NewzIntel.com

Category: DJF

  • MIL-OSI Economics: Making the EU’s Multiannual Financial Framework Fit for Purpose

    Source: International Monetary Fund

    Summary

    The European Union’s budget—known as the Multiannual Financial Framework (MFF)—has over time been a key tool for enhancing economic efficiency, achieving redistribution, and helping the Union tackle pressing challenges. As the Union navigates an increasingly complex global environment and faces looming structural and demographic changes, it is increasingly evident that decisive EU-level actions will be needed to boost productivity and resilience. The MFF is a critical policy lever that can enable the needed EU-level actions. This paper argues for three key changes to the next MFF (2028-34) to help the budget play this role. First, bottom-up estimates of investment needs suggest that spending on European Public Goods to boost productivity and resilience needs to be increased to at least twice the current level. While this would require an at least 50 percent increase in the budget’s size or about 0.6 percent of EU GNI annually (if spending on programs such as the Cohesion Policy and Common Agricultural Policy is kept unchanged), focusing on activities that maximize positive externalities and reduce costly duplication can generate net positive values for member states. Second, reforms are needed to make the budget more streamlined, responsive to evolving needs, and more effective by incentivizing good performance. Lastly, the financing framework should be strengthened by integrating borrowing as a regular tool, alongside greater own resources to bolster debt service capacity. Increasing own resources by about 0.2 percent of GNI annually to cover peak debt servicing costs along with additional reserves for unexpected challenges would likely provide financial security to support the proposed increase in the budget. A clearer focus on strategic investments and measurable outcomes will reinforce the budget’s positive sum value, helping build support for a more ambitious EU budget.

    MIL OSI Economics –

  • MIL-OSI Economics: Growth Strategies and Diversification in the Pacific Islands Countries

    Source: International Monetary Fund

    Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

    MIL OSI Economics –

  • MIL-OSI Economics: Growth Strategies and Diversification in the Pacific Islands Countries

    Source: International Monetary Fund

    Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

    MIL OSI Economics –

  • MIL-OSI Economics: Natural Bank Reliance

    Source: International Monetary Fund

    Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

    MIL OSI Economics –

  • An overview of Iran’s main gas field and oil infrastructure

    Source: Government of India

    Source: Government of India (4)

    Israel struck an installation at Iran’s South Pars gas field on Saturday, the first attack on Iran’s oil and gas sector as part of what the Israeli government had warned would be a prolonged operation to prevent Tehran from building an atomic weapon.

    Iran has partially suspended gas production from the South Pars field, Iran’s portion of the world’s largest natural gas reserve, which lies beneath the Gulf and is shared with major gas exporter Qatar.

    Israel also struck a Tehran fuel depot and an oil refinery near the capital on Saturday, Iran said, but authorities said the situation was under control.

    Following are some facts on the country’s energy industry, exports, and the impact of previous Western sanctions.

    WORLD’S LARGEST GAS RESERVE

    Iran produces natural gas from the offshore South Pars gas field, which makes up around a third of the world’s largest reservoir of natural gas.

    Iran shares the reservoir with major gas exporter Qatar, which calls its field the North Dome.

    Sanctions and technical constraints have meant most gas Tehran produces from the South Pars field is for domestic use in Iran.

    Iran’s total natural gas production totalled 266.25 billion cubic meters in 2023, with domestic consumption accounting for 255.5 bcm, according to data by the Gas Exporting Countries Forum, a grouping of gas exporter nations.

    About 15.8 bcm of natural gas were exported, the Forum said.

    Saturday’s attack struck four units of Phase 14 of South Pars, around 200 kilometres from Qatar’s gas installations, many of which are joint ventures with major international energy firms, including U.S. giants ExxonMobil and ConocoPhilips.

    Doha has made hundreds of billions of dollars exporting liquefied natural gas to global markets for nearly three decades.

    The entire reservoir contains an estimated 1,800 trillion cubic feet of usable gas – enough to supply the entire world’s needs for 13 years, or to generate enough electricity to supply the U.S. for more than 35 years.

    SANCTIONS AND OPEC

    Iran’s oil production was at its peak in the 1970s, with record output of 6 million bpd in 1974, according to OPEC data. That amounted to more than 10% of world output at the time.

    In 1979, the U.S. imposed the first wave of sanctions on Tehran. Since then the country has been the target of several waves of U.S. and European Union sanctions.

    The U.S. tightened sanctions in 2018 after Trump exited a nuclear accord during his first presidential term. Iran’s oil exports fell to nearly zero during some months.

    Exports rose steadily under Trump’s successor President Joe Biden’s administration, with analysts saying sanctions were less rigorously enforced and Iran had succeeded in evading them.

    Iran is exempt from OPEC+ output restrictions.

    WHO IS THE MAIN BUYER OF IRANIAN OIL?

    Iran’s crude exports have risen to a multi-year high of 1.8 million bpd in recent months, the highest since 2018, driven by strong Chinese demand.

    China says it does not recognise sanctions against its trade partners. The main buyers of Iranian oil are Chinese private refiners, some of whom have recently been placed on the U.S. Treasury sanctions list. There is little evidence, however, that this has impacted flows from Iran to China significantly.

    Iran has for years evaded sanctions through ship-to-ship transfers and hiding ships’ satellite positions.

    PRODUCTION AND INFRASTRUCTURE

    Iran, the third largest producer in the Organization of the Petroleum Exporting Countries, extracts about 3.3 million barrels per day of crude oil, and another 1.3 million bpd of condensate and other liquids, totalling about 4.5% of global supplies.

    It exported about 1.8 million bpd of crude and condensate in May, close to a 2018 peak, according to Kpler, processing the remainder of its production in its domestic refineries with a total capacity of 2.6 million bpd, according to consultancy FGE.

    It exported nearly 750,000 bpd of oil products, including LPG, in May, according to Kpler.

    The country also produces 34 billion cubic feet of gas per day, according to FGE, accounting for 7% of global production. All gas is consumed domestically.

    Iran’s hydrocarbon production facilities are primarily concentrated in the southwest, in the Khuzestan province for oil and in the Bushehr province for gas and condensate from the giant South Pars field.

    It exports 90% of its crude via Kharg Island.

    Analysts say Saudi Arabia and other OPEC members could compensate for the drop of Iranian supply by using their spare capacity to pump more. However, with a number of producers in the group currently in the process of raising output targets, their spare capacity is becoming more strained.

    (Reuters)

  • MIL-OSI Banking: axessinvest.de: BaFin warns consumers about website and identity fraud

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin warns consumers about fraudulent term deposit offers.

    You can view BaFin’s current warnings about companies operating without the required authorisation and find out how to protect yourself from fraudsters on the financial market in the “Recognising financial fraud” section of our website.

    MIL OSI Global Banks –

  • MIL-OSI Banking: What is Needed for Convergence? The Role of Capital and Finance

    Source: International Monetary Fund

    Summary

    What is needed for poor countries to catch up with rich ones? This paper first documents the role of human capital, physical capital, and financial development in convergence in manufacturing labor productivity across countries, and then examines the influence of economic structure and financial development at the aggregate level. Using industry-level data from manufacturing industries in a large set of countries over the period 1980-2022, we show that manufacturing industries exhibit strong unconditional convergence over time, but there is variation in the pace of convergence: Greater reliance on human capital in an industry is linked to faster convergence, whereas dependence on physical capital has no bearing. Instead, industries with a greater dependence on physical capital see convergence only if there is sufficient financial development. At the country level, we find that convergence tends to be faster as countries shift away from agriculture (which typically requires less human capital), and towards industrial production or services. Furthermore, poorer countries that initially have a higher share of agriculture in their GDP have been shifting away from agriculture at a faster rate, which may have contributed to the observed aggregate convergence. Greater financial development is also linked to faster convergence at the country level.

