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Category: Business

  • MIL-OSI China: Delivering convenience of modern life to doorsteps of Tibetan farmers, herders

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

    Aerial photo taken on Nov. 5, 2020 shows villagers’ new houses in Pumaqangtang Township in Shannan, southwest China’s Xizang Autonomous Region. (Xinhua/Zhan Yan)

    When Ngawang Chophel ordered a down jacket online, he knew better than to expect it to arrive the next day. In his remote village in southwest China’s Xizang Autonomous Region, delayed deliveries are the norm, unlike the speedy service enjoyed by those who live in the country’s more accessible regions.

    Yet, the delivery system across Xizang today has improved significantly from the past, when parcels could take weeks to arrive in remote areas, with the last mile — or more — usually done by the receiving party rather than the courier service.

    “It used to take half a month for a parcel to reach us. It was both costly and time-consuming,” said Ngawang Chophel, who hails from Pumaqangtang Township, in Nanggarze County, Shannan City of Xizang.

    In the past, people from his village, located at an altitude of 5,373 meters, faced a two-day journey across the sparsely populated plateau to the county seat, which is more than 100 kilometers away, just to collect their mail and parcels. The gasoline bill for one such trip easily came to a hefty 100 yuan (approximately 14 U.S. dollars).

    Shannan, covering a total area of 80,000 square kilometers, has a relatively small population of just 354,000. For a long time, the eight market-based courier providers operating in the city only delivered packages to the county seat, and at best, to a few townships.

    To improve the situation, Shannan set out to overhaul its mail delivery system. It started by integrating the private courier services into the publicly funded postal network, so that the two systems worked better together.

    By September 2024, the city had established a three-tier postal and courier system comprising 12 county-level digitalized hubs and 701 village or community-level service stations at both ends, with township-level posts functioning as bridges between.

    To improve village-level logistics service hubs, the city allocated 10,000 yuan in subsidies to each station last year. In addition, it reinforced rural roads and attracted branded courier providers to operate in Shannan.

    Thanks to the reform, parcels are now delivered directly to residents’ doorsteps in all 577 administrative villages across Shannan. “Our township, Pumaqangtang, is the highest in China, and now we can receive delivery packages without any obstacles, which has greatly improved our lives,” said Ngawang Chophel as he unpacked his down jacket, a package reaching him much faster than before.

    More efficient deliveries not only make residents happy. “The ‘last mile’ of parcel delivery in and out of villages is crucial for enhancing consumption, promoting rural e-commerce, and supporting broader rural revitalization efforts,” said Gyangkar, the vice mayor of Shannan.

    China, the world’s largest express delivery market, handled over 175 billion parcels in 2024, a 21.5 percent increase from the previous year. As China boasts a highly efficient courier sector, individual localities find it essential to keep up with the flow to stay economically competitive.

    No longer bothered by the arduous commute required to pick up their packages, villagers in Shannan are more inclined to shop online. Official statistics indicate that the total volume of online purchases in the city surpassed 1.45 billion yuan in 2024.

    Local businesses have been integrated into the national production and supply chain thanks to the revamped express delivery system, noted an official in Shannan. For instance, the Xizang Hongnong agricultural development company, which operates the largest modern chicken farm in Xizang, previously had to suspend construction due to delayed packages. It’s no longer the case.

    Furthermore, local agricultural products now have an easier path to reach buyers in other parts of the country due to the reform. Tashi Lhamo, an influencer with four million followers, sells local specialty food ranging from Tibetan butter to tsampa through livestreaming.

    She is pleased to see that the establishment of a logistics service station in her village in Qonggyai County has greatly supported her livestreaming business.

    As of the end of last year, nearly 600,000 courier packages had been delivered to villagers’ doorsteps as a result of the reform, benefiting over 230,000 farmers and herders.

    “This has made residents happier, and the flow of goods between urban and rural areas more efficient,” Gyangkar remarked.

    MIL OSI China News –

    July 2, 2025
  • MIL-OSI Europe: NRRP: payment request for eighth instalment, equal to EUR 12.8 billion, sent to European Commission

    Source: Government of Italy (English)

    The payment request for the eighth instalment of the National Recovery and Resilience Plan (NRRP), equal to EUR 12.8 billion, was sent to the European Commission today.

    The request was submitted following the NRRP steering committee meeting held on 24 June, which verified the achievement of the 40 required objectives (28 targets and 12 milestones), including reforms and investments that are strategic for Italy’s economic and social growth. With the payment request for the eighth instalment, Italy has consolidated its leading position in Europe in terms of implementation of its NRRP, which will enable it to exceed EUR 153 billion over the coming months, corresponding to approximately 79% of the Plan’s total resources. 

    The measures implemented as part of the eighth instalment include: digitalisation of the Guardia di Finanza [Italian Finance Police], with innovative IT systems to fight economic crime; more than 1,000 language and methodology courses for school teachers; the launch of projects to update school curricula in over 8,000 schools and guide students towards STEM skills; implementation of culture and tourism enhancement projects by supporting approximately 2,000 small and medium-sized enterprises; redevelopment of around 50 historical parks and gardens. Furthermore, 1,400 km of rail infrastructure have been equipped with the European Rail Traffic Management System (ERTMS); an advanced and integrated monitoring and forecasting system has been created to identify hydrogeological risks in Italy’s southern regions; marine habitat protection and coastal observation work has been carried out; improvements to the energy efficiency of public housing have been planned; with regard to universities, 5,000 research projects of national interest have been funded, approximately 2,300 new researchers have been hired, more than 550 research grants have been allocated, and financing has been provided for research programmes and projects on rare and severely debilitating diseases. 

    In addition to these investments, there are also important reforms to boost the economic competitiveness of companies, including the reform to reduce payment delays by central and local government authorities, regional authorities, autonomous provinces and national health service bodies, and the reform to launch simplification and streamlining for business incentives.

    In line with the previous payment requests, the eighth instalment will be disbursed upon completion of the standard assessment process provided for by European procedures, the aim of which is to verify that all required milestones and targets have been met.

    MIL OSI Europe News –

    July 2, 2025
  • MIL-OSI United Kingdom: New online appeals service launching for all local planning authorities

    Source: United Kingdom – Executive Government & Departments

    News story

    New online appeals service launching for all local planning authorities

    The Planning Inspectorate’s new digital appeals service is being rolled out nationally following successful pilot with five London boroughs.

    National rollout begins 

    We’re pleased to announce the national rollout of our new online appeals service following its successful pilot phase. This represents a significant milestone in our digital transformation programme. 

    The service has been thoroughly tested with five London boroughs (Barnet, Greenwich, Havering, Richmond upon Thames, and Bromley) who have been handling both householder appeals (fast-track cases) and section 78 (full planning) appeals through the system. 

    Phased rollout approach 

    We’re using a phased approach to roll out the service: 

    • Cohort 1: Two local planning authorities have recently joined the pilot – Gloucestershire County Council and Gosport Borough Council. 
    • Cohort 2: We will increase the number of authorities joining towards the end of July.
    • National rollout: All authorities in England will join the service by December 2025. We will be sharing more details after the summer. 

    Benefits for local planning authorities 

    The new service offers several important improvements: 

    • streamlined submission and management of appeals, making the process more efficient 
    • a user-friendly LPA dashboard for reviewing and monitoring cases, following GOV.UK design principles 
    • improved communication between all parties, reducing paper-based processes 
    • continuous improvement of the system based on user feedback  

    Show and tell for LPAs 

    Last week, we ran a ‘show and tell’ attended by around 800 people from over 230 local planning authorities to showcase the new service and outline the changes. Recording of the session is below: 

    Appeal a planning decision service Show and tell 

    We received a wealth of excellent questions during the session and, while we managed to answer some of them live, we weren’t able to address all of them in the time available. We’re currently working through these questions and will aim to provide comprehensive responses as soon as possible. 

    Thank you 

    We want to thank our pilot local planning authorities for their valuable feedback and collaboration, which has been crucial in refining the service. We’re also grateful to our project team, casework teams and inspectors for their hard work in developing this system. 

    Further information 

    To stay updated on developments, follow the Planning Inspectorate on LinkedIn or sign up for email alerts via our subscription form.

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    Updates to this page

    Published 2 July 2025

    MIL OSI United Kingdom –

    July 2, 2025
  • MIL-OSI United Kingdom: Council working with local accommodation providers to explore ways to support and manage effects tourism

    Source: City of Oxford

    Published: Wednesday, 2 July 2025

    Oxford City Council is facilitating work with accommodation providers – including hotels and colleges – to explore how the city can better manage the effects of tourism while ensuring it remains a vibrant and popular place for residents and visitors.  

    Following an initial feasibility study and an independent report from The Mosaic Partnership in 2024, the Council now plans to appoint a consultant to help set up two task groups to explore the different options for the sector.  

    Supporting the next stage of this work could help identify projects and potential funding streams, including whether an Accommodation Business Improvement District (ABID) is appropriate and supported.  

    An ABID is not a tourist tax. Unlike models used in other countries, an ABID is a business-led initiative where accommodation providers decide whether to establish it and how the funds are spent. The levy is collected under Business Improvement District legislation, and funds would be controlled by the ABID board, not Oxford City Council or any other statutory or government body. 

    Initial research suggests that an ABID could unlock up to £10 million for additional projects, depending on criteria set by the task groups. 

    The Council will facilitate the next stage of the project with funding from the UK Shared Prosperity Fund (UKSPF), however it will have no say in whether any option is pursued, the final decision or how any money could be spent. 

    Comment  

    “Oxford’s accommodation sector plays a vital role in our city’s economy. Supporting the next stage of this project will give them the opportunity to shape projects and funding streams that work for them. 

    “This is a business-led initiative, and ultimately it will be up to accommodation providers whether to move forward or not, but it has the potential to unlock a lot of money to support them and make improvements that will benefit everyone.” 

    Councillor Alex Hollingsworth, Cabinet Member for Planning and Culture  

    MIL OSI United Kingdom –

    July 2, 2025
  • MIL-OSI: Virtune AB (Publ) (“Virtune”) has completed the monthly rebalancing for June 2025 of its Virtune Crypto Altcoin Index ETP

    Source: GlobeNewswire (MIL-OSI)

    Stockholm, 2nd of July 2025 – Virtune AB (Publ) (“Virtune”) today announces that it has completed the monthly rebalancing of the Virtune Crypto Altcoin Index ETP, listed on Nasdaq Stockholm and Nasdaq Helsinki (ISIN code SE0023260716).

    In addition to the Virtune Crypto Altcoin Index ETP, Virtune’s product portfolio includes:

    Virtune Stellar ETP
    Virtune Staked Solana
    Virtune Staked Polkadot ETP
    Virtune XRP ETP
    Virtune Avalanche ETP
    Virtune Litecoin ETP
    Virtune Chainlink ETP
    Virtune Arbitrum ETP
    Virtune Polygon ETP
    Virtune Staked Cardano ETP
    Virtune Crypto Top 10 Index ETP
    Virtune Bitcoin Prime ETP
    Virtune Coinbase 50 Index ETP

    Index allocation as of 30th June (before rebalancing):

    Uniswap: 17.00%
    XRP: 12.82%
    Litecoin: 12.67%
    Solana: 12.49%
    Chainlink: 11.79%
    Stellar Lumen: 11.56%
    Avalanche: 11.13%
    Cardano: 10.55%

    Index allocation as of 30th June (after rebalancing):

    Solana: 12.50%
    XRP: 12.50%
    Cardano: 12.50%
    Avalanche: 12.50%
    Chainlink: 12.50%
    Litecoin: 12.50%
    Stellar: 12.50%
    Uniswap: 12.50%

    In connection with this month’s rebalancing, no change was made to the composition of the index.

    The performance of the Virtune Crypto Altcoin Index ETP for June was -4.60%.

    The rebalancing is carried out according to the index that the ETP tracks, the Virtune Crypto Altcoin Index. The purpose of the monthly rebalancing is to reset the weights of each crypto asset to provide equal-weighted exposure to altcoins.

    In June, crypto markets were mixed. Uniswap led with a 17.8% gain, followed by XRP at 2.95%. Solana and Litecoin slipped slightly, while Chainlink fell 4.25%. Avalanche and Cardano saw the sharpest drops at -13.7% and -16.6%, making them the month’s weakest performers.

    Performance of the crypto assets in the Virtune Crypto Altcoin Index ETP during June:

    Uniswap: +17.8%
    XRP: +2.95%
    Solana: -1.08%
    Litecoin: -1.12%
    Chainlink: -4.25%
    Avalanche: -13.7%
    Cardano: -16.6%

    Virtune Crypto Altcoin Index ETP is the first of its kind in the Nordic region. It includes up to 10 leading alternative crypto assets (altcoins), excluding Bitcoin and Ethereum, that are part of the Nasdaq Crypto Index. Each altcoin is equally weighted to promote diversification; this structure allows investors to gain broad exposure to crypto assets beyond Bitcoin and Ethereum without being heavily concentrated in any single crypto asset.

    If you, as an (institutional) investor, are interested in meeting with Virtune to explore how our ETPs can support your asset management strategy or to learn more about Virtune and our product offering, please feel free to contact us at hello@virtune.com. You can also visit www.virtune.com to learn more and subscribe to our newsletter for updates on upcoming ETP launches and other news related to digital assets.

    Press contact
    Christopher Kock, CEO Virtune AB (Publ)
    christopher@virtune.com
    +46 70 073 45 64

    Virtune, headquartered in Stockholm, is a regulated Swedish digital asset manager and issuer of crypto exchange traded products listed on regulated European exchanges. Through regulatory compliance, strategic partnerships with leading industry players, and our experienced team, we empower global investors to access innovative and sophisticated investment solutions aligned with the evolving landscape of the global crypto market.

    Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities June increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at www.virtune.com.

    The MIL Network –

    July 2, 2025
  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Day 2

    Source: European Central Bank (video statements)

    The ECB Forum on Central Banking – the Sintra Forum – is an annual event organised by the European Central Bank and is held in Sintra, Portugal.

    It brings together central bank governors, academics, financial market representatives, journalists and others to exchange views on current policy issues and discuss the Forum’s key topic from a longer-term perspective.

    https://www.youtube.com/watch?v=lILvc719yNs

    MIL OSI Video –

    July 2, 2025
  • Indian pharma exports strong at $4.9 billion in April-May, says Pharmexcil

    Source: Government of India

    Source: Government of India (4)

    Pharmaceutical exports in India stood strong at $4.9 billion in April-May FY26, according to the latest update by the Pharmaceuticals Export Promotion Council of India (Pharmexcil).

    Pharmexcil is an authorised export promotion agency under the Commerce and Industry Ministry.

    The data showed that the sector has made a 7.38 per cent expansion compared with the same period last year. This indicates that the industry is continuing with its upward trajectory and marking a significant presence globally.

    This growth is due to “strategic initiatives focused on sustainable manufacturing, expanded global market presence, and digital innovation,” Pharmexcil said, adding that the efforts may bolster India’s ambitious goal of achieving a trillion-dollar trade target for its pharma industry.

    “India’s pharmaceutical exports continue to demonstrate a steady year-over-year growth, with drug formulations and biologicals continuing to dominate the export category,” Namit Joshi, chairman of Pharmexcil, was quoted as saying in a media report.

    “We attribute this growth to rising global demand, streamlined regulatory approvals, technological innovations, strategic partnerships, and economic stability,” Joshi added.

    Notably, formulations and biologicals accounted for 75.74 per cent of the total of the pharma exports. Bulk drugs and drug intermediates also expanded by 4.40 per cent in May.

