NewzIntel.com

Category: Economy

  • MIL-OSI Europe: OLAF completes investigation into suspected serious irregularities in EU-funded procurement of power generators for Ukraine

    Source: European Anti-Fraud Offfice

    Press release no 5/2025
    PDF version

    The European Anti-Fraud Office (OLAF) has recommended the financial recovery of over EUR 91 million that were intended for the purchase and delivery of power generators to areas in Ukraine affected by power shortages. 

    OLAF completed in June 2024 its investigation into alleged serious breaches of procurement rules, transparency, and financial management in a EUR 114 million EU-funded project managed by Poland’s Government Agency for Strategic Reserves (RARS). 

    On top of the EU 91 million recommended for recovery, an additional EUR 22 million have been safeguarded from being unduly spent, allowing them to reach those in need of assistance. During the case, OLAF closely cooperated with the Central Anti-Corruption Bureau (CBA) and the Polish Public Prosecutor’s Office, leading to the arrest of at least three individuals.

    “We need every euro of EU support to Ukraine to reach those in need and guarantee that our taxpayers’ money is duly spent. Protecting EU aid to Ukraine, not only guarantees our taxpayers’ money is duly spent but is also a matter of our security. Thanks to our strong cooperation with the CBA and the Polish Prosecutor’s Office, we have successfully safeguarded the EU’s financial interests,” said Ville Itälä, OLAF Director-General. 

    Overpricing, lack of competition and undue advantages

    The evidence gathered during OLAF’s investigation, which began in July 2023, revealed overpricing, lack of competition and undue advantages given to certain contractors. RARS at the time refused to cooperate with OLAF during the investigation despite their obligations under the EU grant agreement signed in January 2023. 

    However, OLAF’s investigation was able to establish that RARS’ procurement process violated transparency, competition, equal treatment, and financial management principles. According to the findings of the investigation, contracts were awarded in a non-competitive manner, failing to ensure that the EU funds would reach their intended destination. 

    OLAF also gathered evidence indicating that RARS granted undue advantages to contractors by issuing large advance payments without sufficient guarantees, exposing EU funds to significant financial risks. 

    OLAF found that some contractors charged RARS up to 40% more than their purchase costs, leading to substantial overpricing of the EU-funded generators. 

    OLAF mission, mandate and competences:
    OLAF’s mission is to detect, investigate and stop fraud with EU funds.    

    OLAF fulfils its mission by:
    •    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;
    •    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;
    •    developing a sound EU anti-fraud policy.

    In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:
    •    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;
    •    some areas of EU revenue, mainly customs duties;
    •    suspicions of serious misconduct by EU staff and members of the EU institutions.

    Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.

    For further details:

    Pierluigi CATERINO
    Spokesperson
    European Anti-Fraud Office (OLAF)
    Phone: +32(0)2 29-52335  
    Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
    https://anti-fraud.ec.europa.eu
    LinkedIn: European Anti-Fraud Office (OLAF)

    If you’re a journalist and you wish to receive our press releases in your inbox, pleaseleave us your contact data.

    MIL OSI Europe News –

  • MIL-OSI: Bitget Releases January 2025 Transparency Report, Showcasing Market Growth and Innovation

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 18, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has released its January 2025 Transparency Report, highlighting a dynamic start to the year marked by significant growth in trading volumes, platform engagement, and ecosystem innovation.

    Bitget expanded the BGB ecosystem through strategic initiatives, including launching a BGB liquidity pool on Uniswap and a $1.1 million liquidity pool on Bulbaswap following its integration with Morph Chain. These efforts enhance cross-chain compatibility and deepen liquidity, positioning BGB as a strong pillar of the Bitget ecosystem. Additionally, Bitget Research shared a report on 20% of Gen Z and Gen Alpha respondents who are open to incorporating crypto into pension plans, signaling a shift in long-term financial planning preferences toward digital assets.

    January saw the introduction of multiple platform enhancements. Bitget TraderPro Season 4 launched with a 10,000 USDT Grand Prize, enabling traders to test strategies and optimize returns. The HodlerYield service debuted, allowing users to earn passive income by holding USDE and weETH. Bitget Seed, an AI-powered algorithm, was unveiled to identify early-stage Web3 projects, while a strategic integration with Zen streamlined crypto payments across 11 fiat currencies. Bitget also became the first centralized exchange to offer TAO staking, expanding opportunities for users to earn rewards.

    Bitget Wallet strengthened its offerings with a $1 million airdrop for BGB holders, exclusive collaborations with Bitrefill for crypto-powered gift cards, and AI Agent Trading Zone features. The wallet’s limit order support on Base and Solana chains further enhances automated trading capabilities.

    Global engagement efforts included participation in the Crypto XR event in Auxerre, France, attended by over 3,000 enthusiasts, and New Year’s meetups in the Philippines, Vietnam, Russia, Spain, Portugal, Italy, Kenya, and other regions. These events fostered deeper connections with users and showcased Bitget’s expanding global footprint.

    Bitget’s January 2025 achievements build on its 2024 momentum, establishing the platform as a top-tier exchange focusing on security, innovation, and accessibility. As the crypto landscape evolves, Bitget remains poised to drive adoption through cutting-edge solutions and strategic partnerships, supporting users in navigating the opportunities and complexities of the digital asset era.

    For the full January 2025 transparency report, visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

    For media inquiries, please contact: media@bitget.com

    Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9f7f064f-8f44-40ae-9096-c738e009aaa8

    The MIL Network –

  • MIL-OSI: Hyperscale Data Declares Monthly Cash Dividend of $0.2708333 Per Share of 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Feb. 18, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that its Board of Directors (the “Board”) has declared a monthly cash dividend of $0.2708333 per share of the Company’s outstanding 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock. The record date for this dividend is February 28, 2025, and the payment date is Monday, March 10, 2025.

    Link to NYSE quote for the Company’s 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock: https://www.nyse.com/quote/XASE:GPUSpD

    The Company further announced today that the Board has declared a monthly cash dividend of $0.20833 per share of the Company’s outstanding 10.00% Series E Cumulative Redeemable Perpetual Preferred Stock (the “Series E Preferred Stock”). The declared dividend is for the previously deferred dividend for the month ended January 31, 2025. The record date for this dividend is February 28, 2025, and the payment date is Monday, March 10, 2025.

    In addition, the Board has elected not to declare a monthly cash dividend on the Series E Preferred Stock for the month ending February 28, 2025. The certificate of designations for the Series E Preferred Stock permits the Company to defer up to 12 consecutive monthly dividend payments on the Series E Preferred Stock without such deferrals being considered missed. The Company notes that the dividend is a cumulative dividend that accrues for payment in the future.

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors, and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Hyperscale Data is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; Hyperscale Data, Inc.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8- K. All filings are available at www.sec.gov and on the Company’s website at www.hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network –

  • MIL-OSI United Nations: UNECE and UN Road Safety Envoy call for global use of UN helmet standard to save millions of lives 

    Source: United Nations Economic Commission for Europe

    Wearing quality helmets reduces the risk of death for drivers and passengers of powered two- and three-wheelers by over six times and reduces the risk of brain injury by up to 74%.  UN regulation No. 22 has provided countries with the blueprint to legislate the use of tested and certified helmets for over 50 years. Already applied in 43 countries, millions of lives could be saved through the worldwide application of this standard.  

    As governments and stakeholders come together for the 4th Ministerial Conference on Road Safety in Marrakech on 18-20 February, UNECE and the UN Secretary-General’s Special Envoy for Road Safety, Jean Todt, are launching a call for widespread enforcement of UN Regulation 22. 

    “Wearing a helmet that meets the UN standard is a game changer”, stressed UN Secretary-General’s Special Envoy for Road Safety Jean Todt. “Countries must address any remaining legislative gaps to make helmet use compulsory, and ensure that affordable safe helmets are available to all. Together with political will and partnerships like the safe and affordable helmets initiative we have shown this can be done. Now we need action at scale.”  

    “Millions of households around the world depend on two- and three-wheelers, but do not have access to safe and affordable helmets. The human cost caused by this situation, not to mention the huge economic impact of deaths and injuries, is unacceptable. It is the collective responsibility of regulators, governments and manufacturers to ensure that helmets meeting the safety standards of UN certification are available and to convince riders to use them. This is a matter of justice and equity – no one should be left behind when it comes to road safety,” said Tatiana Molcean, UNECE Executive Secretary.    

    Rise in 2-3 wheelers calls for urgent safety action  

    Two- and three-wheeler use has grown rapidly as many low-and -middle-income countries have motorized over the last 20-30 years. Motorcycles comprise nearly 70% of the national vehicle fleet in countries like India, Indonesia, the Philippines and China. However, the lack of a widespread, systematic approach to ensuring safety has led to a huge increase in deaths and injuries.  

    According to the 2023 Global Road Safety report of the World Health Organization, motorcyclists and other powered two- and three-wheeler riders represent 30% – a staggering 357,000 deaths – of the 1.19 million global road traffic deaths every year. This marks a 25% increase in the number of victims since 2013, with head injuries being the main cause of death in most motorcycle crashes. Non-use of helmets among motorcyclists across some 40 countries was reported at 20% for drivers and 30% for passengers. 

    In Malaysia, nearly 65% of road crash victims are motorcycle riders, while in the European Union, which has the lowest death rate compared to any country worldwide at 4.6/100,000, users of powered two-wheelers (motorbikes and mopeds) accounted for only 19% (3,876) of the deaths on the road in 2023. 

    Safe helmets need further enforcement  

    Since the entry into force of UN regulation No. 22, 43 countries have applied it, including:  

    • Belgium in 1972 
    • Netherlands in 1972 
    • Sweden in 1973 
    • Spain in 1976 
    • Italy in 1977 
    • Finland in 1977 
    • Switzerland in 1982 
    • Russian Federation in 1986 
    • New Zealand in 2002 

     

    And most recently in; 

    • Pakistan in 2020 
    • Malaysia, the Philippines and Uganda in 2023 

     

    But with the rapid increase of two- and three-wheeler use, application in many more countries around the world could significantly reduce risks.  

    The Special Envoy’s Safe and Affordable Helmets Initiative 

    The cost of UN-certified helmets can be a barrier to mass use in many countries. In other markets, the proliferation of helmets which do not comply with UN Regulation 22 offers a false sense of protection to riders and passengers, as highlighted in the White Paper of the Global Alliance of NGOs for Road Safety released last week. 

    In order to make safe helmets available to many more road users in developing countries, Special Envoy Jean Todt launched the Safe and Affordable Helmets Initiative in 2020. The Initiative promotes safe helmet use and the development and mass production of UN-certified helmets in developing countries themselves. 

    As a result, producers in India, Indonesia, Spain, and South Korea have already started manufacturing UN-certified helmets for retail at around $20, and more than 40,000 helmets financed by partners of the initiative were distributed in some 17 countries in Africa, Latin America and South-East Asia. In addition, Rwanda, through a project financed by the UN Road Safety Fund, set up a helmet testing facility in December 2024 and align its national standard and certification scheme with UN Regulation N°22. The aim is to build the foundations for a vibrant, scalable helmet manufacturing industry to produce a consistent supply of safe and affordable helmets that would be available across Africa. 

     

    Note to editors 

    UNECE hosts the World Forum for Harmonization for Vehicle Regulations (WP.29), which develops and updates safety regulations, including UN Regulation No. 22. As custodian of the UN road safety conventions, UNECE hosts the Secretariats of both the Special Envoy and UN Road Safety Fund and supports their work. 

    Technical specifications of helmet manufacturing and testing  

    UN Regulation No. 22, under the 1958 Agreement outlines a series of tests that ensure adequate measures for fields of vision, hearing ability, non-flammability, material requirements, moisture absorption, and child helmet provisions. One of the most important requirements that makes UN Regulation No. 22 unique, compared to other standards, is conformity of production (CoP) – the procedure to ensure that helmets produced by a manufacturer, is in conformity with the approved type overtime.  

    The conformity of production procedures; exchange of information among type approval authorities on type approvals granted, counterfeit products and products not meeting the requirements. All this aims to prevent the delivery of fake helmets to the market. Countries involved in the UN system can, thus, rely on each other in the implementation and maintenance of their national legislation based on UN Regulation No. 22. 

    Technological and materials improvement have led to amendments in 1988, 1995, 2000, and in 2021 concerning moisture absorption, scratch resistance, friction limits, and chinstrap strength.  

    The 06 series of amendments of the UN Regulation No. 22, entered into force in 2021, increases the number and types of testing required for certification, including visor coloring and material, testing of extra impact points, and updated procedures for tests introduced previously. UN Regulation No. 22-05 tested helmets in rectilinear impact situations, i.e. perpendicular to the impacted surface. Series 6 adds oblique impacts to its tests, which better reflects real-world impact conditions and better protects the brain from rotational accelerations. 

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: Talent list coverage further expanded

    Source: Hong Kong Information Services

    The Government announced today the latest round of the Talent List update, adding nine professions to the list, which increases the coverage to 60 professions with local talent shortages, starting from March 1.

    The newly added professions are from the industry segments of financial services, innovation and technology, legal and dispute resolution services as well as aviation and shipping.

    They include accountants, financial professionals with Islamic market experience, experienced professionals in commodities trading, experienced systems architects, patent professionals, legal knowledge engineers, ship surveyors, professionals in green shipping and aircraft maintenance engineers.

    Outside talent who meet the eligibility criteria for relevant professions can enjoy immigration facilitation when applying under the Quality Migrant Admission Scheme, the General Employment Policy and the Admission Scheme for Mainland Talents & Professionals.

    In reviewing the list, the Government considered whether talent of the professions concerned are readily available in the local employment market and cannot be nurtured by local training in good time.