    Subject: Agricultural sector, Agroindustries, Capital productivity, Economic sectors, Financial markets, Financial sector development, Human capital, Industrial productivity, Labor, Labor productivity, Manufacturing, Production, Productivity

    Keywords: Agricultural sector, Agroindustries, Capital, Capital productivity, Convergence, Financial development, Financial sector development, Global, Human capital, Human capital, Industrial productivity, Labor productivity, Manufacturing, Productivity, Productivity, Sectoral analysis, Structural transformation

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Campaign highlights importance of cervical screening

    Source: City of Wolverhampton

    The NHS Cervical Screening Programme saves thousands of lives every year by checking for high risk Human Papillomavirus (HPV), a group of viruses that cause nearly all cervical cancers.

    Cervical cancer may not cause noticeable symptoms in its early stages, but as the disease progresses, common symptoms include unusual vaginal bleeding, like after sex, between periods, or after menopause, changes in vaginal discharge, and pelvic pain. Advanced cervical cancer may also cause symptoms like back pain, leg swelling, or problems with urination or bowel movements.

    Screening is recommended for women aged 25 to 64, with invitations typically sent every 3 years for those aged 25 to 49 and every 5 years for those aged 50 to 64.

    Councillor Obaida Ahmed, the City of Wolverhampton Council’s Cabinet Member for Health, Wellbeing and Community, said: “Around 850 women die from cervical cancer each year, with incidence rates highest in women aged 30 to 34, but research shows that the HPV vaccine, combined with cervical screening, can bring that number right down.

    “Encouraging more eligible people to receive their free HPV vaccine and attending screening remains a key priority for us.

    “Cervical cancer is treatable and curable especially if diagnosed early. Many people survive cervical cancer if diagnosed at the earliest stage, so early detection really does save lives.

    “If you’ve received your invitation, call your GP practice to book as soon as possible – evening and weekend appointments may be available. And if you missed your last cervical screening, call your GP now as it’s not too late.”

    For more information, please visit NHS | Cervical screening.

    The council and the NHS in the Black Country are holding a cancer awareness drop-in session at Bilston Market this Thursday (19 June) from 9.30am to 1.30pm. People can get information and advice about cancer signs, symptoms and screening, as well as how to enjoy a healthier lifestyle.

    Cervical Screening Awareness Week runs from Thursday (19 June) to Tuesday 24 June, 2025.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Among NSU students there are 75 diploma winners and 6 medalists of the All-Russian Olympiad “I am a professional”

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University –

    The results of the VIII season of the All-Russian student Olympiad “I am a professional” of the presidential platform “Russia – the country of opportunities” have been summed up. NSU demonstrated the highest results in the region: among the university students there are 75 diploma winners and 6 medalists.

    The new season of the Olympiad involved 185,610 students from 89 regions of Russia, who competed in 71 areas — from psychology, linguistics and jurisprudence to robotics, metallurgy and quantum technologies. Novosibirsk Oblast entered the top 5 following the results of the VIII season: young people in the region received 112 “I am a professional” diplomas.

    — The high activity of the region’s students and their outstanding results in the “I am a professional” Olympiad demonstrate that personnel for the future of Russia are being formed here. This season, students from the Novosibirsk Region have shown themselves in such areas as “Biotechnology”, “Bioengineering and bioinformatics”, “Biology” and others. We are proud of the achievements of the students from the Novosibirsk Region and are confident that their success will become an example for other regions, — said Andrey Betin, CEO of the presidential platform “Russia is a Country of Opportunities”, Rector of the Senezh Management Workshop.

    This year, 827 students from NSU took part in the selection round, and 197 in the final. The top 5 most popular areas of participation among NSU students were Biology, Biotechnology, Bioengineering and Bioinformatics, Chemistry, and Mathematics. NSU students showed themselves best in such tracks as Biotechnology, Bioengineering and Bioinformatics, Biology, and Ecology. According to the results of the overall medal count, NSU students won three gold and three bronze medals:

    Gold medalists

    Alexander Tomilov, track “Chemistry”, 3rd year bachelor’s degree Faculty of Natural Sciences;

    Lyubov Pecherina, track “Psychology”, 4th year bachelor’s degree Institute of Medicine and Medical Technologies;

    Ivan Baksheev, track “Security of information systems and technologies of critical facilities”, 2nd year master’s degree student Faculty of Information Technology.

    Bronze medalists

    Nazim Mustafin, 2 bronze medals in the Chemistry and Biotechnology tracks, 3rd year specialist student of the Faculty of Natural Sciences;

    Anna Skotareva, track “Biotechnology”, 3rd year bachelor’s degree at the Faculty of Natural Sciences.

    NSU traditionally acted as the organizer of the Olympiad track – “Bioengineering and Bioinformatics”. 1231 students from Russian universities took part in the selection stage of the track.

    Olympiad diploma winners will be able to complete internships at major companies and take advantage of benefits when entering the next level of education, and medalists will receive cash prizes of up to 300 thousand rubles.

    — High results of participation in the Olympiad “I am a professional” are an indicator that the universities of the Novosibirsk region train competitive personnel. Year after year, students demonstrate an increasingly high level of training. In the VIII season, participants received 112 diplomas of the Olympiad “I am a professional”, and the best results were demonstrated by students of the Novosibirsk National Research State University, Novosibirsk State Technical University and Novosibirsk State Pedagogical University, — shared the head of the Olympiad “I am a professional” Valeria Kasamara.

    The Olympiad “I am a professional” is being implemented within the framework of the federal project “Russia – the country of opportunities” of the national project “Youth and Children” with the support of the Ministry of Science and Higher Education of Russia.

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

    MIL OSI Russia News –

  • MIL-OSI United Nations: FAO and WFP early warning report reveals worsening hunger in 13 hotspots: five with immediate risk of starvation

    Source: World Food Programme

    WFP/Benjamin Anguandia. WFP delivered emergency food assistance to displaced families in Goma, DRC.

    Sudan, Palestine, South Sudan, Haiti, and Mali remain hotspots of highest concern, and Democratic Republic of the Congo has returned as a hunger hotspot to watch

    ROME – A new joint UN report warns that people in five hunger hotspots around the world face extreme hunger and risk of starvation and death in the coming months unless there is urgent humanitarian action and a coordinated international effort to de-escalate conflict, stem displacement, and mount an urgent full-scale aid response.

    The latest Hunger Hotspots report shows that Sudan, Palestine, South Sudan, Haiti and Mali are hotspots of highest concern, with communities already facing famine, at risk of famine or confronted with catastrophic levels of acute food insecurity due to intensifying or persisting conflict, economic shocks, and natural hazards. The devastating crises are being exacerbated by growing access constraints and critical funding shortfalls.

    The semi-annual Hunger Hotspots report is an early-warning and predictive analysis of deteriorating food crises for the next five months. Developed and published with financial support from the European Union through the Global Network Against Food Crises (GNAFC), the latest edition projects a serious deterioration of acute food insecurity in 13 countries and territories – the world’s most critical hunger hotspots in the coming months.

    In addition to hotspots of highest concern, Yemen, the Democratic Republic of the Congo, Myanmar and Nigeria are now hotspots of very high concern and require urgent attention to save lives and livelihoods. Other hotspots include Burkina Faso, Chad, Somalia, and Syria.

