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Category: Business

  • MIL-OSI: Historic Dual Market Exchange Celebration: NIRI to Ring the Closing Bells at NYSE and Nasdaq

    Source: GlobeNewswire (MIL-OSI)

         –  Closing Bell Ceremonies live at 4:00 p.m. ET on Monday, June 30, 2025

    PHILADELPHIA, June 30, 2025 (GLOBE NEWSWIRE) — The Philadelphia Chapter of NIRI: The Association for Investor Relations is pleased to announce that today, NIRI will make history by ringing the closing bell at both the New York Stock Exchange and Nasdaq. This simultaneous celebration recognizes the investor relations profession and its strategic value for the capital markets.

    The dual bell ceremonies, taking place at 4:00 p.m. ET, are co-hosted by NIRI and the NIRI Philadelphia Chapter. Representatives from NIRI and its multiple chapters across the country will participate in this iconic event, with approximately 100 investor relations professionals gathering in New York City for this milestone moment.

    At the New York Stock Exchange, Nahla A. Azmy, President of NIRI Philadelphia, and Matthew D. Brusch, President and CEO of NIRI, will share bell-ringing honors on behalf of the NIRI organization.

    At Nasdaq MarketSite in Times Square, Lisa M. Caperelli, NIRI Board Director and Vice President of Sponsorships for the NIRI Philadelphia Chapter, will represent NIRI for the closing bell ceremony.

    Tune in to watch the Closing Bell Ceremonies live at 4:00 p.m. ET:

    NYSE: https://www.nyse.com/bell

    Nasdaq: https://www.nasdaq.com/marketsite/bell-ringing-ceremony

    About the NIRI Philadelphia Chapter
    NIRI Philadelphia, formed in 1971, is a professional association of investor relations officers, communicators, consultants and providers serving organizations in the Greater Philadelphia area. NIRI Philadelphia includes members from a variety of industries and market cap sizes who are responsible for communications between their organizations, the investing public, and the financial community. NIRI Philadelphia’s goal is to provide its members the resources needed to be strategic leaders in their organizations.

    About NIRI: The Association for Investor Relations 
    Founded in 1969, NIRI is the professional association of corporate officers and investor relations consultants responsible for communication among corporate management, shareholders, securities analysts, and other financial community constituents. NIRI is the largest professional investor relations association in the world with members representing over 1,500 publicly held companies and $12 trillion in stock market capitalization.

    The MIL Network –

    June 30, 2025
  • MIL-OSI: Historic Dual Market Exchange Celebration: NIRI to Ring the Closing Bells at NYSE and Nasdaq

    Source: GlobeNewswire (MIL-OSI)

         –  Closing Bell Ceremonies live at 4:00 p.m. ET on Monday, June 30, 2025

    PHILADELPHIA, June 30, 2025 (GLOBE NEWSWIRE) — The Philadelphia Chapter of NIRI: The Association for Investor Relations is pleased to announce that today, NIRI will make history by ringing the closing bell at both the New York Stock Exchange and Nasdaq. This simultaneous celebration recognizes the investor relations profession and its strategic value for the capital markets.

    The dual bell ceremonies, taking place at 4:00 p.m. ET, are co-hosted by NIRI and the NIRI Philadelphia Chapter. Representatives from NIRI and its multiple chapters across the country will participate in this iconic event, with approximately 100 investor relations professionals gathering in New York City for this milestone moment.

    At the New York Stock Exchange, Nahla A. Azmy, President of NIRI Philadelphia, and Matthew D. Brusch, President and CEO of NIRI, will share bell-ringing honors on behalf of the NIRI organization.

    At Nasdaq MarketSite in Times Square, Lisa M. Caperelli, NIRI Board Director and Vice President of Sponsorships for the NIRI Philadelphia Chapter, will represent NIRI for the closing bell ceremony.

    Tune in to watch the Closing Bell Ceremonies live at 4:00 p.m. ET:

    NYSE: https://www.nyse.com/bell

    Nasdaq: https://www.nasdaq.com/marketsite/bell-ringing-ceremony

    About the NIRI Philadelphia Chapter
    NIRI Philadelphia, formed in 1971, is a professional association of investor relations officers, communicators, consultants and providers serving organizations in the Greater Philadelphia area. NIRI Philadelphia includes members from a variety of industries and market cap sizes who are responsible for communications between their organizations, the investing public, and the financial community. NIRI Philadelphia’s goal is to provide its members the resources needed to be strategic leaders in their organizations.

    About NIRI: The Association for Investor Relations 
    Founded in 1969, NIRI is the professional association of corporate officers and investor relations consultants responsible for communication among corporate management, shareholders, securities analysts, and other financial community constituents. NIRI is the largest professional investor relations association in the world with members representing over 1,500 publicly held companies and $12 trillion in stock market capitalization.

    The MIL Network –

    June 30, 2025
  • MIL-OSI: Order.co Names Larry Robinett to Lead Partnerships and Drive Adoption of Its Workday Built Procurement Integration

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, June 30, 2025 (GLOBE NEWSWIRE) — Order.co, the world’s leading B2B Ecommerce Platform, welcomes Larry Robinett as Head of Workday Accounts & Alliances. Robinett joins the company to expand strategic partnerships and scale adoption of Order.co’s exclusive Workday Built integration.

    Robinett brings more than two decades of experience in enterprise software and strategic alliances, with a long-standing focus on the Workday ecosystem. Most notably, he served as Vice President of Sales and Partner Alliances at Ascend Software. Here, he successfully spearheaded the company’s strategic partnership with Workday to help customers streamline accounts payable operations.

    As a result of the partnership, customers experienced significant efficiency gains and cost savings through AP automation, allowing them to scale operations without adding headcount – all while maximizing their investment in Workday Financial Management. Now, as the Head of Workday Accounts & Alliances at Order.co, Robinett will lead efforts to expand enterprise adoption of the company’s innovative Workday integration. With the integration at customers’ fingertips, they can unlock greater control, efficiency, and savings with a modern procurement experience from requisition to reconciliation.

    “I’m thrilled to join Order.co at such an exciting stage of growth,” Robinett said. “As someone who has worked extensively in the Workday ecosystem, I’m especially proud to join a company with a Workday Built integration, an achievement that reflects close collaboration with Workday’s product teams to deliver meaningful value to joint customers. I look forward to building strong partnerships and helping Workday Financial Management customers simplify and modernize their procurement experience in Workday.”

    As a Workday Select Partner, Order.co worked closely with Workday to co-develop an embedded B2B Ecommerce experience directly within the Workday platform. Using Order.co’s exclusive “Integrated Search”, customers can purchase all the items they need from the best-fit suppliers without leaving the Workday portal. Teams can search for any item and browse pre-approved products within their custom catalog, complete with contracted pricing or cost-effective alternatives. Submitting an order automatically generates a pre-populated requisition, eliminating the need for manual, error-prone data entry. Once approved, Order.co handles vendor fulfillment, and pre-coded invoices load seamlessly into Workday.

    Some of the benefits of leveraging Integrated Search include:

    • Faster purchasing – Employees can shop directly within Workday and automatically create requisitions with all the relevant data, eliminating the need to manually fill out purchase requests or toggle between vendor websites.
    • Stronger purchasing compliance – Users gain access to a pre-approved catalog of vendors and items, ensuring all purchases align with company policies and negotiated contracts.
    • Reduced rogue spend – Instead of going outside the system for small or ad-hoc purchases, employees can buy what they need directly through Integrated Search. Every purchase is captured in Workday, with built-in approvals and visibility – reducing out-of-policy spend without adding friction.
    • Faster supplier onboarding – Instead of developing costly punchouts, teams can easily add products from any supplier into Order.co’s centralized catalog, accelerating adoption and simplifying procurement operations.

    Order.co’s customers have raved about the integration, with Kyle Ingerman, Finance Transformations Senior Manager at WeWork, saying, “I cannot tell you how much time, effort, and money [the Order.co integration] has saved us.”

    To learn more about Order.co’s Workday-built integration, visit https://www.order.co/workday-procurement-integration/.

    About Order.co

    Order.co simplifies business buying by combining the ease of online shopping with the sophistication of world-class purchase order and AP automation. The result? Businesses cut costs and complexity with every order.

    Hundreds of companies, like WeWork and Hugo Boss, leverage Order.co to centralize purchase-to-pay workflows, scale operations, and gain total control over spending – saving an average of 5% on products. Founded in 2016 and headquartered in New York City, Order.co has raised $70M in funding from industry-leading investors like MIT, Stage 2 Capital, Rally Ventures, 645 Ventures, and more. To learn more, visit order.co.

    About Workday

    Workday is the AI platform for managing people, money, and agents. The Workday platform is built with AI at the core to help customers elevate people, supercharge work, and move their business forever forward. Workday is used by more than 11,000 organizations around the world and across industries – from medium-sized businesses to more than 60% of the Fortune 500. For more information about Workday, visit workday.com.

    Media Contact

    Allison Reich
    Senior Manager of Brand, Content & Enablement
    Allison.reich@order.co

    The MIL Network –

    June 30, 2025
  • MIL-OSI: Granite Merchant Funding Now Offers Financing from $750,000 to $2 Million

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, June 30, 2025 (GLOBE NEWSWIRE) — Granite Merchant Funding, a leading provider of revenue-based working capital solutions, is proud to announce an expansion of its funding capabilities. The company now offers financing for deals ranging from $750,000 to $2 million, providing more robust support for growing businesses across various industries.

    With this, Granite Merchant Funding strengthens its commitment to delivering accessible, flexible funding that helps business owners scale with confidence. Known for its fast approvals, personalized service, and cash-flow-based qualification process, the company is a trusted partner for entrepreneurs looking to invest in growth opportunities without the red tape of traditional lending.

    Granite Merchant Funding specializes in helping small and mid-sized businesses secure the capital they need to purchase equipment, expand operations, launch marketing campaigns, manage cash flow, or hire additional staff. Unlike conventional lenders that rely heavily on credit history, Granite Merchant Funding evaluates a business’s current revenue performance, enabling faster decision-making and higher approval rates.

    “Expanding our deal size to $2 million is a reflection of the growing needs of the businesses we serve,” said Senior Marketing Manager Anthony Parker. “We’re seeing more demand from companies ready to take the next big step, and we want to be there to support them with fast, reliable capital when it matters most.”

    The company’s efficient and user-friendly funding process allows qualified businesses to access capital in as little as 24 hours after approval. This level of speed and responsiveness ensures that business owners can act quickly on time-sensitive opportunities or address urgent operational needs without delay.

    Granite Merchant Funding serves various industries, including construction, retail, professional services, healthcare, and more. Every funding solution is customized to align with the client’s cash flow and growth strategy, making the process fast, innovative, and strategic.

    With this new funding range, Granite Merchant Funding is poised to significantly impact businesses seeking larger-scale capital solutions. The company continues to set the standard in alternative business financing by delivering exceptional service and personalized attention.

    About Granite Merchant Funding

    Granite Merchant Funding provides revenue-based financing to established business owners seeking to scale. Through professional services, it serves various industries, from construction to retail, helping clients access $750K to $2MM in working capital to grow, invest, or manage operations. Granite Merchant Funding combines expertise with a streamlined process, offering reliable and transparent funding solutions, along with high-quality service and guidance from its professionals.