    Vaccine exports saw a 13.64 per cent increase and reached $190.13 million, while surgical items (up 8.58 per cent) and Ayush and herbal products (up 7.36 per cent) also saw healthy growth.

    According to Pharmexcil, about 76 per cent of India’s pharmaceutical export destinations include the North American Free Trade Agreement (NAFTA) region, as well as Europe, Africa, and Latin America.

    However, the US remains the top destination. In May, exports to the country were valued at $1.7 billion in May — representing 34.5 per cent of total pharma exports and a 1.5 per cent expansion.

    While Europe and Africa saw moderate growth, the ASEAN region emerged as a newly contracted area.

    According to Joshi, the India-UK Free Trade Agreement (FTA) discussions showed it will significantly enhance supply chains and improve access to affordable medicines. It will also attract foreign direct investment, particularly in contract development and manufacturing (CDMO) and joint research.

    (IANS)

    July 2, 2025
  • Indian pharma exports strong at $4.9 billion in April-May, says Pharmexcil

    Source: Government of India

    Source: Government of India (4)

    Pharmaceutical exports in India stood strong at $4.9 billion in April-May FY26, according to the latest update by the Pharmaceuticals Export Promotion Council of India (Pharmexcil).

    Pharmexcil is an authorised export promotion agency under the Commerce and Industry Ministry.

    The data showed that the sector has made a 7.38 per cent expansion compared with the same period last year. This indicates that the industry is continuing with its upward trajectory and marking a significant presence globally.

    This growth is due to “strategic initiatives focused on sustainable manufacturing, expanded global market presence, and digital innovation,” Pharmexcil said, adding that the efforts may bolster India’s ambitious goal of achieving a trillion-dollar trade target for its pharma industry.

    “India’s pharmaceutical exports continue to demonstrate a steady year-over-year growth, with drug formulations and biologicals continuing to dominate the export category,” Namit Joshi, chairman of Pharmexcil, was quoted as saying in a media report.

    “We attribute this growth to rising global demand, streamlined regulatory approvals, technological innovations, strategic partnerships, and economic stability,” Joshi added.

    Notably, formulations and biologicals accounted for 75.74 per cent of the total of the pharma exports. Bulk drugs and drug intermediates also expanded by 4.40 per cent in May.

    Vaccine exports saw a 13.64 per cent increase and reached $190.13 million, while surgical items (up 8.58 per cent) and Ayush and herbal products (up 7.36 per cent) also saw healthy growth.

    According to Pharmexcil, about 76 per cent of India’s pharmaceutical export destinations include the North American Free Trade Agreement (NAFTA) region, as well as Europe, Africa, and Latin America.

    However, the US remains the top destination. In May, exports to the country were valued at $1.7 billion in May — representing 34.5 per cent of total pharma exports and a 1.5 per cent expansion.

    While Europe and Africa saw moderate growth, the ASEAN region emerged as a newly contracted area.

    According to Joshi, the India-UK Free Trade Agreement (FTA) discussions showed it will significantly enhance supply chains and improve access to affordable medicines. It will also attract foreign direct investment, particularly in contract development and manufacturing (CDMO) and joint research.

    (IANS)

    July 2, 2025
  • MIL-OSI Russia: Belgium and China vow to deepen ties and strengthen mutual trust

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    BRUSSELS, July 2 (Xinhua) — Belgian Prime Minister Bart De Wever met with Chinese Foreign Minister Wang Yi, a member of the Politburo of the Communist Party of China Central Committee, here on Tuesday, vowing to deepen exchanges and strengthen mutual trust with China.

    B. De Wever noted that Belgium and China have a long history of exchanges, and Belgium plays an important role in cooperation between Europe and China.

    Recalling his many visits to China, De Wever said he was deeply impressed by China’s development achievements. Despite differences in views, he stressed the importance of expanding exchanges and strengthening mutual trust in the current complex geopolitical environment.

    Moreover, he reaffirmed Belgium’s commitment to multilateralism and to promoting the autonomy of Europe, expressing hope that the upcoming meeting of EU and Chinese leaders would bring positive results.

    B. De Wever also stressed that Belgium firmly adheres to the one-China policy and this position will not change.

    Wang Yi stressed Belgium’s unique role in the European integration process and China-EU relations as a founding member of the EU and the host country of the EU.

    Wang Yi said China appreciates the rational and pragmatic China policy pursued by the new Belgian government and is willing to cooperate with it to further strengthen the traditional friendship and comprehensive partnership.

    According to the Chinese diplomat, China remains committed to high-quality development and high-level opening-up, welcomes more Belgian enterprises in China, and hopes that Belgium will also provide Chinese companies investing in Belgium with a fair, safe and predictable business environment.

    Wang Yi also noted that this year marks the 50th anniversary of the establishment of diplomatic relations between China and the EU, which is of great significance for the connection between the past and the future. He added that the half-century of interaction between China and the EU has fully demonstrated that the two sides can achieve mutual respect and win-win cooperation.

    In the complex and unstable international environment, China and the EU, as the two major powers, markets and civilizations in the world, should uphold the position of partners and the core idea of win-win cooperation, strengthen ties, deepen understanding and consolidate mutual trust, so as to jointly safeguard multilateralism and the free trade system. Together, they should serve as an “anchor of stability” in the world and act as reliable and strong partners that support and empower each other, Wang said.

    The parties also exchanged views on issues, including Ukraine. –0–

    MIL OSI Russia News –

    July 2, 2025
  • MIL-OSI: Bitwise Lists NEAR Staking ETP on Xetra, Broadening Suite of Index-Based Staking Strategies

    Source: GlobeNewswire (MIL-OSI)

    • Bitwise NEAR Staking ETP is the latest addition to Bitwise’s European index-linked staking ETP suite — aiming to offer investors efficient, regulated exposure to NEAR, the Blockchain for AI.
    • NEAR Protocol: A high-performance, energy-efficient, layer-11blockchain built for the AI era—powering cross-chain interoperability and AI-native applications through fast, user-friendly infrastructure.
    • Staking: The Bitwise NEAR Staking ETP will seek to stake the NEAR tokens held by the product, with the objective of generating additional returns of approximately 5.5% net of fees and TER, while providing investors with daily liquidity on the stock exchange.

    02 July 2025. Frankfurt: Bitwise today announced the launch of the Bitwise NEAR Staking ETP (Ticker NEAR; ISIN DE000A4A5GV2) on Deutsche Börse Xetra. NEAR Protocol is a blockchain platform known for its approach to scalability, low-cost performance, and a user-first vision of decentralization – powering 45M+ monthly active users and 8M daily transactions2.

    The Bitwise NEAR Staking ETP is designed for both institutional and retail investors who are familiar with digital assets and seeking to diversify their portfolios. The launch marks another milestone in a series of product innovations designed to broaden investment access to the crypto market, provide high-quality investment solutions and timely market insights, and promote transparency and accountability in what is shaping up to be a landmark year for the crypto industry.

    The ETP is fully backed and issued in Germany, designed with the objective to deliver efficient staking returns, low total cost of ownership, and superior performance compared to other NEAR staking ETP solutions currently on the market. Staking yields accumulate daily in the ETP seeking to enhance performance. Using a robust and transparent benchmark, the CF NEAR Staked Return Index, investors can accurately track the performance of the ETP after costs and fees compared to the market standard NEAR staking return.

    The Biwise NEAR Staking ETP is the fourth to be launched as part of Bitwise’s European Total Return product suite including the Bitwise Ethereum Staking ETP (Ticker: ET32 | ISIN DE000A3G90G9), which recently surpassed €200 million in assets under management.

    Bradley Duke, Head of Europe at Bitwise, said: “We are so pleased to launch this new ETP in partnership with NEAR. There is a lot of noise in the world of crypto and we are excited to partner with a genuine innovator in both blockchain and AI. The Bitwise NEAR Staking ETP gives investors exposure to price movements in the NEAR token as well as compounded return from staking rewards all with Bitwise’s best-in-class ETP structure.”

    Illia  Polosukhin, Co-Founder NEAR Foundation: “NEAR was built to power a new kind of internet—one where AI serves people, not platforms. This ETP brings that vision closer to investors worldwide. By making NEAR more accessible through Bitwise’s trusted products, we’re accelerating mainstream adoption of user-owned AI infrastructure.”

    NEAR Protocol – a layer-1 blockchain designed for usability and scalability

    NEAR Protocol is a blockchain platform designed to make advanced technologies like artificial intelligence more accessible and useful. Launched in 2020, NEAR addresses common challenges in blockchain—like slow speeds and high costs—by using a technology called sharding to process many transactions at once.

    What sets NEAR apart is its focus on real-world usability: it lets people access apps and services with usernames—similar to email addresses—rather than traditional Web3 wallet codes. It also operates across different blockchains, aiming to simplify the transfer of assets and data between platforms. NEAR is already being used to power AI tools, digital wallets, and applications that give users greater control over their data and digital identity. Its architecture is particularly well-suited for AI, providing the speed, scalability, and data privacy required to support AI-powered applications and autonomous agents.

    In Q2 2025, NEAR ranked #2 among the most-used blockchain platforms in terms of monthly active users, just after Solana3. This growth is driven in part by NEAR’s chain abstraction technology, which makes it easier for people to use apps across different blockchains without needing multiple wallets or tokens. With chain signatures, users can access and control accounts on other blockchains directly through their NEAR account, making cross-chain activity simple and intuitive.

    Developers also benefit from NEAR’s infrastructure. Its customizable smart contracts support multichain financial applications using secure cryptographic tools—without the need for bridges or wrapped tokens, which can introduce risk and complexity.

    Staking NEAR

    Staking is a way to generate income for crypto asset owners, and is a key feature for NEAR. On the NEAR Protocol, staking allows token holders to help validate transactions on the network, contributing to its security and reliability. In return, they earn additional tokens – so called staking rewards—similar to how dividends work in traditional equities.

    For investors, the Bitwise NEAR Staking ETP may offer a streamlined way to gain exposure to staking rewards without managing the technical aspects of staking or token custody directly. While direct NEAR holders can stake through wallets or validators, the ETP offers distinct benefits—particularly daily liquidity, as it is traded on regulated stock exchanges and involves no lock-up periods or manual delegation. Additionally, the underlying NEAR tokens are held in secure cold storage by a professional institutional custodian, which offers an added layer of asset protection.

    Key Product Details

    ETP Name Bitwise NEAR Staking ETP
    Primary Ticker NEAR
    ISIN / WKN DE000A4A5GV2 / A4A5GV
    Index Benchmark CF NEAR Staked Return Index
    Expected NET Staking Reward 5.5%*
    TER 0.85% p.a.

    *The Net Staking Reward reflects the staking return after all fees (Staking Service Fee and TER) have been deducted, on a per-ETP unit basis. This figure represents the return the ETP is expected to deliver, expressed in annualised, non-compounded % terms. Note: The rate is subject to change based on network and market dynamics. The Net Staking Rewards are accumulated daily within the ETP, seeking to enhance performance. This mechanism increases the cryptocurrency entitlement per ETP unit at the end of each trading day, meaning that the amount of NEAR backing each ETP share adjusts upward over time. You can view the current entitlement per ETP unit in the Cryptocurrency Entitlement Table available on the product page at www.bitwiseinvestments.eu/products.

    – Ends –

    About NEAR Foundation

    NEAR Protocol is the blockchain for AI. A high-performance, AI-native platform built to power the next generation of decentralized applications and intelligent agents. It provides the infrastructure AI needs to transact, operate, and interact across Web2 and Web3. NEAR combines three core elements: User-Owned AI, which ensures agents act in users’ best interests; Intents and Chain Abstraction, which eliminate blockchain complexity for seamless, goal-driven transactions across chains; and a sharded blockchain architecture that delivers the scalability, speed, and low-cost execution needed for real-world AI and Web3 use. This integrated stack makes NEAR the foundation for building secure, user-owned, AI-native applications at internet scale.

    About Bitwise

    Bitwise is one of the world’s leading crypto specialist asset managers. Thousands of financial advisors, family offices, and institutional investors across the globe have partnered with us to understand and access the opportunities in crypto. Since 2017, Bitwise has established a track record of excellence, managing a broad suite of index and active solutions across ETPs, separately managed accounts, private funds, and hedge fund strategies – spanning both the U.S. and Europe.

    In Europe, for the past five years Bitwise (formerly ETC Group) has developed an extensive and innovative suite of crypto ETPs, including Europe’s most traded bitcoin ETP, or the first diversified Crypto Basket ETP replicating an MSCI digital assets index.

    This family of crypto ETPs is domiciled in Germany and issued under a base prospectus approved by BaFin. We exclusively partner with reputable entities from the traditional financial industry, ensuring that 100% of the assets are securely stored offline (cold storage) through regulated custodians.

    Our European products comprise a collection of carefully designed financial instruments that seamlessly integrate into any professional portfolio, providing comprehensive exposure to crypto as an asset class. Access is straightforward via major European stock exchanges, with primary listings on Xetra, the most liquid exchange for ETF trading in Europe. Retail investors benefit from easy access through numerous DIY/online brokers, coupled with our robust and secure physical ETP structure, which includes a redemption feature. For more information, visit http://www.bitwiseinvestments.eu

    Media contacts:

    JEA Associates
    John McLeod
    00 44 7886 920436
    john@jeaassociates.com

    Important information  
    This press release does not constitute investment advice, opinions are those of Bitwise and do not constitute an offer or solicitation to buy financial products. This press release is issued by Bitwise Europe GmbH (“BEU”), a limited company domiciled in Germany, for information only and in accordance with all applicable laws and regulations. BEU gives no explicit or implicit assurance or guarantee regarding the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. It is advised not to rely on the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. Please note that this article is neither investment advice nor an offer or solicitation to acquire financial products or cryptocurrencies.  
      
    Before investing in crypto Exchange Traded Products (“ETPs”), potential investors should consider the following:  
    Potential investors should seek independent advice and consider relevant information contained in the base prospectus and the final terms for the ETPs, especially the risk factors. Diversification does not guarantee a profit or protect against a loss. ETPs issued by BEU are suitable only for persons experienced in investing in cryptocurrencies and risks of investing can be found in the prospectus and final terms available on www.bitwiseinvestments.com./eu. The invested capital is at risk, and losses up to the amount invested are possible. ETPs backed by cryptocurrencies are highly volatile assets and performance is unpredictable. Past performance is not a reliable indicator of future performance. The market price of ETPs will vary and they do not offer a fixed income or match precisely the performance of the underlying cryptocurrency.  Investing in ETPs involves numerous risks including general market risks relating to underlying, adverse price movements, currency, liquidity, operational, legal and regulatory risks. 


    1 Source: NEAR Foundation
    2 Source: Bitwise Europe Research; NEAR Foundation
    3 Source: Artemis, Bitwise Europe; https://app.artemisanalytics.com/chains

    The MIL Network –

    July 2, 2025
  • MIL-OSI Economics: Cases of unauthorised deposit-taking from the public on the rise in the Czech Republic, CNB to tighten sanctions

    Source: Czech National Bank

    Only banks or entities with the relevant authorisation are permitted to take deposits from the public in the Czech Republic. However, the Czech National Bank (CNB) is currently recording an increase in cases where other entities are doing so without authorisation. This constitutes very serious unlawful conduct, for which the CNB has already imposed fines amounting to tens of millions of Czech korunas this year. In an effort to protect the public’s money, the central bank is to further tighten its sanctioning policy in this area.

    Obtaining money from the public is subject to strict regulation in the financial market, primarily in order to protect clients and their funds. An important element of this protection is deposit insurance, which in the Czech Republic is provided by the Deposit Insurance Fund and is mandatory for all banks and credit unions.

