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Category: Business

  • MIL-OSI Global: The secret behind Temu’s rock-bottom prices

    Source: The Conversation – France – By Henri Isaac, Maître de conférences en sciences de gestion, Université Paris Dauphine – PSL

    Temu has made a remarkable entry in the global e-commerce landscape, quickly becoming the fifth largest online marketplace in France. Critics claim Temu’s ultra-competitive pricing relies on unfair practices. Yet its success stems from the powerful—and proven—business model of its parent company, Pinduoduo, which started as an online marketplace for fresh fruit…

    In just two years, the Chinese e-commerce platform Temu has emerged as a key contender in the global marketplace. In France, it ranked as the fifth most-visited online commerce platform in October 2024. At the heart of this remarkable achievement are its ultra-low prices, which many observers argue are made possible only through questionable practices, such as poor product quality, dumping, aggressive marketing, and deceptive trade tactics.
    Despite widespread skepticism over its long-term viability, Temu continues to invest heavily in advertising and market penetration, challenging an e-commerce sector where no new player has made a significant breakthrough in the past decade. While other online retailers, like AliExpress and the fashion giant Shein, have disrupted Western markets with similar cutthroat pricing strategies, only Temu has done what few believed possible: outperforming Amazon, the long-standing gold standard for competitive pricing.

    From factory to global store

    Temu’s pricing policies are not revolutionary in China. The platform closely follows the business model of its parent company, Pinduoduo (or PDD Holdings). As Pinduoduo’s international arm, Temu represents China’s ambition to transition from being the world’s factory to becoming the world’s store. Its low prices are not a temporary launch tactic but a fundamental pillar of its long-term strategy.

    Established in Boston in September 2022, Temu is an offshoot of the Chinese e-commerce giant Pinduoduo, founded in 2015 following the success of Pinhaohuo. Introduced by Colin Huang in April that year, Pinhaohuo used WeChat’s group-buying model to sell bulk orders of fresh fruit. Its rapid growth led to the creation of Pinduoduo, which disrupted China’s e-commerce market—long dominated by JD.com and Alibaba—before expanding globally through Temu. Today, Temu operates in 79 countries.

    Reverse auctions and consigned inventory: driving down prices

    At the heart of Temu’s pricing strategy is the Consumer-To-Manufacturer (C2M) model, introduced by Pinduoduo in March 2023. This approach utilizes reverse auctions, where Temu solicits bids from manufacturers, forcing suppliers to compete by offering the lowest possible prices. PDD Holdings sets final product prices and profit margins, and manufacturers deliver products directly to Pinduoduo’s warehouses in China, eliminating the need for Temu to purchase or hold stock. Instead, manufacturers bear storage costs and must take back any unsold items. Payments are typically made quarterly, further easing Temu’s financial burden. In essence, Pinduoduo operates a consigned inventory model.

    Reverse auctions enable Temu to secure the lowest possible prices from the outset, with Pinduoduo’s logistics expertise allowing for rapid order consolidation, creating economies of scale that particularly benefit smaller manufacturers who, without Pinduoduo, would struggle to achieve such demand levels. Additionally, by pooling shipping logistics, Pinduoduo further reduces total product costs compared to direct manufacturer sales.

    Creating a buzz on social media

    On the consumer side, Pinduoduo deploys its group-buying model to drive sales through social media trends. The name Pinduoduo roughly translates as “together, more savings, more fun,” reflecting its core strategy: the more buyers in a group purchase, the lower the price. This tactic has propelled Pinduoduo to become the world’s leading social commerce platform by user numbers, with 694 million users in China alone as of June 2024, according to XQuestMobile China.

    Beyond group purchasing, Pinduoduo has leveraged gamified (gamification) shopping features–widespread in Chinese business culture–to encourage impulse buying, a challenge for most online retailers.

    The company entered the market by strategically targeting overlooked consumer segments, focusing on lower-income shoppers in smaller cities and rural areas, rather than competing for wealthier urban customers dominated by JD.com and Alibaba. This approach led to rapid growth and profitability by 2021. By 2023, Pinduoduo, including Temu, reported $34.879 billion in revenue and a net income of $8.267 billion.

    A commission-free revenue model

    How does Pinduoduo generate revenue? By charging manufacturers for end-customer shipping logistics and marketing services such as product promotion, visibility, and platform placement. Logistics revenue accounts for 38% of the platform’s total earnings, while marketing services contribute 62%.

    Unlike Amazon and other online marketplaces, Pinduoduo does not take commissions on sales. Instead, it operates as a logistics and marketing service provider, facilitating distribution for manufacturers and managing logistics flows.

    This proven revenue framework is key to Pinduoduo’s highly competitive prices. Additionally, the company benefits from a favorable corporate tax rate in China–15% compared to the standard 25% for traditional businesses. By leveraging bulk purchasing, optimized marketing and logistics, and a commission-free structure, Pinduoduo can sustain its low-cost pricing strategy—much like its Chinese e-commerce rival, Shein.

    Favorable customs regulations

    Temu is duplicating the Pinduoduo model abroad. Within this framework, Temu benefits from the U.S. customs tariffs (Section 321 of the Tariff Act of 1930), that exempts goods valued under $800 from customs duties. The EU provides a similar exemption for items under €150 (Article 23 of Regulation 1186/2009). Most of Temu’s products fall below these thresholds, allowing them to be shipped duty-free.

    Within two years, Temu has onboarded over 200,000 retailers, shipped 4 million packages daily from 60 warehouses in China and attracted 467 million users worldwide by offering products 40% to 60% cheaper than Amazon. To rapidly grow its customer base and achieve self-sustaining critical mass in Europe and the U.S., Temu is investing heavily in product subsidies.

    Its online advertising strategy is equally aggressive, with substantial investments in social media ads on platforms like TikTok, Instagram, and Snapchat, as well as search engine ranking. While exact figures for these campaigns remain undisclosed, annual reports from PDD Holdings, show its marketing spend–including Temu’s–increased by 34% to approximately €10.7 billion in 2023, with an estimated $4 to 5 billion allocated to Temu alone.

    Temu’s marketing strategy and its slogan, “Shop like a billionaire,” follow the playbook of major digital platforms, where sustained subsidies drive demand and fuel viral engagement. In such models, economies of scale are directly tied to consumer demand—a concept known as the demand-side economy of scope.

    High logistics costs

    Expanding the Pinduoduo model internationally comes with logistical challenges, particularly due to the higher shipping costs of air freight delivery from China, making the current international model vulnerable to potential losses.

    To address this, Temu began transitioning to a new operating model in March 2024, gradually shifting from its initial fully managed approach to a semi-managed one. Under this model, Temu-represented merchants ship products via ocean freight to U.S. warehouses for local distribution.

    Additionally, Temu has engaged the Chinese diaspora in the U.S. to operate “family warehouses” from their homes, including apartments and garages, providing storage, labeling, and shipping services at competitive rates. This strategy attracts smaller merchants who cannot afford large warehouse facilities. It also demonstrates how retailers are adapting to Temu’s evolving logistics model, with the platform primarily managing purchasing and pricing.

    However, Temu has introduced a traditional model, where sellers set their own prices much like eBay, AliExpress, and Amazon. Already rolled out across several European countries, including the UK, Germany, Spain, and France, the model could challenge Temu’s ability to sustain its ultra-low prices.

    If Temu transitions into a more conventional marketplace, how will its low-cost offerings stack up against Amazon? Temu has disrupted the online retail landscape, but can its aggressive pricing strategy stand the test of time?

    Henri Isaac est membre de Renaissance Numérique.

    – ref. The secret behind Temu’s rock-bottom prices – https://theconversation.com/the-secret-behind-temus-rock-bottom-prices-249231

    MIL OSI – Global Reports –

    February 19, 2025

  • MIL-OSI Global: Ukraine peace talks: Trump is bringing Russia back in from the cold and ticking off items on Putin’s wish list

    Source: The Conversation – UK – By James Rodgers, Reader in International Journalism, City St George’s, University of London

    The meeting now underway in Saudi Arabia between senior delegations from the United States and Russia could be the first step towards an end to the war in Ukraine – and not just an end to the war. The New York Times has reported that the talks may cover issues beyond the battlefield, with the resumption of US-Russia business ties on the table, too.

    Whatever is discussed, Ukraine seems set to lose out.

    The same cannot be said of the long-term occupant of the Kremlin. For 20 years, Vladimir Putin has been working towards what Donald Trump has now given him. Ever since Putin bemoaned the collapse of the Soviet Union as “the greatest geopolitical catastrophe” of the 20th century, his foreign policy has been about getting back at least some of the superpower status the Soviet Union enjoyed.

    In one sense, the US president’s overture to Putin to discuss peace in Ukraine has given the Russian president exactly what he wanted: for Washington to treat Moscow with the respect – and perhaps even fear – that the Soviet Union once commanded from the west.

    And in that sense, Trump’s telephone call with the Kremlin represented a huge triumph for Putin. Putin now has a pending invitation back to the top table of world affairs. He has conceded not an inch of occupied Ukrainian territory to get there. Nor has he even undertaken to give back any of what Russian forces have seized since the full-scale invasion of Ukraine three years ago.

    Now his foreign minister, Sergei Lavrov, is talking to the US secretary of state, Marco Rubio. Meanwhile the annexation of Crimea in 2014 – which is when Russia’s war on Ukraine actually began – seems increasingly likely to be overlooked. The suggestion from the US defence secretary, Pete Hesgeth, last week that a return to Ukraine’s pre-2014 borders was “unrealistic” has made clear Washington’s current view on that.

    So far, so good for Putin, who sees the western alliance that has been ranged against him – albeit with varying degrees of enthusiasm and commitment – for the past three years beginning to crack.

    Under Trump, Washington’s policy on Ukraine is showing signs of significant divergence from that of the EU or UK. Putin no doubt sees his determination not to be cowed by western pressure as starting now to lead to longer-term success.



    Read more:
    Europe left scrambling in face of wavering US security guarantees

    Now the two leaders have agreed to meet – a complete reversal of the three years of increasing isolation during Joe Biden’s presidency. And, as we know, the first time the two leaders met for a summit, in Helsinki in 2018, Putin was widely seen as having outwitted Trump. As Trump’s then senior director for European and Russian Affairs, Fiona Hill, recalled in her memoir: “As Trump responded that he believed Putin over his own intelligence analysts, I wanted to end the whole thing.”

    Putin will hardly feel he enters any future negotiation as an underdog. Just by being there, to discuss the most pressing matter for the future of European security with the US president, Putin has achieved part of his long-term goal. Just as in the days of the Soviet Union, leaders from the Kremlin and the White House will meet to discuss European affairs as the preeminent powers on the continent.

    The views of Europeans themselves, especially Ukrainians, are secondary.

    Back to the top table

    If Putin’s 2005 lament for a lost superpower gave a clue to the course his time at the summit of Russian power would take, then he gave yet more clues on the eve of the full-scale invasion. In December 2021, Putin regretted the collapse of the Soviet Union once again.

    This time he said it had a significance far beyond the century in which it happened, saying: “We turned into a completely different country. And what had been built up over 1,000 years was largely lost.”

    Days later, with expectation growing that Russia was planning to invade Ukraine, the foreign ministry in Moscow published a document it called Treaty between The United States of America and the Russian Federation on security guarantees.

    The language chosen is striking today for the references it makes to the Soviet Union, as in article 4: “The United States of America shall undertake to prevent further eastward expansion of the North Atlantic Treaty Organization and deny accession to the Alliance to the States of the former Union of Soviet Socialist Republics.”

    The Biden administration dismissed the treaty as the trolling it represented. But Hegseth’s recent remark, “The United States does not believe that Nato membership for Ukraine is a realistic outcome of a negotiated settlement,” fits right in with Putin’s wish list.

    This is about Russia becoming the international heavyweight the Soviet Union once was. It is also about a turn of events that greatly favours Putin.

    For three years, I have been working on a book, The Return of Russia: From Yeltsin to Putin, the Story of a Vengeful Kremlin. My research included interviews with leading policymakers, among them Jens Stoltenberg, who served as secretary general of Nato between 2014 and 2024. When we spoke in September 2023, I took the opportunity to ask him how he saw the coming months in the war in Ukraine. He told me:

    Only the Ukrainians that can decide what is an acceptable solution. But the stronger they are on the battlefield, the stronger they will be on the negotiating table and therefore our responsibility is to support them … but it’s for Ukrainian to make the hard decisions on the battlefield. And of course at the end at the negotiating table.

    Trump’s démarche towards a deal appears to ignore that logic, and strengthens Putin’s hand before negotiations have even started.

    If it does lead to an end to the war now, there is nothing to say that Putin’s long view of history won’t encourage him to go to war again in a few years. And he’ll be better prepared to capture more territory than he has already in the last three blood-soaked years.

    James Rodgers 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. Ukraine peace talks: Trump is bringing Russia back in from the cold and ticking off items on Putin’s wish list – https://theconversation.com/ukraine-peace-talks-trump-is-bringing-russia-back-in-from-the-cold-and-ticking-off-items-on-putins-wish-list-249982

    MIL OSI – Global Reports –

    February 19, 2025

  • MIL-OSI Global: How to win an election? Focus on persuasion, not policy

    Source: The Conversation – Canada – By Robert Danisch, Professor, Department of Communication Arts, University of Waterloo

    Ontario residents will soon elect a new government, and Canadians should expect a federal election this spring.

    Elections matter. They are opportunities for democracies to enact the bedrock principle that leaders are accountable to the citizenry — and for citizens to examine how communication practices inhibit or enhance democratic life.

    For politicians, elections pose a specific, clear communication challenge: How does a politician persuade a voter?

    Persuade voters

    Success in an election requires persuasion. Too often, though, politicians misunderstand the process of persuasion. The most common mistake is to believe that explaining a specific policy proposal will influence voters.

    Ontario Liberal Leader Bonnie Crombie began her campaign, for example, touting platform doors for Toronto subway stops. This is a sure sign Crombie will fail to persuade a plurality of voters.

    Why? Because Crombie is mistakenly thinking about communication as a process of transmitting information — transmit the right information or policy idea and the public will nod in agreement. That’s not how communication works.

    Science communicators call this the “deficit model” of communication (the public lacks information; once they get it, they change their behaviour).

    Motivate voters; control the narrative

    There’s little evidence that information sharing is persuasive, and popular policy positions routinely fail to persuade voters (a casual look at the last presidential election in the United States demonstrates this). Politicians, of course, want to talk about policy, but policy is how one governs — not how one persuades.

    Politicians need to motivate voters, not inform them. Ancient orators like Demosthenes and Cicero knew this, as did former U.S. president Barack Obama and even authoritarian leaders like Hugo Chavez.

    Explaining policy positions is not how to win an election.

    Crombie’s proposal for platform edge doors reveals a deeper communication problem. A policy like this implies a frame, or a map, through which people are invited to see the world.

    Crombie’s policy proposal suggests that the world is a dangerous place. If we accept that frame, then we are likely to feel fear for our safety and imagine the government as our protector — this is the likely effect of her policy talk.

    This is exactly the frame that conservative politicians often promote. In elections, the party that controls the frame wins.