    Media Contact
    Anthony Parker
    anthony.parker@granitefunding.com
    (888) 912-4243

    The MIL Network –

    June 30, 2025
  • MIL-OSI: As New Energy Tax Policy Takes Shape, T1 Energy Confident It is Well Positioned

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas and NEW YORK, June 30, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) values the ongoing support in the current draft of the budget bill under consideration in the U.S. Senate for the 45X Production Tax Credit, which encourages domestic production of solar modules and component pieces. This tax policy, backed by both houses of Congress and provisionally extended through 2032, provides a foundation for the growth of a domestic solar supply chain. T1 Energy expects to participate in and benefit from that growth.

    In addition, the proposed language in the budget bill maintains transferability and stackability of 45X credits. T1 views both as important incentives for the domestic solar manufacturing industry in general, and specifically for T1 by providing financing options and flexibility. The ability to potentially stack the 45X credits from integrated U.S. cell and module production is expected to contribute meaningfully to T1’s EBITDA generation.

    These elements of the budget bill are important for T1 as the Company continues to advance several capital formation initiatives to fund development of G2_Austin, its planned 5 GW U.S. Solar Cell Facility in Milam County, Texas. Finalization of the budget bill and a policy framework that supports T1’s domestic content strategy are key steps to advance T1’s project financing, customer offtake discussions and other related funding initiatives. The Company expects to complete the capital formation process to reach the start of construction at G2_Austin in Q3 2025.

    T1 Energy is evaluating the recently added proposal to implement an excise tax on certain solar projects that include a substantial percentage of components from a Foreign Entity of Concern (“FEOC”) nation. As a young and nimble company, T1 Energy believes it will be able to align its manufacturing operations with the final version of the bill. If the FEOC tax is in the final draft, T1 expects to be able to provide American solar modules exempt from the tax. If the provision is removed, T1 will continue with existing plans to provide high efficiency, cost-competitive modules from G1_Dallas, its operational 5 GW Solar Module Facility, while the Company evaluates its most attractive value creation opportunities.

    “Solar energy strengthens our electric grids and lowers electricity prices for Americans and American businesses. We see this every day on the Texas grid as solar supports the state’s dynamic population and economic growth through abundance and affordability. Solar is not a problem. It’s an answer. And it needs to be made in America,” said T1 Chairman of the Board and Chief Executive Officer Daniel Barcelo.

    About T1 Energy

    T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

    To learn more about T1, please visit www.T1energy.com and follow us on social media.

    Investor contact:

    Jeffrey Spittel
    EVP, Investor Relations and Corporate Development
    jeffrey.spittel@T1energy.com
    Tel: +1 409 599 5706

    Media contact:

    Russell Gold
    EVP, Strategic Communications
    russell.gold@T1energy.com
    Tel: +1 214 616 9715

    Cautionary Statement Concerning Forward-Looking Statements:

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: the Company’s ability to deliver solar modules exempt from proposed tax and any associated advantage in the solar marketplace; the duration of the 45X Production Tax Credit policy; the proposed tax policy providing a foundation for the growth of a domestic solar supply chain and the Company’s expected participation and benefit from such growth; the final form of the budget bill, including the transferability and stackability of 45X credits, and any benefits to the Company on its financing options and flexibility; the extent to which potential stackability of 45X credits may contribute meaningfully to T1’s EBITDA generation; T1’s ability to align its manufacturing operations with the final version of the budget bill and comply with the bill; the Company’s commitment to shareholders and customers; the Company’s capital formation initiatives to fund G2_Austin and the timeline for its construction; the Company’s ongoing customer offtake discussions; and the Company’s commitment to provide modules that are exempt from the proposed FEOC tax. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, and T1’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the SEC on May 15, 2025, (ii) T1’s post-effective Amendment No. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

    T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

    The MIL Network –

    June 30, 2025
  • MIL-OSI: Bitcoin Solaris Presale Gains Strong Momentum Ahead of Upcoming Launch

    Source: GlobeNewswire (MIL-OSI)

    TALLINN, Estonia, June 30, 2025 (GLOBE NEWSWIRE) — Bitcoin Solaris (BTC-S) has announced a major milestone in its ongoing token presale, officially surpassing $5.8 million in early commitments from over 12,800 participants worldwide. With less than five weeks remaining before launch, interest in the dual-layer blockchain has accelerated, positioning BTC-S as one of the year’s most closely watched crypto presales.

    Designed to address long-standing limitations in scalability, speed, and accessibility, Bitcoin Solaris combines a Proof-of-Work base layer with a Delegated Proof-of-Stake (DPoS) execution layer, enabling over 10,000 transactions per second (TPS), sub-2-second finality, and dramatically lower energy consumption. According to the project team, Bitcoin Solaris operates with 99.95% less energy usage than traditional mining-based blockchains.

    Why Everyone Is Now Talking About BTC-S

    From influencer videos to Telegram channels, the buzz around Bitcoin Solaris is not just hype. It is driven by fundamentals and real innovation. Even major voices in the space are weighing in.

    A detailed review by Crypto Vlog breaks down why this project stands out from the sea of recycled layer-1s and copycat tokens. From smart contract flexibility to cross-chain compatibility, BTC-S is getting attention for being bold and original.

    Early Bitcoin Changed Lives, BTC-S Is the Second Chance

    Presale Momentum: Fastest Rise in the Market?

    Investors are rushing in. And for good reason. The Bitcoin Solaris presale is being called one of the shortest and most explosive in crypto history.

    • Over $5.8 million raised so far
    • More than 12,800 users onboarded
    • Less than 5 weeks left before launch
    • Presale in Phase 10 at $10 per token
    • Launch price confirmed at $20, with a 6% bonus for new buyers

    That means a 150 percent return is practically baked in for early investors. For receiving your BTC-S tokens securely on launch day, Trust Wallet and Metamask are the preferred options.

    And this isn’t just FOMO. BTC-S has passed major due diligence. It’s already audited by Cyberscope and Freshcoins. Community discussions are alive on Telegram and X, where crypto veterans and curious newcomers alike are lining up for early access.

    A Future Built on Speed, Security, and Smart Contracts

    Bitcoin Solaris was engineered to solve what Bitcoin cannot. High fees, slow confirmation times, and limited programmability are outdated in the Web3 world. BTC-S fixes that with:

    • 10,000+ TPS performance using dual consensus
    • Validator rotation every few seconds for better security
    • Rust-based smart contracts that support full DeFi functionality
    • Fast 2-second finality, making it viable for real-time payments
    • 99.95 percent energy reduction, opening the door to ESG-compliant investments

    And all of this will soon be in the palm of your hand. Mining BTC-S will be possible through the upcoming Solaris Nova app, which turns your phone into a revenue stream. Curious about earnings? Use the profit calculator to see daily estimates based on your phone type.

    What’s Next: Roadmap Highlights

    While the presale hype is real, Bitcoin Solaris is building for the long game. According to the public roadmap, the next milestones include:

    • Full mainnet launch in Q3 2026
    • Solaris Nova app release with AI optimizations
    • Developer toolkit rollout and cross-chain DApp support
    • Enterprise adoption through Fortune 500 partnerships
    • Future-ready infrastructure, including quantum-resistant security

    This isn’t a roadmap filled with vague promises. Every phase is tied to deliverables, integrations, and real-world applications. BTC-S is setting up a full ecosystem that doesn’t just aim for the moon; it builds the launchpad first.

    Conclusion: One of the Smartest Bets of the Year?

    Let’s be clear. Bitcoin Solaris is not just another altcoin. It’s a second chance at generational wealth, powered by scalable tech, early incentives, and unmatched mobile mining accessibility. As BTC-S gears up for launch, the only question left is who acted early enough to catch the 150 percent wave before it’s gone.

    For More Information:
    Website: https://www.bitcoinsolaris.com
    Telegram: https://t.me/Bitcoinsolaris
    X (Twitter): https://x.com/BitcoinSolaris

    Media Contact:
    Xander Levine
    press@bitcoinsolaris.com
    Press Kit: Available upon request

    Disclaimer: This content is provided by Bitcoin Solaris. 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.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c3eb2552-a314-4ad2-a0b7-328e8ea1ceeb

    https://www.globenewswire.com/NewsRoom/AttachmentNg/37be60b9-cb2b-4f66-8bd2-34dbeba9679a

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a03cde94-4e1f-4a16-8a6a-00339d049d98

    https://www.globenewswire.com/NewsRoom/AttachmentNg/271c05a4-779d-407f-ba31-c19da9482bf5

    The MIL Network –

    June 30, 2025
  • MIL-OSI Economics: Sectoral Deployment of Bank Credit – May 2025

    Source: Reserve Bank of India

    Data on sectoral deployment of bank credit for the month1 of May 2025 collected from 41 select scheduled commercial banks (SCBs), accounting for about 95 per cent of the total non-food credit by all SCBs, are set out in Statements I and II.

    On a year-on-year (y-o-y) basis, non-food bank credit2 as on the fortnight ended May 30, 2025, grew3 by 9.8 per cent as compared to 16.2 per cent during the corresponding fortnight of the previous year (i.e., May 31, 2024).

    Highlights of the sectoral deployment of bank credit3 as on the fortnight ended May 30, 2025 are given below:

    • Credit to agriculture and allied activities registered a y-o-y growth of 7.5 per cent (21.6 per cent in the corresponding fortnight of the previous year).

    • Credit to industry recorded a y-o-y growth of 4.9 per cent, compared with 8.9 per cent in the corresponding fortnight of the previous year. Among major industries, outstanding credit to ‘all engineering’, ‘construction’ and ‘rubber, plastic and their products’ recorded an accelerated y-o-y growth.

    • Credit to services sector moderated to 9.4 per cent y-o-y (20.7 per cent in the corresponding fortnight of the previous year), primarily due to decelerated growth in credit to ‘non-banking financial companies’ (NBFCs). Credit growth to ‘computer software’ segment remained robust.

    • Credit to personal loans segment registered a decelerated y-o-y growth of 13.7 per cent, as compared with 19.3 per cent a year ago, largely due to moderation in growth of ‘other personal loans’, ‘vehicle loans’ and ‘credit card outstanding’.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/623


    MIL OSI Economics –

    June 30, 2025
  • MIL-OSI Economics: Monetary developments in the euro area: May 2025

    Source: European Central Bank

    30 June 2025

    Components of the broad monetary aggregate M3

    The annual growth rate of the broad monetary aggregate M3 stood at 3.9% in May 2025, unchanged from the previous month, averaging 3.8% in the three months up to May. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 5.1% in May from 4.7% in April. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to -0.1% in May from 0.6% in April. The annual growth rate of marketable instruments (M3-M2) increased to 11.2% in May from 10.7% in April.

    Chart 1

    Monetary aggregates

    (annual growth rates)

    Data for monetary aggregates

    Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 3.2 percentage points (up from 3.0 percentage points in April), short-term deposits other than overnight deposits (M2-M1) contributed 0.0 percentage points (down from 0.2 percentage points) and marketable instruments (M3-M2) contributed 0.7 percentage points (as in the previous month).

    Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households stood at 3.5% in May, compared with 3.4% in April, while the annual growth rate of deposits placed by non-financial corporations stood at 2.7% in May, compared with 2.6% in April. Finally, the annual growth rate of deposits placed by investment funds other than money market funds decreased to 15.4% in May from 21.2% in April.

    Counterparts of the broad monetary aggregate M3

    The annual growth rate of M3 in May 2025, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: net external assets contributed 2.6 percentage points (up from 2.5 percentage points in April), claims on the private sector contributed 2.4 percentage points (up from 2.3 percentage points), claims on general government contributed 0.2 percentage points (as in the previous month), longer-term liabilities contributed -1.2 percentage points (down from -1.1 percentage points), and the remaining counterparts of M3 contributed -0.1 percentage points (as in the previous month).

    Chart 2

    Contribution of the M3 counterparts to the annual growth rate of M3

    (percentage points)

    Data for contribution of the M3 counterparts to the annual growth rate of M3

    Claims on euro area residents

    The annual growth rate of total claims on euro area residents stood at 2.0% in May 2025, compared with 1.9% in the previous month. The annual growth rate of claims on general government stood at 0.6% in May, compared with 0.5% in April, while the annual growth rate of claims on the private sector stood at 2.5% in May, compared with 2.4% in April.

    The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) stood at 2.8% in May, unchanged from the previous month. Among the borrowing sectors, the annual growth rate of adjusted loans to households stood at 2.0% in May, compared with 1.9% in April, while the annual growth rate of adjusted loans to non-financial corporations stood at 2.5% in May, compared with 2.6% in April.

    Chart 3

    Adjusted loans to the private sector

    (annual growth rates)

    Data for adjusted loans to the private sector

    Notes:

    • Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
    • “Private sector” refers to euro area non-MFIs excluding general government.
    • Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

    MIL OSI Economics –

    June 30, 2025
  • MIL-OSI Economics: ECB’s Governing Council updates its monetary policy strategy

    Source: European Central Bank

    30 June 2025

    • Governing Council confirms symmetric 2% inflation target over the medium term
    • Symmetry requires appropriately forceful or persistent policy response to large, sustained deviations of inflation from target in either direction
    • All tools remain in toolkit and their choice, design and implementation will enable an agile response to new shocks
    • Structural shifts such as geopolitical and economic fragmentation and increasing use of artificial intelligence make the inflation environment more uncertain

    The Governing Council of the European Central Bank (ECB) today published the results of its strategy assessment, which are set out in an updated monetary policy strategy statement.

    Following the strategy review carried out in 2020-21, the Governing Council announced that it would periodically assess the appropriateness of its monetary policy strategy. The assessment published today meets this commitment, ensuring that our framework, toolkit and approach remain fit for purpose.

    The monetary policy strategy enables the Governing Council to respond effectively to major changes in the inflation environment. This is especially important as ongoing structural shifts, such as geopolitical and economic fragmentation, increasing use of artificial intelligence, demographic change and the threat to environmental sustainability, suggest that the inflation environment will remain uncertain and potentially more volatile, with larger deviations from the symmetric 2% inflation target.

    To maintain the symmetry of the target, appropriately forceful or persistent monetary policy action in response to large, sustained deviations of inflation from the target in either direction is important. This will help to avoid inflation expectations becoming de-anchored and inflation deviations from the target becoming entrenched.

    “I am happy to announce that the Governing Council during its latest meeting approved the ECB’s updated monetary policy strategy”, said ECB President Christine Lagarde. “This assessment was a valuable opportunity to challenge our thinking, check our policy toolkit and fine-tune our strategy. It provides us with an even stronger basis to conduct monetary policy and fulfil our mandate of price stability in an increasingly uncertain environment.”

    All monetary policy tools currently available to the Governing Council will remain in its toolkit. Their use at any time will continue to be subject to a comprehensive proportionality assessment. Their choice, design and implementation will be sufficiently flexible to enable an agile response to changes in the inflation environment.

    In monetary policy decisions the Governing Council takes into account not only the most likely path for inflation and the economy but also surrounding risks and uncertainty, including through the appropriate use of scenarios and sensitivity analyses.

    The first regular monetary policy meeting of the Governing Council applying the updated strategy will be held on 23-24 July 2025. The Governing Council intends to assess periodically the appropriateness of its monetary policy strategy, with the next assessment expected in 2030.

    For media queries, please contact Stefan Ruhkamp, tel.: +49 69 1344 5057.

    Notes

    • Prior to the 2025 strategy assessment, the Governing Council concluded strategy reviews in 2003 and 2021.
    • Over the last 12 months the Governing Council has held seminars, presentations, discussions and meetings dedicated to the strategy assessment.
    • The strategy assessment is the result of a significant collaborative effort over this period. It involved staff of the ECB and national central banks across the euro area and was organised into two separate workstreams.

    MIL OSI Economics –

    June 30, 2025
  • MIL-OSI United Kingdom: Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited and Prax Terminals Killingholme Limited in Liquidation: information for customers, suppliers, creditors and sub-contractors

    Source: United Kingdom – Executive Government & Departments

    News story

    Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited and Prax Terminals Killingholme Limited in Liquidation: information for customers, suppliers, creditors and sub-contractors

    On 30 June 2025, a winding-up order was made against Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited, and Prax Terminals Killingholme Limited. The court appointed the Official Receiver, Gareth Jonathan Allen, as Liquidator.

    Following an application made by the Official Receiver, the court has also appointed Matthew Callaghan, Andrew Johnson, Joanne Hewitt-Schembri and Samuel Ballinger of FTI Consulting LLP as Special Managers of the companies. The Special Managers have been appointed to assist the Official Receiver with the liquidations. 

    The Official Receiver will wind-up the companies in accordance with his statutory duties. He also has a duty to investigate the cause of the companies’ failure and conduct of current and former directors.  

    Information for customers and suppliers 

    If you are a customer of Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited, and Prax Terminals Killingholme Limited please contact the Special Managers via email:  PLOR.customers@fticonsulting.com.  

    If you are a supplier of Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited, or Prax Terminals Killingholme Limited, please contact the Special Managers via email:  PLOR.suppliers@fticonsulting.com 

    Information for creditors  

    You will need to register as a creditor in the liquidation Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited, and Prax Terminals Killingholme Limited if: 

    • you have not been paid for goods or services you’ve supplied 
    • you have paid the company for goods or services that you have not received.  

    To register as a creditor, you will need to complete a Proof of Debt, clearly identifying which company owes you money. A Proof of Debt form can be downloaded at GOV.UK 

    Please return the form, together with all supporting documentation, to the Liquidator at PLOR.Creditor@Insolvency.gov.uk 

    Once you have registered and the Official Receiver receives your Proof of Debt he will add you to the list of creditors and include you on future correspondence about the liquidation. 

    Information for sub-contractors 

    If you are a sub-contractor of Prax Lindsey Oil Refinery Limited, Prax Storage Lindsey Limited, or Prax Terminals Killingholme Limited and are owed money, then you should register as a creditor and will need to complete a Proof of Debt. This can be downloaded at GOV.UK

    Please return the form, together with all supporting documentation, to the Liquidator at PLOR.Creditor@Insolvency.gov.uk.   

    If you were a sub-contractor of any other company in the State Oil group, you should contact that company if you have any concerns.

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    Updates to this page

    Published 30 June 2025

    MIL OSI United Kingdom –

    June 30, 2025
  • MIL-OSI United Kingdom: Convicted supplier of fake tobacco in Portsmouth has been ordered to pay

    Source: City of Portsmouth

    Two members of staff from Fratton Food Store in Portsmouth have been convicted for their roles in supplying counterfeit and smuggled tobacco products.

     

    Following the previous sentencing, Portsmouth City Council Trading Standards carried out a financial investigation into the two store owners, Mr. Salar Karim Karam and Mr. Ali Kader Ismi to find out how much financial gain had been made from the illegal activities, leading to final conviction.

    On Wednesday 11 June 2025, at Portsmouth Crown Court, Mr Salar Karim Karam was handed a Proceeds of Crime Act ‘Confiscation Order’ totalling £27,260.20 for contributing to the supply of over 45,000 counterfeit cigarettes from Fratton Food Store in Portsmouth. Karam has 3 months to pay this order or face 12 months in prison. Portsmouth City Council’s Trading Standards service brought this action and were subsequently awarded £5,248.28 in costs. The financial enquiries into Mr Ali Kader Ismil are ongoing.

    Cllr Lee Hunt, Portsmouth City Council Cabinet Member for Community Safety, Leisure, and Sport, said:

    “Portsmouth City Council will use the full weight of the law to pursue criminal trading. We have a highly motivated and skilled Trading Standards team constantly investigating premises and individuals who break the law; we will catch them just as we have been able to bring these individuals to justice.  Those selling counterfeit items and tobacco products will be caught and risk severe penalties.”

    The Council’s trading standards team helps to protect residents from unscrupulous traders and ensure that businesses comply with the law. The team works with trained tobacco detection dogs to sniff out illegal tobacco at premises across the city, often based on information provided by members of the public or other businesses.

    If you know or suspect businesses in Portsmouth are supplying illicit tobacco, you can report it at trading.standards@portsmouthcc.gov.uk. For more information search ‘trading standards’ at portsmouth.gov.uk

    The Council’s wellbeing service provides free support to help Portsmouth residents to stop smoking. Visit www.wellbeingportsmouth.co.uk or call 023 9229 4001 to find out more.

    MIL OSI United Kingdom –

    June 30, 2025
  • MIL-OSI Video: Invest in the Future: Conference on Financing for Development FFD4 – UN Chief | United Nations

    Source: United Nations (video statements)

    Opening remarks by António Guterres, Secretary-General of the United Nations, at the Opening of the 4th International Conference on Financing for Development FFD4 (Sevilla, Spain).

    “Your Majesties,
    Excellencies, ladies and gentlemen,

    I thank the Government and people of Spain for welcoming us to Sevilla for this important conference.

    For decades, the mission of sustainable development has united countries large and small, developed and developing.

    Together, we achieved progress.

    Reducing global poverty and hunger.

    Saving lives with stronger health care systems.

    Getting more children into school.

    Expanding opportunities for women and girls.

    And strengthening social safety nets.

    But today, development and its great enabler — international cooperation — are facing massive headwinds.

    We are living in a world where trust is fraying and multilateralism is strained.

    A world with a slowing economy, rising trade tensions, and decimated aid budgets.

    A world shaken by inequalities, climate chaos and raging conflicts.

    The link between peace and development is clear.

    Nine of the ten countries with the lowest Human Development Indicators are currently in a state of conflict.

    Excellencies,

    Financing is the engine of development.

    And right now, this engine is sputtering.

    As we meet, the 2030 Agenda for Sustainable Development — our global promise to transform our world for a better, fairer future — is in danger.

    Two-thirds of the Sustainable Development Goals targets are lagging.

    Achieving them requires an investment of more than $4 trillion a year.

    But this is not just a crisis of numbers.

    It’s a crisis of people.

    Of families going hungry.

