Category: Banking

  • MIL-OSI Africa: eQUB brings Ethiopia’s traditional saving system into the digital age


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    Fintech company eQUB is digitizing Ethiopia’s traditional savings culture through its mobile app. With support from the NTF V Tech project in Ethiopia, the business is bringing a trusted community system online to improve financial access, transparency and inclusion.

    In Ethiopia, informal saving groups known as ‘equb’ have long helped people access money when formal credit options are limited. It’s a system built on trust, and used by friends, neighbours, and families who pool funds and take turns receiving the total contribution. Now, that familiar tradition is being transformed into a digital platform with global potential.

    With support from the Netherlands Trust Fund V (NTF V) Programme at the International Trade Centre (ITC), Ethiopian fintech company eQUB has developed an app that digitises this centuries-old savings model. Users can create and join groups online, manage contributions, automate payments and record-keeping, and access features such as digital withdrawals and customer support.

    Where the idea came from

    In 2018, eQUB co-founder and CEO Alexander Abay Hizikias struggled to access funding for his business. ‘Banks want collateral that most early-stage entrepreneurs don’t have, and microfinance loans are expensive,’ he says. ‘I ended up joining a traditional equb to get the money I needed, and it made me realize this system could work better if it was digital.’

    After nearly two years of development, eQUB was officially registered in 2020. The first version of the app was based on assumptions, but user feedback quickly showed the team what needed to change. That led to a much-improved second version, shaped by real user input and behaviour.

    The eQUB App is now available in English and four local languages. It offers two main options. In private groups, people who already know each other can manage their equb through the app, using features like automatic record-keeping and secure payments. In public groups, individuals can join others with similar savings goals. The app helps match members and handles the draw system fairly.

    Backed by global support and exposure

    eQUB’s growth has picked up speed since joining the NTF V Ethiopia Tech project. The programme has provided technical training, mentoring, and financial support to help the company take part in international trade shows and startup events.

    Since then, the number of users has grown from 25,000 to over 110,000. Monthly savings through the platform now exceed eight figures in Ethiopian birr, and eQUB is on track to surpass 100 million birr ($720,000) in total savings processed by 2026.

    eQUB gained further recognition at the Mobile World Congress (MWC) and 4YFN (Four Years From Now) in Barcelona, two of the world’s leading platforms for mobile innovation and startups, where it won the Best FinTech Pitch award in 2024. 

    The company also topped the FinTech category at AfricArena Johannesburg, standing out among strong competitors from across the African continent. These wins attracted interest from global investors, some of whom have since visited eQUB’s headquarters in Addis Ababa.

    At the AfricArise Scale Programme, which included mentorship from experienced founders, cloud infrastructure specialists, and finance professionals, eQUB won $50,000 in Amazon Web Services credits at events in Johannesburg and London. These resources have helped reduce the costs of scaling the platform’s technical infrastructure.

    Local impact, global relevance

    The company has already identified similar saving systems in other African countries that follow the same model, such as ‘susu’ in Ghana, ‘esusu’ in Nigeria and ‘stokvels’ in South Africa. 

    ‘People in these countries are already familiar with community savings,’ says Hizikias. ‘Instead of introducing unfamiliar digital banking products, we’re building on what people already trust and making it more secure and trackable.’

    To support this, the eQUB App is developing a credit scoring system based on users’ savings and payout history. ‘Right now, if someone has participated in an equb for 10 years, they have no proof of financial reliability. Our platform creates a digital trail that could help them access formal credit down the line,’ he says.

    Hizikias also has advice for other fintech founders. ‘Before you raise money, prove your product works. Start small, find early users, and focus on solving real problems. Then use international platforms to test your idea against global standards. That’s where you’ll really learn and grow.’

    As eQUB enters its next phase of growth, the company is actively raising its first seed funding round, which it aims to close by the end of 2025. With a growing user base, international recognition, and deep cultural relevance, eQUB is showing how local innovation, when supported and scaled well, can compete and succeed globally.

    Distributed by APO Group on behalf of International Trade Centre.

    MIL OSI Africa

  • MIL-OSI: zerohash Adds Native USDC Support on World Chain

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, June 25, 2025 (GLOBE NEWSWIRE) — zerohash, the leading on-chain infrastructure platform, today announced that it has enabled native support for USDC on World Chain, the blockchain designed for real humans. This expansion of the partnership follows the launch of real-time account funding in World’s Kalshi Mini App, powered by zerohash.

    Through its regulated affiliates, Circle issues USDC and recently upgraded World’s 28 million users from bridged USDC into native USDC. zerohash enables instant liquidity between USDC and USD, unlocking everyday utility for these users.

    zerohash provides critical infrastructure connectivity to traditional and fintech businesses. zerohash is trusted by the world’s leading enterprises including Stripe, Shift4, Bolt, and Simplex by Nuvei to build real-world stablecoin solutions across trading, payments, and tokenization.

    “We’re focused on expanding access to the digital economy for the real human network, and zerohash is helping to power this mission,” said Patrick Traughber, Head of Financial Products at Tools for Humanity, a key contributor to World. “zerohash’s support for native USDC on World unlocks greater opportunity and access for developers building solutions to enable seamless everyday finance on World Chain.”

    “We are delighted to deepen our partnership with World by enabling native USDC support,” said Edward Woodford, CEO and Founder of zerohash. “We look forward to continuing to simplify access to stablecoin technology for developers, so they can build new and novel stablecoin use cases cross-chain, and tap into the millions of global USDC holders on World Chain.”

    zerohash now supports USDC on an industry-leading 15 networks. Its infrastructure abstraction layer solves cross-chain interoperability, enabling value to move on-chain, anytime, anywhere, by anyone.

    About zerohash
    zerohash is the leading infrastructure provider for crypto, stablecoin, and tokenized assets. Its API and embeddable dev-kit enables innovators to easily launch solutions across cross-border payments, commerce, trading, remittance, payroll, tokenization, and on/off-ramps.

    zerohash powers solutions for some of the largest and innovative companies including Interactive Brokers, Stripe, Shift4, Franklin Templeton, Felix Pago, Kalshi, and LightSpark. Zerohash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    In the United States, Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 U.S. jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Zero Hash Trust Company LLC has been approved by the North Carolina Commissioner of Banks as a non-depository trust company. For information about our global regulatory footprint, including our Argentinian registrations, see here.

    zerohash Disclosures

    The zerohash services and product offerings may not be available in all jurisdictions, including in the State of New York. Crypto and stablecoin holdings held in zerohash accounts are not subject to FDIC or SIPC protections in the U.S., or any such equivalent protections that may exist outside of the U.S. zerohash’s technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero.

    *Staking services are not available to New York customers.

    Learn more by visiting zerohash.com or following us on X @ZeroHashX

    Media Contacts
    zerohash
    Shaun O’Keeffe
    (855) 744-7333
    media@zerohash.com

    The MIL Network

  • India’s economy resilient amid global uncertainties: RBI

    Source: Government of India

    Source: Government of India (4)

    India’s economy remains resilient despite heightened global uncertainties, with high-frequency indicators for May pointing to sustained growth across industrial and services sectors, the Reserve Bank of India (RBI) said on Wednesday in its monthly bulletin.

    The report noted broad-based growth in agricultural output for 2024-25, with most major crops seeing an uptick in production. Retail inflation remained subdued, staying below the target for the fourth consecutive month in May.

    “Financial conditions remained conducive to efficient transmission of rate cuts,” the bulletin said.

    The RBI observed that the global economy is in flux due to trade policy uncertainties and geopolitical tensions. However, India’s provisional GDP estimates for 2024-25 reaffirm growth at 6.5%, with a significant sequential pickup in the fourth quarter.

    Among countries surveyed for the Purchasing Managers’ Index (PMI), India posted the highest overall activity and was an outlier for new export orders in May amid contractions elsewhere. Capacity utilisation by manufacturing firms stayed above its long-term average.

    High-frequency demand indicators also signalled a pickup in rural demand, driven by strong agricultural output. Consumer confidence remained stable, with optimism about future prospects improving.

     

     

    Retail inflation stayed benign as food prices eased on the back of record crop production. Core inflation also remained stable, with some softening evident after excluding the impact of volatile gold and silver prices.

    Equity markets posted modest gains through May and June despite volatility on global cues, the report added. Markets rebounded on June 20 after a sharp dip driven by geopolitical tensions in the Middle East.

    Although credit growth moderated in April — notably in agriculture and services — non-bank sources of credit, including external commercial borrowings, remained robust. Financial conditions were supportive of rate cut transmission to the credit market, the report said.

    The RBI also noted that the external sector was resilient, with adequate foreign exchange reserves to cover imports and debt.

    IANS

  • India’s economy resilient amid global uncertainties: RBI

    Source: Government of India

    Source: Government of India (4)

    India’s economy remains resilient despite heightened global uncertainties, with high-frequency indicators for May pointing to sustained growth across industrial and services sectors, the Reserve Bank of India (RBI) said on Wednesday in its monthly bulletin.

    The report noted broad-based growth in agricultural output for 2024-25, with most major crops seeing an uptick in production. Retail inflation remained subdued, staying below the target for the fourth consecutive month in May.

    “Financial conditions remained conducive to efficient transmission of rate cuts,” the bulletin said.

    The RBI observed that the global economy is in flux due to trade policy uncertainties and geopolitical tensions. However, India’s provisional GDP estimates for 2024-25 reaffirm growth at 6.5%, with a significant sequential pickup in the fourth quarter.

    Among countries surveyed for the Purchasing Managers’ Index (PMI), India posted the highest overall activity and was an outlier for new export orders in May amid contractions elsewhere. Capacity utilisation by manufacturing firms stayed above its long-term average.

    High-frequency demand indicators also signalled a pickup in rural demand, driven by strong agricultural output. Consumer confidence remained stable, with optimism about future prospects improving.

     

     

    Retail inflation stayed benign as food prices eased on the back of record crop production. Core inflation also remained stable, with some softening evident after excluding the impact of volatile gold and silver prices.

    Equity markets posted modest gains through May and June despite volatility on global cues, the report added. Markets rebounded on June 20 after a sharp dip driven by geopolitical tensions in the Middle East.

    Although credit growth moderated in April — notably in agriculture and services — non-bank sources of credit, including external commercial borrowings, remained robust. Financial conditions were supportive of rate cut transmission to the credit market, the report said.

    The RBI also noted that the external sector was resilient, with adequate foreign exchange reserves to cover imports and debt.