    The frame implied by any policy matters more than the content of the policy in an election. Another way to understand the power of language is to think of a simple phrase like “tax relief.” For years, left-leaning political parties have advocated for middle class “tax relief.”

    But this frame assumes that taxes are a burdensome infringement (the word “relief” signifies some burden that we need relief from). That is the assumption of right-leaning political parties.

    The more politicians on the left continue to portray taxes this way, the more persuasive the parties on the right become.

    Whose values?

    The important lesson here is that politicians need to have the conversation they want, not the conversation their opponents want. Donald Trump’s most powerful communication skill is forcing the media and his opponents onto his conversational terrain.

    Trump’s oppenent, Kamala Harris, tried to talk values. But her messaging was often too confusing, too complex and too varied to be persuasive, especially compared to Trump’s repetitive drumbeat of value-based accusations.

    Consider the broader frame that government’s job is to help the economy. Some have argued “the economy” is a fiction, a rhetorical construction that suits right-leaning political parties. Whenever the left advocates for a policy that intends to help “the economy” (a higher minimum wage, for example), they recirculate and reaffirm a conservative frame.



    Read more:
    Why Donald Trump’s words work, and what to do about it

    At the core of these frames are often a set of values: freedom is good, government can’t be trusted, the economy matters most. Messaging that focuses on why is much more effective than messaging that focuses on what and how.

    When politicians talk about values more than they provide information, they are more likely to get attention and cause reactions. Values talk — about what’s good or bad, right or wrong — tends to target the more primal, limbic part of our brain, which can cause people to feel motivated to act.

    Crombie, therefore, needs to explicitly articulate her values, why she is running for office, and make sure to implicitly frame any policy suggestion through attention to those values. Right now, she is implying conservative values through liberal policies — that won’t work.

    Stories reinforce the frame

    Values tend to come wrapped in the stories we tell about ourselves and our moment. Marshall Ganz, Harvard sociologist and community organizer, trained Barack Obama’s campaign volunteers in a form of storytelling, based on values, that was intended to motivate people.

    Good stories have villains and heroes, along with challenges or choices. Most importantly, good stories create a feeling of identification — a “we” that navigates a set of challenges or choices.

    Stories that make people feel hope, confidence, solidarity, anger and urgency are particularly adept at motivation. And these stories are also able to reinforce the frame through which we view the world, causing a story to “feel true” for voters even if it contains factual inaccuracies.

    The story that resonates most powerfully creates a sense of identification and makes a specific frame seem true drives electoral outcomes.

    Vision of the future

    The very best stories have a clear vision of the future. Too often politicians fixate on, and lament, problems. All of that problem talk can inhibit motivation. A clear picture of an ideal future shows the citizenry how a story ends.

    These imagined futures can be inspiring in ways that drive action. Painting a compelling tomorrow is a central part of political persuasion.

    These aspects of persuasion have been true for centuries. Our moment, however, adds a complicating element — our social media systems.

    Scholars of rhetoric have long known that repetition is persuasive. Social media amplifies the power of persuasion. This might not improve democratic decision-making, but politicians must still recognize how slogans, memes and sound bites all become the resources for repetition and the grounds in which specific frames or stories begin to dominate conversations.

    Controlling what gets repeated and using figures that are repeatable are necessary contemporary considerations.

    To be clear, if you want to win an election: control the frame, talk about values more than policy, tell a compelling story, paint a bright future, and find ways to repeat, repeat, repeat.

    Robert Danisch 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. How to win an election? Focus on persuasion, not policy – https://theconversation.com/how-to-win-an-election-focus-on-persuasion-not-policy-248733

    MIL OSI – Global Reports –

    February 19, 2025

  • MIL-OSI United Kingdom: Defence Secretary’s speech on Defence Reform

    Source: United Kingdom – Executive Government & Departments

    Transcript of the Defence Secretary’s address on defence reform at the Institute for Government.

    Good morning, everyone. Thank you for being here and thank you for hosting us today.

    The Institute for Government, in my book, plays a really important role in Westminster. It helps hold Ministers to account for what we say we’re going to do as part of that bigger mission to securing this country a better government for Britain.

    I must say, when I confirmed this event a few weeks ago, I wouldn’t have expected such interest in MOD reform, and I’m really grateful for the level of this attendance and presence, both in the room and online.

    But I guess the pace of the geopolitical change which you were referring to Hannah, and what we’re seeing right now confirms what I would argue is the need for change within defence too.

    As I said on my first day as Secretary of State in the department, when I came through the doors, I’m a Defence Secretary that’s more interested in getting results and global opportunities than headlines, and I guess I’m delivering on that promise, making a speech on defence reform right in the middle of parliamentary recess.

    However, the headlines, the wider headlines, and the decisions that we make right now over the coming weeks will not only define the outcome of the conflict in Ukraine, but the security of our world for a generation to come, and the nature of government means dealing with these challenges.

    In my view, the test of leadership, of political leadership isn’t just about managing the immediate, it’s also about reforming for the future.

    We’re in a new era of threat that demands a new era for defence and in the middle of everything else, last week, the new Defence Secretary Pete Hegseth in the US and I,  made time to discuss the aims we share on defence reform.

    This government, our new Labour government, was elected on a mandating one word: change.

    We govern on an instruction in one word: deliver.

    And as a new government, we’re delivering for defence.

    Over these first seven months, we stepped up and speeded up support for Ukraine. We’ve increased defence spending this year by nearly £3 billion, and we’ll set the path to spending 2.5% of GDP in the Spring.

    We’ve launched a new Defence Industrial Strategy. We secured a deal to buy back 36,000 military homes to improve conditions for personnel and get better value for the taxpayer.

    We’ve given the men and women of our armed forces the biggest pay increase for more than 20 years. We signed the landmark Trinity House agreement with the Germany.

    We’ve already progressed the Armed Forces Commissioner bill through the House of Commons to give a strong independent voice to improve service life.

    We have in the MOD two major change programmes both launched within the first month of government.

    One, the Strategic Defence Review. Two, our Defence Reform program. Each is essential for the other. The Defence Review will reinforce the imperative for Defence Reform. Defence reform is the foundation for being able to implement the Defence Review and for discharging what is our first duty in government.

    Exactly a year ago, actually, in February, I gave a speech at Policy Exchange on defence reform in which I outlined, and I said then the need to create a strong defence centre capable of leading Britain meeting the increasing threats we face.

    And in a little noticed section of the Labour Party manifesto at the July election, we pledged specific reforms and said strengthening our defences requires stronger leadership, clearer accountability, faster delivery, less waste and better value for money.

    By the end of July, I put in place a new team, new leadership, and weekly meeting meetings with me to drive our defence reform programme.

    And today, I wanted to offer an update on where we’ve got to and where we are going in the months ahead.

    One of the really special things about this job, the special things about this special job are the deeply impressive men and women I meet every day, from the submariners coming home from weeks undersea, to apprentices on Derby’s nuclear reaction production lines, to the NATO HQ team with people in the MOD building that last week pulled together the Ukraine led contact group meeting of 46 nations in the room at one week’s notice.

    Extraordinary people doing extraordinary things within a system that very often doesn’t work in the way that we need it to, for an increasingly dangerous world, work in the way that we need it to, to provide our armed forces with what they need to deter, to fight and to win.

    First, underpinning it all is the absence of clear, consistent accountability, central to the effectiveness of any organisation. Yet I have been in too many meetings when I ask who’s leading this? Who’s responsible for getting this done? And no one is able to give me a single, clear answer.

    Second, while everyone agrees that defence spending needs to increase, it’s not just how much you spend, but it’s how well you spend it. And we’re simply not securing the value for money our armed forces, our economy needs for every defence panel.

    We duplicate even the most central tasks. For example, we have eleven separate finance functions, two and a half thousand people doing the same activity in different places, in different ways. And third defence is mired in process and procedure. We’ve added complexity where simplicity is needed.

    Procurement, we’ve got a situation where we employ eleven checkers for every one decision maker. So, no wonder it takes an average six years for a large programme simply to get onto contract.

    So today, I’m here to declare that investment in defence will be matched by reform.

    First, we’re introducing clear points of accountability at every level within UK defence, starting at the top with four new senior leaders, four leaders who report to me as Defence Secretary and my ministerial team at the central point of accountability to the British people and to the British public.

    The Chief of the Defence Staff, who, for the first time since this role was created, now commands the service chiefs and will be the head of newly established Military Strategic Headquarters, responsible for force design and war planning across our integrated force.

    The Permanent Secretary, our principal accounting officer, who will run a leaner, more agile Department of State with more policy muscle to lead arguments across Whitehall and with allies, we’ll revamp senior roles to elevate those into policymakers with broad portfolios and powerful mandates.

    Third, our new Armaments Director, who will fix procurement and drive growth. I’ll come back to the detail of the National Armaments Director in a moment.

    Fourthly, our Chief of Defence Nuclear, who will continue to lead and deliver the national Nuclear Enterprise within the recently established ring fence and freedoms.

    This new quad will lead a defence which is more concentrated on warfighting, readiness and on deterrence.

    They’ll shift the approach as an organisation, which too often has been obsessed with process, to one focus on outcomes, in which information flows quickly, accountabilities are clear, and results are demanding. This new quad will be up and running from the 31st of March.

    On finance will match our new accountabilities, making hardware that manages money better to secure better value for money, for the taxpayer, better outcomes for the armed forces.

    [Political reference removed]

    Instead of the ten current top line budget holders, there will be four new budget holders, one for each of this new quad. We will introduce three new centrally determined financial budgets, each with ministerial oversight, readiness, operations, investment.

    The new readiness budget will hold the chiefs of the services to account for how they run their day-to-day spending. This will be done by the Chief of Defence Staff through our new Military Strategic Headquarters. The Military Strategic Headquarters will be responsible for the new operations budget, unencumbered by the excess bureaucracy and the lack of clarity that characterises the way the defence is organised now, and ministers will direct those priorities.

    And then finally, our new National Armaments Director will run the single new investment budget, bringing together eight separate procurement budgets across the organisation into one.

    This will help cut waste, reduce duplication, it will help ensure that we are buying better what our front-line forces need. In turn, the Armaments Director will acquire owning capabilities which are affordable within the budgets set by Ministers.

    These budgets, as with the quad, will have Initial Operating Capability from the end next month, 31st March.

    Our new National Armaments Director will fundamentally change how defence works partner with industry, how the defence becomes the engine for driving economic growth.

    So sitting alongside the Permanent Secretary, the Chief of Defence Staff, then executing £20 billion-plus budget to build sustain our national arsenal, because at this time, we must rearm Britain, and I see this as a new FTSE 100 company within the MOD tasked, if you like, with getting the very best capabilities needed into the hands of our frontline forces.

    Delivering on our Defence Industrial Strategy to create more defence jobs, more defence apprenticeships in every region and nation across the UK. Tasked with driving British exports up and wider, tasked with receiving responsibility for the entire end to end acquisition system for the MOD.

    They will save the taxpayer at least £10 billion over the next decade, savings that we would reinvest directly into Britain’s defence. Our interim National Armaments Director will be in post by the end of next month, recruitment for a permanent candidate is already underway.

    In conclusion, the world is changing. Defence is changing. Our reform programme represents the biggest shake up of UK defence for over 50 years.

    Let me say this. This is a government whose commitment to defence is unshakeable. It’s the foundation for our Plan for Change, for the delivery of our government’s missions, we will match sustained investment with serious reform.

    It will mean, growing the economy. It will mean a more muscular defence for a more dangerous world. It will mean, Britain, which is secure, at home, and strong abroad.

    Updates to this page

    Published 18 February 2025

    MIL OSI United Kingdom –

    February 19, 2025

  • MIL-OSI Russia: Financial News: Attacks on financial institutions are becoming more sophisticated

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    In 2024, the Bank of Russia received more than 750 reports of computer attacks on financial companies. Most of the attacks were carried out to disable the information infrastructure of companies or make their services unavailable (DDoS attacks). At the same time, hackers are increasingly trying to gain access to the systems of financial organizations through attacks on their suppliers.

    Attack methods are becoming increasingly complex, multi-stage and multi-level, which sometimes allows them to bypass traditional means of information protection, and makes it more difficult for financial institutions to detect attacks. In addition, when analyzing incidents, Bank of Russia specialists identified repeated attacks on previously compromised systems. In some cases, hackers could sell access to them to other attackers.

    To ensure that financial institutions maintain their ability to resist cyberattacks and strengthen the security of their infrastructure, the Bank of Russia regularly conducts cyber exercises. In 2024, more than 290 companies took part in them.

    Analytical data on the main types of computer attacks in the financial sector for 2024 are presented in the Bank of Russia review.

    Preview photo: VL-PhotoPro / Shutterstock / Fotodom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23380

    MIL OSI Russia News –

    February 19, 2025

  • MIL-OSI: Beamr Strengthens Partnership with AWS by Joining AWS ISV Accelerate: a Global Co-Sell Program

    Source: GlobeNewswire (MIL-OSI)

    “Our partnership with AWS is strategic to Beamr’s growth, and joining the ISV Accelerate program represents a significant milestone in our cloud strategy,” said Beamr CEO, Sharon Carmel

    Herzliya Israel, Feb. 18, 2025 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization technology and solutions, today announced it has joined the AWS ISV Accelerate program, a global co-sell initiative for Amazon Web Services (AWS) partners. As an Independent Software Vendor (ISV) in the program, Beamr demonstrates strong alignment with AWS’s go-to-market strategies and initiatives. Beamr had progressed from listing on AWS Marketplace to becoming an ISV Accelerate member in just three months.

    “Our partnership with AWS is strategic to Beamr’s growth, and joining the ISV Accelerate program represents a significant milestone in our cloud strategy,” said Beamr CEO, Sharon Carmel. “As businesses and organizations across various industries face growing video operations challenges, this enhanced collaboration with AWS will allow us to deliver our innovative GPU-accelerated solutions to a global customer base more effectively,” Carmel added.

    The AWS ISV program offers key benefits to drive visibility and co-selling opportunities. By joining, Beamr can expand sales operations through the AWS sales organization and the AWS Marketplace, driving increased growth for Beamr Cloud – the video optimization service that is seamlessly connected with AWS S3 cloud storage service. For example, AWS Account Managers are eligible for incentives when selling Beamr Cloud through AWS Marketplace. They also gain exposure to ISVs through solution partner recommendation engines.

    ISVs like Beamr benefit from focused co-sell support and resources, including access to training, workshops, and technical certifications to enhance collaboration and market success. Beamr Cloud offers scalable optimization of large video libraries, automatic upgrade to the high-performance AV1 video format (AOMedia Video 1), efficient and cost-effective video enrichment with AI-driven capabilities, in tandem with video transcoding, and other advanced video operations.

    About Beamr

    Beamr (Nasdaq: BMR) is a world leader in content-adaptive video optimization and modernization. The company serves top media companies like Netflix and Paramount. Beamr’s inventive perceptual optimization technology (CABR) is backed by 53 patents and won the Emmy® award for Technology and Engineering. The innovative technology reduces video file size by up to 50% while guaranteeing quality.