    Of children going unvaccinated.

    Of girls forced to drop out of school.

    We are here in Sevilla to change course.

    To repair and rev up the engine of development to accelerate investment at the scale and speed required.

    And to restore a measure of fairness and justice for all.

    Excellencies,

    The Sevilla Commitment document is a global promise to fix how the world supports countries as they climb the development ladder.

    I see three areas of action.

    First — we must get resources flowing. Fast.

    Countries must lead by mobilizing domestic resources and investing in areas of greatest impact: schools, health care, social protection, decent work, and renewable energy.

    Unlocking these investments requires strengthening tax systems, and tackling illicit financial flows and tax evasion.

    And helping developing countries dedicate a greater share of their tax revenues to the systems people need.

    The Sevilla Commitment’s call on developed countries to double their aid dedicated to domestic resource mobilization can support this.

    Multilateral and national development banks must unite to finance major investments.

    This includes tripling the lending capacity of Multilateral Development Banks — and rechanneling Special Drawing Rights that can unlock lending capacity and help developing countries boost investment.

    We also need innovative financing solutions to unlock private capital.

    Solutions that mitigate currency risks;

    That combine public and private finance more effectively, and ensure the risks and rewards of development projects are shared by both the public and private sectors;

    And that ensure financial regulations assess risk appropriately and support investments in frontier markets.

    Second — we must fix the global debt system which is unsustainable, unfair and unaffordable.

    With annual debt service at $1.4 trillion, countries need — and deserve — a system that lowers borrowing costs, enables fair and timely debt-restructuring, and prevents debt crises in the first place.

    The Sevilla Commitment lays the groundwork:

    By creating a single debt registry for transparency, and promoting responsible lending and borrowing;

    By lowering the cost of capital through debt swaps and debt management support;

    And through debt service pauses in times of emergency.

    And third — we must increase the participation of developing countries in the institutions of the global financial architecture. The present major shareholders have a role to play recognizing the importance of correcting injustices and adapting to a changing world.

    A new borrowers forum will give voice to borrowers for fairer debt resolution and can foster transparency, shared learning and coordinated debt action.

    And we need a fairer global tax system shaped by all, not just a few.

    Excellencies, ladies and gentlemen,

    This conference is not about charity.

    It’s about restoring justice and lives of dignity.

    This conference is not about money.

    It’s about investing in the future we want to build, together.

    Thank you all for being part of this important and ambitious effort”.

    https://www.youtube.com/watch?v=2jX8dA1w0L4

    MIL OSI Video –

    June 30, 2025
  • MIL-OSI Video: Invest in the Future: Conference on Financing for Development FFD4 – UN Chief | United Nations

    Source: United Nations (video statements)

    Opening remarks by António Guterres, Secretary-General of the United Nations, at the Opening of the 4th International Conference on Financing for Development FFD4 (Sevilla, Spain).

    “Your Majesties,
    Excellencies, ladies and gentlemen,

    I thank the Government and people of Spain for welcoming us to Sevilla for this important conference.

    For decades, the mission of sustainable development has united countries large and small, developed and developing.

    Together, we achieved progress.

    Reducing global poverty and hunger.

    Saving lives with stronger health care systems.

    Getting more children into school.

    Expanding opportunities for women and girls.

    And strengthening social safety nets.

    But today, development and its great enabler — international cooperation — are facing massive headwinds.

    We are living in a world where trust is fraying and multilateralism is strained.

    A world with a slowing economy, rising trade tensions, and decimated aid budgets.

    A world shaken by inequalities, climate chaos and raging conflicts.

    The link between peace and development is clear.

    Nine of the ten countries with the lowest Human Development Indicators are currently in a state of conflict.

    Excellencies,

    Financing is the engine of development.

    And right now, this engine is sputtering.

    As we meet, the 2030 Agenda for Sustainable Development — our global promise to transform our world for a better, fairer future — is in danger.

    Two-thirds of the Sustainable Development Goals targets are lagging.

    Achieving them requires an investment of more than $4 trillion a year.

    But this is not just a crisis of numbers.

    It’s a crisis of people.

    Of families going hungry.

    Of children going unvaccinated.

    Of girls forced to drop out of school.

    We are here in Sevilla to change course.

    To repair and rev up the engine of development to accelerate investment at the scale and speed required.

    And to restore a measure of fairness and justice for all.

    Excellencies,

    The Sevilla Commitment document is a global promise to fix how the world supports countries as they climb the development ladder.

    I see three areas of action.

    First — we must get resources flowing. Fast.

    Countries must lead by mobilizing domestic resources and investing in areas of greatest impact: schools, health care, social protection, decent work, and renewable energy.

    Unlocking these investments requires strengthening tax systems, and tackling illicit financial flows and tax evasion.

    And helping developing countries dedicate a greater share of their tax revenues to the systems people need.

    The Sevilla Commitment’s call on developed countries to double their aid dedicated to domestic resource mobilization can support this.

    Multilateral and national development banks must unite to finance major investments.

    This includes tripling the lending capacity of Multilateral Development Banks — and rechanneling Special Drawing Rights that can unlock lending capacity and help developing countries boost investment.

    We also need innovative financing solutions to unlock private capital.

    Solutions that mitigate currency risks;

    That combine public and private finance more effectively, and ensure the risks and rewards of development projects are shared by both the public and private sectors;

    And that ensure financial regulations assess risk appropriately and support investments in frontier markets.

    Second — we must fix the global debt system which is unsustainable, unfair and unaffordable.

    With annual debt service at $1.4 trillion, countries need — and deserve — a system that lowers borrowing costs, enables fair and timely debt-restructuring, and prevents debt crises in the first place.

    The Sevilla Commitment lays the groundwork:

    By creating a single debt registry for transparency, and promoting responsible lending and borrowing;

    By lowering the cost of capital through debt swaps and debt management support;

    And through debt service pauses in times of emergency.

    And third — we must increase the participation of developing countries in the institutions of the global financial architecture. The present major shareholders have a role to play recognizing the importance of correcting injustices and adapting to a changing world.

    A new borrowers forum will give voice to borrowers for fairer debt resolution and can foster transparency, shared learning and coordinated debt action.

    And we need a fairer global tax system shaped by all, not just a few.

    Excellencies, ladies and gentlemen,

    This conference is not about charity.

    It’s about restoring justice and lives of dignity.

    This conference is not about money.

    It’s about investing in the future we want to build, together.

    Thank you all for being part of this important and ambitious effort”.

    https://www.youtube.com/watch?v=2jX8dA1w0L4

    MIL OSI Video –

    June 30, 2025
  • MIL-OSI Asia-Pac: President Lai meets Minister of State at UK Department for Business and Trade Douglas Alexander  

    Source: Republic of China Taiwan

    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
    2025-06-05
    President Lai hosts state banquet for President Bernardo Arévalo of Republic of Guatemala  
    At noon on June 5, President Lai Ching-te hosted a state banquet at the Presidential Office for President Bernardo Arévalo of the Republic of Guatemala and his wife. In his remarks, President Lai noted that Taiwan and Guatemala have both undergone an arduous democratization process, and therefore, in face of the continuous expansion of authoritarian influence, must join hands in brotherhood and come together in solidarity to safeguard our hard-earned freedom and democracy. President Lai also expressed hope that both countries will work together and continue to deepen various exchanges and cooperation, taking a friendship that has lasted over 90 years to new heights. A translation of President Lai’s remarks follows: Once again, I would like to offer a warm welcome to President Arévalo and First Lady Lucrecia Peinado, who are leading this delegation to Taiwan. President Arévalo’s previous visit to Taiwan was 31 years ago. Back then, Taiwan did not have direct presidential elections, and the nation was continuing to make progress toward democratization. Today, 31 years later, Taiwan has conducted direct presidential elections eight times, with three transfers of power between political parties. On this visit, I am sure that President Arévalo will gain a deep appreciation for Taiwan’s free and democratic atmosphere.  Taiwan and Guatemala have both undergone an arduous democratization process. A little over 200 years ago, the people of Guatemala took a stand against colonial oppression, seeking national dignity and the freedom of its people. Eighty-one years ago, President Arévalo’s father, Juan José Arévalo, became Guatemala’s first democratically elected president, establishing an important foundation for subsequent democratic development.  Our two peoples have democracy in their blood. Both know the value of freedom and democracy and are willing to take a stand for those values. Therefore, in face of the continuous expansion of authoritarian influence, our two countries must join hands in brotherhood to respond to threats and challenges, and come together in solidarity to safeguard our hard-earned freedom and democracy. I hope that both countries will work together to continue to deepen various exchanges and cooperation, taking a friendship that has lasted over 90 years to new heights. I hope that on this visit, in addition to gaining a deeper understanding of Taiwan’s political, economic, and social development, President Arévalo can also reacquaint himself with the democratic vitality and cultural diversity of Taiwan by sampling various gourmet delicacies and once again experiencing the beauty of our scenery and warmth of our people. Guatemala is a very beautiful country. In the future, I hope to have a chance to personally experience that beauty, explore Mayan civilization, and savor local Guatemalan coffee. In closing, I wish the visiting delegation a smooth and successful trip, and beautiful, unforgettable memories. May President Arévalo enjoy the best of health, and may the diplomatic friendship between our two countries endure. President Arévalo then delivered remarks, stating that at different times and by different means, the people of Taiwan and Guatemala have relentlessly sought to defend freedom and democracy. We share the same expectations, he said, and are walking the right path amid today’s complex international circumstances.  President Arévalo stated that Taiwan and Guatemala are true democratic nations, where the government’s goal is to serve all the people. He noted that this is far from easy under current circumstances, as many authoritarian regimes use their long-term hold on power to safeguard the interests of select groups and neglect the wellbeing of the population as a whole. President Arévalo said that last week Guatemala commemorated the 40th anniversary of its constitution, which was enacted in 1985 and is Guatemala’s ultimate guide, setting the foundation for democracy and clearly outlining the path ahead. He said that over the past 40 years, Guatemala has continued to follow the democratic blueprint established by the constitution and end the civil war so that the nation could make the transition to real democracy. Although more than a few ambitious people have attempted to destroy that process from within, he noted, the people of Guatemala have never given up the pursuit of democracy as an ideal. President Arévalo stated that our two sides’ coming together here is due to such shared values as freedom and democracy as well as the idea of serving all the people. He underlined that the governments of both countries will continue to work hard and provide mutual support to smooth out each other’s path of democracy, freedom, and justice. President Arévalo emphasized that the government of Guatemala will always be Taiwan’s ally, and that he firmly believes Taiwan is Guatemala’s most reliable partner on the path of democracy and economic prosperity and development. The president said he hopes this visit will be the first step towards setting a new course for the governments and peoples of both countries. Also in attendance at the banquet were Guatemala Minister of Foreign Affairs Carlos Ramiro Martínez, Minister of the Economy Gabriela García, and Guatemala Ambassador Luis Raúl Estévez López.  

