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Category: Economy

  • MIL-OSI USA: With University At Buffalo Set To Lose $47 Million In Federal Funding, Senator Gillibrand, Rep. Kennedy, Highlight Potential Upheaval Of Local Economy, End To Lifesaving Medical Research

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand
    National Institutes Of Health Funding Supports 30,000 Jobs and $8 Billion In Economic Activity In New York Alone;
    Funding Cuts Will Cost Jobs, Derail Critical Research, And Endanger Public Health
    Gillibrand Leading Bipartisan Call To Reverse Cuts
    Today, U.S. Senator Kirsten Gillibrand and Representative Tim Kennedy visited the University at Buffalo to highlight the impact of President Trump’s recent cuts to National Institutes of Health (NIH) funding on the university and the local economy. 
    The University at Buffalo receives hundreds of NIH grants to study cancer, cardiovascular disease, diabetes, infectious disease, arthritis, allergies, mental health, and much more. Slashed funding would force researchers to abandon critical work and extinguish hope for patients and families looking for cures. This funding cut could also put thousands of jobs across New York State at risk; NIH funding supports roughly 30,000 jobs in New York State alone. 
    “New York is home to top notch universities that attract the world’s best scientists conducting cutting-edge research,” said Senator Gillibrand. “President Trump’s attempt to radically cut funding for the University at Buffalo and other research institutions is irresponsible and short-sighted. It will imperil research that saves lives and is guaranteed to hurt our economy and the thousands of New Yorkers employed by local research institutions. These cuts are facing strong bipartisan opposition, and I am working across the aisle with my colleagues in the New York delegation, including Congressman Kennedy, to call on the Trump administration to reverse them.”
    “The administration’s arbitrary cuts to NIH funding are a matter of life and death,” said Congressman Tim Kennedy. “This funding is the difference between a grandparent keeping cancer at bay long enough to meet their grandchild or an infant benefiting from lifesaving research—these scenarios play out every day across our region and nation. The federal government should be investing in our future, not defunding cancer research and other critical health programs. These cuts need to be rescinded immediately, and we need to let scientists and doctors get back to the business of researching lifesaving technologies.”
    “NIH has been an exceptional partner to the University at Buffalo and universities nationwide, enabling life changing and lifesaving discoveries in all aspects of health, wellness, and healthcare,” said Venu Govindaraju, PhD, vice president for research and economic at the University at Buffalo. “The proposed changes to the NIH funding structure will make vital research difficult if not impossible to undertake and impede decades of scientific advancements.”
    “The Jacobs School, along with the health science community at the University at Buffalo, is dedicated to advancing scientific discovery and significantly improving health outcomes across Western New York. Through cutting-edge research funded in part by the National Institutes of Health, we aim to transform health care by developing innovative solutions, generating new knowledge, and training the next generation of health care professionals. We do research to enhance patient care and improve public health both locally and globally. However, the NIH’s recent announcement of a new policy capping the indirect cost payment rate for new and existing grants at 15% — a change that could threaten billions of dollars in funding for universities and health systems — will significantly diminish these efforts that are critical to the health of our community,” said Allison Brashear, Dean, Jacobs School of Medicine and Biomedical Sciences.
    “At SUNY, we are proud of our extraordinary researchers and the life-changing, groundbreaking medical discoveries they have dedicated their careers to advancing,” said SUNY Chancellor John B. King Jr. “From working to cure Alzheimer’s disease to improving cancer outcomes, from supporting 9/11 first responders to detecting brain aneurysms, their research is essential to our national security and economic leadership.”
    Last week, the Trump administration announced that it would slash billions in federal funding for research institutions nationwide by imposing a cap on “indirect costs” for research associated with NIH grants. Indirect costs are expenses that are essential for scientific research, and include the construction and maintenance of research facilities, the purchase of costly scientific tools, and support staffing for major research projects. The University at Buffalo is set to lose $47 million in funding for indirect costs, which would cripple its ability to continue to conduct much of its research. New York institutions are expected to lose $850 million in total. While a federal judge has temporarily paused these cuts from going into effect, have created chaos and confusion for the New York institutions that rely on a steady and stable flow of NIH funding. 
    The full text of Senator Gillibrand’s bipartisan letter with Senator Schumer, and Representatives Kennedy, Garbarino, Lawler, Morelle, Clarke, Espaillat, Gillen, Goldman,Latimer, Mannion, Meng, Meeks, Nadler, Ocasio-Cortez, Suozzi, Tonko, Torres, Velázquez, Riley and Ryan highlighting the impact these cuts would have on New York is available here.
    The full text of Senator Gillibrand’s letter with 46 Senate Democrats is available here.

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI USA: With SUNY Upstate Set To Lose Millions In Federal Funding, Senator Gillibrand, Rep. Mannion Highlights Potential Upheaval Of Local Economy, End To Lifesaving Medical Research

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand
    National Institutes Of Health Funding Supports 30,000 Jobs and $8 Billion In Economic Activity In New York Alone;
    Funding Cuts Will Cost Jobs, Derail Critical Research, And Endanger Public Health
    SUNY Research Foundation Would Lose An Estimated $79 Million 
    Gillibrand Leading Bipartisan Call To Reverse Cuts
    Today, U.S. Senator Kirsten Gillibrand and Representative John Mannion visited SUNY Upstate Medical University to highlight the impact of President Trump’s recent cuts to National Institutes of Health (NIH) funding on the university and the local economy. 
    SUNY Upstate receives dozens of NIH grants to study cancer, cardiovascular disease, infectious disease, aging, mental health, and much more. Slashed funding would force researchers to abandon this critical work and extinguish hope for patients and families looking for cures. This funding cut could also put thousands of jobs across New York State at risk; NIH funding supports roughly 30,000 jobs in New York State alone. 
    “New York is home to top notch universities that attract the world’s best scientists conducting cutting-edge research,” said Senator Gillibrand. “President Trump’s attempt to radically cut funding for SUNY Upstate and other research institutions is irresponsible and short-sighted. It will imperil research that saves lives and is guaranteed to hurt our economy and the thousands of New Yorkers employed by local research institutions. These cuts are facing strong bipartisan opposition, and I am working across the aisle with my colleagues in the New York delegation, including Congressman Mannion, to call on the Trump administration to reverse them.”
    “I join Senator Gillibrand in rejecting cuts to NIH funding and staff that would have devastating consequences for lifesaving medical research happening right here in Central New York,” said Representative John W. Mannion said. “At the CNY Biotech Accelerator, researchers rely on NIH support to develop breakthrough treatments and technologies that improve and save lives. Slashing these resources will make government less efficient, put innovation at risk, delay critical medical advancements, and threaten local jobs in our growing biotech sector. We must protect federal investments in science and health.”
    “At SUNY, we are proud of our extraordinary researchers and the life-changing, groundbreaking medical discoveries they have dedicated their careers to advancing,” said SUNY Chancellor John B. King Jr. “From working to cure Alzheimer’s disease to improving cancer outcomes, from supporting 9/11 first responders to detecting brain aneurysms, their research is essential to our national security and economic leadership.”
    “Upstate Medical University is fortunate to have leading researchers among its faculty finding cures and better treatments for cancer, Alzheimer’s disease, lupus and many other disorders. Biomedical research is an essential part of being an academic medical institution that adds to the vibrancy of our CNY community,” said Upstate Medical University President Mantosh Dewan, MD.
    “Cutting NIH funding would be a devastating blow to the future of medical innovation and the fight against diseases like Alzheimer’s and cancer. These cuts threaten to stall groundbreaking research, delay critical treatments, and stifle the progress of startups working tirelessly to bring lifesaving therapies to patients. Right here in Central New York, the CNY Biotech Accelerator is home to incredible companies working on cutting-edge medical breakthroughs. Many of them rely on NIH support, and these cuts could mean fewer innovations, fewer jobs, and fewer solutions for the patients who need them most. We cannot afford to let innovation be the casualty of short-sighted policy decisions,” said NYS Senator Chris Ryan. 
    “The American people deserve the best medical research in the world and thanks to our historic investments in this area, scientists at universities and academic medical centers across New York State are finding cures and treatments for conditions like cancer, heart disease, Alzheimer’s, diabetes and stroke,” said Win Thurlow, Executive Director, LifeSciencesNY. “This work not only saves lives, but also strengthens the local economy.  Biomedical research creates jobs and opportunities for all New Yorkers. Cutting support for this research means that cures will go undiscovered, jobs will be lost and our communities will suffer.”
    “Basic and applied medical research at NYS higher education institutions and agencies is critical to improving and saving lives. Federal funding, particularly from NIH, is imperative. Any disruption in funding may cause delays in important discoveries and upheaval in the work and lives of researchers and patients. Federal funds help drive New York’s economy for all New Yorkers. Cutting NIH funding hobbles medical research resulting in both immediate and long-term consequences for all Americans,” said Assemblyman Al Stirpe.
    Last week, the Trump administration announced that it would slash billions in federal funding for research institutions nationwide by imposing a cap on “indirect costs” for research associated with NIH grants. Indirect costs are expenses that are essential for scientific research, and include the construction and maintenance of research facilities, the purchase of costly scientific tools, and support staffing for major research projects. SUNY Upstate is set to lose $5 million in funding for indirect costs, and the SUNY Research Foundation would lose an estimated $79 million overall, which would cripple New York scientists’ ability to continue to conduct much of their research. New York institutions are expected to lose $850 million in total. While a federal judge has temporarily paused these cuts from going into effect, they have created chaos and confusion for the New York institutions that rely on a steady and stable flow of NIH funding. 
    The full text of Senator Gillibrand’s bipartisan letter with Senator Schumer and Representatives Mannion, Morelle, Garbarino, Lawler, Clarke, Espaillat, Gillen, Goldman, Kennedy, Latimer, Meng, Meeks, Nadler, Ocasio-Cortez, Suozzi, Tonko, Torres, Velázquez, Riley, and Ryan highlighting the impact these cuts would have on New York is available here.
    The full text of Senator Gillibrand’s letter with 46 Senate Democrats is available here. 

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI: Arogo Capital Acquisition Corp. Executes Business Combination Agreement with Bangkok Tellink Co., Ltd.

    Source: GlobeNewswire (MIL-OSI)

    ~ The proposed transaction represents an equity value on a pro-forma basis of a total equity value of the combined company of USD350 million ~

    ~ Bangkok Tellink Co., Ltd. is an emerging leader in advanced telecommunications, mobile network technology, and Internet of Things (IoT) solutions ~

    ~ Leveraging its successful track record, Bangkok Tellink Co., Ltd. seeks enhanced access to U.S. capital markets to accelerate the rollout of its next-gen telecommunication technologies, foster broader geographic expansion, and provide increased financial flexibility to advance research and development efforts ~

    Miami, FL and Bangkok, Thailand, Feb. 18, 2025 (GLOBE NEWSWIRE) — Arogo Capital Acquisition Corp. (OTC: AOGO), a Delaware special purpose acquisition company (“Arogo”), and Bangkok Tellink Company Limited, a Thai registered company (“Bangkok Tellink”), today announced their execution of a definitive business combination agreement (the “Business Combination Agreement”) for a proposed business combination in a transaction valued at $350 million on February 14, 2025.

    The transaction contemplated in the Business Combination Agreement is expected to result in a newly combined company to be listed on The Nasdaq Global Market. Upon the closing of the transaction, Bangkok Tellink will continue to be led by its CEO, Mr. Nusttanakit Sasianon. The boards of directors of Bangkok Tellink and Arogo Capital Acquisition Corp. have unanimously approved the transaction

    Bangkok Tellink is a licensed Mobile Virtual Network Service Operator (“MVNO”) as well as a licensed Mobile Virtual Network Aggregator (“MVNA”) and offers mobile phone packages across multiple frequencies (e.g., 700MHz, 850MHz, 2100MHz, 2300MHz, and 26GHz) and, under its “INFINITE” brand, provides a range of services including Smart Solutions, IoT Sim Cards, eSIMs, SMPP (i.e., virtual SMS), SIP trunk (voice virtual number), and software development.  

    The eSIM market in Thailand is growing as it offers convenience for consumers and flexibility for businesses. eSIM technology allows users to switch mobile operators without changing physical SIM cards and is spearheading a transformative shift in connectivity, promoting Thailand’s progression towards a sophisticated digital economy. The exploding demand for eSims reflects Thailand’s commitment to expanding its telecommunications infrastructure and has positioned it as a leader in Southeast Asia.1

    Bangkok Tellink is uniquely positioned to facilitate the growth of Thailand’s digital economy that is driven by the need for enhanced economic competitiveness, improved public services, and sustainable growth. eSIM technology supports this transformation by simplifying connectivity for businesses and consumers alike, facilitating more efficient operations, and enhancing the accessibility of digital services across the country

    Nusttanakit Sasianon, CEO of Bangkok Tellink commented, “This is an exciting moment for Bangkok Tellink to expand our business, enhance our product and service offerings, and accelerate our growth. We are excited to continue to foster this business combination with the Arogo team to generate attractive value for our shareholders.”

    Suradech Taweesaengsakulthai, CEO of Arogo added, “We’re thrilled to partner with the Bangkok Tellink team to capitalize on their proven track record and support the expansion of their operations to meet the demand for its services including Smart Solutions, IoT Sim Cards, eSIMs, SMPP (i.e., virtual SMS), SIP trunk (voice virtual number), and software development. We have strong confidence in Bangkok Tellink’s management team and business model. We look forward to a successful closing of the business combination.” 

    The completion of the business combination is subject to regulatory approvals, the approval of the transaction by the shareholders of Arogo and Bangkok Tellink, and the satisfaction or waiver of other customary closing conditions.   Bangkok Tellink believes that its planned listing, in addition to creating a capital platform for its development and gaining the attention of investors in the international capital markets, will further promote Bangkok Tellink’s growth strategy.

    Additional information about the business combination, including a copy of the Business Combination Agreement, will be available in a Current Report on Form 8-K to be filed by Arogo with the Securities and Exchange Commission (the “SEC”), followed by a Registration Statement on Form F-4 to be filed by Pubco with the SEC.

    Advisors
    Rimon P.C. (Washington D.C.) serves as United States legal counsel to Arogo.

    Araya & Partners Co., Ltd. (Bangkok) serves as legal counsel to Bangkok Tellink Co., Ltd.  

    ARC Group Limited is acting as sole financial advisor to Arogo.

    About Bangkok Tellink Co., Ltd.
    Bangkok Tellink Co., Ltd, established in 2019, is at the forefront of Thailand’s telecommunications industry. By offering mobile network infrastructure, IoT devices, E-sim services, and software development, Bangkok Tellink provides integrated solutions that foster connectivity and productivity. Bangkok Tellink invests in innovation, operational efficiency, and sustainability to position itself as a prominent telecommunications and technology leader.

    About Arogo Capital Acquisition Corp.
    Arogo Capital Acquisition Corp. is a blank check company formed in 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On December 29, 2021, Arogo consummated an initial public offering of its units that consisted of one share of Class A common stock and one redeemable warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment. For more information, visit www.arogocapital.com.

    Important Information and Where to Find It.

    For additional information on the proposed transaction, see Arogo’s Current Report on Form 8-K, which will be filed concurrently with this press release. In connection with the proposed transaction, Arogo intends to file relevant materials with the SEC, including a registration statement on Form F-4 by Pubco, which will include a proxy statement/prospectus, and other documents regarding the proposed transaction. Arogo’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/ prospectus and the amendments thereto and the definitive proxy statement and documents incorporated by reference therein filed in connection with the proposed business combination, as these materials will contain important information about Bangkok Tellink and Arogo and the proposed business combination.

    Promptly after the Form F-4 is declared effective by the SEC, Arogo will mail the definitive proxy statement/prospectus and a proxy card to each shareholder entitled to vote at the meeting relating to the approval of the business combination and other proposals set forth in the proxy statement/prospectus. Before making any voting or investment decision, investors and shareholders of Arogo are urged to carefully read the entire registration statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by Arogo with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov, or by directing a request to Arogo Capital Acquisition Corp., 848 Brickell Avenue, Penthouse 5, Miami, FL 33131.

    Participants in the Solicitation

    Arogo and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from Arogo’s shareholders in connection with the proposed transaction. A list of the names of those directors and executive officers and a description of their interests in Arogo will be included in the proxy statement/prospectus for the proposed business combination when available at www.sec.gov.

    Information about Arogo’s directors and executive officers and their ownership of Arogo shares of common stock is set forth in Arogo’s final prospectus for its for its initial public offering filed with the SEC on December 28, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement/prospectus pertaining to the proposed business combination when it becomes available. These documents can be obtained free of charge from the source indicated above.

    Bangkok Tellink and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Arogo in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination.

    Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus to be filed with the SEC on Form F-4. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may include, but are not limited to, statements with respect to (i) trends in the financial advisory industry, including changes in demand and supply related to Bangkok Tellink’s products; (ii) Bangkok Tellink’s growth prospects and Bangkok Tellink’s market size; (iii) Bangkok Tellink’s projected financial and operational performance including relative to its competitors; (iv) new product and service offerings Bangkok Tellink may introduce in the future; (v) the potential transaction, including the implied enterprise value, the expected post-closing ownership structure and the likelihood and ability of the parties to consummate the potential transaction successfully; (vi) the risk the proposed business combination may not be completed in a timely manner or at all, which may adversely affect the price of Arogo securities; (vii) the failure to satisfy the conditions to the consummation of the proposed business combination, including the approval of the proposed business combination by the shareholders of Arogo; (viii) the effect of the announcement or pendency of the proposed business combination on Arogo’s or Bangkok Tellink’s business relationships, performance and business generally; (ix) the outcome of any legal proceedings that may be instituted against Arogo or Bangkok Tellink related to the proposed business combination or any agreement related thereto; (x) the ability to maintain the listing of Arogo on OTC; (xi) the price of Arogo’s securities, including volatility resulting from changes in the competitive and regulated industry in which Bangkok Tellink operates, variations in performance across competitors, changes in laws and regulations affecting Bangkok Tellink’s business and changes in the combined capital structure; (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination and identify and realize additional opportunities; and (xiii) other statements regarding Arogo’s or Bangkok Tellink’s expectations, hopes, beliefs, intentions and strategies regarding the future.

    In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties.

    You should carefully consider the risks and uncertainties described in the “Risk Factors” section of Arogo’s final prospectus for its for its initial public offering filed with the SEC on December 28, 2021, as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing and the proxy statement/prospectus relating to this transaction, which is expected to be filed by Arogo with the SEC, other documents filed by Arogo from time to time with SEC, and any risk factors made available to you in connection with Arogo, Bangkok Tellink, and the transaction. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of Bangkok Tellink and Arogo) and other assumptions, that may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Arogo and Bangkok Tellink caution that the foregoing list of factors is not exclusive.

    No Offer or Solicitation

    This press release relates to a proposed business combination between Arogo and Bangkok Tellink, and does not constitute a proxy statement or solicitation of a proxy and does not constitute an offer to sell or a solicitation of an offer to buy the securities of Arogo or Bangkok Tellink, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    Contacts

    Arogo Capital Acquisition Corp.
    Attn: Ms. Nisachon Rattanamee
    Email: nisachon@arogocapital.com

    Bangkok Tellink Company Limited
    Attn: Daniel Fong
    Email: daniel@s1winconsultant.com

    Sources
    Arogo Capital Acquisition Corp and Bangkok Tellink Company Limited


    1eSIM Technology: Fueling Thailand’s Transition to a Digital Economy | Global YO

    The MIL Network –

    February 19, 2025
  • MIL-OSI: AI Unlimited Group Strengthens Leadership and Market Position with S-1 Filing and Strategic Board Appointments

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 18, 2025 (GLOBE NEWSWIRE) — AI Unlimited Group, Inc. (AIUG) has taken a significant step forward in its corporate evolution with the lodgment of its S-1 registration statement, marking the transition from early-stage growth to an acceleration phase backed by institutional capital. As part of this pivotal milestone, the company has strengthened its leadership structure with the appointment of seasoned industry veterans to its Nominee Board of Directors, reinforcing AIUG’s commitment to operational excellence, technology leadership, and market expansion.

    AI Unlimited Group operates at the intersection of artificial intelligence and financial services, delivering innovative solutions across liability management, wealth automation, travel financing, and receivables optimization. The company’s sophisticated AI-driven platforms address critical inefficiencies in global financial markets, providing scalable and high-impact solutions for consumers and businesses alike.

    Strengthening Governance with World-Class Leadership
    AI Unlimited Group is pleased to announce the nomination of Al Weiss, Lisa Licht, and Maj. Gen. (Ret) Alberto C. Rosende to its Board of Directors to support Founder and CEO, Trent McKendrick. These accomplished executives bring a wealth of experience across global financial services, operations, technology, and corporate strategy.

    Al Weiss, former President of Worldwide Operations at Disney Parks & Resorts, managed a $10 billion portfolio and led the expansion of Disney’s global assets. His extensive expertise in large-scale operations, strategic planning, and brand stewardship will contribute to AIUG’s long-term vision and execution strategy.

    Lisa Licht, a brand and digital transformation expert, has held executive roles at Live Nation, Yahoo, and 20th Century Fox, where she successfully implemented strategies that drove revenue growth and digital engagement. Her leadership will be instrumental in positioning AIUG’s technology platforms for market leadership.

    Maj. Gen. (Ret) Alberto C. Rosende, a decorated U.S. Army veteran and payments industry executive, brings over three decades of experience in financial risk management at Visa and American Express. His insights will support AIUG’s financial infrastructure, security, and regulatory compliance framework.

    AI Unlimited Group uses SOTA AI models across its apps, providing unmatched personalization, efficiency, and insights for users in finance, travel, and debt management.

    Positioned for Expansion in High-Growth Markets
    AI Unlimited Group’s portfolio comprises four advanced AI-driven platforms:

    – Lever – AI-powered student loan optimization and liability management

    – NestEgg – AI-driven automated investing and retirement solutions

    – Travl.App – AI-enhanced travel planning, savings, and financing

    – Resolve Debt – AI-first accounts receivable and debt recovery automation

    Travl.App: Launching Q1 2025 to Revolutionize Travel Finance
    Travl.App is AI Unlimited Group’s latest innovation in travel planning and financial management, designed to remove financial barriers and enhance the way users plan, book, and save for their trips. By leveraging advanced AI-powered insights, Travl.App provides tailored itineraries, cost-saving strategies, and seamless financing options, ensuring a personalized and intuitive travel experience. Helping, 74% of millennials who struggle to save towards travel, making up 29 million unfulfilled vacations!

    Ike Pyun, SVP of Travl.App, added: Travl.App is not just another travel platform—it’s a personalized travel experience and AI-powered travel assistant designed to empower users to plan and book smarter while managing their budgets and providing digital savings wallets. Our goal is to make travel financially seamless by integrating intelligent savings strategies, personalized recommendations, and flexible financing solutions that meet the evolving needs of modern travelers.”

    Set to launch in Q1 2025, Travl.App integrates real-time pricing data, predictive travel trends, and flexible buy-now-pay-later (BNPL) financing to make travel more accessible and financially manageable for a global audience.

    Strategic Underwriting Partnership with The Benchmark Company
    AI Unlimited Group has engaged The Benchmark Company as the lead underwriter for its Nasdaq public offering, reinforcing institutional confidence in its strategic direction, growth trajectory, and market opportunity. Benchmark’s deep expertise in capital markets will support AIUG’s scalability, investor relations, and long-term shareholder value creation.

