NewzIntel.com

Category: Business

  • MIL-OSI USA: Federal government challenges auxiliary system

    Source: US International Brotherhood of Boilermakers

    The establishment of auxiliary locals by the Boilermakers’ union was a product of segregationist practices during the early 20th century. While this isn’t a proud moment for the union, it’s an important part of Boilermaker history that cannot be ignored.

    These were Jim Crow-era ideas that marginalized Black workers, subjecting them to discriminatory rules and limited union representation. Auxiliary locals, controlled by nearby white locals, were not allowed to send their own delegates to Convention, which silenced Black members in union decision-making.

    Members of auxiliary locals lacked business agents, grievance committees or any channel to negotiate with employers. Black workers also faced barriers to career advancement, such as being excluded from apprenticeship programs and facing restrictions on promotions from helper to mechanic. Union insurance policies were also unequal, with death and injury benefits for Black members set at half the amount granted to white members.

    Black members paid the same dues as white members but received less in return. This inequitable treatment was not unique to the Boilermakers, as many unions did the same. Since the practice ended in the last century, the union has apologized for its past treatment of Black members and changed its ways.

    The situation began to shift with the onset of World War II. Although segregation was still widespread, the federal government started to challenge racial discrimination in wartime industries. President Franklin D. Roosevelt barred companies that held federal contracts from engaging in racial discrimination, leading to the establishment of the Fair Employment Practices Committee in 1941. The FEPC encouraged workers to report discriminatory practices—especially workers employed by companies tied to federal defense contracts.

    By late 1942, complaints began surfacing from Black Boilermakers in Portland, Oregon. Local 72 had 65% of shipyard employees in the region, including those at the massive Kaiser Shipyards. Eager to diversify its workforce, Kaiser began recruiting Black workers from New York City, but Local 72 resisted integration. They formed an auxiliary local for Black members. Local NAACP leaders even backed the decision because they saw it as a step toward inclusion.

    However, many Black workers were unwilling to accept a segregated system. In July 1943, more than 300 Black workers at Kaiser Shipyards were dismissed for refusing to join the auxiliary local, citing inequities. The firings sparked FEPC public hearings, where Local 72’s attorney, Leland Tanner, defended the auxiliary system by claiming, “We live in that house, we didn’t build it and we’re not the architects of it.” Tanner’s statement highlighted the nature of segregation in American society, where legal precedents, such as the Supreme Court’s Plessy v. Ferguson decision in 1896, had enshrined racial separation as an acceptable norm.

    Segregation reached a boiling point when Providence, Rhode Island, Local 308 integrated its lodge by accepting around 500 Black members. In 1943, the local elected a Black delegate for Convention. Union leadership was not pleased.

    IVP William J. Buckley intervened, stating the Black delegate would not be recognized and his vote would be invalidated. Subsequently, he pressured Local 308 to create a segregated auxiliary lodge.

    It wasn’t the hoped-for outcome, but the controversy surrounding the auxiliary system exposed the racial divides within the union, which mirrored the broader national struggle over civil rights. And future battles would eventually dismantle segregated practices in the Boilermakers.  

    In the next issue of The Boilermaker Reporter, read how the auxiliary lodge practice ended at the Boilermakers.  

    MIL OSI USA News –

  • MIL-OSI Global: Goma is threatened by conflict and a volcano: we’ve created a handbook to help hotspots like these

    Source: The Conversation – Africa – By Evan Easton-Calabria, Senior Researcher at the Feinstein International Center, Tufts University, and Research Associate at the Refugee Studies Centre, University of Oxford

    The city of Goma in the Democratic Republic of Congo (DRC) was taken over by the M23 rebel group in January 2025. This was a tragic escalation of a decades-long conflict that’s led to mass displacement and deaths.

    Goma, a city of two million, hasn’t just been overtaken by rebels. It’s also just 12 miles (19km) from one of the most dangerous active volcanoes in the world: Mount Nyiragongo.

    Mount Nyiragongo can have lava flows of more than 60 miles (96km) per hour. This is far faster than any human can run. When it last erupted in 2021, thousands of families were displaced and at least 250 people died. An earlier eruption in 2002 left 13% of the city covered in lava.

    The DRC illustrates how millions of people in fragile, violent and conflict-affected parts of the world are at risk of both human-made and natural disasters. A changing climate makes people even more vulnerable to hazardous events. When these disasters interact, they can multiply and increase negative impacts.

    For example, if Mount Nyiragongo erupts in the near future – some research suggests it is likely to do so before the end of 2027 – and there is active conflict at the time, will anyone trust early warning messages? Or feel safe enough to flee on roads where civilians have already been attacked?

    These are some of the questions and scenarios that people working in disaster risk reduction grapple with. Situations like those in the DRC inspired a new UN handbook on early warning systems and early action in fragile, conflict-affected and violent contexts.

    It’s been published by the UN Office for Disaster Risk Reduction-World Meteorological Organization Centre of Excellence for Disaster and Climate Resilience. The handbook provides guidance and case studies to increase disaster preparedness and action in some of the world’s most complex environments. Important work being done by the Red Cross Red Crescent Movement, the World Bank and others exemplifies the growing awareness of these threats.

    I was the lead drafter of the UN handbook and had the opportunity to interview dozens of humanitarians. I also spoke to meteorologists, disaster risk reduction experts and government officials to learn how they help build and use early warning systems in fragile, conflict-affected and violent contexts.

    Here is what I learned:

    • early warning systems – hazard monitoring, forecasting and prediction, disaster risk assessment, communication, preparedness and early action to help people avoid harm – must be provided as a basic service for all, even in conflict zones

    • for early warning systems to be inclusive and effective, they must be trusted by affected communities

    • early warning systems in the places that most need them are drastically underfunded by governments and international actors – and require long-term collaboration and investment

    • early warnings and the early action they enable are a critical tool that can minimise suffering.

    Key takeaways

    Increasingly, work in the humanitarian sector seeks to address the intersecting vulnerabilities that arise from both conflict and climate impacts.

    What this work has made clear is that, first, early warning systems and early action must be available for everyone. Early warnings are the result of a chain of information. This goes from the systems that monitor and forecast weather conditions or hazards to the experts who analyse them to the actors who share this information.

    Early warnings come in many forms. It could be an alert on your phone when a flash flood or other hazard is predicted, or an evacuation message before a volcanic eruption.

    The UN secretary-general has called for Early Warnings for All by 2027. This is an initiative for everyone on Earth to be covered by early warning systems. However, countries affected by fragility, conflict and violence like the DRC lag far behind in receiving investments needed to prepare for current and future risks.

    Second, early warning systems need to be trusted by affected communities, which means co-producing messages and actions with communities and community leaders. Doing so would help take into account the nuanced dynamics in complex contexts.

    In many countries where people experience fragility, conflict and violence, systems of authority have been eroded. In fact, governments may be a party to a conflict, increasing mistrust over any warning messages received. The Red Cross has a new handbook that helps practitioners navigating these and other tensions. Involving communities and community leaders helps with identifying existing early warning mechanisms that can be used for hazards, understanding risks related to conflict or violence, and developing action plans.

    Conflict and peacebuilding experts within civil society and government, and even conflict actors, should be engaged in developing early warning systems. This helps reduce the risk of misunderstandings and misinformation, and ensures that conflict dynamics are taken into account.

    Third, in the places where it’s most needed, early warning systems face funding gaps and limitations. Fewer than 50% of countries classified as least developed, and only a third of small island developing states, have multi-hazard early warning systems (meaning the alarm can be sounded for different hazards, ranging from heatwaves to flooding). Nineteen of the top 25 most climate-vulnerable states are affected by fragility, conflict and violence. All of them are least developed countries, and few have adequate early warning systems.

    This illustrates the scale of vulnerability in these areas.

    Near Goma, the Virunga Supersite monitors and researches Mount Nyiragongo and other hazards in the densely populated region. The Supersite, supported by several organisations, has helped build collaboration between the Goma Volcano Observatory and global institutes studying and monitoring volcanic hazards.

    This is good practice, but the work is routinely hampered by a lack of access due to conflict. The staff also face a variety of risks, including intimidation, violence and kidnapping.

    More collaboration to monitor hazards and generate early warnings and early action is needed. The World Meteorological Organization’s ongoing work with the DRC government to improve early warning systems in the country exemplifies a valuable partnership that can save lives. This is all the more important following recent pauses in US humanitarian funding as resources for post-disaster responses will likely be more limited. There is also an urgent need to address the broader conflict that has plagued regions including the eastern DRC for decades.

    Looking ahead

    The knowledge and resources available to predict and mitigate the impacts of disasters before they take place need to be fully utilised. This is especially important in areas like eastern DRC where an existing humanitarian disaster could evolve into an even larger catastrophe if a volcanic eruption were to occur.

    Early warnings and the early action they enable can reduce suffering, save lives and minimise the cost of disaster response. They are needed in the places already experiencing disasters, too.

    Evan Easton-Calabria was a consultant for the United Nations Office for Disaster Risk Reduction.

    – ref. Goma is threatened by conflict and a volcano: we’ve created a handbook to help hotspots like these – https://theconversation.com/goma-is-threatened-by-conflict-and-a-volcano-weve-created-a-handbook-to-help-hotspots-like-these-249453

    MIL OSI – Global Reports –

  • MIL-OSI Global: Deeply religious African countries (surprisingly) provide little state support to religion – unlike countries in Europe

    Source: The Conversation – Africa – By David Jeffery-Schwikkard, PhD Candidate (Theology and Religious Studies), King’s College London

    In most of the world, countries with religious populations are more likely to have governments that support religion through laws and policies. These laws might include religious education, funding for religious institutions, and laws based on religious values. Not so in sub-Saharan Africa.

    In a recently published research paper, David Jeffery-Schwikkard, who studies secularism, argues that sub-Saharan African countries provide little state support for religion, even though their populations are among the most devout globally.

    These findings unsettle many common misconceptions about the role of religion in politics. The Conversation Africa asked him a few questions.

    How prevalent is religion in countries in sub-Saharan Africa?

    A population is normally considered very religious if most people say religion is “very important” in their lives or report attending religious services at least once a week.

    In surveys conducted between 2007 and 2018 by the Pew Research Centre, 46% of respondents outside sub-Saharan Africa said religion was very important in their lives. Within sub-Saharan Africa, the average is nearly twice that: 89%. Ethiopia and Senegal are among the most religious countries in the world. In both cases, 98% of people said religion was very important. Of the 20 countries in sub-Saharan Africa for which Pew has data, Botswana (71%) and South Africa (75%) are the least religious. Yet even these countries are far above the global average.

    What does this matter for how states are run?

    Generally, countries with religious populations have states that provide a lot of support to religion. This is what you would expect, since religious citizens probably want more state support for their religions.

    What this means, though, is that commentators often assume that religious citizens are a threat to secular states. This then shapes how analysts make sense of public displays of religion. One example of this is in South Africa, where many people assumed that former president Jacob Zuma, who often used religious rhetoric, would pursue religious laws and policies.



    Read more:
    TB Joshua scandal: the forces that shaped Nigeria’s mega pastor and made him untouchable

    These assumptions are especially common in analyses of religion and politics in Africa. Yet, while it is easy to identify laws or policies in sub-Saharan Africa that are religious, one can easily overlook the fact that having some of these laws is not unusual globally. In other words, having some pro-religion laws and policies doesn’t necessarily mean that countries are governed by religious beliefs.

    Thus one might focus on Ghana’s support for Hajj, while forgetting that the UK reserves seats in the House of Lords for the Church of England, and that Germany collects taxes on behalf of churches. Yet the UK and Germany are rarely seen as religious states. Some level of state support for religion does not mean that a country is governed by religious beliefs.

    Why are African countries different?

    Contrary to the global trend, countries in sub-Saharan Africa provide very little state support to religion – less than half the global average. This is as measured by the Religion and State Project at Bar Ilan University, based on the number of different types of support provided, such as reserving political positions for religious leaders or funding religious schools.

    One of the most popular explanations for the scant support for religion is that states in sub-Saharan Africa lack the necessary financial and administrative capacity. These states, the argument goes, would provide more support if only they had more money and were better able to implement their policies.

    However, data from the World Bank shows that this is not the case: overall, there is no relationship between state capacity and support for religion.



    Read more:
    Catholic synod: the voices of church leaders in Africa are not being heard – 3 reasons why

    A more plausible explanation is that religious actors in these countries tend to lack moral authority. Moral authority, as theorised by American political scientist Anna Grzymala-Busse, is the extent to which people see religious actors as defenders of the nation.

    Several factors are conducive to moral authority. These include whether people share the same ethnicity or religion, whether religious actors have control over education, and whether they have sided with the “right side” in moments of national crisis.

    Can you give an example?

    Consider Rwanda and Mozambique.

    Until 1994, the Roman Catholic Church in Rwanda enjoyed moral prestige. The church controlled a significant share of the education system and had supported the independence movement against Belgium. Most Rwandans were Catholic. And indeed, the church maintained a very close relationship with the state after independence in 1962.

    Yet this moral authority was forfeited after the church was seen to be complicit in the Rwandan Genocide in 1994, which claimed about 800,000 lives. Today, the government keeps a careful distance from religion, despite 90% of Rwandans reporting that religion is very important in their lives.



    Read more:
    Rwanda’s genocide could have been prevented: 3 things the international community should have done – expert

    Mozambique provides a contrast to Rwanda, yet with similar outcomes. The Roman Catholic Church denounced the liberation movement’s struggle against Portugal. The country has no religious or ethnic majority. At independence, formal education was scarce.

    There was therefore little reason for Mozambicans to see the church as a defender of the nation. On the contrary, religious institutions were persecuted after independence. Like Rwanda, Mozambique provides extremely little state support for religion, despite being one of the most religious countries internationally.



    Read more:
    Between state and mosque: new book explores the turbulent history of Islamic politics in Mozambique

    These factors – religious diversity, limited enrolment in schools controlled by religious organisations, and moments of political crisis in which those organisations can misstep – make it less likely that religious actors are held by citizens as integral to national identity. And while sub-Saharan Africa is extremely varied, common historical influences, such as the legacies of colonialism, may make these factors more likely.

    What can we learn from this?

    Clearly, we need to be more careful in how we interpret the role of religion in politics. While it might be tempting to see religious fervour as a threat to secular democracy, it is not necessarily so. A politician might use religious rhetoric, but this does not mean that it will translate into religious laws. Equally, some state support for religion is not unusual globally. Analyses of single policies need to keep this in mind.



    Read more:
    Christianity is changing in South Africa as pentecostal and indigenous churches grow – what’s behind the trend

    This research also upends the way many people normally think about secularism. Many people in Europe have become less religious. Consequently, European states are offered as models of secularism. However, this has it backwards.

    Despite their electorates being less religious, European states are more involved in religion than their counterparts in sub-Saharan African. If secularism is the separation of religion and the state, then countries in sub-Saharan Africa – which maintain a secular state despite widespread religion – are in fact the exemplar.

    David Jeffery-Schwikkard 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. Deeply religious African countries (surprisingly) provide little state support to religion – unlike countries in Europe – https://theconversation.com/deeply-religious-african-countries-surprisingly-provide-little-state-support-to-religion-unlike-countries-in-europe-245490

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Goma is threatened by conflict and a volcano: we’ve created a handbook to help hotspots like these

    Source: The Conversation – Africa – By Evan Easton-Calabria, Senior Researcher at the Feinstein International Center, Tufts University, and Research Associate at the Refugee Studies Centre, University of Oxford

    The city of Goma in the Democratic Republic of Congo (DRC) was taken over by the M23 rebel group in January 2025. This was a tragic escalation of a decades-long conflict that’s led to mass displacement and deaths.

    Goma, a city of two million, hasn’t just been overtaken by rebels. It’s also just 12 miles (19km) from one of the most dangerous active volcanoes in the world: Mount Nyiragongo.

    Mount Nyiragongo can have lava flows of more than 60 miles (96km) per hour. This is far faster than any human can run. When it last erupted in 2021, thousands of families were displaced and at least 250 people died. An earlier eruption in 2002 left 13% of the city covered in lava.

    The DRC illustrates how millions of people in fragile, violent and conflict-affected parts of the world are at risk of both human-made and natural disasters. A changing climate makes people even more vulnerable to hazardous events. When these disasters interact, they can multiply and increase negative impacts.

    For example, if Mount Nyiragongo erupts in the near future – some research suggests it is likely to do so before the end of 2027 – and there is active conflict at the time, will anyone trust early warning messages? Or feel safe enough to flee on roads where civilians have already been attacked?

    These are some of the questions and scenarios that people working in disaster risk reduction grapple with. Situations like those in the DRC inspired a new UN handbook on early warning systems and early action in fragile, conflict-affected and violent contexts.

    It’s been published by the UN Office for Disaster Risk Reduction-World Meteorological Organization Centre of Excellence for Disaster and Climate Resilience. The handbook provides guidance and case studies to increase disaster preparedness and action in some of the world’s most complex environments. Important work being done by the Red Cross Red Crescent Movement, the World Bank and others exemplifies the growing awareness of these threats.

    I was the lead drafter of the UN handbook and had the opportunity to interview dozens of humanitarians. I also spoke to meteorologists, disaster risk reduction experts and government officials to learn how they help build and use early warning systems in fragile, conflict-affected and violent contexts.

    Here is what I learned:

    • early warning systems – hazard monitoring, forecasting and prediction, disaster risk assessment, communication, preparedness and early action to help people avoid harm – must be provided as a basic service for all, even in conflict zones

    • for early warning systems to be inclusive and effective, they must be trusted by affected communities

    • early warning systems in the places that most need them are drastically underfunded by governments and international actors – and require long-term collaboration and investment

    • early warnings and the early action they enable are a critical tool that can minimise suffering.

    Key takeaways

    Increasingly, work in the humanitarian sector seeks to address the intersecting vulnerabilities that arise from both conflict and climate impacts.

    What this work has made clear is that, first, early warning systems and early action must be available for everyone. Early warnings are the result of a chain of information. This goes from the systems that monitor and forecast weather conditions or hazards to the experts who analyse them to the actors who share this information.

    Early warnings come in many forms. It could be an alert on your phone when a flash flood or other hazard is predicted, or an evacuation message before a volcanic eruption.

    The UN secretary-general has called for Early Warnings for All by 2027. This is an initiative for everyone on Earth to be covered by early warning systems. However, countries affected by fragility, conflict and violence like the DRC lag far behind in receiving investments needed to prepare for current and future risks.

    Second, early warning systems need to be trusted by affected communities, which means co-producing messages and actions with communities and community leaders. Doing so would help take into account the nuanced dynamics in complex contexts.

    In many countries where people experience fragility, conflict and violence, systems of authority have been eroded. In fact, governments may be a party to a conflict, increasing mistrust over any warning messages received. The Red Cross has a new handbook that helps practitioners navigating these and other tensions. Involving communities and community leaders helps with identifying existing early warning mechanisms that can be used for hazards, understanding risks related to conflict or violence, and developing action plans.

    Conflict and peacebuilding experts within civil society and government, and even conflict actors, should be engaged in developing early warning systems. This helps reduce the risk of misunderstandings and misinformation, and ensures that conflict dynamics are taken into account.

    Third, in the places where it’s most needed, early warning systems face funding gaps and limitations. Fewer than 50% of countries classified as least developed, and only a third of small island developing states, have multi-hazard early warning systems (meaning the alarm can be sounded for different hazards, ranging from heatwaves to flooding). Nineteen of the top 25 most climate-vulnerable states are affected by fragility, conflict and violence. All of them are least developed countries, and few have adequate early warning systems.

    This illustrates the scale of vulnerability in these areas.

    Near Goma, the Virunga Supersite monitors and researches Mount Nyiragongo and other hazards in the densely populated region. The Supersite, supported by several organisations, has helped build collaboration between the Goma Volcano Observatory and global institutes studying and monitoring volcanic hazards.

    This is good practice, but the work is routinely hampered by a lack of access due to conflict. The staff also face a variety of risks, including intimidation, violence and kidnapping.

    More collaboration to monitor hazards and generate early warnings and early action is needed. The World Meteorological Organization’s ongoing work with the DRC government to improve early warning systems in the country exemplifies a valuable partnership that can save lives. This is all the more important following recent pauses in US humanitarian funding as resources for post-disaster responses will likely be more limited. There is also an urgent need to address the broader conflict that has plagued regions including the eastern DRC for decades.

    Looking ahead

    The knowledge and resources available to predict and mitigate the impacts of disasters before they take place need to be fully utilised. This is especially important in areas like eastern DRC where an existing humanitarian disaster could evolve into an even larger catastrophe if a volcanic eruption were to occur.