    “This report makes it very clear: hunger today is not a distant threat – it is a daily emergency for millions,” FAO Director-General QU Dongyu said. “We must act now, and act together, to save lives and safeguard livelihoods. Protecting people’s farms and animals to ensure they can keep producing food where they are, even in the toughest and harshest conditions, is not just urgent – it is essential.”

    “This report is a red alert. We know where hunger is rising and we know who is at risk,” said Cindy McCain, World Food Programme Executive Director. “We have the tools and experience to respond, but without funding and access, we cannot save lives. Urgent, sustained investment in food assistance and recovery support is crucial as the window to avert yet more devastating hunger is closing fast.”

    Hotspots of highest concern

    In Sudan, Famine was confirmed in 2024. Conditions are expected to persist due to the continuing conflict and ongoing displacement, particularly in the Greater Kordofan and Greater Darfur regions. Displacement is likely to increase further during the outlook period while humanitarian access remains restricted. The circumstances are driving the country towards the risk of partial economic collapse, with high inflation severely limiting food access.  Around 24.6 million people were projected to face Crisis or worse (IPC Phase 3 or above) levels of acute food insecurity, including 637,000 people facing Catastrophe (IPC Phase 5) through May 2025.

    In Palestine, the likelihood of famine in the Gaza Strip is growing as large-scale military operations hinder the ability to deliver vital food and non-food humanitarian assistance. In addition to the humanitarian crisis unfolding in the Gaza Strip, high food prices coupled with exhausted livelihoods and a commercial blockade will accelerate an 
    economic collapse. The entire population in Gaza – 2.1 million people – is projected to face Crisis or worse (IPC Phase 3 or above) levels of acute food insecurity, with 470,000 projected to face Catastrophe (IPC Phase 5) through September 2025.

    South Sudan faces compounding threats from political tensions, the risk of flooding, and economic challenges. Approximately 7.7 million people – or 57 percent of the population – are projected to face high levels of acute food insecurity (IPC Phase 3 or above) between April and July 2025, with 63,000 people projected to face Catastrophe (IPC Phase 5) levels of acute food insecurity. An IPC update released after the report’s finalization indicated Risk of Famine in two areas of the country and confirmed the bleak outlook.

    In Haiti, record levels of gang violence and insecurity are displacing communities and crippling aid access. Over 8,400 internally displaced persons (IDPs) already facing Catastrophe (IPC Phase 5) levels of acute food insecurity in the Port-au-Prince metropolitan area by June 2025.

    Meanwhile, in Mali, high grain prices and ongoing conflict are eroding the coping capacities of the most vulnerable households, particularly in conflict-affected areas. Around 2 600 people are at risk of Catastrophe (CH Phase 5) from June to August 2025 if assistance is not provided on time.

    Additional hotspots and areas of improvement

    In Myanmar, the impact of the recent major earthquake is likely to worsen the already dire food insecurity situation in the country, driven by escalating conflict, widespread displacement, severe access restrictions and high food prices.

    The Democratic Republic of the Congo has been reintroduced to the hotspot list due to intensifying conflict.

    In contrast, Ethiopia, Kenya, Lebanon, Lesotho, Malawi, Mozambique, Namibia, Niger, Zambia, and Zimbabwe have been removed from the Hunger Hotspots list. In East and Southern Africa, as well as in Niger, better climatic conditions for harvests and fewer weather extremes have eased food security pressures. Lebanon has also been delisted following reduced intensity of military operations. However, FAO and WFP warn that these gains remain fragile and could reverse quickly if shocks re-emerge.

    A call for global solidarity

    In multiple hotspots, aid delivery is significantly hampered by restricted humanitarian access due to insecurity, bureaucratic impediments, or physical isolation. At the same time, critical funding shortfalls are forcing reductions in food rations, limiting the reach of life-saving nutrition and agricultural interventions.

    The Hunger Hotspots report highlights the importance of continued investments in early humanitarian action. Pre-emptive interventions save lives, reduce food gaps, and protect assets and livelihoods at a significantly lower cost than delayed humanitarian action.

    #                #            #

    Download the Hunger Hotspots Report here 
    More information about the Integrated Food Security Phase Classification scales
    Broadcast quality footage available here

    Note to Editors
    The Hunger Hotspots report is part of a US and EU funded suite of analytical products produced under the Global Network Against Food Crises, to enhance and coordinate the generation and sharing of evidence-based information and analysis for preventing and addressing food crises.

    This series also includes the recently published 2025 Global Report on Food Crises, which retroactively looks at the levels of acute food insecurity in 2024, in complement to the Hunger Hotspots which is a forward-looking early warning system that provides decision makers with information for planning and resource allocation.

    About FAO

    About WFP
    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters, and the impact of climate change.

    Follow us on X via @wfp_media. 
     

    MIL OSI United Nations News –

  • ISRO, Axiom Space coordinate ahead of June 19 launch of Ax-4 mission

    Source: Government of India

    Source: Government of India (4)

    The Indian Space Research Organisation (ISRO) on Monday said it is working closely with Axiom Space to refresh time-sensitive experimental specimens, following the rescheduling of the Axiom-4 mission to the International Space Station (ISS) for June 19.

    In a post on X, ISRO said: “@NASA, @Axiom_Space & @SpaceX are targeting no earlier than June 19 for the #Ax4 mission to the @Space_Station. Indian Principal Investigators & @isro are coordinating with @Axiom_Space to refresh time-sensitive experimental specimens. #Space #AxMission4 #ISRO #ISS.”

    The Axiom-4 mission includes Indian Air Force Group Captain Shubhanshu Shukla, who will become the second Indian to travel to space after Rakesh Sharma’s 1984 mission.

    Union Minister of State for Science and Technology Jitendra Singh confirmed the new launch date in a June 14 post on X, saying: “Launch date of the Axiom-4 mission carrying Indian astronaut Shubhanshu Shukla to the International Space Station is, as of now, rescheduled for June 19, 2025.”

    He added that the technical issues which caused the initial delay had been resolved: “The SpaceX team has confirmed that all the issues that led to the earlier postponement of the launch have been duly addressed.”

    The delay was first announced by SpaceX on June 11, when the company cited a need for additional time to repair a liquid oxygen (LOx) leak identified during post-static fire booster inspections. “Standing down from tomorrow’s Falcon 9 launch of Ax-4 to the @Space_Station to allow additional time for SpaceX teams to repair the LOx leak identified during post-static fire booster inspections. Once complete – and pending Range availability – we will share a new launch date” SpaceX said on X.

    The Ax-4 mission is Axiom Space’s fourth private astronaut flight to the ISS. The Ax-4 crew includes astronauts from India, Poland, and Hungary. According to Axiom, this will be the first government-sponsored human spaceflight for the three nations since the 1980s.

  • ISRO, Axiom Space coordinate ahead of June 19 launch of Ax-4 mission

    Source: Government of India

    Source: Government of India (4)

    The Indian Space Research Organisation (ISRO) on Monday said it is working closely with Axiom Space to refresh time-sensitive experimental specimens, following the rescheduling of the Axiom-4 mission to the International Space Station (ISS) for June 19.

    In a post on X, ISRO said: “@NASA, @Axiom_Space & @SpaceX are targeting no earlier than June 19 for the #Ax4 mission to the @Space_Station. Indian Principal Investigators & @isro are coordinating with @Axiom_Space to refresh time-sensitive experimental specimens. #Space #AxMission4 #ISRO #ISS.”

    The Axiom-4 mission includes Indian Air Force Group Captain Shubhanshu Shukla, who will become the second Indian to travel to space after Rakesh Sharma’s 1984 mission.

