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Category: Business

  • Gold crosses ₹1 lakh on MCX as Israel-Iran tensions fuel safe-haven demand

    Source: Government of India

    Source: Government of India (4)

    Gold prices on the Multi Commodity Exchange (MCX) opened sharply higher on Friday, breaching the ₹1 lakh mark per 10 grams for the first time. The rally was driven by rising geopolitical tensions in the Middle East, which boosted safe-haven demand for the yellow metal. Silver prices also saw gains in early trade.

    MCX gold opened at ₹99,500 per 10 grams, up ₹1,108 or 1.12% from the previous close of ₹98,392. Shortly after, prices surged to ₹1,00,403, crossing the psychological ₹1 lakh threshold. By 12:44 p.m., gold was trading at ₹99,673, up 1.30%.

    Retail gold prices in India reflected the same trend. According to the India Bullion and Jewellers Association (IBJA), as of 12:50 p.m., 22-carat gold was priced at ₹9,679 per gram, while 24-carat gold stood at ₹9,917 per gram.

    Silver mirrored gold’s upward movement. It opened at ₹1,06,450 per kg, up ₹565 or 0.53% from the previous close of ₹1,05,885. It touched a high of ₹1,06,799 and was trading at ₹1,06,328 per kg, up 0.42% at 12:45 p.m.

    The rise in domestic prices is in line with the global trend, where gold hit its highest level in over a month. Spot gold rose 1.3% to $3,428.28 an ounce after reaching its highest level since May 7. U.S. gold futures were up 1.4% at $3,449.60. The metal has gained over 3.5% so far this week.

    The surge in bullion prices comes amid heightened tensions between Israel and Iran. Reports suggest that Israel carried out airstrikes targeting Iran’s nuclear and military facilities, sparking fears of a wider regional conflict.

    Geopolitical uncertainty often drives investors towards gold, widely regarded as a safe-haven asset during crises.

    Colin Shah, Managing Director of Kama Jewelry, commented on the surge: “Gold prices in India hitting an all-time high is on expected lines given the latest developments in geopolitical tensions and the weakening of the Indian rupee.”

    He added that while gold may face short-term resistance, it is likely to hover between ₹1,00,200 and ₹1,00,500 per 10 grams on the MCX, depending on how international economic and political events unfold.

    -IANS

  • MIL-OSI United Kingdom: Amanda Timberg and Darren Xiberras reappointed as Board Members of the National Citizen Service Trust

    Source: United Kingdom – Executive Government & Departments

    News story

    Amanda Timberg and Darren Xiberras reappointed as Board Members of the National Citizen Service Trust

    Amanda Timberg and Darren Xiberras have been reappointed by HM The King as Board Members to support with the orderly wind-down of the National Citizen Service Trust. Darren (as Chair) and Amanda (as member) play an important role on the Audit and Risk sub-Committee (ARC), which has an important role to play in the wind-down.

    Amanda Timberg

    Appointed for a 3 year term commencing 12th June 2025.

    Amanda has dedicated her career to improving access to opportunities through investing in people and communities. She has worked in various roles at Google over the last decade and is currently serving as the Director of Global Programs at Google.org. There, she leads initiatives like product contributions, employee giving, volunteering, and apprenticeships.

    Before Google, Amanda spent fifteen years in education charities in the UK and the US, including a decade as Executive Director at Teach First, working to develop and equip teachers and leaders to make an impact towards educational equity. 

    Amanda started her career teaching primary school in Compton, California and worked at both Teach For America and the Los Angeles Unified School District in southern California. She holds an MSc in Voluntary Sector Management from Bayes Business School.

    Darren Xiberras 

    Appointed for a 3 year term commencing 12th June 2025.

    Darren is currently Chief Financial Officer of Cardiff University and a member of the University Executive Board. He oversees all aspects of the University’s finances and financial performance. He is a Director of UMAL Limited which is a specialist provider of insurance services to the Higher and Further Education sectors.

    Prior to joining Cardiff University, Darren was Chief Finance Officer at the University of South Wales having joined them in 2019. Immediately before that, he held the same role for the education charity Teach First where he also oversaw the Human Resources (HR), property and IT functions.

    Prior to Teach First, Darren was Finance Director of ENGIE (formerly GDF Suez) UK’s £350m turnover public sector division, delivering property services to a multitude of blue-chip public sector clients across the UK.

    Darren has also been Director of Corporate Services for a national UK charity and held the role of Group Finance Director for an Alternative Investment Market (AIM) listed PLC delivering services to the public sector. He trained as an accountant with South Wales Electricity PLC.

    Darren has held several other voluntary roles for both charities and in Higher Education.

    Remuneration and Governance Code

    Board Members of the National Citizen Service Trust are not remunerated. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments. The appointments process is regulated by the Commissioner for Public Appointments.

    Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Amanda Timberg and Darren Xiberras have not declared any significant political activity.

    Updates to this page

    Published 13 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Progress being made in the implementation of SA’s Green Hydrogen Strategy

    Source: South Africa News Agency

    Trade, Industry and Competition Minister Parks Tau says meaningful and tangible progress is being made in the implementation of South Africa’s Green Hydrogen Commercialisation Strategy. 

    He was addressing delegates at the Green Hydrogen Summit on Thursday, held at the Century City Conference Centre in Cape Town. 

    Tau said several commercial-scale green hydrogen projects are currently in development across the country, each addressing different parts of the value chain that must be unlocked. 

    “Through the Industrial Development Corporation (IDC), we have also secured €23 million in grant funding from the German government via KfW Development Bank. 

    “These funds will be used to de-risk and fast-track key catalytic green hydrogen projects. Of the 24 projects identified as Strategic Integrated Projects (SIPs), several have already completed their pre-feasibility study phase. 

    “We have also established the Just Energy Transition Green Hydrogen Programme Management Office, hosted by the IDC, to coordinate the implementation of the green hydrogen chapter of the JET-IP Implementation Plan,” he told the delegates. 

    He said the scale of funding required to develop a green hydrogen ecosystem was immense, therefore collaboration was not just a recommendation, but a necessity.

    “We will explore a range of mechanisms, including project feasibility and development funding, tools to de-risk investments, support for green premiums during the early stages of cost curve reduction such as contracts for difference, investment in supporting infrastructure, and funding that facilitates ecosystem development, including policy support, capacity building, technology transfer, sustainability and inclusion,” he said. 

    Tau said the Green Hydrogen ecosystem will not help South Africa to avert further de-industrialisation, but assist in driving the reindustrialisation of the economy. – SAnews.gov.za

    MIL OSI Africa –

  • Inflation to average 2.5% over next six months, below RBI forecast: HSBC

    Source: Government of India

    Source: Government of India (4)

    India’s inflation is expected to average around 2.5 per cent over the next six months, significantly lower than the Reserve Bank of India’s (RBI) forecast of 3.5 per cent, according to a report by HSBC Global Research released on Friday.

    The report attributed the softer inflation outlook to a high base effect from last year, as well as stable food prices and adequate grain supplies. Data for June is already trending slightly below May levels, it noted.

    “Vegetable prices in the first 10 days of June have increased in the range of 0–13 per cent, but the high base from last year is helping keep overall inflation in check,” HSBC said in its outlook.

    The monsoon, which began early this year, has slowed recently. Despite this, the sowing of key summer crops such as rice and pulses is reportedly progressing well. Combined with strong cereal production from last year, this has helped keep granaries well-stocked—providing the government with flexibility to release grain stocks gradually and manage food inflation over a longer horizon.

    Headline and core inflation (excluding gold) stood at 2.8 per cent, well below the RBI’s medium-term target of 4 per cent. Food prices remained in deflation for the fifth consecutive month, falling by 0.2 per cent on a month-on-month basis. Prices of items such as fruits, eggs, fish, meat, and sugar showed subdued momentum.

    However, high gold prices continue to exert upward pressure on core inflation. With gold accounting for 1.1 per cent of the Consumer Price Index (CPI) basket, and prices having risen by over 30 per cent in recent months, core inflation remains slightly elevated. Excluding gold, HSBC estimates core inflation at 3.5 per cent year-on-year.

    Looking ahead, the report forecasts that core inflation could ease further in the second half of 2025 if gold prices decline, as projected by HSBC’s commodities team. It also expects external factors to aid disinflation, including a stronger rupee, falling commodity prices, and weaker global demand—particularly from China.

    The RBI has already cut the policy rate by 100 basis points this year and reduced the cash reserve ratio by an equivalent amount. HSBC expects the central bank to maintain a pause in its August and October policy meetings, before delivering one final 25-basis-point rate cut in December. This would bring the repo rate down to 5.25 per cent by the end of the year.

    IANS

  • MIL-OSI Banking: Deputy Secretary-General of ASEAN for ASEAN Political-Security Community delivers keynote remarks on ASEAN Cooperation at the 6th Annual Women’s Leadership Summit

    Source: ASEAN

    Deputy Secretary-General of ASEAN for ASEAN Political-Security Community, H.E. Dato’ Astanah Abdul Aziz, delivered keynote remarks on ASEAN cooperation. Speaking at the 6th Annual Women’s Leadership Summit, organised by the Harpswell Foundation held on 13 June 2025, DSG Dato’ Astanah shared insights on how ASEAN harnesses its collective strength and shared vision to transform challenges into meaningful opportunities for peace, stability, as well as inclusive and sustainable growth.

    The post Deputy Secretary-General of ASEAN for ASEAN Political-Security Community delivers keynote remarks on ASEAN Cooperation at the 6th Annual Women’s Leadership Summit appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI: Formatting Correction: NBPE – Result of AGM

    Source: GlobeNewswire (MIL-OSI)

    Formatting correction: The numbering in the table of resolutions within the Result of AGM announcement released on the 12 June 2025 at 18:14 has been corrected to reflect the correct resolution numbers.  The results text remains unchanged and is reporoduced in full below.

    12 June 2025

    NB Private Equity Partners Limited (the “Company”) is pleased to announce that at the Annual General Meeting of its Class A Shareholders held at 1.45 p.m. on 12 June 2025, each of the Resolutions tabled were duly passed without amendment.

    All resolutions as set out in the Notice of AGM, of which resolutions 1-10 were proposed as ordinary resolutions and resolutions 11 and 12 were proposed as special resolutions, were voted on by way of a poll and the results were as follows:

    Resolution Votes For % votes cast Votes Against % votes cast Votes Withheld*
    1. To receive the Audited Financial Statements and Directors Report for the year ended 31 December 2024. 29,176,689 100% Nil Nil 28,512
    2. To approve the Directors Remuneration Report as set out in the Annual Report for the year ended 31 December 2024. 29,157,113 99.95% 14,774 0.05% 33,314
    3. To re-elect William Maltby as a Director of the Company. 28,884,679 99.01% 289,794 0.99% 30,726
    4. To re-elect Trudi Clark as a Director of the Company. 28,529,372 97.79% 645,101 2.21% 30,726
    5. To re-elect Wilken von Hodenberg as a Director of the Company. 28,907,148 99.08% 267,005 0.92% 31,046
    6. To re-elect Louisa Symington-Mills as a Director of the Company. 28,905,644 99.08% 268,098 0.92% 31,457
    7. To re-elect Pawan Dhir as a Director of the Company. 28,905,637 99.09% 265,967 0.91% 33,595
    8. That KPMG Channel Islands Limited be re-appointed as auditor of the Company. 26,983,892 92.49% 2,190,477 7.51% 30,832
    9. That the Directors may determine the remuneration of the auditors. 28,794,977 98.69% 381,712 1.31% 28,512
    10. That the interim dividend paid on 28 February 2025 of $0.47 per share be approved and ratified. 29,078,022 99.66% 98,614 0.34% 28,565
    11. That the Company be authorised in accordance with Section 315 of the Companies (Guernsey) Law, 2008 (as amended) to make market acquisitions of its ordinary shares in accordance with the terms set out in the Notice of Annual General Meeting. 29,060,885 99.6% 115,804 0.4% 28,512
    12. That the Directors be authorised to allot and issue (or sell from treasury) equity securities for cash, up to an aggregate amount not exceeding 9.99% of the Ordinary Shares in issue. 28,938,707 99.19% 237,715 0.81% 28,779

    * A vote withheld is not a vote in law and has not been counted in the votes for and against a resolution.

    Mr. John Falla retired from the Board upon the conclusion of the Annual General Meeting, and Mr. Dhir takes the role of the Audit Committee Chairman as set out in the Notice of Annual General Meeting.

    For further information, please contact:

    NBPE Investor Relations        +44 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com

    Kaso Legg Communications        +44 (0)20 3882 6644

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman

    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2025.

    The MIL Network –

  • MIL-OSI Africa: United Nations Economic Commission for Africa (ECA) capacitates Zambia, Zimbabwe and Malawi in e-commerce tools and marketing strategies


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    The Permanent Secretary, Zambia Ministry of Commerce Trade and Industry (MCTI), Mrs Lillian Bwalya said, the workshop takes place at a pivotal moment as Africa intensifies efforts to operationalise the African Continental Free Trade Area (AfCFTA), “I commend UNECA and the Government of Italy for this collaboration to organise this workshop that will provide public and private sector stakeholders with practical tools and methodologies to harness the full potential of e-commerce in driving export growth, enhancing market access, and building competitiveness in global and regional markets”.

    She was speaking at the workshop on E-Commerce Marketing and Business Development Strategies for the African Continental Free Trade Area (AfCFTA) and Global Markets convened by the United Nations Economic Commission for Africa (ECA), through its African Institute for Economic Development and Planning (IDEP) and its Sub-Regional Office for Southern Africa (SROSA) and funded by the Government of Italy.

    The overall objective of the workshop was to strengthen the skills of participants from Malawi, Zambia and Zimbabwe to leverage e-trade opportunities in the context of AfCFTA. Mr. Enrico de Agostini, Ambassador of Italy in Zambia reiterated the importance of capacity building of entrepreneurs in the region to ensure sustainable development.

    Ms. Beatrice Mutali, United Nations Resident Coordinator, speaking on behalf of the UN family in Zambia underscored the importance of partnerships between governments, international partners, private sector and the UN to address the gaps in digital trade such as infrastructure, connectivity to payment systems and regulatory frameworks.

    The Director of ECA Subregional office for Southern Africa, Ms. Eunice Kamwendo, in her opening remarks, emphasised the efforts of ECA in implementing innovative and practical initiatives in order to better support member states. An example of which is this e-commerce training that was intended to provide strategic and practical tools necessary to unlock opportunities in the e-commerce space under the AfCFTA and in global markets.

    She further noted that, the AfCFTA, with its promise of a US$3.4 trillion single market, presents ECA and its partners with a unique platform to reimagine value chains, promote innovation, and stimulate sustainable growth driven by the private sector.  “At ECA, we believe that digitalization when guided by inclusive policies and backed by the right skills can bridge development gaps, unlock new markets, and catalyze youth employment”.

