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Category: Economy

  • MIL-OSI Economics: Christodoulos Patsalides: The Central Bank of Cyprus agenda – strategic vision and priorities

    Source: Bank for International Settlements

    Introduction – Strategic Vision Statement and Elaboration

    Distinguished guests, esteemed colleagues,

    I would like to extend my sincere thanks to the organizers of the 12th Banking Forum and Fintech Expo for bringing us together for this important exchange of ideas and insights.

    It is my privilege to have today the opportunity to present the strategic vision and priorities of the Central Bank of Cyprus. In an ever-evolving global and digital economy, we are committed to leading the way in fostering a resilient, innovative, and sustainable financial sector for Cyprus. Our agenda focuses on embracing digital transformation, ensuring robust governance, addressing societal and environmental challenges, and safeguarding financial stability.

    Today, I will outline our key priorities, including advancements in the digital economy, the evolving role of digital payments, the potential introduction of a digital euro, and the regulatory frameworks that ensure responsible governance and societal considerations in our financial systems. Through these efforts, we aim to strengthen Cyprus’ position as a dynamic player within the European financial landscape.

    Cyprus Economy

    To ground our strategic vision, we must first examine the economic landscape in which the Cyprus economy operates. With its key sectors-ICT (Information Communication Technology), tourism, trade, shipping, and construction-, the economy has demonstrated resilience and adaptability despite the consecutive significant geopolitical challenges, including the ongoing conflicts in Ukraine and the Middle East. In recent years, Cyprus has achieved robust growth rate well above the EU average and maintained a strong fiscal position, consistently posting surpluses that have bolstered public finances. As a result, international rating agencies have upgraded their ratings well within the investment grade, highlighting our sound economic management, fiscal discipline, and reforms in the banking sector.

    Banking Sector in Cyprus

    Building on the strength of our economy is the Cypriot banking sector, which has built up remarkable resilience and robustness despite a series of unprecedented and successive crises in recent years. The sector’s solvency, as indicated by the Common Equity Tier 1 (CET1) ratio, rose to 23,5% in the third quarter of 2024, achieving its highest level on record and significantly surpassing the European average of 16,0%. Additionally, the Liquidity Coverage Ratio (LCR)-a key indicator of credit institutions’ capacity to withstand severe liquidity stress-reached 336% in September 2024. This level exceeds the regulatory minimum of 100% by more than threefold and stands well above the European average of 161,4%. The non-performing loan (NPL) ratio fell to 6,5% in the third quarter of 2024, marking its lowest level since 2014, when the NPL definition was standardized across the European Union.

    However, there is no room for complacency as macroeconomic uncertainty, geopolitical risks, and emerging threats like cyber and climate risks grow. Banks must adapt quickly to identify and address these evolving challenges effectively. Moreover, technological advancements bring about a new landscape in which banks are called upon to compete. The pursuit of an appropriate business model is key.

    Digital Economy and Global Digital Trends

    As we look toward the future, the digital economy emerges as a defining feature of global trends. Technology has the ability to sustain and improve our standards of living and the long-term productivity of our economy. Examples of innovative technologies used in financial services (usually referred to as FinTech) include artificial intelligence, cloud computing, digital wallets, big data analytics and biometrics. These technologies have been applied to improve customer service, automate payments, reengineer business processes, detect suspicious activity, and assist with customer profiling and digital onboarding. However, we are yet to see the realization of potential in other promising new technologies such as distributed ledger technology (DLT), smart contracts and tokenization.

    As technology becomes more widespread in our evolving digital economy, cyber risk and data security continue to be by far the most prominent driver of operational risk for banks. Technological advances with increased sophistication, growing reliance on digital solutions, but also growing capabilities of cyber offenders, have all resulted in enhanced risk exposure for banks, including vulnerability to sophisticated cyber-attacks. Cyber risk is often driven by geopolitical risk, thus raising overall risk to a much higher level. Supervising these risks remains one of our priorities.

    To take full advantage of the potential of innovative technologies responsibly while managing risks, common supervisory and regulatory approaches are essential. The EU has introduced key legislation such as DORA, PSD3, FiDA, MiCAR, and the AI Act, which aim to strengthen financial sector resilience and boost consumer and investor confidence by guiding responsible innovation. Recognizing the evolving market dynamics, the Central Bank of Cyprus has established an Innovation Hub to foster dialogue with fintech stakeholders and support domestic financial innovation.

    Digital Payments in Cyprus

    A key element of the digital economy is the rapid rise of digital payments. We find ourselves in an era where digital transformation is reshaping economies, and Cyprus is no exception. One of the most prominent trends is the proliferation of digital payments, which now capture around 96% of cashless payments. At the same time, preference for cash payments is shrinking, as evidenced by a remarkable decline of 11% since 2022 that placed Cyprus at the top of euro area countries. Cypriots use cards 1,3 times more frequently than their European peers, while our contactless card payments capture more than half of all card payments consistently since 2022. This reflects the readiness of local businesses to accept cards and to opt for terminals that embed Near-Field-Technology. 

    In the same vein, e-commerce exhibits gradual expansion, manifested by online purchases via cards almost doubling over a six-year period to 28% of the total of card payments. It is indeed remarkable that the use of mobile phones for online purchases has almost reached one quarter of the total, outperforming the EU average which stands at 16%.

    As of the 9th of January of this year, instant payments have become a reality for all banking participants. This signifies that account-to-account payments can be effected at the speed that people demand in the digital and social media age: transmission within 10 seconds, with immediate access to funds on a 24/7/365 basis, as opposed to the current 1-2 days waiting time. Consumers and businesses will reap the benefits in the months to come. 

    Electronic Money Institutions & Payments Institutions

    E-money payments are gaining traction, driven by opportunities in fintech, e-commerce, and digital payments. Having licensed 4 electronic money institutions this year, the Central Bank of Cyprus now supervises 27 electronic money institutions and 11 payment institutions. 

    As part of our broader strategic agenda, we are committed to drawing on international experience in supporting the Central Bank of Cyprus in refining its approach for regulating, licencing and supervising Electronic Money Institutions (EMIs) and Payment Institutions (PIs) in Cyprus.

    In December, the CBC, announced the establishment of a comprehensive licensing and supervisory strategy for the sector of these institutions.

    For the development of this strategy, the CBC appointed an international consultancy firm whose experts, in collaboration with CBC staff, conducted an analysis of the sector and its inherent risks.

    The objective of the new strategy is to pursue the prudent and sustainable growth of the sector. Among other measures, the strategy includes:

    • The enhancing and enriching of the licensing processes for institutions applying to participate in the sector.
    • The Strengthening of the supervision of institutions by implementing a risk-based supervisory approach for each institution and enriching supervisory tools. 
    • And the adoption of best practices for the operation of the sector.

    To achieve these objectives, a Division for the Supervision of Electronic Money and Payment Institutions is being established, which will henceforth undertake the prudential supervision of the sector.

    Digital Euro

    Moving on to the digital euro, I will give a brief status update from last year’s forum. As legislative negotiations continue in Brussels, the Eurosystem is progressing through the first part of the preparation phase for the digital euro, focusing on calibrating the holding limits without compromising financial stability or bank intermediation as the banks will retain their role vis-à-vis their customers. The ECB continues to rapport with the market, with specific holding entitlements to be defined later. The rulebook formulation, developed with stakeholder input, will set standards for future digital euro distributors, leveraging existing frameworks for cost efficiency and allowing flexibility for innovation. Consumers and businesses prioritize functionalities like conditional payments and effortless bill-splitting, guiding expectations for future services.

    Moving on to the platform and infrastructure preparations, the ECB is now selecting candidates from its recent application process and plans to enhance engagement with distributors to ensure readiness for the potential issuance and successful distribution of the digital euro, if and when the decision to issue is made.

    Allow me to take a moment to refer to our efforts at raising awareness within our market through various communication channels, targeting the general public, the business community, and financial institutions. Aside from articles that we regularly publish in the press and on professional social networking platforms, we invite various stakeholder groups to the CBC premises. Last July we gave a press conference with Mr Piero Cipollone, member of the Executive Board of the European Central Bank, as keynote speaker. In November we held a focus session with business associations and their members, and in December we presented a thorough status update of the project to the members of our National Payments Committee. Last but not least, the Central Bank of Cyprus participates in panel discussions and presents the digital euro project at various local and international conferences.

    ESG Regulatory Landscape: Governance, Society, and Climate Change

    A. Governance

    As we embrace these innovations, we remain steadfast in our commitment to strong governance. Governance, a core pillar of ESG, is crucial in enhancing transparency, accountability, and ethical standards in financial institutions. Strong governance enables sound lending decisions, reduces conflicts of interest, and ensures compliance with regulations including the updated Directive on Corporate Sustainability and ESG provisions in the recently enacted CRD 6, protecting institutional reputation and minimizing financial risks.

    B. Encompassing Society Considerations in Business Activity: Financial Conduct

    Social factors, including diversity, labour practices, community engagement, and adherence to human rights standards, are also vital for modern credit institutions. Embedding diversity in governance and fair pricing in operations fosters trust among stakeholders, promotes financial inclusion, and enhances institutional resilience, strengthening reputation and market standing.

    C. Climate Change – CBC Initiatives

    The Central Bank of Cyprus actively engages in thematic reviews, stress tests, and in-depth analyses led by the European Central Bank to assess institutions’ preparedness on climate risk and its integration into their strategy, governance, risk management and disclosures. This supervision helps ensure credit institutions speed up their preparations to manage ESG risks while meeting necessary sustainability and resilience standards. Additionally, the smaller institutions, directly supervised by us, were requested to develop implementation plans, with specific milestones, in order to advance the management of climate related risks, in line with the ECB’s 13 supervisory expectations which stipulate how banks should integrate climate and environment risks into their business models and strategies, governance and risk appetite.

    Beyond what is expected from the supervised institutions, the Central Bank of Cyprus has set up internally a Sustainability Team, aiming to support the CBC in addressing climate change in line with its mandate to maintain price stability, safeguard financial stability, supervise banks and support the general economic policy of the State, while also contributing to the target of net zero carbon emissions, and the continuation of strong governance. The recent visit of Mr Frank Elderson, member of the ECB’s Executive Board and Co-Chair of the Task Force on Climate-related Financial Risks of the Basel Committee on Banking Supervision touched upon these issues as well.

    Concluding remarks

    Let me now conclude: the strategic vision of the Central Bank of Cyprus is built on the pursuit of price stability and financial stability in its capacity as the macroprudential authority of the country. By embracing the digital economy, ensuring robust governance, and addressing climate change, we are positioning Cyprus as a forward-looking financial hub in Europe. Together, we will navigate the challenges and opportunities of the future, ensuring stability and prosperity for all.

    MIL OSI Economics –

  • MIL-OSI Economics: Christodoulos Patsalides: Cyprus and the euro area – navigating growth, stability, and opportunities

    Source: Bank for International Settlements

    I would like to thank the Cyprus Shipping Chamber for giving me the opportunity to address this meeting today and discuss key economic developments. My remarks will begin with an overview of Cyprus’ economic performance. I will then discuss the notable progress achieved in the banking sector and underscore the critical role of the shipping industry in driving export revenues. Following this, I will turn to the broader economic outlook for the Euro Area, concluding with insights into the European Central Bank’s latest monetary policy decision on achieving price stability.

    Domestic economic outlook

    The Cypriot economy continues to exhibit robust growth, despite facing persistent external challenges in a turbulent and uncertain global environment. Geopolitical risks, such as the ongoing war in Ukraine, conflicts in the Middle East, and rising international tensions, have elevated economic uncertainty.

    Amidst these conditions, the Cypriot economy has consistently demonstrated remarkable resilience and flexibility. This is clearly reflected in its recent upgrades by credit rating agencies to the “A” category, further cementing its reputation in international financial markets. These upgrades underscore the growing confidence in Cyprus’s fiscal policies and the solid outlook for its economic and banking systems.

    Improved fiscal performance has been a cornerstone of these positive developments. Public debt has been reduced significantly, declining from 114% of GDP in 2020 to 74% in 2023, highlighting disciplined financial management. Projections from the Ministry of Finance indicate that this downward trajectory will continue, with public debt expected to fall below 50% of GDP by 2028. This progress strengthens fiscal sustainability and enhances the country’s ability to respond to future challenges, reflecting a strong commitment to long-term economic stability.

    According to the December 2024 projections of the Central Bank of Cyprus (CBC), economic growth for 2024 is expected to reach 3.7%, significantly higher than the projected Eurozone average of 0.7%. The expansion of productive sectors such as technology, trade, tourism, financial and professional services, shipping, and construction-particularly large private sector infrastructure projects-has been a key driver of growth.

    For the period 2025-2027, GDP is expected to grow by approximately 3% annually, driven primarily by a projected increase in domestic demand and, to a lesser extent, external demand. Domestic demand is expected to be supported by a rise in private consumption due to the increase in real disposable household income and the continued resilience of the labour market. Additionally, domestic demand will benefit from ongoing large-scale private non-residential investments, infrastructure projects aimed at supporting digital and green development, and other reform projects under the Recovery and Resilience Plan.

    Regarding the shipping sector in particular, our small island has a maritime history spanning hundreds of years, and it is rightly is considered as one of the main pillars of the Cypriot economy. The country’s maritime industry considerably contributes directly and indirectly to the country’s GDP. Based on 2023 data, the shipping sector ranks third with a share of 17.2% to the total value of exports of services, after the Information and Communication Technology sector, the financial services and the tourism sectors, with shares of 30.2%, 20.3% and 11,5% respectively. In view of the aforementioned figures, it is evident that the sector managed to stay focused and strong despite the unprecedented challenges faced in the last few years, namely the covid pandemic, the wars in Ukraine and Gaza as well as the tensions in the Red Sea. 

    The strength of the labour market further reinforces this positive narrative. Unemployment has declined to 5% in the first nine months of 2024, compared to 5.8% in 2023. It is projected to remain at 5% for the full year and to fall further to 4.6% by 2027, approaching levels indicative of full employment. These figures compare favourably to the euro area, where unemployment is forecast to stabilize at 6.1% by 2027.

    On the prices front, inflationary pressures have eased significantly, with inflation dropping to 2.2% in the first eleven months of 2024, compared to 4.1% in the same period of 2023. According to the CBC’s December 2024 projections, inflation is expected to stabilize near the 2% medium-term target, reaching 1.9% in 2025, 2.1% in 2026, and 2.0% in 2027.

    The Cyprus banking sector

    The Cyprus banking sector has demonstrated tangible progress and resilience, with key financial metrics reflecting a strong and sound performance. A primary indicator of this strength is the solid improvement in terms of solvency, with the Common Equity Tier 1 (CET1) ratio increasing from 21.5% in December 2023 to 23.5% in September 2024. This increase marks the highest CET1 ratio in the Union, surpassing the EU average of 16.0%.

    Despite the challenges posed by consecutive crises, no tangible signs of credit quality deterioration are observed up to this point. In fact, the Non-Performing Loans (NPL) ratio has continued its positive downward trend. As of September 2024, the NPL ratio stands at 6.5%, a marked improvement from 7.9% in December 2023. This reduction reflects the sector’s ongoing commitment to addressing legacy issues, bolstering the financial health of the asset side of its balance sheet, and reinforcing its capacity to support economic recovery. Yet, there is still some way to go, particularly considering that the average NPL ratio of the EU sector stands as of September 2024 at 1.9%. Furthermore, the improvement within the Cyprus banking sector has not been homogeneous across all institutions, with certain banks lagging behind. These institutions must therefore accelerate their efforts to align with the sector-wide advancements.

