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Category: Economy

  • MIL-OSI: Information on unaudited Financial statements for the twelve month period as at 31st of December of 2024

    Source: GlobeNewswire (MIL-OSI)

    Urbo Bankas, a Lithuanian capital bank, generated a net profit of EUR 7.4 million in 2024. The Bank’s loan portfolio grew by 30.6% to EUR 414.5 million last year, while the Bank’s assets at the end of the year stood at EUR 634.8 million, or 15.8% more than a year earlier (EUR 548.1 million). 

    “2024 was a good year for the Lithuanian economy. At a time when even the major European countries such as Germany and France were struggling, our economy has adapted and demonstrated both impressive GDP growth (compared, again, to the European Union) and high consumer expectations, which are also contributing significantly to the positive economic trends. It has been a good year for our bank as well – we have maintained consistent, sustainable growth and improved our performance in all key categories of banking activity, from the number of loans issued or the deposit portfolio to the bank’s assets and shareholders’ equity,” says Marius Arlauskas, Head of Administration of Urbo Bankas.

    In addition to the aforementioned almost one-third increase in the loan portfolio, the deposits held with Urbo Bankas reached EUR 543.9 million at the end of December last year, up EUR 76.4 million year-on-year. The Bank’s net interest income increased by a tenth, or EUR 2.1 million, to EUR 22.9 million. The annual net profit for 2024 of EUR 7.4 million was EUR 857 thousand lower than in 2023, which, according to Mr. Arlauskas, was due to lower commission income and investments in the bank’s developments.

    “In 2024, the bank entered a new phase of its development – we changed the long-standing name of Medicinos Bankas and became Urbo, we renewed our visual identity, and we moved our headquarters, which had been located on Pamėnkalnio Street in Vilnius, to the central business district of Vilnius, Konstitucijos Avenue, and settled down in Artery, a modern and sustainable business centre,” shares the Head of Administration of the Bank.

    In the last quarter of last year, net service fee and commission income of Urbo Bankas decreased by 29.9% (EUR 1.5 million) to EUR 3.5 million compared to the last quarter of 2023, mainly due to a 70.2% (EUR 0.8 million) decrease in payment collection income and an 88.2% (EUR 0.4 million) decrease in brokerage income. The net result from foreign currency operations decreased by 26.5% (EUR 0.9 million) to EUR 2.4 million in the reference period.

    “Looking at economic trends, there is little doubt that this year will be better than the last one: there is no threat of new spikes in inflation, GDP should grow by at least 3%, and wage growth, although not reaching a tenth, should remain high. It is expected that the Euribor base rate may be lowered to 2% this year, all of which will increase both the demand for Lithuanian exported goods and services and domestic consumption,” says Mr. Arlauskas, adding that the positive economic trends will also have a positive impact on the bank’s long-term performance.

    The shareholders’ equity of Urbo Bankas was EUR 64.3 million on the last day of the previous year and has increased by 13.3% during the year since 31 December 2023, when it was EUR 56.7 million. At the end of 2024, customer service network of Urbo Bankas consisted of 25 territorial branches with 280 employees.

    For more information please contact: Julius Ivaška, Head of Business Division, tel. +370 601 04 453, e-mail media@urbo.lt

    Attachment

    • Unaudited Financial Statements 2024-12-31

    The MIL Network –

    February 24, 2025
  • MIL-OSI: Societe Generale: Appointment within the Societe Generale Group

    Source: GlobeNewswire (MIL-OSI)

    APPOINTMENT WITHIN THE SOCIETE GENERALE GROUP

    Press release

    Paris, 24 February 2025

    Societe Generale announces the appointment of Lubomira Rochet as Executive Vice President in charge of Retail Banking activities in France, Private Banking and Insurance, as well as the Group’s Chief Operating Office (technology, procurement and real estate). She will join the Bank in April 2025. Lubomira will also become a member of the Group Executive Committee.

    Lubomira Rochet’s mission will be to assist Slawomir Krupa, Chief Executive Officer of Societe Generale, in overseeing Retail Banking activities in France (both SG retail network and BoursoBank), Private Banking and Insurance, as well as the activities of the Group’s Chief Operating Office (including technology, procurement and real estate).

    Lubomira Rochet is an accomplished leader with proven expertise in business transformation, digital businesses and in all aspects of customer relations, particularly for retail activities. She has held high-level responsibilities in these areas on a global scale with a compelling track record. Her technical skills, extensive experience, strategic vision and leadership will be key assets in advancing the development and transformation of the Group and our retail activities in France. She will contribute to enhancing our performance in terms of customer experience and satisfaction, business growth and operational efficiency to support our teams on the ground.

    Slawomir Krupa, Chief Executive Officer, comments: “I am pleased to announce the appointment of Lubomira Rochet to the Group Executive Committee. She will assist me in overseeing Retail Banking activities in France and will also bring her extensive expertise to our projects for the further growth of our retail banking activities and the technological transformation of the Group. Her talent and creativity will further enhance the blend of different skills and wide-ranging experiences within the Group’s leadership team. I wish her every success in her new role.”

    Biography 
    Lubomira Rochet has held strategic positions throughout her career in the technology, digital, and retail sectors. From 2003 to 2007, she was responsible for strategy at Sogeti (Capgemini), before leading innovation and startups in France for Microsoft from 2008 to 2010. In 2010, she joined the digital marketing agency Valtech and became the Managing Director of this agency in 2012. From 2014 to 2021, she drove the digital transformation of L’Oréal as Chief Digital Officer and was a member of the Executive Committee. Since 2021, she has been a Partner at JAB Holding Company LLC. Lubomira also served as an independent Director on the Board of Directors of Societe Generale from 2017 to 2024. An economist by training, Lubomira Rochet is a graduate of the École Normale Supérieure de Paris-Saclay, Sciences Po Paris, and the College of Europe in Bruges.

    Press contact:  
    Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com

    Societe Generale

    Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    Attachment

    • 20250224-press-release-societe-generale-group-appointment

    The MIL Network –

    February 24, 2025
  • MIL-OSI Australia: Protecting critical minerals R&D for future success

    Source: Allens Insights

    An opportunity for Australian businesses to lead the global energy transition 5 min read

    The Australian federal and state governments are committed to growing Australia’s critical minerals sector, as discussed in our latest Insight. If suitably developed and executed, there is an opportunity to place Australia at the forefront of the global clean energy transition. However, along with this new horizon comes an intricate web of IP considerations, particularly in the mid-stream processing space.

    This Insight examines IP opportunities to secure, or IP roadblocks that may need to be traversed, to protect Australia’s investment in the critical minerals sector.

    Key takeaways

    • The Australian critical minerals market has seen an influx of investment and there is an exciting opportunity to develop a local mid-stream processing industry.
    • However, domestic IP registrations for technology developments in this area have not seen a corresponding growth.
    • By leveraging Australia’s strong research and development (R&D) activity and implementing robust IP policy, including proactively monitoring IP risks and protecting IP rights, Australian businesses can cultivate a competitive edge and place Australia at the front of the global clean energy transition.

    Opportunities for mid-stream processing

    As identified in Australia’s Critical Minerals Strategy 2023-30, there is a geostrategic and economic opportunity for Australia to become a ‘globally significant producer of […] processed critical minerals’. This would require the Australian resources sector to branch out from predominantly acting as an upstream discovery and raw mineral extractor, and develop new onshore processing and manufacturing projects (which traditionally have been conducted overseas).

    This opportunity has been explored in a recent CSIRO Report, which acknowledges that greater R&D focus is required for processes further down the supply chain. This shift in focus from Australia’s traditional upstream mining involvement will require a number of challenges to be overcome, including navigating (and potentially gaining access to) third-party IP, strong cost competition, significant capital and financial investment, as well as ESG considerations. We take a further look at navigating the IP landscape below.

    The IP landscape

    A key to protecting Australia’s advancements in the critical minerals supply chain, including mid-stream processing, is to secure domestic IP rights. This would promote a long-term strategy of national collaboration and reduce the reliance on foreign IP and processing facilities.

    However, as seen in the following chart, despite Australia’s increased investment into the critical minerals space, Australia’s global share of critical minerals IP has not seen a corresponding growth in recent years. In contrast, Chinese entities continue to be world leaders in securing IP rights in the critical mineral space, as they’ve done in other sensitive geopolitical areas of technology. By way of example, Huawei has navigated sanctions in overseas jurisdictions by licensing its IP to companies implementing new 5G/6G infrastructure. This has significantly boosted Huawei’s revenue and demonstrated the value of protecting its R&D investment with registered IP.

    As previously reported here, innovation in the critical minerals space can be protected through patent protection, or as confidential information or trade secrets. Although it may be appropriate in certain situations to rely on confidential information and trade secrets to protect R&D, such a strategy is not without risk, eg if there is a data breach or leak. Patent protection can provide 20 years of exclusive rights to new innovations, and proactive IP strategies can provide significant commercial advantages by building company assets and thickets that protect technological advancements and keep competitors at bay. At the same time, navigating third-party IP will help avoid roadblocks and risks to major projects. Hence, industry players who implement clear and comprehensive IP strategies to ensure they are managing these IP risks and opportunities appropriately can obtain a strong market advantage.

    International collaboration

    Growing domestic R&D and IP will be crucial to Australia’s success in developing its critical minerals industry. However, international collaboration is another way for Australia to leverage opportunities to move into and build its mid-to-downstream processing capability. Entities in several foreign countries hold relevant patents and are seeking attractive jurisdictions to set up processing plants. As such, domestic companies may be able to partner with these companies to license IP or establish joint ventures to deploy domestic operations. Any joint venture may in turn result in the development of new IP, which should be protected with forward-thinking IP strategies and policies.

    Next steps

    Australia’s success in building its critical minerals industry will benefit from a two-pronged approach consisting of R&D activity and international engagement to develop and support the deployment of advanced technologies—leveraging IP effectively is a critical element in every aspect of this approach. Implementing appropriate IP policies now, to manage IP risks and secure IP opportunities in new projects, will help secure Australia’s critical minerals position for future success.

    MIL OSI News –

    February 24, 2025
  • MIL-OSI: Globe Telecom, Nokia collaborate on network APIs to provide banks with enhanced security #MWC25

    Source: GlobeNewswire (MIL-OSI)

    Press release
    Globe Telecom, Nokia collaborate on network APIs to provide banks with enhanced security #MWC25

    • Globe tests Nokia’s Network Exposure Platform (NEP) to enhance security in financial services.

    24 February 2025
    Espoo, Finland – Globe Telecom, one of the largest telecommunications operators in the Philippines with over 60 million subscribers, today announced that it is collaborating with Nokia to provide banks and other enterprises with enhanced security through the utilization of network Application Programming Interfaces (APIs).

    Globe Telecom, which already uses a host of other Nokia solutions including 5G RAN, is testing Nokia’s Network Exposure Platform in expanding and simplifying the number of APIs available to the operator and its enterprise partners to enable the creation of security-focused applications. APIs provide access to deep functionality and data within networks, allowing application developers to utilize those network capabilities to build new use cases for their customers.

    “With cyberattacks on banking services accelerating, it is crucial that we make available the latest network-powered technologies to our enterprise customers and help them safeguard against fraud. We are now at the stage of testing how Nokia’s NEP can support our customers in the banking and enterprise sectors with security verification tools to prevent fraudulent transactions,” said Joel Agustin, Globe’s Head of Service Planning and Engineering.

    Nokia Network Exposure Platform (NEP) is an implementation of the GSMA Operator Platform, a standard for a common platform exposing operator capabilities to developers. Globe Telecom and Nokia contribute to GSMA Open Gateway and Linux Foundation CAMARA, both of which are leading the way to harmonize the efforts of operators around the world through the development of standards-based APIs. 

    Nokia NEP complements and integrates with Nokia’s Network as Code platform with developer portal, which aligns with the GSMA Open Gateway aggregator concept and provides a cloud-based platform to connect and monetize service provider networks with application developers.
    Since launching the Network as Code platform in September 2023, Nokia’s ecosystem of Network as Code platform partners has grown to 48 currently and includes BT, Orange, StarHub, Telefonica, and Telecom Argentina. Nokia’s commitment to API monetization extends beyond network-side aggregation and includes hyperscalers like Google Cloud; Communications Platform as a Service (CPaaS) platform providers such as Infobip; large system integrators such as Global Logic; vertical independent software vendors like Elmo; and the world’s largest public API hub through Nokia’s recent acquisition of Rapid.

    “We are very pleased to work with Globe Telecom, along with our growing developer community, in the building of new applications that strengthen security for financial service providers in the Philippines. Nokia NEP will help Globe Telecom organize, control, and secure the way its network is integrated into developer ecosystems and platforms, ensuring choice, flexibility, and security in creating new application use cases,” said Shkumbin Hamiti, Head of Network Monetization Platform, Cloud and Network Services at Nokia.

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

    February 24, 2025
  • MIL-OSI New Zealand: Lifestyle – New Zealand MPs Set to Get ‘Fit For Office’ in National Exercise Challenge

    Source: Exercise NZ

    Members of Parliament (MPs) from across the political spectrum in Aotearoa are preparing to lace up their sneakers and lead by example as part of the Fit For Office (F4O) Challenge, launching on March 5, 2025, at 8:15 AM on the Parliamentary Steps. Supported by Exercise New Zealand (ExerciseNZ), this three-week initiative aims to promote the importance of regular physical activity while adding a fun, competitive edge among MPs.

    With fitness trackers strapped on, participating MPs will engage in daily movement and track their physical activity, showcasing the benefits of exercise not just for the public but for those in leadership positions. The event launch will be officiated by ExerciseNZ, which will kick off the challenge by distributing Myzone heart rate monitors to MPs ready to begin their activity journey.

    ExerciseNZ CEO Richard Beddie emphasises the significance of this initiative:

    “Fit For Office is about showing that no matter how busy your schedule, there’s always time to prioritise your health. Our MPs are leaders in many ways, and by actively engaging in this challenge, they are setting an example for all New Zealanders to incorporate movement into their daily routines.”

    Scientific research continues to highlight the significant mental and physical benefits of regular exercise. Just 15 minutes of movement per day can lead to:

    • 4% improvement in overall fitness
    • 12% increase in energy levels
    • 8% better sleep quality.

    Over the longer term, regularly meeting WHO guidelines of 150 minutes of physical activity per week brings even more significant benefits—including adding 10-15 years to life expectancy, lowering all-cause mortality by up to 20%, and reducing the risk of multiple conditions – everything from cancer to dementia.

    A global report on the economic and health costs of physical inactivity by Deloitte found the NZ economy loses over 2.3 billion dollars annually due to inactivity, of which 650 million is by way of increased taxpayer funded healthcare costs.

    This challenge encourages all forms of physical activity, from simple tasks like walking and gardening to high-intensity workouts, ensuring MPs can participate regardless of their current fitness levels.

    Using Myzone wearable technology, MPs will track their movement and engage in friendly competition via a private leaderboard, with the ultimate goal of achieving 1,000 Myzone Effort Points (MEPs) in three weeks, aligning with World Health Organization recommendations for physical activity.