    To complement the training ECA-SROSA experts presented on the AfCFTA and initiatives related to the implementation of the AfCFTA Agreement. Ms. Zodwa Mabuza, Chief Sub-Regional Initiatives outlined the protocol on digital trade indicating that it helps harmonize rules to boost Africa’s digital economy, cutting cross-border e-commerce costs, building trust, and supporting Small and Medium Enterprises. Ms. Bineswaree Bolaky, Economic Affairs Officer presented on the AfCFTA, its rationale and instruments, and on ECA’s work on AfCFTA, e-commerce and digital trade including outlining ECA’s support to member States on developing their National AfCFTA Strategies and Green Supplements to these strategies. Mr. Henry Lubinda, Programme Officer gave an overview of SRO-SA’s major areas of support to member States such as inclusive industrialization, green transitions, enhanced food systems and AfCFTA-led trade in Southern Africa.

    The training consisting of 6 sessions, was facilitated by Mr. Fabio Santoni ASeS-CeFor, the implementing partner of the project funded by Italy. Participants were trained through scenarios and business simulation techniques. 

    At the closing of the workshop, certificates were remitted to participants by Mr. Aime Mbatkam, coordinator of the project at ECA’s training arm, the African Institute for Economic Development and Planning.

    This collaborative initiative between ECA and the Government of Italy aimed at supporting Member states through a capacity building programme for the effective implementation of the AfCFTA Agreement. Under Phase 2, Cameroon, Democratic Republic of Congo, Gabon, Malawi, Mauritania, Zambia, and Zimbabwe benefitted from (i) an assessment of e-trade readiness  and (ii) a capacity needs assessment of stakeholders for AfCFTA implementation. These studies informed the design of the online training courses that were subseuqently delivered.

    Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).

    MIL OSI Africa –

  • MIL-OSI Africa: International Atomic Energy Agency (IAEA) and Food and Agriculture Organization (FAO) Conduct First Atoms4Food Assessment Mission to Burkina Faso


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    In a critical step toward addressing food insecurity in West Africa, the International Atomic Energy Agency (IAEA) and the Food and Agriculture Organization (FAO) of the United Nations have launched their first joint Atoms4Food Initiative Assessment Mission in Burkina Faso. 

    This mission aims to identify key gaps and opportunities for delivering targeted technical support to Burkina Faso for food and agriculture in a country where an estimated 3.5 million people—nearly 20% of the population—are facing food insecurity. By leveraging nuclear science and technology, Atoms4Food seeks to bolster agricultural resilience and agrifood systems in one of the region’s most vulnerable nations.

    The mission, conducted from 26 May to 1 June, assessed how nuclear and related technologies are being used in Burkina Faso to address challenges in enhancing crop production, improving soil quality and in animal production and health, as well as human nutrition.

    The Atoms4Food Initiative was launched jointly by IAEA and FAO in 2023 to help boost food security and tackle growing hunger around the world. Atoms4Food will support countries to use innovative nuclear techniques such as sterile insect technique and plant mutation breeding to enhance agricultural productivity, ensure food safety, improve nutrition and adapt agrifood systems to the challenges of climate change. Almost €9 million has been pledged by IAEA donor countries and private companies to the initiative so far.

    As part of the Atoms4Food initiative, Assessment Missions are used to evaluate the specific needs and priorities of participating countries and identify critical gaps and opportunities where nuclear science and technology can offer impactful solutions. Based on the findings, tailored and country-specific solutions will be offered.

    Burkina Faso is one of 29 countries who have so far requested to receive support under Atoms4Food, with more expected this year. Alongside Benin, Pakistan, Peru and Türkiye, Burkina Faso was among the first countries to request an Atoms4Food Assessment Mission in 2025.

    A large proportion of Burkina Faso’s population still live in poverty and inequality.  Food insecurity has been compounded by rapid population growth, gender inequality and low levels of educational attainment. In addition, currently, 50% of rice consumed in Burkina Faso is imported. The government aims to achieve food sovereignty by producing sufficient rice domestically to reduce reliance on imports.

    “Hunger and malnutrition are on the rise globally, and Burkina Faso is particularly vulnerable to this growing challenge,” said IAEA Director General Rafael Mariano Grossi. “This first Atoms4Food assessment mission marks a significant milestone in our collective efforts to harness the power of nuclear science to enhance food security. As the Atoms4Food Initiative expands worldwide, we are committed to delivering tangible, sustainable solutions to reduce hunger and malnutrition.”

    The mission was conducted by a team of ten international experts in the areas of crop production, soil and water management, animal production and health and human nutrition. During the mission, the team held high-level meetings with the Burkina Faso Ministries of Agriculture, Health and Environment and conducted site visits to laboratories including the animal health laboratory and crop breeding facility at the Institute of Environment and Agricultural Research, the crop genetics and nutrition laboratories at the University Joseph Ki-Zerbo, and the bull station of the Ministry of Agriculture in Loumbila.

    “The Government of Burkina Faso is striving to achieve food security and sovereignty, to supply the country’s population with sufficient, affordable, nutritious and safe food, while strengthening the sustainability of the agrifood systems value-chain,” said Dongxin Feng, Director of the Joint FAO/IAEA Centre for Nuclear Techniques in Food and Agriculture and head of the mission to Burkina Faso. “Though much needs to be done, our mission found strong dedication and commitment from the Government in developing climate-resilient strategies for crops, such as rice, potato, sorghum and mango, strengthening sustainable livestock production of cattle, small ruminants and local poultry, as well as reducing malnutrition among infants and children, while considering the linkages with food safety.”

    The Assessment Mission will deliver an integrated Assessment Report with concrete recommendations on areas for intervention under the Atoms4Food Initiative. This will help develop a National Action Plan in order to scale up the joint efforts made by the two organizations in the past decades, which will include expanding partnership and resource mobilization. “Our priority now is to deliver a concrete mission report with actionable recommendations that will support the development of the National Action Plan aimed at improving the country’s long term food security,” Feng added. 

    Distributed by APO Group on behalf of Food and Agriculture Organization of the United Nations (FAO): Regional Office for Africa.

    MIL OSI Africa –

  • MIL-OSI United Nations: UNECE joins United Nations’ global call-to-action to accelerate social progress through AI-powered virtual worlds

    Source: United Nations Economic Commission for Europe

    UNECE joined forces with 17 other UN entities during the 2nd UN Virtual Worlds Day to urge governments, civil society, academia, and the private sector to harness the transformative potential of AI-powered virtual worlds to drive development that works for all.  

    The call-to-action outlines 12 priorities—from expanding connectivity to promoting responsible use of emerging technologies—in order to ensure that no one is left behind in the fast-evolving digital era.  

    “Harnessing virtual worlds through common frameworks and standards can drive regional cooperation and smart, sustainable development. This initiative speaks to the heart of UNECE’s work to digitize its normative and capacity building instruments and enable communities to deal with the most pressing economic, environmental and social challenges in a data-driven and forward-looking manner,” said UNECE Executive Secretary Tatiana Molcean.  

    Held under the theme “From Innovation to Impact: Delivering on the Pact for the Future”, the second edition of UN Virtual Worlds Day highlighted the importance of interagency cooperation and demonstrated the growing momentum across the UN system to foster shared innovation, global standards, and inclusive digital ecosystems.  

    UNECE presented its policies and frameworks for digital energy transformation, and how they can enable more efficient, sustainable and clean energy systems. The energy sector is responsible for 70% of global GHG emissions, whereas its net useful energy output is estimated at only 5-30% due to conversion, transmission, distribution, and end-use losses. Harnessing digital innovations, such as AI-powered virtual plants and smart grids, can lead to systemic energy efficiency improvements and optimization, reducing energy costs by 80% by optimizing the efficiency of buildings and industrial facilities through retrofitting and electrification. 

    With its policies that support flexible, secure and interoperable energy systems, regulatory innovation that fosters open collaboration, as well as inclusive capacity-building strategies, UNECE is helping UN Member States to achieve system-wide efficiency and resilience in the energy sector. Above all, UNECE promotes a human-centered approach to digitalization that balances innovation with ethical considerations and prioritizes equity, social considerations, and long-term sustainability for a just transition.   

    Twelve priorities for a digital future for all  

    The call-to-action emphasizes the importance of expanding access to meaningful connectivity; empowering people through digital public infrastructure; promoting responsible and transparent use of AI; protecting environmental sustainability and cultural heritage; fostering youth digital skills and innovation; and advancing global standards and multistakeholder collaboration.  

    The priorities in the call directly respond to the Pact for the Future, adopted at the 2024 UN Summit of the Future, and support the implementation of its Global Digital Compact and Declaration for Future Generations, as well as the World Summit on the Information Society+20 (WSIS+20) process beyond 2025.  

    They also offer concrete proposals to inform the 2025 Second World Summit for Social Development (WSSD2), which aims to accelerate action on poverty eradication, the promotion of full employment and decent work, and social inclusion.  

    From vision to action: Partnering to deliver the digital future  

    The second edition of UN Virtual Worlds Day was co-organized by a broad coalition of UN entities, including: ITU, ITCILO, FAO, UNECA, UNECE, UNECLAC, UNESCWA, UNFCCC, UN Guatemala, UN-Habitat, UNICC, UNICEF, UNRISD, UN Tourism, UNU, UN Futures Lab, World Bank, and WIPO.  

    The collaboration illustrates the UN system’s capacity to co-create global solutions and work across sectors and regions to catalyze innovation that serves the public good, promoting open, rights-based digital transformation.  

    The event reaffirmed the need for practical, scalable partnerships to ensure that the benefits of virtual worlds and AI reach rural, remote, and underserved communities worldwide, leaving no one behind.  

    UN Virtual Worlds Day also unveiled the Citiverse Use Case Taxonomy Overview, the first flagship deliverable of the Global Initiative on AI and Virtual Worlds—a UN-led platform for promoting open, interoperable, and trustworthy AI-powered virtual worlds for people, businesses, and public services.  

    The interactive catalogue showcases real-world applications of AI-powered virtual environments transforming education, climate action, urban governance, public services, and economic resilience.  

    Read the full text of the Call-to-Action and explore the Citiverse Use Case Taxonomy: www.itu.int/un-virtual-worlds-day/2025   

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: President Lai meets delegation led by French National Assembly Taiwan Friendship Group Chair Marie-Noëlle Battistel

    Source: Republic of China Taiwan

    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
    2025-06-05
    President Lai welcomes President Bernardo Arévalo of Republic of Guatemala with military honors  
    On the morning of June 5, President Lai Ching-te welcomed with full military honors President Bernardo Arévalo of the Republic of Guatemala and his wife, who are leading a delegation of cabinet members visiting Taiwan for the first time, demonstrating the deep and enduring alliance between our nations. In remarks, President Lai noted that over the past few years, bilateral cooperation between Taiwan and Guatemala has grown closer and more diverse, and said that moving forward, based on a foundation of mutual assistance for mutual benefit, we will continue to promote programs in line with international trends, spurring prosperity and development in both our nations. The military honors ceremony began at 10:30 a.m. in the Entrance Hall of the Presidential Office. After a 21-gun salute and the playing of the two countries’ national anthems, President Lai and President Arévalo each delivered remarks. A translation of President Lai’s remarks follows: Today, President Arévalo and First Lady Lucrecia Peinado are leading a delegation of cabinet members visiting Taiwan for the first time, demonstrating the deep and enduring alliance between our nations. On behalf of the people and government of the Republic of China (Taiwan), I want to extend my sincerest welcome. Last year, our two countries celebrated the 90th anniversary of diplomatic ties, providing mutual support all along the way. Especially over the past few years, bilateral cooperation has grown closer and more diverse. We have a long record of remarkable results, whether in terms of medicine and public health, education and culture, technological cooperation, or economic and trade exchanges. Moving forward, based on a foundation of mutual assistance for mutual benefit, Taiwan and Guatemala will continue to promote programs in line with international trends. We will continue to strengthen exchange and cooperation for young people, as well as scholarship programs, and actively cultivate high-tech and information and communications technology industry talent, spurring prosperity and development in both our nations. Although separated by a great distance, the peoples of both countries are closely connected by their ideals and values. I am confident that with President Arévalo’s support, bilateral exchanges and cooperation will become closer and more diverse, beginning a very promising new chapter. I wish the visiting delegation a smooth and successful trip. President Arévalo then delivered remarks, saying that on behalf of the government and people of Guatemala, he is honored to visit the Republic of China (Taiwan), this beautiful nation, and to receive full military honors, which reflects the mutual respect between our two nations as well as our solid friendship. Especially as this state visit comes as we celebrate 90 years of formal diplomatic ties, he said, he has brought the foreign minister, economics minister, private secretary to the president, and social communication secretary as members of his delegation, in the hope of our ties embarking on a new chapter. President Arévalo said that Guatemala-Taiwan ties have in recent years been growing steadily on a foundation of mutual understanding and cooperation, making significant progress, and that our peoples have also cultivated sincere friendships and cooperative relationships across many fields. Our nations are especially promoting public health, education, agricultural technology, and infrastructure, he said, key fields which are conducive to economic and social development. He expressed his hope that on such good foundations of the past, we can further strengthen our bilateral ties for the future. President Arévalo stated that through this state visit they not only want to reaffirm the good bilateral ties between our nations, but that they also hope to define a trajectory for the future of our cooperation in the direction of expanding economic cooperation, building economic and trade alliances, and facilitating investment to foster a Taiwan-Guatemala relationship that benefits both peoples. He then expressed gratitude to the people of Taiwan for helping Guatemala over the past 90 years and reaffirmed the unwavering support of Guatemala for the Republic of China (Taiwan). On the occasion of this visit, he said, he hopes to extend a friendly hand to the people of Taiwan, adding that he looks forward to our nations continuing to take major steps forward on the road of mutual assistance and prosperity. Also in attendance at the welcome ceremony were Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman, and members of the foreign diplomatic corps in Taiwan.  