    Union Minister of State for Science and Technology Jitendra Singh confirmed the new launch date in a June 14 post on X, saying: “Launch date of the Axiom-4 mission carrying Indian astronaut Shubhanshu Shukla to the International Space Station is, as of now, rescheduled for June 19, 2025.”

    He added that the technical issues which caused the initial delay had been resolved: “The SpaceX team has confirmed that all the issues that led to the earlier postponement of the launch have been duly addressed.”

    The delay was first announced by SpaceX on June 11, when the company cited a need for additional time to repair a liquid oxygen (LOx) leak identified during post-static fire booster inspections. “Standing down from tomorrow’s Falcon 9 launch of Ax-4 to the @Space_Station to allow additional time for SpaceX teams to repair the LOx leak identified during post-static fire booster inspections. Once complete – and pending Range availability – we will share a new launch date” SpaceX said on X.

    The Ax-4 mission is Axiom Space’s fourth private astronaut flight to the ISS. The Ax-4 crew includes astronauts from India, Poland, and Hungary. According to Axiom, this will be the first government-sponsored human spaceflight for the three nations since the 1980s.

  • PM Modi conferred Cyprus’s highest civilian honour, dedicates it to people of India

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi was on Monday conferred with the “Grand Cross of the Order of Makarios III”, the highest civilian honour of the Republic of Cyprus. The award was presented by Cypriot President Nikos Christodoulides during the Prime Minister’s official visit to the country.

    In his acceptance remarks, PM Modi expressed his gratitude to the President, the government, and the people of Cyprus. Accepting the honour on behalf of the 1.4 billion people of India, the Prime Minister said the recognition was a tribute to the enduring friendship between the two nations, founded on shared democratic values, mutual trust, and cooperation across diverse fields.

    “This honour is not just for me, but for 1.4 billion Indians,” he said. “It reflects our civilisational ethos of Vasudhaiva Kutumbakam – the world is one family – which continues to guide India’s approach to global peace, progress and cooperation.”

    PM Modi described the Grand Cross as a symbol of the deepening ties between India and Cyprus and a reaffirmation of the shared commitment to uphold peace, sovereignty, territorial integrity, and prosperity.

    Instituted in 1981 by then President Spyros Kyprianou, the Decoration of the Grand Cross of the Order of Makarios III is one of the most prestigious awards conferred by the Cypriot state. It is granted under the powers of Article 47b of the Constitution of the Republic of Cyprus and is reserved for distinguished personalities who have contributed to strengthening bilateral relations and promoting global goodwill.

    The honour has previously been awarded to several distinguished world leaders, including former Australian Prime Minister Gough Whitlam in March 1983, Italian Prime Minister Giulio Andreotti in April 1990, Austrian Chancellor Karl Nehammer in July 2022, Prime Minister of Luxembourg Xavier Bettel in March 2023, and Queen Máxima of the Netherlands earlier this year.

    PM Modi’s visit to Cyprus comes at a time when both countries are seeking to deepen cooperation across diverse sectors, from economic engagement to cultural ties and innovation.

  • PM Modi conferred Cyprus’s highest civilian honour, dedicates it to people of India

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi was on Monday conferred with the “Grand Cross of the Order of Makarios III”, the highest civilian honour of the Republic of Cyprus. The award was presented by Cypriot President Nikos Christodoulides during the Prime Minister’s official visit to the country.

    In his acceptance remarks, PM Modi expressed his gratitude to the President, the government, and the people of Cyprus. Accepting the honour on behalf of the 1.4 billion people of India, the Prime Minister said the recognition was a tribute to the enduring friendship between the two nations, founded on shared democratic values, mutual trust, and cooperation across diverse fields.

    “This honour is not just for me, but for 1.4 billion Indians,” he said. “It reflects our civilisational ethos of Vasudhaiva Kutumbakam – the world is one family – which continues to guide India’s approach to global peace, progress and cooperation.”

    PM Modi described the Grand Cross as a symbol of the deepening ties between India and Cyprus and a reaffirmation of the shared commitment to uphold peace, sovereignty, territorial integrity, and prosperity.

    Instituted in 1981 by then President Spyros Kyprianou, the Decoration of the Grand Cross of the Order of Makarios III is one of the most prestigious awards conferred by the Cypriot state. It is granted under the powers of Article 47b of the Constitution of the Republic of Cyprus and is reserved for distinguished personalities who have contributed to strengthening bilateral relations and promoting global goodwill.

    The honour has previously been awarded to several distinguished world leaders, including former Australian Prime Minister Gough Whitlam in March 1983, Italian Prime Minister Giulio Andreotti in April 1990, Austrian Chancellor Karl Nehammer in July 2022, Prime Minister of Luxembourg Xavier Bettel in March 2023, and Queen Máxima of the Netherlands earlier this year.

    PM Modi’s visit to Cyprus comes at a time when both countries are seeking to deepen cooperation across diverse sectors, from economic engagement to cultural ties and innovation.

  • MIL-OSI Banking: Should Tax Be King? The Debate over Tax Priority in Insolvency

    Source: International Monetary Fund

    Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Testing the Purchasing Power Parity (PPP) in West and Central Africa

    Source: International Monetary Fund

    Summary

    This paper employs various empirical methods to test the Purchasing Power Parity (PPP) hypothesis in West and Central Africa, considering countries within the WAEMU, CEMAC, CFA, and ECOWAS currency zones and four possible numeraire currencies—U.S. dollar, euro, renminbi, and the CFA franc. Using panel and single-country unit-root, cointegration, error-correction techniques, our findings indicate that the numeraire currency matters for evidence in favor of PPP. Results show slightly stronger evidence when the euro is used as the reference compared to other numeraire currencies, although results vary across different methods. Evidence for PPP is also stronger across the currency zones after the 1994 devaluation of the CFA franc, when evidence for PPP using the renminbi as reference is also stronger, suggesting an increasing importance of the renminbi for the economies in West and Central Africa. The paper documents significant differences in price dynamics for the CEMAC and the WAEMU, the two components of the CFA zone, with stronger evidence for PPP found for the WAEMU and reversal speed to PPP faster than the 2-3 years found in the literature. Results also indicate that real exchange rates of the currency zones revert to PPP mainly through adjustments of foreign prices expressed in domestic currencies—which may result from changes in nominal exchange rates of the reference currencies or foreign prices—and less so via adjustments in domestic prices.

    Subject: Currencies, Economic integration, Foreign exchange, Monetary unions, Money, Nominal effective exchange rate, Numéraire, Purchasing power parity, Real exchange rates

    Keywords: Cabo Verde, Central Africa, CFA zone, Currencies, Inflation, Monetary unions, Nominal effective exchange rate, Numéraire, Numeraire currency, Price level, Purchasing power parity, Purchasing Power Parity, Real Exchange Rate, Real exchange rates, West Africa

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Allister calls on Government to tighten border controls

    Source: Traditional Unionist Voice – Northern Ireland

    Statement by TUV leader and North Antrim MP:-

    “There is an urgent need for the Government to address, rather than run away from, the unfettered access of Eastern Europeans through the Republic to Northern Ireland.

    “Though we are supposed to have seen an end to ‘freedom of movement’ upon leaving the EU, the reality is that it has effectively continued via the Republic, made easy by HMG’s refusal to exercise any control of the border.

    “I will continue to press the Government on these issues. HMG talks incessantly about tackling the small boats, but makes no pretence of addressing this other, and even easier, access point.