    However, there is a growing number of cases where entities without due authorisation are unlawfully taking deposits from the public. This very often happens on the basis of loan agreements concluded with members of the public, which these entities use to circumvent the rules. Funds collected in this manner are not covered by deposit insurance or by the well-developed system of financial market supervision in the Czech Republic, and the activity of collecting such funds is not subject to strict legal regulation.

    The CNB is therefore warning the public against cooperating with illegal providers of such financial services. If an individual entrusts their money to an unauthorised entity, they face a serious risk of losing all their funds.

    To protect depositors’ funds, the Act on Banks deems the unauthorised taking of deposits from the public to be very serious unlawful conduct. This is reflected in the sanctions the CNB may impose for violations of the law.

    The CNB has so far imposed fines ranging from a few million to tens of millions of korunas as punishment for this unlawful conduct. In 2025, for example, it imposed fines of CZK 12 million and CZK 15 million.

    Given the increasing frequency of such activity, it is evident that the fines imposed so far have not sufficiently fulfilled one of the primary functions of administrative penalties – general prevention. For this reason, the CNB will continue to tighten its sanctioning policy in this area.

    Jakub Holas
    Director, CNB Communications Division

    Related links

    MIL OSI Economics –

    July 2, 2025
  • MIL-OSI Africa: Oman Egypt Joint Committee meets in Cairo


    Download logo

    The 16th session of the Omani-Egyptian Joint Committee was held in Cairo at the level of the two countries’ foreign ministers.

    The Omani delegation was chaired by Sayyid Badr Albusaidi, Foreign Minister while the Egyptian side was chaired by Dr Badr Abdelatty, Minister of Foreign Affairs of the Arab Republic of Egypt.

    In his speech during the opening session, Sayyid Badr expressed his deep gratitude to the Egyptian delegation for their warm welcome and hospitality. He emphasised the profound historical ties and enduring bonds between Oman and Egypt, adding: “This session of the Omani-Egyptian Joint Committee is yet another blessed addition to the record of our positive cooperation, reinforcing the deep-rooted ties that have been shaped and distinguished throughout history. Today, we reap the fruits of these relations for the benefit of our two brotherly nations.”

    The Minister highlighted the significant progress in economic relations between the two countries, stressing the importance of enhancing investment partnerships in real estate, tourism, renewable energy, manufacturing, logistics, food security, and pharmaceutical industries.

    He called for activating the role of the Omani-Egyptian Business Council and the private sector, as well as focusing on startups, digital transformation, and innovation, affirming that “this would enhance economic sustainability and keep pace with global developments.”

    On regional issues, the Foreign Minister reiterated Oman’s full support for Egypt’s efforts to achieve a ceasefire in the Gaza Strip, firmly rejecting plans to displace the Palestinian people and endorsing the Arab initiative for Gaza’s reconstruction. He reaffirmed Oman’s steadfast stance in supporting the establishment of an independent Palestinian state based on the  borders of June 4, 1967, with East Jerusalem as its capital, in accordance with international legitimacy and the Arab Peace Initiative.

    He also emphasised that “Arab national security is indivisible,” expressing Oman’s support for Egypt’s rights to the Nile River waters based on international law and the principle of fair and equitable use, fostering cooperation through mutual understanding and peaceful solutions.

    Sayyid Badr stressed Oman’s commitment to contributing to regional stability and shielding the peoples of the region from obstacles to development. He underscored the importance of resuming efforts to reach a just and lasting agreement on the Iranian nuclear issue, based on international law and the Non-Proliferation Treaty, while rejecting solutions imposed by force, which only lead to destruction and instability. He affirmed that dialogue and negotiation remain the only path to resolving disputes and mitigating risks.

    He praised the efforts of senior officials from both Oman and Egypt in preparing for the session, expressing hope that its outcomes would “serve as a qualitative addition to strengthening cooperation and fulfilling the aspirations of the two countries’ leaderships and peoples.”

    Dr Badr Abdelatty commended the depth of Egyptian-Omani relations and their tangible progress under the guidance of both countries’ leaderships, who seek to elevate cooperation to wider horizons.

    He noted that the current session reflects the shared commitment to building on the outcomes of the mutual visits by the two countries’ leaders. He pointed out that discussions with his Omani counterpart explored ways to enhance economic, trade, and investment relations. Politically, he praised the depth and alignment of views on regional issues and their peaceful resolution.

    The session included the signing of several memoranda of understanding and executive programmes in investment, labour, training, media cooperation, food safety, endowments, mineral resources, and human capital development, along with the minutes of the 16th session of the Omani-Egyptian Joint Committee.

    The session concluded with both sides stressing the importance of continued coordination and consultation across various fields, strengthening the Omani-Egyptian partnership for the mutual benefit of the two nations and their peoples, and contributing to regional security, stability, and development.

    Distributed by APO Group on behalf of Foreign Ministry of Oman.

    MIL OSI Africa –

    July 2, 2025
  • MIL-OSI Africa: Oman and Egypt hold joint press conference


    Download logo

    Oman’s Foreign Minister, Sayyid Badr Albusaidi, Foreign Minister and Dr Badr Abdelatty, Minister of Foreign Affairs of the Arab Republic of Egypt, held a joint press conference  marking the conclusion of the 16th session of the Omani-Egyptian Joint Committee in Cairo.

    During the press conference, Sayyid Badr expressed full alignment with his Egyptian counterpart regarding Omani-Egyptian cooperation matters and both countries’ positions on regional issues. He noted both countries’ commitment to enhancing trade, strengthening the role of the Business Council, and increasing mutual investments, while praising the contributions of the Egyptian community to Oman’s development.

    On regional matters, he emphasised Oman’s support for Egypt’s efforts to halt the aggression on Gaza, reject forced displacement attempts, and adhere to the two-state solution leading to an independent Palestinian state.

    Sayyid Badr reiterated Oman’s support for Egypt’s position on the Renaissance Dam issue, stressing the importance of respecting Arab states’ sovereignty and territorial integrity while rejecting all forms of foreign interference in their internal affairs.

    He also stated that resuming negotiations on the Iranian nuclear issue is essential for regional stability, underscoring the importance of confidence-building measures to avoid escalation and to reach a fair, consensual solution to this issue while focusing efforts on regional development and cooperation.

    Distributed by APO Group on behalf of Foreign Ministry of Oman.

    MIL OSI Africa –

    July 2, 2025
  • MIL-OSI Africa: Minister of Planning, Economic Development and International Cooperation Discusses Developments in Joint Relations with United Nations Conference on Trade and Development (UNCTAD) Secretary-General and Oxford Poverty and Human Development Initiative (OPHI) Director


    Download logo

    H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, met with Ms. Rebeca Grynspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), and Professor Sabina Alkire, Director of the Oxford Poverty and Human Development Initiative (OPHI).

    This was part of her ongoing participation in the Fourth International Conference on Financing for Development, held in Spain from June 29 to July 3, 2025, as a member of the Egyptian delegation headed by H.E. Dr. Mostafa Madbouly, Prime Minister, on behalf of H.E. President Abdel Fattah El-Sisi, President of the Republic of Egypt.

    H.E. Dr. Rania Al-Mashat discussed with the UNCTAD’s Secretary-General the joint relations between Egypt and UNCTAD, reviewing ways to elevate cooperation in the fields of economic development and investment.

    H.E. Dr. Al-Mashat expressed appreciation for the joint efforts with UNCTAD in issuing the Global Investment Report 2024, which monitors the most prominent trends in foreign direct investment worldwide. She highlighted the importance of this report in shedding light on Egypt’s position among the most attractive countries for investments, in light of the economic reforms implemented by the Egyptian government.

    The meeting also touched on the joint relations between Egypt and UNCTAD, underscoring the significance of cooperation in economic development and promoting foreign investments, in addition to utilizing the organization’s tools to measure the impact of development policies and enhance trade and investment strategies.

    In another context, Dr. Rania Al-Mashat met with Professor Sabina Alkire, Director of the Oxford Poverty and Human Development Initiative (OPHI), an economist and professor in the Department of International Development at Oxford University, to discuss endeavors to promote investment in human capital.

    The two sides reviewed human development efforts and increasing investment in human capital to improve living standards and foster inclusive and sustainable economic development.

    The meeting also highlighted the Global Multidimensional Poverty Index, reaffirming that it represents an annual international measure of acute multidimensional poverty, covering over 100 developing countries. This index is a key tool for measuring the severity of poverty through 7 main dimensions: education, health, basic services, employment, social protection, and food security.

    Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation – Egypt.

    MIL OSI Africa –

    July 2, 2025
  • MIL-OSI Economics: Sanjay Malhotra: Convocation address – Indian Institute of Technology

    Source: Bank for International Settlements

    Chairman of the Board of Governors, Director of the Institute, Prof and Padma Shree Manindra Agrawal, winner of numerous awards, who was my senior here and who I hold in very high esteem, faculty members, staff, proud parents, family and friends of the graduating students, distinguished guests, and my dear graduating students, alumni, ladies and gentlemen.

    Today marks the culmination of an exciting chapter for the graduating students, where you have not only learnt new things – academic and extra-curricular – but have also had an enjoyable and memorable experience. I extend a very warm congratulations to all the graduating students. Please give yourselves a huge round of applause.

    To the parents and guardians, this moment belongs as much to you as it does to your children and wards. Your innumerable sacrifices, continuous support, unconditional love and unwavering encouragement have laid the foundation upon which these young achievers now stand. I know this is an emotional and proud moment for you. I have myself experienced these emotions when my sons graduated – one from IIT Bombay and the other from IIT Guwahati. My warmest congratulations to you as your ward steps into a new chapter in life.

    Dear graduates, it is a special day for you as you enter a new and exciting phase of life. It is an equally special day for me and doubly so. First, this institute has had a transformational impact on me, my life and my thoughts. I remember with nostalgia my years at IIT. I still vividly remember my first day at IIT when my mother came to drop me with another batchmate. I recollect my days at Hall III and then Hall I, the healthy rivalry between Hall II and Hall III, phatta cricket, bulla, the various celebrations at Red Rose Restaurant on the campus and Chung Fa restaurant in the city, movies at L7, DEC 10 of which we were so proud, the iconic library, Culfest and the many friends that I made and treasure till date. The steel trunk which carried my belongings to IIT and which my loving wife has preserved till date is still with me. I still have my Wilson tennis racket, with which I religiously played every evening at the clay courts on campus. IITK has a special place in my heart. This convocation ceremony is even more special as I did not attend our convocation ceremony; in fact, we did not have a proper convocation ceremony, perhaps the only batch not to have it. So, it’s an honour to be back here after thirty-six long years in a new and privileged role and be a part of the convocation ceremony today. Thank you, IIT, for this honour.

    Times have changed a lot since I graduated. But there are certainly lessons which endure time. As a fellow-alumnus, roll number 85213, who has experienced life after campus, I will speak about four learnings from my journey.

    Learning for Life

    Many of you would have got your dream jobs. Others, who plan to pursue further studies, would get them soon. With a degree from a prestigious institute and a good job in hand, please don’t think that you have arrived. The moment you think you have arrived, you will stagnate. The moment you believe you know everything, you will stop growing.

    This is just the beginning, only the first step. The degree has only laid a solid foundation and will take you thus far. You will need to build from here. You will need to learn when you change sectors, move across organisations within a sector, take up different roles within an organization and even within the same role in an organisation. Technology is advancing at a lightning speed. What you learnt yesterday would be outdated tomorrow as new ideas and tools emerge daily.

    I can assure you that the institute has prepared you well for your life ahead. It has not only imparted you with knowledge which will be of immense use but, more importantly, equipped you with the most important tool – the tool of self-learning.

    Like other IAS officers, I worked in diverse fields like urban management, land resources, industries, power, health, taxation, banking, finance, etc. Many of them were general management but many were highly technical and specialized, which had a steep learning curve. The IITK emphasis on basic sciences and core engineering subjects, its importance to the fundamentals of a subject, its priority to deriving the formulae rather than merely memorizing and applying them, its attention to problem-solving from first principles, and various other methods of problem solving have held me in good stead. IIT gave me the necessary tools for self-learning. I am sure it has given you too the same tools.

    So, continue your quest for knowledge. Remember that learning is for life. The moment one is not learning, it is a signal that one is not growing; one is not advancing. It is knowledge which will keep you ahead of others. Its importance cannot be over-emphasized. I urge you all, as Stephen Covey said, to continuously sharpen your saw and cut the grass under your feet.

    Question the status quo

    My second learning pertains to the period between 2003 and 2006, when I was working in the United Nations. I was managing a project to improve productivity in the hand tools clusters in India. We hired a Total Quality Management expert for some of our interventions. He had long and diverse experience across organisations.

    He challenged the forging units there to reduce the time taken in changing a die from about eight hours to less than an hour. All of them including the most advanced, productive and efficient forging units vehemently denied the possibility of reducing the time. When he failed after many days of trying to convince them to improve, he suggested some changes including installation of a video camera. This was tried in a unit. These small changes reduced the time to five hours. When asked, the supervisor, apart from other things, explained that the work started on time, as scheduled; no one was late; no one took an unscheduled tea break; all required equipment were pre-arranged and kept ready for use; there was no wastage of time. The small changes and videography did the trick as everyone was being watched. What followed was a series of improvements or what are called kaizens, not only in the exchange of dies, but also various other processes – forging, grinding, electroplating, packaging, etc, as every process was questioned. We ended up reducing costs by about 10%.

    I learnt to question the status quo. I learnt that there is always scope for improvement. This helped me improve efficiency in various organisations and departments that I worked in. It helped in reducing processing time of files. I reduced turnaround times for applications. It helped me make changes in laws, rules and procedures for the benefit of citizens and government alike, as I questioned the status quo.

    As Albert Einstein famously said, “The important thing is not to stop questioning.” When you question the status quo and ask questions, you open the door to new ideas and fresh perspectives. It is fuel for innovation; it drives you to explore, experiment, and create something better. So, no matter where you are in life or your career, never stop questioning the status quo and improving.

    Pursue virtuous Karma

    The third learning pertains to my tenure as Secretary, Department of Personnel in the Government of Rajasthan in 2007-08. Promotions from the state civil service to the IAS were plagued with disputes and court cases. For almost about 20 years, no one was promoted to the IAS. My predecessors did not take up this issue as they thought it would be an exercise in futility as some aggrieved officer will approach the doors of the judiciary. When I was given responsibility for this department, I took up the gauntlet. I studied all the disputes and judicial pronouncements meticulously; decided on claims of seniority and promotion, without fear or favour; finalized and published the seniority lists; and after spending months on this mammoth exercise, sent the proposals to UPSC for promotion. Just when we were about to convene the meeting for promotion, one officer again approached the court and got a stay. Months of my hard work was brought to nought. Even though many officers commended me for the hard work and getting the matter so close to finalization, I was disappointed.

    I had to leave for Princeton for my masters within a few days and could not pursue the case in the courts. After I returned, I was put in a different department. In a few years, the court lifted the stay. I was asked if I would be interested in giving finishing touches to the work I had initiated. Once bitten, twice shy, I did not take up the challenge this time. The work was completed by another officer. In recognition of his efforts, he was conferred with the state award for civil service.

    I realized I did not follow my karma as I feared failure. I realized I needed to follow my karma boldly and decisively without bothering about the results.