    IANS

  • MIL-OSI United Kingdom: SNP happy to give public money to Israel’s weapons manufacturers

    Source: Scottish Greens

    Scottish Enterprise are set to continue funding arms companies linked to Israel and Saudi Arabia such as Leonardo, Raytheon and BAE Systems. The move has been condemned by the Scottish Greens as “shameful”.

    Companies receiving funds through Scottish Enterprise are meant to be subject to a human rights due diligence check, but no company has ever failed these checks.

    A new report in The Ferret has highlighted that despite a genocide taking place in Gaza, only four human rights checks were carried out on arms companies between January 2022 and April 2025, all of which have passed.

    The Scottish Greens used a parliamentary debate in February to force the Scottish Government into undertaking a review of these human rights checks to ensure that Scotland is meeting its international obligations.

    The review has concluded that despite funding the manufacturer of parts for F-35s and other military technology, Scottish Enterprise have never funded munitions – completely missing the point of the review.

    Since the review began in February over 10,000 people have been murdered in Palestine.

    Reacting to the review, Scottish Greens Co-Leader Lorna Slater MSP said:

    “I am honestly shocked at this outcome, the SNP have been right to call out Westminster’s disgraceful complicity in Israel’s war crimes but when it came to taking action here in Scotland the SNP have shamefully chosen the future of war profiteers over the lives of innocent Palestinians.

    “Not a single penny of public money should be spent on funding arms companies that are profiting from war crimes and genocide in Gaza and the West Bank.

    “This decision shows that the SNP not only know about their funding of Israel’s arms dealers, but they are happy to green light future deals!

    “The SNP have been happy to talk the talk when it comes to rightly condemning Labour’s bloody hands in this conflict, but when it really counted they’ve done nothing but try to sweep their continued funding of these arms dealers under the rug.

    “We cannot sit back and continue to allow Scottish tax payers money to be spent on funding war profiteers. Scottish Greens will continue our fight to end Scotland’s complicity in Israel’s genocide.”

    MIL OSI United Kingdom

  • MIL-OSI Russia: China launches 300 billion yuan medium-term lending facility

    Translation. Region: Russian Federal

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

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

    BEIJING, June 25 (Xinhua) — The People’s Bank of China (PBOC, the central bank) on Wednesday launched a 300 billion yuan (about 41.86 billion U.S. dollars) medium-term lending facility (MLF) to maintain sufficient liquidity in the banking system.

    According to the regulator, the one-year transaction was carried out on a fixed-quantity basis and interest-rate trading.

    With 182 billion yuan of MLF maturing this month, net inflows through the facility in June were only 118 billion yuan.

    Earlier this month, the PBOC also conducted two direct reverse repos, which brought in a total of 200 billion yuan of net liquidity, bringing the total medium-term net liquidity injections for June to 318 billion yuan.

    Analysts note that as government bond issuance accelerates, sustained liquidity support plays a key role in reducing funding volatility and strengthening market expectations. -0-

    MIL OSI Russia News

  • MIL-OSI Banking: Growing Retail Digital Payments: The Value of Interoperability

    Source: International Monetary Fund

    Preview Citation

    Format: Chicago

    Alexander Copestake, Divya Kirti, and Maria Soledad Martinez Peria. “Growing Retail Digital Payments: The Value of Interoperability”, Fintech Notes 2025, 004 (2025), accessed June 25, 2025, https://doi.org/10.5089/9798229014250.063

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    Summary

    Policymakers in many countries aim to increase the uptake of retail digital payment systems. This Note examines whether interoperability can help achieve this goal. We provide a conceptual framework that explains how interoperability can support the adoption of digital payments by increasing users’ freedom to choose their favorite app. We present evidence consistent with this framework using granular data covering the universe of transactions on India’s Unified Payments Interface (UPI), an interoperable platform that has become the world’s largest retail fast payment system by volume. We find that interoperability has indeed supported adoption, suggesting that promoting interoperability could be a promising policy lever for countries seeking to transition away from cash.

    Subject: Digital financial services, Financial markets, Financial regulation and supervision, Financial services, Fintech, Monetary policy, Money, Payment systems, Technology

    Keywords: Digital financial services, Fintech, Fintech, Interoperability, Networks, Payment systems, Payments, UPI

    Publication Details

    MIL OSI Global Banks

  • MIL-OSI United Nations: 25 June 2025 Joint News Release Energy Access Has Improved, Yet International Financial Support Still Needed to Boost Progress and Address Disparities

    Source: World Health Organisation

    Tracking SDG 7: The Energy Progress Report 2025 finds that almost 92% of the world’s population now has basic access to electricity Although this is an improvement since 2022, which saw the number of people without basic access decrease for the first time in a decade, over 666 million people remain without access, indicating that the current rate is insufficient to reach universal access by 2030. Clean cooking access is progressing but below the rates of progress seen in the 2010s, as efforts remain hobbled by setbacks during the Covid-19 pandemic, following energy price shocks, and debt crises.

    Released today, the latest edition of the annual report that tracks progress towards Sustainable Development Goal (SDG) 7 highlights the role of distributed renewable energy (a combination of mini-grid and off-grid solar systems) to accelerate access, since the population remaining unconnected lives mostly in remote, lower-income, and fragile areas. Cost-effective and rapidly scalable, decentralised solutions are able to reach communities in such rural areas.

    Decentralised solutions are also needed to increase access to clean cooking. With an estimated 1.5 billion people residing in rural areas still lacking access to clean cooking, the use of off-grid clean technologies, such as household biogas plants and mini-grids that facilitate electric cooking, can provide solutions that reduce health impacts caused by household air pollution. Over 670 million people remain without electricity access, and over 2 billion people remain dependent on polluting and hazardous fuels such as firewood and charcoal for their cooking needs.

    Notable progress was made in different indicators. The international financial flows to developing countries in support of clean energy grew for the third year in a row to reach USD 21.6 billion in 2023.  Installed renewables capacity per capita continued to increase year-on-year to reach a new high of 341 watts per capita in developing countries, up from 155 watts in 2015.

    Yet regional disparities persist, indicating that particular support is needed for developing regions. In sub-Saharan Africa – which lags behind across most indicators – renewables deployment has rapidly expanded but remains limited to 40 watts of installed capacity per capita on average which is only one-eighth of the average of other developing countries. Eighty-five percent of the global population without electricity access reside in the region, while four in five families are without access to clean cooking. And the number of people without clean cooking access in the region continues to grow at a rate of 14 million people yearly.

    The report identified the lack of sufficient and affordable financing as a key reason for regional inequalities and slow progress. To build on the achievements to date and avoid any further regressions on access to electricity and clean cooking due to looming risks in global markets, the report calls for strengthened international cooperation of public and private sectors, to scale up financial support for developing countries, especially in sub-Saharan Africa. Urgent actions include reforms in multilateral and bilateral lending to expand the availability of public capital; more concessional finance mobilisation, grants, and risk mitigation instruments; improvement in risk tolerance among donors; as well as appropriate national energy planning and regulations.

    Key findings across primary indicators

    • Almost 92% of the world’s population now has access to electricity, leaving over 666 million people without electricity in 2023, with around 310 million people gaining access since 2015. Eighteen of the 20 countries with the largest electricity access deficits in 2023 were in sub-Saharan Africa. The greatest growth in access between 2020 and 2023 occurred in Central and Southern Asia, with both regions making significant strides towards universal electricity access, reducing their basic access gap from 414 million in 2010 to just 27 million in 2023.
    • Little to no change was observed in access to clean fuels and technologies for cooking between 2022 and 2023. Although the number of the world’s population with access to clean cooking fuels and technologies increased from 64% in 2015 to 74% in 2023, around 2.1 billion people remain dependent on polluting fuels and technologies. If current trends continue, only 78% of the global population will have access to clean cooking by 2030.
    • In 2022, the global share of renewable energy sources in total final energy consumption (TFEC) was 17.9% as TFEC continued to increase gradually, while installed renewable energy capacity reached 478 watts per capita in 2023, indicating almost 13% growth from 2022. But progress is not sufficient to meet international climate and sustainable development goals. In addition, global efforts must address significant disparities. Despite progress in expanding renewable capacity, least developed countries and sub-Saharan Africa had only 40 watts per capita in installed renewables capacity, compared to developed countries which had over 1,100 watts installed.
    • Global energy efficiency experienced sluggish progress in recent years. The global trend shows that primary energy intensity, defined as the ratio of total energy supply to gross domestic product, declined by 2.1% in 2022. Although it is an improvement of more than four times the weak 0.5% improvement rate of 2021, it is insufficient to meet the original SDG 7.3 target. Going forward, energy intensity needs to improve by 4% per year on average. 
    • International public financial flows to developing countries in support of clean energy increased by 27% from 2022, reaching USD 21.6 billion in 2023.  However, the report reveals that the developing world received fewer flows in 2023 than in 2016, when commitments peaked at USD 28.4 billion. Despite gradual diversification, funding remained concentrated, with only two sub-Saharan African countries in the top five recipients. Debt-based instruments drove most of the increase in international public flows in 2023, accounting for 83% in 2023, while grants made up only 9.8% of flows.

    The report will be presented to decision-makers at a special launch event on 16 July 2025 at the High-Level Political Forum on Sustainable Development in New York, which oversees progress on the SDGs.

    Quotes

    Fatih Birol, Executive Director, International Energy Agency

    “Despite progress in some parts of the world, the expansion of electricity and clean cooking access remains disappointingly slow, especially in Africa. This is contributing to millions of premature deaths each year linked to smoke inhalation, and is holding back development and education opportunities. Greater investment in clean cooking and electricity supply is urgently required, including support to reduce the cost of capital for projects.”

    Francesco La Camera, Director-General, International Renewable Energy Agency

    “Renewables have seen record growth in recent years, reminding the world of its affordability, scalability, and its role in further reducing energy poverty. But we must accelerate progress at this crunch time. This means overcoming challenges, which include infrastructure gaps. The lack of progress, especially on infrastructure, is a reflection of limited access to financing. Although international financial flows to developing countries in support of clean energy grew to USD 21.6 billion in 2023, only two regions in the world have seen real progress in the financial flows. To close the access and infrastructure gaps, we need strengthened international cooperation to scale up affordable financing and impact–driven capital for the least developed and developing countries.”