    Early warnings and the early action they enable can reduce suffering, save lives and minimise the cost of disaster response. They are needed in the places already experiencing disasters, too.

    – Goma is threatened by conflict and a volcano: we’ve created a handbook to help hotspots like these
    – https://theconversation.com/goma-is-threatened-by-conflict-and-a-volcano-weve-created-a-handbook-to-help-hotspots-like-these-249453

    MIL OSI Africa –

  • MIL-OSI Africa: Deeply religious African countries (surprisingly) provide little state support to religion – unlike countries in Europe

    Source: The Conversation – Africa – By David Jeffery-Schwikkard, PhD Candidate (Theology and Religious Studies), King’s College London

    In most of the world, countries with religious populations are more likely to have governments that support religion through laws and policies. These laws might include religious education, funding for religious institutions, and laws based on religious values. Not so in sub-Saharan Africa.

    In a recently published research paper, David Jeffery-Schwikkard, who studies secularism, argues that sub-Saharan African countries provide little state support for religion, even though their populations are among the most devout globally.

    These findings unsettle many common misconceptions about the role of religion in politics. The Conversation Africa asked him a few questions.

    How prevalent is religion in countries in sub-Saharan Africa?

    A population is normally considered very religious if most people say religion is “very important” in their lives or report attending religious services at least once a week.

    In surveys conducted between 2007 and 2018 by the Pew Research Centre, 46% of respondents outside sub-Saharan Africa said religion was very important in their lives. Within sub-Saharan Africa, the average is nearly twice that: 89%. Ethiopia and Senegal are among the most religious countries in the world. In both cases, 98% of people said religion was very important. Of the 20 countries in sub-Saharan Africa for which Pew has data, Botswana (71%) and South Africa (75%) are the least religious. Yet even these countries are far above the global average.

    What does this matter for how states are run?

    Generally, countries with religious populations have states that provide a lot of support to religion. This is what you would expect, since religious citizens probably want more state support for their religions.

    What this means, though, is that commentators often assume that religious citizens are a threat to secular states. This then shapes how analysts make sense of public displays of religion. One example of this is in South Africa, where many people assumed that former president Jacob Zuma, who often used religious rhetoric, would pursue religious laws and policies.

    Read more: TB Joshua scandal: the forces that shaped Nigeria’s mega pastor and made him untouchable

    These assumptions are especially common in analyses of religion and politics in Africa. Yet, while it is easy to identify laws or policies in sub-Saharan Africa that are religious, one can easily overlook the fact that having some of these laws is not unusual globally. In other words, having some pro-religion laws and policies doesn’t necessarily mean that countries are governed by religious beliefs.

    Thus one might focus on Ghana’s support for Hajj, while forgetting that the UK reserves seats in the House of Lords for the Church of England, and that Germany collects taxes on behalf of churches. Yet the UK and Germany are rarely seen as religious states. Some level of state support for religion does not mean that a country is governed by religious beliefs.

    Why are African countries different?

    Contrary to the global trend, countries in sub-Saharan Africa provide very little state support to religion – less than half the global average. This is as measured by the Religion and State Project at Bar Ilan University, based on the number of different types of support provided, such as reserving political positions for religious leaders or funding religious schools.

    One of the most popular explanations for the scant support for religion is that states in sub-Saharan Africa lack the necessary financial and administrative capacity. These states, the argument goes, would provide more support if only they had more money and were better able to implement their policies.

    However, data from the World Bank shows that this is not the case: overall, there is no relationship between state capacity and support for religion.

    Read more: Catholic synod: the voices of church leaders in Africa are not being heard – 3 reasons why

    A more plausible explanation is that religious actors in these countries tend to lack moral authority. Moral authority, as theorised by American political scientist Anna Grzymala-Busse, is the extent to which people see religious actors as defenders of the nation.

    Several factors are conducive to moral authority. These include whether people share the same ethnicity or religion, whether religious actors have control over education, and whether they have sided with the “right side” in moments of national crisis.

    Can you give an example?

    Consider Rwanda and Mozambique.

    Until 1994, the Roman Catholic Church in Rwanda enjoyed moral prestige. The church controlled a significant share of the education system and had supported the independence movement against Belgium. Most Rwandans were Catholic. And indeed, the church maintained a very close relationship with the state after independence in 1962.

    Yet this moral authority was forfeited after the church was seen to be complicit in the Rwandan Genocide in 1994, which claimed about 800,000 lives. Today, the government keeps a careful distance from religion, despite 90% of Rwandans reporting that religion is very important in their lives.

    Read more: Rwanda’s genocide could have been prevented: 3 things the international community should have done – expert

    Mozambique provides a contrast to Rwanda, yet with similar outcomes. The Roman Catholic Church denounced the liberation movement’s struggle against Portugal. The country has no religious or ethnic majority. At independence, formal education was scarce.

    There was therefore little reason for Mozambicans to see the church as a defender of the nation. On the contrary, religious institutions were persecuted after independence. Like Rwanda, Mozambique provides extremely little state support for religion, despite being one of the most religious countries internationally.

    Read more: Between state and mosque: new book explores the turbulent history of Islamic politics in Mozambique

    These factors – religious diversity, limited enrolment in schools controlled by religious organisations, and moments of political crisis in which those organisations can misstep – make it less likely that religious actors are held by citizens as integral to national identity. And while sub-Saharan Africa is extremely varied, common historical influences, such as the legacies of colonialism, may make these factors more likely.

    What can we learn from this?

    Clearly, we need to be more careful in how we interpret the role of religion in politics. While it might be tempting to see religious fervour as a threat to secular democracy, it is not necessarily so. A politician might use religious rhetoric, but this does not mean that it will translate into religious laws. Equally, some state support for religion is not unusual globally. Analyses of single policies need to keep this in mind.

    Read more: Christianity is changing in South Africa as pentecostal and indigenous churches grow – what’s behind the trend

    This research also upends the way many people normally think about secularism. Many people in Europe have become less religious. Consequently, European states are offered as models of secularism. However, this has it backwards.

    Despite their electorates being less religious, European states are more involved in religion than their counterparts in sub-Saharan African. If secularism is the separation of religion and the state, then countries in sub-Saharan Africa – which maintain a secular state despite widespread religion – are in fact the exemplar.

    – Deeply religious African countries (surprisingly) provide little state support to religion – unlike countries in Europe
    – https://theconversation.com/deeply-religious-african-countries-surprisingly-provide-little-state-support-to-religion-unlike-countries-in-europe-245490

    MIL OSI Africa –

  • MIL-OSI Video: RANGER TAB = HOOAH! | U.S. Army

    Source: US Army (video statements)

    : AEMO

    About the U.S. Army:

    The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

    Interested in joining the U.S. Army?
    Visit: spr.ly/6001igl5L

    Connect with the U.S. Army online:
    Web: https://www.army.mil

    Facebook: https://www.facebook.com/USarmy/
    X: https://www.twitter.com/USArmy
    Instagram: https://www.instagram.com/usarmy/
    LinkedIn: https://www.linkedin.com/company/us-army
    #USArmy #Soldiers #Military #Rangers

    https://www.youtube.com/watch?v=KgiAUXidirg

    MIL OSI Video –

  • MIL-OSI: Yael Eckstein, IFCJ President, Announces Completion of 2024 Salary and Compensation Audit

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 17, 2025 (GLOBE NEWSWIRE) — The International Fellowship of Christians and Jews (IFCJ), a global nonprofit dedicated to humanitarian aid and strengthening Christian-Jewish relations, has completed its 2024 Salary and Compensation Audit. The independent audit, conducted by Willis Towers Watson (WTW), provides a comprehensive evaluation of executive compensation to ensure alignment with industry standards and responsible financial stewardship.

    Image by International Fellowship of Christians and Jews

    WTW, a global leader in advisory, brokering, and HR solutions, assessed total remuneration for four key executive positions, including IFCJ’s President and CEO. The review examined base salaries and total cash compensation, incorporating annual incentive awards, to benchmark IFCJ’s pay structures against those of comparable nonprofit organizations.

    The audit confirmed that IFCJ’s compensation practices are fair, competitive, and in line with best practices within the nonprofit sector.

    “Financial accountability and responsible donor stewardship are at the core of our mission,” said Robin Van Etten, IFCJ’s U.S. CEO and Global Chief Operating Officer. “This audit reaffirms our commitment to transparency, ensuring that our compensation structures—particularly for our President and CEO, Yael Eckstein—remain competitive while reflecting the values and responsibilities of our organization.”

    The analysis considered multiple data points, including:

    • Compensation benchmarks from recognized salary surveys and industry sources
    • Role-specific responsibilities and nonprofit sector trends
    • Financial indicators, including IFCJ’s 2024 budgeted revenue
    • Adjustments for inflation and projected nonprofit executive merit increases

    The audit findings further demonstrate IFCJ’s commitment to maintaining transparency and ethical financial practices.

    “Trust is the foundation of our work, and this independent review reinforces our dedication to managing donor contributions responsibly,” said Yael Eckstein, IFCJ’s President and CEO. “We remain focused on our mission to provide humanitarian aid, support Israel, and build bridges between Christian and Jewish communities worldwide.”

    Detailed financial reports and audited statements for IFCJ are available upon request through IFCJ’s Donor Services Department at (800) 486-8844.

    About the International Fellowship of Christians and Jews
    For over 40 years, IFCJ has been a leading nonprofit fostering cooperation between Christians and Jews while providing critical aid to Israel and Jewish communities worldwide. In 2023, IFCJ provided humanitarian assistance to over two million people, supported aliyah efforts, and strengthened Israel’s security infrastructure. To learn more, visit www.ifcj.org.

    About Yael Eckstein
    As President and CEO of IFCJ, Yael Eckstein leads the organization’s global efforts, oversees programs, and serves as its international spokesperson. A respected leader in the nonprofit sector, she has been recognized on multiple occasions as one of the “50 Most Influential Jews” by The Jerusalem Post and is a recipient of the publication’s Humanitarian Award. Yael resides in Israel with her family.

    Media Contact:

    International Fellowship of Christians and Jews (IFCJ)
    press@ifcj.org
    https://www.ifcj.org/

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/707a4525-bbba-4c01-9469-bc9418fd89f1

    The MIL Network –

  • MIL-OSI: Ress Life Investments A/S publishes Net Asset Value (NAV).

    Source: GlobeNewswire (MIL-OSI)

    Ress Life Investments
    Nybrogade 12
    DK-1203 Copenhagen K
    Denmark
    CVR nr. 33593163
    www.resslifeinvestments.com

    To: Nasdaq Copenhagen
    Date: 17 February 2025

    Corporate Announcement 06/2025

    Ress Life Investments A/S publishes Net Asset Value (NAV).

    Ress Life Investments A/S publishes the Net Asset Value (NAV) per share as of 31 January 2025.

    NAV per share in USD: 2594.43

    The performance during January is -0.03% in USD. The year-to-date net performance is        -0.03% in USD.

    Assets under management (AUM) are 284.6 million USD.     

    The NAV per share in EUR is from 5 February 2025 published on a daily basis. The NAV in EUR is published on the website of Nasdaq Copenhagen under the section AIF Companies and Funds, where the bid and ask prices are published. The daily NAV in EUR is calculated as the most recently published NAV in USD divided by the European Central Bank’s EUR/USD reference rate on the relevant day.

    Questions related to this announcement can be made to the company’s AIF-manager, Resscapital AB.

    Contact person:
    Gustaf Hagerud
    gustaf.hagerud@resscapital.com
    Tel + 46 8 545 282 27

    Note: The terms for subscription of shares, minimum subscription amount and redemption of shares are provided in the Articles of Association, Information Brochure and in the Key Information Document available on the Company’s website, www.resslifeinvestments.com.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Joint Statement by the Saudi Finance Minister and IMF Managing Director at the conclusion of the Inaugural Al Ula Economic Conference for Emerging Market Economies

    Source: International Monetary Fund

    February 17, 2025

    Al Ula, Saudi Arabia – February 17, 2025: A two-day inaugural annual global Conference on Emerging Market Economies was held in Al Ula, Saudi Arabia from February 16-17, co-hosted by the Saudi Finance Ministry and the International Monetary Fund (IMF). Mohammed Aljadaan, Finance Minister of Saudi Arabia, and Kristalina Georgieva, Managing Director of the IMF, made the following statement at the end of the conference:

    “We would like to thank Emerging Markets policymakers, academics, and representatives of the regional and international financial institutions for joining us and helping to make this first-ever Al Ula Economic Conference for Emerging Market Economies a successful forum for building greater collaboration and discussing the specific challenges facing emerging markets (EMs).

    “Over the past two days, we have discussed how emerging economies can navigate the risks and, importantly how they can embrace the opportunities ahead. One common emerging theme is the importance of unity of purpose and the need to continue working together to sustain EM economies’ resilience to shocks and sustain growth. Three takeaways to highlight:

     “First, this is a time of sweeping transformations—from technology to trade, or climate to capital flows. And these changes are reshaping the global economy. How all these changes will unfold remains to be seen. But we know that in a more uncertain and shock-prone world, building resilience through sound macroeconomic and financial policies must continue to be a priority.

    “Second, emerging markets are seizing these transformations to make their economies stronger. With widespread digitalization and ambitious policies, the prospects for harnessing the benefits of AI are promising. Tapping the potential of AI would enhance Emerging Market Economies’ productivity and resilience, but it will require reforms to boost investments in digital infrastructure and human capital. Deeper regional trade and financial integration would also be important.

    “Third, while these transformations offer great opportunities, we must work together to help avoid the very real risk of some countries falling behind. The first line of defense will of course be strong domestic policies and reforms to help seize these opportunities. But the international community can also support countries and reduce the risk of growing divergence.

    “We are proud to have co-hosted the first global forum that is focused solely on the economic prospects for Emerging Market Economies and we look forward to continuing the discussions in the year ahead and at the second Al Ula conference next year.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

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

    MIL OSI Economics –

  • MIL-OSI Africa: Imperatus Energy Chief Executive Officer (CEO) Unpacks Downstream Strategy for Congo

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

    BRAZZAVILLE, Congo (Republic of the), February 17, 2025/APO Group/ —

    As the Republic of Congo strives to reach a crude oil production target of 500,000 barrels per day, it is also making significant strides in advancing its downstream sector. Energy trading companies, such as Imperatus Energy, will be pivotal to ensuring efficient distribution and market stability during this expansion strategy. In an interview with Energy Capital & Power (https://EnergyCapitalPower.com), Imperatus Energy CEO Oumar Semega discussed the company’s supply chain strategies and infrastructure development updates in Congo.

    What strategies are being implemented by Imperatus Energy to ensure a reliable and efficient supply chain for petroleum and gas products?

    As a specialized energy trading company, Imperatus Energy adopts a flexible and optimized approach to secure a reliable supply of petroleum and gas products in the African market. We prioritize diversification of supply sources by working with a vast network of international and regional producers, refineries and suppliers.

    Our logistics and flow management strategy involves collaboration with storage terminals, pipeline operators and maritime, river and land transport providers. By negotiating agreements, we optimize costs and ensure the swift and secure distribution of products. We also leverage technology to enhance visibility and performance through risk management tools, digital cargo tracking platforms and advanced trading systems.

    To mitigate risks, we employ proactive risk management and regulatory compliance strategies, including financial hedging to counter oil and gas price volatility.

    How does Imperatus Energy collaborate with local and international partners to meet the Republic of Congo, and Africa’s, energy needs?

    Imperatus Energy adopts a collaborative approach, working with a strategic network of local and international partners to secure competitive and reliable petroleum and gas supplies for Africa. We maintain partnerships with international producers and refineries, ensuring access to significant energy volumes under optimal conditions.

    To support local markets, we work closely with importers and petroleum distribution companies, offering flexible solutions in terms of volume, delivery schedules and payment terms. This helps local players efficiently distribute energy to end consumers.

    With rising demand for energy logistics and storage in the Republic of Congo, how is Imperatus Energy developing its infrastructure to address these challenges?

    We partner with refineries, storage terminals and top logistics operators to secure transportation and product availability in key markets. This strategy enables flexibility in responding to demand fluctuations while optimizing transport and storage costs.

    Through advanced logistics management, we identify the best supply routes based on existing infrastructure, including floating storage, pipelines, maritime, river, rail and road transport. By securing agreements with suppliers and storage operators, we ensure uninterrupted supply, even during market tensions. We also leverage technology for real-time shipment tracking, demand forecasting and trading optimization.

    How does Imperatus Energy facilitate transactions and payment solutions for its energy clients?

    Imperatus Energy provides secure and flexible payment solutions, recognizing the financing and liquidity challenges in African markets. We offer tailored payment options, including deferred payments, trade financing through credit lines, letters of credit for secured transactions, installment plans for cash flow management and multi-currency payment capabilities. By partnering with banks and financial institutions, we ensure access to funding for petroleum and gas purchases. To optimize international transactions, we assist with currency conversion and foreign exchange operations, negotiating favorable conditions with banking partners to minimize transaction costs.

    As a Gold Sponsor at the inaugural Congo Energy & Investment Forum 2025, what are your expectations for this event?

    Imperatus Energy views this event as a platform to reinforce our commitment to Africa’s energy market, particularly in the Republic of Congo. We aim to strengthen partnerships by engaging with key industry players, including government officials, financial institutions, local businesses and international investors, to foster sustainable energy collaborations.

    Understanding market trends and investment opportunities is another priority. The forum provides a unique chance to analyze regulatory developments and identify investment prospects in energy trading, imports and distribution.