    Details
    2025-06-03
    President Lai confers decoration on President Hilda C. Heine of Republic of the Marshall Islands, hosts state banquet  
    At noon on June 3, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, conferred a decoration upon President Hilda C. Heine of the Republic of the Marshall Islands, and hosted a state banquet for President Heine and her husband at the Presidential Office. In remarks, President Lai thanked President Heine for her commitment to deepening the diplomatic partnership between our nations and speaking up for Taiwan in the international arena. He also expressed hope for Taiwan and the Marshall Islands to work together to address various challenges through an even greater diversity of exchanges, and that together, we can contribute even more to peace, stability, and development throughout the Pacific region. At the decoration ceremony, President Lai personally conferred the Order of Brilliant Jade with Grand Cordon on President Heine before delivering remarks, a translation of which follows:  The Marshall Islands was the first Pacific ally that I visited after taking office as president. When I arrived there, I was immediately drawn to its beautiful scenery. And I received a very warm welcome from the local people. This gesture showed the profound friendship between our two nations. I was truly touched. I also remember trying your nation’s special Bob Whisky for the first time. The flavor was as unique and impressive as the landscape of the Marshall Islands.  In addition to welcoming our distinguished guests today, we also presented President Heine with the Order of Brilliant Jade with Grand Cordon. On behalf of the people of Taiwan, I want to thank President Heine for her commitment to deepening the diplomatic partnership between our nations, and for staunchly speaking up for Taiwan in the international arena. Both I and the people of Taiwan are profoundly grateful to President Heine for her friendship and support. Over the past few years, cooperation between Taiwan and the Marshall Islands has grown ever closer. And this visit by our distinguished guests will allow our two countries to further expand areas of bilateral exchange. I have always believed that only through mutual assistance and trust can two countries build a longstanding and steadfast partnership. I once again convey my sincere aspiration that Taiwan and the Marshall Islands work together to address various challenges through an even greater diversity of exchanges. Together, we can contribute even more to peace, stability, and development throughout the Pacific region. In closing, I want to thank President Heine and First Gentleman Thomas Kijiner, Jr. for leading this delegation to Taiwan, which deepens the foundations of our bilateral relationship. May our two nations enjoy a long and enduring friendship. President Heine then delivered remarks, stating that she felt especially privileged to receive the Order of Brilliant Jade with Grand Cordon of the Republic of China (Taiwan), and humbly accepted the honor with the utmost gratitude, humility, and deep responsibility. This is a deep responsibility, she said, because she understands that since its inception in 1933, this order has been bestowed upon a select few. She then thanked President Lai for this great honor. President Heine stated that the banquet was not just a celebration of our bilateral friendship, but a true reflection of the generosity of the Taiwan spirit and a testament to the enduring ties between our nations, founded on shared values and aspirations, including a respect for the rule of law, the preservation of human dignity, and a deep commitment to democracy. President Heine stated that the Taiwan-Marshall Islands partnership continues to evolve through practical cooperation and mutual support. In recent years, she said, our countries have worked hand in hand across a range of vital sectors, including the recent opening of the Majuro Hospital AI and Telehealth Center and the ongoing and successful Taiwan Health Center, various technical training and scholarship programs, and various climate change adaptation projects in renewable energy, coastal resilience, and sustainable agriculture.   President Heine emphasized that the Marshall Islands continues to be a proud and vocal supporter of Taiwan’s meaningful participation in the United Nations system and other international organizations. Taiwan’s exclusion from these platforms, she said, is not only unjust, but is bad for the world, and the global community needs Taiwan’s voice and expertise.  President Heine also expressed sincere appreciation to all of the Taiwanese friends who have contributed their efforts to deepening bilateral relations, including government officials, healthcare workers, teachers, engineers, and volunteers. The people of the Marshall Islands, she said, deeply appreciate and value everyone’s efforts and service. President Heine said that as we celebrate our partnership, let us look to the future with hope and determination, continue to work together, learn from one another, and support one another to champion a world where all nations can chart their own course based on peace and international law. Also attending the state banquet were Marshall Islands Council of Iroij Chairman Lanny Kabua, Minister of Foreign Affairs and Trade Kalani R. Kaneko, Minister of Finance David Paul, Nitijela Standing Committee on Foreign Affairs and Trade Chairperson Joe Bejang, and Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands.  

    Details
    2025-06-03
    President Lai and President Hilda C. Heine of Marshall Islands hold bilateral talks and witness signing of agreements
    On the morning of June 3, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Hilda C. Heine of the Republic of the Marshall Islands at the Presidential Office following a welcome ceremony with military honors for her and her husband. The leaders also jointly witnessed the signing of a letter of intent for sports exchanges and a memorandum of understanding regarding the Presidents’ Scholarship Fund. President Lai then presided over a launch ceremony for a loan program to purchase aircraft. In remarks, President Lai thanked the government and the Nitijela (parliament) of the Marshall Islands for their longstanding support for Taiwan’s international participation and for voicing staunch support for Taiwan at numerous international venues. President Lai said that Taiwan looks forward to continuing to deepen its diplomatic partnership with the Marshall Islands and build an even closer cooperative relationship across a range of fields, engaging in mutual assistance for mutual benefits and helping each other achieve joint and prosperous development to yield even greater well-being for our peoples. A translation of President Lai’s remarks follows: I once again warmly welcome President Heine, First Gentleman Thomas Kijiner, Jr., and our guests to Taiwan. During my visit to the Marshall Islands last year, I said that Taiwan and the Marshall Islands are truly a family. When Vice President Hsiao and I took office last year, President Heine led a delegation to Taiwan. It is now one year since our inauguration, and I am delighted to see President Heine once again, just as if I were seeing family arrive from afar. Through my visit to the Marshall Islands, I gained a profound sense of the friendship between the peoples of our two nations, well-demonstrated by bilateral exchanges in such areas as healthcare, agriculture, and education. And it is thanks to President Heine’s longstanding support for Taiwan that our countries have been able to further advance collaboration on even more issues, including women’s empowerment and climate change. In recent years, the geopolitical and economic landscape has changed rapidly. We look forward to Taiwan and the Marshall Islands continuing to deepen our partnership and build an even closer cooperative relationship. In just a few moments, President Heine and I will witness the signing of several documents, including a memorandum of understanding and a letter of intent, to expand bilateral cooperation in such fields as sports, education, and transportation. Taiwan will take concrete action to work with the Marshall Islands and advance mutual prosperity and development, writing a new chapter in our diplomatic partnership. I would also like to take this opportunity to express gratitude to the government and Nitijela of the Marshall Islands. In recent years, the Nitijela has passed annual resolutions backing Taiwan’s international participation, and President Heine and Marshallese cabinet members have been some of the strongest advocates for Taiwan’s international participation, voicing staunch support for Taiwan at numerous international venues. Building on the pillars of democracy, peace, and prosperity, Taiwan will continue to work with the Marshall Islands and other like-minded countries to deepen our partnerships, engage in mutual assistance for mutual benefits, and help one another achieve joint and prosperous development. I have every confidence that the combined efforts of our two nations will yield even greater well-being for our peoples and see us make even more contributions to the world. President Heine then delivered remarks, and began by conveying warm greetings of iokwe from the people and government of the Republic of the Marshall Islands to the people and government of the Republic of China (Taiwan). She said she was deeply honored to be in Taiwan for an official visit, and extended appreciation to President Lai and his government for their gracious invitation and warm welcome. President Heine stated that this year marks 27 years of diplomatic ties between our two nations, and that they are proud of this enduring friendship. This special and enduring relationship, she said, is grounded in our shared Austronesian heritage, and strengthened by mutual respect for each other’s democratic systems and our steadfast commitment to the core values of freedom, justice, and the rule of law. President Heine stated that Taiwan’s continued support has been invaluable to the people and national development of the Marshall Islands, particularly in the areas of health, education, agriculture, and climate change. She also expressed deep appreciation to Taiwan for providing Marshallese students with opportunities to study in Taiwan, and for the care extended to Marshallese who travel here for medical treatment. President Heine also announced that she would be presenting a copy of a resolution by the people and government of the Republic of the Marshall Islands reiterating their appreciation for the support provided by the people and government of the Republic of China (Taiwan), and calling on the United Nations to take immediate action to resolve the inappropriate exclusion of Taiwan’s 23 million people from the UN system. She added that she looked forward to the bilateral discussions later that day, and to continuing the important work that both countries carry out together. After the bilateral talks, President Lai and President Heine witnessed the signing of a letter of intent regarding sports exchanges and a memorandum of understanding regarding the Presidents’ Scholarship Fund by Minister of Foreign Affairs Lin Chia-lung (林佳龍) and Marshallese Minister of Foreign Affairs and Trade Kalani R. Kaneko. President Lai then presided over a launch ceremony for a loan program to purchase aircraft, marking the formal beginning of Taiwan-Marshall Islands air transport cooperation. The visiting delegation also included Council of Iroij Chairman Lanny Kabua, Minister of Finance David Paul, and Nitijela Standing Committee on Foreign Affairs and Trade Chair Joe Bejang. They were accompanied to the Presidential Office by Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands.

    Details
    2025-06-03
    President Lai welcomes President Hilda C. Heine of Republic of the Marshall Islands with military honors  
    President Lai Ching-te welcomed President Hilda C. Heine of the Republic of the Marshall Islands and her husband on the morning of June 3 with full military honors. In remarks, President Lai thanked President Heine and the people and government of the Marshall Islands for demonstrating such high regard for our nations’ diplomatic ties. The president said that over our 27 years of diplomatic relations, our cooperation in healthcare, agriculture, fisheries, education and training, and climate change has yielded many positive results. And moving ahead, he said, Taiwan will continue to deepen collaboration across all domains for mutual prosperity and growth. The welcome ceremony began at 10:30 a.m. in the plaza fronting the Presidential Office. President Lai and President Heine each delivered remarks after a 21-gun salute, the playing of the two countries’ national anthems, and a review of the military honor guard. A translation of President Lai’s remarks follows: On behalf of the people and government of the Republic of China (Taiwan), it is a great pleasure to welcome President Heine, First Gentleman Thomas Kijiner, Jr., and their delegation with full military honors as they make this state visit to Taiwan. When I traveled to the Marshall Islands on a state visit last December, I was received with great warmth and courtesy. I once again thank President Heine and the people and government of the Marshall Islands for demonstrating such high regard for our nations’ diplomatic ties. Taiwan and the Marshall Islands share Austronesian cultural traditions, and we are like-minded friends. Throughout our 27 years of diplomatic relations, we have always engaged with each other in a spirit of reciprocal trust and mutual assistance. Our cooperation in healthcare, agriculture, fisheries, education and training, and climate change has yielded many positive results. This is President Heine’s first state visit to Taiwan since taking office for a second time. We look forward to engaging our esteemed guests in in-depth discussions on issues of common concern. And moving ahead, Taiwan will continue to deepen collaboration with the Marshall Islands across all domains for mutual prosperity and growth. In closing, I thank President Heine, First Gentleman Kijiner, and their entire delegation for visiting Taiwan. I wish you all a pleasant and successful trip.  A transcript of President Heine’s remarks follows: Your Excellency President Lai Ching-te, Vice President [Bi-khim] Hsiao, honorable members of the cabinet, ambassadors, distinguished guests, ladies and gentlemen: It is my pleasure to extend warm greetings of iokwe on behalf of the people and the government of the Republic of the Marshall Islands. I wish to also convey my appreciation to Your Excellency President Lai, for the hospitality and very warm welcome – kommol tata. This visit marks my seventh official state visit to this beautiful country. It’s a testament to my strong commitment to further deepening ties between the Republic of the Marshall Islands and the Republic of China (Taiwan). During this visit, I look forward to engaging in meaningful discussions with Your Excellency President Lai to further strengthen the bilateral relationship between our two nations and our peoples.  For over a quarter-century, Taiwan has been a strong ally and friend to the Marshall Islands. Our partnership has thrived across many sectors, including education, healthcare, infrastructure, and economic development. Through Taiwan’s generous support and collaboration, we have made significant progress in improving the lives of our people, empowering our communities, and fostering sustainable growth. The Marshall Islands deeply values our partnership with Taiwan and appreciates Taiwan’s support over the years. Despite our small size and limited voice on the global stage, the Marshall Islands deeply cherishes our friendship with Taiwan, and to that end, I wish to reaffirm my government’s commitment to Taiwan’s meaningful participation in the United Nations system. Taiwan has consistently demonstrated its commitment to the principles of democracy, human rights, and the rule of law. In light of current constraints in global affairs, it is now more urgent than ever that the international community of nations recognize the fundamental rights of the 23 million Taiwanese people and recognize Taiwan’s aspiration to engage fully in global affairs. It is with this in mind that I wish to reiterate to Your Excellency President Lai, the Taiwanese people, and the world that under my government, Marshall Islands will continue to acknowledge Taiwan’s contribution on the global stage and urge like-minded countries to advocate for Taiwan’s meaningful engagement in the international arena. In closing, may I once again extend our sincere appreciation to Your Excellency President Lai, the people and government of the Republic of China (Taiwan), for your warm welcome.  Also in attendance at the welcome ceremony were Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands, Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman, and members of the foreign diplomatic corps in Taiwan.  

    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 –

  • MIL-OSI: Temenos named best-selling core banking provider for 20th consecutive year by IBS Intelligence

    Source: GlobeNewswire (MIL-OSI)

    GRAND-LANCY, Switzerland, June 13, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN), a global leader in banking technology, today announced it has been recognized as the #1 best-selling software provider in 13 categories in the IBSi Sales League Table (SLT) 2025.

    Temenos ranked #1 for core banking for the 20th consecutive year, while also topping the table for categories covering digital, payments, wealth and Islamic banking. The results highlight the breadth of Temenos’ leadership as the banking technology provider of choice across multiple product segments.

    The IBS Intelligence Annual Sales League Table is an annual benchmarking exercise, which is now in its 24th year and is based on the number of new customer contracts signed in a calendar year. The SLT is recognized as the barometer for financial technology providers’ sales performance across the banking industry.

    Jean-Pierre Brulard, CEO, Temenos, said: “I’m delighted to see Temenos top the rankings in 13 different categories in the IBSi Sales League Table, highlighting the strength and breadth of our market-leading capabilities. Being named the number one core banking software provider globally for 20 years in a row reflects both our customer-centric focus and relentless investment in innovation. As we continue to lead banking forward with the launch of game-changing Generative and Agentic AI capabilities, the advanced functionality, agility and scalability of our solutions makes Temenos a compelling choice for banks of all sizes around the world.”

    Temenos ranked #1 In the IBSi SLT 2025 across the following 13 categories:

    • Universal Banking – Core
    • Digital Banking and Channels
    • Payments – Retail
    • Private Banking and Wealth Management
    • Risk Management
    • Treasury and Risk Management
    • Digital Only Banks
    • Datawarehouse & BI
    • Islamic Banking – Universal Banking – Core
    • Islamic Banking – Risk Management
    • Islamic Banking – Payments – Retail
    • Islamic Banking – Wholesale Banking Treasury
    • Islamic Banking – Digital Banking and Channels

    With its market-leading core banking suite and best-in-class modular solutions, Temenos offers financial institutions choice, flexibility and a proven path to banking modernization – underpinned with cloud-native architecture, and embedded AI. Trusted by over 950 core banking clients and over 650 digital clients around the world, Temenos software can be deployed on-premises, in the cloud, or as SaaS.

    Investing around 20% of revenues in R&D, Temenos continues to enhance its capabilities. Recent innovations include the launch of a Gen AI Copilot to help financial institutions design, launch, test and optimize financial products faster, as well as an FCM AI Agent that can help banks significantly reduce false positives in sanctions screening.

    Nikhil Gokhale, Director – Research & Digital Properties at IBS Intelligence, commented: “The 2025 edition of the IBSi Sales League Table reflects the growing maturity of digital transformation across the global banking industry. With sustained investment in modern core platforms, intelligent digital channels, and real-time payments, banks are clearly prioritizing agility, scale, and customer experience. Temenos has once again demonstrated exceptional global leadership, with standout performance in Core, Digital, Payments, and Risk. On behalf of IBSi, I extend my congratulations to the Temenos team for consistently being at the forefront of innovation and execution. The SLT continues to serve as a trusted benchmark for momentum in banking technology worldwide.”

    Recognition in the IBSi SLT is the latest industry accolade for Temenos, which was also named a Leader in the 2024 IDC MarketScapes for Digital Core Banking Platforms in North America, EMEA and Asia Pacific and in the Forrester Wave™: Digital Banking Processing Platforms, Q4 2024.