    Beamr Cloud is a high-performance, GPU-based video optimization and modernization service designed for businesses and video professionals across diverse industries. It is conveniently available to Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers. Beamr Cloud enables video modernization to advanced formats such as AV1 and HEVC, and is ready for video AI workflows. For more details, please visit https://beamr.com/

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this communication may include, among other things, statements about Beamr’s strategic and business plans, technology, relationships, objectives and expectations for its business, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on March 4, 2024 and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof and the Company undertakes no duty to update such information except as required under applicable law. 

    Investor Contact:

    investorrelations@beamr.com

    The MIL Network –

    February 19, 2025

  • MIL-OSI: Matador Technologies Provides Updates on Recent Conference Attendance and Upcoming Industry Engagements

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Matador Technologies Inc. (“Matador” or the “Company”) (TSXV: MATA) announces its recent participation in key industry events and provides updates on upcoming engagements.

    Max & Stacy’s Bitcoin Golf Invitational – El Salvador

    Matador recently attended Max & Stacy’s Bitcoin Golf Invitational in El Salvador, an industry event focused on Bitcoin and blockchain developments. The conference facilitated discussions with industry participants, investors, and other stakeholders relevant to Matador’s Bitcoin treasury strategy.

    The Inaugural Crypto Ball – Washington, D.C.

    On January 17, Matador attended the inaugural Crypto Ball at the Andrew W. Mellon Auditorium in Washington, D.C. Hosted by BTC Inc. and co-hosted by Stand With Crypto, Exodus, Anchorage Digital, and Kraken. The event convened industry participants, policy stakeholders, and corporate sponsors, providing insights into evolving regulatory and market dynamics.

    AlphaNorth Capital Event – Bahamas

    On January 18-19, Matador participated in the AlphaNorth Capital Event in the Bahamas, hosted by Capital Event Management. The event facilitated meetings with investment professionals and discussions on emerging industry trends.

    Upcoming Industry Engagements

    AlphaNorth Capital Event – Whistler, Canada

    Matador will attend the 15th Annual Whistler Capital Event from February 21–23, 2025, hosted by Capital Event Management. The event will bring together companies and investment professionals for meetings and discussions on market developments.

    The 8th Annual Growth Conference – Toronto, Canada

    Matador will participate in the 8th Annual Growth Conference from March 3–6, 2025, hosted by Centurion One Capital at the Four Seasons Hotel in Toronto. The conference will feature company presentations, panel discussions, and networking sessions with investors and industry professionals.

    PDAC Conference – Toronto

    Matador will also participate in the Prospectors & Developers Association of Canada (PDAC) Conference in March 2025. PDAC is a global industry event focused on mineral exploration and mining, providing an opportunity to discuss the intersection of blockchain technology with traditional asset classes.

    Matador looks forward to leveraging these events to foster relationships with institutional investors, gain insights into emerging market trends, and explore potential partnerships.

    For additional information, please contact:

    Media Contact:
    Sunny Ray
    President
    Email: sunny@matador.network

    Phone: 647-932-2668

    About Matador Technologies Inc.
    Matador Technologies Inc. is a digital gold platform leveraging blockchain technology to digitize real-world assets like gold. Focused on building innovative financial solutions, Matador is at the forefront of integrating blockchain technology to preserve and grow value. Matador’s digital gold platform aims to democratize the gold buying experience, combining the best of modern technology and time-proven assets, to create an app that will allow users to buy, sell, and store gold 24/7 in a fun and engaging way.

    Cautionary Statement Regarding Forward-Looking Information

    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

    Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks associated with the implementation of the Company’s treasury management strategy and the launch of its mobile application as currently proposed or at all. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including with respect to the potential acquisition of Bitcoin and/or US dollars, the pricing of such acquisitions and the timing of future operations. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

    The MIL Network –

    February 19, 2025

  • MIL-OSI: Lantronix Expands Latin American Market Reach Through Strategic Partnership With Ion LATAM

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Feb. 18, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling AI Edge Intelligence, today announced a strategic partnership with Ion LATAM, a premier sales and marketing manufacturer’s representative organization covering Mexico, Central America and South America. Designed to broaden Lantronix’s market presence in Latin America, this relationship will expand access of its cutting-edge IoT and AI Edge solutions to the companies’ mutual customers.

    “We are pleased to add Ion LATAM to our network of trusted partners and are excited about growing our business in Latin America in response to the increasing demand for secure, reliable IoT solutions,” said Kurt Hoff, VP of Global Sales & Marketing at Lantronix. “This relationship represents a significant milestone in Lantronix’s ongoing commitment to delivering innovative products and services throughout Latin America and the world at large.”

    Under this agreement, Ion LATAM will promote Lantronix’s comprehensive IoT and intelligence edge product portfolio and will also provide expert technical support to customers in Latin America. By leveraging Ion LATAM’s deep industry expertise and customer relationships, the alliance is poised to accelerate the adoption of Lantronix’s innovative solutions across Mexico, Central America and South America.

    “We are thrilled to partner with Lantronix,” said Toby Lasley, president of Ion LATAM. “As a manufacturer representative, we see immense value in offering Lantronix’s world-class IoT and AI Edge Intelligent products,, engineering services and AI-powered Out-of-Band solutions to our customers. This collaboration aligns perfectly with our mission to deliver leading-edge technology to our markets.”

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix leadership. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report, as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    ©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    Lantronix Media Contact:
    Gail Kathryn Miller
    Corporate Marketing &
    Communications Manager
    media@lantronix.com

    Lantronix Analyst and Investor Contact:
    investors@lantronix.com

    The MIL Network –

    February 19, 2025

  • MIL-OSI: Vetty Names Industry Expert Jason Putnam as CEO

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 18, 2025 (GLOBE NEWSWIRE) — Vetty, the one-stop shop hiring acceleration platform, today announced that Jason Putnam has joined the company as CEO, effective immediately. The appointment marks a new phase in Vetty’s continued expansion, with the company accelerating growth at 78 percent year over year while maintaining high customer satisfaction ratings. Putnam succeeds Reddy Karri, who will remain with the organization as an advisor.

    Krishna Kunapuli, CEO & General Partner at 3Lines Venture Capital, commented, “Jason is the ideal leader for where Vetty is in its journey, combining a knowledge of the industry and the technology with an understanding of this customers’ unique needs. This will allow Jason to assess new areas of opportunity quickly.”

    Bringing more than 25 years of experience to the role, Putnam will set the strategic vision and direction for the next chapter of Vetty. Renowned for his ability to scale businesses, Putnam most recently served as Chief Revenue Officer at Plum, the revolutionary talent assessment platform and before that, as Senior Vice President and General Manager for the Enterprise Business Unit of PandoLogic, where he increased its business pipeline 6X and helped manage the company’s acquisition by Veritone. Throughout Putnam’s career, he has repeatedly grown businesses to successful exits, holding strategic positions at BountyJobs (since acquired by Recruiter.com), Noesis Financing (acquired by LeaseQ), Oodle (acquired by QVC), Jobfox (acquired by Doostang) and KnowledgeStorm (acquired by TechTarget).

    “Jason’s career speaks for itself, and he brings a wealth of experience in our category and a proven track record of success to Vetty,” said Subrat Nayak, company Founder, Chief Product Officer & Executive Chairman. “He knows what it will take for Vetty to continue delivering an exceptional product as we expand our customer base – and will ensure we do.”

    “Joining the Vetty team is an incredible opportunity, given what the company offers and where the industry is right now,” said Putnam. “Having spent most of my career in HR and recruiting technology, I have watched its evolution firsthand. What Vetty offers is unlike other platforms I’ve seen, from the product sophistication to the depth of partnerships and integrations, making this the perfect moment to join the team and bring Vetty to a wider audience.”

    ABOUT VETTY
    Vetty is a one-stop shop hiring acceleration platform where companies can expeditiously complete their screening, credentialing, hiring and onboarding of prospective candidates. Companies count on Vetty to accelerate the time from offer to active and deliver hard ROI. Learn more at https://vetty.co.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fb634b74-eabe-4b8a-9470-2f95843b2d89

    The MIL Network –

    February 19, 2025

  • MIL-OSI: CECO Environmental To Release Fourth Quarter Earnings and Host Conference Call on February 25

    Source: GlobeNewswire (MIL-OSI)

    ADDISON, Texas, Feb. 18, 2025 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, today announced that it will report its fourth quarter 2024 financial results on February 25, 2025, premarket. The Company will also host its earnings call starting at 8:30 a.m. Eastern Time (7:30 a.m. CT). The Company’s financial results and presentation will be posted on its website at www.cecoenviro.com.

    The details for the webcast are:

    When: Tuesday, February 25 at 8:30 a.m. Eastern Time

    Where: https://edge.media-server.com/mmc/p/wr6yr8ri

    How: Live over the internet – Simply log on to the web at the address above

    Register to receive the dial-in info and a unique pin:   https://register.vevent.com/register/BI2af3a0a59cc347e5a9441f654aff6aed

    A replay of the conference call will be available on the Company’s website shortly after the live webcast has concluded.

    ABOUT CECO ENVIRONMENTAL
    CECO Environmental is a leading environmentally focused, diversified industrial company, serving a broad landscape of industrial air, industrial water, and energy transition markets globally through its key business segments: Engineered Systems and Industrial Process Solutions. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. In regions around the world, CECO works to improve air quality, optimize the energy value chain, and provide custom solutions for applications in power generation, petrochemical processing, refining, midstream gas transport and treatment, electric vehicle and battery production, metals and mineral processing, polysilicon production, battery recycling, beverage can production, and produced and oily water/wastewater treatment along with a wide range of other industrial applications. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Addison, Texas. For more information, please visit www.cecoenviro.com.

    Company Contact:
    Peter Johansson
    Chief Financial and Strategy Officer
    888-990-6670
            
    Investor Relations Contact:
    Steven Hooser and Jean Marie Young
    Three Part Advisors
    214-872-2710
    Investor.Relations@OneCECO.com

    The MIL Network –

    February 19, 2025

  • MIL-OSI: Baltic Horizon will hold an Investor Conference Webinar to introduce the results for Q1-Q4 2024

    Source: GlobeNewswire (MIL-OSI)

    Baltic Horizon Fund invites unitholders, investors, analysts and other stakeholders to join its investor conference webinar, scheduled on 25 February 2025 at 13:00 PM (CET) or 14:00 PM (EET).

    The webinar will be hosted by Tarmo Karotam, the Fund Manager of Baltic Horizon Fund. Q&A session will follow after the presentation. Due to limited webinar time, we encourage participants to send their questions no later than one day before the webinar to tarmo.karotam@nh-cap.com.

    To join the webinar, please register via the following link: https://nasdaq.zoom.us/webinar/register/WN_vEnjKPnnQJm5QdqH6sTMfQ

    You will be provided with the webinar link and instructions how to join successfully. When joining the webinar for the first time, you will be asked to download the plug-in which will take only few seconds. In case plug-in can’t be downloaded, a web browser which enables attending the webinar, opens automatically. The registration is open until 25 February at 12:00 PM (CET)/ 13:00 PM (EET).

    Registered participants will receive a reminder e-mail one hour prior to the webinar. The webinar will be recorded and available online for everyone at the company’s website on www.baltichorizon.com and on Nasdaq Baltic youtube.com account.

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, Facebook, X and YouTube.

    The MIL Network –

    February 19, 2025

  • MIL-OSI: Transocean Ltd. Announces CEO Succession Plan

    Source: GlobeNewswire (MIL-OSI)

    STEINHAUSEN, Switzerland, Feb. 18, 2025 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today announced its plan for key leadership changes pursuant to the company’s multi-year succession planning strategy. As part of this plan, Keelan Adamson, the company’s President and Chief Operating Officer, will become President and Chief Executive Officer following a transition period, which is expected to conclude during the second quarter of 2025. Mr. Adamson will succeed Jeremy Thigpen, who has led Transocean as Chief Executive Officer since 2015. Mr. Adamson is also expected to be nominated to join the Board of Directors at the company’s 2025 annual general meeting of shareholders.

    Mr. Thigpen will continue serving as Chief Executive Officer until Mr. Adamson’s appointment and will continue his service as a member of the company’s Board of Directors through his current term. Thereafter, subject to shareholder approval at the 2025 annual general meeting, Mr. Thigpen is expected to be appointed as Executive Chair of the Board of Directors, and Mr. Chad Deaton, Transocean’s current Chair of the Board, will transition to Lead Independent Director.

    “Keelan is an experienced executive who has a deep understanding of our business, our customers and our industry,” Mr. Deaton said. “Throughout his three decades with Transocean, where his experience has taken him from the drill floor to the executive level, Keelan has helped to shape the foundation of the company and position Transocean for sustained success as the industry’s market leader. This transition represents the culmination of a key part of our multi-year, rigorous and thoughtful succession plan designed to develop internal talent and maintain business and leadership continuity.  Keelan is well-prepared for this opportunity.” 

    Mr. Deaton continued, “On behalf of the entire Board, I would like to recognize and thank Jeremy for leading Transocean through the most challenging market in the history of offshore drilling. He guided Transocean as we transformed our fleet through opportunistic asset transactions, as well as the acquisition of two major competitors; under his leadership, we placed into service the most technologically advanced rigs in the world, including the first 8th generation, 20K drillships. He oversaw the continuation of Transocean’s legacy for leading the industry in innovation, with the application of new technologies that improve the safety, reliability and efficiency of our operations. Jeremy’s contributions and leadership have been recognized and appreciated by the entire industry, and we look forward to his continued work with Transocean as he transitions into his new role.” 

    Mr. Adamson has served as Transocean’s President and Chief Operating Officer since February 2022. Prior to that time, he served as the company as Executive Vice President and Chief Operations Officer from August 2018 to February 2022, as Senior Vice President, Operations from October 2017 to July 2018, and as Senior Vice President, Operations Integrity and HSE, from June 2015 to October 2017. As part of his responsibilities during this period, Mr. Adamson oversaw the company’s Technical Services team from May 2016 to October 2017. He also served as the company’s Vice President, Human Resources from December 2012 to May 2015, and has held other executive positions with the company, including as the Vice President overseeing Major Capital Projects and Engineering. He joined Transocean in 1995 and has held rig management positions in the United Kingdom, Asia and Africa, sales and marketing leadership roles, and served as the Managing Director for the company’s business in North America, Canada and Trinidad. Mr. Adamson earned a bachelor’s degree in Aeronautical Engineering from The Queens University of Belfast and completed the Advanced Management Program at Harvard Business School.

    “I am honored by and grateful for the opportunity to lead Transocean and its talented and dedicated workforce,” said Mr. Adamson. “With the highest specification fleet in the industry and the unparalleled experience of our offshore crews and shore-based support personnel, we are well-positioned for success. As I work alongside the entire Transocean team as CEO, we will maintain a sharp focus on executing our business strategy – delivering enhanced shareholder value by optimizing operations, safely and efficiently meeting our customers’ objectives and meaningfully reducing our debt. It is an honor to succeed Jeremy, who skillfully guided Transocean through an unprecedented industry downturn and prepared it for the opportunities that we are realizing today.”

    In reflecting on his tenure as Chief Executive Officer, Mr. Thigpen said, “The trust and support the Board and the entire Transocean team provided during my tenure as CEO helped assemble an impressive team that operates the industry’s most technologically advanced assets, while executing on strategies that preserved and enhanced shareholder value. Transocean is a resilient and strong organization, made stronger by leaders like Keelan whom I have had the pleasure of working closely with for the past decade. Keelan is the right person to lead Transocean as we build upon the company’s position as the leader in offshore drilling.”