    CEO and SVP Statements
    Trent McKendrick, Founder and CEO of AI Unlimited Group, commented:

    “Filing our S-1 registration is a landmark moment for AI Unlimited Group as we transition from an early-stage innovator to a high-growth enterprise. With our expanded leadership team and strategic partnerships, we are building an unparalleled ecosystem that combines AI-driven financial technology with scalable market solutions. We remain steadfast in our mission to revolutionize financial independence through automation, ensuring we provide long-term value for our investors and stakeholders.”

    A Defining Moment in AI-Driven Financial Technology
    With the S-1 registration now filed, AI Unlimited Group is embarking on the next stage of its corporate journey. Backed by a strong leadership team, cutting-edge AI infrastructure, and a robust market opportunity, the company is well-positioned to drive innovation, expand its platform offerings, and maximize shareholder returns.

    Investor Relations Contact:

    TraDigital IR
    John McNamara
    917-658-2602
    John@tradigitalir.com

    The MIL Network –

    February 19, 2025
  • MIL-OSI: Siebert Williams Shank Expands Public Finance Banking Team with Two Key Hires

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 18, 2025 (GLOBE NEWSWIRE) — Siebert Williams Shank & Co. (SWS) is strengthening its public finance banking platform with the addition of a new banker and office in the Southeast Region in addition to a new hire in California.

    Tamika Reed joins Siebert Williams Shank as a Senior Vice President focused on state and local government municipal bonds issuers throughout the Southeast Region. With her arrival SWS has opened a new office in Montgomery, Alabama. The firm now counts 28 branches nationwide, up from 19 in 2019.

    Tamika Reed, Senior Vice President at SWS

    Reed previously worked as a public finance banker at The Frazer Lanier Company in Montgomery. Prior to transitioning into public finance, she was a staff attorney for the Alabama Education Association, where she represented public school education employees with legal issues throughout the state of Alabama.

    Reed was nominated by Governor Kay Ivey to serve on the Alabama Women’s Tribute Statue Commission. She is the chairwoman of the Montgomery Health and Wellness Task Force as well as the 100 Women Strong Committee and is a board member for the National Women in Public Finance organization.

    “I’m really thrilled to join Siebert Williams Shank & Co.,” Reed said. “They have helped finance some of the most important infrastructure projects in the country in recent years. I look forward to being part of a public finance team that continues to demonstrate impressive growth.”

    “Tamika is a super versatile public finance banker with deep experience in the field of law,” said Sean Werdlow, SWS Head of Southeast Region. “We’re extremely excited that she is bringing her considerable expertise to delivering the highest quality execution for our clients.”

    Siebert Williams Shank is also bringing on Narineh Panosian, who joins SWS as a Vice President based in the firm’s Los Angeles office. She will support SWS’ work with K-14 school districts and community college districts throughout the West Region.

    Panosian brings deep experience producing financial solutions for municipal and not-for-profit clients throughout the West Coast, in addition to overseeing funding plans for capital projects. Among other accomplishments, she has assisted school districts with credit rating strategies which have resulted in positive outcomes.

    “We are excited to have Narineh join our team and support our growth in the West Region given her extensive banking experience, especially in the K-14 sector where we are focused on expanding our presence,” said Grace Yuen, SWS Head of West Region, Municipal Finance.

    So far in 2025, SWS is currently ranked #3 in senior managed negotiated par among all firms nationally with an aggregate par size of approximately $4.5 billion.

    “Siebert is committed to making our public finance platform best in class,” said Gary Hall, SWS President of Infrastructure & Public Finance. “We will continue to be opportunistic by expanding our geographical reach and adding talent to help our muni issuer clients finance their burgeoning capital improvement needs. We believe this will be a historic year in muni bonds volume for the industry. As lead manager for over $4.5 billion in par amount already this year, we are off to great start and have a promising pipeline going forward.”  

    Dually headquartered in New York, NY and Oakland, CA, SWS is an independent non-bank financial services firm that offers investment banking, sales and trading, research, and advisory services. Its mission is to exceed expectations through value-added results and leave a lasting impact on the sectors, corporations, and communities it serves. SWS counts over 80 Fortune 100 companies among its clients.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cbc04c5f-953b-42f5-ba23-1f9667cc1b4c

    The MIL Network –

    February 19, 2025
  • MIL-OSI United Nations: Experts of the Committee on Economic, Social and Cultural Rights Congratulate Rwanda on Number of New Jobs Created, Ask Questions on Women’s Political Representation and Recognising the Cultures of Rwanda’s Different Ethnic Groups

    Source: United Nations – Geneva

    The Committee on Economic, Social and Cultural Rights today concluded its review of the fifth periodic report of Rwanda, with Committee Experts commending the State on the number of new jobs created, while raising questions about women’s political representation and how Rwanda recognised the cultures of its different ethnic groups. 

    Preeti Saran, Committee Expert and Country Taskforce Member, was impressed with some of the figures shared, including seven per cent gross domestic product growth and 1.3 million jobs created.  These were commendable and Rwanda should be congratulated.   

    Peters Sunday Omologbe Emuze, Committee Vice-Chair and Country Rapporteur for Rwanda, said Rwanda had made significant progress in gender equality, and especially women’s political representation.  What steps were being taken to increase women’s representation in local administration and the private sector? How was the gender pay gap addressed? What was being done to combat discrimination against women and stereotypes? 

    Ms. Saran said each ethnic group in Rwanda had a rich cultural heritage.  For the sake of national unity and reconciliation, if everyone was being referred to as Rwandan, how did the State propagate the cultural richness of the population?   Rwanda had been extremely welcoming to refugees from all over the world, who brought their own specific languages and cultures.  What measures had the State party taken to ensure equal cultural rights for ethnic groups that had come as aliens, refugees or asylum seekers? 

    The delegation said over the years, Rwanda had implemented measures to achieve gender equality, particularly in Parliament, where it was around 63 per cent in the Chamber of Deputies and around 53 per cent in the Senate.  Quotas were in place which mandated that a minimum of 30 per cent of leaders should be women.  When the issue of equality was dealt with properly, this had a cascading effect on other policies.  A few years ago, the State recognised that gender-based violent crimes were specific in nature and needed to be treated in a certain way. 

    The delegation said there was no significant cultural diversity within the country, as everyone shared the same language and culture.  Traditionally the ethnic groups had been defined based on occupation and turning them into an ethnicity was introduced by the colonialists.  It had been entrenched in identity cards for Tutsis, Hutus and Twas.  This negated the fact that people could have moved from one group to another.   There were no significant differences in culture between these groups.  Rwanda had received a number of people who faced difficulties in their own countries. Diversity days were organised at schools, encouraging refugees and asylum seekers to share their culture. 

    Emmanuel Ugirashebuja, Minister of Justice and Attorney General of Rwanda and head of the delegation, said in 2023, Rwanda further refined its governance framework by aligning the schedules of presidential and parliamentary elections, enhancing efficiency and reducing electoral costs.  During the period under consideration, Rwanda successfully completed its ambitious 2020 Vision and adopted the Vision 2050.  From 2018 to 2024, Rwanda implemented its first national strategy for transformation, which laid the foundation for sustainable development, and was succeeded by the second national strategy for transformation, which ran until 2029.   Through these strategies, Rwanda maintained steady economic growth, with gross domestic product expanding at an average of 7 per cent and per capita income rising from $729 to $1,040 in 2023/2024. 

    In concluding remarks, Mr. Emuze thanked the Rwandan delegation for attending the dialogue, noting the high calibre of the delegation.  The Committee wished the delegation a safe journey home. 

    In his concluding remarks Mr. Ugirashebuja expressed appreciation for the constructive dialogue with the Committee.  The State had learnt many valuable lessons and looked forward to receiving the Committee’s recommendations.  Mr. Ugirashebuja extended an open invitation to the Committee to visit Rwanda in the future. 

    The delegation of Rwanda was comprised of representatives from the Ministry of Justice; the National Institute of Statistics; the Rwanda Education Board; the Department of International Justice Judicial Cooperation; and the Permanent Mission of Rwanda to the United Nations Office at Geneva.

    The Committee’s seventy-seventh session is being held until 28 February 2025.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Webcasts of the meetings of the session can be found here, and meetings summaries can be found here.

    The Committee will next meet in public at 3 p.m. on Tuesday, 18 February to begin its consideration of the seventh periodic report of the Philippines (E/C.12/PHL/7).

    Report

    The Committee has before it the fifth periodic report of Rwanda (E/C.12/RWA/5).

    Presentation of Report

    EMMANUEL UGIRASHEBUJA, Minister of Justice and Attorney General of Rwanda and head of the delegation, said since the last review by the Committee over a decade ago, Rwanda had undergone significant changes in its policy, legal and institutional landscape.  In 2023, Rwanda further refined its governance framework by aligning the schedules of presidential and parliamentary elections, enhancing efficiency, and reducing electoral costs. 

    At the institutional level, Rwanda established the Rwanda Forensic Laboratory in 2016, upgrading it to the Rwanda Forensic Institute in 2023.  The Institute had enhanced forensic and advisory services, strengthening accountability in sectors critical to economic, social and cultural rights.  Its digital forensic and document services helped combat financial crimes like fraud and embezzlement.  In 2017, the Rwanda Investigation Bureau was established to enhance specialisation and professionalism in crime investigation. 

    In the judiciary, Rwanda made significant strides in strengthening its justice system.  In 2018, the Court of Appeal was established, further enhancing the country’s capacity to provide effective legal recourse.   In 2024, the establishment of an Appeal Tribunal to hear matters relating to refugee and asylum claims reinforced Rwanda’s commitment to upholding the rights of individuals in vulnerable situations.  Rwanda’s legal framework strongly supported the protection of economic, social and cultural rights, as enshrined in the Constitution.  Since the last report, Rwanda had enacted several laws that aligned with the provisions of the Covenant and contributed to the progressive realisation of economic, social and cultural rights.  These included the education law that guaranteed access to quality education at all levels, as well as health laws. 

    During the period under consideration, Rwanda successfully completed its ambitious 2020 Vision and adopted the Vision 2050.  From 2018 to 2024, Rwanda implemented its first national strategy for transformation, which laid the foundation for sustainable development, and was succeeded by the second national strategy for transformation, which ran until 2029.   Through these strategies, Rwanda maintained steady economic growth, with gross domestic product expanding at an average of 7 per cent and per capita income rising from $729 to $1,040 in 2023/2024.  

    Infrastructure development advanced with the construction of over 1,600 kilometres of national roads and 4,137 kilometres of feeder roads.   Job creation efforts led to over 1.3 million decent and productive jobs, while financial inclusion improved from 89 per cent in 2017 to 96 per cent by 2024.  Life expectancy also increased from 66.6 in 2017 to 69.9 years in 2024. 

    Rwanda also significantly strengthened its healthcare system under the strategy. Seven new hospitals were added to the existing 52, while 23 were rehabilitated or expanded.  Community-based health insurance coverage reached 93 per cent of the population. Healthcare modernisation included advanced imaging, laboratory equipment, local pharmaceutical manufacturing, and digital health systems.  

    In 2023, Rwanda, in partnership with Germany Biotechnology Company BioNTech, set-up an mRNA vaccine manufacturing facility, the first of its kind on the African continent, which would have the capacity to produce between 50 and 100 million doses of mRNA vaccines annually, and conduct trials on new therapeutics for malaria, tuberculosis, HIV, cancers and other diseases.  

    Through the Girinka programme (one cow per family programme), Rwanda distributed 333,146 cows to an equivalent number of households.  Rwanda valued the opportunity to engage in a constructive dialogue with the Committee.

    Questions by a Committee Expert

    PETERS SUNDAY OMOLOGBE EMUZE, Committee Vice-Chair and Country Rapporteur for Rwanda, asked how the 2015 constitutional amendments had affected Rwanda’s commitment to international human rights standards.  Did it enable the State party to override Covenant protections in favour of domestic law? What measures were being taken to ensure that the provisions of the Covenant were invoked by domestic courts? 

    What training programmes were in place for judges, law enforcement and government officials to ensure consistent application of the Covenant?  The important work of Rwanda’s national human rights institution was noted.  Was the selection process of its members carried out by a committee appointed by the President?  Did members require clearance from the Prime Minister’s office for official travel outside Rwanda?  Had the State party accepted the recommendations of the Global Alliance of National Human Rights Institutions to strengthen the institution in line with the Paris Principles?

    What measures had been taken to guarantee that human rights defenders could continue their work without undue restrictions on freedoms of expression, peaceful assembly and association?  What steps were taken to protect them from risks of unlawful killings, enforced disappearances, harassment and intimidation, including judicial harassment?  Could the State party clarify the concerns regarding non-governmental organization registration requirements?  Were there any obstacles for opposition groups to promote and advocate for the promotion of human rights, including economic, social and cultural rights? 

    When would the State party finalise a national action plan for business and human rights?  What steps were being taken to put in place a comprehensive legal and regulatory framework for human rights due diligence for businesses?  What measures were in place to ensure Rwanda met its nationally determined contributions under the Paris Agreement? 

    What measures were in place to combat corruption, particularly in public procurement and State-owned enterprises?  What challenges did anti-corruption institutions face in maintaining independence and effectiveness?  What measures were being taken to address them?  The Committee noted Rwanda’s legislative efforts to combat discrimination.  However, reports indicated persistent structural inequalities, particularly affecting Batwa people, women and girls, people living in deprived urban and rural areas, persons with disabilities, people living in poverty, and lesbian, gay, bisexual, transgender and intersex persons.  How did Rwanda plan to address these challenges? 

    How did Rwanda plan to address the absence of disaggregated data to assess the situation of the Batwa people?  What steps were being taken to combat poverty, high infant mortality, malnutrition, and lower educational outcomes among the Batwa? What kind of barriers did the Batwa continue to face to land titling and how did Rwanda plan to secure their rights to land ownership?  What measures were in place to prevent forced displacement of the Batwa people from their ancestral lands?  How was adequate compensation provided when Batwa lands were expropriated?  How did the State party ensure consultations with Batwa people in decisions likely to affect them?

    Rwanda had made significant progress in gender equality, and especially women’s political representation.  What steps were being taken to increase women’s representation in local administration and the private sector?  How was the gender pay gap addressed?  What was being done to combat discrimination against women and stereotypes?  How had the Rwanda Gender Monitoring Office and its Gender Management Information System contributed to tracking gender equality initiatives? 

    Responses by the Delegation

    The delegation said since the 2015 Constitutional amendments, no new organic laws had come into place.  There was consistent training on the use of human rights in courts.  However, the members of the bar tended not to apply international conventions in the courts. The reason for this was because the Constitution provided for a whole section of bill of rights, which was a replica of the Covenant.  However, lawyers were still trained on the use of human rights conventions.   

    Members of the human rights institution were manually selected via a presidential order.  This was a rigorous process, and many candidates were considered.  The appointment process was comparable to any other country with human rights mechanisms.  Whenever Commissioners wanted to travel, they informed the Minister’s office and a document was provided, called the travel clearance. Given that this caused significant confusion, the Government had decided to do away with the travel clearance.   

    Rwanda did all it could to strengthen the National Commission of Human Rights, and put in place any recommendations received. Rwanda was on track to reach its goals regarding carbon emissions.  The State was encouraging businesses to go green, which in turn would create “green jobs” which would contribute to more employment.  An example of this could be seen in the State employing young people to plant trees.  The Rwandan Government had heavily invested in areas key to social equality.  The community-based insurance now extended to certain diseases previously not covered, including cancer. 

    Rwanda aimed to achieve zero tolerance for corruption.  Key institutions like the Ombudsman’s office had played a key role towards achieving this goal.  Rwanda had improved its global ranking from 49th to 43rd place in 2024 in the Transparency Index Global Corruption Index.

    Rwandans and the Batwa spoke the same language and had the same culture.  The Batwa people could be found throughout the country and did not live in a designated area.  Rwanda aimed to ensure no one was left behind, regardless of their status.  Land registration helped to resolve dispute around land, and to ensure that land was adequately registered. 

    Over the years, Rwanda had implemented measures to achieve gender equality, particularly in Parliament, where it was around 63 per cent in the Chamber of Deputies and around 53 per cent in the Senate.  Quotas were in place which mandated that a minimum of 30 per cent of leaders should be women.  When the issue of equality was dealt with properly, this had a cascading effect on other policies.  A few years ago, the State recognised that gender-based violent crimes were specific in nature and needed to be treated in a certain way. 

    No discrimination against any group was tolerated in Rwanda.  Measures had been put in place to ensure that anyone who faced discrimination was able to access fast reparations.  There were many issues which were largely context-specific to Rwanda. 

    Questions by Committee Experts

    PREETI SARAN, Committee Expert and Taskforce Member, was impressed with some of the figures shared, including seven per cent gross domestic product growth and 1.3 million jobs created.  These were commendable and Rwanda should be congratulated.   What kind of resource constraints had the State faced in budgetary allocations for social spending?  What challenges had there been when dealing with external partners? 

    KARLA LEMUS DE VÁSQUE, Committee Expert and Taskforce Member, said marital violence affected 46 per cent of women who were married and 18 per cent of men, with many never seeking help for the violence they had suffered.  What measures had been put in place to combat the cultural norms which perpetuated marital violence?  How were victims of violence being supported so they could report the crime?

    A Committee Expert asked what steps were being taken by the Government to ensure safe access by humanitarian organizations to the population affected by the conflict in the Democratic Republic of the Congo?  How had the State ensured its policies and actions did not obstruct humanitarian aid? What was the coordination framework that the State had with armed groups operating in the Democratic Republic of the Congo, particularly the M23?  How might the State respond to the concerns regarding any potential support for these armed groups? 

    What measures had been put in place to prevent and punish any involvement by Rwandan stakeholders in conflict zones in the Democratic Republic of the Congo?  What measures had the State adopted to ensure that no armed group benefitted from support from the State?  What measures had been put in place to remedy any violations, including forced labour in mining areas under the control of armed groups, among others? 

    Another Expert asked about the role of civil society when drafting reports to treaty bodies?  Were all civil society organizations invited to participate in the drafting procedures?  What was the position of Rwanda on the Rome Statute?  Was there a possibility that the Government might consider acceding to it? Rwanda had extraterritorial obligations. The President had reiterated a lack of knowledge regarding the Rwandan military participating in the conflict of the Democratic Republic of the Congo.  How was oversight of the military activities ensured?  How did Rwanda ensure that armed groups operating in other countries received no support?

    A Committee Expert asked what the State was doing to combat the illicit trade of minerals?  What specific measures were taken to enhance specific imports and exports? 

    PETERS SUNDAY OMOLOGBE EMUZE, Vice-Chair and Taskforce Leader for Rwanda, said there had been allegations of Government members committing unlawful killings, enforced disappearances, and intimidation and reprisals, against those defending human rights.  What had the State party done to prevent this? Despite measures taken by the State party to improve rights for indigenous peoples, challenges remained. How did the State party intend to address challenges in this regard, including the lack of disaggregated data? How would Rwanda address challenges such as poverty, infant mortality, lower school attendance, and higher drop-out rates, among others? 

    Responses by the Delegation

    The delegation said Rwanda had challenges in terms of budget.  The State aimed to address this through development partners.  However, resources were not always permanent.  Although Rwanda worked with development partners, the State aimed to be financially stable in terms of its own financing. 

    Rwanda had developed mechanisms to capture data regarding gender-based violence.  Initially, people were scared to report cases due to stigmatisation.  Investigators had been trained to interview victims of gender-based violence.  When cases proceeded, it was ensured that they were not held in public, so as not to endanger the lives of the victims. 

    The Democratic Republic of the Congo had its own problems as did Rwanda, and the State could not bear the burden of others’ problems.  Anything happening beyond the territory of Rwanda should be dealt with by those States. 

    Civil society played an important role in the drafting of the report and in helping Rwanda achieve its human rights obligations. Rwanda had not yet joined the Rome Statute, but if the appropriate time came and if it was necessary, the State would willingly join the Statute.  At present, the State was not considering joining the Statue in the near future. 
    Rwanda was the first country in the Great Lakes region to commit to a due diligence mechanism.  This ensured Rwanda could not be used as a route for illicit mines. There were mechanisms in place to protect against enforced disappearances.  There was zero tolerance for anyone who threatened human rights defenders. 

    Questions by a Committee Expert

    PREETI SARAN, Committee Expert and Taskforce Member, asked what recent measures the State party had taken to address unemployment rates and to guarantee access to work?  What specific steps had been taken to address the problem of labour under-utilisation?  What major obstacles had Rwanda faced in addressing the employment challenge?  How was the integration of women into the labour force being promoted? 

    What specific steps had the State party taken for those facing discrimination to access the labour market.  What had Rwanda done to enforce laws dealing with discrimination at the workplace and to encourage employers to adopt anti-discrimination measures specifically related to sexual orientation at the workplace? How were systemic barriers for persons with disabilities being removed?  What measures had been taken to enable the transition of workers from the informal to the formal sector, particularly for women, the disadvantaged, and persons with disabilities?  What was the anticipated timeframe for establishing a minimum wage? 

    Many workers were reportedly exposed to frequent occupational accidents due to unsafe working conditions, leading to occupational injuries and fatalities.  Had the State party formulated an updated national policy on occupational health and safety?  How did the State party reinforce and implement the Labour Code on occupational health and safety?  Had the State party developed rights awareness programmes targeting domestic workers and employers? 

    What steps had been taken to establish a safe reporting system for domestic workers to report workplace violence?  What initiatives were in place to provide confidential and accessible health care for domestic workers?  What steps had the State party taken to remove any such legal barriers to the enjoyment of the right to form trade unions and the right to strike.

    The adoption of the updated national social protection policy (2020), which aimed to ensure that Rwandan citizens had a dignified standard of living, was commendable.  Were there any proposals to improve and expand the coverage process to ensure that it included the widest possible population, particularly the most marginalised and disadvantaged in the informal sector?  What steps had the State party taken to expand the community-based health insurance scheme to cover specialised health services, medicines, assistive devices, and commodities required by persons with disabilities? 

    Responses by the Delegation

    The delegation said employment was a concern in Rwanda.  Rwanda had a young population and the State needed to create an enabling environment for the youth to thrive.  It was hoped the law on startups would ensure easy financing of start-ups for the youth. A proportion of the laws provided for special consideration for women and people living with disabilities, to ensure these traditionally marginalised groups could access these resources. 

    Despite the efforts that the Government had put in place, there were still instances of gender-based discrimination.  There had been instances in the private sector where questions had been asked about women’s marital status to ascertain if they would be looking to seek maternity leave.  The State was looking at how to incentivise the private sector to ensure they did not discriminate based on gender.  No one in Rwanda was discriminated against based on their sexual orientation.  If discrimination was there, the State worked with civil society to address this.  It was important to have a synergy with civil society organizations to address persistent discriminatory issues.  There were quotas of 30 per cent for women, and the State monitored these closely to ensure gender equity was being achieved.   

    There were a lot of workers employed in the informal sector, and the State tried to formalise these areas.  Cooperatives were important in ensuring people came together, and worked like trade unions to highlight challenges faced by people in the informal sector.  There had been a growth in the number of cooperatives registered over recent years. The State had seen unfortunate incidents where people had been trapped in mines due to unsuitable mining.  The Rwanda mining board ensured that it monitored mining sites; however, people sometimes ventured into illegal mining at nighttime and ended up being trapped.  Work was being done with the local governments to ensure these unfortunate situations were avoided. 