    MIL OSI Africa –

  • MIL-OSI USA: Bowman, Brief Remarks on the Economy and Accountability in Supervision, Applications, and Regulation

    Source: US State of New York Federal Reserve

    Thank you for the invitation to join you here in Phoenix at the ABA’s Conference for Community Bankers.1 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 PolicyToward 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.
    In my view, the current policy stance also provides the opportunity to review further indicators of economic activity and get further clarity on the administration’s policies and their effects on the economy. It will be very important to have a better sense of these policies, how they will be implemented, and establish greater confidence about how the economy will respond in the coming weeks and months.
    For now, the U.S. economy remains strong, with solid growth in economic activity and a labor market near full employment. Core inflation is still somewhat elevated, but has appeared to resume its downward path, and my baseline expectation has been that it will moderate further this year. Even with this outlook, there are upside risks to my baseline expectation for the inflation path.
    In 2023, the rate of inflation declined significantly, but it has taken longer to see further meaningful declines since that time. The latest consumer and producer price index reports suggest that the 12-month measure of core personal consumption expenditures inflation—which excludes food and energy prices—likely moved down to around 2.6 percent in January, which would represent a noticeable stepdown from its 2.8 percent reading in December and 3.0 percent at the end of 2023. Progress had been especially slow and uneven since the spring of last year mostly due to rising core goods price inflation.
    After increasing at a solid pace, on average, over the first nine months of last year, gross domestic product appears to have risen a bit more moderately in the fourth quarter, reflecting a large drop in the volatile category of inventory investment. In contrast, private domestic final purchases, which provide a better signal about underlying growth in economic activity, maintained its strong momentum from earlier in the year, as personal consumption rose robustly again in the fourth quarter. Following strong readings in December, retail sales and sales of motor vehicles softened in January. However, these data can be noisy around this time of the year and sales were likely affected by the cold and wintery weather last month.
    Payroll employment gains have picked up since the summer of last year and averaged a strong pace of about 240,000 per month over the past three months, with last month’s gains likely held back by the Los Angeles wildfires and the harsh winter weather. The unemployment rate edged down further to 4.0 percent in January and has moved sideways since the middle of last year, remaining below my estimate of full employment.
    The labor market appears to have stabilized in the second half of last year, after it loosened from extremely tight conditions. The rise in the unemployment rate since mid-2023 largely reflects weaker hiring, as job seekers entering or re-entering the labor force are taking longer to find work, while layoffs have remained low. The ratio of job vacancies to unemployed workers has remained close to the pre-pandemic level in recent months, and there are still more available jobs than available workers. The labor market no longer appears to be especially tight, but wage growth remains somewhat above the pace consistent with our inflation goal.
    The recent revision of the Bureau of Labor Statistics labor data further vindicates my view that the labor market was not weakening in a concerning way during the summer of last year. Although payroll employment gains were revised down considerably in the 12 months through March 2024, job gains were little revised, on net, over the remainder of last year. It is crucial that U.S. official data more accurately capture structural changes in labor markets in real time, so we can confidently rely on these data for monetary and economic policymaking. But in the meantime, given conflicting economic signals, measurement challenges, and significant data revisions in recent years, I remain cautious about taking signal from only a limited set of real-time data releases.
    Assuming the economy evolves as I expect, I think that inflation will slow further this year. As the inflation data since the spring of last year show, its progress may be bumpy and uneven, and progress on disinflation may take longer than we would hope. I continue to see greater risks to price stability, especially while the labor market remains strong.
    With encouraging signs that geopolitical tensions may be abating in the Middle East, Eastern Europe, and in Asia, I will be monitoring global supply chains which could continue to be susceptible to disruptions, and lead to inflationary effects on food, energy, and other commodity markets. In addition, the release of pent-up demand following the election could lead to stronger economic activity, which could also influence inflationary pressures.
    Having entered a new phase in the process of moving the federal funds rate toward a more neutral policy stance, there are a few considerations that lead me to prefer a cautious and gradual approach to adjusting policy, as it provides us time to assess progress in achieving our inflation and employment goals.
    Given the current policy stance, I think that easier financial conditions from higher equity prices over the past year may have slowed progress on disinflation. And I am watching the increase in longer-term Treasury yields that has occurred since the start of policy recalibration at the September meeting. Some have interpreted it as a reflection of investors’ concerns about inflation risks and the possibility of tighter-than-expected policy that may be required to address inflationary pressures.
    There is still more work to be done to bring inflation closer to our 2 percent goal. I would like to gain greater confidence that progress in lowering inflation will continue as we consider making further adjustments to the target range. We need to keep inflation in focus while the labor market appears to be in balance and the unemployment rate remains at historically low levels. Before our March meeting, we will have received one additional month of inflation and employment data.
    Looking forward, it is important to note that monetary policy is not on a preset course. At each FOMC meeting, my colleagues and I will make our decisions based on the incoming data and the implications for and risks to the outlook and guided by the Fed’s dual-mandate goals of maximum employment and stable prices. I will also continue to meet with a broad range of contacts to help me interpret the signals provided by real-time data and as I assess the appropriateness of our monetary policy stance.
    Bringing inflation in line with our price stability goal is essential for sustaining a healthy labor market and fostering an economy that works for everyone in the longer run.
    Maintenance of the Regulatory FrameworkI will now turn to bank supervision, the bank applications process, and regulation. Community banks experience the burden of the regulatory framework most acutely when it is not appropriately tailored to their size, risk, complexity, and business model. While promoting safety and soundness in the banking system—particularly among community banks—is an important and necessary regulatory objective, we must also be cautious to ensure that the framework does not become an impediment to their operations, preventing them from providing competitive products and services, innovating, and engaging in appropriate risk-taking.
    During my tenure at the Board, I have laid out a wide range of issues and concerns that I see as critical components that are necessary to build and maintain an effective regulatory framework.2 While I will only address a subset of these issues today, I’d like to begin by clarifying what I mean by this.
    Our work to maintain an effective framework is never really complete. Just as complacency can be fatal to the business of a bank, complacency can also prevent regulators from meeting their statutory obligation to promote a safe and sound banking system that enables banks to serve their customers effectively and efficiently.
    System maintenance is not something that we should shy away from. In our everyday lives, we invest significant time in maintenance. We schedule regular oil changes for our cars, and we invest in the infrastructure that allows our economy to function. Devoting resources to maintenance often prevents more costly issues down the road—it’s easier to get oil changes than it is to rebuild an engine.
    So, what does maintenance look like in practice? To address this question, I think it’s helpful to look at three core areas in the bank regulatory framework: Supervision, Bank applications, and Regulation.
    Approach to SupervisionLet’s start with supervision. Supervision operates almost entirely outside of the public view. Much of the work involves the review of proprietary business information from banks, and the preparation of examination reports shielded from public scrutiny under the auspices of protecting confidential supervisory information. But confidentiality should not be used to prevent scrutiny and accountability in the assignment of ratings.
    So, today, I am going to dig a bit deeper into the realm of supervision to discuss supervisory ratings, accountability, and the troubling trend of inaction and opacity within the supervisory toolkit.
    Rational Standards & RatingsWhile there is some public disclosure of supervisory information, it is often difficult to get a true understanding of supervision based on data that may be released. In fact, this data often sends confusing and conflicting signals. For example, the Board’s Supervision and Regulation Report presented information stating that only one-third of large financial institutions maintained satisfactory ratings across all relevant ratings components in the first half of 2024.3 At the same time, this report noted that most large financial institutions met supervisory expectations with respect to capital and liquidity.4
    The odd mismatch between financial condition and overall supervisory condition as assessed by the prudential regulators raises a more significant issue, whether subjective examiner judgment—those evaluations based on subjective, examiner-driven, non-financial concerns—is driving the firm’s overall rating. Are ratings trends based on the materiality of the identified issues, or do they imply that the regulators see widespread fragility in the banking system?
    While this example highlights a large bank ratings framework issue, it is symptomatic of a broader issue that warrants scrutiny—whether the approach to supervision has led to a world in which core financial risks have been de-prioritized, and non-core and non-financial risks—things like IT, operational risk, management, risk management, internal controls, and governance—have been over-emphasized. These issues are important, and certainly worthwhile topics for examiners to consider, but their review should not come at the expense of more material financial risk considerations—and they should not drive the overall assessment of a firm’s condition. There is evidence that supervision has undergone such a shift, not only among large banks, but among regional and community banks as well.5 For all institutions, financial metrics are not among the primary findings determined from the examination process, and arguably they have been de-emphasized when assigning supervisory ratings.
    Prioritization is valuable in the supervisory process, both to inform how examiners allocate their time, but also in helping banks allocate resources to remediate issues identified during the supervisory process. The frequency of supervisory findings related to non-financial metrics may be a byproduct of how long it takes to remediate these issues, like longstanding issues with IT systems that have not been enhanced over many years of growth. However, we should also be vigilant and deliberate about any shift in supervisory focus from financial risk toward non-financial risks and internal processes, as this shift is not focused on fundamental safety and soundness issues and it is not cost-free.
    We should also not expect every firm to coalesce around a single set of products, internal processes, and risk-management practices. Variety in banking models is a strength and a necessity of the U.S. banking system, relying on management and boards of directors to determine bank strategy, rather than a bank’s business model effectively being set by supervisory directives.
    Supervisory practices like horizontal reviews can create examiner incentives to expect uniformity and “grade on a curve,” but this approach perversely punishes variation among bank practices, stifling competition and innovation. Supervisory findings also inform bank ratings, which can have follow-on effects like limiting options for mergers and acquisitions (M&A); raising the cost of liquidity; or diverting resources away from other, more important bank management priorities.
    Diagnostic AccountabilityTo maintain strong and appropriate supervisory standards and practices, we need to take a step back and diagnose the bank regulatory system in its entirety: what is working, what is broken, and what needs to be updated. When things go wrong, having an impartial check on subjective judgments can lead to a better diagnosis. Of course, a better diagnosis can produce more efficient and targeted improvements, and better promote accountability. Accountability is critical to maintaining an effective regulatory system, and yet it can be difficult to establish a regulatory culture that includes mechanisms to promote accountability for supervisors and regulators.6
    At every organizational level, from examiners to agency leadership, judgments are made that contribute to the overall effectiveness of the supervisory process. Reserve Bank examiners play a critical role in examining Fed-regulated institutions, both banks and holding companies. The Federal Reserve exercises its supervisory responsibilities by supervisory portfolio, with each portfolio relying on a combination of Board and Reserve Bank staff.7 But this split allocation of responsibility should not diminish the accountability for supervisory decision making. Responsibility for supervisory decisions must be coupled with accountability for these decisions. The misalignment of responsibility and accountability limits our ability to conduct effective supervision.
    This division of responsibility can pose a challenge to accountability. In the aftermath of the bank failures in 2023 and the broader stress to the banking system, the Board and other agencies proposed a variety of regulatory reform measures to remediate and address identified issues, based on internal reviews of the failures and banking stress. While I applaud efforts to hold ourselves accountable, we must ensure that self-reviews are credible, both in the causes they identify and in the reform agenda that they are used to support. An internal review process poses the temptation to avoid responsibility by assigning blame elsewhere, even when the review may be motivated by good intentions and with the outward appearance of impartiality.
    Many of the core problems in the lead-up to the bank failures involved well-known, core banking risks—interest rate risk, liquidity risk, and poor risk management. But if we look at the subsequent reform agenda, we see that the policy emphasis has been on broader regulatory changes rather than addressing supervisory program deficiencies. In my mind, this highlights the need to have a process that challenges the subjective judgments of those that were involved in oversight, not only in performing the diagnostics, but evaluating how identified issues can best be remediated.
    Purging Inaction and Opacity from the Supervisory ToolkitSupervision differs significantly from the regulatory process. Implementing new regulations, or amending existing ones, requires a public notice and comment process established by the Administrative Procedure Act. When done appropriately, regulations require regulators to “show their work” by providing extensive analytical and factual support for proposals and final rules and soliciting comment from the public and addressing those comments before finalizing a regulation. In contrast, the execution of bank examinations and the issuance of supervisory guidance lack these procedural safeguards, instead relying heavily on discretion and judgment with far lower standards for justifying actions taken with factual and analytical support under the veil of confidential supervisory information. The greater flexibility afforded in the supervisory process can lead to poor outcomes, often caused by the temptation to use inaction and opacity as supervisory tools. In my view, these tools, inaction and opacity, are not appropriate and must be subject to appropriate scrutiny or purged from the toolkit altogether.
    First let’s consider inaction. The exam process requires open communication between examiners and banks. Often interpretive questions arise during the exam process; how do existing rules and statutes apply in a particular circumstance? These questions arise when existing rules and guidance are unclear, which is a frequent occurrence. For example, how can a bank operate in a safe and sound manner while offering a new product or service, or when serving customers in particular business lines with unique needs? Banks go to great effort to meet all applicable requirements and regulatory expectations, and regulators should welcome banks seeking supervisory input and relying on a compliance-focused mindset.
    Open communication with regulated banks is a hallmark of good supervision, but regulators must live up to their end of the bargain by not leaving banks in “limbo” for extended periods of time. When a bank requests feedback and engages in good faith to provide information and respond to reasonable questions, regulators have an obligation to provide a clear response. Banks should not be left to wonder whether an interpretation of existing laws, regulations, and guidance is consistent with the understanding of regulators.
    Next, let’s consider opacity. Questions raised in the supervisory channel often result from supervisory expectations that lack sufficient clarity or the application of rules and regulations to new and emerging products and services. While regulators should not form an opinion without understanding the relevant facts and circumstances, they must also strive to provide clarity—not just to the bank being examined, but to all banks. Supervisory expectations should not surprise regulated firms, and yet transparency around expectations is often challenging to achieve.8
    The problem of opacity in supervisory expectations is exacerbated by the umbrella of confidential supervisory information, or CSI, which is the label given to most materials developed in the examination process. The rules designed to protect CSI limit the public’s visibility into shifting priorities and expectations in the supervisory process.9 Changes in supervisory expectations frequently come without the benefit of guidance, advance notice, or published rulemaking. In the worst-case scenario these shifts, cloaked by the veil of supervisory opacity, can have significant financial and reputational impacts or can disrupt the management and operations of affected banks.
    Opacity in supervisory expectations, or in the interpretation of applicable laws and regulations, should not be discovered only at the conclusion of an examination with the issuance of deficiencies, matters requiring attention, matters requiring immediate attention, or other shortcomings.
    Approach to ApplicationsSunshine is the best disinfectant when it comes to an approach that fosters transparency and accountability. So, I would like to spend a few minutes discussing how we can better shine a light into the dark corners of the bank applications process.
    De Novo FormationDe novo formation has essentially stagnated over the past several years. While many factors have contributed to the decline in the aggregate number of banks in the United States, one key factor has been the lack of new bank formation to replace banks that have been acquired or closed their doors. This lack of de novo bank approvals does not necessarily indicate a lack of demand for new charters though, particularly in light of ongoing demand for bank “charter strip” acquisitions where banks have been acquired just for their charters, the growing demand for banking-as-a-service partnerships, and the shift of activities outside of the banking sector into the non-bank financial system.10 We should consider whether the applications process itself has become an unnecessary impediment to de novo formation.
    How can we improve the process of de novo formation? As fewer applications come in, institutional muscle memory for how to deal with new bank charters erodes, and it becomes difficult to navigate and ultimately to overcome institutional inertia. A few steps like developing specialized expertise, streamlining the application process, and improving transparency can yield significant improvements.
    First, de novo formations are very different from other bank applications where there are existing institutions with established supervisory ratings and examination records. A de novo formation has no supervisory record of performance on which to base a decision or inform judgments about whether an application is consistent with approval. Instead, regulators must evaluate the proposal based on applicable statutory requirements: Is the business plan sound? Is appropriate bank leadership in place? Does the bank have a viable business plan and strategy? Is the bank’s proposal supported by sufficient capital? Should there be an expectation that all of these questions are answered exhaustively often well over a year before the bank would be formed, if it is approved?
    In recent years de novo formations have been rare, and therefore staff tasked with evaluating these proposals do not have a recent perspective or deep well of experience from which to draw. Under our current approach, regional Reserve Banks are the primary point of contact for de novo applicants. We should consider creating a specialized resource that can be utilized by any reserve bank to assist them during the pre-filing conversations with de novo applicants. Our goal should be to facilitate new bank creation—identifying and finding achievable pathways to yes, instead of expecting and insisting on increasing requirements to unachievable levels or those that are intended to deter applicants from filing or moving forward.
    We should also consider whether there are ways to streamline the application process, including, if needed, by recommending statutory changes. While the agencies use some common forms, de novo formations currently involve a range of regulatory approvals. A de novo applicant must apply for a bank charter from the Office of the Comptroller of the Currency or a state banking authority, deposit insurance from the Federal Deposit Insurance Corporation, and potentially membership or a parallel holding company formation application with the Federal Reserve.
    Each regulator may be focused on different aspects of the application, and each has the right to ask for additional information as part of the application review and analysis potentially significantly extending the review timeframe. We should have clear standards of review and approval—and coordinated actions—among the state and federal regulators involved in any application. This should include clear timelines for the point at which a regulator forfeits their opportunity to object due to inaction, delay, or stalling tactics.
    But standards for de novo approval are not always clear to applicants, which can lead to lengthy back-and-forth discussions with banking agency staff even after an applicant has prepared the information required by the appropriate application forms. The need for extensive additional information from de novo applicants can be caused by a failure to provide information requested in the application form, but I suspect the submission of incomplete information is often a product of forms that do not include all necessary information.
    We should not need to constantly supplement application forms with ad hoc information requests. If additional information is needed, we should modify the required application forms. One area where the lack of transparent and clear standards is most evident is with the amount of capital required to establish a de novo bank. Discussions around required capital often hinge on subjective assessments based on planned business model and growth, but they rarely involve regulators providing a minimum required capital amount. Standards for approval should not be shrouded in mystery.
    Reform of the de novo applications process should not be thought of as a deregulatory exercise. Clear and transparent standards do not imply “low” or inadequate standards. At the same time, if we want to encourage a pipeline of de novo bank formations, we should also be comfortable with the uncertainty that accompanies any new business, including the risk that some de novo banks will not succeed.
    The cost of eliminating the failure of de novo banks—or really of any banks at any time—is simply too great. Banking is fundamentally about appropriately managed risks, and regulators play a key role in promoting a system that is safe and sound while also serving to support the banking needs of customers and broader economic growth. Our goal should not be to create a banking system that is safe, sound, and ultimately irrelevant.
    Mergers and AcquisitionsThe issues with the banking applications process extend beyond de novo formations, but involve some of the same concerns, whether there are clear standards, and we are able to act in a timely manner. As a threshold matter, if regulators are clear about the information they need to process an application—for example, by updating applications forms to include the full set of information needed to analyze each statutory approval requirement—then we should also hold ourselves to fixed approval timelines. In my view, the purgatory of a long application process is another form of regulatory “inaction” that must be eliminated.
    We should also address aspects of the applications process that contribute to delay, including both the approach to competition and the public comment process.
    The banking agencies have long relied on competitive “screens” to evaluate the pro forma effect of a merger. This process looks at the standalone institutions, imagines a merger in which their operations are combined, and then looks at how measures of competition will change in the areas served by the merged institutions. Where there is overlap in markets served, there is the potential for tripping competitive screens and triggering additional scrutiny. At the Federal Reserve, when a competitive screen is triggered the application process takes more time, as staff reviews the conflict, and the matter is removed from the Reserve Bank-delegated processing track.
    Perversely, many banks that trigger additional scrutiny operate in rural markets and have less aggregate banking business over which institutions can compete. In these concentrated markets, the analytical approach may involve a counterfactual in which only two future states of the world exist—the banks continue to operate on a standalone basis, or the banks merge and operate as a consolidated whole. However, this framing ignores a possible third option, that one or both of the institutions will cease being viable and shut its doors, or be acquired by a credit union, similarly leading to an erosion of market competition and potentially greater disruption to the communities served. This analytical approach to evaluating competition no longer remains appropriate, and it needs to be reformed to better reflect actual market realities. This must include competition from credit unions, the farm credit system, internet banks, financial technology firms and other non-banks.
    Finally, many M&A applications come to the Board due to the receipt of an adverse comment from the public about the past supervisory record of one or both of the institutions involved in a merger. The receipt of an adverse comment causes substantial delays in the processing of an application, as this too removes an application from the “delegated” processing by the local Federal Reserve Bank, escalating the matter to the Board of Governors in D.C. While it is important that regulators take into account public feedback—and indeed, is required by applicable law—we should also be concerned about comments that may lack factual support or may solely rely on matters always considered in the review of a proposal, like the existing supervisory records of the acquirer and the target institution, and may be negated by the regulator’s own examination report.
    Approach to Regulation – Cleanup and the Statutory Regulatory ReviewSince the passage of the Dodd-Frank Act nearly 15 years ago, the body of regulations that all banks are subject to has increased dramatically. Many of the reforms made after the 2008 financial crisis were important and essential to ensuring a stronger and more resilient banking system. Yet, a number of the changes are backward looking—responding only to that mortgage crisis—not fully considering the potential future unintended consequences or future states of the world.
    With well over a decade of change in the banking system now behind us post-implementation, it is time to evaluate whether all these changes continue to be relevant. Some of the regulations put in place immediately after that financial crisis resulted in pushing foundational banking activities out of the banking system into less regulated corners of the financial system. We need to ask whether this is appropriate. These tradeoffs are complicated, and we must consider not only the changes that were made but also the evolution of and differences in the banking system today.
    Driving all risk out of the banking system is at odds with the fundamental nature of the business of banking. Banks, after all, are businesses. And they must be able to earn a profit and grow while also managing their risks. Adding requirements that impose more costs must be balanced with whether the new requirements make the correct tradeoffs between safety and soundness and enabling banks to serve their customers and run their businesses. The task of policymakers and regulators is not to eliminate risk from the banking system, but rather to ensure that risk is appropriately and effectively managed.
    In a well-functioning and appropriately regulated banking system, banks serve an indispensable role in credit provision and economic stability. The goal is to create and maintain a system that supports safe and sound banking practices, and results in the implementation of appropriate risk management. No efficient banking system can eliminate all bank failures. But well-designed and well-maintained systems can limit bank failures and mitigate the harm caused by any that occur.
    Maintenance of the regulatory framework is necessary to ensure that our regulations continue to strike the right balance between encouraging growth and innovation, and safety and soundness. One easily identifiable way to achieve this is using the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) review process, which the agencies initiated in February last year.
    Although to-date it has not done so, the EGRPRA review requires the federal banking agencies to identify any outdated, unnecessary, or overly burdensome regulations and eliminate unnecessary regulations and take other steps to address the regulatory burdens associated with outdated or overly burdensome regulations. As I noted, prior iterations of the EGRPRA process have been underwhelming in their ability to result in meaningful change, but it is my expectation that this review, and eventually the accompanying report to Congress, will provide a meaningful process for stakeholders and the public to engage with the banking agencies in identifying regulations that are no longer necessary or are overly burdensome. It is also my expectation that regulators will be responsive to concerns raised by the public.
    Another area that is ripe for review are several of the Board’s rules that address core banking issues—from loans to insiders, to transactions with affiliates, to state member bank activities, and holding company requirements. Many of the Board’s regulations have not been comprehensively reviewed or updated in more than 20 years. Given the dynamic nature of the banking system and how the economy and banking and financial services industries have evolved over that period, it is imperative that we update and simplify many of the Board’s regulations, including thresholds for applicability and benchmarks.
    Finally, I want to address the unintended consequences of anti-money laundering requirements in the provision of banking services. I think we can agree that fighting money laundering, terrorist financing, and other illicit activities is not only a statutory responsibility of the banking system but it also serves important public policy goals. But while the regulatory framework prescribing how banks fulfill this role is not within the Federal Reserve’s responsibilities, it is important to consider how these requirements affect the ability of banks to serve customers. For example, the threshold for currency transaction reports (CTR) was established more than 50 years ago and has not been updated or indexed to inflation during that time. Just as an example, at the time it was implemented, a fully loaded Cadillac cost less than the CTR threshold. We’ve come a long way since 1972.
    It has also created a regime of more extensive and invasive reporting of customers’ transactions that may pose little actual risks related to tracking illicit activities. This reporting regime is also not cost-free, as banks may opt to avoid banking customers that trigger high volumes of CTR reporting, or that otherwise trigger the filing of suspicious activity reports. The calibration of reporting requirements, their effect on bank customers, and the growing problem of customer “de-banking,” warrant greater public attention.
    The Federal Reserve should review the supervisory messages given to banks and their holding companies about how supervisors will evaluate and consider the bank’s risks associated with customers that are caught in the Bank Secrecy Act or Anti-Money Laundering reporting web. I am concerned that this framework is being used to downgrade a bank’s condition based on a disproportionate weighting of its compliance with these requirements in comparison to its overall condition. There are separate examinations conducted for this purpose, and they should be viewed separately, not as a cudgel for downgrading a bank’s condition through the governance and controls mechanism or management assessment.
    Closing ThoughtsThe banking system can be an engine of economic growth and opportunity, particularly when it is supported by a bank regulatory framework that is rational and well-maintained. The work of rationalizing and maintaining this system is an ongoing cycle. While my remarks today have touched on a wide range of issues that require rationalization and “maintenance,” this is by no means an exhaustive list.
    Maintaining an effective framework is not only about ensuring the existing plumbing continues to work (and making it more efficient where possible) but it also must include promoting a system that is responsive to emerging threats and the needs of the banking system. As an example, the significant increase in fraud over the past few years has not generated the strong regulatory and governmental response necessary, even though fraud can become a source of material financial risk, particularly to smaller institutions.
    Thank you again for the opportunity to share my thoughts with you today. As always, it is a pleasure to be with you!