    Without going in to details of my journey thereafter, today, as I look back, I can confidently say that it is karma that largely determines outcomes and results. It is the path that one chooses that broadly determines the destination. Today, I appreciate how true Steve Jobs was when he said, “You can’t connect the dots looking forward; you can only connect them looking backward.” Right now, you may not fully grasp how your karma – each late-night lab session, each frustrating bug, and each decision that you take – will impact your journey. You may not appreciate, how delayed gratification, the hallmark of all great leaders, will deliver bigger success over the longer term for the instant rewards foregone. But trust me, over time, the dots will connect and it will be in large measure due to your karma.

    Trust

    My last learning is from the student days in IIT, when we were always short of money and under debt. Food at the mess was as good as it can be. We relied heavily on the hostel canteen. A samosa at that time costed 35 paise and a bottle of Thums Up 2 rupees and 25 paise. The canteen was managed by a person called Lala. Lala was loved by everyone. He would serve us till late in night and very generously gave us credit. Even outside hostel, we got credit from the juice vendor, the shops in Shopping Centre, etc. This may not be surprising. Lala knew us, recognizing us as hostelers. Other vendors too recognized us as students from the campus. What was surprising though was that we got credit even from some shopkeepers in Kanpur, who did not know us at all. Why did these shopkeepers give credit to us? It is because of their trust in the IIT students.

    It is because people do business with people they trust. Trust is the foundation on which any relationship is built, whether it is marriage, friendship, or at workplace – between the CEO and the employees, or between a company and its consumers.

    It is trust in a person that makes him a leader; it is trust which makes people follow a leader. Integrity and ethics are paramount to develop trust. It is not easy to gain trust. To earn trust, a leader must have the courage to take difficult decisions. He must act in the interest of the employees and other stakeholders. He must be willing to accept responsibility. He must lead by example. He must possess the humility to learn from his mistakes. He must be just, transparent and respectful. Trust takes time to build. But it is easy to lose trust. To be a successful person, a successful leader, graduating students, try to gain trust and having gained it, preserve trust.

    Your time to shine

    To conclude, dear graduating students, as you leave this campus today, have confidence in yourself. Dream big, but more importantly, act on those dreams. Make IIT Kanpur proud. Make your parents proud. Make India proud. But most importantly, make yourselves proud – proud by living lives of character, ethics and humility; lives filled with purpose, service and impact. As you step into tomorrow, carry with you the spirit of this institution, carry with you the love of your families, and carry with you the dreams of a billion Indians who believe in your potential.

    Your journey of transformation began here at IIT Kanpur. Now, transform the world as leaders who are trustworthy; who continue learning for life; who question the status quo and who pursue virtuous karma.

    May God bless you with all the very best in your journey ahead.

    Thank you.

    Jai Hind.

    MIL OSI Economics –

    July 2, 2025
  • MIL-OSI Economics: Sanjay Malhotra: Convocation address – Indian Institute of Technology

    Source: Bank for International Settlements

    Chairman of the Board of Governors, Director of the Institute, Prof and Padma Shree Manindra Agrawal, winner of numerous awards, who was my senior here and who I hold in very high esteem, faculty members, staff, proud parents, family and friends of the graduating students, distinguished guests, and my dear graduating students, alumni, ladies and gentlemen.

    Today marks the culmination of an exciting chapter for the graduating students, where you have not only learnt new things – academic and extra-curricular – but have also had an enjoyable and memorable experience. I extend a very warm congratulations to all the graduating students. Please give yourselves a huge round of applause.

    To the parents and guardians, this moment belongs as much to you as it does to your children and wards. Your innumerable sacrifices, continuous support, unconditional love and unwavering encouragement have laid the foundation upon which these young achievers now stand. I know this is an emotional and proud moment for you. I have myself experienced these emotions when my sons graduated – one from IIT Bombay and the other from IIT Guwahati. My warmest congratulations to you as your ward steps into a new chapter in life.

    Dear graduates, it is a special day for you as you enter a new and exciting phase of life. It is an equally special day for me and doubly so. First, this institute has had a transformational impact on me, my life and my thoughts. I remember with nostalgia my years at IIT. I still vividly remember my first day at IIT when my mother came to drop me with another batchmate. I recollect my days at Hall III and then Hall I, the healthy rivalry between Hall II and Hall III, phatta cricket, bulla, the various celebrations at Red Rose Restaurant on the campus and Chung Fa restaurant in the city, movies at L7, DEC 10 of which we were so proud, the iconic library, Culfest and the many friends that I made and treasure till date. The steel trunk which carried my belongings to IIT and which my loving wife has preserved till date is still with me. I still have my Wilson tennis racket, with which I religiously played every evening at the clay courts on campus. IITK has a special place in my heart. This convocation ceremony is even more special as I did not attend our convocation ceremony; in fact, we did not have a proper convocation ceremony, perhaps the only batch not to have it. So, it’s an honour to be back here after thirty-six long years in a new and privileged role and be a part of the convocation ceremony today. Thank you, IIT, for this honour.

    Times have changed a lot since I graduated. But there are certainly lessons which endure time. As a fellow-alumnus, roll number 85213, who has experienced life after campus, I will speak about four learnings from my journey.

    Learning for Life

    Many of you would have got your dream jobs. Others, who plan to pursue further studies, would get them soon. With a degree from a prestigious institute and a good job in hand, please don’t think that you have arrived. The moment you think you have arrived, you will stagnate. The moment you believe you know everything, you will stop growing.

    This is just the beginning, only the first step. The degree has only laid a solid foundation and will take you thus far. You will need to build from here. You will need to learn when you change sectors, move across organisations within a sector, take up different roles within an organization and even within the same role in an organisation. Technology is advancing at a lightning speed. What you learnt yesterday would be outdated tomorrow as new ideas and tools emerge daily.

    I can assure you that the institute has prepared you well for your life ahead. It has not only imparted you with knowledge which will be of immense use but, more importantly, equipped you with the most important tool – the tool of self-learning.

    Like other IAS officers, I worked in diverse fields like urban management, land resources, industries, power, health, taxation, banking, finance, etc. Many of them were general management but many were highly technical and specialized, which had a steep learning curve. The IITK emphasis on basic sciences and core engineering subjects, its importance to the fundamentals of a subject, its priority to deriving the formulae rather than merely memorizing and applying them, its attention to problem-solving from first principles, and various other methods of problem solving have held me in good stead. IIT gave me the necessary tools for self-learning. I am sure it has given you too the same tools.

    So, continue your quest for knowledge. Remember that learning is for life. The moment one is not learning, it is a signal that one is not growing; one is not advancing. It is knowledge which will keep you ahead of others. Its importance cannot be over-emphasized. I urge you all, as Stephen Covey said, to continuously sharpen your saw and cut the grass under your feet.

    Question the status quo

    My second learning pertains to the period between 2003 and 2006, when I was working in the United Nations. I was managing a project to improve productivity in the hand tools clusters in India. We hired a Total Quality Management expert for some of our interventions. He had long and diverse experience across organisations.

    He challenged the forging units there to reduce the time taken in changing a die from about eight hours to less than an hour. All of them including the most advanced, productive and efficient forging units vehemently denied the possibility of reducing the time. When he failed after many days of trying to convince them to improve, he suggested some changes including installation of a video camera. This was tried in a unit. These small changes reduced the time to five hours. When asked, the supervisor, apart from other things, explained that the work started on time, as scheduled; no one was late; no one took an unscheduled tea break; all required equipment were pre-arranged and kept ready for use; there was no wastage of time. The small changes and videography did the trick as everyone was being watched. What followed was a series of improvements or what are called kaizens, not only in the exchange of dies, but also various other processes – forging, grinding, electroplating, packaging, etc, as every process was questioned. We ended up reducing costs by about 10%.

    I learnt to question the status quo. I learnt that there is always scope for improvement. This helped me improve efficiency in various organisations and departments that I worked in. It helped in reducing processing time of files. I reduced turnaround times for applications. It helped me make changes in laws, rules and procedures for the benefit of citizens and government alike, as I questioned the status quo.

    As Albert Einstein famously said, “The important thing is not to stop questioning.” When you question the status quo and ask questions, you open the door to new ideas and fresh perspectives. It is fuel for innovation; it drives you to explore, experiment, and create something better. So, no matter where you are in life or your career, never stop questioning the status quo and improving.

    Pursue virtuous Karma

    The third learning pertains to my tenure as Secretary, Department of Personnel in the Government of Rajasthan in 2007-08. Promotions from the state civil service to the IAS were plagued with disputes and court cases. For almost about 20 years, no one was promoted to the IAS. My predecessors did not take up this issue as they thought it would be an exercise in futility as some aggrieved officer will approach the doors of the judiciary. When I was given responsibility for this department, I took up the gauntlet. I studied all the disputes and judicial pronouncements meticulously; decided on claims of seniority and promotion, without fear or favour; finalized and published the seniority lists; and after spending months on this mammoth exercise, sent the proposals to UPSC for promotion. Just when we were about to convene the meeting for promotion, one officer again approached the court and got a stay. Months of my hard work was brought to nought. Even though many officers commended me for the hard work and getting the matter so close to finalization, I was disappointed.

    I had to leave for Princeton for my masters within a few days and could not pursue the case in the courts. After I returned, I was put in a different department. In a few years, the court lifted the stay. I was asked if I would be interested in giving finishing touches to the work I had initiated. Once bitten, twice shy, I did not take up the challenge this time. The work was completed by another officer. In recognition of his efforts, he was conferred with the state award for civil service.

    I realized I did not follow my karma as I feared failure. I realized I needed to follow my karma boldly and decisively without bothering about the results.

    Without going in to details of my journey thereafter, today, as I look back, I can confidently say that it is karma that largely determines outcomes and results. It is the path that one chooses that broadly determines the destination. Today, I appreciate how true Steve Jobs was when he said, “You can’t connect the dots looking forward; you can only connect them looking backward.” Right now, you may not fully grasp how your karma – each late-night lab session, each frustrating bug, and each decision that you take – will impact your journey. You may not appreciate, how delayed gratification, the hallmark of all great leaders, will deliver bigger success over the longer term for the instant rewards foregone. But trust me, over time, the dots will connect and it will be in large measure due to your karma.

    Trust

    My last learning is from the student days in IIT, when we were always short of money and under debt. Food at the mess was as good as it can be. We relied heavily on the hostel canteen. A samosa at that time costed 35 paise and a bottle of Thums Up 2 rupees and 25 paise. The canteen was managed by a person called Lala. Lala was loved by everyone. He would serve us till late in night and very generously gave us credit. Even outside hostel, we got credit from the juice vendor, the shops in Shopping Centre, etc. This may not be surprising. Lala knew us, recognizing us as hostelers. Other vendors too recognized us as students from the campus. What was surprising though was that we got credit even from some shopkeepers in Kanpur, who did not know us at all. Why did these shopkeepers give credit to us? It is because of their trust in the IIT students.

    It is because people do business with people they trust. Trust is the foundation on which any relationship is built, whether it is marriage, friendship, or at workplace – between the CEO and the employees, or between a company and its consumers.

    It is trust in a person that makes him a leader; it is trust which makes people follow a leader. Integrity and ethics are paramount to develop trust. It is not easy to gain trust. To earn trust, a leader must have the courage to take difficult decisions. He must act in the interest of the employees and other stakeholders. He must be willing to accept responsibility. He must lead by example. He must possess the humility to learn from his mistakes. He must be just, transparent and respectful. Trust takes time to build. But it is easy to lose trust. To be a successful person, a successful leader, graduating students, try to gain trust and having gained it, preserve trust.

    Your time to shine

    To conclude, dear graduating students, as you leave this campus today, have confidence in yourself. Dream big, but more importantly, act on those dreams. Make IIT Kanpur proud. Make your parents proud. Make India proud. But most importantly, make yourselves proud – proud by living lives of character, ethics and humility; lives filled with purpose, service and impact. As you step into tomorrow, carry with you the spirit of this institution, carry with you the love of your families, and carry with you the dreams of a billion Indians who believe in your potential.

    Your journey of transformation began here at IIT Kanpur. Now, transform the world as leaders who are trustworthy; who continue learning for life; who question the status quo and who pursue virtuous karma.

    May God bless you with all the very best in your journey ahead.

    Thank you.

    Jai Hind.

    MIL OSI Economics –

    July 2, 2025
  • MIL-OSI Economics: Christopher J Waller: Welcoming remarks – IJCB Research Conference

    Source: Bank for International Settlements

    Thank you, Aleš, and thank you to the Czech National Bank (CNB) for hosting this year’s conference. The CNB also supported this conference in 2017. It is wonderful to have such a great relationship between the International Journal of Central Banking (IJCB) and one of our sponsoring institutions.

    I would like to take a few minutes as the outgoing managing editor of the IJCB to emphasize the importance of this journal and the research it supports.1 Central banks play an important role promoting the growth and effective functioning of their economies, and many of the decisions they make are influenced by careful and cutting-edge research. In fact, I recently gave a speech that discussed the importance of economic research in monetary policy decisions.2 The IJCB, through this conference and its volumes, provides an outlet to share and disseminate research that adds to public knowledge and understanding and informs the operational and policy decisions of central bankers.

    The value of central bank–focused research has long been known. In the summer of 2004, the Bank for International Settlements (BIS), the European Central Bank, and the Group of Ten central banks agreed to support the development of the IJCB to focus on the theory and practice of central banking. The journal has attracted distinguished managing editors, including my colleagues from the Federal Reserve; my immediate predecessor, Luc Laeven, from the European Central Bank; and the current managing editor, Antoine Martin, from the Swiss National Bank, who, unfortunately, could not be here today. We have the strong support now of nearly 55 sponsoring institutions, including the Czech National Bank and also the host of last year’s conference, the Central Bank of Italy. Among the ways that central banks serve the public interest is as an ongoing source of economic research, and the strong commitment to the IJCB here in Prague and other capitals advances our collective interest in strong economies and financial stability.

    Turning to this year’s conference, we chose the theme based on events that have been very much on the minds of central bankers: “Assessing the Effectiveness of Monetary Policy during and after the COVID-19 Pandemic.” The past several years have seen significant monetary policy actions across the globe in response to COVID-19–induced recessions, inflation higher than in several decades, unprecedented supply chain disruptions, and, in some countries, very tight labor markets. Early on, policymakers’ responses appeared quite in sync, but with differing speeds of recovery and varying challenges faced by different types of economies, that changed over time. Additionally, geopolitical tensions and energy price shocks have introduced new complexities. So we thought this conference could be a good place to come together and hear about the lessons we have learned from these common and different experiences.

    Today and tomorrow we will be discussing the yield curve, policy rules, and monetary policy transmission. We also will look into banking issues such as loan issuance and financial stability. And we are lucky to have the Fed’s Vice Chair for Supervision Miki Bowman here to give a keynote speech. As we go through these sessions, I hope we will all ask ourselves how this work can help policymakers do their jobs better. Through our conversation, I would ask you to share knowledge about each of these topics as they are pertinent around the world.

    But before we get to those presentations, and what I hope will be vigorous discussion, let me recognize several people who made this event possible. Here at the CNB, Simona Malovaná and Martin Hodula helped organize this conference. Year round, the IJCB co-editors devote many hours of their time to review papers to keep the journal at its high-quality and high-impact status. These individuals are Ana Babus, Diana Bonfim, Huberto Ennis, Carlos Garriga (who is here with us today), Refet Gürkaynak, Òscar Jordà, Robin Lumsdaine, Fernanda Nechio, Steven Ongena, and Enrico Sete. Finally, for the past three years, the day-to-day smooth running of the journal couldn’t have been accomplished without the editorial team at the BIS and the Board of Governors. A special thank you goes to my team: Kommaly Dias, Jane Ihrig, and Elie Singer, who worked to oversee the process.