    The MIL Network –

  • MIL-OSI China: China seeks policy dialogue with multinationals at upcoming summit

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

    China is poised to offer multinational companies a platform for “policy communication, industrial coordination and project cooperation” at the upcoming sixth Qingdao Multinationals Summit, a commerce ministry official said Friday.

    The summit is scheduled to be held from June 18 to 20 in Qingdao, a coastal city in east China’s Shandong Province, said Li Yongjie, deputy international trade representative of China’s Ministry of Commerce, at a press conference.

    With the summit marking its sixth edition since 2019, China aims to convey a positive message to the world about its unwavering commitment to further opening up and welcoming foreign investment, Li said.

    The summit will feature closed-door meetings focusing on policy interpretation, parallel forums aimed at discussing open cooperation, and the release of a research report on the presence of multinationals in China, according to the official.

    Li added that the commerce ministry will continue to accelerate the implementation of all opening-up measures, strengthen the protection of the rights and interests of foreign companies, and create a favorable environment for their development.

    China has continued to be a strong magnet for foreign investment, with 18,832 new foreign-invested enterprises established in the Chinese mainland in the first four months of 2025, marking a 12.1 percent year-on-year growth, according to earlier data from the ministry. 

    MIL OSI China News –

  • MIL-OSI China: Unlocking consumption key to sustaining China’s growth: World Bank

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

    Unleashing consumption potential will help sustain economic growth in China, according to a World Bank report published in Beijing on Friday.

    Policy support has helped boost China’s consumption and spurred a rise in home sales in major cities, with the economy maintaining growth momentum in early 2025, the report said.

    “Household consumption will be key to sustaining growth amid external and domestic economic challenges,” said Mara Warwick, World Bank division director for China, Mongolia and Korea.

    She said stronger social safety nets, especially for migrant and temporary workers, would encourage more spending by improving financial security and reducing the need for precautionary saving.

    By expanding public investment and providing targeted support to households, China’s proactive fiscal policy is expected to support China’s economic growth, the report stated.

    China’s infrastructure and manufacturing investment has responded strongly with faster increases to policy support, such as accelerated issuance and disbursement of government bonds, policy incentives for firms to upgrade equipment, and targeted support for priority sectors, it noted.

    China’s gross domestic product grew by 5.4 percent year on year in the first quarter of 2025, while retail sales of consumer goods, a major indicator of the country’s consumption strength, rose 4.7 percent year on year in the first four months of 2025, official data showed. 

    MIL OSI China News –

  • MIL-OSI Banking: ASEAN digital senior officials calls for collaboration in shaping ASEAN’s Digital Future

    Source: ASEAN

    SIEM REAP, 13 JUNE 2025 – The 2025 ASEAN Digital Senior Officials’ Meeting and ASEAN Telecommunications Regulators’ Council (ADGSOM – ATRC) Joint Working Group and Related Meetings with Dialogue and Development Partners took place on 9-13 June 2025 in Siem Reap, Cambodia.
     
    The 5-day event was chaired by Thailand as the ADGSOM Chair for 2025. The meeting discussed the on-going 2025 ADGSOM and ATRC activities, and deliberated the proposed ADGSOM and ATRC projects for the 2026 Work Cycle for which will be submitted to the 6th ADGSOM for endorsement and the 6th ADGMIN for approval. Additionally, the 15th Sub-Working Group on Spectrum Management (SSM-15) and the 16th ASEAN Network Security Action Council (ANSAC) were held on the sidelines, to discuss ASEAN Member States’ (AMS) collective measures in tackling spectrum and cybersecurity issues, respectively.
     
    Under the theme of Thailand’s ADGMIN Chairmanship in 2025, “Secure, Innovative, Inclusive: Shaping ASEAN’s Digital Future” is essential to fully unlock the potential of ASEAN Digital Economy by harnessing the transformative power of artificial intelligence (AI) which requires multiple stakeholder’s collaboration including policy makers, private sector and the community towards shaping ASEAN’s Digital Future.
     
    The Meeting welcomed the progress of a joint collaboration between ADGSOM and the ASEAN Foundation to organise the ASEAN Digital Forum 2026 at the 6th ADGMIN in early 2026 in Viet Nam. The meeting also welcomed the progress of the ASEAN Digital Outlook 2026 under ASEAN Foundation’s AI Ready ASEAN initiative, supported by Google.org.
     
    As the ASEAN Digital Masterplan 2025 (ADM2025) approaches its conclusion, the meeting reaffirmed the importance of sustaining the region’s digital transformation momentum through the upcoming ASEAN Digital Masterplan 2030 (ADM2030). ADM2030 will serve as a visionary framework that will set the pace for ASEAN’s digital future over the next 5 years. In this regard, Viet Nam has been entrusted to lead the development of ADM2030 in 2025, targeted for endorsement at the 6th ADGMIN in early 2026.
     
     
    ###
     

    Photo Credit: Ministry of Post and Telecommunications of Cambodia
    The post ASEAN digital senior officials calls for collaboration in shaping ASEAN’s Digital Future appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Grave Of Missing World War One Company Serjeant Major Identified In Belgium

    Source: United Kingdom – Executive Government & Departments

    News story

    Grave Of Missing World War One Company Serjeant Major Identified In Belgium

    More than a century after his death, the previously unmarked grave of Company Serjeant Major (CSM) Harry Lowe (born in Derby) has finally been identified and marked.

    Wreaths and floral tributes for CSM Lowe (Crown Copyright)

    The family of World War 1 soldier, Company Serjeant Major (CSM) Harry Lowe, gathered yesterday in Belgium for his rededication ceremony. CSM Harry Lowe of the 15th Battalion Durham Light Infantry was killed during the Battle of Passchendaele in 1917. His grave has now been formally recognised following extensive research and yesterday, his grave was rededicated accordingly. 

    Lt Fintan Yeatman of 1st Bn The Rifles presents the flag to CSM Lowe’s descendants (Crown Copyright)

    The service was organised by the MOD’s Joint Casualty and Compassionate Centre (JCCC), also known as the ‘War Detectives’, and held at the Commonwealth War Graves Commission’s (CWGC) Tyne Cot Cemetery, yesterday morning (11 June 25). 

    CSM Lowe’s family with the military party after the service (Crown Copyright)

    MOD War Detective, Nicola Nash, said: 

    I am grateful to the researchers who originally submitted evidence suggesting the location of the grave of CSM Lowe. It was wonderful to see the descendants of CSM Lowe attend the service in the place of his parents and siblings, who were devastated when Harry was lost. We will remember them.

    Company Serjeant Major Harry Lowe, 15th Battalion Durham Light Infantry 

    Harry lost his life during the Battle of Passchendaele, in action around Glencorse Wood. A comrade later noted that he bravely ‘fell with his face to the enemy’. His body was not recovered and following the war he was listed on the Tyne Cot Memorial to the Missing.  

    In January 1921 the remains of an unknown British Company Serjeant Major were recovered close to Glencorse Wood. Artefacts with the remains meant that they were able to identify them as a Company Serjeant Major of the Durham Light Infantry, but further identification proved impossible, and the remains were reburied at Tyne Cot Cemetery, near Ypres. Recently, research has revealed the un-named Company Serjeant Major to be Company Serjeant Major Harry Lowe and now his grave has been identified and marked. 

    The headstone was replaced by CWGC and will be cared for in perpetuity. Katie Palmer, Records Officer at the CWGC said:  

    It was an honour to help ensure Company Serjeant Major Harry Lowe’s final resting place is marked. The details of his military service are now engraved on his new headstone, to make sure his sacrifice is not forgotten nearly a century after his death.

    *[MOD: Ministry of Defence *[JCCC]: Joint Casualty & Compassionate Centre *[CWGC]: Commonwealth War Graves Commission

    Updates to this page

    Published 13 June 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: News of the Air India plane crash is traumatic. Here’s how to make sense of the risk

    Source: The Conversation (Au and NZ) – By Hassan Vally, Associate Professor, Epidemiology, Deakin University

    simonkr/Getty Images

    On Thursday afternoon local time, an Air India passenger plane bound for London crashed shortly after takeoff from the northwestern Indian city of Ahmedabad. There were reportedly 242 people onboard, including two pilots and ten cabin crew.

    The most up-to-date reports indicate the death toll has surpassed 260, including people on the ground.

    Miraculously, one passenger – British national Vishwashkumar Ramesh – survived the crash.

    Thankfully, catastrophic plane crashes such as this are very rare. But seeing news of such a horrific event is traumatic, particularly for people who may have a fear of flying or are due to travel on a plane soon.

    If you’re feeling anxious following this distressing news, it’s understandable. But here are some things worth considering when you’re thinking about the risk of plane travel.

    Just how dangerous is flying?

    One of the ways to make sense of risks, especially really small ones, is to put them into context.

    Although there are various ways to do this, we can first look to figures that tell us the risk of dying in a plane crash per passenger who boards a plane. Arnold Barnett, a professor at the Massachusetts Institute of Technology, calculated that in 2018–22, this figure was one in 13.7 million. By any reckoning, this is an incredibly small risk.

    And there’s a clear trend of air travel getting safer every decade. Barnett’s calculations suggest that between 2007 and 2017, the risk was one per 7.9 million.

    We can also compare the risks of dying in a plane crash with those of dying in a car accident. Although estimates of motor vehicle fatalities vary depending on how you do the calculations and where you are in the world, flying has been estimated to be more than 100 times safer than driving.

    Evolution has skewed our perception of risks

    The risk of being involved in a plane crash is extremely small. But for a variety of reasons, we often perceive it to be greater than it is.

    First, there are well-known limitations in how we intuitively estimate risk. Our responses to risk (and many other things) are often shaped far more by emotion and instinct than by logic.

    As psychologist Daniel Kahneman explains in his book Thinking, Fast and Slow, much of our thinking about risk is driven by intuitive, automatic processes rather than careful reasoning.

    Notably, our brains evolved to pay attention to threats that are striking or memorable. The risks we faced in primitive times were large, immediate and tangible threats to life. Conversely, the risks we face in the modern world are generally much smaller, less obvious, and play out over the longer term.

    The brain that served us well in prehistoric times has essentially remained the same, but the world has completely changed. Therefore, our brains are susceptible to errors in thinking and mental shortcuts called cognitive biases that skew our perception of modern risks.

    This can lead us to overestimate very small risks, such as plane crashes, while underestimating far more probable dangers, such as chronic diseases.

    Why we overestimate the risks of flying

    There are several drivers of our misperception of risks when it comes to flying specifically.

    The fact events such as the Air India plane crash are so rare makes them all the more psychologically powerful when they do occur. And in today’s digital media landscape, the proliferation of dramatic footage of the crash itself, along with images of the aftermath, amplifies its emotional and visual impact.

    The effect these vivid images have on our thinking around the risks of flying is called the availability heuristic. The more unusual and dramatic an event is, the more it stands out in our minds, and the more it skews our perception of its likelihood.

    It’s natural to perceive the risk of flying as being greater than it truly is.
    OlegRi/Shutterstock

    Another influence on the way we perceive risks relevant to flying is called dread risk, which is a psychological response we have to certain types of threats. We fear certain risks that feel more catastrophic or unfamiliar. It’s the same reason we may disproportionately fear terrorist attacks, when in reality they’re very uncommon.

    Plane crashes usually involve a large number of deaths that occur at one time. And the thought of going down in a plane may feel more frightening than dying in other ways. All this taps into the emotions of fear, vulnerability and helplessness, and leads to an overweighting of the risks.

    Another factor that contributes to our overestimation of flying risks is our lack of control when flying. When we’re passengers on a plane, we are in many ways completely dependent on others. Even though we know pilots are highly trained and commercial aviation is very safe, the lack of control we have as passengers triggers a deep sense of vulnerability.

    This absence of control makes the situation feel riskier than it actually is, and often riskier than activities where the threat is far greater but there is an (often false) sense of control, such as driving a car.

    In a nutshell

    We have an evolutionary bias toward reacting more strongly to particular threats, especially when these events are dramatic, evoke dread and when we feel an absence of control.

    Although events such as Air India crash affect us deeply, air travel is still arguably the safest method of transport. Understandably, this can get lost in the emotional aftermath of tragic plane crashes.

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

    – ref. News of the Air India plane crash is traumatic. Here’s how to make sense of the risk – https://theconversation.com/news-of-the-air-india-plane-crash-is-traumatic-heres-how-to-make-sense-of-the-risk-258907

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Just one man survived the Air India crash. What’s it like to survive a mass disaster?

    Source: The Conversation – Global Perspectives – By Erin Smith, Associate Professor and Discipline Lead (Paramedicine), La Trobe University

    Viswashkumar Ramesh, a British citizen returning from a trip to India, has been confirmed as the only survivor of Thursday’s deadly Air India crash.

    “I don’t know how I am alive,” Ramesh told family, according to his brother Nayan, in a video call moments after emerging from the wreckage. Another brother Ajay, seated elswhere on the plane, was killed.

    The Boeing 787-7 Dreamliner crashed into a medical college less than a minute after taking off in the city of Ahmedabad, killing the other 229 passengers and 12 crew. At least five people were killed on the ground.

    Surviving a mass disaster of this kind may be hailed as a kind of “miracle”. But what is it like to survive – especially as the only one?

    Surviving a disaster

    Past research has shown disaster survivors may experience an intense range of emotions, from grief and anxiety to feelings of loss and uncertainty.

    These are common reactions to an extraordinary situation.

    Some people may develop post-traumatic stress disorder (PTSD) and have difficulty adjusting to a new reality after bearing witness to immense loss. They may also be dealing with physical recovery from injuries sustained in the disaster.

    Most people recover after disasters by drawing on their own strengths and the support of others. Recovery rates are high: generally less than one in ten of those affected by disasters develop chronic, long-term problems.

    However, being a sole survivor of a mass casualty may have its own complex psychological challenges.

    Survivor’s guilt

    Survivors can experience guilt they lived when others died.

    My friend, Gill Hicks, spoke to me for this article about the ongoing guilt she still feels, years after surviving the 2005 bombings of the London underground.

    Lying trapped in a smoke-filled train carriage, she was the last living person to be rescued after the attack. Gill lost both her legs.

    Yet she still wonders, “Why me? Why did I get to go home, when so many others didn’t?”

    In the case of a sole survivor, this guilt may be particularly acute. However, research addressing the impact of sole survivorship is limited. Most research that looks at the psychological impact of disaster focuses on the impact of disasters more broadly.

    Those interviewed for a 2013 documentary about surviving large plane crashes, Sole Survivor, express complex feelings – wanting to share their stories, but fearing being judged by others.

    Being the lone survivor can be a heavy burden.

    “I didn’t think I was worthy of the gift of being alive,” George Lamson Jr. told the documentary, after surviving a 1985 plane crash in Nevada that killed all others on board.

    Looking for meaning

    People who survive a disaster may also be under pressure to explain what happened and relive the trauma for the benefit of others.

