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Category: Business

  • MIL-OSI: Diamondback Energy, Inc. Announces Leadership Transition Plan and Additional Updates to Executive Team and Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    • Travis D. Stice to step down as Chief Executive Officer, effective as of the Company’s 2025 Annual Meeting of Stockholders; will remain as Executive Chairman through the Company’s 2026 Annual Meeting of Stockholders
    • Kaes Van’t Hof, current President, will assume Chief Executive Officer role and will join the Board of Directors effective as of the Company’s 2025 Annual Meeting of Stockholders
    • Jere W. Thompson III, current Executive Vice President of Strategy and Corporate Development, has been promoted to Executive Vice President and Chief Financial Officer, effective today
    • David L. Houston to retire from the Board of Directors at the Company’s 2025 Annual Meeting of Stockholders

    MIDLAND, Texas, Feb. 20, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced its leadership transition plan, representing the culmination of a thorough succession planning process that will position the Company for continued long term outperformance. Travis D. Stice, who has led Diamondback as Chief Executive Officer since January 2012 and joined the Board of Directors in November 2012 following the Company’s initial public offering, intends to step down as Chief Executive Officer effective as of the Company’s 2025 Annual Meeting of Stockholders. At that time, Mr. Stice will transition from Chief Executive Officer to Executive Chairman of the Board, and Kaes Van’t Hof, current President of the Company, will succeed Mr. Stice as Chief Executive Officer and will join the Board of Directors. Effective today, Jere Thompson, current Executive Vice President of Strategy and Corporate Development, will assume the role of Executive Vice President and Chief Financial Officer.

    “On behalf of the Board of Directors, I would like to thank and congratulate Travis for his leadership over the last 14 years. His hard work, dedication and commitment to Diamondback grew an unknown, small-cap oil producer in 2012 into one of the largest oil and gas companies in North America. His accomplishments during his tenure exceed anything that can be explained by words on a page and go well beyond the industry-leading performance of the stock price,” stated Melanie M. Trent, Lead Independent Director.

    Ms. Trent continued “The Board looks forward to Travis’ contribution in his new role as Executive Chairman, ensuring a seamless leadership transition and a continued, consistent voice in the boardroom.”

    “The past 14 years have been immensely rewarding, and it has been a true honor to represent the dedicated employees who have transformed Diamondback into the remarkable company it is today,” said Mr. Stice. “Transitioning into my new role as Executive Chairman will allow me to remain actively engaged with the Board of Directors and contribute to the continued strategic development of our organization.”

    Regarding Mr. Van’t Hof’s appointment, Mr. Stice noted, “Kaes has earned the opportunity to lead us into a future that is brighter than ever before. The Board of Directors unanimously and wholeheartedly support him as he steps into this pivotal role and continues to build on our legacy of success.”

    “I am incredibly honored and humbled by the vote of confidence from Travis and the Board to assume the CEO role at Diamondback. Over the last nine years, I have had a front row seat to watch and learn from one of the best to ever do it in our industry’s history. What Diamondback has built in a short period of time is very special, and nearly impossible to replicate. While we don’t spend a lot of time looking in the rear-view mirror, the playbook for the next decade of success at Diamondback will look a lot like the last decade – an acquire and exploit strategy based on best-in-class execution, low-cost operations and transparency,” stated Mr. Van’t Hof.

    Mr. Van’t Hof continued “I am also very excited to announce Jere’s promotion to CFO. He has dedicated himself to learning all facets of our business in various roles over the last few years, has a strategic financial mind, and will continue to execute on Diamondback’s differentiated capital allocation and financial strategy.”

    Diamondback also announced today that David L. Houston, who has been a member of the Board of Directors since the Company’s initial public offering and who currently serves on the Company’s Audit Committee and Safety, Sustainability and Corporate Responsibility Committee, informed the Company of his decision to retire as a director when his existing term concludes immediately after the 2025 Annual Meeting of Stockholders.

    “David has been with Diamondback since the beginning, helping us grow into the Company we are today. He has been instrumental in supporting our growth, financial strategy, and success. David’s contributions are many, and we wish him all the best in his future endeavors,” stated Mr. Stice.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Cautionary Note Regarding Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s future leadership, performance, prospects, success and strategy are forward-looking statements. When used in this news release or otherwise by Diamondback, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements. Information concerning these risks and uncertainties and other factors can be found in Diamondback’s filings with the U.S. Securities and Exchange Commission (“SEC”), including its reports on Forms 10-K, 10-Q and 8-K, each of which can be obtained free of charge on the SEC’s web site at http://www.sec.gov. Diamondback undertakes no obligation to update or revise any forward-looking statement unless required by applicable law.

    Investor Contact:
    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    The MIL Network –

  • MIL-OSI: Asure Software to Announce Fourth Quarter and Full Year 2024 Financial Results on March 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Feb. 20, 2025 (GLOBE NEWSWIRE) — Asure Software, Inc.  (“Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software solutions, announced today that the Company will hold a conference call on Thursday, March 6, 2025 at 4:30 p.m. Eastern time to discuss its financial results for the fourth quarter and full year 2024. Financial results will be issued via press release prior to the call.

    Asure Chairman and CEO Pat Goepel as well as CFO John Pence will host the conference call, followed by a question-and-answer session.

    Date: Thursday, March 6, 2025
    Time: 4:30 p.m. Eastern time (3:30 p.m. Central time)
    U.S. dial-in: 877-407-9219
    International dial-in: 201-689-8852
    Confirmation: 13751651

    Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.

    The conference call will also be webcast on the investor relations section of Asure Software’s website here. A replay of the webcast will be available.

    About Asure Software
    Asure Software (NASDAQ: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure’s suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company’s approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com.

    Investor Contact:
    Patrick McKillop
    Vice President Investor Relations
    617-335-5058
    patrick.mckillop@asuresoftware.com

    The MIL Network –

  • MIL-OSI: Sprott Announces Date for 2024 Fourth Quarter Results Webcast

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE:SII) (TSX:SII) (“Sprott”) announced today that it plans to release its 2024 fourth quarter results at 7:00 a.m. on February 26, 2025. Sprott will host an earnings webcast that morning at 10:00 a.m. to discuss the results. Sprott CEO, Whitney George, together with Sprott CFO, Kevin Hibbert and Sprott Asset Management CEO, John Ciampaglia, will host the webcast, which can be accessed as outlined below.

    PLEASE NOTE: Research analysts who cover the company should register at:
    https://register.vevent.com/register/BIe9622ad4a1434ee3beff3bfb7224f1ef

    Pre-registration is now open.

    About Sprott
    Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California. The company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol (SII). For more information, please visit www.sprott.com.

    Investor contact information: (416) 943-4394 or ir@sprott.com.

    The MIL Network –

  • MIL-OSI: StoneX Hedge® Reaches 1B Bushels Hedged

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Feb. 20, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX), a global leader in financial services, today announced a significant milestone for its web-based merchandising platform, StoneX Hedge®, which has now surpassed a total hedge volume of over 1 billion bushels of grain.

    StoneX Hedge® revolutionizes grain merchandising by seamlessly integrating hedge execution with enterprise resource planning (ERP) systems, eliminating inefficiencies in the process. “What we’ve done is create a platform where customers can enter a hedge order and simultaneously put that physical contract in their ERP and hedging platform—reducing a process that once took 2-10 minutes to just 2-10 seconds,” said Don Konz, Senior Solution Architect at StoneX.

    Designed to optimize risk management and operational efficiency, StoneX Hedge® provides real-time automation, centralized risk visibility, and integration with industry-leading ERPs, including AgTrax, Agris, Oakland, AgVance, and MerchantAg. The platform enables businesses to streamline workflows, enhance decision-making, and reduce slippage.

    For more information about StoneX Hedge®, visit www.stonex.com/en/solutions/commercial-clients/stonexhedge.

    About StoneX:

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service, and deep expertise. The company strives to be the one trusted partner to its clients, providing its network, products, and services to allow them to pursue trading opportunities, manage their market risks, make investments, and improve their business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents.

    NASDAQ: SNEX
    www.stonex.com

    For more information contact:
    Don Konz, Solution Architect
    don.konz@stonex.com

    The MIL Network –

  • MIL-OSI USA: Governor Lamont Heads Delegation of Connecticut Officials and Business Leaders on Economic Mission in India

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that from Sunday, February 23, to Saturday, March 1, 2025, he will head a delegation of state officials and business leaders from Connecticut on an economic development mission in India, where they will meet with executives of companies and key government officials to discuss strategies that will build stronger economic ties between Connecticut and India.

    The delegation includes Connecticut Economic and Community Development Commissioner Daniel O’Keefe; former PepsiCo CEO Indra Nooyi; UConn President Radenka Maric; Yale University Vice Provost for Research Michael Crair; Connecticut Innovations CEO Matthew McCooe; and executives from Advance Connecticut, a business-driven nonprofit organization that works to engage, retain, and recruit businesses to Connecticut. Infosys CEO Salil Parekh, who is a board member of Advance Connecticut and resides in India, will host the group during the visit. The delegation will be traveling to Chennai, Bangalore, and Mumbai.

    “There are several notable Indian companies that have expressed interest in expanding their operations to North America, and we plan on meeting with them to let them know why Connecticut is an excellent place for them to select as their base of operations,” Governor Lamont said. “We will also meet with executives from several Indian companies that are already operating in our state, such as Infosys and Tata Consultancy Services. Connecticut and India have many unique connections, and we want to strengthen that bond and increase it to its full economic potential.”

    In addition to one-on-one meetings with corporate decision makers representing Indian companies, the delegation will be participating in events such as Venture Clash, a roundtable discussion on quantum computing, and an MOU signing, which will be announced during the visit.

    The socio-economic ties between Connecticut and India are strong. Indians make up the second-largest foreign-born population in the state, and Connecticut has the seventh highest population of Indian residents proportionally in the United States, with numerous Indian cultural groups operating in every corner of the state. As a result of this, Connecticut receives the ninth most tourism dollars spent by Indian travelers per capita in the United States.

    India-born residents in Connecticut make up 14% (38,000) of the state’s foreign-born population. Of the19,990 international students studying in Connecticut, 7,200 are from India, making it the top country of origin of international students in the state. Approximately 36.5% of international students in Connecticut are from India, compared to 29.4% nationally.

    “Connecticut has been successful at attracting Indian technology companies, especially fintech and insurtech companies that have clients in Hartford and Stamford,” Commissioner O’Keefe said. “We also have the advantage of an excellent location from which these companies can easily access their clients in the large metro areas of Montreal, Toronto, New York, and Boston from a Connecticut-based headquarters location.”

    “We have a number of Indian companies operating in Connecticut,” John Bourdeaux, president and CEO of Advance Connecticut, said. “Equally, there are several Connecticut-headquartered companies with operations in India, including Amphenol and Stanley Black & Decker, among others. Creating stronger connections with Indian business leaders will be a win-win for the state and for the companies. Indian companies integrate successfully into the Connecticut business ecosystem and the Connecticut economy benefits greatly from their growing businesses.”

    Governor Lamont may adjust his schedule and return to Connecticut earlier than currently planned if it is determined to be necessary.

     

    MIL OSI USA News –

  • MIL-OSI: Bishop Street Underwriters Closes Acquisition of Landmark Underwriting

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and LONDON, Feb. 20, 2025 (GLOBE NEWSWIRE) — Bishop Street Underwriters (“Bishop Street”), a RedBird Capital Partners portfolio company, today announced that it has completed its acquisition of Landmark Underwriting (“Landmark”), a specialty-focused managing general agent (“MGA”) based in London. This deal continues Bishop Street’s rapid expansion, growing its investment footprint outside of North America for the first time, and further strengthening the capabilities of its platform. Financial terms of the deal were not disclosed. 

    As a well-positioned high-growth MGA with an established panel of rated capacity partners, this deal brings Landmark’s specialized and dynamic team to the Bishop Street platform, in support of building a truly integrated global underwriting business. Landmark’s leadership team will remain intact with Sitki Gelmen as Group CEO, David Ratledge as Group MD and Deepti Janak as Group CFO, facilitating a seamless transition and incorporating the teams’ vision into the future growth of the platform across the UK, Europe and Asia Pacific.

    Landmark has served clients in the specialty (re)insurance market since 2017, offering a range of bespoke insurance solutions across various classes including Professional Indemnity, Property, Directors and Officers and General Liability. With the acquisition now complete, Landmark will build upon it’s established market presence and recent expansions into Marine and Political Risk products, with expansion planned across new classes and geographies.

    “We’re thrilled to officially welcome Landmark Underwriting to the Bishop Street family,” said Chad Levine, CEO of Bishop Street. “We look forward to leveraging the team’s experience and strong industry relationships to enable the next chapter of international development for our platform. Landmark’s ability to adapt to client needs and attract the best underwriting talent will continue to fuel its growth, positioning the company as a leading MGA of choice in the global market and a complementary fit for the Bishop Street portfolio.”

    Sitki Gelmen, Landmark Underwriting Group CEO and Co-Founder, said: “This is an exciting next phase for Landmark. We are focused on bringing specialty underwriting solutions to our partners, and through this partnership, we will amplify our ability to provide leading risk solutions to top broking houses worldwide. The combination of Bishop Street’s resources and our niche expertise will allow us to accelerate growth, expand our product offerings into complementary lines of business and deepen our presence in key markets.”

    Mike Zabik, Partner of RedBird Capital, added, “Bishop Street’s growth strategy is predicated on leveraging a multi-jurisdictional footprint. Landmark’s strong presence in London and its expanding global presence are key levers for future growth, both organically and through strategic acquisitions across key international markets.”

    This addition marks the latest strategic move for Bishop Street, following recent key investments and acquisitions including Ethos Specialty’s Transactional Liability unit, Verve Services, Conifer Insurance Services and Ahoy!, as well as partnerships with companies like Skyward Specialty Insurance and Topsail Re.

    About Bishop Street
    Bishop Street Underwriters, a RedBird Capital portfolio company, seeks to partner with Managing General Agents (“MGAs”) as well as niche underwriting teams. Bishop Street aims to combine their best-in-class (re)insurance executive team’s vision with RedBird’s strong track record, expertise and network in the financial services sector to build a differentiated platform that is uniquely positioned to capitalize on secular growth tailwinds in the industry. For more information, please go to www.bishopstreetuw.com.

    About Landmark Underwriting
    Landmark Underwriting is a specialist, UK based MGA providing (re)insurance solutions to complex risks globally. Since 2017, Landmark has maintained relationships with all of the significant Insurance Broker markets. From its centre of operations in London, Landmark currently provides risk solutions across Professional Indemnity, General Liability, Directors and Officers, Property and Marine. The company continues to expand its underwriting and operational bandwidth in key territories, driving rapid growth.

    About RedBird Capital Partners
    RedBird Capital Partners is a private investment firm that builds high-growth companies with strategic capital solutions to founders and entrepreneurs. The firm currently manages $10 billion in assets on behalf of a global group of blue chip institutional and family office investors. Founded in 2014 by Gerry Cardinale, RedBird integrates sophisticated private equity investing with a hands-on business building mandate that focuses on three core industry verticals – Financial Services, Sports and Media & Entertainment. Over his 30-year investment career, Cardinale has partnered with founders and entrepreneurs to build some of the most iconic growth companies in their respective industries. For more information, please go to www.redbirdcap.com.

    Media Contacts
    Bishop Street 
    Dan Gagnier
    Gagnier Communications
    redbird@gagnierfc.com
    646.569.5897

    The MIL Network –

  • MIL-OSI USA: Hawley Highlights Explosion of Online Child Sexual Abuse Material, Urges Action

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    Wednesday, February 19, 2025

    Today during a Senate Judiciary Committee hearing about protecting children online, U.S. Senator Josh Hawley (R-Mo.) highlighted the explosion of child sexual abuse material on the internet and urged immediate action to allow victims to hold Big Tech accountable.
    “In 2023, there were 104 million images and videos of suspected child abuse material uploaded onto the internet, compared to 450,000 in 2004. So, 450,000 in 2004 to 104 million in the last full year for which we have data. Here’s another statistic, according to the National Center for Missing and Exploited Children, the number of reports of child exploitation material went from one million, in 2014, to 36.2 million in 2023. In other words, it’s just an enormous explosion,” said Senator Hawley.
    He continued, “It is past time that this Congress gave parents the ability to [sue Big Tech companies]… until Congress gives parents the ability to sue, nothing will change. These companies don’t care about fines, they don’t care about the regulations… what they fear are juries.”
    [embedded content]
    Watch the full exchange here, or click the video above.
    Senator Hawley also pledged to reintroduce his Anti-CSAM legislation with Senator Durbin (D-Ill.), ranking member of the Senate Judiciary Committee. The Judiciary Committee unanimously advanced this legislation last Congress, but the bipartisan bill was eventually blocked on the Senate floor.
    Senator Hawley has been a tireless advocate for legislation holding Big Tech accountable and protecting kids online. Last year, Senator Hawley pressed Meta CEO Mark Zuckerberg about child exploitation on his social media platforms, urging Zuckerberg to stand up and apologize to the families of victims in the room.