    Those interested in the admission schemes can submit applications online.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Publication of financial reports: Federal Office of Justice imposes disciplinary fine on SPOBAG AG

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    On 5 December 2024, the Federal Office of Justice (Bundesamt für Justiz – BfJ) imposed a disciplinary fine amounting to 2,500 euros on SPOBAG AG.

    The disciplinary fine order related to a breach of section 325 of the German Commercial Code (Handelsgesetzbuch – HGB). SPOBAG AG failed to submit its accounting documents for the financial year 2023 for the purpose of disclosure to the operator of the German Federal Gazette (Bundesanzeiger) in electronic form within the prescribed period. The legal basis for the sanction is section 335 of the HGB.

    The company did not lodge an appeal against the Federal Office of Justice’s decision to impose a disciplinary fine.

    MIL OSI Economics –

  • MIL-OSI Economics: Michelle W Bowman: Brief remarks on the economy and accountability in supervision, applications, and regulation

    Source: Bank for International Settlements

    Thank you for the invitation to join you here in Phoenix at the ABA’s Conference for Community Bankers. For the past seven years, this conference provided an excellent forum for me and bankers to meet and interact with a range of state and federal regulators, policymakers, service providers, and other stakeholders. Today I would like to share a brief update on my views on monetary policy and the economy, before I turn to bank regulatory issues, and describe how I think that regulators should approach the important work of “maintenance” of the regulatory framework.

    Economic Outlook and Monetary Policy

    Toward the end of last year, the Federal Open Market Committee (FOMC) began the process of moving the target range for the federal funds rate to a more neutral setting to reflect the progress made since 2023 on lowering inflation and cooling the labor market. At our September meeting, the FOMC voted to lower the target range, for the first time since we began tightening monetary policy to combat inflation, by 50 basis points to 4-3/4 to 5 percent.

    You may remember that I dissented from that decision, the first time a Fed Governor dissented from an FOMC rate decision in nearly 20 years. I preferred a smaller initial cut to begin the policy recalibration phase. I explained my reasoning in a statement published after the meeting noting that the strong economy and a healthy labor market did not warrant a larger cut. In addition, moving the policy rate down too quickly could unnecessarily risk stoking demand, potentially reigniting inflationary pressures, and could be interpreted as a premature “declaration of victory” on our price-stability mandate.

    At the most recent FOMC meeting last month, my colleagues and I voted to hold the federal funds rate target range at 4-1/4 to 4-1/2 percent and to continue to reduce the Federal Reserve’s securities holdings. I supported this action because, after recalibrating the policy rate by 100 basis points through the December meeting, I think that policy is now in a good place, allowing the Committee to be patient and pay closer attention to the inflation data as it evolves.

    MIL OSI Economics –

  • MIL-OSI Economics: Christopher J Waller: Disinflation progress uneven but still on track rates cuts on track as well

    Source: Bank for International Settlements

    Thank you, Bruce, and thank you for the opportunity to speak to you today. It’s great being back in Sydney and seeing old friends-like the Opera House!

    As I look at the U.S. economy today, I see that the real side is doing just fine but progress on lowering inflation has come in fits and starts.1 After two good months of inflation data for November and December, January once again disappointed and showed that progress on inflation remains uneven. I continue to believe that the current setting of monetary policy is restricting economic activity somewhat and putting downward pressure on inflation. If this winter-time lull in progress is temporary, as it was last year, then further policy easing will be appropriate. But until that is clear, I favor holding the policy rate steady.

    Spending by households and businesses has proved to be resilient, we have solid growth in real gross domestic product (GDP) and the latest data on employment, including revisions to most of 2024, support the view that labor market is in a sweet spot. Meanwhile, last week’s January inflation data have a similar feel to that of January 2024, albeit to a smaller degree; they surprised on the high side and raised concerns that the progress we made in pushing inflation toward our 2 percent goal would stall out. But once we got past the first quarter of last year, we did see continued progress in reducing inflation in the latter part of the year. The question now is if we will see progress again later this year, as we did in 2024.

    Progress on inflation is an important consideration in policymakers’ judgment about whether monetary policy needs adjustment in the near term. The continued solid labor market is one reason why I supported the Federal Open Market Committee’s (FOMC) decision at the end of January to hold our policy rate steady. After two good inflation reports for November and December there was concern about a January bounce back in inflation. So based on good labor market data and concerns about a seasonal shock to inflation not fully adjusted in the data, I felt it was prudent to stand pat at our January meeting. Given last week’s inflation report, that concern was warranted.

    Let me pause here for a moment to address some commentary after the FOMC meeting that cited uncertainty about the new Administration’s policies as a leading reason for that decision. We must keep in mind that there is always a degree of uncertainty about economic policy, and we need to act based on incoming data even when facing great uncertainty about the economic landscape. We have done this in the past and will continue to do so in the future.

    Let me provide two recent examples where the FOMC acted in the face of great uncertainty. In March 2022, inflation was roaring, and rate hikes were on the table. Then Russia invaded Ukraine, which created tremendous economic uncertainty around the globe. Not only did the FOMC raise the policy rate in March 2022 for the first time since 2019, but in subsequent meetings we also implemented large rate hikes for several meetings. We could not wait for uncertainty about the war to be resolved.

    The second episode was in March of 2023 when stresses emerged in the U.S. banking system, stemming in part from the failures of Silicon Valley Bank and Credit Suisse, with the latter occurring the weekend before our March FOMC meeting. There was great uncertainty as to whether these events would lead to financial instability and a significant contraction of credit that could trigger a recession. Many forecasters projected a recession would hit in the second half of 2023 as a result. Consequently, there were calls to stop hiking the policy rate due to a tremendous amount of financial and banking uncertainty. But the Federal Reserve worked in concert with other government agencies and used its financial stabilization tools to deal with the banking issues and continued raising the policy rate to deal with inflation.2 So the moral of this story is that monetary policy cannot be put on hold waiting for these types of uncertainty to resolve.

    Putting uncertainty aside, let me turn to my view of the economic data. As I noted, real GDP continued to grow solidly in the fourth quarter, at a pace of 2.3 percent, and would have been nearly 1 percentage point stronger without a reduction in inventories, which tend to be volatile. Personal consumption expenditures (PCE), which are typically two-thirds of GDP, grew a robust 4.2 percent in the fourth quarter. As was noted in the Fed’s latest Monetary Policy Report to Congress, households have a solid level of liquid assets to sustain their spending. Based on the limited data we have for the first quarter of 2025 this solid growth seems to be continuing. The employment report for January, which I will focus on in a moment, indicated a continued strong labor market, which should support consumption. Retail sales are reported to have fallen back in January after a strong rise in December, but given how volatile these data can be, and given that the cold weather in January probably held down sales, I’m not putting much weight on that reading for the time being. Business sentiment, as reflected in surveys of purchasing managers in both manufacturing and non-manufacturing, was among the most consistently positive in a while. The index for manufacturing businesses was 50.9, the first time since October 2022 that these results topped 50, as sentiment indicators about orders, production, and employment were all expanding. The corresponding index for the large majority of businesses outside manufacturing also indicated expansion, as it has for some time. The Blue Chip consensus of private forecasters and the Atlanta Fed’s GDP Now forecast based on the data in hand predict growth this quarter similar to that of the end of last year. To circle back to my message earlier, many people predicted that tariffs proposed by the Administration on February 1 would have a significant effect on trade and consumption in the first quarter, not to mention prices, but after the postponement of some of those tariffs, it is unclear to me if and when that might show up in the data. I will, of course, be watching closely, but I haven’t altered my outlook based on what has been implemented to date.

    As I noted earlier, data on the labor market indicate that it is in a good spot, with employers having an easier time filling jobs than earlier in the expansion but with still ample demand for new workers and new jobs being created. The unemployment rate ticked down to 4 percent, which is just about where it has been for the past year. Employers added a net 143,000 jobs in January, down some from a 204,000 average for the final three months of 2024 but right around the 133,000 average for the quarter before that. Two factors that may have held down this number a bit were cold weather and the fires in Los Angeles, which prevented thousands of people from getting to or performing their jobs. Beyond payrolls, the ratio of job vacancies to the number of unemployed people stands at 1.1, close to the level before the pandemic.

    Wage growth continues to be strong, and it has considerably outpaced price increases, but is down from two years ago, and for a few reasons, I don’t judge recent data as indicating that wages are a factor preventing inflation from making continued progress toward 2 percent. Though the January reading of average hourly earnings was a bit elevated, this series is pretty volatile and the reading may have been held up by weather-related issues. Smoothing through the monthly fluctuations, we see wage growth fairly steady at 4 percent a month over the past year. Broader measures of worker compensation show a more distinct moderation in growth. The Labor Department’s employment cost index has fallen gradually but consistently from 4.2 percent at the end of 2023 to 3.8 percent at its last reading.

    As for whether 4 percent wage growth is consistent with 2 percent inflation, I will note, as I have before, that productivity has grown at roughly a 2 percent annual rate since the advent of the pandemic-and slightly faster than that in 2023 and 2024. Unless that productivity trend changes a lot, wage growth is consistent with bringing inflation down to 2 percent.

    Turning to inflation, last week’s data taken as a whole were mildly disappointing but not nearly so disappointing as a focus on the consumer price index (CPI) alone would have indicated. Total CPI inflation for January came in hot at 0.5 percent, and core was 0.4 percent, which brings the 12-month changes to 3.0 percent and 3.3 percent, respectively. These 12-month readings are lower than we had in January 2024, so we have made some progress over the past year, but they are still too high.

    However, we also received producer price data last week, and, combining that information with the CPI data, forecasts for January PCE inflation aren’t as alarming as the CPI inflation data. Estimates for total PCE inflation, the FOMC’s preferred measure, are about 0.3 percent and that for core PCE inflation was around 0.25 percent. These numbers will mean a bump-up in the monthly pace of core inflation of about one-tenth of 1 percentage point from readings of under 0.2 percent in November and December. And this would leave the 12-month and 6-month average core PCE inflation around 2.6 percent and 2.4 percent, respectively. These rates are lower than where they stood in January 2024, which is good, but progress has been slower than I expected on reducing inflation to our 2 percent target.

    As a policymaker, I rely on these data to help me judge how close we are to meeting our inflation target. And I’m thinking hard about how to interpret these recent numbers because there seems to be some pattern over the past few years of higher inflation readings at the start of the year. This pattern brings into question whether the inflation data have “residual seasonality,” which means that statisticians have not fully corrected for some apparent seasonal fluctuations in some prices. Many firms reset their prices at the beginning of each year, and the Commerce Department tries to factor this in, but even after this adjustment, there is a consensus among economists that some seasonality remains. Incidentally, this probably isn’t just a problem in January. Some recently updated research by the Fed staff shows that inflation in the first months of the year has been higher than in the second half for 16 of the last 22 years.3 I’m alert to this issue and will watch the data over the next few months to evaluate if we are having what looks like a repeat of high first quarter inflation data that could be followed by lower readings later in the year.

    Before I get to my outlook for monetary policy, I want to address a topic of some debate recently, which is the divergence between long-term interest rates and the FOMC’s policy rate since we started cutting rates in September. While the FOMC has reduced the policy rate 100 basis points since then, yields on the benchmark 10-year Treasury security have increased by a noticeable amount. In theory, longer-term rates should follow the expected path of the overnight policy rate set by the FOMC. But this relationship is based on the classic economic assumption of ceteris paribus, or “all other factors remaining constant.” The 10-year Treasury security trades in a deep, liquid global market, and its yield is affected by a variety of factors other than the path of the policy rate. This means that all other factors are not constant and that the 10-year Treasury yield may not follow the federal funds rate.

    Perhaps the most famous example of the divergence of market interest rates and policy rates began in the mid 2000’s. The FOMC was tightening monetary policy from 2004 to 2006 and raised the policy rate 425 basis points. Over that time, Treasury yields barely moved. This was so surprising that Fed Chairman Alan Greenspan referred to it as a “conundrum.” At about the same time, future Chair Ben Bernanke identified what he called a “global savings glut” that was pushing up foreign demand for Treasury securities and putting downward pressure on yields. Over time, this has come to be seen as a significant factor for the conundrum then and as a factor for low Treasury yields subsequently. This example is just to illustrate that the 10-year Treasury yield may not respond to the policy rate as expected because of a variety of factors that are beyond the control of the FOMC.

    So, what does my economic outlook mean for monetary policy? The labor market is balanced and remarkably resilient. If you want an example of a stable labor market with employment at its maximum level, it looks a lot like where we are right now. On the other side of the FOMC’s mandate, inflation is still meaningfully above our target, and progress has been excruciatingly slow over the last year. This tells me that we should currently have a restrictive setting of policy, as we do-to continue to move inflation down to our goal-but that setting should be getting closer to neutral as inflation moves closer to 2 percent and should allow the labor market to remain in a good place.

    So for now, I believe a pause in rate cuts is appropriate. Assuming the labor market continues to be in rough balance, I can wait and see if the higher inflation readings in January moderate, as they have in the past couple of years. If so, I’ll have to decide if this reflects residual seasonality that will go away later in the year and if the underlying trend in inflation is toward 2 percent, or if there is a different issue holding up inflation and how that may play out. Whichever case it may be, the data are not supporting a reduction in the policy rate at this time. But if 2025 plays out like 2024, rate cuts would be appropriate at some point this year.

    And while we are waiting on data to understand how the economy is moving relative to our objectives, we will learn more about Administration policies. My baseline view is that any imposition of tariffs will only modestly increase prices and in a non-persistent manner. So I favor looking through these effects when setting monetary policy to the best of our ability. Of course, I concede that the effects of tariffs could be larger than I anticipate, depending on how large they are and how they are implemented. But we also need to remember that it is possible that other policies under discussion could have positive supply effects and put downward pressure on inflation. At the end of the day, the data should be guiding our policy action-not speculation about what could happen. And if the incoming data supports further rate cuts or staying on pause, then we should do so regardless of how much clarity we have on what policies the Administration adopts. Waiting for economic uncertainty to dissipate is a recipe for policy paralysis.