    Stefan Schweinfest, Director, United Nations Statistics Division

    “This year’s report shows that now is the time to come together to build on existing achievements and scale up our efforts. Despite advancements in increasing renewables-based electricity, which now makes up almost 30 percent of global electricity consumption, the use of renewables for other energy-related purposes remains stagnant. While energy intensity improved in 2022, overall progress remains weak, threatening economic growth and the energy efficiency goals agreed upon at COP28. The clock is ticking. The findings of this year’s report should serve as a rallying point, to rapidly mobilize efforts and investments, so that together, we ensure sustainable energy for all by 2030.”

    Guangzhe Chen, Vice President for Infrastructure, World Bank

    “As we approach the five-year mark to achieve the SDG7 targets, it is imperative to accelerate the deployment of electricity connections, especially in Sub-Saharan Africa, where half of the 666 million people lacking access reside. As part of the Mission 300 movement, 12 African nations have launched national energy compacts, in which they commit to substantial reforms to lower costs of generation and transmission, and scale up distributed renewable energy solutions. Initiatives such as this unite governments, the private sector, and development partners in a collaborative effort.

    Dr Tedros Adhanom Ghebreyesus, WHO Director-General, World Health Organization

    “The same pollutants that are poisoning our planet are also poisoning people, contributing to millions of deaths each year from cardiovascular and respiratory diseases, particularly among the most vulnerable, including women and children,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “We urgently need scaled-up action and investment in clean cooking solutions to protect the health of both people and planet—now and in the future.”

    About the report

    This report is published by the SDG 7 custodian agencies, the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA), the United Nations Statistics Division (UNSD), the World Bank, and the World Health Organization (WHO) and aims to provide the international community with a global dashboard to register progress on energy access, energy efficiency, renewable energy and international cooperation to advance SDG 7.

    This year’s edition was chaired by IRENA.  

    The report can be downloaded at https://trackingsdg7.esmap.org/

    Funding for the report was provided by the World Bank’s Energy Sector Management Assistance Program (ESMAP).

    MIL OSI United Nations News

  • MIL-OSI Asia-Pac: FS continues visit to Tianjin (with photos)

    Source: Hong Kong Government special administrative region

    ​The Financial Secretary, Mr Paul Chan, continued his visit to Tianjin today (June 25) to attend the World Economic Forum Annual Meeting of the New Champions 2025 (also known as the Summer Davos). In the evening, he travelled to Beijing to attend the Host Member Gala Dinner for the 10th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB).

    In the morning, Premier Li Qiang attended the opening ceremony of the Summer Davos and delivered a speech. In addition to attending the opening ceremony, Mr Chan participated in a discussion session in the afternoon titled, “Is the Asian Century at Risk?”. Other regional leaders in attendance included the Prime Minister of Vietnam, Mr Pham Minh Chinh; the Deputy Chairperson of Indonesia’s Gerindra Party, Ms Rahayu Saraswati Djojohadikusumo; and the Minister of Industry and Entrepreneurship Development, Mr Sunil Handunneththi. The discussion focused on how Asia could address local development and external challenges amid the current geopolitical tensions, trade barriers and technological transformation.

    During the session, Mr Chan remarked that the Asian region is developing rapidly, with Hong Kong benefitting from its unique position under “one country, two systems”. He highlighted Hong Kong’s dual advantages of priority access to the Mainland’s market and its connectivity to the global economy, serving as a gateway between the Mainland and the world. As an international financial centre, Hong Kong facilitates efficient two-way capital flows and cross-border financial co-operation within Asia and between Asia and other regions. In the current international geopolitical and economic environment, Hong Kong is actively supporting Mainland enterprises in expanding internationally and building global industry chains and supply chains.

    In response to questions, Mr Chan emphasised that since the implementation of the Hong Kong National Security Law, Hong Kong has provided a more stable and secure business environment that allows society to focus on economic development. He pointed out that the performance of Hong Kong’s capital markets over the past year, along with surveys conducted by various foreign chambers of commerce, demonstrates that international investors are showing confidence in Hong Kong with their capital and actions. Mr Chan further noted that Hong Kong’s openness, diversity and international outlook under “two systems”, along with its common law system, remain key advantages in attracting international businesses and talent.

    Mr Chan also met with the Chairman ad interim of the World Economic Forum, Mr Peter Brabeck-Letmathe, during which he briefed him on Hong Kong’s latest economic developments, including progress in the financial and innovation and technology (I&T) sectors. The two sides also explored opportunities to strengthen co-operation in technological innovation and personnel exchanges. Mr Chan expressed gratitude to the World Economic Forum for offering secondment opportunities to Hong Kong SAR Government personnel, enabling them to gain more international exposure.

    During his time in Tianjin, Mr Chan participated in the following activities:

    (1) A thematic session titled “Funding China’s Next Tech Breakthrough” hosted by the Hong Kong Exchanges and Clearing Limited, where he shared with representatives from investment banks, funds, asset management firms, I&T companies and think tanks how Hong Kong provides a full range of fundraising options – from start-up investments to stock market listings – to provide financial support to the accelerated development of I&T enterprises;

    (2) An exchange session between technology enterprises from Tianjin and Hong Kong organised by Hong Kong Science and Technology Parks Corporation, where Mr Chan introduced the dual advantages of Hong Kong’s financial and I&T synergy to I&T enterprises from Tianjin and Hong Kong, and accelerating the development of I&T through financial empowerment. Some members of the I&T delegation on the visit also participated in the session, where they explored collaboration opportunities with Tianjin’s I&T companies; and

    (3) A gathering hosted by the Hong Kong Chamber of Commerce in Tianjin, where Mr Chan shared updates on Hong Kong’s economy, future development directions, and opportunities for further strengthening co-operation between Tianjin and Hong Kong in finance, trade and I&T.

    After concluding his visit to Tianjin, Mr Chan proceeded to Beijing to attend the Host Member Gala Dinner for the 10th Annual Meeting of the Board of Governors of the AIIB.

    Mr Chan will attend the 10th Annual Meeting of the Board of Governors of the AIIB tomorrow (June 26).

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Christopher Hui attends AIIB meeting

    Source: Hong Kong Information Services

    Secretary for Financial Services & the Treasury Christopher Hui said today Hong Kong shares the Asian Infrastructure Investment Bank’s (AIIB) mission of providing high-quality financial disclosures as a reliable player that builds trust with stakeholders.

    He made the statement during a side event at the AIIB’s 10th Annual Meeting of the Board of Governors on “Implementing the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) from the Ground Up: The AIIB Journey”.

    Mr Hui noted that while the AIIB is one of the first multilateral development banks to adopt the ISSB Standards, Hong Kong was also confirmed by the International Financial Reporting Standards Foundation earlier this month as among the initial set of jurisdictions having set a target of fully adopting the ISSB Standards.

    He said: “By aligning with a global standard, we ensure international comparability of our data. This not only boosts investor confidence but also creates a strong foundation for new opportunities.”

    The Hong Kong Special Administrative Region Government will continue to work in collaboration with financial regulators and stakeholders to support the pragmatic implementation of the ISSB Standards through enhancing capacity building and promoting the use of technological solutions, Mr Hui added.

    In addition, Mr Hui also spoke on “Fostering Development and Infrastructure Connectivity” at the Governors’ Business Roundtable in the afternoon.

    He shared with delegations from other member states Hong Kong’s efforts in fostering development in sustainable finance as well as developing diverse and innovative financial products.

    The latter includes the roll-out of the Infrastructure Bond Programme and the issuance of infrastructure loan-backed securities by the Hong Kong Mortgage Corporation (HKMC) with the AIIB as an anchor investor. He told the delegations that a third issuance by the HKMC can be expected this year.

    At the AIIB President’s Reception and the Special Session of the Board of Governors’ meeting held yesterday, Mr Hui met AIIB President Jin Liqun and AIIB President-elect Zou Jiayi.

    He also met financial officials of other member states to update them on Hong Kong’s latest developments in green and sustainable finance, and the recent vibrant financial market situation.

    Additionally, Mr Hui held bilateral meetings separately with delegations from Egypt, Germany and Poland on the sidelines of the annual meeting to explore opportunities for further co-operation.

    During his stay in Beijing, Mr Hui met Industrial & Commercial Bank of China President Liu Jun and China Construction Bank Chief Financial Officer Sheng Liurong.

    MIL OSI Asia Pacific News

  • MIL-OSI: CapEx Finance Index (CFI) May 2025: Demand Rose; Financial Conditions Remained Healthy

    Source: GlobeNewswire (MIL-OSI)

    • FORECAST: New business volumes suggest a 0.7% increase in new durable goods orders in May.
    • Total new business volume (NBV) rose by $10.3 billion seasonally adjusted among surveyed ELFA member companies, an increase of 3.0% from the prior month.
    • NBV year-to-date contracted by 1.2% relative to the same period in 2024.
    • Year-over-year, NBV dropped by 3.7% on a non-seasonally adjusted basis.

    WASHINGTON, June 25, 2025 (GLOBE NEWSWIRE) — “The May CFI survey confirmed that the equipment finance industry had a good start to 2025. Demand for new equipment picked up in the latest data, particularly at captive businesses, and industry-wide financial conditions remained healthy,” said Leigh Lytle, President and CEO at ELFA. “The May delinquency data was largely unchanged after accounting for an outlier, and losses were stable, both good signs considering the restrictive stance of monetary policy. The slow bite of tariffs may still emerge this summer, and conflict abroad could impact energy prices and supply chains, but the string of solid CFI surveys is yet another clear indication that the equipment finance industry is going to be tough to slow down in 2025.”

    New business volumes picked up. New business volumes rose by 3.0% in May from the previous month to $10.3 billion. The increase was nearly exactly in line with the recent two-year trend. New business volumes for small ticket deals were up 17.8%, the fifth consecutive month of double-digit volatility. It was also a nearly complete reversal from the 18.3% decline in the prior month. New volumes grew by 14% at captives and 5.0% at independents from April to May but declined by 3.0% at banks. That contrasts with the recent increase in bank volumes relative to captives and independents. The six-month rolling average of activity at banks as a share of total new volume activity jumped by 7.3 percentage points over the last year. That gain has come at the expense of new deals at captives, where the share of new activity has dropped by a nearly identical 7.3 percentage points.

    Employment levels were lower than at the same time last year. The 12-month change in total employment was down 1.2% from May 2024. That’s an eight-tenths improvement from the 2.0% decline that was recorded in April. Employment was up at banks and independents and down at captives.