    About Transocean

    Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

    Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

    Forward-Looking Statements

    The statements described herein that are not historical facts are 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. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and in many cases, cannot be predicted. As a result, actual results could differ materially from those indicated by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, the cost and timing of mobilizations and reactivations, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com. 

    This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

    Analyst Contact:
    Alison Johnson
    +1 713-232-7214

    Media Contact:
    Pam Easton
    +1 713-232-7647

    The MIL Network –

    February 19, 2025

  • MIL-OSI: Gilat Launches Gilat Defense Division: A New Division to Meet Growing Global Demand for Mission-Critical SATCOM Solutions

    Source: GlobeNewswire (MIL-OSI)

    PETAH TIKVA, Israel, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today announced the formation of its new Defense Division, a strategic move designed to target the increasing demand for government and defense SATCOM solutions. Gilad Landsberg has been appointed President of Gilat’s Defense Division, bringing over 20 years of experience in the defense industry.

    Gilat Defense provides secure, rapid-deployment SATCOM solutions tailored for military and HLS organizations, government agencies, and defense integrators, with a strong focus on supporting the U.S. Department of Defense (DoD) and allied forces worldwide. By unifying, under one umbrella, the expertise and technologies of Gilat, and the wholly-owned subsidiaries Gilat DataPath and Gilat Wavestream, the division delivers end-to-end solutions with multiple layers of communication redundancy, ensuring maximum operational availability. With a focus on innovation, the division leverages advanced technologies and flexible business models, to adapt to evolving defense requirements. Trusted by the U.S. DoD, NATO and global defense forces, Gilat Defense’s field-proven solutions offer secure, high-performance connectivity, delivering reliable, battle-tested performance in the toughest environments to meet the critical SATCOM needs of modern defense communications.

    Gilat Defense will be showcasing its solutions at the upcoming Satellite 2025 show in Washington, D.C., next to the Gilat Booth #2511. Visitors to the booth will have the opportunity to see a range of cutting-edge defense SATCOM solutions, including the newly launched GLT 1500 terminal, DataPath 2.6m antenna solution for tactical terminals and the US made Aquarius DS Family of products including Aquarius Pro DS and Aquarius E DS which are both compliant with FAR 889 and future DFAR 5949 regulations.

    “With the launch of Gilat’s Defense Division, we are strengthening and enhancing our commitment to providing advanced SATCOM solutions that meet the evolving needs of modern defense operations,” said Gilad Landsberg, President of the Defense Division at Gilat Satellite Networks. “By combining technological innovation with a deep understanding of defense requirements, we are ensuring that military and government organizations have access to secure, resilient, and high-performance connectivity for mission success.”

    For more information about Gilat Defense and its innovative SATCOM solutions, visit https://www.gilat.com/ or stop by our Booth #2511 at Satellite 2025 in Washington, D.C.

    About Gilat

    Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

    Together with our wholly-owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

    Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

    Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the terrorist attacks by Hamas, and the hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

    Contact:

    Gilat Satellite Networks
    Hagay Katz, Chief Product and Marketing Officer
    hagayk@gilat.com

    Alliance Advisors:

    GilatIR@allianceadvisors.com
    Phone: +1 212 838 3777

    The MIL Network –

    February 19, 2025

  • MIL-OSI: Bitget Releases January 2025 Transparency Report, Showcasing Market Growth and Innovation

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 18, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has released its January 2025 Transparency Report, highlighting a dynamic start to the year marked by significant growth in trading volumes, platform engagement, and ecosystem innovation.

    Bitget expanded the BGB ecosystem through strategic initiatives, including launching a BGB liquidity pool on Uniswap and a $1.1 million liquidity pool on Bulbaswap following its integration with Morph Chain. These efforts enhance cross-chain compatibility and deepen liquidity, positioning BGB as a strong pillar of the Bitget ecosystem. Additionally, Bitget Research shared a report on 20% of Gen Z and Gen Alpha respondents who are open to incorporating crypto into pension plans, signaling a shift in long-term financial planning preferences toward digital assets.

    January saw the introduction of multiple platform enhancements. Bitget TraderPro Season 4 launched with a 10,000 USDT Grand Prize, enabling traders to test strategies and optimize returns. The HodlerYield service debuted, allowing users to earn passive income by holding USDE and weETH. Bitget Seed, an AI-powered algorithm, was unveiled to identify early-stage Web3 projects, while a strategic integration with Zen streamlined crypto payments across 11 fiat currencies. Bitget also became the first centralized exchange to offer TAO staking, expanding opportunities for users to earn rewards.

    Bitget Wallet strengthened its offerings with a $1 million airdrop for BGB holders, exclusive collaborations with Bitrefill for crypto-powered gift cards, and AI Agent Trading Zone features. The wallet’s limit order support on Base and Solana chains further enhances automated trading capabilities.

    Global engagement efforts included participation in the Crypto XR event in Auxerre, France, attended by over 3,000 enthusiasts, and New Year’s meetups in the Philippines, Vietnam, Russia, Spain, Portugal, Italy, Kenya, and other regions. These events fostered deeper connections with users and showcased Bitget’s expanding global footprint.

    Bitget’s January 2025 achievements build on its 2024 momentum, establishing the platform as a top-tier exchange focusing on security, innovation, and accessibility. As the crypto landscape evolves, Bitget remains poised to drive adoption through cutting-edge solutions and strategic partnerships, supporting users in navigating the opportunities and complexities of the digital asset era.

    For the full January 2025 transparency report, visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9f7f064f-8f44-40ae-9096-c738e009aaa8

    The MIL Network –

    February 19, 2025

  • MIL-OSI: Hyperscale Data Declares Monthly Cash Dividend of $0.2708333 Per Share of 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Feb. 18, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its Board of Directors (the “Board”) has declared a monthly cash dividend of $0.2708333 per share of the Company’s outstanding 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock. The record date for this dividend is February 28, 2025, and the payment date is Monday, March 10, 2025.

    Link to NYSE quote for the Company’s 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock: https://www.nyse.com/quote/XASE:GPUSpD

    The Company further announced today that the Board has declared a monthly cash dividend of $0.20833 per share of the Company’s outstanding 10.00% Series E Cumulative Redeemable Perpetual Preferred Stock (the “Series E Preferred Stock”). The declared dividend is for the previously deferred dividend for the month ended January 31, 2025. The record date for this dividend is February 28, 2025, and the payment date is Monday, March 10, 2025.

    In addition, the Board has elected not to declare a monthly cash dividend on the Series E Preferred Stock for the month ending February 28, 2025. The certificate of designations for the Series E Preferred Stock permits the Company to defer up to 12 consecutive monthly dividend payments on the Series E Preferred Stock without such deferrals being considered missed. The Company notes that the dividend is a cumulative dividend that accrues for payment in the future.

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors, and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Hyperscale Data is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; Hyperscale Data, Inc.

    Forward-Looking Statements

    This press 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. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8- K. All filings are available at www.sec.gov and on the Company’s website at www.hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network –

    February 19, 2025

  • MIL-OSI Economics: Young innovators shine: Meet the finalists of the Verizon Unloc Young Entrepreneurs Challenge

    Source: Verizon

    Headline: Young innovators shine: Meet the finalists of the Verizon Unloc Young Entrepreneurs Challenge

    LONDON, U.K. – Five young entrepreneurs have been named as finalists in the latest Young Entrepreneurs Challenge (YEC), an initiative launched by Verizon and Unloc.

    The challenge, now in its seventh year, aims to discover the business leaders of tomorrow by tasking young European entrepreneurs between the ages of 16 and 25 to devise a tech-led business idea that addresses a key industry or societal issue.

    This year’s challenge has brought to light a number of business models that tackle current sustainability and healthcare challenges including water restoration robots, biodegradable textiles from kombucha by-products, reforestation hexapod robots, a floating solar solution and a robotic glove for stroke rehabilitation. The team received over 100 competitive and innovative business ideas from a wide range of countries across Europe including the UK, Ireland, Spain, Italy, France, Germany, Switzerland, Belgium, Greece, Slovakia, Turkey, Portugal, Austria, Ukraine, Bulgaria, Estonia and Poland.

    “Throughout the past seven years, the Young Entrepreneurs Challenge has been a brilliant opportunity to discover young and promising talent across Europe. There is nothing like the imagination and innovation of a young mind. The YEC serves as a platform to help bring their ideas to life,” said Sanjiv Gossain, General Manager and Head of EMEA for Verizon Business.

    “Young entrepreneurs in Europe often face hurdles and scepticism in accessing funding and mentorship. Verizon Business is proud to play a small role in helping this next generation of tech leaders stay a step ahead in the industry, as they work to make a positive impact around the world.”

    “We are in an era where technological innovation is crucial for tackling complex challenges in sustainability, climate change, and health. Investing in the next generation of leaders and their ideas is essential to addressing these issues,” said Hayden Taylor, Co-Founder and Chief Executive of Unloc. “Each year, we are amazed by the ingenuity of young entrepreneurs and are impressed to see the innovative ideas submitted for the Young Entrepreneurs Challenge.”

    The five finalists will now compete head-to-head in a grand finale held in March 2025, pitching their business concept live to a panel of expert judges and invited guests representing both the worlds of business and education.

    The winner receives £10,000 (€11,750*), mentorship and a technology support package to help kickstart their business. In addition, the winner will also receive a ticket to attend the Global One Young World 2025 Munich Summit.

    Each runner-up will receive £977 (€1175) to fund their start-up business, a personalised development plan that focuses on key priorities, and access to a series of masterclasses over the next year that will pair the finalists with various industry experts.

    Here are the 2025 finalists:

    Aleksandra Daniljuk – AquaRenew

    Aleksandra aims to address the global environmental crisis of water pollution caused by excess nitrogen and phosphorus in water bodies. Her solution involves small, solar-powered robots that use wire meshes to collect harmful algae blooms, release oxygen through air stones to combat oxygen depletion, and utilise zeolite biofilters to absorb excess nutrients, thereby preventing further eutrophication.

    The key selling point is its self-sustaining business model. The collected algae will be sold to businesses that convert them into biofuels and other sustainable products, creating a revenue stream to fund more robots. This approach not only restores aquatic ecosystems but also fosters sustainability and generates economic value.

    Aleksandra’s solution also aligns with the UN SDG 14: Life Below Water, promoting ecological restoration and sustainability.

    Luisanny Martinez – Skomby by Tex

    Skomby by Tex is a solution to modern challenges in fashion and sustainability that offers a sustainable, biodegradable material made from kombucha fermentation by-products. The eco-friendly alternative to traditional leather and textiles is crafted from bacterial cellulose, offering a lightweight, durable, and unique texture. 

    The material is 100% biodegradable and compostable, and can even be reused as planting capsules. To further enhance the sustainable model of the business, the team uses natural dyes like turmeric, spirulina, and saffron, ensuring no toxic chemicals are involved.

    Skomby by Tex collaborates with local kombucha producers in order to reduce waste and emissions. Luisanny’s long-term vision is to scale production while maintaining low-impact manufacturing practices, such as sun drying and ambient-temperature fermentation.

    Marta Bernardino – Trovador

    The precision reforestation market is projected to reach $9.77 billion by 2033, growing at a 5.74% CAGR, with high demand from the private sector. Recognising a billion-dollar opportunity, Marta developed Trovador, a reforestation robotics company that combats climate change by planting trees in hard-to-reach areas. Unlike drones, which have a low survival rate for seeds, Trovador’s hexapod robots plant saplings with a 90% survival rate. These AI-driven robots navigate challenging terrains like cliffs and slopes, ensuring effective reforestation.

    Trovador’s unique hexapod design preserves essential soil conditions for sapling survival and operates autonomously, overcoming obstacles in real-time. This innovative approach supports sustainability by providing rural communities with a safe, efficient reforestation solution, aligning with several UN Sustainable Development Goals.

    The service is quite simple and self-explanatory: clients select the planting site, the robot is deployed, and reforestation is monitored remotely. With just £2.5 (€3) per tree, Trovador is 30% more affordable than traditional methods, while excelling in speed, safety, and sustainability.

    Sebastiaan Schalkwijk – Solar Sub

    Solar Sub’s floating solar solution revolutionises renewable energy by placing solar panels on water bodies, maximising land use and harnessing natural cooling. This approach enhances system efficiency, increasing energy yield by up to 27% compared to traditional solar systems.

    Solar Sub’s advanced cooling technology and optimal panel positioning improve efficiency and durability, reducing operational costs and extending the lifespan of solar installations. This innovation sets Solar Sub apart from competitors facing issues with panel overheating and degradation.

    Sebastiaan adopts a licensing business model which allows rapid scaling without significant capital investment. This reduces upfront costs and risks, enabling us to focus on strategic partnerships. His model has gained traction with support from key industry players, confirming market interest and feasibility.

    Zain Sumdani – Exoheal

    Exoheal addresses the global shortage of physiotherapists and the inaccessibility of effective therapy with a robotic glove and a machine-learning-powered app. This solution delivers personalised, real-time therapy, enabling stroke recovery from home. Early trials show a 50% improvement in recovery time compared to traditional methods.

    Exoheal app connects patients with hospitals and clinics, allowing remote monitoring and real-time feedback. Its modular design and scalable production ensure affordability and the ability to meet global demand.

    By 2028, Zain and his team aim to transform 100,000 lives, saving governments $178 million in healthcare costs and enabling $16 million in inpatient earnings.

    For more information on the Young Entrepreneurs Challenge visit: youngentrepereneurschallenge.com

    About Unloc

    Unloc was founded in 2013 by award-winning young leaders and advocates Hayden Taylor and Ben Dowling. Our mission is to empower young people to be innovative changemakers who seek to build stronger communities and sustainable businesses. We develop young people’s skills, enhance their potential and boost their determination to succeed. This is encapsulated in our ‘Developing Young Potential’ tagline. We work towards our mission by delivering inspiring educational programmes in our growing network of schools and colleges, our physical Changemaker Studios spaces in Portsmouth and London, and work with business leaders to deliver a range of programmes that help us achieve our mission. For more information about Unloc visit www.unloc.org.uk

    MIL OSI Economics –

    February 19, 2025

  • MIL-OSI Economics: Thales and Sopra Steria announce strategic partnership enabling digital transformation of European Air Traffic Management

    Source: Thales Group

    Headline: Thales and Sopra Steria announce strategic partnership enabling digital transformation of European Air Traffic Management

    18 Feb 2025

    Share this article

    • Thales and Sopra Steria form a strategic partnership to drive the digital transformation of the Air Traffic Management (ATM) ecosystem in Europe.
    • The two companies will develop and offer a digital platform– OpenSky Platform – and associated services to support greener aviation.
    • This ultra-secure, open-architecture platform offers long-term flexibility and interoperability for ANSPs (Air Navigation Service Providers) in Europe. This initiative by Thales and Sopra Steria supports the objectives of the latest European Air Traffic Management Master Plan to harmonize flight operations in Europe.
    © photographer Ralf Maassen

    Paris, FRANCE – February 18, 2025 – Thales (Euronext Paris: HO), a global high technology leader, and Sopra Steria (Euronext Paris: SOP), a major player in the European Tech sector, announce a new multiyear partnership, which will lead the digital transformation of the Air Traffic Management (ATM) industry in Europe. The two players will combine their industrial and digital expertise in ATM to offer Thales’ OpenSky Platform, a safe, secure digital platform, together with associated services to support sustainable aviation and modernise European ATM. Through its dedicated aerospace organisation, Aeroline, Sopra Steria will support Air Navigation Service Providers (ANSPs) with digital transformation challenges.