    The initiative also focuses on practical ways to increase movement, including:

    • Group Activities – Exercising with colleagues, family, or friends for motivation.
    • Incidental Exercise – Walking, cycling, or taking the stairs instead of the elevator.
    • Goal Setting – Encouraging MPs to set personal movement goals and track their progress.

    The launch event will be open to the media, providing an opportunity to capture MPs embracing healthier lifestyles. MPs will also be encouraged to share their journeys on social media throughout the challenge.

    MIL OSI New Zealand News –

    February 24, 2025
  • MIL-OSI: A Bold Experiment: Red Notice Coin (RNC) Drops a Game-Changer in the Crypto World

    Source: GlobeNewswire (MIL-OSI)

    LA PAZ, MEXICO, Feb. 24, 2025 (GLOBE NEWSWIRE) — Red Notice Coin (RNC) just dropped a groundbreaking initiative, using blockchain tech to shake up the global law enforcement scene. This ain’t your average crypto move; it’s a whole new vibe in the industry, setting a fresh precedent for what’s possible.

    RNC is bringing the heat with a unique digital ecosystem, introducing a brand-new asset class: RWCA. Taking cues from Interpol’s Red Notice list, they’re putting 6,700 high-profile international individuals on the blockchain. This is next-level crypto blending innovation with some serious thought-provoking vibes.

    A Social Experiment Meets Blockchain Frontier

    Interpol’s Red Notice list has been the go-to for global law enforcement for decades, spotting everyone from financial hustlers to international heavyweights. But RNC ain’t just another crypto project – it’s a social experiment, a fresh brand, and a deep dive into how justice, digital ownership, and blockchain collide. It’s like, “What if we took the system and flipped it on its head?” RNC ain’t here to judge who’s on the list, it’s about asking the big questions:

    • Can digital assets challenge real-world legal frameworks?
    • Is the global legal system playing fair, or is it getting swayed by outside noise?
    • Should blockchain just chill and stay neutral, or can it rewrite the whole story?

    You know the deal – crypto OGs like Ross Ulbricht (Silk Road), Roger Ver (Bitcoin Cash), and Richard Heart (HEX, PulseChain, PulseX) have been in the hot seat, challenging the status quo in the digital world. RNC’s not picking sides; it’s just putting publicly available info out there on tokens to get people talking about justice, transparency, and how blockchain keeps it real forever.

    Crypto’s all about decentralization and doing your own thing, right? Well, RNC’s flipping the script by locking high-profile names on a ledger that can’t be messed with. It’s like, “Here’s the tea, and it’s staying put.”

    The project’s slick, eye-catching website is a total vibe – complete with their own original rap music video that slaps and a daring, edge-pushing search engine that lets you track Interpol’s Most Wanted in real time like some next-level spy thriller.

    Some folks might see RNC as the next big thing in blockchain storytelling, while others might think it’s stirring the pot. But RNC’s just chilling in the middle, giving you a new lens to look at legal history and chew on it. This project ain’t here to change the system – it’s about shining a light on the legal, ethical, and moral dilemmas and letting the public analyze and interpret independently.

    The Red Notice Coin & NFT Ecosystem: The Lowdown

    • Token Symbol: RNC
    • Total Supply: 670,000,000,000 RNC
    • Blockchain Networks: Ethereum & Arbitrum
    • Launch Strategy: Dropping straight on Uniswap and hitting the major crypto trackers. No waiting around.
    • New NFT Asset Class: We’re talking 6,700 one-of-a-kind NFTs, each a digital avatar based on real-deal individuals. These bad boys are tradeable and hooked up to a merch system where NFT owners get 50% of the sales when their avatar’s gear sells. Cha-ching!

    A Social and Financial Revolution

    RNC’s pushing blockchain into new territory by linking up with:

    • Indie news outlets that ain’t afraid to call out the legal system’s BS.
    • A Red Notice digital show that’s gonna dissect how law, ethics, and crypto collide.
    • A Play-to-Earn game where you can dive into the whole ecosystem and maybe make some cash while you’re at it.

    Get Involved Before It Blows Up

    Don’t sleep on this – get in on the Red Notice Coin presale before it hits the street. This ain’t just about stacking coins; it’s your ticket to one of the most mind-bending blockchain experiments of the decade. Want the deets? Hit ’em up at +526122341159 or swing by their spot at 118 Calle Marina Central, 23097 La Paz, Baja California Sur, Mexico. Let’s make moves!

    Social Links

    https://linktr.ee/RedNoticeCoin

    Press Contact

    Brand: Red Notice LLC

    Contact: Alex Harrington

    Email: pr@rednotice.run

    Website: https://rednotice.run

    The MIL Network –

    February 24, 2025
  • MIL-OSI Global: Friedrich Merz has won Germany’s election. But as the far right soars, forming a government may be difficult

    Source: The Conversation – Global Perspectives – By Matt Fitzpatrick, Professor in International History, Flinders University

    Friedrich Merz’s centre-right Christian Democratic Union (CDU) has captured the highest proportion of votes in Germany’s election on Sunday. The celebrations could be short-lived, though, as the task of forming a government now looms.

    As it stands, Germany’s public broadcaster has projected Merz’s CDU and its Christian Social Union (CSU) counterpart in Bavaria to win 208 seats in the Bundestag (28.5%). The ousted Social Democratic Party (SPD) has been reduced to 121 seats (16.5%), while the far-right Alternative for Germany (AfD) party achieved its biggest-ever result of 151 seats (20.7%).

    Other minor parties have failed to meet the 5% threshold in the proportional German parliamentary system, limiting the possible options for a government to take shape.

    Merz’s party did lift its vote share compared to its record low in 2021. And German voters have given him the opportunity to attempt forming a governing coalition.

    However, his electoral strategy may have made it harder to solve a number of problems, many of them of his own making. Here are four key things his victory has failed to do, which could make governing in Germany more difficult.

    1. Stem the number of voters to the far right

    With the German economy in the doldrums, Merz would have easily won on the question of economic management alone. Strangely, however, his electoral strategy mimicked the anti-migrant rhetoric of the far-right AfD.

    By noisily electioneering on the policy of stemming the flow of migrants and insisting at every opportunity that migrants (particularly those from the Middle East) were a threat to the German way of life, Merz has given legitimacy to what had been fringe policies.

    Yet, the election results show that the Germans who were motivated to vote for an anti-migrant party went for the most virulent version (the AfD) – particularly in the old East Germany – and not Merz’s centre-right imitation.

    Instead of stealing votes from the AfD, Merz has substantially contributed to the record showing of the far-right party by making immigration – and radical approaches to it – a central issue.

    The smiles on the face of the AfD leadership after the election tell the story. The party may not be in government, but its policies will in all likelihood be pursued by a Merz government.

    2. Exclude the left from German politics

    The day before the election, Merz railed against “green and left crazies” and insisted “there is no longer left politics in Germany”.

    The SPD vote did sink dramatically off the back of Chancellor Olaf Scholz’s ineffectual and lacklustre term in office. But the left-wing Die Linke party (The Left) rode the wave of anti-AfD and anti-Merz sentiment to return from the wilderness with its best election showing in almost a decade.

    In particular, a rousing speech by Die Linke leader Heidi Reichinneck helped lift the mood on the left in response to Merz’s anti-migrant stance. Die Linke is back in the Bundestag, at least for another term.

    3. Create a governing coalition

    Merz has spent the past few weeks breaking taboos by working with the German far right and roundly abusing his opponents using the kind of intemperate language rarely seen in German politics. Now, he is faced with building a governing coalition.

    He has painted himself into a corner. He has called the Greens party and Die Linke “crazies”. And his closest ideological ally, the Free Democrats (FDP), appear to have failed to reach the 5% hurdle to enter parliament after voters punished the party for effectively blowing up the last coalition government.

    So shockingly poor was the FDP’s result, its leader, Christian Lindner, has offered his resignation.

    Previously, a “grand coalition” between the CDU and SPD has been able to form a stable government. This was especially so under former-Chancellor Angela Merkel, the longtime CDU leader.

    The centre-left SPD vote might just be large enough to form a coalition government with Merz’s CDU. Whether the SPD would do so after being shocked in the past few weeks by Merz’s dalliances with the far right remains an open question.

    Scholz, the SPD leader, has categorically ruled out serving in a Merz cabinet. Whether he might resign to make way for a grand coalition remains to be seen, should one prove mathematically possible.

    That leaves only the far-right AfD – the only other party potentially large enough to allow Merz to form a two-party coalition government. Merz has ruled out a CDU-AfD coalition as a threat to German democracy.

    Merz will either have to radically revise his attitudes towards the parties to his left or break his word not to allow the far right into government. If he did the latter, he may very well become Germany’s 21st century Franz von Papen, the Weimar Republic-era leader widely viewed as having helped usher the Nazis to power in the 1930s.

    4. Exorcise the ghost of Angela Merkel

    Merz’s career has been marked by his inability to overcome Merkel and her vision of the CDU as the umbrella party of the democratic centre.

    After dragging his party to the right, Merz has posted an electoral result lower than anything Merkel ever gained.

    Even if his party is able to cobble together a coalition government, Merz will still sit in the shadow of his more democratically popular, centrist predecessor.

    Matt Fitzpatrick receives funding from the Australian Research Council. He is the President of the History Council of South Australia.

    – ref. Friedrich Merz has won Germany’s election. But as the far right soars, forming a government may be difficult – https://theconversation.com/friedrich-merz-has-won-germanys-election-but-as-the-far-right-soars-forming-a-government-may-be-difficult-250621

    MIL OSI – Global Reports –

    February 24, 2025
  • MIL-Evening Report: Friedrich Merz has won Germany’s election. But as the far right soars, forming a government may be difficult

    Source: The Conversation (Au and NZ) – By Matt Fitzpatrick, Professor in International History, Flinders University

    Friedrich Merz’s centre-right Christian Democratic Union (CDU) has captured the highest proportion of votes in Germany’s election on Sunday. The celebrations could be short-lived, though, as the task of forming a government now looms.

    As it stands, Germany’s public broadcaster has projected Merz’s CDU and its Christian Social Union (CSU) counterpart in Bavaria to win 208 seats in the Bundestag (28.5%). The ousted Social Democratic Party (SPD) has been reduced to 121 seats (16.5%), while the far-right Alternative for Germany (AfD) party achieved its biggest-ever result of 151 seats (20.7%).

    Other minor parties have failed to meet the 5% threshold in the proportional German parliamentary system, limiting the possible options for a government to take shape.

    Merz’s party did lift its vote share compared to its record low in 2021. And German voters have given him the opportunity to attempt forming a governing coalition.

    However, his electoral strategy may have made it harder to solve a number of problems, many of them of his own making. Here are four key things his victory has failed to do, which could make governing in Germany more difficult.

    1. Stem the number of voters to the far right

    With the German economy in the doldrums, Merz would have easily won on the question of economic management alone. Strangely, however, his electoral strategy mimicked the anti-migrant rhetoric of the far-right AfD.

    By noisily electioneering on the policy of stemming the flow of migrants and insisting at every opportunity that migrants (particularly those from the Middle East) were a threat to the German way of life, Merz has given legitimacy to what had been fringe policies.

    Yet, the election results show that the Germans who were motivated to vote for an anti-migrant party went for the most virulent version (the AfD) – particularly in the old East Germany – and not Merz’s centre-right imitation.

    Instead of stealing votes from the AfD, Merz has substantially contributed to the record showing of the far-right party by making immigration – and radical approaches to it – a central issue.

    The smiles on the face of the AfD leadership after the election tell the story. The party may not be in government, but its policies will in all likelihood be pursued by a Merz government.

    2. Exclude the left from German politics

    The day before the election, Merz railed against “green and left crazies” and insisted “there is no longer left politics in Germany”.

    The SPD vote did sink dramatically off the back of Chancellor Olaf Scholz’s ineffectual and lacklustre term in office. But the left-wing Die Linke party (The Left) rode the wave of anti-AfD and anti-Merz sentiment to return from the wilderness with its best election showing in almost a decade.

    In particular, a rousing speech by Die Linke leader Heidi Reichinneck helped lift the mood on the left in response to Merz’s anti-migrant stance. Die Linke is back in the Bundestag, at least for another term.

    3. Create a governing coalition

    Merz has spent the past few weeks breaking taboos by working with the German far right and roundly abusing his opponents using the kind of intemperate language rarely seen in German politics. Now, he is faced with building a governing coalition.

    He has painted himself into a corner. He has called the Greens party and Die Linke “crazies”. And his closest ideological ally, the Free Democrats (FDP), appear to have failed to reach the 5% hurdle to enter parliament after voters punished the party for effectively blowing up the last coalition government.

    So shockingly poor was the FDP’s result, its leader, Christian Lindner, has offered his resignation.

    Previously, a “grand coalition” between the CDU and SPD has been able to form a stable government. This was especially so under former-Chancellor Angela Merkel, the longtime CDU leader.

    The centre-left SPD vote might just be large enough to form a coalition government with Merz’s CDU. Whether the SPD would do so after being shocked in the past few weeks by Merz’s dalliances with the far right remains an open question.

    Scholz, the SPD leader, has categorically ruled out serving in a Merz cabinet. Whether he might resign to make way for a grand coalition remains to be seen, should one prove mathematically possible.

    That leaves only the far-right AfD – the only other party potentially large enough to allow Merz to form a two-party coalition government. Merz has ruled out a CDU-AfD coalition as a threat to German democracy.

    Merz will either have to radically revise his attitudes towards the parties to his left or break his word not to allow the far right into government. If he did the latter, he may very well become Germany’s 21st century Franz von Papen, the Weimar Republic-era leader widely viewed as having helped usher the Nazis to power in the 1930s.

    4. Exorcise the ghost of Angela Merkel

    Merz’s career has been marked by his inability to overcome Merkel and her vision of the CDU as the umbrella party of the democratic centre.

    After dragging his party to the right, Merz has posted an electoral result lower than anything Merkel ever gained.

    Even if his party is able to cobble together a coalition government, Merz will still sit in the shadow of his more democratically popular, centrist predecessor.

    Matt Fitzpatrick receives funding from the Australian Research Council. He is the President of the History Council of South Australia.

    – ref. Friedrich Merz has won Germany’s election. But as the far right soars, forming a government may be difficult – https://theconversation.com/friedrich-merz-has-won-germanys-election-but-as-the-far-right-soars-forming-a-government-may-be-difficult-250621

    MIL OSI Analysis – EveningReport.nz –

    February 24, 2025
  • MIL-Evening Report: How Whyalla can be upgraded to green steel and why we need to keep steel production in Australia

    Source: The Conversation (Au and NZ) – By Daniel Rossetto, Adjunct, Institute for Sustainability, Energy and Resources, University of Adelaide

    Financial challenges at the Whyalla steelworks in South Australia have reignited debate about the nation’s steel industry and its future.

    Australians should have access to quality steel at competitive prices. The domestic steel production industry employs tens of thousands of people.

    The state and federal governments have stepped in, however, announcing a A$1.9 billion support package for Whyalla, together with a new $1 billion green iron investment fund. Half of the new fund will be allocated to Whyalla to support its transition to green steel production. That’s a large amount of money for a privately owned business.