    “The Protocol has the added potential of making things even worse, because, as the Rwanda case demonstrated, we can’t even apply in NI protections passed by the U.K. parliament.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: TUV call for local hero’s darts triumph to be marked

    Source: Traditional Unionist Voice – Northern Ireland

    Statement by TUV Braid Councillor Christopher Jamieson:

    “I am absolutely thrilled to extend my congratulations to the Northern Ireland darts team on achieving an extraordinary victory at the 2025 World Cup of Darts in Frankfurt. In a gripping final decider, Daryl Gurney and our very own Josh Rock triumphed 10–9 over Wales, clinching Northern Ireland’s first ever World Cup of Darts title .

    “As the local councillor representing Broughshane, I could not be prouder to see Josh Rock – our hometown hero – step onto the world stage and deliver such a performance. Breaking the tournament record for 180s made it all the more special.

    “Josh’s return to Broughshane will be met with a hero’s welcome. I will be requesting a Mayor’s reception for him. I’ve no doubt that his achievement will inspire future local sports stars.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The 16th session of the 14th NPC Standing Committee will be held from June 24 to 27 in Beijing.

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BEIJING, June 16 (Xinhua) — The 16th session of the Standing Committee of the 14th National People’s Congress (NPC) of China will be held from June 24 to 27 in Beijing.

    The decision was made at a meeting attended by the chairman and vice-chairmen of the NPC Standing Committee, which was chaired by NPC Standing Committee Chairman Zhao Leji on Monday. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: Xi Jinping considers Central Asia a key partner in modern cooperation within the framework of the Belt and Road Initiative

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BEIJING, June 15 (Xinhua) — “Start loading!” Xi Jinping and K.-Zh. Tokayev jointly gave this command at the launch ceremony of the China-Europe Trans-Caspian International Transport Route, which took place in Astana in July 2024.

    The event marked the formal establishment of a multi-dimensional connectivity network combining roads, railways, airlines and pipelines to better link Asia to Europe via the Caspian Sea. The network is expected to become a vibrant artery under the Belt and Road Initiative.

    While the ancient Silk Road witnessed vibrant trade and cultural exchanges between China and Central Asia, Xi Jinping sees the region as an important partner in modern Belt and Road cooperation.

    A view of the China-Kazakhstan Logistics Cooperation Base in Lianyungang, China, June 26, 2024. /Photo: Xinhua/

    In September 2013, also in Astana, the Chinese President gave a historic speech at Nazarbayev University, where he first outlined his vision for the construction of the “Silk Road Economic Belt” – a key component of the Belt and Road Initiative.

    “We can actively discuss the best ways to improve cross-border transport infrastructure,” Xi said, “and work to build a transport network connecting East, West and South Asia to promote economic development and travel in the region.”

    In the years since, the Chinese leader’s vision has steadily been realized. For example, late last year, the Kyrgyz border city of Jalal-Abad hosted a ceremony to mark the start of construction of the China-Kyrgyzstan-Uzbekistan railway. In a congratulatory message, Xi Jinping called for the railway to become a “new demonstration project” for Belt and Road cooperation.

    The railway will start at the ancient Silk Road junction of Kashgar (Xinjiang Uyghur Autonomous Region, Northwest China), pass into Kyrgyzstan via the Torugart Pass, reach Jalal-Abad and end in Andijan in eastern Uzbekistan.

    According to Kyrgyz President Sadyr Japarov, this railway is not just a transport corridor, but an important strategic bridge connecting the countries of the East and West.

    Cooperation under the Belt and Road Initiative has effectively boosted trade, travel, and exchanges in the region. In 2024, trade between China and Central Asian countries reached a record US$94.8 billion, driven in part by the booming cross-border e-commerce. China is now the region’s top trading partner and a major source of investment.

    In 2014, Tajikistan became the first country to sign a memorandum of understanding with China on the joint development of the Silk Road Economic Belt. Since then, cooperation has yielded tangible results, many of which have been personally supported by Xi Jinping, ranging from the construction of new highways and power plants to new iconic buildings in cities.

    Students learn skills at Lu Ban’s Workshop in Dushanbe, May 31. /Photo: Xinhua/

    Tajikistan is also home to Central Asia’s first “Lu Ban Workshop” – a Chinese vocational education center that has already trained more than 1,500 students in practical skills in engineering, architecture, water management and environmental protection, cultivating talent for the country’s future development.

    During his state visit to Dushanbe in 2024, Xi Jinping told Emomali Rahmon: “I saw a more prosperous Tajikistan.”

    MIL OSI Russia News –

  • MIL-OSI Russia: From Economy to Culture, China and Central Asia’s Multifaceted Partnership Grows Stronger

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BEIJING, June 16 (Xinhua) — Since the first China-Central Asia Summit was held in Xi’an, northwest China’s Shaanxi Province, in May 2023, fruitful results have been achieved in various areas of cooperation between China and Central Asian countries, and a community with a shared future between China and Central Asia has begun to take shape at an accelerated pace.

    TRADE AND ECONOMIC COOPERATION FOR THE SAKE OF COMMON PROSPERITY

    Kazakh flour and biscuits, Kyrgyz honey, Turkmen candies… In the store of Xi’an Aiju Grain and Oilseeds Company, a variety of goods from Central Asia attract the attention of customers.

    “Most of these food products from Central Asia ‘arrived’ here on China-Europe freight trains. These products account for more than 40 percent of our company’s sales,” said Liu Dongmeng, deputy general manager of Aiju.

    Today, the city of Xi’an has long been not only the starting point of the ancient Silk Road, but also one of the busiest transport hubs for modern “steel camel caravans.”

    According to data from the Changba International Dry Port in Xi’an, by the end of 2024, more than 76 thousand standard containers (20-foot equivalent, TEU) were shipped from Xi’an to Central Asia as part of China-Europe international railway freight transportation, which is 47.6 percent more than a year earlier.

    “In 2015, our company began to establish a base for processing agricultural products in Kazakhstan, and began to deliver goods from Central Asia to China using China-Europe trains,” Liu Dongmeng said, adding that after the 1st China-Central Asia Summit, the level of awareness of Central Asian countries among Xi’an residents has increased significantly, which has contributed to the sales of high-quality goods from the Central Asian region.

    According to the General Administration of Customs of the People’s Republic of China, in 2024, trade turnover between China and Central Asian countries amounted to USD 94.8 billion, which is USD 5.4 billion more than the previous year.

    “China is the most important investment and trade partner of the Central Asian countries,” said Sun Weidong, Secretary General of the China-Central Asia format.

    According to him, within the framework of the joint construction of the Belt and Road, China and the Central Asian countries, by strengthening the alignment of their development strategies, carry out comprehensive cooperation based on the principle of mutual benefit, while cooperation in such areas as digital trade and cross-border transportation is developing dynamically.

    As one of the important achievements of the China-Central Asia Summit, Kazakhstan’s logistics center in Xi’an was officially put into operation in February 2024. By the end of May this year, it had already processed more than 180 thousand tons of cargo.

    This center with a total area of about 6.67 hectares and a design capacity of more than 655 thousand standard containers per year significantly increases the efficiency of sending trains from Xi’an to Central Asia. Currently, the center serves as a trade and logistics collection and distribution center for Kazakhstan in China.

    “Thanks to this center, goods from Kazakhstan, after consolidation in Xi’an, can directly go to the Guangxi Zhuang Autonomous Region /South China/, and then end up in the markets of Southeast Asian countries, which has opened an important international trade corridor for Central Asian countries,” said Darkhan Yesengulov, deputy sales manager at China-Kazakhstan (Xi’an) Trade and Logistics Co., Ltd.

    SCIENTIFIC AND TECHNICAL COOPERATION IN THE COURSE OF “GREEN DEVELOPMENT”

    In recent years, as practical cooperation between China and Central Asia deepens, high-level planning for bilateral green and low-carbon cooperation has been improved.