    Credit approvals remained elevated. The overall credit approval rate edged down by four-tenths of a percentage point to 77%. The May rate is the second highest reading in the last two years; the highest was last month at 77.4%. The average approval rate on small ticket items declined by half of a percentage point but also remained near its two-year high.

    Financial conditions were largely unchanged. Industry-wide delinquencies rose by more than percentage point, from 1.8% to 2.9%, from April to May. Adjusting for an outlier showed a more modest rise in 30-day aging receivables of around a tenth of a percentage point to 1.9%. Delinquencies for small ticket deals and at independent companies were also impacted. The loss rate was essentially unchanged from April.

    “New business activity has been strong for our equipment finance business this year and up significantly from the first five months of 2024 as economic fundamentals that we favor—labor market strength, moderating inflation, easing monetary policy, strong corporate earnings—remain resilient,” said David Drury, Senior Vice President and Head of Commercial Specialty Lending, Fifth Third Bank, National Association. “However, we suspect these fundamentals will deteriorate until a clear path forward for global trade is agreed upon by policymakers and businesses alike, and may present headwinds for equipment financing activity in the second half of the year.”

    Industry Confidence
    The Monthly Confidence Index from ELFA’s affiliate, the Equipment Leasing & Finance Foundation, increased to 58.2 in June, rebounding from tariff pressures after dramatic lows in April and May.

    About ELFA’s CFI
    The CapEx Finance Index (CFI) is the only real-time dataset that tracks nationwide conditions in the equipment financing industry. The information is compiled from a diversified set of businesses that respond to questions about demand for equipment financing, employment, and changes in financial conditions. The resulting data is organized by institution type, such as banks, captives, and independents, and is classified into overall activity and financing for small ticket equipment and software. The CFI is released monthly from Washington, D.C., generally one day before the U.S. Department of Commerce’s durable goods report. More detail on the data and methodology can be found at www.elfaonline.org/CFI.

    About ELFA
    The Equipment Leasing & Finance Association (ELFA) represents financial services companies and manufacturers in the $1 trillion U.S. equipment finance sector. ELFA’s over 600 member companies provide essential financing that helps businesses acquire the equipment they need to operate and grow. Learn how equipment finance contributes to businesses’ success, U.S. economic growth, manufacturing and jobs at www.elfaonline.org.

    Follow ELFA:
    X: @ELFAonline
    LinkedIn: https://www.linkedin.com/company/115191 

    Media/Press Contact: Jane Esworthy, Vice President, Communications & Marketing, ELFA, jesworthy@elfaonline.org

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5541bc2-8141-4f5e-a659-55cac4443beb

    The MIL Network

  • MIL-OSI: Hanover Bank Opens Tenth Branch in Port Jefferson, Long Island Enhancing Banking Services to Suffolk County

    Source: GlobeNewswire (MIL-OSI)

    PORT JEFFERSON, N.Y., June 25, 2025 (GLOBE NEWSWIRE) — Hanover Community Bank (“Hanover Bank”), the bank subsidiary of Hanover Bancorp (Nasdaq “HNVR”), is excited to announce the opening of its tenth branch, located in the historic and bustling village of Port Jefferson on Long Island. This expansion marks a significant step in Hanover Bank’s strategic growth, strengthening its commitment to serving both businesses and individual consumers across the Long Island region and beyond.

    Strategically situated to serve the thriving Suffolk County area, the new Port Jefferson branch offers a full spectrum of commercial banking services, including commercial lending, treasury management, and cash flow solutions, to businesses of all sizes. In addition, the branch provides robust consumer banking services such as checking and savings accounts, personal loans, and digital banking tools.

    “This opening marks an exciting milestone for Hanover Bank as we continue to grow in Suffolk County,” said Michael P. Puorro, Chairman and CEO of Hanover Bank. “Port Jefferson is a vibrant center of business and community activity, and we’re excited to bring our relationship-focused banking approach to this important market. Our goal is to deliver personalized, high-touch financial services that empower local residents and businesses while contributing to long-term economic development.”

    Conveniently located at One North Country Road, Port Jefferson, New York, the branch features modern design elements and dedicated spaces for consultations, making it easy for our clients to access the banking expertise they need in a welcoming environment.

    As Hanover Bank’s second branch in Suffolk County, the new Port Jefferson location plays a key role in the Bank’s strategic expansion to deliver tailored, community-focused financial support to this revitalized hub and the surrounding areas. This location joins Hanover’s expanding network of branches across Long Island, the New York metropolitan area, and Freehold, New Jersey. With ten branches now serving a diverse range of communities, Hanover Bank remains committed to its core mission: providing trusted, relationship-driven banking that consistently puts the customer first.

    “Hanover Bank is proud to hire professionals who live and work in the communities we serve—reinforcing our commitment to building strong relationships and understanding the unique needs of each community and greater Long Island,” concluded Mr. Puorro.

    To celebrate the opening, Hanover Bank invites business leaders, residents, and community stakeholders to stop by and meet the local banking team and learn about the range of financial services now available in the heart of Port Jefferson. A formal Grand Opening cocktail party will be held at a later date.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Port Jefferson, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Press Contact:
    Ms. Annette Esposito
    First VP – Director of Marketing
    (516) 548-8500

    The MIL Network

  • MIL-OSI: Stabilization Notice – PRE STAB – DOLCETTO HOLDCO S.P.A.

    Source: GlobeNewswire (MIL-OSI)

    25/06/2025

    Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

     DOLCETTO HOLDCO S.P.A. 

    Pre-stabilisation Period Announcement

    BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222 hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU/2016/1052 under the Market Abuse Regulation (EU/596/2014).

    The securities:1  
    Issuer:  DOLCETTO HOLDCO S.P.A. 
    Guarantor (if any): N/A
    Aggregate nominal amount: TBC
    TBC
    Description: EUR 7yr Fixed
    EUR 7yr FRN
    Offer price: TBC
    TBC
    Other offer terms:  
    Stabilisation:  
    Stabilisation Manager(s) BNP Paribas, Barclays, Deutsche Bank, Intesa, Mizuho, CACIB, KKR
    Stabilisation period expected to start on: 25/6/25
    Stabilisation period expected to end no later than: 13/08/25
    Existence, maximum size and conditions of use of over‑allotment facility: The Stabilisation Manager(s) may over‑allot the securities to the extent permitted in accordance with applicable law.
    Stabilisation trading venue: OTC

    In connection with the offer of the above securities, the Stabilisation Manager(s) may over‑allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time. Any stabilisation action or over‑allotment shall be conducted in accordance with all applicable laws and rules.

    This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

    This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

    In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, the UK or any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in the UK or that Member State in accordance with Regulation (EU) 2017/1129 (the “Prospectus  Regulation”) (or which has been approved by a competent authority in another Member State and notified to the competent authority in the UK or that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in the UK or that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in the UK or that Member State.

    This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States. 

    The MIL Network

  • MIL-OSI: ConnectOne Bancorp Strengthens Executive Leadership By Appointing Legal Advisor Robert Schwartz to General Counsel

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD CLIFFS, N.J., June 25, 2025 (GLOBE NEWSWIRE) — ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), announced the appointment of Robert A. Schwartz as General Counsel, effective June 1, 2025. This strategic appointment reinforces ConnectOne’s commitment to strengthening executive leadership capabilities as it accelerates growth following the successful completion of its merger with First of Long Island Corporation (formerly Nasdaq: FLIC).

    A recognized leader in the banking industry with deep expertise in mergers and acquisitions, securities law, and bank regulatory frameworks, Schwartz brings decades of legal and strategic experience to ConnectOne. In this role, he will advise the Board of Directors and executive leadership on legal, regulatory and business risks in an evolving operating environment. The appointment comes at a pivotal time for ConnectOne, as the Company recently reached nearly $14 billion in assets.

    Schwartz has served as a trusted legal advisor to ConnectOne since its inception, playing a foundational role in the Bank’s formation, IPO and multiple transactions throughout its 20-year history.

    “Mr. Schwartz has been an integral player to the bank since day one, and we look forward to working with him in this new capacity,” said Frank Sorrentino III, ConnectOne’s Chairman & CEO. “His ability to balance legal acumen with business strategy will be instrumental in driving the success of the newly expanded institution as we prepare for our next chapter of growth. Bringing someone of his caliber in-house reflects the strength of our platform and our focus on building an industry-leading leadership team.”

    “After two decades of helping ConnectOne navigate many major milestones—from our formation to our IPO to strategic acquisitions—I’m energized to now lead our legal strategy from within,” said Schwartz. “This transition from trusted advisor to executive team member is a testament to ConnectOne’s ambitious vision. Together, we’re positioned to capitalize on the growing opportunities in today’s dynamic banking landscape.”

    Prior to joining the bank, Schwartz served as a Partner at Windels Marx, where he specialized in advising financial institutions on mergers and acquisitions, and bank regulatory and securities law. Schwartz holds a J.D. from Fordham Law School and a B.A. from Fordham University. He is a member of both the New Jersey and New York Bar.

    About ConnectOne Bancorp, Inc.
    ConnectOne Bancorp, Inc., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol “CNOB,” and information about ConnectOne may be found at https://www.connectonebank.com.

    Investor Contact:

    William S. Burns
    Senior Executive VP & CFO
    201.816.4474: bburns@cnob.com

    Media Contact:

    Shannan Weeks, MWW
    732.299.7890: sweeks@mww.com

    The MIL Network

  • Sensex, Nifty rise for 2nd day as geopolitical tensions ease, oil prices fall

    Source: Government of India

    Source: Government of India (4)

    Indian stock markets extended their gains for the second straight day on Wednesday, supported by strong buying in media and technology shares.

    Investors were relieved after crude oil prices dropped and tensions between Iran and Israel eased following a ceasefire.

    The Sensex closed 700.4 points higher at 82,755.51, gaining 0.85 per cent. The Nifty also rose by 200.40 points to settle at 25,244.75, up 0.8 per cent.

    Titan Company, M&M, Infosys, Power Grid, TCS and Bharti Airtel emerged as the top gainers on the Sensex, with gains of up to 3.6 per cent.

    On the other hand, BEL, Kotak Mahindra Bank and Axis Bank were the major laggards, falling as much as 3 per cent.

    The broader markets saw a positive trend as well. The Nifty MidCap index gained 0.44 per cent, while the Nifty SmallCap index jumped 1.5 per cent.