    Profitability metrics have been robust, with the Return on Equity (RoE) reaching 23.2% in September 2024 as opposed of 11,1% of the EU average. Operational efficiency has improved as the cost-to-income ratio declined to 35.5%, a notable reduction from previous years and lower than the EU average of 53%.

    Cyprus banks also exhibit some of the highest liquidity standings in the EU, reinforcing their ability to meet potential liquidity demands. The Liquidity Coverage Ratio (LCR), a measure of a bank’s ability to withstand large liquidity outflows under a stressed period, stands as of September 2024 at 336%, compared to the EU average of 161% and minimum requirement of 100%. Furthermore, the Net Stable Funding Ratio (NSFR), which assesses the stability of a bank’s funding base, stands also high at 187%, surpassing both the EU average of 127% and the minimum regulatory requirement of 100%. The Cypriot banking sector is thus well-positioned to face potential market disruptions and continue driving economic stability.

    Through the first 11 months of 2024, Cypriot banks granted €3.3 billion in new loans to households and non-financial corporations (NFCs), surpassing the already high €2.9 billion provided during the same period in 2023. A negative side effect of a strongly liquid banking sector in a small country is the slow adjustment of interest rates in response to ECB monetary policy actions. Banks must exhibit responsible pricing policies in the face of reputation risk and the need to support the competitiveness of the economy.

    Looking to the future, the banking sector faces challenges such as adapting to AI, mitigating cyber risks, addressing geopolitical uncertainties, and transitioning to a greener economy. Tackling these priorities is essential for sustaining the sector’s positive trajectory and remains central to our supervisory agenda.

    Economic Developments in the Euro Area

    The risks to economic growth continue to lean towards the downside. Increased disruptions in global trade may hinder euro area growth by suppressing exports and slowing the global economy. Additionally, reduced confidence could delay the recovery of consumption and investment beyond current expectations. The ECB’s December projections estimate economic growth of 0.7% in 2024, 1.1% in 2025, 1.4% in 2026, and 1.3% in 2027. This recovery is expected to be driven primarily by rising real incomes, which should enable households to boost consumption, alongside increased investment by firms.

    On the price front, euro area inflation rose to 2.4%, in December 2024, up from 2.2% in November, primarily driven by increased energy costs but this was expected due to energy-related upward base effects.

    Despite the upticks in recent months, the disinflation process is well on track. ECB Staff see headline inflation averaging 2.4 per cent in 2024, 2.1 per cent in 2025, 1.9 per cent in 2026 and 2.1 per cent in 2027 when the expanded EU Emissions Trading System becomes operational. Services inflation continues to be sticky at around 4%, largely stemming from the delayed catch-up adjustment of certain services prices to past inflation surges and ongoing wage pressures. At the same time, recent signals point to continued moderation in wage pressures and to the buffering role of profits.

    Inflation is expected to fluctuate around its current level in the near term. It should then settle sustainably at around the two per cent medium-term target. Easing labour cost pressures and the continuing impact of past monetary policy tightening on consumer prices should help this process. Most measures of longer-term inflation expectations continue to stand at around 2 per cent.

    ECB Monetary Policy

    Based on our updated assessment of the inflation outlook, underlying inflation dynamics, and the effectiveness of monetary policy transmission, we decided at our January Governing Council meeting to further reduce the three key ECB interest rates by 25 basis points. This adjustment brought the deposit facility rate-the primary tool for steering our monetary policy stance-to 2.75%

    Overall, the euro area’s economic environment remains intricate, with the risks to economic growth tilted to the downside and with both upside and downside risks to inflation present. The ECB continues to navigate these challenges through measured, careful adjustments in its monetary policy stance. Growth is a factor influencing inflation dynamics. It is crucial to ensure that the economy does not grow too slowly, as this could lead to inflation stabilizing below the target. As we move forward, in the current environment of elevated uncertainty stemming from potential global trade frictions and geopolitical tensions, the ECB’s prudent data-dependent meeting by meeting approach shall continue to be important in addressing the evolving economic conditions within the euro area to ensure the timely return to the inflation target in a sustainable manner. The ECB is not pre-committing to a particular rate path.

    Conclusion

    Let me now conclude: the Cypriot economy has shown resilience and adaptability, supported by strong performance, prudent fiscal policies, and a stable financial system, with key contributions from banking and shipping. As one of the pillars of our economy, the shipping sector continues to demonstrate global competitiveness and innovation, further strengthening Cyprus’s position as a leading maritime hub. Looking ahead, challenges like climate change and geopolitical risks demand strategic foresight, but Cyprus is well-prepared to sustain growth.

    At the Euro Area level, the economic outlook balances risks and opportunities, with the ECB ensuring price stability and sustainable growth through proactive, data-driven policies. By remaining data-driven and proactive, we can ensure that the monetary framework across the region remains resilient and responsive to evolving global dynamics.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Economics: Ida Wolden Bache: Economic perspectives

    Source: Bank for International Settlements

    Data accompanying the speech

    “Some of the richest countries in the world are small. They are also outward looking.”

    So starts the first chapter of Victor Norman’s textbook on a small open economy. This is also an apt description of our country. Openness and trade have been essential to our prosperity.

    Victor Norman passed away last year, and with that Norway lost a leading researcher and an outstanding communicator. The first edition of Victor Norman’s book was published in 1983. The quotation I just cited is taken from the expanded edition released ten years later. That was more than 30 years ago, but the book bears its age well. The insights it provides are no less relevant today.

    The framework conditions for international cooperation and trade are in play. There is war in Europe, and the governments of many countries see a need for rearmament. In today’s world, emphasis must be placed on national security and preparedness considerations.

    But the gains from trade with other countries are still there in full, especially for a small economy like ours. Norman points out that small countries often have a narrow resource base as they tend to cover a small part of the earth’s crust. Norway, for example, is abundant in energy resources, but poor in arable land and the crop season is short. Norman posits in his textbook that if we shut ourselves out, such a resource base would have left us sitting hungry in overly heated homes. Trade with other countries allows us to decouple consumption from production. Small countries also have small markets, which means that the cost of producing some things domestically is higher than importing them. International trade expands markets. We can sell aluminium and buy aircraft.

    But as Norman writes: “Open economies are not without their problems. Small countries must (almost by definition) take the world as it is – with minimal possibility of influencing international developments.” This is something we have experienced, most recently during the pandemic and the subsequent global surge in inflation.

    MIL OSI Economics –

  • MIL-OSI Global: Cutting funding for science can have consequences for the economy, US technological competitiveness

    Source: The Conversation – USA – By Chris Impey, University Distinguished Professor of Astronomy, University of Arizona

    National Institutes of Health indirect costs, which are under the knife, go toward managing laboratories and facilities. Fei Yang/Moment via Getty Images

    America has already lost its global competitive edge in science, and funding cuts proposed in early 2025 may further a precipitous decline.

    Proposed cuts to the federal agencies that fund scientific research could undercut America’s global competitiveness, with negative impacts on the economy and the ability to attract and train the next generation of researchers.

    I’m an astronomer, and I have been a senior administrator at the University of Arizona’s College of Science. Because of these roles, I’m invested in the future of scientific research in the United States. I’m worried funding cuts could mean a decline in the amount and quality of research published – and that some potential discoveries won’t get made.

    The endless frontier

    A substantial part of U.S. prosperity after World War II was due to the country’s investment in science and technology.

    Vannevar Bush founded the company that later became Raytheon and was the president of the Carnegie Institution. In 1945, he delivered a report to President Franklin D. Roosevelt called The Endless Frontier.

    In this report, Bush argued that scientific research was essential to the country’s economic well-being and security. His advocacy led to the founding of the National Science Foundation and science policy as we know it today. He argued that a centralized approach to science funding would efficiently distribute resources to scientists doing research at universities.

    The National Science Foundation awards funding to many research projects and early career scientists. Pictured are astronomers from the LIGO collaboration, which won a Nobel Prize.
    AP Photo/Andrew Harnik

    Since 1945, advances in science and technology have driven 85% of American economic growth. Science and innovation are the engines of prosperity, where research generates new technologies, innovations and solutions that improve the quality of life and drive economic development.

    This causal relationship, where scientific research leads to innovations and inventions that promote economic growth, is true around the world.

    The importance of basic research

    Investment in research and development has tripled since 1990, but that growth has been funded by the business sector for applied research, while federal investment in basic research has stagnated. The distinction matters, because basic research, which is purely exploratory research, has enormous downstream benefits.

    Quantum computing is a prime example. Quantum computing originated 40 years ago, based on the fundamental physics of quantum mechanics. It has matured only in the past few years to the point where quantum computers can solve some problems faster than classical computers.

    Basic research into quantum physics has allowed quantum computing to develop and advance.
    AP Photo/Ross D. Franklin

    Worldwide, basic research pays for itself and has more impact on economic growth than applied research. This is because basic research expands the shared knowledge base that innovators can draw on.

    For example, a biotech advocacy firm calculated that every dollar of funding to the National Institutes of Health generates US$2.46 in economic activity, which is why a recent cut of $9 billion to its funding is so disturbing.

    The American public also values science. In an era of declining trust in public institutions, more than 3 in 4 Americans say research investment is creating employment opportunities, and a similar percentage are confident that scientists act in the public’s best interests.

    Science superpower slipping

    By some metrics, American science is preeminent. Researchers working in America have won over 40% of the science Nobel Prizes – three times more than people from any other country. American research universities are magnets for scientific talent, and the United States spends more on research and development than any other country.

    But there is intense competition to be a science superpower, and several metrics suggest the United States is slipping. Research and development spending as a percentage of GDP has fallen from a high of 1.9% in 1964 to 0.7% in 2021. Worldwide, the United States ranked 12th for this metric in 2021, behind South Korea and European countries.

    In number of scientific researchers as a portion of the labor force, the United States ranks 10th.

    Metrics for research quality tell a similar story. In 2020, China overtook the United States in having the largest share of the top 1% most-cited papers.

    China also leads the world in the number of patents, and it has been outspending the U.S. on research in the past few decades. Switzerland and Sweden eclipse the United States in terms of science and technology innovation. This definition of innovation goes beyond research in labs and the number of scientific papers published to include improvements to outcomes in the form of new goods or new services.

    Among American educators and workers in technical fields, 3 in 4 think the United States has already lost the competition for global leadership.

    Threats to science funding

    Against this backdrop, threats made in the beginning of President Donald Trump’s second term to science funding are ominous.

    Trump’s first wave of executive orders caused chaos at science agencies as they struggled to interpret the directives. Much of the anxiety involved excising language and programs relating to diversity, equity and inclusion, or DEI.

    The National Science Foundation is particularly in the crosshairs. In late January 2025, it froze the routine review and approval of grants and new expenditures, impeding future research, and has been vetting grants to make sure they comply with orders from the U.S. president.

    The National Institutes of Health announced on Feb. 7, 2024 a decision to limit overhead rates to 15% which sent many researchers reeling though it has since been temporarily blocked by a judge. The National Institutes of Health is the world’s largest funder of biomedical research, and these indirect costs provide support for the operation and maintenance of lab facilities. They are essential for doing research.

    The new administration has proposed deeper cuts. The National Science Foundation has been told to prepare for the loss of half of its staff and two-thirds of its funding. Other federal science agencies are facing similar threats of layoffs and funding cuts.

    The impact

    Congress already failed to deliver on its 2022 commitment to increase research funding, and federal funding for science agencies is at a 25-year low.

    As the president’s proposals reach Congress for approval or negotiation, they will test the traditionally bipartisan support science has held. If Congress cuts budgets further, I believe the impact on job creation, the training of young scientists and the health of the economy will be substantial.

    Deep cuts to agencies that account for a small fraction – just over 1% – of federal spending will not put a dent in the soaring budget deficit, but they could irreparably harm one of the nation’s most valuable enterprises.

    Chris Impey has received funding from NASA, the National Science Foundation, and the Howard Hughes Medical Institute.

    – ref. Cutting funding for science can have consequences for the economy, US technological competitiveness – https://theconversation.com/cutting-funding-for-science-can-have-consequences-for-the-economy-us-technological-competitiveness-249568

    MIL OSI – Global Reports –

  • MIL-OSI Global: The biggest threat in the Ontario election isn’t Donald Trump, it’s voter disengagement

    Source: The Conversation – Canada – By Mark Winfield, Professor, Environmental and Urban Change, York University, Canada

    Ontario Premier Doug Ford has justified his early election call on the need to respond to United States President Donald Trump’s threat to impose 25 per cent tariffs on Canadian imports.

    While the threat of tariffs on all Canadian imports has been paused — although Trump has since slapped levies on all steel and aluminum imports into the U.S. — Ontario voters need to reflect more than ever on the province’s circumstances and the performance of its government as they prepare to head to the polls next week.

    The Ford government’s approach to the environment and climate change, as well as its policies on a range of other issues like housing, health care and education, is best understood in the context of its overall “market populist” approach to governance.

    Several defining features of this model have emerged over the past six and a half years under Ford’s rule.

    Unaffordable proposals

    First, issues that require long-term perspectives on environmental, social and economic costs — like climate change — have tended to be disregarded. To the extent that the government has provided any sort of long-term vision, it has been focused on grandiose infrastructure projects.

    That includes a proposal to bury the Highway 401 highway in Toronto — an undertaking with a potential cost of anywhere between $60 and over $200 billion. But even that expense would pale in comparison to a recent proposal for a 10,000-megawatt nuclear power plant near Wesleyville, between Toronto and Kingston.

    The costs for the project based on recent experiences in the U.S., could easily top the $200 billion mark as well.

    The Ford government’s drive to “get it done” has also, at times, invoked a near-Trumpian disdain for democratic norms and limits on executive authority. This has been illustrated by, among other things, the first invocation of the notwithstanding clause of the Canadian Charter of Rights and Freedoms in Ontario history.



    Read more:
    Doug Ford uses the notwithstanding clause for political benefit

    Power has been increasingly concentrated in the premier’s office. Provisions for public participation, transparency and accountability under the guise of eliminating red tape in decision-making processes have been systemically eliminated.

    Processes for the meaningful environmental and economic review of major projects have suffered the same fate.

    Another defining issue is the Ford government’s approach to managing the province’s finances, with even the consistently pro-business Fraser Institute raising concerns.

    The disregard of financial responsibility has perhaps been most powerfully demonstrated by issuing of $200 rebates to Ontario residents. These are expected to cost to the provincial treasury more than $3 billion.

    Fewer revenue streams

    The Ford government has also displayed a willingness to eliminate billions a year in stable, long-term revenue streams, like vehicle licencing fees and fuel taxes. Major long-term costs and liabilities have been embedded at the same time, especially in relation to questionable infrastructure projects.

    All of this has taken place amid ongoing crises, attributed to provincial underfunding in areas like schools and post-secondary institutions, affordable (especially rental) housing and health care.

    In the longer term, liabilities are accumulating from the government’s failure to deal with the impacts of a changing climate.

    A final feature of the government’s market populist governance model has been an approach to decision-making based on connections, access and political whim rather than evidence or analysis.

    This pattern was perhaps most evident during the $8.3 billion Greenbelt land removal scandal involving well-connected developers. But the same pattern extends to the energy, for-profit health and resource extraction sectors as well.

    The province’s major opposition parties ran unsuccessfully in the 2022 election on the basis of platforms emphasizing adherence to what had been thought to be core principles in Ontario politics — moderation, managerial competence, and basic democratic values.