    Vishwashkumar Ramesh was filmed and interviewed by media in the minutes and hours following the Air India crash. But as he told his brother: “I have no idea how I exited the plane”.

    It can be common for survivors themselves to be plagued by unanswerable questions. Did they live for a reason? Why did they live, when so many others died?

    These kinds of unaswerable questions reflect our natural inclination to look for meaning in experiences, and to have our life stories make sense.

    For some people, sharing a traumatic experience with others who’ve been through it or something similar can be a beneficial part of the recovery process, helping to process emotions and regain some agency and control.

    However, this may not always be possible for sole survivors, potentially compounding feelings of guilt and isolation.

    Coping with survivor guilt

    Survivor guilt can be an expression of grief and loss.

    Studies indicate guilt is notably widespread among individuals who have experienced traumatic events, and it is associated with heightened psychopathological symptoms (such as severe anxiety, insomnia or flashbacks) and thoughts of suicide.

    Taking time to process the traumatic event can help survivors cope, and seeking support from friends, family and community or faith leaders can help an individual work through difficult feelings.

    My friend Gill says the anxiety rises as the anniversary of the disaster approaches each year. Trauma reminders such as anniversaries are different to unexpected trauma triggers, but can still cause distress.

    Media attention around collectively experienced dates can also amplify trauma-related distress, contributing to a cycle of media consumption and increased worry about future events.

    On the 7th of July each year, Gill holds a private remembrance ritual. This allows her to express her grief and sense of loss, and to honour those who did not survive. These types of rituals can be a valuable tool in processing feelings of grief and guilt, offering a sense of control and meaning and facilitating the expression and acceptance of loss.

    But lingering guilt and anxiety – especially when it interferes with day-to-day life – should not be ignored. Ongoing survivor guilt is associated with significantly higher levels of post-traumatic symptoms.

    Survivors may need support from psychologists or mental health professionals in the short and long term.

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

    – ref. Just one man survived the Air India crash. What’s it like to survive a mass disaster? – https://theconversation.com/just-one-man-survived-the-air-india-crash-whats-it-like-to-survive-a-mass-disaster-258905

    MIL OSI – Global Reports –

  • MIL-OSI Global: News of the Air India plane crash is traumatic. Here’s how to make sense of the risk

    Source: The Conversation – Global Perspectives – By Hassan Vally, Associate Professor, Epidemiology, Deakin University

    simonkr/Getty Images

    On Thursday afternoon local time, an Air India passenger plane bound for London crashed shortly after takeoff from the northwestern Indian city of Ahmedabad. There were reportedly 242 people onboard, including two pilots and ten cabin crew.

    The most up-to-date reports indicate the death toll has surpassed 260, including people on the ground.

    Miraculously, one passenger – British national Vishwashkumar Ramesh – survived the crash.

    Thankfully, catastrophic plane crashes such as this are very rare. But seeing news of such a horrific event is traumatic, particularly for people who may have a fear of flying or are due to travel on a plane soon.

    If you’re feeling anxious following this distressing news, it’s understandable. But here are some things worth considering when you’re thinking about the risk of plane travel.

    Just how dangerous is flying?

    One of the ways to make sense of risks, especially really small ones, is to put them into context.

    Although there are various ways to do this, we can first look to figures that tell us the risk of dying in a plane crash per passenger who boards a plane. Arnold Barnett, a professor at the Massachusetts Institute of Technology, calculated that in 2018–22, this figure was one in 13.7 million. By any reckoning, this is an incredibly small risk.

    And there’s a clear trend of air travel getting safer every decade. Barnett’s calculations suggest that between 2007 and 2017, the risk was one per 7.9 million.

    We can also compare the risks of dying in a plane crash with those of dying in a car accident. Although estimates of motor vehicle fatalities vary depending on how you do the calculations and where you are in the world, flying has been estimated to be more than 100 times safer than driving.

    Evolution has skewed our perception of risks

    The risk of being involved in a plane crash is extremely small. But for a variety of reasons, we often perceive it to be greater than it is.

    First, there are well-known limitations in how we intuitively estimate risk. Our responses to risk (and many other things) are often shaped far more by emotion and instinct than by logic.

    As psychologist Daniel Kahneman explains in his book Thinking, Fast and Slow, much of our thinking about risk is driven by intuitive, automatic processes rather than careful reasoning.

    Notably, our brains evolved to pay attention to threats that are striking or memorable. The risks we faced in primitive times were large, immediate and tangible threats to life. Conversely, the risks we face in the modern world are generally much smaller, less obvious, and play out over the longer term.

    The brain that served us well in prehistoric times has essentially remained the same, but the world has completely changed. Therefore, our brains are susceptible to errors in thinking and mental shortcuts called cognitive biases that skew our perception of modern risks.

    This can lead us to overestimate very small risks, such as plane crashes, while underestimating far more probable dangers, such as chronic diseases.

    Why we overestimate the risks of flying

    There are several drivers of our misperception of risks when it comes to flying specifically.

    The fact events such as the Air India plane crash are so rare makes them all the more psychologically powerful when they do occur. And in today’s digital media landscape, the proliferation of dramatic footage of the crash itself, along with images of the aftermath, amplifies its emotional and visual impact.

    The effect these vivid images have on our thinking around the risks of flying is called the availability heuristic. The more unusual and dramatic an event is, the more it stands out in our minds, and the more it skews our perception of its likelihood.

    It’s natural to perceive the risk of flying as being greater than it truly is.
    OlegRi/Shutterstock

    Another influence on the way we perceive risks relevant to flying is called dread risk, which is a psychological response we have to certain types of threats. We fear certain risks that feel more catastrophic or unfamiliar. It’s the same reason we may disproportionately fear terrorist attacks, when in reality they’re very uncommon.

    Plane crashes usually involve a large number of deaths that occur at one time. And the thought of going down in a plane may feel more frightening than dying in other ways. All this taps into the emotions of fear, vulnerability and helplessness, and leads to an overweighting of the risks.

    Another factor that contributes to our overestimation of flying risks is our lack of control when flying. When we’re passengers on a plane, we are in many ways completely dependent on others. Even though we know pilots are highly trained and commercial aviation is very safe, the lack of control we have as passengers triggers a deep sense of vulnerability.

    This absence of control makes the situation feel riskier than it actually is, and often riskier than activities where the threat is far greater but there is an (often false) sense of control, such as driving a car.

    In a nutshell

    We have an evolutionary bias toward reacting more strongly to particular threats, especially when these events are dramatic, evoke dread and when we feel an absence of control.

    Although events such as Air India crash affect us deeply, air travel is still arguably the safest method of transport. Understandably, this can get lost in the emotional aftermath of tragic plane crashes.

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

    – ref. News of the Air India plane crash is traumatic. Here’s how to make sense of the risk – https://theconversation.com/news-of-the-air-india-plane-crash-is-traumatic-heres-how-to-make-sense-of-the-risk-258907

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Uganda: Speaker cautions accounting officers on public resources


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    The Speaker of Parliament, Anita Among, has called on accounting officers to ensure the prudent, efficient, and effective use of public resources in accordance the Public Finance Management Act, 2015.

    Speaker Among was speaking in Kololo where Parliament met to receive the national budget for the financial year 2025/2026 on Thursday, 12 June 2025.

    Among used the occasion to raise critical issues that emerged during Parliament’s budget scrutiny process and reaffirmed the House’s bipartisan commitment to national development.

    “Much as politics and contestation go hand in hand, when it comes to matters of national development, this Parliament puts Uganda first regardless of political affiliation,” she said.

    She emphasized several priority areas that require immediate attention such as strengthening oversight and implementation of wealth creation initiatives such as the Parish Development Model (PDM), Youth Livelihood Fund, Uganda Women Entrepreneurship Programme (UWEP), and Social Assistance Grant for Empowerment (SAGE).

    She also highlighted that enforcing implementation of high-impact projects under the fourth National Development Plan (NDP IV) to achieve the country’s strategic goals and enhancing budget discipline by compelling Accounting Officers to adhere strictly to approved budgets and work plans is crucial for Uganda’s progress.

    She established that there is a need to reduce supplementary budget requests by adhering to requirements of the Public Finance Management Act, which limits them to unavoidable, unforeseeable, and absorbable expenditures

    Among further noted that the FY2025/2026 budget was passed by Parliament on 15th May 2025, in compliance with Section 14 of the Public Finance Management Act and Parliament’s Rules of Procedure.

    She highlighted key milestones achieved in the budget process, including:

    ·         Approval of the National Budget Framework Paper (2025/2026 –2029/2030) on 30th January 2025.

    ·         Consideration of Ministerial Policy Statements between 9th and 16th April 2025.

    ·         Passage of seven revenue-related bills on 13th and 14th May 2025 to facilitate budget financing.

    She praised Parliament’s efficiency, attributing it to cooperation among the Legislature, Executive, Judiciary, and civil society.

    “Together, we met all legal and constitutional timelines and adequately scrutinized the budget,” she said.

    She urged continued civic engagement during the implementation and accountability phases, stressing the importance of public participation as a pillar of democracy and good governance.

    In a separate communication, the Speaker confirmed and named nine legislators who had switched from their original party.

    “We wish these Members well as they exercise their right to freedom of association, as enshrined in article 29 of the constitution,” she said.

    Distributed by APO Group on behalf of Parliament of the Republic of Uganda.

    MIL OSI Africa –

  • MIL-OSI Africa: Women Break Gender Barriers in Somalia’s Construction Industry


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    • Some women in Somalia have found work in its male-dominated construction industry, proving that skill, not gender, determines success.
    • Women employees want to become mentors and role models in their communities, inspiring others to pursue nontraditional work and to believe in their own potential.
    • World Bank support for an urban resilience project has helped elevate the livelihoods of 494,910 beneficiaries in some Somali cities and employed 583 women.

    In Somalia’s capital of Mogadishu, where the construction industry has long been dominated by men, two women are among those reshaping that narrative. Farhiya Abdikadir Mohamed and Halima Abukar have found jobs in road building through the World Bank-backed Somalia Urban Resilience Project – Phase II, also known as the Nagaad Project.

    The Nagaad Project has so far benefitted 494,910 people (49%) out of the one million project target through its investments in urban infrastructure in six Somali cities: Mogadishu, Garowe, Baidoa, Kismayo, Dhusamareeb and Beledweyne. Of those reached, 51% are women and 14% are Internally Displaced Persons (IDPs). The infrastructure they’ve been working on includes 34 km of roads—with integrated solar streetlights, sidewalks, roadside drainage, and greening—as well as a 145-meter bridge and 6 km of rehabilitated drainage. With works covering an additional 53 km of roads and 2 km of drainage ongoing across the six cities, the project is expected to reach an additional 700,000 upon completion – and to exceed its target of one million beneficiaries.

    Its municipal drought response has supported 1,056,397 Somalis, of whom 63% are women and 82% are IDPs. The project aims to improve local government capacity for service delivery and strengthen urban infrastructure and resilience against climate shocks, such as intense heat and flash floods.

    In a busy construction site in the Shangaani district of Mogadishu, the scent of asphalt lingers, heavy machinery rumbles, and workers move in synchronized precision. Among them, two figures stand out—not because they are out of place, but because they symbolize a long overdue change.

    Propelled by strength and need

    Farhiya and Halima, once hesitant to step into this male-dominated field, now walk with confidence among their colleagues, their safety vests gleaming like emblems of progress.

    For Farhiya, the idea of working in construction was once unthinkable. “I grew up in a society where women were expected to take on traditional roles, caregiving, teaching, or running small businesses,” she says. “I was always interested in how things were built and watched the men working on roads, wondering why women weren’t part of it.”

    Her opportunity came through the Nagaad recruitment drive. She was doubtful at first: She wondered if she could handle the physical labor and if the men would accept her. She pushed forward instead, convincing herself that if men could do it, she too could succeed.

    On the other hand, Halima, a mother of seven, was driven by necessity. She had worked as a tea seller, cleaner, and tailor, but none of those jobs brought financial stability. “When I heard about the opportunity to work in construction, I wasn’t sure I could do it,” she said. “But I had no other choice. My children needed me to be strong.”

    Both women faced immense challenges. The heat was unrelenting and the labor shattering. Yet, the heaviest burden was the resounding doubt of their male colleagues. “The first time I picked up a shovel, some men laughed,” Halima said. “They said I wouldn’t last a week!”

    Neither backed down, throwing themselves into their work with determination. Slowly, perceptions began to shift. The same men who had once doubted them started recognizing their skills. “They no longer see us as women trying to do a man’s job,” said Farhiya. “They see us as fellow workers.” Supported by the Nagaad Project, they received training in safety protocols, operating machinery, and laying asphalt.

    Mohamed Sheikh Ahmed, Community Engagement Specialist at the Banaadir Regional Administration’s Project Implementation Unit, witnessed their transformation firsthand. “Halima and Farhiya are among the hardest workers,” he stated. “They’ve proven that women can do this job just as well as men. This is not just about roads or employment, it’s about shifting mindsets and building a future where gender does not limit potential.”

    Personal and communal empowerment

    The change was more than professional, it was personal. “This job gave me independence,” said Farhiya. “I no longer rely on anyone for support. That alone is worth every challenge I have faced.” Halima’s life, too, has been transformed. She can now afford rent, food, and school fees for her children. “I don’t worry about how I’ll feed my kids,” she said. “This job gave me life and hope.”

    Both Halima and Farhiya now dream of jobs beyond their current roles. Halima wants to train and mentor other women, helping them build confidence and skills. Farhiya aspires to lead construction projects as a site supervisor and to be a role model. “I want to be an example to show that women can rise to the top in any field,” she declared.

    The most profound impact has been on their communities. “My neighbors used to say construction wasn’t for women,” Halima said. “Now, they ask me how to join!” They are mentoring others, encouraging young women to explore paths once considered off-limits. “There’s no such thing as ‘men’s work’ or ‘women’s work’,” she said. “If you have the skill and determination, you can do anything.”

    Their journey is far from over. As they stand on the newly constructed roads of Mogadishu, they know they have already started to pave the way for future generations of Somali women.

    Distributed by APO Group on behalf of The World Bank Group.

    MIL OSI Africa –

  • MIL-OSI: Bpce: BPCE signs a Memorandum of Understanding to acquire novobanco, Portugal’s fourth-largest bank

    Source: GlobeNewswire (MIL-OSI)

    BPCE signs a Memorandum of Understanding to acquire novobanco, Portugal’s fourth-largest bank

    Paris, 06 13 2025

    Groupe BPCE, the second-largest bank in France1and the fourth-largest in Europe2, has signed a Memorandum of Understanding for the acquisition of a 75% equity interest in novobanco from the private equity firm Lone Star Funds. The transaction, representing a cash amount of approximately3€6.4bn (for 100% of the shares) and a multiple of around 9x annual earnings, is the biggest cross-border acquisition in the euro zone for more than 10 years.

    Following the creation of BPCE Equipment Solutions at the start of the year, this project marks a new key stage in the execution of the “Vision 2030” strategic plan, geared to developing and diversifying BPCE in France, Europe and the wider world. On completion of the transaction, Portugal would become the Group’s second-largest domestic retail market.

