK?

    Michael A. Lewis receives funding from AHRC, EPSRC and ESRC.

    Bernard Hay is Head of Policy at the Creative PEC, a partnership between Newcastle University and the Royal Society of Arts, which is funded by the UKRI via Arts and Humanities Research Council.

    Sarah Hall receives funding from an ESRC Fellowship grant.

    Doug Specht and Kamran Mahroof do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. The UK has published a ten-year industrial strategy to boost key sectors of the economy – here’s what the experts think – https://theconversation.com/the-uk-has-published-a-ten-year-industrial-strategy-to-boost-key-sectors-of-the-economy-heres-what-the-experts-think-259741

    MIL OSI Analysis –

  • MIL-OSI Analysis: The UK has published a ten-year industrial strategy to boost key sectors of the economy – here’s what the experts think

    Source: The Conversation – UK – By Michael A. Lewis, Professor of Operations and Supply Management, University of Bath

    PBabic/Shutterstock

    The UK government has published a ten-year strategy outlining how it aims to boost productivity and innovation across eight key sectors of the economy. From the future of AI to energy security and net zero, it’s a broad and ambitious plan. Our experts assess what it tells us about how the UK economy – and the jobs it offers – could look in future.

    Nuclear placed firmly in the centre of the UK’s low-carbon future

    Doug Specht, Reader in Cultural Geography and Communication, University of Westminster

    For clean energy and industrial growth, the strategy presents an ambitious and comprehensive vision. And it seeks to establish the UK as a global leader in clean energy manufacturing and innovation. A key strength lies in its substantial investment commitments, however this includes £14.2 billion for the controversial Sizewell C nuclear power station and more than £2.5 billion for a Small Modular Reactor (SMR) programme.

    Nuclear energy remains controversial – nevertheless, the strategy firmly places it as a central pillar for low-carbon, reliable energy and national security.

    The strategy also targets high-growth sectors, prioritises regional development and introduces support schemes and regulatory reforms to tackle high electricity costs for industry, and slow grid connections. Yet despite these potential strengths, there are notable challenges. Implementation risks are significant, given the ten-year timeframe and potential shifts in political priorities.

    And regional disparities and social inequalities may not be fully addressed, as the focus is on high-potential city regions. Some areas could be left behind. Skills shortages in engineering and digital sectors persist, and there is not enough detail on reskilling and lifelong learning. The importance of supply chain resilience, especially for the critical minerals needed for the green transition is acknowledged but not fully assured.

    Overall, the strategy is ambitious and well-structured. But a reliance on nuclear rather than true renewables is seeking a quick win with high risks and high costs. A more radical and inclusive plan that expanded green infrastructure, and provided details of resilient growth across all regions and sectors, would have been welcomed.



    Read more:
    Nuclear energy is a risky investment, but that’s no reason for the UK government to avoid it

    An innovation boost for the UK’s world-leading creative industries

    Bernard Hay, Head of Policy at the Creative Industries Policy and Evidence Centre, Newcastle University

    The plan for the creative industries is a significant step forward for this critical sector. With multiple new commitments announced on areas ranging from scale-up finance and AI to skills, exports and freelance support, there is a lot to welcome for the sector. After all, it already accounts for over 5% of the UK’s annual gross value added (or GVA – which measures the value of goods and services) and 14% of its services exports.

    One key aspect is boosting creative industries’ research and development (R&D), which is a driver of innovation, productivity and growth. This includes £100 million for the Arts and Humanities Research Council’s clusters programme, which supports location-based, creative R&D partnerships between universities and industry.

    And by the end of the year, HMRC will publish clarification on what types of activity are eligible for R&D tax relief, to include arts activities that meet certain criteria. This is a nuanced change, but together with the other plans, it could have a catalytic effect on innovation in the sector.

    Supporting regional creative economies is a golden thread running through this plan. A new £4 billion group capital initiative from the British Business Bank, announced earlier in the spending review, will be an important source of scale-up finance for small and medium-sized creative businesses that face barriers in accessing capital.

    It is also welcome to see the government both increasing creative industries investment in several city-regions and supporting places to join up and work together through “creative corridors”. Coupled with the ongoing devolution of powers and funding in England, the next decade provides a huge opportunity for local policy innovation. This includes sharing and scaling proven strategies in growing regional creative economies.

    An effective industrial strategy relies on high-quality data and analysis to support it. This is especially true when dealing with a rapidly evolving part of the economy such as the creative industries. The new plan includes commitments to strengthen the evidence base, including by increasing access to official statistics. This is good news not only for researchers, but for the whole sector.

    The Lowry in Salford is part of a creative cluster in the north-west of England.
    Debu55y/Shutterstock

    Advanced manufacturing: promising plans, but persistent problems

    Michael Lewis, Professor of Operations and Supply Management, University of Bath

    The government plans to invest £4.3 billion in advanced manufacturing. This covers research-driven production in sectors including automotive, aerospace and advanced materials (engineered substances that are especially useful in these industries). Some firms may also get energy cost relief through green levy exemptions.

    A long-term plan is overdue, but the challenges are huge. Automotive production is targeted to rise substantially, but the sector will still depend heavily on a range of critical imports. The aerospace sector will start 40,000 apprenticeships by 2035, yet further education funding remains below 2010 levels. Much of the promised investment appears to be the repackaging of existing funding.

    Most importantly, how to deliver these changes remains unclear. There are good ideas, like £99 million to expand the relatively successful Made Smarter Adoption programme to help small and medium-sized enterprises employ digital technology. But when helping small firms adopt basic digital tools counts as policy success, it shows how far UK manufacturing has fallen behind competitors. Likewise, when you need a new “connections accelerator service” just to help companies connect to the grid, it shows the scale of basic infrastructure problems that undermine grander ambitions.

    Overall, the strategy marks real progress. However, without clear delivery plans, it reads more like a wish list than an action plan. This explains why industry reactions have been cautiously optimistic at best.

    A chance to take the lead in the global AI race

    Kamran Mahroof, Associate Professor of Supply Chain Analytics and Programme Leader for the MSc in the Applied Artificial Intelligence and Data Analytics, University of Bradford

    From a digital and technologies perspective, the industrial strategy appears to signal a strong commitment to anchoring the nation at the forefront of the global AI race. The proposed Sovereign AI Unit shows an intent to ensure national control and access to critical AI infrastructure, computational power and expertise.

    This is pivotal, not only for research and development, but also for national security and economic resilience in an increasingly AI-driven world. It points to a recognition that relying solely on external providers for cutting-edge AI capabilities carries inherent risks.

    Besides, some of the world’s most innovative AI businesses are based in the UK. British companies are pushing the limits of what is feasible, from Synthesia’s advances in synthetic media to DeepMind’s developments in machine learning. In sectors including public safety, insurance and defence, smaller firms like Faculty, Tractable and Mind Foundry are also having a significant impact.

    Complementing this, the AI Growth Zones are designed to act as regional magnets for investment and innovation, particularly in the realm of data centres and high-density computational facilities. By streamlining planning and providing preferential access to energy, these zones could accelerate the development of the physical infrastructure needed.

    This decentralised approach has received more than 200 bids already from local authorities. It also has the potential to spread the economic benefits of AI beyond established tech hubs, encouraging new regional powerhouses and creating high-skilled jobs right across the UK.

    Taken as a whole, these projects show a deliberate effort to develop core competencies and draw in private-sector funding. This puts the UK in a position to benefit from AI’s potential. This effort to develop national AI capabilities is not a new idea – it echoes the US AI executive order and the EU’s AI Act.

    However, given the dominance of global tech giants, the UK needs to define “sovereignty” in practice and decide whether it is willing to provide large-scale funding. At a time when debates continue around the UK’s defence budget — a field now deeply intertwined with AI – more transparency is needed on how these ambitions will be funded.

    Growth plans for financial services – and moves to share the benefits beyond London

    Sarah Hall, 1931 Professor of Geography, University of Cambridge

    One of the most striking elements of the new plan is that it places financial services much more centrally compared to previous approaches.

    There are good reasons for doing this. Financial services are a vital component of the UK economy, contributing close to 9% of economic output in 2023. Clearly then, an industrial strategy without one of the most important economic sectors would make little sense.

    There is also a welcome emphasis on the ways in which financial services can grow, not only as a sector in its own right, but also to be better integrated in supporting the growth of other parts of the economy. Some important policy moves have already been announced, such as changes to pension funds aimed at increasing their investment in large infrastructure projects.

    In order to meet these ambitions, the strategy is right to note that financial services need to be supported, not only in London but also across the many clusters around the UK. These include, for example, Edinburgh, Manchester and Bristol.

    There will be more details in the sector plan, released alongside Chancellor Rachel Reeves’ Mansion House speech on July 15. At that point, we will be able to assess the measures intended to grapple with two longstanding issues for UK financial services. That is, how does the government bridge the gap between finance and the “real” economy (goods and non-financial services)? And how does it bridge the gap between London and the rest of the UK?

    Michael A. Lewis receives funding from AHRC, EPSRC and ESRC.

    Bernard Hay is Head of Policy at the Creative PEC, a partnership between Newcastle University and the Royal Society of Arts, which is funded by the UKRI via Arts and Humanities Research Council.

    Sarah Hall receives funding from an ESRC Fellowship grant.

    Doug Specht and Kamran Mahroof do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. The UK has published a ten-year industrial strategy to boost key sectors of the economy – here’s what the experts think – https://theconversation.com/the-uk-has-published-a-ten-year-industrial-strategy-to-boost-key-sectors-of-the-economy-heres-what-the-experts-think-259741

    MIL OSI Analysis –

  • MIL-OSI Analysis: Climate, conflict and energy security – our research shows how the EU’s industrial policy must change to face this polycrisis

    Source: The Conversation – UK – By Richard Bärnthaler, Lecturer (Assistant Professor) in Ecological Economics, University of Leeds

    Green energy sites like Flevoland in the Netherlands will be part of the EU’s industrial future. fokke baarssen/Shutterstock

    Industrial policy is back – it’s currently central to the agendas of both the EU and the UK. This resurgence comes amid a polycrisis marked by climate breakdown, social inequality, energy insecurity and geopolitical instability. And it reflects a wider shift. Governments across G20 countries are stepping in more actively to shape their economies, moving away from the idea that markets should be left to run themselves.

    This is an important development. But current frameworks for industrial policy risk deepening the crises they are meant to solve.

    In our research with Sebastian Mang of the New Economics Foundation, we have found that in the case of the EU, its industrial policy framework is riddled with contradictions.

    It seeks resilience, yet fails to strengthen essential public services that underpin stability. It aims for strategic autonomy, yet reinforces resource dependencies. And while it gestures towards sustainability, it remains tethered to private-sector strategies that delay the phase-out of harmful industries.

    Eroding foundations

    EU industrial policy aims to strengthen the resilience of the bloc’s single market by preventing supply chain disruptions. It rightly views Europe’s economy as an interconnected ecosystem, where shocks in one sector ripple across others. But it fails to prioritise the foundational sectors that sustain everyday life. These include essential services such as food, utilities, housing, healthcare and public transport.

    Two core issues drive this failure. First, deregulation in the single market has often extended to essential services, pushing providers to operate like private businesses. For example, liberalisation of the energy sector has contributed to volatile prices and energy poverty. And EU competition law and state aid rules have historically constrained social housing provision.

    Yet social resilience — the capacity of communities to withstand and recover from crises — and, by extension market resilience, rely on these essential services. But affordable housing, universal healthcare and affordable energy for households are often not prioritised.

    Second, EU industrial policy lacks a clear definition of which sectors are “critical” and why. This results in inconsistent lists of priority industries and technologies, while foundational sectors like energy and housing often remain overlooked.

    These blind spots have real consequences. Around 40% of Europe’s workforce is employed in foundational sectors. These sectors are where low-income households spend about two-thirds of their income. Yet they often remain precarious and undervalued, leaving Europe more exposed to economic shocks.

    To build real resilience, industrial policy must reassert public control over essential services and recognise them as priorities. This means redefining what counts as “critical”, supporting jobs in foundational sectors and accelerating public investment. This investment could be enabled through measures such as reforming the fiscal rules and with joint borrowing by member states.

    The scramble for resources

    Europe is pushing for strategic autonomy (the capacity of the bloc to act in strategically important areas, without being dependent on non-member countries). The aim is to reduce reliance on imports in key industries such as green technology.

    But to make this happen, the EU should put reducing demand for resources and energy at the centre of its industrial policy. Instead, however, its Critical Raw Materials Act foresees skyrocketing consumption of rare earths, lithium and other inputs.

    This strategy is self-defeating. It increases the likelihood of European aggression towards the rest of the world and ultimately threatens long-term security and peace for all. These tensions are already surfacing. Export restrictions on things such as nickel, cobalt and rare earth minerals are multiplying. In an era of geopolitical ruptures, these tendencies are likely to intensify.

    At the same time, resource conflicts are also escalating within Europe itself. Tensions are emerging in countries including Serbia, Portugal and Greece over lithium and copper, and the environmental and social costs of mining them. And indigenous communities such as the Sámi in northern Europe face threats to their land and rights.

    This is not to argue against increasing the extraction of raw materials within Europe. However, without an absolute reduction in energy and material use, these contradictions will deepen. To avoid these problems, the EU must centre industrial policy on reducing unnecessary demand. Some key moves could include investing in public transport instead of subsidising cars, prioritising retrofitting over new building, ending planned obsolescence and backing agro-ecology over industrial farming.

    Investing in public rather than private transport will help European nations reduce their demand on energy and materials.
    The Global Guy/Shutterstock

    Research shows that this kind of strategy could significantly lower Europe’s energy use. It could also drastically cut reliance on critical imports and contribute to achieving energy independence by 2050. This is all without compromising basic quality of life.

    If Europe wants peace and security, demand reduction is a rational approach that must be at the heart of the EU’s industrial strategy. This should be adopted alongside strengthening ties of cooperation and integration with the rest of Eurasia and the global south, rather than ramping up antagonism towards these neighbours.

    Green transition

    The EU’s vision of “competitive sustainability” rests on the belief that market incentives and the private sector can drive the green transition. Yet despite decades of efficiency improvements, high-income countries have not decoupled material use and emissions from economic growth at the speed and scale required.

    The EU remains reliant on derisking – using public subsidies, guarantees and looser regulations to make green investments attractive to private finance. But as this approach leaves both the pace and direction of change to private capital, it slows the phase-out of harmful industries.

    What’s missing is more effective economic planning to restore public control over decarbonisation. Achieving this means building on existing mechanisms capable of delivering change — such as public credit guidance. This sets rules to limit the flow of finance from commercial banks to damaging sectors while directing investment toward sustainable ones.

    China offers an example whereby the central bank has used public credit guidance to shift finance to cleaner sectors. The European Central Bank also experimented with credit guidance between 2022 and 2023, introducing climate scores for companies. And post-war France used planned credit to modernise infrastructure over two decades.

    Europe and the UK are rearming, climate shocks are intensifying and global power dynamics are shifting. This moment demands a new industrial strategy — one that prioritises foundational sectors and creates fiscal space to build resilience. Reducing demand must be a prerequisite for security, peace and strategic autonomy. And reviving economic planning tools, such as public credit guidance, can accelerate the green transition.

    Without these shifts, Europe and the UK face an increasingly unstable future. Industrial policy must change because the stakes are existential.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Climate, conflict and energy security – our research shows how the EU’s industrial policy must change to face this polycrisis – https://theconversation.com/climate-conflict-and-energy-security-our-research-shows-how-the-eus-industrial-policy-must-change-to-face-this-polycrisis-259477

    MIL OSI Analysis –

  • MIL-OSI Analysis: Climate, conflict and energy security – our research shows how the EU’s industrial policy must change to face this polycrisis

    Source: The Conversation – UK – By Richard Bärnthaler, Lecturer (Assistant Professor) in Ecological Economics, University of Leeds

    Green energy sites like Flevoland in the Netherlands will be part of the EU’s industrial future. fokke baarssen/Shutterstock

    Industrial policy is back – it’s currently central to the agendas of both the EU and the UK. This resurgence comes amid a polycrisis marked by climate breakdown, social inequality, energy insecurity and geopolitical instability. And it reflects a wider shift. Governments across G20 countries are stepping in more actively to shape their economies, moving away from the idea that markets should be left to run themselves.

    This is an important development. But current frameworks for industrial policy risk deepening the crises they are meant to solve.

    In our research with Sebastian Mang of the New Economics Foundation, we have found that in the case of the EU, its industrial policy framework is riddled with contradictions.

    It seeks resilience, yet fails to strengthen essential public services that underpin stability. It aims for strategic autonomy, yet reinforces resource dependencies. And while it gestures towards sustainability, it remains tethered to private-sector strategies that delay the phase-out of harmful industries.

    Eroding foundations

    EU industrial policy aims to strengthen the resilience of the bloc’s single market by preventing supply chain disruptions. It rightly views Europe’s economy as an interconnected ecosystem, where shocks in one sector ripple across others. But it fails to prioritise the foundational sectors that sustain everyday life. These include essential services such as food, utilities, housing, healthcare and public transport.

    Two core issues drive this failure. First, deregulation in the single market has often extended to essential services, pushing providers to operate like private businesses. For example, liberalisation of the energy sector has contributed to volatile prices and energy poverty. And EU competition law and state aid rules have historically constrained social housing provision.

    Yet social resilience — the capacity of communities to withstand and recover from crises — and, by extension market resilience, rely on these essential services. But affordable housing, universal healthcare and affordable energy for households are often not prioritised.