    The new version of the European ATM Master Plans aims to drive the digital transformation of ATM in Europe. ​ The Thales and Sopra Steria strategic partnership will support this new strategic direction for Europe, as well as enabling the migration to a new service delivery model for ANSPs.

    ATM systems need to support the continuous growth of air traffic, support ANSPs offer more sustainable aviation services, and be compliant with the latest safety and cybersecurity standards and requirements. This can be done by using open architectures and interfaces, to ensure that ANSPs have access to best-of-breed components, applications and systems over the long-term.

    Adopting open architectures in ATM enhances interoperability between third-party systems, drives cost efficiencies and facilitates the seamless integration of new technologies. The Thales OpenSky Platform is a fully open, cyber-secure platform which ensures that ANSPs are able to benefit from this digital transformation, without compromising the safety and security of ATM solutions.

    Thales and Sopra Steria aim to innovate together, in order to support the current and future challenges and transformation strategies of air traffic management.

    “This partnership aligns perfectly with Thales’ ambition to support the digital transformation of ATM in Europe. Achieving this transformation requires a strong focus on the resilience and cybersecurity of our platforms. Through this strategic partnership, Thales is extending its cybersecurity expertise and end-to-end digital transformation capabilities in the ATM sector.” said Christian Rivierre, VP Airspace Mobility Solutions, Thales.

    “This partnership with Thales enables us to offer our customers innovative, high-performance and secure solutions for air traffic management, by combining our air traffic management development strategy, as well as recognised expertise and assets throughout Europe.” commented Xavier PECQUET, member of Sopra Steria’s Executive Board and Director of Aeroline.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence & Security, Aerospace, and Cyber & Digital.

    It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    About Sopra Steria

    Sopra Steria, one of Europe’s leading players in the field of technology, with 52,000* employees in nearly 30 countries, is recognised for its consulting, services and digital solutions. It helps its customers drive their digital transformation and achieve tangible, lasting benefits. The Group provides a global response to the competitiveness challenges of large companies and organisations, combining in-depth knowledge of business sectors and technologies with a collaborative approach. Sopra Steria puts people at the heart of what it does and is committed to helping its customers make the most of digital technology to build a positive future. In 2023, the Group generated revenue of €5.8 billion.

    *Revalued following the disposal of Sopra Banking Software in September 2024.

    The world is how we shape

    Sopra Steria (SOP) is listed on Euronext Paris (Compartment A) – ISIN Code: FR0000050809

    For more information, visit our website at www.soprasteria.com/fr**Le monde est tel que nous le façonnons 

    MIL OSI Economics –

    February 19, 2025

  • MIL-OSI Banking: Huawei Europe Bags Prestigious Top Employer 2025 Award for Sixth Consecutive Year Feb 18, 2025

    Source: Huawei

    Headline: Huawei Europe Bags Prestigious Top Employer 2025 Award for Sixth Consecutive Year
    Feb 18, 2025

    [Düsseldorf, Germany, February 18, 2025] Huawei Europe earned recognition as a Top Employer in Europe for the sixth consecutive year in 2025. This prestigious certification covers the following 17 countries: Austria, Belgium, France, Germany, the Czech Republic, Greece, Hungary, Italy, Ireland, the Netherlands, Portugal, Poland, Romania, Spain, Switzerland, Sweden and Turkey.
    Huawei received the Top Employer Europe Award during the Top Employers Institute celebration dinner event

    The recognition is a testament to Huawei Europe’s exemplary human resources practices and underscores its commitment to fostering a culture of innovation, inclusivity, and continuous improvement.
    Lesley White, Vice President of Human Resources, Huawei European Region said: “Europe is home to a diverse and highly skilled talent pool, driving innovation and excellence. Being certified as a Top Employer in Europe is a testament to Huawei’s commitment to fostering a supportive, inclusive, and growth-oriented workplace. This recognition underscores the importance of investing in employee development, well-being and engagement, ensuring that the company not only attracts top talent but also retains and empowers them to thrive in a competitive global landscape.”
    The Top Employers Institute is a globally recognized authority in certifying excellence in employment practices. The certification process involves a comprehensive survey across six core dimensions, with over 250 detailed questions assessing various HR practices. Each topic is evidence-based, ensuring answers are factual and aligned with industry benchmarks, followed by a rigorous audit to guarantee certification accuracy.
    Patrik Rendel, Regional Manager DACH & CEE of Top Employers Institute said: ” On behalf of the Top Employers Institute, we extend our heartfelt congratulations to Huawei for achieving the prestigious Top Employer certification with an impressive score of 91.26%. This remarkable accomplishment reflects commitment to implementing best HR practices. Huawei’s dedication to empowering talent and driving innovation sets a benchmark for excellence in the industry. We are proud to recognize Huawei as a leader in people practices and look forward to your continued success in shaping the future of work. ”
    Lesley White, Vice President of Human Resources, Huawei European Region with Top Employers Institute CEO David Plink

    Huawei is dedicated to driving digital transformation and innovation, connecting the world through cutting-edge ICT technology. With a focus on excellence, we empower individuals to lead, excel, and shape the future of connectivity. Join us in a dynamic, supportive environment where your contributions will be recognized, and your potential can break boundaries, advancing both your career and global progress.
    To learn more visit: https://career.huawei.com/reccampportal/euportal/portal/index.html

    MIL OSI Global Banks –

    February 19, 2025

  • MIL-OSI Banking: Huawei Europe Bags Prestigious Top Employer 2025 Award for Sixth Consecutive Year

    Source: Huawei

    Headline: Huawei Europe Bags Prestigious Top Employer 2025 Award for Sixth Consecutive Year

    [Düsseldorf, Germany, February 18, 2025] Huawei Europe earned recognition as a Top Employer in Europe for the sixth consecutive year in 2025. This prestigious certification covers the following 17 countries: Austria, Belgium, France, Germany, the Czech Republic, Greece, Hungary, Italy, Ireland, the Netherlands, Portugal, Poland, Romania, Spain, Switzerland, Sweden and Turkey.
    Huawei received the Top Employer Europe Award during the Top Employers Institute celebration dinner event

    The recognition is a testament to Huawei Europe’s exemplary human resources practices and underscores its commitment to fostering a culture of innovation, inclusivity, and continuous improvement.
    Lesley White, Vice President of Human Resources, Huawei European Region said: “Europe is home to a diverse and highly skilled talent pool, driving innovation and excellence. Being certified as a Top Employer in Europe is a testament to Huawei’s commitment to fostering a supportive, inclusive, and growth-oriented workplace. This recognition underscores the importance of investing in employee development, well-being and engagement, ensuring that the company not only attracts top talent but also retains and empowers them to thrive in a competitive global landscape.”
    The Top Employers Institute is a globally recognized authority in certifying excellence in employment practices. The certification process involves a comprehensive survey across six core dimensions, with over 250 detailed questions assessing various HR practices. Each topic is evidence-based, ensuring answers are factual and aligned with industry benchmarks, followed by a rigorous audit to guarantee certification accuracy.
    Patrik Rendel, Regional Manager DACH & CEE of Top Employers Institute said: ” On behalf of the Top Employers Institute, we extend our heartfelt congratulations to Huawei for achieving the prestigious Top Employer certification with an impressive score of 91.26%. This remarkable accomplishment reflects commitment to implementing best HR practices. Huawei’s dedication to empowering talent and driving innovation sets a benchmark for excellence in the industry. We are proud to recognize Huawei as a leader in people practices and look forward to your continued success in shaping the future of work. ”
    Lesley White, Vice President of Human Resources, Huawei European Region with Top Employers Institute CEO David Plink

    Huawei is dedicated to driving digital transformation and innovation, connecting the world through cutting-edge ICT technology. With a focus on excellence, we empower individuals to lead, excel, and shape the future of connectivity. Join us in a dynamic, supportive environment where your contributions will be recognized, and your potential can break boundaries, advancing both your career and global progress.
    To learn more visit: https://career.huawei.com/reccampportal/euportal/portal/index.html

    MIL OSI Global Banks –

    February 19, 2025

  • MIL-OSI Economics: Publication of financial reports: Federal Office of Justice imposes disciplinary fine on SPOBAG AG

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    On 5 December 2024, the Federal Office of Justice (Bundesamt für Justiz – BfJ) imposed a disciplinary fine amounting to 2,500 euros on SPOBAG AG.

    The disciplinary fine order related to a breach of section 325 of the German Commercial Code (Handelsgesetzbuch – HGB). SPOBAG AG failed to submit its accounting documents for the financial year 2023 for the purpose of disclosure to the operator of the German Federal Gazette (Bundesanzeiger) in electronic form within the prescribed period. The legal basis for the sanction is section 335 of the HGB.

    The company did not lodge an appeal against the Federal Office of Justice’s decision to impose a disciplinary fine.

    MIL OSI Economics –

    February 19, 2025

  • MIL-OSI Economics: Michelle W Bowman: Brief remarks on the economy and accountability in supervision, applications, and regulation

    Source: Bank for International Settlements

    Thank you for the invitation to join you here in Phoenix at the ABA’s Conference for Community Bankers. For the past seven years, this conference provided an excellent forum for me and bankers to meet and interact with a range of state and federal regulators, policymakers, service providers, and other stakeholders. Today I would like to share a brief update on my views on monetary policy and the economy, before I turn to bank regulatory issues, and describe how I think that regulators should approach the important work of “maintenance” of the regulatory framework.

    Economic Outlook and Monetary Policy

    Toward the end of last year, the Federal Open Market Committee (FOMC) began the process of moving the target range for the federal funds rate to a more neutral setting to reflect the progress made since 2023 on lowering inflation and cooling the labor market. At our September meeting, the FOMC voted to lower the target range, for the first time since we began tightening monetary policy to combat inflation, by 50 basis points to 4-3/4 to 5 percent.

    You may remember that I dissented from that decision, the first time a Fed Governor dissented from an FOMC rate decision in nearly 20 years. I preferred a smaller initial cut to begin the policy recalibration phase. I explained my reasoning in a statement published after the meeting noting that the strong economy and a healthy labor market did not warrant a larger cut. In addition, moving the policy rate down too quickly could unnecessarily risk stoking demand, potentially reigniting inflationary pressures, and could be interpreted as a premature “declaration of victory” on our price-stability mandate.

    At the most recent FOMC meeting last month, my colleagues and I voted to hold the federal funds rate target range at 4-1/4 to 4-1/2 percent and to continue to reduce the Federal Reserve’s securities holdings. I supported this action because, after recalibrating the policy rate by 100 basis points through the December meeting, I think that policy is now in a good place, allowing the Committee to be patient and pay closer attention to the inflation data as it evolves.

    MIL OSI Economics –

    February 19, 2025

  • MIL-OSI Economics: Christopher J Waller: Disinflation progress uneven but still on track rates cuts on track as well

    Source: Bank for International Settlements

    Thank you, Bruce, and thank you for the opportunity to speak to you today. It’s great being back in Sydney and seeing old friends-like the Opera House!

    As I look at the U.S. economy today, I see that the real side is doing just fine but progress on lowering inflation has come in fits and starts.1 After two good months of inflation data for November and December, January once again disappointed and showed that progress on inflation remains uneven. I continue to believe that the current setting of monetary policy is restricting economic activity somewhat and putting downward pressure on inflation. If this winter-time lull in progress is temporary, as it was last year, then further policy easing will be appropriate. But until that is clear, I favor holding the policy rate steady.

    Spending by households and businesses has proved to be resilient, we have solid growth in real gross domestic product (GDP) and the latest data on employment, including revisions to most of 2024, support the view that labor market is in a sweet spot. Meanwhile, last week’s January inflation data have a similar feel to that of January 2024, albeit to a smaller degree; they surprised on the high side and raised concerns that the progress we made in pushing inflation toward our 2 percent goal would stall out. But once we got past the first quarter of last year, we did see continued progress in reducing inflation in the latter part of the year. The question now is if we will see progress again later this year, as we did in 2024.

    Progress on inflation is an important consideration in policymakers’ judgment about whether monetary policy needs adjustment in the near term. The continued solid labor market is one reason why I supported the Federal Open Market Committee’s (FOMC) decision at the end of January to hold our policy rate steady. After two good inflation reports for November and December there was concern about a January bounce back in inflation. So based on good labor market data and concerns about a seasonal shock to inflation not fully adjusted in the data, I felt it was prudent to stand pat at our January meeting. Given last week’s inflation report, that concern was warranted.

    Let me pause here for a moment to address some commentary after the FOMC meeting that cited uncertainty about the new Administration’s policies as a leading reason for that decision. We must keep in mind that there is always a degree of uncertainty about economic policy, and we need to act based on incoming data even when facing great uncertainty about the economic landscape. We have done this in the past and will continue to do so in the future.

    Let me provide two recent examples where the FOMC acted in the face of great uncertainty. In March 2022, inflation was roaring, and rate hikes were on the table. Then Russia invaded Ukraine, which created tremendous economic uncertainty around the globe. Not only did the FOMC raise the policy rate in March 2022 for the first time since 2019, but in subsequent meetings we also implemented large rate hikes for several meetings. We could not wait for uncertainty about the war to be resolved.

    The second episode was in March of 2023 when stresses emerged in the U.S. banking system, stemming in part from the failures of Silicon Valley Bank and Credit Suisse, with the latter occurring the weekend before our March FOMC meeting. There was great uncertainty as to whether these events would lead to financial instability and a significant contraction of credit that could trigger a recession. Many forecasters projected a recession would hit in the second half of 2023 as a result. Consequently, there were calls to stop hiking the policy rate due to a tremendous amount of financial and banking uncertainty. But the Federal Reserve worked in concert with other government agencies and used its financial stabilization tools to deal with the banking issues and continued raising the policy rate to deal with inflation.2 So the moral of this story is that monetary policy cannot be put on hold waiting for these types of uncertainty to resolve.