    Following the first China-Central Asia summit, a list of agreements and initiatives was published. Among them is “Carrying out China-Central Asia green and low-carbon development activities to deepen cooperation in green development and combating climate change.”

    The Turgusun hydroelectric power station, which was put into operation in July 2021, is the first key hydropower project implemented under the joint construction of the Belt and Road Initiative between Kazakhstan and China. After its completion, it was able to compensate for half of the electricity deficit in the Altay region of East Kazakhstan, thereby effectively alleviating the power shortage in the region.

    “During the construction of the hydroelectric power station, more than 200 jobs were created for local residents. This hydroelectric power station showed the world that through technical cooperation and exchange of experience, we can achieve mutually beneficial results in the economy, society and ecology,” said Asset Maksut, director of Turgusun-1 and Turgusun-2 LLP.

    The prospects for cooperation between China and Central Asia in the field of electric vehicles are also very broad. Chinese electric vehicle manufacturers operate in Uzbekistan and Tajikistan.

    “Electric cars from China are more popular in Central Asian countries. Alternative energy is a new area of cooperation between China and Central Asian countries,” said Ma Bin, a research fellow at the Center for Russian and Central Asian Studies at Fudan University.

    According to him, China and Central Asian countries jointly advocate the concept of green, low-carbon, circular and sustainable development. These concepts determine the direction of countries’ efforts in the energy and technology sectors, and also lay the foundation for further cooperation.

    Ecologist, board member of the Green Alliance of Kyrgyzstan Anara Sultangazieva believes that in the context of global environmental problems and climate change, countries share a common concept of “green development” in order to mitigate their consequences. “Especially in the area of agricultural development in order to ensure food security in the context of water shortages in Central Asian countries.”

    HUMANITARIAN EXCHANGES FOR SUSTAINABLE DEVELOPMENT

    China and Central Asian countries are actively developing cooperation in tourism, joint archaeological research, educational exchanges, etc., which strengthens the social foundations and popular support base for cooperation.

    China has now become one of the main study destinations for students from Central Asian countries. With its rich educational and scientific resources, Xi’an has become one of the popular cities for students from this region.

    According to the data, the Xi’an government has established a program to train students from five Central Asian countries, and has successfully enrolled 450 students from these countries by 2024.

    “Chinese culture has a deep influence on the Central Asian region, and the unique charm of Central Asian cultures also greatly attracts Chinese people,” said Nurmammedov Dovraniz from Turkmenistan, who is studying archaeology at Northwest University of China.

    According to the young man, mutual cultural attraction is a solid foundation for building a community of shared destiny between China and Central Asia.

    “China’s cooperation with Central Asian countries in all areas is rapidly deepening and developing. The youth of our countries are living in a “golden age”, they have bright prospects and broad opportunities for development,” Sun Weidong noted.

    Vice-Rector for International Relations of the Tajik Technical University named after Academician M. Osimi Rauf Jurakhonzoda noted that in recent years there has been a positive trend in cultural and humanitarian exchanges between China and Tajikistan.

    A striking example of this, according to him, is the launch in Tajikistan of the first “Luban Workshop” in Central Asia, aimed at training engineering personnel for the industrialization and modernization of the country.

    “We plan to introduce new formats of cooperation with Chinese universities. This is not only a contribution to the development of education, but also strengthening the friendship between our peoples,” added R. Jurakhonzoda.

    On June 7, the first China-Central Asia international tourist train returned to Xi’an. The train with more than 200 passengers departed from Xi’an on May 29 for Almaty, Kazakhstan. It left China via the Khorgos railway checkpoint in the Xinjiang Uygur Autonomous Region /Northwest China/.

    Let us recall that in May 2023, China and Kazakhstan signed an intergovernmental agreement on mutual exemption from visa requirements, which officially entered into force in November of the same year. 2024 was the Year of Kazakhstan Tourism in China, and 2025 has been declared the Year of China Tourism in Kazakhstan.

    According to Li Jiang, deputy head of Horgos Customs, the launch of the above-mentioned international tourist train has laid a new foundation for deepening connectivity and promoting people-to-people exchanges between China and Central Asian countries.

    In addition, on June 1, 2025, the Agreement between the Government of the People’s Republic of China and the Government of the Republic of Uzbekistan on mutual exemption from visa requirements entered into force.

    “Undoubtedly, this will contribute to the development of the tourism sector and increase the tourist flow,” said the Minister-Counselor of the Embassy of Uzbekistan in China Saidkamol Agzamkhodjaev, adding that Uzbekistan intends to increase the number of Chinese tourists visiting Uzbekistan annually to 1 million people.

    “As a ‘lubricant’ for the development of China’s relations with Central Asian countries, humanitarian exchanges contribute to their sustainable and healthy development,” Ma Bin emphasized.

    Sun Weidong noted that China’s relations with Central Asian countries will develop to a higher level, and their cooperation will expand to broader areas, which will contribute to the deep and thorough advancement of building a community with a shared future for China and Central Asia.

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: June 2025 issue of “Hong Kong Monthly Digest of Statistics” now available

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) published today (June 16) the June 2025 issue of the “Hong Kong Monthly Digest of Statistics” (HKMDS).
     
         Apart from providing up-to-date statistics, this issue also contains a feature article entitled “The Cultural and Creative Industries in Hong Kong”.
     
    “The Cultural and Creative Industries in Hong Kong”
     
         The cultural and creative industries are among the most dynamic economic sectors in Hong Kong, contributing to both economic growth and job creation. They comprise a set of knowledge-based activities that deploy creativity and intellectual capital as primary inputs and deliver goods and services with cultural, artistic and creative contents. This feature article provides the statistics of the cultural and creative industries in Hong Kong for 2019 to 2023.
     
         For enquiries about this feature article, please contact the Construction and Miscellaneous Services Statistics Section of the C&SD (Tel: 3903 6962; email: asps@censtatd.gov.hk).
     
         Published in bilingual form, the HKMDS is a compact volume of official statistics containing about 130 tables. It collects up-to-date statistical series on various aspects of the social and economic situation of Hong Kong. Topics include population; labour; external trade; National Income and Balance of Payments; prices; business performance; energy; housing and property; government accounts, finance and insurance; and transport, communications and tourism. For selected key statistical items, over 20 charts depicting the annual trend in the past decade and quarterly or monthly trend in the recent two years are also available. Users can download the Digest at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1010002&scode=460).
     
         Enquiries about the contents of the Digest can be directed to the Statistical Information Dissemination Section (1) of the C&SD (Tel: 2582 4738; email: gen-enquiry@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hong Kong’s Gross National Income and external primary income flows for the first quarter of 2025

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released today (June 16) the preliminary statistics on Hong Kong’s Gross National Income (GNI) and related figures for the first quarter of 2025.
     
         Hong Kong’s GNI, which denotes the total income earned by Hong Kong residents from engaging in various economic activities, increased by 6.2% in the first quarter of 2025 over a year earlier to $879.4 billion at current market prices. The Gross Domestic Product (GDP), estimated at $799.7 billion at current market prices in the same quarter, recorded a 4.3% increase over a year earlier. The value of GNI was larger than GDP by $79.7 billion in the first quarter of 2025, which was equivalent to 10.0% of GDP in that quarter, mainly attributable to a net inflow of investment income.
     
         After netting out the effect of price changes over the same period, Hong Kong’s GNI increased by 4.0% in real terms in the first quarter of 2025 over a year earlier. The corresponding GDP in the same quarter increased by 3.1% in real terms.
     