    Opposition parties

    This time, all three have turned to more populist themes.

    Liberal Leader Bonnie Crombie promises even more tax cuts than Ford. The NDP proposes to remove tolls from the 407 highway at an unknown cost to the provincial treasury and other programs.

    Even the Green Party, which has previously drawn praise for the content and imagination of its platforms, has picked up on populist themes, with an emphasis on affordability and a Ford-topping promise — and likely an even more ambitious — to build two million new homes.

    Vulnerabilities for the Ford government abound. Recent polling suggests that despite the apparently strong Conservative lead, Ford himself is deeply unpopular, particularly among women voters. Sixty per cent of Ontario residents think the province is on the “wrong track.”

    The early election call itself is widely seen as costly, unjustified and opportunistic. The distraction of the election may well have weakened the province’s immediate capacity to deal with the Trump administration.



    Read more:
    An unnecessary Ontario election won’t help Canada deal with Donald Trump

    Questions and investigations around the Greenbelt land removal scandal and the government’s relationship with the land-development industry continue to close in on the premier’s office amid an ongoing RCMP investigation.

    Crises around housing, education, health care and electricity continue to deepen.

    Ontario’s Bill 23 eliminated or weakened many housing development regulations, including site plan controls, which kept the natural environment safe from the negative effects of poorly controlled development.
    THE CANADIAN PRESS/Nathan Denette

    Still disengaged?

    In calling an early election, the Ford government has provided Ontario voters with an unexpected opportunity to reflect on its record, and the potential paths forward for the province.

    Hopefully Ontario voters will engage more deeply with these questions than they did in the 2022 election, which had the lowest voter turnout in the province’s history.

    Three years ago, the government emerged with an overwhelming majority in the legislature on the basis of the ballots of less than 18 per cent of the province’s eligible voters. The stakes are far too high in 2025 for a repeat of that level of disengagement.

    Mark Winfield receives funding from the Social Sciences and Humanities Research Council of Canada. This chapter summarizes the contents of the author’s contribution to three new volumes on Ontario politics (The Politics of Ontario, 2nd ed,( UTP 2024); Ontario Since Confederation: A Reader (UTP 2025); and Against the People (Fernwood 2025)

    – ref. The biggest threat in the Ontario election isn’t Donald Trump, it’s voter disengagement – https://theconversation.com/the-biggest-threat-in-the-ontario-election-isnt-donald-trump-its-voter-disengagement-249528

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Congratulations on the Day of Russian Student Teams

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    This year marks the 66th anniversary of the Russian student brigade movement. And 10 years ago, by Decree of the President of Russia Vladimir Putin, an official holiday was established for the participants of student brigade groups.

    The spring of 1959 is considered to be the time when the detachments emerged, when a group of 339 students from the Lomonosov Moscow State University went to work on a construction site in the North Kazakhstan region, where virgin lands were being developed at the time. However, this date is also very conditional, since university students had been involved in agricultural work, large construction projects, and laying railways since 1920.

    In the summer of 1962, the commanders of student detachments from leading Moscow universities wrote a collective letter to the General Secretary of the CPSU Central Committee Nikita Khrushchev asking him to support their movement. He gave the go-ahead, and on November 15, 1963, the first All-Union Rally of the VSSO took place in the Kremlin Palace of Congresses, where a single Charter for all student detachments was adopted.

    Since then, the movement has acquired a truly grand scale. Student brigades participated in the development of virgin lands, the development of gas fields in Tyumen, the construction of the BAM, the Moscow metro, the VAZ and KAMAZ plants, the Sayano-Shushenskaya hydroelectric power station and other large facilities. Thanks to their activities, many settlements were founded, including the cities of Bratsk and Ust-Ilimsk. Over the years of the movement’s existence, tens of millions of students passed through it. The apogee was reached in 1982, when the one-time number of construction brigade fighters reached almost 550 thousand people.

    During their student years, the current President of Russia Vladimir Putin, the Minister of Foreign Affairs Sergey Lavrov, the Chairperson of the Federation Council Valentina Matviyenko and many other famous people had the opportunity to work in construction teams.

    Of course, this movement did not pass by the State University of Management, which in the heyday of student brigades was called the Moscow Engineering and Economic Institute. The modern campus of the university was built with the most active participation of its students. Among them were the current professor of the Department of Information Systems Vladimir Godin, professor of the Department of Project Management Alexey Lyalin, deputy chairman of the primary trade union organization of GUU employees Nikolay Nesterov, professor of the Department of Management Theory of the Institute of Public Administration and Law Alexander Raichenko and others. We talked with the latter about the history of student brigades at GUU.

    Alexander Vasilyevich, please tell us how the student work brigade movement began at our State University of Management and about your experience in them.

    — It all started for us much earlier than I started participating in it. I first came to the construction team in August 1968, after I was enrolled as a first-year student. That year, we were sent to prepare the construction site of the university complex in the garden near the metro station, which is now called Vykhino. In addition, we already had construction teams in the Moscow region and teams that were engaged in harvesting agricultural products on state farms in the Moscow and Astrakhan regions. Then, starting in 1969, we began very large-scale construction of our complex.

    Every year, 300 to 700 students worked here – this was our main construction site. Some worked not only in the summer months. In connection with this, their curriculum was redrawn, but they completed it in full. The next most important detachment was the agricultural harvesting detachment of approximately 600 people, who went to work in the Astrakhan region almost every year from 1969 to 1981.

    Where else in the country, besides Astrakhan, did our detachments work? After all, the movement is known for its all-Union construction projects.

    — Large construction teams worked in Siberia. Every year, two or three teams worked on the construction of the first line of the Baikal-Amur Mainline. We worked on the construction of the Khrebtovaya-Ust-Ilimsk branch, the settlement of Igirma. 120 of our students worked there for two years. And some time later, we worked for another two years in the settlement of Zvezdny, also on the BAM. We also had teams in the Gorno-Altai Region. In 1969, there were about eight teams there, from each faculty. And in the Uzhur District of the Krasnoyarsk Territory, in the settlement of Shchetinkino, they were building a large residential complex. There were also some rather exotic places to work. One of the teams worked on industrial and civil construction in the settlement of Mirny, in Yakutia, the diamond capital of Russia. This was an unexpected appointment for us, but our students showed themselves well there.

    What practical benefits did these works provide to students?

    — The experience that students gained in construction teams was very helpful. I know more than 30 current managers who gained their first experience in production activities in student teams. Today they hold respectable positions, from the head of the construction and installation department to the governor of the region.

    And who from the current faculty of the State University of Management used to work in construction teams?

    — I know more than 20 people working at the university today who had such experience. The thing is that this work was considered as industrial practice. Rector of MIEI Olimpiada Vasilyevna Kozlova defined this activity as the first immersive industrial practice. It was not industry-specific, but it provided real and useful experience. Almost 100% of students, with the exception of those who could not participate in the work due to physical condition, were involved in one or another detachment. And the most active did this throughout the entire period of study. That is, every year, starting in May, when our quartermasters left, and ending in October, when the final results were summed up and we settled accounts with our customers, they actively participated in this work.

    We have an archive photo of MIE students in Czechoslovakia. Did our guys go anywhere else abroad?

    — What you are talking about was an interesting practice, it was called “currency-free exchange”. Student teams from our university were sent to four countries: the German Democratic Republic, Czechoslovakia (Charles University was a major partner of ours), Bulgaria (we had strong and long-term ties with it, our teams went there almost every year), and there were also ties with the Polish People’s Republic, although to a lesser extent. The same number of students from the universities with which we cooperated came from these countries. They worked for us, as a rule, on the construction of buildings for our university. Our students abroad worked at various sites, on construction sites of the national economy and the like.

    Today, RSO is 400 thousand young people from 85 regions of Russia who cooperate with more than 1000 employers, including Russian Railways, Rosatom, Gazprom, EkoNiva, Artek and other large organizations. Thus, students not only gain practical skills in professional activities, but also help solve important economic problems, form the country’s personnel reserve.

    “This is a unique school of life that shapes not only professional and personal qualities, but also the desire to live and develop in the native country. We are proud that the guys are becoming part of a big cause – strengthening the economy and social sphere of Russia. The contribution of the student brigades is an investment in the future of our country,” said the head of the Federal Agency for Youth Affairs (Rosmolodezh), associate professor of the Department of State and Municipal Administration of the State University of Management Grigory Gurov.

    Let us recall that at the end of last year, the State University of Management signed a cooperation agreement with the RSO and this spring will begin active joint work in the area of pedagogical and educational activities, as well as the work of service departments.

    We congratulate everyone involved in the movement on the holiday! We wish you success in work and study, as well as a lot of pleasant impressions from business trips and communication with new acquaintances.

    Subscribe to the TG channel “Our GUU” Date of publication: 02/17/2025

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

    MIL OSI Russia News –

  • MIL-OSI: KK MINER Unveils New High-Yield Investment Opportunities, Offering Investors Up to $50,000 Daily

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 17, 2025 (GLOBE NEWSWIRE) — KK MINER, a leading cloud mining platform, has launched its latest series of high-yield cloud mining contracts, offering investors new opportunities to earn substantial daily profits through Bitcoin (BTC) and Dogecoin (DOGE) mining. With cutting-edge technology and a global network of investors, KK MINER continues to redefine passive income in the cryptocurrency industry.

    Revolutionizing Cloud Mining with Industry-Leading Returns

    KK MINER’s cloud mining ecosystem has already attracted over 6 million investors worldwide, collectively contributing nearly $50 billion in investment funds. These funds enable KK MINER to deploy extensive Bitcoin computing power, securing approximately 5.5% of the global hash rate. With the current Bitcoin output of 6.5 BTC every 10 minutes, KK MINER earns approximately 0.2275 BTC per cycle, equating to a projected daily revenue of over $546,000 at a Bitcoin price of $100,000.

    New Mining Contracts with Enhanced Profit Potential

    In response to growing demand, KK MINER has unveiled its latest cloud mining contracts, designed to maximize investor returns. The new contract options provide flexible investment amounts and durations, ensuring both new and experienced investors can capitalize on the booming cryptocurrency market. Notable offerings include:

    • BTC [Super Hash Power] II – $100,000 investment, 30-day term, 3.45% daily return ($3,450/day, $103,500 total profit)
    • Classic Hash Power – $3,000 investment, 20-day term, 1.58% daily return ($948 total profit)
    • BTC-Advanced Hash Power – $10,000 investment, 45-day term, 1.91% daily return ($8,595 total profit)
    • Experience Hash Power – $100 investment, 2-day term, 4% total return ($8 profit)

    Profits are automatically credited to investor accounts daily, with the option to withdraw funds upon reaching $100 or reinvest in additional contracts for compounded gains.

    Exclusive Rewards & Referral Program

    To further incentivize participation, KK MINER offers additional benefits for investors:

    Join KK MINER Today and Secure Your Passive Income

    With a track record of stability and high returns, KK MINER remains a top choice for cryptocurrency investors looking for secure and profitable mining solutions. To explore available mining contracts and start earning passive income, visit https://kkminer.top/ or download the KK MINER Download Mobile App today.

    About KK MINER – KK MINER is a global leader in cloud mining services, leveraging state-of-the-art mining technology and strategic investments to offer secure, profitable, and accessible cryptocurrency mining solutions to millions worldwide.

    Contact:
    KK MINER
    Email: info@kkminer.top
    Website: https://kkminer.top/

    Disclaimer: This press release is provided by KKMiner. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b1e30b7d-3f3e-4311-b8cd-88c70bb5d4ee

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e5ec03c1-47f1-4b6a-b5d5-840675c3a340

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f091f88e-0d15-4cc4-97bd-3fd1d583b1ae

    https://www.globenewswire.com/NewsRoom/AttachmentNg/6a51c692-62f1-4b12-b2b6-3f275fd51938

    The MIL Network –

  • MIL-OSI: SoluAI Launches Decentralized AI Computing on Blockchain, Fueled by GPU Networks

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 17, 2025 (GLOBE NEWSWIRE) — SoluAI, a Layer 1 blockchain platform focused on decentralized AI computing, announces the launch of its platform, which enables the efficient use of GPU resources for AI model training and deployment. SoluAI offers a blockchain-powered alternative to centralized AI infrastructure, aimed at creating more accessible and cost-effective AI technologies.

    By integrating artificial intelligence with blockchain, SoluAI intends to simplify the access to AI model training and create new opportunities for developers, businesses, and independent users to contribute to and benefit from an evolving decentralized ecosystem.

    Advancing AI Accessibility with SoluAI’s Core Features

    At the core of SoluAI are several features designed to appeal to developers and contributors:

    • Decentralized GPU Network: Individuals and businesses can provide unused GPU resources to the SoluAI network and be rewarded for their contributions. This helps to distribute computing power efficiently while solving the issues of scalability often found in centralized systems.
    • AI Model Training & Hosting: The platform allows AI models to be trained on a distributed network while minimizing computational costs. Hosted models can also be accessed securely for tasks such as natural language processing, image generation, and more.
    • SoluAI Marketplace: A dedicated marketplace lets developers offer pre-trained AI models, GPU resources, and other services. Users can browse available assets, fine-tune models, and integrate them into their own applications.
    • Privacy and Security: By leveraging blockchain technology, SoluAI ensures that sensitive data used in AI training remains secure, while model queries operate in a private, trusted execution environment.

    These features are designed to support developers, researchers, and businesses, enabling them to build and execute AI solutions in a decentralized manner.

    A Roadmap to Redefine AI and Blockchain Integration

    SoluAI’s growth is structured around a three-phase implementation plan, with clear goals for each stage:

    • Phase 1: Foundations (Ongoing)
      The initial phase involves the launch of the SoluAI blockchain and the foundational infrastructure for decentralized GPU computation. This includes onboarding contributors to the network, integrating GPU participation, and initiating the presale of its utility token, $LUAI.
    • Phase 2: Ecosystem Development (Q2–Q3 2025)
      SoluAI aims to release its core application features, including the TAAS (Training-as-a-Service) platform and marketplace. This phase also focuses on expanding partnerships with AI and blockchain-focused companies to drive network activity and collaboration.
    • Phase 3: Expansion and Decentralization (H2 2025)
      SoluAI plans to enhance its technical capabilities and incentivize greater involvement in the ecosystem. By the end of 2025, SoluAI aims to deploy initiatives encouraging decentralized governance and broader adoption of its AI tools and services.

    $LUAI Token: Powering Innovation and Collaboration

    The $LUAI token powers the SoluAI ecosystem by facilitating transactions and incentives. Its utility includes staking opportunities, governance participation, and rewarding network contributors such as GPU operators. The token supply structure is designed to strike a balance between incentivizing early adopters and supporting sustained development:

    • Total Token Supply: 1,000,000,000 $LUAI tokens
    • 36%: Allocated for early investor and presale participation to fund development.
    • 20%: Reserved for staking and rewards for node operators.
    • 15%: Facilitating platform adoption through marketing and partnerships.
    • 19%: Project development and research initiatives.
    • 10%: Founders and core team allocation.

    An independent audit has been conducted to ensure tokenomics and project transparency for all stakeholders.

    SoluAI’s Value Proposition

    SoluAI provides an open, developer-friendly system where AI technologies can be deployed in a decentralized manner. By using blockchain to create an accessible platform for AI model training, the project offers businesses and developers an alternative to reliance on centralized infrastructure providers.