    Putting uncertainty aside, let me turn to my view of the economic data. As I noted, real GDP continued to grow solidly in the fourth quarter, at a pace of 2.3 percent, and would have been nearly 1 percentage point stronger without a reduction in inventories, which tend to be volatile. Personal consumption expenditures (PCE), which are typically two-thirds of GDP, grew a robust 4.2 percent in the fourth quarter. As was noted in the Fed’s latest Monetary Policy Report to Congress, households have a solid level of liquid assets to sustain their spending. Based on the limited data we have for the first quarter of 2025 this solid growth seems to be continuing. The employment report for January, which I will focus on in a moment, indicated a continued strong labor market, which should support consumption. Retail sales are reported to have fallen back in January after a strong rise in December, but given how volatile these data can be, and given that the cold weather in January probably held down sales, I’m not putting much weight on that reading for the time being. Business sentiment, as reflected in surveys of purchasing managers in both manufacturing and non-manufacturing, was among the most consistently positive in a while. The index for manufacturing businesses was 50.9, the first time since October 2022 that these results topped 50, as sentiment indicators about orders, production, and employment were all expanding. The corresponding index for the large majority of businesses outside manufacturing also indicated expansion, as it has for some time. The Blue Chip consensus of private forecasters and the Atlanta Fed’s GDP Now forecast based on the data in hand predict growth this quarter similar to that of the end of last year. To circle back to my message earlier, many people predicted that tariffs proposed by the Administration on February 1 would have a significant effect on trade and consumption in the first quarter, not to mention prices, but after the postponement of some of those tariffs, it is unclear to me if and when that might show up in the data. I will, of course, be watching closely, but I haven’t altered my outlook based on what has been implemented to date.

    As I noted earlier, data on the labor market indicate that it is in a good spot, with employers having an easier time filling jobs than earlier in the expansion but with still ample demand for new workers and new jobs being created. The unemployment rate ticked down to 4 percent, which is just about where it has been for the past year. Employers added a net 143,000 jobs in January, down some from a 204,000 average for the final three months of 2024 but right around the 133,000 average for the quarter before that. Two factors that may have held down this number a bit were cold weather and the fires in Los Angeles, which prevented thousands of people from getting to or performing their jobs. Beyond payrolls, the ratio of job vacancies to the number of unemployed people stands at 1.1, close to the level before the pandemic.

    Wage growth continues to be strong, and it has considerably outpaced price increases, but is down from two years ago, and for a few reasons, I don’t judge recent data as indicating that wages are a factor preventing inflation from making continued progress toward 2 percent. Though the January reading of average hourly earnings was a bit elevated, this series is pretty volatile and the reading may have been held up by weather-related issues. Smoothing through the monthly fluctuations, we see wage growth fairly steady at 4 percent a month over the past year. Broader measures of worker compensation show a more distinct moderation in growth. The Labor Department’s employment cost index has fallen gradually but consistently from 4.2 percent at the end of 2023 to 3.8 percent at its last reading.

    As for whether 4 percent wage growth is consistent with 2 percent inflation, I will note, as I have before, that productivity has grown at roughly a 2 percent annual rate since the advent of the pandemic-and slightly faster than that in 2023 and 2024. Unless that productivity trend changes a lot, wage growth is consistent with bringing inflation down to 2 percent.

    Turning to inflation, last week’s data taken as a whole were mildly disappointing but not nearly so disappointing as a focus on the consumer price index (CPI) alone would have indicated. Total CPI inflation for January came in hot at 0.5 percent, and core was 0.4 percent, which brings the 12-month changes to 3.0 percent and 3.3 percent, respectively. These 12-month readings are lower than we had in January 2024, so we have made some progress over the past year, but they are still too high.

    However, we also received producer price data last week, and, combining that information with the CPI data, forecasts for January PCE inflation aren’t as alarming as the CPI inflation data. Estimates for total PCE inflation, the FOMC’s preferred measure, are about 0.3 percent and that for core PCE inflation was around 0.25 percent. These numbers will mean a bump-up in the monthly pace of core inflation of about one-tenth of 1 percentage point from readings of under 0.2 percent in November and December. And this would leave the 12-month and 6-month average core PCE inflation around 2.6 percent and 2.4 percent, respectively. These rates are lower than where they stood in January 2024, which is good, but progress has been slower than I expected on reducing inflation to our 2 percent target.

    As a policymaker, I rely on these data to help me judge how close we are to meeting our inflation target. And I’m thinking hard about how to interpret these recent numbers because there seems to be some pattern over the past few years of higher inflation readings at the start of the year. This pattern brings into question whether the inflation data have “residual seasonality,” which means that statisticians have not fully corrected for some apparent seasonal fluctuations in some prices. Many firms reset their prices at the beginning of each year, and the Commerce Department tries to factor this in, but even after this adjustment, there is a consensus among economists that some seasonality remains. Incidentally, this probably isn’t just a problem in January. Some recently updated research by the Fed staff shows that inflation in the first months of the year has been higher than in the second half for 16 of the last 22 years.3 I’m alert to this issue and will watch the data over the next few months to evaluate if we are having what looks like a repeat of high first quarter inflation data that could be followed by lower readings later in the year.

    Before I get to my outlook for monetary policy, I want to address a topic of some debate recently, which is the divergence between long-term interest rates and the FOMC’s policy rate since we started cutting rates in September. While the FOMC has reduced the policy rate 100 basis points since then, yields on the benchmark 10-year Treasury security have increased by a noticeable amount. In theory, longer-term rates should follow the expected path of the overnight policy rate set by the FOMC. But this relationship is based on the classic economic assumption of ceteris paribus, or “all other factors remaining constant.” The 10-year Treasury security trades in a deep, liquid global market, and its yield is affected by a variety of factors other than the path of the policy rate. This means that all other factors are not constant and that the 10-year Treasury yield may not follow the federal funds rate.

    Perhaps the most famous example of the divergence of market interest rates and policy rates began in the mid 2000’s. The FOMC was tightening monetary policy from 2004 to 2006 and raised the policy rate 425 basis points. Over that time, Treasury yields barely moved. This was so surprising that Fed Chairman Alan Greenspan referred to it as a “conundrum.” At about the same time, future Chair Ben Bernanke identified what he called a “global savings glut” that was pushing up foreign demand for Treasury securities and putting downward pressure on yields. Over time, this has come to be seen as a significant factor for the conundrum then and as a factor for low Treasury yields subsequently. This example is just to illustrate that the 10-year Treasury yield may not respond to the policy rate as expected because of a variety of factors that are beyond the control of the FOMC.

    So, what does my economic outlook mean for monetary policy? The labor market is balanced and remarkably resilient. If you want an example of a stable labor market with employment at its maximum level, it looks a lot like where we are right now. On the other side of the FOMC’s mandate, inflation is still meaningfully above our target, and progress has been excruciatingly slow over the last year. This tells me that we should currently have a restrictive setting of policy, as we do-to continue to move inflation down to our goal-but that setting should be getting closer to neutral as inflation moves closer to 2 percent and should allow the labor market to remain in a good place.

    So for now, I believe a pause in rate cuts is appropriate. Assuming the labor market continues to be in rough balance, I can wait and see if the higher inflation readings in January moderate, as they have in the past couple of years. If so, I’ll have to decide if this reflects residual seasonality that will go away later in the year and if the underlying trend in inflation is toward 2 percent, or if there is a different issue holding up inflation and how that may play out. Whichever case it may be, the data are not supporting a reduction in the policy rate at this time. But if 2025 plays out like 2024, rate cuts would be appropriate at some point this year.

    And while we are waiting on data to understand how the economy is moving relative to our objectives, we will learn more about Administration policies. My baseline view is that any imposition of tariffs will only modestly increase prices and in a non-persistent manner. So I favor looking through these effects when setting monetary policy to the best of our ability. Of course, I concede that the effects of tariffs could be larger than I anticipate, depending on how large they are and how they are implemented. But we also need to remember that it is possible that other policies under discussion could have positive supply effects and put downward pressure on inflation. At the end of the day, the data should be guiding our policy action-not speculation about what could happen. And if the incoming data supports further rate cuts or staying on pause, then we should do so regardless of how much clarity we have on what policies the Administration adopts. Waiting for economic uncertainty to dissipate is a recipe for policy paralysis.

    MIL OSI Economics –

    February 19, 2025

  • MIL-OSI Economics: Klaas Knot: Dealing with geo-economic fragmentation

    Source: Bank for International Settlements

    Good morning, welcome back. And for those of you who were not present at dinner last night, welcome to our newly renovated building. We are glad to be back in our headquarters after nearly five years of renovation work. We are immensely proud of it.

    Today’s topic is ‘Dealing with geo-economic fragmentation’. Not really a topic for a Valentine’s day. Rather than being in love, it sometimes seems the world is in the middle of a nasty multilateral divorce. We see accusations, threats, and fighting over the children.

    And as in a real divorce, geopolitical tensions have real consequences for real people. The impact on our constituency differs widely per country. For more than three years already, Ukraine has been literally fighting for its life. Incredibly, and despite all hardship, it has more than successfully concluded the 6th review of its IMF programme. Other countries in our constituency are facing a threatening security situation. They are rearming, protecting their strategic economic infrastructures. And we all suffer when free trade declines and international economic and financial cooperation stalls.

    Strengthening national security and curbing strategic economic risks are logical policies in a world that has become a more dangerous place. But, if not properly managed, the economic costs of these policies could be very high.

    Economic costs can be felt directly as a result of trade restrictions, for example through higher import prices, market segmentation and reduced access to technology and knowledge.

    Fragmentation impacts not only the real economy and inflation. It also has implications for financial stability. Weaker growth and higher inflation make it more likely that banks and other financial institutions will incur credit and market losses. Restrictions on the flow of capital and investments limit the ability of financial institutions to diversify their portfolios. And state-sponsored cyber-attacks pose a threat to our financial systems.

    But perhaps the most important way in which fragmentation impacts financial stability is when we can no longer find each other when faced with crucial cross-border challenges. And there are many such challenges. During the Global Financial Crisis, policymakers around the world were able to respond swiftly and effectively. This was possible thanks to good relations among public-sector financial decision makers and solid institutional structures that had been forged over the years. After the crisis, countries around the world, assembled in the G20, took the lead in hammering out a firm package of financial reforms. In a fragmented world, such a swift response is becoming more complicated. This could prove costly. That’s because the most important challenges to financial stability that we currently face are precisely the cross-border issues that we can only solve if we work together.

    For us central banks, and for institutions like the IMF and the World Bank, geo-economic fragmentation is to a large extent a given. We have to deal with it, and of course the central question is: how? I am glad that we have been able bring four distinguished speakers to the table to share their expert knowledge and fuel our discussion.

    To give you my two cents, I think our task as central bankers is to try to limit the economic cost of the current global political climate. By continuing to speak up for the international financial rules-based order that has brought us stability and prosperity over the decades. By pointing to the economic and social costs of protectionist policies. And by staying committed to constructive international working relationships as much as possible, so that the international financial policy framework can continue to function.

    And we need to speak up for further European integration. In the economic and financial domain, that means deepening the internal market, completing the banking union, and working towards a capital markets union. But beyond that, it has become clear that we have to work closer together in many other fields as well: in defence, energy, healthcare, etcetera. And, as I said yesterday, we have to work to bring the non-EU countries that share our values closer to the European Union. To this end, the IMF constituency can be a useful instrument. We really need to work together.

    MIL OSI Economics –

    February 19, 2025

  • MIL-OSI Economics: Lesetja Kganyago: Institutions, leadership and the populist challenge

    Source: Bank for International Settlements

    Good day and thank you for inviting me to give this keynote address.

    Let me join you all in congratulating Andile Nikani on his appointment as the Chief Executive Officer (CEO) of the Arbitration Foundation of Southern Africa.

    Arbitrators work to achieve fair outcomes. Fairness is an objective that is valued universally, even by children from an early age. But arbitrators like you also achieve something else.

    As the field of law and economics has shown us, when you apply economic reasoning to law, you often find that traditional legal approaches overlook the importance of efficiency. In a dispute, especially a professional dispute, parties fear long delays and excessive costs. If you get stuck in a process like that, even winning offers little consolation.

    So let me commend you, not only for ensuring fairness, but also for doing it efficiently enough that parties freely choose you to resolve their conflicts and voluntarily accept your decisions.

    For this keynote, I have chosen a subject that I hope will interest both economists and lawyers. I want to talk about the populist challenge to institutions and what it means for leaders.

    The fact is that populism is widespread in the world.

    It was once seen as a developing-country phenomenon − something rooted in places like Argentina − and not much of an issue in mature democracies. But no one believes that now, especially not since 2016, with the surprise outcomes of the Brexit referendum and the United States election. Last year − the year of elections − made that point even clearer. Whether we are talking about rich countries or poorer ones, there is no denying that we are in an age of populism. We need to reflect on why populist ideas have this appeal, and how we can respond.

    MIL OSI Economics –

    February 19, 2025

  • MIL-OSI Europe: Written question – Safeguarding European industry: confronting the European Green Deal’s economic and industrial consequences within the framework of the Competitiveness Compass – E-000553/2025

    Source: European Parliament

    Question for written answer  E-000553/2025
    to the Commission
    Rule 144
    Şerban Dimitrie Sturdza (ECR), Adrian-George Axinia (ECR), Georgiana Teodorescu (ECR), António Tânger Corrêa (PfE), Rihards Kols (ECR), Adam Bielan (ECR), Ewa Zajączkowska-Hernik (ESN), Aurelijus Veryga (ECR), Ivaylo Valchev (ECR), Filip Turek (PfE), Marion Maréchal (ECR), Margarita de la Pisa Carrión (PfE), Jorge Martín Frías (PfE), Jorge Buxadé Villalba (PfE), Jadwiga Wiśniewska (ECR), Dominik Tarczyński (ECR), Sebastian Tynkkynen (ECR), Charlie Weimers (ECR), Beatrice Timgren (ECR), Nicolas Bay (ECR), Dick Erixon (ECR), Laurence Trochu (ECR), Kosma Złotowski (ECR), Diana Iovanovici Şoşoacă (NI), Luis-Vicențiu Lazarus (NI), Klara Dostalova (PfE), Ondřej Krutílek (ECR), Fernand Kartheiser (ECR), Tomáš Kubín (PfE), Tiago Moreira de Sá (PfE), Claudiu-Richard Târziu (ECR)

    The Competitiveness Compass rightly acknowledges the serious challenges the European economy faces, yet it fails to address the core issue: the excessive regulatory burden and skyrocketing energy costs driven by the European Green Deal, which is crippling European industry, driving companies offshore and eroding our strategic autonomy. Meanwhile, our global competitors – the US and China – are prioritising industrial growth and energy security over ideological constraints.

    Europe cannot afford more self-imposed economic decline. We need a radical change of course.

    • 1.Will the Commission acknowledge the incompatibility between the European Green Deal and saving European industrial competitiveness by initiating a process to phase out its most damaging measures to prevent further deindustrialisation?
    • 2.How would the Commission justify maintaining policies that erode European competitiveness while major global economies pursue more pragmatic approaches, and will it commit to a comprehensive reassessment of climate legislation to ensure alignment with the EU’s economic growth imperatives and energy security priorities?
    • 3.How does the Commission justify pursuing policies that deepen Europe’s dependency on non-EU countries for critical raw materials while undermining our industrial base, and what concrete measures will it take to ensure affordable and secure energy for European businesses, beyond an unrealistic reliance on intermittent renewables?

    Submitted: 6.2.2025

    MIL OSI Europe News –

    February 19, 2025

  • MIL-OSI Asia-Pac: TRIFED and Tea Trunk sign MoU to bolster Tribal economy

    Source: Government of India (2)

    Posted On: 18 FEB 2025 4:19PM by PIB Delhi

    In a significant move to expand the market outreach of tribal products, Tribal Cooperative Marketing Development Federation of India Ltd (TRIFED), under the Ministry of Tribal Affairs, has entered into a strategic partnership with Tea Trunk, a house of finest Indian tea leaves and unique blends. A Memorandum of Understanding (MoU) was signed here on February 17, marking a pivotal step in ensuring the availability of tribal products in the mainstream retail market, catering to a much bigger customer base.