    And with that, I will step away from the microphone and put the spotlight where it should be, on the scholars presenting their work today. Thank you, and I believe Martin has a few words to get us started.


    MIL OSI Economics –

    July 2, 2025
  • MIL-OSI Economics: Christopher J Waller: Welcoming remarks – IJCB Research Conference

    Source: Bank for International Settlements

    Thank you, Aleš, and thank you to the Czech National Bank (CNB) for hosting this year’s conference. The CNB also supported this conference in 2017. It is wonderful to have such a great relationship between the International Journal of Central Banking (IJCB) and one of our sponsoring institutions.

    I would like to take a few minutes as the outgoing managing editor of the IJCB to emphasize the importance of this journal and the research it supports.1 Central banks play an important role promoting the growth and effective functioning of their economies, and many of the decisions they make are influenced by careful and cutting-edge research. In fact, I recently gave a speech that discussed the importance of economic research in monetary policy decisions.2 The IJCB, through this conference and its volumes, provides an outlet to share and disseminate research that adds to public knowledge and understanding and informs the operational and policy decisions of central bankers.

    The value of central bank–focused research has long been known. In the summer of 2004, the Bank for International Settlements (BIS), the European Central Bank, and the Group of Ten central banks agreed to support the development of the IJCB to focus on the theory and practice of central banking. The journal has attracted distinguished managing editors, including my colleagues from the Federal Reserve; my immediate predecessor, Luc Laeven, from the European Central Bank; and the current managing editor, Antoine Martin, from the Swiss National Bank, who, unfortunately, could not be here today. We have the strong support now of nearly 55 sponsoring institutions, including the Czech National Bank and also the host of last year’s conference, the Central Bank of Italy. Among the ways that central banks serve the public interest is as an ongoing source of economic research, and the strong commitment to the IJCB here in Prague and other capitals advances our collective interest in strong economies and financial stability.

    Turning to this year’s conference, we chose the theme based on events that have been very much on the minds of central bankers: “Assessing the Effectiveness of Monetary Policy during and after the COVID-19 Pandemic.” The past several years have seen significant monetary policy actions across the globe in response to COVID-19–induced recessions, inflation higher than in several decades, unprecedented supply chain disruptions, and, in some countries, very tight labor markets. Early on, policymakers’ responses appeared quite in sync, but with differing speeds of recovery and varying challenges faced by different types of economies, that changed over time. Additionally, geopolitical tensions and energy price shocks have introduced new complexities. So we thought this conference could be a good place to come together and hear about the lessons we have learned from these common and different experiences.

    Today and tomorrow we will be discussing the yield curve, policy rules, and monetary policy transmission. We also will look into banking issues such as loan issuance and financial stability. And we are lucky to have the Fed’s Vice Chair for Supervision Miki Bowman here to give a keynote speech. As we go through these sessions, I hope we will all ask ourselves how this work can help policymakers do their jobs better. Through our conversation, I would ask you to share knowledge about each of these topics as they are pertinent around the world.

    But before we get to those presentations, and what I hope will be vigorous discussion, let me recognize several people who made this event possible. Here at the CNB, Simona Malovaná and Martin Hodula helped organize this conference. Year round, the IJCB co-editors devote many hours of their time to review papers to keep the journal at its high-quality and high-impact status. These individuals are Ana Babus, Diana Bonfim, Huberto Ennis, Carlos Garriga (who is here with us today), Refet Gürkaynak, Òscar Jordà, Robin Lumsdaine, Fernanda Nechio, Steven Ongena, and Enrico Sete. Finally, for the past three years, the day-to-day smooth running of the journal couldn’t have been accomplished without the editorial team at the BIS and the Board of Governors. A special thank you goes to my team: Kommaly Dias, Jane Ihrig, and Elie Singer, who worked to oversee the process.

    And with that, I will step away from the microphone and put the spotlight where it should be, on the scholars presenting their work today. Thank you, and I believe Martin has a few words to get us started.


    MIL OSI Economics –

    July 2, 2025
  • MIL-OSI Economics: Gabriel Makhlouf: Remarks – 100th anniversary of George Bernard Shaw winning the Nobel Prize for Literature

    Source: Bank for International Settlements

    Good morning everyone. Thank you to the Museum of Literature Ireland for hosting this event. Let me also extend a warm welcome to the Right Honourable the Lord Mayor of Dublin, Councillor Emma Blain and to all our distinguished guests.

    We are here today to the launch our coin to commemorate the 100th anniversary of George Bernard Shaw winning the Nobel Prize for Literature. We issue commemorative coins on behalf of the Minister for Finance. Their aim is to recognise figures, or events, of national importance and we are here today to celebrate one of Ireland’s greatest literary geniuses, George Bernard Shaw. Shaw is one of Ireland’s four Nobel Literature winners and, in fact, until 2016, was the only person to have won both a Nobel Prize for Literature and an Academy Award (in 1939). Bob Dylan joined him in that club in 2016. 

    This coin is a tangible tribute to one of the brilliant minds of the 20th century. He was awarded the Nobel Prize in 1925 “for his work which is marked by both idealism and humanity, its stimulating satire often being infused with a singular poetic beauty”. Fintan O’Toole described him as the “most globally influential Irish person in history”, noting praise from Jawaharlal Nehru, Albert Einstein and Winston Churchill.  

    Shaw was more than a literary figure. Thomas Mann, a fellow Nobel Laureate four years after Shaw, wrote in his obituary tribute that “when we add the floodtide of essays, commentary, and amplifying criticism, embodying an all-embracing encyclopedic knowledge that draws equally on the natural sciences, theology, religious and general history, and especially on the social-economic sphere, always artistically leavened, full of esthetic charm, and unfailingly entertaining – when we add all this, we find ourselves face to face with a lifework of astonishing scope, apparently the fruit of continued inspiration, unceasing merriness, and of an indefatigable will to work.” 

    Shaw was also an orator who “with his lyrical Irish accent [-] could turn the classical rhetorical tradition into something apparently intimate and conversatonal, without losing its rhythms and vigour” (O’Toole). He was a man of formidable intellect and sharp wit and his works continue to resonate with audiences and scholars around the globe. As Mann also wrote, Shaw “tirelessly wielded the shining sword of his word and wit” against stupidity and “did his best in redressing the fateful imbalance between truth and reality, in lifting mankind to a higher rung of maturity.” As O’Toole says, “the most important aspect of his influence is not what Shaw taught people to think but how he taught them to think.”

    In an era of alternative truths and disinformation bubbles, perhaps his work has become more relevant than ever. 

    Conclusion

    Before I conclude, I’d like to thank some of the people who’ve helped to organise this event. Specifically, I want to pay tribute to the Central Bank’s Currency Centre team for the immense work they do each year on the collector coin series and I’d like to acknowledge the ongoing work of the Numismatic Advisory Panel who support the Bank’s programme.

    George Bernard Shaw left a significant legacy of theatrical, fictional, polemical, critical and philosophical writing. He wrote that “an Irishman’s heart is nothing but his imagination” and his appreciation and understanding of Ireland had a profound influence on his career. We take great pride in the issuing of commemorative coins and we are delighted in issuing this coin today. Shaw would probably have found the notion of his face on a coin rather strange – and he would have complained that we were commemorating him at all, as he did when awarded the Nobel Prize – but I hope he would also appreciate the enduring recognition it represents. 

    MIL OSI Economics –

    July 2, 2025
  • MIL-OSI Economics: Gabriel Makhlouf: Remarks – 100th anniversary of George Bernard Shaw winning the Nobel Prize for Literature

    Source: Bank for International Settlements

    Good morning everyone. Thank you to the Museum of Literature Ireland for hosting this event. Let me also extend a warm welcome to the Right Honourable the Lord Mayor of Dublin, Councillor Emma Blain and to all our distinguished guests.

    We are here today to the launch our coin to commemorate the 100th anniversary of George Bernard Shaw winning the Nobel Prize for Literature. We issue commemorative coins on behalf of the Minister for Finance. Their aim is to recognise figures, or events, of national importance and we are here today to celebrate one of Ireland’s greatest literary geniuses, George Bernard Shaw. Shaw is one of Ireland’s four Nobel Literature winners and, in fact, until 2016, was the only person to have won both a Nobel Prize for Literature and an Academy Award (in 1939). Bob Dylan joined him in that club in 2016. 

    This coin is a tangible tribute to one of the brilliant minds of the 20th century. He was awarded the Nobel Prize in 1925 “for his work which is marked by both idealism and humanity, its stimulating satire often being infused with a singular poetic beauty”. Fintan O’Toole described him as the “most globally influential Irish person in history”, noting praise from Jawaharlal Nehru, Albert Einstein and Winston Churchill.  

    Shaw was more than a literary figure. Thomas Mann, a fellow Nobel Laureate four years after Shaw, wrote in his obituary tribute that “when we add the floodtide of essays, commentary, and amplifying criticism, embodying an all-embracing encyclopedic knowledge that draws equally on the natural sciences, theology, religious and general history, and especially on the social-economic sphere, always artistically leavened, full of esthetic charm, and unfailingly entertaining – when we add all this, we find ourselves face to face with a lifework of astonishing scope, apparently the fruit of continued inspiration, unceasing merriness, and of an indefatigable will to work.” 

    Shaw was also an orator who “with his lyrical Irish accent [-] could turn the classical rhetorical tradition into something apparently intimate and conversatonal, without losing its rhythms and vigour” (O’Toole). He was a man of formidable intellect and sharp wit and his works continue to resonate with audiences and scholars around the globe. As Mann also wrote, Shaw “tirelessly wielded the shining sword of his word and wit” against stupidity and “did his best in redressing the fateful imbalance between truth and reality, in lifting mankind to a higher rung of maturity.” As O’Toole says, “the most important aspect of his influence is not what Shaw taught people to think but how he taught them to think.”

    In an era of alternative truths and disinformation bubbles, perhaps his work has become more relevant than ever. 

    Conclusion

    Before I conclude, I’d like to thank some of the people who’ve helped to organise this event. Specifically, I want to pay tribute to the Central Bank’s Currency Centre team for the immense work they do each year on the collector coin series and I’d like to acknowledge the ongoing work of the Numismatic Advisory Panel who support the Bank’s programme.

    George Bernard Shaw left a significant legacy of theatrical, fictional, polemical, critical and philosophical writing. He wrote that “an Irishman’s heart is nothing but his imagination” and his appreciation and understanding of Ireland had a profound influence on his career. We take great pride in the issuing of commemorative coins and we are delighted in issuing this coin today. Shaw would probably have found the notion of his face on a coin rather strange – and he would have complained that we were commemorating him at all, as he did when awarded the Nobel Prize – but I hope he would also appreciate the enduring recognition it represents. 

    MIL OSI Economics –

    July 2, 2025
  • MIL-OSI China: Announcement on Open Market Operations No.125 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.125 [2025]

    (Open Market Operations Office, July 2, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB98.5 billion through quantity bidding at a fixed interest rate on July 2, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.40%

    RMB98.5 billion

    RMB98.5 billion

    Date of last update Nov. 29 2018

    2025年07月02日

    MIL OSI China News –

    July 2, 2025
  • MIL-OSI Asia-Pac: President Lai meets delegation from 2025 Taiwan International Ocean Forum

    Source: Republic of China Taiwan

    Details
    2025-06-30
    President Lai meets Minister of State at UK Department for Business and Trade Douglas Alexander  
    On the morning of June 30, President Lai Ching-te met with Douglas Alexander, Minister of State at the Department for Business and Trade of the United Kingdom. In remarks, President Lai thanked the UK government for its longstanding support for peace and stability across the Taiwan Strait. Noting that two years ago, Taiwan and the UK signed an enhanced trade partnership (ETP) arrangement, the president said that today Taiwan and the UK have signed three pillars under the ETP, which will help promote bilateral economic and trade cooperation. He expressed hope of the UK publicly supporting Taiwan’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) so that together we can create an economic and trade landscape in the Indo-Pacific characterized by shared prosperity and development. A translation of President Lai’s remarks follows: First, on behalf of the people of Taiwan, I extend a warm welcome to Minister Alexander and wish a fruitful outcome for the 27th round of Taiwan-UK trade talks later today. Taiwan-UK relations have grown closer in recent years. We have not only continued to strengthen cooperation in such fields as offshore wind power, innovative technologies, and culture and education but also have established regular dialogue mechanisms in the critical areas of economics and trade, energy, and agriculture. The UK is currently Taiwan’s fourth-largest European trading partner, second-largest source of investment from Europe, and third-largest target for investment in Europe. Two years ago, Taiwan and the UK signed an ETP arrangement. This was particularly meaningful, as it was the first institutionalized economic and trade framework between Taiwan and a European country. Today, this arrangement is yielding further results. I am delighted that Taiwan and the UK have signed three pillars under the ETP covering investment, digital trade, and energy and net-zero. This will help promote bilateral economic and trade cooperation and advance industrial development on both sides. I also want to thank the UK government for its longstanding support for peace and stability across the Taiwan Strait. This month, the UK published its Strategic Defence Review 2025 and National Security Strategy 2025, which oppose any unilateral attempts to change the status quo across the Taiwan Strait. These not only demonstrate that Taiwan and the UK share similar goals but also show that security and prosperity in the Indo-Pacific region are inseparable from those of the transatlantic regions. In addition, last November, the House of Commons passed a motion which made clear that United Nations General Assembly (UNGA) Resolution 2758 neither established the sovereignty of the People’s Republic of China over Taiwan nor determined Taiwan’s status in the United Nations. The UK government also responded to the motion by publicly expressing for the first time its position on UNGA Resolution 2758, opposing any attempt to broaden the interpretation of the resolution to rewrite history. For this, on behalf of the people of Taiwan, I once again want to extend my deepest gratitude. Taiwan and the UK have the advantage of being highly complementary in the technology sector. In facing the restructuring of global supply chains and other international economic and trade developments, I believe that Taiwan and the UK are indispensable key partners for one another. I look forward to the UK publicly supporting Taiwan’s accession to the CPTPP so that together, we can create an economic and trade landscape in the Indo-Pacific characterized by shared prosperity and development. In closing, I wish Minister Alexander a pleasant and successful visit. And I hope he has the opportunity to visit Taiwan for personal travel in the future. Minister Alexander then delivered remarks, saying that it is a great personal honor to meet with everyone today to discuss further deepening the UK-Taiwan trade relationship and explore the many opportunities our two sides can pursue together. He mentioned that he traveled to Taiwan in 2022 when he was a private citizen, a visit he thoroughly enjoyed, so he is delighted to be back to see the strength of the UK-Taiwan relationship and the strengthening of that relationship. He said that relationship is built on mutual respect, democratic values, and a shared vision for open, resilient, and rules-based economic cooperation. As like-minded partners, he pointed out, our collaboration continues to grow across multiple sectors, and he is here today to further that momentum. Minister Alexander stated that on trade and investment, he is proud that this morning we signed the ETP Pillars on Investment, Digital Trade, Energy and Net Zero, which will provide a clear framework for our future cooperation and lay the foundation for expanded access and market-shaping engagement between our two economies. The minister said he believes that together with our annual trade talks, this partnership will help UK’s firms secure new commercial opportunities, improve regulatory alignment, and promote long-term investment in key growth areas, which in turn will also support Taiwan’s efforts to expand high-quality trade relationships with trusted partners. Minister Alexander said that President Lai’s promotion of the Five Trusted Industry Sectors and the UK’s recently published industrial and trade strategies are very well-aligned, as both cover clean energy and semiconductors as well as advanced manufacturing. He then provided an example, saying that both sides plan to invest in AI infrastructure and compute power-creating opportunities for great joint research in the future. By combining our strengths in these areas, he said, we can open the door to innovative collaboration and commercial success for both sides. He mentioned that yesterday he visited the Taiwan Space Agency, commenting that in sectors such as satellite technology, green energy, and cyber security, British expertise and trusted standards can provide meaningful solutions. Noting that President Lai spoke in his remarks of the broader challenge of peace and security in the region, Minister Alexander stated that the United Kingdom has, of course, also continued to affirm its commitment to peace and stability in the Taiwan Strait, along with its G7 partners. The UK-Taiwan relationship is strategic, enduring, and growing, he stated, and they reaffirm and remain firm in their longstanding position and confident in their ability to work together to support both prosperity and resilience in both of our societies. Minister Alexander said that, as Taiwan looks to diversify capital and build global partnerships, they believe the UK represents a strong and ambitious investment destination, particularly for Taiwanese companies at the very forefront of robotics, clean tech, and advanced industry. He pointed out that the UK’s markets are stable, open, and aligned with Taiwan’s vision of a high-tech, sustainable future, adding that he looks forward to our discussion on how we can further deepen our cooperation across all of these areas and more. The delegation also included Martin Kent, His Majesty’s Trade Commissioner for Asia Pacific at the UK Department for Business and Trade. The delegation was accompanied to the Presidential Office by British Office Taipei Representative Ruth Bradley-Jones.   