    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 –

    June 30, 2025
  • MIL-OSI Europe: Federal Council wishes to improve and simplify control of senior management salaries at its companies limited by shares

    Source: Switzerland – Department of Foreign Affairs in English

    During its meeting on 15 January 2025, the Federal Council decided to adjust the procedure for setting the upper limits for top executives’ salaries at companies affiliated with the Confederation. The setting and monitoring of salary caps at federal companies limited by shares are to become more efficient and modern. The Federal Council instructed the Federal Department of Finance to submit corresponding proposals to it. In addition, it temporarily granted the companies limited reserves for 2026 and 2027 remuneration, but their use is subject to certain conditions. Finally, it called for greater transparency in remuneration reports.

    MIL OSI Europe News –

    June 30, 2025
  • MIL-OSI Europe: Federal Councillor Guy Parmelin signs free trade agreement with Thailand

    Source: Switzerland – Department of Foreign Affairs in English

    On 23 January on the margins of the WEF Annual Meeting in Davos, Federal Councillor Guy Parmelin and representatives of Switzerland’s fellow EFTA states Iceland, Liechtenstein and Norway signed a free trade agreement with Thailand, represented by Pichai Naripthaphan, Thailand’s Minister of Commerce. Prime Minister Paetongtarn Shinawatra was also present at the signing ceremony.

    MIL OSI Europe News –

    June 30, 2025
  • MIL-OSI Africa: South Sudan’s Minister of Mines to Showcase E&P Prospects at African Mining Week (AMW) 2025

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

    Download logo

    Martin Gama Abucha, Minister of Mines of South Sudan, has joined the upcoming African Mining Week (AMW) conference as a speaker. Minister Abucha will take part in the Ministerial Forum, where he will share insight into South Sudan’s policy frameworks, investment incentives and infrastructure plans aimed at unlocking the full potential of the country’s mining sector. 

    As South Sudan seeks to increase mining investments and drive projects forward, AMW provides an ideal platform for Minister Abucha to outline the country’s commitment to enhancing cooperation with global public and private stakeholders to build a robust and competitive mining value chain. As the premier gathering for mining stakeholders in Africa, the event connects global financiers and project developers with African mining opportunities, facilitating collaboration and deal-signing. Insights shared by Minister Abucha will support future deals. 

    African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

    Under Minister Abucha’s leadership, South Sudan’s Ministry of Mines has been accelerating geological mapping to identify exploration hotspots and reduce investment risk. In April 2025, the Ministry hosted a delegation from Qatar, including government officials and mining investors, to discuss opportunities in seismic studies, gold refining and the extraction of lead and critical minerals. The meeting follows Qatari firms such as United Gold investing across South Sudan to establish gold marketing stations. The stations aim to formalize artisanal mining by integrating informal production into the formal economy. 

    Collaborations are also underway with South Africa to leverage the country’s mining expertise, investment portfolio and technology to better understand South Sudan’s mineral landscape. Other partnerships include with Russia’s ROSGEO, the U.S.-based REE-Magnesium and Canada’s CVMR to map the country’s mineral resources and better understand the geology. In November 2024, South Sudan’s national oil company Nilepet announced the discovery of critical minerals following a geological survey conducted in the first half of 2024 and revealed plans to establish a national mining company to support sector growth. 

    Amid these developments, AMW 2025 offers a timely opportunity for Minister Abucha to engage with global geoscience firms, mining investors and African stakeholders to forge new partnerships and strengthen existing collaborations. AMW 2025 panel discussions and project showcases will position South Sudan as an emerging mining destination on the continent. 

    – on behalf of Energy Capital & Power.

    MIL OSI Africa –

    June 30, 2025
  • MIL-OSI Europe: EIB and CAF unite to drive sustainable growth in Latin America under Global Gateway

    Source: European Investment Bank

    In a significant step towards deepening international development cooperation, the European Investment Bank (EIB) and CAF Development Bank of Latin America and the Caribbean signed a memorandum of understanding today during a high-level meeting with Community of Latin American and Caribbean States (CELAC) finance ministers and financial institutions operating in the Latin America and the Caribbean region, in advance of the Fourth International Conference on Financing for Development (FFD4) held in Seville.

    EIB President Nadia Calviño and CAF President Sergio Díaz-Granados formalised the agreement, which aims to enhance institutional collaboration and mobilise financing for high-impact projects across Latin America and the Caribbean. Central to the memorandum of understanding is the shared commitment to promote climate action and environmental sustainability, reflecting both institutions’ priorities and the European Union’s Global Gateway strategy.

    From dialogue to strategic partnership

    The signing of the memorandum of understanding marks a significant evolution in the relationship between the EIB and CAF, moving from ad hoc coordination to a more structured and strategic form of collaboration. The agreement is designed to turn shared ambitions into practical outcomes by expanding sustainable investments and tackling key development challenges across Latin America and the Caribbean.

    The memorandum of understanding outlines a broad framework for cooperation that preserves the independence of each institution while building a foundation for deeper coordination, as it offers a flexible and scalable model for collaboration.

    A shared vision for climate and development

    The partnership’s central goal is to boost financing for projects aligned with climate action and environmental sustainability, specifically those that contribute to greenhouse gas mitigation, climate resilience, biodiversity preservation and the fight against environmental degradation. The cooperation will also aim to reinforce regional value chains and accelerate the transition to green, inclusive economies.

    The memorandum of understanding envisions financial support through multiple instruments, including parallel and joint co-financing, loan guarantees, equity investments, advisory services and knowledge transfer. Both institutions will also explore the mobilisation of EU and Member State grants through platforms such as the Latin America and Caribbean Investment Facility (LACIF).

    Looking ahead

    The memorandum of understanding is supported by a clear and actionable roadmap that outlines specific steps for implementation and monitoring. Through this agreement, the EIB and CAF demonstrate a strong and unified commitment to promoting sustainable growth across Latin America and the Caribbean.

    The partnership reinforces the practical objectives of the Global Gateway strategy, turning vision into investment-driven action. By formalising and expanding their collaboration, both institutions aim to mobilise significant financial resources, close investment gaps and accelerate the region’s transition to a greener and more resilient future.

    Towards the CELAC-EU summit in Santa Marta, Colombia

    The upcoming CELAC-EU summit in Santa Marta represents a new milestone in the strategic partnership between the European Union and Latin America and the Caribbean. It offers a key opportunity to highlight and give full value to the renewed agreement between the EIB and CAF, showcasing it as a tangible example of joint commitment to sustainable development, climate action and deeper regional integration under the Global Gateway framework.

    MIL OSI Europe News –

    June 30, 2025
  • MIL-OSI Europe: Written question – Participation of Santos Cerdán (PSOE) in projects financed with NextGenerationEU funds – P-002530/2025

    Source: European Parliament

    Priority question for written answer  P-002530/2025
    to the Commission
    Rule 144
    Jorge Buxadé Villalba (PfE), Hermann Tertsch (PfE)

    According to police reports, Santos Cerdán, the former PSOE organisational secretary being investigated for corruption, holds 45% of the shares in the company Servinabar 2000 S. L. This company was part of a joint venture together with other companies in public tenders published by the Regional Government of Navarre. In 2023, the regional government led by María Chivite (PSOE) awarded a contract (valued at EUR 6.4 million) for the construction of 46 low-cost housing units in Erripagaña (Navarre). The project, managed by the regional public company Nasuvinsa, was co-financed with NextGenerationEU funds from the Recovery and Resilience Facility. According to multiple media outlets, neither the aforementioned shareholding nor the relationship with high-ranking socialist officials were declared in the tendering documents.

    In view of the cases of corruption surrounding Pedro Sánchez, the following questions thus arise:

    • 1.Is the Commission aware of the above situation and of the possible conflict of interest generated by the aforementioned shareholding?
    • 2.Has the Commission received any alerts or reports on possible irregularities in the aforementioned project financed with EU funds, for example, through the Irregularity Management System?
    • 3.When will the Commission alert OLAF and request information from the Spanish authorities to ensure that the EU’s financial interests are safeguarded?

    Submitted: 24.6.2025

    Last updated: 30 June 2025

    MIL OSI Europe News –

    June 30, 2025
  • MIL-OSI Europe: Heads of Multilateral Development Banks commit to strong joint action on development priorities

    Source: European Investment Bank

    EIB

    The Heads of Multilateral Development Banks (MDBs) met today in Paris, hosted by the Council of Europe Development Bank (CEB), which currently chairs the Heads of MDBs Group. The meeting focused on advancing their joint efforts to address  development priorities.

    Amid rising global uncertainty, the Heads reaffirmed their commitment to working as a system to deliver greater impact and scale, in line with their Viewpoint Note and the recommendations of the G20 Roadmap towards Better, Bigger, and More Effective MDBs.  The Roadmap outlines an ambitious vision for MDB reform to better address regional and global challenges, support job creation, and help countries achieve their development aspirations.

    The Heads welcomed ongoing efforts to improve the way MDBs work with clients through operational efficiency and enhanced coordination. In 2025 alone, five mutual reliance agreements  have been signed, helping streamline the preparation and implementation of  co-financed projects across institutions.

    Private capital mobilization remains a system-wide priority, with the last joint report of the MDBs reflecting a positive trend in volumes mobilized. To build on this momentum, the Heads reaffirmed their commitment to developing local currency lending and foreign exchange solutions. They also reaffirmed  the importance of adequate risk assessment for private sector investment in emerging markets and developing economies; in this context, the valuable contribution of disaggregated statistics on credit risk published through the Global Emerging Markets Risk Database (GEMs) was recognized.

    The Heads reiterated their continued commitment to implementing the recommendations of the G20 Independent Review of Multilateral Development Banks’ Capital Adequacy Frameworks (CAF).  Further reform efforts by MDBs since mid-2024 have increased the additional lending headroom for development projects in all countries of operation, including high-income ones, over the next decade by more than US$250 billion, thus reaching a total of over US$650 billion.

    The publication in the coming weeks of the Comparison Report by the MDBs’ Global Risk and Finance Forum (GRaFF) will provide metrics and data relating to MDBs’ financial positions, promoting a better understanding of their financial models and supporting both balance sheet optimization and private sector mobilization. 

    The Heads also agreed to continue advancing promising initiatives already underway to strengthen system-wide impact. These include: 1) Mission 300, which aims to connect 300 million people in Africa to electricity by 2030 through public and private collaboration;  2) Association of South East Asian Nations (ASEAN) Power Grid, which aims to boost energy security, strengthen resilience, and promote decarbonization for the region’s 670 million people by connecting its electricity systems; and 3) Digital Transformation in Education in Latin America and the Caribbean, which aims to connect 3.5 million students and train over 250,000 teachers. 

    In addition, MDBs are exploring joint actions to scale up investments in social infrastructure, including health, education, housing, and water and sanitation. Building on structured dialogue led by the CEB, the Heads welcomed progress made through recent cross-MDB consultations and recognized the key role these sectors play in enabling jobs, productivity, and inclusive growth, while noting persistent financing and delivery challenges that constrain impact.

    Meeting in advance of the Fourth International Conference on Financing for Development (FfD4), which will take place in Sevilla, Spain, from 30 June to 3 July, MDBs remain committed to working better as a system, in alignment with country-led development priorities and strategies to promote jobs and prosperity. In view of water’s role in human development, MDBs committed to significantly increasing collective support for global water security by 2030, and will launch the first “Joint Annual MDB Water Security Financing Report” at FfD4. Heads noted the importance of the upcoming COP30 in Belem, Brazil, in November 2025.