    1. The views expressed in these remarks are my own and do not necessarily reflect those of my colleagues on the Board of Governors of the Federal Reserve System or the Federal Open Market Committee. Return to text
    2. See, e.g., Michelle W. Bowman, “Bank Regulation in 2025 and Beyond (PDF)” (speech at the Kansas Bankers Association Government Relations Conference, Topeka, Kansas, February 5, 2025); Michelle W. Bowman, “Approaching Policymaking Pragmatically (PDF)” (speech at the Forum Club of the Palm Beaches, West Palm Beach, Florida, November 20, 2024); Michelle W. Bowman, “Building a Community Banking Framework for the Future (PDF)” (speech at the 2024 Community Banking Research Conference, St. Louis, Missouri, October 2, 2024); Michelle W. Bowman, “The Future of Stress Testing and the Stress Capital Buffer Framework (PDF)” (speech at the Executive Council of the Banking Law Section of the Federal Bar Association, Washington, D.C., September 10, 2024); Michelle W. Bowman, “Liquidity, Supervision, and Regulatory Reform (PDF)” (speech at “Exploring Conventional Bank Funding Regimes in an Unconventional World,” Dallas, Texas, July 18, 2024); Michelle W. Bowman, “The Consequences of Bank Capital Reform (PDF)” (speech to the ISDA Board of Directors, London, England, June 26, 2024); Michelle W. Bowman, “Innovation in the Financial System (PDF)” (speech at the Salzburg Global Seminar on Financial Technology Innovation, Social Impact, and Regulation: Do We Need New Paradigms?, Salzburg, Austria, June 17, 2024); Michelle W. Bowman, “Bank Mergers and Acquisitions, and De Novo Bank Formation: Implications for the Future of the Banking System (PDF)” (remarks at A Workshop on the Future of Banking, Kansas City, Missouri, April 2, 2024); Michelle W. Bowman, “Tailoring, Fidelity to the Rule of Law, and Unintended Consequences (PDF)” (speech at the Harvard Law School Faculty Club, Cambridge, Massachusetts, March 5, 2024); Michelle W. Bowman, “The Role of Research, Data, and Analysis in Banking Reforms (PDF)” (speech at the 2023 Community Banking Research Conference, St. Louis, Missouri, October 4, 2023). Return to text
    3. See Board of Governors of the Federal Reserve System, Supervision and Regulation Report (PDF) at 16-17 (Washington: Board of Governors, November 2024), (describing data for the first half of 2024, the most recent period for which data is available). Return to text
    4. Board of Governors of the Federal Reserve System, Supervision and Regulation Report. Return to text
    5. Board of Governors of the Federal Reserve System, Supervision and Regulation Report at 17, 20. Return to text
    6. See Michelle W. Bowman, “Accountability for Banks, Accountability for Regulators (PDF)” (Essay published in Starling Insights, February 13, 2024). Return to text
    7. “Understanding Federal Reserve Supervision,” Board of Governors of the Federal Reserve System, last modified April 27, 2023. Return to text
    8. See Michelle W. Bowman, “Approaching Policymaking Pragmatically (PDF)” (speech at the Forum Club of the Palm Beaches, West Palm Beach, Florida, November 20, 2024). Return to text
    9. See Michelle W. Bowman, “Reflections on the Economy and Bank Regulation (PDF)” (speech at the New Jersey Bankers Association Annual Economic Leadership Forum, Somerset, New Jersey, March 7, 2024). Return to text
    10. See Michelle W. Bowman, “The Consequences of Fewer Banks in the U.S. Banking System (PDF)” (speech at the Wharton Financial Regulation Conference, Philadelphia, Pennsylvania, April 14, 2023). Return to text

    MIL OSI USA News –

  • MIL-OSI United Kingdom: John Flint to step down as National Wealth Fund CEO in the summer

    Source: United Kingdom – Executive Government & Departments

    John Flint to step down from his role as CEO of the National Wealth Fund (NWF) in the summer, after four years of public service.

    • Flint has successfully led the NWF through its recent transformation, building on his leadership of the UK Infrastructure Bank (UKIB).
    • Since launch the NWF has unlocked £1.6 billion of investment in support of the government’s growth and clean energy missions, as part of the Plan for Change.
    • The recruitment process for his successor will start shortly.

    John Flint is to step down from the role of the CEO of the National Wealth Fund (NWF) in the summer after seeing through the transition from the UK Infrastructure Bank (UKIB). 

    Appointed as CEO of UKIB in 2021, Flint led the organisation from a start-up to an established feature of the UK investment and policy landscape.

    In October 2024, UKIB was transformed into the NWF with Flint taking on the role of CEO of the new organisation. Since then, Flint has driven forward the transformation of the institution, with its broader mandate to support the government’s growth and clean energy missions through its partnership with the private sector and local government.

    Since its launch the NWF has invested in 11 deals, securing 8,600 jobs and unlocking £1.6 billion in investment spread right across the industries that turbocharge growth in our economy as government’s number one mission – from clean energy to digital infrastructure.

    Backed by capitalisation of £27.8 billion, the NWF has been established to mobilise over £70 billion of business investment and help kickstart economic growth as part of the government’s Plan for Change.

    The NWF has also recently committed to trialling strategic partnerships with local government, starting in Greater Manchester, West Yorkshire, West Midlands, and the Glasgow City Region. These partnerships will provide enhanced, hands-on support with tailored commercial and financial advice to help regions develop and secure long-term investment opportunities.

    Chancellor of the Exchequer Rachel Reeves said: 

    John Flint has been an outstanding CEO of UKIB and the NWF. He will leave behind a considerable legacy – having led the scale-up of UKIB and its transformation into the NWF. I would like to thank him and wish him well.

    His successor will be required to build on his work by backing businesses and our local leaders to invest in the industries of the future. In doing so we can get Britain building the infrastructure we need to grow as part of our Plan for Change.

    John Flint said:  

    It has been a huge privilege to lead UKIB and NWF, working with some of the brightest and best of the public and private sectors. After successfully leading the transformation of UKIB into the NWF, this summer will be the right moment to hand over to a successor and look for a new challenge.

    I will do so feeling confident that the NWF is well positioned to mobilise billions of pounds of investment and play a leading role in supporting the government’s ambitions on growth and clean energy. I will follow its future activities with interest.

    A recruitment process to identify Flint’s replacement will launch shortly. Flint will remain as CEO until the summer to support an orderly transition to a new CEO and to ensure that momentum is maintained. 

    John Flint biography

    As Chief Executive Officer of the NWF, Flint chaired the Fund’s Executive Committee, is a member of the Board of Directors, and chairs the Investment Committee, which makes decisions on investments. 

    Previously Flint was Group Chief Executive of HSBC. During his 30-year career with HSBC, Flint built a range of skills in wholesale banking, retail banking, and Treasury and risk management. He represented HSBC in nine countries, spending much of his career in Asia. He progressed through the roles of Group Treasurer, Deputy Head of Global Markets, Chief Executive of HSBC Asset Management, and Chief Executive of Retail Banking and Wealth Management, before being appointed Group Chief Executive.

    Updates to this page

    Published 17 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Innovation@Leeds funding aims to provide launchpad for future business success

    Source: City of Leeds

    Funding has been confirmed for seven projects that will provide support to business trailblazers in Leeds and strengthen the city’s reputation as an innovation hotspot.

    Leeds City Council’s Innovation@Leeds programme recently invited grant applications from organisations that were ready, willing and able to use their expertise to turbocharge the development of a new wave of digital and tech-savvy companies.

    A total of 40 applications were received, with the seven successful bidders – chosen by the council following a competitive selection process – each receiving a grant of up to £25,000.

    They will now use the funding to run a range of knowledge-sharing events and mentoring programmes aimed at people from diverse communities and backgrounds who want to launch or further develop their own innovation-led businesses.

    This work will, it is anticipated, help the participants build the kind of skills and contacts that will prove crucial as they look to carve out their own niche in fields such as artificial intelligence or health and financial tech.

    In the longer term, it is hoped their businesses will go on to deliver cutting-edge products, processes and services that make Leeds a healthier and greener place to live.

    The grants are also designed to benefit the Leeds economy by driving inclusive growth while showcasing the city’s innovation strengths to outside investors.

    The initiatives that have been chosen to receive funding are:

    • GreenTech Gathering, four full-day workshops that will provide green technology businesses with expert insight in areas such as investor readiness and brand strategy. The sessions will be delivered with support from madeby.studio, Sustainable Ventures, Bruntwood SciTech and Optimo;
    • A programme of mentoring, workshops and public speaking opportunities – delivered by FinTech North – that will help aspiring entrepreneurs and future business leaders develop their pitching and presenting skills;
    • The Brand Lab, which will see creative design studio Buttercrumble running a series of workshops focused on how tech organisations can connect with target audiences through the use of techniques such as visual storytelling and inclusive communication;
    • Athena VC Elevate, a venture capital-focused programme – being run by Lifted Ventures – that will aim to give business founders the tools and knowledge they need to achieve rapid growth and long-term success;
    • A programme of business support – including grant-writing assistance and one-to-one mentoring – delivered by Quick Labs, a science innovation hub that provides affordable, fully-equipped laboratory space for early-stage tech start-ups;
    • Global Innovators, a project designed to help innovative businesses better understand – and realise – their international growth potential. The programme will be delivered by Creaticity, Synhrgy and Investor Ladder;
    • AI 360 Leeds, an AI Tech UK business support programme that will give start-ups, entrepreneurs and others the chance to find out more about artificial intelligence strategies and how they can be used to power growth.

    Innovation@Leeds was launched by the council in 2021 to try to ensure that opportunities in sectors such as digital are made available to all.

    The programme’s latest grants are being funded through central government’s UK Shared Prosperity Fund, which is administered locally by the West Yorkshire Combined Authority.

    The award of the grants will align with a city-wide vision – co-created by the council with key local partners – for stimulating innovation in a way that has a positive social impact.

    One aspect of that vision is the further development and transformation of the Leeds Innovation Arc, an area on the west side of the city centre that is home to globally-renowned educational, health and cultural establishments as well as an array of start-ups, scale-ups and major businesses.

    Councillor Jonathan Pryor, Leeds City Council’s deputy leader and executive member for economy, transport and sustainable development, said:

    “We are determined, as a council, to play our part in giving people from all backgrounds and communities the opportunity to make the most of their potential.

    “These Innovation@Leeds grants are a great example of how that ambition can be achieved, with the chosen projects set to offer expert insight and guidance to a diverse range of founders, entrepreneurs and thinkers.

    “Their success will be the city’s success, as a productive future for their businesses will have a positive wider impact on Leeds and its economy through the creation of jobs and other opportunities.

    “By sharing knowledge and expertise, the projects also underline how a collaborative approach to working can help our thriving innovation sector reach even greater heights.”

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Madagascar’s WTO Trade Policy Review: UK Statement

    Source: United Kingdom – Government Statements

    UK Statement at Madagascar’s World Trade Organization Trade Policy Review. Delivered on 12 February 2025.

    1. Let me begin by offering a warm welcome to the delegation from Madagascar led by Her Excellency Priscilla Andrianarivo. I thank Madagascar for the significant preparations and work which I know go into a Trade Policy Review and we express our gratitude to colleagues from the WTO Secretariat for their respective reports, and as ever, to our Discussant, Her Excellency Ms Clara Delgado Jesus, for their insightful comments.

    2. Chair, we are grateful for the Reports provided by this Trade Policy Review, which have given us important insights into Madagascar’s own economic efforts, and reforms, over the review period.

    3. As we have heard this morning regarding Madagascar’s aspirations on trade, the Reports highlights the growth in trade Madagascar has seen over the period of review, initially accounting for just under half of GDP to now over two thirds.

    4. We welcome continued efforts to integrate into global supply chains and note that this is key to addressing the severe levels of poverty that are present. The Reports note the importance of Madagascar realising its growth potential through improving the economy and tackling corruption; we look forward to supporting Madagascar to go further and faster on this.

    5. We hope to also see further growth in Foreign Direct Investment; Madagascar’s location and array of resources make it an attractive destination for this and we hope to see the recent reforms to the Mining Code and the introduction of the new Investment Law create even more opportunities here. In this context it would be remiss of me not to mention the opportunities that the International Foodservices Distribution Association (IFDA) could afford here and we encourage Madagascar to consider their participation.

    6. Chair, the UK and Madagascar have a positive and longstanding relationship. As well as being the first official diplomatic partner Madagascar ever had, the UK and the English language has been a consistently trusted and regular feature in Madagascar.  We are particularly pleased to see this relationship marked last November by Lord Collins, FCDO Minister for Africa, meeting with General Ravalomanana.

    7. This was a valuable conversation and we were particularly pleased to hear of the focus on deforestation and the importance of raising awareness on its impact. One of the first things most people picture when thinking of Madagascar is your beautiful landscapes. These initiatives are crucial in preserving Madagascar’s natural environment, ensuring its beauty and biodiversity remain intact for future generations, as well as visitors.

    8. In this conversation we also encouraged Madagascar to interrogate the decline in per capita income since independence in 1960 and promoted the need for national industrialisation to tackle extreme poverty. We discussed economic diversification and the value of new partnerships. We look forward to seeing increased efforts to deliver regulatory reforms and the types of government-backed initiatives that make Madagascar a more accessible and easier-to-navigate option for foreign investors.

    9. Our relationship recently reached another significant milestone with Madagascar entering into our regional Economic Partnership Agreement. This will offer better access to the UK market, stimulate growth through foreign investment and increase development cooperation, which can support infrastructure, natural resources, and environmental projects in Madagascar. We hope this year we can propel our technical engagement in order to see trade between our countries flourish.

    10. There are also some exciting engagements to look forward to. Next week, the International Trade Centre and the UK Trade Partnerships Programme bring together operators in the textile industry to prepare Malagasy enterprises on the new sustainability regulations for UK market and the EU.

    11. I also welcome Madagascar’s efforts to support women in trade and gender equality, in particular its work to meet AfCFTA protocols [the African Continental Free Trade Area]. The UK encourages Madagascar’s engagement in the important work happening here in Geneva too, to which they can make valuable contribution, not least the Informal Working Group on Trade and Gender, of which my Ambassador co-chairs, along with our esteemed discussant today.

    12. As a member of several negotiation groups at the WTO, such as the G90, the African Group, ACP, the LDC group and the G33, we hope Madagascar continues to make the most of support available to LDC Members. For example, the Enhanced Integrated Framework, providing in-country technical assistance and the Advisory Centre on WTO Law which provides legal support on WTO issues, both of which the UK is very pleased to support.

    13. As we consider participation in activities here in Geneva, and the opportunities, I would also like to take this opportunity to encourage Madagascar to ratify the ‘Fish 1’ agreement, as well as to consider their participation in the e-commerce JI, and on domestic regulation, in addition to the aforementioned IFDA.

    14. Chair, Trade Policy Reviews are an important time of reflection. It is a time to both take stock of successes and to set goals. In this regard, it is positive to hear that the government has expressed willingness to liberalise the market and to attract more investors, notably with the promotion of the Special Economic Zone and the new Investment Law.

    15. We encourage Madagascar to address barriers around monopolies and dominance in certain markets. We look forward to proactive steps to encourage competition, particularly in the telecommunications, vanilla, lychee, and renewables industries.

    16. I’d also like to take this chance to underline the valuable potential for expansion in renewable energy in Madagascar and say that the UK is committed to accelerating the global clean power transition and to work with countries who share our ambitions on this.

    17. Finally, Chair, I wanted to end with a few words of Malagasy wisdom, from the epic poem Ibonia: “So long as this tree is green and healthy, I will be all right”. Cultivating an economy aligned with the international rules-based order of which the WTO is part of will mean not just Madagascar, or the WTO blossoms: we all do.

    18. Again, I would like to thank the WTO Secretariat, the discussant and Madagascar for the huge amount of work that goes into a Trade Policy Review, and for the informative answers to our questions. We hope this will be a valuable exercise in transparency.

    Updates to this page

    Published 17 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Alexander Novak took part in the board meeting of the Ministry of Economic Development

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Alexander Novak took part in the board meeting of the Ministry of Economic Development

    February 17, 2025

    Alexander Novak took part in the board meeting of the Ministry of Economic Development

    February 17, 2025

    Previous news Next news

    Alexander Novak took part in the board meeting of the Ministry of Economic Development

    At the meeting, the participants of the board of the Ministry of Economic Development summed up the main results of the department’s work for 2024. The priorities were identified as maintaining macroeconomic stability, mitigating risks in industries and increasing the potential for economic growth.

    “Despite the ongoing sanctions pressure from unfriendly countries, our economy has demonstrated a high degree of resilience. Moreover, it has shown unprecedented growth rates. GDP growth rates in 2024 amounted to 4.1%, over the past two years – 8.4%. They were the highest in the last decade. The achieved indicators are higher than the global average and significantly higher than the growth rates of Western economies. In nominal terms, since 2020, Russian GDP has doubled and amounted to 200 trillion rubles at the end of last year. Budget revenues were doubled, and the share of oil and gas revenues was reduced. This indicates the diversification of the Russian economy,” said Deputy Prime Minister Alexander Novak, opening the board meeting.

    Taking into account the current challenges, the work of the Government and the Ministry of Economic Development, in particular, is focused on solving three main tasks, noted Minister of Economic Development Maxim Reshetnikov in his report. “The first is ensuring macro stability. Together with the Bank of Russia and the Ministry of Finance, we are working on the interrelationship of monetary and fiscal policy,” he explained and recalled that this topic was discussed in January at a strategic session led by the Prime Minister.

    The second task is to mitigate risks in individual sectors due to the consequences of tightening monetary policy. The third block of questions is related to the growth of the economy’s potential. “We estimate the economy’s potential at 3% per year and believe that this parameter is achievable,” the minister confirmed.

    The head of the department emphasized the need for further support of investments in the regions and the development of existing support mechanisms. Thus, last year, special economic zones appeared in three regions (Rostov and Tver regions, Mordovia), and were expanded in seven. “A record 230 new residents came. There are 1,300 of them in total, which means that every fifth investor came last year,” he said.