    So, are the new packages going to be money well spent? To answer that question, let’s examine the priorities.

    A national priority

    Steel is an industry in which securing sovereign production capability is crucial. Sovereign capability means ensuring an industry can survive external shocks such as interruptions to shipping routes or disputes with other countries in the supply chain.

    Steel is a vital input for defence industries such as ship and submarine building. What could be said of a country’s autonomy – or its sovereign capability – if it relies on others for the steel needed for its defence?

    Whyalla is one of the two largest steelworks in Australia, the other being BlueScope’s Port Kembla plant. At least at first glance, the green iron investment fund seems to deal with the sovereign capability criterion well enough. Whyalla appears an ideal candidate.

    However, the public subsidy is large. The subsidised plant’s ability to operate in an economically competitive manner needs to be examined. Further, while the Whyalla plant began its life as a supplier to an adjacent shipbuilding operation, its share of the current domestic defence industry steel market is unclear.

    Environmentally friendly steel?

    Production of steel using iron ore and coking coal is a greenhouse gas emissions intensive process. It can result in as many as 2.5 tonnes of greenhouse gas per tonne of steel.

    The plan for Whyalla has long been to replace its coal-fired blast furnace with an electric arc furnace. This could, in turn, be supplied with low-emission sources of energy and consume scrap steel. While there is no globally agreed definition, this kind of approach would likely qualify as green steel.

    Sanjeev Gupta’s GFG, the owner of the plant, had originally wanted this furnace to be operating by 2025, potentially using solar among its energy supply. The plan would have cut its emissions dramatically. The timeline later slipped to 2027.

    The longer term plan for Whyalla appears based around production of green hydrogen to replace coking coal. As the world charges toward net zero emissions by 2050, the belief is that Australia can capture a good part of the green metals market.

    The challenge is that green hydrogen is expensive and not widely used around the world. It’s hard to find signs that the global steel market is willing to pay a premium in the absence of sectoral emissions pricing. The strategy could therefore be seen as a bet on the future. If the bet went wrong, who would absorb the losses? It would, most likely, be the taxpayer.

    The United States leads the way in low-emissions steel production. Firms there use electric arc furnaces to recycle scrap steel with energy from low-emission sources. This technology is proven and operates at industrial scale. It has a fraction of the emissions intensity but relies on the availability of scrap steel.

    Can we add value?

    Australia is a major world supplier of two key materials crucial for most steel making. These are iron ore and coking coal.

    The countries to which we sell those raw materials then do the processing and manufacture, capturing profit that is arguably lost to the Australian economy. Whyalla is already an example of domestic value-adding. It uses iron ore from mines in the adjacent area, and domestic coking coal.

    For Australia, however, this is going to be tricky. Australia is effectively signalling to its international customers that, one day, it hopes to compete with them in the global steel markets. In other words, this creates an incentive for the country’s customers to look for alternatives to buy iron ore.

    Whether Australia increases steel production ahead of its customers finding new sources of iron ore elsewhere in the world is a risky race with an uncertain result.

    Focus on government spending

    So, back to the question: is the new funding going to be money well spent? Perhaps the most solid justification among the priorities examined, is sovereign capability.

    The government probably needs to provide more information on how the new fund differs through from Future Made in Australia or the National Reconstruction Fund. Is this old funding with a new name? The nation is entering federal election season. Focus on government spending efficiency is likely to increase.

    Daniel Rossetto is the owner of Climate Mundial Limited, a private company that does consulting work but is currently inactive. He does ad hoc private consulting through various consulting platforms. He is also the owner and host of a new private and independent YouTube channel called Climate Mundial’s Energy and Climate Weekly. He is on the editorial board of the Discover Sustainability journal published by Springer Nature.

    – ref. How Whyalla can be upgraded to green steel and why we need to keep steel production in Australia – https://theconversation.com/how-whyalla-can-be-upgraded-to-green-steel-and-why-we-need-to-keep-steel-production-in-australia-250402

    MIL OSI Analysis – EveningReport.nz –

    February 24, 2025
  • MIL-OSI Banking: Money Market Operations as on February 21, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,63,402.46 6.20 5.15-6.60
         I. Call Money 12,495.25 6.29 5.15-6.60
         II. Triparty Repo 3,88,401.35 6.18 5.85-6.29
         III. Market Repo 1,60,631.66 6.26 5.70-6.50
         IV. Repo in Corporate Bond 1,874.20 6.46 6.45-6.50
    B. Term Segment      
         I. Notice Money** 289.10 6.34 5.80-6.40
         II. Term Money@@ 129.50 – 6.50-6.65
         III. Triparty Repo 100.00 6.35 6.35-6.35
         IV. Market Repo 414.85 6.61 6.45-6.64
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 21/02/2025 14 Fri, 07/03/2025 41,046.00 6.26
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Fri, 21/02/2025 3 Mon, 24/02/2025 94,927.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 21/02/2025 45 Mon, 07/04/2025 57,951.00 6.26
         (b) Reverse Repo          
    3. MSF# Fri, 21/02/2025 1 Sat, 22/02/2025 360.00 6.50
      Fri, 21/02/2025 2 Sun, 23/02/2025 0.00 6.50
      Fri, 21/02/2025 3 Mon, 24/02/2025 140.00 6.50
    4. SDFΔ# Fri, 21/02/2025 1 Sat, 22/02/2025 1,10,442.00 6.00
      Fri, 21/02/2025 2 Sun, 23/02/2025 2.00 6.00
      Fri, 21/02/2025 3 Mon, 24/02/2025 25,546.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       58,434.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 14/02/2025 49 Fri, 04/04/2025 75,003.00 6.28
      Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,095.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     1,34,108.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,92,542.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 21, 2025 8,95,393.80  
         (ii) Average daily cash reserve requirement for the fortnight ending February 21, 2025 9,12,240.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 21, 2025 1,66,565.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on February 07, 2025 -1,973.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2233

    MIL OSI Global Banks –

    February 24, 2025
  • MIL-OSI China: Chongqing promotes high-quality development of private sector

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

    Chongqing promotes high-quality development of private sector

    Updated: February 24, 2025 10:08 Xinhua
    Workers operate at a production line of Chongqing Hwasdan Machinery Manufacturing Co., Ltd. in southwest China’s Chongqing Municipality, Feb. 22, 2025. In recent years, the local government has launched a series of policies for the high-quality development of the city’s private sector, covering areas such as technological innovation, market expansion and financial support. In 2024, the economic value added of Chongqing’s private sector reached 1.98 trillion yuan (about 273 billion U.S. dollars). [Photo/Xinhua]
    A worker operates at a workshop of Chongqing Honggang Numerical Control Machine Tool Co., Ltd. in southwest China’s Chongqing Municipality, Feb. 22, 2025. [Photo/Xinhua]
    A saleswoman promotes agricultural machines via livestreaming at an exhibition hall of Chongqing Hwasdan Machinery Manufacturing Co., Ltd. in southwest China’s Chongqing Municipality, Feb. 22, 2025. [Photo/Xinhua]
    Workers operate at a production line of Chongqing Hwasdan Machinery Manufacturing Co., Ltd. in southwest China’s Chongqing Municipality, Feb. 22, 2025. [Photo/Xinhua]
    A worker operates at a production line of Chongqing Hwasdan Machinery Manufacturing Co., Ltd. in southwest China’s Chongqing Municipality, Feb. 22, 2025. [Photo/Xinhua]
    Workers operate at a workshop of Chongqing Hwasdan Machinery Manufacturing Co., Ltd. in southwest China’s Chongqing Municipality, Feb. 22, 2025. [Photo/Xinhua]
    Workers operate at a workshop of Chongqing Honggang Numerical Control Machine Tool Co., Ltd. in southwest China’s Chongqing Municipality, Feb. 22, 2025. [Photo/Xinhua]

    MIL OSI China News –

    February 24, 2025
  • MIL-OSI China: Shanghai unveils measures to reduce operational costs for enterprises

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

    Shanghai has announced the continuation of a comprehensive set of measures aimed at reducing operational costs to bolster the business environment and support the development of enterprises. The announcement was made during a news conference hosted by the Shanghai Municipal Development and Reform Commission on Friday.

    The measures, comprising a total of 21 items, will remain in effect until Dec 31 this year and are designed to address the diverse needs of enterprises across various sectors. They focus on five key aspects: levies, employees, energy usage, financing and penalties, with the overarching goal of alleviating financial burdens and enhancing the competitiveness of businesses operating in Shanghai.

    In the realm of taxation, Shanghai will uphold the national policy on structural tax cuts and extend the 50 percent tax and fee reductions for low-profit enterprises, small businesses and individually-owned businesses. Additionally, enterprises aligned with the city’s industrial development will benefit from tax exemptions on property tax, while the exploration of pilot preferential policies for offshore trade stamp tax will be intensified.

    The city also unveiled a significant initiative to support female employees, with maternity leave subsidies being the focal point of the announcement. Enterprises that meet the specific criteria will be eligible to claim a 50 percent reimbursement for social insurance fees paid during a female employees’ maternity leave and childcare leave.

    Furthermore, Shanghai aims to reduce energy costs for enterprises based in industrial parks, offering discounts on electricity, natural gas and water usage. The continuation of off-peak electricity price adjustments for weekends and major holidays will further contribute to cost savings for businesses in the city.

    In a bid to ease financial burdens, particularly for small and medium-sized enterprises (SMEs), Shanghai will enhance credit support to stabilize financing costs, with a particular focus on tech-oriented firms. Start-ups will have increased access to loans, and SMEs will benefit from loan interest relief, alongside the implementation of a seamless loan renewal mechanism for micro and small enterprises.

    MIL OSI China News –

    February 24, 2025
  • MIL-Evening Report: A Chinese own goal? How war games in the Tasman Sea could push NZ closer to AUKUS

    Source: The Conversation (Au and NZ) – By Alexander Gillespie, Professor of Law, University of Waikato

    The appearance of three Chinese naval vessels firing live rounds in the Tasman Sea has caused understandable alarm in New Zealand and Australia. But this has more to do with the geopolitical context than the actual event.

    In fact, the Chinese navy is allowed to conduct exercises in the Tasman and has wide freedoms on the high seas in general. So far, China appears to be acting in accordance with both the United Nations Convention on the Law of the Sea and the Code for Unplanned Encounters at Sea.

    While New Zealand would have preferred more notice of the Chinese navy’s intentions, there was no obligation to provide this.

    Nor is what is occurring in the Tasman similar to the more aggressive sabre-rattling the Chinese military has displayed around the South China Sea, most recently involving both the Australian and Philippine navies.

    And in September last year, just a few days after Australian and New Zealand vessels sailed through the Taiwan Strait, the Chinese test-fired a nuclear-capable intercontinental missile into the South Pacific.

    For China, of course, Taiwan and parts of the South China Sea are highly disputed territory. The Tasman Sea is not. But what is disputed is China’s role and influence in the Pacific – and this, rather than a minor naval exercise, is what is causing headaches in Canberra and Wellington.

    The Cook Islands factor

    The surprise agreement signed by the Cook Islands and China under a fortnight ago, aimed at “deepening blue economy cooperation”, is the immediate context for that concern.

    The deal avoids controversial areas such as security and policing. But it moves Chinese influence into infrastructure support for wharves, shipbuilding and repair, and ocean transportation.

    What really challenges New Zealand’s foreign policy is how this opens the South Pacific up to even greater Chinese influence and activity. Foreign Minister Winston Peters has signalled it is time to reset the relationship with the Cooks.

    For its part, China has asserted that its relationship with the Cook Islands “is not directed against any third party and should not be subject to or disrupted by any third party”.

    In other words, China has told New Zealand to butt out of a major development in the historically close diplomatic and political relationship with its Pacific neighbour.

    A Chinese own goal?

    All of this is happening within a rapidly shifting geopolitical sphere. US President Donald Trump is unilaterally attempting to upend the old US-led world order, and other major powers such as Russia and China are adapting.

    New Zealand’s relations with China were already difficult. The Security Intelligence Service and Government Communications Security Bureau have both identified state-sponsored Chinese interference in domestic affairs, breaches of the parliamentary network and other malicious cyber activity.

    The question now is whether China has scored an own goal with its recent actions. Because while it might prefer New Zealand to operate a more independent foreign policy – balancing its relations with east and west – the opposite may now be more likely.

    In times of international stress and uncertainty, New Zealand has always tended to move towards deepening relationships with traditional allies.

    Whether it is the fear of Russian invasion in the 19th century, or Japanese invasion in the 20th century – and whether or not those threats are real or imagined – New Zealand reverts to form.

    It has been this way for nearly 150 years and is likely to occur again. New Zealand is already grappling with how to respond to the Trump administration’s redrawn global system and will be looking for ways to deepen the friendship.

    At the same time, the government now seems committed to joining a new arms race and increasing defence spending as a proportion of GDP. And the supposed benefits of joining the second tier of the AUKUS security pact may now become that much easier to sell politically.

    Alexander Gillespie 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. A Chinese own goal? How war games in the Tasman Sea could push NZ closer to AUKUS – https://theconversation.com/a-chinese-own-goal-how-war-games-in-the-tasman-sea-could-push-nz-closer-to-aukus-250615

    MIL OSI Analysis – EveningReport.nz –

    February 24, 2025
  • MIL-OSI Australia: Public consultation opens to assess share hire e-scooter trial benefits

    Source: State of Victoria Local Government 2

    The City of Greater Bendigo is inviting public feedback on the share hire e-scooter trial which began last May in partnership with operator Beam Mobility.

    Beam is responsible for funding and operating the small trial area in urban Bendigo until May 2025.

    The current scheme provides around 200 Saturn-5 e-scooters available for hire between 5am and 11pm, seven days a week.

    Beam developed the trial area in consultation with the City and an external stakeholder group that includes Victoria Police and Bendigo Health, and there has been no cost to the City for participating in this trial.

    From May 2024 to January 2025, there have been 8,994 users and 39,883 trips covering more than 67km, according to Beam data. The average trip distance is 1.6km. Complaints received by the City peaked at the start of the trial last May with 32 complaints lodged. It is now around five complaints per month.

    Since the trial began in urban Bendigo, the Victorian Government has permanently legalised the use of share hire e-scooters to operate across Victoria and introduced new e-scooter rules. These include tougher penalties for misuse, and mandated new technology to improve e-scooter safety.

    Manager Strategic Planning Anthony Petherbridge said the trial in urban Bendigo was an opportunity to assess the success of share hire e-scooters as an alternative mode of transport for residents and visitors.

    “The City is committed to fostering sustainable transport options that benefit the community and visitors to move around more easily,” Mr Petherbridge said.

    “This trial puts to the test how a micro-transport economy can play in creating a more connected and sustainable network, particularly at transport hubs.

    “We want to know the impact of the trial and if residents and visitors have benefited from having access to share hire e-scooters.

    “I encourage you to complete a brief survey on our online engagement platform Let’s Talk. We would like to hear from Beam riders, businesses, and the broader community.

    “As the trial is earmarked to finish at the end of May, the data from the trial and public feedback will be presented to Council to determine the next steps.”

    The survey closes on Monday March 17 at 5pm.