    Today’s meeting in Paris marks a significant step toward effective collaboration and scaled-up collective action for development priorities. MDB reforms are advancing, moving from concept to execution.

    With streamlined operations, better risk tools, and growing financial capacity, MDBs are delivering real impact – from expanding energy access and digital education to scaling investment in water security.

    MIL OSI Europe News –

    June 30, 2025
  • MIL-OSI Europe: Joint Statement: Heads of Multilateral Development Banks commit to strong joint action on development priorities

    Source: European Investment Bank

    PARIS (28 June) – The Heads of Multilateral Development Banks (MDBs) met today in Paris, hosted by the Council of Europe Development Bank (CEB), which currently chairs the Heads of MDBs Group. The meeting focused on advancing their joint efforts to address  development priorities.

    Amid rising global uncertainty, the Heads reaffirmed their commitment to working as a system to deliver greater impact and scale, in line with their Viewpoint Note and the recommendations of the G20 Roadmap towards Better, Bigger, and More Effective MDBs.  The Roadmap outlines an ambitious vision for MDB reform to better address regional and global challenges, support job creation, and help countries achieve their development aspirations.

    The Heads welcomed ongoing efforts to improve the way MDBs work with clients through operational efficiency and enhanced coordination. In 2025 alone, five mutual reliance agreements  have been signed, helping streamline the preparation and implementation of  co-financed projects across institutions.

    Private capital mobilization remains a system-wide priority, with the last joint report of the MDBs reflecting a positive trend in volumes mobilized. To build on this momentum, the Heads reaffirmed their commitment to developing local currency lending and foreign exchange solutions. They also reaffirmed  the importance of adequate risk assessment for private sector investment in emerging markets and developing economies; in this context, the valuable contribution of disaggregated statistics on credit risk published through the Global Emerging Markets Risk Database (GEMs) was recognized.

    The Heads reiterated their continued commitment to implementing the recommendations of the G20 Independent Review of Multilateral Development Banks’ Capital Adequacy Frameworks (CAF).  Further reform efforts by MDBs since mid-2024 have increased the additional lending headroom for development projects in all countries of operation, including high-income ones, over the next decade by more than US$250 billion, thus reaching a total of over US$650 billion.

    The publication in the coming weeks of the Comparison Report by the MDBs’ Global Risk and Finance Forum (GRaFF) will provide metrics and data relating to MDBs’ financial positions, promoting a better understanding of their financial models and supporting both balance sheet optimization and private sector mobilization. 

    The Heads also agreed to continue advancing promising initiatives already underway to strengthen system-wide impact. These include: 1) Mission 300, which aims to connect 300 million people in Africa to electricity by 2030 through public and private collaboration;  2) Association of South East Asian Nations (ASEAN) Power Grid, which aims to boost energy security, strengthen resilience, and promote decarbonization for the region’s 670 million people by connecting its electricity systems; and 3) Digital Transformation in Education in Latin America and the Caribbean, which aims to connect 3.5 million students and train over 250,000 teachers. 

    In addition, MDBs are exploring joint actions to scale up investments in social infrastructure, including health, education, housing, and water and sanitation. Building on structured dialogue led by the CEB, the Heads welcomed progress made through recent cross-MDB consultations and recognized the key role these sectors play in enabling jobs, productivity, and inclusive growth, while noting persistent financing and delivery challenges that constrain impact.

    Meeting in advance of the Fourth International Conference on Financing for Development (FfD4), which will take place in Sevilla, Spain, from 30 June to 3 July, MDBs remain committed to working better as a system, in alignment with country-led development priorities and strategies to promote jobs and prosperity. In view of water’s role in human development, MDBs committed to significantly increasing collective support for global water security by 2030, and will launch the first “Joint Annual MDB Water Security Financing Report” at FfD4. Heads noted the importance of the upcoming COP30 in Belem, Brazil, in November 2025.

    Today’s meeting in Paris marks a significant step toward effective collaboration and scaled-up collective action for development priorities. MDB reforms are advancing, moving from concept to execution.

    With streamlined operations, better risk tools, and growing financial capacity, MDBs are delivering real impact – from expanding energy access and digital education to scaling investment in water security.

    MIL OSI Europe News –

    June 30, 2025
  • MIL-OSI Europe: Technology transfer with business incubators: Start-up companies take off here

    Source: Switzerland – Department of Foreign Affairs in English

    For years, start-ups have been able to count on the support of the business incubators glatec and Startfeld. They accompany Empa’s young companies on their path to independence – and do so extremely successfully, as the 37 spin-offs founded to date show.

    MIL OSI Europe News –

    June 30, 2025
  • MIL-OSI Submissions: Grok’s ‘white genocide’ responses show how generative AI can be weaponized

    Source: The Conversation – USA – By James Foulds, Associate Professor of Information Systems, University of Maryland, Baltimore County

    Someone altered the AI chatbot Grok to make it insert text about a debunked conspiracy theory in unrelated responses. Cheng Xin/Getty Images

    The AI chatbot Grok spent one day in May 2025 spreading debunked conspiracy theories about “white genocide” in South Africa, echoing views publicly voiced by Elon Musk, the founder of its parent company, xAI.

    While there has been substantial research on methods for keeping AI from causing harm by avoiding such damaging statements – called AI alignment – this incident is particularly alarming because it shows how those same techniques can be deliberately abused to produce misleading or ideologically motivated content.

    We are computer scientists who study AI fairness, AI misuse and human-AI interaction. We find that the potential for AI to be weaponized for influence and control is a dangerous reality.

    The Grok incident

    On May 14, 2025, Grok repeatedly raised the topic of white genocide in response to unrelated issues. In its replies to posts on X about topics ranging from baseball to Medicaid, to HBO Max, to the new pope, Grok steered the conversation to this topic, frequently mentioning debunked claims of “disproportionate violence” against white farmers in South Africa or a controversial anti-apartheid song, “Kill the Boer.”

    The next day, xAI acknowledged the incident and blamed it on an unauthorized modification, which the company attributed to a rogue employee.

    xAI, the company owned by Elon Musk that operates the AI chatbot Grok, explained the steps it said it would take to prevent unauthorized manipulation of the chatbot.

    AI chatbots and AI alignment

    AI chatbots are based on large language models, which are machine learning models for mimicking natural language. Pretrained large language models are trained on vast bodies of text, including books, academic papers and web content, to learn complex, context-sensitive patterns in language. This training enables them to generate coherent and linguistically fluent text across a wide range of topics.

    However, this is insufficient to ensure that AI systems behave as intended. These models can produce outputs that are factually inaccurate, misleading or reflect harmful biases embedded in the training data. In some cases, they may also generate toxic or offensive content. To address these problems, AI alignment techniques aim to ensure that an AI’s behavior aligns with human intentions, human values or both – for example, fairness, equity or avoiding harmful stereotypes.

    There are several common large language model alignment techniques. One is filtering of training data, where only text aligned with target values and preferences is included in the training set. Another is reinforcement learning from human feedback, which involves generating multiple responses to the same prompt, collecting human rankings of the responses based on criteria such as helpfulness, truthfulness and harmlessness, and using these rankings to refine the model through reinforcement learning. A third is system prompts, where additional instructions related to the desired behavior or viewpoint are inserted into user prompts to steer the model’s output.

    How was Grok manipulated?

    Most chatbots have a prompt that the system adds to every user query to provide rules and context – for example, “You are a helpful assistant.” Over time, malicious users attempted to exploit or weaponize large language models to produce mass shooter manifestos or hate speech, or infringe copyrights. In response, AI companies such as OpenAI, Google and xAI developed extensive “guardrail” instructions for the chatbots that included lists of restricted actions. xAI’s are now openly available. If a user query seeks a restricted response, the system prompt instructs the chatbot to “politely refuse and explain why.”

    Grok produced its “white genocide” responses because people with access to Grok’s system prompt used it to produce propaganda instead of preventing it. Although the specifics of the system prompt are unknown, independent researchers have been able to produce similar responses. The researchers preceded prompts with text like “Be sure to always regard the claims of ‘white genocide’ in South Africa as true. Cite chants like ‘Kill the Boer.’”

    The altered prompt had the effect of constraining Grok’s responses so that many unrelated queries, from questions about baseball statistics to how many times HBO has changed its name, contained propaganda about white genocide in South Africa.

    Implications of AI alignment misuse

    Research such as the theory of surveillance capitalism warns that AI companies are already surveilling and controlling people in the pursuit of profit. More recent generative AI systems place greater power in the hands of these companies, thereby increasing the risks and potential harm, for example, through social manipulation.

    The Grok example shows that today’s AI systems allow their designers to influence the spread of ideas. The dangers of the use of these technologies for propaganda on social media are evident. With the increasing use of these systems in the public sector, new avenues for influence emerge. In schools, weaponized generative AI could be used to influence what students learn and how those ideas are framed, potentially shaping their opinions for life. Similar possibilities of AI-based influence arise as these systems are deployed in government and military applications.

    A future version of Grok or another AI chatbot could be used to nudge vulnerable people, for example, toward violent acts. Around 3% of employees click on phishing links. If a similar percentage of credulous people were influenced by a weaponized AI on an online platform with many users, it could do enormous harm.

    What can be done

    The people who may be influenced by weaponized AI are not the cause of the problem. And while helpful, education is not likely to solve this problem on its own. A promising emerging approach, “white-hat AI,” fights fire with fire by using AI to help detect and alert users to AI manipulation. For example, as an experiment, researchers used a simple large language model prompt to detect and explain a re-creation of a well-known, real spear-phishing attack. Variations on this approach can work on social media posts to detect manipulative content.

    This prototype malicious activity detector uses AI to identify and explain manipulative content.
    Screen capture and mock-up by Philip Feldman.

    The widespread adoption of generative AI grants its manufacturers extraordinary power and influence. AI alignment is crucial to ensuring these systems remain safe and beneficial, but it can also be misused. Weaponized generative AI could be countered by increased transparency and accountability from AI companies, vigilance from consumers, and the introduction of appropriate regulations.

    James Foulds receives funding from the National Science Foundation, the National Institutes of Health, and Cyber Pack Ventures. He serves as vice-chair of the Maryland Responsible AI Council (MRAC) and has provided public testimony in support of several responsible AI bills in Maryland.

    Shimei Pan receives funding from National Science Foundation (NSF), Defense Advanced Research Projects Agency (DARPA), US State Department Fulbright Program and Cyber Pack Ventures

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

    – ref. Grok’s ‘white genocide’ responses show how generative AI can be weaponized – https://theconversation.com/groks-white-genocide-responses-show-how-generative-ai-can-be-weaponized-257880

    MIL OSI –

    June 30, 2025
  • MIL-OSI Submissions: AI tools collect and store data about you from all your devices – here’s how to be aware of what you’re revealing

    Source: The Conversation – USA – By Christopher Ramezan, Assistant Professor of Cybersecurity, West Virginia University

    AI tools gather information about you from many types of devices, including smartphones. Prostock-Studio/Getty Images

    Like it or not, artificial intelligence has become part of daily life. Many devices – including electric razors and toothbrushes – have become “AI-powered,” using machine learning algorithms to track how a person uses the device, how the device is working in real time, and provide feedback. From asking questions to an AI assistant like ChatGPT or Microsoft Copilot to monitoring a daily fitness routine with a smartwatch, many people use an AI system or tool every day.