    MIL OSI Economics –

  • MIL-OSI Economics: Klaas Knot: Dealing with geo-economic fragmentation

    Source: Bank for International Settlements

    Good morning, welcome back. And for those of you who were not present at dinner last night, welcome to our newly renovated building. We are glad to be back in our headquarters after nearly five years of renovation work. We are immensely proud of it.

    Today’s topic is ‘Dealing with geo-economic fragmentation’. Not really a topic for a Valentine’s day. Rather than being in love, it sometimes seems the world is in the middle of a nasty multilateral divorce. We see accusations, threats, and fighting over the children.

    And as in a real divorce, geopolitical tensions have real consequences for real people. The impact on our constituency differs widely per country. For more than three years already, Ukraine has been literally fighting for its life. Incredibly, and despite all hardship, it has more than successfully concluded the 6th review of its IMF programme. Other countries in our constituency are facing a threatening security situation. They are rearming, protecting their strategic economic infrastructures. And we all suffer when free trade declines and international economic and financial cooperation stalls.

    Strengthening national security and curbing strategic economic risks are logical policies in a world that has become a more dangerous place. But, if not properly managed, the economic costs of these policies could be very high.

    Economic costs can be felt directly as a result of trade restrictions, for example through higher import prices, market segmentation and reduced access to technology and knowledge.

    Fragmentation impacts not only the real economy and inflation. It also has implications for financial stability. Weaker growth and higher inflation make it more likely that banks and other financial institutions will incur credit and market losses. Restrictions on the flow of capital and investments limit the ability of financial institutions to diversify their portfolios. And state-sponsored cyber-attacks pose a threat to our financial systems.

    But perhaps the most important way in which fragmentation impacts financial stability is when we can no longer find each other when faced with crucial cross-border challenges. And there are many such challenges. During the Global Financial Crisis, policymakers around the world were able to respond swiftly and effectively. This was possible thanks to good relations among public-sector financial decision makers and solid institutional structures that had been forged over the years. After the crisis, countries around the world, assembled in the G20, took the lead in hammering out a firm package of financial reforms. In a fragmented world, such a swift response is becoming more complicated. This could prove costly. That’s because the most important challenges to financial stability that we currently face are precisely the cross-border issues that we can only solve if we work together.

    For us central banks, and for institutions like the IMF and the World Bank, geo-economic fragmentation is to a large extent a given. We have to deal with it, and of course the central question is: how? I am glad that we have been able bring four distinguished speakers to the table to share their expert knowledge and fuel our discussion.

    To give you my two cents, I think our task as central bankers is to try to limit the economic cost of the current global political climate. By continuing to speak up for the international financial rules-based order that has brought us stability and prosperity over the decades. By pointing to the economic and social costs of protectionist policies. And by staying committed to constructive international working relationships as much as possible, so that the international financial policy framework can continue to function.

    And we need to speak up for further European integration. In the economic and financial domain, that means deepening the internal market, completing the banking union, and working towards a capital markets union. But beyond that, it has become clear that we have to work closer together in many other fields as well: in defence, energy, healthcare, etcetera. And, as I said yesterday, we have to work to bring the non-EU countries that share our values closer to the European Union. To this end, the IMF constituency can be a useful instrument. We really need to work together.

    MIL OSI Economics –

  • MIL-OSI Economics: Lesetja Kganyago: Institutions, leadership and the populist challenge

    Source: Bank for International Settlements

    Good day and thank you for inviting me to give this keynote address.

    Let me join you all in congratulating Andile Nikani on his appointment as the Chief Executive Officer (CEO) of the Arbitration Foundation of Southern Africa.

    Arbitrators work to achieve fair outcomes. Fairness is an objective that is valued universally, even by children from an early age. But arbitrators like you also achieve something else.

    As the field of law and economics has shown us, when you apply economic reasoning to law, you often find that traditional legal approaches overlook the importance of efficiency. In a dispute, especially a professional dispute, parties fear long delays and excessive costs. If you get stuck in a process like that, even winning offers little consolation.

    So let me commend you, not only for ensuring fairness, but also for doing it efficiently enough that parties freely choose you to resolve their conflicts and voluntarily accept your decisions.

    For this keynote, I have chosen a subject that I hope will interest both economists and lawyers. I want to talk about the populist challenge to institutions and what it means for leaders.

    The fact is that populism is widespread in the world.

    It was once seen as a developing-country phenomenon − something rooted in places like Argentina − and not much of an issue in mature democracies. But no one believes that now, especially not since 2016, with the surprise outcomes of the Brexit referendum and the United States election. Last year − the year of elections − made that point even clearer. Whether we are talking about rich countries or poorer ones, there is no denying that we are in an age of populism. We need to reflect on why populist ideas have this appeal, and how we can respond.

    MIL OSI Economics –

  • MIL-OSI Europe: Written question – Safeguarding European industry: confronting the European Green Deal’s economic and industrial consequences within the framework of the Competitiveness Compass – E-000553/2025

    Source: European Parliament

    Question for written answer  E-000553/2025
    to the Commission
    Rule 144
    Şerban Dimitrie Sturdza (ECR), Adrian-George Axinia (ECR), Georgiana Teodorescu (ECR), António Tânger Corrêa (PfE), Rihards Kols (ECR), Adam Bielan (ECR), Ewa Zajączkowska-Hernik (ESN), Aurelijus Veryga (ECR), Ivaylo Valchev (ECR), Filip Turek (PfE), Marion Maréchal (ECR), Margarita de la Pisa Carrión (PfE), Jorge Martín Frías (PfE), Jorge Buxadé Villalba (PfE), Jadwiga Wiśniewska (ECR), Dominik Tarczyński (ECR), Sebastian Tynkkynen (ECR), Charlie Weimers (ECR), Beatrice Timgren (ECR), Nicolas Bay (ECR), Dick Erixon (ECR), Laurence Trochu (ECR), Kosma Złotowski (ECR), Diana Iovanovici Şoşoacă (NI), Luis-Vicențiu Lazarus (NI), Klara Dostalova (PfE), Ondřej Krutílek (ECR), Fernand Kartheiser (ECR), Tomáš Kubín (PfE), Tiago Moreira de Sá (PfE), Claudiu-Richard Târziu (ECR)

    The Competitiveness Compass rightly acknowledges the serious challenges the European economy faces, yet it fails to address the core issue: the excessive regulatory burden and skyrocketing energy costs driven by the European Green Deal, which is crippling European industry, driving companies offshore and eroding our strategic autonomy. Meanwhile, our global competitors – the US and China – are prioritising industrial growth and energy security over ideological constraints.

    Europe cannot afford more self-imposed economic decline. We need a radical change of course.

    • 1.Will the Commission acknowledge the incompatibility between the European Green Deal and saving European industrial competitiveness by initiating a process to phase out its most damaging measures to prevent further deindustrialisation?
    • 2.How would the Commission justify maintaining policies that erode European competitiveness while major global economies pursue more pragmatic approaches, and will it commit to a comprehensive reassessment of climate legislation to ensure alignment with the EU’s economic growth imperatives and energy security priorities?
    • 3.How does the Commission justify pursuing policies that deepen Europe’s dependency on non-EU countries for critical raw materials while undermining our industrial base, and what concrete measures will it take to ensure affordable and secure energy for European businesses, beyond an unrealistic reliance on intermittent renewables?

    Submitted: 6.2.2025

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Greater support for foster carers to help children out of residential care

    Source: City of Plymouth

    A new package of support has been developed to help children and young people with higher levels of need to live in a family home in or near to Plymouth, rather than in residential care.

    The new ‘Step Forward Scheme’ for foster carers has been developed by Foster for Plymouth, Plymouth City Council’s own fostering agency, to address the challenge of a growing number of children and young people in residential care.

    The aim is for all children and young people in care in Plymouth to be cared for in a loving and supportive local family home, however due to a shortage of foster carers this is not always possible.

    Living in residential care often means that children have to live away from the city and is often not the best environment to support their wellbeing. It also places a huge financial burden on the Council.

    The Step Forward Scheme is designed to give greater support to foster carers who are willing and able to support children with greater needs, such as behavioural challenges.

    In recognition of this, the scheme offers a comprehensive package in return, including a minimum financial allowance of £800 per week (£41,600 per year).

    Step Forward foster carers and children will also receive wraparound support from a dedicated team of professionals including specialist mental health practitioners and dedicated supervising social workers. There will also be peer support from other foster carers, with a buddy system and a monthly group meeting.

    Councillor Jemima Laing, Cabinet Member for Children’s Social Care, said: “We recognise that in some very exceptional cases, residential care can be an appropriate move for young people. But for the vast majority of the children and young people we support, it would be much better for them to live in a loving family home within Plymouth so that they continue to maintain positive relationships with family and friends and can access health and social care support.

    “The new Step Forward foster care scheme recognises that some children who may otherwise have to live in residential care have much higher emotional and support needs, which has led to us developing this new package of support to encourage more foster carers to take on this role.

    “This offer is open to our existing carers, but we would welcome applications from new foster carers who have other experience of working with children and young people with complex needs, and who may be looking for a new challenge that would give them the opportunity to make a huge difference to a child’s life.”

    To be a Step Forward foster carer, applicants will need to demonstrate key qualities such as resilience and determination, and high levels of empathy and compassion so that they can help children recover from the trauma they have experienced by parenting them in a therapeutic way.

    Foster carers would need to have experience of working alongside children with complex needs, either as a foster carer or in social care, health, education, in a residential setting or in youth justice.

    The Step Forward scheme is open to current Foster for Plymouth carers and to other foster carers who may be interested in transferring to Foster for Plymouth, as well as people who have not fostered before but who have the relevant experience.

    For more information, contact the Foster for Plymouth team on [email protected] or 01752 308762.

    Find out more about fostering in Plymouth at fosterforplymouth.co.uk.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Director-General of Office for Attracting Strategic Enterprises visits Auckland and Sydney to promote Hong Kong’s advantages (with photos)

    Source: Hong Kong Government special administrative region

    Director-General of Office for Attracting Strategic Enterprises visits Auckland and Sydney to promote Hong Kong’s advantages (with photos)
    Director-General of Office for Attracting Strategic Enterprises visits Auckland and Sydney to promote Hong Kong’s advantages (with photos)
    ******************************************************************************************

         The Director-General of the Office for Attracting Strategic Enterprises (OASES), Mr Peter Yan, today (February 18) began his visit to Auckland, New Zealand, and Sydney, Australia, to promote Hong Kong’s latest developments and new opportunities in the innovation and technology (I&T) industry. These include sectors of artificial intelligence and data science, life and health technology, advanced manufacturing and new energy technology, and financial technology, with the aim of attracting potential strategic enterprises to establish their presence in Hong Kong.           Upon arrival in Auckland today, Mr Yan met with various senior representatives of local I&T enterprises to gain insights into the latest local technological developments and trends, and exchange views on potential collaboration opportunities between Hong Kong and Auckland. Mr Yan also shared OASES’s unique role and support functions with the business leaders, and discussed with them their intentions and plans for setting up or expanding in Hong Kong.           During the meetings, Mr Yan said, “Hong Kong is the world’s freest economy, the third-largest international financial centre, and the seventh-most digitally competitive city globally. Additionally, Hong Kong is the only Asian city with five universities in the world’s top 100, and features world-class research institutions, top-notch professional services and a highly skilled talent pool. On top of these unique advantages, Hong Kong also embraces the role of connecting both Mainland China and overseas countries, serving as a ‘super connector’ and ‘super value-adder’, making it the most convenient and efficient gateway for New Zealand and Australian enterprises to enter Mainland China.”           Tomorrow (February 19) and February 20, Mr Yan and an OASES representative will meet with more I&T enterprises in Auckland and Sydney. They will also visit industry chambers, I&T investment and financial institutions, and professional services organisations in both places to discuss opportunities for financial and investment exchanges as well as I&T collaborations between Hong Kong and the two cities to foster interaction between talent and industries within the I&T sector.           Through these meetings, Mr Yan aims to reinforce OASES’s connections with Auckland and Sydney, and encourage more strategic enterprises to establish a presence in Hong Kong.           Mr Yan will depart for Hong Kong in the afternoon on February 20 (Sydney time).

     
    Ends/Tuesday, February 18, 2025Issued at HKT 19:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: TRIFED and Tea Trunk sign MoU to bolster Tribal economy

    Source: Government of India (2)

    Posted On: 18 FEB 2025 4:19PM by PIB Delhi

    In a significant move to expand the market outreach of tribal products, Tribal Cooperative Marketing Development Federation of India Ltd (TRIFED), under the Ministry of Tribal Affairs, has entered into a strategic partnership with Tea Trunk, a house of finest Indian tea leaves and unique blends. A Memorandum of Understanding (MoU) was signed here on February 17, marking a pivotal step in ensuring the availability of tribal products in the mainstream retail market, catering to a much bigger customer base.

    The MoU was signed in the presence of Union Minister of State for Tribal Affairs Shri Durgadas Uikey and Managing Director of TRIFED Shri Ashish Chatterjee during the ongoing flagship event ‘Aadi Mahotsav’, being held at Major Dhyan Chand National Stadium in the National Capital from 16 to 24 February 2025. The MoU was exchanged between TRIFED General Manager Shri Sandeep Pahalwan and Ms Snigdha Manchanda, Founder & CEO, Tea Trunk.