    Second, EU industrial policy lacks a clear definition of which sectors are “critical” and why. This results in inconsistent lists of priority industries and technologies, while foundational sectors like energy and housing often remain overlooked.

    These blind spots have real consequences. Around 40% of Europe’s workforce is employed in foundational sectors. These sectors are where low-income households spend about two-thirds of their income. Yet they often remain precarious and undervalued, leaving Europe more exposed to economic shocks.

    To build real resilience, industrial policy must reassert public control over essential services and recognise them as priorities. This means redefining what counts as “critical”, supporting jobs in foundational sectors and accelerating public investment. This investment could be enabled through measures such as reforming the fiscal rules and with joint borrowing by member states.

    The scramble for resources

    Europe is pushing for strategic autonomy (the capacity of the bloc to act in strategically important areas, without being dependent on non-member countries). The aim is to reduce reliance on imports in key industries such as green technology.

    But to make this happen, the EU should put reducing demand for resources and energy at the centre of its industrial policy. Instead, however, its Critical Raw Materials Act foresees skyrocketing consumption of rare earths, lithium and other inputs.

    This strategy is self-defeating. It increases the likelihood of European aggression towards the rest of the world and ultimately threatens long-term security and peace for all. These tensions are already surfacing. Export restrictions on things such as nickel, cobalt and rare earth minerals are multiplying. In an era of geopolitical ruptures, these tendencies are likely to intensify.

    At the same time, resource conflicts are also escalating within Europe itself. Tensions are emerging in countries including Serbia, Portugal and Greece over lithium and copper, and the environmental and social costs of mining them. And indigenous communities such as the Sámi in northern Europe face threats to their land and rights.

    This is not to argue against increasing the extraction of raw materials within Europe. However, without an absolute reduction in energy and material use, these contradictions will deepen. To avoid these problems, the EU must centre industrial policy on reducing unnecessary demand. Some key moves could include investing in public transport instead of subsidising cars, prioritising retrofitting over new building, ending planned obsolescence and backing agro-ecology over industrial farming.

    Investing in public rather than private transport will help European nations reduce their demand on energy and materials.
    The Global Guy/Shutterstock

    Research shows that this kind of strategy could significantly lower Europe’s energy use. It could also drastically cut reliance on critical imports and contribute to achieving energy independence by 2050. This is all without compromising basic quality of life.

    If Europe wants peace and security, demand reduction is a rational approach that must be at the heart of the EU’s industrial strategy. This should be adopted alongside strengthening ties of cooperation and integration with the rest of Eurasia and the global south, rather than ramping up antagonism towards these neighbours.

    Green transition

    The EU’s vision of “competitive sustainability” rests on the belief that market incentives and the private sector can drive the green transition. Yet despite decades of efficiency improvements, high-income countries have not decoupled material use and emissions from economic growth at the speed and scale required.

    The EU remains reliant on derisking – using public subsidies, guarantees and looser regulations to make green investments attractive to private finance. But as this approach leaves both the pace and direction of change to private capital, it slows the phase-out of harmful industries.

    What’s missing is more effective economic planning to restore public control over decarbonisation. Achieving this means building on existing mechanisms capable of delivering change — such as public credit guidance. This sets rules to limit the flow of finance from commercial banks to damaging sectors while directing investment toward sustainable ones.

    China offers an example whereby the central bank has used public credit guidance to shift finance to cleaner sectors. The European Central Bank also experimented with credit guidance between 2022 and 2023, introducing climate scores for companies. And post-war France used planned credit to modernise infrastructure over two decades.

    Europe and the UK are rearming, climate shocks are intensifying and global power dynamics are shifting. This moment demands a new industrial strategy — one that prioritises foundational sectors and creates fiscal space to build resilience. Reducing demand must be a prerequisite for security, peace and strategic autonomy. And reviving economic planning tools, such as public credit guidance, can accelerate the green transition.

    Without these shifts, Europe and the UK face an increasingly unstable future. Industrial policy must change because the stakes are existential.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Climate, conflict and energy security – our research shows how the EU’s industrial policy must change to face this polycrisis – https://theconversation.com/climate-conflict-and-energy-security-our-research-shows-how-the-eus-industrial-policy-must-change-to-face-this-polycrisis-259477

    MIL OSI Analysis –

  • MIL-OSI Banking: Windows Resiliency Initiative: Making environments touched by Microsoft products more secure

    Source: Microsoft

    Headline: Windows Resiliency Initiative: Making environments touched by Microsoft products more secure

    Resilience isn’t optional—it’s a strategic imperative.

    In today’s threat landscape, organizations can’t afford to treat resilience as a reactive measure. It must be built into the foundation of how systems are designed, secured and managed. That’s why Microsoft launched the Windows Resiliency Initiative (WRI)—a focused effort to embed resilience and security into the Windows platform itself.

    Announced at Ignite, WRI is an initiative designed to make all digital environments touched by Microsoft products more secure and resilient. WRI prioritizes preventing, managing and recovering from security and reliability incidents, mitigating issues swiftly and providing seamless recovery across the Windows platform.

    WRI outlines Microsoft’s commitment to helping organizations prevent, withstand and recover from disruptions. This includes three core areas: ecosystem collaboration, actionable guidance and product innovation.

    Ecosystem collaboration and learning with partners to evolve the Windows ecosystem

    In September 2024, we hosted the Windows Endpoint Security Ecosystem Summit (WESES), bringing together a diverse group of endpoint security vendors and global government officials to discuss strategies for improving resiliency and protecting our mutual customers.

    We recognized our shared responsibility to enhance resilience by openly sharing information about how our products function, handle updates and manage disruptions. Since the summit, we’ve continued this close collaboration with Microsoft Virus Initiative (MVI) partners to gather feedback and iterate on Windows platform capabilities to achieve the goal of enhanced reliability without sacrificing security.

    As a part of this evolution, our MVI 3.0 program requires partners to commit to taking specific actions to improve the security and reliability of Windows. Requirements include testing incident response processes and following safe deployment practices (SDP) for updates to Windows endpoints. Security product updates must be gradual, leverage deployment rings and leverage monitoring to minimize negative impacts. These practices complement our platform investments, enabling us to deliver greater stability, faster recovery and reduced operational risk for enterprise customers who rely on a secure and reliable Windows environment.

    Next month, we will deliver a private preview of the Windows endpoint security platform to a set of MVI partners. The new Windows capabilities will allow them to start building their solutions to run outside the Windows kernel. This means security products like anti-virus and endpoint protection solutions can run in user mode just as apps do. This change will help security developers provide a high level of reliability and easier recovery resulting in less impact on Windows devices in the event of unexpected issues. We will continue to collaborate deeply with our MVI partners throughout the private preview.

    Here are some insights from MVI partners that provide further perspective:

    Bitdefender: “Bitdefender is pleased to collaborate with Microsoft to redefine how security is delivered to Windows users. Through the Windows Resiliency Initiative and development of the Windows endpoint security platform, our teams have worked together to modernize the security architecture—creating a resilient, forward-looking foundation that enhances protection against evolving threats while maintaining a seamless user experience. This initiative reflects our shared commitment to advancing industry standards and delivering secure, high-performing Windows environments for customers everywhere.” — Florin Virlan, SVP, Product and Engineering at Bitdefender Customer Solutions Group.

    CrowdStrike: “We spoke at WESES last year to emphasize the importance of our industry coming together and, since then, have seen significant customer interest in the progress toward greater platform resiliency. Through this collaboration, we’ve driven substantial improvements to the planned capabilities for the Windows endpoint security platform, paving the way for a more integrated high-performing security solution. With the introduction of MVI 3.0, we’ve successfully met all the new standards and recognize how these rigorous requirements strengthen the overall ecosystem. We remain fully committed to developing a Windows endpoint security platform-ready product and look forward to leveraging these new capabilities as Microsoft releases them.” — Alex Ionescu, Chief Technology Innovation Officer, CrowdStrike. 

    ESET: “The collaboration between ESET and Microsoft technology teams on the proposed Windows endpoint security platform changes continue to be productive with open and ongoing dialogue. Delivering a stable and resilient operating system environment is extremely important for our joint customers, and the ESET team continue to provide detailed feedback to help ensure there is no degradation in the security or performance currently enjoyed by our customers. The increased requirements to maintain MVI membership complement the Windows endpoint security platform, requiring the documentation and adoption of resilient processes to help ensure any incident is either avoided or managed both efficiently and expediently. ESET are committed to the important evolution of both the MVI partnership and the engineering collaboration with Microsoft, something we have valued for several decades.”—Juraj Malcho, Chief Technology Officer, ESET

    SentinelOne: “SentinelOne is pleased to be collaborating with Microsoft to drive a more resilient approach to delivering endpoint protection products on Windows. As a security-first company, we understand that every vendor must live up to stringent engineering, testing and deployment standards and follow software development and deployment best practices. SentinelOne has followed these processes for years and we appreciate the opportunity to provide input to Microsoft and shape changes that can drive better outcomes for our shared customers.” — Stefan Krantz, SVP and Head of Engineering, SentinelOne

    Sophos: “Sophos has been a close collaborator with Microsoft on the Windows endpoint security platform since the Windows Endpoint Security Ecosystem Summit last September, and we’re enthusiastic about the advancements introduced with MVI 3.0. This evolution underscores Microsoft’s thoughtful approach to equity among its security partners and its ongoing commitment to a resilient and secure ecosystem, which aligns perfectly with Sophos’ dedication to responsible multi-stage software release practices. By establishing MVI 3.0 as a standard for the Windows security ecosystem, we believe the entire industry, vendors and customers alike, will benefit from stronger, more stable protection. We look forward to deepening our partnership with Microsoft and continuing to deliver advanced endpoint security capabilities to protect our shared customers.” — John Peterson, Chief Development Officer, Sophos

    Trellix: “We have a long and trusted partnership with Microsoft, and will keep working closely with the Windows endpoint security platform program as it is nurtured and scaled. Over the last year, we have worked with Microsoft to ensure that our processes and products continue to meet stringent requirements and have engaged with feedback and recommendations to improve operational resilience. Safe deployment practices and transparency advance our entire industry and strengthen cybersecurity outcomes for all.” — Jim Treinen, SVP, Engineering, Trellix

    Trend Micro: “Our collaboration with Microsoft on the Windows endpoint security platform reflects a shared commitment to more resilient enterprise security. We’ve contributed across technical validation and MVI 3.0 alignment, ensuring the platform is ready for real-world deployment. Just as important, we see the Windows endpoint security platform supporting a more integrated and resilient security model, where platform and protection work together to meet the evolving needs of modern enterprise.” — Rachel Jin, Chief Enterprise Platform Officer, Trend Micro

    WithSecure: “WithSecure is proud to be part of Microsoft’s Windows Resiliency Initiative, a collaborative effort to strengthen the Windows ecosystem. Our team has worked diligently to help meet the MVI 3.0 requirements, including improving our safe deployment practices resulting in reduced risk for our customers and partners. Through deep technical collaboration with Microsoft, we’re making Windows more secure, resilient and easier for security vendors to integrate with. As new Windows endpoint security platform capabilities emerge, WithSecure is excited to leverage them to help our customers stay ahead of evolving threats. We look forward to the many security-enhancing opportunities this collaboration will bring.” — Johannes Rave, Lead Architect of XDR at WithSecure

    Actionable guidance to build organizational resilience: Introducing the Windows Resiliency Initiative e-book

    Today, we are happy to introduce the Windows Resiliency Initiative e-book, one result of our commitment to provide guidance for others building organizational resiliency. The e-book is a resource that helps organizations understand how Windows provides foundational practices, strategies and tools to build resilience and embrace a resilience-focused strategy across their IT platform.

    Product innovation to support resiliency on the Windows platform

    As an outcome of WRI, organizations can look forward to several new Windows product innovations to support them in their journeys to build infrastructures that can rapidly adapt as needed while maintaining a foundation of resilience. Consider adding these capabilities to your digital repertoire.

    Now it’s easier than ever to navigate unexpected restarts and recover faster

    A key trait of a resilient organization is the ability to maintain productivity and minimize disruptions. But when unexpected restarts occur, they can cause delays and impact business continuity. This is why we are streamlining the unexpected restart experience. We are also adding quick machine recovery, a recovery mechanism for PCs that cannot restart successfully. This change is part of a larger continued effort to reduce disruption in the event of an unexpected restart.

    The Windows 11 24H2 release included improvements to crash dump collection which reduced downtime during an unexpected restart to about two seconds for most users. We’re introducing a simplified user interface (UI) that pairs with the shortened experience. The updated UI improves readability and aligns better with Windows 11 design principles, while preserving the technical information on the screen for when it is needed.

    The new Windows 11 unexpected restart screen

    The simplified UI for unexpected restarts will be available starting later this summer on all Windows 11, version 24H2 devices.

    In the case of consecutive unexpected restarts, devices can get stuck in the Windows Recovery Environment (Windows RE), impacting productivity and often requiring IT teams to spend significant time troubleshooting and restoring affected devices. This is where quick machine recovery (QMR) can help. When a widespread outage affects devices from starting properly, Microsoft can broadly deploy targeted remediations to affected devices via Windows RE—automating fixes with QMR and quickly getting users to a productive state without requiring complex manual intervention from IT.

    We are excited to announce QMR will be generally available later this summer together with the renewed unexpected restart functionality. QMR supports all editions of Windows 11, version 24H2 devices. It is enabled by default for Windows 11 Home devices; IT admins will be in full control and can enable it on devices running Windows 11 Pro and Enterprise. Later this year, Microsoft will release additional capabilities for IT teams to customize QMR.

    Microsoft Connected Cache saves internet bandwidth

    With today’s interconnected work ecosystems, reliable internet bandwidth has become essential for organizations seeking resiliency through a cloud-native approach to device management. Case in point: When all devices in a system simultaneously attempt to download updates, an organization’s network bandwidth, especially in branch offices, can be negatively impacted.

    Microsoft Connected Cache can help organizations improve their bandwidth when performing upgrades to Windows 11, Windows Autopilot device provisioning, Microsoft Intune application installations and Windows Autopatch monthly updates. Connected Cache will be generally available in the coming weeks.

    Internet bandwidth is saved when Connected Cache nodes transparently and dynamically cache the Microsoft-published content that downstream Windows devices need to download. Using this solution, content requests from Delivery Optimization can be served by the locally deployed Connected Cache node instead of the cloud. This results in fast, bandwidth-efficient delivery across connected devices.

    Introducing Universal Print anywhere: Print securely, flexibly and confidentially

    Organizational resilience is a holistic concept that extends to printer systems, including third-party drivers that, while often essential to operations, can be an exposure point. Universal Print anywhere, also known as “pull print,” enables users to securely release their printing request from anywhere in the organization to any authorized printer.

    Building on the existing secure release with QR code functionality (enabled with the Microsoft 365 mobile app), users can print using the Windows Protected Print infrastructure, without having to choose a printer in advance. This sequence helps ensure that confidential documents aren’t left on the printer for unauthorized viewing and minimizes toner and paper waste from uncollected print jobs.

    This Universal Print update provides additional IT control with a feature that allows administrators to configure print options for a printer share. This means end users will only be able to view options selected by the administrator.

    Get updates without interruption, thanks to hotpatching

    A hotpatch update installs important Windows security updates once a month without needing to restart—quickly securing without disrupting workflow. It’s simple to use and included with Windows Autopatch.

    If your devices meet the prerequisites, you can opt devices in (or out) for automated deployment through Windows Autopatch. To learn more, visit the hotpatch blog. Devices that don’t qualify will still receive regular security updates to help ensure protection.

    Windows 365 Reserve: Maintain business continuity with instant Cloud PC access

    Device disruptions, due to loss, theft, delays or malfunctions, can be inconvenient and disruptive to productivity. That’s why Microsoft just announced Windows 365 Reserve, a new offer to help organizations mitigate the risk of downtime. Windows 365 Reserve provides easy, secure access to a temporary, pre-configured Cloud PC, which can be accessed across devices when a user’s primary device is not available.

    With Windows 365 Reserve, organizations can build a more resilient and secure IT infrastructure, especially in the case of a security incident, lost or stolen devices, or an inability to access your physical device, for whatever reason. Windows 365 Reserve will soon be available for preview. Complete this form or contact your Microsoft account team to express interest in participating in the preview of Windows 365 Reserve.

    Prepare for a digital future with resiliency as the foundation

    Building organizational resilience is a necessary strategic imperative as we move into a new age of digital capabilities—and risk. Organizations equipped with strategies, best practices and tools that will support their ability to maintain operations as they anticipate, prepare for, respond to and recover from disruptions are more likely to thrive and remain competitive within today’s complex and interconnected digital ecosystems.

    Microsoft is here to support you as you build resilience in your security strategy with our WRI commitment to helping organizations prepare for uncertainty, minimize risk and emerge stronger from any challenge.

    Consider these helpful links:

    Disclaimer:
    This blog post is for informational purposes only and outlines Microsoft’s current product direction and plans. Product availability, licensing terms and capabilities may vary by region and are subject to change. All third-party trademarks are the property of their respective owners.

    Editor’s note – June 27, 2025 – A quote from Sophos was added.

    MIL OSI Global Banks –

  • MIL-OSI Banking: African Development Bank and Mozambique collaborate to maximize country portfolio performance and economic transformation

    Source: African Development Bank Group

    The African Development Bank and the Government of Mozambique have completed a joint 2025 Country Portfolio Performance Review (CPPR) – setting the stage for maximum impact of the Bank’s $1.3 billion active portfolio in the country.