    Among sectoral indices, Nifty Media was the top performer with a 1.99 per cent rise, followed by Nifty IT which went up 1.64 per cent, and Nifty Consumer Durables which gained 1.43 per cent.

    Market sentiment improved due to the drop in oil prices and reduced geopolitical risk, which helped boost risk appetite among investors.

    Analysts believe that these developments have brought temporary relief to the markets, despite continued selling by foreign investors.

    Vinod Nair of Geojit Financial Services, said that the easing of tensions in the Middle East and the softening of crude oil prices have played a key role in the market’s recovery.

    “Indian equity markets have staged a recovery, supported by easing geopolitical tensions in the Middle East and a moderation in crude oil prices,” Nair stated.

    He added that domestically, a favourable monsoon forecast, and moderating inflation are further underpinning the optimism.

    Meanwhile, the Indian Rupee traded flat near 86.10 after a sharp rally of over 0.75 seen in the previous session, taking a breather within a narrow range of 86.00-86.15.

    “Market participants are now eyeing upcoming triggers from the US, including the PCE Price Index and GDP data later this week. The Rupee is expected to trade in a range of 85.70 to 86.25,” Jateen Trivedi of LKP Securities mentioned.

    (IANS)

  • MIL-OSI USA: Disaster Recovery Centers in Anderson, Daviess and Hopkins Counties to Close Permanently; Help is Still Available

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Centers in Anderson, Daviess and Hopkins Counties to Close Permanently; Help is Still Available

    Disaster Recovery Centers in Anderson, Daviess and Hopkins Counties to Close Permanently; Help is Still Available

    FRANKFORT, Ky

    –The Disaster Recovery Centers in Anderson, Daviess and Hopkins counties are scheduled to close permanently this week

    Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides can still apply for FEMA assistance

      Hopkins County – Closing permanently Wednesday, June 25, at 7 p

    m

    CTLocation: Hopkins County Fairground605 E

    Arch St, Madisonville, KY 42431Working hours until closure: Monday through this Wednesday 9 a

    m

    to 7 p

    m

    CT Anderson County – Closing permanently Thursday, June 26, at 7 p

    m

    ETLocation: Anderson Co

    Community Center1026 County Park RdLawrenceburg, KY 40342Working hours until closure:  Monday through this Thursday 9 a

    m

    to 7 p

    m

    ET Daviess County – Closing permanently Thursday, June 26, at 7 p

    m

    CTLocation: Stanley Fire Department159 Highway 1554 Stanley, KY 42301Working hours until closure: Monday through this Thursday 9 a

    m

    to 7 p

    m

    CTDisaster Recovery Centers are one-stop shops where you can get information and advice on available assistance from state, federal and community organizations

     You can get help to apply for FEMA assistance, learn the status of your FEMA application, understand the letters you get from FEMA and get referrals to agencies that may offer other assistance

    The U

    S

    Small Business Administration representatives and resources from the Commonwealth are also available at the Disaster Recovery Centers to assist you

    FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

    The deadline to apply is July 25

    You can visit any Disaster Recovery Center to get in-person assistance

    No appointment is needed

    To find all other center locations, including those in other states, go to fema

    gov/drc or text “DRC” and a Zip Code to 43362

     You don’t have to visit a center to apply for FEMA assistance

    There are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

     When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

     A general list of damage and losses

    Banking information if you choose direct deposit

     If insured, the policy number or the agent and/or the company name

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

     
    martyce

    allenjr
    Tue, 06/24/2025 – 19:45

    MIL OSI USA News

  • MIL-OSI Africa: Sierra Leone advances pandemic preparedness with operationalisation of the Pandemic Fund

    Source: Africa Press Organisation – English (2) – Report:

    Download logo

    Sierra Leone has entered a critical phase in strengthening its pandemic preparedness and response capacities, officially flagging-off the operationalisation of the Pandemic Fund. This milestone signals the country’s continued commitment to protecting communities and contributing to global health security.

    The project is led by the National Public Health Agency (NPHA), with the World Health Organization (WHO) serving as the lead implementing entity. Other key implementing partners include the Food and Agriculture Organization (FAO), UNICEF and the World Bank, reflecting a multi-sectoral, One Health approach that recognizes the interconnectedness of human, animal, and environmental health.

    Sierra Leone’s successful application to the highly competitive Pandemic Fund demonstrates the Government’s growing leadership in global health security. This achievement was made possible through sustained collaboration, with WHO and partners providing technical guidance to shape a proposal aligned with international standards and responsive to national health priorities.

    The Pandemic Fund offers a transformative opportunity to strengthen Sierra Leone’s capacity to prevent, detect, and respond to public health threats with greater speed and efficiency. Targeted investments will focus on enhancing disease surveillance, laboratory capacity, health workforce development, and emergency operations, building a more resilient and responsive health system.

    Speaking at the flag-off, on behalf of the Minister of Health, Dr Austin Demby, the Deputy Minister 2 for Agriculture and Food Security, Mr Sahr Hemore, emphasized: “We are working assiduously to ensure the health and protection of our citizens against diseases and to contribute to global health security.”

    The timing of this investment is critical. In recent years, Sierra Leone has faced a number of public health emergencies, including the ongoing mpox outbreak, which have exposed systemic vulnerabilities despite the tireless efforts of frontline health workers. The fund aims to address these gaps, while laying the foundation for sustainable, long-term preparedness.

    “Sierra Leone’s operationalisation of the pandemic fund represents a significant milestone,” said Dr George Ameh, WHO Representative in Sierra Leone. “The responsibility to deliver rests with all of us, and WHO remains committed to providing technical support throughout the implementation.”

    WHO’s role goes beyond the initial design phase. As the lead implementing entity, WHO will continue to provide technical expertise in operational planning, capacity building, monitoring, and evaluation, to ensure that investments translate into measurable, sustainable outcomes. This partnership underscores WHO’s commitment to country-led efforts that advance both national priorities and global health security.

    Sierra Leone’s approach serves as an example of how multi-partner collaboration, anchored in strong national leadership, can drive meaningful progress in pandemic preparedness. Sustained success will depend on transparent governance, inclusive coordination, and accountability to both national stakeholders and international partners.

    With continued support from WHO, FAO, UNICEF, and the World Bank, Sierra Leone is poised to build a legacy of preparedness that will protect current and future generations and contribute to regional and global health security efforts.

    – on behalf of World Health Organization – Sierra Leone.

    MIL OSI Africa

  • MIL-OSI Banking: Verizon Business wins multisite private 5G contract fueling a multibillion dollar regeneration project

    Source: Verizon

    Headline: Verizon Business wins multisite private 5G contract fueling a multibillion dollar regeneration project

    What you need to know:

    • Verizon Business, in collaboration with Nokia, will deliver multiple Verizon Private 5G Networks to industrial campuses across the Thames Freeport, one of the UK’s busiest maritime logistics and manufacturing regions.
    • The Thames Freeport is a designated UK “Free Trade Zone,” established to boost economic growth, create high-value jobs and attract global investment as part of a long-term effort to revive the UK’s River Thames Estuary region.
    • Thames Freeport will use Verizon Private 5G to enhance port operations with AI-driven data analytics, autonomous vehicle control, real-time logistics orchestration, innovation research & development, and more.

    LONDON, U.K. — Verizon Business, Thames Freeport and Nokia today announced a strategic partnership to deploy Verizon Private 5G Networks across multiple key logistics, manufacturing, and innovation sites along the River Thames Estuary in the United Kingdom. The Verizon Private 5G Networks will serve as the technology foundation for a multiyear, multibillion dollar operational transformation and economic revival for the region, one of the busiest maritime logistics hubs in the United Kingdom.

    The Private 5G Networks buildout provides a scalable, long-term connectivity foundation for advanced data, AI, edge compute, and IoT infrastructure deployments aimed at transforming port and manufacturing operations.

    The technological enhancements will play a direct role in boosting the local economy, underpinning job training and reskilling efforts as part of employment initiatives and supporting innovation and research & development collaborations among Freeport tenants and outside corporate, government, and research entities. Thames Freeport has already created 1,400 jobs and plans to reach 5,000 by 2030, with a focus on high-skilled training for local communities.

    Private 5G Deployments at Thames Freeport

    The Verizon Private 5G Networks will enable advanced data and application capabilities for  AI-driven data analytics, predictive maintenance, process automation, autonomous vehicle control, safety monitoring, and real-time logistics orchestration. Nokia is the sole hardware and software provider for the networks, which will incorporate the Nokia Digital Automation Cloud (DAC) platform and Nokia MX Industrial Edge (MXIE). The Verizon Private 5G Networks will be deployed to the following:

    • DP World London Gateway and DP World Logistics Park, the UK’s largest and most integrated deep-sea container port and logistics facility, with port capacity to handle over 3 million units per year. The hub includes a rail terminal with 20 daily services and a 9.25 million square foot high-tech logistics center.
    • Port of Tilbury, the largest of the mixed-use Thames Freeport ports. Tilbury handles 16 million tonnes of cargo per year across 31 independent working terminals. Operated by Forth Ports, the sites comprise a crucial logistics hub for the construction, automotive and food & drink sectors.
    • Ford Dagenham, the largest manufacturing site in London, this unique location gives access to regional manufacturing clusters, proximity to suppliers, and brings key production closer to the end market.

    Executive Statements

    “Our partnership with Thames Freeport and Nokia shows the full promise of private 5G at scale. Thames Freeport is developing one of the most technologically advanced commercial corridors in Europe to enable forward innovation and economic revitalization for an entire community,” said Jennifer Artley, SVP, 5G Acceleration at Verizon Business. “We’re not just driving operational improvements to help a partner stay ahead of the curve; we’re laying the groundwork for new revenue streams, community development, and further commercial and technological investment.”

    “A flexible, high-performance connectivity platform is critical to our long-term vision,” said Martin Whiteley, CEO, Thames Freeport. “Our investment in private 5G is not an incremental network upgrade—it’s the backbone of a technological transformation fueling our long-term multi-stakeholder mission, which includes operational excellence for tenants; ROI for shareholders like Ford, DP World and Forth Ports; innovation leadership for public and private benefit; circular economy models supporting efficient energy models; empowering community development by enabling high-value job creation and training; and transforming public services with near-real time diagnostics at health-service sites. By partnering with Verizon Business and Nokia, we’re delivering the technology needed to propel our region to the front of the leading edge.”