    The primary objective of this collaboration is to boost the tribal economy by leveraging Tea Trunk’s market presence and providing a wider choice of products to its existing customer base. This collaboration will ensure sustainable economic development for tribal producers and provide them with skill development and capacity-building opportunities.

    The TRIFED has been organsing “Aadi Mahotsav – National Tribal Festival” to provide direct market access to the tribal master-craftsmen and women in large metros and State capitals. The theme of the festival is “A Celebration of the Spirit of Entrepreneurship, Tribal Craft, Culture, Cuisine and Commerce”, which represents the basic ethos of tribal life.

    President of India Smt Droupadi Murmu had inaugurated the festival on February 16, 2025 in the august presence of Shri Jual Oram, Union Minister for Tribal Affairs; Shri Durga Das Uikey, MoS Tribal Affairs; Ms. Bansuri Swaraj, Member of Parliament, New Delhi.

    About TRIFED:

    * TRIFED is an organization under the Ministry of Tribal Affairs, Government of India, dedicated to the socio-economic development of tribal communities through the marketing development of tribal products.

    About Tea Trunk:

    * Tea Trunk is a premium tea brand based in Goa that sells unique blends of Indian tea leaves, spices, handicrafts, etc. It offers a myriad of teas such as detox and digestion, immunity boosting, calm and de-stressing, anti-ageing, weight loss, etc.

     

    PSF/DK

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister Shri Bhupender Yadav inaugurates a day-long conclave – ‘Waste Recycling and Climate Change 2025’

    Source: Government of India

    Union Minister Shri Bhupender Yadav inaugurates a day-long conclave – ‘Waste Recycling and Climate Change 2025’

    Industry-wide adoption of Circular Approaches is critical to driving Sustainable Growth and Resource Efficiency: Shri Bhupender Yadav

    Four Key Strategies for a Successful Circular Economy highlighted – Redesigning Products for Circularity; Investment in Advanced Recycling Technologies; Strengthening Supply Chain Collaboration; Consumer Awareness and Behavioral Change

    Posted On: 18 FEB 2025 3:43PM by PIB Delhi

    Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav today inaugurated a day-long conclave organized by the Recycling and Environment Industry Association of India (REIAI), on ‘Waste Recycling & Climate Change 2025’.

     

    Addressing the inaugural session, the Union Minister stated, “India generates around 62 million tonnes of waste annually, with plastic, electronic, and hazardous waste growing rapidly. The traditional linear economic model of take, make, and dispose is no longer sustainable. The increasing pressure on landfills, depletion of natural resources, and environmental damage from unchecked waste disposal require urgent action. The circular economy is not just an alternative; it is essential. It marks a fundamental shift in how we produce, consume, and manage materials”. A well-functioning circular economy not only conserves natural resources but also fosters industrial innovation, economic competitiveness, and job creation, he stated.

    Shri Yadav said that under the visionary leadership of Prime Minister Shri Narendra Modi, India is shifting from waste management to harnessing the economic potential of recycling through waste to wealth initiative. “The circular economy has a major role in the future including reducing, reusing, and recycling at every stage, from product design to end-of-life management. Waste should not be treated as a burden but as a resource. Adopting sustainable practices is crucial for achieving economic resilience, environmental sustainability, and social security”, he added.

     

    The Minister further stated that by the year 2050 India’s circular economy is expected to have a market value of $2 trillion and create 10 million jobs. It a big opportunity for start-ups and new recycled product developers. It is important to align this growth with environmental sustainability, drawing inspiration from nature’s efficient recycling systems as nobody recycles like Nature, he added.

    Shri Yadav urged the recycling industry in the country to develop and adopt newer innovative technologies for reducing dependence on natural resources as well as cutting down imports of critical minerals needed for economic growth. “Adopting circular economy principles can bring tremendous economic benefits. This shift towards resource efficiency aligns seamlessly with our national vision of Atmanirbhar Bharat, enhancing the competitiveness of Indian industries in global markets”, the Minister added.

     

    The Minister informed that the Ministry has been instrumental in formulating policies and regulations, including Extended Producer Responsibility (EPR) frameworks, that incentivize recyclers and integrate the informal sector into formal recycling systems. These initiatives aim to streamline waste management and promote eco-friendly production across industries. The Ministry has notified a number of market-based Extended Producer Responsibility (EPR) Regulations, including those on e-waste, end-of-life vehicles, plastic packaging, waste tyres, waste batteries, used oil. The revenue earned by registered recyclers from sale of EPR certificates is additional profit earned over and above the profit generated from the sale of recycled product, he added.

    Shri Yadav said that the government has laid down the policies but Industry-wide adoption of circular approaches is critical to driving sustainable growth and resource efficiency. The Minister highlighted 4 key strategies in this direction:

    1. Redesigning Products for Circularity: Companies must move beyond single-use models and design products for recyclability. The integration of biodegradable, reusable, and modular components will help extend product life cycles and reduce waste.
    2. Investment in Advanced Recycling Technologies: Adoption of emerging technologies can transform waste management systems, thereby improving recovery rates.
    3. Strengthening Supply Chain Collaboration: Businesses need to collaborate across the value chain to optimize resource utilization, create closed-loop production systems, and build markets for secondary raw materials.
    4. Consumer Awareness and Behavioural Change: Circularity requires active consumer participation. Industries must invest in campaigns to engage consumers, incentivize recycling, and promote sustainable consumption behaviours.

     

    Dr Amandeep Garg, Additional Secretary, Ministry of Environment, Forest and Climate Change and Chairman, Central Pollution Control Board (CPCB) said, “There is a huge gap and huge potential to work towards waste recycling system, as the role of recycling industry is important cut imports of various critical products needed for economic growth”. Corporate houses should lead the transition to a circular economy by incorporating recyclable designs, promoting sustainability in dealership operations, and enhancing consumer awareness, he added.

    The event witnessed the presence of Dr. Ashok Kumar, President, Recycling and Environment Industry Association of India and subject experts from the industry and about 200 delegates environmental scientists, waste management professionals and policymakers.

    Link to Union Minister’s Address: https://x.com/byadavbjp/status/1891738588506882540?t=DJBoZWZnfkxUliS4sdOkLw&s=08

     

    *****

     

    VM/GS

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Enhance Strengths and Thrive through Innovation and Connectivity (with photos)

    Source: Hong Kong Government special administrative region

         The Commissioner of Customs and Excise, Mr Chan Tsz-tat, chaired Customs’ 2024 year-end press conference held at the Customs Headquarters Building today (February 18) to review the department’s law enforcement results and sustainability in the provision of trade and clearance facilitation during the year. Mr Chan also outlined that, while carrying on its fine tradition of providing simple and efficient customs clearance that makes Hong Kong a trading and logistic hub for different sectors, the department will actively adopt new technology, adjust enforcement strategies and reinforce collaboration with other customs administrations to enhance enforcement efficiency. Hong Kong Customs will continue its efforts to strengthen and uphold its leading role in customs affairs and combat cross-boundary crimes in the Asia-Pacific region.  

    Overall enforcement situation
    ———————————
     
         In 2024, a total of 31 242 cases were detected, an increase of 63 per cent from the 2023 figure. About 68 per cent of the cases are related to illicit cigarettes, followed by cases related to dangerous drugs and intellectual property rights infringement.

    Illicit cigarettes
    ——————
     
         On the anti-illicit cigarette operation front, the number of detected cases in 2024 increased by 80 per cent to 21 284 cases from 2023, with 614 million cigarettes seized, representing a 6 per cent drop as compared to the figure for 2023.

         The significant increase in the number of illicit cigarette cases stemmed from a huge surge in cases involving inbound persons bringing in cigarettes exceeding the duty-free concessions by imposing a penalty on offences compoundable. Such cases rocketed by 94 per cent to 19 072 cases from 2023. Moreover, 40 large-scale illicit cigarette smuggling cases were detected last year, which was the same as 2023.

         In addition, 2 451 cases involving alternative smoking products, with seizures of over 12 million pieces of relevant products, including electronic cigarettes and heat-not burn products, and 2 255 arrestees in total, were detected last year.
     
    Dangerous drugs
    ——————-
     
         In 2024, 1 363 drug cases were detected, which was about the same as the 2023 figure. A total seizure of about 6.3 tonnes of drugs was made, representing a drop of 33 per cent from 2023.

         The five major drug seizures in order of quantity were cannabis (2 874.8 kilograms, a 22 per cent increase), ketamine (1 202.8kg, a 34 per cent decrease), methamphetamine (“Ice”) (1 111.7kg, a 50 per cent decrease), cocaine (711.4kg, a 64 per cent decrease) and MDMA (Ecstasy) (149.6kg, a 3 per cent decrease) compared to the figure for 2023.

         Customs noticed that drug syndicates resume to traffic drugs by exploiting inbound air passengers, and the number of such cases and seizure quantity showed a noticeable upward trend, with 113 relevant cases detected and 988kg drugs seized last year, representing an increase of 38 per cent and a 1.9-fold increase as compared to figures for 2023. Moreover, etomidate (the main ingredient of “space oil drug”) was put under control of the Dangerous Drugs Ordinance on February 14, and Customs has stepped up enforcement efforts to combat the dangerous drug on various fronts.
          
    Smuggling
    ————
     
         A total of 233 smuggling cases with a seizure value of $4.340 billion in total were detected last year, representing an increase of 5 per cent and 37 per cent from 2023 respectively.
          
         Smuggling syndicates still mainly conduct smuggling activities by sea. Apart from making use of barges, speedboats and fishing vessels, Hong Kong Customs also found criminals using river trade vessels to smuggle large amounts of goods to nearby Mainland cities and Macao, or even adopting more circuitous routes by shipping goods overseas and then re-exporting them to the Mainland to evade the department’s detection.

    Money laundering
    ——————–
     
         Customs last year detected eight money laundering cases with $19 billion involved.
     
    Intellectual property rights
    ——————————
     
         Customs detected 783 intellectual property rights infringement cases last year, representing an annual increase of 11 per cent. The seizure value of infringing items increased 7 per cent to around $309 million (4 million items) as compared to the figure for 2023.

         As for Internet infringement, 130 cases were detected, representing an increase of 29 per cent from 2023.

         Customs last year applied the “communication right” under the Copyright Ordinance for the first time to detect a case of unauthorised communication of live football matches to the public by a restaurant in the course of business.

    Consumer protection
    ————————

         Customs last year received 12 436 complaints regarding suspected cases of violating the Trade Descriptions Ordinance (TDO), a drop of 34 per cent from 2023. Among them, 11 601 complaints were handled:
     
    (i) Detailed investigations have been made on 7 492 complaints;
     
    (ii) The remaining 4 109 complaints have been closed since they were not in contravention of the TDO, or have been referred to other relevant departments or institutions for follow-up actions.
     
         There were 3 003 complaints involving fitness services last year, accounting for 47 per cent of the total number of complaints regarding services and an increase of 14-fold from 2023. This was mainly due to the announcement of business temporary closure of a chain fitness and beauty centre.

         Complaints on medicine shops involving quantities of unclear pricing units in selling ginseng and dried seafood, or Chinese medicine (also known as cases concerning catty, tael and mace) or sale of proprietary medicines slightly decreased to 497 cases in total, among which 86 percent were made by Mainland tourists. The department’s Quick Action Team has been deployed to handle and follow up with complaints by short-term visitors to Hong Kong, and 208 such complaints were handled last year, with 11 shop owners and staff arrested. Customs is also committed to conducting promotion and education through multiple channels, informing Mainland visitors about common unfair trade practices by medicine shops, deploying mobile promotion vehicles at popular tourist hotspots during festivals, conducting patrols with the Travel Industry Authority, and promoting compliance among traders.
     
    Clearance and trade facilitation
    ———————————–

         Customs has continued to facilitate clearance and trade and implement various related measures.
     
    (i) Since the full resumption of normal travel with the Mainland, the number of inbound and outbound passengers and vehicle trips at each control point was about 300 million and about 14.9 million. The number of inbound and outbound passengers has recovered to the number before the 2019 epidemic, while the number of vehicle trips has recovered to about 95 per cent. To further enhance clearance mode, Customs is actively participating in the redevelopment project of the boundary control point in Huanggang taken forward by the HKSAR Government and the Shenzhen Municipal Government, and will provide suggestions on the design and clearance mode of the boundary control point. Details are still under discussion.

    (ii) Based on the Smart Customs Blueprint, Customs has given full play to the advantages of innovative technologies, such as artificial intelligence, cloud computing and blockchain, and has introduced nine CT scanners that provide high-resolution three-dimensional scanning images and the function of automatically detecting contrabands, improving customs clearance efficiency and law enforcement capabilities. Also, the department is researching on the Customs Big Data Application System that could strengthen the capabilities to detect and crack down on smuggling and other crimes related to Customs through an integrated database.

    (iii) Customs actively expands the global network of the Hong Kong Authorized Economic Operator (AEO) Mutual Recognition Arrangement (MRA). Last year, Customs signed the AEO MRAs with the Bahrain and the South African Customs. The MRAs with Saudi Arabia and the Philippines Customs are expected to be signed in early 2025. As of now, there are a total of 16 MRAs ratified between Hong Kong Customs and other economies. AEO MRA Action Plans with the United Arab Emirates, Lao, Chilean and Peruvian Customs were also concluded last year, while the discussion about MRA with other countries along the Belt and Road Initiative is ongoing.

    (iv) Hong Kong Customs and the General Administration of Customs of the People’s Republic of China (GACC) actively enhanced the “Single Submission for Dual Declaration” Scheme. The Scheme was expanded to southbound cargo at all Shenzhen highway ports in November last year, and is planned to cover northbound cargo by the second quarter of 2025 or earlier. Under the Scheme, companies can synchronise cargo information declared with the system on the Mainland through the Hong Kong system, significantly reducing customs clearance time and possible declaration input errors. The Scheme is conducive to the design of system functions of the third phase of Hong Kong Trade Single Window.