    The minimum wage was a difficult debate.  The Government was on the right path regarding what an acceptable minimum wage was in Rwanda.  The process was long, but the Government aimed to develop a suitable minimum wage for the greater good of the country.  Laws guaranteed safety for domestic workers, including salaries and leave. Labour inspectors took steps to ensure the legal mechanisms were being utilised. 

    Questions by Committee Experts

    A Committee Expert said the issues of the Democratic Republic of the Congo were relevant.  What tools and mechanisms had the State created to ensure there was respect for economic, cultural and social rights?  How was it ensured that impunity was combatted abroad, particularly in the context of the armed conflict? 

    KARLA LEMUS DE VÁSQUE, Committee Expert and Taskforce Member, acknowledged that the State had extended fully-paid maternity leave for mothers in all sectors, but there were challenges to ensuring the legislation was enforced, particularly in the informal sector. What mechanisms were in place to ensure all working mothers could enjoy maternity leave?  Had the State considered implementing a specific measure to ensure women who gave birth to children with disabilities were given maternity leave commiserate with the situation of their child?  Were there incentives to encourage men to use paternity leave?

    What efforts were being carried out to punish employers who were in breach of child labour laws?  What results had the new national strategy on child labour yielded?  There were still high levels of poverty, especially for families.  What was the State doing in terms of the social schemes designed to eradicate extreme poverty?  What challenges did small-scale farmers meet when it came to increasing their yield and diversifying their crop?  What support programmes were in place for them?  Had the State considered expanding the food assistance programmes for vulnerable groups?

    A study of Rwanda’s development bank showed many people on low income still did not have access to affordable housing. What policies had been adopted to ensure the cost of housing was accessible?  What percentage of the national budget was set aside for the building and maintenance of social housing?  What initiatives had been launched to ensure that people who were vulnerable had access to affordable housing?  Had any laws been passed on rent control?  What measures could be implemented to ensure water rates were affordable? 

    Current adaptation measures were not enough to mitigate the impacts of climate change?  Had studies or surveys been carried out to assess the impact of climate change, and how had the State responded to findings?  What food resilience programmes could the State develop, including food storage programmes?  What measures had been implemented to ensure enough resources were set aside for the health sector, including for the most disadvantaged groups? What measures had been developed to extend the scope and coverage of mental health services?  What strategies had been developed to increase the number of qualified birth attendants in remote areas?  What measures had been implemented to strengthen investment in infrastructure?  How was equitable access to contraception guaranteed?   

    Responses by the Delegation

    The delegation said in January 2025, the Cabinet approved the resolution on the additional package of services for the community-based health insurance, including kidney transplants, cancer care, blood transfusions, knee and hips replacements, dialysis and prosthetics, among other procedures.  These were now all covered by the community-based health insurance. 

    The one cow per family programme provided a cow to families in the most vulnerable communities.  More than 14,500 families had been provided with furnished housing and 124 model villages had been established between 2017 and 2024, with all the essential amenities. 

    Rwanda did not have effective jurisdiction over any country and could not be held accountable for human rights violations beyond its borders.  The problems of the Democratic Republic of the Congo were internal.  Rwanda would welcome refugees from the Democratic Republic of the Congo if the problems persisted. 

    Since the COVID-19 pandemic, certain programmes had been implemented, including a voluntary saving scheme which was open to any citizen.  The International Labour Organization, in collaboration with Rwanda, had recruited a team to conduct a study on the barriers to social protection in the informal sector, and it would develop recommendations to address these. 

    Since 2023, paid maternity leave had increased from 12 to 14 weeks.  New changes in the law mandated that a pregnant woman or a breastfeeding mother should not be made to do any work that was too physically demanding or damaging to their overall health.  Those on maternity leave received their full salary.   Regular labour inspections were conducted, with more than 5,000 inspections carried out every year.  More than 1,500 of the enterprises where inspections took place were in the informal sector.   In the 2023-2024 fiscal year, 112 businesses were administratively sanctioned due to employment-related issues.  In the same period, 26 investigations had been conducted into cases of child labour, and 18 had been referred to the courts with five convicted. 

    The Government of Rwanda had implemented various social protection initiatives to eliminate extreme poverty.  In 2024, over 102,000 vulnerable individuals received monthly cash transfers and more than 80,000 households benefitted from flexible employment programmes.  As of May 2024, there had been an old age grant for impoverished individuals over the age of 65.  As of 2024, 315,327 households had been enrolled in the programme for sustainable graduation, where they received mentorship, financial support, and access to productive assets. 

    It was becoming more difficult for farmers to predict the weather, given the adverse impacts of climate change.  Pilot projects were launched to allow farmers to access buyers in value chains, by ensuring their quality standards were high. The Rwanda culture board helped to increase agriculture and animal resources, advising farmers on the best seeds for each area of the country to ensure the best harvest.  The Government heavily subsidised fertilizer for farmers to increase their output.  The Government subsidised up to 40 per cent of the cost of water, and access to clean water had increased substantially in the country. 

    Rwanda aimed to quadruple its workforce of healthcare service providers.  Below the age of 18, parental consent was required for any health intervention, including contraception and reproductive health services.  To enhance access to sexual reproductive health services, the age of consent should be reduced to 15 years.  To address this, a draft health service law was currently under consideration by the Parliament.  The level of teen pregnancy had decreased due to education and sensitisation, but it was also expected the draft health service law would result in a further decrease in teen pregnancy. 

    Questions by Committee Experts

    KARLA LEMUS DE VÁSQUE, Committee Expert and Taskforce Member, asked if there was any recent study on the deficit in housing which would help address current challenges?  Were there any laws on rent control? 

    How was the State addressing social and economic gaps which could address the prevalence of non-communicable diseases. Despite progress made in public health, communicable diseases, including malaria and HIV/AIDS, were a cause for concern. What measures had been adopted to strengthen health infrastructure in areas where access was limited?  What was being done to improve the prevention programmes? 

    A Committee Expert asked about the national health insurance; how did it function?  Did the State consider sharing revenues with areas where they obtained the resources from? 

    Another Expert said the country’s drug policy was focused on criminalisation and punitive measures.  Would the State consider decriminalising drug use and changing the approach to one that was health-based?   What measures had been taken to provide specialised training to law enforcement agents?  What was being done to mainstream mental health in primary health services? 

    A Committee Expert asked whether Rwanda had considered using human rights methodologies to design and better assess public policies? 

    An Expert asked about access to water in rural areas? What measures had the State taken to address climate change and its impact on the agricultural sector? 

    Responses by the Delegation

    The delegation said there had been a survey on housing deficits which had been presented in the Cabinet.  There were no laws on rent to reduce increases, but it was illegal to charge rent in foreign currencies, which helped to ensure rent was controlled.  Community health care workers were taught to deal with non-communicable diseases. There were also free community-based activities which took place to ascertain the levels of non-communicable diseases.  Community health workers had also helped sensitise people around diseases such as HIV and tuberculosis.   

    Around 90 per cent of land had been registered, and everyone, including women and vulnerable groups, had access to land.  After Rwanda developed its own gold refinery, businesses from other places came with gold to the refinery.  The Government agreed that drug consumption should not be criminalised, but the distribution of drugs should be criminalised.  More than 82 per cent of households had access to improved drinking water, and in Kigali this went up to 97 percent.  Numbers were lower in the western part of the country at around 75 per cent. 

    The Government was intensely investing in areas of water availability. 

    Questions by Committee Experts

    ASLAN ABASHIDZE, Committee Expert and Taskforce Member, said dropout rates in Rwanda had decreased to 5.5 per cent in primary schools and 7.5 per cent in secondary schools.  Could statistics be provided for the last five years, from 2019 to 2023, specifically on how many children were expected to enrol in primary school, and how many transitioned to lower secondary school, and then to upper secondary school?  According to the statistics provided, what percentage in the mentioned 40,000 students with disabilities who began their studies in schools and universities during the 2022/23 academic year represented the total number of children with disabilities who were expected to start schooling in that academic year? 

    What was the overall state of school infrastructure? Did schools meet the minimum requirements for lighting, drinking water, sanitation, and nutrition?  What steps was the Government taking in this regard? How were these initiatives funded? Why was disaggregated data on the Batwa group unavailable?   Could information on higher education enrolment and completion rates disaggregated by sex, rural and urban areas, and economic status be provided? 

    Was there a shortage of teachers in certain subjects? If there were challenges in this area, were there programmes to address them?  Could more details about the “We are all Rwandans” programmes be provided? How was the National Digital Inclusion Council funded?  Were private companies involved, and if so, on what terms?

    Responses by the Delegation

    The delegation said the number of teachers had increased by around 73 per cent, from around 68,000 in 2013 to around 100,000 in 2023/2024.  A teacher management system helped to determine if there were any gaps across the country.  The school dropout rate continued to decline at all levels.  There was a programme called school feeding which provided adequate and nutritious meals in schools.  The Government had started the journey of constructing schools, with a focus on accessibility by adding ramps, widening doorways, improving ventilation and lowering blackboards, to ensure they were accessible for students using wheelchairs.  Of the 4,986 schools in Rwanda, 3,392 now met accessibility standards, a significant improvement from just 765 schools in 2017.  Rwanda was committed to promoting inclusive education for children with disabilities.

    Questions by Committee Experts

    A Committee Expert asked for clarification around the official languages?  What was the language taught in primary schools?  How many universities were there in Rwanda?  Were there international students who studied in Rwanda? Did the Government provide scholarships for foreign students, particularly Africans?  Was the Swahili language widely spoken? 

    PREETI SARAN, Committee Expert and Taskforce Member, said each ethnic group in Rwanda had a rich cultural heritage.  For the sake of national unity and reconciliation, if everyone was being referred to as Rwandan, how did the State propagate the cultural richness of the population?  Rwanda had been extremely welcoming to refugees from all over the world, who brought their own specific languages and culture.  What measures had the State party taken to ensure equal cultural rights for ethnic groups who had come as aliens, refugees or asylum seekers? 

    An Expert asked if the State was collecting data with regards to young people aged between 15 to 24, who neither studied nor worked?  If this issue was not resolved, it could generate major issues. 

    PETERS SUNDAY OMOLOGBE EMUZE, Committee Vice-Chair and Country Rapporteur for Rwanda, asked what Rwandan troops were doing in the Democratic Republic of the Congo? 

    Responses by the Delegation

    The delegation said Kinyarwanda was recognised as the official language.  Rwanda had just one language.  There was no significant cultural diversity within the country, as everyone shared the same language and culture.  Traditionally, the ethnic groups had been defined based on occupation and turning them into an ethnicity was introduced by the colonialists.  It had been entrenched in identity cards for Tutsis, Hutus and Twas.  This negated the fact that people could have moved from one group to another.   There were no significant differences in culture between these groups.  French was an official language in Rwanda, due to colonisation by Belgium.  However, the majority of instruction was in English.   

    As of 2025, there were 19 universities in Rwanda, comprised of three public universities and 16 private institutions.  Schools such as the Carnegie Melon University from the United States taught courses, and specific scholarships were offered to Africans.  Scholarships were also offered to people fleeing their countries due to dangers, such as women from Afghanistan and people from Sudan.  Education could solve a lot of issues, including criminality and unemployed youth. 

    Rwanda was doing its best to attain the highest standard of economic, social and cultural rights, and would take any opportunities to learn from other countries in this regard. 

    Swahili was now an official language, recognised in the Constitution as a Lingua Franca.  It was widely spoken and taught in schools. 

    Rwanda had received a number of people who faced difficulties in their own countries.  Diversity days were organised at schools, encouraging refugees and asylum seekers to share their culture. 

    Closing Remarks

    PETERS SUNDAY OMOLOGBE EMUZE, Vice-Chair and Country Rapporteur for Rwanda, thanked the Rwandan delegation for attending the dialogue, noting the high calibre of the delegation.  The Committee wished the delegation a safe journey home. 

    EMMANUEL UGIRASHEBUJA, Minister of Justice and Attorney General of Rwanda and head of the delegation, expressed appreciation for the constructive dialogue with the Committee.  The State had learnt many valuable lessons and looked forward to receiving the Committee’s recommendations.  Rwanda’s achievements in access to health, education, and employment demonstrated the Government’s commitment to sustainable development. The country had a lot of challenges, including addressing inequalities, mitigating the effects of the global crisis, and ensuring policies translated into tangible improvements for the lives of the most vulnerable.  Rwanda was committed to resolving these challenges and to implementing the Committee’s recommendations.  Mr. Ugirashebuja extended an open invitation to the Committee to visit Rwanda in the future. 

    __________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CESCR25.005E

    MIL OSI United Nations News –

    February 19, 2025
  • MIL-OSI Europe: Answer to a written question – How can Romania ensure full absorption of NRRP funding by 2026 given the frequent delays in reaching its milestones? – P-000148/2025(ASW)

    Source: European Parliament

    The Recovery and Resilience Facility (RRF)[1] is a temporary instrument governed by the RRF Regulation. The facility finances reforms and investments in EU Member States which must be completed by 31 August 2026. It is distinct from the Multiannual Financial Framework (MFF)[2], which constitutes the EU long-term budget.

    In the case of the RRF, i f the Commission assesses that not all milestones and targets associated with specific instalments are satisfactorily met, the Commission can make partial payments and suspend part of the payment.

    Member States then have six months to take the necessary measures to ensure the satisfactory fulfilment of the relevant milestones and targets. If measures are not taken within six months, the overall amount of the financial or loan contribution under the RRF is correspondingly reduced.

    The implementation of Romania’s recovery and resilience plan is currently delayed due to, in particular, deficiencies in administrative capacity. In its 2024 country-specific recommendations, the Council thus asked Romania to significantly accelerate the implementation of the recovery and resilience plan by guaranteeing effective governance and strengthening administrative capacity.

    Like with all Member States, the Commission is working closely with Romania to support the implementation of its plan. The Commission is discussing reforms and investments, allowing the Romanian authorities identifying potential risks and possible measures in addressing them.

    This is done through e.g. the technical support instrument, regular meetings and an upcoming revision of the plan prepared in cooperation with the Romanian authorities, to ensure that all the investments which can be implemented by August 2026 are prioritised.

    • [1] https://commission.europa.eu/business-economy-euro/economic-recovery/recovery-and-resilience-facility_en
    • [2] https://commission.europa.eu/strategy-and-policy/eu-budget/long-term-eu-budget/2021-2027/documents_en
    Last updated: 18 February 2025

    MIL OSI Europe News –

    February 19, 2025
  • MIL-OSI Europe: Answer to a written question – Risk weight in Italian healthcare bodies – E-002729/2024(ASW)

    Source: European Parliament

    Regulation (EU) No 575/2013 (Capital Requirements Regulation)[1] assigns under Art. 116 a 100% risk weight to exposures of credit institutions to Public Sector Entities (PSEs) without an external rating; unless it has an original maturity of three months or less, in which case a 20% risk weight is applied.

    However, the same provision specifies that, under exceptional circumstances, competent authorities of each Member State might decide to treat exposures to PSEs as exposures to the central government, regional government, or local authority in whose jurisdiction they are established, if they are covered by an appropriate guarantee by the central government, regional government or local authority.

    When proposing the Banking Package[2], the Commission recognised that different approaches to PSE funding structures exist among Member States, including in their health systems.

    In addition, that standardising these funding structures through banking regulation was not appropriate, leaving the consideration of such specific cases to the above-mentioned competent authorities.

    The co-legislators agreed with this approach when endorsing Regulation (EU) 2024/1623[3], which entered into force on 1 January 2025.

    To enhance transparency on the prudential treatment of lending to PSEs, co-legislators have tasked the European Banking Authority with creating and maintaining a publicly accessible database of PSEs within the EU which are treated as the central, regional, or local government of the Member State in which they are established for the purposes of prudential capital requirements.

    This initiative will provide a comprehensive overview of the approaches of the above-mentioned competent authorities, thereby promoting transparency across Member States.

    • [1] Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, OJ L 176, 27.6.2013, p. 1-337.
    • [2] https://finance.ec.europa.eu/news/latest-updates-banking-package-2023-12-14_en
    • [3] Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor (Text with EEA relevance), OJ L, 2024/1623, 19.6.2024.

    MIL OSI Europe News –

    February 19, 2025
  • MIL-OSI Europe: Answer to a written question – Possible takeover of Commerzbank by UniCredit – E-003033/2024(ASW)

    Source: European Parliament

    The Commission does not comment on individual cases of potential take-overs on which it might be required to decide, based on its competences.

    The banking sector in the EU has robust capital positions and ample liquidity. It has shown high profitability in recent years, in part due to the reforms carried out since the 2007 financial crisis, including the establishment of the Banking Union[1].

    In this context, take-overs, mergers and other forms of consolidation can make banks more resilient to shocks, for example where they lead to greater asset or geographic diversification.

    Bank consolidations may also allow European banks to increase the efficiency of their business models, to pursue growth strategies and to increase their investments in digitalisation.

    At the same time, EU merger control ensures that banking consolidations with a EU dimension do not stifle competition and thereby harm consumers.

    The Commission is in constant contact with Member States’ administrations and competition authorities and cover a wide range of subjects.

    • [1] https://finance.ec.europa.eu/banking/banking-union/what-banking-union_en?prefLang=fr
    Last updated: 18 February 2025

    MIL OSI Europe News –

    February 19, 2025
  • MIL-OSI Europe: Answer to a written question – Spain’s inefficient management delays essential EU funds – P-000249/2025(ASW)

    Source: European Parliament

    1. The EU Solidarity Fund (EUSF) can only be activated at the request of eligible Member States and accession countries hit by natural disasters within 12 weeks as from when the first damage occurred, demonstrating that the total direct damage exceeds the thresholds specified in Article 2 of Regulation (EC) No 2012/2002[1]. The EUSF is not a rapid response instrument but a post-disaster relief instrument. Its activation can take several months to complete. To shorten delays, the Commission provides significant upstream support to affected countries and there is a possibility to award advance payments to applicant Member States. The EUSF may cover part of the costs for emergency and recovery operations incurred by public authorities. This includes, for example, the recovery of essential infrastructure, provision of temporary accommodation to the population, cleaning-up operations and protection of cultural heritage.

    2. On 20 January 2025, the Spanish authorities submitted an application for financial assistance from the EUSF following the floods in the Autonomous Community of Valencia in October 2024. The application was submitted within the 12-week regulatory deadline. The Commission is carefully assessing the submitted documents. If it is assessed that the conditions for mobilising the EUSF are met, the Commission will determine the amount of financial assistance, within the limits of the available financial resources, and will submit its proposal to the European Parliament and the Council for approval.

    • [1] Council Regulation (EC) No 2012/2002 of 11 November 2002 establishing the European Union Solidarity Fund (OJ L 311, 14.11.2002, p. 3) as amended by Regulation (EU) No 661/2014 of the European Parliament and the Council of 15 May 2014 (OJ L 189, 27.6.2014, p. 143) and by Regulation (EU) 2020/461 of the European Parliament and the Council of 30 March 2020 (OJ L 99, 31.3.2020, p. 9). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32002R2012
    Last updated: 18 February 2025

    MIL OSI Europe News –

    February 19, 2025
  • MIL-OSI Europe: Answer to a written question – Deposit guarantee amount – E-002883/2024(ASW)

    Source: European Parliament

    Based on aggregate harmonised index of consumer prices[1] for EU Member States as published by the statistical office of the EU, aggregate inflation between December 2010 and November 2024 was 39,6%.

    Directive 2014/49/EU[2], does not include a mechanism to automatically adjust the coverage level to inflation. The primary objective of the directive is to improve depositors’ confidence that their deposits up to the guaranteed amount are protected. This confidence limits the risk of panic withdrawals which could threaten financial stability in the EU.

    In 2019, the European Banking Authority (EBA) has assessed the adequacy of the current coverage level for deposits, as per Article 19(6) of the directive.

    While this assessment[3] did not take into account inflation, the EBA concluded that the current coverage level under Directive 2014/49/EU is adequate and that the proportion of depositors fully covered by the EUR 100 000 coverage level has increased in comparison with 2007.

    EBA issued an additional report on deposit coverage in December 2023[4]. According to this report, 96% of depositors are fully covered and a potential increase of the coverage level would have no impact on the vast majority of depositors.

    For the above-mentioned reasons, the Commission does not intend to modify the corresponding provisions of the existing framework.

    • [1] The Harmonised Indices of Consumer Prices measure the changes over time in the prices of consumer goods and services acquired by households. They give a comparable measure of inflation as they are calculated according to harmonised definitions.
    • [2]  OJ L 173, 12.6.2014, p. 149-178.
    • [3] https://www.eba.europa.eu/sites/default/documents/files/documents/10180/2622242/324e89ec-3523-4c5b-bd4f-e415367212bb/EBA%20Opinion%20on%20the%20eligibility%20of%20deposits%20coverage%20level%20and%20cooperation%20between%20DGSs.pdf?retry=1
    • [4] Report on Deposit Coverage in response to European Commission’s call for advice: https://www.eba.europa.eu/sites/default/files/2023-12/cfe9c89f-23ec-42d0-88fd-fc873ff26c76/EBA%20Report%20on%20deposit%20coverage%20in%20response%20to%20EC%20CfA.pdf
    Last updated: 18 February 2025

    MIL OSI Europe News –

    February 19, 2025
  • MIL-OSI Europe: Written question – Region of Puglia water emergency – E-000559/2025

    Source: European Parliament

    Question for written answer  E-000559/2025
    to the Commission
    Rule 144
    Mario Furore (The Left), Danilo Della Valle (The Left), Valentina Palmisano (The Left), Dario Tamburrano (The Left)

    In 2022, Italy experienced a severe water crisis.

    Puglia is one of the twelve regions with high water stress: the continued lack of rainfall, the rise in temperatures and the sinking of unauthorised wells have pushed the Capitanata area into a water disaster, impacting the domestic water supply, agriculture and the local economy. Capitanata’s artificial reservoirs are down by 99 million cubic metres of water compared to last year. Immediate action is needed to maintain the existing reservoirs and build new ones. Building a link between the Liscione reservoir and Capitanata would mean millions of cubic metres of drinking water that are released into the sea each year could be transferred instead. Completing the infrastructure framework is the first step that needs to be taken.

    In the light of the above:

    • 1.What financial measures could the Commission take to support Puglia in managing the water emergency?
    • 2.Can the Italian Government use additional water supply infrastructure, as provided for in the Commission communication of 18 July 2007 on addressing water scarcity and droughts in the European Union?
    • 3.Can the Commission verify the status of Puglia’s water infrastructure works financed with national recovery and resilience plan funds?

    Submitted: 6.2.2025

    Last updated: 18 February 2025

    MIL OSI Europe News –

    February 19, 2025
  • MIL-Evening Report: More than half of Australia’s homes were built before fire standards came in. Here are 5 ways to retrofit them

    Source: The Conversation (Au and NZ) – By Subha Parida, Lecturer in Property, University of South Australia

    Carl Oberg/Shutterstock

    Houses and fire do not mix. The firestorm which hit Los Angeles in January destroyed nearly 2,000 buildings and forced 130,000 people to evacuate.

    The 2019–20 Australian megafires destroyed almost 2,800 homes. This summer, houses and buildings have been lost in Victoria, Western Australia and Tasmania.