    “Private wireless and industrial edge are the foundations for the digital transformation of industrial sites, and the Thames Freeport deployment is a landmark example of this evolution at scale. This is one of the largest commercial private 5G rollouts in a European port incorporating the Nokia DAC platform. This network will allow Thames Freeport to overlay advanced use cases such as AI-driven data analytics, predictive maintenance, process automation, autonomous vehicle control, safety monitoring, and real-time logistics orchestration,” said David de Lancellotti, VP of Enterprise Campus Edge Sales at Nokia. “Together with Verizon Business, we’re proud to be enabling the infrastructure that will help Thames Freeport drive new efficiencies, sustainable growth, and long-term economic opportunity for the region.”

    Fueling Growth

    The Thames Freeport has a mission of economic regeneration and operational excellence, centered on stimulating trade, fostering innovation, supporting energy transition, creating jobs and improving the lives of the people around it. Private 5G Networks from Verizon Business can help enable a range of strategic priorities at Thames Freeport sites in service of that mission.

    Select priorities include enabling advanced technology layers such as AI, edge computing, and IoT across active industrial sites where Freeport stakeholders can collaborate on new applications. For example, industrial sites can leverage IoT for autonomous yard tractors and quay cranes and for near real-time tracking, smart routing, and condition monitoring for cargo. That can allow tenants to intake cargo, assess quantity and condition, and ship it out faster and more efficiently, losing less to damage or misplacement. Additionally, AI with edge computing can help manage environmental impact through edge-connected smart sensors and AI-driven analytics that monitor and optimize port operations and asset performance, including near-real time monitoring of emissions, air and water quality, and noise levels.

    Managing the use of the Verizon Private 5G Network infrastructure will be the responsibility of Thames Freeport and its tenant shareholder organizations. This ensures fit-for-purpose connectivity that adapts to site-specific requirements while safeguarding data and operational autonomy.

    MIL OSI Global Banks

  • MIL-OSI Asia-Pac: SFST looks for more co-operation opportunities with AIIB member states at its 10th Annual Meeting of Board of Governors in Beijing (with photos)

    Source: Hong Kong Government special administrative region

    SFST looks for more co-operation opportunities with AIIB member states at its 10th Annual Meeting of Board of Governors in Beijing  
         Speaking at the side event on “Implementing the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) from the Ground Up: The AIIB Journey”, Mr Hui noted that while the AIIB is one of the first multilateral development banks to adopt the ISSB Standards, Hong Kong was also confirmed by the International Financial Reporting Standards Foundation earlier this month as among the initial set of jurisdictions having set a target of fully adopting the ISSB Standards.
     
         He said, “By aligning with a global standard, we ensure international comparability of our data. This not only boosts investor confidence but also creates a strong foundation for new opportunities. The Hong Kong Special Administrative Region Government will continue to work in collaboration with financial regulators and stakeholders to support the pragmatic implementation of the ISSB Standards through enhancing capacity building and promoting the use of technological solutions.”
     
         This afternoon, Mr Hui also spoke on “Fostering Development and Infrastructure Connectivity” at the Governors’ Business Roundtable. He shared with delegations from other member states Hong Kong’s efforts in fostering development in sustainable finance as well as developing diverse and innovative financial products. The latter includes the roll-out of the Infrastructure Bond Programme and the issuance of infrastructure loan-backed securities by the Hong Kong Mortgage Corporation Limited (HKMC) with the AIIB as an anchor investor. He told the delegations that a third issuance by the HKMC can be expected this year.
     
         At the AIIB President’s Reception and the Special Session of the Board of Governors’ meeting held yesterday (June 24), Mr Hui met with the President of the AIIB, Mr Jin Liqun, and the President-elect of the AIIB, Ms Zou Jiayi. He also met financial officials of other member states to update them on Hong Kong’s latest developments in green and sustainable finance, and the recent vibrant financial market situation.
     
         In addition, Mr Hui held bilateral meetings separately with delegations from Egypt, Germany and Poland on the sidelines of the Annual Meeting to explore opportunities for further co-operation.
     
         During his stay in Beijing, Mr Hui met with the President of the Industrial and Commercial Bank of China, Mr Liu Jun, and the Chief Financial Officer of the China Construction Bank, Mr Sheng Liurong. He will return to Hong Kong tonight.
    Issued at HKT 17:41

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Burundi: Inauguration of Jiji hydroelectric power plant – a huge step towards energy self-sufficiency

    Source: European Investment Bank

    EIB

    The President of the Republic of Burundi today officially inaugurated the Jiji hydroelectric power plant, in the presence of a large delegation of national authorities and representatives of the development partners that co-financed the project. Located in Bururi province, this large-scale infrastructure marks a key step forward in the country’s pursuit of energy self-sufficiency. It is also a strong signal for an investment-friendly climate to ensure more inclusive and sustainable economic development for Burundi.

    With the Mulembwe plant to be completed in the coming months, the two plants will have an installed capacity of 49.5 megawatts and estimated annual production of 235 gigawatt hours of clean energy. They will provide electricity to 15 000 households, 7 000 businesses and 1 700 industrial facilities. This new capacity will not only improve access to electricity for thousands of people, but will also boost productivity in key sectors such as health, education, agribusiness and ICT.

    The construction of these two plants at a total cost of $320 million was made possible thanks to strong cooperation between the Burundi government and the development partners – the African Development Bank (AfDB), the European Investment Bank (EIB), the World Bank (WB) and the European Union (EU).

    Speaking at the inauguration, AfDB Country Manager in Burundi Pascal Yembiline said: “As a longstanding partner of Burundi, the African Development Bank is proud to have contributed to the implementation of this infrastructure project, which is fully in line with its strategic priorities, the Hi-5s. We are convinced that this flagship infrastructure will increase access to reliable and affordable energy and help create a sustainably prosperous Burundi.”

    Head of the EIB Regional Hub for East Africa Edward Claessen said: “The fact that the Jiji and Mulembwe dam project is a renewable energy project, reducing dependence on imported fossil fuels, is particularly significant. Our financing for this project formed part of the European Union’s strategy to develop clean, sustainable infrastructure in Africa and is also aligned with decarbonisation efforts needed by companies to grow.

    World Bank Representative in Burundi Hawa Cisse Wagué added that: “The Jiji hydroelectric power plant and the lines and substations built as part of the project are not infrastructure like any other. This infrastructure helps ensure Burundi’s economic and social development. It is a key driver to improve people’s access to energy as well as supporting industrialisation, job creation and economic growth.”

    EU Ambassador and Head of Delegation to Burundi Elisabetta Pietrobon stressed that: “Energy remains a central priority in development and thus in EU cooperation. This is why the European Union, its Member States and its institutions have supported this project from the very beginning, including funding for the various design and implementation phases, right up to the deployment of infrastructure and equipment. ”

    All of Burundi’s development partners unanimously confirmed their commitment to supporting the country in its transformation efforts on the road to achieving its strategic vision: to become an emerging country by 2040 and a developed country by 2060.

    Since the start of the construction phase, the project has created several hundred jobs, boosting the local economy while strengthening the technical capacities of the surrounding communities. Its entry into operation marks the beginning of a new cycle of opportunities, both in the energy sector and in other strategic areas. With more reliable, accessible and affordable energy, small and medium businesses will now have better conditions to develop, generate jobs and make a lasting contribution to the country’s economic growth. At the same time, the commissioning of the dam will help to create a trusting environment for investors, the people of Burundi and foreigners alike.

    Background information

    About EIB Global

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 — around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality, up-to-date photos of our headquarters for media use are available here.

    http://twitter.com/EIB

    https://www.linkedin.com/company/eib-global/

    MIL OSI Europe News

  • MIL-OSI Economics: AI and collaboration tools: how cyberattackers are targeting SMBs in 2025

    Source: Securelist – Kaspersky

    Headline: AI and collaboration tools: how cyberattackers are targeting SMBs in 2025

    Cyberattackers often view small and medium-sized businesses (SMBs) as easier targets, assuming their security measures are less robust than those of larger enterprises. In fact, attacks through contractors, also known as trusted relationship attacks, remain one of the top three methods used to breach corporate networks. With SMBs generally being less protected than large enterprises, this makes them especially attractive to both opportunistic cybercriminals and sophisticated threat actors.

    At the same time, AI-driven attacks are becoming increasingly common, making phishing and malware campaigns easier to prepare and quickly adapt, thus increasing their scale. Meanwhile, cybersecurity regulations are tightening, adding more compliance pressure on SMBs.

    Improving your security posture has never been more critical. Kaspersky highlights key attack vectors every SMB should be aware of to stay protected.

    Kaspersky analysts have used data from the Kaspersky Security Network (KSN) to explore how frequently malicious and unwanted files and programs are disguised as legitimate applications commonly used by SMBs. The KSN is a system for processing anonymized cyberthreat-related data shared voluntarily by opted-in Kaspersky users. For this research, only data received from the users of Kaspersky solutions for SMBs were analyzed. The research focused on the following applications:

    • ChatGPT
    • Cisco AnyConnect
    • Google Drive
    • Google Meet
    • DeepSeek
    • Microsoft Excel
    • Microsoft Outlook
    • Microsoft PowerPoint
    • Microsoft Teams
    • Microsoft Word
    • Salesforce
    • Zoom

    Between January and April 2025 alone, nearly 8,500 SMB users encountered cyberattacks in which malware or PUAs were disguised as these popular tools.

    Among the detected threats, the highest number (1652) of unique malicious and potentially unwanted files mimicked Zoom, the widely used video conferencing platform. This accounted for nearly 41% of all unique files detected, a 14-percentage point increase compared to 2024. Microsoft Office applications remained frequent targets for impersonation: Outlook and PowerPoint each accounted for 16%, Excel for nearly 12%, while Word and Teams made up 9% and 5%, respectively.

    Share of unique files with names mimicking the nine most popular legitimate applications in 2024 and 2025 (download)

    A comparison of the threat landscape in 2024 and 2025 reveals a clear shift: with the growing popularity of AI services, cyberattackers are increasingly disguising malware as various AI tools. According to our analysis, the number of unique malicious files mimicking ChatGPT grew by 115%, reaching 177 in the first four months of 2025. This contributed to a three-percentage-point increase in the tool’s share among the most mimicked applications. DeepSeek, a large language model launched only in 2025, has immediately appeared on the list of impersonated tools.