    It reinforces the Bank and Mozambique’s commitment to delivering measurable development outcomes that advance Mozambique’s economic transformation and improve citizen welfare across the country.

    Mozambique’s Minister of Finance, Carla Alexandra Loveira, emphasized the importance of such collaborative reviews.

    She explained: “The CPPR provides an invaluable opportunity for us to collectively scrutinize our progress, learn from past experiences, and refine our strategies. Our shared goal is to overcome implementation challenges to ensure timely and effective project execution…This meeting should serve as a turning point, an opportunity to unlock the full potential of development finance entrusted to us for Mozambique’s economic and social advancement”.

    The two-day workshop, held from 18-19 June, brought together key stakeholders from government ministries and from Project Implementation Units to assess progress and unlock greater effectiveness across Bank-funded operations.

    Participants addressed critical performance drivers, including operational quality, capacity enhancement for project execution, streamlined Bank supervision protocols, and optimized donor coordination mechanisms.

    “This joint review underscores our unwavering commitment to ensuring that Bank-funded projects in Mozambique deliver maximum impact and contribute effectively to the country’s development agenda,” said African Development Bank’s Country Manager for Mozambique, Macmillan Anyanwu. “These discussions and collaborative spirit demonstrated during this Country Portfolio Performance Review are crucial for addressing implementation bottlenecks and accelerating the delivery of results on the ground.”

    The outcome of the 2025 Country Portfolio Performance Review will culminate in an updated Country Portfolio Improvement Plan, featuring concrete actions and recommendations to address identified shortcomings. This strategic plan will be presented to senior government officials, including the Minister of Finance and sector ministers, for endorsement in June 2025.

    The Bank’s active portfolio in Mozambique comprises 42 operations across 32 projects, totalling $1.3 billion as of April 2025. The portfolio is concentrated in the energy sector (51%), followed by transport (28%), agriculture (16%), water and sanitation (2%), economic governance (2%), and social (1%).

    MIL OSI Global Banks –

  • MIL-OSI Banking: African Development Bank and Visa formalize strategic collaboration to expand digital access and ID solutions

    Source: African Development Bank Group
    The African Development Bank and Visa have formalized their cooperation to transform the African digital ecosystem. The partnership aims to enhance the affordability of mobile devices, computers and POS machines, expand access to secure digital identity solutions, and strengthen cybersecurity within the continent.

    MIL OSI Global Banks –

  • MIL-OSI Banking: World Micro, Small and Medium Enterprises Day: How African Development Bank’s AFAWA initiative helped woman-led, custom kitchen startup grow

    Source: African Development Bank Group

    Among the clanging sounds of machinery and the smell of sawdust, Dipuo Phakathi is building something extraordinary in a male-dominated home furnishings field. A mining engineer by training and working as an process engineer at Standard Bank, Phakathi’s kitchen and cabinet-making startup in Johannesburg, South Africa, was born out of a home renovation when she was at odds with the designers she hired to improve her own home.

    “I wanted to go big but none of them were really getting it,” she recalls. “They were not asking the right questions.”

    Frustrated by the renovation team’s lack of customization and vision, Phakathi hired her own carpenter – Nelson Macheque, a soft-spoken man with whom she said she felt an instant connection. Macheque had years of woodworking experience in woodworking but lacked business structure to grow: she had vision and determination but no production expertise. Together, they made an unusual team, spending weekends working on small renovations and custom closets for her home, then other clients. Phakathi said the startup was just a weekend side hustle while she continued working weekdays at Standard Bank.

    In 2018, Standard Bank ran a contest for employees with a side hustle. The prize was four months’ paid leave and a cash reward to focus on the contest winner’s business. Competing against thousands of colleagues, Phakathi won.

    “I thought, you know, this is the only time that I’m going to make my business grow. So I said, I’m going to take my business seriously,” she remembers.

    Despite the win, growth was slower than she anticipated. Phakathi and Macheque continued targeting small housing projects, using one of their custom-built units as a showroom for potential clients. “We were showing people what we could do, but it was still small-scale,” she said.

    Then during a family holiday, Phakathi spotted a beautiful kitchen in her AirBnB rental. Complimenting the owner, she learned he was in the kitchen manufacturing business and asked if he might mentor her. He agreed, but when they met back in Johannesburg, he stunned her with an offer to buy his factory. However, the asking price was $150,000, a figure Phakati could not afford. Thanks to a women entrepreneur support program she was participating in, she had legal expert crafted a payment plan based quarterly installments based on sales targets that the factory owner agreed to. The factory seller’s son even stayed on for a year to train her.

    Today, Phakathi’s Denic Cabinets business is thriving and impacting lives. Her expansion into corporate projects and her first international installation in Zambia in 2022 marked a significant milestone.

    “One of my employees, an old man who had never flown before, cried on the plane. That’s when I realized, this isn’t just a business – it’s a purpose,” Phakathi said, clearly moved.

    Each project they complete is a testament to how empowerment initiatives, from mentorship to financial readiness programs, enable women like Phakathi to overcome barriers. In 2024, thanks to Graca Machel Trust’s Women Creating Wealth, an AFAWA-backed women entrepreneurship program, Phakathi accessed $158,000 in funding that will help her further expand her business: “I’m getting machinery that will cut out my manual assembling time from days to basically minutes. With an increased productivity, I expect to double my turnover”, Phakathi said, her eyes lighting up.

    Phakathi’s journey exemplifies how making the most of Africa’s capital to foster its development, must center on reducing the financing gap the continent’s women entrepreneurs face. African Development Bank’s AFAWA program is facilitating the financial capital and business tools Africa’s women-led businesses need to succeed – Phakathi’s team is expanding. When women have the capital to build strong businesses, these businesses foster communities, create opportunities, and redefine the possibilities for those who follow.

    MIL OSI Global Banks –

  • MIL-OSI Europe: Piero Cipollone: The quest for cheaper and faster cross-border payments: regional and global solutions

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the BIS Annual General Meeting

    Basel, 27 June 2025

    Cross-border retail payments are the subject of increasing attention. This is for two main reasons.

    First, they play a growing role in the world economy, as international transaction volumes have been increasing at a faster pace than GDP growth. However, despite some improvements in recent years, many payment corridors remain poorly served, which results in slow transaction times and high costs and ultimately hinders economic growth and social cohesion. Moreover, this inefficiency undermines the benefits of globalisation, as the economic gains from lower trade barriers are diverted into rents within cross-border payment markets, rather than benefiting the businesses and households that make use of them.

    Second, new risks are emerging. Geopolitical tensions, for instance, could lead to further fragmentation of global payment systems. Moreover, the expansion of stablecoins could introduce several additional challenges, including currency substitution risks and over-reliance on a limited number of dominant private issuers.

    This is not a situation we can accept passively. We need continuous efforts to enhance cross-border payments, in line with the G20 Roadmap.[1] And central banks, given their role in ensuring the smooth functioning of payment systems, have a major role to play. Significant work has already been undertaken at international level, notably by the Bank for International Settlements (BIS) and the Financial Stability Board (FSB).

    Today, I would like to share our experience with cross-border payments from a regional perspective, emphasising how regional payment infrastructures can be part of the solution. I will then discuss our vision for advancing cross-border payments at the global level.

    The case for enhancing cross-border retail payments

    Let me begin by underscoring the costs and risks of inaction.

    Over the past few decades, the world has witnessed a surge in cross-border payments, driven by the globalisation of trade, capital and migration flows. According to some estimates, the value of cross-border retail payments could grow from close to USD 200 trillion last year to USD 320 trillion by 2032.[2]

    Yet, the average cost of international retail payments remains high. For nearly one-quarter of global payment corridors, costs exceed 3%. And in too many cases, they are slow – one-third of retail cross-border payments took more than one business day to be settled in 2024.[3]

    Worryingly, there are signs that progress is stalling. The FSB’s 2024 progress report revealed no improvements in costs and noted a deterioration in both costs and speed compared with 2023.[4]

    Geopolitical tensions further compound these challenges, as they risk fragmenting global payment systems and undermining the rules-based international order. This could challenge established correspondent banking networks and lead to greater complexity, higher costs and, in a worst-case scenario, the splintering of the global payment system into multiple, non-communicating blocs.

    This raises three pressing issues.

    First, high costs and slow transaction times are hampering economic integration and growth, with small and medium-sized enterprises (SMEs) bearing the brunt. For SMEs operating on tight margins, exorbitant fees discourage them from participating in cross-border trade.

    Second, the world’s most vulnerable groups – such as migrant workers sending remittances home – shoulder a disproportionate share of these costs. In many regions, sending money internationally remains prohibitively expensive. For example, the average costs of remittances to sub-Saharan Africa and South Asia stand at 7.7% and 6.2% respectively.[5] As it stands, the global Sustainable Development Goal target of lowering remittance costs to 3% remains a distant goal. The impact that reducing these fees would have on financial inclusion and well-being cannot be overstated.

    Third, inefficiencies in cross-border payments have created a gap that alternative players, particularly in the crypto-asset space, are eager to fill. However, many of these solutions come with significant risks. Unbacked crypto-assets, for instance, are highly volatile and speculative in nature, creating risks for unsuspecting households and businesses and lending themselves to illicit activities.[6]

    Furthermore, stablecoins come with their own set of challenges, which the BIS described in detail in a special chapter of its Annual Economic Report published this week.[7] Stablecoins carry credit risk, making them susceptible to runs, and pose fragmentation risks due to the multitude of stablecoins being issued. Some of these could end up trading at a discount, undermining the singleness of money.[8] Moreover, because a small number of issuers currently dominate the market, this could also give rise to concentration risks. Lastly, a key concern is the prevalence of US dollar stablecoins, which currently account for 99% of the global stablecoin market.[9] These stablecoins provide an easy way to store value in dollars, considerably increasing the risk of currency substitution in the form of “digital dollarisation”.[10] This phenomenon could have destabilising effects, particularly on emerging markets and less developed economies by impairing the effectiveness of domestic monetary policy. It may also increase the risk of capital flight in response to adverse economic shocks.

    Enhancing cross-border retail payments at the regional and global level

    To address inefficiencies in cross-border payments, we must offer an alternative that connects various parts of the global payments system and delivers tangible benefits in terms of speed and cost. At the same time, this solution must respect the integrity, sovereignty and stability of all countries involved.

    At the ECB, we are pursuing this on two levels – regional and global.

    Regional cross-border payments: the European experience

    At the regional level, Europe serves as a compelling example of what an interconnected payments landscape might look like.

    Of course, this has been facilitated by the creation of a single European market and the establishment of a monetary union. One of the key reasons for creating the euro was to support trade and investment by facilitating cross-border transactions. And the launch of our single currency offered a first solution to pay throughout the euro area – in the form of euro cash.

    The logical next step was to develop European instruments for electronic euro payments. The Single Euro Payments Area (SEPA) emerged from close cooperation between the public and private sector to harmonise electronic euro transactions. As a result, individuals and businesses can make payments across the euro area at very low costs using credit transfers or direct debit.

    The success of SEPA led to its expansion beyond the euro area and even beyond the European Union. Today, customers in 41 European countries can make euro payments quickly, safely and efficiently via credit transfer and direct debit, just as they would for domestic transactions.

    We have also developed the TARGET Instant Payment Settlement (TIPS) service, which enables the settlement of instant payments across the euro area. Instant payments are further supported by a payment scheme – the SEPA Instant Credit Transfer scheme – that provides harmonised rules, standards and protocols. Moreover, EU legislation has made it mandatory for banks to allow their customers to send and receive instant payment at low cost.

    A key feature of TIPS is that it’s a multi-currency platform. Taking advantage of this, Sweden and Denmark are using TIPS to facilitate fast payments in their respective currencies.[11] Norway will do the same as of 2028.[12] Furthermore, we are implementing a cross-currency settlement service that will allow instant payments initiated in one TIPS currency to be settled in another. Initially, this service will support cross-currency payments between the euro area, Sweden and Denmark.[13]

    Within Europe, we are also supporting the Western Balkans in developing a regional fast payment system.[14] As a service provider for TIPS, the Banca d’Italia is collaborating with the central banks of Albania, Bosnia and Herzegovina, Kosovo and Montenegro to develop an instant, multi-currency payment system based on TIPS software. North Macedonia may join the initiative at a later stage.[15] The new platform will facilitate instant payments both within each participating country and across borders.

    Going global: interlinking fast payment systems

    This shows the potential for strengthening regional integration in payments. However, let me be clear: regional integration must not come at the expense of global connectivity. It should not be used as a means to sever ties with global payment networks.

    Our approach is that regional and global integration can go hand in hand through the interlinking of fast payment systems across regions and countries. Today, over 100 jurisdictions worldwide have implemented their own fast payment systems.[16] Interlinking these systems has the potential to address inefficiencies and build lasting connections that are rooted in trade openness and balanced relationships between partners.

    This approach offers several advantages. It would reduce costs, increase the speed and transparency of cross-border payments and shorten transaction chains. It would also enable payment service providers to conduct transactions without having to use multiple payment systems or a long chain of correspondent banks. Moreover, it would ensure that the platform for connecting and converting currencies is managed as a public good, thus avoiding closed loops and discriminatory pricing. Accordingly, the G20 Roadmap for Enhancing Cross-border Payments has identified interlinking as a key strategy for enhancing cross-border payments.[17] In this respect, the excellent work the Committee on Payments and Market Infrastructures (CPMI) is carrying out on payee verification could make a significant difference.

    Last October, the ECB’s Governing Council decided to take concrete steps towards interlinking TIPS with other fast payment systems to improve cross-border payments globally.[18]

    We will implement a cross-currency settlement service for the exchange of cross-border payments between TIPS and other fast payment systems worldwide.[19] This will allow us to explore interlinking TIPS with fast payment systems that have a compatible scheme, are interested in being involved and fully comply with the standards set by the Financial Action Task Force for combating money laundering and terrorist financing.

    In addition, we are exploring the possibility of creating bilateral and multilateral links with other fast payment systems.

    One possibility under consideration is connecting TIPS to a multilateral network of instant payment systems through Project Nexus, led by the BIS.[20] By joining Nexus, TIPS could serve as a hub for processing instant cross-border payments to and from the euro area and other countries that use TIPS.[21]

    We are also currently assessing the feasibility of creating a bilateral link between TIPS and India’s Unified Payments Interface[22], which handles the highest volume of instant payment transactions in the world[23].

    Interlinking fast payment systems has the potential to solve the shortcomings related to the messaging leg of cross-border transactions, by facilitating the message that the payer’s bank in country A sends to the payee’s bank in country B about the incoming transfer of funds. This would already go a long way towards improving the efficiency of cross-border payments.

    However, what interlinking does not fully resolve is the settlement leg, through which money moves from the payer’s to the payee’s account. This still requires a bank that has access to both payment systems that are interlinked, or a credit relationship between a bank in country A and a bank in country B. This is particularly challenging, given the increasing retrenchment of the correspondent banking model.

    In this context, we need to collectively exercise our creativity. I do not envisage a solution that could cover all possible corridors and use cases: there may be scope for tokenised forms of money, as well as a revival of the correspondent banking model, especially if we can reduce the associated risks.

    In the realm of sovereign money, jurisdictions could agree to use their respective central bank digital currencies as settlement assets. In this respect, the current draft legislation on the digital euro provides for an approach that respects the sovereignty of non-euro area countries and mitigates potential risks for them. It does so by opening the possibility for residents of a partner country to use the digital euro, subject to an agreement with that country, complemented by an arrangement between the ECB and the respective central bank.[24]

    Appropriate safeguards – such as individual holding limits for users – would ensure that the digital euro is used primarily as a means of payment and does not fuel currency substitution. Furthermore, the digital euro’s design would include multi-currency functionality, similar to that of TIPS. In practice, this means that non-euro area countries could use the digital euro infrastructure to offer their own digital currencies, thereby facilitating transactions across these currencies.

    Conclusion

    Let me conclude.

    We find ourselves at a pivotal moment for cross-border payments. If we want to make decisive progress and increase their efficiency, we need to work together to develop new solutions. We must, however, be aware of the risks that some of the alternatives on offer may pose.

    I would like to thank the BIS – and in particular the CPMI – for the active role they play in this area, not least by bringing us all together today, with representatives from A (Angola) to Z (Zambia). Each of us brings different needs and circumstances to the table. This raises two fundamental questions. What do we have in common? And what principles can guide our collective efforts?

    First, we must harness responsible innovation to solve persistent challenges while mitigating the risks I have noted today. Central banks – by ensuring the safety and integrity of payment systems – play an important role in this regard. And by interlinking fast payment systems and exploring the use of central bank digital currencies, we can address settlement inefficiencies while safeguarding monetary sovereignty and financial stability.

    Second, regional solutions can serve as a foundation for global progress. I have argued that regional payment integration can be an important part of the solution – provided it remains open to, and actively facilitates, interlinking at a global level. We firmly believe that this open, multi-currency interlinking approach can lay the groundwork for cheaper, faster and more transparent cross-border payments – without compromising the integrity, stability or sovereignty of the countries involved. By designing payment systems that are open, interoperable and multi-currency ready, we can ensure that regional initiatives contribute to global integration rather than fragmentation.