    As temperatures inch upwards, bushfires will become more severe and more frequent, posing risks to more homes. But fires don’t affect homes equally. Older homes built before fire resilience standards became mandatory are at higher risk of going up in flames.

    In the aftermath of the devastating LA fires, there are signs that newer homes have fared better than older ones. Previous fires in California and Australia have shown newer homes built with fire-resilient features are more likely to survive than older homes.

    The problem is, more than half (55%) of Australia’s homes were built 30 or more years ago – before national standards for fire resilience were introduced.

    The good news: you can take action to make older homes more resilient.

    Why are new homes better able to survive bushfires?

    Location, vegetation and luck play a role in determining which houses survive fires. But there is also evidence newer homes with heat- and ember-resistant features survive better.

    Construction standards in both Australia and the United States require the use of materials and designs which reduce fire risk.

    In Australia, the national construction standards have been in place since the early 1990s. Over time, the standards have expanded to include more fire-resistant features, such as fire-resistant external walls.

    By contrast, older homes are more likely to be built of flammable materials such as wood and untreated timber. Older homes are also more likely to have mature trees and shrubs closer to the house, which can increase fire risk. But as the CSIRO Bushfire Best Practice Guide points out, “trees can also be used to shield against wind, absorb radiant heat, and to filter embers […] when located at a safe distance from the house”.

    More exacting construction standards apply for homes built in areas considered at risk of bushfire. State and territory governments have interactive maps of these areas.

    Unfortunately, climate change is expanding these areas at risk. As the LA wildfires show, warmer climates mean fire can attack suburbs and cities thought to be safe from bushfire.

    Climate change is also making home ownership more expensive, as insurance premiums rise in the wake of more expensive disasters. Analysts predict banks may begin rejecting mortgage applications for properties in areas at high risk from fire.

    Older homes are more likely to burn if a bushfire comes through.
    Ekaterina Kamenetsky/Shutterstock

    How can we make older homes more resilient?

    Older homes remain highly sought after, especially in cities such as Sydney, Melbourne and Brisbane.

    But for these homes to be brought up to modern standards of bushfire resistance, they often require significant retrofitting. These retrofits can drastically reduce the risk of ignition.

    How do houses actually ignite? Wind-blown embers are a common cause in starting house fires. If a few houses in a town start burning, the fire can spread house to house.

    Here are 5 ways to protect your older house:

    1. Upgrade external vents. Traditional external vents are designed to ventilate rooms and roofs. But they also permit embers to gain access to attics and crawl spaces and spark a fire. Upgrading to ember-resistant vents can directly improve your home’s resilience.

    2. Install ember gutter guards. Ember-resistant gutter guards are made of metal and have finer mesh than normal gutter guards. These help to prevent the build-up of dry leaves and twigs and stop small embers from landing.

    3. Upgrade windows and walls. You can cut your risk further by installing bushfire-resistant shutters for windows, using fire-resistant material for wall insulation and replacing combustible material with better alternatives such as metal roofing, fibre cement siding for walls and tempered glass windows.

    4. Check your deck and verandah. Wooden decks and verandahs are risky in high-risk areas. If they need to be rebuilt, choose fire-resistant materials.

    5. Make space around your home. In fire-prone areas, removing trees and shrubs within 20 metres of the house can reduce risk. A well-managed area of pavers and low-density plants and shrubs close to the home acts as a fire break.

    Ahead of fire season, making and updating an evacuation plan is equally vital. Homeowners should prepare emergency kits with essential documents, medications, and protective gear. If a fire starts in your area, applying fire-retardant gels to surfaces at risk can provide temporary protection.

    In high risk areas, ensuring clear space between vegetation and the house can cut fire risk. Pictured: a house in Balmoral, New South Wales, after fire passed through in 2020.
    Daria Nipot/Shutterstock

    Homeowners can use the National Emergency Management Authority’s bushfire resilience rating app to assess their home’s bushfire risk and to see which retrofits are highest priority.

    State or territory governments offer advice on making your house more resistant to fire attack: New South Wales, Victoria, Queensland, South Australia, Western Australia, Tasmania, Northern Territory, Australian Capital Territory.

    Protecting our homes takes time – and money

    Australia’s housing crisis has been front page news for months. As we head towards the federal election, it will remain a hot-button issue. Unfortunately, we haven’t yet heard discussion of the risk posed to our housing stock from bushfires made worse by climate change.

    While planning controls and building standards can raise the standards of future homes, better support and incentives are needed to retrofit existing homes – especially for those built before fire safety standards became the norm.

    Retrofitting is crucial. But it’s not cheap. Costs can range from A$8,500 to $47,000 per property.

    These expenses can be prohibitive for many homeowners. Initiatives such as the Bushfire Resilience Rating Home Self-Assessment app can result in insurers offering premium discounts to homeowners using it to introduce recommended measures.

    In some areas, local governments offer financial assistance for retrofitting, such as the Bushfire Wise Rebate by Ku-ring-gai Council in NSW.

    Without greater financial support or government incentives, a significant portion of Australia’s housing stock will remain vulnerable, increasing risks as climate change expands fire-prone areas.

    Subha Parida receives receives funding from the Australian Housing and Urban Research Institute (AHURI)

    Lyrian Daniel receives funding from the National Health and Medical Research Council (NHMRC), the Australian Research Council (ARC) and the Australian Housing and Urban Research Institute (AHURI).

    Michaela Lang receives funding from the Australian Housing and Urban Research Institute (AHURI).

    – ref. More than half of Australia’s homes were built before fire standards came in. Here are 5 ways to retrofit them – https://theconversation.com/more-than-half-of-australias-homes-were-built-before-fire-standards-came-in-here-are-5-ways-to-retrofit-them-249490

    MIL OSI Analysis – EveningReport.nz –

    February 19, 2025
  • MIL-OSI Global: Net-zero homes are touted as a solution for climate change, but they remain out of reach for most

    Source: The Conversation – Canada – By Ehsan Noroozinejad Farsangi, Visiting Senior Researcher, Smart Structures Research Group, University of British Columbia

    Net-zero homes play an important role in combating climate change. (Shutterstock)

    Net-zero homes use natural energy sources and are designed to use less energy and, as such, are considered important in the fight against climate change. But for the average Canadian, they’re still out of reach.

    Net-zero homes are important for tackling climate change. This includes both net-zero energy (NZE) homes, which produce as much energy as they use each year, and net-zero carbon (NZC) homes, which don’t release any carbon dioxide.

    Released in the summer of 2024, the Canada Green Buildings Strategy outlines a bold vision to transform the country’s building sector, aiming for net-zero emissions and enhanced resilience by 2050. This is a bold step forward, but transforming the sector will require sustained collaboration across all levels of government, industry and communities.

    CTV News covers the federal government’s Green Buildings Strategy.

    Net-zero homes use green energy sources and efficient designs to match the amount of energy they produce with the amount they use. They use strategies like thermal shells that use less energy, high-performance components and the addition of green energy systems.

    Net-zero homes also help Canada reach larger climate goals by reducing the amount of carbon dioxide it releases into the air.

    Purchasing and installing these technologies can be cost-prohibitive, but in the long run, homeowners both save money on power bills and reduce their greenhouse gas emissions.

    Those who are unable to make changes to their homes can still live in a net-zero way by buying green power or carbon offsets.

    The sustainable housing market

    Net-zero homes are becoming more popular in Canada. To speed up building processes and reduce costs, builders are trying out pre-fabricated and modular building techniques.

    In 2024, the Canadian federal government announced a $600 million package of loans and funding to help make it easier and cheaper to build homes. This funding will support innovative technologies like pre-fabricated and modular construction, robotics, 3D-printing and mass timber to build homes faster and cheaper.




    Read more:
    Canada’s housing crisis: Innovative tech must come with policy reform


    The Net Zero Council of the Canadian Home Builders’ Association has also been important in enhancing standards and practices and promoting novel approaches that cut costs while still being environmentally friendly. In doing so, CHBA drives the adoption of cheaper, environmentally friendly technologies and processes, enhancing industry standards and practices across Canada.

    While CHBA collaborates with government agencies, such as Natural Resources Canada to promote innovation and elevate industry standards. Government programs typically provide funding, technical support and policy guidance, whereas CHBA focuses on training, best practices and market development for its members.

    Government research programs through CanmetENERGY also work to improve technologies and give builders and planners the tools they need.

    There are several reasons that owning a net-zero home has not yet become widespread. These include: high initial costs, limited awareness and education, gaps in policy and regulation and market challenges including difficulties in scaling up and integrating net-zero technologies.

    Future directions

    To make net-zero homes accessible to all Canadians, a multi-faceted approach is required.

    Increased subsidies and incentives and expanding financial support for both builders and buyers can lower barriers to entry. The government of Canada’s 2030 Emission Reduction Plan includes $9.1 billion in new investments over the next eight years — adding to the $17 billion announced in 2021 — to support decarbonization efforts.

    Enhancing public awareness and developing educational campaigns highlighting the cost savings and environmental benefits of net-zero homes are both essential approaches to raising awareness and support.

    Policy reform can accelerate adoption of net-zero homes. Examples include harmonizing building codes and introducing mandatory energy efficiency standards to accelerate adoption.

    Supporting continued research into technical innovation and developing cost-effective materials and renewable energy systems will drive down costs. Investment in modern methods of construction should be prioritized to accelerate the transition toward sustainable and energy-efficient building practices.

    Partnerships between governments, private developers and non-profits can bring together resources and expertise to scale net-zero housing initiatives.

    The Sustainable Finance Action Council recommends steps to mobilize private capital to support decarbonization and climate resilience in the Canadian economy, including in the housing sector.

    Solar panels the roofs of apartment buildings in Munich, Germany.
    (Shutterstock)

    Successful international models

    Several countries have demonstrated how net-zero homes can become a reality through innovative policies, community-driven approaches and public-private partnerships:

    BedZED in the United Kingdom is the country’s first eco-village project. It uses community-focused design and renewables to significantly cut carbon footprints.

    The Passive House standard is a German housing policy that sets a global benchmark for ultra-low energy consumption, emphasizing airtight construction and heat recovery.

    California’s ambitious Zero Net Energy policies help reduce overall carbon footprints by driving cutting-edge home construction practices.

    The Net Zero Energy House (ZEH) Program in Japan encourages advanced insulation, efficient appliances and rooftop solar.

    The Netherlands is a leader in innovative, large-scale retrofitting for net-zero housing, most notably through the Energiesprong program.

    These international models highlight that success lies in integrating strong policy frameworks, advanced technology and collaborative practices. They demonstrate that with the right mix of government support, industry innovation and residents embracing green choices, net-zero living can become more widespread.

    Housing is an important part of how to address climate change. As Canada pushes to make net-zero homes more affordable, each step forward strengthens communities, reduces greenhouse gas emissions and helps homeowners save money.

    Dr Ehsan Noroozinejad Farsangi has secured funding to develop innovative solutions for housing and climate crises.

    T.Y. Yang 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. Net-zero homes are touted as a solution for climate change, but they remain out of reach for most – https://theconversation.com/net-zero-homes-are-touted-as-a-solution-for-climate-change-but-they-remain-out-of-reach-for-most-247622

    MIL OSI – Global Reports –

    February 19, 2025
  • MIL-OSI USA: Boozman, Cotton, Thune Introduce Legislation to Repeal the Federal Death Tax

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman
    WASHINGTON––U.S. Senators John Boozman (R-AR) and Tom Cotton (R-AR) joined Senate Majority Leader John Thune (R-SD) and 45 of their Senate Republican colleagues to introduce legislation that would permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Actwould end this punitive tax that threatens family-run farms, ranches and businesses upon the owner’s death. 
    “Arkansas’s farm families and small businesses should have the opportunity to preserve their legacies for the next generation instead of getting hit with a penalty that jeopardizes their livelihoods,” said Boozman. “They need certainty and relief from this counterproductive burden. Repealing the death tax supports our agriculture producers and entrepreneurs so they can continue to grow their operations and benefit their local economy.”
    “Families shouldn’t have to sell major portions of their businesses or farms after the death of a parent just to afford the estate tax. Breaking apart a family’s livelihood is neither fair nor good for the economy. This legislation would end the federal death tax, making it much easier to preserve a family’s legacy and way of life,” said Cotton. 
    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”
    The Death Tax Repeal Act would:
    Fully repeal the Estate Tax;
    Repeal the Generation-Skipping Transfer Tax for when a grandparent transfers assets to a grandchild; and
    Maintains step-up basis to allow the evaluation of an inherited asset to be adjusted to reflect a fair market value at the time of death
    The legislation is also cosponsored by Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsay Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall, M.D. (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Tommy Tuberville (R-AL), Roger Wicker (R-MS) and Todd Young (R-IN).
    Companion legislation was introduced in the U.S. House of Representatives by Rep. Randy Feenstra (R-IA-04). 
    The Death Tax Repeal Act is supported by more than 190 members of the Family Business Coalition and more than 105 members of the Family Business Estate Tax Coalition, which includes the National Federation of Independent Business, the National Restaurant Association, the National Association of Home Builders and the U.S. Chamber of Commerce.
    Click here for full text of the legislation.

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI Europe: Piero Cipollone: Striking the right balance: the ECB’s balance sheet and its implications for monetary policy

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at an MNI Connect webcast

    Frankfurt am Main, 18 February 2025

    Today I would like to discuss the ECB’s balance sheet and its implications for our monetary policy.

    In recent years, the monetary policy debate has mainly focused on our interest rate decisions. This is for good reason. In response to the biggest inflation shock in a generation, we embarked on the fastest tightening of monetary policy in the ECB’s history through rate hikes.

    During this tightening phase, we used policy rates as the primary tool for setting our monetary policy stance, while normalising our balance sheet in a measured and predictable way. We initiated the gradual unwinding of our asset purchase programmes and recalibrated our targeted longer-term refinancing operations (TLTROs).[1] As a result, the size of our balance sheet has fallen by more than a quarter from its peak.

    Policy rates remain our primary instrument and will therefore continue to attract the most attention. But we should not underestimate the important role that our balance sheet policies have played over time as a component of our overall monetary policy stance and in ensuring the smooth transmission of our monetary policy to the real economy. This still holds true today as we make our monetary policy less restrictive.

    Inflation has now fallen substantially to levels close to 2%. Our latest projections foresee it converging towards our target over the medium term, and the risks to the inflation outlook – once sharply skewed to the upside – have now become more balanced.

    At the same time, the euro area’s economic recovery remains weak – especially in the near term. The risks to the growth outlook are tilted to the downside and, if they materialise, may derail the recovery, with implications for the inflation outlook.

    Against this background, the Governing Council has gradually been reducing the degree of monetary policy restriction by cutting policy rates towards neutral territory. While our direction is clear, we are very attentive to incoming information in view of the prevailing uncertainty about the economic environment. We continue to make decisions on a meeting-by-meeting and data-dependent basis. This gives us the option to adapt our interest rate path if necessary to ensure that inflation stabilises sustainably at our 2% medium-term target.

    However, given the importance of financial conditions in determining the inflation outlook, we also need to consider the role played by the reduction of our balance sheet. In the tightening phase our rate decisions and balance sheet policies complemented each other, but they are now going in opposing directions.

    This divergence has important implications across at least two dimensions.

    First, it contributes to a steepening of the yield curve. Our rate cuts exert downward pressure primarily at the short end of the yield curve. At the same time, the gradual runoff of our asset purchase portfolios exerts upward pressure on long-term and, to a lesser extent, intermediate yields. This has been compounded by recent spillovers from the US.[2]

    Second, it may affect credit supply. Declining levels of central bank liquidity could constrain banks’ ability to extend credit, resulting in tighter credit conditions and potentially slowing down the investment and consumption that are critical for economic recovery.

    In setting the policy stance, we therefore need to consider the impact of the overall set of financial conditions resulting from our interest rate and balance sheet policies. In other words, we need to strike the right balance if we are to achieve our inflation aim without an undue negative impact on incomes and employment. A rate cut has a more contained easing effect when the balance sheet is simultaneously reduced. This has implications when discussing the appropriate policy rate path.

    We also need to consider the potential risks to the transmission of our monetary policy. In the past, abundant levels of liquidity have acted as a safeguard against spikes in liquidity needs that emerged regardless of where our rates stood. With this in mind, we need to carefully monitor the transition from abundant to less ample excess liquidity, mindful of the potential implications for financial stability.

    Today, I would like to take stock of the ECB’s experience with balance sheet policies, explaining why they remain a vital part of our monetary policy toolbox. I will then discuss the implications of the ECB’s balance sheet for our monetary policy in the current environment.

    The ECB’s experience with balance sheet policies

    At the ECB, balance sheet policies have served a dual purpose over time, allowing us to deliver on our price stability mandate amid exceptionally difficult circumstances.

    First, during periods when interest rates approached their effective lower bound and inflation remained below target, the ECB used asset purchases to support an accommodative monetary policy stance.

    For instance, the ECB launched its asset purchase programme (APP) in 2015 to stimulate the economy and inflation at a time when deflationary threats loomed large. Asset purchases and the associated provision of central bank liquidity worked in several ways – including through the portfolio rebalancing, exchange rate and credit channels – to generate a significant upward effect on both economic activity and inflation.[3]

    Second, balance sheet policies have been pivotal to ensuring the smooth transmission of our monetary policy to the real economy, in both tightening and easing phases.

    At times when we were lowering our policy rates, our TLTROs, launched in 2014, provided banks with long-term funding on favourable terms to incentivise them to lend to firms and households. This led to a persistent compression in lending rates and an increase in loan volumes over time.[4]

    But balance sheet policies were also instrumental in ensuring the smooth transmission of monetary policy at times when we were increasing our policy rates. The announcement of our Transmission Protection Instrument (TPI) in 2022 allowed us to embark on the fastest rate hiking cycle in our history without sparking financial fragmentation in the euro area.

    Of course, the stance and transmission functions of our balance sheet policies do not operate in isolation. There can be beneficial interactions between the two.

    As rates increased, for example, euro area banks had sufficient liquidity to manage any maturity mismatches that arose. This – alongside strengthened regulation and supervision – helped them to emerge unscathed from the market turbulence in March 2023 that saw the collapse of three regional banks in the United States.

    The proportionate use of balance sheet policies in an evolving economic landscape

    The substantial expansion of the ECB’s balance sheet required careful monitoring of potential side effects. That is why the principle of proportionality lies at the core of how we use our balance sheet instruments.[5]

    In its 2021 strategy review, the Governing Council assessed that its use of balance sheet measures – alongside negative interest rates and forward guidance – had indeed been proportionate, taking into account any side effects, for instance on inequality and the financial sector.[6]

    Some concerns, however, require a more nuanced perspective.

    For example, there is little evidence to suggest that excessive risk appetite may be attributable to larger central bank balance sheets. If this were the case, we should have seen less risk-taking in markets as central banks began to withdraw their market footprint.

    But the opposite has been the case. Today equity markets are near all-time highs. This may be due to “animal spirits”[7], which have also been observed outside periods of central bank balance sheet growth. We saw them at play, for instance, during the dot-com bubble – a period when the cyclically adjusted price-to-earnings ratio hit its historic peak and central bank balance sheets were distinctly lean.

    Moreover, as the Eurosystem gradually reduces its footprint in sovereign bond markets by reducing its holdings of euro area government bonds, concerns about the size of the balance sheet are becoming less and less justified (Chart 1).[8]

    Chart 1

    Size of euro area government bond market and the Eurosystem’s market footprint

    (left-hand scale: EUR billions; right-hand scale: percentages)

    Sources: Eurosystem and Centralised Securities Database.

    Notes: The chart shows the evolution of the size of the euro area government bond market and splits it into outright holdings (yellow) and mobilised collateral (green), as well as what is not held or mobilised as collateral with the Eurosystem (blue). The Eurosystem market footprint is a relative measure, computed as the share of the Eurosystem’s euro area government bond (EGB) holdings compared with the nominal amount outstanding. Outright holdings are EGBs held by the Eurosystem via purchase programmes, adjusted by EGBs lent back via the securities lending against cash collateral facilities. Mobilised collateral includes EGBs mobilised as collateral for open market operations. The latest observations are for 31 January 2025.

    Going forward, an evolving economic landscape suggests that balance sheet policies could be increasingly useful as monetary policy instruments. Let me highlight two developments that are particularly relevant here.

    First, the non-bank financial sector has grown considerably over time and is becoming increasingly relevant in the funding of the real economy.

    In the euro area, the financial assets of non-banks have more than doubled since the global financial crisis.[9] Compared with banks, non-banks are more responsive to monetary policy measures that influence longer-term interest rates, such as asset purchases.[10] Given that non-banks adjust their portfolios more actively in response to changes in interest rates, this also increases the need for sufficient liquidity in the system to facilitate these adjustments.

    Second, geopolitical fragmentation means that the global economy is becoming more shock prone and subject to higher levels of uncertainty (Chart 2).

    Chart 2

    Global Economic Policy Uncertainty index

    (index)

    Source: Bloomberg.

    Note: The latest observation is for December 2024.

    In this environment, we need to remember that the euro area is subject to fragmentation risk. A key lesson from the sovereign debt crisis is that balance sheet policies have been instrumental in making the euro area a more “normal” jurisdiction from the perspective of monetary policy.

    As we navigate an increasingly complex economic landscape, the transition from abundant to less ample excess liquidity represents an inflection point that also requires close monitoring.

    In this environment, banks’ liquidity needs are met via a broad mix of instruments under our new operational framework. These include our short-term main refinancing operations (MROs) and three-month longer-term refinancing operations (LTROs) and will also include – at a later stage – structural longer-term credit operations and a structural portfolio of securities.[11]

    However, the decline in excess liquidity warrants careful monitoring, as it could exert additional tightening pressures on financial and financing conditions, potentially exceeding the intended policy stance.

    The implications of the ECB’s balance sheet for monetary policy in the current environment

    It is in this context that I would like to talk about the implications of our balance sheet for monetary policy in the current environment.

    The ECB’s balance sheet has been reduced at a faster pace than those of central banks in other major economies during their tightening cycles (Chart 3). So far, much of this decline can be attributed to banks’ repayments of TLTRO loans.[12]

    Chart 3

    Central bank total assets

    (index = 100 at the start of the respective policy rate hiking cycles)

    Sources: Bloomberg and ECB calculations.

    Notes: The x-axis starts on 21 July 2022, 16 March 2022 and 15 December 2021 for the Eurosystem, Federal Reserve System, and Bank of England respectively. For the Bank of England, reserve balances are used as a proxy for the total balance sheet. The latest observations are for 12 February 2025.

    Looking ahead, however, any further reduction in the size of our balance sheet will stem from the gradual unwinding of our asset purchase portfolios, as the Eurosystem no longer reinvests the principal payments from maturing securities.

    As in the past, the normalisation of our balance sheet has implications for our monetary policy stance and the possible risks to monetary policy transmission.

    The monetary policy stance

    Let me start with the implications for our monetary policy stance.

    Our reaction function for rate decisions is built around three well-known criteria: (i) the inflation outlook, (ii) the dynamics of underlying inflation and (iii) the strength of monetary policy transmission.

    Inflation has fallen by around three-quarters from its peak in late 2022 (Chart 4). The disinflation process is well on track, and our staff projections see inflation averaging 2.1% this year, 1.9% next year and 2.1% in 2027.