    With the support of the State Duma Committee on Economic Policy, the criteria for creating SEZs have been updated to allow for the development of individual specializations. The entry threshold for investments in technical sovereignty projects has been lowered. The ban on residents pledging lease rights to state-owned land has been lifted so that investors can attract loans at the construction stage.

    The first stage of work on mechanisms that help build infrastructure for investors has been completed. “This year, the task is to restart them, preserving the main principle: to focus on projects that have effects for the economy. They will generate taxes, not costs,” added Maxim Reshetnikov.

    “We will continue to improve the business climate: reduce costs and barriers within the framework of the TDC [transformation of the business climate], reengineering the rules of industrial construction, regional and municipal investment standards. Now, together with the Agency for Strategic Initiatives, we are restarting the national business model,” the minister said.

    Speaking about other priorities for work in 2025, the head of the Ministry of Economic Development emphasized the importance of developing state statistics. A large-scale project has already been launched to digitalize statistics, collect information, and combine data with departmental systems. The task is to create a single digital statistics platform, take all interactions to a new level, reduce data processing time and the reporting burden on businesses, he noted.

    Another important area is the OKVED reform. A law has been passed that assumes that the OKVED code will not be what the enterprise once determined during registration, but will reflect the real economic structure of its activities. A lot of interdepartmental work is ahead to switch to the new system. “This is important for the formation of adequate statistics. On the other hand, we will receive an instrument of mass support for enterprises,” the minister said.

    “The Federation Council has developed very productive relations with the economic bloc of the Government. We meet almost weekly to discuss further measures to ensure the stability of the financial sector and various sectors of the economy,” said Deputy Chairman of the upper house of parliament Nikolai Zhuravlev.

    “There are many joint issues on the agenda of the relevant committees of the Federation Council. Among them are the implementation of the Strategy for Spatial Development of Russia, support for long-term investments, and reduction of the administrative burden on business. And of course, the key task for the Federation Council remains the work on improving the investment climate in the regions,” he added.

    Chairman of the State Duma Committee on Economic Policy Maxim Topilin, in turn, noted the importance of the extensive legislative work carried out by the Ministry of Economic Development. As an example, he cited the law on creative industries, on technology policy, and changes to the law on concessions. In addition, according to him, existing support measures need to be accumulated within a single Internet platform, similar to government services.

    “Even seven or eight years ago, government services existed, in essence, in the form of a description of certain administrative regulations. Today, most of them can be obtained electronically. For business structures, it is necessary to set the task of creating similar access to the full range of support measures, everything related to preferential regimes,” the deputy said.

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

    MIL OSI Russia News –

  • MIL-OSI: VEEA® and VAPOR IO Announce a Strategic Partnership to Provide Turnkey AI-as-a-Service Pioneering Solutions for AI Inferencing, Federated Learning, Agentic AI and AIoT

    Source: GlobeNewswire (MIL-OSI)

    Visit us at Mobile World Congress in Barcelona, Spain, March 3-6, 2025, for demonstrations
    By appointment (marketing@veea.com) in Hall 6, Stand 6A or on M37 Yacht in Port Vell, Barcelona

    NEW YORK, Feb. 17, 2025 (GLOBE NEWSWIRE) — Veea Inc. (NASDAQ: VEEA), a pioneer in hyperconverged heterogenous Multiaccess Edge Computing (MEC) with AI-driven cybersecurity and edge solutions and Vapor IO, the leading developer of Zero Gap™ AI for zero-configuration data centers enabling comprehensive training utilizing a catalog of state of the art models, delivering ultra-low latency AI inferencing with private 5G networks across distributed edge locations, announced a partnership to offer turnkey AI-as-a-Service (AIaaS) to enterprises, municipalities and others without investing in capital-intensive edge devices, servers, networking equipment and data center facilities.

    For enterprise applications, such as Smart Manufacturing, Smart Warehouses, Smart Hospitals, Smart Schools, Smart Construction, Smart Infrastructure, and many others, Veea Edge Platform™ collects and processes the raw data at the Device Edge, where user devices, sensors and machines connect to the network, most importantly, for reasons of low-latency, data privacy and data sovereignty. VeeaWare® full stack software running on VeeaHub® devices and on third-party hardware solutions with GPUs, TPUs or NPUs, such as NVIDIA AGX Orin and Qualcomm Edge AI Box-based hardware on a Veea computing mesh, provide for the full gamut of AI inferencing with cloud-native edge applications and AI-driven cybersecurity with bespoked Agentic AI and AIoT for the specific use cases. Combined with its VeeaCloud management functions, AIoT platform and extension of network slicing through the LAN with SDN and NFV, Veea Edge Platform offers an unrivaled capability for AI inferencing for enterprise use cases at the edge.

    The core of Vapor IO’s Zero Gap AI is built around Supermicro MGX servers with the NVIDIA GH200 Grace Hopper Superchip for high-performance accelerated computing and AI applications. The Zero Gap AI makes it possible to simultaneously deliver AI inferencing and train complex models while supporting 5G private networks, including NVIDIA Aerial-based 5G private network services. Through a PoC together with Supermicro and NVIDIA in Las Vegas, Vapor IO demonstrated how Zero Gap AI customers can receive the benefits of AI inferencing for a range of use cases including by those in mobile environments with the highest level of performance and reliability that may be achieved today. For low-latency use cases, Zero Gap AI is offered as high-performance micro data centers, strategically placed in close proximity where AI inferencing is delivered. Zero Gap AI offering provides for the AI tools, libraries, SDKs, pre-trained models, frameworks and other components that may optionally be employed to develop AI apps.

    “AI represents a new class of software. Just as computing evolved from the client-server architectures to more decentralized models, for most enterprise applications AI will inevitably migrate to the edge sooner rather than later—driven by the need for data sovereignty, real-time processing, lower latency, enhanced security, and greater autonomy. The future of AI is on the edge, where intelligence meets efficiency,” stated Allen Salmasi, co-founder and CEO of Veea. “As the first PCs brought general computing to business customers first, through the partnership with Vapor IO, we intend to accomplish the same by streamlining the application of AI where data is generated at the edge. By integrating scalable computing, storage, hyperconverged networking and AI-driven cybersecurity into a unified system with a cloud-native architecture at Device Edge and VeeaCloud management capabilities together with Vapor IO we have taken much of the uncertainty and friction out of the adoption of AI at the edge.”

    The combined capabilities of Veea Edge Platform and Zero Gap AI, offer a unified, automated platform with orchestration for seamless workload distribution, which enables a new class of collaborative, distributed AI applications as an AI-in-a-Box solution:

    • VeeaCloud management of GPU clusters – Plays a crucial role in balancing performance, scalability, and efficiency for AI inferencing, while utilizing cloud orchestration for resource optimization, model updates, and intelligent workload distribution.
    • Providing On-Demand AI Compute – Eliminates the need for enterprises to invest in costly on-prem AI hardware by offering scalable, GPU-accelerated AI compute at the edge.
    • Enabling AI at Any Scale – Supports AI workloads ranging from lightweight IoT analytics to full-scale deep learning training, ensuring enterprises can adopt AI incrementally or at full scale.
    • Harnessing Agentic AI – Integrates intelligent, autonomous decision-making capabilities that enable AI systems to adapt and optimize their performance in real-time, enhancing the effectiveness of applications across various edge environments.
    • Facilitating Federated Learning – Supports collaborative model training across distributed edge devices while maintaining data privacy, allowing enterprises to leverage insights from decentralized data sources without compromising sensitive information.
    • Supporting Model Hosting & AI Inference – Allows users to deploy, manage, and scale AI models in real-time, with low-latency inference APIs available across edge locations.
    • Offering Bare Metal and Virtualized AI Instances – Users can lease dedicated AI hardware or deploy workloads in multi-tenant GPU/CPU environments, ensuring flexibility for both small and large-scale AI applications.
    • Integrating Edge Storage & AI Data Management – Includes NVMe-based high-speed caching for inference and object storage for large-scale AI datasets, reducing reliance on cloud-based data transfers.
    • Ensuring Seamless Connectivity Options – A range of ultra-low latency connectivity options to optimize AI data transfer between on-prem devices and Edge-to-Edge compute.
    • Reducing AI Deployment Complexity – Automates AI workload orchestration, allowing businesses to expand, migrate, or failover AI models across distributed edge nodes without manual reconfiguration.
    • Accelerating Time-to-Value for AI Deployments – Provides a pre-integrated solution that reduces AI setup time from months to minutes, allowing enterprises to launch AI-powered solutions with minimal friction and on-going maintenance.

    “According to Gartner, 85% of all AI models/projects fail because of poor data quality or little to no relevant data. We have largely addressed this industry pain point most cost-effectively with much reduced complexity and little risk of disappointment through our Edge-to-Edge partnership with Veea,” explained Cole Crawford, Vapor IO’s founder and CEO. “With our substantial ecosystem of major partners and developers, we are well positioned to offer one of the most competitive turnkey real-time AI inferencing capabilities in the market with federated learning, Agentic AI and AIoT to public and private enterprises.”

    About Veea

    Veea Inc. (NASDAQ: VEEA) was formed in 2014 and is headquartered in New York City with a rich history of major innovations in the development of advanced networking, wireless and computing technologies. Veea® has unified computing, communications, edge storage and cybersecurity solutions through fully integrated cloud- and edge-managed products. Veea’s pioneering Multiaccess Edge Computing (MEC) product, developed from the ground up in several compact form factors, brings together the functionality typically provided for through any combination of servers, Network Attached Storage (NAS) devices, routers, firewalls, Wi-Fi APs, IoT gateways, 4G or 5G wireless access, and Cloud Computing by means of multiple hardware, software and systems integrated and maintained by IT/OT professionals.

    Veea Edge Platform™ is a cloud-managed full-stack platform designed to manage multi-vendor heterogeneous devices with a Linux server hosting VeeaWare stack to enable compute capabilities with any combination of GPUs, TPUs, and NPUs on a networking and computing mesh. VeeaHub products are hyperconverged, multi-access and multi-protocol devices that provide for control plane management of heterogeneous devices on any vMesh cluster. This leading-edge solution enables network slicing for seamless connectivity across diverse network environments with Network Function Virtualization (NFV) and advanced Software Defined Networking (SDN) with fixed-line and/or wireless WAN connection, including 5G. AI-driven cybersecurity and Zero Trust Network Access (ZTNA) provide for a highly simplified Secure Access Service Edge (SASE). Its integrated compute and storage support a virtualized software environment enabling cloud-native applications to run in Secured Docker™ containers. Veea Edge Platform provides for end-to-end cloud management of devices, applications and services. Veea Developer Portal and development tools provide for rapid development of edge applications. The combined capabilities with AI-driven intelligence enables unparalleled scalability, security, and operational efficiency for enterprises, IoT ecosystems, and next-gen AI applications.

    Veea has been recognized in 2021 and 2023 by Gartner for the innovativeness and capabilities of its Edge Computing platform. Veea was named a top 10 Edge AI solution provider alongside IBM, Microsoft, AWS and others in Market Reports in its research report published in October 2023. For more information, visit veea.com and follow us on LinkedIn.

    About Vapor IO
    Vapor IO stands at the forefront of the AI revolution, delivering ultra-fast and ultra-low latency solutions on- premises and across distributed edge locations with AI and private 5G networks. The company’s Zero Gap™ AI platform uniquely delivers on-demand GPUs and AI services directly to the locations where it’s needed and through Network-Delivered AI services in 36 key U.S. markets, including cities like Dallas, Las Vegas, and Seattle. Zero Gap AI uses Vapor IO’s Kinetic Grid® infrastructure, Supermicro’s AI-optimized servers, and NVIDIA’s groundbreaking AI silicon, including NVIDIA Aerial 5G private networks, to offer on-demand AI services in top U.S. markets.

    Zero Gap AI is a uniquely cost-effective way for enterprises, municipalities, and cloud providers to implement or expand their AI capabilities without investing in capital-intensive servers, networking equipment and data center facilities. Multiple AI access points in each market can be configured as availability zones, allowing for nearly unlimited degrees of resilience and continuous operating without interruption. Uniquely packaged with spectrum, highly optimized NVIDIA Aerial 5G private network services extend Zero Gap AI services to wherever they’re needed in many markets. Vapor IO’s extensive partner ecosystem can deliver specialized AI solutions built around the Zero Gap platform. From Smart City to Smart Retail, network of partners has the industry know how to build best-in-class solutions. Discover the difference Vapor IO can make with Network-Delivered AI solutions that fit your specific needs. Visit www.zerogap.ai to learn more.

    Zero Gap, Vapor, Kinetic Edge, Kinetic Grid, and Kinetic Edge Exchange are registered trademarks or trademarks of Vapor IO, 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 (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Veea’s Form 10-Q for the fiscal quarter ended September 30, 2024 and any subsequent filings which Veea makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

    The Equity Group

    Devin Sullivan
    Managing Director
    dsullivan@equityny.com

    Conor Rodriguez
    Associate
    crodriguez@equityny.com

    The MIL Network –

  • MIL-OSI: CORRECTED: Inside Information: The Finnish Financial Supervisory Authority (FIN-FSA) imposes additional capital requirements and a liquidity requirement on Oma Savings Bank Plc based on the supervisor’s completed review (SREP)

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 17 FEBRUARY 2025 AT 16.55 P.M. EET, INSIDE INFORMATION

    CORRECTED: Inside Information: The Finnish Financial Supervisory Authority (FIN-FSA) imposes additional capital requirements and a liquidity requirement on Oma Savings Bank Plc based on the supervisor’s completed review (SREP)

    CORRECTION: With this stock exchange release, the Release Category of the release published on 17 February 2025 at 15.30 p.m. is corrected to Inside Information.
        
    By decision of 14 February 2025, the Finnish Financial Supervisory Authority (FIN-FSA) has imposed two discretionary additional capital requirements on Oma Savings Bank Plc (OmaSp or Company) in accordance with Chapter 11, Section 2 of the Credit Institutions Act. The Additional Tier 1 capital requirement (P2R) for the Company will be 2.25% and the Additional Tier 2 capital requirement (P2R-LR) will be 0.25%, replacing the existing discretionary capital requirements (additional Tier 1 capital requirement of 1.50% and additional Tier 2 capital requirement of 0.25%).

    The discretionary capital requirements will take effect from 30 June 2025 and will remain in effect until 30 June 2028 at the latest. At least three-quarters of the additional capital requirement must be covered by Tier 1 capital and of this at least three-quarters by Common Equity Tier 1 capital. The Company meets the set additional capital requirements in accordance with own funds requirements and own funds as of 31 December 2024. The decision has been made as a normal part of the supervisor’s reviewing process (SREP) pursuant to Chapter 11 Section 6, Section 6a Subsection 1 Section 1 and Section 6b Subsection 1 Section 1 and 2 of the Act on Credit Institution Operations.

    In addition, the FIN-FSA imposes on OmaSp in accordance with Chapter 11, Section 2 of the Act on Credit Institutions, a liquidity requirement to maintain a minimum survival horizon of at least three months in a scenario according to the stress test methodology of the European Central Bank. The requirement enters into force on 31 December 2025 and is valid until 31 December 2028 at the latest. The Company has started preparations to meet the additional liquidity requirement. The requirement is based on Chapter 11, Section 9 Subsection 1 of the Credit Institutions Act.

    The supervisor’s key observations and ongoing measures are described in more detail in the Financial Statements 31 December 2024, published on 10 February 2025. The Financial Statements can be found on the Company’s website www.omasp.fi/en/investors/reports-and-publications/financial-statements.

    Oma Savings Bank Plc

    Additional information:
    Sarianna Liiri, CEO, tel. +358 40 835 6712, sarianna.liiri@omasp.fi
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network –

  • MIL-OSI: Form 8.3 – Assura Plc

    Source: GlobeNewswire (MIL-OSI)

    8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Rathbones Group Plc
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 Assura Plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 14/02/2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 No

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 10p Ord
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 188,808,848 5.80%    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		 188,808,848 5.80%    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    10p Ordinary Shares Purchase 52,000 37.6649p
    10p Ordinary Shares Purchase 5,315 37.756p
    10p Ordinary Shares Sale 10,000 37.54p
    10p Ordinary Shares Sale 18,890 37.7263p
    10p Ordinary Shares Sale 22,463 37.7526p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
             

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
           

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? No
    Date of disclosure: 17/02/2025
    Contact name: Chinwe Enyi – Compliance Department
    Telephone number: 0151 243 7053

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at.

    The MIL Network –

  • MIL-OSI: fullthrottle.ai™ Appoints Ken Kennedy as CEO, Accelerating Next Phase of Growth

    Source: GlobeNewswire (MIL-OSI)

    PHILADELPHIA, Feb. 17, 2025 (GLOBE NEWSWIRE) — FullThrottle Technologies, LLC, a pioneering innovator in first-party data media solutions and AdTech operating systems, is proud to announce the appointment of Ken Kennedy as its new Chief Executive Officer. This strategic move sets the stage for further expansion, growth and advancement in the rapidly evolving AdTech ecosystem.

    Ken Kennedy brings more than 30 years of experience building and deploying highly scalable software solutions to help customers grow their business. Most recently, Ken served as the Chief Operating Officer at CSG, a publicly traded SaaS company where he consistently drove strategic growth and operational excellence through transformative solutions.

    “We are excited to welcome Ken to the fullthrottle.ai family,” said David Regn, Co-founder of fullthrottle.ai™. “His deep industry expertise, visionary leadership, and proven ability to scale organizations positions him perfectly to lead us into the next phase of our growth.”

    As fullthrottle.ai™ continues to empower agencies, brands, and media companies within the AdTech space, Kennedy’s stewardship marks a key milestone. His extensive background in scaling high-performance teams and delivering transformative results will be critical as fullthrottle.ai™ works to revolutionize the industry by activating the AdTech easy button with an all-in-one platform that identifies first-party audiences, activates media with an 85%+ match rate, and measures everything down to transactional business outcomes.

    Ken Kennedy, CEO of fullthrottle.ai™, commented, “I am thrilled to join fullthrottle.ai at such a pivotal time in its journey. The company has a strong foundation, a talented team, and incredible potential for growth. Together, we will build on our successes, drive innovation, and unlock new opportunities to deliver value for our customers every day. I look forward to leading the next chapter of growth and making a lasting impact.”

    “Over the past few years, we’ve built a highly successful platform and established strong product-market fit,” said Amol Waishampayan, Co-founder and Chief Product Officer of fullthrottle.ai™. “As we enter our next phase of hyper-scaling, Ken’s guidance will be crucial in driving growth and taking us to new heights.”

    About fullthrottle.ai™:

    fullthrottle.ai™ is a first-party data-powered technology company that addresses the challenges of accelerating signal loss in the marketplace. Through its patented platform, fullthrottle.ai™ empowers agencies, media companies, brands, publishers, and AdTech partners to create and deploy their own data assets, identify and target prospects, measure outcomes, and drive incremental value – all in one place. By transforming website visitors into addressable households and actionable, in-market leads, fullthrottle.ai™ helps businesses leverage first-party data across the customer lifecycle, from exposure to attribution, offering a comprehensive end-to-end marketing solution. Trusted by over 6,000 businesses across the United States, fullthrottle.ai™ enables clients to transform their data into tangible business results. For more information, visit www.fullthrottle.ai.

    For media inquiries, please contact:

    Jai Journay

    VP of Marketing

    fullthrottle.ai™

    Email: jai.journay@fullthrottle.ai

    The MIL Network –

  • MIL-OSI Economics: Eddie Yue: Navigating new growth corridors in Asia-Pacific

    Source: Bank for International Settlements

    Ladies and Gentlemen, good morning.

    Let me first thank ASIFMA for inviting me here today, and also for hosting this flagship conference in Hong Kong again.

    The theme of this year’s conference, “Navigating New Growth Corridors in Asia-Pacific”, is very timely. The region is undergoing profound transformation, driven by a host of factors including the realignment of global supply chains, shifting economic landscapes, changing investment and consumption patterns, etc.  These factors have resulted in more frequent economic interaction among some of its key economies, particularly between China and ASEAN.  Over the last couple of years, we have often heard the catchy term “corridor business” or “network business”, which describes the commercial opportunities that could arise from such interaction.  What I hope to do today is to share with you what I see are the fundamental forces underpinning these corridors or networks, how Hong Kong has been positioning itself for the resulting opportunities, and what more needs to be done.

    The New Growth Corridors

    Let me start with the forces that are reshaping cross-border commerce and business in the region.

    First is the changing pattern of trades. Part of that and also the headline-grabbing part is driven by changes in geopolitical dynamics and trade policies in the west.  But there are longer term economic considerations too.  Asia is no longer just the world’s factory or a source of low-cost labour.  It has emerged as a powerhouse of innovation and consumption, with China leading the way.  Policies also play a part.  Trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) are facilitating the flow of goods and services in the region.