    Details
    2025-06-27
    President Lai confers decoration on former Japan-Taiwan Exchange Association Chairman Ohashi Mitsuo
    On the morning of June 27, President Lai Ching-te conferred the Order of Brilliant Star with Grand Cordon upon former Chairman of the Japan-Taiwan Exchange Association Ohashi Mitsuo in recognition of his firm convictions and tireless efforts in promoting Taiwan-Japan exchanges. In remarks, President Lai stated that Chairman Ohashi cares for Taiwan like a family member, and expressed hope that Taiwan and Japan continue to deepen their partnership, bring about the early signing of an economic partnership agreement (EPA), and jointly build secure and stable non-red supply chains as we boost the resilience and competitiveness of our economies and jointly safeguard the values of freedom and democracy. A translation of President Lai’s remarks follows: Every meeting I have with Chairman Ohashi, with whom I have worked side by side for many years, is warm and friendly. I recall that when we met last year, Chairman Ohashi said that he often thinks about what Japan can do for Taiwan and what Taiwan can do for Japan, and that it is that mutual concern that makes us so close. This was a truly moving statement illustrating the relationship between Taiwan and Japan. Chairman Ohashi has also said numerous times that our bilateral relations may very well be the best in the entire world, and that in fact they may serve as a model to other countries. Indeed, Chairman Ohashi is himself an exemplary model for friendly relations between Taiwan and Japan. His spirit of always working tirelessly to promote Taiwan-Japan exchanges is truly admirable. Assuming the position of chairman of the Japan-Taiwan Exchange Association in 2011, he served during the terms of former Presidents Ma Ying-jeou and Tsai Ing-wen, continuously making positive contributions to Taiwan-Japan relations. Over these past 14 years, Taiwan and Japan have signed over 50 major agreements, spanning the economy and trade, fisheries, and taxes, among other areas. In 2017, the Taiwan-Japan Relations Association and the Japan-Taiwan Exchange Association underwent name changes, strengthening the essence and significance of Taiwan-Japan relations. These great achievements were all made possible thanks to the firm convictions and tireless efforts of Chairman Ohashi. On behalf of the people of Taiwan, I am delighted to confer upon Chairman Ohashi the Order of Brilliant Star with Grand Cordon to express our deepest thanks for his outstanding contributions. Chairman Ohashi is not just a good friend of Taiwan, but someone who cares for Taiwan like a family member. When a major earthquake struck in 2016, he personally went to Tainan to assess the situation and meet with the city government. This outpouring of friendship and support across borders was deeply moving. As we look to the future, I hope that Taiwan and Japan can continue to deepen our partnership. In addition to bringing about the early signing of an EPA, I also hope that we can expand collaboration in key areas such as semiconductors, energy, and AI, continue building secure and stable non-red supply chains, and boost the resilience and competitiveness of our economies as well as peace and stability in the Indo-Pacific. As Chairman Ohashi has said, the close bilateral relationship between Taiwan and Japan is one the world can be proud of. I would like to thank him once again for his contributions to deepening Taiwan-Japan ties. Taiwan will continue to forge ahead side by side with Japan, jointly safeguarding the values of freedom and democracy and mutually advancing prosperous development. I wish Chairman Ohashi good health, happiness, peace, and success in his future endeavors, and invite him to return to Taiwan often to visit old friends. Chairman Ohashi then delivered remarks, first thanking President Lai for his kind words. He stated that the Taiwan-Japan relationship is not only worthy of praise; it can also serve as a superb model in the world for bilateral relations that is worthy of study by other countries. He added that this is the result of the collective efforts of President Lai as well as many other individuals. Chairman Ohashi said that the current international situation is rather severe, with wars and conflicts occurring between many neighboring countries. He said that there is a growing trend of nuclear weapon proliferation, emphasizing that use of such weapons would cause significant harm between nations. He also pointed out that some countries even use nuclear weapons as a threat, leading to instability and impacting the global situation. Chairman Ohashi said that neither Taiwan nor Japan possesses nuclear weapons, which is something to be proud of. That is why, he said, we can declare that a world without nuclear weapons is a peaceful world. He also mentioned that during his tenure as chairman of the Japan-Taiwan Exchange Association, he consistently upheld this principle in his work. Chairman Ohashi said that the mission of the World Federalist Movement (WFM) is to promote world peace. He said that the WFM has branches in countries worldwide, with the WFM of Japan being one of the most prominent, and that it also aspires to achieve the goal of world peace. Having served as chairman of the Japan-Taiwan Exchange Association for 14 years, he said, he is now stepping down from this role and will serve as the chairman of the WFM of Japan, aiming to promote peace in countries around the world. Chairman Ohashi said that both Taiwan and Japan can take pride in our friendly bilateral relationship, emphasizing that if the good relationship between Japan and Taiwan could be offered as an example to countries around the world, there would be no more wars. He expressed his sincere hope that under President Lai’s leadership, Taiwan and Japan can work together to jointly promote world peace. Also in attendance at the ceremony was Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

    Details
    2025-06-25
    President Lai meets Japan’s former Economic Security Minister Kobayashi Takayuki
    On the afternoon of June 25, President Lai Ching-te met with Kobayashi Takayuki, Japan’s former economic security minister and a current member of the House of Representatives. In remarks, President Lai expressed hope to combine the strengths of the democratic community to build resilient, reliable non-red supply chains, and ensure a resilient global economy and sustainable development. He also expressed hope that Taiwan and Japan can bring about the early signing of an economic partnership agreement (EPA), and that Japan will continue supporting Taiwan’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), enhancing our own bilateral partnership, as doing so would create win-win situations and further contribute to regional economic security and stability. The following is a translation of President Lai’s remarks: I welcome Representative Kobayashi back to Taiwan for another visit after seven years. During his last visit, he was with a delegation from the Liberal Democratic Party (LDP) Youth Division, and we met at the Executive Yuan. I am very happy to see him again today. Representative Kobayashi has long paid close attention to matters involving economic security, technological innovation, and aerospace policy. He also made a stunning debut in last year’s LDP presidential election, showing that he is truly a rising star and an influential figure in the political sphere. With this visit, Representative Kobayashi is demonstrating support for Taiwan with concrete action, which is very meaningful. Taiwan and Japan are both part of the first island chain’s key line of defense. We thank the many Japanese prime ministers, including former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as current Prime Minister Ishiba Shigeru, for the many times they have highlighted the importance of peace and stability in the Taiwan Strait at important international venues, and for expressing opposition to the use of force or coercion to unilaterally change the status quo in the Taiwan Strait. I hope that Taiwan and Japan can engage in more cooperation and exchanges to promote peace and prosperity in the Indo-Pacific region in all aspects. In particular, China in recent years has been actively expanding its red supply chains, which threaten the global free trade system and advanced technology markets. Taiwan hopes to combine the strengths of the democratic community to build resilient, reliable non-red supply chains. In the semiconductor industry, for example, Taiwan has excellent advanced manufacturing capabilities, while Japan plays an important role in materials, equipment, and key technologies. I am confident that, given the experience that Taiwan and Japan have in cooperating, we can build an industrial supply chain composed of democratic nations to ensure a resilient global economy and sustainable development. I hope that Taiwan and Japan can bring about the early signing of an EPA in order to deepen our bilateral trade and investment exchanges and cooperation. I also hope that Japan will continue supporting Taiwan’s bid to join the CPTPP, enhancing our own bilateral partnership, as doing so would create win-win situations and further contribute to regional economic security and stability. Taiwan and Japan are democratic partners that share the values of freedom, democracy, and respect for human rights. I firmly believe that so long as we work together, we can certainly address the challenges posed by authoritarianism, and bring prosperity and development to the Indo-Pacific region. In closing, I welcome Representative Kobayashi once again. I am certain that this visit will help enhance Taiwan-Japan exchanges and deepen our friendship. Representative Kobayashi then delivered remarks, first thanking President Lai for taking the time to meet with him, and noting that this was his second visit to Taiwan following a trip seven years prior, when he came with his good friend from college and then-Director of the LDP Youth Division Suzuki Keisuke, now Japan’s minister of justice. Representative Kobayashi mentioned a Japanese kanji that he is very fond of – 絆 (kizuna) – which means “deep ties of friendship.” He emphasized that a key purpose of this visit to Taiwan was to reiterate the deep ties of friendship between Taiwan and Japan. In addition to deep historical ties, he said, Taiwan and Japan also enjoy a like-minded partnership in terms of economic, personnel, and friendship-oriented exchanges. He went on to say that at the strategic level, Taiwan and Japan also have deep ties of friendship, and that for Japan, it is strategically important that Taiwan not be isolated under any circumstances. Representative Kobayashi emphasized that cooperation between Taiwan and Japan, and even cooperation among Taiwan, Japan, and the United States, are more important now than ever, and that another important focus of this visit is the non-red supply chains referred to earlier by President Lai. He said that as Japan’s first economic security minister and the person currently in charge of the LDP’s policy on economic security, he is acutely aware of the important impact of economic security on national interests, and therefore looks forward to further exchanging views regarding Taiwan’s concrete steps to build non-red supply chains. The delegation was accompanied to the Presidential Office by Japan-Taiwan Exchange Association Deputy Representative Takaba Yo.

    Details
    2025-06-16
    President Lai meets delegation led by Representative Bera, co-chair of US Congressional Taiwan Caucus
    On the morning of June 16, President Lai Ching-te met with a delegation led by Representative Ami Bera, co-chair of the US Congressional Taiwan Caucus. In remarks, President Lai thanked the representatives in Congress for actively voicing support for Taiwan and proposing numerous Taiwan-friendly initiatives to strengthen Taiwan-US ties, helping expand Taiwan’s international space and continuing to place focus on peace and stability across the Taiwan Strait. The president said that we will continue to strengthen bilateral investment and industrial cooperation and create a more comprehensive environment for economic and trade exchanges to jointly enhance economic and developmental resilience. A translation of President Lai’s remarks follows: I am delighted to meet with the delegation and welcome Congressman Bera back to the Presidential Office. Last January, he visited after the presidential election, demonstrating the steadfast backing of the US Congress for democratic Taiwan. This time, as head of a delegation of new members of the House Armed Services Committee and the Foreign Affairs Committee, he is continuing to foster US congressional support for Taiwan. On behalf of the people of Taiwan, I extend a sincere welcome to Congressman Bera and all our esteemed guests. Over the years, staunch bipartisan US congressional backing of Taiwan has been a key force for steadily advancing our bilateral relations. I thank the representatives in Congress for actively voicing support for Taiwan and proposing numerous Taiwan-friendly initiatives, thereby strengthening Taiwan-US ties, helping expand Taiwan’s international space, and continuing to place focus on peace and stability across the Taiwan Strait. I want to emphasize that Taiwan has an unwavering determination to safeguard peace and stability in the Indo-Pacific region. Over the past year, the government and private sector have been working together to enhance Taiwan’s whole-of-society defense resilience and accelerate reform of national defense. The government is also prioritizing special budget allocations to ensure that our defense budget exceeds three percent of GDP this year. I hope that Taiwan-US security cooperation will evolve beyond military procurement to a partnership that encompasses joint research and development and joint production, further strengthening cooperation and exchange in the defense industry. Regarding industrial exchanges, last month, Minister of Foreign Affairs Lin Chia-lung (林佳龍) and Minister of Economic Affairs Kuo Jyh-huei (郭智輝) each visited Texas to see firsthand Taiwan-US collaboration in AI and semiconductors. And the delegation led by Executive Yuan Secretary-General Kung Ming-hsin (龔明鑫) sent by Taiwan to this year’s SelectUSA Investment Summit in Washington, DC, was again the largest of those attending. All of this demonstrates Taiwan’s commitment to working alongside the US to create mutual prosperity. In the future, we will continue to strengthen bilateral investment and industrial cooperation. And I hope that the legislation addressing the issue of Taiwan-US double taxation will become law this year. I want to thank Congressman Bera for co-leading a joint letter last November signed by over 100 members of Congress calling for such legislation. I believe that by creating a more comprehensive environment for economic and trade exchanges, Taiwan and the US can enhance economic and developmental resilience. In closing, I thank you all for making the long journey here to advance Taiwan-US relations. Let us continue working together to promote the prosperous development of this important partnership. Congressman Bera then delivered remarks, saying that on behalf of the delegation, it is an honor for him to be here once again, it being last January that he and Congressman Mario Díaz-Balart visited and congratulated President Lai on his election victory, noting that theirs was the first congressional delegation to do so. Congressman Bera said that this is an important time, not just for the US and Taiwan relationship, but for all relationships around the world. When we look at conflicts in Europe and in the Middle East, he said, it is incumbent upon democracies to hold the peace in Asia. He emphasized that is why it is important for them to bring a delegation of members of the Foreign Affairs Committee and the Armed Services Committee, adding that he believes for all of them it is their first trip to Taiwan.  Congressman Bera said that while this is a delegation of Democratic members of Congress, in a bipartisan way all of Congress continues to support the people of Taiwan. As such, in this visit he brings support from his co-chairs on the Taiwan caucus, Congressman Díaz-Balart and Congressman Andy Barr. He also took a moment to recognize the passing of Congressman Gerald Connolly, who was a longtime friend of Taiwan and one of their co-chairs on the caucus. Congressman Bera mentioned that there is always a special bond between himself and President Lai because they are both doctors, and as doctors, their profession is about healing, keeping the peace, and making sure everybody has a bright, prosperous future. In closing, he highlighted that it is in that spirit that their delegation visits with the president. The delegation also included members of the US Congress Gabe Amo, Wesley Bell, Julie Johnson, Sarah McBride, and Johnny Olszewski.