    Novobanco, a solid player in Portugal demonstrating exemplary growth in recent years

    Novobanco, Portugal’s fourth-largest bank4, has built up a solid franchise and holds market shares of c.9% with individual customers and c.14% with corporate clients. It has 1.7 million individual customers and manages a €17bn corporate loan book. With its 4,200 employees, novobanco operates through some 290 branches and an extensive network of external partners, while also offering a rich customer experience through its digital channels.

    In recent years, novobanco has become one of the most profitable banks in Europe, posting a cost-income ratio under 35% and a return on tangible equity (RoTE) exceeding 20%5. These results have been underpinned by the quality of novobanco’s teams, together with the engagement of its shareholders for the last eight years.

    BPCE, lasting engagement in Portugal, focused on financing the economy

    BPCE currently employs over 3,000 staff in Portugal, a figure testifying to its lasting engagement with the country. Since 2017, the opening of a multi-business center of expertise in Porto has deepened its local ties.

    By welcoming novobanco into the Group, alongside the Banque Populaire and Caisse d’Epargne banking networks, which already serve the French economy, BPCE would further strengthen its role as an important development partner for the Portuguese economy, recognized for its solid fundamentals and resilience. Through the transaction, BPCE intends to facilitate financing for local companies and individuals’ projects, while also expanding the range of services offered to Portuguese customers. BPCE will leverage all of its expertise to strengthen value creation in close collaboration with novobanco.

    Execution of the “Vision 2030” strategic plan

    The acquisition of novobanco would help diversify BPCE in two respects: geographically, via access to a dynamic economy, and in balance sheet terms, by increasing the proportion of variable rate loans on its balance sheet, thus improving its revenue profile. The acquisition would be a growth driver for the whole Group. It is perfectly consistent with BPCE’s “Vision 2030” strategy, underlining the Group’s determination to expand in France, Europe and the wider world through strategic investments that create lasting value. The transaction marks a new key stage in the Group’s European-scale growth, following the creation of BPCE Equipment Solutions in February 2025 and the ongoing project to create the leading European asset manager in partnership with Generali. On completion of the transaction, Groupe BPCE’s CET1 ratio would remain above 15%.

    Timing of the transaction

    BPCE is engaging in discussions with the Portuguese government and the Portuguese Banking Resolution Fund with a view to acquiring their equity interests in novobanco (11.5% and 13.5%, respectively), on identical terms.

    BPCE will proceed with the necessary consultations with employee representative bodies in order to sign the acquisition contract. The project is projected for completion in the first half of 2026.

    For Nicolas Namias, CEO of BPCE

    “BPCE is pleased to announce today the project to acquire novobanco in Portugal. Holding market shares of c.9% with individual customers and c.14% with corporate clients, novobanco possesses excellent fundamentals, strong growth potential and an already high level of profitability. Major player in local banking in France thanks to the Banque Populaire and Caisse d’Epargne banking networks, BPCE would become a retail banking player in Europe with the acquisition of novobanco and would actively participate in financing the Portuguese economy.

    A few months after the creation of BPCE Equipment Solutions, the projected transaction marks a new key stage in the execution of our Vision 2030 strategic plan, announced close to a year ago.

    The financial terms of the transaction reflect a disciplined and stringent valuation approach, as well as our confidence in novobanco’s ability to create value over time.

    BPCE’s executive managers and employees are all particularly enthusiastic about the prospect of welcoming novobanco, its management and its 4,200 employees, in order to write a new chapter of growth, innovation and performance in Europe together”. 

    About Groupe BPCE

    Groupe BPCE is the second-largest banking group in France and the fourth-largest in the euro zone in terms of capital. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

    1 Ranking based on market share of outstanding loans for all non-financial customer segments (Banque de France 3Q24)
    2 Ranking in terms of capital (€73bn for BPCE)
        3 Estimated consideration as of December 2025
    4 Ranking in terms of balance-sheet size at end-2024
    5 In first-quarter 2025

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Yannis Stournaras: Central banks – opportunities and implications posed by artificial intelligence

    Source: Bank for International Settlements

    Introduction

    Many thanks to the conference organisers for inviting me to be here today. It’s a privilege to be part of this dialogue that is helping to shape the digital era.

    Central banks may seem far removed from your world-but we share an important feature: all of us are engaged in understanding complexity, managing uncertainty, and preparing for the future.

    Today, I would like to discuss how central banks can harness the transformative potential of artificial intelligence (AI) in their mission to safeguard monetary and financial stability. My remarks will unfold along three dimensions, focusing on several important issues, but without being exhaustive.

    • First, on the ways that AI intersects with our monetary policy strategy at the European Central Bank (ECB).
    • Second, on the opportunities AI offers to central banks for efficiency gains in areas such as communication and economic analysis.
    • Third, on the implications posed by AI for price stability, monetary policy transmission and financial stability.

    Intersections of monetary policy strategy with AI

    So, let me briefly discuss the ways that AI intersects with our monetary policy strategy.

    When the ECB Governing Council embarked on its strategy review last year, we made it clear that price stability remains our objective. We also decided to keep the symmetric, 2% inflation target unchanged.

    The clarity which that objective provides, and our success in achieving that objective, have provided the ECB with credibility, which was essential in keeping inflation expectations anchored around the 2 per cent level during the recent inflation surge.

    Although our updated strategy is only expected to be concluded and announced later this year, the following is important.

    When the review was initiated, no one could have possibly foreseen the tectonic eruptions to the geopolitical landscape that ensued.

    These developments have only reinforced the importance of the review and the need to ensure that our policies will remain fit for a rapidly evolving world — a world that is now being shaped by geopolitical tensions, trade disruptions, ongoing climate change, and rapid advances in artificial intelligence.

    In such a world, central banks need to be able to respond with agility, which is undoubtedly a guiding virtue for everyone in this room.

    We have to deliver a strategy that is not only robust but also flexible: one that allows adjustments to the monetary policy stance and our toolkit in response to shocks and provides a foundation that can guide the Governing Council in navigating through challenges in the years to come.

    In today’s fast-moving environment-where inflation dynamics can shift rapidly, financial conditions are increasingly volatile and uncertainty is ever-present-we need to improve our ability to communicate, assess economic developments in real time and make more accurate projections of the outlook to guide our monetary policy making.

    This is where AI begins to play a potentially transformative role. In the following, I will focus on the opportunities provided by AI in core central banking fields, namely communication and economic analysis.

    Opportunity to enhance communication

    I start with communication.

    Central banks have come a long way in their communication strategies. As you may know, it was not always the case that the words “central bank” and “communication” could even stand together in the same sentence.

    In the 1960s and 1970s, the conventional wisdom among central bankers was: “the less said, the better.” The aim was often to surprise markets with the announcement of their policy decisions. Significant policy decisions were sometimes made without immediate public disclosure, and the rationale behind them was not always transparently communicated. The language used would often make the oracles of Delphi seem crystal clear.

    Alan Greenspan once captured this perfectly when he said, “if I seem unduly clear to you, you must have misunderstood what I said.”

    Things began to change in the 1980s and 1990s. Two factors, in particular, helped bring about this change.

    The first factor was credibility. As more and more central banks adopted inflation targeting frameworks, they realized that to achieve their targets, they needed to control inflation expectations. In other words, they needed to be credible.

    The second factor was independence. As central banks achieved independence from politicians, they also had to communicate in a transparent way with the public to help build trust, and safeguard accountability.

    An important corollary of the improved communication is that it has increased the effectiveness of monetary policy transmission.

    The previous ECB strategy review in 2021 consolidated this finding, while also calling for central banks in the euro area to use simpler and engaging language to directly access a broader audience.

    More recently, efforts are being made to exploit AI for the benefit of our communication processes, to enhance transparency, foster trust, and ensure that our monetary policy reaction function is clearly understood, thereby supporting the anchoring of inflation expectations.

    An important application involves the sentiment analysis of official publications, such as monetary policy statements, speeches, and press releases. For example, using Large Language Models (LLMs) the impact of ECB statements on financial markets1 can be explored. This kind of work helps understand how the language in communications shapes market expectations for inflation and interest rates.

    AI models can be trained on financial and policy-specific issues to detect subtle shifts in tone – such as whether a message appears more hawkish (in favour of tighter monetary policy) or dovish (in favour of looser monetary policy) – before publication. This allows communications teams to adjust language in order to ensure it aligns with the intended policy signal, minimising the risk of misinterpretation by the markets that could trigger undue volatility.

    AI can also play a growing role in the crafting and refining of speeches by policy makers. LLMs can support a consistent voice in communication, while also tailoring the tone and content to specific audiences – be it financial market analysts, other expert audiences, or the wider public.

    Moreover, AI supports a wide range of multilingual and accessibility needs. Machine translation models – fine-tuned for economic and legal language – help ensure timely publication of central bank materials across multiple official languages, a feature very useful to the European System of Central Banks which speaks all 24 official languages of the EU.

    Recourse to AI for communication purposes, however, necessitates caution. Over-reliance on AI in crafting and interpreting central bank communications could create an “echo chamber.” This would occur when AI tools respond to, and amplify, each other’s outputs, leading to overly uniform narratives and repetitive signals, that may distort the policymakers’ message. This is a clear case that illustrates the need for human oversight in overviewing processes to ensure that communication stays varied, accurate, and relevant.

    Opportunity to improve central bank economic analysis and decision making

    Another area that AI is poised to enhance is economic analysis. Following the AI revolution, we have started to build expertise in incorporating AI and non-traditional data in our analytical tools. These tools are rapidly being applied in the economic analyses that inform our monetary policy decisions.

    A question however arises: Is the use of AI in this context a hype? Or could it mark a methodological revolution that will help us better pursue our mandate? I believe that there are unique opportunities but also several challenges.

    First, central banks rely heavily on economic data to make informed decisions on monetary policy. Traditional statistical methods may not be sufficient to apprehend the complexity of the current uncertain environment. The use of LLMs can deliver enhanced data processing and analysis of unstructured data sets of textual data (like news articles or social media). This enables us to access new and non-traditional data sources, that could provide useful insights into our policies.

    Furthermore, machine learning (ML) models can quickly detect patterns, trends, and potential risks that might not be visible using traditional methods. Thus, we could identify structural breaks and patterns that would otherwise be difficult to detect.

    These tools can also help identify non-linear relationships. This is particularly important in a complex environment, since capturing non-linearities in the data is essential to understanding how the economy will evolve under stress and how seemingly small disturbances could lead to large-scale economic disruptions.

    In addition, by processing real-time data, AI can provide timely insights and rigorous analysis, allowing central banks more flexibility in decision making. This is valuable in a world prone to shocks and in times of pervasive uncertainty.

    There is also a possibility that these tools will be useful in the prediction of turning points in the business cycle and of tail events, such as fiscal crises.

    Finally, AI could improve forecasting and nowcasting inflation and economic activity. The Eurosystem already uses AI to improve its forecasting processes. For example, ML techniques are applied in inflation forecasting2 or in nowcasting global trade3. Moreover, short-term forecasts of economic activity are informed by sentiment indicators derived from the textual analysis of news, using LLMs4. Research5 at the Bank of Greece has produced forecasting models of inflation based on textual indicators of supply and demand disturbances in commodity markets. With the help of AI tools, these indicators can be updated on a daily basis and thus help predict inflation more accurately. This research has found that out-of-sample inflation forecast errors are reduced by up to 30 per cent.

    Still, there are several challenges.

    First, AI models are often complex and opaque, lacking transparency. Being like a “black box”, they are – at least for the time being – difficult to reconcile with the principles of transparency and accountability of central banks.

    Second, AI models (usually LLMs) could occasionally provide inaccurate or misleading information, raising practical, reputational and legal concerns. Therefore, human supervision is of the essence, especially in processes that require rational reasoning.

    Third, the quality of non-traditional data is often poor and the process of reconciling these data with our existing data sources is demanding. In a similar vein, the use of AI should not create an over-reliance on machine-driven outcomes.

    Overall, I believe that AI is a potent technology which has already brought about tectonic shifts in economic analysis. Its potential is still unfolding, and the benefits it offers are only beginning to be realised. The cutting-edge research promoted at this conference marks a point of methodological revolution. I believe that such research will fundamentally transform the way we understand economic dynamics and will ultimately enable us to make better-informed decisions.

    While AI opens unique opportunities for central banks in the pursuit of their mandate, it also brings a number of emerging implications that we must carefully consider. I’d like to share what I see as some of the most significant.

    Implications on productivity, employment, inflation

    Let me start with the effects on the macroeconomic outlook.

    AI has strong potential to raise productivity, both through its direct impact on total factor productivity, but also through improvements of efficiency on individual firm level. However, the aggregate effects remain uncertain and vary widely across studies6.

    One reason is that a disproportionate share of the benefits generated by AI may be concentrated in a small number of highly advanced firms, particularly large technology companies with the resources and infrastructure to develop and deploy cutting-edge AI tools.

    This concentration poses a risk: while AI can deliver substantial productivity benefits at the enterprise level, these gains may not necessarily translate into broad-based growth in aggregate productivity, unless mechanisms are in place to ensure that the diffusion of AI is wide across sectors, firms and countries.

    In a similar vein, the potential impact of AI on employment is difficult to estimate. On the one hand, it can automate routine, lower-skilled tasks – potentially displacing workers. On the other hand, AI can create new opportunities by increasing labour demand for non-automated tasks, as well as giving rise to new types of jobs. To maximise the favourable effects of AI on employment and to mitigate risks such as labour market inequality, reskilling the workforce with AI-complementary skills will be essential.

    Turning to prices, the impact of AI on inflation could go in both directions. Increased global demand for energy – driven by the computational intensity of AI technologies – could raise energy prices. According to the IMF7, electricity used by data centres alone, is already as much as that of Germany or France, and by 2030 would be comparable to that of India which is the world’s third largest electricity user. At the same time, AI can also contribute to more efficient energy use and improved grid management, potentially lowering costs.

    Moreover, AI-induced productivity improvements might help offset labour shortages, especially in times of low unemployment and ageing population. This could lead to a decline in unit labour costs, exerting thus downward price pressures. However, the overall impact of AI on employment and wage growth is difficult to predict.

    Expectations also play a central role in the price formation process. If consumers fully anticipate future benefits from AI (such as better products, lower costs, or higher wages), they may bring forward consumption in the short term, creating inflationary pressures. However, if expectations are only regressively formed, disinflationary forces may dominate in the near term due to delayed consumption and investment.

    Implications for monetary policy transmission

    The transmission of monetary policy to the economy, and thus monetary policy making are significantly impacted by AI.

    As I already noted, AI is expected to bring about distributional shifts in income and wealth. These shifts matter for monetary policy, since they influence households’ marginal propensity to consume and their access to credit.

    Should AI disproportionally raise the income share of lower-income households – with a higher marginal propensity to consume and greater credit constraints – the transmission of monetary policy could be strengthened. In contrast, if the gains accrue mainly to higher-income, more skilled households – who have lower marginal propensity to consume and are less responsive to interest rate changes — then monetary policy transmission may weaken.