    The decentralized model not only supports cost-efficiency with a cost reduction of up to 70% for training AI models, but also fosters an inclusive environment, where contributors from around the world can participate and earn rewards based on their resource contributions.

    About SoluAI

    SoluAI is a Layer 1 blockchain specializing in decentralized AI computing. By harnessing idle GPU power, SoluAI enables efficient AI model training and hosting at a reduced cost. The platform places an emphasis on security, scalability, and developing a practical ecosystem for AI developers, businesses, and contributors.

    To learn more about the project, visit the official website. Updates are regularly shared on SoluAI’s Twitter/X, Telegram, and Discord.

    Media Contact:
    Ethan Caldwell
    contact@soluai.net

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

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/8048d5d5-2fd0-4bfd-9a87-9b10a2b41891 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/d9543860-0a1e-44c5-9da0-2dea74a46985
    https://www.globenewswire.com/NewsRoom/AttachmentNg/eca9d5d5-e751-48aa-b8f9-80f51f165a54

    The MIL Network –

  • MIL-OSI: The Finnish Financial Supervisory Authority (FIN-FSA) imposes additional capital requirements and a liquidity requirement on Oma Savings Bank Plc based on the supervisor’s completed review (SREP)

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 17 FEBRUARY 2025 AT 15.30 P.M. EET, OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE

    The Finnish Financial Supervisory Authority (FIN-FSA) imposes additional capital requirements and a liquidity requirement on Oma Savings Bank Plc based on the supervisor’s completed review (SREP)
        
    By decision of 14 February 2025, the Finnish Financial Supervisory Authority (FIN-FSA) has imposed two discretionary additional capital requirements on Oma Savings Bank Plc (OmaSp or Company) in accordance with Chapter 11, Section 2 of the Credit Institutions Act. The Additional Tier 1 capital requirement (P2R) for the Company will be 2.25% and the Additional Tier 2 capital requirement (P2R-LR) will be 0.25%, replacing the existing discretionary capital requirements (additional Tier 1 capital requirement of 1.50% and additional Tier 2 capital requirement of 0.25%).

    The discretionary capital requirements will take effect from 30 June 2025 and will remain in effect until 30 June 2028 at the latest. At least three-quarters of the additional capital requirement must be covered by Tier 1 capital and of this at least three-quarters by Common Equity Tier 1 capital. The Company meets the set additional capital requirements in accordance with own funds requirements and own funds as of 31 December 2024. The decision has been made as a normal part of the supervisor’s reviewing process (SREP) pursuant to Chapter 11 Section 6, Section 6a Subsection 1 Section 1 and Section 6b Subsection 1 Section 1 and 2 of the Act on Credit Institution Operations.

    In addition, the FIN-FSA imposes on OmaSp in accordance with Chapter 11, Section 2 of the Act on Credit Institutions, a liquidity requirement to maintain a minimum survival horizon of at least three months in a scenario according to the stress test methodology of the European Central Bank. The requirement enters into force on 31 December 2025 and is valid until 31 December 2028 at the latest. The Company has started preparations to meet the additional liquidity requirement. The requirement is based on Chapter 11, Section 9 Subsection 1 of the Credit Institutions Act.

    The supervisor’s key observations and ongoing measures are described in more detail in the Financial Statements 31 December 2024, published on 10 February 2025. The Financial Statements can be found on the Company’s website www.omasp.fi/en/investors/reports-and-publications/financial-statements.

    Oma Savings Bank Plc

    Additional information:
    Sarianna Liiri, CEO, tel. +358 40 835 6712, sarianna.liiri@omasp.fi
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Strengthens Intellectual Property Portfolio with Four New Patent Applications

    Source: GlobeNewswire (MIL-OSI)

    Protections Surrounding Key Enabling ALIP Technology Adds to NANO Nuclear’s Stable of Granted or Acquired Patents and Patent Applications

    New York, N.Y., Feb. 17, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that it has filed four new separate utility patent applications with the United States Patent and Trademark Office (USPTO) related to NANO Nuclear’s Annular Linear Induction Pump (ALIP) technology.

    The ALIP technology, a thermal management and distribution system which is based on electromagnetic (rather than mechanical) pumps, is a core technology in the development of advanced molten-salt and liquid-metal nuclear reactors. By utilizing a time-varying magnetic field, ALIPs enable the movement of conductive fluids without mechanical components, reducing wear and maintenance requirements while increasing efficiency.

    The ALIP technology, acquired by NANO Nuclear last year and part of its suite of energy systems, is considered a key-enabling technology for the development of advanced nuclear reactors, not only for NANO Nuclear’s microreactors in development but as a third-party commercial opportunity for other advanced nuclear reactor systems.

    In addition to enhancing energy conversion cycles, optimizing thermal management, and ensuring operational longevity in high-temperature applications across the energy, propulsion, and industrial sectors, applications of the ALIP technology extend beyond nuclear energy to space power and propulsion systems, industrial cooling systems, and defense applications, positioning NANO Nuclear at the forefront of emerging high-performance fluid control markets.

    A U.S. Department of Energy’s Small Business Innovation Research (SBIR) Phase III project is ongoing to refine the ALIP technology, led by inventor and NANO Nuclear’s Head of Thermal Hydraulics and Space Program Dr. Carlos O. Maidana, with a view to separately commercialize the technology as a component for liquid metal and all molten salt-based nuclear reactors.

    Figure 1 – NANO Nuclear Energy’s Annular Linear Induction Pump (ALIP) technology cross-sectional visualization.

    “The development and eventual commercialization of the ALIP technology is essential for advancing next-generation nuclear reactor solutions,” said Carlos O. Maidana, Ph.D., Head of Thermal Hydraulics and Space Program of NANO Nuclear Energy. “Filing these utility patents highlights our commitment to leading the charge in next-generation technologies that are critical to the ongoing evolution of advanced energy systems. I’m pleased to have housed these inventions within NANO Nuclear and to lead the team to progress and refine this technology.”

    The newly filed patent applications include:

    1. Patent Application # 19/030,148, titled “Integrated platform and method for optimizing an electromagnetic pump,” relates to the development of software for the design of annular linear induction pumps.
    2. Patent Application # 19/030,130, titled “Electromagnetic pump system and method for moving conducting fluid,” relates to the design of the next generation of annular linear induction pumps.
    3. Patent Application # 19/030,098, titled “Electromagnetic pump and method for manufacturing the same,” relates to the advanced manufacturing of annular linear induction pumps.
    4. Patent Application # 19/030,068, titled “Cooling system for electromagnetic pump system,” relates to the design of a micro-channel cooling system, using advanced manufacturing methods, for annular linear induction pumps operating at very high temperature.

    These intellectual properties are expected to provide enhanced component life span and operation metrics in all advanced molten-salt and liquid-metal reactors, including NANO Nuclear’s KRONOS MMR™, LOKI MMR™, and ODIN portable microreactor, all of which are currently in development.

    “The filing of these additional utility patents further bolsters our intellectual property portfolio and helps to ensure the protection of our progress in developing this key enabling technology,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “We believe that the ALIP technology will be instrumental in the development and optimization of the next generation of advanced nuclear reactors, and I’m pleased with the progress Dr. Maidana has overseen through the SBIR Phase III program. We look forward to continuing our progress with ALIP with a view towards including in it our own microreactors in development as well as seeking to separately commercialize it as soon as possible.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR™ Energy System and space focused, portable LOKI MMR™.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:
    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

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    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements include those related to (i) the anticipated benefits to NANO Nuclear of the patent applications described herein and (ii) the future prospects for the ALIP technology generally as part of NANO Nuclear’s reactors in development or via separate commercialization. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues, securing intellectual property protection, and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: SimCorp: BaFin warns about identity fraud

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The financial supervisory authority BaFin warns against investment offers, in particular via WhatsApp, which allegedly originate from SimCorp GmbH, Bad Homburg, or another company of the SimCorp Group. According to their findings, unknown persons using unauthorised names and photos of members of the SimCorp Group are providing financial and investment services without permission. In particular, they offer the brokerage of pre-IPO shares in connection with upcoming IPOs. This is a case of identity fraud.

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

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

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: New funding to help create the next generation of aviators and boost the economy

    Source: United Kingdom – Executive Government & Departments

    Latest round of Reach for the Sky programme awarded £810,000 to 16 organisations across the UK.

    • £810,000 of new government funding to help young people start a career in aviation by breaking down barriers to opportunity
    • with the air transport and aerospace sector contributing £20 billion to the UK economy, investment in the next generation of professionals will secure long-term economic growth and deliver on the government’s Plan for Change
    • Reach for the Sky scheme has now provided £2.3 million to 37 organisations, reaching 100,000 people across the country, from Cornwall to Carlisle

    The Aviation Minister has today (17 February 2025) launched the latest round of funding to encourage more young people into a career in aviation, helping to secure long term economic growth and ensuring the sector has the workforce needed for the future.

    Now in its third round, the government’s Reach for the Sky programme will see £810,000 awarded to 16 organisations across the UK, from Cornwall to Newcastle.

    The successful scheme, which totals £2.3 million, has now delivered funding to 37 outreach organisations and reached 100,000 people across the country.

    Supporting young people to pursue careers such as pilots, navigators and controllers also aligns with the government’s ambition to go further and faster to kickstart growth. As part of the drive to build up aviation capacity at Heathrow and across the sector – from increased travel options to more UK homegrown aviation jobs – expansion in the sector plays a crucial part in unlocking economic prosperity.

    Reach for the Sky aims to break down barriers to opportunity and form the next generation of aviators, particularly by supporting young people from disadvantaged backgrounds who may not have considered a career in the sector before.

    Funding will help organisations deliver events, interactive workshops, taster days, mentorship schemes and educational initiatives with schools, universities and career professionals.

    Aviation Minister, Mike Kane, said:

    As part of our Plan for Change, we are breaking down barriers to opportunity so that every young person has the chance to pursue their dreams.  

    Programmes like Reach for the Sky turn ambition into reality, helping to inspire young people and introducing them to the benefits of a career in the skies.  

    I look forward to seeing the achievements of the next generation of aviators.

    With Office for National Statistics (ONS) data showing that young people from disadvantaged households are more likely to feel they do not have as much of a chance in life, programmes like Reach for the Sky help break down barriers to opportunity and expand horizons for underserved, hard-to-reach groups.

    This year’s recipients of the DfT-funded scheme include SaxonAir, The King’s Trust and Employers and Educators, amongst others.

    SaxonAir, who have been successful in previous rounds, offer a range of scholarships, volunteering programmes and events for people of all backgrounds.

    One of their main initiatives is the INSPIRE programme, delivered in partnership with Business In The Community (BITC) at West Earlham Infant School. It aims to make the aviation industry inclusive for individuals of all ages, abilities, and backgrounds.

    The initiative is already making a tangible difference, with teachers at West Earlham Infant School in Norwich reporting a surge in enthusiasm for aviation among pupils following a recent visit.

    Hannah Colledge, HR and Wellbeing Coordinator at SaxonAir, said: 

    Our INSPIRE Outreach Programme is designed to spark a passion for aviation from as young as 5 years old offering tailored activities that align with different age groups and connect appropriately to the curriculum.

    With support from the Reach for the Sky funding, we can extend our reach, ensuring that young people from all backgrounds have the chance to experience aviation firsthand.

    By breaking down barriers and bringing aviation opportunities to underrepresented communities, we are reinforcing our commitment to a more diverse and inclusive aviation sector.

    Graham, the father of a student at Aylsham High School, Norwich, said:

    [My son] really enjoyed the INSPIRE event and loved the opportunity to see what goes on behind the scenes in the aviation industry. His ambition is to be a pilot, but this event opened his eyes into other possibilities of work with and around aircraft. Thank you for providing him with this rare opportunity.

    Education and Employers Charity helps young people discover their future by bringing inspiration from the world of work into school. Reach for the Sky funding helps them connect aviation professionals with young people to deliver careers events and provide training across the UK.

    Speaking about one of these events, a pupil at Ealing Fields High School, Josh from London said:

    I’ve wanted to be a pilot for a long time and the opportunity to listen to a pilot tell his story and career path was really impactful. At the end I was lucky enough to speak to him 1:1 and this really helped me with my questions. Since meeting with him I’ve made the most of opportunities and even visited a flight simulator. The talk was so impactful.

    The Civil Aviation Authority (CAA) is responsible for delivering the Reach for the Sky programme on behalf of DfT.

    Sophie Jones, Head of Organisational Capability and STEM Sponsor at the CAA, said:

    The aerospace sector provides many jobs and opportunities for development, and with the innovation and growth currently taking place, it is all the more vital for young people to join the industry.

    The Reach for the Sky Challenge fund provides support for outreach programmes that inspire the next generation, from all backgrounds, to pursue careers in aviation and aerospace, ensuring that the UK continues to be at the forefront of innovation and development.

    As the UK’s aviation regulator, we are proud to inspire the next generation’s journey into this fantastic industry through our STEM programme, funded by the Department for Transport.

    Aviation, Europe and technology media enquiries

    Media enquiries 0300 7777 878

    Switchboard 0300 330 3000

    Updates to this page

    Published 17 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Moonacy Protocol captures records again! Record figures for January

    Source: GlobeNewswire (MIL-OSI)

    London, UK, Feb. 17, 2025 (GLOBE NEWSWIRE) — Moonacy Protocol, a platform that allows investing in exchange activity, namely liquidity pools, and generating passive income in cryptocurrency, has paid out record dividends to clients – more than $4 million for January, 2025. In December, the figure was 3.2 million.

    In addition, Moonacy Protocol made several updates to its platform in January. It introduced XRP to the ecosystem for both exchanges and investors providing liquidity. It is now possible to invest and profit from XRP on the platform. There are 59 trading pairs for exchanges, such as XRP/ETH, XRP/BNB, XRP/SOL and others. API integration and developer section have been improved, and the Moonacy team announced the start of development of its own payment system and mobile app.

    The Moonacy Protocol team is developing the platform every day to provide the best investment experience for the clients. The team’s goal is to make investing in the exchanger open to anyone who wants to invest. Due to its transparency, stability and low entry threshold, the platform is attracting more investors every day.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI Global: How Thailand’s TV lesbian romances captured a global audience

    Source: The Conversation – UK – By Eva Cheuk-Yin Li, Lecturer in Sociology (Media & Cultural Studies Team), Lancaster University

    While dramas about male same-sex romance (known as “boys’ love”, or BL) have been popular in Asia since 2010, “girls’ love” (GL) dramas are only now seeing a meteoric rise in popularity – and they are coming out of Thailand.

    On January 23 2025, Thailand became the first country in south-east Asia to legalise same-sex marriage. Although the country is often imagined as a “gay paradise”, Thai society remains largely conservative and homophobia is still commonplace. Against this social backdrop, the rise of LGBTQ+ storytelling is intriguing – perhaps revealing the emergence of more tolerant and progressive attitudes.

    In Thailand, these BL and GL dramas are known as series “Y”, an industry estimated to be worth 3 billion baht (approximately £72 million) in 2024. Thailand’s GL dramas now reshaping sapphic storytelling and bringing it to the mainstream.

    Besides the central romance plotline, GL stories often explore pertinent issues such as family expectations and societal pressure, coming-out struggles, and age and class differences. Adding depth to the narrative, these issues chime with young queer audiences seeking more realistic, relatable experiences.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    A hub for BL series since the mid-2010s, Thailand only produced its first full-length GL series in 2022. Despite investor doubts, the producer of a then-small production house financed a pioneering series called Gap, telling the story of an office romance between a royal-descendant CEO and a junior member of staff.