    Finally, collaboration is central to our collective success. Forums such as the CPMI community of practice, as well as today’s workshop, provide valuable opportunities for sharing knowledge and experiences. We will continue to find ways to work together to build resilient, inclusive and interconnected payment infrastructures that meet the needs of our people and economies. And we at the ECB remain committed to sharing our expertise and collaborating wherever we can add value.

    Thank you for your attention.

    MIL OSI Europe News –

  • MIL-OSI Europe: Piero Cipollone: The quest for cheaper and faster cross-border payments: regional and global solutions

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the BIS Annual General Meeting

    Basel, 27 June 2025

    Cross-border retail payments are the subject of increasing attention. This is for two main reasons.

    First, they play a growing role in the world economy, as international transaction volumes have been increasing at a faster pace than GDP growth. However, despite some improvements in recent years, many payment corridors remain poorly served, which results in slow transaction times and high costs and ultimately hinders economic growth and social cohesion. Moreover, this inefficiency undermines the benefits of globalisation, as the economic gains from lower trade barriers are diverted into rents within cross-border payment markets, rather than benefiting the businesses and households that make use of them.

    Second, new risks are emerging. Geopolitical tensions, for instance, could lead to further fragmentation of global payment systems. Moreover, the expansion of stablecoins could introduce several additional challenges, including currency substitution risks and over-reliance on a limited number of dominant private issuers.

    This is not a situation we can accept passively. We need continuous efforts to enhance cross-border payments, in line with the G20 Roadmap.[1] And central banks, given their role in ensuring the smooth functioning of payment systems, have a major role to play. Significant work has already been undertaken at international level, notably by the Bank for International Settlements (BIS) and the Financial Stability Board (FSB).

    Today, I would like to share our experience with cross-border payments from a regional perspective, emphasising how regional payment infrastructures can be part of the solution. I will then discuss our vision for advancing cross-border payments at the global level.

    The case for enhancing cross-border retail payments

    Let me begin by underscoring the costs and risks of inaction.

    Over the past few decades, the world has witnessed a surge in cross-border payments, driven by the globalisation of trade, capital and migration flows. According to some estimates, the value of cross-border retail payments could grow from close to USD 200 trillion last year to USD 320 trillion by 2032.[2]

    Yet, the average cost of international retail payments remains high. For nearly one-quarter of global payment corridors, costs exceed 3%. And in too many cases, they are slow – one-third of retail cross-border payments took more than one business day to be settled in 2024.[3]

    Worryingly, there are signs that progress is stalling. The FSB’s 2024 progress report revealed no improvements in costs and noted a deterioration in both costs and speed compared with 2023.[4]

    Geopolitical tensions further compound these challenges, as they risk fragmenting global payment systems and undermining the rules-based international order. This could challenge established correspondent banking networks and lead to greater complexity, higher costs and, in a worst-case scenario, the splintering of the global payment system into multiple, non-communicating blocs.

    This raises three pressing issues.

    First, high costs and slow transaction times are hampering economic integration and growth, with small and medium-sized enterprises (SMEs) bearing the brunt. For SMEs operating on tight margins, exorbitant fees discourage them from participating in cross-border trade.

    Second, the world’s most vulnerable groups – such as migrant workers sending remittances home – shoulder a disproportionate share of these costs. In many regions, sending money internationally remains prohibitively expensive. For example, the average costs of remittances to sub-Saharan Africa and South Asia stand at 7.7% and 6.2% respectively.[5] As it stands, the global Sustainable Development Goal target of lowering remittance costs to 3% remains a distant goal. The impact that reducing these fees would have on financial inclusion and well-being cannot be overstated.

    Third, inefficiencies in cross-border payments have created a gap that alternative players, particularly in the crypto-asset space, are eager to fill. However, many of these solutions come with significant risks. Unbacked crypto-assets, for instance, are highly volatile and speculative in nature, creating risks for unsuspecting households and businesses and lending themselves to illicit activities.[6]

    Furthermore, stablecoins come with their own set of challenges, which the BIS described in detail in a special chapter of its Annual Economic Report published this week.[7] Stablecoins carry credit risk, making them susceptible to runs, and pose fragmentation risks due to the multitude of stablecoins being issued. Some of these could end up trading at a discount, undermining the singleness of money.[8] Moreover, because a small number of issuers currently dominate the market, this could also give rise to concentration risks. Lastly, a key concern is the prevalence of US dollar stablecoins, which currently account for 99% of the global stablecoin market.[9] These stablecoins provide an easy way to store value in dollars, considerably increasing the risk of currency substitution in the form of “digital dollarisation”.[10] This phenomenon could have destabilising effects, particularly on emerging markets and less developed economies by impairing the effectiveness of domestic monetary policy. It may also increase the risk of capital flight in response to adverse economic shocks.

    Enhancing cross-border retail payments at the regional and global level

    To address inefficiencies in cross-border payments, we must offer an alternative that connects various parts of the global payments system and delivers tangible benefits in terms of speed and cost. At the same time, this solution must respect the integrity, sovereignty and stability of all countries involved.

    At the ECB, we are pursuing this on two levels – regional and global.

    Regional cross-border payments: the European experience

    At the regional level, Europe serves as a compelling example of what an interconnected payments landscape might look like.

    Of course, this has been facilitated by the creation of a single European market and the establishment of a monetary union. One of the key reasons for creating the euro was to support trade and investment by facilitating cross-border transactions. And the launch of our single currency offered a first solution to pay throughout the euro area – in the form of euro cash.

    The logical next step was to develop European instruments for electronic euro payments. The Single Euro Payments Area (SEPA) emerged from close cooperation between the public and private sector to harmonise electronic euro transactions. As a result, individuals and businesses can make payments across the euro area at very low costs using credit transfers or direct debit.

    The success of SEPA led to its expansion beyond the euro area and even beyond the European Union. Today, customers in 41 European countries can make euro payments quickly, safely and efficiently via credit transfer and direct debit, just as they would for domestic transactions.

    We have also developed the TARGET Instant Payment Settlement (TIPS) service, which enables the settlement of instant payments across the euro area. Instant payments are further supported by a payment scheme – the SEPA Instant Credit Transfer scheme – that provides harmonised rules, standards and protocols. Moreover, EU legislation has made it mandatory for banks to allow their customers to send and receive instant payment at low cost.

    A key feature of TIPS is that it’s a multi-currency platform. Taking advantage of this, Sweden and Denmark are using TIPS to facilitate fast payments in their respective currencies.[11] Norway will do the same as of 2028.[12] Furthermore, we are implementing a cross-currency settlement service that will allow instant payments initiated in one TIPS currency to be settled in another. Initially, this service will support cross-currency payments between the euro area, Sweden and Denmark.[13]

    Within Europe, we are also supporting the Western Balkans in developing a regional fast payment system.[14] As a service provider for TIPS, the Banca d’Italia is collaborating with the central banks of Albania, Bosnia and Herzegovina, Kosovo and Montenegro to develop an instant, multi-currency payment system based on TIPS software. North Macedonia may join the initiative at a later stage.[15] The new platform will facilitate instant payments both within each participating country and across borders.

    Going global: interlinking fast payment systems

    This shows the potential for strengthening regional integration in payments. However, let me be clear: regional integration must not come at the expense of global connectivity. It should not be used as a means to sever ties with global payment networks.

    Our approach is that regional and global integration can go hand in hand through the interlinking of fast payment systems across regions and countries. Today, over 100 jurisdictions worldwide have implemented their own fast payment systems.[16] Interlinking these systems has the potential to address inefficiencies and build lasting connections that are rooted in trade openness and balanced relationships between partners.

    This approach offers several advantages. It would reduce costs, increase the speed and transparency of cross-border payments and shorten transaction chains. It would also enable payment service providers to conduct transactions without having to use multiple payment systems or a long chain of correspondent banks. Moreover, it would ensure that the platform for connecting and converting currencies is managed as a public good, thus avoiding closed loops and discriminatory pricing. Accordingly, the G20 Roadmap for Enhancing Cross-border Payments has identified interlinking as a key strategy for enhancing cross-border payments.[17] In this respect, the excellent work the Committee on Payments and Market Infrastructures (CPMI) is carrying out on payee verification could make a significant difference.

    Last October, the ECB’s Governing Council decided to take concrete steps towards interlinking TIPS with other fast payment systems to improve cross-border payments globally.[18]

    We will implement a cross-currency settlement service for the exchange of cross-border payments between TIPS and other fast payment systems worldwide.[19] This will allow us to explore interlinking TIPS with fast payment systems that have a compatible scheme, are interested in being involved and fully comply with the standards set by the Financial Action Task Force for combating money laundering and terrorist financing.

    In addition, we are exploring the possibility of creating bilateral and multilateral links with other fast payment systems.

    One possibility under consideration is connecting TIPS to a multilateral network of instant payment systems through Project Nexus, led by the BIS.[20] By joining Nexus, TIPS could serve as a hub for processing instant cross-border payments to and from the euro area and other countries that use TIPS.[21]

    We are also currently assessing the feasibility of creating a bilateral link between TIPS and India’s Unified Payments Interface[22], which handles the highest volume of instant payment transactions in the world[23].

    Interlinking fast payment systems has the potential to solve the shortcomings related to the messaging leg of cross-border transactions, by facilitating the message that the payer’s bank in country A sends to the payee’s bank in country B about the incoming transfer of funds. This would already go a long way towards improving the efficiency of cross-border payments.

    However, what interlinking does not fully resolve is the settlement leg, through which money moves from the payer’s to the payee’s account. This still requires a bank that has access to both payment systems that are interlinked, or a credit relationship between a bank in country A and a bank in country B. This is particularly challenging, given the increasing retrenchment of the correspondent banking model.

    In this context, we need to collectively exercise our creativity. I do not envisage a solution that could cover all possible corridors and use cases: there may be scope for tokenised forms of money, as well as a revival of the correspondent banking model, especially if we can reduce the associated risks.

    In the realm of sovereign money, jurisdictions could agree to use their respective central bank digital currencies as settlement assets. In this respect, the current draft legislation on the digital euro provides for an approach that respects the sovereignty of non-euro area countries and mitigates potential risks for them. It does so by opening the possibility for residents of a partner country to use the digital euro, subject to an agreement with that country, complemented by an arrangement between the ECB and the respective central bank.[24]

    Appropriate safeguards – such as individual holding limits for users – would ensure that the digital euro is used primarily as a means of payment and does not fuel currency substitution. Furthermore, the digital euro’s design would include multi-currency functionality, similar to that of TIPS. In practice, this means that non-euro area countries could use the digital euro infrastructure to offer their own digital currencies, thereby facilitating transactions across these currencies.

    Conclusion

    Let me conclude.

    We find ourselves at a pivotal moment for cross-border payments. If we want to make decisive progress and increase their efficiency, we need to work together to develop new solutions. We must, however, be aware of the risks that some of the alternatives on offer may pose.

    I would like to thank the BIS – and in particular the CPMI – for the active role they play in this area, not least by bringing us all together today, with representatives from A (Angola) to Z (Zambia). Each of us brings different needs and circumstances to the table. This raises two fundamental questions. What do we have in common? And what principles can guide our collective efforts?

    First, we must harness responsible innovation to solve persistent challenges while mitigating the risks I have noted today. Central banks – by ensuring the safety and integrity of payment systems – play an important role in this regard. And by interlinking fast payment systems and exploring the use of central bank digital currencies, we can address settlement inefficiencies while safeguarding monetary sovereignty and financial stability.

    Second, regional solutions can serve as a foundation for global progress. I have argued that regional payment integration can be an important part of the solution – provided it remains open to, and actively facilitates, interlinking at a global level. We firmly believe that this open, multi-currency interlinking approach can lay the groundwork for cheaper, faster and more transparent cross-border payments – without compromising the integrity, stability or sovereignty of the countries involved. By designing payment systems that are open, interoperable and multi-currency ready, we can ensure that regional initiatives contribute to global integration rather than fragmentation.

    Finally, collaboration is central to our collective success. Forums such as the CPMI community of practice, as well as today’s workshop, provide valuable opportunities for sharing knowledge and experiences. We will continue to find ways to work together to build resilient, inclusive and interconnected payment infrastructures that meet the needs of our people and economies. And we at the ECB remain committed to sharing our expertise and collaborating wherever we can add value.

    Thank you for your attention.

    MIL OSI Europe News –

  • MIL-OSI Banking: World Rugby Partners with Samsung TV Plus to Accelerate US and UK Expansion with RugbyPass TV FAST Channel

    Source: Samsung

    London, U.K. – Jun 27, 2025 – Samsung and World Rugby have partnered to launch the RugbyPass TV FAST Channel on Samsung TV Plus, a premium destination for streaming on Samsung devices. Arriving in the U.K. on 25 June, and shortly after in the U.S., this collaboration is the latest development in scaling up the global digital footprint of Rugby Pass as it looks to grow rugby’s audience share in key markets.
     
    The collaboration marks the first time RugbyPass TV content will be available on a FAST service, extending the reach of the leading app and broadcast service to millions of U.S. and U.K. households via Samsung TV Plus.
     
    The landmark RugbyPass TV FAST Channel offers a curated mix of live international action, compelling feature programming, and classic matches – all available for millions of households. The launch represents a major step forward in World Rugby’s commitment to delivering high-quality, accessible rugby content to broader and more diverse audiences across two of its key growth markets, laying the groundwork for a transformational decade of rugby leading into the Men’s and Women’s Rugby World Cups in 2031 and 2033.
     
    The RugbyPass TV FAST channel will play a significant role in Samsung’s continued commitment to expand the variety of premium sports content on Samsung TV Plus, making even more sports content free to access for broader audiences. For World Rugby, the collaboration will make the sport more discoverable to casual viewers and avid fans alike, expanding the sport’s addressable share of attention. It also reflects a growing appetite among sports fans for premium content without the paywall – an opportunity World Rugby is seizing to build fandom at scale.
     
    As part of the collaboration, Samsung TV Plus will showcase RugbyPass TV’s winning blend of live content, including rugby sevens, original programming documentaries and series, classic matches and in-depth analysis, ensuring something for all sports fans.
     
    World Rugby Chief Executive Alan Gilpin said: “With the U.S. and U.K. representing two of rugby’s most important and promising markets, this exciting collaboration with Samsung TV Plus is a major milestone in our journey to grow the game globally. Through RugbyPass TV FAST, we’re bringing the excitement, diversity, and global appeal of the game to more fans, in more homes, than ever before.”
     
    Head of Samsung TV Plus EMEA Gus Grimaldi added: “RugbyPass TV is a global leader in rugby content, and we’re thrilled to bring their first-ever FAST channel to Samsung TV Plus users in the UK. This launch not only enhances our sports offering but introduces a beloved sport to new fans by removing the paywall.”
     
    With women’s rugby at the forefront of World Rugby’s content and growth strategy, the FAST channel launch reinforces a forward-looking vision that embraces innovation, inclusion, and long-term legacy — in both established and emerging rugby nations.

    MIL OSI Global Banks –

  • MIL-OSI Russia: Financial news: Procedure for drawing up forms submitted upon request in relation to life insurance contracts related to accounting groups 18-21 in accordance with the requirements for the financial stability and solvency of insurers

    Translation. Region: Russian Federal

    Source: Central Bank of Russia (2) –

    The XBRL taxonomy of the Bank of Russia for the presentation of information on requests (version 6.1.0.6) is intended for use by insurers for the purpose of sending information to the Bank of Russia on interperiod reporting dates, i.e. reporting dates other than 31.01, 28.02, 31.03, 30.04, 31.05, 30.06, 31.07, 31.08, 30.09, 31.10, 30.11, 31.12, starting from the reporting date of 01.09.2025, according to reporting form 0420150 “General information about the insurer” (section 1 and section 7), reporting form 0420154 “Report on the assets and liabilities of the insurer” (sections 1-10) and reporting form 0420156 “Report on the solvency of the insurance company” organizations” (all sections).

    The procedure for compiling and submitting information on the above-mentioned reporting forms is established by Bank of Russia Instruction No. 6805-U dated 15.07.2024 “On the forms, deadlines and procedure for compiling and submitting reports of insurers to the Bank of Russia, on the procedure for insurers to notify the Bank of Russia of information on persons entrusted with identifying, simplifying identification, updating information on clients, client representatives, beneficiaries and beneficial owners, on the procedure for insurers to notify the Bank of Russia of information on the publication of the annual accounting (financial) statements of the insurer, as well as on the procedure and deadlines for insurers to submit information and documents to the Bank of Russia regarding their branches, representative offices and other separate divisions.”

    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: Siili Solutions Plc: Share Repurchase 27.6.2025

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc       Announcement  27.6.2025
         
         
    Siili Solutions Plc: Share Repurchase 27.6.2025  
         
    In the Helsinki Stock Exchange    
         
    Trade date           27.6.2025  
    Bourse trade         Buy  
    Share                  SIILI  
    Amount             1 100 Shares
    Average price/ share    6,3309 EUR
    Total cost            6 963,99 EUR
         
         
    Siili Solutions Plc now holds a total of 19 949 shares
    including the shares repurchased on 27.6.2025  
         
    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 Russia: World Bank Group and IAEA formally launch cooperation on nuclear energy for development

    Translation. Region: Russian Federal

    Source: International Atomic Energy Agency –

    The World Bank Group and the International Atomic Energy Agency (IAEA) have signed an agreement to work together to support the responsible use of nuclear energy in developing countries, based on safety and security principles. The partnership agreement, signed by World Bank Group President Ajay Banga and IAEA Director General Rafael Mariano Grossi, formalizes numerous contacts between the two organizations over the past year and marks the first concrete step in decades by the World Bank Group to resume cooperation on nuclear energy.