    AI is also affecting how firms set prices. Companies that are more digitalised and employ algorithmic pricing tools can adjust prices more frequently and with greater precision in response to economic shocks. Higher price flexibility could induce – all else equal, a more efficient real economy.

    At the same time, ML tools enable firms to personalise prices and introduce heterogeneity, which is likely to weaken the link between monetary policy measures and prices, although AI could provide tools that enhance price transparency and improve consumers’ ability to compare prices. There is also the risk that algorithmic pricing could lead to tacit collusion among firms and greater market power, undermining the effectiveness of monetary policy in controlling inflation.

    Finally, AI may influence wage-setting dynamics. If the presence of automation erodes workers’ bargaining power, wage responsiveness to changes in unemployment could be reduced. This would weaken the sensitivity of inflation to shifts in monetary policy and complicate central banks’ ability to steer inflation effectively.

    Implications for financial stability

    Turning now to financial stability, the implications of AI technologies are complex and multifaceted.

    On the one hand, AI offers powerful tools to enhance financial institutions’ capabilities in risk assessment, liquidity management and strategic decision making. On the other hand, AI can exacerbate existing vulnerabilities and create new ones.

    For example, generative AI could be deliberately misused – such as through the creation of deepfakes or fabricated statements – potentially aimed at manipulating sentiment or triggering market stress.

    There is also the risk of herding behavior. As more institutions adopt similar AI models, the likelihood of systemic stress increases. What may initially appear as isolated, micro-level risk could rapidly escalate via AI and pose serious threats to financial stability.

    If financial institutions, market participants or the public at large base their key decisions on such inputs, without adequate human verification, we may witness situations of disorderly market volatility. Overreliance to a limited number of AI providers could further raise operational risks and adversely affect the resilience of the financial sector.

    Therefore, it is critical that these tools are deployed with caution. Sound governance, robust regulatory oversight, and adequate safeguards will be essential to ensuring that AI acts as a tool for strength, rather than a source of systemic risk.

    Conclusion

    To conclude, the core task of central banks remains safeguarding price and financial stability, and AI poses unprecedented opportunities but also considerable challenges.

    From enhancing communication and improving economic analysis, to reshaping the channels through which monetary policy and the financial system operate, AI is already redefining the way we pursue our tasks.

    As I have outlined today, AI can make central banks more agile, more transparent, and more effective. But its use also demands flexibility – not only in the tools we use, but in the way we think, plan and make decisions. In a world of growing complexity and rapid technological change, we must ensure that innovation goes hand in hand with responsibility, transparency, and trust.

    This calls for thoughtful integration, not blind adoption. As we integrate AI into our policymaking, we must ensure that human judgment and critical thinking remain central to our decisions. AI should serve as a tool to enhance – not replace – our responsibility to make sound, efficient policy choices in the interest of our citizens.

    The euro area faces a dual challenge: harnessing the opportunities that artificial intelligence presents while actively addressing its broader implications.

    To rise to this challenge, it is vital that we craft a comprehensive European AI strategy. To improve the environment for AI innovation and diffusion of new technologies, our strategy has to rest on three pillars: funding, regulation and energy.

    Developing and scaling AI requires substantial investment, particularly in digital infrastructure. There is broad consensus on the importance of building a savings and investment union to jump-start European projects on innovation, including AI.

    Complementary efforts to equip people with the skills they need to thrive in an AI-driven economy and to mitigate the risk of widening inequality are also of high importance.

    In addition, regulatory burdens and weak institutional quality can significantly hold back the expansion of high-tech sectors. That’s why we need simple but efficient regulation, while ensuring protection of personal data and strong institutions to defend AI-generated innovation.

    Energy, too, is a critical piece of the puzzle. AI diffusion across the economy will place greater demands on Europe’s energy infrastructure. Addressing supply constraints now is essential to ensuring that AI adoption is sustainable in the long run.

    All these considerations need to be taken into account when assessing challenges and opportunities arising from this very innovative technology. The successful adoption of AI requires a flexible adjustment in a constantly evolving environment. Therefore, we need to commence our journey on that potentially wonderful vessel with urgency but also with careful consideration, towards a new shore.

    I am confident that the insights shared at this conference, and the research being pursued by many of you in this room, will be instrumental in guiding us forward.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Economics: Erik Thedéen: Monetary policy communication in practice

    Source: Bank for International Settlements

    Slides accompanying the speech

    I would like to begin by thanking you for the invitation and by drawing attention to the fact that this year is actually the thirtieth anniversary of the tradition of the Governor of the Riksbank giving a speech at the Swedish Economics Association. In 1995, the then Governor Urban Bäckström gave a keynote speech at an association meeting. Since then, the Governor has been invited to give a speech every year. On behalf of myself and my predecessors, I would like to take this opportunity to thank the Swedish Economic Association for these three decades. As Governor of the Riksbank, it is a privilege to come to this forum every year to discuss topics that are relevant to the Bank. I hope the tradition can be kept alive for many years to come.

    It is no coincidence that the tradition started in 1995. That was the year that the Riksbank officially started to conduct monetary policy to achieve the new inflation target.1 Inflation targeting has developed a lot over these 30 years, and the speeches given by the Governors of the Riksbank to the Association reflect that journey. Ever since the inflation target was introduced, transparency has been a watchword for the Riksbank, and central banks have become more transparent in general. At the same time, the focus has increasingly shifted to how we communicate monetary policy, which is natural. If you are more open, you also need to think more about what you say and how you say it.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Solve for Tomorrow Meets the Olympic Spirit: Dreaming of a New Future Through Technology and Sport With the IOC

    Source: Samsung

    Samsung Electronics’ global flagship corporate social responsibility (CSR) program, Samsung Solve for Tomorrow, took the spotlight at a global gathering of changemakers hosted by the International Olympic Committee (IOC) in Lausanne, Switzerland — where innovation, sport and social impact converged.
     
    From June 3 to 5, as a Worldwide Mobile and Computing Equipment Partner of Olympic & Paralympic, Samsung participated in the first Olympism365 Summit: Sport For A Better World at the IOC headquarters to showcase its Solve for Tomorrow vision of empowering youth through education and technology — highlighting stories from around the world that demonstrate how the program is helping young people tackle real-world challenges in their communities.
     
    Over three days, the event brought together more than 250 representatives from 100 organizations — across the Olympic Movement, United Nations agencies, development and financing institutions, civil society, for-purpose business, safe sport community and IOC Young Leaders working together — to advance the UN Sustainable Development Goals (SDGs) through sport.
     
    ▲ IOC President Thomas Bach delivers a keynote at the IOC Youth Summit.
     
    Held as part of the Olympism365 Summit, the IOC Youth Summit provided a platform for IOC Young Leaders to contribute their perspectives, collaborate on innovative solutions and help shape the future of sport for development — offering a vital contribution to the Olympism365 strategy focused on building a better world through sport.
     
    During the summit, Ramneek Kaur Ahluwalia, the 2022 winner of the United Kingdom’s Solve for Tomorrow program, spoke about how the experience shaped her personal growth.
     
    “What started off as a challenging lived experience of being isolated, vulnerable and stereotyped when using a white cane, quickly fueled the evolution of award-winning MyVision,” she said. “Thanks to the amazing Samsung Solve for Tomorrow mentors who helped me utilize the design thinking process and technical expertise to create a truly life-changing device.”
     
    She shared her journey developing MyVision, a smart assistive device designed to help people with congenital visual impairments. Drawing from her own experience with visual impairment, Ramneek described how Solve for Tomorrow helped her to grow — and outlined her ongoing efforts to expand her dream realized through Solve for Tomorrow into broader educational and career opportunities for others with similar challenges.
     
    ▲ Ramneek Kaur Ahluwalia shares her journey with IOC Young Leaders.
     
    The event also provided opportunities to engage with IOC officials and other Young Leaders from around the world. Ramneek met with Sherief Kholeif, a United Kingdom-based IOC Young Leader, to discuss sports programs for marginalized youth in Scotland and exchanged ideas with participants on the social impact of combining sport and technology.
     
    Building on its participation in the Olympism365 Summit and the IOC Youth Summit, Samsung plans to strengthen its collaboration with the IOC by designating “Social Change Through Sport & Technology” as one of the global themes for Solve for Tomorrow 2025. In doing so, the company will continue to support young people worldwide in developing creative, practical ideas to drive positive change in their communities.
     
    “It was a pleasure to meet Ramneek, one of Samsung’s Solve for Tomorrow ambassadors at the IOC Youth Summit,” said Kholeif. “Her innovative and thoughtful ideas are inspiring. It is encouraging to see Samsung paving the way for young students around the world who believe in creating a more accessible and inclusive future through innovation. I hope the Solve for Tomorrow program continues to create meaningful opportunities for my fellow Young Leaders, and that together we can make a difference by combining technology and sport.”
     
    ▲ (From left) Sherief Kholeif and Ramneek Kaur Ahluwalia
     
    Notably, the “Social Change Through Sport & Technology” theme was selected through a public vote held during the Olympic Games in Paris last year. The theme reflects growing global concerns around sustainability and sport, encouraging young people to develop innovative solutions that demonstrate the positive social and environmental impact of sport.
     
    ▲ Ramneek Kaur Ahluwalia joins IOC Young Leaders for a group photo.

    MIL OSI Economics –

  • MIL-Evening Report: Just one man survived the Air India crash. What’s it like to survive a mass disaster?

    Source: The Conversation (Au and NZ) – By Erin Smith, Associate Professor and Discipline Lead (Paramedicine), La Trobe University

    Vishwashkumar Ramesh, a British citizen returning from a trip to India, has been confirmed as the only survivor of Thursday’s deadly Air India crash.

    “I don’t know how I am alive,” Ramesh told family, according to his brother Nayan, in a video call moments after emerging from the wreckage. Another brother Ajay, seated elswhere on the plane, was killed.

    The Boeing 787-7 Dreamliner crashed into a medical college less than a minute after taking off in the city of Ahmedabad, killing the other 229 passengers and 12 crew. At least five people were killed on the ground.

    Surviving a mass disaster of this kind may be hailed as a kind of “miracle”. But what is it like to survive – especially as the only one?

    Surviving a disaster

    Past research has shown disaster survivors may experience an intense range of emotions, from grief and anxiety to feelings of loss and uncertainty.

    These are common reactions to an extraordinary situation.

    Some people may develop post-traumatic stress disorder (PTSD) and have difficulty adjusting to a new reality after bearing witness to immense loss. They may also be dealing with physical recovery from injuries sustained in the disaster.

    Most people recover after disasters by drawing on their own strengths and the support of others. Recovery rates are high: generally less than one in ten of those affected by disasters develop chronic, long-term problems.

    However, being a sole survivor of a mass casualty may have its own complex psychological challenges.

    Survivor’s guilt

    Survivors can experience guilt they lived when others died.

    My friend, Gill Hicks, spoke to me for this article about the ongoing guilt she still feels, years after surviving the 2005 bombings of the London underground.

    Lying trapped in a smoke-filled train carriage, she was the last living person to be rescued after the attack. Gill lost both her legs.

    Yet she still wonders, “Why me? Why did I get to go home, when so many others didn’t?”

    In the case of a sole survivor, this guilt may be particularly acute. However, research addressing the impact of sole survivorship is limited. Most research that looks at the psychological impact of disaster focuses on the impact of disasters more broadly.

    Those interviewed for a 2013 documentary about surviving large plane crashes, Sole Survivor, express complex feelings – wanting to share their stories, but fearing being judged by others.

    Being the lone survivor can be a heavy burden.

    “I didn’t think I was worthy of the gift of being alive,” George Lamson Jr. told the documentary, after surviving a 1985 plane crash in Nevada that killed all others on board.

    Looking for meaning

    People who survive a disaster may also be under pressure to explain what happened and relive the trauma for the benefit of others.

    Vishwashkumar Ramesh was filmed and interviewed by media in the minutes and hours following the Air India crash. But as he told his brother: “I have no idea how I exited the plane”.

    It can be common for survivors themselves to be plagued by unanswerable questions. Did they live for a reason? Why did they live, when so many others died?

    These kinds of unaswerable questions reflect our natural inclination to look for meaning in experiences, and to have our life stories make sense.

    For some people, sharing a traumatic experience with others who’ve been through it or something similar can be a beneficial part of the recovery process, helping to process emotions and regain some agency and control.

    However, this may not always be possible for sole survivors, potentially compounding feelings of guilt and isolation.

    Coping with survivor guilt

    Survivor guilt can be an expression of grief and loss.

    Studies indicate guilt is notably widespread among individuals who have experienced traumatic events, and it is associated with heightened psychopathological symptoms (such as severe anxiety, insomnia or flashbacks) and thoughts of suicide.

    Taking time to process the traumatic event can help survivors cope, and seeking support from friends, family and community or faith leaders can help an individual work through difficult feelings.

    My friend Gill says the anxiety rises as the anniversary of the disaster approaches each year. Trauma reminders such as anniversaries are different to unexpected trauma triggers, but can still cause distress.

    Media attention around collectively experienced dates can also amplify trauma-related distress, contributing to a cycle of media consumption and increased worry about future events.

    On the 7th of July each year, Gill holds a private remembrance ritual. This allows her to express her grief and sense of loss, and to honour those who did not survive. These types of rituals can be a valuable tool in processing feelings of grief and guilt, offering a sense of control and meaning and facilitating the expression and acceptance of loss.

    But lingering guilt and anxiety – especially when it interferes with day-to-day life – should not be ignored. Ongoing survivor guilt is associated with significantly higher levels of post-traumatic symptoms.

    Survivors may need support from psychologists or mental health professionals in the short and long term.

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

    – ref. Just one man survived the Air India crash. What’s it like to survive a mass disaster? – https://theconversation.com/just-one-man-survived-the-air-india-crash-whats-it-like-to-survive-a-mass-disaster-258905

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Why did Israel defy Trump – and risk a major war – by striking Iran now? And what happens next?

    Source: The Conversation (Au and NZ) – By Amin Saikal, Emeritus Professor of Middle Eastern and Central Asian Studies, Australian National University; and Vice Chancellor’s Strategic Fellow, Victoria University

    Alarmed by an intelligence assessment that Iran will be able to produce nuclear weapons within months if not weeks, Israel has launched a massive air campaign aiming to destroy the country’s nuclear program.

    Israel’s air strikes hit Iran’s main nuclear enrichment facility at Natanz, as well as its air defences and long-range missile facilities.

    Among the dead are Hossein Salami, the chief of Iran’s powerful Revolutionary Guards Corps; Mohammad Bagheri, the commander-in-chief of the military; and two prominent nuclear scientists.

    Iranian Supreme Leader Ayatollah Ali Khamenei has promised “severe punishment” in response. Iran could potentially target Israel’s own nuclear sites and US bases across the Persian Gulf. Israel claimed Iran launched 100 drones towards it just hours after the attack.

    The Middle East is yet again on the precipice of a potentially devastating war with serious regional and global implications.

    Stalled nuclear talks

    The Israeli operations come against the backdrop of a series of inconclusive nuclear talks between the United States and Iran. These negotiations began in mid-April at President Donald Trump’s request and aimed to reach a deal within months.