    Airing on domestic TV and later uncut on YouTube with multilingual subtitles, Gap amassed over 850 million views by January 2025, proving a global appetite for queer women-oriented stories. By February 2025, more than 20 GL series had aired, with at least 30 more in production.

    Trailer of Gap (2022), Thailand’s first full-length GL series.

    Series like Blank, 23.5, The Secret of Us, Affair, and The Loyal Pin illustrate the genre’s growing popularity, with uncut versions available on platforms like YouTube and Netflix, complete with subtitles in various languages such as English, Korean, Vietnamese, Spanish, Portuguese and Turkish.

    Thailand’s GL dramas have adopted successful practices from their BL counterparts: adapting novels, scouting and training actors, incorporating product placement, hosting fan events and appearing on variety shows. One notable practice is the making of khu-jin (imagined couple), where celebrities perform same-sex intimate moments on stage or social media to serve fans’ fantasies.

    “Shipping” culture – the practice of imagining or supporting a romantic relationship between fictional or real individuals – is pivotal to GL’s success. The two Gap leads, Freen Sarocha and Becky Armstrong have created the “FreenBecky” ship, and each have more than four million Instagram followers. Actresses of other “ships” such as LingOrm, EngLot, and FayeYoko, command similarly devoted followings. Their fan meetings across Asia regularly draw tens of thousands, blending fiction and reality to create an immersive fan ecosystem.

    Celebrating Girls Love

    As we discussed in our recent research, Thai GL series also emphasises joy and resilience, unlike the tragic endings often seen in western LGBTQ+ narratives. US-produced content has been criticised for the “bury your gays trope”, where LGBTQ+ characters are frequently killed off in tragic or unnecessary ways.

    Another objection is “dead lesbian syndrome”, where lesbian and bisexual characters are even more likely to be killed on screen. Notorious examples include Killing Eve and The 100.

    In contrast, Thai GL stories celebrate love and acceptance, despite the challenges experienced by protagonists. Series like Gap, The Secret of Us, and Mate feature grand wedding finales with the blessing of parents and friends, portraying queer love overcoming obstacles and thriving.

    GL series also speak directly to the queer women’s community. Many actresses, such as Engfa Waraha in Show Me Love and Petrichor, and Faye Malisorn in Blank, are openly queer or vocal queer allies.

    Although many GL series have male directors, love scenes are respectful, focusing on sensuality and desire rather than being graphic and exploitative. This contrasts with films such as Blue is the Warmest Colour, in which love scenes were criticised as being exploitative, and where actresses have reported problematic practices during filming.

    Opportunities and challenges

    From their inception, Thai GL dramas have aired locally but have quickly been made available on streaming platforms with multilingual subtitles for a global audience. Social media platforms amplify their reach, with production houses curating trends and fostering interactive fan experiences.

    Recognising the potential for cultural export, the Thai government has partnered with BL and GL production companies to promote Thai culture and products. It is unusual for governments to embrace queer culture as a vehicle for soft power, which highlights the growing cultural and economic significance of these series. Though this development has sparked concerns over the intentions behind such support, it signals a future where queer narratives hold global, cultural and political relevance.

    Despite its success, GL entertainment faces challenges. Many series are still adaptations of novels, limiting thematic diversity. While themes like schoolyard dramas and sweet romances such as Love Senior, Unlock Your Love, and Us prevail, some series are pushing boundaries with themes like disability (Pluto), supernatural power (Reverse 4 You), and crime (Petrichor).

    GL romances provide a vital space for queer women’s stories, connecting audiences across borders through global visibility and fan culture. Most remarkably, this shift isn’t coming from Hollywood.

    As the genre evolves, it holds the potential to continue redefining representation and amplifying underrepresented voices. It’s not just reshaping how queer women’s stories are told and viewed globally, it’s proving to be commercially viable and culturally transformative.

    In the face of rising global reactionary politics and growing hatred against the LGBTQ+ community following Trump’s re-election, Thai GL series offers not only a safe escape and fantasy, but also a sense of solidarity through their worldwide fandom.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. How Thailand’s TV lesbian romances captured a global audience – https://theconversation.com/how-thailands-tv-lesbian-romances-captured-a-global-audience-248261

    MIL OSI – Global Reports –

  • MIL-OSI Economics: RBI imposes monetary penalty on Shree Balaji Urban Co-operative Bank Ltd., Satna, Madhya Pradesh

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated February 13, 2025, imposed a monetary penalty of ₹1.10 lakh (Rupees One Lakh Ten Thousand only) on Shree Balaji Urban Co-operative Bank Ltd., Satna, Madhya Pradesh (the bank), for non-compliance with certain directions issued by RBI on ‘Priority Sector Lending (PSL) – Targets and Classification’ and specific directions issued by RBI on making contribution to Micro and Small Enterprises (MSE) Refinance Fund due to shortfall in achievement of PSL. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The bank was directed by RBI through specific direction to deposit a certain amount in the MSE Refinance Fund administered by Small Industries Development Bank of India (SIDBI) against the shortfall in achievement of PSL target for the Financial Year (FY) 2022-23. On failure to deposit the specified amount, a cautionary letter was issued by RBI advising the bank to deposit the specified amount, but the bank failed to deposit the same. Based on the above-mentioned non-compliance and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the RBI directions. After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had failed to deposit the prescribed amount in the MSE Refinance Fund maintained with SIDBI against the shortfall in achievement of PSL target for FY 2022-23, even after the issuance of cautionary letter, within the prescribed time.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2187

    MIL OSI Economics –

  • MIL-OSI Global: What Canada can learn from the European Union about dealing with chaos and crises

    Source: The Conversation – Canada – By Jörg Broschek, Professor and Laurier Research Chair, Political Science, Wilfrid Laurier University

    As United States President Donald Trump continues to threaten Canada’s economic and political sovereignty, some observers have floated the idea of Canada becoming a member of the European Union.

    Since there is no feasible pathway to EU membership in the short term, current efforts rightly focus on strengthening Canada’s existing trade relationships, most notably through the Canada-European Union Comprehensive Economic and Trade Agreement.

    But something else is often overlooked: Canada should also learn from the EU how to cope with the monumental challenges ahead. Europe is not only less vulnerable than Canada due to its geographic position and economic power, it’s also more resilient.

    Three goals

    Unlike “Team Canada,” “Europe United” has already crafted a multi-pronged policy framework to encounter the risks arising from a fundamentally changing geopolitical environment over the long term. The EU also has a more robust institutional framework for intergovernmental co-operation.

    Under the leadership of President Ursula von der Leyen, the European Commission has launched a cascade of relatively coherent policies aimed at facilitating three broad goals: decarbonization, economic sovereignty and national security.

    Key pillars of this new policy framework are the European Green Deal of 2019, the European Industrial Strategy of 2020, the European Economic Security Strategy of 2023 and the 2024 European Defence Industrial Strategy.

    These policy initiatives have been continuously updated, fine-tuned and aligned with each other. They have created an umbrella that enables the EU and its member states to simultaneously promote the green transition, strengthen the internal market and domestic industries as well as reduce economic and security risks.

    The geopolitical and industrial changes in the EU resemble what used to exist in Canada as well: national policies — the conscious, nation-building initiatives of successive federal governments.

    But Canada has lost the ability to plan strategically for the long term and now responds to every crisis in a reactive, punctuated manner. In doing so, Canadian officials address symptoms without tackling root causes.

    EU architecture

    The institutional architecture of the EU also furnishes governments with more capacity to collaborate. In all federal systems, most policies are largely shared, which is why intergovernmental co-ordination is important to buttress and consolidate such innovations.



    Read more:
    Canada-U.S. history provides lessons on how Canada can deal with a hostile Donald Trump

    Notably, the Council of the European Union plays a key role for co-ordinating and negotiating policies, in addition to its function as the main decision-making body (together with the European Parliament).

    It is composed of ministers of the EU member states. Accordingly, it works in different configurations, depending on the portfolio. The head of governments themselves meet regularly through a separate institution, the European Council.

    In Canada, by contrast, federal intergovernmental institutions are fragile or don’t even exist, even though they’re comparatively strong on the municipal level.

    Municipalities co-ordinate through the Federation of Canadian Municipalities (FCM), which was established in 1901. But it was not until 2004 that provinces and territories established the Council of the Federation. This body, however, has remained weak, with very little administrative support.

    What’s even more striking is that there is no formalized, institutionalized framework at all at the federal level. The First Ministers’ Conference meetings are held at the discretion of the prime minister. In their communique following a Council of the Federation meeting in November 2023, premiers complained that “the prime minister has not convened a full in-person First Ministers’ Meeting since December 2018 despite repeated requests from premiers.”

    Widespread tariffs against Canada may be on hold until March, but there is no way back. As Canadians experience their very own “Zeitenwende” — the end of an era — in the wake of Trump’s desire to absorb Canada into the U.S., the country’s leaders should draw two lessons from the EU.

    All-encompassing approach needed

    On the policy level, Canada does need a new “national policy,” as I have argued previously.

    More than 40 years ago, the Macdonald Commission paved the way for a major transformative shift in Canadian policy-making, including free trade with the U.S. But since the global financial crisis of 2007-2008, it has become increasingly clear that this model of socioeconomic development is outdated.

    Yet the model has never been replaced. Unlike the EU, Canadians have comforted themselves with patchwork policies instead of crafting a new, all-encompassing approach.

    The challenges the EU and Canada face are similar, but Canada needs to find its own response. Forging a new model will require mobilizing and aligning key sectors like trade, infrastructure and industrial policy in a coherent manner.

    On the institutional level, Canada must — finally — institutionalize Team Canada. It’s a positive development that First Ministers’ Conference meetings have resumed, but an ad hoc approach to intergovernmental collaboration is no longer sufficient.

    Team Canada may work under pressure when facing a short-term threat. Without a stronger institutional foundation, however, Canada won’t be able to consolidate a new national policy over the long term.

    The EU has accomplished a remarkable resurgence, despite all remaining difficulties. Rather than chasing the idea of joining the EU, Canada should use the European example as a road map for enhancing its policy and governance capacities.

    Jörg Broschek receives funding from the Social Sciences and Humanities Research Council of Canada (SSHRC).

    – ref. What Canada can learn from the European Union about dealing with chaos and crises – https://theconversation.com/what-canada-can-learn-from-the-european-union-about-dealing-with-chaos-and-crises-249462

    MIL OSI – Global Reports –

  • MIL-OSI Global: Canadian immigrants are overqualified and underemployed — reforms must address this

    Source: The Conversation – Canada – By Marshia Akbar, Director of the BMO Newcomer Workforce Integration Lab and Research Lead on Labour Migration at the CERC Migration and Integration Program at TMU, Toronto Metropolitan University

    Canada’s labour market struggles are not caused by the number of newcomers, but by systemic issues such as underemployment and skills-job mismatches. (Shutterstock)

    Recent immigration reforms in Canada have cut international student and temporary resident numbers, restricted work permits for them and their spouses and aim to reduce permanent resident admissions by 21 per cent in 2025, with further cuts ahead.

    Such changes are aimed to avoid competition with local unemployed Canadians at a time of rising unemployment. However, these changes may eventually intensify dysfunctions in the Canadian labour market.

    With an overall unemployment rate of 6.6 per cent and a youth unemployment rate of 13.6 per cent alongside a worsening housing crisis, these policies reflect growing pressures.

    However, blaming newcomers — particularly international students and their spouses — for job shortages overlooks deeper structural issues in the labour market. Canada’s labour market struggles are not caused by the number of newcomers, but by systemic issues such as underemployment and skills-job mismatches.

    Unemployment and underemployment

    While rising unemployment is affecting everyone, newcomers have been hit especially hard. In 2024, the unemployment rate for immigrants hit 11 per cent — more than double the 5.6 per cent rate for Canadian-born workers.

    Underemployment is also a persistent issue for immigrants. In 2021, only 44 per cent of immigrants who had arrived in Canada within the previous decade were employed in jobs matching their education level, compared to 64 per cent of Canadian-born workers aged 25 to 34.

    The over-education rate — the proportion of university graduates working in jobs for which they are over-qualified despite holding a bachelor’s degree or higher — was 26.7 per cent for immigrants, more than double the 10.9 per cent rate for Canadian-born workers in 2021.

    Immigrants, particularly those with foreign credentials, are significantly more likely to experience these job-education mismatches compared to Canadian-born workers.

    Approximately two thirds of recent immigrants held a degree from a foreign institution. The over-education rate for these immigrants was 24 per cent higher than that of younger Canadian-born workers.

    Under-employment experienced by many newcomers is largely driven by employers favouring Canadian experience — despite such preferences being illegal in Ontario — and relying on referral networks, which often disadvantage newcomers.

    Hiring managers frequently undervalue international credentials, even when assessed by organizations like World Education Services. Many employers struggle to assess foreign work experience. Some also perceive a lack of familiarity with Canadian workplace norms as a hiring risk.

    Ultimately, hiring managers tend to choose the less risky option, as a bad hire can reflect poorly on them. An exceptional hire, on the other hand, doesn’t necessarily bring them equivalent rewards.

    International experience is undervalued

    International graduates with Canadian degrees generally achieve better labour market outcomes than those educated entirely overseas, experiencing higher earnings and improved job matches.

    However, many still face significant barriers, primarily due to employers’ preference for specific Canadian experience and biases in assessing their skills.

    Although many international students (277,400 in 2018) gain Canadian work experience during their studies and develop soft skills — often in low-paying, customer-facing roles such as accommodation and food services, retail, hospitality or tourism — this experience is often dismissed as irrelevant to professional roles.

    This creates a paradox: employers require Canadian experience for entry-level positions in their field, yet without prior experience, graduates struggle to get hired in the first place.

    In addition, employers often lack clarity about international graduates’ visa statuses, work permit durations and future stays in Canada. Constantly changing policies exacerbate this confusion, deterring employers from hiring.

    A path forward

    Canada’s long-term competitiveness is hindered not by immigration, but by systemic labour market discrimination and inefficiencies that prevent skilled newcomers from fully contributing to the economy.

    Eliminating biases related to Canadian work experience and soft skills is key to ensuring newcomers can find fair work. The lack of recognition of foreign talent has a detrimental effect on the Canadian economy by under-utilizing valuable human capital.

    To build a more inclusive labour market, a credential recognition system should support employers in assessing transferable skills and experience to mitigate perceived hiring risks related to immigrants.

    For international students, enhanced career services at educational institutions are critical. Strengthening partnerships between universities, colleges and employers can expand internships, co-op placements and mentorship programs, providing students with relevant Canadian work experience before graduation.

    Such collaboration is also key to implementing employer education initiatives that address misconceptions about hiring international graduates and highlight their contributions to the workforce.

    Artificial Intelligence (AI) can also play a role in reducing hiring biases and improving job matching for new immigrants and international graduates. Our recent report, which gathered insight from civil society, the private sector and academia, highlights the following AI-driven solutions:

    • Tools like Toronto Metropolitan University’s AI resume builder, Mogul AI, and Knockri can help match skills to roles, neutralize hiring bias and promote equity.

    • Wage subsidies and AI tools can encourage equitable hiring, while AI-powered programs can help human resources recognize and reduce biases.

    • Tools like the Toronto Region Immigrant Employment Council Mentoring Partnership, can connect newcomers with mentors, track their skills and match them to employer needs.