         Hong Kong’s total inflow of primary income, which mainly comprises investment income, estimated at $521.3 billion in the first quarter of 2025 and equivalent to 65.2% of GDP in that quarter, recorded an increase of 5.3% over a year earlier.  Meanwhile, total primary income outflow, estimated at $441.6 billion in the first quarter of 2025 and equivalent to 55.2% of GDP in that quarter, also increased by 1.8% over a year earlier.
     
         As for the major components of investment income inflow, direct investment income (DII) increased by 3.4% over a year earlier, mainly due to the increase in earnings of some prominent local enterprises from their direct investment abroad.  Portfolio investment income (PII) recorded a significant increase of 36.7% over a year earlier, mainly attributable to the increase in dividend income received by resident investors from their holdings of non-resident equity securities and the increase in interest income received by resident investors from their holdings of non-resident debt securities.
     
         Regarding the major components of investment income outflow, DII increased by 4.2% over a year earlier, mainly due to the increase in earnings of some prominent multinational enterprises from their direct investment in Hong Kong. PII increased significantly by 14.0%, mainly attributable to the increase in interest payout to non-resident investors from their holdings of resident debt securities.
     
         Analysed by country/territory, the mainland of China continued to be the largest source of Hong Kong’s total primary income inflow in the first quarter of 2025, accounting for 42.4%. This was followed by the British Virgin Islands (BVI), with a share of 16.7%. Regarding total primary income outflow, the mainland of China and the BVI remained the most important destinations in the first quarter of 2025, accounting for 29.9% and 21.3% respectively.
     
    Further Information
     
         GDP and GNI are closely related indicators for measuring economic performance. GDP is a measure of the total value of production of all resident producing units of an economy. GNI denotes the total income earned by residents of an economy from engaging in various economic activities, irrespective of whether the economic activities are carried out within the economic territory of the economy or outside.
     
         Figures of GNI and primary income flows analysed by income component from the second quarter of 2023 to the first quarter of 2025 are presented in Table A, while selected major country/territory breakdowns of primary income inflow and outflow for the same quarters are presented in Tables B(1) and B(2) respectively.
     
         Statistics on GDP and GNI from 2023 onwards and primary income flows from 2024 onwards are subject to revision when more data are incorporated.
     
         More detailed statistics are given in the report “Gross National Income and External Primary Income Flows, First Quarter 2025”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1040005&scode=250).
     
         For enquiries about GNI and related statistics, please contact the Balance of Payments Branch (2) of the C&SD (Tel: 3903 7054 or email: gni@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Volume and price statistics of external merchandise trade in April 2025

    Source: Hong Kong Government special administrative region

    Volume and price statistics of external merchandise trade in April 2025 
         In April 2025, the volume of Hong Kong’s total exports of goods and imports of goods increased by 12.3% and 13.4% respectively over April 2024.
     
         Comparing the first four months of 2025 with the same period in 2024, the volume of Hong Kong’s total exports of goods and imports of goods increased by 9.6% and 8.9% respectively.
     
         Comparing the three-month period ending April 2025 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods and imports of goods increased by 10.4% and 10.3% respectively.
     
         Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
     
         Comparing April 2025 with April 2024, the prices of total exports of goods and imports of goods increased by 2.2% and 2.1% respectively.
     
         As regards price changes in the first four months of 2025 over the same period in 2024, the prices of total exports of goods and imports of goods both increased by 2.0%.
     
         Price changes in external merchandise trade are reflected by changes in unit value indices of external merchandise trade, which are compiled based on average unit values or, for certain commodities, specific price data.
     
         The terms of trade index is derived from the ratio of price index of total exports of goods to that of imports of goods. Compared with the same periods in 2024, the index increased by 0.1% in April 2025, whereas it remained virtually unchanged in the first four months of 2025.
     
         Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
     
         Comparing April 2025 with April 2024, increases were recorded for the total export volume to all main destinations: Vietnam (45.3%), India (23.2%), the mainland of China (the Mainland) (20.2%), Taiwan (18.2%) and the USA (0.3%).
     
         Over the same period of comparison, the total export prices to Taiwan (4.8%), the Mainland (2.3%), Vietnam (2.0%) and the USA (0.9%) increased. On the other hand, the total export prices to India decreased by 1.2%.
     
         Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
     
         Comparing April 2025 with April 2024, increases were recorded for the import volume from Vietnam (93.6%), Taiwan (41.8%), the Mainland (14.5%) and Singapore (5.0%). On the other hand, the import volume from Korea decreased by 25.8%.
     
         Over the same period of comparison, the import prices from all main suppliers increased: Korea (5.3%), Taiwan (5.2%), Singapore (2.4%), Vietnam (0.7%) and the Mainland (0.6%).
     
    Further information
     
         Details of the above statistics are published in the April 2025 issue of “Hong Kong Merchandise Trade Index Numbers”. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230 
         Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918).
    Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Rosanna Law to visit Shanghai

    Source: Hong Kong Information Services

    Secretary for Culture, Sports & Tourism Rosanna Law will depart for Shanghai tomorrow to officiate at the opening ceremony and dinner of WestK Shanghai Week 2025, at the invitation of the West Kowloon Cultural District Authority. 

    Miss Law will also visit tourism and cultural facilities as well as meet relevant officials before returning to Hong Kong on Wednesday.

    During her absence, Under Secretary for Culture, Sports & Tourism Raistlin Lau will be Acting Secretary.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Lufthansa Group Airlines optimize the travel experience through digital functions

    Source: Lufthansa Group

    Just in time for the summer, Lufthansa Group Airlines has further optimized the travel experience for its passengers with additional digital functions. The Lufthansa Group app, which has been named the best airline app worldwide, serves as a digital companion throughout the entire journey, from booking to arrival and beyond.

     “We are there for our customers and provide them with an all-round service throughout their flight – supported by digital functions. For example, our guests can now plan their trip even more easily and flexibly and count on comprehensive support in the event of last-minute changes,” emphasizes Dieter Vranckx, Chief Commercial Officer of the Lufthansa Group. “I particularly recommend that our passengers create a Travel ID profile. This offers them many advantages and helps to make their journey even more comfortable. With the new digital services, we offer them an optimized travel experience and support them at every stage of their journey.”

     

    The digital innovations at a glance:

    Lufthansa Group app receives further functions

    The Lufthansa Group app now includes even more functions that increase the travel comfort of all passengers. Lufthansa Group customers can now enjoy new, innovative tools, especially when preparing for their trip, starting with a significantly faster flight search and a smoother booking experience.

    In this context, customers are recommended to install the Lufthansa Group Airlines app and create a Travel ID profile. The Travel ID helps to make travel easier: among other things, it is possible to integrate travel documents and save personal data for future and past bookings. Further services will follow gradually. In addition, the Travel ID provides travelers with personalized information and suggested solutions should their original travel plans change unexpectedly. More than 15 million customers have already created a digital profile.

    To make traveling to the USA even more relaxed, the ESTA travel authorization is now already checked during online check-in – and the app’s passport scan has also been further improved. In addition, the passport is simply and conveniently loaded into the app during check-in. This data is also checked in the process. The website also offers a new service with information on entry guidelines and passport or visa requirements for international travel, stored in the Travel ID.

    Status, Business and First Class guests can use the app to quickly and conveniently find their preferred Lufthansa Group lounge nearby – whether in Frankfurt, New York, or Rio de Janeiro. In addition, digital menu cards and e-journals are available to travelers before the flight. Finally, the booking confirmation has also been revised and now appears in a new look.