    Moreover, the agreement reflects the World Bank Group’s new, broader approach to electrification – one that prioritizes affordability, affordability, and reliability, as well as responsible emissions management. With electricity demand in developing countries estimated to more than double by 2035, this approach aims to help countries meet their populations’ energy needs in ways that best fit their national context, including development goals and nationally determined contributions.

    Nuclear power provides continuous baseload power while increasing grid stability and resilience. Reliable baseload power is essential for many job-creating sectors, including infrastructure, agribusiness, healthcare, tourism and manufacturing. Nuclear power also provides high-skilled jobs and stimulates investment in the wider economy. It can also adapt to changes in electricity demand and support frequency regulation, enabling greater integration of variable renewables.

    “Jobs need electricity. So do factories, hospitals, schools, and water supplies. As demand grows — driven by both artificial intelligence and development challenges — we must help countries ensure reliable, affordable electricity. That’s why we see nuclear power as part of the solution — and why we’re revisiting it as part of the World Bank Group’s portfolio of ways to help developing countries realize their ambitions. Nuclear power also provides baseload power, the foundation on which modern economies are built,” said World Bank Group President Ajay Banga. “Our partnership with the IAEA marks an important step in that direction, and I’m grateful to Rafael for his personal commitment and leadership in making this possible. Together, we will expand our expertise, support countries as they choose nuclear power, and ensure that future work is guided by nuclear safety, security, and sustainability.”

    “Today’s agreement is a significant milestone and the culmination of a year of work together since President Ajay Banga kindly invited me to the World Bank Group Executive Board meeting in Washington last June,” said IAEA Director General Grossi. “This landmark partnership, another sign of the world’s return to realism on nuclear energy, opens the door to other multilateral development banks and private investors who see nuclear energy as a viable tool for energy security and sustainable prosperity. Together, we can help more people build a better future.”

    Under the memorandum of understanding signed today, the IAEA will cooperate with the World Bank Group in three key areas:

    Building nuclear knowledge – to enhance the World Bank Group’s understanding of nuclear safety, security, safeguards, energy planning, emerging technologies, fuel cycles, plant life cycles and waste management; Extending the lives of existing nuclear power plants – to support developing countries in safely extending the lives of existing nuclear power plants, which are one of the most cost-effective sources of low-carbon energy, given that many of the world’s nuclear plants are approaching the end of their original 40-year design lives; Advanced SMR technologies – to accelerate the development of small modular reactors (SMRs), which offer flexible deployment options, lower upfront costs and the potential for widespread deployment in developing economies.

    Nuclear power plants currently operate in 31 countries, collectively accounting for about 9% of the world’s electricity generation, or nearly a quarter of all low-carbon generation. More than 30 other countries, most of them developing countries, are considering or are already introducing nuclear power and are working with the IAEA to establish the necessary infrastructure to implement nuclear safety, security, and sustainability principles in this area.

    “SMRs have enormous potential for clean, reliable energy systems and poverty alleviation, but funding hurdles remain,” added Director General Grossi. “Today’s agreement is an important first step to clearing the way for them.”

    About the World Bank Group: The World Bank Group is dedicated to achieving a world free from poverty on a planet fit for habitation, using a combination of financing, knowledge, and expertise. It comprises the World Bank, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). For more information, visitVBV.Vorldbank.org,Ida. Voraldbank.org/EN/Hyome,BBV Miga.org,BBV. ifk.org AndGDV. Iks.vorldbank.org.

    About the International Atomic Energy Agency (IAEA): The IAEA is an international organization whose aim is to promote the peaceful uses of nuclear energy and prevent its use for military purposes. The IAEA supports its Member States in building a reliable and resilient infrastructure based on the principles of nuclear safety and security, and applies safeguards to verify the peaceful use of nuclear materials and technology.

    Contacts:

    The World Bank Group (London): David Young, 1 (202) 473-4691,Döung7@vorldbankgroup.org

    International Atomic Energy Agency (Vienna): Jeffrey Donovan, 43 699 165 22443,jrdonovan@iaea.org

    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 Africa: Qatar strongly condemns attacks by Israeli settlers against Palestinians in the occupied West Bank

    Source: Government of Qatar

    Doha – June 27, 2025

    The State of Qatar strongly condemns the attacks carried out by Israeli settlers against Palestinians in the occupied West Bank, which resulted in deaths and injuries.

    The Ministry of Foreign Affairs affirms that these heinous attacks are part of a series of ongoing crimes against the defenseless Palestinian people. In this context, it emphasizes the urgent need for the international community to act promptly to provide the necessary protection for civilians and ensure that the perpetrators of such atrocities do not escape accountability.

    The Ministry reiterates the urgent need for global solidarity to put an end to the brutal genocide in the Gaza Strip and to achieve a just and sustainable peace in the region, which guarantees the establishment of an independent and fully sovereign Palestinian state along the 1967 borders, with East Jerusalem as its capital.

    MIL OSI Africa –

  • MIL-OSI Europe: ESAs launch consultation on how to integrate ESG risks in the financial stress tests for banks and insurers

    Source: European Banking Authority

    The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today launched a public consultation on their draft Joint Guidelines on ESG stress testing, as mandated by the Capital Requirements Directive and the Solvency II Directive. The draft Guidelines set out how competent authorities for the banking and insurance sectors should integrate environmental, social and governance (ESG) risks when performing supervisory stress tests. They aim to harmonise methodologies and practices among supervisors in banking and insurance, to ensure proportionality and to enhance the effectiveness and efficiency of ESG stress testing. The consultation runs until 19 September 2025.

    The draft Guidelines, put forward by the Joint Committee of the ESAs, establish a common framework for developing ESG-related stress testing methodologies and standards across the EU’s financial system. They provide comprehensive guidance on the design and features of stress tests with ESG elements, as well as the organisational and governance arrangements such stress tests would need to have. These include sufficient human resources with relevant expertise, data collection and management systems that support access to high-quality ESG data and appropriate timelines for scenario analysis.

    Aiming to foster a consistent and long-term approach to ESG stress testing, the draft Guidelines are designed to accommodate future methodological advancements and improvements in data availability.

    Consultation process

    The ESAs invite stakeholders to provide their feedback on the consultation paper by responding to the questions via an online survey no later than 19 September 2025. All responses will be published on the ESAs’ respective websites unless otherwise requested.

    Public hearing

    The ESAs will hold an online public hearing on the draft Guidelines on 26 August 2025, from 10:00 to 12:00 CEST. Further details, including dial-in credentials, will be provided closer to the date of the event.

    Background

    The draft Consultation Paper on Joint Guidelines on ESG stress testing has been prepared to ensure that consistency, long-term considerations, common methodologies and related standards are integrated into the stress testing of environmental, social and governance risks pursuant to Article 100(4) of the Capital Requirements Directive – CRD (Directive 2013/36/EU) and Article 304c(3) of Solvency II (Directive 2009/138/EC) which mandate the ESAs to develop Joint Guidelines on this matter by 10 January 2026.

    The draft Guidelines are addressed to competent authorities in the banking and insurance sectors. They do not include new requirements for competent authorities to carry out supervisory stress tests focused on ESG risks.

    The Joint Committee is a forum with the objective of strengthening cooperation between the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), collectively known as the three European Supervisory Authorities (ESAs). Through the Joint Committee, the three ESAs coordinate their supervisory activities in the scope of their respective responsibilities and ensure consistency in their practices.

    MIL OSI Europe News –

  • MIL-OSI Analysis: Checking in on New England’s fishing industry 25 Years after ‘The Perfect Storm’ hit movie theaters

    Source: The Conversation – USA – By Stephanie Otts, Director of National Sea Grant Law Center, University of Mississippi

    Filming ‘The Perfect Storm’ in Gloucester Harbor, Mass.
     The Salem News Historic Photograph Collection, Salem State University Archives and Special Collections, CC BY

    Twenty-five years ago, “The Perfect Storm” roared into movie theaters. The disaster flick, starring George Clooney and Mark Wahlberg, was a riveting, fictionalized account of commercial swordfishing in New England and a crew who went down in a violent storm.

    The anniversary of the film’s release, on June 30, 2000, provides an opportunity to reflect on the real-life changes to New England’s commercial fishing industry.

    Fishing was once more open to all

    In the true story behind the movie, six men lost their lives in late October 1991 when the commercial swordfishing vessel Andrea Gail disappeared in a fierce storm in the North Atlantic as it was headed home to Gloucester, Massachusetts.

    At the time, and until very recently, almost all commercial fisheries were open access, meaning there were no restrictions on who could fish.

    There were permit requirements and regulations about where, when and how you could fish, but anyone with the means to purchase a boat and associated permits, gear, bait and fuel could enter the fishery. Eight regional councils established under a 1976 federal law to manage fisheries around the U.S. determined how many fish could be harvested prior to the start of each fishing season.

    Fishing has been an integral part of coastal New England culture since its towns were established. In this 1899 photo, a New England community weighs and packs mackerel.
    Charles Stevenson/Freshwater and Marine Image Bank

    Fishing started when the season opened and continued until the catch limit was reached. In some fisheries, this resulted in a “race to the fish” or a “derby,” where vessels competed aggressively to harvest the available catch in short amounts of time. The limit could be reached in a single day, as happened in the Pacific halibut fishery in the late 1980s.

    By the 1990s, however, open access systems were coming under increased criticism from economists as concerns about overfishing rose.

    The fish catch peaked in New England in 1987 and would remain far above what the fish population could sustain for two more decades. Years of overfishing led to the collapse of fish stocks, including North Atlantic cod in 1992 and Pacific sardine in 2015.

    As populations declined, managers responded by cutting catch limits to allow more fish to survive and reproduce. Fishing seasons were shortened, as it took less time for the fleets to harvest the allowed catch. It became increasingly hard for fishermen to catch enough fish to earn a living.

    Saving fisheries changed the industry

    In the early 2000s, as these economic and environmental challenges grew, fisheries managers started limiting access. Instead of allowing anyone to fish, only vessels or individuals meeting certain eligibility requirements would have the right to fish.

    The most common method of limiting access in the U.S. is through limited entry permits, initially awarded to individuals or vessels based on previous participation or success in the fishery. Another approach is to assign individual harvest quotas or “catch shares” to permit holders, limiting how much each boat can bring in.

    In 2007, Congress amended the 1976 Magnuson-Stevens Fishery Conservation and Management Act to promote the use of limited access programs in U.S. fisheries.

    Ships in the fleet out of New Bedford, Mass.
    Henry Zbyszynski/Flickr, CC BY

    Today, limited access is common, and there are positive signs that the management change is helping achieve the law’s environmental goal of preventing overfishing. Since 2000, the populations of 50 major fishing stocks have been rebuilt, meaning they have recovered to a level that can once again support fishing.

    I’ve been following the changes as a lawyer focused on ocean and coastal issues, and I see much work still to be done.

    Forty fish stocks are currently being managed under rebuilding plans that limit catch to allow the stock to grow, including Atlantic cod, which has struggled to recover due to a complex combination of factors, including climatic changes.

    The lingering effect on communities today

    While many fish stocks have recovered, the effort came at an economic cost to many individual fishermen. The limited-access Northeast groundfish fishery, which includes Atlantic cod, haddock and flounder, shed nearly 800 crew positions between 2007 and 2015.

    The loss of jobs and revenue from fishing impacts individual family income and relationships, strains other businesses in fishing communities, and affects those communities’ overall identity and resilience, as illustrated by a recent economic snapshot of the Alaska seafood industry.

    When original limited-access permit holders leave the business – for economic, personal or other reasons – their permits are either terminated or sold to other eligible permit holders, leading to fewer active vessels in the fleet. As a result, the number of vessels fishing for groundfish has declined from 719 in 2007 to 194 in 2023, meaning fewer jobs.

    A fisherman unloads a portion of his catch for the day of 300 pounds of groundfish, including flounder, in January 2006 in Gloucester, Mass.
    AP Photo/Lisa Poole

    Because of their scarcity, limited-access permits can cost upward of US$500,000, which is often beyond the financial means of a small businesses or a young person seeking to enter the industry. The high prices may also lead retiring fishermen to sell their permits, as opposed to passing them along with the vessels to the next generation.

    These economic forces have significantly altered the fishing industry, leading to more corporate and investor ownership, rather than the family-owned operations that were more common in the Andrea Gail’s time.

    Similar to the experience of small family farms, fishing captains and crews are being pushed into corporate arrangements that reduce their autonomy and revenues.

    Consolidation can threaten the future of entire fleets, as New Bedford, Massachusetts, saw when Blue Harvest Fisheries, backed by a private equity firm, bought up vessels and other assets and then declared bankruptcy a few years later, leaving a smaller fleet and some local business and fishermen unpaid for their work. A company with local connections bought eight vessels from Blue Harvest along with 48 state and federal permits the company held.

    New challenges and unchanging risks

    While there are signs of recovery for New England’s fisheries, challenges continue.

    Warming water temperatures have shifted the distribution of some species, affecting where and when fish are harvested. For example, lobsters have moved north toward Canada. When vessels need to travel farther to find fish, that increases fuel and supply costs and time away from home.

    Fisheries managers will need to continue to adapt to keep New England’s fisheries healthy and productive.

    One thing that, unfortunately, hasn’t changed is the dangerous nature of the occupation. Between 2000 and 2019, 414 fishermen died in 245 disasters.

    Stephanie Otts receives funding from the NOAA National Sea Grant College Program through the U.S. Department of Commerce. Previous support for fisheries management legal research provided by The Nature Conservancy.

    – ref. Checking in on New England’s fishing industry 25 Years after ‘The Perfect Storm’ hit movie theaters – https://theconversation.com/checking-in-on-new-englands-fishing-industry-25-years-after-the-perfect-storm-hit-movie-theaters-255076

    MIL OSI Analysis –

  • MIL-OSI: 1-Hour Payday Loans with No Credit Check Guaranteed Approval Announced as Key Feature in Honest Loans with Instant Loan for Bad Credit in 2025

    Source: GlobeNewswire (MIL-OSI)

    New York City, June 27, 2025 (GLOBE NEWSWIRE) — Honest Loans has launched a new solution to support individuals facing urgent financial needs by offering 1-hour payday loans with no credit checks and guaranteed approval. 

    This service links borrowers with certified lenders who deliver rapid funding, even for those with low credit ratings. As financial pressures mount, Honest Loans simplifies and secures access to fast cash when it’s needed most.

    Growing Demand for 1-Hour Payday Loans Without Credit Checks

    This year, more consumers are relying on small, short-term loans to cover surprise costs like inflation-related price hikes, medical emergencies, and last-minute bills. Demand for 1-hour payday loans with no credit check is rising due to their speed and convenience.

    Online payday loans with instant approval are an ideal choice, helping borrowers avoid lengthy applications and credit checks that could lower credit scores. Honest Loans supports this need by matching borrowers with fast-acting lenders, easing stress for many Americans.

    Highlights of Honest Loans’ 1-Hour Payday Loans Without Credit Checks

    Honest Loans’ latest offering includes key benefits that ensure a fast and secure loan experience. The platform links borrowers to licensed lenders for rapid approvals, no credit checks, and customizable loan amounts, ideal for emergency funding needs.

    Instant Approval: The lender network processes approvals in just minutes for quick access to funds.

    No Credit Check: Borrowers are paired with lenders that skip hard credit checks—great for those with bad credit.

    Flexible Loan Options: Multiple loan sizes are available to fit different financial needs.

    Trusted Lenders: Honest Loans partners only with vetted, licensed lenders to ensure a safe borrowing process.

    APPLY FOR 1-HOUR PAYDAY LOANS WITH NO CREDIT CHECK

    How Honest Loans’ 1-Hour Payday Loans with No Credit Check Work

    Honest Loans offers a straightforward, fast, and user-friendly process for individuals seeking quick financial relief. By connecting borrowers with licensed direct lenders through a secure online platform, the service removes delays and eliminates complicated paperwork.

    • Online Application: Borrowers begin by completing a secure online form with essential personal and financial information.
    • Instant Lender Matching: Based on the details provided, Honest Loans instantly matches borrowers with suitable lenders—often within minutes.
    • Loan Offer: Applicants can check and compare loan terms before proceeding, ensuring they understand all conditions before accepting.
    • Electronic Fund Transfer: Once a loan offer is accepted, funds are typically deposited electronically, often within the same business day.

    Technology & Security Behind Honest Loans’ 1-Hour Payday Loans

    Honest Loans prioritizes borrower safety by using advanced encryption technologies and secure servers during the application process. The platform complies with strict data privacy regulations and ensures full transparency when sharing information with lending partners. Its technology-driven approach enables fast, accurate lender matching while protecting sensitive personal data.

    Eligibility Requirements for Payday Loans with No Credit Check

    Before applying for Honest Loans’ 1-hour payday loans with no credit check, borrowers should be aware of the basic eligibility criteria. These requirements help ensure responsible lending and streamline the approval process:

    • Minimum Age: Applicants must be at least 18 years old. Lenders verify age using official documentation to ensure legal compliance.
    • Proof of Income: Borrowers must provide documentation—such as pay stubs, bank statements, or benefits letters—demonstrating their ability to repay the loan.
    • Valid Bank Account: A checking or savings account in the applicant’s name is required for receiving funds and processing repayments.
    • U.S. Residency: Loans are available only to residents of the United States. Applicants must confirm their residency status to comply with federal and state laws.