    (v) Last year, Hong Kong and Mainland Customs actively extended the Single E-lock Scheme. As of December last year, the number of clearance points under the scheme has reached 93, including 66 in Guangdong, four in Hunan, six in Fujian, four in Macao and 13 in Hong Kong, providing the industries with more than 1 000 cross-boundary route options. Hong Kong Customs and the Nanning Customs are looking into extending the scheme to Guangxi.

    (vi) To cope with the rapid development of the global electronic commerce industry, Customs launched the Cross-boundary Express Cargo Clearance Facilitation Arrangement (CEFA), providing an innovative customs clearance model of “free flow through the first line and efficient control at the second line” to qualified logistics providers. A Memorandum of Understanding with an express courier company was signed at the end of last year, marking the official commencement of the CEFA. As of December last year, over 2 000 cargo vehicle trips and 470 000 declared goods were facilitated under the CEFA.
     
    Strengthen Mainland and international co-operation
    ———————————————————-
     
         Hong Kong Customs last year continued to reinforce connection with both the Mainland and the world, promoting two-way or multi-way communication and collaboration with different regions. These included meeting with the GACC on customs affairs and signing a co-operative arrangement about drug detector dogs; cohosting a conference on combating illicit cigarettes with the Australian authority; organising forums and workshops on combating money laundering and transnational organised crimes, and risk management and intelligence analysis with overseas law enforcement agencies.

         The co-operation between Hong Kong Customs and customs and enforcement agencies around the world has a long history, and the Customs Co-operative Arrangement (CCA) serves as the cornerstone for establishing and maintaining these co-operative relationships. As of last year, Hong Kong Customs signed the CCA with 31 customs authorities worldwide. Hong Kong Customs also signed a CCA with the Zakat, Tax and Customs Authority of Saudi Arabia and is actively seeking co-operation with other Middle East countries.

         Since assuming the office of the Vice-Chairperson for the Asia/Pacific (A/P) region of the World Customs Organization (WCO) in July last year, Hong Kong Customs has hosted a series of global or regional meetings and workshops, covering areas such as combatting illicit cigarettes, canine enforcement and anti-money laundering, and gathered representatives from around the world to communicate and exchange views on relevant issues, hence strengthening co-operation among law enforcement agencies in the region.
     
    Human resources
    ——————–
     
         On manpower recruitment, the department continued to adopt an active recruitment strategy last year, including participating in large-scale career fairs and organising seminars, promoting recruitment through social media platforms, visiting different tertiary institutions to facilitate on-the-spot applications. Mainland Hong Kong students are one of the target groups for Customs recruitment. The department held recruitment seminars on the Mainland in March last year and received more than 290 applications on the spot. Last year, more than 8 400 applications were received for the recruitment of Customs Inspectors, an increase of 12 per cent compared with 2023. About 9 600 applications were received for the recruitment of Customs Officers, representing an about 13 per cent increase compared with 2023. Last year, 82 Customs Inspectors and 355 Customs Officers were recruited. The department will continue its recruitment exercise to fill vacancies this year.

         To strengthen officers’ training in various professional aspects, co-operative Memoranda of Understanding were also signed with the National Academy of Governance, the Vocational Training Council and the University of Hong Kong last year.
     
    Youth development
    ———————-

         Customs continues with its commitment to youth development work. By end-2024, Customs YES recruited 7 935 individual members and 58 organisation members, and held over 490 activities. In addition, a 40-person Foot Drill and Flag Party of the Customs Youth Leader Corps, the first youth group under the Security Bureau to perform Chinese-style rifle foot drill, was set up last year.

    Future development
    ———————–
     
         Hong Kong Customs, as the Vice-Chairperson for the A/P region of the WCO, will continue to foster connection, and promote trade facilitation measures and development in the A/P region by continuing to organise large-scale meetings and workshops on multiple topics this year, including data strategies, e-commerce and Smart Customs.

         Furthermore, Hong Kong Customs has suggested introducing a duty stamp system to differentiate and crack down on duty-not-paid illicit cigarettes during a public consultation on tobacco control by the Health Bureau (HHB). A consultancy study on the duty stamp system was launched by Hong Kong Customs, the Financial Services and the Treasury Bureau and the HHB, and the report has been completed by end-2024. Affixing duty-paid labels on the packages of cigarettes is proposed. Based on the report, Hong Kong Customs will invite cigarette manufacturers to participate in a pilot scheme on the duty stamp system to assess the feasibility and technical issues concerning the stamp duty system, which will help with Customs’ improvement work and the implementation of the system in future. The pilot scheme is expected to be rolled out in mid-2025, while the system is expected to be officially launched within 2026. Hong Kong Customs will announce the details to the industry and the public in due course.
     
    Conclusion
    ————
     
         Concluding his briefing, Mr Chan pledged that the department will continue to leverage Hong Kong’s distinctive advantages of enjoying strong support of the motherland and being closely connected to the world under “one country, two systems” to consolidate Hong Kong’s status as an international financial, shipping and trade centre.      

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India-Qatar Joint Business Forum held to Strengthen Bilateral Economic Ties

    Source: Government of India (2)

    India-Qatar Joint Business Forum held to Strengthen Bilateral Economic Ties

    The Forum epitomised the strength of the India-Qatar relationship built on shared interests and mutual respect

    Economic collaboration for a shared future, promoting trade, energy security, technology, and sustainability formed the cornerstone of discussions

    Posted On: 18 FEB 2025 3:20PM by PIB Delhi

    On the sidelines of the visit of H.H. Sheikh Tamim bin Hamad bin Khalifa Al Thani, Amir of Qatar to India from 17-18 February, Confederation of Indian Industry, in partnership with the Department for Promotion of Industry and Internal Trade (DPIIT) organised the India-Qatar Joint Business Forum on 18th February 2025 in New Delhi. The Joint Business Forum was graced by Shri Piyush Goyal, Hon’ble Minister of Commerce and Industry, Government of India and H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Hon’ble Minister of Commerce and Industry, State of Qatar, who delivered keynote address at the Business Forum.

    Speaking in the Inaugural session of the Joint Business Forum, Union Minister, Shri Piyush Goyal reaffirmed India’s ambition to become a USD 30-35 trillion economy by 2047, in alignment with the Viksit Bharat vision. He emphasized that while India and Qatar share a long history of successful energy trade, the future of this partnership extends beyond hydrocarbons to cutting-edge sectors like AI, quantum computing, IoT, and semiconductors etc.

    He emphasized that as geopolitical dynamics shift and cybersecurity threats intensify, alongside the challenges of climate change, self-reliance i.e. Atmanirbharta has become a key priority. With each country possessing distinct competitive advantages, he stressed that India and Qatar are in a position to complement each other’s strengths and can be partners in driving innovation and shape the industries of tomorrow. As both nations embark on a transformational transition, this partnership will rest on the pillars of entrepreneurship, technology, and sustainability.

    He further highlighted India’s key reforms in reducing the cost of doing business and enhancing Ease of Doing Business (EoDB), positioning it as an oasis of credibility and consistency for global investors. Inviting Qatar to explore opportunities in India’s dynamic and resilient economy, he emphasized that India’s Vision 2047 and Qatar’s National Vision 2030 will shape a new era of strategic economic cooperation. He also suggested creating a Joint Working Group on sectors of mutual interest and further invited Qatari businesses to explore opportunities in GIFT City (Gujarat International Finance Tech-City).

    Speaking during the inaugural session, H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Hon’ble Minister of Commerce and Industry, State of Qatar echoed the sentiments and highlighted that the relationship between Qatar and India is not just a transaction, it is a tradition built on mutual respect, shared interests and a commitment to bolster economic cooperation. India-Qatar trade partnership has flourished with India becoming Qatar’s third largest trading partner. He further emphasized that Qatar remains a diverse, dynamic, and investor-friendly destination, warmly inviting Indian investors to explore the vast opportunities within Qatar’s economy and infrastructure.

    Shri Jitin Prasada, Union Minister of State of Commerce and Industry, Government of India highlighted India’s dynamic economic growth and innovation-driven ecosystem. He emphasized that India has attracted USD 709 billion in FDI inflows over the last decade, supported by 40,000 compliance reforms. He also emphasised upon India’s leadership in innovation, with over 1,55,000 startups across various industries, ranging from space technology to agriculture.

    He further stated that India Stack is revolutionizing digital access, financial inclusion, and internet democratization. The Qatar National Bank (QNB) – National Payments Corporation of India (NPCI) partnership will further enhance digital payments through QR Code-based UPI transactions. The Minister also highlighted the National Manufacturing Mission, which focuses on increasing industrial capability and delivering high-quality products. Additionally, he invited the Qatari delegation to participate in the upcoming Startup Mahakumbh in India, fostering deeper collaboration in the tech and innovation ecosystem.

    H.E. Dr. Ahmad Al-Sayed, Minister of State for Foreign Trade Affairs, Ministry of Commerce and Industry, State of Qatar, highlighted that India and Qatar are well-positioned to navigate the evolving global trade landscape. He emphasized the importance of enhancing the collaboration between two countries beyond traditional energy sector to explore into emerging industries such as electric vehicles (EVs), manufacturing and other non-oil & gas sectors.

    To support global investors, Qatar has established the Qatar Financial Centre (QFC)—a key initiative to attract businesses and facilitate private equity investments. He reiterated that Qatar stands as one of India’s strongest global partners, offering unparalleled access to international markets. Additionally, Qatar Science & Technology Park will serve as a foundation for research and development, while Media City in Qatar aims to attract top media companies, and Qatar Free Zone is designed to drive investment across key sectors.

    With India’s prowess in digitalisation, and Qatar’s ambitious plan for digital transformation, India is in a very unique position to provide technology and scale for digital transformation to Qatar. The discussions highlighted India’s position as a gateway to South Asia and Qatar’s role as a hub for the Middle East. There is high potential for collaboration between India and Qatar in high quality solar grid polysilicon manufacturing, among others, noted panelists.

    The India-Qatar Joint Business Forum convened business leaders, policymakers, and industry experts to explore new avenues of collaboration in relevant sectors. With bilateral trade surpassing USD 15 billion in FY 2023-24, investment flows have increased—ranking among the top three GCC investors in India—but there remains significant untapped potential. To solidify this growing partnership, two key Memorandums of Understanding (MoUs) were signed during the event:

    • Confederation of Indian Industry (CII) and Qatar Business Association
    • Invest India and Invest Qatar

    These agreements aim to facilitate business cooperation, enhance investment flows, and foster long-term collaboration in strategic sectors of mutual interest.

    Shri Sanjiv, Joint Secretary, DPIIT, emphasized that the India-Qatar business delegation will serve as a catalyst for stronger partnerships. He welcomed Qatar’s participation in Startup India Mahakumbh 2025, scheduled for April 3-5, 2025, which will serve as a landmark initiative fostering deeper startup collaborations and attracting Qatari investments into India’s technology and innovation ecosystem.

    Mr. Sanjiv Puri, President, CII, highlighted key areas for economic cooperation, including energy security, agriculture, the startup ecosystem, and skill development. He further emphasized Qatar’s crucial role in India’s energy landscape and stated that CII is committed to facilitating partnerships between Indian and Qatari entities as both nations plan their respective renewable energy goals.

    The event was also addressed by H.E. Sheikh Khalifa bin Jassim Al Thani, Chairman of Board of Directors, Qatar Chamber of Commerce and Industry and H.E. Sheikh Hamad Bin Faisal Al Thani, Board Member of the Qatari Businessmen Association. The Business forum showcased three panel discussions on investments, logistics and advanced manufacturing and futuristic areas such as AI, innovation, sustainability, etc.

    The India-Qatar Business Forum reaffirmed the unwavering commitment of both nations to advancing trade, investment, and technology collaboration. As India and Qatar strengthen their economic ties, they are set to drive prosperity, innovation, and sustainable growth, unlocking a new chapter in their historic partnership.

    *****

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2104334) Visitor Counter : 20

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Coal Ministry to Host Roadshow on ‘Commercial Coal Mines Auctions & Opportunities in Coal Sector’ in Kolkata Tomorrow

    Source: Government of India (2)

    Posted On: 18 FEB 2025 3:17PM by PIB Delhi

    The Ministry of Coal is geared up to host a Roadshow on Commercial Coal Mine Auctions & Opportunities in the Coal Sector on 19th of February 2025 in Kolkata. This event is designed to bring together investors, industry leaders, mining experts, and policymakers, providing a dynamic platform to explore transformative opportunities within India’s coal sector.

    The tenacity of the Roadshow is to highlight the wide array of opportunities available in the coal sector, driven by significant Government reforms aimed at streamlining processes, enhancing transparency, and creating a level playing field for all stakeholders. The event will provide in-depth details into the upcoming Commercial Coal Mine auctions, discuss the investment potential, and showcase the long-term benefits of participating in India’s growing coal sector.

    This roadshow is valuable platform for stakeholders to engage, network, and learn about the regulatory framework, streamlined clearance processes, and the Ministry’s efforts to foster an investor-friendly environment in the coal sector. The Ministry is committed to ensuring that the coal industry remains globally competitive, offering a win-win scenario for both domestic and international investors looking to capitalize on the opportunities in India’s energy landscape.

    The event also provides an exclusive opportunity for participants to connect with key decision-makers, gain valuable insights into future coal sector trends, and explore collaborative ventures that can shape the future of India’s energy and mining sectors.

    Key Reforms in Commercial Coal Mine Auctions includes:

    • Reduction in upfront amount and bid security amount, making participation more financially accessible.
    • Permission to relinquish part of the coal mine for partially explored blocks, providing greater operational flexibility.
    • Rebate in Performance Security for Underground coal mines, encouraging investment in underground mining.
    • Ease of participation with no entry barriers, ensuring a more inclusive auction process.