    Chart 4

    Headline inflation

    (annual percentage changes)

    Source: Eurostat.
    Note: The latest observation is for January 2025 (flash estimate).

    Most measures of underlying inflation suggest that inflation will settle at around our 2% medium-term target on a sustained basis. In particular, the ECB’s measure of the persistent and common component of inflation (PCCI)[13] – a more forward-looking indicator of underlying inflationary pressures that tends to better predict future inflation – stood at 2.1% in December, and 2.0% when excluding energy.

    Domestic inflation remains high, as wages and prices in certain sectors are still adjusting to the past inflation surge with a substantial delay. But our wage tracker is signalling a significant moderation in wage growth, and profits are partially buffering the impact on inflation.

    It is the third leg of our reaction function – the strength of monetary policy transmission – that I would like to discuss in more detail, however.

    As we cut interest rates, new borrowing for firms and households is becoming less expensive. But financing conditions continue to be tight – in part because our monetary policy remains restrictive and past rate hikes are still working their way through the economy.[14]

    While credit continues to expand, lending to firms and households remains subdued by historical standards. In December, the annual growth rate of lending to firms was roughly two-thirds below its historical average.[15] Growth in housing loans increased gradually but also remained muted overall, at around one-fifth of its long-term average (Chart 5).[16]

    Chart 5

    Loans to firms and households

    (percentage points)

    Sources: ECB (BSI) and ECB staff calculations.

    Note: The latest observations are for December 2024.

    At the same time, the recent gradual recovery in lending has not kept pace with the nominal growth of the economy, as reflected in the continued decline of the loan-to-GDP ratio (Chart 6).

    Chart 6

    Ratio of bank loans to GDP

    (percentages)

    Sources: ECB (BSI), Eurostat and ECB staff calculations.

    Note: The latest observation is for the third quarter of 2024.

    While policy rates remain our primary instrument for adjusting our monetary policy stance, the normalisation of our balance sheet may also affect the stance through two key channels.

    First, while our rate cuts exert downward pressure primarily at the short end of the yield curve, our quantitative tightening exerts upward pressure on long-term maturities and, to a lesser extent, intermediate ones. This serves to tighten financial conditions.[17]

    Indeed, the runoff of the asset portfolios of central banks has arguably been one of several factors contributing to a steepening of sovereign yield curves in recent months – akin to a reversal of the duration risk channel previously associated with central banks through quantitative easing (Chart 7).

    Chart 7

    New duration risk absorbed by private investors

    (EUR billions per basis point)

    Sources: Bloomberg and ECB.

    Notes: The chart shows the month-on-month change in the duration of government bonds held by private investors (i.e. investors other than the domestic central bank). Rates are approximated by weighted average maturity.

    At its peak in early 2022, the impact of current and expected Eurosystem bond holdings in our asset portfolios lowered ten-year sovereign bond yields by around 175 basis points.[18] Due to quantitative tightening, however, the easing impact has now fallen to around 75 basis points and is expected to further reduce over time (Chart 8).

    Chart 8

    Impact of APP and PEPP sovereign bond holdings on ten-year sovereign risk premia

    (basis points)

    Source: ECB calculations.

    Notes: The impacts are derived from an affine arbitrage-free model of the term structure with a quantity factor (see Eser et al., op. cit.) and an alternative version of the model recalibrated so that the model-implied yield reactions to the March PEPP announcement match the two-day yield changes observed after 18 March 2020. The model results are derived using GDP-weighted averages of the zero-coupon yields of the big-four sovereign issuers (DE, FR, IT and ES). The continuous line represents estimates based on real-time survey expectations. The dashed line is based on projections of the Eurosystem’s holdings of big-four sovereign bonds in the APP and PEPP as informed by the ECB’s December 2024 Survey of Monetary Analysts. The model abstracts from any potential holdings in a structural portfolio of securities. The latest observations are for January 2025 (monthly data).

    According to ECB research, an expected €1 trillion reduction in bond holdings may raise long-term risk-free interest rates by about 35 basis points (Chart 9).[19]

    Chart 9

    Expected term premium impact from running down the asset portfolio by €1 trillion

    (basis points)

    Sources: ECB December 2024 Survey of Monetary Analysts (SMA) and Akkaya, Y. et al., op.cit.

    Notes: The chart depicts the expected effect on the term premium of various assets with a ten-year maturity resulting from an expected €1 trillion decrease in the ECB’s bond holdings. Results are based on individual SMA responses from December 2022 until December 2023.

    Second, an environment marked by declining levels of central bank liquidity may constrain banks’ ability to extend credit.

    Research documents the strong relationship between loan supply and structural sources of liquidity, such as reserves obtained through credit easing programmes or those injected through quantitative easing interventions.

    More specifically, a €1 change in non-borrowed reserves or credit easing reserves is associated with a corresponding change in credit of approximately 15 cents or 10 cents respectively.[20] In other words, a €500 billion drop in non-borrowed reserves – similar to the one expected in 2025 as a result of the decline in our APP and PEPP holdings – is associated with a €75 billion decline in credit supply, equivalent to about 0.6 percentage points of downward pressure on loans to the non-financial private sector.[21]

    Accordingly, as central bank liquidity declines, we may see tighter credit conditions in the economy. This could slow down investment and consumption, with firms cutting back on capital expenditure and consumers reducing purchases of big-ticket items that require financing.[22]

    Incoming data suggest that euro area GDP growth will remain subdued in the short term. Industrial production decreased notably in December and surveys indicate that manufacturing is continuing to contract, whereas services activity is expanding at a moderate pace (Chart 10).

    Chart 10

    Purchasing Managers’ Index

    (diffusion indices)

    Source: S&P Global.

    Notes: “Output” and “New orders” correspond to the manufacturing and composite indices, and “Business activity” and “New business” to the services index. The latest observations are for January 2025.

    Given the uncertain economic environment, we are yet to see a sustained rebound in investment (Chart 11).[23] And while we continue to expect consumption to be the main driver of the recovery, rising real incomes have not yet encouraged households to increase their spending in a commensurate manner (Chart 12).[24] In the face of subdued domestic demand, our latest staff projections forecast a slower economic recovery than had been forecast in the September projections.[25]

    Chart 11

    Detailed decomposition of euro area real GDP

    (quarter-on-quarter percentage changes and percentage point contributions)

    Sources: Eurostat and ECB staff calculations.

    Note: The latest observations are for the fourth quarter of 2024 for real GDP, and for the third quarter of 2024 for the other components.

    Chart 12

    Real household disposable income and consumption

    (second quarter of 2022 = 100)

    Sources: Eurostat and ECB staff calculations.

    Note: The latest observations are for the third quarter of 2024.

    Moreover, geopolitical risks may create further headwinds for the recovery, which we will need to monitor carefully. Forthcoming findings from the ECB’s Consumer Expectations Survey (CES) suggest that consumers’ concerns about geopolitical risks are negatively affecting economic sentiment – leading to more pessimistic expectations, more elevated income uncertainty and, ultimately, a lower propensity to consume.

    We are determined to ensure that inflation stabilises sustainably at our 2% medium-term target. As we gradually cut rates towards neutral territory, we need to be mindful of the fact that we now have two monetary policy tools working in opposing directions, given our ongoing quantitative tightening. This is a first in our history at the ECB.

    We therefore need to ensure that we factor in the tightening of our balance sheet when calibrating our rate cuts to achieve our inflation aim. This is because the stance effects stemming from our rate cuts will be somewhat dampened by the tightening induced by the normalisation of our balance sheet.

    This is an important consideration when discussing the appropriate policy rate path.

    Risks to the transmission of our monetary policy

    Similarly, we need to be mindful of the possible risks to the transmission of our monetary policy to the real economy in view of the prevailing uncertainty and potential risks to financial stability.

    This cautious approach is crucial, especially given historical precedents where central banks faced unexpected challenges.

    In late 2019, for instance, the Federal Reserve System was unexpectedly forced to temporarily reverse its balance sheet retrenchment due to liquidity challenges in financial markets.[26] In 2022 the Bank of England halted quantitative tightening and launched emergency gilt purchases to safeguard financial stability after pension funds’ liability-driven investment strategies exposed systemic risks.[27]

    Recent bouts of market volatility also underscore that we should remain alert to the emergence of financial stability risks that may endanger transmission. Last August several factors converged to spark substantial market volatility.[28] The VIX, a market index that measures the implied volatility of the S&P 500 index, recorded its largest ever one-day spike (Chart 13).[29]

    Chart 13

    VIX index

    (percentages)

    Source: ECB staff calculations.

    Notes: Long run average calculated since January 2000. The latest observations are for 7 February 2025.

    Faced with such episodes of volatility, the further decline in our balance sheet must remain on a gradual and predictable path to avoid financial amplification effects.[30] This is especially important in an environment where euro area banks are already tightening their credit standards, especially for firms and consumer credit, due to higher perceived risks related to the economic outlook (Chart 14).[31]

    Chart 14

    Credit standards, demand for loans to firms and contributing factors

    (net percentages)

    Source: ECB (bank lending survey).

    Notes: “Actual” values are changes that have occurred, while “expected” values are changes anticipated by banks. Net percentages for the questions on credit standards for loans are defined as the difference between the sum of the percentages of banks responding “tightened considerably” and “tightened somewhat” and the sum of the percentages of banks responding “eased somewhat” and “eased considerably”. Net percentages for the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding “increased considerably” and “increased somewhat” and the sum of the percentages of banks responding “decreased somewhat” and “decreased considerably”. “Other financing needs” as unweighted average of “M&A and corporate restructuring” and “debt refinancing/restructuring and renegotiation”; “Use of alternative finance” as unweighted average of “internal financing”, “loans from other banks”, “loans from non-banks”, “issuance/redemption of debt securities” and “issuance/redemption of equity”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in credit standards or changes in loan demand, respectively. The latest observations are for the fourth quarter of 2024 (January 2025 bank lending survey).

    Our balance sheet policy instruments continue to be a crucial item in our toolbox. The expectation that we will use them if necessary protects the smooth transmission of our monetary policy and reduces the likelihood that we will need to use these tools in the first place.

    Moreover, in an environment of heightened uncertainty, even in the context of excess liquidity, we need to remain prudent and be ready to step in should another shock emerge. We should maintain the flexibility to swiftly expand liquidity facilities if stressful conditions arise.

    Conclusion

    Let me conclude.

    The ECB’s experience with balance sheet policies to date demonstrates their importance both for the monetary policy stance and for the transmission of our monetary policy to the real economy. They are a vital part of our toolkit.

    While policy rates remain our primary instrument for adjusting the monetary policy stance, we should also consider the role played by quantitative tightening in influencing overall financial and financing conditions – be it through the yield curve or through the bank lending channel.

    To strike the right balance, we should ensure that our rate decisions adequately compensate for the tightening induced by the reduction of our balance sheet.

    Thank you.

    MIL OSI Europe News –

    February 19, 2025
  • MIL-OSI Europe: Answer to a written question – Mobility of persons with disabilities – E-002793/2024(ASW)

    Source: European Parliament

    In the current multiannual financial framework 2021-2027, different funding instruments, notably the Connecting Europe Facility (CEF) and Cohesion Policy Funds can be used to support barrier-free access to transport.

    CEF finances actions to improve transport infrastructure accessibility, and to date has included a particular focus on accessibility for persons with reduced mobility in railway stations[1].

    T he Social Climate Fund was established to support vulnerable groups, among others, in the fair transition to clean mobility. Provided that the conditions of Regulation (EU) 2023/955[2] are respected, a part of this money could be used by Member States to improve the access of persons with disabilities and persons with reduced mobility to sustainable transport solutions, including making public transport infrastructure more accessible.

    The revised guidelines for the development of the trans-European network (TEN-T)[3] require that, when developing the TEN-T infrastructure, priority should be given, among others, to measures improving accessibility for all users, including persons with disabilities or reduced mobility.

    This should be pursued in particular by means of better integration of the different transport modes into the urban nodes, including by developing multimodal passenger hubs, which should facilitate seamless connections of TEN-T to public transport infrastructure by 2030.

    The European Union has adopted a wide range of legislation to bring about improvements in access to transport for persons with disabilities and persons with reduced mobility[4].

    The President of the Commission has indicated in her political guidelines[5] the new Commission’s commitment to implement and enforce EU legislation in this area.

    See annex : Annex

    • [1] Since 2014, nearly 150 CEF projects included such measures.
    • [2] Regulation (EU) 2023/955 of the European Parliament and of the Council of 10 May 2023 establishing a Social Climate Fund and amending Regulation (EU) 2021/1060 — OJ L 130, 16.5.2023, p. 1-51.
    • [3] Regulation (EU) 2024/1679 of the European Parliament and of the Council of 13 June 2024 on Union guidelines for the development of the trans-European transport network, amending Regulations (EU) 2021/1153 and (EU) No 913/2010 and repealing Regulation (EU) No 1315/2013 (Text with EEA relevance) OJ L, 2024/1679.
    • [4] Please find a non-exhaustive list of EU legislation which improve the barrier free access of people with disabilities to transport in the annex to this reply.
    • [5] https://commission.europa.eu/document/download/e6cd4328-673c-4e7a-8683-f63ffb2cf648_en?filename=Political%20Guidelines%202024-2029_EN.pdf

    MIL OSI Europe News –

    February 19, 2025
  • MIL-OSI USA: IT Infrastructure Manufacturer to Invest $11 Million in New Bern Expansion

    Source: US State of North Carolina

    Headline: IT Infrastructure Manufacturer to Invest $11 Million in New Bern Expansion

    IT Infrastructure Manufacturer to Invest $11 Million in New Bern Expansion
    lsaito
    Tue, 02/18/2025 – 14:11

    Raleigh, NC

    Today, Governor Josh Stein announced Chatsworth Products, Inc. (CPI), a manufacturer of IT equipment, will add 45 new jobs in Craven County. The company will invest $11 million to expand its facility in New Bern.

    “Our state’s ability to support manufacturing operations in all corners of the state will continue to grow our economy and ensure the benefits of that growth are more broadly shared across North Carolina,” said Governor Josh Stein. “Chatsworth Products is reinvesting in Craven County because North Carolina is a great home for business and our workforce is the best.”

    CPI, a global manufacturer of infrastructure hardware and equipment for the information and communication technology industries, has been delivering innovative solutions for more than three decades. As a 100% employee-owned company, CPI specializes in engineering thermal, power and cable management solutions for the data center, in addition to enterprise networking and industrial enclosures. The New Bern location will increase its production capacity and introduce new product lines in this expansion.

    “Chatsworth Products has been delivering innovative Data Center infrastructure solutions for over 34 years to our global customer base fueled by our employee-ownership culture,” said Ted Behrens, CEO, Chatsworth Products. “This expansion in New Bern underscores our dedication to meeting customer needs while strengthening our role as a trusted partner in the IT and telecommunications industries. We are proud to deepen our roots in Craven County and contribute to the region’s economic growth with new opportunities and advanced manufacturing capabilities.”

    “Chatsworth’s decision to expand is the result of what works well in North Carolina,” said N.C. Commerce Secretary Lee Lilley. “In addition to a skilled workforce and talent development system, the intersection of manufacturing excellence and innovative leadership keeps us high on the list as a fast-growing tech hub that companies need to thrive.”

    New positions include machine operators, packers, and warehouse staff. While wages vary by position, annual wages for new positions will average $50,224, which exceeds the Craven County average of $48,770. These new jobs could potentially create an annual payroll impact of more than $2.2 million for the region.

    A performance-based grant of $100,000 from the One North Carolina Fund awarded to Chatsworth Products will help facilitate the company’s expansion. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching participation from local governments and any award is contingent upon that condition being met.

    “These new jobs are a welcome addition to our region,” said N.C. Senator Bob Brinson. “Chatsworth’s commitment in Craven County is a testament to our state’s strong economy and well-educated workforce. I look forward to working with them for years to come.”

    “We know Chatsworth could have expanded anywhere, but we’re glad they chose New Bern,” said N.C. Representative Steve Tyson. “We’re grateful for the diligent professionals as well as the state, regional and local officials that helped the company with its decision.”

    In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Community College System, Craven Community College, NC East Alliance, North Carolina’s Southeast, Craven County, Craven 100 Alliance, and Duke Energy. 

    Feb 18, 2025

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI United Kingdom: Adult Support and Protection Day 2025

    Source: Scotland – Highland Council

    Issued by NHS Highland on behalf of the Highland Adult Protection Committee.

    Residents across Highland are being asked to be alert to vulnerable adults in their communities who are susceptible to financial harm.

    Adult Support and Protection Day takes place on Thursday 20 February 2025 and NHS Highland is urging everyone to report any concerns to ensure those in need are able to access support.

    Financial harm can cover theft, fraud and pressure to sign over property or money. It also relates to rogue traders, online scammers and misuse of benefits.

    People can be at increased risk to be harmed financially through factors such as ill health, trauma and physical or mental health conditions.

    It can happen anywhere – in someone’s home, where they work, or in a public place – and is often caused by the people closest to them. It can even happen in places responsible for keeping someone safe, such as a care home, hospital or day centre.

    The Highland Adult Committee is hosting an Adult Protection Day on Thursday, 20th February 2025 in Culloden-Balloch Baptist Church, Wellside Road, Balloch.

    The event will focus on combating financial harm and protecting vulnerable adults in our communities. Tickets for the event are free, and you can book your space by visiting https://www.ticketsource.co.uk/highlandadultprotection . The event will run from 10am-3pm.

    Mark McGinty, Chair of the Adult Support and Protection Community Awareness Group for the Highland area said: “Financial harm has an impact upon us all, whether its being caught out by a scammer, a mistrust by a family member or friend, or an organisation or public body helping prevent financial harm or helping a victim recover.

    “This event provides an opportunity for professionals and the wider public alike, to learn more about what financial harm is, how to spot it, who to speak to and how to prevent it from happening. I’d urge professionals and those associated with adult care, as well as the general public, to come along if possible, it could save you or someone you know from the stress and heartache of losing money to financial harm.”

    Councillor David Fraser, Highland Council Chair of Housing and Social Work Committee said: “Highland Council welcomes this event being organised by the Adult Support and Protection Committee which ultimately aims to protect vulnerable adults in our communities who are susceptible to financial harm. If anyone has concerns about a vulnerable adult in their community who they suspect is being financially harmed they should contact either Advice Direct Scotland on 0808 164 600, who partner Trading Standards in tackling consumer scams, or Police Scotland on 101 where the financial harm is more family, friend, guardian related.”

    It’s important to speak up about any concerns you have, as the person may not be able to do so themselves. 

    Please see NHS Highland website for more details on raising a concern  Adult support and protection | NHS Highland

    MIL OSI United Kingdom –

    February 19, 2025
  • MIL-OSI: Champions Unite: XBO.com Becomes the Official Global Sponsor of the Argentina National Football Team

    Source: GlobeNewswire (MIL-OSI)

    Argentine Football Association Partners with XBO.com, a leading cryptocurrency exchange, to unite two passionate communities. Football fans and XBO.com users will gain access to exclusive promotions, events, and VIP match experiences

    WARSAW, Poland, Feb. 18, 2025 (GLOBE NEWSWIRE) — The Argentine Football Association (AFA), the governing body of football in Argentina, has partnered with XBO.com, a leading cryptocurrency exchange dedicated to making digital asset trading accessible, secure, and user-friendly. This collaboration aims to strengthen Argentina’s football community while providing fans with seamless and trustworthy access to cryptocurrency.

    A Landmark Partnership Between Crypto & Football

    In a groundbreaking collaboration that bridges the worlds of digital finance and sports, XBO.com is proud to become an official Global Sponsor of the Argentina National Football Team for 2025!

    The Argentine Football Association—one of the most iconic institutions in world football—and XBO.com, a next-generation cryptocurrency exchange, have signed a one-year Sponsorship Agreement for 2025. As part of this agreement, XBO.com will support the Argentine National Football Team throughout the next competitive chapter in 2025, ahead of the final World Cup 2026 qualification matches.

    This partnership marks a major milestone in XBO.com’s mission to make cryptocurrency accessible to all, while also playing a key role in AFA’s global expansion, which makes it highly sought-after by both parties.

    Two Champions, One Goal: Crypto for All

    Football and crypto have more in common than meets the eye: both unite people across borders, thrive on strategy, and reward those who stay ahead of the game. The partnership between AFA and XBO.com brings together two leading organizations from these fields to collaborate in facing new challenges and seizing opportunities.

    The Argentina National Team – A legacy of champions, reigning World Cup winners, and a global fanbase of millions.

    XBO.com – An innovative crypto exchange built to empower traders with security, ease of use, and financial freedom.

    With its global influence, AFA has no shortage of sponsorship opportunities among global brand leaders. Given this, the Association’s decision to partner with XBO.com is a strong testament to its forward-looking vision and the increasing role of crypto in the global economy.

    Claudio Fabian Tapia, President of AFA, stated:

    “We are delighted to welcome XBO.com as the new official sponsor of the Argentine Football Association. This agreement represents an important milestone in our global expansion strategy, opening new opportunities with such a prominent and innovative crypto brand. We look forward to a successful partnership and shared achievements in 2025.”

    What This Partnership Brings:

    • Exclusive Rewards & Giveaways – Win signed jerseys, VIP match tickets, stadium tours, and unforgettable fan experiences.
    • Exciting Interactive Campaigns – Participate in challenges, competitions, and promotions that blend the thrill of football with the excitement of crypto.
    • Unforgettable Events & Engagements – Be part of the action with co-branded activations, meet & greets, and unique experiences.

    According to Leandro Petersen, Chief Commercial and Marketing Officer of AFA, this partnership will amplify both brands’ presence through innovative marketing initiatives:

    “AFA and XBO.com will be creating unique marketing campaigns, increasing the synergy and power of our brands in the global market. With great enthusiasm, we trust this agreement with XBO.com will be a great success.”

    More Than a Sponsorship—A Movement

    “This is more than just a sponsorship—it’s a statement,” says Lior Aizik, XBO.com’s COO & Co-founder.

    “By teaming up with AFA, we’re proving that crypto isn’t just the future of finance—it’s a global movement that belongs to everyone. Football has always been about passion, teamwork, and breaking barriers—values that align perfectly with XBO.com’s vision for financial accessibility. This collaboration is about bringing people together and creating a truly global, borderless experience.”

    As part of the partnership, XBO.com will be launching special promotions, rewards, and joint campaigns featuring the Argentine National Team as brand ambassadors. Fans and crypto enthusiasts alike will gain unprecedented access to the team’s biggest moments, players, and exclusive behind-the-scenes content.

    Join the Future of Crypto & Football

    The XBO.com x AFA partnership is just the beginning. Expect major announcements, massive rewards, and once-in-a-lifetime experiences ahead!

    Trade like a champion. Sign up with XBO.com today & stay tuned for upcoming giveaways and exclusive perks!

    About XBO.com

    XBO.com is an innovative cryptocurrency exchange designed for both novice and experienced traders. Built on the principles of transparency, security, and accessibility, XBO.com offers a seamless trading experience with:
    * Fiat-to-crypto swaps
    * Spot and futures trading
    * High-yield earning opportunities
    * Intuitive UI & competitive fees

    With a secure and user-friendly interface, XBO.com is redefining crypto trading and making it accessible to a global audience.