    The result of these is a stronger trade relationship between China and ASEAN. By 2024, ASEAN has become China’s largest export destination and import source, accounting for 16.4% of China’s exports and 15.3% of imports in 2024.

    Arguably more important is that we are seeing deeper integration of supply chains in the region. In 2023, close to 10% of ASEAN exports were value added sourced from China, almost doubling the share in 2017.  This reflects how China and ASEAN are more tightly wedded together to form an integral part of the global supply chain.

    The second factor is the growth of cross-border investment. This is the most notable in foreign direct investment.  In 2023, China’s FDI to ASEAN reached USD 25 billion, an increase by over one-third in just one year.  As of July 2024, the cumulative bilateral investment between China and ASEAN surpassed USD 400 billion.  Chinese investments cover not only manufacturing sectors, but also increasingly in emerging fields such as the digital economy and the green economy.  On financial investments, China’s investment in ASEAN securities has also seen rapid growth in recent years, hitting USD 18.5 billion as of June 2024, with a yearly growth of over 20%.

    Hong Kong’s Unique Role

    Now, what is Hong Kong’s role as we see the rapid growth of the China-ASEAN corridor?

    As a leading international financial centre in Asia, Hong Kong has always been a key provider of efficient cross-border payments and financing services to support the region’s trade and investment. Of the roughly USD 50 billion outstanding trade finance loans offered by banks in Hong Kong, around 40% were used to finance merchandise trade not touching Hong Kong, reflecting Hong Kong’s role in financing trades in the broader region.

    In fact, our role in trade finance is becoming more significant as RMB gains recognition as an international currency. Data from SWIFT shows that RMB’s share in the global trade finance reached 6.4% in November 2024, ranking second just after the US dollar.  As the world’s largest offshore RMB hub, Hong Kong handles approximately 75% of all offshore RMB transactions, particularly those related to cross-border trade payment and settlement.  This strong position in RMB business, together with our extensive offshore RMB liquidity pool, allow us to provide the most cost-effective RMB trade finance solutions, so that ASEAN exporters and importers can settle their transactions with China conveniently in offshore RMB.

    Let’s turn to our role in cross border investment. Hong Kong has always been the key intermediary for investment going into and out of the Mainland, handling about two-third of such flows in the past few decades. 

    And we do much more than just passing money from one hand to another. Hong Kong’s capital market has been a key venue for raising capital by firms across the region.  Our equity market has continued to be one of the world’s most liquid and resilient, even with the challenging macro environment.  With improved investor sentiment, our market is rebounding and our IPO market returned to the fourth place globally in 2024.  Less visible but no less important is our bond market.  According to our internal analysis, over USD 130 billion of Asian international bonds were arranged in Hong Kong in 2024, with a yearly growth of more than 50%, making Hong Kong the largest bond arranging hub in the region.  As in the case of trade financing, RMB’s share of investment and fundraising activities in the region has also been on the rise.  In the first three quarters of last year, dim sum bond issuance in Hong Kong totalled over RMB 770 billion, increasing by 35% over 2023.

    Enhancing the Trade and Financial Corridors

    All this is good. But what do we need to do next to strengthen our role in enhancing this important growth corridor?  Naturally, as the region’s trade, economic and investment landscapes continue to shift, Hong Kong would have to broaden and adapt our offerings to maintain our leading position.

    Part of this involves building on our traditional strengths. For example, the HKEX introduced a new listing route in 2023 to facilitate the listing of specialist technology companies, which aims at further supporting companies in accessing capital to fund their innovative ideas and drive growth.  For the bond market too, the HKMA and the SFC have jointly established a task force with market participants to explore ways to further promote Hong Kong’s status as a premier fixed income and currency hub.

    With RMB taking up an increasingly larger share of cross-border trade and investment, we have also been beefing up our RMB offerings. On liquidity for example, just last week, we launched the offshore RMB repo business using Northbound Bond Connect bonds as collateral; and HKEX will also soon allow the use of these bonds as margin collateral at OTC Clearing Hong Kong.  To further support trade financing, the HKMA will introduce the RMB Trade Financing Liquidity Facility next week.  The facility will provide banks in Hong Kong with up to RMB 100 billion in liquidity for up to six months, and that will help reinforce Hong Kong’s position as the global leader in offshore RMB business.

    We are also making systematic efforts to look at what more needs to be done to ensure that Hong Kong continues to stay at the forefront. As announced by the Chief Executive in last year’s Policy Address, the HKMA has established a working group to study future supply chain shifts and develop policy recommendations to enhance Hong Kong’s capacity for the related financial services.  The Hong Kong Association of Banks is also setting up a new committee on corridor business. 

    While this is probably not the right occasion to discuss in details the findings of such groups, I would just like to outline three themes emerging from the study as key to capturing the opportunities from the new business corridors in the region.

    First is the importance of digitalisation and innovation, in order to reduce cost, enhance efficiency, and enhance security and reliability. Trade finance is an area ripe for “digital disruption”.  Over the years there have been attempts within the industry to go “electronic” in trade documentation and in obtaining trade financing.  But there is still a lot more that we collectively can help improve.  For instance, we are experimenting with tokenisation use cases in the area of trade and supply chain finance through our Project Ensemble Sandbox.

    The second key theme is sustainability. If you just look at the news headlines, it is hard to shake the impression that sustainability is on the retreat.  To us at the HKMA though, our commitment to an orderly and inclusive transition is as firm as ever.  Last October, we launched the Sustainable Finance Action Agenda, setting out our vision to further consolidate Hong Kong’s position as the sustainable finance hub in the region and support the sustainable development of Asia and beyond.  This commitment is underpinned by two beliefs.  First, our moral obligations, particularly given that the region is the world’s biggest emitter and many of the region’s emerging markets would be badly affected by climate change.  Hong Kong, as the region’s financial centre, has the duty and capability to help. 

    But our commitment is also underpinned by our belief that sustainability is a good business. Hong Kong is Asia’s largest location for issuing international green and sustainable bonds, with over USD 40 billion of these bonds issued here in 2024, capturing 45% of the regional market.  If we include green and sustainability loans as well, total green and sustainable credits issued in Hong Kong exceeded USD 80 billion.  Despite the news headlines, sustainability initiatives across the world, from disclosure standards and climate risk management practices, are coming into force.  They would bring new opportunities to those that are prepared, and we want to make sure that Hong Kong is at the centre of it.

    The third key theme is engagement. Hong Kong has always been the “China gateway”.  But to continue to effectively perform this role at a time when many Mainland corporations and investors are looking abroad, and when businesses in many Asian markets are looking to do business with China, Hong Kong must also get to know these markets, and to tell them our strength.  To really get to know each of these markets, engagement is critical.  Over the past two years, the HKMA has visited various countries in the region to pursue collaborative initiatives with central banks and have welcomed delegations to Hong Kong.  Some of such interaction are being converted into tangible work.  For example, last October, the HKMA and the Bank of Thailand announced the collaboration on Project Ensemble and Project San. Together, we will explore Payment versus Payment (PvP) and Delivery versus Payment (DvP) tokenisation use cases, including trade payments and carbon credits.  The objective of such central bank collaboration is to lay a foundation for the private sector to build on and turn into concrete businesses.  That should be the focus going forward.

    Conclusion

    To conclude, I would just say that the China-ASEAN corridor is definitely expanding at a rapid pace, and Hong Kong is right in the middle. In performing our role as an international financial centre, apart from leveraging on our traditional strengths in banking services and capital markets, we need to focus more on three things: digitalisation, sustainability, and engagement.  I hope this introduction will help set the scene for your discussions through the day, and I wish you all a very successful conference.

    MIL OSI Economics –

  • MIL-OSI: ACET (ACT) Secures MOU with Saif Belhasa Holding, Paving the Way for Blockchain-Powered Finance in the UAE

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 17, 2025 (GLOBE NEWSWIRE) — ACET (ACT), a global blockchain-driven digital asset, has signed a landmark Memorandum of Understanding (MOU) with Saif Belhasa Holding (SBH), one of the most influential business conglomerates in the Middle East and UAE. This collaboration is set to revolutionize the region’s digital economy, integrating ACET (ACT) into financial transactions across various industries within the SBH ecosystem.

    Since Donald Trump became President with pro-crypto policies, ACET (ACT) has witnessed a remarkable price surge of over 100%, reflecting heightened market confidence and increased adoption of blockchain-based financial solutions.

    A Strategic Partnership with Multi-Billion-Dollar Impact

    The agreement, signed on February 13, 2025, marks a significant milestone for both ACET (ACT) and SBH. Led by Dr. Saif Ahmad Belhasa, SBH manages a diverse business empire spanning real estate, construction, automotive, retail, education, and finance, with a corporate valuation exceeding $5 billion USD.

    This partnership is structured around a three-year roadmap to integrate ACET (ACT) as a key financial instrument within SBH’s operations, focusing on:

    • Real Estate – ACET (ACT) will facilitate luxury real estate transactions, with plans to implement NFT-based Property Tokenization for fractional ownership.
    • Automotive – Customers will be able to purchase and lease luxury vehicles from SBH dealerships using ACET (ACT), along with crypto-backed financing options.
    • Retail & Hospitality – ACET (ACT) will be accepted in malls, restaurants, hotels, and other SBH-affiliated businesses, offering exclusive VIP perks and discounts for token holders.
    • Financial Services – The partnership will introduce blockchain-powered financial products, including staking, lending, and investment funds tailored for institutional investors and family offices.
    • Smart Contracts & AI Integration – ACET (ACT) will be embedded into SBH’s financial infrastructure, enabling automated transactions, asset transfers, and AI-enhanced business solutions.
    • Institutional Expansion & Government Collaboration – The initiative aims to align with UAE’s financial regulations, securing recognition from Dubai’s Virtual Asset Regulatory Authority (VARA) and Abu Dhabi Global Market (ADGM).

    Crypto Market Reacts: ACET (ACT) Gains Momentum

    Following the MOU announcement, crypto investors and influencers across the world have hailed this deal as a game-changer for real-world-asset (RWA) crypto adoption. The market response has been overwhelmingly bullish, fueling a viral hashtags like #iHoldACT, #ACTxSBH, #ACTRWA and #ACT100X dominating discussions.

    Industry Leaders on the Partnership

    Acme Worawat, founder of ACT (ACET) and one of Asia’s largest Bitcoin holders, emphasized:

            “This partnership transforms ACET (ACT) into a fundamental component of the UAE’s digital economy. With SBH’s global presence, ACET (ACT) is poised for exponential growth beyond the Middle East, driving mainstream crypto adoption worldwide.”

    Dr. Saif Ahmad Belhasa, Chairman of SBH, added:

            “This MOU marks SBH’s bold step into blockchain finance, positioning us as a leader in digital payments. ACET (ACT) will be officially integrated into our financial ecosystem, making crypto a mainstream financial tool in the UAE and beyond.”

    About ACET (ACT) & SBH

    ACET (ACT) was founded in 2021 by Acme Worawat, a veteran crypto investor with over 13 years of experience. With a current trading volume of $412million (Approximately 14Billion THB) and over 156,000 holders worldwide, ACET (ACT) is rapidly emerging as a top-tier digital asset.

    Saif Belhasa Holding (SBH), established in 2001, is one of the most powerful business groups in the UAE, with a vast portfolio spanning 50+ subsidiaries and over 10,000 employees across various industries.

    With this partnership, ACET (ACT) is set to become one of the most widely adopted cryptocurrencies in institutional finance and real-world commerce. The bull run is on!

    Social Links:

    X: https://x.com/ACTDeFansFi

    Telegram: https://t.me/ACTAcet

    Media contact:
    Brand: ACET
    Contact: Corporate Communication Division
    Email: media@acet.finance
    Website: https://acet.finance/

    Disclaimer: This content is provided by Acet Finance. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/62035c52-66f6-48e1-903e-015fa27ee8db

    The MIL Network –

  • MIL-OSI: naturalX secures €100 Million to fuel the future of Consumer Health in Europe

    Source: GlobeNewswire (MIL-OSI)

    Berlin, Feb. 17, 2025 (GLOBE NEWSWIRE) — Healthcare is undergoing a fundamental transformation, shifting from reactive sick care to proactive health management, with consumers firmly in the driver’s seat. While the U.S. market has seen the rise of consumer-centric healthcare champions like Hims/Hers, Headspace, and Function Health, Europe’s market remains underserved. Today, naturalX Health Ventures announced a €100 million fund to accelerate this revolution in Europe, becoming the first specialized fund focused exclusively on the intersection of consumer and health in the European market.

    The fund will focus primarily on Series-A investments while remaining flexible to participate in late Seed and Series-B rounds. Typical first investments range from €3-5 million, with up to €10 million available per company. naturalX can act as either lead investor or co-investor, targeting consumer health startups across Europe with selected investments in North America.

    naturalX Health Ventures founder Marvin Amberg (CREDIT: Yves Callewaert)

    naturalX was founded by Marvin Amberg, a German serial entrepreneur with experience launching consumer and health startups, in cooperation with Schwabe Group, a global leader in plant-based pharmaceuticals. The fund defines consumer health as the intersection of wellness and medicine, where science-backed products and services put the consumer in focus. During its 18-month ramp-up phase, naturalX has already made several investments, including mybacs, Flow Neuroscience, Kyan Health, and Meela, while also investing in healthcare-focused VC funds to build a strong ecosystem around their thesis.

    “I am very excited to double down on our thesis with the official launch of naturalX. The consumer health space has been overlooked by investors. We see an inflection point in Europe now, as consumers are finally taking more charge of their own health. Startups in the space need a partner with a shared vision,” said Marvin Amberg, founder of naturalX Health Ventures.

    The fund’s launch comes at a pivotal moment in consumer health. The COVID-19 pandemic has accelerated consumers focus on proactive health management, while rising health literacy – driven by mega-influencers like Andrew Huberman, Peter Attia and Bryan Johnson – has created more informed healthcare consumers who see health as a status symbol. Easier access to data through technology, including AI, is further driving the shift toward consumer-centric healthcare.

    naturalX targets solutions across proactive health, including sleep, gut health, prevention, and longevity. The fund also places special emphasis on mental health, recognizing the growing need for consumer-centric therapeutic solutions in this underserved area. The investment strategy bridges Schwabe Group’s deep pharmaceutical expertise with modern digital health innovation.

    “We analysed the U.S. health market and in many successful startups, the consumer is already at the centre. Our thesis is that this is just the beginning, and the European market will develop in a similar pattern. While we start to see some examples of consumer-focused healthcare companies in Europe reaching meaningful scale and significant funding, such as Oura or Neko Health, we think this market deserves more attention,” added Marvin Amberg.

    “naturalX led our Series-A round and has been an exceptional partner, bringing not only capital but also invaluable knowledge of the nutritional supplement and broader consumer health market. Their pragmatic, fast decision-making allows us to focus on growing our business,” said Carl-Philipp von Polheim, Founder of mybacs, a leading DTC probiotic subscription startup.

    “At Kyan Health, we are dedicated to proactive mental health management—empowering individuals before issues escalate. naturalX shares this vision, recognizing that prevention is key to lasting impact. Their deep expertise and strategic approach make them an ideal partner in driving meaningful change for millions,” said Vlad Gheorghiu, Founder of Kyan Health, a leading mental health platform for employees.

    Following the recent closing, the fund is now fully operational and actively building its cross-European investment team.

    Ends

    Media images can be found here. 

    About naturalX Health Ventures
    naturalX Health Ventures is a €100 million venture capital fund focused on Consumer Health startups that are reshaping the future of healthcare. The fund invests mainly across Europe at Series-A stage while also looking at late Seed and Series-B opportunities. naturalX is backed by Schwabe Group, a global leader in plant-based pharmaceuticals.

    The MIL Network –

  • MIL-OSI: Sustain SoCal to Host Second Annual Sustainable Communities: Solutions in Resiliency Conference

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Feb. 17, 2025 (GLOBE NEWSWIRE) — via InvestorWire — Sustain Southern California (“Sustain SoCal”) is proud to host the Sustainable Communities: Solutions in Resiliency conference to be held on Thursday, February 20, 2025. The in-person event will take place at The Cove at UCI Beall Applied Innovation, located at 5270 California Ave., Irvine, CA 92617.

    Following its successful launch in 2024, we are pleased to organize the second edition of this event, addressing housing-related concerns, including critical issues such as climate readiness and availability, resilience in the face of environmental disruptions, the changing landscape of insurance, fire safety, and local self-resiliency.

    Given recent fire emergencies in states such as California’s unchecked urbanization, water quality risk as a result of burn zone runoff, and instability in our energy grid, the demand for such a forum has never been greater. This one-of-a-kind conference is where innovation meets sustainability. Among the promising advancements driving the transformation of communities is the integration of digital twin technologies, helping usher in an era of eco-conscious urban development.

    This event will unite industry veterans, renowned pioneers, thought leaders, and policy influencers from Southern California and surrounding regions. Invaluable perspectives and practical insights will be explored, fostering dialogue and collaboration to drive the transformation of communities into vibrant, resilient, and sustainable hubs.

    The conference agenda will include dynamic, insights-rich sessions such as:

    • Housing: How Climate Readiness & Availability Intersect
    • How Beneficial Fire Will Mitigate the Wildfire Crisis: An Environmental Liability Solution
    • Water Management as Key to Disaster Preparedness & Cleanup
    • Wildfire Resilience: How Smart Buildings Safeguard Critical Infrastructure
    • Microgrids & Mobile Energy Units as Emergency Resources

    The event will also feature the Innovator Showcase, a special exhibition where attendees can interact with cutting-edge innovations to help achieve responsible, sustainable urban and suburban living.

    The conference also provides attendees with a unique opportunity to engage directly with key experts, industry peers, enthusiastic researchers, and students.

    C. Scott Kitcher, President and CEO of Sustain SoCal, reiterated the significance of this event: “What began as an event to lay the foundation for Sustain SoCal’s extensive 2025 program has quickly transformed into a complex discussion about climate resilience and emergency preparedness in light of the recent LA fires. This event will examine a multitude of lessons learned when it comes to housing development, the changing landscape of insurance, water quality, the research needed in regards to ecological buffer zones, microgrid applications in times of evacuation and emergency response, and much more. Conversations kicked off during Sustainable Communities: Solutions in Resiliency will be continued throughout the upcoming year in our Communities Working Group, offered to Sustain SoCal Members.”

    For more information and registration details, visit: https://sustainsocal.org/event/sustainable-communities/

    About Sustain SoCal
    Sustain SoCal, a non-profit organization, accelerates sustainability and economic growth through innovation, collaboration and education in Southern California. The organization has a ten-year history in exploring and implementing pragmatic, real-world solutions to the challenges created by growth, change and inefficiency. It conducts conferences, workshops and networking events that lead to initiatives that positively impact our region’s economic progress and sustainability. For more information, please visit www.sustainsocal.org.

    About IBN

    IBN is a cutting-edge communications and digital engagement platform providing tailored Platform Solutions for select private and public companies. Over the course of 18+ years, IBN has introduced over 65+ investor facing brands to the investment public and amassed a collective audience of millions of social media followers. These distinctive investor brands amplify recognition and reach as well as help fulfill the unique needs of our rapidly growing and diverse base of client-partners. IBN will continue to expand our branded network of influential properties as well as leverage the energy and experience of our team of professionals to best serve our clients.

    IBN’s Platform Solutions provide access to: (1) our Dynamic Brand Portfolio (DBP) through 65+ investor facing brands; (2) article and editorial syndication to 5,000+ news outlets; (3) full-scale distribution to a growing social media audience; (4) a network of wire solutions via InvestorWire to effectively reach target markets and demographics; (5) Press Release Enhancement to ensure accuracy and impact; (6) a full array of corporate communications solutions; and (7) total news coverage solutions.

    For more information, please visit https://www.InvestorBrandNetwork.com

    Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://IBN.fm/Disclaimer

    Corporate Communications

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    The MIL Network –

  • MIL-OSI Economics: Fabio Panetta: The global economy – navigating uncertainty and change

    Source: Bank for International Settlements

    1. The international economy

    In the advanced economies, inflation is declining and nearing central banks’ targets, leading them to gradually ease monetary tightening. The exception is Japan, where rising inflation has led the central bank to raise official interest rates to 0.5 per cent, the highest level in 17 years.