    Details
    2025-06-13
    President Lai meets delegation led by French National Assembly Taiwan Friendship Group Chair Marie-Noëlle Battistel
    On the morning of June 12, President Lai Ching-te met a delegation led by Marie-Noëlle Battistel, chair of the French National Assembly’s Taiwan Friendship Group. In remarks, President Lai thanked the National Assembly for its long-term support for Taiwan’s international participation and for upholding security in the Taiwan Strait, helping make France the first major country in the world to enact legislation to uphold freedom of navigation in the Taiwan Strait. The president also said that exchanges and cooperation between Taiwan and France are becoming more frequent, and that he hopes this visit by the Taiwan Friendship Group will inject new momentum into Taiwan-France relations and help build closer partnerships in the economy, trade, energy, and digital security.  A translation of President Lai’s remarks follows: First, I would like to welcome Chair Battistel, who is once again leading a visiting delegation. Last year, Chair Battistel co-led a delegation to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao. This is her fourth visit, and first as chair of the Taiwan Friendship Group, which makes it especially meaningful. This delegation’s visit demonstrates strong support for Taiwan, and on behalf of the people of Taiwan, I want to express my sincerest welcome and thanks. France is a pioneer in promoting free and democratic values. These are values that Taiwan cherishes and is working hard to defend. I want to express gratitude to the French Parliament for their long-term support for Taiwan’s international participation, and for upholding security in the Taiwan Strait. The French Parliament’s two chambers have continued to strongly support Taiwan, with the passage of a resolution supporting Taiwan’s participation in international organizations in 2021, as well as the passage of the seven-year Military Programming Law in 2023. This has made France the first major country in the world to enact legislation to uphold freedom of navigation in the Taiwan Strait. Through it all, the Taiwan Friendship Group has played a key role, and I want to thank all of our distinguished guests for their efforts. Over the past few years, Taiwan and France have continued to deepen cooperation in areas including the economy, technology, culture, and sports. At the Choose France summit held in Paris last month, Taiwanese and French enterprises also announced they will launch cooperation in the semiconductor and satellite fields. The VivaTech startup exhibition, now being held in France, also has many Taiwanese vendors participating. Exchanges and cooperation between Taiwan and France, whether official or people-to-people, are becoming more and more frequent. I hope that this visit by the Taiwan Friendship Group will inject new momentum into Taiwan-France relations, building closer partnerships in the economy, trade, energy, and digital security.  To address current geopolitical and economic challenges, Taiwan will continue to join forces with France and other like-minded countries to jointly safeguard peace and stability in the Indo-Pacific region, and contribute our concerted efforts to global prosperity and development. Once again, I want to welcome our visitors to Taiwan. I hope to continue our joint efforts to create a more prosperous future for both Taiwan and France.   Chair Battistel then delivered remarks, thanking President Lai for extending this invitation. Last year on May 20, she said, she and her delegation attended the presidential inauguration ceremony, so she was delighted to visit Taiwan once again with the French National Assembly’s Taiwan Friendship Group and bear witness to their friendship with Taiwan. Chair Battistel noted that this visit has given them an opportunity to strengthen Taiwan-France relations in areas including the economy, culture, the humanities, and diplomacy, and conduct exchanges with numerous heads of government agencies and research institutes. It has also been an opportunity, she said, to witness the importance of exchanges and cooperation with Taiwan in areas including energy, semiconductors, youth, and culture, and the impact created by important issues of mutual concern, including AI and disinformation, on the security of many countries. Chair Battistel praised Taiwan for its youth development efforts, and said that under the Taiwan Global Pathfinders Initiative, 30 Taiwanese young people have embarked on a visit to France, with itineraries including the United Nations Ocean Conference and the VivaTech exhibition, as well as the city of Toulouse, which is strategically important for the aerospace industry. Members of the group are also conducting exchanges at the French National Assembly, she said.  Chair Battistel stated that the Taiwan-France partnership is growing closer, and that she hopes to continue to strengthen bilateral exchanges and cooperation, as supporting peace for Taiwan supports peace around the world.  The delegation also included Taiwan Friendship Group Vice Chair Éric Martineau, as well as National Assembly Committee on Foreign Affairs Vice Chair Laetitia Saint-Paul and Deputies Marie-José Allemand and Claudia Rouaux. The delegation was accompanied to the Presidential Office by French Office in Taipei Deputy Director Cléa Le Cardeur.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News –

    July 2, 2025
  • MPEDA hosts inaugural National Skill Olympiad to boost seafood value addition

    Source: Government of India

    Source: Government of India (4)

    The Marine Products Export Development Authority (MPEDA), under the Ministry of Commerce & Industry, successfully on Tuesday held the grand finale of its first-ever National Skill Olympiad on seafood value addition at the Seafood Expo Bharat in Chennai. The initiative aims to foster a skilled workforce and promote innovation in value-added seafood exports.

    Emerging victorious in the closely contested final was Thanseer K R of Abad Foods, Malipuram, Kerala. The awards were presented by Member of Parliament and MPEDA Authority Member Hibi George Eden D. V. Swamy, Chairman of MPEDA.

    The Olympiad, a pioneering effort by MPEDA, saw participation from trained seafood processing professionals from both the East and West coasts of India. Preliminary rounds were held in Kochi on May 29 and in Visakhapatnam on June 5, with the top ten candidates advancing to the semi-finals on June 30. From there, four finalists were selected for the finale.

    The final round featured professionals from across the country competing on aspects such as quality, hygiene, execution, and presentation. Balamurugan I from Edhayam Frozen Foods Pvt Ltd, Tuticorin, Tamil Nadu secured second place, while Sandya Rani Palaparthi of Coastal Cooperation Ltd, Kakinada, Andhra Pradesh came third. D. Anitha, also from Kakinada, representing Sandhya Aqua Exports Pvt Ltd, finished fourth.

    Prize money of ₹1,00,000 was awarded to the winner, followed by ₹75,000 and ₹50,000 for second and third place respectively. The fourth-place finalist received a consolation prize of ₹25,000. All participants were also honoured with medals and certificates.

    Speaking at the event, Hibi Eden lauded MPEDA’s innovative approach in organizing the Olympiad and emphasized its role in advancing India’s seafood export industry. Chairman Shri D. V. Swamy highlighted the Olympiad’s contribution toward making India a global hub for value-added seafood and announced plans to make the event an annual feature in MPEDA’s calendar.

    The finale drew participation from a wide range of stakeholders, including officials from Central and State fisheries departments, seafood exporters, foreign buyers, and delegates of the ongoing Seafood Expo Bharat 2025.

    In addition to the competition, seafood products crafted by the finalists were showcased for public viewing, accompanied by a live tasting session at the MPEDA Skill Olympiad pavilion, giving attendees a direct experience of the culinary excellence and processing expertise on display.

    July 2, 2025
  • MIL-OSI Banking: Secretary-General of ASEAN attends working lunch hosted by UN Resident Coordinator in Indonesia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended a working lunch hosted by the United Nations Resident Coordinator in Indonesia, Gita Sabharwal, alongside the Heads of five UN Agencies in Indonesia. The meeting provided an opportunity to exchange views on ASEAN–UN Comprehensive Partnership, particularly in the areas of transnational crime, food and agriculture, culture and information, women’s empowerment, and disaster management. Both sides reaffirmed their commitment to finalising the new ASEAN–UN Plan of Action (2026–2030) for adoption later this year, which will guide cooperation between both sides.

    The post Secretary-General of ASEAN attends working lunch hosted by UN Resident Coordinator in Indonesia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

    July 2, 2025
  • MIL-OSI: Lightchain AI Launches Final Bonus Phase After Raising $21.1M Ahead of July 2025 Mainnet Launch

    Source: GlobeNewswire (MIL-OSI)

    SHREWSBURY, United Kingdom, July 02, 2025 (GLOBE NEWSWIRE) — Lightchain AI, an AI-native decentralized infrastructure platform, today announced the start of its Final Bonus Phase, following the successful completion of all 15 presale stages and the achievement of a major milestone—$21.1 million raised from a global community of early contributors. This final round offers a fixed price of $0.007125 per LCAI token, providing one last opportunity for participants ahead of the mainnet launch scheduled for July 2025.

    This announcement marks a critical moment for the Lightchain AI ecosystem, as strong participation and sustained growth continue to validate the project’s technical vision and long-term potential. With a scalable architecture, transparent governance, and clear utility for developers and validators, Lightchain AI is laying the groundwork for decentralized AI applications across industries.

    AI-Native Blockchain Infrastructure

    Lightchain AI is designed from the ground up to support real-time artificial intelligence workloads within a blockchain environment. At the core of the platform is its proprietary Artificial Intelligence Virtual Machine (AIVM), which allows for the decentralized execution of AI models and logic.

    The network uses a novel Proof-of-Intelligence (PoI) consensus model that rewards validator nodes for performing computationally meaningful AI tasks. This enables Lightchain AI to offer more than just transactional throughput—it provides functional intelligence that can be deployed securely and transparently on-chain.

    Strategic Tokenomics and Developer Support

    The project’s tokenomics are structured to promote long-term ecosystem health and decentralization. Notably, the original 5% Team Allocation has been fully removed and reallocated to developer incentives, staking rewards, and infrastructure support. Of the total supply, 40% has been allocated to presale and 15% reserved for staking, incentivizing validators to secure the network post-mainnet.

    In parallel, Lightchain AI has launched a $150,000 Developer Grant Program to support builders developing tools, decentralized applications, and infrastructure services. The Lightchain Developer Portal, now live, provides APIs, SDKs, and documentation to accelerate onboarding. Public GitHub repositories are also scheduled to go live shortly, reinforcing transparency and enabling open-source collaboration.

    Final Bonus Phase Open Now

    The Final Bonus Phase features fixed pricing and exclusive access to token holders ahead of the mainnet. Participants in this round will also benefit from ongoing ecosystem incentives, including grant eligibility, early validator opportunities, and developer support.

    “With over $21 million raised and a global community rallying behind the vision, the Final Bonus Phase offers one last opportunity to join Lightchain AI before it transitions to mainnet,” said a Lightchain AI spokesperson. “This is not just a funding milestone—it’s the beginning of a decentralized AI movement.”

    Key Upcoming Milestones

    • Mainnet Launch – Scheduled for July 2025
    • Validator Program – Ongoing recruitment for early node operators
    • Public GitHub Access – Launching in Q3 2025
    • Grant Program Distribution – Begins shortly after mainnet launch


    Learn More or Join the Bonus Phase

    Website: https://lightchain.ai
    Whitepaper: https://lightchain.ai/lightchain-whitepaper.pdf
    Twitter/X: https://x.com/LightchainAI
    Telegram: https://t.me/LightchainProtocol

    Contact:
    SHAJAN SKARIA
    media@lightchain.ai

    Disclaimer: This content is provided by Lightchain AI. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bbd06b6d-b7b1-4fef-82bf-6ce0ea6bd454

    The MIL Network –

    July 2, 2025
  • MIL-OSI: Equinor ASA: Completed share capital reduction

    Source: GlobeNewswire (MIL-OSI)

    On 14 May 2025, the annual general meeting in Equinor ASA (OSE: EQNR, NYSE: EQNR) decided that the company’s share capital shall be reduced by NOK 589,934,295 from NOK 6,981,953,075 to NOK 6,392,018,780, through cancellation and redemption of a total of 235,973,718 shares.

    The creditor deadline for the capital reduction has expired and the capital reduction was registered effective with the Norwegian Register of Business Enterprises today, 2 July 2025.

    Following completion of the capital reduction the share capital of the company is NOK 6,392,018,780 divided into 2,556,807,512 shares of NOK 2.50 each.

    This information is subject to the disclosure requirements pursuant to Euronext Oslo Børs Rulebook II section 4.2.5.5 and Section 5-12 of the Norwegian Securities Trading Act.

    Contact persons:

    Investor relations:
    Bård Glad Pedersen, Senior vice president Investor Relations,
    +47 918 01 791

    Media relations:
    Sissel Rinde, Vice president Media Relations,
    +47 412 60 584

    The MIL Network –

    July 2, 2025
  • MIL-OSI Economics: John C Williams: The totality of the data

    Source: Bank for International Settlements

    Hello, everyone. I’m so pleased to be here today.

    One of the most enjoyable parts of my job is meeting with business and community leaders to learn more about our local economies-their challenges and opportunities, their long-established businesses and new industries. It’s fitting that I started my visit in Schenectady, known as “The City that Lights and Hauls the World.” And now I’m here at the Albany NanoTech Complex, a hub for innovative, cutting-edge nanotechnologies. Both cities, just 20 miles apart, have made-and continue to make-important contributions to our regional and national economies.

    I’ll talk a bit about that today, although my focus will be on the U.S. economy. I’ll discuss what the soft and hard data are telling us, and how the totality of the data is informing my outlook for the economy.

    Before I go further, I must give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System.

    The Capital Region

    As an economist and student of history, I can’t help but start with a few words about the Capital Region. In the 1880s, when Thomas Edison created components for his electrical illumination system and the Schenectady Locomotive Works built engines, few could have imagined the ways that electricity and locomotives would transform entire societies and economies. They represent what economists call general-purpose technologies, or GPTs.

    Today, many experts think that the latest GPT is artificial intelligence, or AI. And among the many research initiatives underway here are technologies that support the advancement of AI.

    In the 140 years between these GPT bookends, this region has continued to invest in new industries and training for workers, helping to drive the health of the local economy.

    The Soft Data

    Of course, all communities in the Federal Reserve’s Second District-which includes the Capital Region-are affected by national trends. In recent months, the changing landscape around fiscal and trade policies has heightened economic uncertainty among consumers, business owners, and financial market participants.

    As an economist and policymaker, I am always studying the data. Recently, there have been some interesting dynamics in both the soft data, which are typically survey measures of perceptions and expectations, and the hard data, which are economic readings of what has actually happened.

    I’ll start with the soft data. Over the past few months, surveys carried out by the New York Fed and others have highlighted a great deal of pessimism and uncertainty about the economic outlook. With respect to the Second District, our surveys of manufacturers and service firms indicate that economic activity has declined modestly, and concerns about tariffs are widespread. Several of my business contacts reported pulling back on capital spending and putting hiring on hold until the economic uncertainty lessens.

    In the New York Fed’s national Survey of Consumer Expectations, consumers’ uncertainty remains elevated not just about inflation, but also about housing prices and their earnings growth.1 According to this survey, households have scaled back their expected spending growth on nonessential items.

    The soft data have also revealed some good news. Longer-run inflation expectations have remained stable. And with the pullback in tariffs since early April, short- and medium-term inflation expectations have receded back close to their pre-pandemic averages. These patterns are consistent with market-based measures of inflation compensation and with most other survey-based measures. This is critically important, because well-anchored inflation expectations are essential for sustained price stability.

    That said, survey respondents report that uncertainty about inflation remains elevated.

    The Hard Data

    As a policymaker, I have often said that my decisions are data dependent-but not data-point dependent. I look at the totality of the data for underlying trends. I am particularly focused on those that affect the achievement of the FOMC’s dual mandate goals of maximum employment and price stability, which is defined as 2 percent inflation over the longer run.

    And what much of the hard data shows is that the U.S. economy remains in a good place.

    With regard to real GDP growth, the data have been unusually noisy, reflecting front-running of tariffs. That said, consumer spending and investment have been resilient overall so far this year.

    On the employment side of our mandate, labor market conditions have remained solid, with the unemployment rate at a little over 4 percent for the past year.

    On the price stability side of our mandate, inflation has continued to come down from its COVID-era spikes. With the labor market in balance and wage pressures having abated, inflation, as measured by the personal consumption expenditures price index, has moved close to our 2 percent longer-run goal.

    However, measures of underlying inflation-such as core inflation, which strips away volatile categories like food and energy-are still somewhat above our 2 percent target. And there are signs that tariffs are affecting specific categories of goods.

    We are seeing evidence of these patterns in the Second District. In May, New York Fed staff fielded a special survey to gauge the extent to which New York and New Jersey businesses were passing on tariff-induced cost increases to their customers. Manufacturers indicated that over the past six months, the cost of their tariffed goods had risen by about 20 percent, on average. For service firms, the increase was about 15 percent. The survey’s key finding is that about three-quarters of respondents in both sectors passed along at least some of these higher costs to their customers by raising prices. Indeed, almost a third of manufacturers and nearly half of service firms reported fully passing along all tariff-related cost increases.2

    What does this all mean for the economy going forward?