    XBO.com – Social Media Links

    About AFA

    Founded in 1893, the Argentine Football Association (AFA) is the governing body of football in Argentina and one of the oldest football federations in the world. Headquartered in Buenos Aires, AFA oversees all aspects of the sport, including the organization of domestic leagues such as the Primera División, Primera Nacional, and lower divisions, as well as national cup competitions like the Copa Argentina and Supercopa Argentina.
    afa.com.ar

    Contact:
    Meirav Shacked
    Meirav.s@xbo.com

    Disclaimer: This content is provided by XBO.com. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before investing in or trading cryptocurrency and securities .Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/515d40f2-0cad-4e6d-a63c-bd8c16fcb41d

    The MIL Network –

    February 19, 2025
  • MIL-Evening Report: Economic ‘green shoots’ and lower interest rates disguise worrying trends in NZ’s job market

    Source: The Conversation (Au and NZ) – By Cristóbal Castro Barrientos, PhD candidate, NZ Policy Research Institute, Auckland University of Technology

    Max Dallocco/Shutterstock

    Despite Prime Minister Christopher Luxon’s reassurance that “some green shoots” are starting to show in the economy, including a 50 point cut in the official cash rate expected to be announced later today, the outlook for 2025 remains uncertain for many – and grim for some.

    Unemployment reached 5.1% in the final quarter of 2024, the highest level since 2020, according to the latest data from Stats NZ. That translates to a total of 156,000 unemployed individuals.

    At the same time, a 1% decrease in gross domestic product in the third quarter of 2024 puts more pressure on the job market.

    While the unemployment rate may not have reached the levels of past crises – the rate exceeded 6% during the 2008-2009 recession – the devil is in the detail.

    The Stats NZ data show the most affected sectors include male-dominated occupations such as technicians and machinery operators, accounting for 85% of the latest job losses.

    Women have seen smaller declines in employment and a slight increase in transitions to part-time roles. But the shift from full-time to part-time employment, especially among men, suggests the creation of quality full-time jobs will be a challenge.

    Job losses concentrated in male-dominated industries also have broader economic implications. They may signal shifts in household income dynamics, particularly for families that depend on a male breadwinner.

    It could also contribute to rising male underemployment (when a worker’s job doesn’t fully utilise their skills, education or experience) and further disparities in the employment rates of men and women.

    Overall, these trends raise questions about the nature and quality of work now available in the job market, and what strategies the government can respond with.

    A rise in ‘discouraged’ workers

    In the fourth quarter of 2024, the annualised employment rate (representing the proportion of the working-age population employed over a year, adjusted for seasonal fluctuations) was 67.4%, compared with 69% in the same period of the previous year.

    This is the most significant decline since 2009. It reflects job losses and a “discouraged worker” effect.

    Discouraged workers are those who have stopped seeking employment due to a perceived lack of opportunities. Instead of remaining in the labour force, they may rely on savings, family support, welfare, or transition into informal or temporary work.

    According to recent data, the most affected sectors include male-dominated occupations such as technicians and machinery operators.
    Kajohnwit Boonsom/Shutterstock

    A drop in quality work

    The rise in part-time employment, particularly among men, raises concerns about the quality of the labour market. Although employment levels appear stable, the growth of less secure jobs may conceal structural weaknesses.

    In the fourth quarter of 2024, the number in part-time employment reached 585,000, the highest figure since 1986. Over the past year, 36,000 men left full-time jobs, while 9,000 transitioned to part-time work.

    One of the main risks of this trend is that companies may be cutting costs without resorting to mass layoffs, which implies reduced job security for workers. Many of these transitions to part-time employment are not voluntary but rather a sign that the economy is not generating enough stable job opportunities.

    Additionally, part-time jobs often offer lower wages, fewer benefits and fewer opportunities for career advancement.

    This type of employment can contribute to stagnation in skill development and reduce workers’ purchasing power, ultimately affecting consumer spending and overall economic growth.

    There is also a perception of discrimination against part-time workers, with one in three reporting feeling discriminated against in their jobs.

    A year of two halves

    While consumer confidence has been low, recent revisions to economic growth estimates suggest the economy hasn’t been as weak as perceived.

    Current projections are that unemployment may reach a peak between 5.3% and 5.6% in mid-2025 and then trend downwards.

    With inflation now within the Reserve Bank of New Zealand’s target range, changes in the official cash rate are needed to contain the damage to a weakened labour market. The central bank is forecast to cut the interest rate by 50-points today.

    The weak growth in the working-age population and a potential decline in labour force participation could limit how high unemployment rises, as fewer people may be actively looking for work. But this does not mean a strong recovery is imminent.

    New Zealand faces a significant but not insurmountable challenge. An unemployment rate of 5.1% should raise a red flag and is devastating for the increasing number of workers who have lost their jobs. But the data also show the increase is part of an anticipated economic cycle.

    What matters is how the government reacts to the increases in unemployment and changes to the job market. A supportive job-creation policy and a coordinated strategy for the most affected sectors will be key in avoiding long-lasting pain in the labour market.

    Cristóbal Castro Barrientos 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. Economic ‘green shoots’ and lower interest rates disguise worrying trends in NZ’s job market – https://theconversation.com/economic-green-shoots-and-lower-interest-rates-disguise-worrying-trends-in-nzs-job-market-249685

    MIL OSI Analysis – EveningReport.nz –

    February 19, 2025
  • MIL-Evening Report: Here’s why increasing productivity in housing construction is such a tricky problem to solve

    Source: The Conversation (Au and NZ) – By Martin Loosemore, Professor of Construction Management, University of Technology Sydney

    This week, the Productivity Commission released its much-awaited report into productivity growth in Australia’s housing construction sector. It wasn’t a glowing appraisal.

    The commission found physical productivity – the total number of houses built per hour worked – has more than halved over the past 30 years.

    The more nuanced measure of labour productivity – which accounts for improvements in size and quality – has also fallen, by 12%.

    Both measures put home-building productivity well behind the broader economy, something the report’s authors attribute to “decades of poor performance”.

    We’ve known about this problem for a long time. The Productivity Commission’s report is well researched and makes some sensible recommendations.

    Solving the underlying problem will require a coordinated approach between government, home-owners, construction companies and workers.

    Measuring productivity

    Housing can take many forms. However, from a productivity perspective, the process of development is essentially the same.

    In very simple terms it involves:

    • concept and initial design, feasibility, finance and business case development
    • land acquisition and due diligence
    • detailed design, development and building approvals
    • pre-construction planning and working drawings
    • construction project management
    • practical completion, final certificates and settlement, commissioning and handover.

    There are no official estimates of housing construction productivity. So, the Productivity Commission used Australian Bureau of Statistics (ABS) data to create its own new measures to capture productivity across this entire process.

    Falling or flat-lining productivity in this sector is a well-known long-term problem. Under the National Housing Accord, the federal government has committed to building 1.2 million new well-located homes by the end of this decade.

    But in the first three months since the National Housing Accord was launched, only 44,884 homes were built across Australia. That’s about 15,000 fewer than the required quarterly target of 60,000.

    The National Housing Supply and Affordability Council projects that new market housing supply will ultimately come in at about a quarter of a million homes below the accord’s target.

    4 key problems

    The report identified four key factors behind the malaise:

    1. complex, slow approvals, as well as delayed construction certificates and essential infrastructure connections
    2. lack of innovation and slow uptake of digital technologies and modern methods of construction
    3. the dominance of smaller building firms resulting in low economies-of-scale and project management challenges associated with supply chain fragmentation
    4. difficulties attracting and retaining skilled workers resulting in skills and labour shortages.

    The report proposes seven reform directions in response. These centre on speeding up the planning approval process, investing in research and development, and increasing workforce flexibility.

    Fixing things won’t be simple

    The Productivity Commission’s report has brought a welcome focus on planning and approvals as a key element of easing the housing crisis.

    It acknowledges that under-resourcing of agencies involved in the approvals process, such as local governments, has made the problem worse.

    One issue with increasing the number of planning approvals processed is that you then need to have a construction industry that can build fast enough to keep up with them.

    Currently, we don’t. Industry research shows since 2013, the number of workers within Australia’s construction workforce has increased by more than 25%. But they are working 2% fewer hours each year, and achieving an output that’s 25.4% lower.

    Keeping an eye on quality

    Amid any push to speed up approvals, we need to be mindful of the possible risks. Loosening building regulations can increase the risk of quality problems and inappropriate development.

    If widespread across the industry, such problems can cause significant personal and economic harm to households, social and economic costs for society. They can also increase building costs, insurance premiums and strata fees.

    This problem calls for a range of tools to reduce the risk of compromising on quality when regulations are loosened or changed. New South Wales has two key pieces of legislation in place that could act as a model for other states.

    One allows owners to sue if a person who carries out construction work fails to exercise reasonable care. The other allows the Building Commission to investigate building work and require rectification of defects for up to six years.

    NSW also has an independent builder trustworthiness rating scheme. This is known as iCirt and operated by credit rating agency Equifax.

    Innovation isn’t a panacea

    A major feature of the Productivity Commission’s report discusses the housing construction industry’s low innovation culture.

    However, much innovation is hidden from view, since it occurs at the manufacturing stage. And innovation itself is not a panacea.

    While calling for greater innovation seems obvious on the surface, research has shown its ability to increase productivity depends on a wide range of factors and is certainly not guaranteed. It can even increase costs and reduce quality and productivity if not managed effectively.

    More holistic workforce planning

    The report also highlights issues with attracting and retaining a skilled workforce. Issues include low apprenticeship take-up and completion rates, restrictive trade pathways, and large infrastructure projects drawing talent away.

    This raises a bigger issue. Despite workforce planning across the industry by the Construction Industry Training Board the industry still seems to be constantly reacting to a skilled labour shortage rather than planning ahead to predict and prevent one.




    Read more:
    Will new $10,000 apprentice payments help solve job shortages in construction? Not anytime soon


    Martin Loosemore 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. Here’s why increasing productivity in housing construction is such a tricky problem to solve – https://theconversation.com/heres-why-increasing-productivity-in-housing-construction-is-such-a-tricky-problem-to-solve-250048

    MIL OSI Analysis – EveningReport.nz –

    February 19, 2025
  • MIL-OSI United Kingdom: The United Kingdom remains deeply committed to the United Nations: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Statement by Ambassador Barbara Woodward, UK Permanent Representative to the UN, at the UN Security Council meeting on practising multilateralism, reforming and improving global governance.

    The United Kingdom remains deeply committed to the United Nations.  

    But 80 years since its creation, with more countries engaged in conflict than ever before, we are falling short of its founding mission to save succeeding generations from the scourge of war.

    And despite progress on health and education, significant global challenges remain. 

    The climate crisis is accelerating and the Sustainable Development Goals are off-track.

    Why so? There is more to this than the often-mentioned liquidity crisis.  

    In 80 years, UN membership has increased from 51 to 193 Member States, but the UN and its institutions are not fully representative of all its members.  

    We now live in a multipolar world, not a bipolar or unipolar one, whose challenges, climate, pandemics and cyber security are more transnational than national.

    As the Secretary-General reminded us and so many speakers today have reiterated, the Pact of the Future demonstrated a clear desire and a clear commitment to reinvigorate the multilateral system, including through reforming the UN and the international financial system.  

    Together, we need to redouble our efforts and find new ways to address emerging challenges.

    2025, the UN’s 80th anniversary and a year of key summits, is the first step on this path.  

    Next month we have the Commission on the Status of Women and the Beijing +30 meeting; in June we have the UN Oceans Conference; in July FFD4.  And later in the year the UN Social Summit and COP30, back in Brazil.  

    Together, these summits seek to address our shared concerns.  

    Their success is critical for progress and the UN’s reputation as our multilateral home.

    Second, we need to use the UN more effectively to deliver international peace and security.  

    Such progress must go hand in hand with upholding human rights.

    This starts first and foremost with the defence of the UN Charter as colleagues have references.  

    Nowhere is that more true today than in Ukraine, whose sovereignty and territorial integrity is under threat from Russian aggression.

    We must work to ensure that all UN tools, including its good offices, are used to deliver and advance peace.  

    For example, Personal Envoy Lamamra has a crucial platform to bring together the warring parties in Sudan.  

    We encourage reinvigorated momentum for mediation efforts, as well as a renewed focus on prevention to reduce crises before they happen.  

    This year’s Peacebuilding Architecture Review is an important opportunity in this regard.

    We also need to refresh our peacekeeping approach to ensure missions are fit for purpose and defend UN peacekeepers wherever they serve.  

    Attacks against them are unacceptable.  

    We honour, in particular today, MONUSCO peacekeepers who have fallen in defence of civilians in the DRC.

    Finally, in the face of growing global crises, from Sudan to Myanmar, we need to support the UN’s development and humanitarian programmes, across its agencies.  

    In Gaza, UNRWA, alongside the WFP and UNICEF, provides over 50% of all food aid.  

    We commend OCHA’s tireless efforts to reach those in need. 

    Humanitarian access and the protection of aid workers are integral to their successful delivery.

    In conclusion, President, colleagues, the Council is often characterised as an ineffective geopolitical theatre. 

    While reform of its membership is needed and the UK supports that, this body has the tools to implement its peace and security mandate.  

    We now need to strengthen our collective will to use them more effectively and, as the Secretary-General has said, in our 80th year, work to build the more peaceful, just and prosperous world that we know is within reach.

    Updates to this page

    Published 18 February 2025

    MIL OSI United Kingdom –

    February 19, 2025
  • MIL-OSI Security: District Court Enters Permanent Injunctions Prohibiting Unauthorized Debits to Consumer and Small Business Bank Accounts

    Source: United States Attorneys General

    On Jan. 31, a court in Miami entered the final in a series of consent decrees, permanently barring 10 individuals and entities from operating a scheme to steal funds from thousands of bank accounts belonging to consumers and small businesses across the United States.

    In a civil complaint unsealed on Dec. 11, 2023, the Justice Department alleged that a network of individuals and their companies, including defendants Farhan Khan, Jeremy Todd Briley, Christopher Foufas, Brandon Hahn, and Melinda Petit-Homme, participated in a scheme to steal millions of dollars from consumers and small businesses by making recurring unauthorized charges against their bank accounts.

    The defendants allegedly used sham companies, including Altitude Processing Inc., which does business as Clear Marketing Agency, to cover their tracks and make the unauthorized charges appear legitimate. The defendants also allegedly took elaborate steps to portray the sham companies as legitimate businesses that provided online marketing services, creating bogus websites for the sham companies, fake customer authorizations for the charges, and a “customer service” call center to field complaints and offer refunds. The government alleged that, in reality, victims of the scheme never signed up for — or received — any services from the defendants.

    “These consent decrees are the hard-won result of the Department’s efforts to eradicate schemes that prey upon consumers and small businesses across the United States,” said Acting Assistant Attorney General Brett Shumate of the Justice Department’s Civil Division. “The Department is committed to using all the tools at its disposal to block fraudsters from reaching into victims’ bank accounts and draining their savings through repeated unauthorized charges.”

    “The U.S. Postal Inspection Service will relentlessly pursue any and everyone masquerading as legitimate businesses to fraudulently steal money from unsuspecting consumers,” said Inspector in Charge Eric Shen of the Postal Inspection Service’s Criminal Investigations Group. “Postal inspectors work diligently to investigate fraud scams and educate the public about how to protect their money from criminals.”

    Under the consent decrees, the defendants may not charge consumers without authorization. The consent decrees also prevent the defendants from taking any measures to: (a) evade fraud and risk monitoring programs established by any financial institution, payment processor, or the operator of any payment system; (b) disguise the nature of transactions; or (c) artificially reduce chargeback rates. They are further prohibited from assisting any other individuals or entities with taking any of the prohibited actions. The consent decrees do not constitute an admission of guilt on behalf of the defendants.

    The United States Postal Inspection Service investigated the case.

    Trial Attorneys Carolyn Rice and Meredith Reiter of the Civil Division’s Consumer Protection Branch represented the government in this matter. The U.S. Attorney’s Office for the Southern District of Florida provided substantial assistance.

    For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch.

    MIL Security OSI –

    February 19, 2025
  • MIL-OSI Video: State of Play: US Dollar | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    In recent years the US dollar has gradually strengthened and now is at its most appreciated level since the 1980s.

    Join this town hall to understand the dollar’s role in the future amid ongoing financial fragmentation, global debt concerns and growing interest in digital currencies.

    Speakers: Kenneth Rogoff, Keyu Jin, Raghuram G. Rajan

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/
    X ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    #Davos2025 #WorldEconomicForum #wef25

    https://www.youtube.com/watch?v=gP0UESbHddE

    MIL OSI Video –

    February 19, 2025
  • MIL-OSI USA: Ahead of Confirmation Hearing, Warren Lays Out Concerns with Deputy Defense Secretary Nominee Stephen Feinberg

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    February 18, 2025
    As former head of private equity firm Cerberus, Feinberg drove Massachusetts’ Steward hospital into the ground, would have significant financial conflicts of interest 
    “Your track record at Cerberus includes mismanagement, profiteering, and little relevant government experience. You have put profits at the center of your work when the Deputy Secretary role requires that you put the Department and its people at the center.” 
    Text of Letter (PDF)
    Washington, D.C. – Ahead of his confirmation hearing before the Senate Armed Services Committee (SASC), U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the SASC Subcommittee on Personnel, wrote to Mr. Stephen Feinberg, nominee for Deputy Secretary of the Department of Defense (DoD), pressing him to explain his “serious conflicts of interest” and his track record of mismanagement. 
    As Deputy Secretary of Defense, Mr. Feinberg will need to be able to manage the building, support the workforce, and “(e)nsure Department-wide capability and resources across all functions to carry out the strategic plan of the DoD in support of national security objectives.” Upon his nomination, President Trump regarded him as “(a)n extremely successful businessman.” However, as the former head of private equity firm Cerberus Capital Management, Mr. Feinberg reportedly ran several companies, including Chrysler, into the ground. 
    “I am concerned that your track record as a private equity executive shows you lack the skills and demonstrated experience needed to manage and execute the scale of reforms necessary at the Department of Defense,” wrote Senator Warren. 
    In Massachusetts, residents have had first-hand experience with the damage caused by Cerberus’ private equity model. Cerberus bought into Massachusetts’ Caritas Christi hospital system, in 2010, investing $246 million, rechristening it as Steward, and leaving Dr. Ralph de la Torre in charge as CEO. In 2020, Cerberus began to exit by transferring its ownership stake and then, over a six-year period, straddled Steward with over a billion dollars in liabilities – while Cerberus executives profited handsomely, receiving $800 million in profits. Unable to handle the massive debt load, Steward went bankrupt last year – resulting in the closure of two hospitals in the Commonwealth. 
    Mr. Feinberg is estimated to own about 75% of Cerberus, which holds large investments in companies that do business with DoD. These investments have included everything from a company testing hypersonic missile technology to an open-source internet scrapping company. They have also included companies that have defrauded the U.S. government. DynCorp, a private military contractor Cerberus previously owned, was sued by the Department of Justice for intentionally overcharging the Department of State while doing a contract overseas. The letter finds Cerberus has investments in at least 7 companies that do at least $15.9 billion in business with the DoD.
    “These holdings would pose a conflict of interest between your duty as Deputy Secretary to advance the Department’s national security interests and your personal interest in delivering profits for the defense companies in which you or Cerberus have invested,” said Senator Warren. 
    The Deputy Secretary is supposed to help ensure international law is followed, including protecting civilians from harm. However, the New York Times, found that “(f)our Saudis who participated in the 2018 killing of the Washington Post journalist Jamal Khashoggi received paramilitary training” from a company owned by Cerberus. 
    “If the Deputy Secretary has shown disregard for those laws, that will undermine the faith in these laws for the entire organization,” wrote Senator Warren. 
    Senator Warren also questioned Mr. Feinberg’s qualifications to manage the Department. Beyond a lengthy business and political relationship with President Trump, Mr. Feinberg lacks military experience to lead the Department. Mr. Feinberg participated in the Army Reserve Officers’ Training Corps (ROTC) while studying at Princeton University, but left the program before graduating. 
    “Without Department of Defense knowledge or experience in government leadership, I have doubts about your qualifications and how your past has prepared you to take on a role such as Deputy Secretary of Defense,” concluded Senator Warren. 
    Given Mr. Feinberg’s severe conflicts of interest, record of mismanagement and profiteering, and lack of relevant government experience, Senator Warren asked Mr. Feinberg to respond to questions about several areas of concern with his record, including his experience with private equity, potential ties to human rights violations, history of defrauding the federal government, and vision for managing a key part of the federal workforce by February 24, 2025. 

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI USA: February 18th, 2025 Heinrich, Luján Raise Alarm Over Trump Admin Pushing Illegal Funding Cuts to NIH & Derailing Lifesaving Research

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    New Mexico receives $125 million in NIH funding that supports over 1,400 jobs and generates nearly $290 million in economic activity

    Heinrich and Luján: “The administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly”

    WASHINGTON – U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-NM), alongside 45 Senate Democrats, sent a letter to U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. expressing serious concern over the Trump administration’s recent decisions that threaten to create a serious funding shortfall for research institutions in New Mexico, undermine progress on lifesaving scientific advancements, jeopardize the U.S. economy, and endanger the livelihoods of hundreds of thousands of workers. 

    “As the largest public funder of biomedical research in the world, the National Institutes of Health (NIH) plays a critical role in sustaining the research infrastructure necessary for scientific breakthroughs in cancer treatment, infectious disease prevention, and medical technology innovation, among many others. President Trump has wreaked havoc on the nation’s biomedical research system in recent weeks. In his first several days in office, President Trump imposed a hiring freeze, communications freeze, ban on travel, and cancellation of grant review and advisory panels that are necessary to advance research. While some of these efforts have been reversed, they continue to cause confusion and miscommunication among researchers and recipients of NIH funds,” the senators wrote.

    This month, the NIH announced it would set the maximum reimbursement rate for indirect costs to 15% — creating a serious funding shortfall for research institutions of all types across the country. This move would dismantle the biomedical research system, stifle the development of new cures for diseases, and affect ongoing research important to New Mexicans such as clinical trial research at the University of New Mexico.

    Importantly, this change is not a cost savings. It a cost transfer to organizations that cannot afford to pay the difference. This action by the Trump administration is unlawful — Congress’ bipartisan Labor-HHS-Education Appropriations Bill prohibits modifications to NIH’s indirect costs.

    “This change to NIH’s indirect cost rate represents an indiscriminate funding cut that will be nothing short of catastrophic for the lifesaving research that patients and families are counting on. The administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly,” the senators wrote.

    The senators point out that, in addition to the stifling impact on discovering new cures and ripping away treatment from those who need it, changes to NIH policy and communications threaten jobs in all 50 states and the District of Columbia. NIH research supported more than 1,400 jobs and spurred nearly $290 million in new economic activity in New Mexico during Fiscal Year 2023.

    “The Trump Administration has left researchers, universities, and health systems with great uncertainty about whether they can continue to support entire research programs and patient clinical trials across the country. Institutions and grantees nationwide are dealing with an unprecedented external communications ‘pause’ enacted by new leadership at the U.S. Department of Health and Human Services, the lack of transparency regarding the Administration’s illegal funding freeze, and the uncertainty of how new Executive Orders would be applied to their critical work. These actions resulted in NIH freezing grant reviews and cancelling advisory meetings, delaying critical funding that scientists need to continue advancing new cures and treatments. These disruptions do not just slow research — they cost lives,” the senators continued.