    To provide feedback, visit:

    MIL OSI News –

    February 24, 2025
  • MIL-OSI China: Policy to drive rebound of foreign equity investment

    Source: China State Council Information Office

    Foreign equity investment in China may recover this year, as Chinese assets attract growing global interest and the country further opens up to foreign investors, experts and industry observers said.

    Their remarks follow the release of an action plan last week by the State Council, China’s Cabinet, aimed at stabilizing foreign investment this year.

    The plan outlines measures to encourage foreign investors’ strategic shareholding in Chinese listed companies, facilitate their participation in mergers and acquisitions, and accommodate the establishment of foreign investment companies while lifting restrictions on their use of domestic loans.

    Pan Yuanyuan, deputy director of the international investment department at the Chinese Academy of Social Sciences’ Institute of World Economics and Politics, said, “These measures are well-rounded and timely, directly addressing pain points that foreign investors have encountered and indicating a strong commitment to deepening financial opening-up.”

    The policy efforts coincide with global investors’ ongoing reassessment of Chinese companies’ valuations, helping create new opportunities for foreign investors to capitalize on China’s fast-growing international competitiveness in various sectors, Pan said.

    These factors may work together in driving the recovery of foreign equity investment in China this year, possibly even exceeding expectations, Pan added.

    According to the action plan, foreign investment companies will be allowed to use domestic loans for equity investments in China.

    “This policy is a major boost for foreign investment firms in China, because it will expand their financing channels and reduce costs,” said Nancy Li, international tax and transaction services partner at EY China. Previously, such companies relied on offshore funding or reinvested local earnings, as domestic loans were limited for operational use or to designated items, Li noted.

    “Using domestic loans for equity investment will create a completed loop throughout investment life cycles, spanning from domestic borrowing to onshore investment and onshore exit, and lower the capital requirements for foreign investment companies,” Li added.

    The plan also arranges steps to encourage multinational corporations to establish investment companies in China, providing convenience in terms of foreign exchange management, cross-border data transfer and personnel movement.

    Dai Guanchun, a senior capital markets lawyer, said that facilitating the operation of foreign investment companies’ onshore legal entities will help enhance their investment efficiency in China, addressing the issue of some foreign funds lacking an onshore investment platform and being compelled to rely on partnerships with domestic funds to complete investments.

    Highlighting that the plan vows to put the revised rules on foreign investors’ strategic investment in Chinese listed companies well into place, Dai said this will ease the hurdles faced by foreign strategic investors such as strict eligibility criteria, long lock-in periods and limited investment tools, making it easier for foreign capital to participate deeply in China’s stock market.

    The revised rules on foreign investors’ strategic investment in listed companies, which were unveiled in November, allow strategic investment through tender offers and ease restrictions on cross-border share-for-share exchanges — both common in global transactions.

    The action plan also promises to optimize the provisions for foreign investors acquiring domestic companies, lowering the barriers for them to conduct cross-border share-for-share exchanges in mergers and acquisitions.

    Sun Xuegong, director of the department of policy study and consultation at the Chinese Academy of Macroeconomic Research, said that encouraging foreign participation in China’s merger and acquisition market will facilitate industry consolidation in various sectors, which is a source of productivity enhancement.

    “This is not only for attracting foreign investment, but also for improving productivity and efficiency of the existing capacity,” Sun said.

    The action plan comes as China’s foreign equity investment landscape reflects both challenges and resilience. In January, the country utilized 97.6 billion yuan ($13.5 billion) in foreign capital, marking a 13.4 percent year-on-year decline but a 27.5 percent month-on-month rebound, the Ministry of Commerce said.

    Rani Jarkas, chairman of Cedrus Group, a Swiss international financial group with investments in China, said the company sees firsthand that Swiss and other global companies have significant interest in investing and expanding in the Chinese market.

    “This is driven by supportive policies, a capable workforce, world-class infrastructure and a large, addressable market,” Jarkas said.

    MIL OSI China News –

    February 24, 2025
  • MIL-OSI Economics: New ADB President Masato Kanda Assumes Office

    Source: Asia Development Bank

    MANILA, PHILIPPINES (24 February 2025) —Masato Kanda officially assumed office as the 11th President of the Asian Development Bank (ADB) today.

    “I am deeply honored to take on the role of ADB President at this important moment for our region,” Mr. Kanda said. “With the trust of our 69 members and strong support of our dedicated staff, I am committed to advancing ADB’s mission to promote sustainable, inclusive, and resilient growth. Together, we will respond to pressing development challenges, ensuring that ADB remains the partner of choice for the region.”

    Mr. Kanda succeeds Masatsugu Asakawa, continuing a legacy of excellence and innovation. With nearly four decades of experience in international finance and development policy, Mr. Kanda is widely recognized for his forward-thinking leadership and his decisive interventions during periods of market volatility. 

    During his tenure as Japan’s Vice-Minister of Finance for International Affairs, he was instrumental in pioneering innovative financial solutions and orchestrating policy actions that helped stabilize markets.

    “Masato Kanda brings a wealth of experience and a refreshing perspective to ADB. His proven track record in navigating complex financial challenges and fostering international cooperation makes him the ideal leader to guide us as we build upon our strengths and seize emerging opportunities,” said Chair of the ADB Board of Governors Fabio Panetta. “I am confident that under his leadership, ADB will deliver targeted and impactful solutions for our developing member countries.”

    “I am ready to harness the collective expertise within our organization and work closely with our partners to drive transformative change, especially for those most in need,” Mr. Kanda added, reflecting on his appointment. “Our focus will be on pragmatic actions that deliver real results, ensuring that our support creates lasting improvements in the lives of people throughout Asia and the Pacific.”

    Mr. Kanda’s appointment underscores ADB’s ongoing evolution and its commitment to meeting the dynamic needs of its developing member countries. As the bank embarks on a new phase of strategic growth, his leadership will build on ADB’s strong legacy while also positioning the institution to address future challenges and opportunities.

    The ADB Board of Governors’ decision to elect Mr. Kanda was unanimous, reflecting broad confidence in his ability to steer ADB during a time of significant change. His extensive background in managing complex economic policies and his hands-on experience in multilateral settings will be invaluable as ADB continues to adapt to a rapidly changing global landscape.

    ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.

    MIL OSI Economics –

    February 24, 2025
  • MIL-Evening Report: ‘It’s disgusting that they can get away with this’: here’s how eviction can affect tenants’ lives

    Source: The Conversation (Au and NZ) – By Alan Morris, Professor, Institute for Public Policy and Governance, University of Technology Sydney

    For people relying on rental properties to keep a roof over their heads, there are few things more scary than the possibility of being evicted from their home.

    The paucity of official statistics makes it difficult to know exactly how common evictions are. In 2019–20, 13.8% of private renters moved due to their lease being terminated or not renewed.

    Besides a report or two, we know little about what happens when households face the possibility of being evicted, or are actually evicted.

    Our research examines these consequences. Through in-depth interviews with 53 private tenants in New South Wales and Queensland, we found these experiences negatively shaped people’s lives well into the future. Here are four themes we identified.

    1. Poor mental health

    The ease with which landlords can terminate a tenant’s occupation evoked persistent anxiety for most of the interviewees (the interviews were conducted prior to the scrapping of no-grounds eviction in NSW, though such evictions are still allowed in other states and territories).

    This was especially so for low-income tenants.

    When interviewed, Susan* had recently been evicted from her apartment in Sydney. She was reliant on the Disability Support Pension for her income and lived in constant fear of being evicted and rendered homeless. She felt that having a disability and being from a non-English-speaking background made her precarity worse:

    if you are somebody who comes from a non-English-speaking background, or you have a disability, or have no ability to enforce [the legislation], it’s on the tenant to take up the laws and to do something about it. And if you don’t have any of those abilities, you’re just going to be on your way to homelessness very, very soon […]

    Grace lived by herself in Sydney. She had been given a no-grounds termination and was convinced it was linked to her landlord’s realisation that he could raise her rent considerably once she moved out. Her mental health was seriously affected by the eviction:

    It was just like out of nowhere […] so that was horrific […] I’m still trying to settle into this new place with that trauma of being uprooted all of a sudden […] I think it’s probably going to affect me for a while and particularly in terms of just the power that real estates and landlords have to be able to do that.

    2. Financial hardship

    For many of the low-income tenants, the financial implications of being evicted were severe.

    Sarah, her husband and their three children had been renting in Sydney since 2013. She estimated that since 2014, they had had to move at least six times. Most of the moves were not voluntary. She found the financial implications of evictions extremely distressing:

    It’s the finances of it that’s the hardest […] when you get asked to move, you need to have a bond ready to go at the next place before you receive your bond back, which is a killer […]

    She outlined all the expenses that came up each time she moved from one rental to another: professional cleaners, removalists and maintenance deducted from the bond.

    After her rented accommodation was condemned, Brenda, a single mum of two children, had 48 hours to move from her rental property in regional Queensland. The move consumed her savings:

    I had $200 after paying all my bills to move. So once I moved that was it. So I struggled the following week for everything. For food, […] getting my son to school, my daughter. It was just horrible.

    3. Reluctance to complain

    The knowledge that, at some point, the rent could be increased to an untenable level or they could be asked to vacate evoked silent compliance. This created a reluctance to complain or request basic maintenance.

    Alice was convinced she was evicted after complaining about the poor condition of the rental property she, her son and grandson had been renting for eight years in regional NSW. Her grandson’s bedroom was unusable due to excessive mould.

    However, her low income and the threat of eviction meant she held off complaining for an extended period:

    […] it’s just disgusting that they [landlords] can get away with this shit while charging top dollar, and […] that’s why I didn’t complain because I said to everybody, “as soon as I complain he’ll kick us out.” […] If I hadn’t complained, we’d still be there […]

    Sarah described how, despite feeling harassed and stressed by her landlord’s unannounced and constant intrusions, she felt the family had to accept the situation and not protest:

    I was petrified of being kicked out if we fought back and so […] we let him onto the property 16 times in 10 months and said nothing.

    When they couldn’t take it any longer and complained, they were given notice, the landlord claiming he needed to do maintenance that required the property to be vacant.

    4. Ending up in a worse home

    A common consequence of eviction is having to move to unsuitable, lower-quality accommodation.

    Jan and her partner were older renters and reliant on government benefits for their income. The flow-on effects of being evicted from their accommodation in Queensland, where they had been living for ten years, were devastating. Her partner attempted suicide, her relationship with him ended, and she was forced to live in a tent on a piece of land her mother had bought several years prior:

    our rental accommodation was sold out from under us to developers and we had to be out with nowhere to go. We looked around for somewhere else to rent and there was absolutely nowhere we could afford at all.

    It’s clear that eviction, or the threat thereof, can have devastating affects on people’s lives.

    Although there has been some movement around improving the lot of private renters, such as legislation abolishing no-grounds eviction in some jurisdictions, and rent increases being allowed only once a year, a lot more needs to be done to ensure tenants have acceptable security of tenure.


    *All names in this article have been changed to protect participants’ privacy.

    Alan Morris receives funding from the Australian Research Council.

    Joelle Moore receives funding from the Australian Research Council.

    Thi Thanh Mai Giang receives funding from The Australian Research Council.

    Yiran Li receives funding from funding from the Australian Research Council.

    – ref. ‘It’s disgusting that they can get away with this’: here’s how eviction can affect tenants’ lives – https://theconversation.com/its-disgusting-that-they-can-get-away-with-this-heres-how-eviction-can-affect-tenants-lives-248221

    MIL OSI Analysis – EveningReport.nz –

    February 24, 2025
  • MIL-Evening Report: Trump is reviving a tariff strategy from America’s ‘Gilded Age’. It didn’t end well last time

    Source: The Conversation (Au and NZ) – By Garritt C. Van Dyk, Senior Lecturer in History, University of Waikato

    Getty Images

    A White House fact sheet about Donald Trump’s recently announced “Fair and Reciprocal Plan” on trade described it as “the art of the international deal” – a reference to Trump’s 1987 business book, The Art of the Deal.

    It was a classic piece of self-marketing from the president, but whether his latest tariff proposal will really turn out to be artful is very much open to question.

    In fact, the United States’ long history of “reciprocity” in tariffs and trade suggests ordinary Americans could be in for a bumpy ride.

    In essence, Trump is reviving a strategy used in the US more than a century ago to protect developing domestic industries. This time, according to the president, reciprocal tariffs aim “to correct longstanding imbalances in international trade and ensure fairness across the board”.

    The plan targets trade relationships with other countries where the US does not receive reciprocal treatment. And it echoes the policies of the 25th US president, William McKinley, who presided over an aggressive reciprocal tariff regime in the late 19th century.

    McKinley was president from 1897 until he was assassinated in 1901. And while Trump greatly admires his business acumen, McKinley’s economic legacy also reads like a cautionary tale.

    Not a simple equation

    From the current US perspective, “reciprocity” refers to symmetrical tariffs. Trump’s plan targets unequal rates, such as the European Union’s 10% tariff on US cars, compared with the 2.5% US tariff on European automobiles.

    The EU’s 10% rate represents its “most-favoured-nation” tariff, which applies to all its favoured-nation trading partners (with certain exceptions).

    While this looks like a clear lack of reciprocity, it’s not that simple. The US also applies a 25% tariff on EU utility vehicles (pickup trucks).

    This is significant because of the popularity of pickups in the US – a 2024 survey found 47% of Americans owned one. Until last year, the Ford F150 had been the bestselling “car” in the US for 42 years in a row.

    This is just one example of how differences in tariffs can be more complex than they appear at first glance.

    A history of reciprocal tariffs

    This cycle of higher and lower tariffs has gone on for well over a century. From 1861 to 1930, the US Congress maintained control over trade tariffs, with levels as high as 50% to protect developing industries.

    But in 1934, Congress passed the Reciprocal Trade Agreements Act, giving President Franklin D. Roosevelt authority to negotiate reciprocal tariff reductions with individual nations to stimulate global trade during the Great Depression.

    These tariff reductions continued after World War II with the development of the World Trade Organization and US tariff levels declining to 5%. Economist Douglas Irwin refers to this period as the “reciprocity period” of nations lowering barriers to international trade.

    The last time “reciprocity” was used to refer to the opposite process of raising tariffs was in 1890, under the Tariff Act, often just called the McKinley Tariff. It is this era Trump harked back to in his inaugural address:

    President McKinley made our country very rich through tariffs and through talent – he was a natural businessman.

    William McKinley.
    Getty Images

    Before he became president, McKinley was head of the House of Representatives’ Ways and Means Committee. He proposed an average increase in tariffs on all imports, rising from 38% to 49.5% to “secure reciprocal trade”.

    The new law was designed to protect the tinplate industry with a tariff of 70%, and “to reduce the revenue and equalize duties on imports”.

    At the time, the US was running large surpluses from tariff revenues, which was threatening economic growth. This sounds counterintuitive these days, but surpluses were a problem because the US dollar was backed by gold at a fixed price (the gold standard).

    Because the amount of money in circulation – and state spending – were limited to the amount of gold held by the government, surplus funds had to be kept in the Treasury reserves. This reduced the money supply and led to lower growth, less investment and tighter credit.