    Another cybercriminal tactic to watch for in 2025 is the growing use of collaboration platform brands to trick users into downloading or launching malware and PUAs. As mentioned above, the share of threats disguised as Zoom increased by 14 percentage points, reaching 1652 unique files, while Microsoft Teams and Google Drive saw increases of over three and one percentage points, respectively, with 206 and 132 cases. This pattern likely reflects the normalization of remote work and geographically distributed teams, which has made these platforms integral to business operations across industries.

    Attackers are clearly leveraging the popularity and credibility of these services to increase the success rate of their campaigns.

    Malicious file names mimicking popular services 2024 2025 2025 vs 2024
    Zoom 26.24% 40.86% 14.62 p.p.
    Microsoft Teams 1.84% 5.10% 3.25 p.p.
    ChatGPT 1.47% 4.38% 2.9 p.p.
    DeepSeek 0 2.05%
    Google Drive 2.11% 3.26% 1.15 p.p.

    The total number of unique malicious and unwanted files imitating legitimate applications slightly declined year-over-year, from 5,587 in 2024 to 4,043 in 2025.

    Main types of threats affecting the SMB Sector, 2025 (download)

    The top threats targeting SMBs in 2025 included downloaders, Trojans, and adware.

    Leading the list are downloaders, potentially unwanted applications designed to install additional content from the internet, often without clearly informing the user of what’s being downloaded. While not inherently malicious, these tools are frequently exploited by attackers to deliver harmful payloads to victims’ devices.

    Trojans ranked next. These are malicious programs that carry out unauthorized actions such as deleting, blocking, modifying, or copying data, or disrupting the normal operation of computers and networks. Trojans are among the most prevalent forms of malware, and cyberattackers continue to use them in a wide range of malicious campaigns.

    Adware also made the top three list. These programs are designed to display advertisements on infected computers or substitute a promotional website for the default search engine in a browser. Adware often comes bundled with freeware or shareware, effectively serving as the price for using the free software. In some cases, Trojans silently download and install adware onto the victim’s machine.

    Among other common types of threats were DangerousObject, Trojan-Dropper, Backdoor, Trojan-Downloader, HackTool, Trojan-PSW, and PSW-Tool. For instance, we recently identified a campaign involving a Trojan-Downloader called “TookPS“, which was distributed through fake websites imitating legitimate remote access and 3D modeling software.

    How scammers and phishers trick victims into giving up accounts and money

    We continue to observe a wide range of phishing campaigns and scams targeting SMBs. Attackers aim to steal login credentials for various services, from delivery platforms to banking systems, or manipulate victims into sending them money.

    To do this, cyberattackers use a variety of lures, often imitating landing pages from brands commonly used by SMBs. One example is a phishing attempt targeting Google business accounts. The bait lures victims with the promise of promoting their company on X. It requires them to first log in to a dedicated platform using their Google account with credentials that will end up in cyberattackers’ hands.

    Another fake landing page impersonated a bank that offered business loans: a “Global Trust Bank”. Since legitimate organizations with that name exist in multiple countries, this phishing attempt may have seemed believable. The attackers tried to lure users with favorable business loan terms – but only after victims submitted their online banking credentials, giving the criminals access to their accounts.

    We also saw a range of phishing emails targeting SMBs. In one recent case detected by our systems, the attacker sent a fake notification allegedly from DocuSign, an electronic document-signing service.

    SMBs can even find themselves targeted by classic Nigerian scams. In one recent example, the sender claimed to represent a wealthy client from Turkey who wanted to move $33 million abroad to allegedly avoid sanctions, and invited the recipient to handle the funds. In Nigerian scams, fraudsters typically cajole money. They may later request a relatively small payment to a manager or lawyer compared to the amount originally promised.

    Beyond these threats, SMBs are bombarded daily with hundreds of spam emails. Some promise attractive deals on email marketing or loans; others offer services like reputation management, content creation, or lead generation. In general, these offers are crafted to reflect the typical needs of small businesses. Not surprisingly, AI has also made its way into the spam folder – with offers to automate various business processes.

    We have also seen spammers offering dubious deals like purchasing a database of over 400,000 businesses for $100, supposedly to be used for selling the company’s B2B products, or manipulating reviews on a review platform.

    Security tips

    SMBs can reduce risks and ensure business continuity by investing in comprehensive cybersecurity solutions and increasing employee awareness. It is essential to implement robust measures such as spam filters, email authentication protocols, and strict verification procedures for financial transactions and the handling of sensitive information.

    Another key step toward cyber resilience is promoting awareness about the importance of comprehensive security procedures and ensuring they are regularly updated. Regular security training sessions, strong password practices, and multi-factor authentication can significantly reduce the risk of phishing and fraud.

    It is also worth noting that searching for software through search engines is an insecure practice, and should be prohibited in the organization. If you need to implement new tools or replace existing ones, make sure they are downloaded from official sources and installed on a centralized basis by your IT team.

    Cybersecurity Action Plan for SMBs

    1. Define access rules for corporate resources such as email accounts, shared folders, and online documents. Monitor and limit the number of individuals with access to critical company data. Keep access lists up to date and revoke access promptly when employees leave the company. Use cloud access security brokers to monitor and control employee activities within cloud services and enforce security policies.
    2. Regularly back up important data to ensure the preservation of corporate information in case of emergencies or cyberincidents.
    3. Establish clear guidelines for using external services and resources. Create well-defined procedures for coordinating specific tasks, such as implementing new software, with the IT department and other responsible managers. Develop short, easy-to-understand cybersecurity guidelines for employees, with a special focus on account and password management, email protection, and safe web browsing. A well-rounded training program will equip employees with the knowledge they need and the ability to apply it in practice.
    4. Implement specialized cybersecurity solutions that provide visibility and control over cloud services, such as Kaspersky Next.

    MIL OSI Economics

  • MIL-OSI:  Notice of compulsory acquisition and request for delisting

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 23

            

    Notice of compulsory acquisition and request for delisting of Spar Nord Bank A/S’ shares from Nasdaq Copenhagen A/S

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

    Compulsory acquisition of the remaining minority shareholders in Spar Nord Bank A/S

    With reference to Spar Nord Bank A/S’ (“Spar Nord Bank”) company announcement no. 15 of 28 May 2025, announcing that Nykredit Realkredit A/S (“Nykredit”) had completed its tender offer for Spar Nord Bank A/S and acquired a total ownership interest of 96.54 per cent of the share capital and associated voting rights in Spar Nord Bank (excluding treasury shares), Nykredit has today decided to complete a compulsory acquisition of the remaining Spar Nord Bank shares held by minority shareholders in Spar Nord Bank (except for Spar Nord Bank’s treasury shares).

    All remaining minority shareholders in Spar Nord Bank are requested to transfer their Spar Nord Bank shares to Nykredit within a period of four weeks expiring on 23 July 2025, at 23:59 CEST. Spar Nord Bank minority shareholders who do not voluntarily transfer their Spar Nord Bank shares to Nykredit before the expiry of this deadline will, upon expiry of the deadline, have their Spar Nord Bank shares compulsorily acquired at a price of DKK 210.50 per share, corresponding to the price paid by Nykredit for the Spar Nord Bank shares acquired in connection with the tender offer.

    Reference is made to Nykredit’s announcement regarding compulsory acquisition, which is attached to this announcement.

    Request for delisting of Spar Nord Bank A/S shares from Nasdaq Copenhagen A/S

    Following Nykredit’s decision to initiate a compulsory acquisition of the shares held by the remaining minority shareholders in Spar Nord Bank, Spar Nord Bank’s Board of Directors has, at the request of Nykredit, resolved to request Nasdaq Copenhagen A/S to remove the Spar Nord Bank shares (ISIN DK0060036564) from trading and official listing on Nasdaq Copenhagen A/S.

    Provided that Nasdaq Copenhagen A/S accepts the request, the delisting will be effected on 23 July 2025, which is the last business day of the four-week compulsory acquisition period.

    Any questions may be addressed to CFO Rune Brandt Børglum on telephone: +45 96 34 42 36.

    Attachments

    The MIL Network

  • MIL-OSI Economics: 91-day, 182-day and 364-day T-Bill Auction Result: Cut-off

    Source: Reserve Bank of India

    I. T-Bill 91-day 182-day 364-day
    II. Total Face Value Notified ₹9,000 Crore ₹5,000 Crore ₹5,000 Crore
    III. Cut-off Price and Implicit Yield at Cut-Off Price 98.6693
    (YTM: 5.4094%)
    97.3142
    (YTM: 5.5350%)
    94.7387
    (YTM: 5.5687%)
    IV. Total Face Value Accepted ₹9,000 Crore ₹5,000 Crore ₹5,000 Crore

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/587

    MIL OSI Economics

  • MIL-OSI China: Announcement on Open Market Operations No.120 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.120 [2025]

    (Open Market Operations Office, June 25, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB365.3 billion through quantity bidding at a fixed interest rate on June 25, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.40%

    RMB365.3 billion

    RMB365.3 billion

    Date of last update Nov. 29 2018

    2025年06月25日

    MIL OSI China News

  • MIL-OSI China: China conducts 300B yuan MLF operation to inject liquidity

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

    China’s central bank on Wednesday conducted a 300-billion-yuan (about 41.86 billion U.S. dollars) medium-term lending facility (MLF) operation as it seeks to maintain ample liquidity in the banking system.

    The one-year operation was carried out via fixed quantity and interest rate bidding, according to the People’s Bank of China (PBOC).

    With 182 billion yuan of MLF funds maturing this month, the net injection via MLF alone stood at 118 billion yuan in June.

    Earlier this month, the PBOC also conducted two outright reverse repo operations, injecting a combined net 200 billion yuan. This brings the total net medium-term liquidity injection for June to 318 billion yuan.

    Analysts have noted that with government bond issuance accelerating, sustained liquidity support plays a key role in easing funding volatility and anchoring market expectations. 

    MIL OSI China News

  • MIL-OSI China: Forging win-win partnerships to invigorate global growth

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

    The global economy stands at a crossroads. The pressing question is whether it will slide further into the quagmire of protectionism and uncertainty, or whether all stakeholders can work together to reignite growth by forging win-win partnerships and practicing true multilateralism.

    For decades, free trade has created jobs, delivered affordable consumer goods, improved global welfare, and advanced economic globalization. Yet this trend is encountering a notable rise in trade barriers and trade fragmentation.

    At the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in north China’s Tianjin Municipality, global leaders from government, business, academia and other fields are expected to offer valuable insights into how to address mounting challenges that drag down global growth. It is hoped that such discussions may help shape a resilient and sustainable future for the world.