    “Our standing as a world leader in funding and producing new medical and scientific innovations has been put at risk by these recent actions from the Trump Administration. We urge you to stop playing political games with the lifesaving work of the NIH and to allow NIH research to continue uninterrupted,” the senators concluded.

    Last week, a federal judge in Boston temporarily blocked the NIH rate cut and set a hearing for February 21st.

    The letter was led by U.S. Senator Patty Murray (D-Wash.). Alongside Heinrich and Luján, the letter was signed by U.S. Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Chuck Schumer (D-N.Y.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).

    The text of the letter is here and below:

    Dear Secretary Kennedy,

    We write to express our serious concern with the Trump Administration’s recent decisions that threaten to undermine the nation’s biomedical research infrastructure and set us back generations. The steps the Trump Administration has taken will create a serious funding shortfall for research institutions nationwide, threaten to undermine progress on lifesaving scientific advancements, could cost the U.S. economy billions of dollars, and threaten the livelihoods of hundreds of thousands of workers. 

    As the largest public funder of biomedical research in the world, NIH plays a critical role in sustaining the research infrastructure necessary for scientific breakthroughs in cancer treatment, infectious disease prevention, and medical technology innovation, among many others. President Trump has wreaked havoc on the nation’s biomedical research system in recent weeks. In his first several days in office, President Trump imposed a hiring freeze, communications freeze, ban on travel, and cancellation of grant review and advisory panels that are necessary to advance research. While some of these efforts have been reversed, they continue to cause confusion and miscommunication among researchers and recipients of NIH funds.

    Just last week, NIH announced an illegal plan to cap indirect cost rates that research institutions rely on. In capping indirect cost rates at 15 percent for NIH-funded grants, this policy would cut funding essential for conducting research, such as operating and maintaining laboratories, equipment, and research facilities. This change to NIH’s indirect cost rate represents an indiscriminate funding cut that will be nothing short of catastrophic for the lifesaving research that patients and families are counting on. The Administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly.

    These confusing and harmful policy changes threaten patient safety. The strength of the American research enterprise – recognized as the best in the world – is built on Congress’ bipartisan commitment to supporting essential research infrastructure. This funding, which Congress has long appropriated on a bipartisan basis, fuels groundbreaking medical discoveries and cements the United States’ position as the global leader in biomedical research.

    In addition to the stifling impact on discovering new cures and ripping away treatment from those who need it, changes to NIH policy and communications threaten jobs in all 50 states and the District of Columbia, with everyone from custodians, to research trainees, to scientists facing potential layoffs. NIH research supported more than 412,000 jobs and fueled nearly $93 billion in new economic activity in Fiscal Year 2023. Every dollar the NIH invests in research generates almost $2.50 in economic activity. These reckless policy changes not only threaten biomedical innovation and research, but also the livelihoods of thousands of workers in every state across the nation.

    The Trump Administration has left researchers, universities, and health systems with great uncertainty about whether they can continue to support entire research programs and patient clinical trials across the country. Institutions and grantees nationwide are dealing with an unprecedented external communications “pause” enacted by new leadership at the U.S. Department of Health and Human Services, the lack of transparency regarding the Administration’s illegal funding freeze, and the uncertainty of how new Executive Orders would be applied to their critical work. These actions resulted in NIH freezing grant reviews and cancelling advisory meetings, delaying critical funding that scientists need to continue advancing new cures and treatments. These disruptions do not just slow research – they cost lives.

    The NIH plays a critical role in our nation’s efforts to fund scientific advancements that improve health and save lives. Our standing as a world leader in funding and producing new medical and scientific innovations has been put at risk by these recent actions from the Trump Administration. We urge you to stop playing political games with the lifesaving work of the NIH and to allow NIH research to continue uninterrupted.

    Sincerely,

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI United Nations: As Peace Gets Pushed Further from Reach, Dark Spirit of Impunity for Terrorism Spreads, Multilateral Solutions Key

    Source: United Nations General Assembly and Security Council

    Following are UN Secretary-General António Guterres’ remarks to the UN Security Council open debate on the maintenance of international peace and security:  practicing multilateralism, reforming and improving global governance, in New York today: 

    I thank Minister Wang Yi and China for convening this important discussion.

    This year marks the eightieth anniversary of the United Nations.  Born out of the ashes of the Second World War, our Organization was the result of a global commitment to “save succeeding generations from the scourge of war”. 

    It also signalled a commitment to an entirely new level of international cooperation grounded in international law and our founding Charter.  To help countries move past the horrors of conflict to forge sustainable peace.  To tackle poverty, hunger and disease.  To assist countries in climbing the development ladder.  To provide humanitarian support in times of conflict and disaster.  To embed justice and fairness through international law and respect for human rights.  And to work through this Council to push for peace through dialogue, debate, diplomacy and consensus-building.

    Eight decades later, one can draw a direct line between the creation of the United Nations and the prevention of a third world war. Eight decades later, the United Nations remains the essential, one-of-a-kind meeting ground to advance peace, sustainable development and human rights.  But eight decades is a long time.  And because we believe in the singular value and purpose of the United Nations, we must always strive to improve the institution and the way we work.

    We have the hardware for international cooperation — but the software needs an update.  An update in representation to reflect the realities of today.  An update in support for developing countries to redress historical injustices.  An update to ensure countries adhere to the purposes, principles and norms that ground multilateralism in justice and fairness.  And an update to our peace operations.

    Global solidarity and solutions are needed more than ever. The climate crisis is raging, inequalities are growing, and poverty is on the rise.  As this Council knows well, peace is getting pushed further out of reach — from the Occupied Palestinian Territory to Ukraine to Sudan to the Democratic Republic of the Congo and beyond.

    Terrorism and violent extremism remain persistent scourges. We see a dark spirit of impunity spreading.  The prospect of nuclear war remains — outrageously — a clear and present danger. And the limitless promise of emerging technologies like artificial intelligence is matched by limitless peril to undermine and even replace human thought, human identity and human control.

    These global challenges cry out for multilateral solutions.

    The Pact for the Future you adopted in September is aimed at strengthening global governance for the twenty-first century and rebuilding trust — trust in multilateralism, trust in the United Nations, and trust in this Council.  At its heart, the Pact for the Future is a pact for peace — peace in all its dimensions.

    It puts forward concrete solutions to strengthen the machinery of peace, drawing from proposals to the New Agenda for Peace that prioritize prevention, mediation and peacebuilding.  The Pact seeks to advance coordination with regional organizations and ensure the full participation of women, youth and marginalized groups in peace processes.  And it calls for strengthening the Peacebuilding Commission to mobilize political and financial support for nationally owned peacebuilding and prevention strategies.

    The Pact also includes the first multilateral agreement on nuclear disarmament in more than a decade…  New strategies to end the use of chemical and biological weapons…  And revitalized efforts to prevent an arms race in outer space and advance discussions on lethal autonomous weapons.

    It also calls on Member States to live up to their commitments enshrined in the UN Charter and the principles of respect for sovereignty, territorial integrity and the political independence of States.

    It reaffirms unwavering commitment to abide by international law and prioritize the peaceful settlement of disputes through dialogue. It recognizes the role of the United Nations in preventive diplomacy.  It reinforces the need to uphold all human rights — civil, political, economic, social and cultural.  It calls for the meaningful inclusion of women and youth in all peace processes.

    And it specifically calls on this Council to ensure that peace operations are guided by clear and sequenced mandates that are realistic and achievable — with viable exit strategies and transition plans.

    But the Pact does even more for peace.  It recognizes that we must address the root causes of conflict and tensions.  Sustainable peace requires sustainable development.  The Pact includes support for a Sustainable Development Goal (SDG) Stimulus to help developing countries invest in their people and tackle key challenges, like moving towards a future anchored in renewable energy.

    It includes a revitalized commitment to reform the global financial architecture to better and more fairly represent the needs of developing countries.  And it includes a Global Digital Compact that calls for an artificial intelligence governance body that brings developing countries to the decision-making table for the first time.

    The Pact also recognizes that the Security Council must reflect the world of today, not the world of 80 years ago, and sets out important principles to guide this long-awaited reform.  This Council should be enlarged and made more representative of today’s geopolitical realities.  And we must continue improving the working methods of this Council to make it more inclusive, transparent, efficient, democratic and accountable.

    These issues have been under consideration by the General Assembly for more than a decade.  Now is the time to build on the momentum provided by the Pact for the Future and work towards a greater consensus among regional groups and Member States — including the permanent members of this Council — to move the intergovernmental negotiations forward.

    Throughout, I call on Members of this Council to overcome the divisions that are blocking effective action for peace.  The world looks to you to act in meaningful ways to end conflicts and ease the suffering these wars inflict on innocent people.

    Council Members have shown that finding common ground is possible.  From deploying peacekeeping operations, to forging life-saving resolutions on humanitarian aid, to historic recognitions of the security challenges faced by women and young people, to the landmark resolution 2719 supporting African Union-led peace support operations through assessed contributions.

    Even in the darkest days of the cold war, the collective decision-making and vigorous dialogue in this Council maintained a functioning, if imperfect, system of collective security.  I urge you to summon this same spirit, continue working to overcome differences and focus on building the consensus required to deliver the peace all people need and deserve.

    Multilateral cooperation is the beating heart of the United Nations.  Guided by the solutions in the Pact for the Future, multilateralism can also become an even more powerful instrument of peace.  But multilateralism is only as strong as each and every country’s commitment to it. 

    As we look to the challenges around us, I urge all Member States to continue strengthening and updating our global problem-solving mechanisms. Let’s make them fit for purpose — fit for people — and fit for peace.

    MIL OSI United Nations News –

    February 19, 2025
  • MIL-OSI USA: Heinrich, Luján Raise Alarm Over Trump Admin Pushing Illegal Funding Cuts to NIH & Derailing Lifesaving Research

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján

    New Mexico receives $125 million in NIH funding that supports over 1,400 jobs and generates nearly $290 million in economic activity

    Heinrich and Luján: “The administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly”

    Washington, D.C. – U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-NM), alongside 45 Senate Democrats, sent a letter to U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. expressing serious concern over the Trump administration’s recent decisions that threaten to create a serious funding shortfall for research institutions in New Mexico, undermine progress on lifesaving scientific advancements, jeopardize the U.S. economy, and endanger the livelihoods of hundreds of thousands of workers. 

    “As the largest public funder of biomedical research in the world, the National Institutes of Health (NIH) plays a critical role in sustaining the research infrastructure necessary for scientific breakthroughs in cancer treatment, infectious disease prevention, and medical technology innovation, among many others. President Trump has wreaked havoc on the nation’s biomedical research system in recent weeks. In his first several days in office, President Trump imposed a hiring freeze, communications freeze, ban on travel, and cancellation of grant review and advisory panels that are necessary to advance research. While some of these efforts have been reversed, they continue to cause confusion and miscommunication among researchers and recipients of NIH funds,” the senators wrote.

    This month, the NIH announced it would set the maximum reimbursement rate for indirect costs to 15% — creating a serious funding shortfall for research institutions of all types across the country. This move would dismantle the biomedical research system, stifle the development of new cures for diseases, and affect ongoing research important to New Mexicans such as clinical trial research at the University of New Mexico.

    Importantly, this change is not a cost savings. It a cost transfer to organizations that cannot afford to pay the difference. This action by the Trump administration is unlawful — Congress’ bipartisan Labor-HHS-Education Appropriations Bill prohibits modifications to NIH’s indirect costs.

    “This change to NIH’s indirect cost rate represents an indiscriminate funding cut that will be nothing short of catastrophic for the lifesaving research that patients and families are counting on. The administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly,” the senators wrote.

    The senators point out that, in addition to the stifling impact on discovering new cures and ripping away treatment from those who need it, changes to NIH policy and communications threaten jobs in all 50 states and the District of Columbia. NIH research supported more than 1,400 jobs and spurred nearly $290 million in new economic activity in New Mexico during Fiscal Year 2023.

    “The Trump Administration has left researchers, universities, and health systems with great uncertainty about whether they can continue to support entire research programs and patient clinical trials across the country. Institutions and grantees nationwide are dealing with an unprecedented external communications ‘pause’ enacted by new leadership at the U.S. Department of Health and Human Services, the lack of transparency regarding the Administration’s illegal funding freeze, and the uncertainty of how new Executive Orders would be applied to their critical work. These actions resulted in NIH freezing grant reviews and cancelling advisory meetings, delaying critical funding that scientists need to continue advancing new cures and treatments. These disruptions do not just slow research — they cost lives,” the senators continued.

    “Our standing as a world leader in funding and producing new medical and scientific innovations has been put at risk by these recent actions from the Trump Administration. We urge you to stop playing political games with the lifesaving work of the NIH and to allow NIH research to continue uninterrupted,” the senators concluded.

    Last week, a federal judge in Boston temporarily blocked the NIH rate cut and set a hearing for February 21st.

    The letter was led by U.S. Senator Patty Murray (D-Wash.). Alongside Heinrich and Luján, the letter was signed by U.S. Senators Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Chuck Schumer (D-N.Y.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).

    The text of the letter is here and below:

    Dear Secretary Kennedy,

    We write to express our serious concern with the Trump Administration’s recent decisions that threaten to undermine the nation’s biomedical research infrastructure and set us back generations. The steps the Trump Administration has taken will create a serious funding shortfall for research institutions nationwide, threaten to undermine progress on lifesaving scientific advancements, could cost the U.S. economy billions of dollars, and threaten the livelihoods of hundreds of thousands of workers. 

    As the largest public funder of biomedical research in the world, NIH plays a critical role in sustaining the research infrastructure necessary for scientific breakthroughs in cancer treatment, infectious disease prevention, and medical technology innovation, among many others. President Trump has wreaked havoc on the nation’s biomedical research system in recent weeks. In his first several days in office, President Trump imposed a hiring freeze, communications freeze, ban on travel, and cancellation of grant review and advisory panels that are necessary to advance research. While some of these efforts have been reversed, they continue to cause confusion and miscommunication among researchers and recipients of NIH funds.

    Just last week, NIH announced an illegal plan to cap indirect cost rates that research institutions rely on. In capping indirect cost rates at 15 percent for NIH-funded grants, this policy would cut funding essential for conducting research, such as operating and maintaining laboratories, equipment, and research facilities. This change to NIH’s indirect cost rate represents an indiscriminate funding cut that will be nothing short of catastrophic for the lifesaving research that patients and families are counting on. The Administration’s new policy means that research will come to a halt, sick kids may not get the treatment they need, and clinical trials may shut down abruptly.

    These confusing and harmful policy changes threaten patient safety. The strength of the American research enterprise – recognized as the best in the world – is built on Congress’ bipartisan commitment to supporting essential research infrastructure. This funding, which Congress has long appropriated on a bipartisan basis, fuels groundbreaking medical discoveries and cements the United States’ position as the global leader in biomedical research.

    In addition to the stifling impact on discovering new cures and ripping away treatment from those who need it, changes to NIH policy and communications threaten jobs in all 50 states and the District of Columbia, with everyone from custodians, to research trainees, to scientists facing potential layoffs. NIH research supported more than 412,000 jobs and fueled nearly $93 billion in new economic activity in Fiscal Year 2023. Every dollar the NIH invests in research generates almost $2.50 in economic activity. These reckless policy changes not only threaten biomedical innovation and research, but also the livelihoods of thousands of workers in every state across the nation.

    The Trump Administration has left researchers, universities, and health systems with great uncertainty about whether they can continue to support entire research programs and patient clinical trials across the country. Institutions and grantees nationwide are dealing with an unprecedented external communications “pause” enacted by new leadership at the U.S. Department of Health and Human Services, the lack of transparency regarding the Administration’s illegal funding freeze, and the uncertainty of how new Executive Orders would be applied to their critical work. These actions resulted in NIH freezing grant reviews and cancelling advisory meetings, delaying critical funding that scientists need to continue advancing new cures and treatments. These disruptions do not just slow research – they cost lives.

    The NIH plays a critical role in our nation’s efforts to fund scientific advancements that improve health and save lives. Our standing as a world leader in funding and producing new medical and scientific innovations has been put at risk by these recent actions from the Trump Administration. We urge you to stop playing political games with the lifesaving work of the NIH and to allow NIH research to continue uninterrupted.

    Sincerely,

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI USA: Barr, Artificial Intelligence: Hypothetical Scenarios for the Future