    · Full flexibility in coal utilization, enabling companies to use coal for any purpose as per their business needs.

    · Optimized payment structures and incentives for early production.

    The Ministry of Coal is committed to driving growth, investment, and sustainable development in India’s coal sector and looks forward to a successful Roadshow, marking an important step in driving growth, investment, and sustainable development in India’s coal production and the use of clean coal technology, promoting efficiency and sustainability.

    ****

    Shuhaib T

    (Release ID: 2104330) Visitor Counter : 38

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Government updates Talent List to tie in with development into high value-added and diversified economy

    Source: Hong Kong Government special administrative region

    Government updates Talent List to tie in with development into high value-added and diversified economy
    Government updates Talent List to tie in with development into high value-added and diversified economy
    ******************************************************************************************

         The Government announced today (February 18) that the latest round of the Talent List update has been completed. The new Talent List (see Annex) will take effect from March 1 (Saturday) and cover 60 professions with local talent shortages. Outside talents who meet the eligibility criteria for relevant professions can enjoy immigration facilitation when applying under the Quality Migrant Admission Scheme (QMAS), the General Employment Policy (GEP) and the Admission Scheme for Mainland Talents and Professionals (ASMTP).​     Following the update, the Talent List will include nine newly added professions from the industry segments of financial services (accountants, financial professionals with Islamic market experience and experienced professionals in commodities trading), innovation and technology (experienced systems architects and patent professionals), legal and dispute resolution services (legal knowledge engineers) and aviation and shipping (ship surveyors, professionals in green shipping and aircraft maintenance engineers). ​     The Chief Executive announced in his Policy Address last year that the Government will update the Talent List in early 2025 to include top talents and professionals required for the development of industries related to the “eight centres” with a view to generating new impetus for their growth. The Labour and Welfare Bureau and relevant bureaux and departments updated the professions covered in the Talent List after careful consideration and in consultation with stakeholders including industry organisations of various sectors, major business chambers, the Human Resources Planning Commission and the Labour Advisory Board.​     A Government spokesman said, “In reviewing the Talent List, the Government has considered whether talents of the professions concerned are readily available in the local employment market and whether the talents in demand cannot be nurtured by local training in good time. This round of update has also included emerging industries, as well as some professional occupations identified in the 2023 Manpower Projection announced last November as being in demand in the coming five years, requiring academic qualifications at degree level or above.”​     The updated List, detailed specifications of individual professions and the guidance note for applying under applicable admission schemes have been uploaded to the dedicated website (www.talentlist.gov.hk) and the website of Hong Kong Talent Engage (www.hkengage.gov.hk). Those interested in submitting applications for the admission schemes can visit the electronic application platform of the Immigration Department (www.immd.gov.hk/eng/services/index.html#tab_b_1) and submit applications.​     The Government drew up the first List in 2018 with a view to attracting high-quality talent in an effective and focused manner. The List has been reviewed and expanded in 2021 and 2023 respectively to cover the talents that Hong Kong needs most. Under the GEP and the ASMTP, employers who seek to fill vacancies falling under the professions on the List are not required to provide proof to substantiate their difficulties in local recruitment when making applications, thus shortening the time to recruit outside talents. Furthermore, since the revamp of the QMAS that took effect on November 1 last year, eligible applicants who meet the requirements of the List will be favourably considered under the General Points Test of the QMAS after assessment.

     
    Ends/Tuesday, February 18, 2025Issued at HKT 17:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Government Releases Fifteenth Finance Commission Grants for Rural Local Bodies in Punjab, Uttarakhand, and Chhattisgarh

    Source: Government of India

    Union Government Releases Fifteenth Finance Commission Grants for Rural Local Bodies in Punjab, Uttarakhand, and Chhattisgarh

    Punjab Gets over Rs. 225 Crores; Chhattisgarh over Rs. 244 crores & Uttarakhand receives over Rs. 93 Crores for strengthening Rural Governance

    Posted On: 18 FEB 2025 2:32PM by PIB Delhi

    The Union Government has released Fifteenth Finance Commission (XV FC) Grants during Financial Year 2024–25 for Rural Local Bodies in Punjab, Uttarakhand and Chhattisgarh. These grants provided to the Panchayati Raj Institutions (PRIs) / Rural Local Bodies (RLBs) play a crucial role in strengthening grassroot democracy.  For the Rural Local Bodies of Punjab, the 1st installment of Untied Grants amounting to Rs.225.1707 crores have been released. These funds are for eligible 13144 Gram Panchayats, eligible 146 Block Panchayats and all eligible 22 District Panchayats in the state. While the Fifteenth Finance Commission (XV FC) Grants released during Financial Year 2024–25, for Rural Local Bodies in Chhattisgarh are, 2nd installment of Untied Grants of the Financial Year 2024–25 amounting to Rs.237.1393 crore along with the withheld amount of 1st installment of Untied Grants for Financial Year 2024–25 amounting to Rs.6.9714 crore. These funds are for 11548 eligible Gram Panchayats, all eligible 146 Block Panchayats and all eligible 27 Zila Panchayats of the State.  While for Rural Local Bodies in Uttarakhand, 1st installment of Untied Grants for the Financial Year 2024–25 amounting to Rs.93.9643 crore have been released. These funds are for eligible 7769 Gram Panchayats, all eligible 995 Block Panchayats and all eligible 13 Zila Panchayats of the State.  

    Government of India through Ministry of Panchayati Raj and Ministry of Jal Shakti (Department of Drinking Water and Sanitation) recommends release of Fifteenth Finance Commission (XV FC) Grants to States for Rural Local Bodies which are then released by the Ministry of Finance. The allocated Grants are recommended and released in 2 installments in a Financial Year. The Untied Grants will be utilized by Panchayati Raj Institutions (PRIs)/ Rural Local Bodies (RLBs) for location-specific felt needs, under the Twenty-Nine (29) Subjects enshrined in the Eleventh Schedule of the Constitution, except for salaries and other establishment costs. The Tied Grants can be used for the basic services of (a) sanitation and maintenance of ODF status, and this should include management and treatment of household waste, and human excreta and fecal sludge management in particular and (b) supply of drinking water, rainwater harvesting and water recycling.

    For more information, please click : https://panchayat.gov.in/document-category/release-order-of-finance-commission-grants-to-rlbs-issued-by-ministry-of-finance/

    ***

    Aditi Agrawal

    (Release ID: 2104325) Visitor Counter : 37

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Unemployment and underemployment statistics for November 2024 – January 2025

    Source: Hong Kong Government special administrative region

         According to the latest labour force statistics (i.e. provisional figures for November 2024 – January 2025) released today (February 18) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate stood at 3.1% in November 2024 – January 2025, same as that in October – December 2024. The underemployment rate also remained unchanged at 1.1% in the two periods.
     
         Comparing November 2024 – January 2025 with October – December 2024, movements in the unemployment rate (not seasonally adjusted) and underemployment rate in different industry sectors varied, but the magnitudes were generally not large.
     
         Total employment decreased by around 2 300 from 3 718 900 in October – December 2024 to 3 716 600 in November 2024 – January 2025. Over the same period, the labour force also decreased by around 5 700 from 3 832 400 to 3 826 700.
     
         The number of unemployed persons (not seasonally adjusted) decreased by around 3 500 from 113 600 in October – December 2024 to 110 100 in November 2024 – January 2025. The number of underemployed persons in November 2024 – January 2025 was 43 000, about the same as that in October – December 2024 (43 500).
           
    Commentary
     
         Commenting on the latest unemployment figures, the Secretary for Labour and Welfare, Mr Chris Sun, said, “The seasonally adjusted unemployment rate stayed low at 3.1% in November 2024 – January 2025, same as October – December 2024. The underemployment rate also remained unchanged at 1.1%. The labour force and total employment were at 3 826 700 and 3 716 600 respectively, declining slightly from the preceding three-month period.”
     
         Compared with the preceding three-month period, the unemployment rates of various sectors showed diverse movements in November 2024 – January 2025, but the changes were not large in general.
     
         Looking ahead, Mr Sun said, “The labour market should remain largely stable in the near term, though uncertainties in the global economy would continue to pose challenges to some businesses.”
     
    Further information
     
         The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
     
         In the survey, the definitions used in measuring unemployment and underemployment follow closely those recommended by the International Labour Organization. The employed population covers all employers, self-employed persons, employees (including full-time, part-time, casual workers, etc.) and unpaid family workers. Unemployed persons by industry (or occupation) are classified according to their previous industry (or occupation).
     
         The survey for November 2024 – January 2025 covered a sample of some 26 000 households or 68 000 persons, selected in accordance with a scientifically designed sampling scheme to represent the population of Hong Kong. Labour force statistics compiled from this sample represented the situation in the moving three-month period of November 2024 to January 2025.
     
         Data on labour force characteristics were obtained from the survey by interviewing each member aged 15 or over in the sampled households.
     
         Statistical tables on the latest labour force statistics can be downloaded at the website of the C&SD (www.censtatd.gov.hk/en/scode200.html). More detailed analysis of the labour force characteristics is given in the “Quarterly Report on General Household Survey” which is published four times a year. The latest issue of the report contains statistics for the quarter July – September 2024 while the next issue covering the quarter October – December 2024 will be available by end February 2025. Users can also browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1050001&scode=200).
     
         For enquiries about labour force statistics, please contact the General Household Survey Section (3) of the C&SD (Tel: 2887 5508 or email: ghs@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India Qatar future partnership to rest on the pillars of sustainability, technology and entrepreneurship and energy: Union Commerce and Industry Minister, Shri Piyush Goyal

    Source: Government of India

    India Qatar future partnership to rest on the pillars of sustainability, technology and entrepreneurship and energy: Union Commerce and Industry Minister, Shri Piyush Goyal

    India today provides an oasis of stability, predictability and continuity:Minister Goyal

    MoU signed between Qatari Businessmen Association (QBA) and Confederation of Indian Industry (CII)

    MoU signed between Invest Qatar and Invest India

    Posted On: 18 FEB 2025 10:40AM by PIB Delhi

    Union Minister of Commerce and Industry, Shri Piyush Goyal highlighted that India-Qatar future partnership will rest on the pillars of  sustainability, technology and entrepreneurship and energy. This was stated by the Minister at the inaugural session of the India-Qatar Business Forum in New Delhi today. H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Hon’ble Minister of Commerce and Industry, State of Qatar was the Guest of Honour at the session.

    Shri Goyal noted that the partnership between the two countries rests on the foundation of trust, trade and tradition. The Minister added that the terms of trade are undergoing a change, evolving from energy trade to emerging technologies like artificial intelligence, Internet of things (IOT), quantum conducting, semiconductors etc. The entire world is going through a major shift in the context of geopolitical tensions, climate change, cybersecurity threats and  focus on localisation around the world, he noted.

    The Minister stated that India and Qatar complement each other and can work together for prosperity and a better future. Shri Goyal added that together we are set for a transition in terms of trade, investments and highlighted the 2 MoUs signed between Qatari Businessmen Association (QBA) and Confederation of Indian Industry (CII) and another between Invest Qatar and Invest India. The Minister also announced the elevation of the Joint Working Group on trade and commerce to the Ministerial level.

    Shri Goyal quoted Prime Minister Shri Narendra Modi, “Today be it major nations or global platforms, the confidence in India is stronger than ever before”, and urged the business leaders to work together with the same spirit and confidence. The Minister noted that India offers a vibrant economy, a rich demography with young population, reforms in every sphere of business, focus on ease of doing business and quality at the centrepiece of our industrial evolution. India today provides an oasis of stability, predictability and continuity, he added. Shri Goyal also invited companies from Qatar to be a part of India’s journey of growth in investments, manufacturing,renewable energy, expansion of smart cities and infrastructure development. Qatar Vision 2030 and India’s Viksit Bharat 2047 will  together define a much bigger and brighter future for the people of the two countries, concluded the Minister.

    ***

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2104278) Visitor Counter : 84

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SFST’s keynote address at Institutional Summit at Consensus Hong Kong 2025 (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following is the keynote address by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the Institutional Summit at Consensus Hong Kong 2025 this morning (February 18):
     
    Tira (Managing Director of CoinDesk Events, Ms Tira Grey), Michael (Chairman of Consensus Hong Kong, Mr Michael Lau), distinguished guests, ladies and gentlemen,
     
         It is my profound honour to join you today at Consensus Hong Kong 2025 – a landmark event that celebrates innovation, brings together global pioneers in blockchain, Web3, virtual assets, and artificial intelligence, and galvanises the forces driving the future of our financial ecosystem. I welcome you all to a market where vision meets policy, and where transformative ideas are nurtured under a forward-looking policy and regulatory framework.
     
         Today, Hong Kong stands poised on the threshold of a new chapter – one in which traditional finance and digital innovation integrate to create efficiency, transparency, and inclusive growth.
     
         It is no coincidence that Consensus Hong Kong 2025 is taking place in our vibrant city. The Government remains steadfast in our mission to foster an environment where innovation is underpinned by robust regulation, ensuring that our financial markets not only thrive on competitiveness but also maintain the highest standards of investor protection and market integrity.
     
         Today, I wish to share with you my vision for the future, one built upon three defining trends. The first is financial market innovation through tokenisation. Tokenisation is not merely a buzzword – it is a profoundly transformative development that holds the promise of reshaping traditional financial markets. By converting conventional financial instruments and physical assets into digital tokens, we are building bridges between traditional finance and the emerging digital economy. Our regulatory framework has laid a solid foundation for this evolution. Our securities regulator has proactively issued circulars to guide intermediaries engaging in tokenised securities-related activities and expectations for the tokenisation of SFC (Securities and Futures Commission)-authorised investment products.
     