    This year’s meeting, also known as the Summer Davos, focuses on five areas: outlook on China, investing in people and planet, new energy and materials, industries disrupted and deciphering the world economy.

    The global economy, which has been struggling to recover from the impact of the COVID-19 pandemic, is confronted with a worsening growth predicament — due to the escalation of geopolitical conflicts and policy uncertainty.

    The World Bank’s latest Global Economic Prospects cut the 2025 global economic growth forecast to 2.3 percent, the slowest pace since 2008, apart from two years of outright global recession in 2009 and 2020, respectively.

    Against the backdrop of various headwinds and economic prospects, it is vital to leverage the role of entrepreneurship and innovation in unlocking new growth drivers and forging strong partnerships.

    The new round of sci-tech revolution, featuring intelligent, green and health technologies, has provided opportunities for cultivating new growth areas and new pathways for tackling challenges facing humanity. On Tuesday, the WEF unveiled top 10 emerging technologies of 2025, including collaborative sensing and generative watermarking, which are expected to achieve real-world impact within three to five years and address global challenges.

    The Summer Davos has become an important platform for promoting exchanges between China and the world — and enhancing practical cooperation. The event not only enables participants to share insights, but also provides an opportunity for businesses and investors to secure partnerships.

    This year’s meeting is seeing the highest number of registered participants in recent years, demonstrating the will of all parties in seeking to uphold economic globalization and free trade, as well as their positive attitude toward enhancing economic and trade exchanges and cooperation with China.

    China is committed to multilateralism and free trade. The world’s second-largest economy will continue to provide numerous opportunities for win-win cooperation as it advances modernization. Its technological progress in fields such as new energy and artificial intelligence and commitment to high-standard opening up highlight the dynamism and resilience of the Chinese economy, which is shifting to a growth model driven by consumption and innovation.

    Win-win cooperation and close collaboration are the right paths for exiting the global economic growth predicament and achieving shared development. Through the in-depth exchange of ideas, it is hoped that the 2025 Summer Davos will catalyze new partnerships, contribute innovative solutions to development challenges, and inject much needed stability and certainty into the world. 

    MIL OSI China News

  • MIL-OSI Banking: Recommendations of the Working Group on Comprehensive Review of Trading and Settlement Timings of Various Markets Regulated by the Reserve Bank

    Source: Reserve Bank of India

    The Reserve Bank had set up the Working Group (Chairperson: Shri Radha Shyam Ratho) to undertake a comprehensive review of trading and settlement timings of financial markets regulated by the Reserve Bank. The Working Group provided recommendations aimed at facilitating further market development, price discovery, and optimization of liquidity requirements. Its report was published on the RBI’s website inviting comments from members of the public. The Reserve Bank has examined the recommendations of the Committee as well as the feedback received and it has been decided to implement the following recommendations:

    1. The market timings for call money shall be extended to 7:00 PM with effect from July 01, 2025. Accordingly, the revised market hours shall be from 9:00 AM to 7:00 PM.

    2. The trading hours of market repo and Tri-Party Repo (TREP) shall be extended to 4:00 PM with effect from August 01, 2025. Accordingly, the revised trading hours shall be from 9:00 AM to 4:00 PM.

    3. The trading hours for Government securities market, foreign exchange market and interest rate derivatives market remain unchanged.

    2. Other recommendations of the Working Group are under consideration and the decisions thereon will be taken in due course.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/586

    MIL OSI Global Banks

  • MIL-OSI Banking: 2nd Meeting of the East Asia Summit Group convenes at the ASEAN Headquarters/ASEAN Secretariat

    Source: ASEAN

    The Second Meeting of the Group of the East Asia Summit (EAS) Participating Countries’ Ambassadors to ASEAN in Jakarta (2/2025 EAS Group Meeting) convened today at the ASEAN Headquarters/ASEAN Secretariat. The Meeting reviewed progress of the implementation of the EAS Plan of Action 2024–2028, discussed preparations for the upcoming 15th EAS Foreign Ministers’ Meeting in July and outcome documents of 20th East Asia Summit in October 2025, and exchanged information on regional development cooperation initiatives. Ambassadors or representatives from EAS Participating Countries and the ASEAN Secretariat were in attendance. Timor-Leste attended as Observer.

    The post 2nd Meeting of the East Asia Summit Group convenes at the ASEAN Headquarters/ASEAN Secretariat appeared first on ASEAN Main Portal.

    MIL OSI Global Banks

  • MIL-Evening Report: Wild swings in the oil price make the Reserve Bank’s job harder

    Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra

    It looks, at least for now, as though tensions in the Middle East are easing somewhat. It appears much less likely Iran will try to close the
    Strait of Hormuz, through which flows about a fifth of the world’s oil.

    In response, oil prices have dropped to a two-week low below US$70 a barrel.

    The economists at the Reserve Bank will be breathing a sigh of relief. A surge in oil prices would have injected more uncertainty into the global outlook. It would have made a decision on whether to cut interest rates in July harder.

    Financial markets are betting on a rate cut at the July 7–8 meeting, but three of the four major bank economists are tipping August as more likely.

    A tough global backdrop

    The global economic environment is particularly challenging. Even before the recent increased tensions in the Middle East, the Trump tariff announcements (and withdrawals and re-impositions) were the major cause of the uncertainty around the domestic economy.

    And there is a lot of “uncertainty”. Journalist Shane Wright noted the word “uncertain” appeared 134 times in the Reserve Bank’s latest Statement on Monetary Policy. Something similar has been noted in the United Kingdom.

    There have been wild swings in the oil price in recent days. There was a surge on market fears Iran would close the Strait of Hormuz. The price slid when a ceasefire was announced. It rose again when the ceasefire was broken within hours. As the fragile truce appeared to hold, the price of oil has now gone back down.

    Assumptions on the oil price

    Forecasting where it will be in a day or week, let alone in a month or a year, is difficult. But economic forecasts underlying monetary policy decisions need to incorporate some view. The Reserve Bank generally assumes the oil price stays at its current level in the short term. It then uses the price in forward contracts as a basis for its forecasts beyond that.

    A sustained jump in oil prices would have posed quite a dilemma for the Reserve Bank.

    Generally a shock that adds to inflation would lead to the bank raising interest rates. In contrast, a shock that weakens economic activity would lead to the Bank lowering rates.

    But a surge in oil prices would likely both increase inflation (by pushing up petrol prices) and weaken activity (by disrupting world trade and eroding consumers’ purchasing power).

    If the oil price surge was expected to be short-lived, it is unlikely to get baked into inflationary expectations. The bank would then probably disregard it. But assessing the longevity of disruptions to the global oil market is not easy.

    Monthly inflation drops to 2.1%

    On Wednesday, the monthly consumer price index (CPI) fell to 2.1% in May from 2.4% in April. This is the equal lowest level since March 2001.

    But the monthly reading will probably not impress RBA Governor Michele Bullock. In her most recent press conference, she commented that “we get four readings on inflation a year”, referring to the quarterly inflation reports. She was dismissive of what she termed “the monthly indicator which is very volatile”.

    In taking its decisions, the bank often relies on an underlying inflation measure called the “trimmed mean”. This excludes items with the largest price movements up or down, so it removes petrol prices when they move by large amounts. This measure was 2.4% in the monthly report.

    Petrol prices are also a significant contributor to the volatility of the monthly CPI.

    Further cuts are likely

    Both headline and underlying inflation are now within the central bank’s 2–3% target range. In its most recent outlook, the Reserve Bank forecast underlying inflation would remain in the target band, even if it made another two cuts in rates this year.

    So a further interest rate cut remains likely. If it doesn’t cut in July, the bank could wait for the next quarterly inflation report on July 30, and then cut at the August 12 meeting.

    Treasurer Jim Chalmers described the global economy as being “in a pretty dangerous place right now”.

    “There’s a lot of volatility, unpredictability, uncertainty in the global economy,” he said. That is one thing that is not uncertain.

    John Hawkins was formerly a senior economist at the Reserve Bank.

    ref. Wild swings in the oil price make the Reserve Bank’s job harder – https://theconversation.com/wild-swings-in-the-oil-price-make-the-reserve-banks-job-harder-259555

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Headline and underlying inflation in the bottom half of the band

    Source: Australian Parliamentary Secretary to the Minister for Industry

    New figures from the ABS show that headline and underlying inflation are now both in the bottom half of the Reserve Bank of Australia’s target band for the first time since August 2021.

    In the face of heightened global economic uncertainty, it’s very pleasing to see the progress we’ve made on inflation is substantial and now sustained.

    Both headline and underlying inflation fell by more than expected in today’s data.

    Headline inflation was 2.1 per cent through the year to May 2025, down from 2.4 per cent in April.

    Headline inflation is almost half of what it was in May last year and is at its lowest level since March 2021.

    Annual trimmed mean inflation was 2.4 per cent through the year to May 2025, down from 2.8 per cent in April.

    Underlying inflation is at its lowest level since November 2021 and has returned to the middle of the RBA’s target band.

    Underlying inflation has been in the RBA’s band for six consecutive months. This is the first time this has happened since the monthly inflation series began in 2018.

    It was also encouraging to see services inflation moderate substantially to 3.3 per cent through the year to May 2025, down from 4.1 per cent in April.

    We know these monthly numbers are volatile, but today’s data shows we’ve made substantial and sustained progress on inflation.

    This progress means Australia is better placed and better prepared than other countries for heightened economic uncertainty and volatility around the world.

    The Australian economy is not immune from instability in the Middle East, including from the recent volatility in global oil prices.

    That’s why the progress we have made together in the economy is so important. No major advanced economy has achieved what we have with unemployment in the low 4s, inflation below 2.5 per cent and the economy continuing to grow.

    Electricity prices fell 5.9 per cent in the year to May but would have increased 2.0 per cent without the energy rebates for every household we are rolling out with the states.

    Rents rose 4.5 per cent in the year but would have increased 5.7 per cent without the recent increases to Commonwealth Rent Assistance.

    Under Labor, inflation is down substantially, real wages are up, unemployment is low, our economy is growing, debt is down and interest rates are falling.

    Even with this substantial progress and two interest rate cuts in three months, we know people are still under pressure and we face global economic headwinds.

    That’s why the Albanese Labor Government is delivering more real, practical and ongoing help with the cost of living for Australians, with more support set to roll out from Tuesday next week.

    MIL OSI News