    Harnessing AI-driven solutions, alongside policy reforms and stronger employer engagement, can help break down hiring barriers so Canada can fully benefit from the skills and expertise of its immigrant workforce.

    Marshia Akbar receives funding from the Social Sciences and Humanities Research Council of Canada (SSHRC).

    Anna Triandafyllidou receives funding from the Social Sciences and Humanities Research Council of Canada (SSHRC), the Tri-Agency of Research Councils, Canada and Horizon Europe framework program of the European Commission.

    – ref. Canadian immigrants are overqualified and underemployed — reforms must address this – https://theconversation.com/canadian-immigrants-are-overqualified-and-underemployed-reforms-must-address-this-247974

    MIL OSI – Global Reports –

  • MIL-OSI Global: Namibia’s Shark Island: Europe’s push for green hydrogen risks compromising sites of colonial genocide

    Source: The Conversation – Canada – By Rosanna Carver, Postdoctoral Research Fellow, University of Victoria

    An aerial view of Shark Island and the town of Lüderitz in Namibia. (Black Court Studios)

    In September 2025, Namibia will host the Global African Hydrogen Summit. The Namibian government has ambitions to turn the country into a leading producer of green hydrogen for export to markets in Europe and elsewhere. However, the lands and waters now regarded as being essential to Europe’s energy transition are tied to traumatic memories of colonial violence; especially the ocean, which is the final resting place for thousands of Namibians.

    As countries around the world transition to renewable energy, an inconspicuous peninsula in Namibia known as Shark Island is positioned to play a key role in the production of so-called “green” hydrogen, which is a proposed alternative to fossil fuels.

    However, the peninsula and its waters are at risk of being compromised by proposed port expansions to support the transportation of green hydrogen. Shark Island, near the town of Lüderitz, is now a campsite for tourists.

    But Shark Island is also called Death Island, and it was a concentration camp and a site of genocide during German colonial rule from 1884 to 1915. The concentration camp has since been destroyed, leaving little evidence of the violence that occurred there. However, recent international investigations highlight what many Namibians have known and worked on for generations.

    Germany’s colonization and genocide

    In 1884, German colonizer Adolf Lüderitz annexed Namibia, intending to finance colonial rule through minerals. Between 1904 and 1908, German colonial forces killed approximately 100,000 people (80 per cent of the Herero and half of the Nama population). The genocide also affected the ǂNukhoen and the ǂAonin communities.

    During the genocide, those who were not immediately killed were sent to concentration camps, where they were forced to perform manual labour, such as working on railways and harbours. This occurred across Namibia, including on the coast: in Swakopmund and Lüderitz alone, more than 1,550 Nama died.

    The research agency Forensic Architecture has digitally reconstructed the camps and identified evidence of burial places. On Shark Island, they demonstrate that the port expansion “poses further imminent risk to the site.”

    Attention has been given to the land-based component of green hydrogen projects including the multinational joint venture, Hyphen Energy. But the ocean, which Namibia’s development projects also interact with, is often overlooked as a space of memory, justice and relations. This is in part due to colonial and apartheid histories that erased or excluded people from the coasts and oceans.

    During colonial rule, German colonizers incarcerated Namibians offshore aboard ships. They also threw the bodies of those who had died in the concentration camp into the ocean. The local saying “the sea will take you” highlights how the ocean is involuntarily tied to memories of death and trauma.

    Namibians have not forgotten the violence that occurred on the land and at sea. Local groups are restoring grave sites and establishing memorials. The discussion of recognition, justice and equitable rights and access to the coast and ocean are important for Namibia’s communities and the decedents of those killed during the genocide.

    Waves of energy colonialism

    Green hydrogen has a central role in global decarbonization ambitions. Namibia is considered an “export production site” for Europe’s future hydrogen economy. This is due to its solar and wind potential, and access to the ocean.

    Hydrogen can only be produced in Namibia if the infrastructure exists to enable it. For example, hydrogen requires the industrial and transportation infrastructure to get it to international markets. To meet these demands, the Namibian Ports Authroity is proposing port expansions in the city of Walvis Bay and Lüderitz, where expansion could have implications for Shark Island and its waters.

    Campaigners in Namibia are demanding the government and industry halt the expansion plans on Shark Island, and meaningfully engage with reconciliation. Among them is the Windhoek-based Black Court Studio, where Natache Iilonga, co-author of this article, is the creative director.

    These proposed developments signal the continued European dominance in Namibia’s blue and green economy projects. They enable energy colonialism, where the push for green energy continues colonial injustices. European countries and industry perpetuate ecological, social and cultural harm to satisfy their own climate change agendas.

    Projects and partnerships between Namibia and European countries like Germany are emblematic of (neo)colonial power relations. While these projects propose to foster co-operation, they also continue to dispossess communities from their lands and waters, and erase environmental and cultural relations.

    Through “development assistance,” the German government and non-governmental organizations continue to influence economic projects in Namibia, while avoiding discussion of meaningful reparations for colonial crimes.



    Read more:
    Germany’s genocide in Namibia: deal between the two governments falls short of delivering justice

    The land and ocean are not merely passive witnesses to colonial violence. Black Court Studio incorporates the ocean as a dynamic participant in the conversation about these violent histories, and justice and healing. Through community exercises and counter-mapping, the studio explores people’s socio-cultural relations with the ocean.

    Together, the studio’s interventions are beginning to resituate previously erased and forgotten connections with Shark Island. This work also highlights cultural and spiritual relations with the ocean that persist despite this dispossession.

    Namibia’s ocean and coasts are not empty spaces to be exploited for the benefit of Europe’s energy future. A deeper understanding of histories, and present day connections, provide lessons for meaningful reconciliation.

    Natache Iilonga is a practicing architect with Iilonga Architects Inc and the co-founder of Black Court Studios Namibia.

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

    – ref. Namibia’s Shark Island: Europe’s push for green hydrogen risks compromising sites of colonial genocide – https://theconversation.com/namibias-shark-island-europes-push-for-green-hydrogen-risks-compromising-sites-of-colonial-genocide-239549

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Start a new career in child and family social work

    Source: City of York

    The Step Up To Social Work programme at City of York Council is now open for recruitment, enabling aspiring social workers to apply for a place on the training course.

    The Step Up To Social Work programme at City of York Council opens for recruitment today [17 February] until 25 March.

    Step Up To Social Work is a 14-month, full-time training programme for talented graduates and career changers to become the next generation of child and family social workers supporting vulnerable children, young people and families. It is designed for people who want to become a social worker but do not have a degree in social work. Successful applicants train through a combination of academic study and hands on social work experience in a local authority.

    Applicants eligible for the programme, which includes financial support alongside training, will be individuals with experience of working with vulnerable children, young people, families or adults, and who can demonstrate emotional resilience and potential for success.

    Step Up To Social Work aims to attract applicants from a diverse range of backgrounds and aims to have a workforce that represents the society that we serve.  

    City of York Council is looking for four recruits as part of the scheme.

    Cllr Claire Douglas, Leader of City of York Council said:

    Social work is a challenging and incredibly fulfilling profession, which really does change lives for the better.

    “People may not know exactly what being a social worker involves but we have lots of experienced professionals who can explain the role for those who want to learn more. I’d encourage anyone who’s wondered about social work to get in touch and find out how being a social worker can benefit children and families in York.  And for those who join us, we have fantastic, dedicated, and enthusiastic social work teams in who will support and guide you every step of the way.”

    Isabelle Trowler, Chief Social Worker for Children and Families, said: 

    It is excellent to see the quality of the hundreds of graduates who qualify as social workers through the Step Up programme, and I’m encouraged to see them start out on a long-term career in social work. Our profession is highly challenging, but highly rewarding, and Step Up is developing a highly skilled workforce ready to make a genuine positive impact on people’s lives.

    The Step Up programme is backed by the Department for Education to support 700 individuals to enter the social work profession in local authorities across England in 2026. This funding will support individuals with training costs and a bursary of £21,995 over the duration of the programme to support them whilst in training.

    This will be the ninth cohort of Step Up since 2010, the programme has successfully supported over 2,900 social workers to enter the profession across England.  

    More information about the programme and how to apply is available at https://susw.eu-careers.pocketrecruiter.com/
     

    MIL OSI United Kingdom –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Muzzafarpur Central Co-operative Bank Ltd

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 11, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Muzzafarpur Central Co-operative Bank Ltd. (the bank) for non-compliance with the certain directions issued by RBI on ‘Know Your Customer’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had not conducted periodic updation of KYC of its customers.

    This action is based on deficiency in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2183

    MIL OSI Economics –

  • MIL-OSI Europe: Press release – MPs and MEPs meet to discuss economic, budgetary, and social concerns

    Source: European Parliament 3

    The annual European Parliamentary Week will take place on Monday and Tuesday, bringing MEPs together with MPs from member states and EU candidate countries.

    European Parliament President Roberta Metsola will open the event on Monday at 14.30, together with the Marshals of Poland’s Sejm and Senate, Szymon Hołownia and Małgorzata Kidawa-Błońska, respectively.

    Over the event’s two days, participants will discuss the overarching economic, budgetary, and social issues facing Europe and will delve more specifically into the following themes:

    The economic and monetary affairs committee meeting will focus on:

    • The future of Banking Union and Capital Markets Union;
    • Creating an ecosystem for European investments.

    The employment and social affairs committee meeting will focus on:

    • AI and the labour market with a focus on changing working condition;
    • The role of social and employment policies in the EU’s reviewed economic governance framework.

    The budgetary affairs committee meeting will focus on:

    • Bridging the competitiveness gap: how to increase synergies between the national budgets and the post-2027 Multiannual Financial Framework;
    • European Public Goods: how to identify and finance them?

    All relevant information including the participants, programme and the livestream links can be found here.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: GB Energy & Grangemouth show ‘You can’t trust Labour’

    Source: Scottish National Party

    ‘You can’t trust Labour’. It was an oft made comment during the latter year’s of Tony Blair’s premiership; particularly because of his role in dragging the UK into the Iraq war on the basis of a lie.

    But it took six years for that phrase to become common usage. With the current Westminster Labour government of Keir Starmer it’s only taken six months.

    And recently we saw an example which explains why trust in Keir Starmer’s Labour party has nosedived.

    Before the 2024 election Labour promised that Aberdeen would get 1,000 jobs from hosting the GB Energy headquarters; but now the appointed boss of GB Energy says it will only create 200 jobs in five years.

    The GB Energy boss who won’t even be working in Aberdeen but Manchester! So much for a ‘headquarters’ in Aberdeen.

    These revelations have been followed more recently by news that Grangemouth’s refinery is to close after 100 years.

    Again, another example of how Labour can’t be trusted.

    Before the election Labour, along with Keir Starmer and Anas Sarwar, promised to save the jobs:

    Now it’s scenes of Anas Sarwar repeatedly pleading that he’s powerless because it’s a private company…

    …a private company Labour will financially support when it comes to a football stadium in England and a refinery in Belgium!

    And it was Westminster who tied their own hands when it gave Grangemouth to the private sector:

    Is it any wonder that even Grangemouth’s own Labour MP sounds like he doesn’t trust Labour?

    Even a letter he wrote to Starmer was signed by only one other Scottish Labour MP. So much for Scottish Labour MPs standing up for Scotland.

    But those two examples are just the tip of the iceberg when it comes to Labour promises.

    Take the WASPI women pensioners; betrayed so often by the Tories and now by Labour. As leader of the opposition, Starmer promised to “do something about it”, saying he understood their anger at having “the goalposts moved”.

    In 2020 he railed against the two-child cap on child benefits. In the days running up to the election Scots were told to vote Labour to end child poverty.

    Yet just after the election he suspended seven Labour MPs for voting with the SNP to scrap the cap on child benefit and tackle child poverty.

    Then there’s the winter fuel payment for pensioners. In the run up to voting in July 2024 Starmerrailed against the Tories about how pensioners suffered under the Tories and promised them security.

    Safely in Downing Street his government announced a cut to pensioners’ winter fuel payments despite research by his own party that it could cause 4,000 deaths.

    And what about National Insurance?

    Labour’s manifesto specifically pledged that they would not raise national insurance. In her budget Rachel Reeves increased employer national insurance – a policy that will hit those employing lower paid workers the hardest, charities, GPs and care homes.

    You would think such a level of untrustworthy behaviour would be more than enough after seven months; but there’s more that specifically affects Scotland.

    In the July 2024 election Anas Sarwar expressly promised that Scottish Labour ‘would put Scotland at the heart of Starmer’s government‘; and ‘stand up to Keir Starmer and defend Scotland’s interests‘.

    Instead, as a group, Scottish Labour MPs have meekly voted for cutting the winter fuel payment, keeping the two-child benefit, and failing to support WASPI women.

    And there’s a range of issues where that group of MPs have been subdued when it comes to putting Scotland at the heart of Starmer’s government.

    In August 2024 Rachel Reeves pulled funding for an £800 million computer at Edinburgh University with a Labour source saying the project made “little strategic sense.”

    Yet by January Keir Starmer was announcing that his government had arranged £14 billion of investment in various AI projects.

    At the end of January Rachel Reeves announced her plans for growth in the UK … which amounted to a concentration of UK government assistance between the cities hosting the UK’s two elitist universities.

    The absence for similar assistance for Scotland was notable despite claiming it would deliver to “all corners of the UK“:

    Take CCS, or Carbon Capture & Storage; since the 2014 independence referendum the North East of Scotland has been repeatedly promised that Westminster would invest millions in it.

    Rachel Reeves eventually announced funding for Carbon Capture & Storage … in Teesside and Merseyside. No Scottish Labour MP or MSP has even mentioned this slap in the face to Scotland.

    Is it any wonder Scots believe Anas Sarwar doesn’t stand up to Keir Starmer. It’s no wonder Scottish Labour’s vote is at its lowest level in three years.

    And what is Anas Sarwar’s latest move as we approach a Scottish election year? To say he is open to ‘good ideas’ from Nigel Farage’s Reform party.

    A party that would like to abolish the Scottish Parliament and privatise the NHS. The party of Brexit which has increased the cost-of-living creating less money for public services.

    And Anas Sarwar’s latest gambit just raises more questions about trust in Labour. He’s now pledging to protect SNP policies like free tuition, free prescriptions and the Scottish Child Payment.

    After months of accusing the SNP government of ’18 years of failure’ he’s now saying it has been 18 years of “successes”.

    But why should anyone trust what many see as a panicked announcement by Anas Sarwar?

    On several occasions Labour’s Holyrood group of MSPs have voted against SNP government budgets which contained those policies. Even now they are not supporting the SNP budget containing those policies.

    A previous Scottish Labour leader notoriously called those policies a ‘something for nothing‘ culture which should end.

    Anas Sarwar’s health spokesperson, Jackie Baillie, is on record as saying prescription charges should “absolutely” be abolished.

    As for tuition fees it was only in February 2024 that Sarwar’s finance spokesperson, Michael Marra, said backdoor tuition fees, like endowments, would have to be considered.

    Shortly after Labour MSPs voted with the Tories in Holyrood against free tuition.

    And let’s not forget the behaviour of Anas Sarwar’s boss, Keir Starmer. In 2020 he promised Labour members in the party leadership election that he would “support the abolition of tuition fees”.

    Yet by September 2023 he claimed it would be ‘impossible‘ to abolish tuition fees … despite the fact that is the reality in Scotland.

    And let’s not forget which party first introduced tuition fees – whose policy they ultimately are.

    Just weeks before the 1997 election Tony Blair pledged: “Labour has no plans to introduce tuition fees for higher education.”