    MIL OSI USA News –

  • MIL-OSI USA: Senate Judiciary Democrats Slam DOJ Decision To Replace Apolitical Ethics Official With Inexperienced Political Appointees

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    February 20, 2025

    SJC Democrats to Bondi, Bove: “Your sworn testimony misled Congress and the American people and eliminated a critical safeguard against corruption within the Department.”

    WASHINGTON – Today, U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, led all Senate Judiciary Committee Democrats in an oversight letter to Attorney General Pam Bondi and Acting Deputy Attorney General Emil Bove, criticizing Department of Justice (DOJ) officials’ reported decision to replace a high-ranking career official handling sensitive ethics matters with two inexperienced political appointees.

    The decision is a dramatic departure from practice under previous Democratic and Republican administrations. Additionally, the removal is in direct conflict with promises Bondi made to Congress and the American people during her confirmation hearing and may allow Bondi to participate in cases where she otherwise may have been told to recuse due to conflicts of interest.

    The Senators begin by voicing their strong objection, writing: “We write to strongly object to your alarming decision to grant decision-making authority regarding sensitive ethics and personnel issues—responsibilities long assigned to a senior career Department of Justice (DOJ) official—to two inexperienced political appointees. This decision is a dramatic departure from practice under previous Democratic and Republican administrations, where a senior DOJ career official had decision-making responsibilities on matters related to ethics, employee discipline, whistleblower complaints, and information provided to inspectors general and Congress. Previous administrations did not consider granting these responsibilities to political appointees for good reason; politicizing this role is profoundly dangerous to the integrity of the Department and threatens the employees who work there.”

    The Senators continue by underscoring the direct conflicts between this removal and Bondi’s testimony to Congress, writing: “This new directive is in direct conflict with promises you made, under oath, to Congress and the American people in your confirmation hearing. When Ranking Member Durbin asked you about your many potential conflicts of interest as a former lobbyist—including your representation of foreign regimes like Qatar, corporate giants like Amazon and Uber, and the private prison company, the GEO Group—you responded that, to avoid conflicts, you ‘would consult with the career ethics officials within the Department and make the appropriate decision’ (emphasis added). In your written responses to senators’ questions after your confirmation hearing, you again pledged that you would consult with career ethics officials to avoid conflicts of interest. By transferring responsibilities for ethics decisions from a senior career ethics official to political appointees, you have coincidentally removed the appropriate career ethics official with whom you promised to consult.”

    The Senators further highlight Bondi’s misleading testimony to Congress and the American people in light of this removal, writing: “Business leaders from wealthy corporations were reportedly optimistic upon President Trump’s announcement that he intended to nominate you as Attorney General,  and, without a serious check on your decision-making regarding corporate interests, we are concerned that you will fail to hold companies accountable. Already, on February 5, you signed a memo disbanding Task Force KleptoCapture, which coordinated the investigation of certain companies for illegal exports and money laundering, and announced steps to scale back efforts to enforce laws related to foreign lobbying transparency and bribes of foreign officials. And now, important decisions on ethical questions related to companies that you have lobbied on behalf of—businesses with an extraordinary reach that impact millions of American consumers—will be made by political aides who report to you.”

    The Senators conclude with a series of oversight requests—including a copy of the delegation order and related records—for information to be produced to the Committee.

    For a PDF copy of the letter to Attorney General Pam Bondi and Acting Deputy Attorney General Emil Bove, click here.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Beware of Illegally Marketed Diabetes Treatments, Fraudulent Pharmacies

    Source: US Food and Drug Administration

    Español

    As the number of people diagnosed with diabetes continues to grow, an increasing number of products marketed under the guise of “dietary supplements” or “over-the-counter drugs” promising to prevent, treat, and even cure diabetes are being sold illegally.

    The U.S. Food and Drug Administration advises consumers not to use such products – for many reasons. For example, they may contain harmful ingredients or no active ingredients at all. They may also be improperly marketed as nonprescription (over-the-counter) drugs or dietary supplements when they have hidden prescription drugs in the product. 

    These products carry an additional risk if they cause people to delay or discontinue effective treatments for diabetes. 

    More than 38 million people in the U.S. have diabetes, and almost 1-in-4 adults don’t know they have it, according to the Centers for Disease Control and Prevention. Additionally, approximately 96 million adults have pre-diabetes, meaning they have higher than normal blood sugar levels and can reduce their risks of developing diabetes through lifestyle changes, including diet and exercise.

    People with diabetes are at a greater risk for developing serious health complications, including:

    • Death
    • Heart disease
    • Chronic kidney disease, 
    • Nerve damage, 
    • Foot health, 
    • Oral health, 
    • Hearing loss, 
    • Vision loss, 
    • Mental health

    A Far-Reaching Problem

    Products that promise an easy fix might be tempting, but you are gambling with your health if you choose an unapproved, unregulated, or fraudulent product. 

    Diabetes is a chronic disease but is generally manageable. You can lower your risk for developing complications by following treatments prescribed by health care professionals, carefully monitoring blood sugar levels, and sticking to an appropriate diet and exercise program.

    Unfortunately, “snake-oil peddlers” still prey on people with chronic or incurable diseases, such as diabetes. 

    Bogus products for diabetes are particularly troubling because there are effective options available to help manage this serious disease rather than risk exposing patients to unapproved or dangerous products.

    One way to tell if a diabetes product is unsafe or ineffective is if it is marketed as a nonprescription product or dietary supplement. 

    FDA-approved diabetes drugs are only available by prescription. Additionally, there are no dietary supplements that treat or cure diabetes. In fact, the FDA requires dietary supplement products to be labeled with a disclaimer saying the product is not intended to “diagnose, treat, cure or prevent any disease.” You can read more about how to identify fraudulent products at 6 Tip-offs to Rip-offs: Don’t Fall for Health Fraud Scams.

    To protect the public health, the FDA investigates consumer complaints and monitors the marketplace for fraudulent products, including those promising to treat diabetes and its complications.

    Unapproved Diabetes Drugs

    The FDA issues warning letters to various companies marketing products for diabetes in violation of federal law. These products are often marketed as:

    • Dietary supplements
    • Alternative medicines 
    • Over-the-counter or nonprescription drugs
    • Homeopathic products

    In September 2021, the FDA and the Federal Trade Commission issued warning letters to 10 companies for illegally selling dietary supplements claiming to cure, treat, mitigate, or prevent diabetes.

    FDA laboratories find some “all-natural” diabetes products contain hidden active ingredients found in approved prescription drugs used to treat diabetes. You may ask, what the harm is if the products contain these undeclared active ingredients? Don’t be fooled, these are illegal products and can be dangerous. 

    If consumers, and their health care professionals, are unaware of the actual active ingredients in the products they are taking, these products may interact in dangerous ways with other medications. One possible complication: patients may end up taking a larger combined dose of the diabetic drugs than they intended. This may cause a significant and unsafe drop in blood sugar levels, a condition known as hypoglycemia.

    Fraudulent Pharmacies

    The FDA also monitors the internet for illegal marketing of prescription drugs or potentially unsafe products by fraudulent online pharmacies. 

    Buying medicines from unsafe online pharmacies may put consumers at risk. These websites often sell unapproved, counterfeit, or otherwise unsafe medicines outside of safeguards followed by licensed pharmacies. The products sold, while being passed off as authentic or effective, may contain the wrong ingredients, contain too little, too much, or no active ingredient at all, or contain other harmful ingredients.

    Additionally, consumers cannot be certain the manufacturing or handling of these drugs follows U.S. laws or meets other necessary safeguards, such as storing the medicine at the right temperature, which is extremely important for diabetes medicine, such as insulin, to ensure it doesn’t lose or have decreased effectiveness.  

    Visit BeSafeRx for more information about the potential dangers of buying drugs from unsafe websites, tips for purchasing medicines online safely and how to report unlawful sales. 

    The FDA maintains a list of Internet Pharmacy Warning Letters issued to companies for:

    • Selling illegally marketed products
    • Selling counterfeit drugs
    • Offering prescription drugs without a prescription
    • Offering prescription drugs without adequate directions for safe use
    • Offering prescription drugs without FDA-required consumer warnings about the serious health risks associated with the prescription drug

    Identifying Legitimate Online Pharmacies

    To help ensure you select a safe, licensed online pharmacy, look for one that requires you to have a valid prescription to purchase prescription drugs, provides a physical business address in the U.S., is licensed by a state pharmacy board, and provides a state-licensed pharmacist to answer your questions. You can find your state’s pharmacy board using the FDA’s Locate a State-Licensed Online Pharmacy webpage.

    Talk to your health care professional if you have any questions about your diabetes treatment or if a specific online pharmacy is safe to use. 

    How to Report

    If you believe you have found a website that may be illegally selling human drugs, dietary supplements, or other medical products, we encourage you to submit the information through the Reporting Unlawful Sales of Medical Products on the Internet available on the FDA website.

    Health care professionals and consumers should report any problems or reactions—often referred to as potential adverse reactions—to FDA’s MedWatch program at www.fda.gov/Medwatch/report.htm. Or, you can call 800-FDA-1088 (800-332-1088), send a fax to 800-FDA-0178, or mail FDA form 3500 (available on the MedWatch “Download Forms” page) to the address on the pre-addressed form.

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    MIL OSI USA News –

  • MIL-OSI: Federal Home Loan Bank of Indianapolis Announces Fourth Quarter 2024 Dividends, Reports Earnings

    Source: GlobeNewswire (MIL-OSI)

    INDIANAPOLIS, Feb. 20, 2025 (GLOBE NEWSWIRE) — Today the Board of Directors of the Federal Home Loan Bank of Indianapolis (“FHLBank Indianapolis” or “Bank”) declared its fourth quarter 2024 dividends on Class B-2 activity-based capital stock and Class B-1 non-activity-based stock at annualized rates of 9.50% and 4.50%, respectively. The higher dividend rate on activity-based stock reflects the Board’s discretion under the Bank’s capital plan to reward members that use FHLBank Indianapolis in support of their liquidity needs.

    The dividends will be paid in cash on February 21, 2025.

    “I am proud that FHLBank Indianapolis delivered strong financial results in 2024, a reflection of our steadfast commitment to serving our members’ liquidity needs while maintaining the Bank’s financial strength and stability,” President and CEO Cindy Konich said.

    She added: “In addition to another strong dividend for our members, these results allowed us to invest at record levels in the communities our members serve, including an additional voluntary contribution of 7.5% of 2023 net earnings – bringing the total support of housing and community initiatives in 2024 to 17.5%. Building on the success of 2024, we look forward to continuing this support in 2025 at 17.5% of 2024 net earnings.”

    Earnings Highlights

    Net income, for the fourth quarter of 2024, was $67 million, a net decrease of $37 million compared to the corresponding quarter in the prior year. The decrease was primarily due to a significant increase in voluntary contributions to affordable housing and community investment programs and unrealized losses on qualifying fair-value hedging relationships.

    Net income, for the year ended December 31, 2024, was $342 million, a net decrease of $35 million compared to the prior year. The decrease was primarily due to a significant increase in voluntary contributions to affordable housing and community investment programs and net realized gains on the extinguishment of consolidated obligations in 2023 that did not occur in 2024. However, such decrease was partially offset by higher earnings on the portion of the Bank’s assets funded by its capital.1

    Affordable Housing Program Allocation

    The Bank’s Affordable Housing Program (“AHP”) provides grant funding to support housing for low- and moderate-income families in communities served by its Michigan and Indiana members. For the year ended December 31, 2024, AHP assessments2 totaled $40 million. Such required allocations will be available to the Bank’s members in 2025 to help address their communities’ affordable housing needs, including construction, rehabilitation, accessibility improvements and homebuyer down-payment assistance.

    In addition, as part of the Bank’s commitment to further support its AHP and additional affordable housing and community investment programs, the Bank voluntarily contributed additional funding in 2024 totaling $33 million. Additionally, the Bank made a supplemental voluntary contribution to its AHP totaling $4 million. As a result, voluntary contributions to housing and community investment programs in 2024 totaled $37 million, all of which have been recognized and reported in other expenses.

    The Bank’s combined required and voluntary allocations recognized in 2024 totaled $77 million, an increase of $29 million, or 60%, compared to the prior year.

    __________________

    1 FHLBank Indianapolis earns interest income on advances to and mortgage loans purchased from its Michigan and Indiana member financial institutions, as well as on long- and short-term investments. Net interest income is primarily determined by the size of the Bank’s balance sheet and the spread between the interest earned on its assets and the interest cost of funding with consolidated obligations. Because of the Bank’s inherent relatively low interest-rate spread, it has historically derived a substantial portion of its net interest income from deploying its interest-free capital in floating-rate assets.

    2 Each year, Federal Home Loan Banks are required to allocate to the AHP 10% of earnings, defined for this purpose as income before assessments plus interest expense on mandatorily redeemable capital stock.

    Condensed Statements of Income

    The following table presents unaudited condensed statements of income ($ amounts in millions):

        Three Months Ended
    December 31,    		   Year Ended
    December 31,
          2024     2023     2024     2023
    Interest income(a)   $ 989   $ 1,013   $ 4,130   $ 3,755
    Interest expense(a)     866     873     3,623     3,260
    Provision for credit losses     —     —     —     —
    Net interest income after provision for credit losses     123     140     507     495
    Other income(b)     6     7     32     46
    Other expenses(c)     54     31     157     120
    AHP assessments     8     12     40     44
                     
    Net income   $ 67   $ 104   $ 342   $ 377
    (a) Includes hedging gains (losses) and net interest settlements on fair-value hedge relationships. The Bank uses derivatives, specifically interest-rate swaps, to hedge the risk of changes in the fair value of certain of its advances, available-for-sale securities and consolidated obligations. These derivatives are designated as fair-value hedges and, therefore, changes in the estimated fair value of the derivative, and changes in the fair value of the hedged item that are attributable to the hedged risk, are recorded in net interest income.
    (b) Includes impact of purchase discount (premium) recorded through mark-to-market gains (losses) on trading securities and net interest
    settlements on derivatives hedging trading securities, while generally offsetting interest income on trading securities is included in
    interest income.
    (c) Includes voluntary contributions to the Bank’s AHP and other affordable housing, small business and community investment programs.
       

    Balance Sheet Highlights

    Total assets, at December 31, 2024, were $84.5 billion, a net increase of $7.9 billion, or 10%, from December 31, 2023, primarily due to an increase in advances and mortgage loans outstanding.

    Advances 3

    The carrying value of advances outstanding, at December 31, 2024, totaled $39.8 billion, a net increase of $4.3 billion, or 12%, from December 31, 2023. The par value of advances outstanding increased by 12% to $40.1 billion, which included a net increase in short-term advances of 54% and a net decrease in long-term advances of 4%. At December 31, 2024, based on contractual maturities, long-term advances composed 63% of advances outstanding, while short-term advances composed 37%.

    The par value of advances outstanding to depository institutions — comprising commercial banks, savings institutions and credit unions — increased by 18%, while advances outstanding to insurance companies increased by 1%. As a percent of total advances outstanding at par value at December 31, 2024, advances to commercial banks and savings institutions were 52% and advances to credit unions were 14%, resulting in total advances to depository institutions of 66%, while advances to insurance companies were 34%.

    In general, advances fluctuate in accordance with members’ funding needs, primarily determined by their deposit levels, mortgage pipelines, loan growth, investment opportunities, available collateral, other balance sheet strategies, and the cost of alternative funding options.

    Mortgage Loans Held for Portfolio 4

    Mortgage loans held for portfolio, at December 31, 2024, totaled $10.8 billion, a net increase of $2.2 billion, or 25%, from December 31, 2023, as the Bank’s purchases from its members significantly exceeded principal repayments by borrowers. Purchases of mortgage loans from members, for the year ended December 31, 2024, totaled $3.2 billion.