    Republicans thought higher tariffs would reduce imported goods and therefore tariff revenues. Instead, income from the higher tariffs more than compensated for import reductions, and the surpluses increased.

    Consumer prices rose, farm prices dropped, and the resulting voter backlash saw the Republicans lose control of Congress at the 1890 midterm elections. There was a financial panic in 1893, followed by a recession that lasted until 1896.

    A new ‘Gilded Age’

    This period in late 19th-century US history is often referred to as the “Gilded Age”, from the title of an 1873 book by Charles Dudley Wright and Mark Twain.


    The book was a satire of political corruption and unscrupulous businessmen who benefited from political favours. The title reflects the reality of the era – superficially prosperous but not truly golden.

    A thin veneer of technological progress, innovation and wealth concealed widespread corruption, scandals and income inequality.

    But aside from the obvious historical parallels, it is overly optimistic to expect a plan from 1890 to succeed in a complex global trade environment that relies on interdependent supply chains to function.

    McKinley’s flawed strategy sought protection for a few industries, but also aimed to reduce revenue for a government running large surpluses. However, Trump’s new tariffs are meant to raise revenue to pay off the US$36.5 trillion national debt, as well as to enforce reciprocal trade terms.

    Trump began his second term with a declaration that “the golden age of America begins right now”. As in 1890, however, the risk remains that a handful of wealthy industrialists will benefit from increased protection, while ordinary citizens will pay higher prices.

    Less the “art of the deal”, then, than a possible dealbreaker. In which case, Trump may yet be remembered less for a new golden age than for a Gilded Age 2.0.

    Garritt C. Van Dyk received funding from the Getty Research Institute in 2024 .

    – ref. Trump is reviving a tariff strategy from America’s ‘Gilded Age’. It didn’t end well last time – https://theconversation.com/trump-is-reviving-a-tariff-strategy-from-americas-gilded-age-it-didnt-end-well-last-time-250389

    MIL OSI Analysis – EveningReport.nz –

    February 24, 2025
  • MIL-OSI Australia: Strengthening economic ties with Southeast Asia

    Source: Minister for Trade

    The Albanese Labor Government is delivering on its trade diversification agenda by making it easier for Australian businesses to take up new opportunities in the fast-growing markets of Southeast Asia.

    Australia has ratified the upgraded ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) agreement which will:

    • help micro, small and medium businesses benefit from trade in Southeast Asia;
    • streamline trade and transportation procedures for importers and exporters, saving them time and money;
    • level the playing field for Australian service providers and investors across education, mining and engineering, and finance sectors to compete more fairly;
    • better protect e-commerce confidentiality of information and intellectual property; and
    • improve labour standards, environmental protections and promote women’s economic empowerment.

    The Albanese Government has been firmly focused on helping Australian businesses tap into the huge potential in Southeast Asia.

    Nearly half a million Australian jobs are linked to trade with Southeast Asia, and we expect this number to grow as we continue to implement Invested: Australia’s Southeast Asia Economic Strategy to 2040.

    The upgrade builds on the tariff free or preferential access we have on 98 per cent of all tariff lines for Australian exports under AANZFTA.

    With the deposit of Australia’s ratification, the upgrade will enter into force in 60 days.

    MIL OSI News –

    February 24, 2025
  • MIL-OSI New Zealand: Release: Overhaul of Overseas Investment Act a Fire Sale of Kiwi Assets

    Source: New Zealand Labour Party

    The Government’s reckless overhaul of the Overseas Investment Act is a fast track for foreign investment at the expense of Kiwi interests.

    “The Government’s reforms to the Overseas Investment Act are a significant shift away from the current overseas investment rules, and not in the best interests of New Zealanders,” Labour finance spokesperson Barbara Edmonds said.

    “It seems the Government’s new slogan ‘Everyone Must Go’ has been interpreted by David Seymour as ‘Everything Must Go,’ including New Zealand’s essential assets.

    “Under their plan, foreign investors will find it even easier to snap up key assets without clear protections for Kiwi jobs or incomes. Investing in New Zealand is a privilege, not an open invitation for profit-chasing investors to exploit our resources and siphon off the returns overseas. Yet, this Government is throwing the doors wide open, without ensuring our assets serve the interests of Kiwi workers, businesses, and communities.

    “The Government claims they have a ‘balanced’ approach, but that raises the question: balanced for whom? I don’t see any clear protections for New Zealand’s environment, public utilities, or any effort to consider Māori or the broader community.

    “There has been no consultation on these changes and the Government wants to rush the legislation through before the end of the year. The Treasury themselves, in David’s Seymour’s Cabinet Paper, say that because they were restricted by the Coalition Agreement, they have had no opportunity to test whether their policies can actually be delivered and whether the benefits will materialise.

    “Rushed reforms like these put our economic future at risk. This Government is making it easier for foreign companies to buy up key assets while shifting profits offshore. That doesn’t strengthen our economy, it weakens it. This is just another example of this Government taking New Zealand backwards,” Barbara Edmonds said.


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    MIL OSI New Zealand News –

    February 24, 2025
  • MIL-Evening Report: Labor crashes to a 55–45 deficit in Resolve despite interest rate cut

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    A national Resolve poll for Nine newspapers, conducted February 18–23 from a sample of 1,506, gave the Coalition a 55–45 lead by headline respondent preferences, a three-point gain for the Coalition since January. By 2022 election preference flows, the Coalition led by 52–48, a one-point gain for them.

    Primary votes were 39% Coalition (up one), 25% Labor (down two), 13% Greens (steady), 9% One Nation (up two), 9% independents (down one) and 4% others (down two). Labor’s primary vote is their lowest in any poll this term.

    Anthony Albanese’s net approval was steady at -22, with 56% giving him a poor rating and just 34% a good one. Peter Dutton’s net approval was down one to +5. Dutton led Albanese by 39–35 as preferred PM (39–34 in January).

    By 37–26, voters thought the Coalition was the best choice for them and their household over Labor. By 34–18, they thought Dutton better able to deal with Donald Trump than Albanese. By 43–22, they thought Albanese weaker than Dutton.

    The Liberals led Labor by 41–24 on economic management (42–23 in January). The Liberals led on keeping the cost of living low by 37–25, down a little from 37–22 in January.

    In both the Resolve and Freshwater polls that were taken after the Reserve Bank cut interest rates, the Coalition has increased its lead. Here is the graph that shows the dramatic widening in the Resolve poll in the Coalition’s favour.

    Dutton’s ratings have been much better than Albanese’s in Resolve, and this is now flowing through to voting intentions. To put Labor back on track, Albanese needs to improve his ratings and Dutton’s need to fall. In this respect, the Freshwater poll below was much better for Labor.

    Resolve’s respondent preference flows are probably a pro-Coalition outlier, but the general trend in the polls has been bleak for Labor.

    Freshwater poll: Coalition leads by 52–48

    A national Freshwater poll, conducted February 20–23 from a sample of 1,038, gave the Coalition a 52–48 lead by respondent preferences, a one-point gain for the Coalition since January. Primary votes were 41% Coalition (up one), 31% Labor (down one), 13% Greens (steady) and 15% for all Others.

    Albanese’s net approval improved seven points to -11, while Dutton’s dropped four points to -8. Albanese led Dutton as preferred PM by 45–43 (a 43–43 tie in January).

    On issues, 70% rated cost of living a top three issue, followed by 39% for housing, 27% for both crime and economic management, 26% for health and just 17% for the environment. The Coalition held double-digit leads over Labor on cost of living, crime and economic management.

    Essential poll: Labor gains for a tie

    A national Essential poll, conducted February 12–16 from a sample of 1,146, had a 48–48 tie by respondent preferences including undecided (49–47 to the Coalition in early February). The Coalition had led in the last four Essential polls by one to two points.

    Primary votes were 35% Coalition (down one), 30% Labor (steady), 12% Greens (steady), 9% One Nation (up one), 1% UAP (steady), 9% for all Others (steady) and 4% undecided (steady). By 2022 preference flows, Labor would lead by about 51–49, a 0.5-point gain for Labor.

    Albanese’s net approval dropped five points to -5 since January, with 48% disapproving and 43% approving, but the January poll had an 11-point jump in his net approval from December. Dutton’s net approval was down three points to -4, his worst net approval in Essential since February 2024.

    Asked about the direction of the country, wrong track led by 51–31, a blowout from 46–38 in January. Wrong track led by the same 51–31 margin in December, and it has consistently had sizeable leads since June 2023.

    On taxes and government services, 26% thought they should be reduced, 11% increased and 63% maintained. By 40–31, respondents opposed the Coalition’s plan to reduce the number of public service workers.

    Asked whether they were aware of various Labor achievements, 77% were aware of the $300 energy bill rebate for all households, 66% were aware of TAFE and HECS debt cuts and 61% were aware of increased renewable energy targets. However, only 46% were aware of consecutive budget surpluses.

    Morgan poll and Palmer’s new party

    A national Morgan poll, conducted February 10–16 from a sample of 1,666, gave the Coalition a 51.5–48.5 lead by headline respondent preferences, unchanged from the February 3–9 poll.

    Primary votes were 39.5% Coalition (down one), 28% Labor (down one), 12.5% Greens (up 1.5), 5.5% One Nation (up 1.5), 10% independents (up 0.5) and 4.5% others (down 1.5). By 2022 election flows, the Coalition led by 51–49, a 0.5-point gain for Labor.

    Clive Palmer had voluntarily deregistered the United Australia Party after the 2022 election. The High Court denied his attempt to re-register this party. He has now taken over the existing party “Trumpet of Patriots”.

    Queensland federal and state DemosAU poll

    A DemosAU poll of Queensland that asked for federal voting intentions, conducted February 10–14 from a sample of 1,004, gave the Liberal National Party a 53–47 lead, representing a 1% swing to Labor since the 2022 federal election result in Queensland.

    Primary votes were 39% LNP, 31% Labor, 12% Greens, 10% One Nation and 8% for all Others. DemosAU is using the One Nation preference flow at the 2024 Queensland state election for its federal polls; this was better for the LNP than at the 2022 federal election.

    State voting intentions were 54–46 to the LNP, unchanged since the 2024 election. Primary votes were 40% LNP, 30% Labor, 12% Greens, 10% One Nation and 8% for all Others.

    Economic data: wage growth and jobs

    The Australian Bureau of Statistics reported that in the December 2024 quarter, wages grew 0.7%, down from 0.9% in the September quarter. This was the slowest quarterly wage growth since March 2022. For the year to December, wages grew 3.2%, down from 4.1% in the year to June 2024.

    In the December quarter, inflation was up 0.2% and up 2.4% for the year to December. So wage growth exceeded inflation by 0.5% in the December quarter and 0.8% for the year, but it had exceeded inflation by 0.7% in the September quarter.

    The ABS said 44,000 jobs were added in January, but the unemployment rate rose 0.1% from December to 4.1% owing to a 0.2% increase in the participation rate. The employment population ratio (the percentage of eligible Australians that are employed) rose 0.1% to 65.6%, a record high.

    German election

    I am covering Sunday’s German federal election for The Poll Bludger. The election was held seven months early owing to a breakdown in the governing coalition of centre-left SPD, Greens and pro-business FDP.

    Exit polls and pre-election polls have the conservative CDU/CSU leading, with the far-right AfD in second place and the SPD lagging in third. The final outcome should be known by this afternoon AEDT.

    Adrian Beaumont 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. Labor crashes to a 55–45 deficit in Resolve despite interest rate cut – https://theconversation.com/labor-crashes-to-a-55-45-deficit-in-resolve-despite-interest-rate-cut-250150

    MIL OSI Analysis – EveningReport.nz –

    February 24, 2025
  • MIL-OSI United Kingdom: Talks relaunch on India trade deal to boost UK’s growth agenda

    Source: United Kingdom – Executive Government & Departments

    Press release

    Talks relaunch on India trade deal to boost UK’s growth agenda

    UK-India free trade talks are being relaunched, with a visit to India by the Business and Trade Secretary.

    • UK-India trade talks kick off in New Delhi today with Business and Trade Secretary Jonathan Reynolds meeting with Commerce Minister Piyush Goyal
    • Deal aims to deliver economic growth and bring Indian economy – world’s third largest by 2028 – within reach for more UK businesses
    • Push to attract investment will take place in financial capital Mumbai and tech hub Bengaluru by Investment Minister Poppy Gustafsson

    The relaunch of talks on a UK-India trade deal will take place today [Monday 24 February], as UK ministers arrive in India to negotiate a huge economic prize helping to deliver on the growth agenda.

    India is forecast to have the highest growth rate in the G20 for the next five years and set to become the world’s third biggest economy by 2028. With an expected 95 million strong middle class by 2035, there are more and more opportunities every day for UK businesses to sell to consumers in India ready to buy British.

    Securing trade deals with massive global economies like India demonstrates the UK’s commitment to free and fair trade and how this Government will support jobs, prosperity, and real change for the British people as part of the Plan for Change.

    Business and Trade Secretary Jonathan Reynolds said:

    Securing a trade deal with what is soon-to-be the third biggest economy in the world is a no-brainer, and a top priority for me and this Government. That is why I’m flying to New Delhi with our top negotiating team to show our commitment to getting these talks back on track.

    Only a pragmatic government can deliver the economic growth and stability that the British public and British businesses deserve, delivering on the Plan for Change.

    Growth will be the guiding principle in our trade negotiations with India and I’m excited about the opportunities on offer in this vibrant market.

    Trade ministers from both countries will kickstart negotiations on a modern economic deal with two-days of focused discussions – the first time both negotiating teams have formally got around the table under this government.     

    Standard Chartered UK CEO and Head, Client Coverage UK, Saif Malik said:

    We warmly welcome efforts to strengthen trade ties with one of the world’s most dynamic and fastest growing markets. As a leading global bank operating in India for over 160 years, the opportunities for British businesses are significant.

    Whether it’s improved access to India’s growing consumer market, opportunities in manufacturing, infrastructure and innovation, or collaboration in financial and professional services, the relaunch of trade talks can unlock even greater trade, investment and prosperity across the UK-India corridor.” 

    Chair of UK India Business Council Richard Heald said:

    The UK Government’s visit reaffirms its commitment for a new ambitious and future-focused trade & investment relationship with India. 

    We are delighted to note the progress on the UK-India Free Trade Agreement negotiations. Success in the FTA will support further economic growth for the world’s 5th and 6th largest economies. It will catalyse collaboration beyond into other areas too. Importantly, it will signal the UK and India are strategic partners. This is truly an exciting chapter of the UK-India partnership.

    The talks will open against a backdrop of Indian commerce and artisans on a joint visit to Delhi’s National Crafts Museum. The pair will also spend time visiting BT India’s office in Gurugram – one of the largest UK employers in India – to see first-hand how UK tech and Indian talent are helping solve global challenges.

    As part of the visit, Investment Minister Poppy Gustafsson will address investors in two of the country’s foremost business centres Mumbai and Bengaluru, to sell the UK as the best and most connected place for Indian businesses to invest.

    India has been the second biggest source of FDI into the UK for five consecutive years in terms of number of projects. In terms of value, the most recent stats show a 28% year-on-year increase in investment stock at the end of 2023.