     

    If something changes

    With the introduction of innovative self-service options, travelers can now adjust their plans more easily and flexibly. Guests whose travel plans have changed can easily and conveniently rebook themselves (in accordance with the fare conditions) on the familiar digital channels such as the Lufthansa Group app – even if they have an existing seat reservation. Passengers who have booked a seat in the new Allegris First and Business Class cabins will automatically receive a refund of the reservation fee in the event of an aircraft change if the selected seat category is no longer available.

    Also practical and available as a service in the app since March: Passengers can cancel the ticket for a single person from a booking for several people and have the individual booking refunded in accordance with the fare conditions. The website also offers a new service with information on entry regulations and passport or visa requirements for international travel. In addition, sports baggage and pets in the cabin can now also be booked quickly and conveniently online.

     

    In the event of flight irregularities and delayed baggage

    Passengers whose seat reservation cannot be maintained due to a change of aircraft will be actively rebooked to a new seat and informed of the seat change. Customers can then change their seat online. From the summer, passengers who have to spend a night in a hotel due to a flight irregularity will also automatically receive a taxi voucher by email or in the app.

    In addition, travelers with an AirTag can now use AirTag Location to securely share the location of their baggage with the baggage tracing system via the familiar digital channels, thereby speeding up delivery in the event of baggage delays. This expands the baggage status information options already available to Lufthansa Group guests in the airline apps.

    If passengers wish to submit suggestions or a compensation claim, Lufthansa Group Airlines is now offering new and improved online forms that automatically check the entries for any discrepancies and thus enable faster processing.

     

    Help Center advises travelers with service requests

    The Help Center, which via the mark symbol can be accessed on the Lufthansa Group websites and airline apps, provides travelers with targeted advice on their service requests and now offers holistic, individualized solutions with the help of artificial intelligence. Passengers with urgent requests, such as a flight within the next eight hours, are given priority support in the personal Service Center. The AI chat assistant, which can resolve many service requests, is available in German, English, Italian, French and Spanish.

    MIL OSI Economics –

  • MIL-Evening Report: Israelis ‘now realise’ what Palestinians and Lebanese have been suffering, says analyst

    Asia Pacific Report

    A Paris-based military and political analyst, Elijah Magnier, says he believes the hostilities between Israel and Iran will only get worse, but that Israeli support for the war may wane if the destruction continues.

    “I think it’s going to continue escalating because we are just in the first days of the war that Israel declared on Iran,” he told Al Jazeera in an interview.

    “And also the Israeli officials, the prime minister and the army, have all warned Israeli society that this war is going to be heavy and . . .  the price is going to be extremely high.

    “But the society that stands behind [Prime Minister] Benjamin Netanyahu and supports the war on Iran did not expect this level of destruction because, since 1973, Israel has not waged a war on a country and never been attacked on this scale, right in the heart of Tel Aviv,” Magnier said.

    “So now they are realising what the Palestinians have been suffering, what the Lebanese have been suffering, and they see the destruction in front of them — buildings in Tel Aviv, in Haifa destroyed, fire everywhere.

    “The properties no longer exist. Eight people killed, 250 wounded in one day.

    “That’s unheard of since a very long time in Israel. So, all that is not something that the Israeli society has been ready for,” added Magnier, veteran war correspondent and political analyst with more than 35 years of experience covering decades of war in the Middle East and North Africa.

    Peters criticised over ‘craven’ statement
    Meanwhile, in Auckland, the Palestine Solidarity Network Aotearoa (PSNA) criticised New Zealand Foreign Minister Winston Peters for “refusing to condemn Israel for its egregious war crimes of industrial-scale killing and mass starvation of civilians in Gaza”.

    It also said that Peters had “outdone himself with the most craven of tweets on Israel’s massive attack on Iran”.


    Iran missiles strikes on Israel for third day in retaliation to the surprise attack. Video: Al Jazeera

    Co-chair Maher Nazzal said in a statement that minister Peters had said he was “gravely concerned by the escalation in tensions between Israel and Iran” and that “all actors” must “prioritise de-escalation”.

    But there was no mention of Israel as the aggressor and no condemnation of Israel’s attack launched in the middle of negotiations between Iran and the US on Iran’s nuclear programme, said Maher.

    “It’s Mr Peters’ most obsequious tweet yet which leaves a cloud of shame hanging over the country.

    “Appeasement of this rogue state, as our government and other Western countries have done over 20 months, have led Israel to believe it can attack any country it likes with absolute impunity.”

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Africa: Prime Minister and Minister of Foreign Affairs Receives Phone Call from UAE Deputy Prime Minister and Minister of Foreign Affairs

    Source: Government of Qatar

    Doha, June 15, 2025

    HE Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani received a phone call from HH Deputy Prime Minister and Minister of Foreign Affairs of the United Arab Emirates Sheikh Abdullah bin Zayed Al Nahyan.

    During the call, they discussed cooperation relations between the two countries and ways to support and strengthen them, in addition to the latest developments in the region, particularly the Israeli attack on the territory of the sisterly Islamic Republic of Iran.

    In this context, HE the Prime Minister and Minister of Foreign Affairs reiterated the State of Qatar’s strong condemnation and denunciation of the Israeli attack on Iranian territory, considering it a flagrant violation of Iran’s sovereignty and security, and a clear breach of the rules and principles of international law.

    His Excellency also stressed the need for concerted regional and international efforts to de-escalate tensions and resolve disputes through diplomatic means, while affirming that the State of Qatar is making strenuous efforts, along with its partners, for all parties to return to the path of dialogue to address outstanding issues and consolidate security and peace in the region and the world.

    MIL OSI Africa –

  • MIL-OSI Africa: Prime Minister and Minister of Foreign Affairs Receives Phone Call from UK Foreign Secretary

    Source: Government of Qatar

    Doha, June 15, 2025

    HE Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani received a phone call from HE Foreign Secretary of the United Kingdom (UK) David Lammy.

    During the call, the two sides discussed cooperation relations and ways to support and strengthen them, as well as the latest developments in the region, particularly the Israeli attack on the territory of the sisterly Islamic Republic of Iran.

    In this context, HE Prime Minister and Minister of Foreign Affairs expressed the State of Qatar’s condemnation of the repeated Israeli violations and aggressions in the region that undermine efforts to achieve peace and threaten to drag the region into a regional war.

    His Excellency additionally stressed the need for regional and international efforts to de-escalate tensions and resolve disputes through diplomatic means, affirming that the State of Qatar is making strenuous efforts, along with its partners, for all parties to return to the path of dialogue to address outstanding issues and consolidate security and peace in the region and the world. 

    MIL OSI Africa –

  • MIL-OSI Africa: Prime Minister, Minister of Foreign Affairs Receive Phone Call from Spanish Foreign Minister

    Source: Government of Qatar

    Doha, June 15, 2025

    HE Prime Minister and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani received Sunday a phone call from HE Minister of Foreign Affairs, European Union and Cooperation of the Kingdom of Spain, Jose Manuel Albares.

    During the call, they discussed bilateral cooperation relations and ways to further support and enhance them. They also reviewed the latest developments in the region, particularly the Israeli attack on the sisterly Islamic Republic of Iran.

    In this context, HE the Prime Minister and Minister of Foreign Affairs reiterated the State of Qatar’s strong condemnation of the repeated Israeli violations and attacks in the region, stressing that such actions undermine efforts to achieve peace and risk dragging the region into a wider conflict.

    His Excellency emphasized the urgent need for joint regional and international efforts to de-escalate tensions and resolve disputes through diplomatic channels. He affirmed that the State of Qatar continues to exert intensive efforts, in coordination with its partners, to restore dialogue among all parties, address outstanding issues, and promote security and peace in the region and the world.

    MIL OSI Africa –