         These measures have provided critical clarity to market participants and investors alike, fostering an environment of trust and informed innovation. We have witnessed encouraging developments that testify to our approach. Consider, for instance, the tokenisation of gold – where physical gold is integrated with blockchain technology to offer investors greater flexibility, fractional ownership, and enhanced security. Similarly, the emergence of tokenised money market funds shows how traditional liquidity management can benefit from digital innovations, enabling more efficient market making alongside expanded secondary market liquidity for institutional investors.
     
         An important initiative to foster tokenisation development is Project Ensemble, a sandbox launched by the Hong Kong Monetary Authority. This initiative is designed to experiment with the tokenisation of money enabling seamless interbank settlements. By exploring tokenisation across fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain finance, Project Ensemble exemplifies Hong Kong’s commitment to harnessing emerging technology to enhance financial market infrastructure. This experimental Sandbox not only embraces innovation but also ensures that the innovations are implemented with a clear focus on stability and investor protection.
     
         The second trend that will shape our future financial landscape is the integration of Web3 innovations into the real economy. In our ongoing efforts to narrow the gap between digital finance and everyday business operations, the Government has taken decisive steps to develop a regulatory regime for stablecoin issuers. We are actively engaging with the real economy – where businesses that support cross-border payments, international trade, and digital commerce are eager to solve longstanding issues such as high costs, delayed transfers, and the challenges posed by the sometimes unpredictable FX (foreign exchange) markets.
     
         In recognition of these challenges, the regulator has established a Sandbox to obtain feedback and provide clarity to entities interested in issuing fiat-referenced stablecoins. This Sandbox serves not only as an incubator for innovations but also as a platform that bridges industry needs with prudent regulation. We see promising potentials for stablecoins to streamline payment systems, fostering a more efficient and integrated financial landscape that benefits businesses and consumers alike.
     
         Furthermore, the application of tokenisation extends far beyond traditional financial instruments. Already, we observe its impact across various sectors. From financing EV (electric vehicle)-charging infrastructure through tokenised management fee, to facilitating more agile supply chain finance, our digital infrastructure is now robust enough to support longstanding economic practices, albeit with a modern twist. These developments illustrate how the convergence of digital technologies with real-world assets can unlock significant economic value and propel us into a new era of cross-sector collaboration.
     
         The third and perhaps most transformative trend is the integration of AI with blockchain and Web3 technologies. In today’s rapidly evolving technological landscape, AI represents not just an opportunity but a necessity to enhance our digital infrastructures. Decentralised AI platforms, built on blockchain principles, provide a promising avenue for ensuring data privacy, security, and collaborative innovation.
     
         Decentralised AI has the potential to revolutionise how we manage, train, and deploy machine learning models. By enabling secure data sharing across multiple stakeholders, we create a system in which AI models can be trained collaboratively using diversified databases. This collaborative approach ensures that the resulting models are not only more widely applicable but also benefit from the collective insights of multiple organisations. Moreover, an open-source philosophy in model development promotes transparency, accountability, and a shared economic vision in which the fruits of innovation are accessible to all.
     
         Recognising these immense opportunities, the Government has set forth a policy statement to foster responsible AI innovation in our financial markets. Last October, we issued a detailed statement outlining our vision for the responsible usage of AI, balancing innovation with the imperative for control, transparency, and fairness. In line with our policy, the Hong Kong University of Science and Technology (HKUST) has embarked on a collaborative initiative, making its InvestLM model available to the financial services industry. This programme offers both advisory and training services – providing options for on-premises deployment as well as application programming interfaces (APIs) and web interfaces that utilise the HKUST’s computing resources.
     
         The transformative trends of tokenisation, real economy adoption, and AI integration can only reach their full potential within a reliable and adaptable regulatory system. Our guiding principle – “same activities, same risks, same regulations” – underscores our commitment to fairness, consistency, and the highest standards of market protection.
     
         We are continuously reviewing and refining our regulatory regime to foster a complete ecosystem for virtual assets. By developing comprehensive frameworks that include virtual asset exchanges, stablecoin issuers, custodians, and over-the-counter trading activities, we pave the way for an interconnected value chain that will underpin Hong Kong’s financial markets.
     
         In closing, I invite all stakeholders here today – from seasoned financial experts to the visionary entrepreneurs shaping tomorrow’s digital economy – to embrace the challenges and opportunities that lie ahead. Consensus Hong Kong 2025 is more than just an event; it is a call to action. It is a recognition that our collective ingenuity, when harnessed under a principled regulatory framework, has the power to drive sustainable progress.
     
         I extend my heartfelt gratitude to the Consensus event organisers, our trusted partners at Invest Hong Kong, the Hong Kong Tourism Board, and every individual contributing to the success of this event. I wish you a productive and transformative gathering at Consensus Hong Kong 2025, and I look forward to witnessing the many innovations that will shape our shared future.
     
         Thank you.   

    MIL OSI Asia Pacific News –

  • MIL-OSI: AMMO, Inc. Announces Preferred Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Ariz., Feb. 18, 2025 (GLOBE NEWSWIRE) — AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”) the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today announced that the holders of record of the Company’s 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”) as of the close of business on March 1, 2025 will receive a cash dividend equal to $0.546875 per Series A Preferred Stock share. The cash dividend will be paid on March 17, 2025.

    About AMMO, Inc.

    With its corporate offices headquartered in Scottsdale, Arizona, AMMO designs and manufactures products for a variety of aptitudes, including law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. AMMO promotes its own branded munitions, including its patented STREAK™ Visual Ammunition, /stelTH/™ subsonic munitions, and armor piercing rounds for military use. For more information, please visit: www.ammo-inc.com.

    About GunBroker.com

    GunBroker.com is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker.com currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. GunBroker.com promotes responsible ownership of guns and firearms. For more information, please visit: www.gunbroker.com.

    Forward Looking Statements

    This document contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.

    Forward looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words, or the negative thereof. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports filed on Form 8-K.

    Investor Contact:
    CoreIR
    Phone: (212) 655-0924
    IR@ammo-inc.com

    The MIL Network –

  • MIL-OSI: BlackRock® Canada Announces February Cash Distributions for the iShares® ETFs

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the February 2025 cash distributions for the iShares ETFs listed on the TSX or Cboe Canada which pay on a monthly basis as well as XIU. Unitholders of record of a fund on February 25, 2025 will receive cash distributions payable in respect of that fund on February 28, 2025.

    Details regarding the “per unit” distribution amounts are as follows:

    Fund Name Fund Ticker Cash Distribution Per Unit
    iShares 1-10 Year Laddered Corporate Bond Index ETF CBH $0.049
    iShares 1-5 Year Laddered Corporate Bond Index ETF CBO $0.051
    iShares S&P/TSX Canadian Dividend Aristocrats Index ETF CDZ $0.112
    iShares Equal Weight Banc & Lifeco ETF CEW $0.059
    iShares 1-5 Year Laddered Government Bond Index ETF CLF $0.032
    iShares 1-10 Year Laddered Government Bond Index ETF CLG $0.037
    iShares S&P/TSX Canadian Preferred Share Index ETF CPD $0.058
    iShares US Dividend Growers Index ETF (CAD-Hedged) CUD $0.079
    iShares Convertible Bond Index ETF CVD $0.072
    iShares Global Monthly Dividend Index ETF (CAD-Hedged) CYH $0.080
    iShares Canadian Financial Monthly Income ETF FIE $0.040
    iShares U.S. Aggregate Bond Index ETF XAGG $0.105
    iShares U.S. Aggregate Bond Index ETF(1) XAGG.U $0.061
    iShares U.S. Aggregate Bond Index ETF (CAD-Hedged) XAGH $0.091
    iShares Core Canadian Universe Bond Index ETF XBB $0.079
    iShares Core Canadian Corporate Bond Index ETF XCB $0.069
    iShares ESG Advanced Canadian Corporate Bond Index ETF XCBG $0.119
    iShares U.S. IG Corporate Bond Index ETF XCBU $0.121
    iShares U.S. IG Corporate Bond Index ETF(1) XCBU.U $0.076
    iShares Core MSCI Global Quality Dividend Index ETF XDG $0.061
    iShares Core MSCI Global Quality Dividend Index ETF(1) XDG.U $0.042
    iShares Core MSCI Global Quality Dividend Index ETF (CAD-Hedged) XDGH $0.060
    iShares Core MSCI Canadian Quality Dividend Index ETF XDIV $0.115
    iShares Core MSCI US Quality Dividend Index ETF XDU $0.064
    iShares Core MSCI US Quality Dividend Index ETF(1) XDU.U $0.044
    iShares Core MSCI US Quality Dividend Index ETF (CAD-Hedged) XDUH $0.059
    iShares Canadian Select Dividend Index ETF XDV $0.114
    iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) XEB $0.057
    iShares S&P/TSX Composite High Dividend Index ETF XEI $0.111
    iShares Core Canadian 15+ Year Federal Bond Index ETF XFLB $0.111
    iShares Flexible Monthly Income ETF XFLI $0.193
    iShares Flexible Monthly Income ETF(1) XFLI.U $0.145
    iShares Flexible Monthly Income ETF (CAD-Hedged) XFLX $0.179
    iShares S&P/TSX Capped Financials Index ETF XFN $0.140
    iShares Floating Rate Index ETF XFR $0.066
    iShares Core Canadian Government Bond Index ETF XGB $0.050
    iShares Global Government Bond Index ETF (CAD-Hedged) XGGB $0.040
    iShares Canadian HYBrid Corporate Bond Index ETF XHB $0.074
    iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) XHD $0.083
    iShares U.S. High Dividend Equity Index ETF XHU $0.080
    iShares U.S. High Yield Bond Index ETF (CAD-Hedged) XHY $0.084
    iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged) XIG $0.070
    iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged) XIGS $0.122
    iShares S&P/TSX 60 Index ETF XIU $0.275
    iShares Core Canadian Long Term Bond Index ETF XLB $0.062
    iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) XPF $0.071
    iShares High Quality Canadian Bond Index ETF XQB $0.053
    iShares S&P/TSX Capped REIT Index ETF XRE $0.065
    iShares ESG Aware Canadian Aggregate Bond Index ETF XSAB $0.047
    iShares Core Canadian Short Term Bond Index ETF XSB $0.072
    iShares Conservative Short Term Strategic Fixed Income ETF XSC $0.057
    iShares Conservative Strategic Fixed Income ETF XSE $0.053
    iShares Core Canadian Short Term Corporate Bond Index ETF XSH $0.060
    iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF XSHG $0.118
    iShares 1-5 Year U.S. IG Corporate Bond Index ETF XSHU $0.127
    iShares 1-5 Year U.S. IG Corporate Bond Index ETF(1) XSHU.U $0.080
    iShares Short Term Strategic Fixed Income ETF XSI $0.060
    iShares ESG Aware Canadian Short Term Bond Index ETF XSTB $0.047
    iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged) XSTH $0.009
    iShares 0-5 Year TIPS Bond Index ETF XSTP $0.010
    iShares 0-5 Year TIPS Bond Index ETF(1) XSTP.U $0.007
    iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) XTLH $0.117
    iShares 20+ Year U.S. Treasury Bond Index ETF XTLT $0.125
    iShares 20+ Year U.S. Treasury Bond Index ETF(1) XTLT.U $0.087
    iShares Diversified Monthly Income ETF XTR $0.040
    iShares S&P/TSX Capped Utilities Index ETF XUT $0.090

    (1) Distribution per unit amounts are in U.S. dollars for XAGG.U, XCBU.U, XDG.U, XDU.U, XFLI.U, XSHU.U, XSTP.U, XTLT.U

    Estimated February Cash Distributions for the iShares Premium Money Market ETF

    The February cash distributions per unit for the iShares Premium Money Market ETF are estimated to be as follows:

    Fund Name Fund Ticker Estimated Cash Distribution Per Unit
    iShares Premium Money Market ETF CMR $0.124

    BlackRock Canada expects to issue a press release on or about February 24, 2025, which will provide the final amounts for the iShares Premium Money Market ETF.

    Further information on the iShares Funds can be found at http://www.blackrock.com/ca.

    About BlackRock

    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

    About iShares ETFs

    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.2 trillion in assets under management as of December 31, 2024, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

    Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”). Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). TSX is a registered trademark of TSX Inc. (“TSX”). All of the foregoing trademarks have been licensed to S&P Dow Jones Indices LLC and sublicensed for certain purposes to BlackRock Fund Advisors (“BFA”),  which in turn has sub-licensed these marks to its affiliate, BlackRock Asset Management Canada Limited (“BlackRock Canada”), on behalf of the applicable fund(s). The index is a product of S&P Dow Jones Indices LLC, and has been licensed for use by BFA and by extension, BlackRock Canada and the applicable fund(s). The funds are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, any of their respective affiliates (collectively known as “S&P Dow Jones Indices”) or TSX, or any of their respective affiliates. Neither S&P Dow Jones Indices nor TSX make any representations regarding the advisability of investing in such funds.

    MSCI is a trademark of MSCI, Inc. (“MSCI”). The ETF is permitted to use the MSCI mark pursuant to a license agreement between MSCI and BlackRock Institutional Trust Company, N.A., relating to, among other things, the license granted to BlackRock Institutional Trust Company, N.A. to use the Index. BlackRock Institutional Trust Company, N.A. has sublicensed the use of this trademark to BlackRock. The ETF is not sponsored, endorsed, sold or promoted by MSCI and MSCI makes no representation, condition or warranty regarding the advisability of investing in the ETF.