    A year after taking power, Blair went ahead and introduced tuition fees.

    It all just shows how the people of Scotland don’t and can’t trust any promise by Scottish Labour. Like a branch office they will always follow their bosses in Westminster.

    There’s only one party that Scots can trust to stand up and speak for Scotland. Speak out about Westminster ignoring your communities when it comes to investment. To vote for the benefit of Scotland’s pensioners, families and workers – the SNP.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Speech: Prime Minister Keir Starmer’s article in the Telegraph: 17 February 2025

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Prime Minister Keir Starmer’s article in the Telegraph on Ukraine.

    We are facing a once-in-a-generation moment for the collective security of our continent. This is not only a question about the future of Ukraine – it is existential for Europe as a whole.

    Securing a lasting peace in Ukraine that safeguards its sovereignty for the long term is essential if we are to deter Putin from further aggression in the future.

    To achieve it, Europe and the United States must continue to work closely together – and I believe the UK can play a unique role in helping to make this happen, just as we did this past week in stepping in to convene and chair the Ukraine Defence Contact Group.

    First, Europe must step up further to meet the demands of its own security. So I am heading to Paris with a very clear message for our European friends. We have got to show we are truly serious about our own defence and bearing our own burden. We have talked about it for too long – and president Trump is right to demand that we get on with it.

    As European nations, we must increase our defence spending and take on a greater role in Nato. Non-US Nato nations have already increased defence spending by 20 per cent in the past year, but we must go further.

    Russia is still waging war and Ukraine is still fighting for its freedom, which is why we must not relent in our efforts to get the kit Ukrainians need for their fighters on the front line. While the fighting continues, we must put Ukraine in the strongest possible position ahead of any talks.

    The UK is ready to play a leading role in accelerating work on security guarantees for Ukraine. This includes further support for Ukraine’s military, where the UK has already committed £3 billion a year until at least 2030. But it also means being ready and willing to contribute to security guarantees to Ukraine by putting our own troops on the ground if necessary.

    I do not say that lightly. I feel very deeply the responsibility that comes with potentially putting British servicemen and women in harm’s way. But any role in helping to guarantee Ukraine’s security is helping to guarantee the security of our continent, and the security of this country.

    The end of this war, when it comes, cannot merely become a temporary pause before Putin attacks again.

    But second, while European nations must step up in this moment – and we will – US support will remain critical and a US security guarantee is essential for a lasting peace, because only the US can deter Putin from attacking again. So I will be meeting president Trump in the coming days and working with him and all our G7 partners to help secure the strong deal we need.

    We must be clear that peace cannot come at any cost. Ukraine must be at the table in these negotiations, because anything less would accept Putin’s position that Ukraine is not a real nation.

    President Zelensky and the Ukrainian people have shown the most extraordinary resilience and made such great sacrifices in the defence of their nation. We cannot have another situation like Afghanistan, where the US negotiated directly with the Taliban and cut out the Afghan government. I feel sure that president Trump will want to avoid this too.

    While Nato membership may take time, we should continue to support Ukraine’s irreversible path to joining the alliance.

    We should also show greater strength in applying economic pressure. Putin’s economy is feeling the strain – he is worried about his energy revenues and his financial sector.

    Working together, the US, Europe and all our G7 allies should seek to go further on the oil price cap, the Shadow Fleet, the sanctioning of oil giants, and going after those banks that are enabling the evasion of sanctions.

    These crucial days ahead will determine the future security of our continent. As I will say in Paris, peace comes through strength. But the reverse is also true. Weakness leads to war.

    This is the moment for us all to step up, and the UK will do so because it is the right thing to do for the values and freedoms we hold dear, and because it is fundamental to our own national security.

    Updates to this page

    Published 17 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Birmingham City Council Launches Initiative to Help Pension-Age Residents Claim Benefits

    Source: City of Birmingham

    Birmingham City Council is launching a targeted outreach campaign to support vulnerable pension-age residents aged 70-79, ensuring they receive the financial assistance they are entitled to.

    Many older residents may be missing out on vital support, with Pension Credit not only increasing income to help with living and housing costs but also unlocking additional benefits such as the Winter Fuel Payment, Council Tax Reduction and free TV licences (for those over 75) and discounts on services like NHS dental costs and glasses. The Council aims to identify and contact eligible residents, raise awareness of available benefits, and provide direct support to help them access financial assistance.

    The initiative will begin with outreach to 20 residents via letters and SMS, followed by an assessment of engagement levels. A second phase will expand the outreach to an additional 30 pensioners. The Council will also evaluate whether residents require in-person support, such as home visits or assistance with completing benefit applications.

    Beyond financial support, this initiative will explore other needs of pension-age residents, ensuring they can access wider council services, community support, and technology assistance if required. A strengths-based approach will be used, empowering residents to make informed decisions about their entitlements.

    Birmingham City Council urges all residents aged 70-79 who need support for Pension Credit or any other benefit support to get in touch. The outreach campaign is part of a wider commitment to reducing financial hardship and ensuring older residents can live with dignity and security.

    Councillor Nicky Brennan, Cabinet Member for Social Justice, Community Safety and Equalities, said: “Too many older residents are missing out on vital financial support that could significantly improve their quality of life. This initiative is about making sure they receive the help they are entitled to, ensuring no one is left behind.

    “By proactively reaching out, we are not only increasing awareness of Pension Credit but also identifying other support needs to help our pension-age citizens live with dignity and security. I encourage anyone who thinks they may be eligible to get in touch—this support is here for you.”

    For more information or to check eligibility contact Birmingham City Council’s Contact Centre on 0121 216 3030 or visit the Council’s website.

    Housing Benefit, Winter Fuel Payment, Council Tax Reduction, and a free TV licence if you are aged 75 or over.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Prime Minister Keir Starmer’s article in the Telegraph: 17 February 2025

    Source: United Kingdom – Government Statements

    Prime Minister Keir Starmer’s article in the Telegraph on Ukraine.

    We are facing a once-in-a-generation moment for the collective security of our continent. This is not only a question about the future of Ukraine – it is existential for Europe as a whole.

    Securing a lasting peace in Ukraine that safeguards its sovereignty for the long term is essential if we are to deter Putin from further aggression in the future.

    To achieve it, Europe and the United States must continue to work closely together – and I believe the UK can play a unique role in helping to make this happen, just as we did this past week in stepping in to convene and chair the Ukraine Defence Contact Group.

    First, Europe must step up further to meet the demands of its own security. So I am heading to Paris with a very clear message for our European friends. We have got to show we are truly serious about our own defence and bearing our own burden. We have talked about it for too long – and president Trump is right to demand that we get on with it.

    As European nations, we must increase our defence spending and take on a greater role in Nato. Non-US Nato nations have already increased defence spending by 20 per cent in the past year, but we must go further.

    Russia is still waging war and Ukraine is still fighting for its freedom, which is why we must not relent in our efforts to get the kit Ukrainians need for their fighters on the front line. While the fighting continues, we must put Ukraine in the strongest possible position ahead of any talks.

    The UK is ready to play a leading role in accelerating work on security guarantees for Ukraine. This includes further support for Ukraine’s military, where the UK has already committed £3 billion a year until at least 2030. But it also means being ready and willing to contribute to security guarantees to Ukraine by putting our own troops on the ground if necessary.

    I do not say that lightly. I feel very deeply the responsibility that comes with potentially putting British servicemen and women in harm’s way. But any role in helping to guarantee Ukraine’s security is helping to guarantee the security of our continent, and the security of this country.

    The end of this war, when it comes, cannot merely become a temporary pause before Putin attacks again.

    But second, while European nations must step up in this moment – and we will – US support will remain critical and a US security guarantee is essential for a lasting peace, because only the US can deter Putin from attacking again. So I will be meeting president Trump in the coming days and working with him and all our G7 partners to help secure the strong deal we need.

    We must be clear that peace cannot come at any cost. Ukraine must be at the table in these negotiations, because anything less would accept Putin’s position that Ukraine is not a real nation.

    President Zelensky and the Ukrainian people have shown the most extraordinary resilience and made such great sacrifices in the defence of their nation. We cannot have another situation like Afghanistan, where the US negotiated directly with the Taliban and cut out the Afghan government. I feel sure that president Trump will want to avoid this too.

    While Nato membership may take time, we should continue to support Ukraine’s irreversible path to joining the alliance.

    We should also show greater strength in applying economic pressure. Putin’s economy is feeling the strain – he is worried about his energy revenues and his financial sector.

    Working together, the US, Europe and all our G7 allies should seek to go further on the oil price cap, the Shadow Fleet, the sanctioning of oil giants, and going after those banks that are enabling the evasion of sanctions.

    These crucial days ahead will determine the future security of our continent. As I will say in Paris, peace comes through strength. But the reverse is also true. Weakness leads to war.

    This is the moment for us all to step up, and the UK will do so because it is the right thing to do for the values and freedoms we hold dear, and because it is fundamental to our own national security.

    Updates to this page

    Published 17 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: XXII International Forum “Gas of Russia 2025”: GUU establishes ties with the Ministry of Energy

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    On February 13-14, 2025, the XXII International Forum “Gas of Russia 2025” was held in Moscow, organized by the Union of Oil and Gas Industry Organizations “Russian Gas Society”. Advisor to the Rector’s Office of the State University of Management Sergey Karseka took part in it.

    The Gas of Russia Forum is a specialized event that annually brings together professionals and experts in the gas industry, heads of Russian government bodies, the largest Russian and foreign oil and gas companies, representatives of industry science and higher education institutions. The main goal is a professional discussion of the most pressing issues of the development of the Russian gas industry in the context of events on the global energy market.

    The key theme of the XXII Forum is the development strategy of the industry and overcoming the main challenges.

    During the event, the participants discussed the following issues: – training personnel for the oil and gas industry in modern conditions; – strategy for the development of the oil and gas industry for 10 years; – improving legislation in the interests of the development of the industry; – challenges and solutions to technological problems of the industry.

    Greetings to the Forum were sent by Deputy Prime Minister of the Russian Federation Alexander Novak and Minister of Energy of the Russian Federation Sergey Tsivilev.

    The main moderator was the President of the Russian Gas Society, the President of the Union of Employers of the Oil and Gas Industry, and the First Deputy Chairman of the State Duma Committee on Energy, Pavel Zavalny.

    At the opening of the event, State Secretary – Deputy Minister of Energy of the Russian Federation Anastasia Bondarenko noted that by 2029, the Russian economy’s need for personnel will grow to 3.1 million people.

    “At present, the task is to formulate a forecast in the structure of needs for specialists,” the deputy minister concluded.

    In his speech during the session “HR Podium: Open Dialogue between Employers and Students,” Sergey Karseka outlined a wide range of topics and areas of potential cooperation between the State University of Management and oil and gas universities and enterprises.

    “It is very important to train specialists, but without basic knowledge of the fundamentals of management, the efficiency of managers in the oil and gas industry will be reduced. On this path, the State University of Management offers its assistance and cooperation in solving the personnel problems facing employers,” noted Sergey Ivanovich.

    Specific issues of cooperation and details of the implementation of joint projects were discussed with key representatives of the oil and gas and energy industries: Marina Voronina, Head of the Oil and Gas Academy project of the Russian Gas Society, Yulia Dunayevskaya, Head of the HR Department of Gazprom Transgaz Moscow LLC, and Violetta Kiushkina, Head of the Department of Energy Security and Infrastructure of the Russian Energy Agency of the Ministry of Energy of Russia. Of particular interest was the experience of the State University of Management in interaction with other ministries: Violetta Kiushkina invited the university experts to participate in the working events of the Ministry of Energy, noting the lack of management expertise and alternative approaches when discussing important industry issues.

    Subscribe to the TG channel “Our GUU” Date of publication: 02/17/2025

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

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Ministers confirm appointments to key roles

    Source: United Kingdom – Executive Government & Departments

    Government appoints new members to the Low Pay Commission, Advisory, Conciliation and Arbitration Service and Central Arbitration Committee.

    The Government has today (Monday 17 February 2025) confirmed the appointment and reappointment of members of the Low Pay Commission (LPC), Advisory, Conciliation and Arbitration Service (Acas) and Central Arbitration Committee (CAC) since June 2024.

    The LPC, the independent body that advises the government about the National Living Wage and National Minimum Wage, has reappointed several members to the Commission. These include:

    • Worker Member: Simon Sapper
    • Employer Members: Matthew Fell and Louise Fisher.
    • Independent Members: Jonathan Wadsworth and Dr Patricia Rice.

    Last month Janet Williamson was also appointed as a Worker Member for a three-year term.

    Danny Mortimer was also appointed for his first term as a Worker Member of the Acas Council, whilst Michael Clancy’s term was extended by six months. Further reappointments include:

    • Worker Members: Roy Rickhuss and Christina McAnea
    • Employer Members: Matthew Percival and Jayne Haines
    • Independent Members: Ben Summerskill, Ijeoma Omambala and Simon Lewis.

    The CAC, independent authority that handles specific issues relating to trade unions and employers, also had a number of reappointments made. These are:

    • Four Deputy Chairs: Laura Prince, Naeema Choudry, Lisa Gettins and Stuart Robertson
    • Eight Worker Members: Steve Gillan, Ian Hanson, Paul Moloney, Paul Morley, Claire Sullivan, Joanna Brown and Nicholas Childs.
    • Seven Employer Members: David Cadger, Mustafa Faruqi, Richard Fulham, Martin Kirke, Sean McIlveen, Kieran Grimshaw and Alastair Kelly. 

    Employment Rights Minister Justin Madders said:

    These three organisations are crucial to the government’s mission to grow the economy and Make Work Pay.

    I welcome all of the new appointments and look forward to working with them to help protect the rights of workers across the country.

    Updates to this page

    Published 17 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Text of Vice-President’s address at National Agri-Food and Biomanufacturing Institute, Mohali (Excerpts)

    Source: Government of India

    Posted On: 17 FEB 2025 2:44PM by PIB Delhi

    Every success demands greater success, when we have phenomenal development, exponential economic upsurge, people get aspirational. Expectations soar high and every success therefore, brings in the wake a greater challenge to outperform oneself.

    If we look into our historical past, India was known to be a land of knowledge and wisdom, particularly in science, astronomy and whatnot. Every aspect of human life finds reflection in our Vedas, Upanishads, Puranas. We are a nation that takes pride in having ancient institutions like Nalanda, Takshashila and the kind. Something happened around 11th or 12th century, and there was a digression. Marauders came, invaders came, and they were reckless in destroying our institutions, Nalanda being one of them. Our cultural centres, going to the extent of being so retributive, perversion of a very different kind, that over our religious centres they built their own. The nation faced it. Then came the British rule. Systematically, we got laws that were meant to serve them. We got education that destroyed ours and created not an ecosystem of full exploitation of our talent but then, the best part is, we are springing back.

    The century belongs to Bharat. This is being doubted by no one except some in our country. My appeal to them, as an Indian, as a Bhartiya, our commitment to our nation, belief in the principle of the nation being first, and subscribing to the ideology that no interest—personal, political, or otherwise is higher than national interest. Being citizens of this country is our identity and we need to take pride, for a good reason. No country in the world can claim to have that kind of civilizational depth, that richness of culture. And what does it indicate? Inclusivity. People are misleading. India, in the world, is the nerve center, the epicenter of culture.