    Compared with the past, disinflation has been faster and less harmful to economic activity. This is thanks to the rapid unwinding of the shocks that had pushed up consumer prices – such as high energy costs – and to monetary policy, which has kept inflation expectations anchored.

    In the United States, where inflation is falling unevenly amid robust growth, the Federal Reserve is easing monetary conditions more gradually than expected. Its decisions are also being influenced by the recent change in administration, whose new fiscal and trade policies could significantly impact the economy and inflation, with implications for monetary policy. In the midst of this, longer-term yields have risen since the beginning of December, despite the drop in short-term interest rates, spurring an appreciation of the dollar (Figure A.1).

    In the emerging economies, the inflation scenario varies from country to country.

    In China, consumer price inflation is practically nil, while producer price inflation has been negative for two years, exposing the economy to the risk of deflation. Repeated monetary and fiscal interventions have supported financial markets, but their effectiveness in restoring price stability is uncertain.

    By contrast, inflation remains high in Brazil, Türkiye and Argentina, forcing central banks to maintain tight monetary conditions.

    MIL OSI Economics –

  • MIL-OSI Economics: Christodoulos Patsalides: The Central Bank of Cyprus agenda – strategic vision and priorities

    Source: Bank for International Settlements

    Introduction – Strategic Vision Statement and Elaboration

    Distinguished guests, esteemed colleagues,

    I would like to extend my sincere thanks to the organizers of the 12th Banking Forum and Fintech Expo for bringing us together for this important exchange of ideas and insights.

    It is my privilege to have today the opportunity to present the strategic vision and priorities of the Central Bank of Cyprus. In an ever-evolving global and digital economy, we are committed to leading the way in fostering a resilient, innovative, and sustainable financial sector for Cyprus. Our agenda focuses on embracing digital transformation, ensuring robust governance, addressing societal and environmental challenges, and safeguarding financial stability.

    Today, I will outline our key priorities, including advancements in the digital economy, the evolving role of digital payments, the potential introduction of a digital euro, and the regulatory frameworks that ensure responsible governance and societal considerations in our financial systems. Through these efforts, we aim to strengthen Cyprus’ position as a dynamic player within the European financial landscape.

    Cyprus Economy

    To ground our strategic vision, we must first examine the economic landscape in which the Cyprus economy operates. With its key sectors-ICT (Information Communication Technology), tourism, trade, shipping, and construction-, the economy has demonstrated resilience and adaptability despite the consecutive significant geopolitical challenges, including the ongoing conflicts in Ukraine and the Middle East. In recent years, Cyprus has achieved robust growth rate well above the EU average and maintained a strong fiscal position, consistently posting surpluses that have bolstered public finances. As a result, international rating agencies have upgraded their ratings well within the investment grade, highlighting our sound economic management, fiscal discipline, and reforms in the banking sector.

    Banking Sector in Cyprus

    Building on the strength of our economy is the Cypriot banking sector, which has built up remarkable resilience and robustness despite a series of unprecedented and successive crises in recent years. The sector’s solvency, as indicated by the Common Equity Tier 1 (CET1) ratio, rose to 23,5% in the third quarter of 2024, achieving its highest level on record and significantly surpassing the European average of 16,0%. Additionally, the Liquidity Coverage Ratio (LCR)-a key indicator of credit institutions’ capacity to withstand severe liquidity stress-reached 336% in September 2024. This level exceeds the regulatory minimum of 100% by more than threefold and stands well above the European average of 161,4%. The non-performing loan (NPL) ratio fell to 6,5% in the third quarter of 2024, marking its lowest level since 2014, when the NPL definition was standardized across the European Union.

    However, there is no room for complacency as macroeconomic uncertainty, geopolitical risks, and emerging threats like cyber and climate risks grow. Banks must adapt quickly to identify and address these evolving challenges effectively. Moreover, technological advancements bring about a new landscape in which banks are called upon to compete. The pursuit of an appropriate business model is key.

    Digital Economy and Global Digital Trends

    As we look toward the future, the digital economy emerges as a defining feature of global trends. Technology has the ability to sustain and improve our standards of living and the long-term productivity of our economy. Examples of innovative technologies used in financial services (usually referred to as FinTech) include artificial intelligence, cloud computing, digital wallets, big data analytics and biometrics. These technologies have been applied to improve customer service, automate payments, reengineer business processes, detect suspicious activity, and assist with customer profiling and digital onboarding. However, we are yet to see the realization of potential in other promising new technologies such as distributed ledger technology (DLT), smart contracts and tokenization.

    As technology becomes more widespread in our evolving digital economy, cyber risk and data security continue to be by far the most prominent driver of operational risk for banks. Technological advances with increased sophistication, growing reliance on digital solutions, but also growing capabilities of cyber offenders, have all resulted in enhanced risk exposure for banks, including vulnerability to sophisticated cyber-attacks. Cyber risk is often driven by geopolitical risk, thus raising overall risk to a much higher level. Supervising these risks remains one of our priorities.

    To take full advantage of the potential of innovative technologies responsibly while managing risks, common supervisory and regulatory approaches are essential. The EU has introduced key legislation such as DORA, PSD3, FiDA, MiCAR, and the AI Act, which aim to strengthen financial sector resilience and boost consumer and investor confidence by guiding responsible innovation. Recognizing the evolving market dynamics, the Central Bank of Cyprus has established an Innovation Hub to foster dialogue with fintech stakeholders and support domestic financial innovation.

    Digital Payments in Cyprus

    A key element of the digital economy is the rapid rise of digital payments. We find ourselves in an era where digital transformation is reshaping economies, and Cyprus is no exception. One of the most prominent trends is the proliferation of digital payments, which now capture around 96% of cashless payments. At the same time, preference for cash payments is shrinking, as evidenced by a remarkable decline of 11% since 2022 that placed Cyprus at the top of euro area countries. Cypriots use cards 1,3 times more frequently than their European peers, while our contactless card payments capture more than half of all card payments consistently since 2022. This reflects the readiness of local businesses to accept cards and to opt for terminals that embed Near-Field-Technology. 

    In the same vein, e-commerce exhibits gradual expansion, manifested by online purchases via cards almost doubling over a six-year period to 28% of the total of card payments. It is indeed remarkable that the use of mobile phones for online purchases has almost reached one quarter of the total, outperforming the EU average which stands at 16%.

    As of the 9th of January of this year, instant payments have become a reality for all banking participants. This signifies that account-to-account payments can be effected at the speed that people demand in the digital and social media age: transmission within 10 seconds, with immediate access to funds on a 24/7/365 basis, as opposed to the current 1-2 days waiting time. Consumers and businesses will reap the benefits in the months to come. 

    Electronic Money Institutions & Payments Institutions

    E-money payments are gaining traction, driven by opportunities in fintech, e-commerce, and digital payments. Having licensed 4 electronic money institutions this year, the Central Bank of Cyprus now supervises 27 electronic money institutions and 11 payment institutions. 

    As part of our broader strategic agenda, we are committed to drawing on international experience in supporting the Central Bank of Cyprus in refining its approach for regulating, licencing and supervising Electronic Money Institutions (EMIs) and Payment Institutions (PIs) in Cyprus.

    In December, the CBC, announced the establishment of a comprehensive licensing and supervisory strategy for the sector of these institutions.

    For the development of this strategy, the CBC appointed an international consultancy firm whose experts, in collaboration with CBC staff, conducted an analysis of the sector and its inherent risks.

    The objective of the new strategy is to pursue the prudent and sustainable growth of the sector. Among other measures, the strategy includes:

    • The enhancing and enriching of the licensing processes for institutions applying to participate in the sector.
    • The Strengthening of the supervision of institutions by implementing a risk-based supervisory approach for each institution and enriching supervisory tools. 
    • And the adoption of best practices for the operation of the sector.

    To achieve these objectives, a Division for the Supervision of Electronic Money and Payment Institutions is being established, which will henceforth undertake the prudential supervision of the sector.

    Digital Euro

    Moving on to the digital euro, I will give a brief status update from last year’s forum. As legislative negotiations continue in Brussels, the Eurosystem is progressing through the first part of the preparation phase for the digital euro, focusing on calibrating the holding limits without compromising financial stability or bank intermediation as the banks will retain their role vis-à-vis their customers. The ECB continues to rapport with the market, with specific holding entitlements to be defined later. The rulebook formulation, developed with stakeholder input, will set standards for future digital euro distributors, leveraging existing frameworks for cost efficiency and allowing flexibility for innovation. Consumers and businesses prioritize functionalities like conditional payments and effortless bill-splitting, guiding expectations for future services.

    Moving on to the platform and infrastructure preparations, the ECB is now selecting candidates from its recent application process and plans to enhance engagement with distributors to ensure readiness for the potential issuance and successful distribution of the digital euro, if and when the decision to issue is made.

    Allow me to take a moment to refer to our efforts at raising awareness within our market through various communication channels, targeting the general public, the business community, and financial institutions. Aside from articles that we regularly publish in the press and on professional social networking platforms, we invite various stakeholder groups to the CBC premises. Last July we gave a press conference with Mr Piero Cipollone, member of the Executive Board of the European Central Bank, as keynote speaker. In November we held a focus session with business associations and their members, and in December we presented a thorough status update of the project to the members of our National Payments Committee. Last but not least, the Central Bank of Cyprus participates in panel discussions and presents the digital euro project at various local and international conferences.

    ESG Regulatory Landscape: Governance, Society, and Climate Change

    A. Governance

    As we embrace these innovations, we remain steadfast in our commitment to strong governance. Governance, a core pillar of ESG, is crucial in enhancing transparency, accountability, and ethical standards in financial institutions. Strong governance enables sound lending decisions, reduces conflicts of interest, and ensures compliance with regulations including the updated Directive on Corporate Sustainability and ESG provisions in the recently enacted CRD 6, protecting institutional reputation and minimizing financial risks.

    B. Encompassing Society Considerations in Business Activity: Financial Conduct

    Social factors, including diversity, labour practices, community engagement, and adherence to human rights standards, are also vital for modern credit institutions. Embedding diversity in governance and fair pricing in operations fosters trust among stakeholders, promotes financial inclusion, and enhances institutional resilience, strengthening reputation and market standing.

    C. Climate Change – CBC Initiatives

    The Central Bank of Cyprus actively engages in thematic reviews, stress tests, and in-depth analyses led by the European Central Bank to assess institutions’ preparedness on climate risk and its integration into their strategy, governance, risk management and disclosures. This supervision helps ensure credit institutions speed up their preparations to manage ESG risks while meeting necessary sustainability and resilience standards. Additionally, the smaller institutions, directly supervised by us, were requested to develop implementation plans, with specific milestones, in order to advance the management of climate related risks, in line with the ECB’s 13 supervisory expectations which stipulate how banks should integrate climate and environment risks into their business models and strategies, governance and risk appetite.

    Beyond what is expected from the supervised institutions, the Central Bank of Cyprus has set up internally a Sustainability Team, aiming to support the CBC in addressing climate change in line with its mandate to maintain price stability, safeguard financial stability, supervise banks and support the general economic policy of the State, while also contributing to the target of net zero carbon emissions, and the continuation of strong governance. The recent visit of Mr Frank Elderson, member of the ECB’s Executive Board and Co-Chair of the Task Force on Climate-related Financial Risks of the Basel Committee on Banking Supervision touched upon these issues as well.

    Concluding remarks

    Let me now conclude: the strategic vision of the Central Bank of Cyprus is built on the pursuit of price stability and financial stability in its capacity as the macroprudential authority of the country. By embracing the digital economy, ensuring robust governance, and addressing climate change, we are positioning Cyprus as a forward-looking financial hub in Europe. Together, we will navigate the challenges and opportunities of the future, ensuring stability and prosperity for all.

    MIL OSI Economics –

  • MIL-OSI Economics: Christodoulos Patsalides: Cyprus and the euro area – navigating growth, stability, and opportunities

    Source: Bank for International Settlements

    I would like to thank the Cyprus Shipping Chamber for giving me the opportunity to address this meeting today and discuss key economic developments. My remarks will begin with an overview of Cyprus’ economic performance. I will then discuss the notable progress achieved in the banking sector and underscore the critical role of the shipping industry in driving export revenues. Following this, I will turn to the broader economic outlook for the Euro Area, concluding with insights into the European Central Bank’s latest monetary policy decision on achieving price stability.

    Domestic economic outlook

    The Cypriot economy continues to exhibit robust growth, despite facing persistent external challenges in a turbulent and uncertain global environment. Geopolitical risks, such as the ongoing war in Ukraine, conflicts in the Middle East, and rising international tensions, have elevated economic uncertainty.

    Amidst these conditions, the Cypriot economy has consistently demonstrated remarkable resilience and flexibility. This is clearly reflected in its recent upgrades by credit rating agencies to the “A” category, further cementing its reputation in international financial markets. These upgrades underscore the growing confidence in Cyprus’s fiscal policies and the solid outlook for its economic and banking systems.

    Improved fiscal performance has been a cornerstone of these positive developments. Public debt has been reduced significantly, declining from 114% of GDP in 2020 to 74% in 2023, highlighting disciplined financial management. Projections from the Ministry of Finance indicate that this downward trajectory will continue, with public debt expected to fall below 50% of GDP by 2028. This progress strengthens fiscal sustainability and enhances the country’s ability to respond to future challenges, reflecting a strong commitment to long-term economic stability.

    According to the December 2024 projections of the Central Bank of Cyprus (CBC), economic growth for 2024 is expected to reach 3.7%, significantly higher than the projected Eurozone average of 0.7%. The expansion of productive sectors such as technology, trade, tourism, financial and professional services, shipping, and construction-particularly large private sector infrastructure projects-has been a key driver of growth.

    For the period 2025-2027, GDP is expected to grow by approximately 3% annually, driven primarily by a projected increase in domestic demand and, to a lesser extent, external demand. Domestic demand is expected to be supported by a rise in private consumption due to the increase in real disposable household income and the continued resilience of the labour market. Additionally, domestic demand will benefit from ongoing large-scale private non-residential investments, infrastructure projects aimed at supporting digital and green development, and other reform projects under the Recovery and Resilience Plan.

    Regarding the shipping sector in particular, our small island has a maritime history spanning hundreds of years, and it is rightly is considered as one of the main pillars of the Cypriot economy. The country’s maritime industry considerably contributes directly and indirectly to the country’s GDP. Based on 2023 data, the shipping sector ranks third with a share of 17.2% to the total value of exports of services, after the Information and Communication Technology sector, the financial services and the tourism sectors, with shares of 30.2%, 20.3% and 11,5% respectively. In view of the aforementioned figures, it is evident that the sector managed to stay focused and strong despite the unprecedented challenges faced in the last few years, namely the covid pandemic, the wars in Ukraine and Gaza as well as the tensions in the Red Sea. 

    The strength of the labour market further reinforces this positive narrative. Unemployment has declined to 5% in the first nine months of 2024, compared to 5.8% in 2023. It is projected to remain at 5% for the full year and to fall further to 4.6% by 2027, approaching levels indicative of full employment. These figures compare favourably to the euro area, where unemployment is forecast to stabilize at 6.1% by 2027.

    On the prices front, inflationary pressures have eased significantly, with inflation dropping to 2.2% in the first eleven months of 2024, compared to 4.1% in the same period of 2023. According to the CBC’s December 2024 projections, inflation is expected to stabilize near the 2% medium-term target, reaching 1.9% in 2025, 2.1% in 2026, and 2.0% in 2027.

    The Cyprus banking sector

    The Cyprus banking sector has demonstrated tangible progress and resilience, with key financial metrics reflecting a strong and sound performance. A primary indicator of this strength is the solid improvement in terms of solvency, with the Common Equity Tier 1 (CET1) ratio increasing from 21.5% in December 2023 to 23.5% in September 2024. This increase marks the highest CET1 ratio in the Union, surpassing the EU average of 16.0%.

    Despite the challenges posed by consecutive crises, no tangible signs of credit quality deterioration are observed up to this point. In fact, the Non-Performing Loans (NPL) ratio has continued its positive downward trend. As of September 2024, the NPL ratio stands at 6.5%, a marked improvement from 7.9% in December 2023. This reduction reflects the sector’s ongoing commitment to addressing legacy issues, bolstering the financial health of the asset side of its balance sheet, and reinforcing its capacity to support economic recovery. Yet, there is still some way to go, particularly considering that the average NPL ratio of the EU sector stands as of September 2024 at 1.9%. Furthermore, the improvement within the Cyprus banking sector has not been homogeneous across all institutions, with certain banks lagging behind. These institutions must therefore accelerate their efforts to align with the sector-wide advancements.

    Profitability metrics have been robust, with the Return on Equity (RoE) reaching 23.2% in September 2024 as opposed of 11,1% of the EU average. Operational efficiency has improved as the cost-to-income ratio declined to 35.5%, a notable reduction from previous years and lower than the EU average of 53%.

    Cyprus banks also exhibit some of the highest liquidity standings in the EU, reinforcing their ability to meet potential liquidity demands. The Liquidity Coverage Ratio (LCR), a measure of a bank’s ability to withstand large liquidity outflows under a stressed period, stands as of September 2024 at 336%, compared to the EU average of 161% and minimum requirement of 100%. Furthermore, the Net Stable Funding Ratio (NSFR), which assesses the stability of a bank’s funding base, stands also high at 187%, surpassing both the EU average of 127% and the minimum regulatory requirement of 100%. The Cypriot banking sector is thus well-positioned to face potential market disruptions and continue driving economic stability.

    Through the first 11 months of 2024, Cypriot banks granted €3.3 billion in new loans to households and non-financial corporations (NFCs), surpassing the already high €2.9 billion provided during the same period in 2023. A negative side effect of a strongly liquid banking sector in a small country is the slow adjustment of interest rates in response to ECB monetary policy actions. Banks must exhibit responsible pricing policies in the face of reputation risk and the need to support the competitiveness of the economy.

    Looking to the future, the banking sector faces challenges such as adapting to AI, mitigating cyber risks, addressing geopolitical uncertainties, and transitioning to a greener economy. Tackling these priorities is essential for sustaining the sector’s positive trajectory and remains central to our supervisory agenda.

    Economic Developments in the Euro Area

    The risks to economic growth continue to lean towards the downside. Increased disruptions in global trade may hinder euro area growth by suppressing exports and slowing the global economy. Additionally, reduced confidence could delay the recovery of consumption and investment beyond current expectations. The ECB’s December projections estimate economic growth of 0.7% in 2024, 1.1% in 2025, 1.4% in 2026, and 1.3% in 2027. This recovery is expected to be driven primarily by rising real incomes, which should enable households to boost consumption, alongside increased investment by firms.

    On the price front, euro area inflation rose to 2.4%, in December 2024, up from 2.2% in November, primarily driven by increased energy costs but this was expected due to energy-related upward base effects.

    Despite the upticks in recent months, the disinflation process is well on track. ECB Staff see headline inflation averaging 2.4 per cent in 2024, 2.1 per cent in 2025, 1.9 per cent in 2026 and 2.1 per cent in 2027 when the expanded EU Emissions Trading System becomes operational. Services inflation continues to be sticky at around 4%, largely stemming from the delayed catch-up adjustment of certain services prices to past inflation surges and ongoing wage pressures. At the same time, recent signals point to continued moderation in wage pressures and to the buffering role of profits.

    Inflation is expected to fluctuate around its current level in the near term. It should then settle sustainably at around the two per cent medium-term target. Easing labour cost pressures and the continuing impact of past monetary policy tightening on consumer prices should help this process. Most measures of longer-term inflation expectations continue to stand at around 2 per cent.

    ECB Monetary Policy

    Based on our updated assessment of the inflation outlook, underlying inflation dynamics, and the effectiveness of monetary policy transmission, we decided at our January Governing Council meeting to further reduce the three key ECB interest rates by 25 basis points. This adjustment brought the deposit facility rate-the primary tool for steering our monetary policy stance-to 2.75%

    Overall, the euro area’s economic environment remains intricate, with the risks to economic growth tilted to the downside and with both upside and downside risks to inflation present. The ECB continues to navigate these challenges through measured, careful adjustments in its monetary policy stance. Growth is a factor influencing inflation dynamics. It is crucial to ensure that the economy does not grow too slowly, as this could lead to inflation stabilizing below the target. As we move forward, in the current environment of elevated uncertainty stemming from potential global trade frictions and geopolitical tensions, the ECB’s prudent data-dependent meeting by meeting approach shall continue to be important in addressing the evolving economic conditions within the euro area to ensure the timely return to the inflation target in a sustainable manner. The ECB is not pre-committing to a particular rate path.