    The UK offer for Indian investors has never been stronger, she will tell businesses, thanks to the government’s drive to restore economic stability and boost investor confidence as part of the Plan for Change.

    The UK and India are currently the sixth and fifth largest global economies respectively, with a trade relationship worth £41 billion and investment supporting over 600,000 jobs across both countries.

    A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK, support jobs, boost wages, and back the high-growth sectors identified in the government’s upcoming Industrial Strategy, such as advanced manufacturing, clean energy, financial services, and professional and business services.

    Notes to editors

    • GDP figures are sourced from the IMF World Economic Outlook October 2024
    • FDI project numbers are sourced from DBT inward investment results 2023/24
    • FDI stock values are sourced from ONS foreign direct investment involving UK companies 2023
    • Trade values sourced from  ONS UK total trade all countries July to September 2024
    • Jobs supported by investment across both countries are sourced from Grant Thornton

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    Updates to this page

    Published 23 February 2025

    MIL OSI United Kingdom –

    February 24, 2025
  • MIL-OSI New Zealand: Business – Successful Māori business accelerator returns for second year

    Source: Tapuwae Roa

    Building on its successful debut in 2024, Tapuwae Roa announced today the return of the Tupu Accelerator, an eight-week programme designed to propel Māori-founded startups toward substantial and sustainable success.
    Developed in partnership with Sprout Agritech and co-funded by Callaghan Innovation, this year’s programme will welcome ten teams of aspiring Māori entrepreneurs from across Aotearoa, equipping them with the essential tools, mentorship, and resources needed to achieve global growth.
    “Last year, we were blown away by the calibre and passion of our inaugural Tupu cohort, who demonstrated tremendous growth and have since shown progress like international expansion and raising capital,” says Te Pūoho Kātene, Kaihautū (Chief Executive) of Tapuwae Roa.
    Feedback from last year’s participants echoed the programme’s transformative effect, with many founders crediting the programme as being instrumental in advancing their ventures.
    “This is just the beginning of my journey, but the lessons and insights I have gained during this course have accelerated this start-up process in a way I could not have imagined. I’m now more focused and clearer about the vision,” says 2024 Tupu Accelerator participant and founder of Bhone Beauty, Renei Kingi.
    Facilitated by experienced business coaches Saara Tawha and Brittany Teei (founder of KidsCoin), the accelerator focuses on key development areas for startup success, including customer validation, analysing markets, intellectual property protection, and navigating the process of raising capital.
    “Tupu Accelerator is designed not just to educate, but to transform and support, building strong bonds between founders who can learn and grow together within and after the programme,” says Kātene.
    Featuring a hybrid blend of in-person wānanga, guest speakers, online sessions, and personalised coaching, Tupu equips founders with the necessary skills to elevate their businesses from local operations to internationally competitive markets. Participating startups are also eligible to receive up to $5,000 in contributions towards professional services targeting crucial development areas for their business.
    “Our people are deeply entrepreneurial, and by providing them with the tools and insights necessary to excel beyond our shores, Tupu aims to launch Māori innovation into the heart of global markets.
    “We look forward to supporting a new cohort of brilliant startups to reach their entrepreneurial potential as they drive innovation and excellence within the Māori economy.”
    Applications are now open and close on 20 March 2025. For more information or to apply, visit www.tupu.org.nz.
    ABOUT TUPU ACCELERATOR
    Delivered by Tapuwae Roa in partnership with Sprout Agritech and co-funded by Callaghan Innovation, Tupu is an eight-week kaupapa-Māori business growth programme to accelerate Māori start-ups towards sustainable success, equipping founders with the essential tools, mentorship, and resources to achieve global success.
    2024 COHORT PROFILES
    https://tupu.org.nz/purapura-2024/

    MIL OSI New Zealand News –

    February 24, 2025
  • MIL-OSI New Zealand: Government Cuts – Stop Defence civilian job cuts if the Govt is serious about increasing spending – PSA

    Source: PSA

    The PSA is urging the Government to stop planned job cuts to the Defence Force civilian workforce in the wake of promises to increase defence spending.
    “We welcome the u-turn on Defence spending by the Government and urge it to start by stopping any further cuts to the civilian workforce,” said Fleur Fitzsimons, Assistant Secretary for the Public Service Association for Te Pūkenga Here Tikanga Mahi.
    “The civilian workforce plays a vital role in ensuring NZDF can operate – such as maintaining IT systems, providing security at bases, and engineering support for military equipment. Defence can’t operate without a well-resourced civilian workforce.
    “It’s ironic that the backdown on Defence spending comes just a year after it ordered the agency to slash spending by 6.5%.”
    And last December NZDF told staff across its military and civilian workforce that it wants to cut $50m through its Workforce Savings Programme in the 2025/26 financial year as part of plans to tackle a $360m blowout in spending.
    “The civilian workforce is already cut to the bone, and more cuts are planned to be announced next month we understand. Some 200 roles in the civilian workforce of around 3000 have been disestablished last year. This includes 144 voluntary redundancies and other vacant roles not being filled.
    “It’s great that the Government belatedly realising that the unstable geopolitical environment, underlined by the activities of the Chinese navy off the coast of Australia currently, means we need to invest more in defence.
    “We urge the Government to stop with the reckless cuts and spending decisions like stopping flu vaccines to date. It must do the right thing by its critical civilian workforce if it is really serious about the capability of the Defence Force.”
    The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand’s largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.

    MIL OSI New Zealand News –

    February 24, 2025
  • MIL-OSI Asia-Pac: English rendering of PM’s address at the layIng of foundation stone of Bageshwar Dham Medical & Science Research Institute

    Source: Government of India

    Posted On: 23 FEB 2025 6:11PM by PIB Delhi

    Present at the event, the Governor of Madhya Pradesh, Shri Mangubhai Patel; Chief Minister Bhai Mohan Yadav Ji; Jagatguru Pujya Rambhadracharya Ji; Peethadheeswar of Bageshwar Dham, Shri Dhirendra Shastri Ji; Sadhvi Ritambhara Ji; Swami Chidanand Saraswati Ji; Mahant Shri Balak Yogeshchardas Ji; the Member of Parliament from this region, Vishnudev Sharma Ji; along with other dignitaries and my dear brothers and sisters!

    This marks only the second occasion in a very long time that I have had the privilege of visiting Bundelkhand, the land of heroes. And this time, it is Balaji who has summoned me. By the grace of Lord Hanuman, this revered religious centre is now set to transform into a centre of healthcare as well. I have just performed the Bhoomi Pujan for the Shri Bageshwar Dham Medical Science and Research Institute. This institute will be established on a 10-acre site, and in its first phase, a 100-bed facility will be completed. I extend my heartfelt congratulations to Shri Dhirendra Shastri Ji for undertaking this noble endeavour and also convey my best wishes to the people of Bundelkhand.

    Friends,

    In the present times, we observe a certain section of leaders who mock religion, deride it, and engage in divisive tactics. On numerous occasions, foreign powers also attempt to weaken our nation and its spiritual foundations by lending support to such individuals. Those who harbour animosity towards the Hindu faith have, in some form or another, existed for centuries. Those who remain trapped in a colonial mindset persistently attack our beliefs, our temples, our saints, our culture, and our values. They show utter disrespect towards our festivals, traditions, and customs. They even dare to cast aspersions upon a religion and culture that are inherently progressive. Their agenda is to fragment our society and disrupt its unity.

    In these circumstances, my younger brother, Dhirendra Shastri Ji, has long been enlightening people with the mantra of unity across the nation. Now, he has taken yet another noble resolution in the service of society and humanity—he has resolved to establish this cancer institute. Thus, here in Bageshwar Dham, not only will bhajans and prasad be offered, but the gift of a healthy life will also be bestowed.

    Friends,

    Our temples, mutts, and sacred sites have always served as centres of both worship and meditation. At the same time, they have also been hubs of scientific inquiry, social thought, and collective consciousness. It was our sages who bestowed upon us the science of Ayurveda, as well as the discipline of yoga—both of which are now celebrated across the world. Our belief is simple: There is no greater religion than selfless service, my friends. In other words, to serve others, to alleviate their suffering, is the essence of true religion. Hence, it has been our long-standing tradition to serve all living beings with the conviction that divinity resides in every human—Narayan in man, Shiva in every being. 

    At present, discussions about the Maha Kumbh are resonating everywhere. The grand event is now drawing to a close, with crores having already gathered, taken the sacred dip, and sought blessings from the saints. When we observe this Maha Kumbh, a profound realisation dawns upon us—it is truly a Maha Kumbh of unity (Ekta Ka Mahakumbh). Held after an astonishing 144 years, this Maha Kumbh will continue to inspire generations to come as a symbol of unity, strengthening the collective spirit of our nation like an eternal stream of nectar. A remarkable sense of service prevails among the people. Every visitor to Kumbh has undoubtedly witnessed this unity firsthand. However, there are two common sentiments echoed by everyone I have met, from every corner of India, who have attended the Maha Kumbh. First, they wholeheartedly praise the sanitation workers. Their dedication and tireless efforts in maintaining cleanliness around the clock in this Ekta Ka Maha Kumbh are truly commendable. Today, I extend my deepest respect and gratitude to all these sanitation workers for their unwavering spirit of service. 

    The second remarkable aspect—one that is rarely acknowledged in our country—is the extraordinary contribution of our police personnel. This time, I have observed that every pilgrim returning from the Maha Kumbh speaks of how the policemen, with utmost humility and dedication, have cared for crores of devotees as if they were seekers themselves—true sevavartis (selfless servers). These policemen, who have won the hearts of the people through their exemplary service, also deserve our heartfelt congratulations.

    But, brothers and sisters,

    In this Maha Kumbh of Prayagraj, numerous social service initiatives are being carried out with the spirit of selfless service. Unfortunately, it is difficult for the media to focus on them, and as a result, they have not received much attention. If I were to discuss all these service projects in detail, it might disrupt my next programme. However, I wish to highlight one remarkable initiative—the Maha Kumbh of Netra—which is taking place within this Ekta ka Maha Kumbh.

    At this Netra Maha Kumbh, pilgrims from across the country, particularly those from underprivileged backgrounds, are receiving free eye check-ups. For the past two months, esteemed ophthalmologists from across the nation have been volunteering their services. So far, the eyes of more than two lakh of my brothers and sisters have been examined. Additionally, approximately 1.5 lakh individuals have received free medicines and spectacles. Those diagnosed with cataract—about 16,000 people—were referred to Chitrakoot and nearby hospitals with advanced eye care facilities, where they underwent cataract surgery completely free of charge. Numerous such noble initiatives are being carried out within this Ekta Ka Maha Kumbh.

    Brothers and sisters,

    Who is behind these efforts? Under the guidance of our revered saints and sages, thousands of doctors and volunteers have selflessly dedicated themselves to this cause, working with unwavering commitment and a deep sense of service. Those visiting this Ekta Ka Maha Kumbh are truly appreciating these efforts.

    Brothers and sisters,

    Similarly, many of Bharat’s largest hospitals are being operated by our religious institutions. Several research institutes dedicated to health and science are also being run by religious trusts. These institutions provide medical care to crores of underprivileged individuals, offering them vital treatment and support. My ‘Didi Maa’ is present here. Her devotion to serving orphaned girls is truly inspiring. She has dedicated her entire life to the welfare of these daughters.

    Friends,

    Chitrakoot, the sacred land of Bundelkhand, closely associated with Lord Rama, has long been a major centre for serving the sick and the divyang (Differently-abled). I am pleased that another glorious chapter is being added to this noble tradition through Bageshwar Dham. Now, Bageshwar Dham will not only be a place of faith & spirituality but also a centre for healing, where the blessings of good health will be bestowed.

    I have been informed that in just two days, on the auspicious occasion of Mahashivratri, a mass marriage ceremony for 251 daughters will also be organised here. I deeply appreciate Bageshwar Dham for undertaking this sacred initiative. I extend my heartfelt congratulations to all the newly-wed couples and bless my daughters in advance, wishing them a life filled with joy and prosperity.

    Friends,

    Our scriptures say: शरीर-माद्यं खलु धर्म-साधनम्। —which means that our body and our health are the foremost instruments for practising our duties, achieving happiness, and attaining success. That is why, when the nation entrusted me with the opportunity to serve, I made Sabka Saath, Sabka Vikas the guiding principle of our government. And a crucial foundation of this resolution is Sabka Ilaaj, Sabka Arogya (Healthcare for All, Wellness for All).

    To fulfil this vision, we are working on multiple levels, with a strong emphasis on disease prevention. Let me ask you—under the Swachh Bharat Abhiyan, have toilets been built in every village or not? Have they been beneficial to you or not? You may be aware that building toilets brings another major advantage—reducing diseases caused by poor sanitation. Studies have shown that households with proper toilets save thousands of rupees that would otherwise be spent on medical expenses.

    Friends,

    Before our government came to power in 2014, the situation in the country was such that the poor feared the cost of treatment more than the disease itself. If even one family member fell seriously ill, the entire household would face severe financial distress. I, too, come from a humble background, just like many of you. I have witnessed these struggles firsthand. That is why I have made a solemn pledge—to reduce the burden of medical expenses and ensure that you save as much of your hard-earned money as possible.

    I frequently share information about our government’s welfare schemes because I want to ensure that no deserving person is left out. Today, I am reiterating some crucial details once again, and I hope you will not only remember them but also share them with your acquaintances. Will you do that for me? I am sure you will—because spreading awareness is also an act of service. Shouldn’t we reduce the burden of medical expenses?

    That is why I have introduced a provision for free treatment for every underprivileged individual—medical coverage of up to ₹5 lakh at no cost! No son will have to worry about spending ₹5 lakh on his parents’ treatment—your son sitting in Delhi will take care of it for you. However, to avail of this benefit, you must obtain an Ayushman Card. I am certain that many among you have already secured your Ayushman Card. Those who haven’t should do so at the earliest. Additionally, I urge the Chief Minister to ensure that any gaps in implementation in this region are swiftly addressed.

    Friends,

    There is one more important thing you must remember. Now, Ayushman Cards are being issued to provide free medical treatment to all elderly individuals above 70 years of age—regardless of whether they are poor, middle-class, or wealthy. These cards will be generated online, and no payment is required. If anyone demands money for it, you must write to me directly—I will take care of the rest. So, if someone asks for money, what will you do? You will write to me! I also urge our revered saints and spiritual leaders to ensure they have their Ayushman Cards, so that if they ever fall ill, I get the privilege of serving them. Of course, I hope you all remain in good health, but should the need ever arise, this facility must be readily available.

    Brothers and sisters,

    In many cases, hospitalisation is not necessary—patients only need to take prescribed medication at home. To make medicines more affordable, we have established over 14,000 Jan Aushadhi Kendras across the country. These centres offer medicines at significantly lower prices—where a medicine might cost Rs 100 in the market, the same can be obtained for just Rs 15, Rs 20, or Rs 25 at a Jan Aushadhi Kendra. Now, tell me—won’t this help you save money? Shouldn’t you purchase your medicines from Jan Aushadhi Kendras?