    Source: US State of New York Federal Reserve

    Advances in artificial intelligence (AI) have accelerated rapidly over the past few years.1 It is now commonplace to see autonomous vehicles navigating city streets, and generative AI tools are available on phones and other devices wherever we go. AI innovations make headlines and play a big role in financial markets, and generative AI has the potential to change how we think about productivity, labor markets and the macroeconomy.2 Today, I will address that question by outlining two hypothetical scenarios for AI’s impact and the implications for businesses, regulators, and society. I will focus my comments on Generative AI, or GenAI, a subset of AI that has seen significant growth and integration into economic activity in just a few short years.
    GenAI and Its AdoptionCompared to earlier iterations of AI, GenAI is able to generate content, which allows it to significantly enhance productivity across a range of knowledge-based activities and be used by people without coding skills. GenAI will likely become a “general purpose technology,” with widespread adoption, continuous improvement, and productivity enhancements to a wide range of sectors across the economy. We are already seeing GenAI improve the productivity of its own R&D.3 There is widespread enthusiasm for GenAI, and survey evidence shows much faster rates of consumer adoption of GenAI already than were seen for the personal computer or the internet.4 While actual deployment of GenAI is limited to some business functions, and there have been pitfalls along the way, businesses in almost every sector are experimenting with or considering how to make use of the technology.5
    Firms are also exploring Agentic AI—Gen AI systems that not only produce new content, but are also able to proactively pursue goals by generating innovative solutions and acting upon them at speed and scale.6 Imagining Agentic AI’s ultimate application, some speculate that we could experience a “country of geniuses in a data center”—a collective intelligence that surpasses human capabilities in problem-solving and collaboration.7 Some believe Agentic AI has the potential to connect ideas in disparate domains, potentially transforming research and development and society more broadly.8
    Hypothetical Scenarios Considering How GenAI Could EvolveToday, I will outline two hypothetical scenarios for considering how GenAI could evolve.9 In one, we see only incremental adoption that primarily augments what humans do today, but still leads to widespread productivity gains. In the other, we see transformative change where we extend human capabilities with far-reaching consequences. For each scenario, I consider the potential implications for the economy and financial sector.
    Thinking through hypothetical scenarios can help widen our lens to a range of possible outcomes and provide a framework for assessing the balance between benefits and risks. Scenarios are not predictions of the future, but provide a framework for analyzing the factors that could lead to different outcomes. Reality is complex. GenAI adoption rates will vary across industries, leading to diverse impacts on market structures. Elements of both scenarios will likely come to pass, and play out at different rates, which will influence the effects on the economy and society. In the short term, GenAI may be overhyped, while in the long run, it may be underappreciated. And, of course, things might turn out differently from these hypotheticals.
    Hypothetical 1: Incremental Progress with Widespread Productivity GainsFirst, let me begin with the incremental scenario, where GenAI primarily augments work in existing processes and leads to steady and widespread productivity gains, but does not fundamentally unlock new capabilities or transform the economy.
    In this state of the world, GenAI tools enhance efficiency and enable more personalized solutions across industries, in ways that have incremental—but still meaningful—effects on people’s lives. For instance, in customer service, professional writing—but not this speech—and software engineering, GenAI-powered tools are already supporting workers, improving accuracy and speed, and these effects could spread to other sectors.10 In this world, health care sees significant improvements as GenAI reduces administrative burdens, assists with diagnostics, and personalizes treatment plans based on real-time patient data. Medicines and other treatments are developed at a faster pace.11 Education is similarly affected, as GenAI alleviates administrative tasks for teachers, allows lessons to be tailored to individual students, and permits students to learn by doing.12 In manufacturing, GenAI-optimized supply chains anticipate and adjust more quickly to disruptions, and current manufacturing processes are refined through virtual iteration.13 In materials science, GenAI-driven experimentation accelerates the discovery of new materials, leading to advances in everything from construction to electronics.14 Turning to the financial sector, we could see similar productivity gains. Community banks leverage GenAI-powered chatbots to provide customized financial advice rooted in local knowledge, while institutions of all sizes continue to advance use of GenAI for compliance monitoring, fraud detection, risk management, and document analysis.15
    The impact to society would be incrementally positive in this state of the world. Humans would use GenAI as a tool to deliver goods and services that we currently produce in a more efficient way. Productivity would go up. The economy would grow at a faster pace.16
    What does this mean for the labor force? The impact will depend on the industry and the nature of the job. GenAI experiments suggest the technology holds the promise of levelling up skills and bringing productivity of lower-performing workers into line with higher performing workers.17 In other cases, it could augment the highest performers, leaving them more time for creativity or strategic aspects of their roles. Increasing automation for certain tasks may displace some workers, where certain skills can be replicated by GenAI. Historically, as technology has replaced some jobs, it has augmented existing roles or created new ones.18 However, this is not to downplay the individual cost for workers who need to retrain, find other employment, or change careers in response to major changes in labor demand. Society will need to account for these possible effects of AI.
    What does this mean for the economy? As I noted before, the economy should grow, if the incremental productivity gains are widespread. However, in this scenario, it is possible that the expected value creation from GenAI was overhyped, anticipating transformative breakthroughs rather than incremental productivity gains. This could trigger market corrections for the firms that have heavily invested in this technology if reality doesn’t measure up to expectations. While the U.S. economy experienced a surge of productivity growth during the dot.com boom in the late 1990s, it was followed by a wave of bankruptcies, capital overhang, and a cautious business investment climate.19 The effects of the ensuing recession were widespread.
    What does this mean for financial stability and other financial risks? In this incremental scenario, GenAI may magnify both the vulnerabilities and sources of resilience that already exist in the system. Attractive trades become more crowded, but risk managers gain new insights.20 Malicious actors gain new tools, but cyber defenders become better armed. So long as financial regulators, enterprise risk managers, and others charged with managing downside risks prioritize efforts to keep pace with the evolving financial ecosystem, there’s nothing to suggest a wholesale transformation of the balance of risks. Of course, keeping pace will pose challenges, and it’s important that we all focus on the need to meet these risks.
    Hypothetical Scenario 2: Transformative ChangeNow, let’s consider a more dramatic hypothetical scenario, in which GenAI adoption extends beyond improving on what we currently do, and provides new expertise and capabilities that have transformative effects on the economy and society. In this scenario, humans deploy their imagination and creativity—combined with robust investment in research and development—to deploy intelligent GenAI systems to make rapid breakthroughs in, for example, biotechnology, robotics, and energy, fundamentally reshaping existing industries and creating new ones. In this instance, to focus the mind, we can think of GenAI as no longer only a tool for scientists to analyze data—in a sense, it becomes the scientist, directing the research.21
    For instance, let’s say that GenAI applications in health care do not simply improve how we currently deliver care, but also enable therapies that target genetic mutations and cure diseases previously considered incurable.22 Similarly, manufacturing evolves to create GenAI-driven robotic factories, with goods produced with new materials and atomic precision.23 Materials science is transformed through the discovery of programmable materials and self-healing substances, all of which reshape construction, technology, and consumer goods.24 Meanwhile, GenAI optimizes fusion energy research, expediting the shift to sustainable energy sources.25 And GenAI helps to create the next generation of quantum computing.26 In that way, GenAI improves its own energy sources and computing capabilities, enabling it to become a more powerful creative tool.27
    Finance also looks radically different than it does today. Individuals with access to hyper-personalized financial planning and businesses with innovative products and services seamlessly connect with one another through near-frictionless or novel forms of financial intermediation.28 Trading strategies and risk-management practices are boosted by greater GenAI-based analytic tools that have dynamic real-time access to an enormous knowledge base in both the public and private domains.29
    Although this transformative scenario is more speculative and is accompanied by a far greater degree of uncertainty than the first, it is important to consider given the extraordinary opportunities for human advancement and welfare that could arise, even if just one of its transformative components were to come to fruition. We would need to fundamentally reimagine how the economy is structured.
    What are the impacts on the labor force, in a world where GenAI’s capabilities extend beyond what humans can accomplish today? Humans may have a role to manage multi-agent GenAI frameworks, or fill gaps where GenAI solutions remain expensive or inefficient for some applications. But this is a world where some workers may see their current jobs disappearing. It is also a world in which they may see their own work transformed and have many more choices about the work they do. The nature of labor would radically change, and this will require us to have broader conversations about how to organize the economy. These conversations should wrestle with how to navigate major economic shifts in a way that recognizes the impact on the human condition, and the extent to which people derive their communities, friendships, personal sense of meaning and dignity from their work.
    What about the competitive landscape? There is probably a greater likelihood that rewards for businesses would be distributed more unevenly at first, as significant breakthroughs with far-reaching ramifications may benefit a subset of firms and industries and concentrate economic power in firms that control GenAI breakthroughs. If only a handful of firms have the ability to accomplish the incredible things I’ve mentioned above, they may dominate markets and crowd out competitors. To the extent that GenAI becomes broadly effective, widely available, and cheap, these market advantages could lessen over time if the right regulatory environment supports competitive market dynamics.30 But history suggests caution in this regard; a handful of players may dominate.31
    And finally, for finance, we should anticipate fundamental changes in this scenario. When it’s working well, the financial system helps move money and risk through time and space.32 To the extent there are fundamental changes to how the economy is organized, we could need a new set of institutions, markets, and products to facilitate transactions among households, businesses, and GenAI agents.
    What Should We Do?Among the many ways in which we can help to harness the potential benefits of GenAI and minimize its risks, I will highlight only a couple today.
    Financial institutions, and the Federal Reserve System, should consider investing sufficient resources in understanding GenAI technology, incorporating it into their workflows where appropriate, and training staff on how to use the technology responsibly and effectively.33 Meanwhile, the financial regulatory community should approach the changing landscape with agility and flexibility. And beyond the financial sector, collaboration between governments, private industry, and research institutions will be critical to ensure that GenAI systems are not weaponized in catastrophic ways. We should continue to focus on responsible AI research and development and implement safeguards against misuse, including monitoring systems, standards for secure AI system development, and agreement on red lines for acceptable use cases.34 We should be attuned to the impact of GenAI on our economic and political institutions. There’s a risk that it concentrates economic and political power in the hands of the very few and could lead to the gains being realized only by a small group, while the rest are left behind.
    Another thing I want to emphasize is AI governance. I think most would agree that the goal of the technology is to improve the human condition, and to do that, we need to be intentional in advancing that goal. We should make sure that we think about GenAI as enhancing, not replacing, humans, and set up best practices and cultural norms to that end. Every financial institution should recognize the limitations of the technology, explore where and when GenAI belongs in any process, and identify how humans can be best positioned to be in the loop. We should also focus on data quality, and make sure that uses of GenAI do not perpetuate or amplify biases inherent in the data used to train the system or make incorrect inferences to the extent the data is incomplete or nonrepresentative.35 In the realm of regulation, frameworks for understanding model risk may need to be updated to address the complexity and challenges of explaining AI methods and the difficulty of assessing data quality.
    We need to be attuned to the risk in finance. The very attributes that make GenAI attractive—the speed, automaticity, and ability to optimize financial strategies—also present risk.36 When the technology becomes ubiquitous, use of GenAI could lead to herding behavior and the concentration of risk, potentially amplifying market volatility. As GenAI agents will be directed to maximize profit, they may converge on strategies to maximize returns through coordinated market manipulation, potentially fueling asset bubbles and crashes. Speed, automaticity, and ubiquity could generate new risks at wide scale.37
    We also should monitor how introduction of this technology changes the banking landscape. Nonbanks may be more nimble and risk-forward in incorporating GenAI into their operations, which may push intermediation to less-regulated, less transparent corners of the financial sector. In addition, this competitive pressure may push all institutions, including regulated institutions, to take a more aggressive approach to GenAI adoption, heightening the governance, alignment, and financial risks I mentioned before.
    In conclusion, while AI’s impact will vary across industries and the reality is evolving, the scenarios I have outlined today provide a framework to begin thinking about how we should respond to developments in GenAI. However, as I mentioned above, elements of both scenarios will likely be present in the future, and play out at different rates, which will influence the effects on the economy and society. Rapid advances in this technology, such as Agentic AI and advancements in open-source models, underscore just how new this technology is and the importance of understanding what it means for individuals, businesses, and markets. Thank you.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board. Return to text
    2. See, for instance, Lisa D. Cook, “Artificial Intelligence, Big Data, and the Path Ahead for Productivity,” (speech at Technology-Enabled Disruption: Implications of AI, Big Data, and Remote Work Conference, Atlanta, Georgia, October 1, 2024). Return to text
    3. See Gaurav Sett, “How AI Can Automate AI Research and Development,” RAND Commentary, October 24, 2024. Return to text
    4. See Cory Breaux and Emin Dinlersoz, “How Many U.S. Businesses Use Artificial Intelligence?” (Washington: U.S. Census Bureau, November 28, 2023); Alexander Bick, Adam Blandin, and David J. Deming, “The Rapid Adoption of Generative AI,” NBER Working Paper No. 32966 (Cambridge, MA: National Bureau of Economic Research, September 2024, revised February 2025); and Leland Crane, Michael Green, and Paul Soto, “Measuring AI Uptake in the Workplace,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, February 5, 2025). Return to text
    5. There’s evidence of firms experimenting with these tools and then abandoning them—due to a multitude of reasons. See Kathryn Bonney, Cory Breaux, Cathy Buffington, Emin Dinlersoz, Lucia S. Foster, Nathan Goldschlag, John C. Haltiwanger, Zachary Kroff, and Keith Savage, “Tracking Firm Use of AI in Real Time: A Snapshot from the Business Trends and Outlook Survey,” NBER Working Paper No. 32319 (Cambridge, MA: National Bureau of Economic Research, April 2024). Return to text
    6. For more on Agentic AI’s uses, advantages, and risks, see Mark Purdy, “What Is Agentic AI, and How Will It Change Work?” Harvard Business Review (December 12, 2024). Return to text
    7. See Dario Amodei, “Machines of Loving Grace,” October 2024, https://darioamodei.com/machines-of-loving-grace. Return to text
    8. For biology and drug discovery, see Jean-Philippe Vert, “Unlocking the Mysteries of Complex Biological Systems with Agentic AI,” MIT Technology Review (November 13, 2024), https://www.technologyreview.com/2024/11/13/1106750/unlocking-the-mysteries-of-complex-biological-systems-with-agentic-ai; and “Owkin Announces First Patient Dosed in Phase I AI-Optimized Clinical Trial of OKN4395, a First-in-Class EP2/EP4/DP1 Triple Inhibitor for Patients with Solid Tumors,” Business Wire, January 30, 2025, https://www.businesswire.com/news/home/20250130436779/en/Owkin-Announces-First-Patient-Dosed-in-Phase-I-AI-optimized-Clinical-Trial-of-OKN4395-a-First-in-Class-EP2EP4DP1-Triple-Inhibitor-for-Patients-with-Solid-Tumors. Return to text
    9. Others have used other types of scenarios. See Anton Korinek, “The Economics of Transformative AI,” The Reporter (Cambridge, MA: National Bureau of Economic Research, December 31, 2024); Iñaki Aldasoro, Leonardo Gambacorta, Anton Korinek, Vatsala Shreeti, and Merlin Stein, “Intelligent Financial System: How AI Is Transforming Finance (PDF),” BIS Working Papers No. 1194 (Basel, Switzerland: Bank for International Settlements, June 2024); and Ethan Mollick, Co-Intelligence: Living and Working with AI (New York: Portfolio/Penguin, 2024). Return to text
    10. For worker productivity gains in customer service, see Erik Brynjolfsson, Danielle Li, and Lindsey R. Raymond, “Generative AI at Work,” NBER Working Paper No. 31161 (Cambridge, MA: National Bureau of Economic Research, April 2023, revised November 2023). For GenAI assisted writing gains, see Shakked Noy and Whitney Zhang, “Experimental Evidence on the Productivity Effects of Generative Artificial Intelligence,” Science, vol. 381, no. 6654 (July 2023): 187–92; Jordan Usdan, Allison Connell Pensky, and Harley Chang, “Generative AI’s Impact on Graduate Student Writing Productivity and Quality,” SSRN (August 29, 2024), https://dx.doi.org/10.2139/ssrn.4941022. For software engineering, see Sida Peng, Eirini Kalliamvakou, Peter Cihon, and Mert Demirer, “The Impact of AI on Developer Productivity: Evidence from GitHub Copilot,” arXiv:2302.06590, February 13, 2023; Leonardo Gambacorta, Han Qiu, Shuo Shan, and Daniel M. Rees, “Generative AI and Labour Productivity: A Field Experiment on Coding (PDF),” BIS Working Papers No. 1208 (Basel, Switzerland: Bank for International Settlements, September 2024); Zheyuan (Kevin) Cui, Mert Demirer, Sonia Jaffe, Leon Musolff, Sida Peng, and Tobias Salz, “The Effects of Generative AI on High-Skilled Work: Evidence from Three Field Experiments with Software Developers,” SSRN (September 5, 2024, revised February 10, 2025), https://dx.doi.org/10.2139/ssrn.4945566. For worker gains in the consulting industry, see Fabrizio Dell’Acqua, Edward McFowland III, Ethan Mollick, Hila Lifshitz-Assaf, Katherine C. Kellogg, Saran Rajendran, Lisa Krayer, François Candelon, and Karim R. Lakhani, “Navigating the Jagged Technological Frontier: Field Experimental Evidence of the Effects of AI on Knowledge Worker Productivity and Quality (PDF),” Harvard Business School Working Paper No. 24-013 (September 2023). Return to text
    11. See Ethan Goh, Robert Gallo, Jason Hom, et al., “Large Language Model Influence on Diagnostic Reasoning: A Randomized Clinical Trial,” JAMA Network Open (October 28, 2024), https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2825395; Nikhil Agarwal, Alex Moehring, Pranav Rajpurkar, and Tobias Salz, “Combining Human Expertise with Artificial Intelligence: Experimental Evidence from Radiology,” NBER Working Paper No. 31422 (Cambridge, MA: National Bureau of Economic Research, July 2023, revised March 2024); Ashley Capoot, “Reid Hoffman Enters ‘Wondrous and Terrifying’ World of Health Care with Latest AI Startup,” CNBC, February 2, 2025, https://www.cnbc.com/2025/02/02/reid-hoffman-launches-manas-ai-a-new-drug-discovery-startup.html; Kang Zhang, Xin Yang, Yifei Wang, Yunfang Yu, Niu Huang, Gen Li, Xiaokun Li, Joseph C. Wu, and Shengyong Yang, “Artificial Intelligence in Drug Development,” Nature Medicine, vol. 31 (January 2025): 45–59, https://doi.org/10.1038/s41591-024-03434-4; Qian Liao, Yu Zhang, Ying Chu, Yi Ding, Zhen Liu, Xianyi Zhao, Yizheng Wang, Jie Wan, Yijie Ding, Prayag Tiwari, Quan Zou, and Ke Han, “Application of Artificial Intelligence in Drug-Target Interactions Prediction: A Review,” NPJ Biomedical Innovations, vol. 2, no. 1 (January 2025), https://doi.org/10.1038/s44385-024-00003-9. Return to text
    12. For more on education, see Justin Wolfers, “An Econ Educators Guide to our AI-Powered Future,” Macmillan Learning, EconEd (presentation), September 26, 2024, https://www.macmillanlearning.com/college/us/events/econed; and Anne J. Manning, “Professor Tailored AI Tutor to Physics Course. Engagement Doubled,” Harvard Gazette, September 5, 2024. Return to text
    13. See Maxime C. Cohen and Christopher S. Tang, “The Role of AI in Developing Resilient Supply Chains,” Georgetown Journal of International Affairs (February 5, 2024); and Remko Van Hoek and Mary Lacity, “How Global Companies Use AI to Prevent Supply Chain Disruptions,” Harvard Business Review, November 21, 2023. Return to text
    14. See Sheldon Fernandez, “How Generative AI Can Be Used in Electronics,” Forbes, April 26, 2023, https://www.forbes.com/councils/forbestechcouncil/2023/04/26/how-generative-ai-can-be-used-in-electronics-manufacturing. Return to text
    15. For U.S. financial institutions, see Elizabeth Judd, “How to Balance Human and Machine While Using Chatbots,” Independent Banker, January 1, 2025; and U.S. Department of the Treasury, “Artificial Intelligence in Financial Services (PDF)” (Washington: U.S. Department of the Treasury, December 2024). For foreign financial institutions, see Bank of England and Financial Conduct Authority, “Artificial Intelligence in UK Financial Services—2024” (London: Bank of England and Financial Conduct Authority, November 21, 2024); and Bank of Japan, “Use and Risk Management of Generative AI by Japanese Financial Institutions,” Financial System Report Annex (Tokyo: Bank of Japan, October 29, 2024). For global financial institutions, see OECD, “FSB Roundtable on Artificial Intelligence (AI) in Finance (PDF),” Financial Stability Board, September 30, 2024. Return to text
    16. Lida R. Weinstock and Paul Tierno, “The Macroeconomic Effects of Artificial Intelligence (PDF),” Congressional Research Service, January 28, 2025. Return to text
    17. See Shakked Noy and Whitney Zhang, “Experimental Evidence on the Productivity Effects of Generative Artificial Intelligence,” Science, vol. 381, no. 6654 (July 13, 2023): 187–92; Brynjolfsson et al., “Generative AI at Work” (see footnote 9); and “for software engineering” from footnote 9; Korinek (2024) from footnote 7. Return to text
    18. See David H. Autor, “Why Are There Still So Many Jobs? The History and Future of Workplace Automation,” Journal of Economic Perspectives, vol. 29, no. 3 (Summer 2015): 3–30.See Simona Abis and Laura Veldkamp. Return to text
    19. See Ben S. Bernanke, “Will Business Investment Bounce Back?” (speech at the Forecasters Club, New York, NY, April 24, 2003). Return to text
    20. See Financial Stability Board, The Financial Stability Implications of Artificial Intelligence (Basel, Switzerland: Financial Stability Board, November 14, 2024); and Jon Danielsson and Andreas Uthemann, “How AI Can Undermine Financial Stability,” VoxEU: CEPR, January 22, 2024. Return to text
    21. For some very early examples, see Davide Castelvecchi, “Researchers Built an ‘AI Scientist’—What Can It Do?” Nature, August 30, 2024, https://www.nature.com/articles/d41586-024-02842-3; Daniil A. Boiko, Robert MacKnight, Ben Kline, and Gabe Gomes, “Autonomous Chemical Research with Large Language Models,” Nature, December 20, 2023, https://www.nature.com/articles/s41586-023-06792-0; and Helena Kudiabor, “Virtual Lab Powered by ‘AI Scientists’ Super-Charges Biomedical Research,” Nature, December 4, 2024, https://www.nature.com/articles/d41586-024-01684-3. Return to text
    22. For more on drug discovery and gene therapy, see Betty Zou, “Team Uses AI and Quantum Computing to Target ‘Undruggable’ Cancer Protein,” Phys Org, January 27, 2025; and Mohammad Ghazi Vakili et al., “Quantum-Computing-Enhanced Algorithm Unveils Potential KRAS Inhibitors,” Nature Biotechnology, January 22, 2025, https://www.nature.com/articles/s41587-024-02526-3. Return to text
    23. See NASA Technology Transfer Program, “Robonaut 2: Hazardous Environments (MSC-TOPS-44)”. Return to text
    24. For more on material sciences innovation, see Andy Extance, “First GPT-4-Powered AI Lab Assistant Independently Directs Key Organic Reactions,” Chemistry World, January 8, 2024, https://www.chemistryworld.com/news/first-gpt-4-powered-ai-lab-assistant-independently-directs-key-organic-reactions/4018723.article; Chenyang Liu, Xi Zhang, Jiahui Chang, You Lyu, Jianan Zhao, and Song Qiu, “Programmable Mechanical Metamaterials: Basic Concepts, Types, Construction Strategies—A Review,” Frontiers, vol. 11 (March 19, 2024); Aidan Toner-Rodgers, “Artificial Intelligence, Scientific Discovery, and Product Innovation,” MIT, November 27, 2024, https://aidantr.github.io/files/AI_innovation.pdf; and Thomas Hayes et al., “Simulating 500 Million Years of Evolution with a Language Model,” Science, January 16, 2025. Return to text
    25. See Tan Sui, “AI Could Help Overcome the Hurdles to Making Nuclear Fusion a Practical Energy Source,” The Conversation, January 29, 2025, https://theconversation.com/ai-could-help-overcome-the-hurdles-to-making-nuclear-fusion-a-practical-energy-source-247608; Jaemin Seo, SangKyeun Kim, Azarakhsh Jalalvand, Rory Conlin, Andrew Rothstein, Joseph Abbate, Keith Erickson, Josiah Wai, Ricardo Shousha, and Egemen Kolemen, “Avoiding Fusion Plasma Tearing Instability with Deep Reinforcement Learning,” Nature, vol. 626, February 21, 2024, https://doi.org/10.1038/s41586-024-07024-9; and Massimiliano Lupo Pasini, German Samolyuk, Markus Eisenbach, Jong Youl Choi, Junqi Yin, and Ying Yang, “First-Principles Data for Solid Solution Niobium-Tantalum-Vanadium Alloys with Body-Centered-Cubic Structures,” Nature: Scientific Data, vol. 11, no. 907 (August 22, 2024), https://doi.org/10.1038/s41597-024-03720-3. Return to text
    26. Nakia Melecio, “Exploring the Synergy: Quantum Computing and Generative AI at the Intersection of Innovation,” ScaleUp Lab Program, Enterprise Innovation Institute, Georgia Tech. Return to text
    27. For an example on GenAI and quantum computers, see Rahul Rao, “Quantum Computers Can Now Run Powerful AI That Works like the Brain,” Scientific American, April 22, 2024, https://www.scientificamerican.com/article/quantum-computers-can-run-powerful-ai-that-works-like-the-brain. For an example about AI and clean energy, see Office of Policy, “How AI Can Help Clean Energy Meet Growing Electricity Demand” (Washington: U.S. Department of Energy, August 16, 2024). For examples of how GenAI is augmenting creativity, see Tojin T. Eapen, Daniel J. Finkenstadt, Josh Folk, and Lokesh Venkataswamy, “How Generative AI Can Augment Human Creativity,” Harvard Business Review (July–August 2023); and Anil R. Doshi and Oliver P. Hauser, “Generative AI Enhances Individual Creativity but Reduces the Collective Diversity of Novel Content,” Science Advances, vol. 10, no. 28 (July 12, 2024). Return to text
    28. See Iñaki Aldasoro, Leonardo Gambacorta, Anton Korinek, Vatsala Shreeti, and Merlin Stein, “Intelligent Financial System: How AI Is Transforming Finance (PDF),” BIS Working Papers No. 1194 (Basel, Switzerland: Bank for International Settlements, June 2024); and Sarah Hammer, “From Turing to Trading: How AI Is Revolutionizing Finance,” Finance Centers at the Wharton School, July 10, 2024. Return to text
    29. Large language models may even allow for the creation of synthetic data that allows for enhancing macroeconomic nowcasting and forecasting through economic AI agents that can also help with analyzing macroeconomic trends and contribute to more informed financial decisionmaking. See Anne Lundgaard Hansen, John J. Horton, Sophia Kazinnik, Daniela Puzzello, and Ali Zarifhonarvar, “Simulating the Survey of Professional Forecasters,” SSRN (December 1, 2024), https://dx.doi.org/10.2139/ssrn.5066286. Return to text
    30. Kelly Ng, Brandon Drenon, Tom Gerken, and Marc Cieslak, “DeepSeek: The Chinese AI App That Has the World Talking,” BBC News, February 4, 2025, https://www.bbc.com/news/articles/c5yv5976z9po. Return to text
    31. For example, see IBM Newsroom, “Data Suggests Growth in Enterprise Adoption of AI Is Due to Widespread Deployment by Early Adopters, But Barriers Keep 40% in the Exploration and Experimentation Phases,” IBM, January 10, 2024, https://newsroom.ibm.com/2024-01-10-Data-Suggests-Growth-in-Enterprise-Adoption-of-AI-is-Due-to-Widespread-Deployment-by-Early-Adopters; and Jefferies Editorial Team, “Can Startups Outsmart Big Tech in the AI Race?” Jefferies, September 17, 2024, https://www.jefferies.com/insights/boardroom-intelligence/can-startups-outsmart-big-tech-in-the-ai-race. Return to text
    32. If AI agents proliferate in financial transactions, we will also need to be careful about the potential for unintended consequences such as collusion among AI agents. See Winston Wei Dou, Itay Goldstein, and Yan Ji, “AI-Powered Trading, Algorithmic Collusion, and Price Efficiency,” Jacobs Levy Equity Management Center for Quantitative Financial Research Paper, The Wharton School Research Paper, May 30, 2024, https://dx.doi.org/10.2139/ssrn.4452704. Return to text
    33. See Request for Information on the Development of an Artificial Intelligence (AI) Action Plan, 90 Fed. Reg. 9,088 (PDF) (February 6, 2025). Return to text
    34. See Heather Domin, “AI Governance Trends: How Regulation, Collaboration, and Skills Demand Are Shaping the Industry,” World Economic Forum, September 5, 2024. Return to text
    35. For more on bias introduced in models, see Moshe Glickman and Tali Sharot, “How Human–AI Feedback Loops Alter Human Perceptual, Emotional, and Social Judgements,” Nature Human Behavior, December 18, 2024, https://www.nature.com/articles/s41562-024-02077-2; Saul Asiel Flores, “‘Bias in, Bias out’: Tackling Bias in Medical Artificial Intelligence,” Yale School of Medicine, November 18, 2024; and Adam Zewe, “Researchers Reduce Bias in AI Models While Preserving or Improving Accuracy,” MIT News, December 11, 2024. For governance in central banks, see Claudia Alvarez Toca and Alexandre Tombini, Governance of AI Adoption in Central Banks (PDF) (Basel, Switzerland: Bank for International Settlements, January 2025). Return to text
    36. See, e.g., Michael P. Wellman, “Artificial Intelligence in Financial Services (PDF)” (written testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, September 20, 2023). Return to text
    37. See Jon Danielsson and Andreas Uthemann, “AI Financial Crises,” VoxEU: CEPR, July 26, 2024. For more on algorithm collusion, see Wei Dou et al., “AI-Powered Trading, Algorithmic Collusion, and Price Efficiency” (see footnote 33). Return to text

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    February 19, 2025
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