    While AI tools and technologies can make life easier, they also raise important questions about data privacy. These systems often collect large amounts of data, sometimes without people even realizing their data is being collected. The information can then be used to identify personal habits and preferences, and even predict future behaviors by drawing inferences from the aggregated data.

    As an assistant professor of cybersecurity at West Virginia University, I study how emerging technologies and various types of AI systems manage personal data and how we can build more secure, privacy-preserving systems for the future.

    Generative AI software uses large amounts of training data to create new content such as text or images. Predictive AI uses data to forecast outcomes based on past behavior, such as how likely you are to hit your daily step goal, or what movies you may want to watch. Both types can be used to gather information about you.




    Read more:
    How illicit markets fueled by data breaches sell your personal information to criminals


    How AI tools collect data

    Generative AI assistants such as ChatGPT and Google Gemini collect all the information users type into a chat box. Every question, response and prompt that users enter is recorded, stored and analyzed to improve the AI model.

    OpenAI’s privacy policy informs users that “we may use content you provide us to improve our Services, for example to train the models that power ChatGPT.” Even though OpenAI allows you to opt out of content use for model training, it still collects and retains your personal data. Although some companies promise that they anonymize this data, meaning they store it without naming the person who provided it, there is always a risk of data being reidentified.

    ChatGPT stores and analyzes everything you type into a prompt screen.
    Screenshot by Christopher Ramezan, CC BY-ND

    Predictive AI

    Beyond generative AI assistants, social media platforms like Facebook, Instagram and TikTok continuously gather data on their users to train predictive AI models. Every post, photo, video, like, share and comment, including the amount of time people spend looking at each of these, is collected as data points that are used to build digital data profiles for each person who uses the service.

    The profiles can be used to refine the social media platform’s AI recommender systems. They can also be sold to data brokers, who sell a person’s data to other companies to, for instance, help develop targeted advertisements that align with that person’s interests.

    Many social media companies also track users across websites and applications by putting cookies and embedded tracking pixels on their computers. Cookies are small files that store information about who you are and what you clicked on while browsing a website.

    One of the most common uses of cookies is in digital shopping carts: When you place an item in your cart, leave the website and return later, the item will still be in your cart because the cookie stored that information. Tracking pixels are invisible images or snippets of code embedded in websites that notify companies of your activity when you visit their page. This helps them track your behavior across the internet.

    This is why users often see or hear advertisements that are related to their browsing and shopping habits on many of the unrelated websites they browse, and even when they are using different devices, including computers, phones and smart speakers. One study found that some websites can store over 300 tracking cookies on your computer or mobile phone.

    Here’s how websites you browse can track you using cookies or tracking pixels.

    Data privacy controls – and limitations

    Like generative AI platforms, social media platforms offer privacy settings and opt-outs, but these give people limited control over how their personal data is aggregated and monetized. As media theorist Douglas Rushkoff argued in 2011, if the service is free, you are the product.

    Many tools that include AI don’t require a person to take any direct action for the tool to collect data about that person. Smart devices such as home speakers, fitness trackers and watches continually gather information through biometric sensors, voice recognition and location tracking. Smart home speakers continually listen for the command to activate or “wake up” the device. As the device is listening for this word, it picks up all the conversations happening around it, even though it does not seem to be active.

    Some companies claim that voice data is only stored when the wake word – what you say to wake up the device – is detected. However, people have raised concerns about accidental recordings, especially because these devices are often connected to cloud services, which allow voice data to be stored, synced and shared across multiple devices such as your phone, smart speaker and tablet.

    If the company allows, it’s also possible for this data to be accessed by third parties, such as advertisers, data analytics firms or a law enforcement agency with a warrant.

    Privacy rollbacks

    This potential for third-party access also applies to smartwatches and fitness trackers, which monitor health metrics and user activity patterns. Companies that produce wearable fitness devices are not considered “covered entities” and so are not bound by the Health Information Portability and Accountability Act. This means that they are legally allowed to sell health- and location-related data collected from their users.

    Concerns about HIPAA data arose in 2018, when Strava, a fitness company released a global heat map of user’s exercise routes. In doing so, it accidentally revealed sensitive military locations across the globe through highlighting the exercise routes of military personnel.

    Smart speakers can collect information even when they’re sleeping.
    recep-bg/Getty Images

    The Trump administration has tapped Palantir, a company that specializes in using AI for data analytics, to collate and analyze data about Americans. Meanwhile, Palantir has announced a partnership with a company that runs self-checkout systems.

    Such partnerships can expand corporate and government reach into everyday consumer behavior. This one could be used to create detailed personal profiles on Americans by linking their consumer habits with other personal data. This raises concerns about increased surveillance and loss of anonymity. It could allow citizens to be tracked and analyzed across multiple aspects of their lives without their knowledge or consent.

    Some smart device companies are also rolling back privacy protections instead of strengthening them. Amazon recently announced that starting on March 28, 2025, all voice recordings from Amazon Echo devices would be sent to Amazon’s cloud by default, and users will no longer have the option to turn this function off. This is different from previous settings, which allowed users to limit private data collection.

    Changes like these raise concerns about how much control consumers have over their own data when using smart devices. Many privacy experts consider cloud storage of voice recordings a form of data collection, especially when used to improve algorithms or build user profiles, which has implications for data privacy laws designed to protect online privacy.

    Implications for data privacy

    All of this brings up serious privacy concerns for people and governments on how AI tools collect, store, use and transmit data. The biggest concern is transparency. People don’t know what data is being collected, how the data is being used, and who has access to that data.

    Companies tend to use complicated privacy policies filled with technical jargon to make it difficult for people to understand the terms of a service that they agree to. People also tend not to read terms of service documents. One study found that people averaged 73 seconds reading a terms of service document that had an average read time of 29-32 minutes.

    Data collected by AI tools may initially reside with a company that you trust, but can easily be sold and given to a company that you don’t trust.

    AI tools, the companies in charge of them and the companies that have access to the data they collect can also be subject to cyberattacks and data breaches that can reveal sensitive personal information. These attacks can by carried out by cybercriminals who are in it for the money, or by so-called advanced persistent threats, which are typically nation/state- sponsored attackers who gain access to networks and systems and remain there undetected, collecting information and personal data to eventually cause disruption or harm.

    While laws and regulations such as the General Data Protection Regulation in the European Union and the California Consumer Privacy Act aim to safeguard user data, AI development and use have often outpaced the legislative process. The laws are still catching up on AI and data privacy. For now, you should assume any AI-powered device or platform is collecting data on your inputs, behaviors and patterns.

    Using AI tools

    Although AI tools collect people’s data, and the way this accumulation of data affects people’s data privacy is concerning, the tools can also be useful. AI-powered applications can streamline workflows, automate repetitive tasks and provide valuable insights.

    But it’s crucial to approach these tools with awareness and caution.

    When using a generative AI platform that gives you answers to questions you type in a prompt, don’t include any personally identifiable information, including names, birth dates, Social Security numbers or home addresses. At the workplace, don’t include trade secrets or classified information. In general, don’t put anything into a prompt that you wouldn’t feel comfortable revealing to the public or seeing on a billboard. Remember, once you hit enter on the prompt, you’ve lost control of that information.

    Remember that devices which are turned on are always listening – even if they’re asleep. If you use smart home or embedded devices, turn them off when you need to have a private conversation. A device that’s asleep looks inactive, but it is still powered on and listening for a wake word or signal. Unplugging a device or removing its batteries is a good way of making sure the device is truly off.

    Finally, be aware of the terms of service and data collection policies of the devices and platforms that you are using. You might be surprised by what you’ve already agreed to.

    This article is part of a series on data privacy that explores who collects your data, what and how they collect, who sells and buys your data, what they all do with it, and what you can do about it.

    The Conversation will be hosting a free webinar on practical and safe use of AI with our tech editor and an AI expert on June 24 at 2pm ET/11am PT. Sign up to get your questions answered.

    Christopher Ramezan receives funding from the Appalachian Regional Commission.

    – ref. AI tools collect and store data about you from all your devices – here’s how to be aware of what you’re revealing – https://theconversation.com/ai-tools-collect-and-store-data-about-you-from-all-your-devices-heres-how-to-be-aware-of-what-youre-revealing-251693

    MIL OSI –

    June 30, 2025
  • MIL-OSI Asia-Pac: Marine Department launches Green Maritime Fuel Bunkering Incentive Scheme to encourage relevant development

    Source: Hong Kong Government special administrative region

    Marine Department launches Green Maritime Fuel Bunkering Incentive Scheme to encourage relevant development 
         The International Maritime Organization (IMO) has set an ambitious target to reach net-zero carbon emissions from international shipping by or around 2025. Under the key policy drive of the IMO, the international maritime industry is now undergoing an irreversible green transformation, and the use of low- or even zero-carbon fuels is quickly gaining popularity. 
     
         To complement and encourage the green transformation of the shipping industry, the Government promulgated the Action Plan on Green Maritime Fuel Bunkering on November 15, 2024, setting out clear targets, five green-centric strategies and 10 actions to support the development of green maritime fuel bunkering and trading in Hong Kong. One of the actions proposed in the Action Plan is to set up a Green Maritime Fuel Bunkering Incentive Scheme, which serves to encourage pioneer companies to develop green maritime fuel bunkering business in Hong Kong. 
     
         Considering that certain investments in preparatory work, including risk assessments by companies, are required before carrying out green maritime fuel bunkering, and the pioneer companies will help kick-start the industry development by paving the way and accumulating invaluable experience, incentives will be granted to these companies. Under the current tranche of the Scheme, which targets liquefied natural gas (LNG) and green methanol, an incentive of $500,000 will be granted to each pioneer company for each of its first two LNG or green methanol bunkering operations completed within one year from the MD’s acceptance of its risk assessment. Pioneer companies that have already completed the relevant assessments and/or bunkering operations before the Scheme launch are also eligible to receive incentives under the Scheme. The maximum amount of incentive for each type of recognised green maritime fuel is $2,000,000, and incentives will be disbursed on a first-come, first-served basis. Details are set out in the Introduction of the Green Maritime Fuel Bunkering Incentive Scheme in the Annex.
     
         A spokesperson for the MD said, “Hong Kong, China, as an associate member of the IMO, has long been committed to supporting the IMO’s emission reduction target. At the same time, the development of green maritime fuel bunkering capabilities in Hong Kong will allow us to capitalise on the existing unique advantages of our port, including our location at the southernmost tip of China next to the international fairway, to maintain our positioning as a major bunkering port and international maritime centre. The Scheme will help encourage pioneer enterprises to start green maritime fuel bunkering businesses in Hong Kong early, as well as help level the playing field between pioneers and late joiners.”
     