    Benefits of Honest Loans’ 1-Hour Payday Loans with No Credit Check vs. Traditional Payday Loans

    More borrowers are turning to Honest Loans’ online platform for 1-hour payday loans with no credit check instead of relying on traditional payday lending services. Honest Loans offers guaranteed approval and rapid funding, making short-term borrowing faster, simpler, and more transparent. How digital lending is reshaping the landscape in 2025:

    • Faster Processing: Unlike traditional payday loan storefronts that require paperwork and in-person visits, Honest Loans allows applicants to complete a fast online form and get matched with lenders instantly—often in just minutes.
    • Clearer Loan Terms: Many traditional lenders don’t clearly present the full terms. Honest Loans ensures borrowers can check all loan details—such as repayment schedules and APR—before accepting, empowering them to make informed financial decisions.
    • Easy Access from Anywhere: Honest Loans enables borrowers to apply from any internet-connected device, removing the need for physical visits. It’s a convenient option for those dealing with time-sensitive financial needs or busy schedules.
    • Larger Network of Lenders: Honest Loans partners with a wide range of licensed lenders, improving the likelihood of approval and giving borrowers the ability to compare offers to find the most favorable terms.

    CHECK OUT 1-HOUR PAYDAY LOAN OPTIONS WITH NO CREDIT CHECK

    How Honest Loans Connects Borrowers with Licensed Payday Lenders

    Honest Loans simplifies access to 1-hour payday loans with no credit check by linking borrowers to licensed direct lenders nationwide. The platform ensures fast, secure matches that comply with industry standards and lending regulations.

    • Digital Lender Network: Honest Loans partners with a broad network of licensed lenders offering payday loans with no credit check. This gives borrowers access to multiple loan offers, increasing approval chances and helping them choose the ideal fit.
    • Automated Screening: Advanced matching technology pairs borrowers with the most suitable lenders based on their loan requests, streamlining the process and minimizing errors.
    • Secure Information Sharing: Borrowers’ personal and financial information is encrypted and securely shared with lenders, maintaining high standards of data protection throughout the application.
    • Easy Communication: Honest Loans enables borrowers to interact directly with lenders online, making it simple to review offers, ask questions, and accept loan terms—without needing to visit a physical location.

    Conclusion

    Honest Loans is transforming the payday lending process by providing a fast, transparent, and secure way to access 1-hour payday loans with no credit check. Its digital platform connects borrowers with licensed lenders for quick approvals and easy applications.

    This modern approach removes the need for paperwork and in-person visits, making it ideal for those facing urgent financial needs. Honest Loans prioritizes security and clarity, empowering borrowers to make confident, informed financial decisions.

    By combining smart automation, strong privacy practices, and a vast lender network, Honest Loans delivers a reliable and convenient path to emergency cash. Borrowers can count on a smooth, efficient process to get the funds they need—when they need them most.

    FAQs

    What is the easiest cash loan to get approved for?
    The easiest loans to get approved for are payday or no credit check personal loans. They offer fast approval but typically come with higher interest and fees.

    How to borrow $500 immediately?
    To borrow $500 quickly, consider a payday loan, an online personal loan, or a credit card advance. Many lenders offer same-day approvals, though fees may apply.

    How can I get $1000 today?
    Options include payday loans, pawnshop loans, or credit card cash advances. These can provide quick access but often come with high fees or interest.

    What is a hardship loan?
    A hardship loan is designed for individuals experiencing financial challenges like job loss or medical emergencies. These loans often feature flexible or lower repayment terms.

    Contact Information

    Company: Honest Loans
    Email: support@onlineloannetwork.com
    Phone: 888-718-9134
    Address: Springates Building, Lower Government Road, Charlestown, Saint Kitts and Nevis

    Disclaimer and Affiliate Disclosure

    This content is intended for informational and commercial purposes only and should not be construed as financial, legal, or professional advice. It does not constitute an endorsement of any specific loan provider.

    While every effort has been made to ensure the accuracy and relevance of the information presented, no guarantees are made regarding its completeness, accuracy, or timeliness. Readers are advised to conduct independent research and consult qualified professionals—such as licensed financial advisors or legal experts—prior to making any financial decisions.

    Please note the following:

    • Loan products and services mentioned may not be suitable for everyone.
    • Terms, conditions, and eligibility criteria vary by lender and location.
    • Approval is not guaranteed and may depend on various factors, including income, creditworthiness, residency status, identity verification, and compliance with applicable laws.

    This article may contain affiliate links. If you press on a link and apply for or purchase a product or service, the publisher and its partners may earn a commission at no additional cost to you. This compensation does not affect the content’s objectivity or the impartiality of any recommendations. All opinions are general in nature and do not reflect the views of any specific lender unless clearly stated.

    By engaging with this content, you acknowledge that the publisher, its authors, affiliates, and third-party partners are not liable for any errors, omissions, outdated information, or financial outcomes resulting from use of the material. This includes—but is not limited to—loan denials, disputes, or issues arising from contractual agreements with lenders.

    References to companies such as “Honest Loans” are for informational comparison only and do not imply any formal endorsement, partnership, or legal relationship. For questions about specific loan offerings, please contact the respective lender directly using official contact details.

    All trademarks, service marks, and brand names mentioned remain the property of their respective owners.

    Attachment

    The MIL Network –

  • MIL-OSI: SB Financial Group, Inc. Announces Schedule for Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    DEFIANCE, Ohio, June 27, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services, expects to release its second quarter 2025 financial results on Thursday, July 24, 2025, after the close of the market. The company will hold a related conference call and webcast on Friday, July 25, 2025, at 11:00 a.m. EDT.

    Interested parties may access the conference call by dialing 888-338-9469 and requesting the “SB Financial Group Conference Call.” The conference call will also be webcast live at ir.yourstatebank.com. An audio replay of the call will be available on the SB Financial Group website.

    About SB Financial Group
    Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

    Investor Contact Information:

    Mark A. Klein
    Chairman, President and Chief Executive Officer
    419-783-8920

    Anthony V. Cosentino
    Executive Vice President and Chief Financial Officer
    419-785-3663

    The MIL Network –

  • MIL-OSI: SB Financial Group, Inc. Announces Schedule for Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    DEFIANCE, Ohio, June 27, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services, expects to release its second quarter 2025 financial results on Thursday, July 24, 2025, after the close of the market. The company will hold a related conference call and webcast on Friday, July 25, 2025, at 11:00 a.m. EDT.

    Interested parties may access the conference call by dialing 888-338-9469 and requesting the “SB Financial Group Conference Call.” The conference call will also be webcast live at ir.yourstatebank.com. An audio replay of the call will be available on the SB Financial Group website.

    About SB Financial Group
    Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

    Investor Contact Information:

    Mark A. Klein
    Chairman, President and Chief Executive Officer
    419-783-8920

    Anthony V. Cosentino
    Executive Vice President and Chief Financial Officer
    419-785-3663

    The MIL Network –

  • MIL-OSI Economics: ICC and World Bank Group join forces to empower SMEs in emerging markets

    Source: International Chamber of Commerce

    Headline: ICC and World Bank Group join forces to empower SMEs in emerging markets

    Formalised today at ICC Global Headquarters in Paris, the non-binding partnership sets out key areas to enable SMEs by harnessing ICC’s global network of over 45 million companies and chambers and the development expertise and reach of the World Bank Group institutions – including the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC) and the International Centre for Settlement of Investment Disputes (ICSID). 

    World Bank Group President Ajay Banga said:

    “Over the past year, we’ve put jobs at the centre of our global mission to end poverty. Small and medium enterprises account for nearly three quarters of employment in emerging markets. This partnership will help drive the creation of jobs by combining the power of ICC’s 45 million SMEs in 170 countries with the World Bank Group’s global knowledge, financial capacity, and public and private sector networks.” 

    ICC Secretary General John W.H. Denton AO said: 

    “ICC is uniquely positioned not only to identify the systemic barriers facing SMEs around the world, but also to deliver ways to remove them. Today we are marking a bold step forward in equipping SMEs to meet today’s economic challenges by converting the combined expertise and networks of ICC and World Bank Group into impact at scale.”

    An estimated 1.2 billion young people are expected to enter the workforce in emerging markets and developing economies in coming years, yet projections suggest that only just over 400 million jobs will be created. Strengthening SMEs is vital given that they represent 95% of all firms and account for 70% of employment in these economies.

    The ICC-World Bank Group agreement underscores a mutual commitment to promoting inclusive economic opportunity, enhancing the resilience of small businesses and accelerating progress toward the Sustainable Development Goals (SDGs). Initial activities will focus on trade facilitation, upskilling, digitalisation and improved access to finance with a group of pilot countries – Argentina, Bangladesh, Colombia, Indonesia, Kenya and Nigeria.

    MIL OSI Economics –

  • MIL-OSI Europe: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

    Source: European Central Bank

    June 2025

    27 June 2025

    External communication

    ECB Convergence Report 2025

    On 4 June 2025 the ECB published its Convergence Report, prepared following a request by Bulgaria on 25 February 2025. The report examines Bulgaria’s state of economic convergence and the compatibility of its national legislation with the Treaties. It was approved by the General Council and published simultaneously with the report prepared by the European Commission as foreseen by the provisions of the Treaty on the Functioning of the European Union. The report is available on the ECB’s website, together with a related press release.

    Monetary policy

    Climate-related disclosures of the Eurosystem’s corporate bond holdings

    On 30 May 2025 the Governing Council authorised the publication of the third ECB report on the climate-related financial disclosures of Eurosystem assets held for monetary policy purposes and the ECB’s foreign reserves. The report provides information on the Eurosystem portfolios’ carbon footprint and exposure to climate risks, as well as on climate-related governance, strategy and risk management. A second report also provides information on the ECB’s euro-denominated non-monetary policy portfolios, including its own funds portfolio and its staff pension fund. Both reports, together with a related press release, were published on the ECB’s website on 12 June 2025.

    Market operations

    Postponement of reporting requirements of monetary policy counterparties for the first quarter of 2025

    On 6 June 2025 the Governing Council decided to postpone, on a one-off basis, the reporting requirements of counterparties for the first quarter of 2025 as spelled out in Article 158(3) of Guideline (EU) 2015/510 of the European Central Bank (General Documentation Guideline) with the transitional periods of the new supervisory reporting regime introduced by Commission Implementing Regulation (EU) 2024/3117. More specifically, the Governing Council decided to set the date for an automatic suspension on the grounds of prudence mentioned in Article 158(3) to 7 October 2025. The reporting requirements concerned relate to the transmission of own funds and leverage ratio data by eligible counterparties. A related announcement is available on the ECB’s website.

    Amendments to the third covered bond purchase programme (CBPP3) and pandemic emergency purchase programme (PEPP) Decisions

    On 11 June 2025 the Governing Council adopted Decision ECB/2025/20 amending Decision ECB/2020/8 on the implementation of the CBPP3, and adopted Decision ECB/2025/21 amending Decision ECB/2020/17 on a temporary PEPP. The amendments reflect the decisions taken by the Governing Council in April 2025 to amend, first, the provisions on counterparties eligible for the CBPP3 to allow Eurosystem central banks to participate in standard market transactions such as repurchase transactions by issuers of covered bonds (“buybacks”), and, second, the rules applicable to securities lending transactions of covered bonds held by the Eurosystem under the CBPP3 and the temporary PEPP to reflect risk management considerations.

    Market infrastructure and payments

    Decision confirming the go-live of the Eurosystem Collateral Management System (ECMS)

    On 16 May 2025 the Governing Council confirmed, following a positive assessment conducted by the Market Infrastructure Board, that the ECMS would go live on 16 June 2025. A related announcement was published on the same day on the ECB’s website. The ECB also issued a press release on 17 June 2025 confirming the successful launch over the weekend of 13-15 June 2025.

    Launch of a public consultation on a possible extension of T2 operating hours

    On 30 May 2025 the Governing Council decided to launch a public consultation on a possible extension of T2 operating hours and approved the related consultation paper and its publication on the ECB’s website. The primary objective of this consultation, which runs until 30 September 2025, is for the Eurosystem to understand current and upcoming market needs and identify any constraints that may arise if T2 operating hours were extended. Based on this feedback and a thorough analysis of the responses received, in the course of 2026 the Governing Council will discuss possible follow-up actions.

    Decision amending Decision (EU) 2025/222 on access by non-bank payment service providers to Eurosystem central bank operated payment systems and central bank accounts (ECB/2025/2)

    On 2 June 2025 the Governing Council adopted Decision (EU) 2025/1148 amending Decision (EU) 2025/222 on access by non-bank payment service providers to Eurosystem central bank operated payment systems and central bank accounts (ECB/2025/2) (ECB/2025/18). The amendment follows from the decision taken by the Governing Council to postpone amendments to the TARGET Guideline in order to avoid the legal uncertainty that would have ensued in relation to access by non-bank payment service providers to Eurosystem central bank operated payment systems, including TARGET components, as a result of delays in some euro-area Member States in transposing relevant amendments to Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive (EU) 2015/2366 on payment services in the internal market into national legislation.

    Progress report on the digital euro project

    On 3 June 2025 the Governing Council discussed the progress made on key digital euro design aspects (e.g. the sourcing of potential providers, preparation of the rulebook, experimentation and further analysis) and took note of the envisaged next steps, concluding that the project remained on track in terms of both budget and timing. More detailed information on the digital euro project is available on the ECB’s website.

    Eurosystem roadmap regarding distributed ledger technology (DLT) for wholesale central bank money settlement

    On 23 June 2025 the Governing Council approved a high-level roadmap for its two-track approach on DLT for wholesale central bank money settlement which the Eurosystem embarked on with its exploratory work in 2024. Under the first track, referred to as Pontes, the Market Infrastructure Board is mandated to deliver an operational short-term offering to settle DLT-based transactions in central bank money, for which a pilot is expected to be launched by the end of the third quarter of 2026. The second track, referred to as Appia, will focus on identifying a potential long-term approach for an innovative and integrated ecosystem in Europe that also includes international operations. A related press release with more detailed information will be published in due course on the ECB’s website.

    Report on Eurosystem’s exploratory work on new technologies for wholesale central bank money settlement

    On 25 June 2025 the Governing Council took note of a report, prepared by the Market Infrastructure and Payments Committee, on the Eurosystem’s exploratory work on new technologies for wholesale central bank money settlement. The report consolidates the key findings of this initiative, which attracted high interest with a total of 64 eligible participants, across nine jurisdictions, and almost €1.6 billion settled in 27 trials, and it showcases the various use cases identified. The report will be published in due course on the ECB’s website.

    Advice on legislation

    ECB Opinion on the composition of the decision-making bodies of the Magyar Nemzeti Bank, the treasury accounts managed by the Magyar Nemzeti Bank and the permitted activities of foundations established by the Magyar Nemzeti Bank

    On 27 May 2025 the Governing Council adopted Opinion CON/2025/12 prepared on the ECB’s own initiative.

    ECB Opinion on the pensions of the Nationale Bank van België/Banque Nationale de Belgique

    On 10 June 2025 the Governing Council adopted Opinion CON/2025/13 at the request of the Belgian Deputy Prime Minister and Minister of Finances and Pensions.

    ECB Opinion on access to cash and a constitutional right to payment in cash

    On 25 June 2025 the Governing Council adopted Opinion CON/2025/14 at the request of Magyar Nemzeti Bank. The Opinion will be available in due course on EUR-Lex.

    Corporate governance

    ECB Recommendation on the external auditors of the Deutsche Bundesbank

    On 2 June 2025 the Governing Council adopted Recommendation ECB/2025/19 to the Council of the European Union on the external auditors of the Deutsche Bundesbank.

    Membership of the ECB Audit Committee and the ECB Ethics Committee

    On 4 June 2025 the Governing Council appointed Gaston Reinesch as Governing Council member to the ECB Audit Committee to succeed Klaas Knot, whose mandate comes to an end on 1 July 2025. The Governing Council also appointed Federica Mogherini, the current Rector of the College of Europe, Director of the European Union Diplomatic Academy and former High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission, as a new member of the ECB Ethics Committee, to succeed Virginia R. Canter, whose mandate comes to an end at the beginning of August 2025. These appointments, which start on 1 July and 1 August 2025, respectively, are for an initial term of three years, renewable once.

    Statistics

    Recommendation for amending Council Regulation (EC) No 2533/98 concerning the collection of statistical information by the ECB

    On 22 May 2025 the Governing Council adopted Recommendation ECB/2025/17 for a Council Regulation amending Regulation (EC) No 2533/98 concerning the collection of statistical information by the European Central Bank. The main objective of amending Regulation (EC) No 2533/98 is to address the significant changes in the collection, compilation, dissemination and use of statistical information by the European System of Central Banks (ESCB) owing to the digital transformation. These changes have led to demands for timelier, more frequent and more detailed statistical information but have also offered new possibilities for a more efficient collection of statistical information, therefore improving its cost-effectiveness and minimising the reporting burden.

    International and European cooperation

    Report on the international role of the euro

    On 15 May 2025 the Governing Council approved the June 2025 edition of the report on the international role of the euro and authorised its publication on the ECB’s website. The report, which presents an overview of developments in the use of the euro by non-euro area residents in 2024, is available, together with a related press release, on the ECB’s website.

    ESCB response to the European Commission targeted consultation on the integration of EU capital markets

    On 4 June 2025 the Governing Council, with the benefit of the observations received from members of the General Council, approved an ESCB response to the European Commission’s targeted consultation on the integration of EU capital markets. The ESCB response, which provides detailed views of the ESCB on specific aspects regarding simplification and burden reduction, trading, post-trading, horizontal barriers to trade and post-trade infrastructures, asset management and funds, topics for consultation on supervision, as well as horizontal questions on the supervisory framework, is available on the ECB’s website.