    I also want to highlight another concern. Reports indicate that kidney disease is becoming increasingly prevalent in villages. When kidney ailments worsen, patients require regular dialysis, which often involves travelling long distances and incurring high expenses. To address this issue, we have established over 1,500 dialysis centres across more than 700 districts in the country, providing free dialysis facilities.

    It is essential that you not only take advantage of these government schemes but also spread awareness among others. Will you do this for me? Raise your hands and tell me—will you do it? This is an act of service, a noble deed that will earn you punya.

    Friends,

    A major hospital for cancer patients is soon to be established in Bageshwar Dham. As cancer is rapidly becoming a serious concern everywhere, the government, society, and spiritual leaders are all making collective efforts to combat this disease.

    Brothers and sisters,

    I understand how challenging it is to fight cancer, especially in villages. In many cases, people remain unaware for days, even months, that they have cancer. Initially, they resort to home remedies for fever and pain, some turn to prayers and rituals, while others fall into the hands of fraudulent healers. It is only when the pain intensifies or a lump becomes visible that they seek medical attention, only to receive the devastating diagnosis of cancer. The mere mention of the disease fills an entire household with grief and fear, shattering dreams and leaving families unsure of where to turn for treatment. For most, Delhi and Mumbai are the only known options.

    This is precisely why our government is actively addressing these challenges. In this year’s budget, several key announcements have been made to strengthen the fight against cancer. Modi has committed to making cancer medications more affordable. Over the next three years, Cancer Day Care Centres will be established in every district across the country, providing testing and rest facilities. Additionally, cancer clinics are being set up in district hospitals and medical centres within your vicinity to ensure better accessibility to treatment.

    But, brothers and sisters,

    There is something I must say—it may not be pleasant to hear, but it is essential for all of us to act upon it, remember it, and integrate it into our lives. You must be vigilant and proactive in protecting yourself from cancer. The first and foremost step is early detection. Once cancer spreads, it becomes incredibly difficult to treat. That is why we are conducting a nationwide screening campaign for individuals above the age of 30. I urge each one of you to take full advantage of this initiative—do not ignore it. If there is even the slightest suspicion, seek a cancer screening immediately. Another crucial aspect is awareness. Cancer is not a contagious disease—it does not spread through physical contact. However, certain lifestyle habits significantly increase the risk. Smoking bidis and cigarettes, consuming gutkha, tobacco, and heavily spiced foods are major contributors to cancer. I can already see that the mothers and sisters among us are especially pleased to hear this. Therefore, I implore you—stay away from these harmful substances and encourage others to do the same. Prioritise your health and well-being. If we take preventive measures, we can reduce the burden on hospitals like the one being built in Bageshwar Dham. Wouldn’t it be better if you never had to come here as a patient? You will take precautions, won’t you? You will not be careless, right?

    Friends,

    Modi is devoted to serving you as your humble servant. During my last visit to Chhatarpur, I had the privilege of inaugurating and laying the foundation stones for projects worth thousands of crores, which the Chief Minister has just outlined. You may recall that among them was the Ken-Betwa Link Project, worth Rs 45,000 crore. This project had been stalled for decades—so many governments came and went, leaders from every political party visited Bundelkhand, yet the water crisis here only deepened. Tell me, did any of the previous governments fulfil their promises? This long-pending project only saw progress when you bestowed your blessings upon Modi.

    Efforts are also being made at an accelerated pace to address the drinking water crisis. Under the Jal Jeevan Mission—the Har Ghar Jal project—water is now being supplied to every village in Bundelkhand through pipelines. We are working tirelessly to ensure that water reaches rural areas, easing the struggles of our farmer brothers and sisters and ultimately increasing their income.

    Brothers and sisters,

    For Bundelkhand to truly prosper, it is essential that our mothers and sisters become equally empowered. To achieve this, we have launched initiatives like Lakhpati Didi and Drone Didi. Our goal is to transform three crore sisters into Lakhpati Didis, enabling them to achieve financial independence. Women are also being trained to operate drones. Imagine—irrigation water flowing to Bundelkhand, our sisters spraying crops with drones, actively participating in agriculture. This will propel Bundelkhand rapidly on the path of prosperity.

    Brothers and sisters,

    Another significant transformation is underway in our villages through drone technology. Under the Swamitva Yojana, drones are being used to conduct precise land surveys, and proper ownership documents are being issued. Here in Madhya Pradesh, remarkable progress has been made in this regard. People are now able to secure bank loans easily using these legal documents, which are being utilised to start businesses and create employment opportunities, ultimately increasing incomes.

    Friends,

    The double-engine government is working relentlessly to elevate this sacred land of Bundelkhand to new heights of development. Today, at Bageshwar Dham, I pray that Bundelkhand continues to advance along the path of prosperity and progress. When I arrived at the feet of Hanuman Dada, a thought crossed my mind—will Dhirendra Shastri alone draw the divine slip today, or will I have the honour of drawing one as well? I wanted to see whether Hanuman Dada Ji would bless me. And indeed, with his divine grace, today I drew the first slip—his mother’s slip—and Shastri Ji has already shared its significance with you.

    Well, my comrades,

    This is a grand occasion, a monumental mission. When the resolution is strong, when saints’ blessings and divine grace are with us, every goal is achieved within its destined timeframe. Some of you have asked me to come for the inauguration, while others have invited me to attend their wedding processions. Today, I make a public promise—I will fulfil both commitments!

    Once again, my heartfelt best wishes to all of you. Thank you very much. Har Har Mahadev!

    DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered

    MIL OSI Asia Pacific News –

    February 24, 2025
  • MIL-OSI Asia-Pac: Invest Hong Kong reports information security incident

    Source: Hong Kong Government special administrative region

         Invest Hong Kong (InvestHK) announced today (February 23) that an information security incident was identified yesterday (February 22). The incident involved a malicious ransomware attack to part of InvestHK’s computer systems.

         A spokesman for InvestHK said that upon identification of the incident, the department has taken immediate measures to further tighten its IT security systems to prevent further ransomware attacks. It has also followed established guidelines and procedures and reported the case to the Police, the Digital Policy Office (DPO), the Office of the Privacy Commissioner for Personal Data and the Security Bureau respectively on the same day. InvestHK condemns such malicious attacks and has already updated relevant access rights, isolated the affected systems, and activated back-up procedures.

         InvestHK is working closely with the Police on the investigation. Preliminary findings indicated that the affected areas included an internal Customer Relationship Management (CRM) system, intranet and part of InvestHK’s website operations, such as the function to contact InvestHK via the website form and events updates. InvestHK’s public services remain normal. Members of the public can continue to contact staff of InvestHK through telephone, email or face-to-face meetings.

         Investigation is still underway to ascertain whether any personal data leakage is involved. Although this is an ongoing investigation, based on preliminary assessment, this could potentially include basic information on InvestHK’s clients, such as the companies’ contact information, and records of InvestHK staff. InvestHK will inform relevant parties if and when further updates are available.

         The spokesman stressed that the department has been following Government procedures on information and cybersecurity. To further strengthen its system security measures, it is currently seeking advice from the DPO and has appointed experts to assist with the investigation and recovery. The department hoped the culprits can be brought to justice as soon as possible so as to safeguard information and cybersecurity.

         The spokesman reiterated that InvestHK would not send embedded hyperlinks via emails, SMS messages or social media pages for collecting personal information or requesting for payment. It urges members of the public to stay alert and to refrain from clicking on any embedded links or providing any personal or financial information such as credit card information, or making any payment to suspicious emails or SMS messages. For enquiries, members of the public may call InvestHK General Enquiry Hotline at 3107 1000 or email enq@investhk.gov.hk.

    MIL OSI Asia Pacific News –

    February 24, 2025
  • MIL-OSI Asia-Pac: Dr. Mansukh Mandaviya to Inaugurate Regional Dialogue on Social Justice and Observance of 74th Foundation Day of Employees’ State Insurance Corporation (ESIC)

    Source: Government of India (2)

    Dr. Mansukh Mandaviya to Inaugurate Regional Dialogue on Social Justice and Observance of 74th Foundation Day of Employees’ State Insurance Corporation (ESIC)

    Mr. Gilbert F. Houngbo, Director General, International Labour Organization (ILO) to attend as the keynote speaker

    The two-day event to focus on responsible business for sustainable and inclusive societies

    ESIC to celebrate its contribution to the welfare of workforce in India, and acknowledge the top contributors to its mission

    India organising first ever “Regional Dialogue” in collaboration with the Global Coalition for Social Justice and International Labour Organization on 24-25 February 2025 in New Delhi

    Posted On: 23 FEB 2025 5:10PM by PIB Delhi

    Union Minister of Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya will inaugurate the two-day Regional Dialogue on Social Justice under the Global Coalition for Social Justice and the Observance of the 74th Foundation Day of the Employees’ State Insurance Corporation (ESIC) on 24 February 2025 in New Delhi. Hon’ble Minister of State for Labour & Employment, Ms. Shobha Karandlaje, Secretary (Labour & Employment), Ms. Sumita Dawra, and the Director General, International Labour Organization (ILO), Mr. Gilbert F. Houngbo, will also be present at the inaugural session of this key international dialogue.

    The Global Coalition for Social Justice is a landmark initiative by ILO to bring global, regional and national actors together for policy and action coherence towards advancing social justice. Launched in November, 2023, the Coalition has been joined by 336 partners including 90 governments within a short span.

    India, as a founding member of ILO and a key member in the Coordinating Group of the Global Coalition, is playing a crucial role in the Coalition for furthering the agenda of social justice. Recognizing the need for collaboration between governments, businesses, and workers to promote social justice, India has decided to champion a key Coalition intervention “Responsible business practices for sustainable and inclusive societies.” This intervention is part of a core thematic area of the Global Coalition i.e. “Expanding access to and capabilities for productive and freely chosen employment and sustainable enterprises.”

    In this context, the two day regional event is being organized by the Ministry of Labour and Employment and Employees’ State Insurance Corporation in collaboration with Global Coalition for Social Justice and International Labour Organization, with the support Confederation of Industry (CII) – Employers Federation of India (EFI).

    Deliberations will focus on skills and employment, expanding social security, gender inclusion in the workplace, responsible business practices, corporate governance for decent work, and harnessing AI for social justice.

    The event will also mark the Observance of the 74th Foundation Day of the Employees’ State Insurance Corporation (ESIC), celebrating its pioneering contributions to social security and workers’ welfare in India. ESIC, which administers one of the most comprehensive social security schemes in the country, has been playing a leading role in providing medical care, maternity benefits, and financial protection to workers and their families. The foundation day celebrations will highlight ESIC’s milestones and future roadmap for strengthening its services and coverage. The event will also feature honouring of key contributors to ESIC’s mission of transforming “social security to social justice”, kick-start of the “ESIC Special Services Fortnight,” and launch of ESIC publications detailing its achievements.

    The inaugural session will also include unveiling of key initiatives such as the e-Shram mobile application, and publications:-

    1. Position Paper on transforming India’s Social Protection Landscape through Data Pooling
    2. Learnings and Reflections from the ISSA-ESIC International Seminar organized by India in January 2025
    3. Best practices in responsible business conduct in India.
    4. Compendium on Social Protection in India
    5. Shram Samarth: A Journey to Excellence

    A highlight of the event will be the formal announcement of joining of the Global Coalition by prominent Indian workers’ and employers’ organizations from India as partners. A joint statement on responsible business conduct is also expected to be released by India’s largest workers’ organization Bharatiya Mazdoor Sangh (BMS) and India’s key employers’ organization (CII-EFI), reflecting the collaborative resolve of Indian workers’ organizations and industry towards inclusive and sustainable development.

    Through this key Coalition event, India aims to reaffirm its commitment to leading the global march towards social justice and inclusive growth and leveraging global partnerships to drive meaningful action. The outcomes of this event are expected to inform future strategies for universal social protection and fostering responsible business ecosystems, contributing to the broader objectives of the 2030 Agenda for Sustainable Development and the Decent Work Agenda.

    More than 500 participants, including representatives from Coalition partners, governments, concerned Ministries of Government of India, employers’ and workers’ organizations, academia and enterprises, experts from international organizations bodies and ESIC members and officers, will participate during the inaugural session of the regional dialogue.

                           *****

    Himanshu Pathak

    (Release ID: 2105650) Visitor Counter : 53

    MIL OSI Asia Pacific News –

    February 24, 2025
  • MIL-OSI Asia-Pac: Union Minister Dr. Jitendra Singh appeals youth to give up “Sarkari Naukri” mindset

    Source: Government of India

    Union Minister Dr. Jitendra Singh appeals youth to give up “Sarkari Naukri” mindset

    Dedicates National Startup Festival 2025 to the Youth of Jammu & Kashmir

    “Festival Aims to Spur Innovation and Entrepreneurship Among Young Minds,” says Dr. Singh

    Purple Revolution- Lavender Cultivation Transforms J&K: 3,000+ Youth Earning in Lakhs

    MoU between AIIMS, IIM, IIT, IIIM, GMC Jammu for sharing Co-guide in Post graduation for integrated research informs Dr. Singh

    Posted On: 22 FEB 2025 7:33PM by PIB Delhi

    Union Minister of State (Independent Charge) for Science & Technology, MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy, and Space, Dr. Jitendra Singh, today appealed youth to give up “Sarkari Naukri” mindset.

    Inaugurating 2-day “National Startup Festival”, organized by CSIR-India Institute of Integrative Medicine at Government College for Women, Gandhi Nagar, here, the Minister dedicated the festival to the youth of Jammu & Kashmir, emphasizing the importance of innovation, entrepreneurship, and early industry linkages in ensuring startup success.

    Dr. Jitendra Singh highlighted the immense potential of agriculture-based startups in the region, particularly the Purple Revolution, which has enabled over 3,000 youth in Jammu & Kashmir to earn in lakhs through lavender StartUp initiative. He encouraged young minds to recognize their aptitudes and pursue entrepreneurial ventures, rather than solely focusing on government jobs.

    The Minister further emphasized that Jammu & Kashmir’s agri-startup ecosystem is thriving, with lavender cultivation in Bhaderwah, Doda district, putting the region on the global startup map. The Minister urged greater inclusion of urban areas in agri-startups, with a focus on expanding lavender cultivation and other high-value agricultural ventures.

    With two lakh StartUps currently operating in India, the country has secured the third position in the global startup ecosystem. The S&T Minister noted that startups are not only boosting economic growth but also providing lucrative employment opportunities, particularly for women and Self-Help Groups (SHGs).

    He stressed the critical role of industry linkages and market research in ensuring the long-term sustainability of startups, encouraging young entrepreneurs to study market dynamics at the outset.

    Dr. Jitendra Singh hailed India’s space economy’s rapid growth, attributing its success to collaboration between the public and private sectors. He also celebrated the contributions of women-led teams in major space missions, including Chandrayaan-2 and Aditya L1.

    On the education front, Dr Jitendra Singh commended Prime Minister Narendra Modi’s National Education Policy (NEP) 2020, which has revamped India’s education system by creating a level playing field and ensuring digital inclusivity. The Minister urged students to spend at least 30 minutes daily learning about government schemes and leveraging available opportunities.