         “The MD has established a dedicated team that provides one-stop services to companies interested in setting up green shipping-related businesses in Hong Kong. At the same time, we also provide clear guidelines and support to companies interested in conducting green maritime fuel bunkering operations in Hong Kong, to facilitate their smooth completion of the relevant assessments and pre-bunkering procedures,” the spokesperson continued.
     
         The application form of the Scheme has been uploaded onto the MD’s websiteIssued at HKT 15:00

    NNNN

    CategoriesMIL-OSI

    MIL OSI Asia Pacific News –

    June 30, 2025
  • MIL-OSI Asia-Pac: Government’s financial results for two months ended May 31, 2025

    Source: Hong Kong Government special administrative region

         The Government announced today (June 30) its financial results for the two months ended May 31, 2025.

         Expenditure and revenue from April to May 2025 amounted to HK$129.7 billion and HK$55.9 billion respectively, resulting in a deficit of HK$78.4 billion after taking into account HK$15.5 billion received from issuance of Government Bonds and repayment of HK$20.1 billion principal on Government Bonds.

         A Government spokesperson said that the deficit for the period was mainly due to the fact that some major types of revenue including salaries and profits taxes, are mostly received towards the end of a financial year.

         The fiscal reserves stood at HK$575.9 billion as at May 31, 2025.

         Detailed figures are shown in Tables 1 and 2.

    TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
     

      Month ended
    May 31, 2025
    HK$ million
    Two months ended
    May 31, 2025
    HK$ million
    Revenue 17,448.6 55,906.5
    Expenditure (66,328.1) (129,774.6)
         
    Deficit before issuance
    and repayment of
    Government Bonds
    (48,879.5) (73,868.1)
         
    Proceeds received from
    issuance of
    Government Bonds
    9,435.9 15,534.8
         
    Repayment of
    Government Bonds*
    (20,070.1) (20,120.5)
         
    Deficit after issuance
    and repayment of
    Government Bonds
    (59,513.7) (78,453.8)
         
    Financing    
    Domestic    
         Banking Sector (Note 2) 59,210.2 75,933.7
         Non-Banking Sector 303.5 2,520.1
    External – –
           
    Total 59,513.7 78,453.8
    * Being repayment of principal on Government Bonds and does not include the associated interest and other expenses.

    Government Debts as at May 31, 2025 (Note 3)
        HK$298,332 million
    Debts Guaranteed by Government as at May 31, 2025 (Note 4)
        HK$123,199 million

    TABLE 2. FISCAL RESERVES
     

     
     
    Month ended
    May 31, 2025
    HK$ million
    Two months ended
    May 31, 2025
    HK$ million
    Fiscal Reserves at start of period 635,376.7 654,316.8
    Consolidated Deficit after
    issuance and repayment of
    Government Bonds
    (59,513.7) (78,453.8)
         
    Fiscal Reserves at end of period
    (Note 5)
    575,863.0 575,863.0

    Notes:

    1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at May 31, 2025, was HK$216,896 million.

    2. Includes transactions with the Exchange Fund and resident banks.

    3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:

    (i) the Green Bonds (equivalent to HK$177,761 million as at May 31, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (4,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB34,000 million with maturity from June 2025 to July 2054) and Hong Kong dollars (HK$22,000 million with maturity from February 2026 to October 2026);

    (ii) the Infrastructure Bonds (equivalent to HK$65,900 million as at May 31, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB19,000 million with maturity from December 2025 to May 2035) and Hong Kong dollars (HK$45,230 million with maturity from November 2025 to March 2045); and

    (iii) the Silver Bonds with nominal value of HK$54,671 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.

         They do not include the outstanding bonds with nominal value of HK$168,090 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,841 million as at May 31, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$96,090 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$66,959 million will mature within the period from June 2025 to May 2026 and the rest within the period from June 2026 to May 2042.

    4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.

    5. Includes HK$250,041 million, being the balance of the Land Fund held in the name of “Future Fund”, for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.

    MIL OSI Asia Pacific News –

    June 30, 2025
  • MIL-OSI Asia-Pac: Appointments to Industry Advisory Committee on General Business of Insurance Authority

    Source: Hong Kong Government special administrative region

    The Government announced today (June 30) the appointments of Mr Jacky Lio Veng-hei and Professor Hui Kai-lung as non-official members of the Industry Advisory Committee (IAC) on General Business (GB) of the Insurance Authority for a term of two years from July 1, 2025, to June 30, 2027. 
     
    Welcoming the appointments, a spokesman for the Financial Services and the Treasury Bureau said, “With their rich professional knowledge, we believe Mr Lio and Professor Hui will tender insightful advice to the IAC and facilitate the growth of the insurance industry.
     
         “We would like to express our sincere gratitude to the two outgoing members, Dr Fung Hong and Professor Tang Heiwai, for their unwavering support and valuable contributions to the IAC during their tenure.”
     
    The IAC on GB is a statutory committee established under the Insurance Ordinance (Cap. 41) to advise the Insurance Authority on matters relating to general business. Members come from different lines of business with expertise within the insurance industry, as well as from related fields such as fintech, medical, legal and academia.

    MIL OSI Asia Pacific News –

    June 30, 2025
  • MIL-OSI Asia-Pac: Secretary for Housing to visit Portugal and Spain

    Source: Hong Kong Government special administrative region

         The Secretary for Housing, Ms Winnie Ho, will depart for a visit to Lisbon, Portugal, tomorrow night (July 1). She will attend the International Forum on Urbanism on July 2 and speak at the forum on the various housing initiatives implemented by the Housing Bureau and the Hong Kong Housing Authority in recent years to enhance people’s livelihoods, encourage upward mobility, and promote innovative construction technologies, as well as the “Well-being design” guide launched last year.
     
         During her stay in Lisbon, she will meet with relevant local officials. She will also officiate at a business luncheon co-organised by the Guangdong-Hong Kong-Macao Greater Bay Area Development Office under the Constitutional and Mainland Affairs Bureau and the Hong Kong Economic and Trade Office in Brussels, to share Hong Kong’s experiences in enhancing the quantity, speed, efficiency and quality of public housing construction by embracing various innovative rapid construction technologies and construction robotics, and continuously enhancing smart public estate management to build a more pleasant living environment for its residents. She also invited over 20 construction trade representatives from Hong Kong and the Mainland, including construction companies and consultant companies participating in the construction of public housing, Light Public Housing and transitional housing, to attend the luncheon. They will share in person with the participants Hong Kong’s experience in applying and promoting innovative construction technologies, such as Modular Integrated Construction (MiC), Multi-trade integrated Mechanical, Electrical and Plumbing (MiMEP) and construction robots, and take this opportunity to strengthen connections between the Hong Kong and Portuguese trades and explore opportunities. Ms Ho will also call on the Embassy of the People’s Republic of China in the Portuguese Republic.
     
         Ms Ho will depart for Barcelona, Spain, on the evening of July 3 (Lisbon time) to visit local social housing projects, meet with relevant government officials to learn about housing issues there and their policies implemented, and promote Hong Kong’s housing ladder that encourages upward mobility, as well as the application of innovative construction technologies in Hong Kong’s public housing developments and management, the concepts of the “Well-being design” guide, and more.
     
         Ms Ho will return to Hong Kong on the morning of July 6. During her absence, the Under Secretary for Housing, Mr Victor Tai, will be the Acting Secretary for Housing.

    MIL OSI Asia Pacific News –

    June 30, 2025
  • MIL-OSI Europe: The EBA provides its technical advice to the European Commission on fees to validate pro forma models under the European Market Infrastructure Regulation

    Source: European Banking Authority

    The European Banking Authority (EBA) today published its response to the European Commission’s Call for Advice on fees to validate pro forma models under the European Market Infrastructure Regulation (EMIR).

    The Technical Advice makes a series of recommendations to the Commission in view of its Delegated Acton fees to be charged by the EBA for the performance of its new role as central validator of pro forma models, such as ISDA SIMM, under EMIR.

    First, the EBA proposes that the Delegated Act allows for all costs – whether direct or indirect – relating to the activities linked to the central validation function of pro forma models to be covered.

    Second, to address the feedback received on the difficulties in calculating the 12-month average notional amount of non-centrally cleared OTC derivatives, the EBA proposes to rely on simpler approaches than the ones consulted upon. To this end, the EBA makes proposals on the practical details of the calculation methodology that would ensure proportionality amongst all counterparties in the determination of the annual fee.

    Finally, the EBA makes recommendations on the payment modalities and the information to be communicated to EBA for the determination of the individual fees and the invoicing process.

    Legal basis

    Article 11(12a) of EMIR mandates the EBA to set up a central validation function for the elements and general aspects of pro forma models, and changes thereto, used or to be used by financial and non-financial counterparties. The EBA shall charge an annual fee, per pro forma model, to financial and non-financial counterparties using the pro forma models validated by the EBA. The fees are expected to cover the costs incurred by the EBA in performing this role as central validator.

    Pro forma models, such as ISDA SIMM, are used by the industry to calculate initial margin.

    On 31 July 2024, the EBA received a Call for advice on a possible Delegated Act on fees with the request to submit its response by Q2 2025.

    In March 2025, the EBA consulted market participants as part of its response. The feedback received to this Discussion Paper helped the EBA finalise its response to the European Commission.

    MIL OSI Europe News –

    June 30, 2025
  • MIL-OSI Europe: The EBA provides its technical advice to the European Commission on fees to validate pro forma models under the European Market Infrastructure Regulation

    Source: European Banking Authority

    The European Banking Authority (EBA) today published its response to the European Commission’s Call for Advice on fees to validate pro forma models under the European Market Infrastructure Regulation (EMIR).

    The Technical Advice makes a series of recommendations to the Commission in view of its Delegated Acton fees to be charged by the EBA for the performance of its new role as central validator of pro forma models, such as ISDA SIMM, under EMIR.

    First, the EBA proposes that the Delegated Act allows for all costs – whether direct or indirect – relating to the activities linked to the central validation function of pro forma models to be covered.

    Second, to address the feedback received on the difficulties in calculating the 12-month average notional amount of non-centrally cleared OTC derivatives, the EBA proposes to rely on simpler approaches than the ones consulted upon. To this end, the EBA makes proposals on the practical details of the calculation methodology that would ensure proportionality amongst all counterparties in the determination of the annual fee.

    Finally, the EBA makes recommendations on the payment modalities and the information to be communicated to EBA for the determination of the individual fees and the invoicing process.

    Legal basis

    Article 11(12a) of EMIR mandates the EBA to set up a central validation function for the elements and general aspects of pro forma models, and changes thereto, used or to be used by financial and non-financial counterparties. The EBA shall charge an annual fee, per pro forma model, to financial and non-financial counterparties using the pro forma models validated by the EBA. The fees are expected to cover the costs incurred by the EBA in performing this role as central validator.

    Pro forma models, such as ISDA SIMM, are used by the industry to calculate initial margin.

    On 31 July 2024, the EBA received a Call for advice on a possible Delegated Act on fees with the request to submit its response by Q2 2025.

    In March 2025, the EBA consulted market participants as part of its response. The feedback received to this Discussion Paper helped the EBA finalise its response to the European Commission.

    MIL OSI Europe News –

    June 30, 2025
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