    The MoU was signed in the presence of Union Minister of State for Tribal Affairs Shri Durgadas Uikey and Managing Director of TRIFED Shri Ashish Chatterjee during the ongoing flagship event ‘Aadi Mahotsav’, being held at Major Dhyan Chand National Stadium in the National Capital from 16 to 24 February 2025. The MoU was exchanged between TRIFED General Manager Shri Sandeep Pahalwan and Ms Snigdha Manchanda, Founder & CEO, Tea Trunk.

    The primary objective of this collaboration is to boost the tribal economy by leveraging Tea Trunk’s market presence and providing a wider choice of products to its existing customer base. This collaboration will ensure sustainable economic development for tribal producers and provide them with skill development and capacity-building opportunities.

    The TRIFED has been organsing “Aadi Mahotsav – National Tribal Festival” to provide direct market access to the tribal master-craftsmen and women in large metros and State capitals. The theme of the festival is “A Celebration of the Spirit of Entrepreneurship, Tribal Craft, Culture, Cuisine and Commerce”, which represents the basic ethos of tribal life.

    President of India Smt Droupadi Murmu had inaugurated the festival on February 16, 2025 in the august presence of Shri Jual Oram, Union Minister for Tribal Affairs; Shri Durga Das Uikey, MoS Tribal Affairs; Ms. Bansuri Swaraj, Member of Parliament, New Delhi.

    About TRIFED:

    * TRIFED is an organization under the Ministry of Tribal Affairs, Government of India, dedicated to the socio-economic development of tribal communities through the marketing development of tribal products.

    About Tea Trunk:

    * Tea Trunk is a premium tea brand based in Goa that sells unique blends of Indian tea leaves, spices, handicrafts, etc. It offers a myriad of teas such as detox and digestion, immunity boosting, calm and de-stressing, anti-ageing, weight loss, etc.

     

    PSF/DK

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    MIL OSI Asia Pacific News –

    February 19, 2025

  • MIL-OSI Asia-Pac: Union Minister Shri Bhupender Yadav inaugurates a day-long conclave – ‘Waste Recycling and Climate Change 2025’

    Source: Government of India

    Union Minister Shri Bhupender Yadav inaugurates a day-long conclave – ‘Waste Recycling and Climate Change 2025’

    Industry-wide adoption of Circular Approaches is critical to driving Sustainable Growth and Resource Efficiency: Shri Bhupender Yadav

    Four Key Strategies for a Successful Circular Economy highlighted – Redesigning Products for Circularity; Investment in Advanced Recycling Technologies; Strengthening Supply Chain Collaboration; Consumer Awareness and Behavioral Change

    Posted On: 18 FEB 2025 3:43PM by PIB Delhi

    Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav today inaugurated a day-long conclave organized by the Recycling and Environment Industry Association of India (REIAI), on ‘Waste Recycling & Climate Change 2025’.

     

    Addressing the inaugural session, the Union Minister stated, “India generates around 62 million tonnes of waste annually, with plastic, electronic, and hazardous waste growing rapidly. The traditional linear economic model of take, make, and dispose is no longer sustainable. The increasing pressure on landfills, depletion of natural resources, and environmental damage from unchecked waste disposal require urgent action. The circular economy is not just an alternative; it is essential. It marks a fundamental shift in how we produce, consume, and manage materials”. A well-functioning circular economy not only conserves natural resources but also fosters industrial innovation, economic competitiveness, and job creation, he stated.

    Shri Yadav said that under the visionary leadership of Prime Minister Shri Narendra Modi, India is shifting from waste management to harnessing the economic potential of recycling through waste to wealth initiative. “The circular economy has a major role in the future including reducing, reusing, and recycling at every stage, from product design to end-of-life management. Waste should not be treated as a burden but as a resource. Adopting sustainable practices is crucial for achieving economic resilience, environmental sustainability, and social security”, he added.

     

    The Minister further stated that by the year 2050 India’s circular economy is expected to have a market value of $2 trillion and create 10 million jobs. It a big opportunity for start-ups and new recycled product developers. It is important to align this growth with environmental sustainability, drawing inspiration from nature’s efficient recycling systems as nobody recycles like Nature, he added.

    Shri Yadav urged the recycling industry in the country to develop and adopt newer innovative technologies for reducing dependence on natural resources as well as cutting down imports of critical minerals needed for economic growth. “Adopting circular economy principles can bring tremendous economic benefits. This shift towards resource efficiency aligns seamlessly with our national vision of Atmanirbhar Bharat, enhancing the competitiveness of Indian industries in global markets”, the Minister added.

     

    The Minister informed that the Ministry has been instrumental in formulating policies and regulations, including Extended Producer Responsibility (EPR) frameworks, that incentivize recyclers and integrate the informal sector into formal recycling systems. These initiatives aim to streamline waste management and promote eco-friendly production across industries. The Ministry has notified a number of market-based Extended Producer Responsibility (EPR) Regulations, including those on e-waste, end-of-life vehicles, plastic packaging, waste tyres, waste batteries, used oil. The revenue earned by registered recyclers from sale of EPR certificates is additional profit earned over and above the profit generated from the sale of recycled product, he added.

    Shri Yadav said that the government has laid down the policies but Industry-wide adoption of circular approaches is critical to driving sustainable growth and resource efficiency. The Minister highlighted 4 key strategies in this direction:

    1. Redesigning Products for Circularity: Companies must move beyond single-use models and design products for recyclability. The integration of biodegradable, reusable, and modular components will help extend product life cycles and reduce waste.
    2. Investment in Advanced Recycling Technologies: Adoption of emerging technologies can transform waste management systems, thereby improving recovery rates.
    3. Strengthening Supply Chain Collaboration: Businesses need to collaborate across the value chain to optimize resource utilization, create closed-loop production systems, and build markets for secondary raw materials.
    4. Consumer Awareness and Behavioural Change: Circularity requires active consumer participation. Industries must invest in campaigns to engage consumers, incentivize recycling, and promote sustainable consumption behaviours.

     

    Dr Amandeep Garg, Additional Secretary, Ministry of Environment, Forest and Climate Change and Chairman, Central Pollution Control Board (CPCB) said, “There is a huge gap and huge potential to work towards waste recycling system, as the role of recycling industry is important cut imports of various critical products needed for economic growth”. Corporate houses should lead the transition to a circular economy by incorporating recyclable designs, promoting sustainability in dealership operations, and enhancing consumer awareness, he added.

    The event witnessed the presence of Dr. Ashok Kumar, President, Recycling and Environment Industry Association of India and subject experts from the industry and about 200 delegates environmental scientists, waste management professionals and policymakers.

    Link to Union Minister’s Address: https://x.com/byadavbjp/status/1891738588506882540?t=DJBoZWZnfkxUliS4sdOkLw&s=08

     

    *****

     

    VM/GS

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    MIL OSI Asia Pacific News –

    February 19, 2025

  • MIL-OSI Asia-Pac: WAVES Trailer Making Competition

    Source: Government of India

    WAVES Trailer Making Competition

    Where Creativity Meets Cinema

    Posted On: 18 FEB 2025 3:36PM by PIB Delhi

    Where Creativity Meets Cinema

    Introduction

    The WAVES Unlocking Creativity: Trailer Making Competition is an exciting opportunity for aspiring filmmakers to craft compelling trailers using Netflix’s extensive content library. As part of the Create in India Challenges under Pillar 4 (Films) of World Audio Visual & Entertainment Summit (WAVES), this competition encourages participants to reimagine iconic scenes or present fresh perspectives through the art of trailer-making. This pillar explores the world of filmmaking, production, and globalisation, offering a platform for participants to showcase their creative skills. Organized by the Federation of Indian Chambers of Commerce & Industry and Reskilll, with the Ministry of Information and Broadcasting and Netflix as the creative partner, the competition aims to inspire and equip the next generation of content creators.

    Taking place from 1-4 May 2025 at Jio World Convention Centre & Jio World Gardens in Mumbai, WAVES will be a landmark event for the Media & Entertainment (M&E) industry. Bringing together industry leaders, creators, and innovators, WAVES will serve as a global platform for discussions on emerging trends, opportunities, and challenges, while showcasing India’s creative potential on the world stage.

    At the heart of WAVES, the Create in India Challenges have emerged as a catalyst for creativity and innovation. With over 70,000 registrations from across the world, these challenges are empowering creators to push boundaries and redefine storytelling. As a flagship initiative of the Ministry of Information and Broadcasting, the challenges are fostering a dynamic ecosystem for content creation and collaboration, positioning India as a global hub for creative excellence.

    Eligibility and Judging Criteria

     

    1. The competition is open to students and aspiring filmmakers with a passion for video editing, filmmaking, or content creation. Applicants must be at least 18 years of age to participate.

     

    1. A panel of industry experts will evaluate trailers based on creativity, storytelling, technical execution, and overall impact. The screening process will take place in multiple rounds, with participants receiving feedback at various stages to help refine their submissions.

     

    Timeline

    Registration Details

    Registrations are currently open and will close on 31st March 2025. As of February 15, 2025, a total of 3,313 participants from around the world have registered. The competition has attracted a diverse group of entrants, including college students aspiring to be content creators and video editors, as well as working professionals exploring their passion or leveraging their experience as editors and creators.

    Register here: https://reskilll.com/hack/wavesficci/signup

     

    Prizes & Rewards

     

    Roadshows: Fueling Creativity and Competition

    Roadshows are central to the Trailer Making Competition, serving as key platforms to inspire and nurture creative talent. The recent stop at Guru Tegh Bahadur 4th Centenary Engineering College (GTB4CEC) was a testament to this mission, bringing hands-on learning and industry exposure to aspiring filmmakers. These roadshows build momentum toward the grand finale, equipping participants with the skills and confidence to craft compelling trailers.

    What Participants Experience:

    • Hands-On Workshops: Practical training in green screen editing, colour correction, and advanced video editing techniques.
    • Creative Challenge: Attendees craft engaging trailers based on provided themes, showcasing their storytelling and technical abilities.
    • Industry Insights: A panel of experts evaluates the trailers, offering valuable feedback to help participants refine their craft.
    • Showcase of Talent: A celebration of budding filmmakers and editors, strengthening the competition’s creative ecosystem.

    References:

    Click here to see PDF:

    Santosh Kumar/ Sarla Meena/ Saurabh Kalia

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    MIL OSI Asia Pacific News –

    February 19, 2025

  • MIL-OSI Asia-Pac: Enhance Strengths and Thrive through Innovation and Connectivity (with photos)

    Source: Hong Kong Government special administrative region

         The Commissioner of Customs and Excise, Mr Chan Tsz-tat, chaired Customs’ 2024 year-end press conference held at the Customs Headquarters Building today (February 18) to review the department’s law enforcement results and sustainability in the provision of trade and clearance facilitation during the year. Mr Chan also outlined that, while carrying on its fine tradition of providing simple and efficient customs clearance that makes Hong Kong a trading and logistic hub for different sectors, the department will actively adopt new technology, adjust enforcement strategies and reinforce collaboration with other customs administrations to enhance enforcement efficiency. Hong Kong Customs will continue its efforts to strengthen and uphold its leading role in customs affairs and combat cross-boundary crimes in the Asia-Pacific region.  

    Overall enforcement situation
    ———————————
     
         In 2024, a total of 31 242 cases were detected, an increase of 63 per cent from the 2023 figure. About 68 per cent of the cases are related to illicit cigarettes, followed by cases related to dangerous drugs and intellectual property rights infringement.

    Illicit cigarettes
    ——————
     
         On the anti-illicit cigarette operation front, the number of detected cases in 2024 increased by 80 per cent to 21 284 cases from 2023, with 614 million cigarettes seized, representing a 6 per cent drop as compared to the figure for 2023.

         The significant increase in the number of illicit cigarette cases stemmed from a huge surge in cases involving inbound persons bringing in cigarettes exceeding the duty-free concessions by imposing a penalty on offences compoundable. Such cases rocketed by 94 per cent to 19 072 cases from 2023. Moreover, 40 large-scale illicit cigarette smuggling cases were detected last year, which was the same as 2023.

         In addition, 2 451 cases involving alternative smoking products, with seizures of over 12 million pieces of relevant products, including electronic cigarettes and heat-not burn products, and 2 255 arrestees in total, were detected last year.
     
    Dangerous drugs
    ——————-
     
         In 2024, 1 363 drug cases were detected, which was about the same as the 2023 figure. A total seizure of about 6.3 tonnes of drugs was made, representing a drop of 33 per cent from 2023.

         The five major drug seizures in order of quantity were cannabis (2 874.8 kilograms, a 22 per cent increase), ketamine (1 202.8kg, a 34 per cent decrease), methamphetamine (“Ice”) (1 111.7kg, a 50 per cent decrease), cocaine (711.4kg, a 64 per cent decrease) and MDMA (Ecstasy) (149.6kg, a 3 per cent decrease) compared to the figure for 2023.

         Customs noticed that drug syndicates resume to traffic drugs by exploiting inbound air passengers, and the number of such cases and seizure quantity showed a noticeable upward trend, with 113 relevant cases detected and 988kg drugs seized last year, representing an increase of 38 per cent and a 1.9-fold increase as compared to figures for 2023. Moreover, etomidate (the main ingredient of “space oil drug”) was put under control of the Dangerous Drugs Ordinance on February 14, and Customs has stepped up enforcement efforts to combat the dangerous drug on various fronts.
          
    Smuggling
    ————
     
         A total of 233 smuggling cases with a seizure value of $4.340 billion in total were detected last year, representing an increase of 5 per cent and 37 per cent from 2023 respectively.
          
         Smuggling syndicates still mainly conduct smuggling activities by sea. Apart from making use of barges, speedboats and fishing vessels, Hong Kong Customs also found criminals using river trade vessels to smuggle large amounts of goods to nearby Mainland cities and Macao, or even adopting more circuitous routes by shipping goods overseas and then re-exporting them to the Mainland to evade the department’s detection.

    Money laundering
    ——————–
     
         Customs last year detected eight money laundering cases with $19 billion involved.
     
    Intellectual property rights
    ——————————
     
         Customs detected 783 intellectual property rights infringement cases last year, representing an annual increase of 11 per cent. The seizure value of infringing items increased 7 per cent to around $309 million (4 million items) as compared to the figure for 2023.

         As for Internet infringement, 130 cases were detected, representing an increase of 29 per cent from 2023.

         Customs last year applied the “communication right” under the Copyright Ordinance for the first time to detect a case of unauthorised communication of live football matches to the public by a restaurant in the course of business.

    Consumer protection
    ————————

         Customs last year received 12 436 complaints regarding suspected cases of violating the Trade Descriptions Ordinance (TDO), a drop of 34 per cent from 2023. Among them, 11 601 complaints were handled:
     
    (i) Detailed investigations have been made on 7 492 complaints;
     
    (ii) The remaining 4 109 complaints have been closed since they were not in contravention of the TDO, or have been referred to other relevant departments or institutions for follow-up actions.
     