    The Science and Technology Minister also shared that after his guidance an MoU has been signed between AIIMS, IIIM, IIT, IIM, GMC Jammu for sharing co-guide for Post graduate students for integrated research.

    During the festival, Dr. Jitendra Singh visited 45 startup stalls, engaging with budding entrepreneurs and students showcasing their innovations. He applauded their efforts in contributing to India’s startup ecosystem and encouraged them to continue innovating.

    The National Startup Festival 2025 is a step toward making Jammu & Kashmir a hub of innovation, self-reliance, and economic empowerment.

    ******

    NKR/PSM

    (Release ID: 2105549) Visitor Counter : 15

    MIL OSI Asia Pacific News –

    February 24, 2025
  • MIL-OSI Asia-Pac: Text of the Vice-President’s address at 65th Convocation of Dr. Babasaheb Ambedkar Marathwada University in Chhatrapati Sambhajinagar (Excerpts)

    Source: Government of India

    Posted On: 22 FEB 2025 7:27PM by PIB Delhi

    I’m extremely pleased to be at this university and there are two very special reasons.

    One – The name of the university says it all, Dr. Babasaheb Ambedkar Marathwada University and then, the city where it is located is also very, very significant. These two things define what we stand for. Chhatrapati Sambhaji Maharaj the name we got only recently. Belated, delayed but then reflects changing times that Bharat home to one-sixth of humanity is getting back into its groove. It is on way to securing its glory. I therefore feel privileged to be associated with this great occasion, 65th Convocation of this great university.

    In last decade, Bharat has seen growth, exponential economic rise, phenomenal infrastructural upsurge, deep digitalisation, technology penetration of unknown scale globally accoladed. No nation in the world has grown so fast in economy and development in the last decade as Bharat has done. The strides we have made in our economy were beyond contemplation few years back. Our jump from 10th or 11th number in global economy status to 5th and on the way to becoming the third in a year or so ahead of Japan and Germany. This nation therefore is full of hope and possibility. India is no longer a nation with potential, it is a nation on the rise, the rise is unstoppable and the rise is incremental.

    Our youth have bountiful opportunity, it is your turn. You are the most important stakeholder in democracy. Our Viksit Bharat is no longer a dream, it is our object. We all are marching towards that object. Some of us will drop on the way on account of age but those before me, young minds, you will be in driver’s seat. You will have to fire on all cylinders the engine of growth. I have no doubt, if not before at 2047 when Bharat celebrates centenary of its independence, India will be a developed nation.

    Now let me indicate to you boys and girls, A developed Nation status is globally not defined but if you look around and find the various elements and parameters, the challenge is daunting, but achievable and implementable. We will have to increase our per capita income eightfold and, time therefore for all of us to move fast, move with commitment that commitment requires that we first believe in our Nation. Nation has always to be the first. We cannot keep National interest subservient to personal interest, to partisan interest, to commercial interest. Commitment to Nationalism is non-negotiable because it is directly connected to our freedom.

    Therefore I call upon you to make your contributions in a massive way. Now an issue arises. What can individuals do? But let me tell you, individuals define a Nation by their discipline, by their decorum, by being good citizens. But let me indicate to begin with ‘Panch Pran’ and these ‘Panch Pran’ you will find are best in our civilizational ethos. They are essence and if I may say, nectar of our civilizational knowledge and worth, and one is, which is very easy, if we practice. Fact is, we are not practising, we have to practice, believe and work day in and day out.

    Social transformation will come when we will have social harmony. Social harmony will define unity in diversity. This will convert our caste, creed, religion, the divisive situations to appear into a force of unity. Let us generate social harmony at all costs. Let us believe in family values, respect our elders, our parents, our neighbours, our neighbourhood. We are a different civilisation, by nature we are not materialistic, we are spiritualistic, we are religious, we are ethical. We are role model to rest of the world, and that model has been in operation for thousands of years. So please imbibe family values, nurture family values, respect your elders, respect your parents, and that cultural strength will give you stamina to contribute for the Nation. A seed of patriotism will automatically blossom. Third, Environmental protection– Now we know it, Climate Change menace, the plant is cliffhanging its existential challenge. धरती माँ के अलावा कोई और स्थान हमारे पास नहीं है। We are trustees, we have recklessly exploited it with the result, the danger is blooming, the time bomb is ticking. We have to do our bit.

    Prime Minister has given a call ‘Ek Ped Maa Ke Naam’, If we do it sincerely, and many are doing, in millions they are doing it. It will be a game changer but let us believe in environmental protection. Every Nation can be powerful only if it is Aatmanirbhar and for that we must believe in Swadeshi. Let us be Vocal about Local.

     Our Constitution has given us fundamental rights but passage to fundamental rights has to be earned and that passage is when you perform fundamental duties, when you perform civic duties. Just imagine, in a country like ours, public order is challenged, public property is burned, people take to agitations where redress lies not on the street, but either in court of law or in theatres of legislature.

     Time has come for every Indian to assess and audit performance of institutions. Mindset has to be changed, you have to be a very powerful pressure group. You have to ask, your public representatives, the bureaucracy, the executive, are you doing your job? Public representatives are elected through a massive exercise. For what? To engage in debate, dialogue, discussion, work policies for your welfare. Not to disturb function. Are they really doing it? If they are not performing their job, well you have a job cut out for them because now you have the power of social media.

     

    मेरी दृढ़ मान्यता है कि हमको संकल्प लेना पड़ेगा कि हम सदैव इस बात को याद रखेंगे कि हम भारतीय हैं, भारतीयता हमारी पहचान है, राष्ट्रवाद हमारा धर्म।

    राष्ट्र विरोधी ताकतें जो हमारे प्रजातांत्रिक मूल्यों पर कुठाराघात करती हैं, जो हमारे संविधान की आत्मा को धूमेल करना चाहती हैं, जो हमारी संस्थाओं को बदनाम करती हैं, जब वो कुठाराघात हमारे मूल आधार पर करती हैं, ऐसी ताक़तों के ऊपर हमारा प्रतिघात होना चाहिए। ये हर व्यक्ति का कर्तव्य है।

     

    Look around the challenges we are seeing. हमारे भारत में, करोड़ों की संख्या में, ऐसे लोग रह रहे हैं, जिनकों यहां रहने का अधिकार नहीं है। वो किसी न किसी रूप में, अपनी आजीविका का सृजन कर रहे हैं। They are making their livelihood here, they are making demands on our resources, on our education, health sector, housing sector और अब तो बात आगे बढ़ गई है। They are intervening our electoral process. हमारी प्रजातांत्रिक व्यवस्था के अंदर, वो महत्वपूर्ण अंग बनते जा रहे हैं। निर्णायक अंग बनते जा रहे हैं। हम सबका कर्तव्य है, कि हम देश में इस प्रकार की मानसिकता का विस्तार करें। एक ऐसे वातावरण और वायुमंडल का निर्माण करें कि हर भारतीय इस बात के लिए सजग हो जाए।

     

    जब दूसरा देश उन लोगों को यहां भेजता है, अपने देश के कानून के हिसाब से। और वो लोग कौन हैं? हमारे उन लोगों को भ्रमित करकर, लालच दिखाकर, लाभ देकर, उनको ठग कर वहां ले गए। कुछ देशों ने पाया गलत है, वापस भेज दिया पर यह परंपरा दशकों से चल रही है। पर यह काम हम कब शुरू करेंगे? हर भारतीय के मन में यह प्रश्न आना चाहिए, कि हम इसको अति शीघ्र शुरू करेंगे। यह बहुत बड़ी चुनौती हमारे सामने हैं।

    एक नई बात और है, हर व्यक्ति का अधिकार है किस धर्म का पालन करे, हर व्यक्ति का अधिकार है मनमर्जी से धर्म अपनाये पर लालच देकर, लोभ by allurement, by temptation conversion होता है और उसका उद्देश्य होता है We will get supremacy by changing demography of the Nation। इतिहास साक्षी है, दुनिया के कुछ देश उदाहरण हैं। आप मेरे से ज्यादा समझदार हैं, जानकार है, पता लगा सकते हैं। देश का रूप ही मिट गया, वहां जो majority community थी, गायब हो गई।

    We cannot allow this demography invasion, organic demographic growth is acceptable, but if this is disruptive with the sinister design to control, हमारे कान खड़े हो जाने चाहिए। हमारे लिए चिंतन-मंथन का विषय है। हमारा दर्शन, जो सदियों पुराना है, उसको चुनौती है।

    Boys and girls, there is another challenge and please read between the lines, see behind the screen. In a systemic manner. The President is ridiculed, the Prime Minister is ridiculed, my position is ridiculed. Our institutions are tainted. Be it Election Commission or Judiciary. These are activities which are being undertaken by those at their heart, National interest is not there.

    Recently, it has been revealed authoritatively that our elections were sought to be doctored, manipulated. ऐसी परिस्थिति में मेरा आग्रह रहेगा हर व्यक्ति से सजग रहे, सोचिए, पर्दाफ़ाश करें। And I appeal to organisations concerned, time has come to engage into deep investigation, thorough investigation at micro level, expose everyone connected with these sinister designs aimed at destabilizing our nation, trying to manipulate our democracy.

     

     

    ****

    JK/RC/SM

    (Release ID: 2105547) Visitor Counter : 48

    MIL OSI Asia Pacific News –

    February 24, 2025
  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation, Shri Amit Shah addresses the valedictory function of Diamond Jubilee Celebrations of Janata Sahakari Bank Limited in Pune, Maharashtra

    Source: Government of India (2)

    Union Home Minister and Minister of Cooperation, Shri Amit Shah addresses the valedictory function of Diamond Jubilee Celebrations of Janata Sahakari Bank Limited in Pune, Maharashtra

    Revered Shri Moropant Pingale, by establishing Janata Sahakari Bank, sowed a seed that has now grown into a banyan tree, connecting 10 lakh people

    Janata Sahakari Bank has realised the concept of ‘big bank for small people’

    Today, the bank’s deposits exceed ₹9,600 crore, which reflects the trust people have in the bank

    The only way to develop one’s family and contribute to the country’s progress without capital is through cooperation

    In the past 3 years, the Modi government has worked on making the cooperative model marketable and has provided direction for cooperative development

    The concept of setting up a cooperative clearing house for the first time in the country is set to be completed within the next 2 years

    After the formation of the umbrella organization, the clearing of cooperative banks located in any part of the country will be done through cooperative banks themselves

    Posted On: 22 FEB 2025 7:09PM by PIB Delhi

    Union Home Minister and Minister of Cooperation Shri Amit Shah addressed the valedictory function of Diamond Jubilee celebrations of Janata Sahakari Bank Limited in Pune Maharashtra today. Union Minister of State for Cooperation, Shri Murlidhar Mohol and several other dignitaries including the Chief Minister of Maharashtra, Shri Devendra Fadnavis, Deputy Chief Ministers of the state, Shri Eknath Shinde and Shri Ajit Pawar were present, on the occasion.

    In his address, Union Home Minister and Minister of Cooperation Shri Amit Shah said that the trust earned by Janata Sahakari Bank is a matter of pride for all of us. He said that Janata Sahakari Bank was established by revered Shri Moropant Pingale, a prominent thinker and renowned RSS worker, who lived a selfless life and never backed out of any challenge. Shri Shah said that the seed sown by Shri Moropant in the form of establishment of this bank has now grown into a huge banyan tree, connecting 10 lakh people. He said that it is a testament of the strength and good conduct of the organization. He further stated that Janata Sahakari Bank has sent a positive message across the country, showing that there is no limit for any institution’s progress when it works with transparency, dedication, and integrity.

    Union Home Minister and Minister of Cooperation said that Prime Minister Shri Narendra Modi has made two resolutions before the nation – to make India a fully developed nation by 2047 and to make the country a 5 trillion-dollar economy by 2027. He mentioned that without the development of the cooperative sector, these resolutions will remain incomplete. He emphasized that if the development of every individual and prosperity in every home do not take place, then these two resolutions could remain unfulfilled. Shri Shah said that providing work to every person according to their abilities and connecting them with the country’s development to make every family prosperous is only possible through a cooperative movement.

    Shri Amit Shah said that the mantra of the Ministry of Cooperation given by Prime Minister Shri Narendra Modi is ‘Sahakar se Samriddhi’. He said that Prime Minister Shri Narendra Modi has provided many basic facilities tocrores of people of the country during the last 10 years. He further stated that now these people want to contribute for the development of the country. He emphasized that the only way to develop one’s family and contribute to the country’s progress without capital is through cooperation. Shri Shah remarked that the essence of cooperation is pooling together small amounts of capital to achieve something large. He highlighted that Janata Sahakari Bank is a prime example of this, as it has made the concept of ‘big bank for small people’.

    The Union Minister of Cooperation said that the Modi government has given specialimpetus to the cooperative movement in the last 3 years. He said that India’s model of cooperatives has been made marketable, and the Modi Government is bringing the Cooperative University Bill to empower our youth with cooperative education. He also stated that the government wants to integrate cooperative innovation and make it a driving force for the country’s development. He added Prime Minister Modihas played a key role in providing the right direction to cooperative development.

    Shri Amit Shah said that embracing the newer technologies by the cooperatives is imperative for continued growth. He said that there are a total of 1465 Urban Cooperative Banks in the country out of which 460 are in Maharashtra alone. He said that an umbrella organization for Urban Cooperative Banks, National Urban Co-operative Finance and Development Corporation (NUCFDC), was under consideration for a long time and now the work has been completed to mobilize an amount of Rs. 300 crore for this organization. Shri Shah said that this umbrella organization will be able to provide all kinds of support to the cooperative banks. He said that for the first time, a clearing house for Cooperative Banks has been envisaged in the country which is set to be completed in the next 2 years.

    Union Home Minister and Minister of Cooperation said that under the leadership of Prime Minister Modi, the Ministry of Cooperation has taken several steps to enhance the business of urban cooperative banks. He mentioned that Aadhaar-enabled payment system has been opened for cooperative banks, the limits for gold loans and housing loans have been enhanced, and a provisionfor one-time loan settlement has been introducedfor cooperative banks. He further added that after the formation of an umbrella organization, clearing for any cooperative bank located anywhere in the country will be done through cooperative banks themselves. Shri Shah also stated that to address the growing competition from nationalized banks, small financing banks, and NBFCs, the Government is setting up a monitoring committee to strengthen governance and incorporate technological innovations in Cooperative Banks.

    Shri Amit Shah said that after its establishment in 1949, Janata Sahakari Bank became a scheduled cooperative bank in 1988, adopted core banking in 2005, became a multi-state scheduled cooperative bank in 2012, and also got the honor of starting the country’s first cooperative demat institution. He mentioned that with 71 branches, 2 extension counters, 1,75,000 members, and over 10 lakh satisfied customers, this is not just a bank, but a large family. He stated that today, the bank’s deposit exceeds ₹9,600 crore, which reflects the trust people have in the bank. Shri Shah also highlighted that Janata Sahakari Bank has never backed out, be it in terms of social service, during Latur earthquake, or the Kolhapur-Sangli floods, or the COVID-19 pandemic.

    *****

    RK/VV/ASH/PS

    (Release ID: 2105536) Visitor Counter : 66

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

    February 24, 2025
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