    Conclusion

    Let me now conclude: the Cypriot economy has shown resilience and adaptability, supported by strong performance, prudent fiscal policies, and a stable financial system, with key contributions from banking and shipping. As one of the pillars of our economy, the shipping sector continues to demonstrate global competitiveness and innovation, further strengthening Cyprus’s position as a leading maritime hub. Looking ahead, challenges like climate change and geopolitical risks demand strategic foresight, but Cyprus is well-prepared to sustain growth.

    At the Euro Area level, the economic outlook balances risks and opportunities, with the ECB ensuring price stability and sustainable growth through proactive, data-driven policies. By remaining data-driven and proactive, we can ensure that the monetary framework across the region remains resilient and responsive to evolving global dynamics.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Economics: Ida Wolden Bache: Economic perspectives

    Source: Bank for International Settlements

    Data accompanying the speech

    “Some of the richest countries in the world are small. They are also outward looking.”

    So starts the first chapter of Victor Norman’s textbook on a small open economy. This is also an apt description of our country. Openness and trade have been essential to our prosperity.

    Victor Norman passed away last year, and with that Norway lost a leading researcher and an outstanding communicator. The first edition of Victor Norman’s book was published in 1983. The quotation I just cited is taken from the expanded edition released ten years later. That was more than 30 years ago, but the book bears its age well. The insights it provides are no less relevant today.

    The framework conditions for international cooperation and trade are in play. There is war in Europe, and the governments of many countries see a need for rearmament. In today’s world, emphasis must be placed on national security and preparedness considerations.

    But the gains from trade with other countries are still there in full, especially for a small economy like ours. Norman points out that small countries often have a narrow resource base as they tend to cover a small part of the earth’s crust. Norway, for example, is abundant in energy resources, but poor in arable land and the crop season is short. Norman posits in his textbook that if we shut ourselves out, such a resource base would have left us sitting hungry in overly heated homes. Trade with other countries allows us to decouple consumption from production. Small countries also have small markets, which means that the cost of producing some things domestically is higher than importing them. International trade expands markets. We can sell aluminium and buy aircraft.

    But as Norman writes: “Open economies are not without their problems. Small countries must (almost by definition) take the world as it is – with minimal possibility of influencing international developments.” This is something we have experienced, most recently during the pandemic and the subsequent global surge in inflation.

    MIL OSI Economics –

  • MIL-OSI Global: Trump has purged the Kennedy Center’s board, which in turn made him its chair – why does that matter?

    Source: The Conversation – USA – By E. Andrew Taylor, Associate Professor and Director of Arts Management, American University

    Former Kennedy Center President Deborah Rutter walks by The Reach, a major expansion of the performing arts center completed during her tenure. AP Photo/Patrick Semansky

    President Donald Trump dismissed half the appointed trustees of the John F. Kennedy Center for the Performing Arts’ board on Feb. 12, 2025. The remaining board members, most of whom he had recently appointed, then voted to make Trump the center’s chair. The board also fired Deborah Rutter, who had served as the center’s president since 2014 and already planned to step down seven months later.

    The board replaced Rutter with Richard Grenell, who served in the first Trump administration.

    The Conversation U.S. asked E. Andrew Taylor, an arts management scholar, to explain how the Kennedy Center operates and sum up the significance of Trump’s unprecedented interference with its operations.

    Why is the government involved in the Kennedy Center?

    The Kennedy Center, a unique cultural enterprise located along the Potomac River in Washington, has a complex ownership and operating structure. The campus includes three large performance halls, two midsize theaters and many smaller venues and public spaces that host musical, theatrical and dance performances, lectures, exhibits and other special events. In form and function, it looks a lot like other major metropolitan performing arts centers, such as New York City’s Lincoln Center. But its structure is different.

    The Kennedy Center is part of the federal government. Officially, it’s a bureau under the Smithsonian Institution.

    It was originally conceived during the Eisenhower administration and later championed by President John F. Kennedy. It was named after JFK following his assassination.

    The center opened in 1971, with a world premiere of composer Leonard Bernstein’s “Mass.” President Richard M. Nixon did not attend after the FBI warned him of possible anti-war messages encoded in the Latin text that might be designed to embarrass him.

    The center’s current mission statement captures its purpose and goals:

    “As the nation’s cultural center, and a living memorial to President John F. Kennedy, we are a leader for the arts across America and around the world, reaching and connecting with artists, inspiring and educating communities. We welcome all to create, experience, learn about, and engage with the arts.”

    Why does the Kennedy Center have a nonprofit board?

    From the start, the Kennedy Center was planned as a public-private effort. Government funding covers the maintenance, upkeep, security and restoration of the building and grounds.

    Private funds, largely derived from ticket sales, individual donors, foundations and corporations, cover the performances, productions and other programs.

    Those private funds cover more than three-quarters of the Kennedy Center’s budget. Its 2023 annual report explained that its US$286 million in revenue included $152 million from ticket sales, services and fees, $85 million from donations and $45 million from the federal government, with the rest derived from income from its endowment and other sources.

    In accordance with this public-private mix of revenue, the center’s governance has always been a hybrid, with the structure of a nonprofit board but with political appointees.

    The Kennedy Center’s board is authorized by its legislation to solicit and accept private donations, enter into contracts, maintain its halls and grounds, and appoint and oversee professional leadership. For the most part, it has the same responsibilities as any nonprofit board.

    There’s a big exception, however.

    While most nonprofit boards recruit, elect and develop their own membership, the Kennedy Center board consists of government appointees. About two dozen trustees serve by virtue of their government office, such as the librarian of Congress, the secretary of state, the mayor of Washington and the speaker and the minority leader of the U.S. House of Representatives;.

    Up to 36 more are appointed by the president, each serving staggered six-year terms so that they don’t all expire at the same time.

    Singer-songwriter Sara Bareilles performs Elton John’s ‘Goodbye Yellow Brick Road’ with the National Symphony Orchestra in February 2025 at the Kennedy Center’s sold-out Concert Hall.

    Is the board supposed to be nonpartisan?

    The six-year terms reflect a goal of establishing a largely nonpartisan governing board, since presidents usually appoint board members aligned with their own party. Until now, that balance has been the norm. But that outcome wasn’t mandated when Congress passed legislation establishing the Kennedy Center.

    Having a politically balanced board has historically helped the Kennedy Center raise money and attract world-class artists. For example, the 2025 season, as of mid-February, will or has included Alvin Ailey American Dance Theater, jazz pianist Kenny Barron, soprano Renée Fleming, author David Sedaris, comedian Sarah Silverman and touring productions of “Parade” and “Les Misérables.”

    Its in-house productions are often classic works, such as “La Bohème” and Beethoven’s symphonies. Many of the center’s theatrical productions have gone on to Broadway and national tours, including “42nd Street,” “Noises Off” and revivals of “The King and I,” “Annie” and “Spamalot.”

    I’m concerned that many longtime or potential future donors may not want to contribute to a cause that has suddenly become subject to partisan leadership.

    Many artists and creative partners have already begun to sever their ties to the Kennedy Center or cancel upcoming shows at its venues out of an aversion to the board’s dramatic political turn. Some performances and tours tied to the center have been called off for other reasons that haven’t yet been made public.

    Members of the public may balk at attending events at a politically charged venue, especially with so many other performing arts options in and around Washington, reducing ticket sales.

    What does the Kennedy Center chair do?

    Board chairs are in charge of the governing board, expending considerable energy, attention, effort, political muscle and often personal wealth to ensure that the organization can thrive.

    The Kennedy Center’s prior chairs have not been figureheads. Rather, they have been actively engaged in fundraising, strategic planning and public advocacy. The legislation that chartered the center requires that its chair and secretary “shall be well qualified by experience and training to perform the duties of their respective offices.”

    Trump has admitted that he’s never seen a show at the Kennedy Center. He has no prior relevant arts board leadership experience. And he is constrained from serving on a nonprofit board in the state of New York after admitting to the misuse of charitable funds by the now-dissolved Donald J. Trump Foundation.

    David Rubenstein, the board chair ousted by this upheaval, has given the Kennedy Center at least US$111 million, making him the center’s biggest donor ever. The philanthropist spearheaded fundraising for its first major expansion, securing significant support from private corporations and foundations.

    Former Kennedy Center Chair David Rubenstein speaks at an event at the performing arts venue in 2022.
    AP Photo/Kevin Wolf

    Has anything like this happened before?

    No U.S. president has served as a member of the Kennedy Center board before, let alone its chair.

    Presidents do often appoint their friends and allies to government boards and commissions, and often remove appointees of previous administrations. President Joe Biden, for example, removed Sean Spicer – a former Trump press secretary and White House communications director – from the Naval Academy advisory board.

    But that board is leading a strictly governmental body, not a public-private hybrid so dependent on private funding. And the speed and scale of this purge are unprecedented.

    What are the potential consequences?

    All big, multi-venue metropolitan performing arts centers are extraordinarily complex and difficult to manage.

    The John F. Kennedy Center for the Performing Arts is particularly so. It hosts approximately 2,200 performances that draw more than 2 million visitors each year, with an in-house symphony and opera company. It produces the Kennedy Center Honors, which celebrate exceptional American artists with an annual gala, performance and television broadcast, and the Mark Twain Prize, which honors one accomplished American comedic actor, author or performer each year.

    The Kennedy Center hosts an annual event honoring a wide range of performers and other leaders in the arts.

    It’s also a national hub for arts education that serves 2.1 million students and teachers across all 50 states, doubling as an open campus: It offers daily free performances of everything from classical chamber music and ballet to jazz and rock bands.

    Even under the best possible conditions, this is a lot to handle.

    Successful arts nonprofits benefit from a governing board whose members have expertise in the arts, business and philanthropy, are loyal to the mission above themselves, and rigorously follow the law. Beyond those basics, ideal conditions also include having enthusiastic audiences, passionate donors, eager and exceptional artistic collaborators, and creative and administrative teams that are supported and empowered to do their difficult work.

    With Trump’s takeover of the Kennedy Center board, this national cultural center has now, essentially, turned into a branch of the White House. In my view, that’s a disturbing turn of events in a nation that celebrates free and creative expression. It’s also disruptive to a complex, mission-driven enterprise that demands care, loyalty and obedience from its governing board.

    E. Andrew Taylor directs American University’s Arts Management Program. Some of its alumni and students have worked as staff and fellows for The Kennedy Center.

    – ref. Trump has purged the Kennedy Center’s board, which in turn made him its chair – why does that matter? – https://theconversation.com/trump-has-purged-the-kennedy-centers-board-which-in-turn-made-him-its-chair-why-does-that-matter-249934

    MIL OSI – Global Reports –

  • MIL-OSI Global: Why do skiers sunburn so easily on the slopes? A snow scientist explains

    Source: The Conversation – USA – By Steven R. Fassnacht, Professor of Snow Hydrology, Colorado State University

    Skiers can sunburn easily for reasons that have nothing to do with the mountain’s elevation. Matt Bird/Stone via Getty Images

    It’s extremely easy to get sunburned while you’re skiing and snowboarding in the mountains, but have you ever wondered why?

    While it’s true that you’re slightly closer to the Sun when you’re high in the mountains, that isn’t the reason.

    If you go up 1 mile (1.6 km), about the elevation from Denver to the peaks of resorts such as Vail or Copper Mountain, you’re less than 1 millionth of a percent closer to the Sun – that’s nothing. Since the Earth’s orbit is an ellipse and not a circle, the planet is about 1.7% closer to the Sun in early January compared with its annual average. This means skiers get about 3.3% more Sun in January than average for the year – so, not much more.

    Being 1 mile higher up does mean the atmosphere is thinner, so there are fewer particles to block the ultraviolet radiation that causes sunburns.

    But the big reason your skin is more likely to burn has to do with all that fresh powder that skiers and snowboarders crave, especially on perfect, blue-sky days. I’m a snow scientist at Colorado State University and an avid skier. There are many ways that snow conditions affect how much your skin will burn.

    Fresh snow is very reflective

    When you’re out in the snow, a lot of the solar radiation your skin receives is reflected from the snow itself. The amount of radiation reflected is known as albedo.

    Fresh powder snow can have an albedo of almost 95%, meaning it reflects almost all of the Sun’s radiation that hits it. It’s much more reflective than older snow, which becomes less shiny. Fresh snow has a lot of surfaces to reflect the Sun’s rays. As snow ages, the snow crystal becomes more round and there are fewer surfaces to reflect light.

    Fresh snow has lots of planes to reflect the Sun’s rays, more so than older snow.
    Steven Fassnacht/Colorado State University, CC BY
    Older snow isn’t as reflective as it melts and the grains become rounder.
    Steven Fassnacht/Colorado State University, CC BY

    Having lots of fresh snow increases albedo because the Sun penetrates into the powder, reflecting off the small, newly fallen crystals. Think about starting a car after 6 inches of fresh snow fell. Some light still makes its way through the snow-covered windshield.

    Having only an inch of powder on crust is not as reflective as knee-deep fresh powder. Shallow snow is less reflective.

    What is albedo?

    A lot of people want to ski on what are known as bluebird days, when there is deep, fresh powder under a clear blue sky following a big snow dump. However, this provides the perfect conditions to burn from two directions: lots of Sun coming down from above and high albedo reflecting it back to your face from below. Clouds block sunlight, with only about one-third of the Sun’s radiation making it through a fully overcast sky.

    Which side of the mountain also matters

    Where you are on the mountain also makes a difference.

    The slope and the direction that the slope faces, called aspect, also influences the intensity of the Sun on a surface. North-facing slopes in the Northern Hemisphere get less direct sunlight in the winter, when the Sun is farther south in the sky, so they stay cooler.

    Ironton Park, near Ouray, Colo., on a clear blue day in February 2025.
    Steven Fassnacht/Colorado State University, CC BY

    A lot of the runs at Northern Hemisphere ski resorts face north, so the snow melts slower. The snow also varies from the top of the mountain to the base. There is more snow up high, and the snow melts slower there, so the albedo is higher at the top of the mountain than at the base.

    How to reduce the risk of sunburn

    To avoid sunburns, skiers and snowboarders need to take all of those characteristics into account.

    Because solar radiation is reflecting back up, people out in the snow should put sunscreen on the bottom of their noses, around their ears and on their chins, as well as the usual places.

    Most sunscreen also needs to be reapplied every two hours, particularly if you’re likely to sweat it off, wipe it off, or wear it off while playing on the slopes. However, surveys show that few people remember to do this. Wearing clothing with UV protection to cover as much skin as possible can also help.

    These methods can help protect your skin from burning and the risks of cancer and premature aging that come with it. Snow lovers need to remember that they face higher sunburn risks on the slopes than they might be accustomed to.

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

    – ref. Why do skiers sunburn so easily on the slopes? A snow scientist explains – https://theconversation.com/why-do-skiers-sunburn-so-easily-on-the-slopes-a-snow-scientist-explains-249858

    MIL OSI – Global Reports –

  • MIL-OSI Global: Who are Ismaili Muslims and how do their beliefs relate to the Aga Khan’s work?

    Source: The Conversation – USA – By Shariq Siddiqui, Assistant Professor of Philanthropic Studies, Indiana University

    Prince Karim Aga Khan at an event on Oct. 2, 2019, in London. Max Mumby/Indigo/Getty Images

    Prince Karim Aga Khan, who died on Feb. 4, 2025, served as the religious leader of Ismaili Muslims around the world since being appointed as the 49th hereditary imam in 1957. He came to be known around the world for his enormous work on global development issues and other philanthropic work.

    The Ismaili community considers the imam a direct descendant of the Prophet Muhammad. Ismaili Muslims are considered to be a branch of Shiite Islam. They constitute the second-largest community within the Shiite sect.

    An estimated 15 million Ismaili Muslims live in 35 countries, across all parts of the world. In the U.S., with around 40,000 Ismailis, Texas has the largest concentration of the community.

    As a scholar of Muslim philanthropy, I have long been impressed by the philanthropic and civic engagement of the Ismailis.

    Ismaili religious beliefs

    Following the death of the Prophet in A.D. 632, differences emerged over who should have both political and spiritual control over the Muslim community. A majority chose Abu Bakr, one of the Prophet’s closest companions, while a minority put their faith in his son-in-law and cousin, Ali. Those Muslims who put their faith in Abu Bakr came to be called Sunni, and those who believed in Ali came to be known as Shiite.

    Like other Shiite sects, Ismailis believe that Ali should have been selected as the successor of the Prophet Muhammad. They also believe that he should have been followed by Ali’s two sons – the grandsons of Muhammad through his daughter Fatima.

    The key difference among other Shiites and Ismailis lies in their lineage of imams. While they agree with the first six imams, Ismailis believe that Imam Ismail ibn Jafar was the rightful person to be the seventh imam, while the majority of Shiites, known as Twelvers, believe that Imam Musa al-Kazim, Ismail’s younger brother, was the true successor. They both agree that Ali was the first imam and on the next five imams, who are direct descendant of Ali and Fatima.

    The Ismaili sect split into two branches in 1094. Aga Khan was the leader of the Nizari branch, which believes in a living imam or leader. The second branch – Musta’lian Tayyibi Ismailis – believes that its 21st imam went into “concealment”; in his physical absence, a vicegerent or “da’i mutlaq” acts as an authority on his behalf.

    Like all Muslims, Ismailis believe that God sent his revelation to the Prophet Muhammad through Archangel Gabriel. However, they differ on other interpretations of the faith. According to the Ismailis, for example, the Quran conveys allegorical messages from God, and it is not the literal word of God. They also believe Muhammad to be the living embodiment of the Quran. Ismailis are strongly encouraged to pray three times a day, but it is not required.

    Ismailis believe in metaphorical, rather than literal, fasting. Ismailis believe that the esoteric meaning of fasting involves a fasting of the soul, whereby they attempt to purify the soul simply by avoiding sinful acts and doing good deeds.

    In terms of “Zakat,” or charity – the third pillar of Islam, which Muslims are required to follow – Ismailis differ in two ways. They give it to the leader of their faith, Aga Khan, and believe that they have to give 12.5% of their income versus 2.5%.

    Pluralism and its embrace

    Ismaili history has a strong connection to pluralism – part of their philosophy of embracing difference. The Fatimid Empire that ruled over parts of North Africa and the Middle East from 909 to 1171 is said to have been a “golden age of Ismaili thought.”

    It was a pluralistic community, in which Shiite and Sunni Muslims, as well as Christian and Jewish communities, worked together for the success of the flourishing empire, under the rule of the Ismaili imams.

    In the modern period, Ismailis have sought to further pluralism within their own communities by arguing that pluralism goes beyond tolerance and requires people to actively engage across differences and actively embrace difference as a strength. For example, Eboo Patel, an Ismaili American, has established the nonprofit Interfaith America as a way to further pluralism among faith communities.

    The Aga Khan’s philanthropic work

    Prince Karim Aga Khan established the Aga Khan Development Network and Aga Khan Foundation in 1967.

    Some 53 nurses and 98 midwives from Ghazanfar Institute of Health Sciences, supported by The Aga Khan University in Karachi, Pakistan, and the United States Agency for International Development, attend a graduation ceremony in Kabul, Afghanistan, on March 29, 2009.
    Massoud Hossaini AFP via Getty Images

    The network supports health care, housing, education and rural economic development in underprivileged areas. The foundation is one of nine agencies of the network that focuses on philanthropy. The Aga Khan Development Network has hospitals serving the poor in several parts of the world. The Aga Khan Medical University in Karachi, Pakistan, is considered to be a leading medical school globally.

    While previous imams or leaders also led charity and development projects, the Aga Khan was the first to create a formal, global philanthropic foundation.

    The Aga Khan Foundation operates in countries with Ismaili populations or historical connections to the Ismaili community, such as Afghanistan, Egypt, India, Kenya, Kyrgyzstan, Madagascar, Mozambique, Pakistan, Portugal, Syria, Tajikistan, Tanzania and Uganda. The foundation also has offices in Australia, Canada, the United Kingdom and the United States, focusing primarily on raising funds and advocating for the foundation.

    According to the foundation, in 2023 it served over 20 million people through 23,310 civil society partner organizations.

    The Ismaili community will now be led by the Aga Khan’s eldest son, Rahim Al-Hussaini, as the 50th imam. He has been actively involved with the Aga Khan Development Network and is expected to continue the important philanthropic and development work of his global community.

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

    – ref. Who are Ismaili Muslims and how do their beliefs relate to the Aga Khan’s work? – https://theconversation.com/who-are-ismaili-muslims-and-how-do-their-beliefs-relate-to-the-aga-khans-work-249318

    MIL OSI – Global Reports –