    Israeli Prime Minister Benjamin Netanyahu opposed the talks, pressing for military action instead as the best option to halt Iran’s nuclear program.

    The diplomatic efforts had stalled in recent weeks over Trump’s demand that Iran agree to a zero-uranium enrichment posture and destroy its stockpile of some 400 kilograms of enriched uranium at a 60% purity level. This could be rapidly enriched further to weapons-grade level.

    Tehran refused to oblige, calling it a “non-negotiable”.

    Netanyahu has long pledged to eliminate what he has called the Iranian “octopus” – the regime’s vast network of regional affiliates, including Hamas in Gaza, Hezbollah in Lebanon, the regime of former Syrian leader Bashar al-Assad, and the Houthi militants in Yemen.

    Following Hamas’ attack on Israel on October 7 2023, Israel’s military has considerably degraded these Iranian affiliates, one by one. Now, Netanyahu has now gone for beheading the octopus.

    Trump keeping his distance

    Netanyahu has in the past urged Washington to join him in a military operation against Iran. However, successive US leaders have not found it desirable to ignite or be involved in another Middle East war, especially after the debacle in Iraq and its failed Afghanistan intervention.

    Despite his strong commitment to Israel’s security and regional supremacy, Trump has been keen to follow this US posture, for two important reasons.

    He has not forgotten Netanyahu’s warm congratulations to Joe Biden when he defeated Trump in the 2020 US presidential election.

    Nor has Trump been keen to be too closely aligned with Netanyahu at the expense of his lucrative relations with oil-rich Arab states. He recently visited Saudi Arabia, Qatar and the United Arab Emirates on a trip to the Middle East, while bypassing Israel.

    Indeed, this week, Trump had warned Netanyahu not to do anything that could undermine the US nuclear talks with Iran. He has been keen to secure a deal to boost his self-declared reputation as a peace broker, despite not having done very well so far on this front.

    But as the nuclear talks seemed to be reaching a dead end, Netanyahu decided now was the moment to act.

    The Trump administration has distanced itself from the attack, saying it had no involvement. It remains to be seen whether the US will now get involved to defend Israel if and when Iran retaliates.

    What a wider war could mean

    Israel has shown it has the capacity to unleash overwhelming firepower, causing serious damage to Iran’s nuclear and military facilities and infrastructure. But the Iranian Islamic regime also has the capability to retaliate, with all the means at its disposal.

    Despite the fact the Iranian leadership faces serious domestic issues on political, social and economic fronts, it still has the ability to target Israeli and US assets in the region with advanced missiles and drones.

    It also has the capability to close the Strait of Hormuz, through which 20–25% of global oil and liquefied natural gas shipments flow. Importantly, Iran has strategic partnerships with both Russia and China, as well.

    Depending on the nature and scope of the Iranian response, the current conflict could easily develop into an uncontrollable regional war, with none of the parties emerging as victor. A major conflict could not only further destabilise what is already a volatile Middle East, but also upend the fragile global geopolitical and economic landscape.

    The Middle East cannot afford another war. Trump had good reasons to restrain Netanyahu’s government while the nuclear negotiations were taking place to see if he could hammer out a deal.

    Whether this deal can be salvaged amid the chaos is unclear. The next round of negotiations was due to be held on Sunday in Oman, but Iran said it would not attend and all talks were off until further notice.

    Iran and the US, under Barack Obama, had agreed a nuclear deal before – the Joint Comprehensive Plan of Action. Although Netanyahu branded it “the worst deal of the century”, it appeared to be holding until Trump, urged by Netanyahu, unilaterally withdrew from it in 2018.

    Now, Netanyahu has taken the military approach to thwart Iran’s nuclear program. And the region – and rest of the world – will have to wait and see if another war can be averted before it’s too late.

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

    – ref. Why did Israel defy Trump – and risk a major war – by striking Iran now? And what happens next? – https://theconversation.com/why-did-israel-defy-trump-and-risk-a-major-war-by-striking-iran-now-and-what-happens-next-258917

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Why did Israel defy Trump – and risk a major war – by striking Iran now? And what happens next?

    Source: The Conversation – Global Perspectives – By Amin Saikal, Emeritus Professor of Middle Eastern and Central Asian Studies, Australian National University; and Vice Chancellor’s Strategic Fellow, Victoria University

    Alarmed by an intelligence assessment that Iran will be able to produce nuclear weapons within months if not weeks, Israel has launched a massive air campaign aiming to destroy the country’s nuclear program.

    Israel’s air strikes hit Iran’s main nuclear enrichment facility at Natanz, as well as its air defences and long-range missile facilities.

    Among the dead are Hossein Salami, the chief of Iran’s powerful Revolutionary Guards Corps; Mohammad Bagheri, the commander-in-chief of the military; and two prominent nuclear scientists.

    Iranian Supreme Leader Ayatollah Ali Khamenei has promised “severe punishment” in response. Iran could potentially target Israel’s own nuclear sites and US bases across the Persian Gulf. Israel claimed Iran launched 100 drones towards it just hours after the attack.

    The Middle East is yet again on the precipice of a potentially devastating war with serious regional and global implications.

    Stalled nuclear talks

    The Israeli operations come against the backdrop of a series of inconclusive nuclear talks between the United States and Iran. These negotiations began in mid-April at President Donald Trump’s request and aimed to reach a deal within months.

    Israeli Prime Minister Benjamin Netanyahu opposed the talks, pressing for military action instead as the best option to halt Iran’s nuclear program.

    The diplomatic efforts had stalled in recent weeks over Trump’s demand that Iran agree to a zero-uranium enrichment posture and destroy its stockpile of some 400 kilograms of enriched uranium at a 60% purity level. This could be rapidly enriched further to weapons-grade level.

    Tehran refused to oblige, calling it a “non-negotiable”.

    Netanyahu has long pledged to eliminate what he has called the Iranian “octopus” – the regime’s vast network of regional affiliates, including Hamas in Gaza, Hezbollah in Lebanon, the regime of former Syrian leader Bashar al-Assad, and the Houthi militants in Yemen.

    Following Hamas’ attack on Israel on October 7 2023, Israel’s military has considerably degraded these Iranian affiliates, one by one. Now, Netanyahu has now gone for beheading the octopus.

    Trump keeping his distance

    Netanyahu has in the past urged Washington to join him in a military operation against Iran. However, successive US leaders have not found it desirable to ignite or be involved in another Middle East war, especially after the debacle in Iraq and its failed Afghanistan intervention.

    Despite his strong commitment to Israel’s security and regional supremacy, Trump has been keen to follow this US posture, for two important reasons.

    He has not forgotten Netanyahu’s warm congratulations to Joe Biden when he defeated Trump in the 2020 US presidential election.

    Nor has Trump been keen to be too closely aligned with Netanyahu at the expense of his lucrative relations with oil-rich Arab states. He recently visited Saudi Arabia, Qatar and the United Arab Emirates on a trip to the Middle East, while bypassing Israel.

    Indeed, this week, Trump had warned Netanyahu not to do anything that could undermine the US nuclear talks with Iran. He has been keen to secure a deal to boost his self-declared reputation as a peace broker, despite not having done very well so far on this front.

    But as the nuclear talks seemed to be reaching a dead end, Netanyahu decided now was the moment to act.

    The Trump administration has distanced itself from the attack, saying it had no involvement. It remains to be seen whether the US will now get involved to defend Israel if and when Iran retaliates.

    What a wider war could mean

    Israel has shown it has the capacity to unleash overwhelming firepower, causing serious damage to Iran’s nuclear and military facilities and infrastructure. But the Iranian Islamic regime also has the capability to retaliate, with all the means at its disposal.

    Despite the fact the Iranian leadership faces serious domestic issues on political, social and economic fronts, it still has the ability to target Israeli and US assets in the region with advanced missiles and drones.

    It also has the capability to close the Strait of Hormuz, through which 20–25% of global oil and liquefied natural gas shipments flow. Importantly, Iran has strategic partnerships with both Russia and China, as well.

    Depending on the nature and scope of the Iranian response, the current conflict could easily develop into an uncontrollable regional war, with none of the parties emerging as victor. A major conflict could not only further destabilise what is already a volatile Middle East, but also upend the fragile global geopolitical and economic landscape.

    The Middle East cannot afford another war. Trump had good reasons to restrain Netanyahu’s government while the nuclear negotiations were taking place to see if he could hammer out a deal.

    Whether this deal can be salvaged amid the chaos is unclear. The next round of negotiations was due to be held on Sunday in Oman, but Iran said it would not attend and all talks were off until further notice.

    Iran and the US, under Barack Obama, had agreed a nuclear deal before – the Joint Comprehensive Plan of Action. Although Netanyahu branded it “the worst deal of the century”, it appeared to be holding until Trump, urged by Netanyahu, unilaterally withdrew from it in 2018.

    Now, Netanyahu has taken the military approach to thwart Iran’s nuclear program. And the region – and rest of the world – will have to wait and see if another war can be averted before it’s too late.

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

    – ref. Why did Israel defy Trump – and risk a major war – by striking Iran now? And what happens next? – https://theconversation.com/why-did-israel-defy-trump-and-risk-a-major-war-by-striking-iran-now-and-what-happens-next-258917

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Uganda: Govt Unveils Shs72.3 Trillion Budget to Drive Full Monetisation of Economy


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    The Ministry of Finance Planning and Economic Development has unveiled a Shs72.136 trillion national budget for the 2025/2026 financial year, setting its sights on transforming every corner of the country into a hub of commercial activity.

    Presented by Finance Minister Matia Kasaija at the Kololo Ceremonial Grounds on Thursday, 12 June, 2025, the budget signals a strong shift towards full monetisation of Uganda’s economy, underpinned by commercial agriculture, industrialisation, digital transformation, and expanded access to markets.

    Speaking against the backdrop of a rapidly growing economy, Kasaija painted a picture of a Uganda ready to transition from resilience to acceleration.

    “The budget for next financial year, and over the medium term, is focused on people and wealth creation,” he said.

    Consequently, the theme of the financial year 2025/26 is: “Full Monetisation of Uganda’s Economy through Commercial Agriculture, Industrialisation, Expanding and Broadening Services, Digital Transformation and Market Access.’”

    The Shs72.3 trillion resource envelope represents one of the largest in Uganda’s history, with domestic revenue expected to contribute Shs37.2 trillion, roughly 60 percent of the total. The rest will be financed through borrowing and grants. The budget deficit is estimated at 7.6 percent of GDP.

    But Kasaija reassured Ugandans, stating that the government had a clear strategy to enhance domestic revenue mobilisation, widen the tax base, and strengthen tax administration.

    “Government plans to collect Shs37.2 trillion in domestic revenue next financial year,” he said, adding that focus would be placed on tackling smuggling, corruption at Uganda Revenue Authority (URA), and leveraging digital tools like the Electronic Fiscal Receipting and Invoicing System to plug leakages.

    Priority sectors such as health, education, agriculture, infrastructure, and tourism received large shares of the allocation.

    Healthcare emerged as a major beneficiary, with Shs5.87 trillion earmarked for next year. Kasaija detailed plans to functionalise Health Centre IVs, scale up e-health systems, and expand emergency medical services. He said the government had already delivered 20 digital X-ray machines and installed CT scanners in 14 out of 16 regional referral hospitals.

    “We are strengthening the National Ambulance and Emergency Care System,” he added.

    In education, the Minister allocated Shs5.04 trillion to support Universal Primary and Secondary Education, student loans, the construction of new seed schools, and improvements in teacher recruitment and digital inspections.

    Kasaija also confirmed the upcoming operationalisation of Bunyoro and Busoga universities, as well as continued investment in sports infrastructure ahead of African Champions Cup (CHAN) and African Cup of Nation (AFCON 2027).

    “In order to improve compliance with quality standards, Government digitised school inspections in all public schools and TVET institutions,” he said.

    Wealth creation programmes, a lifeline for millions of Ugandans received renewed commitment, with Shs2.43 trillion directed towards the Parish Development Model (PDM), Emyooga, the Uganda Development Bank (UDB), and other grassroots economic empowerment initiatives.

    Kasaija said the PDM alone would receive Shs .059 trillion in FY2025/2026, ensuring every parish continues to receive Shs100 million annually.

    “These investments are changing the lives of Ugandans by boosting household incomes, enhancing food security and creating employment opportunities,” he noted.

    He revealed that over 2.6 million Ugandans have already benefited from PDM funds, with investments spanning food crops, livestock, poultry, and microenterprises. To enhance efficiency and eliminate corruption, PDM operations have been fully digitised, using systems such as the WENDI and ZAIDI apps.

    On the industrial and agricultural front, the government committed Shs1.86 trillion to agro-industrialisation. This includes funding for agricultural research, irrigation schemes, fertilisers, extension services, and value addition. Kasaija highlighted the completion of 145 solar-powered irrigation schemes and the ongoing construction of 157 more.

    He singled out the Agricultural Credit Facility, now worth over Shs1 trillion in disbursements, as a key driver of agricultural transformation.

    “I have provided additional capital of Shs50 billion to the Agricultural Credit Facility next financial year, in addition to insurance that benefits all farmers including PDM beneficiaries.”

    Uganda’s industrial and energy ambitions were also prominently featured, with Kasaija announcing an allocation of Shs875.8 billion for mineral-based industrial development and oil and gas. The East African Crude Oil Pipeline is now 58 percent complete, and an agreement has been signed for the construction of a 60,000-barrel-per-day oil refinery. Once oil production starts in 2026, government expects annual revenues of US$1 to 2.5 billion.

    “Uganda currently saves up to US$72.8 million annually on fuel imports,” Kasaija said, citing the impact of the Uganda National Oil Company’s direct importation of petroleum products, which eliminated middlemen and reduced speculative pricing.

    Tourism, another pillar of the economy, was allocated Shs430 billion, with an additional Shs2.2 trillion indirectly supporting tourism infrastructure such as roads, ICT, and security.

    The government aims to position Uganda as a competitive MICE (Meetings, Incentives, Conferences, and Exhibitions) destination in Africa, following recent successes. “Uganda now ranks 7th in Africa in MICE tourism,” Kasaija stated.

    Even as he celebrated Uganda’s achievements, such as coffee exports surging past US$1.83 billion and tourism earnings reaching US$1.52 billion, Kasaija called on Ugandans to embrace value addition and export diversification.

    “While it took the country more than a century to reach US$1 billion in annual coffee export earnings, it has taken just one year to double these earnings,” he said. “I therefore implore Ugandans to grow more coffee and, most importantly, add value to our coffee before we export it.”

    AUDIO: Minister Kasaija

    Kasaija expressed confidence in the direction the country is taking. With projected economic growth of 7 percent in FY2025/2026 and a GDP per capita increase to US$1,324, Uganda is moving steadily towards middle-income status.

    “The necessary foundation has already been established, the speed of economic transformation is destined to be faster in the medium term.” Kasaija concluded.

    Distributed by APO Group on behalf of Parliament of the Republic of Uganda.

    MIL OSI Africa –