    Contact for Media:
    Sydney Punchard
    Email: Sydney.Punchard@blackrock.com

    The MIL Network –

  • MIL-OSI: Diamondback Energy, Inc. Announces Midland Basin Acquisition

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Feb. 18, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or “the Company”) today announced that it has entered into a definitive purchase agreement to acquire certain subsidiaries of Double Eagle IV Midco, LLC (“Double Eagle”) in exchange for approximately 6.9 million shares of Diamondback common stock and $3 billion of cash, subject to customary adjustments (the “Double Eagle Acquisition”). The cash portion of this transaction is expected to be funded through a combination of cash on hand, borrowings under the Company’s credit facility and/or proceeds from term loans and senior notes offerings.

    As part of this agreement, Diamondback and Double Eagle have also agreed to accelerate development on a portion of Diamondback’s non-core southern Midland Basin acreage. This acceleration is expected to bring forward Net Asset Value (“NAV”) to Diamondback by developing Diamondback’s lower quality acreage at a faster pace than current expectations. As a result, Diamondback expects significant Free Cash Flow growth in 2026 and beyond with minimal capital deployment through this accelerated development plan.

    Diamondback is also committing today to sell at least $1.5 billion of non-core assets to accelerate pro forma debt reduction in order to maintain its strong balance sheet. Diamondback expects to reduce net debt to $10 billion and, long term, maintain leverage of $6 billion to $8 billion.

    “Double Eagle is the most attractive asset remaining in the Midland Basin,” stated Travis Stice, Chairman and Chief Executive Officer of Diamondback. “With 407 locations adjacent to our core position, this largely undeveloped asset adds high-quality inventory that immediately competes for capital. Additionally, we see value uplift to our existing inventory as acreage overlap allows for meaningful lateral length extensions and infrastructure synergies. We look forward to seamlessly implementing our industry leading cost and operational structure on this differentiated asset.”

    Mr. Stice continued, “The Permian Basin continues to consolidate rapidly. We have worked tirelessly over the last thirteen years to position Diamondback to have the longest duration of high quality, low-breakeven inventory; a position we are solidifying with today’s announcement.  While we are adding a small amount of leverage to complete this trade, we are confident that we can quickly reduce debt both naturally through our consistent and growing Free Cash Flow and through our commitment to sell at least $1.5 billion of non-core assets.”

    Cody Campbell and John Sellers, Co-Chief Executive Officers of Double Eagle, commented, “We are excited to announce our agreement with Diamondback. We believe our team has built a truly standout asset that further increases Diamondback’s high-quality inventory. It was important to us that we maintain the stewardship of this asset going forward not only with a world-class Midland operator but also a group that shares our core values and understands the importance of community impact in West Texas.”

    Asset Highlights: Consolidated Scale in the Midland Basin

    • Approximately 40,000 net acres in the core of the Midland Basin
    • Estimated run-rate production of approximately 27 MBo/d (69% oil)
    • $200 million of capital expenditures anticipated in 2025 at current Midland Basin well costs of $555 to $605 per foot
    • Extends pro forma inventory life in the core of the Midland Basin
    • 68% of the asset is undeveloped with 407 estimated gross (342 net) horizontal locations in primary development targets with an average lateral length of approximately >11,000’
    • 44 gross upside locations primarily located in emerging zones

    Transaction Highlights

    • Valued at approximately 5.2x 2025 EBITDA
    • Enhances expected pro forma 2026 Free Cash Flow per share by 5%+
    • Immediately accretive to all relevant financial metrics including Cash Flow per share, Free Cash Flow per share and NAV per share

    Timing and Approvals

    Diamondback expects the transaction to close on April 1, 2025, subject to the satisfaction of customary closing conditions and regulatory approval.

    Advisors

    TPH&Co, the energy business of Perella Weinberg Partners, is serving as financial advisor to Diamondback. Kirkland & Ellis LLP is acting as legal advisor to Diamondback.

    RBC Capital Markets, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as financial advisors to Double Eagle. Vinson & Elkins LLP is acting as legal advisor to Double Eagle.

    About Diamondback

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of production, revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the pending drop down transaction with Viper Energy, Inc., the Double Eagle Acquisition and other acquisitions or divestitures); and plans and objectives of management (including plans for future cash flow from operations) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; actions taken by the members of OPEC+ and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; trade wars; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024, and those risks disclosed in its subsequent filings on Forms 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

    In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

    Diamondback Investor Contact:

    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    The MIL Network –

  • MIL-OSI United Kingdom: More support announced for residents accessing education and training

    Source: City of Coventry

    Our Skills, Employment and Adult Education Service has announced the continuation of the SEGRO Employment Access Fund.

    The Fund helps support residents who need education or training to help them find work. 

    Following a successful pilot of the Fund in 2024, SEGRO has confirmed its continued support throughout 2025.

    There are several funding streams available to support learning through the Adult Education Budget via the West Midlands Combined Authority and the Education & Skills Funding Agency, but the SEGRO Employment Access Fund helps offer financial support to Coventry residents who are not eligible for this funding.

    To date, a wide range of learning opportunities have been accessed including:

    • English for Speakers of Other languages (ESOL)
    • English (Functional Skills qualification)
    • Caring for a Child
    • Mathematics
    • Level 2 Certificate in Supporting Teaching and Learning in Schools

    The courses are provided by Coventry’s Adult Education Service across the city.

    Councillor Dr Kindy Sandhu, Cabinet Member for Education and Skills, said:

    “The SEGRO Employment Access Fund is a fantastic lifeline for people who are seeking employment but might have a barrier in the way of them becoming employed.

    “The support from SEGRO is vital to helping us make further progress in removing barriers to education and skills for a wide range of Coventry residents.”

    SEGRO is the owner, developer and manager of SEGRO Park Coventry, and is a long-term investor in the area, The Fund forms part of its Coventry Community Investment Plan, a long-term commitment to support the communities around its development. The SEGRO Employment Access Fund, set up in partnership between SEGRO and Coventry City Council’s Skills, Employment & Adult Education Service has already supported 50 Coventry residents in accessing activities and training that they would have otherwise been ineligible for.  

    Dan Holford, Head of National Markets at SEGRO, said:

    “We are proud to support the continuation of the SEGRO Employment Access Fund, which is making a real difference in helping Coventry residents access education and training opportunities. As long-term investors, we are committed to building thriving communities and investing in skills and employment is a key priority for us. By working together with Coventry City Council, we can help remove barriers to learning and empower more people to achieve their potential.”

    Agnieskza, who attended an English for Speakers of Other Languages (ESOL) course, said:

    “At first, I was scared to speak at work but now I’m trying more. I have more confidence. I think this course will help me find a better job. I was a shift manager at McDonalds in Poland and I would like to get a job in retail as my English language improves.”

    Sehresh, who attended a Level 2 Certificate in Supporting Teaching and Learning in Schools, said

    “I had good experience; I had all the help I needed to finish this course. My tutor was very helpful and encouraging. My biggest achievement was I got a job straight after finishing my course”. 

    Anyone who would like to find out more about the courses available can find information on the Council website: www.coventrys.gov.uk/adulted

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Skye and Raasay Area roads capital programme approved for 2025/26

    Source: Scotland – Highland Council

    Members of the Skye and Raasay Area Committee agreed a list of proposed prioritised roadworks which will be funded out of Highland Council’s Capital Budget allocation for 2025/26.

    The local allocations capital budget for 2025/26 remains to be established, which will be calculated from the approved capital budget allocation.

    The estimated local allocation for the Skye and Raasay area (based on 2024/25) is £3,001,638 comprising £521,223 for overlay/inlay works, £340,565 for surface dressing works, £50,000 for structures and £2,089,850 strategic allocation.

    Skye and Raasay Area Committee Chair, Cllr John Finlayson said: “It is important to take every opportunity to communicate the real scale of both the road conditions and financial challenges before us. We know the roads budget falls short of the funding needed to do everything we want with added challenges being faced with regard to the recent winter weather with rain, frost, snow and salt causing further damage to our roads, and of course the impact of the hundreds of thousands of tourists who visit Skye annually, travelling on many un-engineered  roads never built for the number of vehicles we now see. Agreeing the capital roads’ priorities for 2025/26, helps raise awareness of what requires to be prioritised based on the road condition survey results and with the funding available, it also allows forward planning for the roads team who work tirelessly and resourcefully to do the best they can with the resources available. Clearly the agreed programme will not please everyone, and local Members will continue to push for additional resource whenever possible and work with Officers to make the best use of the funding available.”

    Cllr Finlayson added: “On behalf of the Committee I would like to thank our roads operations teams who have been working tirelessly during the recent challenging adverse winter weather conditions to clear the snow, ice, and debris from our roads. They have been committed to keeping communities connected and worked hard to keep our routes open.”

    Works for the Skye and Raasay area are identified based on a prioritised ranking.  The ranking is informed by:

    • Scottish Road Maintenance Condition Survey (SRMCS) data.
    • Safety inspections.
    • Service inspections; and input and feedback from Ward Members.

    Details of the capital roads programme can be found in the report here (Item 6).

    Members noted that where future variation may be experienced in the area roads capital programme this will be agreed with Members at Ward business meetings to maintain a dynamic roads programme.

    MIL OSI United Kingdom –

  • MIL-OSI: Aurora Mobile’s JPush Integrates DeepSeek to Revolutionize Intelligent Push Services and Enhance User Engagement

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Feb. 18, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its flagship product, JPush, has successfully integrated DeepSeek, a cutting-edge large language model (LLM) known for its lightweight architecture and domain-specific optimizations. This integration marks a significant milestone in JPush’s evolution, enabling developers to deliver smarter, more personalized, and highly efficient push notifications to their users.

    Transforming Push Notifications with DeepSeek

    JPush has long been recognized as a leader in mobile push notification services, providing developers with reliable and high-performance solutions to engage users. With the integration of DeepSeek, JPush takes a leap forward by embedding advanced AI capabilities directly into its push notification ecosystem. DeepSeek’s lightweight yet powerful LLM architecture allows JPush to analyze user behavior, preferences, and contextual data in real time, enabling hyper-personalized notification delivery.

    This integration empowers developers to craft notifications that are not only timely but also contextually relevant, significantly improving user engagement and retention rates. Whether it’s e-commerce, gaming, finance, or social media apps, JPush with DeepSeek ensures that every notification resonates with the user, driving higher click-through rates and conversions.

    Enhanced Features Powered by DeepSeek

    The integration of DeepSeek brings several key enhancements to JPush:

    • Real-Time Content Personalization: DeepSeek enables dynamic generation of notification content tailored to individual user preferences, ensuring maximum relevance and impact.
    • Context-Aware Delivery: By analyzing user behavior and environmental factors, JPush can now optimize the timing and frequency of notifications to avoid spamming and improve user satisfaction.
    • Domain-Specific Intelligence: DeepSeek’s domain-specific optimizations allow JPush to cater to diverse industries, delivering notifications that align with the unique needs of sectors such as retail, healthcare, and entertainment.

    Driving the Future of Intelligent Push Services

    The integration of DeepSeek aligns with Aurora Mobile’s mission to empower developers with intelligent tools that enhance user engagement and operational efficiency. By combining JPush’s robust push notification infrastructure with DeepSeek’s AI-driven insights, Aurora Mobile is setting a new standard for intelligent push services.

    “We are thrilled to integrate DeepSeek into JPush, further solidifying our commitment to innovation and developer success,” said Chris Lo, founder and CEO at Aurora Mobile. “This integration not only enhances the capabilities of JPush but also opens up new possibilities for developers to create meaningful and impactful user experiences.”

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In U.S.
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

  • MIL-OSI Africa: NBA Africa and Safaricom’s M-Pesa Launch League’s Most Expansive Youth Development Program in East Africa to Date

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

    NAIROBI, Kenya, February 18, 2025/APO Group/ —

    NBA Africa and Safaricom (NSE: SCOM- https://apo-opa.co/4gKHaas), the region’s leading technology company, on Saturday launched the M-PESA Jr. NBA program that will provide basketball development and financial literacy programming to more than 10,000 boys and girls in Nairobi, Mombasa, Eldoret, and Kisumu, marking the league’s most expansive youth development program in East Africa to date.   

    The first year of the M-PESA Jr. NBA program, which tipped off with a clinic for more than 100 local coaches at SABIS International School in Nairobi, will consist of four regional tournaments for youth ages 13-16 in Nairobi (Feb. 22-23), Mombasa (March 8-9), Eldoret (March 15-16) and Kisumu (March 22-23). 

    In each city, 20 boys’ and 20 girls’ teams will participate in skills development sessions and competitive games. The top 80 players will then be grouped into four boys’ teams and four girls’ teams that will play games in a round-robin format. The top 16 boys and girls from each city will be selected to attend an elite top 100 camp at Aga Khan Academy in Mombasa in April.

    In addition to the basketball development programming, M-PESA, Safaricom’s innovative mobile payment platform, will host financial literacy workshops for the participating youth, empowering them to develop healthy financial habits.

    “Tipping off our multiyear collaboration with Safaricom is an important milestone in our ongoing efforts to make basketball more accessible to Kenyan boys and girls,” said NBA Africa CEO Clare Akamanzi. “We look forward to positively impacting youth and coaches across the country through basketball development and life-skills programming.”

    “Our collaboration with NBA Africa could not have come at a more opportune moment, as Safaricom’s M-PESA will celebrate its 18th anniversary this March, marking a significant milestone in our journey,” said Safaricom CEO Dr. Peter Ndegwa. “Through M-PESA Go, this collaboration transcends beyond basketball. It is driven by a shared vision to create a lasting impact, not only in sports but also in the broader context of youth empowerment. We are committed to nurturing potential, building character, and equipping the next generation with the tools necessary for success. We firmly believe that the association between M-PESA Go and the Jr. NBA program can pave the way for growth and financial health, enabling young athletes to develop their skills and seize opportunities at the next level.”

    MIL OSI Africa –