    What is inclusivity is best defined in our life. Never ever in history of the civilization. Expansion has been a methodology of our ruling clans. We suffered invasion, never undertook any invasion. In that perspective that no nation in the world has grown so fast in last decade in terms of economic rise or impact of people centric policies as Bharat. Therefore, we are faced with a great challenge, a challenge before our scientists, a challenge before all institutions. The challenge is, we have the largest global population which is aspirational.

    I looked at NABI, I immediately thought of नाभि, नाभि in the human body. And I take the two to be similar. In our religions, Nabi, a birth of rebirth, a center of universe, a symbol of life, connection and vitality, reminding the one taking birth, the source of it, a mark and remnant of the umbilical cord that connects us in the womb of the mother. Your role distinguished audience is no different. You have to nurture every policy that can blossom our motherland, Bharatma, or Bharat Maa ki Atma.

    Most people must learn that while our economy is rising, fifth at the moment, shortly to be third globally. A developed nation would require, there must be an eightfold jump in our per capita income, eightfold that can be brought about only when larger population of this country participates.

    In this perspective, I take it as a great privilege and honor to inaugurate the Advanced Entrepreneurship Skill Development Program. Focus on entrepreneurship and focus on skill development, according to me, is synonymous with focus on development, focus on economic growth.

    This place must be North Star for the farm sector, for rural youth how to be in agro startups and you must be a lighthouse also, if they encounter some difficulties, which are natural. Our ethos of civilisation tell us there is nothing like failure. If an attempt fails, it is not failure. It is a step toward success.

    There was time in ancient India when a village was self-sufficient. वहां खाद्य भी था, व्यवहार भी था, चमड़े का काम भी था सब था। Now, the cooperatives are embedded in the Constitution as an institution.

    There must be evolution of a mechanism in a village or in a cluster of villages where you have micro industries at the farm that add value to the agro produce, that add value to the livestock produced, milk produced. This will help evolve a sustainable society and the nutritional food value will certainly go up. Right now, if you look around, milk is in the villages the only value addition I see is that दूध की छाछ बना देंगे, दही बना देंगे।

    What stops us? From having entrepreneur skills getting into ice creams, paneer, sweets and the kind in a cluster. This is very important because it will generate employment. It will satisfy rural youth.

    Startups are there in tier two and tier three cities. They have to trickle to villages now because agriculture produce is lifeline of economy, raw material for industry and when this takes place, close to the farmland in the rural firmament, evolving as a cluster, economy will take a jump, and people will believe in the farmland.

    How best to earn money out of farm should not be limited only to the agriculture produced. It must extend to marketing, value addition and small industries.

    All institutions in the country will have to pass the litmus test and the litmus test is what you are doing, is there some impact somewhere? In a positive sense, it should be like an earthquake, impact should be felt. A research for the sake of research, a research that is for the self, a research that is to be kept on the shelf, the research that comes out as a personal embellishment is not the research which the nation needs. Research is not giving a paper by scratching the surface. Research is not to impress the one who is ignorant of the subject. Research is to impress those who know the subject as much as you know or more than you know at a global benchmark and that research can’t be just abstract academics. The research has to have impact on what we are doing. I’m sure this is an area where you have enough scope.

    I am son of a farmer, interest of the farmer is in my heart. I know the potential of farmers. I know the potential of the children in farm families. I know the kind of challenges they face right from the beginning. During my time the challenges were more, not any longer. We never imagined Indian household will have a toilet, a gas connection, an electricity connection, an internet connection, something like pipe water on the way, a road connectivity, health center close by. We never thought of that. Good education, it is happening now. Therefore, an ecosystem by transforming our education that brings about equality, labels all, and cuts into inequities is in place.

    Technology transfer to the farm is essential. A farmer is by and large clinging to his tractor. He wants to use the tractor for as long as it can last. Ignorant that the technology of the tractor is undergoing big changes. It is becoming environment friendly, fuel efficient, multifunctional and highly subsidized. There has to be awareness campaign. There has to be awareness campaign to the farmer that you don’t need anybody’s help. You only have to know your inner strength to change your economy to a very high level. Form small groups, market your product at a price of your choice; you can.

    But by and large, I see farm produce is sold when it is not farmers’ market, it is buyers’ market. The government provides facilities to hold on to the stock by massive warehousing and cooperative movement. I can tell you the farm policies of the government are so helping the farmer. The farmer has to know about it. You can play a great role because we cannot allow that our farmers get anything but the very best. No short-change for the farm sector, no short-change for the farmer that has to be our motto. Institutes like yours must have live connect with Krishi Vigyan Kendras, with Institutes of Indian Council of Agriculture Research.

    We need to introspect also. We can feel proud that we are doing good but, like learning, which never stops, your goalpost must be shifting, shifting on one parameter. To what degree is our research, our involvement, making a difference in the life of the ordinary person? Such self-audit, self-assessment, self-introspection will lead to deep reflection. It will fire us with the zeal to serve the nation, and it will be a satisfying experience. The aspirations of our people have been propelled, as I said, by people-centric policies, reaching the ground. We cannot allow our youth to be restive now. They must know what opportunities they have. The son of the farmer, the daughter of the farmer, must get attracted to starting their ventures.

    There were some districts where the district magistrates never wanted to go. Prime Minister Modi created them as aspirational districts with a definite mission, uplift them. The number of their aspirational districts is going down. But bureaucrats who seek to go to those districts, the queue is getting longer because anybody wants to contribute and transform. Prime Minister has now come to the second stage, aspirational blocks, that the district is by and large not aspirational because developed, but some blocks are there. Time for us to nurture aspirational agro zones across rural India

    I am son of a farmer like there was a movie, Son of a Sardar. A son of the farmer will always commit himself to truth.

    ****

    JK/RC/SM

    (Release ID: 2104056) Visitor Counter : 42

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Speech by CE at South China Morning Post China Conference: Southeast Asia 2025 (English only) (with video)

    Source: Hong Kong Government special administrative region

         Following is the video speech by the Chief Executive, Mr John Lee, at the South China Morning Post China Conference: Southeast Asia 2025 today (February 17):
          
    Your Excellency Minister Tengku Zafrul Aziz (Minister of Investment, Trade and Industry of Malaysia), officials and friends from ASEAN (Association of Southeast Asian Nations) and around the world, Ms Catherine So (Chief Executive Officer of South China Morning Post), Ms Tammy Tam (Editor-in-Chief of South China Morning Post), distinguished guests, ladies and gentlemen,
          
         Good afternoon. I am pleased to join you today, virtually, at this remarkable conference in Kuala Lumpur.
          
         For that, I am grateful to the South China Morning Post for organising the China Conference: Southeast Asia, and for putting a prime spotlight on the substantive roles played by China, our country, and Southeast Asia in shaping the global agenda, now and long down the road.
          
         To that end, you have heard today from His Excellency Prime Minister Anwar Ibrahim, as well as a wealth of senior governmental, business and financial leaders and decision-makers from Malaysia, throughout ASEAN and around the world.
          
         For the next few minutes, allow me to speak about Hong Kong – about the role we play in working with our country and in connecting with member states of ASEAN and far beyond.
          
         Long a “super connector”, Hong Kong takes pride in creating value for traditional and emerging markets. We are the natural bridge for ASEAN business looking to Mainland Chinese markets and opportunities. We are, as well, the conduit for Mainland businesses looking to explore overseas opportunities, whether in ASEAN, the Middle East or elsewhere.
          
         Indeed, the Mainland and ASEAN are our two largest trade-in-goods partners, with total trade value reaching US$619 billion and US$165 billion respectively last year.
          
         We are home to about 2 600 offices with parent companies on the Mainland, up 20 per cent over 2023 totals. Last year, too, some 730 offices with parent companies in ASEAN maintained an office in Hong Kong. That’s an increase of about 10 per cent year on year.
          
         And I am confident of continuing growth in the coming years, given the ASEAN-Hong Kong, China Free Trade Agreement and related Investment Agreement, as well as the recently signed amendment to the Agreement on Trade in Services of CEPA – the Mainland and Hong Kong Closer Economic Partnership Arrangement.
          
         The new CEPA Agreement introduces service-sector liberalisation measures, making it easier for Hong Kong suppliers, and international companies with offices in Hong Kong, to do business on the Mainland.
          
         As you know, CEPA is nationality neutral, so I encourage ASEAN companies to enjoy Hong Kong’s world-class professional services and, in doing so, make full use of CEPA in accessing the Mainland market. 
          
         Alongside strong business ties with ASEAN, our people-to-people bonds are long-standing and mutually rewarding. 
          
         Since assuming office, in July 2022, I have led high-profile Hong Kong delegations to seven of the 10 ASEAN countries. Nearly 90 co-operation agreements between Hong Kong and ASEAN countries have been signed over that period – and in so many areas, from economic and trade matters to innovation and technology, cultural exchange, education and more.
          
         And I am committed to building on our gratifying ties.
          
         We have relaxed the criteria for nationals of Cambodia, Laos, Myanmar and Vietnam applying for multiple-entry visas to Hong Kong. We have, as well, extended their validity period from two to three years. 
          
         We will also provide self-service immigration clearance for invited ASEAN-country visitors participating in business, development and related activities in Hong Kong.
          
         And for ASEAN and other non-Chinese residents working in Hong Kong and wishing to travel to the Mainland, the multiple-entry visas have been extended for up to five years, making Mainland entry from Hong Kong fast and efficient.
          
         And to make our ASEAN friends feel at home in Hong Kong, we are compiling a list of restaurants offering halal food, while encouraging hotels and other establishments to provide appropriate worship services.
          
         There’s more. We’re making it easier to communicate with ASEAN business. In addition to our Economic and Trade Offices in Singapore, Jakarta and Bangkok, we are working with the Malaysian government to establish a trade office in Kuala Lumpur.
          
         Allow me to thank ASEAN member states for their staunch support of our accession to the Regional Comprehensive Economic Partnership, the world’s largest free trade agreement. I count on leaders like your good selves to support Hong Kong’s accession bid. 
          
         Ladies and gentlemen, I wish you all the best of business, health and well-being in this auspicious Chinese New Year – the Year of the Snake.
          
         Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: A Son of the Farmer Will Always Commit Himself to Truth, Says Vice-President

    Source: Government of India

    A Son of the Farmer Will Always Commit Himself to Truth, Says Vice-President

    Marauders and Invaders Came, Recklessly Destroying Our Institutions, but We’re Springing Back, Says VP

    Research That Is To Be Kept On the Shelf Is Not the Research the Nation Needs; Research Can’t Be Abstract Academics, says VP

    No Short-Change For the Farm Sector, No Short-Change For the Farmer, That Has To Be Our Motto, Says VP

    The Path to a Developed India Passes through Its Villages, Says VP

    The Century Belongs To Bharat. This Is Being Doubted by Some in Our Country, Stresses VP

    Startups Must Trickle To Villages, Says VP

    Posted On: 17 FEB 2025 2:46PM by PIB Delhi

    VP Inaugurates Advanced Entrepreneurship and Skill Development Programme (A-ESDP) Campus at National Agri-Food and Biomanufacturing Institute (NABI)

    The Vice-President of India, Shri Jagdeep Dhankhar today said, “I am the son of a farmer. A son of the farmer will always commit himself to truth……He further added, “India’s soul resides in its villages, with the rural system serving as the backbone of the nation. The path to a developed India passes through its villages. A developed India is no longer just a dream; it is our goal,” emphasising his deep-rooted connection to agriculture.

    Addressing the gathering at the inauguration of Advanced Entrepreneurship And Skill Development Programme (A-ESDP) Campus at National Agri-Food and Biomanufacturing Institute (NABI), Mohali, Shri Dhankhar further said, “If we look into our historical past, India was known to be a land of knowledge and wisdom, particularly in science, astronomy and what not. Every aspect of human life finds reflection in our Vedas, Upanishads, Puranas. And we are a nation that takes pride in having ancient institutions like Nalanda, Takshashila and the kind. Something happened around 11th or 12th century, and there was a digression. Marauders came, invaders came, and they were reckless in destroying our institutions, Nalanda being one of them. Our cultural centres, going to the extent of being so retributive, perversion of a very different kind over our religious centres they built their own. The nation faced it. Then came the British rule. Systematically, we got laws that were meant to subserve them. We got education that destroyed ours and created not an ecosystem of full exploitation of our talent. The best part is, we are springing back,” he noted.

    Speaking on the significance of research, the Vice-President laid out a clear vision: “All institutions in the country will have to pass the litmus test. And the litmus test is—what impact is being created? In a positive sense, it should be like an earthquake, with the impact being felt. A research for the sake of research, a research that is for the self, a research that is to be kept on the shelf, the research that comes out as a personal embellishment is not the research which the nation needs. Research is not giving a paper by scratching the surface. Research is not to impress the one who is ignorant of the subject. Research is to impress those who know the subject as much as you know or more than you know at a global benchmark. And that research can’t be just abstract academics. The research has to have impact on what we are doing. And I’m sure this is an area where you have enough scope.” he noted.

    Reiterating India’s civilizational strength, he stated, “The century belongs to Bharat. This is being doubted by no one except some in our country. My appeal to them, as an Indian, as a Bhartiya: our commitment to our nation, belief in the principle of the nation being first, and subscribing to the ideology that no interest—personal, political, or otherwise—is higher than national interest.”

    Shri Dhankhar highlighted, “I see farm produce is sold when it is not farmers market, it is buyers market. The government provides facilities to hold on to the stock by massive warehousing and cooperative movement. I can tell you the farm policies of the government are so helping the farmer. The farmer has to know about it. You can play a great role. Because we cannot allow that our farmers get anything but the very best. No short change for the farm sector. No short change for the farmer. That has to be our motto. Institutes like yours must have live connect with Krishi Vigyan Kendras, with Institutes of Indian Council of Agriculture Research, he stated.

    Shri Dhankhar called for the revitalization of rural economies through micro-industries that add value to agricultural and dairy products. “There must be evolution of a mechanism in a village or in a cluster of villages where you have micro industries at the farm that add value to the agro produce, that add value to the livestock produced, milk produced. This will help evolve a sustainable society and the nutritional food value will certainly go up. What stops us from having entrepreneurial skills to produce ice creams, paneer, sweets, and the like in village clusters? This is very important because it will generate employment and satisfy rural youth.”

    He further emphasized that technology must be integrated into farming practices to improve efficiency and productivity saying, “Startups are there in Tier-2 and Tier-3 cities. They have to trickle to villages now because agriculture produce is lifeline of economy, raw material for industry. And when this takes place, close to the farmland in the rural firmament, evolving as a cluster, economy will take a jump, and people will believe in the farmland.

    Shri Dhankhar urged farmers to stay informed about advancements in technology and its potential benefits. “A farmer is by and large clinging to his tractor. He wants to use the tractor for as long as it can last, ignorant of the fact that new technology is becoming environment-friendly, fuel-efficient, multifunctional, and highly subsidized. There has to be an awareness campaign,” he emphasized.

    He encouraged collective efforts, stating, “Form small groups, market your product at a price of your choice. You don’t need anybody’s help. You only have to know your inner strength to change your economy to a very high level.”

    Shri Priyank Bharti, IAS, Administrative Secretary, Technology & Environment, Govt. of Punjab, Prof. Ashwani Pareek, Executive Director, BRIC-NABI, Ms. Ekta Vishnoi, IRS, Joint Secretary, Ministry of Science and Technology, Govt. of India and other dignitaries were also present on the occasion.

    ****

    JK/RC/SM

    (Release ID: 2104057) Visitor Counter : 25

    MIL OSI Asia Pacific News –