    My answer is that we need to be vigilant in analyzing the totality of the data to see how conditions evolve.

    Monetary Policy

    Given the continued uncertainty, the solid labor market, and inflation still above our 2 percent goal, the FOMC decided at its meeting last week to leave the target range for the federal funds rate unchanged at 4-1/4 to 4-1/2 percent.3

    Maintaining this modestly restrictive stance of monetary policy is entirely appropriate to achieve our maximum employment and price stability goals. It allows for time to closely analyze incoming data, assess the evolving outlook, and evaluate the balance of risks to achieving our dual mandate goals.

    In addition, the FOMC continues to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities. Despite market volatility related to trade policy and other developments, that process continues to go very smoothly.

    The Economic Outlook

    In an uncertain environment, any number of outcomes can occur. But based on what the data tell us today, I expect uncertainty and tariffs to restrain spending and reduced immigration to slow labor force growth. As a result, I expect real GDP growth this year will slow considerably from last year’s pace, to just over 1 percent.

    With this deceleration of real GDP, I expect the unemployment rate to rise to around 4-1/2 percent by the end of this year. I anticipate the tariffs enacted this year will boost inflation to around 3 percent in 2025, and then for inflation to gradually decline to 2 percent over the next two years as the tariff effects fade.

    Conclusion

    Much of the soft data we’ve seen in recent months captures the heightened uncertainty about the path of the economy. But it’s too early to say what the future trajectory of the hard data will be.

    As always, I remain focused on all the data, and that includes what I have learned on this trip to the Capital Region. No matter what comes our way, I am committed to supporting maximum employment and returning inflation to our 2 percent longer-run goal.

    MIL OSI Economics –

    July 2, 2025
  • MIL-OSI Economics: Christine Lagarde: Culture and the economy

    Source: Bank for International Settlements

    It is a pleasure to be here at the Munich Opera Festival.

    This festival draws on a tradition that stretches back 150 years. And over the next five weeks, audiences will experience a rich variety of performances.

    The programme includes some of opera’s canonical heavyweights, like Mozart’s Don Giovanni. But it also ventures into rarer territory, with works such as Strauss’s Die Liebe der Danae.

    But one work especially caught my eye: Fauré’s Pénélope, which will be performed at the Bavarian State Opera for the first time at this year’s festival.

    Now, I can already hear some members of the audience thinking: “Well, of course she chooses the French one.” Yes, but I would like to highlight Pénélope for an entirely different reason.

    It is the perfect distillation of European culture – both past and present.

    It is a story based on a Greek myth. After all, Pénélope is the loyal wife of Odysseus in Homer’s Odyssey. It is a story reimagined as an opera, an art form with roots in late 16th century Italy. It was written in France and performed in the country’s native language. And it is now being directed here in Munich.

    This opera is an odyssey through European culture itself – from ancient Greece to modern Germany, via Italy and France. It is also the story of a resilient woman.

    MIL OSI Economics –

    July 2, 2025
  • MIL-OSI Economics: Andrew Bailey: Revisiting the Norman Conquest of $4.86. Thoughts for the world today

    Source: Bank for International Settlements

    It is a great pleasure to have the opportunity to open this conference. You could say that it is an example of the endearing British sense of humour that we organise a conference on what is commonly regarded as one of the less good economic decisions in the country’s history. You may add that what I have just said demonstrates another British characteristic, the calculated British sense of understatement. Actually, as I hope to show, there remain lessons to be learned from the events. And, I do follow the wise advice of Ken Arrow, that “It will always be true that practical understanding of the present will require knowledge of the past.” 1

    Two other things before I get properly started. First, my title is unashamedly a lift from the sub-title of Donald Moggridge’s book on British monetary policy in the period2, which – as Adam Tooze has recently commented – is one of the best such sub-titles. On this, can I also say how nice it is that Susan will participate in the panel session today. It wouldn’t be the same if we could not personally record the major contribution of Susan and Don in this field. And, it is of course sad that Don isn’t with us.

    The second point is to mention something that I find amusing about the events around the return to gold. Montagu Norman kept a diary, which is available on-line on the Bank’s website. On the day it was announced by Winston Churchill at 4.30pm in the House of Commons, Norman wrote in large capitals in his diary, “GOLD STANDARD”. In this day and age, I think we can describe it as putting the caps lock on and going full Trump.

    On to more serious stuff. I am not going to give a full account of the events of 1925, I am going to be selective to illustrate a few points. One way to look at the episode is as a clash between domestic and international priorities. Norman took an international view – I will come on to describe it more fully. His biographer Andrew Boyle commented that he ardently believed that Europe could only begin to count on lasting peace and prosperity once Britain reinstated the gold standard3.

    In contrast, Don concluded forcefully that Norman failed to understand the domestic context, and showed very little apparent interest in doing so. The wild card in this is the position of Keynes. I will come onto this, but I do think the most pithy observation here came from Don when he observed that over time Keynes advocated almost every possible form of exchange rate arrangement.

    I am going to set out very briefly, and rather selectively, some of the arguments on the international versus domestic cases, and then use these to draw out a few points that I think are of relevance today.

    There are a number of strands to the international argument, but they come together in the conviction that the gold standard was the best form of monetary anchor at the time, that it was an open economy anchor in the sense that it had anchored across countries in a world of large capital and trade flows, and that in doing so before the First World War it had worked. It provided certainty on the terms of international trade and thus lowered transaction costs. Douglas Irwin has concluded that studies have attributed up to 20% of the growth of world trade between 1880 and 1910 to the benefits of greater certainty and lower transactions costs4. Allied to this is the argument that before the First World War adherence to the gold standard was an effective signal of credibility which had beneficial consequences for a country’s external borrowing cost. Estimates put this benefit as up to 30 basis points5.

    I would add two further elements of the broad international argument for returning at the pre-war parity. The first is the view that the experience of hyper-inflation in a number of European economies after the First World War heightened the attraction of sticking to the pre-war anchor. The second is that returning to gold at the established parity, and lowering transactions costs by doing so, would benefit the City of London as a financial centre, and most particularly if the UK led the way in doing so.

    The problem was of course that by returning in this way the burden of adjustment fell on domestic wages and prices. These had been sufficiently flexible in the late nineteenth century, but in the face of smaller economic shocks than were to emerge after 1925.

    But at the pre-war parity sterling was overvalued – domestic prices were now higher relative to other countries. This was the essence of the Keynes critique, namely that a central bank with the objective of fixing the value of its currency in terms of gold could not use monetary policy to stabilise domestic prices, which should be the objective6. In stable times, the gold standard worked because there was no conflict between a fixed exchange rate and stable domestic prices. But that was not the case when the economic shocks were larger, and because domestic prices were relatively higher the impact was to force deflation. We can add to this that in terms of the impact on borrowing costs noted earlier, the actual evidence suggests that while countries returning to gold at pre-war parities did lower their costs of borrowing, those who devalued on return gained somewhat more, though the evidence is open to some interpretation7.

    A further problem that was revealed by the larger shocks that occurred after return concerned the asymmetry of adjustment. The gold standard did not provide an explicit remit for monetary policy. It was supposed to work on the basis of the price-specie flow mechanism set out by David Hume, where gold flows were determined by monetary conditions, backed up by central banks following the “rules of the game”, with appropriate interest rate and balance sheet policies. In this way, prices would adjust to restore Balance of Payments equilibrium. Whether central banks always followed those rules in the pre-1914 gold standard is debated, but the system seemed to work, at least in in times of smaller shocks. But with the larger shocks of the late 1920s and 1930s, deviating from those rules mattered. The surplus countries (France and the US) sterilised gold inflows and thus prevented the equilibrating mechanism through domestic price adjustment. Irwin estimates that between 1928 and 1930, the US and France demonetised 11% of the world’s gold stock, thereby contributing to further deflation8.

    Before concluding on the relevance for today, I want to draw out a further point. As I noted earlier, it is quite hard to pin down exactly what exchange rate regime Keynes did prefer, as distinct from the ones he did not like. As Irwin notes, by 1925 he was certainly an opponent of the return to the pre-War parity under the gold standard.

    But he favoured exchange rate stability and was sceptical that flexible exchange rates could solve Balance of Payments problems9. He appreciated therefore that by preferring domestic employment goals and exchange rate management, he was ruling out open capital flows. This put him at odds with Norman. In fact, James Meade – the subject of a new biography by Susan10 – was one of the few economists of the period whose views were more aligned to the modern preference of free floating exchange rates, free trade and domestic monetary policy goals.

    Turning to the relevance of 1925 for today’s issues, I want to finish by drawing out three points where there are interesting parallels.

    The first concerns the robustness of monetary regimes. The gold standard stood up to the test of the shocks of the nineteenth century, but did not stand up to the much larger shocks of the inter-war period, and particularly the late 1920s and 1930s. Our regime today, based on the nominal anchor of the domestic inflation target, was developed over the decade or so before the financial crisis. In contrast to the gold standard, I think that it has stood up well to the larger shocks of recent years starting with the financial crisis. Our judgement to date is that it has contributed well to reducing inflation persistence following the shocks of recent years.

    The second point is closely related. Some countries went back onto gold and introduced flexibility by adjusting their parities from the pre-war level. As I described earlier, this was not the UK approach, and not only was this Norman’s strong preference, but returning at the pre-war parity was the conclusion of both committees set up to examine the issue, starting with the Cunliffe Committee of 1918. In the well-known words of former Chancellor Reginald McKenna to Churchill: “There is no escape, you have to go back, but it will be hell”. For Churchill, it was a matter of “Shackling ourselves to reality”11. But this begs the question, how much flexibility can be included in an anchor without compromising it?

    More recent UK history is interesting here. In the days immediately pre-Bank independence, the UK started with an inflation target range, and then switched to a point target.

    This strikes me as a sensible limitation of flexibility to promote the credibility of the target. But after the financial crisis and the following recession, the target regime was modified to allow more flexibility in the pace of return to target where there are so-called trade-off conditions between activity and inflation. This “constrained discretion” is limited but useful flexibility. The appropriateness of flexibility therefore remains an important judgement.

    The third point concerns international adjustment under the gold standard, and, as I noted earlier, the asymmetry between surplus and deficit countries when it came to so-called equilibrating gold flows.

    This meant that surplus countries had the incentive and the ability to put more of the adjustment burden onto the deficit countries, as was the case with France and the US. The adjustment asymmetry point was subsequently built into the Bretton Woods regime. Today, we have another version of this issue when we look at the US-China trade position and the associated imbalances. The asymmetry may not be the same, or indeed present even, but it is reasonable to believe that it might be a feature.

    To end, all of this reinforces for me the benefits of going back to review the 1925 decision – there is much to study and learn.

    Thank you.

    I would like to thank Michael Anson, Oliver Bush, Karen Jude, Martin Seneca, Alan Taylor and Ryland Thomas for their help in the preparation of these remarks.


    MIL OSI Economics –

    July 2, 2025
  • MIL-Evening Report: Trump’s ‘big beautiful bill’ has passed the US Senate – these are the winners and losers

    Source: The Conversation (Au and NZ) – By Lester Munson, Non-Resident Fellow, United States Studies Centre, University of Sydney

    Igor Link/Shutterstock

    One of the unique aspects of Washington life is a Senate “vote-a-rama,” in which the upper house of Congress tortures itself by pulling a marathon all-nighter of speeches, amendments and votes on a critical bill.

    The Senate has just endured the usual mélange of horrors before passing US President Donald Trump’s massive tax and spending agenda – the One Big Beautiful Bill Act.

    The process was a mess and the final result was tight: 51-50 after Vice President JD Vance broke the tie. But it landed another huge political win for Trump.

    It will likely be no different when the bill hits the House of Representatives, before being signed into law, maybe as soon as July 4 – Independence Day.

    Mega bill

    Using the momentum from his bunker-busting strike on Iran’s nuclear weapons program, Trump pressured wavering congressional Republicans to toe the line and support the package.

    The bill includes a continuation of Trump’s tax cuts from his first term, which were set to expire next year. They are being portrayed as new tax relief, even though American tax policy remains the same because of arcane budget process rules in Congress.

    Trump included a provision eliminating taxes on tips and overtime, which will further endear him to many working Americans, particularly those in private sector unions and food services.

    The bill also provides more funding for border security and a US$150 billion (A$227 billion) boost to defence spending, which will soon be tracking at more than US$1 trillion (A$1.51 trillion) per year.

    Other measures include work requirements for government health care recipients and cuts to two major safety net programs, including Medicaid.

    As a budget bill, there are some limits to what provisions can be included, but the Trump team was able to shoehorn nearly all of his domestic agenda into this bill – hence the absurd title.

    All of this means Trump can get what he wants if he keeps Republicans united, as no Democrats are needed to pass the bill into law.

    Democrat opposition

    The “big beautiful bill” provides some political opportunities to Trump’s opponents.

    The Democrats have fought the bill at every step, saying the “tax cuts” only benefit rich people while the health care cuts will have severe consequences for the working poor.

    They can plausibly accuse Republicans of cutting taxes for the wealthy. However, the tax cuts on tips and overtime somewhat mitigate that attack.

    The Democrats have also highlighted the impact of the bill on America’s national debt, which is at historically high levels. But this attack has only highly limited benefits for the party, which is not known for its own spending restraint.

    Nevertheless, Trump’s bill is so far winning passage, often by the thinnest possible margins, at every stage of the wonderfully convoluted American legislative process.

    ‘Utterly insane and destructive’

    The victory in the Senate has not come without some costs, especially given the way it has exacerbated Trump’s explosive feud with Elon Musk.

    The public divorce between Trump and his former “First Friend” has been an ongoing soap opera. Saturation media coverage of the squabble between the world’s richest man and its most powerful, has featured threats, accusations, name-calling, and physical confrontations.

    Once it became clear Trump’s One Big Beautiful Bill did not include significant budget cuts, Musk turned on his patron and severely criticised the legislative effort, as “political suicide” for the Republican Party:

    It will destroy millions of jobs in America and cause immense strategic harm to our country

    Although the two men patched things up a few weeks ago, the bitter feud has erupted again with the bill’s passage though the Senate.

    Musk says the bill is “utterly insane and destructive” and is vowing political retribution on Republicans who voted for it:

    In turn, Trump has threatened to deport Musk back to his birth country of South Africa and turn the Department of Government Efficiency (DOGE) loose on Musk’s companies that have contracts with the government, including SpaceX, which is a necessary component of the American space program.

    Musk’s tantrums are unlikely to lead to real political problems for Trump, given many congressional Republicans continue to rely on the president for support.

    They will not be tempted to support Musk no matter how much he threatens them.

    Trump’s triumph

    The president has managed his legislative strategy to near perfection.

    Trump and his team used the DOGE process to give political cover to fiscal conservatives to vote with him on the bill. Even the breach with Musk didn’t change this dynamic much.

    At the end of it all, Trump has been able to enforce discipline in his own party and get what he needed from Congress.

    When Trump signs his big beautiful bill into law, it will be another political victory for the president.

    Lester Munson receives funding from the U.S. Studies Centre at the University of Sydney. He is affiliated with BGR Group, a Washington DC consulting firm.

    – ref. Trump’s ‘big beautiful bill’ has passed the US Senate – these are the winners and losers – https://theconversation.com/trumps-big-beautiful-bill-has-passed-the-us-senate-these-are-the-winners-and-losers-260287

    MIL OSI Analysis – EveningReport.nz –

    July 2, 2025
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