    ECB Banking Supervision

    Compliance with the European Supervisory Authorities’ (ESA) Joint Guidelines for the exchange of information relevant for fit and proper assessments

    On 16 May 2025 the Governing Council did not object to a proposal by the Supervisory Board to notify the European Banking Authority (EBA) that, for the significant institutions under its direct supervision, the ECB already complies with the Joint Guidelines on the system established by the ESAs for the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions and financial market participants by competent authorities (JC/GL/2024/88). The Joint Guidelines aim at establishing consistent, efficient and effective supervisory practices within the European System of Financial Supervision, and at ensuring the common, uniform and consistent application of Union law with regard to the use of the system established by the ESAs for the aforementioned exchange of information.

    Compliance with the ESA Joint Guidelines on the estimation of aggregated annual costs and losses caused by major ICT-related incidents under Regulation (EU) 2022/2554

    On 19 May 2025 the Governing Council did not object to a proposal by the Supervisory Board to notify the EBA that, for the significant institutions under its direct supervision, the ECB intends to comply by 30 November 2025 with the Joint Guidelines on the estimation of aggregated annual costs and losses caused by major ICT-related incidents under Regulation (EU) 2022/2554 (JC/GL/2024/34).

    Compliance with the EBA Guidelines on environmental, social and governance (ESG) risks

    On 28 May 2025 the Governing Council did not object to a proposal by the Supervisory Board to notify the EBA that, for the significant institutions under its direct supervision, the ECB intends to comply by 11 January 2026 with the Guidelines on the management of ESG risks (EBA/GL/2025/01). These guidelines aim at enhancing the identification, measurement, management and monitoring of ESG risks by institutions, and at supporting their safety and soundness as they are confronted with the short, medium and long-term impact of ESG factors. They contain requirements as to the internal processes and ESG risk management arrangements that institutions should have in place, including specific plans to address the risks arising from the transition and process of adjustment to relevant sustainability legal and regulatory objectives.

    MIL OSI Europe News –

  • Trump plans executive orders to power AI growth in race with China

    Source: Government of India

    Source: Government of India (4)

    The Trump administration is readying a package of executive actions aimed at boosting energy supply to power the U.S. expansion of artificial intelligence, according to four sources familiar with the planning.

    Top economic rivals U.S. and China are locked in a technological arms race and with it secure an economic and military edge. The huge amount of data processing behind AI requires a rapid increase in power supplies that are straining utilities and grids in many states.

    The moves under consideration include making it easier for power-generating projects to connect to the grid, and providing federal land on which to build the data centers needed to expand AI technology, according to the sources.

    The administration will also release an AI action plan and schedule public events to draw public attention to the efforts, according to the sources, who requested anonymity to discuss internal deliberations.

    The White House did not respond to requests for comment.

    Training large-scale AI models requires a huge amount of electricity, and the industry’s growth is driving the first big increase in U.S. power demand in decades.

    Between 2024 and 2029, U.S. electricity demand is projected to grow at five times the rate predicted in 2022, according to power-sector consultancy Grid Strategies.

    Meanwhile, power demand from AI data centers could grow more than thirtyfold by 2035, according to a new report by consultancy Deloitte.

    Building and connecting new power generation to the grid, however, has been a major hurdle because such projects require extensive impact studies that can take years to complete, and existing transmission infrastructure is overwhelmed.

    Among the ideas under consideration by the administration is to identify more fully developed power projects and move them higher on the waiting list for connection, two of the sources said.

    Siting data centers has also been challenging because larger facilities require a lot of space and resources, and can face zoning obstacles or public opposition.

    The executive orders could provide a solution to that by offering land managed by the Defense Department or Interior Department to project developers, the sources said.

    The administration is also considering streamlining permitting for data centers by creating a nationwide Clean Water Act permit, rather than requiring companies to seek permits on a state-by-state basis, according to one of the sources.

    In January, Trump hosted top tech CEOs at the White House to highlight the Stargate Project, a multi-billion effort led by ChatGPT’s creator OpenAI, SoftBank 9434.T and Oracle ORCL.N to build data centers and create more than 100,000 jobs in the U.S.

    Trump has prioritized winning the AI race against China and declared on his first day in office a national energy emergency aimed at removing all regulatory obstacles to oil and gas drilling, coal and critical mineral mining, and building new gas and nuclear power plants to bring more energy capacity online.

    He also ordered his administration in January to produce an AI Action Plan that would make “America the world capital in artificial intelligence” and reduce regulatory barriers to its rapid expansion.

    That report, which includes input from the National Security Council, is due by July 23. The White House is considering making July 23 “AI Action Day” to draw attention to the report and demonstrate its commitment to expanding the industry, two of the sources said.

    Trump is scheduled to speak at an AI and energy event in Pennsylvania on July 15 hosted by Senator Dave McCormick.

    Amazon this month announced it would invest $20 billion in data centers in two Pennsylvania counties.

    (Reuters)

  • MIL-OSI Banking: India’s International Investment Position (IIP), March 2025

    Source: Reserve Bank of India

    Today, the Reserve Bank released data relating to India’s International Investment Position for end-March 2025[1].

    Key Features

    IIP during January-March 2025:

    • Net claims of non-residents on India declined by US$ 34.2 billion during Q4:2024-25 to US$ 330.0 billion as at end-March 2025.

    • Higher rise in Indian residents’ overseas financial assets (US$ 60.0 billion) as compared to that in the foreign-owned assets in India (US$ 25.8 billion) led to the decline in net claims of non-residents during the quarter (Table 1).

    • Increase in reserve assets accounted for over 54 per cent of the rise in Indian residents’ overseas financial assets, followed by currency & deposits and direct investments.

    • Rise in loans (US$ 10.0 billion) and inward direct investment (US$ 9.7 billion) together accounted for over three-fourths of the rise in foreign liabilities of Indian residents during January-March 2025.

    • Reserve assets accounted for 58.7 per cent of India’s international financial assets (Table 3).

    • The ratio of India’s international assets to international liabilities increased to 77.5 per cent in March 2025 from 74.8 per cent a quarter ago (Chart 1 & Table 1).

    • The share of debt liabilities in total external liabilities increased during the quarter and stood at 54.8 per cent (Table 4).

    IIP during April-March 2024-25:

    • During 2024-25, the net claims of non-residents declined by US$ 31.2 billion on the back of higher rise in India’s external financial assets (US $ 105.4 billion) vis-à-vis external financial liabilities (US $ 74.2 billion) (Table 1).

    • Over 72 per cent of the rise in India’s overseas financial assets was due to increase in overseas direct investment, currency & deposits, and reserve assets.

    • Inward direct investments, loans as well as currency & deposits accounted for over three-fourths of the rise in foreign liabilities during the year.

    • The ratio of India’s international financial assets to international financial liabilities increased to 77.5 per cent in March 2025 from 74.1 per cent a year ago (Chart 1 & Table 1).

    Ratio of International Financial Assets and Liabilities to Gross Domestic Product (GDP):

    • As a ratio to GDP (at current market prices), residents’ overseas financial assets increased and external financial liabilities declined during 2024-25 (Table 2).

    • The ratio of net claims of non-residents on India to GDP improved to (-)8.7 per cent in March 2025 from (-)10.1 per cent a year ago, and (-)14.1 per cent five years ago.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/616

    Table 1: Overall International Investment Position of India
    (US$ billion)
    Period Mar-24 (PR) Jun-24 (PR) Sep-24 (PR) Dec-24 (PR) Mar-25 (P)
    Net IIP (A-B) -361.2 -366.9 -353.0 -364.2 -330.0
    A. Assets 1,033.8 1,052.0 1,119.4 1,079.2 1,139.2
      1. Direct Investment 242.3 246.6 254.5 260.8 270.5
        1.1 Equity and investment fund shares 153.4 156.6 162.4 166.5 173.6
        1.2 Debt instruments 88.9 90.0 92.1 94.3 96.9
      2. Portfolio Investment 12.5 12.4 12.5 12.2 13.7
        2.1 Equity and investment fund shares 11.0 10.7 11.2 9.4 8.7
        2.2 Debt securities 1.5 1.7 1.3 2.8 5.0
      3. Other Investment 132.6 141.0 146.6 170.5 186.7
        3.1 Trade Credits 33.4 32.8 32.9 33.2 33.4
        3.2 Loans 17.6 20.8 22.1 22.5 25.9
        3.3 Currency and Deposits 53.5 57.8 56.1 68.6 79.3
        3.4 Other Assets 28.1 29.6 35.5 46.2 48.1
      4. Reserve Assets 646.4 652.0 705.8 635.7 668.3
    B. Liabilities 1,395.0 1,418.9 1,472.4 1,443.4 1,469.2
      1. Direct Investment 542.9 552.8 555.3 547.1 556.8
        1.1 Equity and investment fund shares 511.1 520.6 522.8 513.0 521.9
        1.2 Debt instruments 31.8 32.2 32.5 34.1 34.9
      2. Portfolio Investment 277.3 277.4 294.3 276.6 272.0
        2.1 Equity and investment fund shares 162.1 160.9 170.9 155.6 141.9
        2.2 Debt securities 115.2 116.5 123.4 121.0 130.1
      3. Other Investment 574.8 588.7 622.8 619.7 640.4
        3.1 Trade Credits 123.7 125.9 131.3 135.6 131.2
        3.2 Loans 221.4 224.6 239.4 240.6 250.6
        3.3 Currency and Deposits 154.8 160.6 164.1 165.7 167.6
        3.4 Other Liabilities 74.9 77.6 88.0 77.8 91.0
    of which:          
    Special drawing rights (Net incurrence of liabilities) 21.9 21.8 22.4 21.6 22.0
    Memo Item: Assets to Liability ratio (%) 74.1 74.1 76.0 74.8 77.5
    Notes (applicable for all tables):
    1. P: Provisional; PR: Partially Revised; and R: Revised.
    2. The sum of the constituent items may not add to the total due to rounding off.
    Table 2: Ratios of External Financial Assets and Liabilities to GDP
    (per cent)
    Period Mar-23 (R) Mar-24 (PR) Mar-25 (P)
    Net IIP (A-B) -11.3 -10.1 -8.7
    A. Assets 28.2 28.5 29.3
      1. Direct Investment 6.8 6.7 6.9
        1.1 Equity and investment fund shares 4.3 4.2 4.4
        1.2 Debt instruments 2.5 2.5 2.5
      2. Portfolio Investment 0.5 0.3 0.3
        2.1 Equity and investment fund shares 0.3 0.3 0.2
        2.2 Debt securities 0.2 –   0.1
      3. Other Investment 3.2 3.6 4.8
        3.1 Trade Credits 0.8 0.8 0.8
        3.2 Loans 0.4 0.5 0.7
        3.3 Currency and Deposits 1.0 1.5 2.1
        3.4 Other Assets 1.0 0.8 1.2
      4. Reserve Assets 17.7 17.9 17.3
    B. Liabilities 39.5 38.6 38.0
      1. Direct Investment 16.0 15.0 14.4
        1.1 Equity and investment fund shares 15.1 14.1 13.5
        1.2 Debt instruments 0.9 0.9 0.9
      2. Portfolio Investment 7.5 7.7 7.1
        2.1 Equity and investment fund shares 4.3 4.5 3.7
        2.2 Debt securities 3.2 3.2 3.4
      3. Other Investment 16.0 15.9 16.5
        3.1 Trade Credits 3.8 3.4 3.4
        3.2 Loans 6.2 6.1 6.5
        3.3 Currency and Deposits 4.3 4.3 4.3
        3.4 Other Assets 1.7 2.1 2.3
    of which:      
    Special drawing rights (Net incurrence of liabilities) 0.7 0.6 0.6
    Table 3: Composition of International Financial Assets and Liabilities of India
    (per cent)
    Period Mar-24 (PR) Jun-24 (PR) Sep-24 (PR) Dec-24 (PR) Mar-25 (P)
    A. Assets
    1. Direct Investment 23.4 23.4 22.7 24.2 23.7
    2. Portfolio Investment 1.2 1.2 1.1 1.1 1.2
    3. Other Investment 12.9 13.4 13.1 15.8 16.4
    4. Reserve Assets 62.5 62.0 63.1 58.9 58.7
    Total 100.0 100.0 100.0 100.0 100.0
    B. Liabilities
        1. Direct Investment 38.9 39.0 37.7 37.9 37.9
        2. Portfolio Investment 19.9 19.5 20.0 19.2 18.5
        3. Other Investment 41.2 41.5 42.3 42.9 43.6
    Total 100.0 100.0 100.0 100.0 100.0
    Table 4: Share of External Debt and Non-Debt Liabilities of India
    (per cent)
    Period Mar-24 (PR) Jun-24 (PR) Sep-24 (PR) Dec-24 (PR) Mar-25 (P)
    Non-Debt Liabilities 48.3 48.0 47.1 46.3 45.2
    Debt Liabilities 51.7 52.0 52.9 53.7 54.8
    Total 100.0 100.0 100.0 100.0 100.0

    MIL OSI Global Banks –

  • MIL-OSI Economics: Sources of Variation in India’s Foreign Exchange Reserves during April-March 2024-25

    Source: Reserve Bank of India

    Today, the Reserve Bank of India released the balance of payments (BoP) data for the fourth quarter (Q4), i.e., January-March of 2024-25 on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during April-March 2024-25 are detailed below in Table 1.

    Table 1: Sources of Variation in Foreign Exchange Reserves*
    (US$ billion)
    Items 2023-24 2024-25
    I.   Current Account Balance -26.1 -23.4
    II.   Capital Account (net) (a to f) 89.8 18.3
      a. Foreign Investment (i+ii) 54.2 4.5
        (i) Foreign Direct Investment (FDI) 10.2 1.0
        (ii) Portfolio Investment 44.1 3.6
            of which:    
              Foreign Institutional Investment (FII) 44.6 3.3
              ADR/GDR 0.0 0.0
      b. Banking Capital 40.5 -9.8
            of which: NRI Deposits 14.7 16.2
      c. Short-term Credit -0.8 7.2
      d. External Assistance 7.5 6.3
      e. External Commercial Borrowings -0.1 15.8
      f. Other Items in Capital Account -11.5 -5.6
    III.   Valuation Change 4.3 26.9
    IV.   Total (I+II+III) @
    Increase in reserves(+) / Decrease in reserves (-)    		 68.0 21.9
    *: Based on the old format of BoP which may differ from the new format (BPM6) in the treatment of transfers under the current account and ADRs/ GDRs under portfolio investment.
    @: Difference, if any, is due to rounding off.
    Note: ‘Other Items in Capital Account’ apart from ‘Errors and Omissions’ includes SDR allocation, leads and lags in exports, funds held abroad, advances received pending issue of shares under FDI, capital receipts not included elsewhere, and rupee denominated debt.

    On a balance of payments basis (i.e., excluding valuation effects), foreign exchange reserves decreased by US$ 5.0 billion during 2024-25 as against an accretion of US$ 63.7 billion during 2023-24. Foreign exchange reserves in nominal terms (i.e., including valuation effects) increased by US$ 21.9 billion during 2024-25 as compared with an increase of US$ 68.0 billion in 2023-24 (Table 2).

    Table 2: Comparative Position of Variation in Reserves
    (US$ billion)
    Items 2023-24 2024-25
    1. Change in Foreign Exchange Reserves (i.e., Including Valuation Effects) 68.0 21.9
    2. Valuation Effects [Gain (+)/Loss (-)] 4.3 26.9
    3. Change in Foreign Exchange Reserves on BoP basis (i.e., Excluding Valuation Effects) 63.7 -5.0
    Note: Increase in reserves (+)/Decrease in reserves (-).
    Difference, if any, is due to rounding off.

    The valuation gain, primarily reflecting higher prices of gold and lower bond yields, amounted to US$ 26.9 billion during 2024-25 as compared with a valuation gain of US$ 4.3 billion during 2023-24.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/612

    MIL OSI Economics –

  • MIL-OSI Economics: Developments in India’s Balance of Payments during the Fourth Quarter (January-March) of 2024-25

    Source: Reserve Bank of India

    Preliminary data on India’s balance of payments (BoP) for the fourth quarter (Q4), i.e., January-March 2024-25, are presented in Statements I and II.

    Key Features of India’s BoP in Q4:2024-25

    • India’s current account balance recorded a surplus of US$ 13.5 billion (1.3 per cent of GDP) in Q4:2024-25 as compared with US$ 4.6 billion (0.5 per cent of GDP) in Q4:2023-24 and against a deficit of US$ 11.3 billion (1.1 per cent of GDP) in Q3:2024-25.1
    • Merchandise trade deficit at US$ 59.5 billion in Q4:2024-25 was higher than US$ 52.0 billion in Q4:2023-24. However, it moderated from US$ 79.3 billion in Q3:2024-25.
    • Net services receipts increased to US$ 53.3 billion in Q4:2024-25 from US$ 42.7 billion a year ago. Services exports have risen on a y-o-y basis in major categories such as business services and computer services.
    • Net outgo on the primary income account, primarily reflecting payments of investment income, moderated to US$ 11.9 billion in Q4:2024-25 from US$ 14.8 billion in Q4:2023-24.
    • Personal transfer receipts, mainly representing remittances by Indians employed overseas, rose to US$ 33.9 billion in Q4:2024-25 from US$ 31.3 billion in Q4:2023-24.
    • In the financial account, foreign direct investment (FDI) recorded a net inflow of US$ 0.4 billion in Q4:2024-25 as compared to an inflow of US$ 2.3 billion in the corresponding period of 2023-24.
    • Foreign portfolio investment (FPI) recorded a net outflow of US$ 5.9 billion in Q4:2024-25 as against a net inflow of US$ 11.4 billion in Q4:2023-24.
    • Net inflows under external commercial borrowings (ECBs) to India amounted to US$ 7.4 billion in Q4:2024-25, as compared to US$ 2.6 billion in the corresponding period a year ago.
    • Non-resident deposits (NRI deposits) recorded a net inflow of US$ 2.8 billion in Q4:2024-25, lower than US$ 5.4 billion a year ago.