    In general, the Bank’s volume of mortgage loans purchased is affected by several factors, including interest rates, competition, the general level of housing and refinancing activity in the United States, consumer product preferences, the Bank’s balance sheet capacity and risk appetite, and regulatory considerations.

    Liquidity Investments 5

    Liquidity investments, at December 31, 2024, totaled $12.9 billion, a net increase of $759 million, or 6%, from December 31, 2023. The Bank’s liquidity remained well above regulatory requirements and continues to enable the Bank to be a reliable liquidity provider to its members.

    Cash and short-term investments increased by $271 million, or 2%, to $11.8 billion. The portion of U.S. Treasury obligations classified as trading securities increased by $488 million, or 81%, to $1.1 billion. As a result of this activity, cash and short-term investments represented 92% of the total liquidity investments at December 31, 2024, while U.S. Treasury obligations represented 8%.

    The total outstanding balance and composition of the Bank’s liquidity investments are influenced by its liquidity needs, regulatory requirements, actual and anticipated member advance activity, market conditions, and the availability of short-term investments at attractive interest rates, relative to the cost of funds.

    Other Investment Securities

    Other investment securities, which consist substantially of mortgage-backed securities and U.S. Treasury obligations classified as held-to-maturity or available-for-sale, at December 31, 2024, totaled $20.2 billion, a net increase of $738 million, or 4%, from December 31, 2023.

    Consolidated Obligations 6

    FHLBank Indianapolis’ consolidated obligations outstanding, at December 31, 2024, totaled $78.1 billion, a net increase of $7.0 billion, or 10%, from December 31, 2023, which reflected increased funding needs associated with the net increase in the Bank’s total assets.

    Capital 7

    Total capital, at December 31, 2024, was $4.2 billion, a net increase of $491 million, or 13%, from December 31, 2023. The net increase resulted primarily from issuances of capital stock to support advance activity and the growth in retained earnings.

    The Bank’s regulatory capital-to-assets ratio8, at December 31, 2024, was 5.44%, which exceeds all applicable regulatory capital requirements.

    __________________

    3 Advances are secured loans that the Bank provides to its member institutions.
    4 The Bank purchases mortgage loans from its members to support its housing mission, provide an additional source of liquidity to its members, and diversify its investments.
    5 The Bank’s liquidity investments consist of cash, interest-bearing deposits, securities purchased under agreements to resell, federal funds sold and U.S. Treasury obligations.
    6 The primary source of funds for FHLBank Indianapolis, and for the other FHLBanks, is the sale of FHLBanks’ consolidated obligations in the capital markets. FHLBank Indianapolis is the primary obligor for the payment of the principal and interest on the consolidated obligations issued on its behalf; additionally, it is jointly and severally liable with each of the other FHLBanks for all of the FHLBanks’ consolidated obligations outstanding.
    7 FHLBank Indianapolis is a cooperative whose member financial institutions and former members own all of its capital stock as a condition of membership and to support outstanding credit products.
    8 Total regulatory capital, which consists of capital stock, mandatorily redeemable capital stock and retained earnings, as a percentage of total assets.

    Condensed Statements of Condition

    The following table presents unaudited condensed statements of condition ($ amounts in millions):

        December 31, 2024   December 31, 2023
    Advances   $ 39,833     $ 35,562  
    Mortgage loans held for portfolio, net     10,796       8,614  
    Liquidity investments     12,911       12,152  
    Other investment securities(a)     20,189       19,451  
    Other assets     806       829  
             
    Total assets   $ 84,535     $ 76,608  
             
    Consolidated obligations   $ 78,085     $ 71,053  
    MRCS     363       369  
    Other liabilities     1,852       1,442  
    Total liabilities     80,300       72,864  
             
    Capital stock(b)     2,555       2,285  
    Retained earnings(c)     1,684       1,532  
    Accumulated other comprehensive income (loss)     (4 )     (73 )
    Total capital     4,235       3,744  
             
    Total liabilities and capital   $ 84,535     $ 76,608  
             
    Total regulatory capital(d)   $ 4,602     $ 4,186  
             
    Regulatory capital-to-assets ratio     5.44 %     5.46 %
    (a) Includes held-to-maturity and available-for-sale securities.
    (b) Putable by members at par value.
    (c) Includes restricted retained earnings, at December 31, 2024 and December 31, 2023, of $466 million and $398 million, respectively.
    (d) Consists of total capital less accumulated other comprehensive income plus mandatorily redeemable capital stock.
       

    All amounts referenced above are unaudited. More detailed information about FHLBank Indianapolis’ financial condition as of December 31, 2024, and its results for the year then ended, will be included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Bank’s Annual Report on Form 10-K.

    Safe Harbor Statement

    This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 concerning plans, objectives, goals, strategies, future events and performance. Forward-looking statements can be identified by words such as “will,” “believes,” “may,” “temporary,” “estimates,” and “expects” or the negative of these words or comparable terminology. Each forward-looking statement contained in this news release reflects FHLBank Indianapolis’ current beliefs and expectations. Actual results or performance may differ materially from what is expressed in any forward-looking statements.

    Any forward-looking statement contained in this news release speaks only as of the date on which it was made. FHLBank Indianapolis undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Readers are referred to the documents filed by the Bank with the U.S. Securities and Exchange Commission (“SEC”), specifically reports on Form 10-K and Form 10-Q, which include factors that could cause actual results to differ from forward-looking statements. These reports are available at www.sec.gov.

    Media Contact:
    Scott Thien
    Senior Corporate Communications Associate
    317-902-3103
    sthien@fhlbi.com

    Building Partnerships. Serving Communities.
    FHLBank Indianapolis is a regional bank included in the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to provide access to low-cost funding for their member financial institutions, with particular attention paid to providing solutions that support the housing and small business needs of members’ customers. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. FHLBank Indianapolis is owned by its Indiana and Michigan financial institution members, including commercial banks, credit unions, insurance companies, savings institutions and community development financial institutions. For more information about FHLBank Indianapolis, visit www.fhlbi.com. Also, follow the Bank on LinkedIn, as well as Instagram and X at @FHLBankIndy. Please note that content the Bank shares on its website and social media is not incorporated by reference into any of its filings with the SEC unless, and only to the extent that, a filing by the Bank with the SEC expressly provides to the contrary.

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 20.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    20 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 20.02.2025

    Espoo, Finland – On 20 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,256,122 4.77
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,256,122 4.77

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 20 February 2025 was EUR 5,989,818. After the disclosed transactions, Nokia Corporation holds 254,445,785 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI Asia-Pac: Speech by SJ at 8th IBA Asia Pacific Regional Forum Biennial Conference (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Justice, Mr Paul Lam, SC, at the 8th IBA Asia Pacific Regional Forum Biennial Conference today (February 20): Mr Menzer (Vice-President of the International Bar Association (IBA), Mr Jorg Menzer), Mr Dhillon (Co-Chair of the IBA Asia Pacific Regional Forum Mr Dinesh Dhillon), Mr Liu (Co-Chair of the IBA Asia Pacific Regional Forum Mr David Liu), Winnie (Secretary of the IBA Asia Pacific Regional Forum and co-chair of the conference, Ms Winnie Tam, SC), other friends from the IBA, distinguished guests, ladies and gentlemen,      Good evening. I wish to begin by thanking the organiser, in particular, my good friend Winnie, for inviting me to this dinner. I also wish to congratulate the conference co-chairs and the conference organising committee for hosting this eighth edition of the International Bar Association Asia Pacific Regional Forum Biennial Conference. I was told that more than 360 persons coming from 36 jurisdictions have signed up for the conference. Apart from 20 jurisdictions in the Asia Pacific region (including the Mainland and Hong Kong), we have friends coming from South Asia, Central Asia, Europe, North and South America, as well as Africa.      In 2008, Hong Kong hosted the IBA Asia Pacific Forum with the theme “New focus of international business: Asia, the centre stage”. Time flies. As at today (February 20, 2025), what had been described as the “new focus” back in 2008, 17 years ago has become the “main focus”.      In these circumstances, the theme of this conference is most pertinent, namely “Vibrant Asia – Land of opportunity and promise”. This theme, of course, applies to Hong Kong, being one of the major international cities in Asia. But I wish to be more specific tonight by spending the next 15 minutes or so to convince you why, from the legal perspective, Hong Kong is a land of opportunity and promise.      The short answer is that, as we always say, Hong Kong serves as the “super connector” and “super value-adder” between China and the rest of the world. We perform such roles by making use of our unique strengths and advantages under the principle of “one country, two systems”. One of these unique strengths and advantages is that we have very strong rule of law based on our common law system. You may wonder: there are many jurisdictions in the world including Asia, which practise the common law; what is so special about Hong Kong’s common law system? My answer is that there are at least six key characteristics of our common law system which, when combined together, have rendered our legal system unparalleled.     First, our legal system is very stable. Hong Kong is the only common law jurisdiction in China. The continuation of the common law system is guaranteed by various provisions in the Basic Law which implements the fundamental national policy of “one country, two systems”. It is most significant to note that, in his speech delivered on July 1, 2022, at the celebration of the 25th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR), President Xi Jinping made it crystal clear that the principle of “one country, two systems” is a good policy that must be adhered to in the long run. Equally important is that he mentioned the common law twice in his speech. Apart from acknowledging the contribution of the common law to the success of Hong Kong since China’s resumption of sovereignty over Hong Kong on July 1, 1997, he said that “The Central Government fully supports Hong Kong in its effort … to maintain the common law …”. More recently, on December 20, 2024, at the celebration of the 25th anniversary of Macao’s return to the motherland, President Xi repeated that “one country, two systems” is a good system that sustains the long-term prosperity and stability of Hong Kong and Macao. He also pointed out that the values embodied in the principle of “one country, two systems”, namely, peace, inclusiveness, openness and sharing are relevant to not only China but also the whole world.     Second, our legal system is very credible and reliable. In particular, we have an utmost reputable and independent judiciary. The Basic Law provides that our courts shall enjoy the independent power of adjudication and also that our Court of Final Appeal (CFA) shall enjoy the power of final adjudication. There are also express provisions which guarantee judicial independence. For example, judges in Hong Kong are appointed on the recommendation of an independent commission, with the only criteria considered being their judicial and professional quality. Non-permanent judges from other common law jurisdictions of the highest calibre have been invited to sit on our CFA. The most recent appointee, former Chief Justice of the Federal Court of Australia, Mr Justice Allsop, came to Hong Kong last week to hear his first case. The judgments of our courts, in particular those of the CFA, are often cited in other common law jurisdictions. All court hearings, subject to very few exceptions, are conducted openly; and court judgments are always published. These measures enable people to see that judges have in fact discharged their duties independently without any improper interference. A strong piece of evidence, which I will mention with great reluctance, is that in litigation involving the Government, the Secretary for Justice was, on some occasions, not the successful party. The integrity and quality of our judiciary is never in doubt.      Third, our legal system provides a very safe and secure environment. Fundamental human rights and freedoms based on international standards set by the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights, as well as private property rights, are fully protected by Hong Kong law. Our law enforcement agencies and regulatory bodies, such as the Police, the ICAC (Independent Commission Against Corruption), the SFC (Securities and Futures Commission), always enforce the relevant laws strictly and fairly. In this respect, it is very important to note that we have consistently been ranked as one of the least corrupt places in the world. According to the Corruption Perceptions Index 2024 released by Transparency International very recently on February 11, 2025, Hong Kong ranks 17 out of 180 jurisdictions, well ahead of many Western developed countries such as the United States and the United Kingdom.      Fourth, our legal system is very user-friendly. It is the only bilingual common law system using both English and Chinese. This is important because English is the linqua franca of the international business community. Our laws (both substantive and procedural) are aligned with prevailing international practices, and hence are familiar to the international community. For example, our Arbitration Ordinance is based on the United Nations Commission on International Trade Law Model Law. In the latest World Competitiveness Yearbook 2024 published by the International Institute for Management Development in June 2024, Hong Kong ranked first in “Business legislation”.      Furthermore, we strive to update our laws continuously to ensure that they will meet the demand of the latest developments and trends around the world. Let me give two examples. We have just completed a consultation in relation to the proposed amendments to the Copyright Ordinance to cater for the fast development of AI generated works. Second, a draft legislation is now being considered by our Legislative Council which aims at creating a regulatory regime for the issuance and offers of stablecoins.      Fifth, our legal system is well connected to both the Mainland and other parts of the world. With the strong support of the Central Government, Hong Kong has signed nine mutual legal assistance arrangements in civil and commercial matters with the Mainland covering three main areas: first, procedural assistance on, for example, service of judicial documents and taking of evidence; second, arbitration-related assistance; and third, reciprocal recognition and enforcement of civil and commercial judgments. These MLA (mutual legal assistance) arrangements give Hong Kong an advantage that is unavailable in other jurisdictions.      In this respect, it is necessary to mention the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), which consist of nine cities in the Guangdong Province, the HKSAR and the Macao SAR. The population of the GBA has exceeded 86 million; its size is similar to Croatia; its total GDP has already exceeded Australia and is among the top 10 in the world. It is the home of giant tech companies such as Tencent and BYD. Great efforts have been made to harmonise the rules and regulations in the three different legal territories in the GBA. For example, to promote and facilitate the use of mediation to resolve civil and commercial disputes in the GBA, there is now a uniform set of rules on mediation and also a consolidated panel of GBA mediators. Furthermore, important measures have been introduced to give business entities the option to use Hong Kong law in their contracts, and choose Hong Kong as the place for arbitration when they set up their businesses in the GBA. Just last Friday (February 14), the Supreme People’s Court and the Ministry of Justice of the People’s Republic of China announced that Hong Kong-invested enterprises registered in any of the nine Mainland cities in the GBA may choose Hong Kong as the seat of arbitration. And for enterprises registered in Shenzhen or Zhuhai, they may also choose to use Hong Kong law as the governing law of their commercial contracts. These additional options will certainly create more demands and, hence, opportunities for legal practitioners in Hong Kong.      Sixth and lastly, we have very strong legal professionals and dispute resolution institutions with high expertise and vast experience in providing legal and dispute resolution services involving Mainland and international elements. A very important point is that, while most of our lawyers are very good at handling international legal issues, at the same time, they are also proficient in both Chinese and English, and have intimate knowledge of the Chinese culture and business practices. According to the latest statistics updated to February 20, 2025, published by the Law Society of Hong Kong, 299 law firms have overseas offices, and 86 have representative offices in the Mainland. Because of these strong Mainland and international connections, by engaging a Hong Kong lawyer or law firm, the client would in effect be able to obtain a one-stop legal service regarding different jurisdictions.      Our dispute resolution bodies are of course very popular and well regarded worldwide. According to the statistics published by the Hong Kong International Arbitration Centre (HKIAC) (the main arbitral institution in Hong Kong), in 2024, 352 new arbitration cases were submitted to the HKIAC, with the total amount in dispute reaching approximately US$13.6 billion. Both figures represent a record high for the HKIAC. Parties from 53 jurisdictions participated in these arbitrations. In 86 per cent of these cases, at least one of the parties was not from Hong Kong; and in 14.5 per cent of these cases, neither party came from Asia. These figures demonstrate and reinforce Hong Kong’s status as a world class leading and popular international arbitration centre.      As there are many friends from the Mainland and other countries here tonight, I wish to stress that we adopt a very open policy and welcome lawyers from other jurisdictions to practise here in appropriate circumstances. As a matter of fact, there are already 83 foreign law firms and 1 571 foreign registered lawyers practising in Hong Kong. On the other hand, King’s Counsel from England come to Hong Kong from time to time on an ad hoc basis to appear in difficult and complex litigations.      Turning to arbitration, we place no restriction at all on the nationalities or professional qualifications of the parties, legal advisers or arbitrators to participate in arbitral proceedings in Hong Kong. As a further step to facilitate people from other places to take part in arbitrations in Hong Kong, starting from next month, individuals participating in arbitrations in Hong Kong may do so without the need to obtain any employment visa. These individuals include not only to parties to the arbitration, arbitrators and counsel, but also expert and factual witnesses, tribunal secretaries, and tribunal-appointed experts. And it does not matter that the seat of arbitration is indeed somewhere else so long as the arbitral proceedings take place physically in Hong Kong.      While I am very confident that Hong Kong’s legal system is unparalleled, and provides abundant opportunities to legal practitioners from not just Hong Kong but also the Mainland and other parts of the world, we recognise that there is no room for complacency. Therefore, we will spare no effort to further promote Hong Kong as an international legal and dispute resolution services centre as well as a capacity building centre. I am excited to say that the signing ceremony of the international treaty regarding the establishment of the International Organization for Mediation (IoMED) will take place in Hong Kong later this year. The establishment of the IoMED is the result of successful negotiations between China and a number of friendly states. Its headquarters will be located in Hong Kong, and it will be the world’s first intergovernmental international legal organisation dedicated to resolving international disputes of different natures through mediation.      In addition, the Department of Justice established the Hong Kong International Legal Talents Training Academy last November which aims at providing capacity building programmes, organising practical training courses, and international exchange programmes to promote sharing of knowledge and experience among legal talents in the region and beyond.      I think I have said enough, and it is time for you to enjoy your well-deserved dinner. To my dear friends coming from overseas, I do hope that, apart from taking part in this conference, you will have some spare time to explore our wonderful city. Seeing is believing. I am very confident that you will be convinced that Hong Kong has remained to be a very open and vibrant society full of energy, hopes and opportunities, as is always the case.       I wish you all a very pleasant evening. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Attorney General Bonta: FDA Should Take Quick and Decisive Action Against Makers of Counterfeit Weight Loss Drugs

    Source: US State of California

    OAKLAND – As part of a bipartisan coalition of 38 states and territories, California Attorney General Rob Bonta today urged the Food and Drug Administration (FDA) to take swift and decisive action against bad actors unlawfully profiting off the high demand for FDA-approved weight loss and diabetes drugs. In their letter, the coalition notes that demand for GLP-1 medications such as Mounjaro, Zepbound, Ozempic, and Wegovy has skyrocketed, but supply shortages and high costs have created opportunities for wrongdoers to cash in and endanger consumers. 

    “In California and across the country, a growing number of individuals are turning to weight loss drugs. My fellow attorneys general and I are urging the FDA to protect consumers from the growing threat posed by adulterated or counterfeit versions of these drugs,” said Attorney General Bonta. “From inspections to enforcement actions, the FDA has several important tools at its disposal to help put an end to this unlawful and deceptive conduct. A federal response is necessary because many of the counterfeit drugs are shipped from outside of the country.”

    In the letter, the coalition writes that: 

    • The FDA must work with federal partners like the Department of Homeland Security to intercept counterfeit GLP-1 drugs before they reach unsuspecting consumers. Counterfeit GLP-1 drugs from abroad — which can contain contaminants, other unknown drugs, or dangerously high amounts of active ingredients — have infiltrated the U.S. supply chain. Most consumers are not equipped to determine if their medication is legitimate or fake.
    • The FDA must continue to send warning letters to online retailers that are illegally selling the active ingredients of GLP-1 drugs directly to consumers without a prescription. If companies continue to act unlawfully, the FDA should follow up with enforcement action. While claiming that the active ingredients are “for research purposes only” or “not for human consumption,” these companies advertise directly to consumers on social media, claiming that their products are an easier and more affordable way to obtain GLP-1 drugs. When sellers supply only active ingredients, consumers are often forced to formulate the medication themselves, which creates a host of risks.
    • The FDA should also ramp up enforcement against any compounding pharmacies that may be illegally participating in this market. With certain GLP-1 active ingredients added to the FDA’s drug shortage list, compounding pharmacies have been allowed to produce GLP-1 medications and some of those pharmacies have cut corners in pursuit of a quick profit. The FDA must work in partnership with state pharmacy boards to ensure compounded GLP-1 drugs are produced in a safe, sanitary way.

    In sendng this letter, Attorney General Bonta joins the attorneys general of Colorado, South Carolina, Illinois, Tennessee, Alaska, Arkansas, Connecticut, Delaware, Georgia, Hawaii, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nevada, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Utah, Vermont, Virginia, West Virginia, Wisconsin, the District of Columbia, and the U.S. Virgin Islands. 

    A copy of the letter can be found here. 

    MIL OSI USA News –

  • MIL-OSI Security: Suburban Chicago Man Sentenced to More Than Five Years in Prison for $1.5 Million COVID-Relief Fraud

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    CHICAGO — A federal judge has sentenced a suburban Chicago man to more than five years in prison for fraudulently obtaining more than $1.5 million in small business loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

    Over a five-month period in 2021, FEROZ JALAL participated in a scheme to defraud banks and the U.S. Small Business Administration.  The SBA’s Paycheck Protection Program allowed qualifying small businesses to receive low-interest, government-backed loans to cover a temporary loss of revenue during the Covid pandemic.  As part of the scheme, Jalal submitted to lenders and the SBA at least a dozen applications for PPP loans on behalf of businesses that he and others purportedly owned.  The applications contained false statements and misrepresentations concerning the purported entities’ employees, revenues, costs, and statuses of operations.  In support of his applications, Jalal provided, among other things, fake IRS tax filings and bogus spreadsheets that purported to document the companies’ payroll expenses.

    Jalal and co-schemers submitted fraudulent applications for PPP loans in amounts totaling $1.792 million, causing $1.644 million to be disbursed by lenders.

    Jalal, 51, of Niles, Ill., pleaded guilty last year to bank fraud and money laundering charges.  On Feb. 11, 2025, U.S. District Judge John F. Kness sentenced Jalal to five years and two months in federal prison and ordered him to pay more than $1.5 million in restitution to the SBA.

    The sentence was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI, and Sean Fitzgerald, Special Agent-in-Charge of the Chicago office of Homeland Security Investigations.  Substantial assistance was provided by the U.S. Department of Health and Human Services, Office of Inspector General (HHS-OIG).  The government was represented by Assistant U.S. Attorney Brian Hayes.

    Anyone with information about attempted Covid-relief fraud can report it to the Department of Justice by calling the National Center for Disaster Fraud at (866) 720-5721, or by filing an online complaint at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI –

  • MIL-OSI Economics: DDG Ellard urges support for multilateral trading system amid geopolitical challenges

    Source: World Trade Organization

    Good morning, Chairman Lange, esteemed Members of the European Parliament, and the Steering Committee of the Interparliamentary Union.

    It is a privilege to be here with you today. I have a deep appreciation for the complexities of your work and the pivotal position you occupy in bringing together international institutions with the public you represent.

    As Parliamentarians, your engagement on WTO matters is essential — not only for shaping trade policy but for ensuring that our work delivers real and meaningful benefits to the public. Parliaments serve as the voice of the people in global trade discussions, and your leadership is crucial in making multilateralism both effective and responsive to the needs of your citizens.

    Today, as the WTO marks its 30th anniversary, and its 80th beginning as the GATT, I will focus on two pressing topics. First, I will describe the negotiating priorities outlined by the WTO’s Members as we gear up for the 14th Ministerial Conference, scheduled to take place in March next year in Cameroon. Second, I will touch upon the broader geopolitical context — a subject that I know is front and center.

    Fish

    Let me begin with a subject that is especially important to showing the success of the multilateral trading system for economic and environmental sustainability:  fisheries subsidies. One of our Members’ most pressing priorities is to ensure the entry into force of the Agreement on Fisheries Subsidies, while also advancing and completing the negotiations on the second phase, to achieve even deeper disciplines. These efforts are vital to protecting our oceans and promoting sustainable fishing practices worldwide.

    The landmark WTO Agreement on Fisheries Subsidies concluded at MC12 in 2022 brought WTO Members a major step closer to fulfilling the SDG 14.6 mandate by prohibiting subsidies to fishing activities considered to be among the most harmful to the sustainability of our oceans. It is estimated that USD 22 billion of harmful fisheries subsidies are provided each year. Through this Agreement, WTO Members have banned such subsidies provided to vessels involved in illegal, unreported, and unregulated (IUU) fishing, fishing of overfished stocks, and fishing in the unregulated high seas.

    IUU fishing accounts for approximately 20% of the world’s catch, depleting global fish stocks. Moreover, the FAO estimates that almost 38% of global fish stocks are overfished, and by some measures, the devastation is even higher. The AFS can help to reverse this significant and worsening loss of natural resources.

    However, the full potential of the Agreement will be realized only once it enters into force, which requires the acceptance of two-thirds (or 111) of WTO Members. To date, 90 Members have deposited their instruments of acceptance, bringing us within striking distance of our goal — we need just 21 more.

    I would like to sincerely thank the European Union for being among the first to accept the Agreement. In addition, generous contributions by the EU and its member States to the Fish Fund will support developing and least-developed Members with the implementation of the Agreement if they have deposited their acceptances. We are so close to entry into force but not quite there yet.  I strongly urge you to continue your leadership by encouraging and helping those who have not yet formally accepted the Agreement to do so as soon as possible. And for those here today from the IPU Steering Committee who have not deposited, please count on the WTO Secretariat to help you any way we can. We are aiming for the entry into force of the Agreement before the Third UN Ocean Conference (UNOC3), taking place in June in Nice, co-hosted by France and Costa Rica. The need to get this done is urgent, and we are counting on everyone to work to meet the goal.

    The second priority related to fisheries subsidies is concluding the second wave of negotiations on additional disciplines.

    At the WTO General Council meeting last December, it was clear that nearly all Members, with the exception of just a few, were ready to conclude the negotiations based on the most recent draft text circulated last November (TN/RL/W/285). While some Members have noted that the disciplines are not perfect, they still acknowledge the substantial value of the current package in curbing subsidies that contribute to overcapacity and overfishing. However, those Members that do not support the text have expressed fundamental differences.

    While no agreement is perfect and every Member may have aspects they wish to modify, it is in everyone’s interest to achieve an outcome. If Members fail to do so, the absence of disciplines on overcapacity and overfishing will mean continued deterioration of fish stocks for everyone. We are at a tipping point. 

    We remain committed to bringing this second wave of negotiations across the finish line and will continue to rely on the  constructive engagement of those present here today to make this a reality. Urgent action is needed for both economic and environmental sustainability.

    Dispute Settlement

    The second priority is reforming the WTO’s dispute settlement system to ensure that WTO rules remain meaningful for the benefit of all Members.

    At MC12 in 2022, WTO Members committed to having “a fully and well-functioning dispute settlement system accessible to all Members by 2024” and reiterated this objective at MC13 last year. This deadline has passed, and Members are currently working to establish a path forward. I wish to thank the European Union and others in this room for their constructive stance and continued engagement in the reform process.

    Following MC13, the reform of the DS system was formally advanced under the leadership of the Permanent Representative of Mauritius, who, together with six co-convenors at the expert level, worked to address outstanding issues. These included the topics of appeal/review, accessibility, and “works done thus far”. Since the departure of Mauritius’ Ambassador in last November, the General Council (GC) Chair continued to directly oversee the reform process, engaging with Members to gather perspectives on how to build upon the progress and further advance the reform.

    The reform process has already resulted in several draft texts different areas. Notably, Members have developed an advanced substantive draft on “Capacity Building” and “Technical Assistance”. This is crucial for enhancing the technical support we provide to developing Members. While Members made strides in the discussions surrounding appeal/review, this remains one of the more challenging aspects of the reform, and further efforts are needed to resolve the outstanding issues.

    I know that our Members are awaiting word from the United States as to its position. I remain hopeful that we will continue to make progress on this crucial work.

    In the meantime, the WTO continues to serve as the primary forum for resolving international trade disputes. Eight disputes are currently ongoing, along with eleven active consultations. We have also observed an increase in negotiated solutions among Members, with the panel process often serving as a catalyst for these agreements. The dispute settlement work at the WTO remains robust.

    Agriculture

    Third, it is vital that WTO Members make progress on agriculture.

    Agriculture is expected to be a central element on the MC14 agenda, especially because of its fundamental role in supporting food security and driving socio-economic development, particularly across the African continent. Consensus has remained out of reach as to the process and timeline for these negotiations. As the outgoing Chair of the negotiations outlined in his recent report (JOB/AG/265), rebuilding trust and setting credible targets is essential to progressively restoring an effective negotiating process and achieving an agricultural outcome in March 2025 in Yaoundé.

    Plurilateral initiatives

    The fourth priority is for Members to find a way to incorporate the results of plurilateral joint initiatives — the Investment Facilitation for Development (IFD) Agreement and the Agreement on E-commerce — into the WTO rulebook.

    These plurilateral initiatives represent the opportunity for like-minded Members to establish new and ambitious rules among themselves and break new ground within the WTO framework. They co-exist with the concept of multilateralism and do not reduce any WTO rights for non-participants.

    The IFD Agreement currently has 126 WTO Members as parties, including 90 developing and 27 LDC Members, as well as the EU. It aims to foster sustainable development by improving the investment climate through greater transparency and predictability and to facilitate investment flows, particularly to developing and LDC Members. The proponents of the Agreement seek to incorporate it into Annex IV of the WTO Agreement as a plurilateral agreement, with its benefits applied on an MFN basis to all WTO Members. Doing so requires consensus among our Members. However, a few Members have expressed opposition to its incorporation, citing systemic concerns and the impact on multilateralism. The proponents continue work to chart a path to integrate these important disciplines into the WTO rulebook.

    Ninety-one WTO Members, including the EU, have concluded negotiations on the text of the Agreement on Electronic Commerce and presented it to the General Council the day before yesterday for incorporation into the WTO rulebook. The Agreement aims at enabling electronic transactions and promoting digital trade facilitation, ensuring an open environment for digital trade, and promoting trust in e-commerce. It also has provisions on cooperation and development. As with IFD, a few Members oppose on systemic grounds.

    Multilateral work on e-commerce

    In terms of multilateral work on e-commerce, engagement continues under the multilateral Work Programme on Electronic Commerce, as outlined in the MC13 Decision, to be completed by MC14. In January, we held a Dedicated Discussion on bridging the digital divide, focusing on infrastructure, connectivity, and internet access. Another session in February will explore legal and regulatory frameworks, including consumer protection, privacy, and cybersecurity. These sessions aim to share national experiences, delve deeper into key themes, and reflect on actionable ideas. The goal is to identify concrete steps and recommendations for Ministers’ consideration at MC14.

    Another critical decision point is whether to extend the moratorium on the collection of duties on digital transmissions, set to expire on 31 March 2026 or at MC14, whichever comes first. In December, we convened a dedicated information session featuring input from the WTO Secretariat, IMF, UNCTAD, OECD, and South Centre. The session aimed to review existing studies on the moratorium’s impact, foster discussions on its scope and definition, and explore alternative taxation approaches. I encourage you to engage in an open dialogue and explore elements that could help establish a common ground to advance on this important issue.

    Development

    Each of these workstreams carries a strong development dimension, which remains a top priority for many of our Members, as developing countries make up two-thirds of our membership. Just a few weeks ago, WTO Members held a forward-looking retreat focused on leveraging trade as a tool for development and charting a path forward. We will build on this successful engagement in the lead up to MC14. 

    Geopolitical context

    Members of Parliaments, I would be remiss not to say anything about the current geopolitical situation and its impact on trade. We live in tumultuous times — times when trade measures and also countermeasures are announced and implemented within mere days, sometimes hours. The climate of uncertainty affects businesses that operate internationally and rely on supply chains spread across different corners of the world. Such volatility can disrupt economic stability, affect investment plans, and upset supply chains not only within Europe but across the globe.

    It is in times like these that a stable and predictable trading environment, anchored by the multilateral trading system and the World Trade Organization, is more necessary than ever. We were established and designed to promote transparency, stability, and predictability in global trade. Over the past 30 years, the WTO — which an entity composed of its Members — has been working diligently to uphold these principles, to secure a business environment that fosters growth and cooperation. The WTO continues to cover 80% of global trade, which remains unchanged despite recent developments. No single Member dominates the system — not even the United States, which accounts for 15.9% of global trade.

    Europe, with its commitment to open markets and a rules-based trading order, has been a cornerstone of the multilateral system and has long championed the cause of multilateralism and of a predictable trading environment.

    However, let us remember that the multilateral system cannot be taken for granted. Its strength and effectiveness is not automatic; it depends on you, its Members. Our estimates indicate that a collapse of the trading order could result in a staggering double-digit loss in global GDP. And even the mere presence of uncertainty chips away at our collective prosperity, eroding welfare bit by bit.

    That is why today, I appeal to you with an important reminder: the future of the multilateral trading system, and the WTO’s role as a guardian of security and predictability in global commerce, is in your hands.

    If you value the WTO, please help us deliver on the negotiating agenda I have just laid out.

    If you consider WTO rules inadequate or imperfect, I encourage you to collaborate with other Members to strengthen and improve them.

    If you think that your interests are being harmed by measures taken by other Members, I urge you to make full use of the WTO’s platform — whether through our committees, bilateral consultations, or the dispute settlement system — to address and resolve these issues constructively.

    And as you consider the application of your own trade measures, particularly in response to those taken by others, I urge you to remain level-headed and consider not just the immediate effects, but also the broader, long-term consequences, on consumers, industries, and the global trading system. And let us not forget the impact on developing countries — when elephants fight, the grass gets trampled. And that hurts the elephants too.

    In a time when trade is increasingly disrupted by unpredictable and destabilizing actions, your support is crucial in ensuring that the rules-based system we’ve worked so hard to build endures, ultimately benefiting all.  

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    MIL OSI Economics –

  • MIL-OSI Economics: Verizon Innovative Learning reaches 8.5 million students, adds 34 schools for 2025-2026 school year

    Source: Verizon

    Headline: Verizon Innovative Learning reaches 8.5 million students, adds 34 schools for 2025-2026 school year

    NEW YORK – Verizon Innovative Learning, an award-winning education initiative, has reached over 8.5 million students, bringing Verizon closer to its goal of empowering 10 million by 2030.

    Through partnerships with leading academic institutions and educational providers, Verizon Innovative Learning empowers teachers and students with new ways of learning through technology-integrated curriculum, emerging technologies, and extensive support for educators.

    Only half (55%) of students1 preparing to enter the workforce say they have the skills necessary to be successful in today’s digital economy, making the mission of Verizon Innovative Learning – addressing barriers to digital inclusion – as imperative as it was 12 years ago when the initiative was launched.

    “For more than a decade, Verizon Innovative Learning has committed to breaking down barriers and equipping students with the skills and technology they need to thrive in today’s digital economy, said Donna Epps, Verizon’s Chief Responsible Business Officer. “By expanding our reach, we are continuing to fuel the greatness of the next generation and ensure students and teachers feel confident using technology to power their lives,”

    Bringing next-gen tech to 34 new schools nationwide this upcoming school year

    This year, the Verizon Innovative Learning Schools program, in partnership with Digital Promise, welcomes 34 new Title I schools from nine districts to its 12th cohort for the 2025-2026 school year. Participating schools receive devices, including tablets and laptops, as well as up to a four-year Verizon data plan for every student and teacher. Schools also receive a subsidy for a full-time technology coach to support teachers in effectively integrating technology into learning.

    With the support of Verizon Innovative Learning, 80% of teachers reported feeling more confident leveraging technology in teaching2, and 80% of teachers said the program enhanced student engagement3.

    The new schools include expanded partnerships with Chicago Public Schools (IL), Compton Unified School District (CA), Kansas City Public Schools (MO) and Orange Public Schools (NJ). The Verizon Innovative Learning Schools program also welcomes new districts Allentown School District (PA), Bastrop Independent School District (TX), Dove Schools (OK), LISA Academy Public Charter Schools (AR) and Vineland Public Schools (NJ).

    Innovative Lessons for Every Classroom

    Any educator nationwide, regardless of whether they are part of a Verizon Innovative Learning School, can access Verizon Innovative Learning HQ, a freely available portal providing over 500 STEM-infused K-12 lessons and professional development resources to bring new and innovative ways of learning into the classroom. Verizon Innovative Learning HQ offers standards-aligned lessons across subjects ranging from supplemental turnkey lessons to yearlong courses and immersive learning experiences with augmented reality (AR) and virtual reality (VR). Additionally, gaming content and a free Esports league are available for middle and high schools. The portal combines over a decade of Verizon Innovative Learning experience, with resources created in partnership with Discovery Education, McGraw Hill, Arizona State University’s J. Orin Edson Entrepreneurship + Innovation Institute, Digital Promise, and others at the forefront of innovation in education.

    Verizon Innovative Learning has committed over $1 billion in market value to support digital equity and inclusion within education across the country. Collectively, the programs have reached over 8.5 million students. These efforts are part of the company’s responsible business plan for economic, environmental and social advancement, helping people build confidence to change their lives for the better through the power of technology and shared knowledge.

    About Verizon

    Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

    1 https://prod.ucwe.capgemini.com/wp-content/uploads/2023/05/Final-Web-Version-Report-Digital-Skills.pdf

    2 Digital Promise 2024

    3 Westat and Digital Promise 2024

    MIL OSI Economics –

  • MIL-OSI Economics: Frank Elderson: Interview with Nederlandse Vereniging Duurzame Energie (NVDE)

    Source: European Central Bank

    Interview with Frank Elderson, conducted by NVDE

    20 February 2025

    TIME has named you one of the 100 most influential climate leaders in business. Why are you so motivated to integrate climate and nature-related risks into exercising the mandate of central banks and supervisors?

    Climate, nature and the economy are deeply interconnected and interdependent. The twin climate and nature crises are sources of financial risk. For central banks and supervisors, addressing these issues is therefore neither an option nor a political choice – it is an obligation that falls squarely within our mandate. If central bankers and supervisors want to effectively pursue their tasks of maintaining price stability and keeping the banking sector safe, they need to be mindful of the environment in which they operate. This means considering the impact of the climate and nature crises on inflation and banks’ safety and soundness.

    Is the energy transition in Europe progressing too slowly? If so, why?

    Europe has made significant progress in its energy transition, but if it wants to reach the agreed target, it needs to remain determined and avoid undermining what has been achieved so far. The facts are that current policies put Europe on a 3.1°C warming trajectory over the course of the century, which is too far from the 1.5°C target.[1] The economic risks associated with delayed action are stark: a late, abrupt transition away from fossil fuels would weaken the economy and increase losses for the financial system, making the path to net zero far more costly.[2] In fact, the United Nations has warned that climate mitigation must increase sixfold globally to stay on track for the Paris Agreement.[3] These figures underscore the urgent need for Europe not to relent in its transition efforts if it wants to avoid severe economic and environmental consequences.

    In a previous study, you demonstrated that most European companies and banks face significant financial risks when natural ecosystems collapse due to climate change and biodiversity loss. What are examples of these financial risks? What is the most important recommendation in the report?

    The interdependencies between banks, businesses and nature lead to financial risks. Damage to ecosystems through nature degradation and biodiversity loss poses a significant threat to the economic viability of companies and, by extension, to the financial stability of banks that grant them loans. The study you mention showed that, in the euro area, 72% of non-financial corporations rely heavily on at least one ecosystem service, while 75% of corporate bank loans – approximately €3.24 trillion – are tied to these ecosystem-dependent borrowers.[4] Key ecosystem services such as surface and ground water, together with mass stabilisation[5] and erosion control, are particularly critical, exposing banks to credit risks through affected firms.

    One of the most important lessons from the report is the recognition that biodiversity loss is both an economic and financial risk. A second lesson is that climate and biodiversity are, to a large extent, two sides of the same coin, and they cannot be addressed in isolation. Lastly, the report shows that we are still missing the data needed to better take into account the risks stemming from nature loss. To address this, we need to improve the way we collect and organise information about nature.

    What is the impact of climate change on inflation?

    The economic impacts of climate change and extreme weather events are impossible to ignore. Following 2023’s record-breaking temperatures, 2024 became the warmest year on record globally, reaching 1.5°C above pre-industrial levels.[6] Europe, the fastest-warming continent, saw temperatures soar to 2.9°C above pre-industrial levels in 2024. The physical impacts of climate change – such as more frequent and severe weather events like floods, droughts, and city and forest fires – disrupt supply chains, reduce agricultural yields and drive up food prices. For example, an interdisciplinary study by ECB economists and climate scientists showed that the 2022 heatwave in Europe added 0.8 percentage points to euro area food price inflation.[7]

    The green transition will also bring about structural economic changes, which could influence inflation. Although the overall impact of the green transition remains very uncertain and may vary over time, we need to account for it to effectively deliver on our mandate. This is why we are increasingly incorporating green transition policies, such as climate-related fiscal policies or assumptions on carbon pricing under the EU Emissions Trading System 2, into our macroeconomic analyses.[8]

    To what extent do oil and gas reserves, as stranded assets – losing their value due to the necessity of staying within the 1.5°C climate goal – pose an economic risk?

    Generally, stranded assets pose greater economic and financial risks to the extent that industries and banks are not prepared. As the economy moves towards meeting climate goals, industries need to adjust how they operate. And since most companies in the EU with high-emitting production facilities rely on bank financing, this also has a significant impact on banks’ balance sheets. Last year, we released a study on the banking sector’s alignment with EU climate objectives, where we found that 90% of analysed banks faced elevated transition risks due to substantial misalignment with the Paris Agreement.[9] The biggest risk stems from exposures to companies in the energy sector that are lagging behind in phasing out high-carbon production processes and are slow to scale up renewable energy production.[10]

    To what extent does the ECB incorporate climate-related risks into its monetary policy?

    The ECB has taken significant steps to integrate climate-related risks into its monetary policy framework. It has reduced the carbon footprint of the Eurosystem’s corporate bond holdings and expanded annual climate disclosures to cover over 99% of assets held for monetary policy purposes. We’re also making progress in embedding climate considerations in our modelling and forecasting. Through exercises such as climate stress tests, we’ve deepened our understanding of the impact of the green transition and the physical impacts of the climate crisis. To improve data availability, which is key if we want to keep incorporating climate and nature risks, the ECB has developed climate-related statistical indicators.

    How does the ECB ensure that the financial sector properly manages the risks associated with climate change?

    Five years on from the publication of the ECB Guide on C&E risks in 2020, banks have made significant progress in managing climate-related and environmental (C&E) risk. Initially, fewer than 25% of banks had worked on climate-related risk management, and in 2021 a self-assessment conducted by the banks revealed that 90% of their practices fell short of our expectations.

    Following thorough assessments in 2022, we came to the conclusion that the glass was filling up, but that it wasn’t yet half full. Based on what the banks themselves considered reasonable when we first started discussing C&E risk management with them, we set interim deadlines resulting in three milestones: by March 2023 banks were expected to draw up adequate materiality assessments; by December 2023 they needed to integrate C&E risks into their governance, strategy and risk management; and by the end of 2024 they were expected to comply with the full scope of ECB expectations on C&E risk.

    Encouragingly, most banks met the targets set by the 2023 deadlines, and frameworks for climate and nature-related risks are now broadly in place. However, a few banks are still lagging behind and could face potential penalties. For the third and final deadline, which just passed at the end of 2024, we are proceeding with our compliance assessments in the same way as for the two previous deadlines.

    What specific sustainability measure will you personally advocate for within the ECB in 2025?

    In 2025 we will closely monitor progress and, where necessary, use all the tools at our disposal to ensure the banking sector is resilient in the face of the unfolding climate and nature crises. As part of the ECB’s multi-year agenda for banking supervision, we will make sure that the banks we supervise directly – whose assets total over €26 trillion – fully account for climate and nature-related risks in their strategies and risk management. Ensuring banks comply with the new regulatory requirement to develop transition plans to prepare for the risks and potential changes in their business models associated with the green transition is particularly high on the agenda.

    What are your thoughts on Mario Draghi’s report, particularly his call for further financial and economic integration within the EU through, for example, establishing a capital markets union? This plan aims to create a single integrated capital market in the EU, allowing investments and savings to flow more freely across borders.

    From an ECB perspective, we have always been supportive of a deeper capital markets union (CMU). The renewed political momentum we have seen recently in furthering CMU – or a savings and investment union – has come at a crucial time. In fact, the bulk of the additional financing needed for the green transition has to come from the private sector.[11]

    The European Commission estimates that the EU needs an extra €477 billion (equivalent to 3.4% of GDP in 2023) of green investment per year by 2030. This number increases to €620 billion when considering the EU’s broader environmental ambitions. While banks are expected to make an important contribution, expanding and integrating capital markets is essential for directing the flow of funds towards green innovation. The public sector also has a key role to play in mobilising private green investment by crowding in private investment through, for example, lowering borrowers’ financing costs or de-risking green investment activities.

    Sustainable energy technologies and electricity infrastructure have higher investment costs than fossil fuel technologies. As a result, high interest rates slow the energy transition, despite its potential to help combat inflation. Recent high inflation was partly driven by high fossil energy prices. Could a lower interest rate for investments in sustainable energy accelerate the shift away from fossil fuels?

    The ECB’s primary objective is to maintain price stability, and this will always remain the cornerstone of our actions. But we also have a secondary objective, which requires us to support the general economic policies in the EU, including contributing to a high level of protection and improvement of the quality of the environment.[12] Within this mandate, accounting for the effects of climate and nature-related events is part and parcel of our tasks. Importantly, any direct incentives and tools must align with our monetary policy stance. In the specific case you mention, further challenges – such as data coverage and quality, defining appropriate green targeting criteria and establishing robust verification processes – still exist. Some of these issues require agreement on a European level, where we are dependent on legislation.

    Having said that, the ECB’s euro area bank lending survey tells us that European banks are already offering more favourable lending conditions to green firms or firms in transition.[13] In addition, governments can support green projects in a more targeted and effective way by offering more favourable lending through for instance public development banks. Despite this, the ECB still actively monitors regulatory developments.

    Are you optimistic about the energy transition in Europe?

    I am generally an optimistic person. In this case, the progress made speaks for itself: the share of renewables in the EU’s final energy use more than doubled between 2005 and 2023.[14] And last year, nearly half of the EU’s electricity was powered by renewables.[15] Much-needed investment in climate change mitigation has also grown, increasing by 42% between 2005 and 2022.[16]

    We know progress is possible, but we now need to go further and faster. Our research shows that a quicker transition will lower costs – being ready can offer a competitive advantage. Consumer preferences are already changing and these will support the transition. In that respect, we welcome the European Commission’s focus on both decarbonisation and competitiveness.

    Last but not least, through my involvement with the Network for Greening the Financial System (NGFS), which I co-founded and of which I was the first Chair, I’ve also witnessed first-hand the impact a committed group of central banks and supervisors working towards a common goal can have. The NGFS has grown from its original eight members to 143 members today. This “coalition of the committed” is prepared to help future-proof the economy and the banking sector. Regardless of the political winds that are blowing, the reality of the climate and nature crises doesn’t change. And as most Europeans know, it is a reality we must face head on.

    How sustainably do you live and travel?

    We have a fully electric car, and as a proud Dutchman, I love to ride my bike.

    MIL OSI Economics –

  • MIL-Evening Report: I looked at 35 years of data to see how Australians vote. Here’s what it tells us about the next election

    Source: The Conversation (Au and NZ) – By Intifar Chowdhury, Lecturer in Government, Flinders University

    In the 2022 federal election, two demographics were key to the final outcome: women and young people.

    With another election fast approaching, will they swing the result again?

    To answer this question, I turned to the Australian Election Study (AES) data spanning the period from 1987 to 2022, to investigate how different demographics have voted over time.

    I found that, generally, Australian women and young people tend to favour left-of-centre parties.

    However, specific election issues can have a substantial impact, making the political context of each election crucial. So what can we expect this time around?

    Leaning to the left

    Last year highlighted a growing gulf in political leanings between the sexes worldwide.

    Young women are increasingly progressive. Young men – particularly Gen Z (born after 1994) – are leaning more conservative in many countries, including the United States, China, South Korea and Germany.

    My analysis of the Australian data mirrors global trends, but with a twist.

    Young Australian women are moving sharply to the left. But unlike in many other countries, young Australian men are also shifting left, just at a slower pace.

    Australia’s leftward move across generations is reflected in both self-placement on a left-right ideological scale, and in the vote in federal elections.

    In the 2022 Australian election, the Coalition received its lowest-ever share of the women’s vote at just 32%.

    Only 24.3% of Millennials (21.9% of men and 25.7% of women) voted for the Coalition in 2022.

    These are the lowest levels of support for either major party among younger people in the history of the survey.

    Among Gen Z, a slightly higher proportion of 24.6% voted for the Coalition (34.0% of men and 19.8% of women).

    What’s driving this?

    In theory, women’s leftward shift is driven by several factors. These include higher education levels, greater participation in professional work, and exposure to feminist values. Despite Australia’s post-industrial, egalitarian image, persistent gendered inequalities and discrimination also play a role.

    Meanwhile, young men’s move to the left can be attributed to progressive and egalitarian socialisation. Plus, unlike in other countries, Australia lacks Donald Trump-like figures who could mobilise anti-feminist or hardline conservative sentiments. This limits the expression of such views at an aggregate level.

    This leftward shift is, in part, a generational effect – or at least a reflection of the times.

    The generational angle is crucial, as the 2025 federal election will be the first in which Millennials and Gen Z together will outnumber Baby Boomers as the dominant voting bloc in Australia.

    This shift should shape how political parties campaign, whom they target, and which issues take centre stage.

    Policies are voter priorities

    My analysis highlights another important angle. Over the study period, voting decisions have increasingly been driven by policy issues, with 48% of Australians citing them as the primary factor. This is followed by party affiliation (29%), party leaders (14%) and local candidates (9%).

    In 2022, 54% of voters reported policy issues as the main factor influencing their choice.

    Across election years, I identified the most prominent and recurrent election issues that voters identified as influential. I added these issues to my model to see how people who care about these issues lean (left-right) and whether men and women differ in their political leanings (progressive-conservative). I also considered other factors known to impact voting, including:

    • sociodemographic factors (education, marital status, social class, home ownership and rural/urban residency)

    • familial socialisation (what their parents’ political preferences were)

    • social network factors (whether they’re religious or a member of a union)

    • electoral context (what each respondent said were the most important voting issues)

    Overall, women tend to be slightly more left-leaning on policy issues than men, and while this difference is statistically significant, it is small and the general trend holds across both sexes.

    Compared with Boomers, each successive generation is more likely to vote for a left party. Gen Z is the most left-leaning (though their smaller sample size warrants some caution in interpretation).

    So who votes for whom?

    Unsurprisingly, people vote according to who they think will best address the policy areas they care about most.

    Those prioritising interest rates, taxation or economic management favour right-wing parties. Voters most concerned with health, Medicare and climate change are more likely to vote for the left.

    Education, class and social networks matter, too. Highly educated, working-class, non-religious and union-affiliated voters tend to support left parties. So, too, do those raised in left-leaning households.

    While the size of these effects varies slightly between men and women, the overall direction remains the same.

    How might this play out in 2025?

    The thing about election issues is that they are highly time-sensitive. Take the GST: it was one of the defining issues of the 1998 election, yet was largely irrelevant after 2004.

    In recent years, left-leaning issues — the environment, health and Medicare — were more likely to be front-of-mind when Australians all of ages headed to the polls. This gives Labor and the Greens an issue-owner advantage.

    Cost of living (spanning day-to-day expenses, interest rates and housing affordability) has now become the defining issue of this election cycle. At first thought, among the two major parties, the Coalition is traditionally seen as a better economic manager.

    However, my analysis from 2022 election data shows that, compared with the 2019 election, fewer people considered the Coalition the best manager of the economy among those who considered it the most important election issue.

    Further, for the first time in the past five elections, a majority of the voters perceived Labor as more aligned with their own views on immigration, refugees and asylum seekers. These issues, historically seen as Coalition strongholds, are also likely to be key this time around.

    For the Coalition, this is bad news. But for Labor, the challenge is twofold: retaining younger, progressive voters while addressing broader economic anxieties.

    With growing voter volatility and a diminished sense of party loyalty, neither major party can rely on a stable base.

    Australians are increasingly willing to shift allegiances, including to the increasing supply of independent alternatives. Both Prime Minister Anthony Albanese and Opposition Leader Peter Dutton will have to convince voters they have the best solutions for the key issues.

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

    – ref. I looked at 35 years of data to see how Australians vote. Here’s what it tells us about the next election – https://theconversation.com/i-looked-at-35-years-of-data-to-see-how-australians-vote-heres-what-it-tells-us-about-the-next-election-249368

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Centre revises Wheat Stock Limit until 31st March, 2025

    Source: Government of India

    Centre revises Wheat Stock Limit until 31st March, 2025

    1132 LMT wheat procurement during Rabi 2024; ample availability in the country

    Posted On: 20 FEB 2025 8:26PM by PIB Delhi

    Government of India keeps a close watch on the prices of wheat and takes suitable appropriate interventions to ensure price stability for the consumers in the country. A total production of 1132 LMT of wheat was recorded during Rabi 2024 and there is ample availability of wheat in the country.

    In order to manage the overall food security and to prevent hoarding and unscrupulous speculation, the Government of India imposed stock limits on Wheat applicable to Traders/Wholesalers, Retailers, Big Chain Retailers and Processors in all States and Union Territories. The Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2024 was issued on 24 June 2024 and revised on 09 September 2024 & on 11 December 2024 and was applicable for all States and Union Territories.

    As part of continuous efforts to moderate prices of wheat, Central Government has decided to revise the Wheat Stock limit applicable until 31st March 2025 as under:

    Entities

    Existing Wheat Stock Limit

    Revised Wheat Stock Limit

    Trader/ Wholesaler

    1000 MT

    250 MT

    Retailer

    5 MT for each Retail outlet.

    4 MT for each Retail outlet.

    Big Chain Retailer

    5 MT for each outlet subject to maximum quantity of (5 multiplied by total number of outlets) MT stock at all their outlets & Depots put together.

    4 MT for each outlet subject to maximum quantity of (4 multiplied by total number of outlets) MT stock at all their outlets & Depots put together.

    Processor

    50% of Monthly Installed Capacity (MIC) multiplied by remaining months till April 2025.

    50% of Monthly Installed Capacity (MIC) multiplied by remaining months till April 2025.

    All wheat stocking entities are required to register on the wheat stock limit portal (https://evegoils.nic.in/wsp/login) and update the stock position on every Friday. Any entity which is found to have not registered on the portal or violates the stock limits will be subject to suitable punitive action under Section 6 & 7 of Essential Commodities Act,1955.

    In case the stocks held by above entities are higher than the above prescribed limit, they shall have to bring the same to the prescribed stock limits within 15 days of issue of the notification.

    The Department of Food and Public Distribution is maintaining a close watch over the stock position of Wheat to control prices and ensure easy
    availability in the country.

    *****

    Abhishek Dayal/Nihi Sharma

    (Release ID: 2105124) Visitor Counter : 94

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar, Distributes Sanitation Kits and Ayushman Cards under the NAMASTE Scheme to Sewer and Septic Tank Workers in Mumbai

    Source: Government of India

    Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar, Distributes Sanitation Kits and Ayushman Cards under the NAMASTE Scheme to Sewer and Septic Tank Workers in Mumbai

    Waste pickers are also beneficiaries of NAMASTE Scheme, along with Sewer and Septic Tank Workers: Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar

    NAMASTE Scheme aims to take Death Rate of Sewer and Septic Tank Workers to Zero by providing them Proper Training and safety Measures

    Profiling of more than 2400 Sewer and Septic Tank Workers done in Mumbai

    Posted On: 20 FEB 2025 6:16PM by PIB Mumbai

    : Mumbai, February 20, 2025

    Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar distributed Sanitation Kits and Ayushman Health Cards to Safai Karamcharis under the Central Government’s National Action for Mechanized Sanitation Ecosystem (NAMASTE) Scheme, in Mumbai today. In addition, Sanction Letters for subsidized low rate loan for purchase of mechanized cleaning vehicles under Swachhta Udyami Yojana (SUY) were also distributed to some of the beneficiaries. The event witnessed the reaffirmation of Government’s commitment to the welfare of the underprivileged. This dedication to prioritizing the marginalized reflects the Government’s broader vision of Viksit Bharat where every individual has the opportunity to contribute to and benefit from India’s development journey.

    Speaking on the occasion, Union Minister Dr. Virendra Kumar informed that the NAMASTE Scheme, which is jointly implemented by the Ministry of Social Justice and Empowerment (MoSJE) and the Ministry of Housing and Urban Affairs (MoHUA) has an objective of ensuring dignity and safety of sanitation workers and empowering them socially and economically. This scheme aims to formalize and institutionalize the persons engaged in hazardous cleaning of sewers and septic tanks and also promote safe and mechanized cleaning through trained sanitation workers. On the occasion the Union Minister also informed that waste pickers are also included as beneficiaries in the NAMASTE Scheme, along with sewer and septic tank workers (SSWs) and their profiling has also started.     

    Dr. Kumar said that NAMASTE scheme aims to take down the death rate to zero by providing training to the sanitation workers or ‘swachhata senani’ of the country. In these training programmes, the engineers and related municipality workers will also take part so that the whole system becomes well-prepared. For this purpose, profiling of sanitation workers has started in all municipalities around the country, to ensure safe working conditions and providing them with PPE kits and other safety devices.

    Applauding the spirit of the swachhata workers, Dr. Virendra Kumar said that their hard work round the year keeps the citizenry free from diseases. Calling them the most important section of society, he said that it is our duty to ensure that the sanitation workers have a safe working environment. The Ministry of Social Justice and Empowerment is holding meetings with the Social Welfare Departments of all the states for this purpose. The Union Minister also urged the Brihanmumbai Municipal Corporation sanitation workers present on the occasion to inform their fellow colleagues in other regions of the country about the benefits to be yielded from the NAMASTE scheme.

    Dr. Ashwani Joshi, Additional Municipal Commissioner, BMC informed that 2485 Sewer and Septic Tank Workers have been profiled in Mumbai city and the benefits of NAMASTE scheme will be extended to them. The Prohibition of Employment as Manual Scavengers and their Rehabilitation Act, 2013 is followed in letter and spirit in Mumbai where cent percent sewer connectivity will be achieved by 2027, she further informed.   

    Shri Amit Yadav, Secretary, Ministry of Social Justice and Empowerment, informed that 65,060 SSWs have been profiled under the scheme and 32,734 of them have been provided with PPE kits, while 15,153 workers have been provided with Ayushman health cards till date.

    The National Safai Karmacharis Finance Development Corporation (NSKFDC) under the Ministry of Social Justice and Empowerment (MoSJE) is the implementing agency of ‘NAMASTE’.

    Dr. Harshdeep Kamble, Principal Secretary, Government of Maharashtra, Ms. Yogita Swaroop, Senior Economic Advisor, Ministry of Social Justice and Empowerment, Government of India, Shri Kiran Dighavkar, Dy. Municipal Commissioner, Mumbai, Shri Prabhat Kumar Singh, Managing Director, National Safai Karamcharis Finance and Development Corporation and Shri Lahuraj Mali, Managing Director, Mahatma Phule Backward Classes Development Corporation Limited, Mumbai were also present amongst the dignitaries.

     

    PIB Mumbai | Sriyanka/Priti

    Follow us on social media:  @PIBMumbai     /PIBMumbai     /pibmumbai   pibmumbai[at]gmail[dot]com

    (Release ID: 2105065) Visitor Counter : 57

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister Of Commerce & Industry Shri Piyush Goyal interacts with Industry Stakeholders and Associations at Auric, Chhatrapati Sambhaji Nagar, Maharashtra

    Source: Government of India

    Union Minister Of Commerce & Industry Shri Piyush Goyal interacts with Industry Stakeholders and Associations at Auric, Chhatrapati Sambhaji Nagar, Maharashtra

    Union Government is committed towards creating a conducive environment for business growth and innovation: Shri Piyush Goyal

    Maharashtra actively actively promoting investments across sectors, making it a favourable destination for businesses and investors: Shri Goyal

    Shri Piyush Goyal endorses setting up of skill & job centre in AURIC Hall in collaboration with industry stakeholders

    Union Minister undertakes aerial survey of upcoming Dighi Port Industrial Area

    Posted On: 20 FEB 2025 7:34PM by PIB Delhi

    Union Minister of Commerce & Industry, Shri Piyush Goyal, visited the Aurangabad Industrial City (AURIC) Shendra developed under the National Industrial Corridor Development Programme (NICDP)  on the auspicious occasion of Chhatrapati Shivaji Jayanti on February 19, 2025. He also visited various operational industries at AURIC Shendra viz. Coatall Films Pvt Ltd, Inox Air Products, and Umasons Auto Compo Pvt. and appreciated the efforts being made by these units to achieve the vision of Viksit Bharat.

    Highlighting AURIC’s global competitiveness, the Minister emphasized that Shendra-Bidkin Industrial Area stands as India’s premier large-scale greenfield industrial smart city, in terms of world-class infrastructure with plug-n-play infrastructure and futuristic urban planning with walk-to-work facilities. The Minister highlighted that 20 such Industrial Smart Cities are being developed by Govt of India under the NICDP which reaffirms the Modi government’s commitment to creating an advanced industrial ecosystem that caters to global investors and businesses.

    Recognizing the critical need for a dedicated skill development center in AURIC, the Minister endorsed the establishment of a Skill & Job Centre in collaboration with industry stakeholders. The Confederation of Indian Industry (CII) has been urged to take the lead in setting up this center, which will be strategically housed within 20,000 sq. ft. of office space at AURIC Hall.

    Shri Goyal appreciated Maharashtra for actively promoting investments across various sectors, making it a favourable destination for businesses and investors. Investors looking at Maharashtra can benefit from its proactive Government policies, strategic location, skilled workforce, and a strong Industrial base.

    Shri Goyal further emphasized the Government’s commitment towards fostering a robust Industrial ecosystem that supports innovation, sustainable growth, and global competitiveness. He highlighted the pivotal role of Industry stakeholders in achieving the nation’s ambitious Vision of a Developed Nation @ 2047.

    On the sidelines, the Minister Shri Piyush Goyal on 20th Feb 2025 also undertook an aerial survey of the upcoming Dighi Port Industrial Area (DPIA) under NICDP approved by GoI in Aug 2024 and nearby critical multimodal connectivity. The Minister was briefed on the advanced trunk infrastructure, integrated master planning, demand assessment, target sectors, and implementation timelines at DPIA by the officials. It was also highlighted that the project holds immense potential due to its strategic location on Mumbai-Goa Highway and proximity to Dighi Port. The Minister directed to create best-in-class infrastructure facilities for DPIA to create a benchmark for others to follow.

    The interaction witnessed the participation of more than 100 stakeholders, including representatives from CII, FICCI, ASSOCHAM, CMIA, MASSIA, MAGIC, Marathwada Auto Cluster, Deogiri Electronic Cluster, Laghu Udyog Bharti, and other distinguished industry associations. Their continuous support and collaboration play a vital role in shaping Maharashtra into a premier global business destination. The event also provided a platform for industrialists focused on Maharashtra to share their views, innovative suggestions and success stories.

    Officials from National Industrial Corridor Development Corporation (NICDC), Maharashtra Industrial Development Corporation (MIDC) and Maharashtra Industrial Township Limited (MITL) were also present during the event who were given necessary directions from the Hon’ble Minister for further facilitating Ease of Doing Business.

    About AURIC:

    Shendra and Bidkin Industrial Areas are being developed in two phases, covering 4,000 hectares (10,000 acres) to establish a modern industrial hub. Auric Smart City follows a balanced development model, with 60% of the land dedicated to industries and the remaining 40% allocated for commercial, residential, educational, and healthcare facilities. Essential infrastructure, including water supply, electricity, sewage systems, and high-speed internet, has been developed in Shendra (2,000 acres) and Bidkin Phase-1 (2,500 acres), with underground distribution reaching individual industrial plots. Notably, 42% of the water demand will be met through treated wastewater. The city is equipped with advanced SCADA systems, CCTV surveillance, air quality monitoring sensors, and traffic control mechanisms for effective governance. Additionally, the implementation of the e-Land Management system ensures a transparent process for industrial land allotment. With its electricity distribution license, Auric Smart City provides power at lower tariffs, enhancing its appeal to investors.

    About Dighi Port Industrial Area:

    The Dighi Port Industrial Area, spanning 6,056 acres across the Roha and Mangaon tehsils in Raigad district, is positioned as a key driver of industrial growth, leveraging its proximity to Mumbai and Pune. The project ensures seamless connectivity through major highways, including NH66 (Mumbai–Goa Highway), NH753F (Mangaon–Pune Highway), and Major State Highway 05, reinforcing its appeal for global and domestic investors.DPIA is strategically designed to accommodate key industries, including Engineering, Pharmaceuticals, Chemicals, Textiles, and Food & Beverages.

    ******

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2105093) Visitor Counter : 35

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HKETO Jakarta celebrates Year of Snake in Kuala Lumpur

    Source: Hong Kong Government special administrative region

    HKETO Jakarta celebrates Year of Snake in Kuala Lumpur
    HKETO Jakarta celebrates Year of Snake in Kuala Lumpur
    ******************************************************

         The Hong Kong Economic and Trade Office, Jakarta (HKETO Jakarta) hosted a Chinese New Year dinner in Kuala Lumpur, Malaysia, today (February 20) to celebrate the Year of the Snake. Some 400 guests from the local government, business, academic, cultural and media sectors attended the event.      In her welcome speech, the Director-General of the HKETO Jakarta, Miss Libera Cheng, said that Hong Kong and Malaysia share robust and mutually beneficial commercial ties, with both places being a top-10 trading partner of the other.  Bilateral trade in goods amounted to US$27 billion last year, marking a significant year-on-year growth of 13 per cent.      “We congratulate Malaysia on assuming chairmanship of the Association of Southeast Asian Nations (ASEAN) this year. Hong Kong echoes the themes of Malaysia’s chairmanship, and will support relevant projects that would drive ASEAN’s inclusivity and sustainability. With the adoption of the Procedures for Accession to the Regional Comprehensive Economic Partnership (RCEP) Agreement in September 2024, we will also continue to maintain close liaison with ASEAN countries including Malaysia to foster favourable conditions for Hong Kong’s early accession to the RCEP.”      Miss Cheng added that following the Chief Executive’s visit in July 2023 and the visits by the Chief Justice of the Court of Final Appeal and the President of the Legislative Council last year, Hong Kong and Malaysia have forged frequent and comprehensive high-level connections. The Secretary for Justice also led a delegation to promote Hong Kong’s legal services in Malaysia in September 2024, witnessing the signing of Memoranda of Understanding between arbitration and dispute resolution bodies of both places. She invited Malaysian enterprises to leverage Hong Kong’s advantages as a high value-added supply chain service centre, including the city’s top-notch professional services and well-established financial infrastructures, to deepen and expand their international business.      “On people-to-people ties, the performances by the Hong Kong Chinese Orchestra, Hong Kong Dance Company, Asian Youth Orchestra and other groups in Malaysia last year were well received by the local audience, showcasing our rich culture and outstanding arts talent. Looking ahead, we will bring our cultural exchanges with Malaysia to new heights in accordance with the Blueprint for Arts and Culture and Creative Industries Development promulgated in November 2024.”      Dignitaries attending the dinner included the Deputy Minister of Investment, Trade and Industry of Malaysia, Mr Liew Chin Tong; the Chinese Ambassador to Malaysia, Mr Ouyang Yujing; the Director of Malaysia of the Hong Kong Trade Development Council, Ms Hoh Jee Eng; the President of the Hong Kong-Malaysia Business Association, Dato’ Dixon Chew, and senior representatives from other major local business chambers.      The HKETO Jakarta will host its Chinese New Year celebration in Penang, Malaysia, next Tuesday (February 25).

     
    Ends/Thursday, February 20, 2025Issued at HKT 20:40

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: President von der Leyen at the CARICOM Leaders’ Summit to strengthen partnership between the European Union and the Caribbean

    Source: European Commission

    European Commission Press release Brussels, 20 Feb 2025 During the first-ever visit of a European Commission President to the Caribbean, European Commission President Ursula von der Leyen reaffirmed Europe’s commitment to deepening its relations and partnership with the region.

    At the invitation of Caribbean Community (CARICOM) Chair, Barbados Prime Minister Mia Mottley, President von der Leyen met the 15 leaders of the Caribbean Community during the 48th Regular Meeting of the CARICOM.  The visit aims at further strengthening the EU’s presence in the region and lay the groundwork for the EU-CELAC Summit, planned for later this year.  

    In a new era of harsh geostrategic competition, Europe stands for openness, partnership and outreach. The visit took place in the context of the Commission’s effort to build new partnerships and strengthen old ones, which includes recent agreements with Mercosur, Mexico and Malaysia.

    President von der Leyen said: “Europe and the Caribbean may be an ocean apart, but we are close allies. We share so many interests and values, including our mutual support for Ukraine. Europe stands with the Caribbean countries in the fight against climate change, protecting nature and biodiversity, strengthening trade, and boosting investments through Global Gateway. Europe wants to be a fair and trusted partner for all regions of the world that want to work with us.”

    President von der Leyen also discussed with Caribbean partners the situation in Haiti. She underlined the EU’s commitment to Haiti’s recovery and security and its support to CARICOM efforts in this regard. In this context, a package of €19.5 million EU support was announced during the visit. This new financial support will complement ongoing efforts to deliver essential services to Haitians as well as support the country’s macroeconomic stability.

    President von der Leyen highlighted the EU’s commitment to supporting Caribbean partners in fighting climate change and its devastating impact on the islands. As the leading provider of climate finance, the EU is determined to work together on innovative financing, while promoting private sector investments.

    At global level, the EU and the Caribbean are stepping up their energy partnership following the launch of the Global Energy Transition Forum by President von der Leyen in Davos last month. She welcomed the 8 countries (Barbados, Guyana, Grenada, Haiti, Jamaica, Saint Kitts and Nevis, Saint Vincent and the Grenadines, Dominica)* that joined the forum during the summit, committing to action to meet the global targets of tripling renewable energy capacity and doubling energy efficiency by 2030.

    During the visit, President von der Leyen underscored the reliability of the EU as a trade and investment partner to the region working together on mutually beneficial projects. President von der Leyen launched several projects under Europe’s Global Gateway strategy on renewable energy, digital transformation, pharmaceutical production and economic resilience. The projects will invest in a stronger, greener and better connected Caribbean.

    Key Global Gateway projects in the Caribbean

    Expanding Renewable Energy: Global Gateway energy projects are underway in 13 Caribbean countries, leveraging European expertise, technology, and financing tools. In this context, President von der Leyen and Prime Minister Mottley announced a €160 million green hydrogen storage project by the French company HDF Energy, the first of its kind in the Caribbean.

    Advancing the Digital Agenda: The EU and the Caribbean are strengthening their digital partnership with the signing of a Memorandum of Understanding (MoU) between the Caribbean and the European satellite company Hispasat during the CARICOM meeting. It will improve the Caribbean’s satellite internet connectivity and sovereignty within the framework of the EU–LAC Digital Alliance. As part of this initiative, the EU and Spain will provide a €10 million grant to support satellite broadband expansion and promote digital inclusion across the region.

    Developing Local Pharmaceutical Production: The EU’s €8.9 million investment to promote local production and regulatory alignment with European standards was also taken forward in the framework of the CARICOM meeting. A joint declaration to cooperate on twinning Caribbean and EU regulatory agencies, capacity-building initiatives, and research collaborations was signed during the meeting. Additionally, the first investment from a European pharmaceutical company, Biomed X in Barbados, will support research and manufacturing, further reinforcing the region’s health resilience.

    Supporting Post-Hurricane Reconstruction: As part of the assistance given to Grenada in rebuilding Carriacou and Petite Martinique after Hurricane Beryl, the EU is supporting the islands to become 100% powered by renewable energy. This initiative will serve as a global model for small islands striving for climate resilience.

    Combating the Sargassum Challenge: The EU, in collaboration with regional partners, is transforming the environmental and economic challenge of sargassum seaweed into an opportunity for sustainable development. Through an ongoing €386 million Global Gateway initiative, the EU is working with financial institutions such as the European Investment Bank and the private sector to develop sustainable value chains for sargassum, particularly in Grenada.

    For More Information

    Opening remarks by President von der Leyen at the opening ceremony of the 48th Regular Session of the Conference of CARICOM

    Statement by President von der Leyen at the joint press conference with Barbadian Prime Minister Mottley

    * Updated on 20/02/2025 at 14:55

    Quote(s)

     Europe and the Caribbean may be an ocean apart, but we are close allies. We share so many interests and values, including our mutual support for Ukraine. Europe stands with the Caribbean countries in the fight against climate change, protecting nature and biodiversity, strengthening trade, and boosting investments through Global Gateway. Europe wants to be a fair and trusted partner for all regions of the world that want to work with us.

    Ursula von der Leyen, President of the European Commission

    MIL OSI Europe News –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Announces Date of 2025 Annual Meeting of Stockholders

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Feb. 20, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the holding company for NorthEast Community Bank, today announced that its annual meeting of stockholders will be held on Thursday, May 22, 2025.

    About NorthEast Community Bancorp

    NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions), the effect of the COVID-19 pandemic (including its impact on NorthEast Community Bank’s business operations and credit quality, on our customers and their ability to repay their loan obligations and on general economic and financial market conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT:      Kenneth A. Martinek
    Chairman and Chief Executive Officer
         
    PHONE:   (914) 684-2500
         

    The MIL Network –

  • MIL-OSI United Nations: From suits to social justice: World’s top human rights forum turns stage over

    Source: United Nations 2

    Trading suits, ties and debates for DJ turntables, bright traditional Indigenous garb and ancient instruments, three performers – an anthropologist, an R&B singer and a genre-defying artist – showcased their music and messages at the Stand Up for Social Justice event to celebrate the World Day of Social Justice, marked annually on 20 February.

    It took place in front of hundreds of people in the emblematic Human Rights and Alliance of Civilizations Room, where high-stakes diplomacy happens throughout the year.

    The world needs more diverse platforms like the UN “so that transculturality can exist”, said Brisa Flow, a Chilean-born Mapuche artist who got her first break in rap battles in Brazil, following her intense musical performance.

    “We need more empathy and to listen more to Indigenous Peoples in order to better understand how to take care of our territories that need care, not just in terms of water, food and land, but also our children and our elders,” said the São Paulo-based singer, rocking a green marble-printed manicure.

    “We need to be in spaces where everything we speak about is not just a utopia, where hope, which exists, can be heard and considered.”

    Calls for change around the world

    Ms. Flow joined French-speaking Geneva-born R&B revelation Ocevne (pronounced Océane) and anthropologist-cum-poet Idjahure Terena in delivering powerful music and personal messages inspired by social justice while helping to link local realities to issues of a global scale.

    Echoing the Day’s 2025 theme Strengthening a Just Transition for a Sustainable Future, the event was co-organised by UNRISD, an independent UN research institute focusing on development issues, and Antigel, a Geneva-based music festival designed to make culture more accessible.

    The messages from the young people on stage did just that, with electrifying performances and calls for change around the world.

    For Ocevne, 28, the message was about equality.

    “The simplest way I could define it is simply the right to equal opportunities,” she said. “No matter your background, where you come from, who you are, your gender, everything, we all have the right to that opportunity.”

    © City of Geneva/ANTIGEL/Giona

    Ocevne warming up the room at the Stand Up for Social Justice event.

    ‘No climate justice without social justice’

    Climate justice was another recurring theme throughout the event, an issue highlighted by Mr. Terena, a doctoral student in social anthropology at the University of São Paulo and poet who spends much of his time defending the rights of his community and others.

    “There is no climate justice without social justice,” he told the audience. “We know that standing forests are the simplest and most efficient solution for fighting global warming.”

    The young researcher slammed the impact of mining companies and agribusinesses on his ancestral land that belongs to the Terena people of Brazil in the Pantanal region of Mato Grosso do Sul.

    “This is not just a territorial issue, but a matter of physical and cultural survival for our peoples and for humanity as indigenous lands represent the most important areas of biodiversity,” he said, inviting the audience to fight for a “common, diverse living world”.

    © Courtesy of Idjahure Terena

    Idjahure Terena playing the japurutu flute with his father-in-law Francisco Baniwa in Brazil.

    ‘The future is going to be very hot’

    Indeed, “the future is going to be very hot,” said Ms. Flow, adding that “it is already very hot in Brazil, and this is urgent for us because without water, we cannot live, and without food, [we cannot] either.”

    Advocating for issues affecting indigenous communities, including the burning impacts of climate change on the natural resources of her home country, she said collectively not enough is getting done.

    “We need more communication and more exchanges. By exchanges, I mean listening, speaking, listening, speaking and thinking about new ways of living well so that we can keep heading into the future.”

    © Giselle Dietze

    Brazilian federal deputy Célia Xakriabá (right) performs with artist Brisa Flow at the Stand Up for Social Justice concert.

    Amplifying marginalised voices

    The event is the brainchild of the UN Research Institute for Social Development (UNRISD) Head of communications chief Karima Cherif, who wanted to bridge art and research through the initiative.

    She says her institute works with scholars from the global South to ensure that the voices and expertise of minorities are heard.

    “We’re giving voices to the marginalised and the youth,” explained Ms. Cherif, who sees art as a way to “translate what we do in a language that can touch hearts”.

    ‘Never give up’

    Thuy-San Dinh, who heads Antigel, echoed her vision and encouraged the young audience to pursue their goals, recalling when she co-created the annual event 15 years ago.

    “You have to believe in your ideas and never give up,” Ms. Dinh said.

    Melanie Rouquier, who created SHAP SHAP, a non-profit that fights global inequality and discrimination through cultural projects, told several activists in the room that each of their actions showed citizen engagement was not a lost cause.

    “To resist, we have to get together,” she said.

    © City of Geneva/ANTIGEL/Giona

    Brisa Flow playing a traditional instrument at the Stand Up for Social Justice concert in Geneva in February 2025.

    Connecting generations

    For Aryan Yasin, a designer from Geneva who founded a cultural non-profit supporting disadvantaged youth, the show was an opportunity for cross-pollination and broadening his network by connecting with UN staff.

    The exceptional venue “is not a place where you would necessarily see young people”, he said. “But, that actually allows us to create an intergenerational connection, with people who are more experienced, more established,” he added.

    After the show, management student Ludivine said she was mesmerised by the experience. Putting on a concert with one of her favourite artists there to denounce inequalities “makes sense… because at the UN, people get together to talk about inequalities around the world.”

    © Courtesy of Brisa Flow

    Ms. Flow (right) at a protest by the Guarani people of Brazil.

    What is social justice?

    After the event ended, doctoral students Beatrice and Thomas shared what the concept of social justice, which can seem quite abstract, meant to them.

    “It’s about recognising and taking differences into account while ensuring that everyone has the same access” to the same opportunities, said Beatrice, from Italy, who studies at École Polytechnique Fédérale de Lausanne.

    “That may mean that some people will need more support, while others may not need as much, but have different needs.”

    Thomas offered a more societal vision of the idea.

    “For me, it’s something that is both individual and collective – something that must be built as a society. It is entirely dependent on the structures we have put in place, but it also relies on everything that is local.”

    Read our social justice explainer here.

    ‘We need to be united’

    Ahead of the concert, Tatiana Valovaya, Director-General of the UN Office at Geneva set the tone in her opening remarks in the Human Rights and Civilisation Room.

    “This room sees a lot of very important and challenging negotiations,” she told the audience. “But, today we open this room to everyone.”

    Geneva Mayor Christina Kitsos, whose term is guided by the motto “what connects us”, reminded the youthful audience of the UN’s fundamental role despite the worrying rise of “desire to undermine all the work [that has been done] around humanitarian aid and human rights”.

    “We need to be united, strong and truly hopeful and courageous to ensure that we stay the course, that we remain a beacon in this world in turmoil,” she said.

    MIL OSI United Nations News –

  • MIL-OSI Europe: Written question – European standards undermining the competitiveness of the European automotive industry – E-000657/2025

    Source: European Parliament

    Question for written answer  E-000657/2025
    to the Commission
    Rule 144
    Jean-Paul Garraud (PfE), Julie Rechagneux (PfE), Pascale Piera (PfE)

    EU standards on CO2 emissions impose strict thresholds on car manufacturers, with steep fines for those exceeding them. With a view to meeting these obligations, some European companies exceeding these thresholds are forced to purchase ‘CO2 credits’ from manufacturers with lower average emissions, often foreign competitors specialising in electric vehicles, such as the American company Tesla or China’s BYD.

    This system entails cash transfers to these companies, thus putting European manufacturers at a disadvantage and weakening their competitiveness vis-à-vis international conglomerates benefiting from a more favourable regulatory framework.

    • 1.Does the Commission acknowledge that this mechanism equates to paying indirect subsidies to foreign companies to the detriment of European manufacturers, jeopardising their competitiveness?
    • 2.Does it plan to remedy this unequal playing field to prevent the European automotive industry from being penalised as a result of European standards?
    • 3.Does it intend to conduct an impact analysis on the economic and social consequences of these obligations for employment and industry in Europe?

    Submitted: 12.2.2025

    Last updated: 20 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Bolstering the single market – US tariffs as a strategic opportunity for European competitiveness – E-000671/2025

    Source: European Parliament

    Question for written answer  E-000671/2025
    to the Commission
    Rule 144
    Roberto Vannacci (PfE)

    Following the recent imposition by the US of tariffs on exports of steel and aluminium from the European Union, the Commissioner for Trade said in Parliament[1] that they are unjustified and potentially damaging for the EU economy.

    If managed strategically, however, those measures could boost the competitiveness of European businesses, bolstering the single market.

    Strengthening domestic production chains and reducing dependence on external markets may be advantageous for the EU’s economic growth.

    The EU strategic compass includes clear objectives intended to boost economic resilience and the EU’s global competitive capacity, but for that to happen, a coordinated approach must be taken to turn trade challenges into strategic opportunities for the single market.

    What is more, the European Green Deal policies are playing a major role in a slowdown in the competitiveness of businesses, compounding the difficulties faced by Europe’s production sector.

    In the light of the above:

    • 1.Taking into account the negative impact of Green Deal policies on productivity and the ability of companies to compete globally, what steps will the Commission take to exploit US tariffs with a view to fostering European competitiveness and the pursuit of the objectives set out in the strategic compass?
    • 2.Does the Commission intend to engage in dialogue with the US with a view to establishing agreements that can benefit European industry, maintaining a balance between trade openness and strategic protection?

    Submitted: 12.2.2025

    • [1] https://www.ansa.it/europa/notizie/rubriche/altrenews/2025/02/11/-ue-deploriamo-i-dazi-ingiustificati-di-trump-_4a863e5d-a321-4087-bbcd-0c479b6a224f.html.
    Last updated: 20 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Frank Elderson: Interview with Nederlandse Vereniging Duurzame Energie (NVDE)

    Source: European Central Bank

    Interview with Frank Elderson, conducted by NVDE

    20 February 2025

    TIME has named you one of the 100 most influential climate leaders in business. Why are you so motivated to integrate climate and nature-related risks into exercising the mandate of central banks and supervisors?

    Climate, nature and the economy are deeply interconnected and interdependent. The twin climate and nature crises are sources of financial risk. For central banks and supervisors, addressing these issues is therefore neither an option nor a political choice – it is an obligation that falls squarely within our mandate. If central bankers and supervisors want to effectively pursue their tasks of maintaining price stability and keeping the banking sector safe, they need to be mindful of the environment in which they operate. This means considering the impact of the climate and nature crises on inflation and banks’ safety and soundness.

    Is the energy transition in Europe progressing too slowly? If so, why?

    Europe has made significant progress in its energy transition, but if it wants to reach the agreed target, it needs to remain determined and avoid undermining what has been achieved so far. The facts are that current policies put Europe on a 3.1°C warming trajectory over the course of the century, which is too far from the 1.5°C target.[1] The economic risks associated with delayed action are stark: a late, abrupt transition away from fossil fuels would weaken the economy and increase losses for the financial system, making the path to net zero far more costly.[2] In fact, the United Nations has warned that climate mitigation must increase sixfold globally to stay on track for the Paris Agreement.[3] These figures underscore the urgent need for Europe not to relent in its transition efforts if it wants to avoid severe economic and environmental consequences.

    In a previous study, you demonstrated that most European companies and banks face significant financial risks when natural ecosystems collapse due to climate change and biodiversity loss. What are examples of these financial risks? What is the most important recommendation in the report?

    The interdependencies between banks, businesses and nature lead to financial risks. Damage to ecosystems through nature degradation and biodiversity loss poses a significant threat to the economic viability of companies and, by extension, to the financial stability of banks that grant them loans. The study you mention showed that, in the euro area, 72% of non-financial corporations rely heavily on at least one ecosystem service, while 75% of corporate bank loans – approximately €3.24 trillion – are tied to these ecosystem-dependent borrowers.[4] Key ecosystem services such as surface and ground water, together with mass stabilisation[5] and erosion control, are particularly critical, exposing banks to credit risks through affected firms.

    One of the most important lessons from the report is the recognition that biodiversity loss is both an economic and financial risk. A second lesson is that climate and biodiversity are, to a large extent, two sides of the same coin, and they cannot be addressed in isolation. Lastly, the report shows that we are still missing the data needed to better take into account the risks stemming from nature loss. To address this, we need to improve the way we collect and organise information about nature.

    What is the impact of climate change on inflation?

    The economic impacts of climate change and extreme weather events are impossible to ignore. Following 2023’s record-breaking temperatures, 2024 became the warmest year on record globally, reaching 1.5°C above pre-industrial levels.[6] Europe, the fastest-warming continent, saw temperatures soar to 2.9°C above pre-industrial levels in 2024. The physical impacts of climate change – such as more frequent and severe weather events like floods, droughts, and city and forest fires – disrupt supply chains, reduce agricultural yields and drive up food prices. For example, an interdisciplinary study by ECB economists and climate scientists showed that the 2022 heatwave in Europe added 0.8 percentage points to euro area food price inflation.[7]

    The green transition will also bring about structural economic changes, which could influence inflation. Although the overall impact of the green transition remains very uncertain and may vary over time, we need to account for it to effectively deliver on our mandate. This is why we are increasingly incorporating green transition policies, such as climate-related fiscal policies or assumptions on carbon pricing under the EU Emissions Trading System 2, into our macroeconomic analyses.[8]

    To what extent do oil and gas reserves, as stranded assets – losing their value due to the necessity of staying within the 1.5°C climate goal – pose an economic risk?

    Generally, stranded assets pose greater economic and financial risks to the extent that industries and banks are not prepared. As the economy moves towards meeting climate goals, industries need to adjust how they operate. And since most companies in the EU with high-emitting production facilities rely on bank financing, this also has a significant impact on banks’ balance sheets. Last year, we released a study on the banking sector’s alignment with EU climate objectives, where we found that 90% of analysed banks faced elevated transition risks due to substantial misalignment with the Paris Agreement.[9] The biggest risk stems from exposures to companies in the energy sector that are lagging behind in phasing out high-carbon production processes and are slow to scale up renewable energy production.[10]

    To what extent does the ECB incorporate climate-related risks into its monetary policy?

    The ECB has taken significant steps to integrate climate-related risks into its monetary policy framework. It has reduced the carbon footprint of the Eurosystem’s corporate bond holdings and expanded annual climate disclosures to cover over 99% of assets held for monetary policy purposes. We’re also making progress in embedding climate considerations in our modelling and forecasting. Through exercises such as climate stress tests, we’ve deepened our understanding of the impact of the green transition and the physical impacts of the climate crisis. To improve data availability, which is key if we want to keep incorporating climate and nature risks, the ECB has developed climate-related statistical indicators.

    How does the ECB ensure that the financial sector properly manages the risks associated with climate change?

    Five years on from the publication of the ECB Guide on C&E risks in 2020, banks have made significant progress in managing climate-related and environmental (C&E) risk. Initially, fewer than 25% of banks had worked on climate-related risk management, and in 2021 a self-assessment conducted by the banks revealed that 90% of their practices fell short of our expectations.

    Following thorough assessments in 2022, we came to the conclusion that the glass was filling up, but that it wasn’t yet half full. Based on what the banks themselves considered reasonable when we first started discussing C&E risk management with them, we set interim deadlines resulting in three milestones: by March 2023 banks were expected to draw up adequate materiality assessments; by December 2023 they needed to integrate C&E risks into their governance, strategy and risk management; and by the end of 2024 they were expected to comply with the full scope of ECB expectations on C&E risk.

    Encouragingly, most banks met the targets set by the 2023 deadlines, and frameworks for climate and nature-related risks are now broadly in place. However, a few banks are still lagging behind and could face potential penalties. For the third and final deadline, which just passed at the end of 2024, we are proceeding with our compliance assessments in the same way as for the two previous deadlines.

    What specific sustainability measure will you personally advocate for within the ECB in 2025?

    In 2025 we will closely monitor progress and, where necessary, use all the tools at our disposal to ensure the banking sector is resilient in the face of the unfolding climate and nature crises. As part of the ECB’s multi-year agenda for banking supervision, we will make sure that the banks we supervise directly – whose assets total over €26 trillion – fully account for climate and nature-related risks in their strategies and risk management. Ensuring banks comply with the new regulatory requirement to develop transition plans to prepare for the risks and potential changes in their business models associated with the green transition is particularly high on the agenda.

    What are your thoughts on Mario Draghi’s report, particularly his call for further financial and economic integration within the EU through, for example, establishing a capital markets union? This plan aims to create a single integrated capital market in the EU, allowing investments and savings to flow more freely across borders.

    From an ECB perspective, we have always been supportive of a deeper capital markets union (CMU). The renewed political momentum we have seen recently in furthering CMU – or a savings and investment union – has come at a crucial time. In fact, the bulk of the additional financing needed for the green transition has to come from the private sector.[11]

    The European Commission estimates that the EU needs an extra €477 billion (equivalent to 3.4% of GDP in 2023) of green investment per year by 2030. This number increases to €620 billion when considering the EU’s broader environmental ambitions. While banks are expected to make an important contribution, expanding and integrating capital markets is essential for directing the flow of funds towards green innovation. The public sector also has a key role to play in mobilising private green investment by crowding in private investment through, for example, lowering borrowers’ financing costs or de-risking green investment activities.

    Sustainable energy technologies and electricity infrastructure have higher investment costs than fossil fuel technologies. As a result, high interest rates slow the energy transition, despite its potential to help combat inflation. Recent high inflation was partly driven by high fossil energy prices. Could a lower interest rate for investments in sustainable energy accelerate the shift away from fossil fuels?

    The ECB’s primary objective is to maintain price stability, and this will always remain the cornerstone of our actions. But we also have a secondary objective, which requires us to support the general economic policies in the EU, including contributing to a high level of protection and improvement of the quality of the environment.[12] Within this mandate, accounting for the effects of climate and nature-related events is part and parcel of our tasks. Importantly, any direct incentives and tools must align with our monetary policy stance. In the specific case you mention, further challenges – such as data coverage and quality, defining appropriate green targeting criteria and establishing robust verification processes – still exist. Some of these issues require agreement on a European level, where we are dependent on legislation.

    Having said that, the ECB’s euro area bank lending survey tells us that European banks are already offering more favourable lending conditions to green firms or firms in transition.[13] In addition, governments can support green projects in a more targeted and effective way by offering more favourable lending through for instance public development banks. Despite this, the ECB still actively monitors regulatory developments.

    Are you optimistic about the energy transition in Europe?

    I am generally an optimistic person. In this case, the progress made speaks for itself: the share of renewables in the EU’s final energy use more than doubled between 2005 and 2023.[14] And last year, nearly half of the EU’s electricity was powered by renewables.[15] Much-needed investment in climate change mitigation has also grown, increasing by 42% between 2005 and 2022.[16]

    We know progress is possible, but we now need to go further and faster. Our research shows that a quicker transition will lower costs – being ready can offer a competitive advantage. Consumer preferences are already changing and these will support the transition. In that respect, we welcome the European Commission’s focus on both decarbonisation and competitiveness.

    Last but not least, through my involvement with the Network for Greening the Financial System (NGFS), which I co-founded and of which I was the first Chair, I’ve also witnessed first-hand the impact a committed group of central banks and supervisors working towards a common goal can have. The NGFS has grown from its original eight members to 143 members today. This “coalition of the committed” is prepared to help future-proof the economy and the banking sector. Regardless of the political winds that are blowing, the reality of the climate and nature crises doesn’t change. And as most Europeans know, it is a reality we must face head on.

    How sustainably do you live and travel?

    We have a fully electric car, and as a proud Dutchman, I love to ride my bike.

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB supports Bratislava in modernizing its water supply and wastewater management infrastructure

    Source: European Investment Bank

    • Investments ensures safe and reliable water supply and wastewater management, addressing climate change challenges, while also improving the protection of the Danube
    • EIB financing will improve efficiency of city’s water company Bratislavská vodárenská spoločnosť (BVS) by reducing its energy costs with further utilization of green fuel sources.
    • This is the first direct cooperation between EIB and a municipal company in Bratislava to boost investments in the water sector.

    European Investment Bank (EIB), one of the world’s largest multilateral investors in the water sector, is providing EUR 50 million in Bratislava municipal water utility company Bratislavská vodárenská spoločnosť (BVS) for necessary upgrades and extensions of its water supply and wastewater infrastructure. The financing will help aligning Bratislava water and wastewater management with EU regulations, ensuring the highest quality of drinking water in the city and also allow the BVS to increase utilization of green, biomass energy sources. 

    The modernization programme aims to increase the reliability of water supply for nearly half a million residents and businesses in Bratislava, Slovakia`s main business hub. It also fosters environmental responsibility, by making the city more resilient to adverse effects of climate change and allows BVS to further increase its efficiency and reduce its energy costs.

    “EIB cooperation with BVS means people and businesses in Bratislava can look forward to cleaner water, efficient wastewater management and eco-friendly practices that enhance the city’s quality of life,” said EIB Vice-President Kyriacos Kakouris. “Modern water management is crucial to ensuring the strength and sustainability of urban centres across the EU including Bratislava.”

    “The cooperation approval followed thorough preparation and extensive communication with the EIB. This financing is significantly more cost-effective for us compared to commercial banks. This partnership with BVS is expected to play a crucial role in achieving our ambitious goals of improving our customer services and supporting the environment in our operational area,” said CEO of BVS Ladislav Kizak.
     

    A modern water and wastewater infrastructure for Bratislava

    The modernization project financed by EIB will include the replacement of aging infrastructure with advanced, efficient technologies designed to minimize water loss and improve distribution efficiency as well as expansion of the BVS` network to accommodate the needs from the steadily expanding city.  Expansion of the water supply network will also increase protection of surface and underground waters in metropolitan Bratislava as well as improve protection of the Danube.

    Additionally, the adoption of biomass energy sources will significantly reduce the utility’s carbon footprint, aligning with the city’s commitment to climate action.

    Background information 

    European Investment Bank: The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

    The EIB is one of the largest lenders to the global water sector, with over €88 billion invested in more than 1 700 projects improving sanitation, providing access to safe drinking water and reducing the risk of flooding.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. 

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment. 

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers

    Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    Bratislavská vodárenská spoločnosť (BVS): Bratislavská vodárenská spoločnosť, a.s. (BVS) supplies drinking water to approximately 740 000 regular customers in 118 municipalities across western Slovakia. It draws water primarily from exceptionally high-quality underground sources. Thanks to its advantageous location near the Danube River and the unique gravel-sand subsoil, these water sources are both high-quality and abundant. The 60 water sources that BVS currently operates could technically cover the consumption of more than half of Slovakia. The network of more than 3 200 kilometers of water pipes transports water in 130 water reservoirs and to its customers.

    The second key task of BVS is disposing of wastewater in municipalities connected to the public sewage network. For this purpose, more than 1 800 kilometers of sewer pipes are used, which transport wastewater to 23 wastewater treatment plants. One is the Central Wastewater Treatment Plant in Vrakuňa, the most significant Slovak wastewater treatment plant, with a capacity of 172 800 m3 per day, or 2 000 l per second.

    BVS controls the quality of drinking and treated wastewater in its accredited laboratories.

    BVS’s shares are owned by 89 shareholders, that are cities and municipalities from the region where BVS operates. The City of Bratislava is the majority shareholder, with a share of 59,29 percent. BVS itself holds more than 8 percent of its shares.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – The Commission’s recent statement on the 28th regime and labour law – E-000673/2025

    Source: European Parliament

    Question for written answer  E-000673/2025
    to the Commission
    Rule 144
    Johan Danielsson (S&D), Gabriele Bischoff (S&D), Estelle Ceulemans (S&D), Marianne Vind (S&D), Romana Jerković (S&D), Nora Mebarek (S&D), Vilija Blinkevičiūtė (S&D), Evelyn Regner (S&D), Marc Angel (S&D)

    In a recent address by the Commission President on 21 January 2025 at the World Economic Forum in Davos, the Commission outlined its intention to create a ‘28th regime’ aimed at establishing ‘one single and simple framework across our Union’ with regard to corporate law, insolvency, labour law and taxation.

    This initiative raises a number of questions regarding the depth and nature of the intended harmonisation, especially with regard to labour law, given the significant diversity in national labour legislation, practice and tradition.

    We would therefore like to ask:

    • 1.If the Commission really intends to integrate labour law into the proposal for a 28th regime, how will it ensure that national labour market models and social dialogue are not impacted?
    • 2.How will the Commission ensure that there is no unfair competition between companies that apply the 28th regime and companies that apply national legislation?
    • 3.What safeguards will the Commission put in place to ensure that the creation of a 28th regime does not result in a ‘race to the bottom’ in labour market standards, and what specific action will be taken during the preparatory phase of the proposal to include the views of national social partners in this regard?

    Submitted: 12.2.2025

    Last updated: 20 February 2025

    MIL OSI Europe News –