         There were 3 003 complaints involving fitness services last year, accounting for 47 per cent of the total number of complaints regarding services and an increase of 14-fold from 2023. This was mainly due to the announcement of business temporary closure of a chain fitness and beauty centre.

         Complaints on medicine shops involving quantities of unclear pricing units in selling ginseng and dried seafood, or Chinese medicine (also known as cases concerning catty, tael and mace) or sale of proprietary medicines slightly decreased to 497 cases in total, among which 86 percent were made by Mainland tourists. The department’s Quick Action Team has been deployed to handle and follow up with complaints by short-term visitors to Hong Kong, and 208 such complaints were handled last year, with 11 shop owners and staff arrested. Customs is also committed to conducting promotion and education through multiple channels, informing Mainland visitors about common unfair trade practices by medicine shops, deploying mobile promotion vehicles at popular tourist hotspots during festivals, conducting patrols with the Travel Industry Authority, and promoting compliance among traders.
     
    Clearance and trade facilitation
    ———————————–

         Customs has continued to facilitate clearance and trade and implement various related measures.
     
    (i) Since the full resumption of normal travel with the Mainland, the number of inbound and outbound passengers and vehicle trips at each control point was about 300 million and about 14.9 million. The number of inbound and outbound passengers has recovered to the number before the 2019 epidemic, while the number of vehicle trips has recovered to about 95 per cent. To further enhance clearance mode, Customs is actively participating in the redevelopment project of the boundary control point in Huanggang taken forward by the HKSAR Government and the Shenzhen Municipal Government, and will provide suggestions on the design and clearance mode of the boundary control point. Details are still under discussion.

    (ii) Based on the Smart Customs Blueprint, Customs has given full play to the advantages of innovative technologies, such as artificial intelligence, cloud computing and blockchain, and has introduced nine CT scanners that provide high-resolution three-dimensional scanning images and the function of automatically detecting contrabands, improving customs clearance efficiency and law enforcement capabilities. Also, the department is researching on the Customs Big Data Application System that could strengthen the capabilities to detect and crack down on smuggling and other crimes related to Customs through an integrated database.

    (iii) Customs actively expands the global network of the Hong Kong Authorized Economic Operator (AEO) Mutual Recognition Arrangement (MRA). Last year, Customs signed the AEO MRAs with the Bahrain and the South African Customs. The MRAs with Saudi Arabia and the Philippines Customs are expected to be signed in early 2025. As of now, there are a total of 16 MRAs ratified between Hong Kong Customs and other economies. AEO MRA Action Plans with the United Arab Emirates, Lao, Chilean and Peruvian Customs were also concluded last year, while the discussion about MRA with other countries along the Belt and Road Initiative is ongoing.

    (iv) Hong Kong Customs and the General Administration of Customs of the People’s Republic of China (GACC) actively enhanced the “Single Submission for Dual Declaration” Scheme. The Scheme was expanded to southbound cargo at all Shenzhen highway ports in November last year, and is planned to cover northbound cargo by the second quarter of 2025 or earlier. Under the Scheme, companies can synchronise cargo information declared with the system on the Mainland through the Hong Kong system, significantly reducing customs clearance time and possible declaration input errors. The Scheme is conducive to the design of system functions of the third phase of Hong Kong Trade Single Window.

    (v) Last year, Hong Kong and Mainland Customs actively extended the Single E-lock Scheme. As of December last year, the number of clearance points under the scheme has reached 93, including 66 in Guangdong, four in Hunan, six in Fujian, four in Macao and 13 in Hong Kong, providing the industries with more than 1 000 cross-boundary route options. Hong Kong Customs and the Nanning Customs are looking into extending the scheme to Guangxi.

    (vi) To cope with the rapid development of the global electronic commerce industry, Customs launched the Cross-boundary Express Cargo Clearance Facilitation Arrangement (CEFA), providing an innovative customs clearance model of “free flow through the first line and efficient control at the second line” to qualified logistics providers. A Memorandum of Understanding with an express courier company was signed at the end of last year, marking the official commencement of the CEFA. As of December last year, over 2 000 cargo vehicle trips and 470 000 declared goods were facilitated under the CEFA.
     
    Strengthen Mainland and international co-operation
    ———————————————————-
     
         Hong Kong Customs last year continued to reinforce connection with both the Mainland and the world, promoting two-way or multi-way communication and collaboration with different regions. These included meeting with the GACC on customs affairs and signing a co-operative arrangement about drug detector dogs; cohosting a conference on combating illicit cigarettes with the Australian authority; organising forums and workshops on combating money laundering and transnational organised crimes, and risk management and intelligence analysis with overseas law enforcement agencies.

         The co-operation between Hong Kong Customs and customs and enforcement agencies around the world has a long history, and the Customs Co-operative Arrangement (CCA) serves as the cornerstone for establishing and maintaining these co-operative relationships. As of last year, Hong Kong Customs signed the CCA with 31 customs authorities worldwide. Hong Kong Customs also signed a CCA with the Zakat, Tax and Customs Authority of Saudi Arabia and is actively seeking co-operation with other Middle East countries.

         Since assuming the office of the Vice-Chairperson for the Asia/Pacific (A/P) region of the World Customs Organization (WCO) in July last year, Hong Kong Customs has hosted a series of global or regional meetings and workshops, covering areas such as combatting illicit cigarettes, canine enforcement and anti-money laundering, and gathered representatives from around the world to communicate and exchange views on relevant issues, hence strengthening co-operation among law enforcement agencies in the region.
     
    Human resources
    ——————–
     
         On manpower recruitment, the department continued to adopt an active recruitment strategy last year, including participating in large-scale career fairs and organising seminars, promoting recruitment through social media platforms, visiting different tertiary institutions to facilitate on-the-spot applications. Mainland Hong Kong students are one of the target groups for Customs recruitment. The department held recruitment seminars on the Mainland in March last year and received more than 290 applications on the spot. Last year, more than 8 400 applications were received for the recruitment of Customs Inspectors, an increase of 12 per cent compared with 2023. About 9 600 applications were received for the recruitment of Customs Officers, representing an about 13 per cent increase compared with 2023. Last year, 82 Customs Inspectors and 355 Customs Officers were recruited. The department will continue its recruitment exercise to fill vacancies this year.

         To strengthen officers’ training in various professional aspects, co-operative Memoranda of Understanding were also signed with the National Academy of Governance, the Vocational Training Council and the University of Hong Kong last year.
     
    Youth development
    ———————-

         Customs continues with its commitment to youth development work. By end-2024, Customs YES recruited 7 935 individual members and 58 organisation members, and held over 490 activities. In addition, a 40-person Foot Drill and Flag Party of the Customs Youth Leader Corps, the first youth group under the Security Bureau to perform Chinese-style rifle foot drill, was set up last year.

    Future development
    ———————–
     
         Hong Kong Customs, as the Vice-Chairperson for the A/P region of the WCO, will continue to foster connection, and promote trade facilitation measures and development in the A/P region by continuing to organise large-scale meetings and workshops on multiple topics this year, including data strategies, e-commerce and Smart Customs.

         Furthermore, Hong Kong Customs has suggested introducing a duty stamp system to differentiate and crack down on duty-not-paid illicit cigarettes during a public consultation on tobacco control by the Health Bureau (HHB). A consultancy study on the duty stamp system was launched by Hong Kong Customs, the Financial Services and the Treasury Bureau and the HHB, and the report has been completed by end-2024. Affixing duty-paid labels on the packages of cigarettes is proposed. Based on the report, Hong Kong Customs will invite cigarette manufacturers to participate in a pilot scheme on the duty stamp system to assess the feasibility and technical issues concerning the stamp duty system, which will help with Customs’ improvement work and the implementation of the system in future. The pilot scheme is expected to be rolled out in mid-2025, while the system is expected to be officially launched within 2026. Hong Kong Customs will announce the details to the industry and the public in due course.
     
    Conclusion
    ————
     
         Concluding his briefing, Mr Chan pledged that the department will continue to leverage Hong Kong’s distinctive advantages of enjoying strong support of the motherland and being closely connected to the world under “one country, two systems” to consolidate Hong Kong’s status as an international financial, shipping and trade centre.      

    MIL OSI Asia Pacific News –

    February 19, 2025

  • MIL-OSI Asia-Pac: India-Qatar Joint Business Forum held to Strengthen Bilateral Economic Ties

    Source: Government of India (2)

    India-Qatar Joint Business Forum held to Strengthen Bilateral Economic Ties

    The Forum epitomised the strength of the India-Qatar relationship built on shared interests and mutual respect

    Economic collaboration for a shared future, promoting trade, energy security, technology, and sustainability formed the cornerstone of discussions

    Posted On: 18 FEB 2025 3:20PM by PIB Delhi

    On the sidelines of the visit of H.H. Sheikh Tamim bin Hamad bin Khalifa Al Thani, Amir of Qatar to India from 17-18 February, Confederation of Indian Industry, in partnership with the Department for Promotion of Industry and Internal Trade (DPIIT) organised the India-Qatar Joint Business Forum on 18th February 2025 in New Delhi. The Joint Business Forum was graced by Shri Piyush Goyal, Hon’ble Minister of Commerce and Industry, Government of India and H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Hon’ble Minister of Commerce and Industry, State of Qatar, who delivered keynote address at the Business Forum.

    Speaking in the Inaugural session of the Joint Business Forum, Union Minister, Shri Piyush Goyal reaffirmed India’s ambition to become a USD 30-35 trillion economy by 2047, in alignment with the Viksit Bharat vision. He emphasized that while India and Qatar share a long history of successful energy trade, the future of this partnership extends beyond hydrocarbons to cutting-edge sectors like AI, quantum computing, IoT, and semiconductors etc.

    He emphasized that as geopolitical dynamics shift and cybersecurity threats intensify, alongside the challenges of climate change, self-reliance i.e. Atmanirbharta has become a key priority. With each country possessing distinct competitive advantages, he stressed that India and Qatar are in a position to complement each other’s strengths and can be partners in driving innovation and shape the industries of tomorrow. As both nations embark on a transformational transition, this partnership will rest on the pillars of entrepreneurship, technology, and sustainability.

    He further highlighted India’s key reforms in reducing the cost of doing business and enhancing Ease of Doing Business (EoDB), positioning it as an oasis of credibility and consistency for global investors. Inviting Qatar to explore opportunities in India’s dynamic and resilient economy, he emphasized that India’s Vision 2047 and Qatar’s National Vision 2030 will shape a new era of strategic economic cooperation. He also suggested creating a Joint Working Group on sectors of mutual interest and further invited Qatari businesses to explore opportunities in GIFT City (Gujarat International Finance Tech-City).

    Speaking during the inaugural session, H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Hon’ble Minister of Commerce and Industry, State of Qatar echoed the sentiments and highlighted that the relationship between Qatar and India is not just a transaction, it is a tradition built on mutual respect, shared interests and a commitment to bolster economic cooperation. India-Qatar trade partnership has flourished with India becoming Qatar’s third largest trading partner. He further emphasized that Qatar remains a diverse, dynamic, and investor-friendly destination, warmly inviting Indian investors to explore the vast opportunities within Qatar’s economy and infrastructure.

    Shri Jitin Prasada, Union Minister of State of Commerce and Industry, Government of India highlighted India’s dynamic economic growth and innovation-driven ecosystem. He emphasized that India has attracted USD 709 billion in FDI inflows over the last decade, supported by 40,000 compliance reforms. He also emphasised upon India’s leadership in innovation, with over 1,55,000 startups across various industries, ranging from space technology to agriculture.

    He further stated that India Stack is revolutionizing digital access, financial inclusion, and internet democratization. The Qatar National Bank (QNB) – National Payments Corporation of India (NPCI) partnership will further enhance digital payments through QR Code-based UPI transactions. The Minister also highlighted the National Manufacturing Mission, which focuses on increasing industrial capability and delivering high-quality products. Additionally, he invited the Qatari delegation to participate in the upcoming Startup Mahakumbh in India, fostering deeper collaboration in the tech and innovation ecosystem.

    H.E. Dr. Ahmad Al-Sayed, Minister of State for Foreign Trade Affairs, Ministry of Commerce and Industry, State of Qatar, highlighted that India and Qatar are well-positioned to navigate the evolving global trade landscape. He emphasized the importance of enhancing the collaboration between two countries beyond traditional energy sector to explore into emerging industries such as electric vehicles (EVs), manufacturing and other non-oil & gas sectors.

    To support global investors, Qatar has established the Qatar Financial Centre (QFC)—a key initiative to attract businesses and facilitate private equity investments. He reiterated that Qatar stands as one of India’s strongest global partners, offering unparalleled access to international markets. Additionally, Qatar Science & Technology Park will serve as a foundation for research and development, while Media City in Qatar aims to attract top media companies, and Qatar Free Zone is designed to drive investment across key sectors.

    With India’s prowess in digitalisation, and Qatar’s ambitious plan for digital transformation, India is in a very unique position to provide technology and scale for digital transformation to Qatar. The discussions highlighted India’s position as a gateway to South Asia and Qatar’s role as a hub for the Middle East. There is high potential for collaboration between India and Qatar in high quality solar grid polysilicon manufacturing, among others, noted panelists.

    The India-Qatar Joint Business Forum convened business leaders, policymakers, and industry experts to explore new avenues of collaboration in relevant sectors. With bilateral trade surpassing USD 15 billion in FY 2023-24, investment flows have increased—ranking among the top three GCC investors in India—but there remains significant untapped potential. To solidify this growing partnership, two key Memorandums of Understanding (MoUs) were signed during the event:

    • Confederation of Indian Industry (CII) and Qatar Business Association
    • Invest India and Invest Qatar

    These agreements aim to facilitate business cooperation, enhance investment flows, and foster long-term collaboration in strategic sectors of mutual interest.

    Shri Sanjiv, Joint Secretary, DPIIT, emphasized that the India-Qatar business delegation will serve as a catalyst for stronger partnerships. He welcomed Qatar’s participation in Startup India Mahakumbh 2025, scheduled for April 3-5, 2025, which will serve as a landmark initiative fostering deeper startup collaborations and attracting Qatari investments into India’s technology and innovation ecosystem.

    Mr. Sanjiv Puri, President, CII, highlighted key areas for economic cooperation, including energy security, agriculture, the startup ecosystem, and skill development. He further emphasized Qatar’s crucial role in India’s energy landscape and stated that CII is committed to facilitating partnerships between Indian and Qatari entities as both nations plan their respective renewable energy goals.

    The event was also addressed by H.E. Sheikh Khalifa bin Jassim Al Thani, Chairman of Board of Directors, Qatar Chamber of Commerce and Industry and H.E. Sheikh Hamad Bin Faisal Al Thani, Board Member of the Qatari Businessmen Association. The Business forum showcased three panel discussions on investments, logistics and advanced manufacturing and futuristic areas such as AI, innovation, sustainability, etc.

    The India-Qatar Business Forum reaffirmed the unwavering commitment of both nations to advancing trade, investment, and technology collaboration. As India and Qatar strengthen their economic ties, they are set to drive prosperity, innovation, and sustainable growth, unlocking a new chapter in their historic partnership.

    *****

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2104334) Visitor Counter : 20

    MIL OSI Asia Pacific News –

    February 19, 2025
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