    BoP During 2024-25

    • India’s current account deficit at US$ 23.3 billion (0.6 per cent of GDP) during 2024-25 was lower than US$ 26.0 billion (0.7 per cent of GDP) during 2023-24, primarily due to higher net invisibles receipts.

    • During 2024-25, FPI recorded a net inflow of US$ 3.6 billion, lower than US$ 44.1 billion a year ago.

    Table 1: Major Items of India’s Balance of Payments
    (US$ billion)
      January-March 2024 PR January-March 2025 P 2023-24 PR 2024-25 P
      Credit Debit Net Credit Debit Net Credit Debit Net Credit Debit Net
    A. Current Account 253.5 248.9 4.6 264.9 251.4 13.5 942.8 968.9 -26.0 1018.3 1041.6 -23.3
    1. Goods 121.6 173.6 -52.0 116.3 175.8 -59.5 441.4 686.4 -244.9 441.8 729.0 -287.2
       of which:                        
          POL 22.2 48.8 -26.5 14.1 44.3 -30.2 84.2 178.7 -94.6 63.3 185.8 -122.4
    2. Services 89.4 46.7 42.7 102.0 48.7 53.3 341.1 178.3 162.8 387.5 198.7 188.8
    3. Primary Income 10.5 25.3 -14.8 11.9 23.8 -11.9 41.5 91.2 -49.7 53.4 101.8 -48.4
    4. Secondary Income 32.1 3.4 28.7 34.7 3.2 31.5 118.9 13.0 105.9 135.6 12.1 123.5
    B. Capital Account and Financial Account 248.0 253.3 -5.2 255.8 270.2 -14.4 851.9 826.3 25.6 1154.5 1132.8 21.7
       of which:                        
    1. Direct Investment 20.2 17.9 2.3 18.5 18.1 0.4 74.9 64.8 10.2 84.2 83.2 1.0
    2. Portfolio Investment 138.9 127.5 11.4 126.0 131.8 -5.9 466.1 422.0 44.1 639.3 635.8 3.6
    3. Other Investments 82.7 67.7 14.9 106.2 98.8 7.4 287.8 244.7 43.1 368.6 334.2 34.5
       of which:                        
         NRI Deposits 26.0 20.7 5.4 26.3 23.5 2.8 88.6 73.9 14.7 104.5 88.4 16.2
         ECBs to India 11.7 9.2 2.6 15.6 8.2 7.4 33.5 29.9 3.5 47.8 29.4 18.4
    4. Reserve Assets [Increase (-)/Decrease (+)] 0.0 30.8 -30.8 0.0 8.8 -8.8 0.0 63.7 -63.7 37.7 32.6 5.0
    C. Errors & Omissions (-) (A+B) 0.6 0.0 0.6 0.9 0.0 0.9 1.6 1.2 0.4 2.0 0.4 1.5
    PR: Partially Revised; and P: Preliminary.
    Note: Total of sub-components may not tally with aggregate due to rounding off.

    (Puneet Pancholy)   
    Chief General Manager

    Press Release: 2025-2026/611

    MIL OSI Economics –

  • MIL-OSI Economics: Indicative Calendar of Market borrowings by State Governments/ Union Territories for the Quarter July – September 2025

    Source: Reserve Bank of India

    The Reserve Bank of India, in consultation with the State Governments/Union Territories (UTs), announces that the quantum of total market borrowings by the State Governments/UTs for the quarter July – September 2025, is expected to be ₹2,86,696 Crore. The weekly schedule of auctions to be held during the quarter along with the name of States/UTs who have confirmed participation and tentative amounts indicated by them is as under:

    Month Proposed Date Expected quantum of borrowing
    (in ₹ Cr)    		 States/UTs who have confirmed participation and the tentative amount of borrowing (in ₹ Cr)
    July 2025 July 01, 2025
    (Tuesday)    		 18,100 Andhra Pradesh 2000
    Assam 900
    Gujarat 1,000
    Himachal Pradesh 1,200
    Kerala 2,000
    Maharashtra 6,000
    Rajasthan 500
    Tamil Nadu 2,000
    Telangana 1,500
    West Bengal 1,000
    July 08, 2025
    (Tuesday)    		 22,400 Bihar 2,000
    Goa 100
    Gujarat 2,000
    Haryana 1,000
    Jammu & Kashmir 400
    Kerala 1,000
    Madhya Pradesh 4,800
    Maharashtra 4,000
    Mizoram 100
    Odisha 1,000
    Punjab 500
    Rajasthan 1,000
    Tamil Nadu 2,000
    Uttar Pradesh 2,500
    July 15, 2025
    (Tuesday)    		 17,400 Bihar 2,000
    Chhattisgarh 1,000
    Goa 100
    Jammu & Kashmir 700
    Maharashtra 6,000
    Nagaland 300
    Odisha 1,000
    Puducherry 200
    Punjab 500
    Tamil Nadu 2,000
    Telangana 1,000
    Tripura 600
    West Bengal 2,000
    July 22, 2025
    (Tuesday)    		 18,500 Bihar 2,000
    Goa 100
    Haryana 2,000
    Maharashtra 4,000
    Manipur 250
    Meghalaya 150
    Odisha 1,000
    Punjab 500
    Tamil Nadu 2,000
    Telangana 1,000
    Uttar Pradesh 2,500
    West Bengal 3,000
    July 29, 2025
    (Tuesday)    		 26,500 Assam 500
    Chhattisgarh 1,000
    Gujarat 3,000
    Haryana 1,000
    Kerala 2,000
    Madhya Pradesh 4,000
    Maharashtra 4,000
    Punjab 500
    Rajasthan 4,000
    Sikkim 500
    Tamil Nadu 3,000
    Telangana 1,000
    West Bengal 2,000
    August 2025 August 05, 2025
    (Tuesday)    		 26,717 Andhra Pradesh 5,500
    Assam 900
    Bihar 2,000
    Goa 100
    Haryana 1,000
    Himachal Pradesh 800
    Jammu & Kashmir 317
    Kerala 2,000
    Maharashtra 4,000
    Mizoram 100
    Odisha 1,000
    Punjab 1,500
    Rajasthan 1,000
    Tamil Nadu 2,000
    Uttarakhand 500
    Uttar Pradesh 2,500
    West Bengal 1,500
    August 12, 2025
    (Tuesday)    		 14,700 Bihar 2,000
    Kerala 2,000
    Maharashtra 5,000
    Manipur 200
    Punjab 1,000
    Tamil Nadu 2,000
    Telangana 1,500
    West Bengal 1,000
    August 19, 2025
    (Tuesday)    		 26,150 Bihar 2,000
    Goa 100
    Gujarat 2,000
    Haryana 1,500
    Kerala 1,000
    Madhya Pradesh 4,800
    Maharashtra 4,000
    Meghalaya 450
    Odisha 1,000
    Puducherry 200
    Punjab 500
    Tamil Nadu 2,000
    Telangana 1,000
    Tripura 600
    Uttarakhand 500
    Uttar Pradesh 2,500
    West Bengal 2,000
    August 26, 2025
    (Tuesday)    		 20,850 Assam 450
    Goa 100
    Gujarat 2,000
    Haryana 1,500
    Jammu & Kashmir 800
    Kerala 2,000
    Maharashtra 4,000
    Rajasthan 4,000
    Tamil Nadu 3,000
    Telangana 1,000
    West Bengal 2,000
    September 2025 September 02, 2025
    (Tuesday)    		 21,400 Andhra Pradesh 4,000
    Assam 500
    Bihar 2,000
    Chhattisgarh 1,500
    Goa 100
    Gujarat 2,000
    Himachal Pradesh 800
    Kerala 1,000
    Maharashtra 3,000
    Punjab 1,500
    Rajasthan 1,000
    Tamil Nadu 2,000
    Uttarakhand 500
    West Bengal 1,500
    September 09, 2025
    (Tuesday)    		 15,150 Goa 150
    Haryana 1,500
    Jammu & Kashmir 700
    Maharashtra 4,000
    Nagaland 300
    Odisha 1,000
    Punjab 500
    Tamil Nadu 2,000
    Telangana 1,000
    Uttar Pradesh 2,500
    West Bengal 1,500
    September 16, 2025
    (Tuesday)    		 23,629 Assam 500
    Bihar 2,000
    Gujarat 1,500
    Haryana 1,000
    Madhya Pradesh 4,800
    Maharashtra 3,000
    Meghalaya 100
    Mizoram 150
    Rajasthan 1,500
    Tamil Nadu 2,000
    Telangana 1,000
    Tripura 579
    Uttarakhand 500
    Uttar Pradesh 2,000
    West Bengal 3,000
    September 23, 2025
    (Tuesday)    		 20,100 Assam 500
    Goa 100
    Haryana 1,500
    Kerala 1,000
    Maharashtra 4,000
    Odisha 1,000
    Punjab 500
    Sikkim 500
    Tamil Nadu 4,000
    Telangana 1,000
    Uttar Pradesh 2,500
    West Bengal 3,500
    September 30, 2025
    (Tuesday)    		 15,100 Assam 500
    Goa 100
    Gujarat 2,000
    Haryana 1,000
    Kerala 1,000
    Maharashtra 4,000
    Punjab 1,000
    Rajasthan 4,000
    Telangana 1,000
    Uttarakhand 500
    Total 2,86,696   2,86,696

    The actual amount of borrowings and the details of the States/UTs participating would be intimated by way of press releases two/ three days prior to the actual auction day and would depend on the requirement of the State Governments/UTs, approval from the Government of India under Article 293(3) of the Constitution of India and market conditions. RBI would endeavour to conduct the auctions in a non-disruptive manner, taking into account the market conditions and other relevant factors and distribute the borrowings evenly throughout the quarter. RBI reserves the right to modify the dates and the amount of auction in consultation with State Governments/UTs.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/613

    MIL OSI Economics –

  • MIL-OSI Africa: Government identifies 59 biodiversity projects to unlock green finance

    Source: South Africa News Agency

    Government has identified 59 bankable biodiversity projects that are expected to generate at least $450,000 in green finance, Minister of Forestry, Fisheries and the Environment, Dr Dion George announced during the department’s budget vote speech in Parliament on Friday.

    These funds were identified through the biodiversity sector investment portal, which links investors with bankable projects as a means of growing the biodiversity economy. 

    The portal is among the initiatives by the Department of Forestry, Fisheries and the Environment (DFFE) has undertaken to position the department as a national leader in environmental financing.

    “In the face of budget cuts, the DFFE is doubling down on financial discipline and innovation to ensure every rand unlocks value for people and the environment. Our proactive spending review, initiated in October 2024, has identified significant cost-saving opportunities,  aiming to redirect resources towards high-impact environmental and conservation initiatives.

    “Each branch is now mandated to explore new revenue streams, reduce unnecessary expenditure, and secure sustainable financing. Work has also begun on draft regulations to unlock the value of carbon credits,” the Minister said.

    These will lay the groundwork for monetising environmental assets under the department’s portfolio – supporting job creation, habitat conservation, private sector investment, and financing of priority programmes. 

    “This marks a bold step toward positioning DFFE as a national leader in environmental financing. To support this broader mandate, we have launched discussions with international donors, private partners, and philanthropies.

    “The Green Fund, managed by the Development Bank of Southern Africa (DBSA), continues to channel public funding into innovative climate, energy, and waste projects. Our investment portal for the biodiversity economy has already spotlighted 59 bankable projects, leading to at least $450,000 in green finance committed,” he said.

    George assured parliament that the department’s entities continue to deliver exceptional impact – conserving our heritage, generating jobs, and building community resilience.

    “The South African National Parks (SANParks)  has placed inclusive development at the centre of its conservation mandate. Over the past five years, it has provided over 21 000 full-time jobs through the Expanded Public Works Programme, supported 3 127 small, micro and medium enterprises (SMMEs), and delivered 2 264 animals to emerging game farmers—ensuring that protected areas become engines of opportunity for surrounding communities.

    “iSimangaliso Wetland Park Authority is advancing its commercialisation strategy, with 62 contracts already signed and new revenue from tourism concessionaires set to flow directly to the entity from 1 September 2025,” the Minister said.

    As the nation’s frontline in early warning systems, the South African Weather Service has issued nearly 1 400 severe weather alerts last year and reached over 2 million vulnerable citizens through a targeted community radio programme and 32 outreach events. 

    “These efforts not only save lives but empower South Africans with climate information they can act on. The South African National Bioinformatics Institute (SANBI), South Africa’s national biodiversity steward, continues to lead in climate finance. A $40 million Green Climate Fund project will launch this year, benefiting over 350,000 people directly and 1.5 million indirectly through investments in ecosystem-based disaster risk reduction.

    “These achievements demonstrate that when we invest in our environmental entities, we invest in jobs, resilience, and a sustainable future,” the Minister said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-Evening Report: The ‘Godfather of Human Rights’ Ken Roth on genocide, Trump and standing up for democracy

    By Richard Larsen, RNZ News producer — 30′ with Guyon Espiner

    The former head of Human Rights Watch — and son of a Holocaust survivor — says Israel’s military campaign in Gaza will likely meet the legal definition of genocide, citing large-scale killings, the targeting of civilians, and the words of senior Israeli officials.

    Speaking on 30′ with Guyon Espiner, Ken Roth agreed Hamas committed “blatant war crimes” in its attack on Israel on October 7 last year, which included the abduction and murder of civilians.

    But he said it was a “basic rule” that war crimes by one side do not justify war crimes by the other.

    There was indisputable evidence Israel had committed war crimes in Gaza and might also be pursuing tactics that fit the international legal standard for genocide, Roth said.

    30′ with Guyon Espiner Kenneth Roth    Video: RNZ

    “The acts are there — mass killing, destruction of life-sustaining conditions. And there are statements from senior officials that point clearly to intent,” Roth said.

    He cited comments immediately after the October 7 attack by Hamas from Israel’s former Defence Minister Yoav Gallant, who referred to Gazans as “human animals”.

    Israeli President Isaac Herzog also said “an entire nation” was responsible for the attack and the notion of “unaware, uninvolved civilians is not true,” referring to the Palestinean people. Herzog subsequently said his words were taken out of context during a case at the International Court of Justice.

    The accusation of genocide is hotly contested. Israel says it is fighting a war of self-defence against Hamas after it killed 1200 people, mostly civilians. It claims it adheres to international law and does its best to protect civilians.

    It blames Hamas for embedding itself in civilian areas.

    But Roth believes a ruling may ultimately come from the International Court of Justice, especially if a forthcoming judgment on Myanmar sets a precedent.

    “It’s very similar to what Myanmar did with the Rohingya,” he said. “Kill about 30,000 to send 730,000 fleeing. It’s not just about mass death. It’s about creating conditions where life becomes impossible.”

    ‘Apartheid’ alleged in Israel’s West Bank
     Roth has been described as the ‘Godfather of Human Rights’, and is credited with vastly expanding the influence of the Human Rights Watch group during a 29-year tenure in charge of the organisation.

    In the full interview with Guyon Espiner, Roth defended the group’s 2021 report that accused Israel of enforcing a system of apartheid in the occupied West Bank.

    “This was not a historical analogy,” he said, implying it was a mistake to compare it with South Africa’s former apartheid regime.

    “It was a legal analysis. We used the UN Convention against Apartheid and the Rome Statute, and laid out over 200 pages of evidence.”

    Kenneth Roth appears via remote link in studio for an interview on season 3 of 30′ with Guyon Espiner. Image: RNZ

    He said the Israeli government was unable to offer a factual rebuttal.

    “They called us biased, antisemitic — the usual. But they didn’t contest the facts.”

    The ‘cheapening’ of antisemitism charges
     Roth, who is Jewish and the son of a Holocaust refugee, said it was disturbing to be accused of antisemitism for criticising a government.

    “There is a real rise in antisemitism around the world. But when the term is used to suppress legitimate criticism of Israel, it cheapens the concept, and that ultimately harms Jews everywhere.”

    Roth said Israeli Prime Minister Benjamin Netanyahu had long opposed a two-state solution and was now pursuing a status quo that amounted to permanent subjugation of Palestinians, a situation human rights groups say is illegal.

    “The only acceptable outcome is two states, living side by side. Anything else is apartheid, or worse,” Roth said.

    While the international legal process around charges of genocide may take years, Roth is convinced the current actions in Gaza will not be forgotten.

    “This is not just about war,” he said. “It’s about the deliberate use of starvation, displacement and mass killing to achieve political goals. And the law is very clear — that’s a crime.”

    Roth’s criticism of Israel saw him initially denied a fellowship at Harvard University in 2023. The decision was widely seen as politically motivated, and was later reversed after public and academic backlash.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –