Category: Economy

  • MIL-OSI Economics: Fannie Mae Reports Net Income of $17.0 Billion for 2024 and $4.1 Billion for Fourth Quarter 2024

    Source: Fannie Mae

    WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today reported its fourth quarter and full-year 2024 financial results and filed its 2024 Form 10-K with the Securities and Exchange Commission. The filing provides consolidated financial statements for the year ended December 31, 2024. The following documents are now available on Fannie Mae’s website at www.fanniemae.com.

    Fannie Mae has scheduled a conference call to discuss the company’s results today at 8:00 a.m., ET. Participants may join the conference call in listen-only mode via the webcast link below.

    Listen-only webcast:
    https://event.webcasts.com/starthere.jsp?ei=1704775&tp_key=159ba11bd8 
    Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device. If you have difficulty accessing the webcast, please click the “Listen by Phone” button on the webcast player and dial the number provided.

    MIL OSI Economics

  • MIL-OSI United Kingdom: Apprenticeship reforms set to turbocharge economic growth

    Source: United Kingdom – Executive Government & Departments

    New research shows apprenticeships contribute £25bn to England’s economy, with reforms announced during National Apprenticeship Week set to boost growth.

    Apprentices in England will drive £25bn of economic growth over their lifetime, new figures have revealed. 

    This is almost double the £14bn contribution found the last time this was assessed in 2018, demonstrating apprentices’ importance to the government’s mission to grow the economy under the Plan for Change. 

    These figures are for apprentices who were participating in an apprenticeship at levels 2 to 5 in the 2021-22 academic year, representing the immense value of apprentices to economic growth.  

    The research comes as the government reaffirms its commitment to apprenticeships as the golden thread through all six missions under the Plan for Change, and follows recently published data revealing apprenticeship starts rose by 1.3% and achievements rose by 1.1% in the first quarter following last year’s general election. 

    New apprenticeships announced today include wind turbine technician and heat network maintenance technician, which are key sectors that will support the government’s clean energy mission. The Education Secretary Bridget Phillipson will today be visiting Hinkley Point C and Bridgwater and Taunton College in Somerset to meet apprentices working on this critically important piece of national clean energy infrastructure. 

    Education Secretary, Bridget Phillipson said:  

    We need to take skills seriously as a country again, and the measures we’ve taken this week to slash red tape and boost the number of apprentices, show how we will deliver on this and break down the barriers to opportunity for our young people. 

    Apprenticeships are key to delivering our number one mission of growth and on the Prime Minister’s Plan for Change, as evidenced today by their increasing value to the economy which will continue to rise thanks to our reforms. 

    As National Apprenticeship Week draws to a close, it’s vital therefore that schools, colleges and businesses continue to champion apprenticeships, and this government will back them all the way.

    These conclude a series of sweeping reforms announced during National Apprenticeship Week, after the Education Secretary revealed a boost in flexibility for employers around English and Maths requirements that will lead to an extra 10,000 apprentices qualified each year in key sectors including construction, healthcare and clean energy.  

    A cut in the minimum duration of apprenticeships from 12 to eight months will help get boots on the ground quicker if workers have prior experience, while simpler End Point Assessments and a reformed payment system will free up time for providers and employers to focus on apprentices’ career and skills development. 

    The visit comes after the Prime Minister recently announced reforms to planning rules which will clear a path for new nuclear power stations, creating thousands of new highly skilled jobs while delivering clean, secure and more affordable energy for working people. 

    HMRC have also promoted tips to help apprentices ensure they are getting paid fairly, and government Ministers including the Chancellor Rachel Reeves have been visiting employers throughout National Apprenticeship Week to understand better how apprenticeships can deliver the Plan for Change.  

    Minister for Industry Sarah Jones said: 

    The shift to home-grown, clean energy is creating thousands of apprentices with world-class experience.  

    Hinkley Point C alone has provided 1,500 new apprenticeships – helping to make the UK a clean energy superpower, give us energy security and protect billpayers.

    New and updated apprenticeships for police constables, teaching assistants, healthcare support workers, dental hygienists and civil engineers will further support the government’s Plan for Change. A total of 660 occupations are now available. 

    Today, the government also launches a new “one stop shop” app that is set to revolutionise how apprentices access training and support. 

    The Your Apprenticeship app, designed by the DfE with extensive input from apprentices, provides easier access to essential tools, resources, and support to help apprentices to thrive in their qualification. 

    They will be able to track their apprenticeship through the app, ensuring they have learnt all the necessary knowledge and skills and they need to progress into skilled work and help drive Britain’s economic growth.  

    The Your Apprenticeship app is available to be downloaded from Google Play and the Apple app store now. 

    Anyone considering an apprenticeship is encouraged to go to www.findapprenticeship.service.gov.uk to discover what apprenticeships are available in their local area. 

    DfE media enquiries

    Central newsdesk – for journalists 020 7783 8300

    Updates to this page

    Published 14 February 2025

    MIL OSI United Kingdom

  • MIL-OSI Africa: “Prioritize National Resistance Movement (NRM) Message Of Wealth Creation,” President Museveni Urges Kigezi Leaders

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

    KAMPALA, Uganda, February 14, 2025/APO Group/ —

    “My main message to all of you is prioritizing the National Resistance Movement (NRM) message on wealth creation. Uganda has so many development needs; it is alright to talk about them, but prioritizing is crucial. Like the Bible tells us: seek me first the kingdom of God, and His righteousness; and all these things shall be added unto you,” he said.

    The President, who is on a performance assessment tour on wealth creation and the Parish Development Model (PDM) in Kigezi, made the remarks yesterday while meeting leaders in the subregion at Rukungiri Stadium, Rukungiri municipality.

    The PDM is a government initiative aimed at transforming Uganda’s economy by extending financial assistance directly to the people outside the money economy, at the parish level to help lift households out of poverty. Each parish SACCO receives Shs. 100 million in a financial year to develop and implement viable income-generating enterprises.

    “Leadership is like medical work; just as doctors diagnose patients and prescribe the correct medicine, political leaders must identify societal needs first and address them. This is what the NRM has been telling you since the 1960s,”the President said, adding that it is not only about tarmac roads, electricity, and other infrastructure that will chase poverty out of Uganda but prioritizing initiatives such as the PDM to ensure all households engage in income generating activities such as commercial agriculture.

    “That road from Kampala to Mbarara up to Kabale was tarmacked in 1963 after independence and we have been repairing it like three times but even if you go there now, you find the tarmac road with poor people by the roadside. For 60 years they have had a tarmac road, but they are poor. Therefore, you the leaders, let us agree on this,” H.E. Museveni noted.

    He further informed the leaders that areas like Nyabusozi, which listened to his message, did not have tarmac roads but realized that the dairy sector could get them out of poverty and have since become prosperous.

    “Cows don’t mind about tarmac roads or electricity. They only need grass and water. After that experiment from Nyabusozi, I went and briefed the NRM Central Executive Committee (CEC), and in 1996 we included in the NRM manifesto that commercial agriculture is the only solution to getting people out of poverty,” the President said, adding that because Ugandans had land but did not know what to do, the NRM encouraged them to do intensive agriculture by using their small portions of land to focus on products with high returns under the four acre model.

    In the Manifesto, they recommended seven activities, which include one acre for coffee, another acre for fruits (mangoes, oranges, and pineapples), another one for food crops for the family (cassava, bananas, Irish potatoes, or millet), and the last one for pasture for dairy cattle (about 8 of them). On top of this, one can add on poultry for eggs in the backyard, piggery and fish farming.

    “Those who listened to our message have gotten out of poverty. That is what has brought me here. As leaders, leaving our people to languish in poverty yet solutions are there, is a very big mistake,” the President stated while giving an example of the several farmers he has visited countrywide with glowing testimonies of how their life has changed as a result of the PDM funds.

    President Museveni further warned about reports of extortion and corruption in the PDM program, promising to reign in and arrest all perpetrators.

    “I have heard that there are thieves in PDM. All those who stole money from the poor should return it. I’m on the ground and I’m going to arrest them all. I also stopped all the bank charges. The beneficiary must receive their full Shs. 1 million,” President Museveni warned.

    He also reiterated that he had already informed the cabinet of the need to establish a processing factory for the ever-increasing volumes of eggs yet with limited market.

    “You have heard that they have a lot of eggs in Kabale and the market of Uganda is not enough. I told the ministers that instead of selling them (eggs) raw or eating them in Rolex chapatis, we need to see that we process those eggs into baby foods. We shall sell both in Uganda and the whole world,” the President highlighted.

    “We saw the same thing in the dairy sector after the cattle corridor started producing a lot of milk and the Ugandan market was insufficient. I brought rich people to produce powdered milk which we sell in North Africa and the Middle East,” the President said.

    He also promised to return to the subregion for a special meeting focusing on tea growing.

    In the same meeting, President Museveni was informed about the silent growing habit of divisions based on religion in Kigezi.

    “This must stop immediately. Those creating divisions are greedy enemies of Uganda. Maama Janet and I have bananas in Ntungamo but we sell them to all irrespective of religion. When I was studying at Mbarara High School, the people who bought our cows for me to study were from Kampala and some were Muslims. So, those promoting sectarianism are enemies,” the President stated.

    Regarding the issue of environmental protection, the President appealed to the people of Kigezi to use the wetlands correctly because of their crucial role in providing water for agricultural production and home use.

    The status of PDM in Kigezi sub-region:

    Earlier, the National Coordinator of PDM, Hon. Dennis Galabuzi Ssozi provided a detailed account of the model performance in the Kigezi sub-region.

    He informed the meeting that a total of Shs. 88.8 billion has been distributed among 428 PDM SACCOs in the nine local governments of the Kigezi sub region comprising six districts and three municipalities.

    The highest beneficiary according to size is Kanungu district with Shs. 20.2 billion and the lowest being Kisoro municipality with Shs. 1.5 billion.

    Hon. Gabaluzi, however, noted that whereas the region has been capitalized with shs.88.8 billion, the cumulative disbursement rate to date is Shs. 87.5 billion with the highest disbursement rate being by Rukungiri municipality at a rate of 100.6%.

    “This 100.6% means that point six is even interest that has accumulated on the account. So, it is a good disbursement rate,” Hon. Galabuzi said, noting that Rubanda lags in disbursement of PDM funds at 95%.

    “So, the total disbursement percentage in the sub-region is at 98.5% which is a good disbursement percentage, but we still desire it to be 100%,” he added, further mentioning that a total of 88,000 households have benefited, the highest number being in Kanungu, at 19,000 households and the smallest being Kisoro. About 38% of the beneficiaries are in crop agriculture and 20% in livestock mainly piggery.

    He added that the funds have been distributed well according to the allocated quarters which include; 30% for the youth, 30% for women, 10% for the elders, 10% to persons with disabilities, and 20% for any other member of the community that does not fall in those special interest groups.

    “This sample analysis shows that 58% of the beneficiaries are female. This shows that when it comes to livelihoods and trying to improve the livelihoods in your home states, women are more vigilant than men by these figures,” Hon. Gababuzi stated

    Although adults between 35 and 59 years are the most beneficiaries, Hon. Galabuzi said the PDM secretariat is impressed by the figures of the elderly above 60 years who have actively participated in the PDM up to 13% which is way beyond their quarter.

    “So, we are within the ranges and the targets of what we had set in the beginning, and the intentions and objectives of the PDM are being realized within the statistics. These figures will help us know exactly how to plan, along the value chain, down the value chain, and how to get these products to the market,” he said.

    About extortion, bank charges, and other small charges from agents, Hon. Galabuzi clarified that in line with the directive by the President, the PDM secretariat has budgeted for all the charges to ensure beneficiaries get full Shs. 1 million and also ensure that the number of agents are increased to at least per Parish.

    “So, we don’t expect any further charges on that money. The beneficiary is supposed to get 1 million shillings without any charge. So, anything less than that is criminality. And the President has given the Secretariat and other security agencies a directive that we shall be arresting anyone who tries to put charges on this money because it’s criminal,” he stated.

    Residents share views on PDM performance:

    Mr. Mbabazi Pieri, who is a councilor of Hamurwa sub-county and deputy speaker of the Rubanda district, decried the imbalance in PDM distribution within the district, which has led to poor performance. Rubanda district has 17 administrative units, 470 villages, and 69 parishes.

    “Hamurwa sub-county has five parishes with 67 villages. Originally it was six parishes. They removed one parish and made it Hamurwa Town Council with 8 villages. Now Hamurwa remains with 65 villages and a town council of 8 villages, two of which form a parish. You find a parish of those two villages, getting Shs. 100 million yet I have a parish in Hamurwa with 16 villages,” Mbabazi said.

    Ms. Kembabazi Loy, a female youth Councilor in Kanungu district, called for transparency in selecting beneficiaries, adding that due to corruption, the names of certain beneficiaries are deleted from the list.

    Mr. Turyabagyenyi Immy, a councilor representing people with disabilities (PWDs) in the Rukungiri district, thanked the government for considering them (PWDs) in the program but expressed dismay over the exclusion of some of their people, such as the deaf.

    “Send us sign language interpreters so that category of people also benefits from the PDM,” Turyabagenyi said.

    Mr. Akampurira Gideon from Rukiga district said the exclusion of local government leaders as beneficiaries of the PDM program is affecting its effective implementation.

    “We also need to access this money so that we monitor a program that we fully understand,” he said.

    Mr. Karuru Godfrey, who hails from Nyanamo Town Council in Bukimbiri County, Kisoro district, said the program intended for poor people has ended up in the hands of the already well-off.

    Status of Emyooga in the subregion:

    The Minister of State for Microfinance, Hon. Haruna Kasolo Kyeyune made a presentation on the status of the Emyooga program.

    According to Hon. Kasolo, the Emyooga program aims at inculcating a saving culture among the beneficiaries in their Savings and Credit Cooperative Organizations (SACCOs) who earn daily.

    The 18 categories per constituency include, among others, Boodaboda riders, taxi operators, market vendors, shoemakers, performing artists, journalists, carpenters, welders, and the fishing communities. Another category of youth leaders and people with disabilities who cannot access loans from commercial banks and local elected leaders from LC 1 to LC 5 have also been included.

    He said the Kabale district with 52 SACCOs received Shs. 2.2 billion, Rubanda with 32 SACCOs (Shs. 1.64 billion), Kisoro with 17 SACCOs (Shs. 3.46 billion), Kanungu with 36 SACCOs (Shs. 1.84 billion), Rukiga with 18 SACCOs (Shs. 740 million), and Rukungiri with 54 SACCOs (Shs. 2.5 billion). All these have been prepared to receive additional seed capital of Shs. 20 million that is sent every financial year.

    Although the Minister decried defaulters in the program, SACCOs are progressing well in their saving culture to the tune of Shs. 2.52 billion realized as savings. They include Kabale (Shs. 206 million), Rubanda (Shs. 421 million), Kisoro (Shs. 1.1 billion), Kanungu (Shs. 337 million), Rukiga (47 million), and Rukungiri (Shs. 360 million).

    “I’m happy to report that the Emyooga program in the Kigezi sub region has been a success, and beneficiaries have utilized their funds well in lending and showcasing impressive products and services,” Minister Kasolo noted, adding that his ministry has carried out capacity building in areas of mindset change, basic records management, cooperative governance, loan management, enterprise selection, planning and management of finances, and also resource mobilization through savings to ensure proper management of the program countrywide.

    Some of the best-performing SACCOs in the Kigezi sub region include: Bufumbira North elected local leaders Emyooga SACCO, Kabale Municipality Women Entrepreneurs’ SACCO, Bufumbira East women entrepreneurs SACCO, Kisoro municipality restaurant owners SACCO, Kabale municipality tailoring Emyooga SACCO, Bukimbiri youth leaders SACCOs, Ndorwa East wilders SACCO, Ndorwa East women entrepreneurs SACCO, Kabale municipality local leaders SACCO, and Kinkizi East women entrepreneurs SACCO.

    To ensure transparency and recovery of funds from borrowers, Hon. Kasolo informed the meeting that they have partnered with local radio stations that are equipped with lists of beneficiaries and defaulters to remind Ugandans of their obligation to pay back.

    In other reports, the Minister of Works and Transport, Gen. Edward Katumba Wamala, presented the status of the road infrastructure in the Kigezi sub region, highlighting the national roads connecting the region under his ministry and the district roads managed by the district’s local governments with funding from the central government.

    He assured the leaders that all the road projects previously under the defunct Uganda National Roads Authority (UNRA) will continue, such as the road from Kabale connecting to Lake Bunyonyi and Kisoro-Mgahinga Road, whose construction is expected to kick off at the end of this month.

    The Minister of Agriculture, Animal Industry, and Fisheries (MAAIF), Hon. Frank Tumwebaze, and the Permanent Secretary, MAAIF, Major General David Kasura Kyomukama, also presented a paper on the government policy on agriculture.

    The Minister of State for Trade, Industry, and Cooperatives (Industry), who is also Ndorwa County West MP David Bahati, presented a report on the status of the health sector in the Kigezi sub region on behalf of Health Minister Dr Jane Ruth Aceng.

    The meeting was attended by Ministers, Members of Parliament, NRM leaders, local government leaders, among others.

    MIL OSI Africa

  • MIL-OSI: 180 Degree Capital Corp. Reports Net Asset Value Per Share (“NAV”) of $4.64 as of December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MONTCLAIR, N.J., Feb. 14, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital” and the “Company”), today reported its financial results as of December 31, 2024, and noted additional developments from the first quarter of 2025. The Company also published a letter to shareholders that can be viewed at https://ir.180degreecapital.com/financial-results.

    “We were pleased with our performance in Q4 2024 relative to the majority of our public market comparable indices,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital. “While our full year performance was disappointing, Q1 2025 has thus far continued and exceeded our strong performance exiting 2024. Our gross total return of +205% from inception through the end of 2024 continues to compare favorably to the +69% total return for the Russell Microcap Index.1 We are also incredibly proud and excited for our recent announcement of the signing of a definitive agreement for 180 Degree Capital to enter into a business combination (the “Business Combination”) with Mount Logan Capital Inc. (“Mount Logan”). For those of you who have not had a chance to listen to our joint call with the team from Mount Logan or review the presentation deck that summarizes the proposed transaction, both can be found at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger. We expect to file a registration statement and included joint proxy statement/prospectus with the Securities and Exchange Commission (the “SEC”) soon. This document will give us the opportunity to speak more extensively with our shareholders about the proposed Business Combination and what we believe are its significant benefits for all shareholders. The proxy will also describe the process that led to our Board’s unanimous approval of it.”

    “This proposed transaction is not the end of 180 Degree Capital,” continued Daniel B. Wolfe, President of 180 Degree Capital. “We believe this Business Combination is the logical next step in our evolution. It is also an opportunity that is not afforded commonly to closed-end funds, particularly since we believe most have limited differentiation. We believe there are clear reasons why 180 Degree Capital has this truly unique opportunity to combine with an asset manager and to transition to an operating company. We are not the only ones who understand the potential for value creation from this Business Combination. Some of our largest shareholders have signed either voting agreements or non-binding indications of support, that when combined with ownership of management and our Board, account for approximately 27% of our outstanding shares in the aggregate. We appreciate the time and consideration these shareholders spent to understand the merits of this proposed Business Combination and their support for it.”

    Mr. Rendino added, “I, as the largest individual shareholder of 180 Degree Capital, and Daniel as a top-ten shareholder, could not be more excited about the future of the combined entity. We believe the proposed Business Combination to be the best opportunity to build value for all shareholders of 180 Degree Capital. We believe strongly in the future of the combined entity under the leadership of Ted Goldthorpe and his colleagues. I have been an investor in the public markets for 35 years, during which investors entrusted me with billions of dollars of capital. We are interested in building true value for shareholders over the short and long term. We believe this combination achieves both of these objectives.”

    The table below summarizes 180 Degree Capital’s performance over periods of time through the end of Q4 20241:

      Quarter 1 Year 5 Year Inception to Date
      Q4 2024 Q4 2023-
    Q4 2024
    Q4 2019-
    Q4 2024
    Q4 2016-
    Q4 2024
    TURN Public Portfolio Gross Total Return (Excluding SMA Carried Interest) 7.8 % 1.0 % -10.8 % 185.7 %
    TURN Public Portfolio Gross Total Return (Including SMA Carried Interest) 7.8 % 1.0 % -4.8 % 204.5 %
             
    Change in NAV 5.5 % -7.6 % -49.5 % -33.9 %
             
    Change in Stock Price 8.7 % -10.5 % -43.1 % -11.4 %
             
    Russell Microcap Index 5.9 % 13.7 % 39.8 % 68.5 %
    Russell Microcap Growth Index 14.7 % 22.5 % 28.2 % 57.6 %
    Russell Microcap Value Index 4.3 % 9.7 % 49.3 % 77.8 %
    Russell 2000 Index 0.3 % 11.5 % 42.7 % 82.7 %
    Lipper Peer Group 1.6 % 10.8 % 52.5 % 81.8 %


    About 180 Degree Capital Corp.

    180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

    Press Contact:
    Daniel B. Wolfe
    Robert E. Bigelow
    180 Degree Capital Corp.
    973-746-4500
    ir@180degreecapital.com

    Additional Information and Where to Find It

    In connection with the proposed Business Combination, 180 Degree Capital intends to file with the SEC and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”), containing a form of WHITE proxy card. In addition, the surviving Delaware corporation, Mount Logan Capital Inc. (“New Mount Logan”) plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

    Certain Information Concerning the Participants

    180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2024, which was filed with the SEC on February 13, 2025, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

    Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

    Non-Solicitation

    This letter and the materials accompanying it are not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

    Forward-Looking Statements

    This letter and the materials accompanying it, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

    Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

    1. Past performance is not an indication or guarantee of future performance. Gross unrealized and realized total returns of 180 Degree Capital’s cash and securities of publicly traded companies are compounded on a quarterly basis, and intra-quarter cash flows from investments in or proceeds received from privately held investments are treated as inflows or outflows of cash available to invest or withdrawn, respectively, for the purposes of this calculation. 180 Degree Capital is an internally managed registered closed-end fund that has a portion of its assets in legacy privately held companies that are fair valued on a quarterly basis by the Valuation Committee of its Board of Directors, and 180 Degree Capital does not have an external manager that is paid fees based on assets and/or returns. Please see 180 Degree Capital’s filings with the SEC, including its 2024 Annual Report on Form N-CSR for information on its expenses and expense ratios.

    The MIL Network

  • MIL-OSI: Barnwell Industries, Inc. Reports Results for its First Quarter Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, Feb. 14, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) today reported financial results for its first quarter ended December 31, 2024. For the quarter, the Company had revenue of $4,477,000 and a net loss of $1,917,000 or $0.19 per share. In the three months ended December 31, 2023, the Company reported quarterly revenue of $6,155,000 and a net loss of $664,000 or $0.07 per share. The Company remains debt free and ended the quarter with $642,000 in working capital, including $1,957,000 in cash and cash equivalents.

    Oil and Gas Prices and Production

    During the three months ended December 31, 2024, oil, gas and natural gas liquids prices decreased 2%, 40% and 8%, respectively, compared to the prior year’s quarter. Additionally, oil, gas and natural gas liquids production decreased 17%, 21% and 17%, respectively, for the three months ended December 31, 2024, compared to the prior year’s quarter. The decreases in production are primarily the result of natural declines as the wells age. The production decreases were also partially due to properties sold and certain wells that were temporarily shut-in for workovers. The Company’s latest Canadian well drilled, which is 100%-owned and operated, started producing in mid-September 2024 and contributed approximately 107 net barrels of equivalent per day for a total of approximately 10,000 net barrels of equivalent during the three months ended December 31, 2024.

    Non-Cash Impairment, foreign currency loss

    The net loss for the three months ended December 31, 2024, was due in part to a $613,000 non-cash impairment of our US oil and natural gas properties during the current quarter. This impairment is largely due to the changing rolling average first-day-of-the-month prices used in the ceiling test calculation. Additionally, the loss was due in part to a $351,000 foreign currency loss recorded in the current year period as compared to a $126,000 gain in the prior year period due to the weakening of the Canadian dollar against the U.S. dollar.

    Reduction in General and Administrative Expenses

    General and administrative expenses decreased $123,000, 9%, for the three months ended December 31, 2024, primarily due to a decrease in professional fees in the current year period as compared to the prior year period.

    Contract Drilling Segment

    Our contract drilling segment entered into an agreement during the quarter to sell a drilling rig and related ancillary equipment for proceeds of $585,000, which will close on the sale in the second quarter ending March 31, 2025. The Company received payment of the purchase price in the quarter ended December 31, 2024.

    In the coming months, the Company will move forward with appropriate strategic, business and financial alternatives for Water Resources which may include, among other things, a sale of its stock or assets, or an orderly wind-down of its operations and liquidation of equipment.

    Summary and Outlook

    Craig D. Hopkins, CEO, stated, “A potential proxy contest in the near term could harm the company’s liquidity and hinder investment and growth opportunities. This is particularly concerning, as we have valuable oil and gas assets with significant potential. Our new well is performing as anticipated, and we are well-positioned to drill two additional wells from the same pad once sufficient capital is secured. The planned wind-down of our contract drilling business will help refocus our efforts and reduce fixed costs in the coming quarters. We are also actively seeking ways to further reduce costs and enhance profitability. With a streamlined cost structure, Barnwell will be positioned to invest more aggressively in operations and deliver the growth our shareholders deserve.

    “Regarding the potential proxy contest and board operations, I have found all current board members to be collaborative and constructive in supporting my efforts to improve Barnwell’s financial performance. Given the forgoing, I am surprised by the prospect of a contested election.”

    The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

    COMPARATIVE RESULTS
    (Unaudited)
      Three months ended
    December 31,
        2024       2023  
           
    Revenues $ 4,477,000     $ 6,155,000  
           
    Net loss attributable to Barnwell Industries, Inc. $ (1,917,000 )   $ (664,000 )
           
    Net loss per share – basic and diluted $ (0.19 )   $ (0.07 )
           
    Weighted-average shares and      
    equivalent shares outstanding:      
    Basic and diluted                   10,047,173       9,996,760  
    CONTACT:   Craig D. Hopkins
    Chief Executive Officer and President

    Phone: (403) 531-1560
    Email: info@bocl.ca

    The MIL Network

  • MIL-OSI: Gravity Reports Preliminary Unaudited 4Q 2024 Results and Business Updates

    Source: GlobeNewswire (MIL-OSI)

    Seoul, South Korea, Feb. 14, 2025 (GLOBE NEWSWIRE) — GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or “Company”), a developer and publisher of online and mobile games based in South Korea, today announced its unaudited financial results for the fourth quarter ended December 31, 2024, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

    PRELIMINARY UNAUDITED FOURTH QUARTER 2024 FINANCIAL RESULTS

    Tentative consolidated revenue for the fourth quarter of 2024 is KRW 130 billion, and tentative consolidated operating profit is KRW 16 billion.

    The preliminary fourth quarter of 2024 result is mainly attributed by increased revenues from THE RAGNAROK launched in Southeast Asia on October 31, 2024, Ragnarok: Rebirth launched in Taiwan, Hong Kong and Macau on October 31, 2024, and Ragnarok X: Next Generation launched in Japan on November 20, 2024. Tentative consolidated revenue for the fourth quarter of 2024 represented a 1.3% increase in QoQ and a 10.7% decrease in YoY.

    Unaudited preliminary consolidated revenue for 2024 is KRW 501 billion, and the operating profit is KRW 85 billion.

    The preliminary 2024 figures are unaudited and subject to revision. Final result for the fourth quarter and year ended December 31, 2024 will be provided by our annual report for the fiscal year ended December 31, 2024 on Form 20-F.

    Liquidity

    The balance of cash and cash equivalents and short-term financial instruments was KRW 553,202 million as of December 31, 2024.

    GRAVITY BUSINESS UPDATES

    Two Ragnarok IP-based Games Received ISBN Codes in China

    Ragnarok: Back to Glory (Ragnarok: Rebirth, Chinese title: 仙境传说:重生) and PROJECT ABYSS (Chinese title:  仙境传说:初心) have received ISBN codes from the Chinese government on December 24, 2024 and January 21, 2025, respectively.

    Ragnarok Online IP-based Games

    • THE RAGNAROK, an MMORPG Mobile and PC game

    THE RAGNAROK was officially launched in Southeast Asia on October 31, 2024.

    • Ragnarok in Wonderland, a Casual Healing Tycoon Mobile game

    Ragnarok in Wonderland was officially launched in Korea on December 4, 2024.

    • Ragnarok Classic, an MMORPG PC game

    Ragnarok Classic was officially launched in Indonesia on December 5, 2024.

    • Ragnarok Begins (Chinese Title: RO 仙境傳說:一定要可愛), an Action Side-Scrolling MMORPG Mobile and PC game

    Ragnarok Begins (Chinese Title: RO 仙境傳說:一定要可愛) was officially launched in Taiwan, Hong Kong and Macau on February 13, 2025.

    • Ragnarok M: Classic, an MMORPG Mobile game

    Ragnarok M: Classic, a renewal version of Ragnarok M: Eternal Love, is officially launched in Southeast Asia on February 14, 2025, and is underway for its launch in Taiwan, Hong Kong and Macau in the first half of 2025.

    • Ragnarok 3, an MMORPG Mobile and PC game

    Ragnarok 3, the new sequel game of Ragnarok Online, is being prepared to be launched in Global within 2026.

    • Ragnarok X: Next Generation, an MMORPG Mobile and PC game

    Ragnarok X: Next Generation was officially launched in Japan on November 20, 2024 with preparations underway for its launch in North, Central, and South America and Europe in the first half of 2025.

    • Ragnarok V: Returns, a 3D MMORPG Mobile and PC game

    Ragnarok V: Returns will be officially launched in all nations of Southeast Asia in March 2025.

    • Ragnarok M: Eternal Love 2, an MMORPG Mobile and PC Game

    Ragnarok M: Eternal Love 2, the next generation new sequel game of Ragnarok M: Eternal Love, is on development.

    • Ragnarok Crush, a Puzzle and Tower Defense Mobile game

    Ragnarok Crush will be launching in Global except for China and Japan in the third quarter of 2025.

    • Ragnarok: Back to Glory (Ragnarok: Rebirth), an MMORPG Mobile game

    Ragnarok: Back to Glory (Ragnarok: Rebirth) will be re-launched in Southeast Asia and launched in Korea, in the second quarter of 2025.

    • Ragnarok Idle Adventure Plus, an MMORPG Mobile game

    Ragnarok Idle Adventure Plus is underway for its launch in Global except for Taiwan, Hong Kong, Macau, China, Korea and Japan in February 2025 and in Taiwan, Hong Kong and Macau in the first half of 2025.

    • Ragnarok Promised Adventure (tentative English title), an MMORPG Mobile game

    Ragnarok Promised Adventure (tentative English title) is scheduled to be launched within 2025.

    • Ragnarok Online, an MMORPG PC game

    Ragnarok Online is scheduled to be direct-serviced in Latin America in the second quarter of 2025.

    • Ragnarok Landverse, an MMORPG Blockchain and PC game

    Ragnarok Landverse Genesis, a global new server onboarding in RONIN platform, will be released in Global in March, 2025.
    Ragnarok Landverse will be launched in Vietnam in the first half of 2025 and in Latin America in the second half of 2025. Ragnarok Landverse launching in Vietnam is a PC game without Blockchain.

    Other IP-based games

    • TOKYO PSYCHODEMIC, a 2D Cinematic Profiling Adventure PC and Console game

    TOKYO PSYCHODEMIC was officially launched in Global on November 28, 2024.

    • KAMiBAKO, a World Craft RPG PC and Console game

    KAMiBAKO was officially launched in Global on January 30, 2025.

    • Heroes Gambit, a Strategic Card Battle Mobile game

    Heroes Gambit will be launched in Global in the first half of 2025.

    • Scorp Hero, a Character Collecting RPG Mobile game

    Scorp Hero is underway for its launch in Japan within 2025.

    • Snow Brothers 2 Special, an Action and Platformer PC and Console game

    Snow Brothers 2 Special will be launched in Global in April 2025.

    • Gunbound an MMO Turn-Based Artillery PC game

    Gunbound will be launched in Southeast Asia and Latin America in the first half of 2025.

    • Dragonica New Origin, an MMORPG PC game

    Dragonica New Origin will be launched in Southeast Asia in May 2025.

    Expansion of Other IP business

    Gravtiy Co., Ltd. has signed a publishing agreement of Nobunaga’s Ambition: The Road to the World (tentative English title), a simulation mobile game based on Nobunaga‘s IP, in Japan with Kingnet Technology (HK) Limited.

    Investor Presentation

    Gravity issued an investor presentation. The presentation contains the Company’s recent business updates, results of the fourth quarter in 2024 and Gravity’s business plan. The presentation can be found on the Company’s website under the IR Archives section at https://www.gravity.co.kr/en/ir/updates. Korean and Japanese versions of the presentation are also provided on the website.

    About GRAVITY Co., Ltd. —————————————————
    Gravity is a developer and publisher of online and mobile games. Gravity’s principal product, Ragnarok Online, is a popular online game in many regions, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

    Forward-Looking Statements:

    Certain statements in this press release may include, in addition to historical information, “forward-looking statements” within the meaning of the “safe-harbor” provisions of the U.S. Private Securities Litigation Reform Act 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe”, “project,” or “continue” or the negative thereof or other similar words, although not all forward-looking statements contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the “SEC”), including our annual report for the fiscal year ended December 31, 2024 on Form 20-F, together with such other documents that we may submit to or file with the SEC from time to time, on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

    Contact:

    Mr. Heung Gon Kim
    Chief Financial Officer
    Gravity Co., Ltd.
    Email: kheung@gravity.co.kr

    Ms. Jin Lee
    Ms. Yujin Oh
    IR Unit
    Gravity Co., Ltd.
    Email: ir@gravity.co.kr
    Telephone: +82-2-2132-7800

    The MIL Network

  • MIL-OSI Russia: Slavic horizon expands: Polytechnic meets Russian-Tajik Slavic University

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    Peter the Great Polytechnic University is expanding cooperation with the Russian-Tajik Slavic University (RTSU) within the framework of the Slavic Universities project. Since 2025, SPbPU has become the coordinator of RTSU activities, providing scientific, methodological and resource support to improve the efficiency of the university. In February, a delegation of SPbPU experts visited RTSU to assess current projects, develop a plan for joint work for 2025 and discuss key initiatives, including the reconstruction of the RTSU school and professional retraining programs for teachers.

    This is not the first experience of interaction between the two universities. RTSU and SPbPU have concluded partnership agreements, and several joint projects have been successfully implemented. In 2023, the delegation of IPMEiT SPbPU participated in the exhibition “Education and Career in the Field of AML/CFT”, which was held at the RTSU site. RTSU leaders took part in the annual Slavic Horizon summits organized at SPbPU in 2023 and 2024.

    The visit of the expanded Polytechnic University expert team to RTSU was the first close acquaintance with the university development team, leaders of research teams, and the resource base. The participants of the visit monitored the implementation of the current development program and agreed on a plan for joint work between SPbPU and RTSU for 2025.

    The delegation of SPbPU included Vice-Rector for Organizational and Economic Work Stanislav Vladimirov, Head of the Project Office “Slavic Universities”, Deputy Head of the Department of International Cooperation Nikita Golovin, Deputy Director of the Center for Continuing Professional Education PISh CI Pavel Kozlovsky, Director of the Higher School of Electronics and Microsystems Engineering IEiT, expert of Rosobrnadzor Vera Loboda, Head of the Directorate for Human Resources Maria Pakhomova and Head of the Directorate of Pre-University Education and Talent Attraction Nikolai Snegiryov.

    In addition to the general goals, each expert had an individual task – to assess the current state of affairs at RTSU in their area and develop recommendations for the activities of the RTSU development program for 2025.

    Russian-Tajik (Slavonic) University is one of the main scientific and educational centers in the Republic of Tajikistan. The mission of RTSU is to expand intercivilizational dialogue in the interests of effective and mutually beneficial partnership between Russia and the countries of Central Asia through the training of highly qualified specialists, cross-cultural interaction and cooperation in the field of economics, science and culture, strengthening the Eurasian partnership and promoting Russian education. A member of the community of “Slavic” universities, RTSU is positioned as the center of the Russian language and Russian culture in Tajikistan, promotes the spread of the influence of the best traditions of Russian education on the socio-cultural and technological environment of the region, strengthening friendly and partnership relations between the peoples of Central Asia.

    These tasks will form the basis of the joint work plan and, subsequently, the RTSU development program. The university administration, headed by Rector Mashrab Faizullo, held a number of meetings and discussions with the Polytechnic delegation. During their work at the faculties, SPbPU experts studied the specifics of teaching, curricula, organization of business processes for managing the university’s scientific and educational activities, and issues of implementing personnel and youth policies.

    One of the important projects of RTSU planned for implementation in the near future is the reconstruction of the comprehensive school of the university. At the moment, about 1,500 schoolchildren study there. According to the reconstruction program and the order of the Ministry of Education of the Russian Federation, specialized classes with in-depth study of chemistry, biology, physics and computer science should be opened in the school. It is also necessary to provide additional classes (invariant modules) for schoolchildren in engineering disciplines (computer graphics, 3D modeling, robotics and others). These tasks require comprehensive solutions for equipping the corresponding specialized rooms and laboratories.

    The school certainly requires modernization and additional equipment. But nothing is impossible or unachievable. In the near future, the concept of school development will be worked out, a plan and all the necessary project documents will be prepared. We hope that by September 1, some of the school’s classes will be ready to accept students, – shared Stanislav Vladimirov, Vice-Rector for Organizational and Economic Work at SPbPU.

    During the visit, the results of the joint educational project were solemnly summed up: in the fall of 2024, 16 school teachers from Tajikistan completed an additional educational program at SPbPU. The students were teachers of mathematics, chemistry, biology and geography from Dushanbe schools with Russian as the language of instruction. The retraining will allow them to teach the subject “Physics”. Diplomas were presented to the participants by the head of the Directorate of Pre-University Education and Talent Attraction of SPbPU Nikolay Snegiryov. First Vice-Rector, Vice-Rector for Academic Affairs of RTSU Minisa Abdullaeva congratulated the graduates on the successful completion of the program and noted the importance of continuous professional growth of teachers.

    RTSU is a successful, established university, a leader in its region. Its development plans are quite ambitious, and we understand how much joint work lies ahead. It is respectful how carefully our colleagues from RTSU approach building their strategy of activity, how they work out plans and tasks, and wisely distribute resources. It is an honor and pleasure for Polytechnic to act as experts and assistants in this process, – summed up the results of the Head of the Project Office “Slavic Universities” Nikita Golovin.

    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-Evening Report: France’s top diplomat confirms ‘unfreezing’ of New Caledonia’s electoral roll back on table

    By Lydia Lewis, RNZ Pacific Presenter/Bulletin editor

    France’s top diplomat in the Pacific region says talks around the “unfreezing” of New Caledonia’s highly controversial electoral roll are back on the table.

    The French government intended to make a constitutional amendment that would lift restrictions prescribed under the Nouméa Accord, which disqualified around 20,000 French citizens who had not resided in the territory before 1998 from voting in the provincial elections.

    The restrictions were viewed as a step to ensure indigenous Kanaks were not at risk of becoming a minority in their own country.

    However, the Paris decision by Paris to move ahead with the changes last year triggered five months of civil unrest that has cost the New Caledonian economy more than 2.2 billion euros (NZ$4 billion).

    The constitutional reforms were initially suspended in June, before the former Prime Minister Michel Barnier abandoned them.

    However, this week, France’s Ambassador to the Pacific, Véronique Roger-Lacan, confirmed that the French Overseas Minister Manuel Valls is set to discuss the issue during next week’s high-level visit to Nouméa.

    She said a date for the provincial elections, to be held at the end of this year, is also in the works.

    Unfreezing of lists
    “The provincial elections were due in December last year, and because there was discussion on the unfreezing of the electoral lists, the whole process was stopped,” Roger-Lacan said at a press briefing in Wellington.

    “The discussion on the unfreezing of the electoral list for the provincial elections continues.”

    She said in a normal democratic system, everyone who pays taxes has the right to vote.

    “Because when you pay taxes to a government, you have the choice of the government [to whom] you give your money. [In New Caledonia] there is a discrepancy,” she said.

    “This was one point of contention that led to the riots.”

    She said the French constitution states that if any of its overseas territories want self-determination, “they can have it”.

    Self-determination is defined by the United Nations as either independence, state association (as in the Cook Islands), or integration within an already independent country, which is the case in New Caledonia, she said.

    Peaceful choice
    “They can choose peacefully among those three solutions. But no riots, no insurrection.”

    Roger-Lacan pointed out that there was a “strong split” within the pro-independence groups in New Caledonia.

    She said there was a part of the pro-independence FLNKS (Kanak and Socialist National Liberation Front) who realised that “this discussion on the unfreezing of the electoral list does not make sense”.

    “They agree that the unfreezing of this electoral list is the way to go. What are the criteria for the deferring of this electoral listing are a case of discussion.”

    Roger-Lacan added that the provincial elections must take place before Christmas Day.

    “The question is: with what type of electoral list they will take place.”

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Global: Apprenticeships aren’t designed for young people any more

    Source: The Conversation – UK – By Charlynne Pullen, Principal Research Fellow in Education, Sheffield Hallam University

    BigPixel Photo/Shutterstock

    The number of people in England choosing to enrol in an apprenticeship has declined markedly over the past decade. Apprenticeship participation has fallen overall from 908,700 in 2016-17 to 736,500 in 2023-24.

    Particularly notable has been a shift away from apprenticeships providing introductory skills for young people towards them becoming higher level qualifications for older adults.

    In 2023-24, 55,660 under-19s were taking part in an intermediate apprenticeship, down from 75,500 in 2019-20. On the other hand, 185,810 over-25s were participating in a higher level apprenticeship in 2023-24 – up from 109,770 in 2019-20.

    “Apprenticeship starts for the under-25s fell by 38% in the period 2015-16 to 2022-23,” education secretary Bridget Phillipson told the House of Commons in September 2024. “It will fall to this Labour government to turn that around.”

    Continued messaging from successive governments has emphasised that apprenticeships are for young people. “To every young person I meet my message is that no matter who you are, or where you’re from, or whatever career you want to do, an apprenticeship will open doors for you,” Robert Halfon, skills minister in the previous Conservative government, said in 2023.

    Politicians present a decline in young people taking apprenticeships as a problem. But it is government policy that has turned these qualifications into something much more suitable for adults already in the workforce.

    Employers first

    A large reason for this is changes to how apprenticeships work that make them more centred on the role and needs of employers.

    The changes to apprenticeships since 2012 include a levy on large employers. Companies with an annual pay bill of more than £3 million pay 0.5% of this into a time-limited pot that they can use for apprenticeships within the company or transfer a proportion to smaller companies.

    Apprenticeships have also shifted from a focus on achieving qualifications towards meeting standards that focus on the knowledge, skills and behaviours of a job and often include a status or recognition from a professional body.

    The employer recruits, employs and pays the apprentice. Employers appoint the training provider, and they set the standards.

    Faced with using or losing money for apprenticeships and the choice between an unknown new recruit and an established member of staff, large employers might rationally opt to use apprenticeships to support their existing workforce to improve their skills.

    Many adults enrol on apprenticeships to improve their skills.
    fizkes/Shutterstock

    Adult apprentices typically have experience in relevant roles but want to improve their skills and progress in their careers.

    The NHS, for example, sees apprenticeships as a key part of its workforce strategy. Emerging evidence from my research with colleagues at Sheffield Hallam University and charity the Edge Foundation suggests many people on health apprenticeships are adults and existing staff.

    Reduced requirements

    Policy announcements from the current government have cemented this shift. They include the removal of the need for English and maths qualifications for adult apprentices, and the reduced minimum time period for an apprenticeship from 12 months to eight.

    In announcing the recent changes to English and maths, Bridget Phillipson said: “Businesses have been calling out for change to the apprenticeship system and these reforms show that we are listening. Our new offer of shorter apprenticeships and less red tape strikes the right balance between speed and quality, helping achieve our number one mission to grow the economy.”

    These changes are designed to increase the number of adult apprentices who complete their apprenticeship. Shorter apprenticeships should allow adults’ substantial relevant experience to be recognised within their apprenticeship so they can complete it more quickly.

    English and maths requirements had been a barrier for some adults to completing their apprenticeship. Some employers had made having English and maths qualifications a requirement for getting onto an apprenticeship. Without the requirements, more adults should be able to access and complete apprenticeships – but this change is only for those aged over 19.

    Increased funding for small and medium enterprises to take on apprentices, which was introduced under the previous government, also prioritised employers, although it did come with an additional incentive for them to take on 16-to-18 year olds. Other employer-focused policy changes from the previous government include reducing the requirements for time spent training off-the-job.

    The current government’s planned change to a growth and skills levy does include the creation of foundation apprenticeships. More detail on what they will entail in England is yet to come. But these do currently operate in Scotland, allowing younger people to gain substantial work experience whilst studying for qualifications at college.

    This kind of programme could create a smoother transition into an apprenticeship for a young person, and may increase the number of young people participating in apprenticeships. But for now, employers and the skills needed for economic growth still seem to be the priority.

    Sheffield Hallam has received funding for Charlynne Pullen to conduct related research on apprenticeships from the Low Pay Commission and the Edge Foundation. Charlynne was a Labour councillor in 2010-14 and a Labour parliamentary candidate in the 2015, 2017 and 2019 general elections, but has not been active in the party since 2019.

    ref. Apprenticeships aren’t designed for young people any more – https://theconversation.com/apprenticeships-arent-designed-for-young-people-any-more-249640

    MIL OSI – Global Reports

  • MIL-OSI Russia: Implementing sustainable development principles attracts more investment

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Economists from HSE and RUDN University have analyzed the problems associated with the digital transformation of companies. The introduction of digital solutions into the work of companies reduces the number of patents in the field of green technologies by 4% and creates additional financial difficulties. However, if a company pays attention to sustainable development and increases its environmental, social and governance (ESG) rating, the negative effects are reduced. Moreover, with a high ESG rating, digitalization can even increase the number of patents by 2%. Articlepublishedin the leading international journal Sustainability.

    Digital transformation gives businesses new tools to improve efficiency and competitiveness. Companies use new technologies to collect data, work with customers, and analyze. However, this is costly and increases energy consumption, which diverts resources from environmental initiatives. As a result, companies are faced with ambiguous manifestations of the “double transformation” effect and a necessary choice: to invest in digitalization or to develop green technologies. This problem is especially acute among Chinese companies. China, one of the largest energy consumers, faces serious environmental problems. Therefore, companies have to combine the goals of digital modernization and sustainable development.

    The economies of Russia and China are similar, and the experience and strategies used by Chinese companies can be applied to Russian practice. Employees Schools of Finance Faculty of Economic Sciences, National Research University Higher School of Economics Irina Ivashkovskaya and Wu Yanfei with colleagues from Department of Applied Economics HSE and RUDN University studied how Chinese business is responding to this challenge. They analyzed data from 1,443 companies listed on the Shanghai Stock Exchange for the period from 2013 to 2022.

    For each company, the level of digitalization, sustainability indicators, financial constraints and their impact on green innovation of the firms were determined. To determine the level of digital transformation, the researchers analyzed the frequency of repetition of more than 70 keywords-markers related to digital innovation in the companies’ annual reports. Then, the relationship between two transformation processes – the level of digitalization and innovation in technologies, expressed by the number of patents in the field of green technologies – was examined.

    The results showed that increasing the level of digitalization reduces the number of green patents by 4%. This is due to competition for financial resources between digital and environmental projects. Financial constraints also increase: it is more difficult for firms to attract investment. However, increasing the ESG rating weakened this effect, increasing the number of patents by 2-3% on average. Companies with a high ESG profile were better able to cope with challenges related to financing and internal resource allocation.

    To obtain a more visual result, the authors also divided the companies into two groups: with a high and low degree of digital transformation. If the business was not engaged in sustainable development and its ESG rating was low, an increase in investment in digitalization reduced the number of patents on green innovations by 12%. However, if the company’s rating was high, this transition, on the contrary, increased investment in green technologies by 6%. The study shows that the dependencies between digital and ESG transformation work differently in companies with state participation and in private ones. In both groups, digitalization creates the effect of financial constraints. However, in companies with state ownership, the mitigating effect of the ESG profile on the results of green innovation does not work.

    The authors note that companies should strategically balance internal resources and not sacrifice other areas for the sake of accelerating digitalization. And regular disclosure of ESG indicators will increase transparency and attract additional funding.

    “Despite the fact that the study was conducted on data from Chinese companies, its results are also relevant for Russia. Our country has a similar type of economy, among large public companies resource and energy-consuming firms dominate, a significant number of companies are partially owned by the state,” commented Irina Ivashkovskaya, head of the School of Finance of the Faculty of Economic Sciences at the National Research University Higher School of Economics.

    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: Bitget Secures Virtual Asset Service Provider license in Bulgaria Aligning with its EU Expansion Plans

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 14, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has obtained a Virtual Asset Service Provider (VASP) license from Bulgaria’s National Revenue Agency. The official licensing now enables Bitget to offer a comprehensive suite of crypto services within Bulgaria, including the exchange, trading, transfer, custody, and public offering of crypto assets, as well as wallet services. This aligns with Bitget’s broader plans of obtaining EU’s Markets in Crypto-Assets (MiCA) license, which will boost its foothold in the region.

    The VASP license in Bulgaria aligns with Bitget’s strategic expansion across the European Union. The company is actively preparing for compliance with the EU’s MiCA framework, which seeks to establish a unified regulatory environment for crypto assets throughout the region.

    “The successful application of the VASP license in Bulgaria is a part of Bitget’s expansion strategy to serve users across the European Union,” said Hon Ng, Chief Legal Officer at Bitget. “As the EU continues to lead with regulatory frameworks like MiCA, we see strong potential for sustainable growth and innovation in the region while maintaining compliance. Bulgaria serves as a strategic gateway for our European expansion, offering crypto-friendly ecosystems the chance to accelerate crypto’s adoption.”

    Ng added, “In 2025, we are excited to continue to grow Bitget’s global regulatory footprint in partnership with various regulators around the world. We have a sharp focus on meeting compliance standards in every jurisdiction where we operate and we have been investing in our compliance programme from day one. We believe that our approach enhances user trust, ensures market integrity while at the same time increasing global adoption of digital assets and ensures long-term sustainable growth as we align our operations with emerging regulations worldwide.”

    Bitget views regulatory compliance as an integral part of its future success, which is evident through its acquisition of approvals in key markets such as Poland, Italy, Lithuania, UK and now Bulgaria.

    The VASP license in Bulgaria grants Bitget the regulatory approval to offer a wide array of services to cater to the needs of digital asset users in the region. These services include the exchange of crypto assets, enabling seamless conversion between crypto and fiat; trading and transfer of crypto assets, facilitating efficient and secure transactions; and custody services, providing a strong framework for safeguarding user assets. Additionally, the license permits the public offering of crypto assets, supporting the scope for innovative token launches and opportunities.

    In the last three months alone, Bitget has put forth major licensing and expansion updates. It has secured a BSP license in El Salvador, approval in the UK to provide digital asset services, and has powered a compliant Vietnam-based exchange BitEXC. Recently, Forbes has ranked Bitget as one of the world’s most trustworthy exchanges and with Bulgaria’s VASP license, Bitget continues to make significant progress in this area. The company plans to collaborate closely with European regulators to ensure its products meet all regulatory requirements while prioritizing the protection of user assets and data.

    About Bitget

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

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

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

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

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3dafce49-6bd9-4e83-9453-e5503f7b4596

    The MIL Network

  • MIL-OSI: Aurora Mobile’s GPTBots.ai Launches Advanced Audio LLM Capabilities

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Feb. 14, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its leading enterprise-grade AI platform, GPTBots.ai, has launched new Audio LLM capabilities, setting a new standard for real-time, voice-driven AI interactions. This update enables seamless voice-to-voice communication powered by OpenAI’s native audio multimodal LLM, eliminating the need for traditional ASR (Automatic Speech Recognition) and TTS (Text-to-Speech) processes. By significantly reducing latency, GPTBots delivers faster, more natural voice interactions in dozens of major languages, making it a versatile solution for industries heavily reliant on customer engagement and lead generation.

    Transforming Voice Interactions Across Industries

    The new Audio LLM capabilities are designed to address the growing demand for high-quality voice interactions in scenarios that prioritize customer service and lead acquisition. From retail and e-commerce to sales and support, GPTBots’ Audio LLM empowers businesses to deliver real-time, personalized voice experiences that enhance customer satisfaction and operational efficiency.

    In addition to enabling voice-to-voice communication, GPTBots has enhanced its Audio LLM by integrating it with its RAG (Retrieval-Augmented Generation) framework, workflow orchestration tools, and plugin ecosystem. These integrations allow audio messages to seamlessly interact with complex knowledge bases, execute intricate workflows, and call external plugins, enabling businesses to handle knowledge-intensive and dynamic scenarios with ease.

    Laying the Foundation for Voice-Driven AI SDR Solutions

    This Audio LLM update is a strategic step toward GPTBots’ vision of delivering a comprehensive AI SDR (Sales Development Representative) solution. By enabling real-time, voice-driven interactions, GPTBots is equipping businesses with the tools to revolutionize their sales processes. From lead qualification to personalized follow-ups, the enhanced Audio LLM functionality will play a pivotal role in automating and optimizing sales workflows, driving higher conversion rates and customer satisfaction.

    “Voice interactions are becoming a cornerstone of modern AI applications, and our Audio LLM capabilities are designed to meet the growing demand for real-time, intelligent, and natural communication,” said Jerry Yin, VP of GPTBots.ai. “This update not only enhances our platform’s multimodal capabilities but also lays the groundwork for future innovations in voice-driven customer engagement and sales automation.”

    DeepSeek: A Recent Addition to the GPTBots Platform

    While this update focuses on GPTBots’ advancements in audio-based AI, it follows the recent integration of DeepSeek, a trending large language model (LLM) known for its lightweight architecture and domain-specific optimizations. DeepSeek’s inclusion in the GPTBots platform has further enhanced its ability to deliver scalable and cost-effective AI solutions across industries, reinforcing GPTBots’ commitment to enterprise-grade AI innovation.

    Driving the Future of Multimodal AI

    With this launch, GPTBots continues to strengthen its position in voice-enabled AI solutions, offering businesses the tools they need to stay ahead in an increasingly competitive landscape. By combining cutting-edge technology with practical, scalable solutions, GPTBots is empowering enterprises to unlock the full potential of AI in customer engagement, sales, and beyond.

    About GPTBots.ai

    GPTBots.ai is a complementary general-purpose LLM AI bot featuring private data input and continuous fine-tuning, which can replace ‘rule-based’ chatbots, improve user experience, and reduce costs. GPTBots.ai aims to provide users with an end-to-end business platform that can seamlessly integrate robots into existing applications and workflows via plug-ins. GPTBots.ai also allow users to have great access to, and more efficiently and effectively using, AIGC to improve overall corporate productivity and output quality.

    To know more, please visit https://www.gptbots.ai.

    About Aurora Mobile Limited

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

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

    Safe Harbor Statement

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

    For more information, please contact:

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

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

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

    The MIL Network

  • MIL-OSI: TAP Protocol Launches its TAP Launch Bot, The Ultimate No-Code Solution to Launching Token Projects on Bitcoin With No Bonding Curve

    Source: GlobeNewswire (MIL-OSI)

    Berlin, Germany, Feb. 14, 2025 (GLOBE NEWSWIRE) — – TAP Protocol, a protocol that enables the development of decentralized applications (DApps) on Bitcoin Layer-1, is announcing the launch of its TAP Launch Bot to make it easier to create, launch and fund token projects on Bitcoin. The TAP Launch Bot, which is accessible via Telegram, has been developed to provide a seamless, guided experience for users wanting to launch Bitcoin projects and is designed as a no-code solution, empowering users to add to the thousands of tokens already launched on TAP Protocol, without any technical experience. 

    Unlike other launch platforms, the TAP Launch Bot eliminates the need for a bonding curve. Founders are able to transparently fund their projects via the Launch Bot’s ‘charge per mInt’ feature, which enables minters to pay with $TAP, and the founders’ desired (%) token reserve for their project also accumulates within the same wallet, so communities can easily monitor team funds as they grow. This aims to foster genuine community growth and trust, while promoting tangible value to the overall Bitcoin ecosystem.

    “With the TAP Launch Bot, we’re aiming to empower more users to create and build value on Bitcoin and it’s important that they’re able to do so in a simple, autonomous, transparent, and community-focused manner. We built the TAP Launch Bot on Telegram to make it easier for our community, and those who want to get involved,” states Markus Bopp, CEO and Founder of TAP Protocol. “TAP Protocol offers a direct route to launch Bitcoin projects but also raise capital using the LaunchBot’s ‘Charge per Mint’ feature, so creators can focus on building impactful projects.”

    By functioning as an “authority smart contract” the TAP Launch Bot streamlines and secures the fundraising process, This multi-token approach also enables more advanced tokenomic models for builders, with funds immediately available for project development, without teams having to immediately sell the project token in order to build.

    While the TAP Launch Bot offers advanced capabilities, its primary objective is simplicity. Featuring a Telegram-hosted chat-based interface similar to AI prompting, the bot is designed to be accessible to both seasoned developers and first-time creators. By streamlining token launches and funding, the TAP Launch Bot strengthens Bitcoin’s growing ecosystem, and reduces barriers to entry.

    Features of the TAP Launch Bot
    The TAP Launch Bot provides users with a seamless, intuitive experience, offering the following capabilities:

    • Simplicity: Launch projects without the need for coding or technical expertise.
    • No Bonding Curve: Instantly receive raised capital without waiting for market activity or intermediary approvals. 
    • Transparency and Autonomy: Full visibility and control over project funds via the $TAP token.
    • Bitcoin Native: Utilize the security and decentralization of the Bitcoin network.

    The TAP Launch Bot is the latest development from TAP Protocol, which has already delivered fully-decentralised, native Bitcoin DeFi by pioneering L1 co-processing, which leverages the strengths of other L1 chains, so enables the use of turing smart contracts for native Bitcoin assets, without users having to sacrifice custody and control of their assets.

    Having already demonstrated L1 co-processing on mainnet via ICP, the team are now developing the same interoperability for TRON, Cardano, Ethereum and Solana.

    The TAP Launch Bot, which is available to access on Telegram from February 2025, aims to further advance Bitcoin’s decentralized finance ecosystem. Its integration into the popular community platform Telegram, offers a gateway to financial independence and creative freedom. With its user-friendly interface and direct funding model, the TAP Launch Bot bridges educational and technical barriers to Bitcoin development and promotes accessibility and inclusion to the world’s most popular blockchain.

    Find out more about the TAP Launch Bot here: https://t.me/TapStarterBtcBot

    ENDS

    About TAP Protocol
    TAP Protocol is dedicated to advancing the interoperability of blockchain networks by providing solutions that bridge the gap between Ethereum and Bitcoin. With its focus on user experience and accessibility, TAP Protocol empowers users to leverage the full potential of decentralized finance.

    For more information, please visit https://www.tap-protocol.com/

    Media Contact:
    Romina Perino, Luna PR
    romina@lunapr.io 

    The MIL Network

  • MIL-OSI Russia: The Public Council of the Ministry of Economic Development summed up the results of 2024

    Translartion. Region: Russians Fedetion –

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

    On February 13, 2025, a meeting of the Public Council under the Ministry of Economic Development of the Russian Federation was held, in which the rector of the State University of Management Vladimir Stroev took part.

    The meeting summed up the results of 2024 and outlined priority tasks. In particular, it was noted that the economic growth rate for the past period was higher than the forecast: 4.1%. The result was achieved due to increased demand, flexibility of the labor market, increased productivity, and decreased unemployment. The growth driver was a number of manufacturing industries, as well as construction, trade, and IT.

    Currently, the Russian Government is solving three main blocks of tasks: maintaining macro stability, reducing risks in individual industries, and ensuring growth of the economy’s potential. The main measures taken for this purpose consist of supporting investments, increasing them not only in volume but also in quality. One of the most important sources of growth of potential is the development of the labor market.

    “The key factor is increasing labor productivity. We are currently scaling the new federal project to industries with low productivity: the agro-industrial complex, processing, construction, tourism, and the entire social sphere. Industry competence centers will join the work,” emphasized the head of the ministry, Maxim Reshetnikov.

    The government will continue to lift infrastructure restrictions in transport, logistics, and energy – not only for investment projects and growing tourism within the country, but also to reorient exports and imports, and increase tourist flows with friendly countries. Decisions are being implemented to develop the platform and creative economy, and support small and medium businesses.

    The President of the Chamber of Commerce and Industry of the Russian Federation Sergey Katyrin formulated a number of specific proposals for joint work based on business appeals to the business association. They concerned the development of the procedure for assessing the regulatory impact, regulating legal relations in the sphere of labor migration, expanding the availability of mechanisms for increasing labor productivity, as well as issues of law enforcement in the implementation of control (supervisory) activities.

    RSPP President Alexander Shokhin named measures to increase the flexibility of the labor market as one of the priority areas of work. According to him, it is important to “use all possible resources to expand the working time fund.”

    Subscribe to the TG channel “Our GUU” Date of publication: 02/14/2025

    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 Economics: Identity fraud: BaFin warns consumers about the company Zinsverwalter

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Zinsverwalter and the services it is offering. BaFin suspects the unknown operators of the websites zinsverwalter.de and zinsverwalter.com of offering consumers financial, investment and cryptoasset services without the required authorisation. These offers are not provided by WALTER Investment-Vermittlungs GmbH, Stuttgart, which has no connection to the aforementioned websites. This is a case of identity fraud.

    The unknown operators are contacting consumers, claiming that their offer is from WALTER Investment-Vermittlungs GmbH. In addition, when advertising its services, the company claims to be supervised by BaFin. However, none of this information is correct. This is a case of identity fraud. Moreover, BaFin does not supervise WALTER Investment-Vermittlungs GmbH.

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

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) 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: Insolvency Service Chief Executive announces plan to move on to new position

    Source: United Kingdom – Executive Government & Departments

    Chief Executive will take on new job in May

    • Dean Beale has been Chief Executive of the Insolvency Service since 2019 
    • He will move on to a new position outside the Civil Service in May 

    The Chief Executive of the Insolvency Service, Dean Beale, has announced his plan to leave the agency. 

    Dean has worked in the insolvency sector for more than 30 years in a variety of roles and has been Chief Executive of the Insolvency Service since 2019. 

    He will leave the agency in May to take up a position as Executive Director of the Centre for Public Interest Audit, a standalone body set up by the audit and accounting sector to support audit standards for the biggest UK companies. 

    He said:

    I have had some wonderful years at the Insolvency Service, it is a great organisation with dedicated and professional staff who care passionately about the work they do. I have felt immensely privileged and proud to lead this historic organisation which does some incredible work to support people in financial distress, tackle financial wrongdoing and maintain the UK’s world class insolvency regime.

    Before becoming Chief Executive of the Insolvency Service, Dean was Director of Strategy and Change at the agency, overseeing policy development, regulation of the insolvency sector and the department’s transformation programme. 

    In addition to his public sector experience, Dean also spent time in the private sector as a forensic accountant investigating fraud and managing commercial disputes. 

    An open recruitment process will now be put in place to find his replacement.

    Updates to this page

    Published 14 February 2025

    MIL OSI United Kingdom

  • MIL-OSI Africa: International Monetary Fund (IMF) Staff Completes Staff-Monitored Program (SMP) Discussion Mission to Zimbabwe

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

    HARARE, Zimbabwe, February 14, 2025/APO Group/ —

    Following the request for a Staff-Monitored Program (SMP) by the authorities in 2023, an International Monetary Fund (IMF) staff team led by Mr. Wojciech Maliszewski conducted a mission to Harare from January 30 to February 13, 2025, to advance discussions on the SMP.

    At the conclusion of the IMF mission, Mr. Maliszewski issued the following statement:

    “Zimbabwe’s economic activity has started recovering after the El Niño-induced drought. Growth slowed from 5.3 percent to an estimated 2 percent in 2024, as the drought lowered agricultural output by 15 percent. This was compounded by reduced electricity production and declining prices for key mineral exports (platinum and lithium). That said, strong remittances continued supporting activity in domestic trade, services, and construction, and improved the current account surplus to an estimated US$500 million (1.4 percent of GDP) in 2024. The ZiG willing-buyer willing-seller (WBWS) exchange rate was stable from the ZiG’s introduction in April 2024—with the ZiG month-on-month inflation averaging 2.3 percent—until September, when the currency weakened. Relative stability returned with the tightening of monetary policy since September, and the WBWS and parallel market exchange rates have stabilized, and the gap between these rates has narrowed. Meanwhile, fiscal pressures intensified—owing, in large part, to the transfer of the RBZ’s quasi-fiscal operations to the Treasury. Strong revenue collection helped limit the 2024 budget deficit to an estimated 1 percent of GDP, but fiscal pressures resulted in an accumulation of domestic expenditure arrears, leading to the government implementing emergency spending cuts. Going forward, growth in 2025 is projected to increase to 6 percent, with the recovery in agriculture output due to better climate conditions and the projected improvement in the terms-of-trade.

    “Against this background, the Zimbabwe authorities had requested an SMP to support their efforts to stabilize the economy and re-engage with the international community on the arrears clearance and debt resolution process. The main objective of the SMP would be to durably anchor macroeconomic stability, building on policy recommendations from the 2024 Article IV consultation.

    “Building on progress achieved during the mission on the ongoing SMP discussions, Fund staff will continue working closely with the authorities on defining the key parameters and modalities of the program. Discussions include (1) adjusting the fiscal position to avoid a recourse to monetary financing and new arrears and building foundations for a durable fiscal consolidation; (2) fiscal risks residing off-budget (including from the operations of the Mutapa Investment Fund); (3) the effectiveness of the monetary policy framework for the ZiG; and (4) reforms to strengthen economic governance.

    “International reengagement remains critical for debt resolution and arrears clearance, which would open the door for access to external financing. The authorities’ reengagement efforts, through the Structured Dialogue Platform (SDP), are key for attaining debt sustainability and gaining access to concessional financial support. In this context, the SMP will help in enhancing policy credibility and advancing the reform agenda embedded in the SDP.

    “The IMF continues to provide policy advice and extensive technical assistance in the areas of revenue mobilization, expenditure control, financial supervision, debt management, economic governance, as well as macroeconomic statistics. However, the IMF is currently precluded from providing financial support to Zimbabwe due to its unsustainable debt situation—based on the IMF’s Debt Sustainability Analysis (DSA)—and official external arrears. An IMF financial arrangement would require a clear path to comprehensive restructuring of Zimbabwe’s external debt, including the clearance of arrears and a reform plan that is consistent with durably restoring macroeconomic stability; enhancing inclusive growth; lowering poverty; and strengthening economic governance.

    “The IMF mission held meetings with the Minister of Finance, Economic Development and Investment Promotion Hon. Professor Mthuli Ncube, his Permanent Secretary Mr. George Guvamatanga; the Reserve Bank of Zimbabwe Governor Dr. John Mushayavanhu; the Chief Secretary to the President and Cabinet Dr. Martin Rushwaya, other senior government and RBZ officials, honorable members of Parliament, representatives of the private sector, civil society, and Zimbabwe’s development partners.

    “The IMF staff wishes to express its gratitude to the Zimbabwean authorities and stakeholders for the constructive and open discussions and support during the mission.”

    MIL OSI Africa

  • MIL-OSI Asia-Pac: President Lai holds press conference following high-level national security meeting

    Source: Republic of China Taiwan

    Details
    2025-01-01
    President Lai delivers 2025 New Year’s Address
    On the morning of January 1, President Lai Ching-te delivered his 2025 New Year’s Address, titled “Bolstering National Strength through Democracy to Enter a New Global Landscape,” in the Reception Hall of the Presidential Office. President Lai stated that today’s Taiwan is receiving international recognition for its performance in many areas, among them democracy, technology, and economy. In this new year, he said, Taiwan must be united, and we must continue on the right course. The president expressed hope that everyone in the central and local governments, regardless of party, can work hard together, allowing Taiwan sure footing as it strides forward toward ever greater achievements.  President Lai emphasized that in 2025, we must keep firm on the path of democracy, continue to bolster our national strength, make Taiwan more economically resilient, enhance the resilience of supply chains for global democracies, and continue working toward a Balanced Taiwan and generational justice, ensuring that the fruits of our economic growth can be enjoyed by all our people. The president said that Taiwan will keep going strong, and we will keep walking tall as we enter the new global landscape. A translation of President Lai’s address follows: Today is the first day of 2025. With a new year comes new beginnings. I wish that Taiwan enjoys peace, prosperity, and success, and that our people lead happy lives. Taiwan truly finished 2024 strong. Though there were many challenges, there were also many triumphs. We withstood earthquakes and typhoons, and stood firm in the face of constant challenges posed by authoritarianism. We also shared glory as Taiwan won the Premier12 baseball championship, and now Taiwanese people around the world are all familiar with the gesture for Team Taiwan. At the Paris Olympics, Wang Chi-lin (王齊麟) and Lee Yang (李洋) clinched another gold in men’s doubles badminton. Lin Yu-ting (林郁婷) took home Taiwan’s first Olympic gold in boxing. At the International Junior Science Olympiad, every student in our delegation of six won a gold medal. And Yang Shuang-zi’s (楊双子) novel Taiwan Travelogue, translated into English by King Lin (金翎), became a United States National Book Award winner and a tour de force of Taiwan literature on the international level. Our heroes of Taiwan are defined by neither age nor discipline. They have taken home top prizes at international competitions and set new records. They tell Taiwan’s story through their outstanding performances, letting the world see the spirit and culture of Taiwan, and filling all our citizens with pride. My fellow citizens, we have stood together through thick and thin; we have shared our ups and downs. We have wept together, and we have laughed together. We are all one family, all members of Team Taiwan. I want to thank each of our citizens for their dedication, fueling Taiwan’s progress and bringing our nation glory. You have given Taiwan even greater strength to stand out on the global stage. In this new year, we must continue bringing Taiwan’s stories to the world, and make Taiwan’s successes a force for global progress. In 2025, the world will be entering a new landscape. Last year, over 70 countries held elections, and the will of the people has changed with the times. As many countries turn new pages politically, and in the midst of rapid international developments, Taiwan must continue marching forward with steady strides. First, we must keep firm on the path of democracy. Taiwan made it through a dark age of authoritarianism and has since become a glorious beacon of democracy in Asia. This was achieved through the sacrifices of our democratic forebears and the joint efforts of all our citizens. Democracy’s value to Taiwan lies not just in our free way of life, or in the force driving the diverse and vigorous growth of our society. Democracy is the brand that has earned us international trust in terms of diplomacy. No matter the threat or challenge Taiwan may face, democracy is Taiwan’s only path forward. We will not turn back. Domestic competition among political parties is a part of democracy. But domestic political disputes must be resolved democratically, within the constitutional system. This is the only way democracy can continue to grow. The Executive Yuan has the right to request a reconsideration of the controversial bills passed in the Legislative Yuan, giving it room for reexamination. Constitutional institutions can also lodge a petition for a constitutional interpretation, and through Constitutional Court adjudication, ensure a separation of powers, safeguard constitutional order, and gradually consolidate the constitutional system. The people also have the right of election, recall, initiative, and referendum, and can bring together even greater democratic power to show the true meaning of sovereignty in the hands of the people. In this new year, the changing international landscape will present democratic nations around the world with many grave challenges. Russia’s invasion of Ukraine and conflict between Israel and Hamas rage on, and we are seeing the continued convergence of authoritarian regimes including China, Russia, North Korea, and Iran, threatening the rules-based international order and severely affecting peace and stability in the Indo-Pacific region and the world at large. Peace and stability in the Taiwan Strait are essential components for global security and prosperity. Taiwan needs to prepare for danger in times of peace. We must continue increasing our national defense budget, bolster our national defense capabilities, and show our determination to protect our country. Everyone has a responsibility to safeguard Taiwan’s democracy and security. We must gather together every bit of strength we have to enhance whole-of-society defense resilience, and build capabilities to respond to major disasters and deter threats or encroachment. We must also strengthen communication with society to combat information and cognitive warfare, so that the populace rejects threats and enticements and jointly guards against malicious infiltration by external forces. Here at home, we must consolidate democracy with democracy. Internationally, we must make friends worldwide through democracy. This is how we will ensure security and peace. The more secure Taiwan, the more secure the world. The more resilient Taiwan, the sounder the defense of global democracy. The global democratic community should work even closer together to support the democratic umbrella as we seek ways to resolve the war in Ukraine and conflict between Israel and Hamas. Together, we must uphold stability in the Taiwan Strait and security in the Indo-Pacific, and achieve our goal of global peace. Second, we must continue to bolster our national strength, make Taiwan more economically resilient, and enhance the resilience of supply chains for global democracies. In the first half of 2024, growth in the Taiwan Stock Index was the highest in the world. Our economic growth rate for the year as a whole is expected to reach 4.2 percent, leading among the Four Asian Tigers. Domestic investment is soaring, having exceeded NT$5 trillion, and inflation is gradually stabilizing. Export orders from January to November totaled US$536.6 billion, up 3.7 percent from the same period in 2023. And compared over the same period, exports saw a 9.9 percent increase, reaching US$431.5 billion. Recent surveys also show that in 2024, the average increase in salaries at companies was higher than that in 2023. Additionally, over 90 percent of companies plan to raise salaries this year, which is an eight-year high. All signs indicate that Taiwan’s economic climate continues to recover, and that our economy is growing steadily. Our overall economic performance is impressive; still, we must continue to pay attention to the impact on Taiwan’s industries from the changing geopolitical landscape, uncertainties in the global economic environment, and dumping by the “red supply chain.”  For a nation, all sectors and professions are equally important; only when all our industries are strong can Taiwan be strong as a nation. Our micro-, small-, and medium-sized enterprises (MSMEs) are the lifeblood of Taiwan, and the development of our various industrial parks has given Taiwan the impetus for our prosperity. We must carry the spirit of “Made in Taiwan” forward, bringing it to ever greater heights. Thus, beyond just developing our high-tech industry, our Executive Yuan has already proposed a solution that will help traditional industries and MSMEs comprehensively adopt technology applications, engage in the digital and net-zero twin transition, and develop channels, all for better operational structures and higher productivity. Taiwan must continue enhancing its economic resilience. In recent years, Taiwan has significantly increased its investments in the US, Japan, Europe, and the New Southbound countries, and such investment has already surpassed investment in China. This indicates that our efforts in diversifying markets and reducing reliance on any single market are working. Moving forward, we must keep providing assistance so that Taiwan industries can expand their global presence and market internationally from a solid base here in Taiwan. At the same time, Taiwan must use democracy to promote economic growth with the rest of the world. We must leverage our strengths in the semiconductor and AI industries. We must link with democratic countries so that we can together enhance the resilience of supply chains for global democracies. And through international cooperation across many sectors, such as UAVs, low-orbit communications satellites, robots, military, security and surveillance, or biopharmaceuticals, renewable energy technology, new agriculture, and the circular economy, we must keep abreast of the latest cutting-edge technology and promote diverse development. This approach will help Taiwan remain a leader in advancing global democratic supply chains, ensuring their security and stability. Third, we must continue working toward a Balanced Taiwan and generational justice, ensuring that the fruits of our economic growth can be enjoyed by all our people. Democracy means the people have the final say. Our nation belongs to all 23 million of us, without regard for ethnic group, generation, political party, or whether we live in urban or rural areas. In this new year, we must continue to pursue policies that promote the well-being of the nation and the people. But to that end, the central government needs adequate financial resources to ensure that it can enact each of these measures. Therefore, I hope that the ruling and opposition parties can each soberly reconsider the amendments to the Act Governing the Allocation of Government Revenues and Expenditures and find a path forward that ensures the lasting peace and stability of our country. For nine consecutive years, the minimum wage has continued to rise. Effective today, the minimum monthly salary is being raised from NT$27,470 to NT$28,590, and the hourly salary from NT$183 to NT$190. We hope by raising the pay for military personnel, civil servants, and educators for two consecutive years, coupled with benefits through wage increases and tax reductions, that private businesses will also raise wages, allowing all our people to enjoy the fruits of our economic growth. I know that everyone wants to pay lower taxes and rent. This year, we will continue to promote tax reductions. For example, unmarried individuals with an annual income of NT$446,000 or less can be exempt from paying income tax. Dual-income families with an annual income of NT$892,000 or less and dual-income families with two children aged six or younger with an annual income of NT$1,461,000 or less are also exempt from paying income tax. Additionally, the number of rent-subsidized housing units will also be increased, from 500,000 to 750,000 units, helping lighten the load for everyone. This year, the age eligibility for claiming Culture Points has been lowered from 16 to 13 years, so that now young people aged between 13 and 22 can receive government support for experiencing more in the arts. Also, our Taiwan Global Pathfinders Initiative is about to take effect, which will help more young people in Taiwan realize their dreams by taking part in education and exchange activities in many places around the world. We are also in the process of establishing a sports ministry to help young athletes achieve their dreams on the field, court, and beyond. The ministry will also be active in developing various sports industries and bringing sports and athletics more into the lives of the people, making our people healthier as a result. This year, as Taiwan becomes a “super-aged society,” we will launch our Long-term Care 3.0 Plan to provide better all-around care for our seniors. And we will expand the scope of cancer screening eligibility and services, all aimed at creating a Healthy Taiwan. In addition, Taiwan will officially begin collecting fees for its carbon fee system today. This brings us closer in line with global practices and helps us along the path to our goal of net-zero emissions by 2050. We will also continue on the path to achieving a Balanced Taiwan. Last month, the Executive Yuan launched the Trillion NT Dollar Investment National Development Plan and its six major regional flagship projects. Both of these initiatives will continue to expand the investment in our public infrastructure and the development of local specialty industries, narrowing urban-rural and wealth gaps so that all our people can live and work in peace and happiness. My fellow citizens, today’s Taiwan is receiving international recognition for its performance in many areas, among them democracy, technology, and economy. This tells us that national development is moving in the right direction. In this new year, Taiwan must be united, and we must continue on the right course. We hope that everyone in the central and local governments, regardless of party, can work hard together to ensure that national policies are successfully implemented, with the people’s well-being as our top priority. This will allow Taiwan sure footing as it strides forward toward ever greater achievements. In this new year, we have many more brilliant stories of Taiwan to share with the world, inspiring all Taiwanese, both here and around the world, to cheer time and again for the glory of Taiwan. Taiwan will keep going strong. And we will keep walking tall as we enter the new global landscape. Thank you.

    Details
    2025-01-01
    President Lai delivers 2024 National Day Address
    President Lai Ching-te on the morning of October 10 attended the ROC’s 113th Double Tenth National Day Celebration in the plaza fronting the Presidential Office Building, and delivered an address titled “Taiwan Together for Our Shared Dream.” A translation of the president’s address follows: National Day Celebration Chairperson Han Kuo-yu (韓國瑜), Vice President Bi-khim Hsiao, Premier Cho Jung-tai (卓榮泰), Prime Minister of Tuvalu Feleti Teo and Madame Tausaga Teo, heads of delegations from diplomatic allies and friendly nations, distinguished guests from home and abroad, and my fellow citizens here in person and watching on TV or online: Good morning. Today, we gather together to celebrate the birthday of the Republic of China, praise the beautiful Taiwan of today, and usher in the better Taiwan for tomorrow. One hundred and thirteen years ago, a group of people full of ideals and aspirations rose in revolt and overthrew the imperial regime. Their dream was to establish a democratic republic of the people, to be governed by the people and for the people. Their ideal was to create a nation of freedom, equality, and benevolence. However, the dream of democracy was engulfed in the raging flames of war. The ideal of freedom had for long eroded under authoritarian rule. But we will never forget the Battle of Guningtou 75 years ago, or the August 23 Artillery Battle 66 years ago. Though we arrived on this land at different times and belonged to different communities, we defended Taiwan, Penghu, Kinmen, and Matsu. We defended the Republic of China. We will never forget the Kaohsiung Incident 45 years ago, or wave after wave of democracy movements. Again and again, people who carried the dream of democracy and the ideal of freedom, through valiant sacrifice and devotion, gave their lives to open the door to democracy. Over more than a century, the people’s desire to master their own destiny has finally been fulfilled. My fellow citizens, though the Republic of China was driven out of the international community, the people of Taiwan have never exiled themselves. On this land, the people of Taiwan toil and labor, but when our friends face natural disasters or an unprecedented pandemic, we do not hesitate to extend a helping hand. “Taiwan Can Help” is not just a slogan. It is a movement by the people of Taiwan to cherish peace and do good for others. In the past, our people, going out into the world equipped with only a briefcase, sparked Taiwan’s economic achievements. Now, Taiwan’s chip technology drives the whole world, and has become a global force for prosperity and development. The people of Taiwan are diverse, and they are fearless. Our own Nymphia Wind is a queen on the world stage. The people of Taiwan are truly courageous. Lin Yu-ting (林郁婷), a daughter of Taiwan, is a queen of the boxing world. At 17 years old, Taiwan’s own Tsai Yun-rong (蔡昀融) put steady hands to work and won first place for woodwork in a global skills competition. Chen Sz-yuan (陳思源), at 20, took first for refrigeration and air conditioning, using the skills passed down by his father. A new generation of “Made in Taiwan” youth is putting a new shine on an old label. I want to thank generation after generation of fellow citizens for coming together and staying together through thick and thin. The Republic of China has already put down roots in Taiwan, Penghu, Kinmen, and Matsu. And the Republic of China and the People’s Republic of China are not subordinate to each other. On this land, democracy and freedom are growing and thriving. The People’s Republic of China has no right to represent Taiwan. The 23 million people of Taiwan, now more than ever, must reach out our branches to embrace the future. My fellow citizens, we have overcome challenge after challenge. All along, the Republic of China has shown steadfast resolve; and all along, the people of Taiwan have shown unwavering tenacity. We fully understand that our views are not all the same, but we have always been willing to accept one another. We fully understand that we have differences in opinion, but we have always been willing to keep moving forward hand in hand. This is how the Republic of China Taiwan became what it is today. As president, my mission is to ensure that our nation endures and progresses, and to unite the 23 million people of Taiwan. I will also uphold the commitment to resist annexation or encroachment upon our sovereignty. It is also my mission to safeguard the lives and property of the public, firmly carry out our Four Pillars of Peace action plan, strengthen national defense, stand side by side with democratic countries, jointly demonstrate the strength of deterrence, and ensure peace through strength, so that all generations can lead good lives. All the more, my mission is to care for the lives and livelihoods of the 23 million people of Taiwan, actively develop our economy, and expand investment in social care. I must also ensure that the fruits of our economic growth can be enjoyed by all our people. However, Taiwan faces relentless challenges, and the world’s challenges are just as much our own. The world must achieve sustainable development as we grapple with global climate change. Sudden outbreaks of infectious diseases impact human lives and health around the globe. And expanding authoritarianism is posing a host of challenges to the rules-based international order, threatening our hard-won free and democratic way of life. For these reasons, I have established three committees at the Presidential Office: the National Climate Change Committee, the Healthy Taiwan Promotion Committee, and the Whole-of-Society Defense Resilience Committee. These committees are interrelated, and they are closely connected by the theme of national resilience. We intend to build up a more resilient Taiwan, proactively deal with challenges, and bring Taiwan into deeper cooperation with the international community. We must strengthen Taiwan’s ability to adapt to the risks associated with extreme weather, continue promoting our second energy transition, and ensure a stable power supply. We must steadily advance toward our goal of net-zero transition by 2050 through the development of more forms of green energy, deep energy saving, and advanced energy storage. In terms of health, we must effectively fight the spread of global infectious diseases, and raise the population’s average life expectancy while reducing time spent living with illness or disability. We must achieve health equality so that people are healthy, the nation is stronger, and so that the world embraces Taiwan. Finally, we must strengthen resilience throughout Taiwan in national defense, economic livelihoods, disaster prevention, and democracy. As the people of Taiwan become more united, our nation grows more stable. As our society becomes better prepared, our nation grows more secure, and there is also greater peace and stability in the Taiwan Strait. Taiwan is resolved in our commitment to upholding peace and stability in the Taiwan Strait and achieving global security and prosperity. We are willing to work with China on addressing climate change, combatting infectious diseases, and maintaining regional security to pursue peace and mutual prosperity for the well-being of the people on the two sides of the Taiwan Strait. For a long time now, countries around the world have supported China, invested in China, and assisted China in joining the World Trade Organization, thereby promoting China’s economic development and enhancing its national strength. This was done out of the hope that China would join the rest of the world in making global contributions, that internally it would place importance on the livelihoods of the people, and that externally it would maintain peace. As we stand here today, international tensions are on the rise, and each day countless innocents are suffering injuries or losing their lives in conflict. We hope that China will live up to the expectations of the international community, that it will apply its influence and work with other countries toward ending Russia’s invasion of Ukraine and conflicts in the Middle East. And we hope that it will take up its international responsibilities and, along with Taiwan, contribute to the peace, security, and prosperity of the region and the globe. In an era when the international landscape is becoming increasingly chaotic, Taiwan will become more calm, more confident, and stronger; it will become a force for regional peace, stability, and prosperity. I believe that a stronger democratic Taiwan is not only the ideal of our 23 million people, but also the expectation of the international community. We will continue to make Taiwan stronger and promote cross-sector economic development. Taiwan’s economic strength is no “miracle”; it is the result of the joint efforts of all the people of Taiwan. We must strive for an innovative economy, a balanced Taiwan, and inclusive growth; we must stay on top of changes in global trends, and continue to remain a key player in supply chains for global democracies. Going forward, in addition to our 5+2 innovative industries plan and Six Core Strategic Industries policy, we will more vigorously develop Taiwan’s Five Trusted Industry Sectors, namely semiconductors, AI, military, security and surveillance, and next-generation communications, and help expand their global presence. We will also promote the transformation and development of medium, small, and micro enterprises and help them develop their international markets. My fellow citizens, we will continue working to achieve a Taiwan that is balanced across all its regions. In the central government’s proposed general budget plan for next year, general grants for local governments and general centrally funded tax revenues increased significantly, by NT$89.5 billion, reaching a total of NT$724.1 billion, a record high. And our budget for flood control will be raised by NT$15.9 billion from this year, bringing the total to NT$55.1 billion. This will help municipalities across the country in addressing the challenges of extreme weather.  We will also expedite improvements to the safety of our national road network and create a human-friendly transportation environment. Furthermore, we will improve our mass rapid transit network and connect the greater Taipei area comprising Taipei, New Taipei, Keelung, and Taoyuan. We will roll out the new Silicon Valley plan for Taoyuan, Hsinchu, and Miaoli to form a central technology cluster connecting the north with the south and launch the Smart Technology Southern Industrial Ecosystem Development Plan. We will accelerate promotion of safety in our eastern transportation network so that locals can go home on safer roads. We will also enhance basic infrastructure in the outlying island areas to raise the quality of life for locals and increase their capacity for tourism. My fellow citizens, we must all the more ensure the well-being of our people across the generations. To our young parents, we will continue to promote version 2.0 of our national childcare policy for ages 0–6. We are going even further by already increasing childcare subsidies, and we will also enhance the quality of preschool services. Children are the future of our country, and the government has the responsibility to help take care of them. To our young students, we will continue to provide free tuition for students of high schools and vocational high schools, and we will also continue to subsidize tuition for students of private junior colleges, colleges, and universities. And we are taking that a step further by establishing the Ten-Billion-Dollar Youth Overseas Dream Fund. Young people have dreams, and the government has the responsibility to help youth realize those dreams. To our young adults and those in the prime of life, next year, the minimum wage will once again be raised, and the number of rent-subsidized housing units will be increased. We will expand investment in society and provide more support across life, work, housing, and health, and support for the young and old. Raising a family is hard work, and the government has a responsibility to help lighten the load. To our senior citizens all around Taiwan, next year, Taiwan will become a “super-aged society.” In advance, we will launch our Long-term Care 3.0 Plan and gradually implement the 888 Program for the prevention and treatment of chronic diseases. We will also establish a NT$10 billion fund for new cancer drugs and advance the Healthy Taiwan Cultivation Plan. We will build a stronger social safety net and provide enhanced care for the disadvantaged. And we will bring mental health support to people of all ages, including the young and middle-aged, to truly achieve care for all people of all ages throughout the whole of our society. I am deeply aware that what everyone cares about the most is the pressure of high housing prices, and that what they most detest is rampant fraud. I give the people my promise that our administration will not shirk these issues; even if it offends certain groups, we will address them no matter the price. We will redouble our efforts to combat fraud and fight housing speculation. We will expand care for renters and strike a balance with the needs of people looking to change homes. We will walk together, continuing down the path toward achieving housing justice. We have with us today former President Chen Shui-bian, former President Tsai Ing-wen, and leaders from different political parties. I want to thank all of you for attending. Your presence represents the strength our nation has built up over generations, as well as the values and significance of Taiwan’s diverse democracy. Our nation must become more united, and our society must grow more stable. I also want to thank Legislative Yuan President Han and Premier Cho for recently initiating cooperation among the ruling and opposition parties to facilitate discussion among the ruling and opposition party caucuses. In democratic countries, political parties internally promote the nation’s progress through competition, and externally they unite to work toward achieving national interests. No matter our political party, no matter our political stances, national interests come before the interests of parties, and the interests of parties can never take precedence over the interests of the people. And this is precisely the spirit upheld by those who sacrificed, who gave everything they had, in order to establish the Republic of China. This is the lesson we take from our predecessors who, generation upon generation, overcame authoritarianism, and sacrificed and devoted themselves to the pursuit of democracy. That is precisely why, regardless of party affiliation or regardless of our differences, we are gathered here today. Regardless of what name we choose to call our nation – the Republic of China; Taiwan; or the Republic of China Taiwan – we must all share common convictions: Our determination to defend our national sovereignty remains unchanged. Our efforts to maintain the status quo of peace and stability in the Taiwan Strait remain unchanged. Our commitment to hoping for parity and dignity, and healthy and orderly dialogue and exchanges between the two sides of the strait remains unchanged. Our determination, from one generation to the next, to protect our free and democratic way of life remains unchanged. I believe this is the dream that Taiwan’s 23 million people all share; it is also the shared ideal that Taiwanese society and the international community hold. The stronger the commitment of the Taiwanese people, the greater the tenacity of democracy around the world. The greater the tenacity of the Taiwanese people, the stronger the commitment of democracy around the world. Let’s keep going, Republic of China! Let’s keep going, Taiwan! Regardless of our differences, let’s keep going forward! Thank you.

    Details
    2025-01-01
    President Lai’s remarks on legislative amendments
    On the morning of June 24, President Lai Ching-te delivered his remarks on recent legislative amendments. In remarks, President Lai emphasized opposition to an expansion of legislative power, not legislative reforms, and said that the legislature should naturally engage in reforms, but refrain from an excessive expansion of power, adding that any proposal for legislative reform should remain legal and constitutional. Particularly, the president said, the investigative powers of the Legislative Yuan should not infringe upon the powers of the judiciary or the Control Yuan, and more importantly, they must not infringe upon people’s basic rights, including the right to privacy, trade secrets, and the freedom to withhold expression. Therefore, on the basis of safeguarding the constitutional order and protecting the rights of the people, the president stated that he will petition the Constitutional Court for a constitutional interpretation, as well as petition for a preliminary injunction. Emphasizing that the president’s role is as a guardian of democratic and constitutional governance, President Lai said that given that there are concerns about the recent amendments being unconstitutional, concerns that they confound constitutional provisions on the separation of powers and those on checks and balances, it is incumbent upon him to perform his duties as president and take action. Today, he said, he has decided to petition the Constitutional Court for a constitutional interpretation to rule on the constitutionality and legitimacy of the recent amendments. Stating that this approach is responsible to our nation and to our history and actually reflects the expectations of the people, the president expressed his hope that all of our fellow citizens can work together to safeguard our constitutional system and more deeply entrench our democracy, allowing for the sustainable development of Taiwan’s democracy. A translation of President Lai’s remarks follows: One month ago, I was sworn in as president, taking an oath before the people to observe the Constitution and faithfully perform my duties. Therefore, following the legislature’s passing of amendments to the Law Governing the Legislative Yuan’s Power and to the Criminal Code, earlier this morning, I signed these amendments into law in accordance with the Constitution, and will promulgate the bills today. However, aside from the deliberative process over the amendments raising pronounced concerns from the public, the contents of the bills also risk compromising the constitutional principle of separation of powers, as well as that of checks and balances. A moment ago, Attorney Hong Wei-sheng (洪偉勝) explained our reasons for seeking to petition for a constitutional interpretation. I would like to share with our fellow citizens that it is the responsibility and mission of the president to safeguard our free and democratic constitutional system and protect the rights of the people. In a free and democratic constitutional system, core principles include separation of powers, checks and balances, and the protection of human rights. Separation of powers should be based on the Constitution, with the branches working independently while respecting one another. Regarding checks and balances, branches should function according to their institutional design to ensure constitutionally responsible government. Therefore, I must emphasize that we are opposing an expansion of legislative power, not legislative reforms. The legislature should naturally engage in reforms, but refrain from an excessive expansion of power. Any proposal for legislative reform should remain legal and constitutional. Particularly, the investigative powers of the Legislative Yuan should not infringe upon the powers of the judiciary or the Control Yuan. More importantly, they must not infringe upon people’s basic rights, including the right to privacy, trade secrets, and the freedom to withhold expression. Therefore, on the basis of safeguarding the constitutional order and protecting the rights of the people, I will petition the Constitutional Court for a constitutional interpretation, as well as petition for a preliminary injunction. On the issue of the president giving an address on the state of the nation at the Legislative Yuan, there are already existing regulations in place in the Constitution and the Law Governing the Legislative Yuan’s Power. During legislative sessions, the legislature may invite the president to give a state of the nation address on national security and major policies. I have previously said that on the condition of legal and constitutional procedures, I am willing to deliver a state of the nation address at the Legislative Yuan. However, recent amendments passed by the legislature redefine the president’s address on the state of the nation as compulsory and require that the address be followed with an on-the-spot question and answer session, in an attempt to change the design of responsible government in the Constitution. This disrupts the institution of the Executive Yuan being responsible to the Legislative Yuan, leading to concerns about an overreaching expansion of the power originally bestowed to legislators by the Constitution. As president, I will not impose my personal opinions on the constitutional order; nor will I place my personal interests before national interests. As a physician, I deeply understand that any diagnosis should be made with care. When performing organ transplants, the physician must carefully evaluate and match various attributes, such as blood type, physical constitution, and other conditions. The same principles for treating illness hold true for governing a country. Institutional or legal transplants performed in the absence of careful evaluation or discussion could lead to negative outcomes for the nation’s constitutional governance and the protection of the people’s rights. We must address these issues seriously. Every law has far-reaching impact on our nation, our society, and the next generation. The president’s role is as a guardian of democratic and constitutional governance. Given that there are concerns about the recent amendments being unconstitutional, concerns that they confound constitutional provisions on the separation of powers and those on checks and balances, it is incumbent upon me to perform my duties as president and take action. Today, I have decided to petition the Constitutional Court for a constitutional interpretation to rule on the constitutionality and legitimacy of the recent amendments. This approach is responsible to our nation and to our history and actually reflects the expectations of the people. The Constitution stands as the supreme legal basis of our nation, and the Constitutional Court is the highest judicial organ that works to maintain the constitutional order and protect the rights of citizens. As to the interpretation, ruling and opposition parties must respect and accept the results, no matter what they turn out to be. And we also hope that the public will be able to support the results. In the coming days, as this process of constitutional interpretation unfolds, there will be much discussion and debate among the public. I am confident that this will be a reaffirmation, by Taiwanese society, of our democratic and constitutional governance, and that it will make our democratic society even more mature. For democracy to be even more deeply entrenched, it needs defending, and it needs dialogue. And the historic moment to defend the constitutional structure of free democracy is now. I hope that all of my fellow citizens can work together to safeguard our constitutional system and more deeply entrench our democracy, allowing for the sustainable development of Taiwan’s democracy. Thank you. Also in attendance were Secretary-General to the President Pan Men-an (潘孟安), Deputy Secretary-General to the President Xavier Chang (張惇涵), and agent ad litem Attorney Hong.

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    2025-01-01
    President Lai holds press conference to mark first month in office
    On the morning of June 19, President Lai Ching-te held a press conference marking his first month in office titled “Building Trust through Policy Initiatives: A New Taiwan for an Era of Innovation” to announce the establishment of three committees at the Presidential Office: the National Climate Change Committee, Whole-of-Society Defense Resilience Committee, and Healthy Taiwan Promotion Committee. In remarks, President Lai noted that the goal of the committees is to develop national strategies, engage in dialogue with civil society, deepen cooperation with the international community, and take action for Taiwan’s future. President Lai said he believes that as we actively pursue the transition to net-zero emissions by 2050 and participate in global security cooperation, our people will be healthier and our nation stronger, emphasizing that as Taiwan embraces the world, the world also embraces Taiwan. He stated that we are determined and confident as we guide our nation toward a better future, making the Taiwan of the world an even better place that will continue to contribute to the global community. A translation of President Lai’s remarks follows: As I am about to reach a full month in office as president, I am here today to announce the establishment of three committees at the Presidential Office. The goal of these committees is to develop national strategies, engage in dialogue with civil society, deepen cooperation with the international community, and take action for Taiwan’s future. Taiwan occupies a strategic position on one of the world’s busiest shipping lanes; we play a crucial role on the frontline of the democratic world; our advanced supply chains hold the key to the next generation of technological development. The Taiwan of today is a Taiwan of the world. Anything that happens to Taiwan could send ripples through the entire globe. Therefore, Taiwan’s issues are international issues, and international issues are Taiwan’s issues. Today, climate change, social resilience, and the promotion of health are three major issues that receive international attention; they also create the largest impact on our citizens. In response to these challenges, as well as for further cooperation with other countries, I have decided to establish three committees at the Presidential Office, with myself as the convenor. These committees aim to consolidate forces from government and civil society, to provide effective solutions for our country and for the world. First of all, the impact of climate change and extreme weather events is definitely the largest challenge that humanity faces. In 2022, an annual report from the United Nations pointed out that without proactive measures, average surface temperatures could rise by 2.8 degrees Celsius before the end of the century. And in 2023, we already witnessed the hottest summer in recorded history. The UN has warned that the issue is not only global warming, but that we have rather already entered an era of global boiling. The World Meteorological Organization has also recorded that Asia is a region heavily struck by climate-related disasters. We must face the pressing problems of climate breakdown, and the nations of the world must work together. In response to global climate change, we must address these issues faster, stronger, and more proactively.  Whether it is neighboring Japan or Korea, or other advanced democracies such as the United States, many countries have established agencies to address climate change at the level of the president or prime minister, with the goal of adopting proactive measures. Therefore, I will establish a National Climate Change Committee, with Executive Yuan Vice President Cheng Li-chiun (鄭麗君), Academia Sinica President James C. Liao (廖俊智), and Pegatron Corporation Chairman Tung Tzu-hsien (童子賢) as deputy convenors. The committee will promote climate governance from a national perspective and further transnational cooperation. Taiwan must not only continue to promote energy transition, but also put into practice the twin green and digital transition, as well as a just transition. We aim to realize a net-zero pathway, build a sustainable green lifestyle and green finance, and enhance environmental resilience to foster a sustainable homeland. I must also emphasize that transition to net-zero emissions by 2050 is no longer just an idealistic proposal, but an inevitable future. This path is extremely challenging, so we must face reality and rally the entire nation to strive together. We need a more comprehensive strategy to guide businesses and the public, implementing changes in energy, industry, finance, and daily life. Secondly, in the face of severe disasters caused by earthquakes and climate change, Taiwan must accelerate its efforts to strengthen the resilience of our entire society. The world is watching how Taiwan can demonstrate strong resilience in defending itself and deter the ambitions that seek to disrupt regional peace and stability. Only when our entire society possesses a strong will for self-defense and an unwavering confidence in ourselves can Taiwan effectively respond to various disasters and risks and grow stronger. Just days ago, the G7 leaders issued a communiqué, reaffirming that “maintaining peace and stability across the Taiwan Strait is indispensable to international security and prosperity.” This means that as the resilience of Taiwanese society is strengthened, Taiwan’s security is enhanced; and as Taiwan’s security is strengthened, we also enhance global security and prosperity. Therefore, I will establish the Whole-of-Society Defense Resilience Committee, with Vice President Bi-khim Hsiao, Secretary-General to the President Pan Men-an (潘孟安), and National Security Council (NSC) Secretary-General Joseph Wu (吳釗燮) serving as deputy conveners. By thinking ahead and being prepared, we aim to make Taiwan stronger and instill greater confidence in our people. In times of national emergency or natural disaster, both the government and society will be able to maintain normal operations. We need to expand the training and utilization of civilian forces, enhance material preparation and critical supply distribution systems, and strengthen energy and critical infrastructure security. We must improve social welfare and medical networks, as well as evacuation facilities, ensuring the safety of information, transportation, and financial networks. We need to conduct a comprehensive review and propose solutions to problems, strengthening our resilience in national defense, economic livelihoods, disaster prevention, and democracy. Our goal is to build a stronger and more robust democratic society where we not only safeguard national security, but also maintain regional peace and stability. Finally, I will establish the Healthy Taiwan Promotion Committee to address the challenges of the post-pandemic era. In recent years, major challenges threatening our citizens include antibiotic-resistant superbugs, transnational diseases of unknown origin, and cancer, which is the leading cause of death among the Taiwanese population. Our vision for creating a Healthy Taiwan is to enable people to live long and healthy lives. Dr. Chen Jyh-hong (陳志鴻), convener of the Healthy Taiwan Promotion Alliance, President Wong Chi-huey (翁啟惠) of the Institute for Biotechnology and Medicine Industry, and Minister without Portfolio Chen Shih-chung (陳時中) of the Executive Yuan will serve as deputy conveners for the Healthy Taiwan Promotion Committee. We aim to advance the Healthy Taiwan Cultivation Plan through a health charter. We will improve the employment environment to attract and retain talent. We will optimize the National Health Insurance system for sustainable operation. We are committed to promoting holistic healthcare models and accelerating the application of smart healthcare technologies. Furthermore, we will establish a NT$10 billion fund for new cancer drugs, fully advancing our national plan for cancer prevention and treatment. I have never forgotten my mission as a doctor. I hope to gradually build a Taiwan where the number of years that people live with illness or disability is reduced, and that spent in health is increased. In the future, we must take action to promote healthy living for all, enhance lifelong care, and align Taiwan with sustainable health development around the globe. We must also look toward international cooperation to foster global solidarity in the post-pandemic era. These three committees not only signify unity and collaboration within the current administration and across ministries, but also embody a spirit of interdepartmental, cross-disciplinary, and public-private sector cooperation. These three committees will convene quarterly meetings. We will establish efficient communication platforms to foster social consensus and actively translate our goals into action. By harnessing the strengths of industry, government, academia, research institutions, and civil society sectors, we can effectively address global issues, making Taiwan’s strategies a global solution. In today’s interconnected world, every step Taiwan takes forward is a step forward for the world. Taiwan has capability, technology, and experience to share with the global community. According to last year’s rankings from the Economist Intelligence Unit and this year’s report from the Centre for Asian Philanthropy and Society, Taiwan is recognized as the most democratic and charitable country in Asia. Our achievements in democracy and our actions as a force for good have received international recognition. I believe that as we actively pursue the transition to net-zero emissions by 2050 and participate in global security cooperation, our people will be healthier and our nation stronger. As Taiwan embraces the world, the world also embraces Taiwan. I also want to emphasize that addressing these global issues and challenges requires significant effort and long-term investment of resources to yield results. If we do not start taking action today, we will fall behind tomorrow. So, the time for action is now. Today, the government shoulders its responsibility and leads by example. We are determined and confident as we guide our nation toward a better future, making the Taiwan of the world an even better place that will continue to contribute to the global community. Thank you. Also in attendance were Vice President Hsiao, Secretary-General Pan, NSC Secretary-General Wu, and Deputy Secretary-General to the President Xavier Chang (張惇涵).

    Details
    2025-01-01
    President Lai interviewed by Time magazine
    In a recent interview with Time magazine, President Lai Ching-te responded to questions regarding diplomacy, cross-strait relations, the semiconductor industry, and Taiwan’s domestic economic development. Following is the text of the questions and the president’s responses: Q: Thank you so much for sparing us the time today and congratulations on your election victory. How are you settling into the new job? I know you’ve just moved one level down from where you were previously, but I hope that your access to bubble tea has not been adversely impacted by the new job. President Lai: My interest in bubble tea has not changed. The transition into my new job has also been steady, having just moved from the fourth to the third floor. I had previously served as a legislator, premier, and was vice president for four years, so I have a clear understanding about national policies and the direction of former President Tsai Ing-wen’s past governance. So far, it has been very smooth. Thank you. Q: Obviously you’ve had four months now since your election victory to prepare for this role. How have you spent that time and what advice has [former] President Tsai given you about taking the most important job in Taiwan? President Lai: Over the past four months, the most important task was the transition process with former President Tsai. This included foreign affairs, national defense, cross-strait affairs, and key domestic issues. Some of this took place in meetings at the Presidential Office and some at military facilities and different government agencies. I also worked to assemble a cabinet, inviting Cho Jung-tai (卓榮泰) to be premier. Cheng Li-chiun (鄭麗君) was invited to serve as vice premier, and former National Development Council Minister Kung Ming-hsin (龔明鑫) as secretary-general of the Executive Yuan. Premier Cho has invited people based on talent across political affiliations to form the cabinet. So far, the public response has been positive. As for advice and encouragement from former President Tsai, she emphasized to me that the president’s job is to safeguard the country and uphold the constitutional system of freedom and democracy. Second, we must listen to public opinion and take care of the people. Third, faced with difficult challenges, we should collectively discuss a course of action forward. This way there will be less headwind. Q: Speaking of headwinds, it was just 48 hours after your election victory that Beijing announced that one of Taiwan’s diplomatic allies, Nauru, was now going to switch recognition to Beijing. This seems to be quite a clear signal to you before you’d even stepped into office or made any policy decisions or anything. How concerned are you by Taiwan’s dwindling recognition on the world stage? President Lai: We cooperate with our diplomatic allies in a sincere way, holding to the principles of mutual benefit and reciprocity. We cherish our friendships with our diplomatic allies and thank them for voicing support for Taiwan in the international community, as well as creating greater international space for us. We also greatly value the cooperation projects we have with our diplomatic allies because these help the people of both countries. Taiwan has always held firm to these principles, regardless of which political party is in power. In the case that our diplomatic allies decide to switch allegiances to the People’s Republic of China (PRC), while we wish them well, such harmful actions by the PRC will not affect Taiwan’s status as a beacon of freedom and a bastion of democracy in the world. So, [on this issue of recognition], we are not deeply worried. Q: You chose and invited Bi-khim Hsiao to be your vice president and she left Washington, DC, where she was serving as your de facto ambassador to the US. Does that signify that US-Taiwan relations are going to take on newfound importance for your administration? President Lai: During Vice President Hsiao’s term as ambassador to the United States, she performed exceedingly well. Taiwanese society has recognized her as amongst the very best within our ambassadors to the US. The international community, including the US, has also recognized her outstanding performance. Now as vice president, she can support the new administration in furthering trusted channels with the US, which will help advance our bilateral cooperation. With Bi-khim’s support, we will engage in more substantive cooperation on national security and defense, the economy, and other substantive exchanges. I trust that we will make much progress, as Bi-khim has been instrumental in bridging Taiwan together with the US. Q: In your inauguration speech, you called for resumption of cross-strait dialogue, trade, and educational exchanges but caveated that on dignity and equivalence. What exactly do you mean by dignity and equivalence with the PRC? President Lai: First, the PRC should recognize that the Republic of China (ROC) exists. They should be sincere in building exchanges and cooperation with the popularly elected and legitimate government of Taiwan. Second, each issue should be mutually beneficial and reciprocal. For example, if Taiwan allows tourists to go to China, they should allow tourists to visit Taiwan. And if we let our students go to China, their students should be allowed to come here. Third, as we conduct exchanges and cooperate with each other, we should share a common conviction to enhance the well-being of people on the two sides of the Taiwan Strait, working toward an objective of peace and mutual prosperity. Q: Also, in your speech, you said that the ROC and the PRC are not subservient to each other. That obviously provoked a reaction from Beijing. We saw the military drills but also some of your political opponents here have said that this undermines the strategic ambiguity which has been the bedrock of peace and stability. How do you counter that? Do you think that you were unnecessarily provocative in hindsight? President Lai: What I said was the truth. Moreover, I was not the first person to express this truth. My intention was not to provoke. During her 2021 National Day Address, former President Tsai said as part of her Four Commitments that the ROC and PRC should not be subordinate to each other. Former President Ma Ying-jeou had also once said the ROC is a sovereign and independent state and that neither side of the strait is subordinate to the other. Third, I stated this in accordance with Articles 2 and 3 of the ROC Constitution, given that in Taiwan we have had our own citizens, land, sovereignty, and government for decades. According to international law, we are already a sovereign and independent country. My goal is to bring the people of Taiwan together. Q: In April, US Secretary of State Antony Blinken traveled to Beijing and met with Xi Jinping. From diplomatic sources, he became quite animated when discussing the status of Taiwan and US support for Taiwan. Do you worry that President Xi is becoming emboldened and impatient about resolving the so-called Taiwan issue? President Lai: Peace and stability across the Taiwan Strait are indispensable elements of global peace and prosperity. In my inaugural address, I told the international community that I would uphold former President Tsai’s Four Commitments. We will neither yield nor provoke. We will maintain the status quo and fulfill our responsibilities. I also urge President Xi to understand that conflict in the Taiwan Strait and disruptions to peace and stability in the Indo-Pacific region will not be accepted by the international community. I invite President Xi to jointly shoulder with us the responsibility of maintaining peace and stability, building regional prosperity, and advancing world peace. Q: Since we last spoke, China’s economic problems continue to mount. Do you feel that this makes Taiwan more vulnerable, or is this an opportunity for further engagement for mutual benefit? President Lai: I have always believed that a stable China leads to a safer Taiwan. A prosperous Taiwan can also bring about progress in China. Therefore, I do not wish to see growing difficulties in China’s economy or its society become more unstable. Indeed, economic relations between Taiwan and China are the result of divisions of labor within global supply chains. In the past, China was the world’s factory as well as the world’s market. Many countries, including Taiwan, invested in manufacturing in China and sold products manufactured at home via China to the entire world. But today things have changed because China’s business environment has worsened. China has placed ever stricter controls on the free market. They have adopted a policy of placing state-owned businesses first, at the expense of the private sector. China’s intellectual property rights protection has also long fallen short of international expectations. In addition, China’s military expansionism in the East and South China Seas has impacted regional peace and stability. This is why capital investment from Taiwan and other countries is no longer heading to China at the pace it was in the past. Taiwanese companies have pulled out of China’s manufacturing sector en masse, favoring countries in the Indo-Pacific – including Japan – the US, and Europe. In 2010, investments in China accounted for 83.8 percent of Taiwan’s total foreign investment, meaning that for every NT$100, NT$83.8 was invested in China. During the same period of time, over half of Taiwan’s foreign trade was dependent on China. Parts and equipment produced in Taiwan were sent to China for assembly or used in the production of other goods, and then the finished products were sold internationally. Last year, investment in China accounted for only 11.4 percent of Taiwan’s total foreign investment, dropping from 83.8 percent. Taiwan’s foreign trade with China also fell from its previous high of over 50 percent, totaling 35.5 percent in 2023. Despite this, Taiwan’s economic growth rate has averaged 3.15 percent over the past eight years – ranking first among the Four Asian Tigers. During former President Tsai’s eight-year term, the stock market grew by 155.5 percent and its value increased 1.8-fold. When former President Tsai first assumed office, the stock market was a little over 8,000 points; it has now surpassed 20,000 points. In other words, even as China’s economy has continued to decline, Taiwan’s economy has continued to grow and has not been affected by China. Taiwan’s new government is willing to assist China and advance peace and prosperity across the Taiwan Strait. Q: Obviously Taiwan is central to global supply chains when it comes to semiconductors, producing 90 percent of the most advanced chips, but US export restrictions are preventing those chips from going to China. You mentioned that Taiwanese investment in China is plummeting. At the same time, Taiwan companies like TSMC are benefiting from billions of dollars from the US Chips Act. Do you fear that key players in Taiwan’s business industrial base moving closer to the US and being kept apart from China is increasing the risk of conflict? President Lai: In this era of smart technologies, semiconductors have become crucial industrial products. In the future, if all aspects of life – including food, clothing, housing, and transportation – are to be technologically advanced and intelligent, semiconductors will be indispensable. The industry runs on a global division of labor. From research and development, design, manufacturing, raw materials, and equipment, it is a worldwide industrial chain. Taiwan is involved in integrated circuit design, wafer manufacturing, and end-of-line packaging and testing, but raw materials are distributed across other countries. For example, components, equipment, and technology are sourced from the US, Japan, and the Netherlands. As we can see, this is an industry with a global division of labor. Although Taiwan has an advantage in the semiconductor industry, Taiwan also has a responsibility to promote global prosperity and development. Consequently, if semiconductor companies, including Taiwan Semiconductor Manufacturing Company (TSMC), decide to expand in the US, Japan, Europe, or other countries consistent with their own business interests, the government will respect their decisions. Geopolitical changes will continue to impact the distribution of semiconductor companies. Given that the restructuring of global supply chains is not specific to any single country, I do not believe that this will increase the risk of conflict. Q: Your only trip to China was in 2014 when you were serving as mayor of Tainan. I understand that you had some quite open and frank discussions with students in Shanghai about Taiwanese aspirations for independence. What did you learn from that interaction? President Lai: In 2014, I visited Shanghai because the Tainan City government organized a traveling art exhibition to commemorate the 120th anniversary of Chen Cheng-po’s (陳澄波) birth. During my interactions with the Shanghai municipal government and Fudan University, I made it clear that the two sides of the Taiwan Strait should seek common ground and set aside differences. Through exchanges and cooperation, we should promote mutual understanding, empathy, reconciliation, and peaceful development. Q: You won the election with over 40 percent of the vote, but the DPP lost control of the legislature, and so you need to work across the aisle with opposition parties to get your domestic agenda across. It’s not been a very harmonious time in the Legislative Yuan at the moment. We’ve seen brawls and a lot of sniping over the new bill to increase scrutiny of the executive branch. How confident are you that you can overcome these differences to have a constructive relationship with the opposition parties? President Lai: I remain fully confident about the future development of Taiwan. This is because of our democracy. After decades of collective effort, as well as the numerous sacrifices and contributions of many people, the vitality and values of democracy are deeply imbued within the Taiwanese people. These democratic values are an important foundation as I promote future national policy priorities. In my inaugural address, I mentioned that a divided legislature is the will of the people. This provides an opportunity for each party to share their ideas and jointly bear the responsibility of serving the nation. At the same time, if any one party does not live up to public expectations, I trust that people will respond accordingly so that the country can still move forward. In my address, I also pointed out that Taiwan will continue to move in the direction of democracy, peace, and prosperity, linking us with the international community. I will pursue policies that further entrench Taiwan’s democracy, maintain regional peace, and allow Taiwan to engage with the international community to enhance global prosperity and development. This roadmap will benefit both our country and its people. I do not think opposition parties will strongly oppose bills related to this roadmap. Q: Some of your DPP colleagues have pointed out that 17 KMT lawmakers went to China recently and met with Wang Huning, and they have openly accused the KMT of being a fifth column for the CCP in trying to disrupt your administration. Is that an opinion that you share? President Lai: In a democratic society, the interests of the people should take precedent; this is the principle of democracy at work. As a result, political parties should put national interests above their own – that is their sacred duty . As Taiwan faces different forms of pressure from China, everybody, regardless of party affiliation, should put the people first and prioritize national interests. They should not let themselves be influenced by any authoritarian country. Q: The CCP has refused to engage with your administration or the DPP. Is it beneficial for the KMT to have trips to China and engagements with China, whether it’s Ma Ying-jeou on an unofficial basis or KMT lawmakers? President Lai: The people of Taiwan and all political parties – regardless of affiliation – should recognize and respond to the fact that China’s ambition to annex Taiwan is part of their national policy. Only by coming together domestically and strengthening our global linkages can we maintain our sovereignty, freedom, and democratic way of life. By doing so, we will have the capacity and opportunity to determine our own future. No political party should sacrifice national sovereignty for political gain. Q: Following the devastating Hualien earthquake just a month ago, China offered to send aid to Taiwan but was rebuffed. You hadn’t taken office at that point. But do you feel that was the right decision? Do you think it could have been an opportunity to mend bridges across the strait? President Lai: Taiwan very much cherishes the expressions of concern and support we received from the global community. International assistance creates a positive feedback loop that helps us come together in times of need. This helps support global development and stability. With this being said, at the time, China had offered 100 prefabricated homes, which was not what the people affected by the Hualien earthquake required. When central Taiwan was struck by a major earthquake on September 21, 1999, the government had provided such homes to alleviate housing shortages at the time. However, over the past 20 or 30 years, Taiwan has accumulated greater experience and capacity for search and rescue and post-disaster reconstruction. We have moved past the period of requiring prefabricated housing. Today, if a home is made unsafe by an earthquake, a red notice will be attached to the structure. We will consequently provide financial support for both the property and its reconstruction. If people need to live in a hotel or guesthouse, stay with a relative, or rent a place to stay, these costs will also be subsidized until the home has been rebuilt. Therefore, we did not require prefabricated homes. People living in hotels or guesthouses also supported the tourism industry, which was affected by a large drop in visitors following the earthquake. Q: Some in the opposition want to restart negotiations for the cross-strait service trade agreement for close economic integration with China. Why do you oppose such a move?  President Lai: In short, the time for this has long passed. As I said, many Taiwanese businesses have left China. Looking ahead, we can see substantive differences opening up between Taiwan’s economy and China’s present economic structure. If the cross-strait service trade agreement were passed, Chinese business owners could come to Taiwan and set up shop with as little as NT$6 million dollars. And it is not just a matter of the owners – they could also bring employees over. This would greatly affect Taiwan’s local economy. Q: Beijing is aggressively courting the Global South to back its claim over Taiwan with 28 nations, according to recent reporting, firmly supporting China’s push for reunification. How important is it to win the argument over Taiwan’s right for autonomy amongst the international community, especially those of the Global South? President Lai: I hope that all countries will respect the choice of Taiwan’s people. The will of the people should not be subject to decisions made by a majority or show of hands [in international fora]. Neither should our people be threatened by violence or the threat of war. China is presently engaged in lawfare, which is affecting support for Taiwan internationally. While Taiwan will do its best to speak up for our own rights and interests, I hope that the international community will also continue to assist, understand, and support Taiwan. This is because if China’s attempts at lawfare were to succeed, this would affect Taiwan’s global backing, be it in times of peace or war. Q: Domestically in Taiwan, a lot of Taiwan people are struggling with a growing but slow economy, rising prices, and stagnated wages. What is your plan to try to help the average Taiwanese person? President Lai: I have been deeply focused on supporting the salaries and lives of our grassroots workers. I also prioritize reducing the gap between the rich and poor, as well as efforts to give our young people a brighter future. I will faithfully implement the Minimum Wage Act that was passed under former President Tsai. With this act, minimum wage increases will be based on how the GDP or prices increase. More importantly, we must help our industries upgrade and our economy transform. In my inaugural address, I said that economic development will take a threefold approach. First, we will have a clear view for a smart, sustainable future. In other words, we must use technology to address climate change and respond to the global era of smart technologies. We will have an innovative economy and create a new Taiwan that is both smart and sustainable. Second, we will expand the space industry, exploring the future by developing medium- and low-orbit communications satellites and drones. We will also use our strengths as a maritime nation to explore the ocean, helping related industries grow and develop in many directions. Third, we will help our enterprises expand their presence and markets internationally. We will improve Taiwan’s investment environment and take care of our small- and medium-sized enterprises while helping our industries in their global reach. This will grow Taiwan’s economy, leading to development and creating an environment conducive to higher wages. During my election campaign, I put forward a National Project of Hope. With this, we will invest more in our society, take better care of both young and elderly people, as well as all those who need care. We will close the wealth gap, while supporting the people’s welfare and the future of our young people. Q: President Lai, thank you. You’ve been very generous with your time. But just to end off, we spoke before how you grew up in Wanli in a poor family and your father died when you were very young. You worked very hard to become a doctor and your mother wasn’t very keen about you taking a diversion route into politics. Now you’ve reached the very top of the political ladder in Taiwan, do you think that your mother would be proud, that she would have forgiven you for defying her? President Lai: My mother was just an ordinary person and, like many mothers in Taiwan’s society at that time, worked hard, took care of her family, and hoped that her children would grow up safe and sound. What probably mattered most to my mother was that I was safe and healthy. It did not matter to her whether I became a politician or not, just as I had no expectation that one day I would sit here in the Presidential Office. In fact, when I was little, I hoped to become a doctor so as to take care of the sick, relieve suffering, and save lives. But during the process of Taiwan’s democratization, many young people devoted themselves to politics, including myself. I had no idea that I would continue down this path, much less be here today. My mother told me that if people support me, then I should run for election; if not, then I should continue as a doctor. In other words, my mother felt that I probably would not pursue politics for very long. We were from the countryside and did not come from a political family. However, I attribute my success to Taiwan’s democratization. If it were not for the sacrifices, contributions, and achievements of countless individuals up until now, I could not have been afforded the opportunity to sit here. My responsibility is to further deepen Taiwan’s democracy and enable hardworking people from all walks of life to realize their ideals and contribute to our country.

    Details
    2025-02-14
    President Lai holds press conference following high-level national security meeting
    On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI: Sompo Holdings establishes global Property and Casualty (re)insurance, and Wellbeing business segments

    Source: GlobeNewswire (MIL-OSI)

    TOKYO, Feb. 14, 2025 (GLOBE NEWSWIRE) — Sompo Holdings Inc. (Sompo Holdings), an integrated financial group committed to delivering health, wellbeing and financial protection, today announced the formation of its business into two global segments: Sompo Property and Casualty (re)insurance (Sompo P&C), and Sompo Wellbeing, effective April 1, 2025. The simplified organization provides a resilient, innovative and sustainable platform to support all its stakeholders.

    Sompo P&C will integrate Sompo International Holdings Ltd’s insurance and reinsurance business together with its Japan commercial and consumer P&C operations. The segment will be led by James Shea, currently Chairman and Chief Executive Officer (CEO) of Sompo’s global insurance and reinsurance business outside of Japan. Mr Shea will become CEO, Sompo P&C, continuing to report to Sompo Group CEO Mikio Okumura. He will also continue in his current role running the Overseas Insurance and Reinsurance business.

    Within the new Sompo P&C business structure:

    • Koji Ishikawa, CEO of Sompo Japan, continues in his role, and will now report to Mr Shea.
    • Kenneth Reilly will expand his current responsibilities as CEO, Insurance, Asia Pacific, to also include Deputy CEO of Sompo Japan, Commercial Insurance.
    • Nicolas Burnet will become Group Deputy Chief Financial Officer (CFO) at Sompo Holdings, and CFO for Sompo P&C. He will help oversee the global investment strategy for Sompo in addition to capital allocation, investor relations and merger & acquisitions. He will report to Mr Shea and Masahiro Hamada, Group CFO.

    Sompo Wellbeing will include the life insurance business, Sompo Himawari Life Insurance, and the nursing services business in Japan, Sompo Care. Sompo Wellbeing will work as one group to create products and services addressing challenges related to health, financial stability after retirement, and nursing care needs. These are all prominent challenges in Japan due to the country’s ageing population and declining birth rate.

    Yasuhiro Oba, currently CEO of Sompo Himawari Life Insurance, will become Sompo Wellbeing CEO, reporting to Mikio Okumura.

    Within the new Sompo Wellbeing business structure:

    • Yasuki Kume will become CEO of Sompo Himawari Life Insurance.
    • Takamitsu Washimi will continue as CEO of Sompo Care.

    Sompo Group CEO Mikio Okumura said: “Sompo Group is taking the next step towards our goal of becoming a truly global financial institution born in Japan. By creating our Sompo P&C and Sompo Wellbeing global business segments, we will deliver a sustainable platform that meets the needs of all our stakeholders.

    “Our streamlined organization brings together the deep and diverse range of skills, experiences and perspectives of our people and teams, to deliver more innovative solutions and enhanced problem-solving capabilities. With our collaborative ‘One Sompo’ culture, we are now an even stronger and more adaptable organization capable of thriving in the dynamic business environments we operate in around the world, both today and into the future.”

    James Shea, who will assume the position of CEO, Sompo P&C said: “This structural change is part of our ongoing evolution to remain resilient amid economic changes. It will simplify our business, allowing us to continue to foster deeper connections and alignment across geographies, deliver profitable results to our shareholders and create the best place to work in our industry.

    “Sompo Japan and our Overseas business together represent in excess of US $30bn gross written premium driven by more than 40,000 employees worldwide. With a balanced portfolio globally of 51% commercial, 35% consumer and 14% reinsurance, we are well positioned across geographies and products to continue our strategy.

    “I’m looking forward to maximizing the potential of our organization as a global community, driving innovation to achieve both our purpose and our strategic objectives more effectively.”

    Yasuhiro Oba, who will be appointed CEO Sompo Wellbeing, said: “Sompo Wellbeing provides solutions for ‘health’, ‘nursing care’ and ‘finance after retirement’ concerns by connecting Sompo Himawari Life Insurance’s Insurhealth®, Sompo Care’s nursing services, and other healthcare-related activity to realize Sompo’s Purpose: ‘For a future of health, wellbeing and financial protection’. In addition to insurance coverage, we will also provide services for ‘ease of mind’ across the boundaries of our operating companies, thereby staying close to the daily lives of our customers.”

    About Sompo Group

    Building on 135 years of innovation, Sompo Group is a leading integrated insurance and financial services group committed to delivering health, wellbeing and financial protection to businesses and individuals worldwide. Sompo Group comprises Sompo Holdings Inc. (Sompo Holdings) and its subsidiaries, providing solutions in property and casualty insurance globally, and life insurance and nursing care in Japan.

    Sompo Holdings has excellent financial strength as evidenced by ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard & Poor’s. Shares of Sompo Holdings are listed on the Tokyo Stock Exchange (8630.T).

    To learn more please follow us on LinkedIn or visit sompo-hd.com.

    Sompo Contact

    Yoichi Shibuya
    General Manager, Japan Media Relations, Sompo Holdings
    E: 10_sompopr@sompo-japan.co.jp

    Mike Jones
    Global Head of Media Relations, Sompo
    M: +44 7765 901899
    E: mijones@sompo-intl.com

    The MIL Network

  • MIL-OSI Economics: Interactive Assets: BaFin warns consumers about the additional websites interactiveassets.biz and interactiveassets.trade

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    On 27 January 2025, BaFin issued a warning about Interactive Assets and its website interactiveassets.pro, which has since been deactivated. The unknown operators are now using the websites interactiveassets.biz and interactiveassets.trade. BaFin suspects the operators of the websites of offering consumers financial, investment and cryptoasset services without the required authorisation.

    The unknown operators are contacting consumers, claiming that their offer is from Baden-Württembergische Wertpapierbörse GmbH or Börse Stuttgart GmbH. In addition, when advertising its services, the company claims to be supervised by BaFin. However, none of this information is correct. This is a case of identity fraud.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) 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 Russia: The government has decided to defer the payment of the recycling fee to support manufacturers of self-propelled vehicles

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Resolution of February 13, 2025 No. 157

    Document

    Resolution of February 13, 2025 No. 157

    The deadline for paying the recycling fee for the fourth quarter of 2024 and for the first to third quarters of 2025 for manufacturers of domestic self-propelled vehicles and trailers for them has been postponed to December 2025. The decree on this was signed by Prime Minister Mikhail Mishustin.

    The decision will affect more than 50 enterprises operating in various regions of the country. It will help stabilize the financial position of manufacturers of such equipment in the current economic situation. The deferment of the payment of the recycling fee will allow enterprises to preserve their working capital and economic potential against the backdrop of rising costs of credit financing.

    Self-propelled vehicles – tractors, bulldozers, graders and other equipment that is used in agriculture, construction, public utilities and other industries.

    The signed document introduces changes toGovernment Resolution of February 6, 2016 No. 81.

    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 Economics: Asian Development Blog: AI Can Free Human Intelligence for Discovery and Exploration

    Source: Asia Development Bank

    Artificial intelligence is reshaping knowledge generation, but human intelligence remains essential for ethical oversight, innovation, and problem-solving. Integrating AI into industries, shifting away from Industrial Era work models, and accelerating learning will be key to harnessing its full potential for sustainable development.

    Human cognitive abilities have grown over time, influenced by environmental and cultural factors. Despite a slight decrease in brain size over the past 3,000 years, the Flynn effect shows that people are becoming smarter across generations.

    Innovations in sharing and storing information—from writing to the rise of the Internet—are accelerating collective cognitive development because of the rapid dissemination of knowledge.

    In the age of artificial intelligence, human intelligence is likely to grow even faster. People will be able to access vast amounts of information across a wide range of topics more quickly than before. AI can also deliver personalized educational experiences to suit the learning style of students, making the learning process more engaging. 

    People are far from being mere passive recipients of AI’s impacts: they are actually the ones who are actively spurring its development, and this in turn is further advancing human intelligence. Leveraging both human and artificial intelligence will be critical to developing innovative solutions to address climate change and other complex global challenges. 

    People, from casual users to experts, need to have functional knowledge of AI to fully benefit from it, and AI’s usefulness depends on trust. This is where the Artificial Intelligence Quotient (AIQ), the level of readiness in humans to successfully adopt AI, comes in. 

    Just as travelers trust a plane or a car because they understand how they work, AI should also be made more understandable to increase the likelihood of its use and adoption. Patients will not be interested in undergoing a medical procedure performed by AI-powered robots if they are not confident that the benefits of technology-assisted surgery far outweigh the risks.

    Similarly, businesses will not blindly trust AI systems to engage in trade on their behalf without first understanding how these systems evaluate business risks.

    Building Artificial Intelligence Quotient requires educating oneself on AI advancements, capabilities, and limitations. Hands-on experience in using AI-powered tools will help individuals and institutions trust AI and make them more comfortable in using it. 

    Trust in AI, in turn, will encourage the development of more AI tools for societal benefit, including healthcare, education, and climate adaptation.     

    Technological know-how is crucial, but emotional intelligence is equally important. 

    Emotions drive creativity and problem-solving. With a few prompts, some AI tools can generate photos, videos, and stories. These outputs, however, are not truly original content. They are instead derived from training data.

    Context and purpose matter as there is no one-size-fits-all solution when it comes to AI.
     

    Humans, on the other hand, can generate original content, developing innovative ideas, and collaborating with other people to find solutions to complex issues. More importantly, they are the ones steering the direction of AI development, including putting in place policies and guidelines for the ethical and responsible use of AI. 

    These ethical guardrails help to ensure that AI tools and systems are built not for their own sake but to address pain points in a way that respects human values and rights. Thus, managing one’s emotions and understanding others’ emotions are necessary skills in a technology-driven era. 

    AI can mimic compassion, as seen with mental health chatbots, but it lacks genuine emotional connection. Trust is only the first step to developing an Artificial Intelligence Quotient. You need to be aware of your own capacity to use AI depending on your specific needs so you can find the right tool to address your concerns. 

    From an international development perspective, each country has a different set of needs and priorities when it comes to AI use. For instance, one country may be interested in focusing on leveraging AI to increase production capacity of a certain industry, while another country may want to use AI to improve delivery of basic services, such as healthcare, education, and social protection.

    Context and purpose matter as there is no one-size-fits-all solution when it comes to AI. Recognizing the differences in these challenges and how these need to be adjusted to be responsive to specific issues is critical to leveraging AI effectively to promote sustainable development and climate resilience.  

    AI’s strengths and weaknesses also need to be recognized. AI might be a powerful tool, but it has its limitations. There are instances when AI is not the best solution, with other tools being better suited to address an issue. In addition, AI does not hold all the answers to the world’s questions and is limited by the data with which it was trained.

    Finally, it is important to let AI know you. AI tools have a feedback loop that you can use to improve their performance, and this mechanism will help train these tools to better address climate and development challenges.

    If AI’s full potential is unleashed, it can handle all current cognitive tasks that humans are doing, freeing up humans to focus on big thinking and creating. 

    While it is improbable for sentient AI to emerge anytime soon, AI, along with robotics, will likely bear the brunt of the work of humans, including knowledge generation. By the 22nd century, AI will be solving the issues that humans previously handled, freeing humans to tackle new, yet-unsolved mysteries, leading to the rise of a new age of discoveries. 

    This will require rethinking and reskilling. The payoff, however, will be worth it if it means finding solutions to poverty, climate change, and other challenges faced by humanity and the world. 

    As AI grows, humans must continue to grow as well. In the next century, we are looking at a new age of discoveries arising from freeing up human intelligence to resolve new problems rather than resolving issues that could be resolved by AI and robotics.   

    To achieve climate and development goals, we need to be doing three things: 

    Integrate AI and robotics. Institutions and industries need to evolve to integrate technology—not just in business-related tasks but also in daily operations. Industries such as construction, shipping, and manufacturing will increasingly rely on AI and robotics to perform tasks. Embracing technology is critical, especially since its use will likely scale up in the coming years.

    Give up industrial era ways of working. AI and robotics will render obsolete the conventional assembly line setup that focuses on efficiency in physical production. People must shift towards human-centered work. Institutions and industries should redesign their operations and empower people to use their creativity and critical thinking skills to perform AI-augmented work. 

    Accelerate learning and adoption. The fundamental shift from the Industrial Era practices puts more emphasis on the knowledge economy. This, along with the rapid development brought about by AI and the rapid boom of industries, requires an accelerated pace of learning. Humans should therefore dedicate over half of their workday to learning to keep up with and adopt new technologies and methods. Human resource departments must play a key role to facilitate this shift from Industrial

    Era practices to more agile mindsets and practices in the age of AI.

    The future of intelligence will be shaped by the dynamic interplay between human cognition and artificial intelligence. By fostering a symbiotic relationship with AI, humanity can unlock new frontiers of knowledge, innovation, and problem-solving in the decades ahead.

    MIL OSI Economics

  • MIL-OSI: Year-end Report – January-December 2024

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM – 14 February 2025. Karolinska Development AB (Nasdaq Stockholm: KDEV) today publishes its Year-end Report January-December 2024. The full report is available on the Company’s website.

    “Stronger liquidity will ensure our ongoing ability to continue advancing the portfolio companies who are at earlier stages in the development phase and offer the potential for creating substantial value going forward”, says Viktor Drvota, CEO, Karolinska Development.

    Significant events during the fourth quarter

    • The portfolio company Umecrine Cognition presented new preclinical data on golexanolone, showing retained dopamine signaling in Parkinson’s disease, at the 10th International Conference on Neurology and Brain Disorders 2024 in Baltimore, Maryland, US (October 2024).
    • The portfolio company SVF Vaccines, presented positive clinical safety and immunogenicity data from a clinical phase 1 study of the universal Covid-19 vaccine candidate, SVF-002 (October 2024).
    • The portfolio company BOOST Pharma successfully completed a pre-IND meeting with the U.S. Food and Drug Administration, FDA, for its cell therapy aiming to treat children with the rare bone disease Osteogenesis Imperfecta (OI). The positive outcome from the meeting triggered the second tranche of previously agreed investment from Karolinska Development (November 2024).
    • Karolinska Development’s Extra General Shareholders’ Meeting on 13 November 2024 decided, among other things, to elect Will Zeng, with the dismissal of the current director Theresa Tse, as a new director of the Board of Directors. The current directors Hans Wigzell, Anna Lefevre Skjöldebrand, Benjamin Toogood and Philip Duong remain as directors of the Board of Directors and Hans Wigzell remains as chairperson (November 2024).
    • The portfolio company SVF Vaccines appointed Dr Gaston Picchio as acting CEO. He will assume the position with effect from November 15th, as Dr Richard Bethell decided to step down as CEO to pursue other professional interests while remaining associated with the company in an advisory role (November 2024).
    • The portfolio company Umecrine Cognition presented data from a recent interim analysis from an ongoing Phase 1b/2a clinical study of golexanolone in patients with Primary Biliary Cholangitis. The preliminary results show that golexanolone was well-tolerated and achieved drug exposure levels that correlate to clinical treatment doses. The results were presented at the Late Breaking Poster session at the American Association for the Study of Liver Diseases’ (AALSD) 75th Liver Meeting, in San Diego, CA, USA, on November 18, 2024 (November 2024).
    • The portfolio company Modus Therapeutics secured access to bridge financing of up to SEK 5 million from Karolinska Development, the company’s largest shareholder. The funding enabled Modus to initiate the recently approved phase 2a study in chronic kidney disease (November 2024).
    • Karolinska Development announced that the company has decided to implement organizational changes in order to reduce the cost base of its operations. The changes involve reducing the management team by one person and giving notice of redundancy to a total of three employees. This is estimated to reduce the company’s personnel costs by approximately 20 percent (December 2024).
    • The portfolio company, Modus Therapeutics, dosed the first patient in a phase 2 clinical study of the drug candidate sevuparin, evaluated as a treatment for chronic kidney disease with anemia. The study is being conducted at Centro Ricerche Cliniche di Verona in Italy (December 2024).
    • Karolinska Development divested 4,6 million shares in the portfolio company OssDsign and thereby strengthened the investment company’s liquidity. Karolinska Development holds nearly 5 million shares in OssDisgn after the divestment (December 2024).
    • Karolinska Development announced that the company’s Chairman of the Board, Professor Hans Wigzell, has decided to resign from his position. The Board of Directors of Karolinska Development appointed Ben Toogood as new Chairman until the next General Shareholders’ Meeting (December 2024).
    • The portfolio company Umecrine Cognition raised SEK 23.8 million through a convertible loan to be used for the continuation of the company’s clinical study of golexanolone in primary biliary cholangitis. The convertible loan with attached share options is directed to a consortium of investors (December 2024).

    Significant post-period events

    • The portfolio company AnaCardio secured SEK 205 million in a series A extension financing round and reported positive results from the first part of a Phase 1b/2a study of AC01 in patients with heart failure and reduced ejection fraction. The final part of the study (phase 2a) is expected to start during the first quarter of 2025 (January 2025).
    • The portfolio company Dilafor announced that it successfully completed regulatory meetings with the U.S. Food and Drug Administration, FDA, and European Health Agencies, regarding the continued development of the company’s drug candidate tafoxiparin. The completed meetings mark the end of a comprehensive dialogue with regulatory authorities in the US and EU to reach an alignment between the authorities on designing pivotal clinical Phase 3 studies in Europe and the US to evaluate tafoxiparin as a new potential treatment for priming of labor (January 2025).

    Financial update fourth quarter

    • The net profit/loss for the fourth quarter was SEK 18.6 million (SEK -1,9 million in the fourth quarter of 2023). Earnings per share totaled SEK 0.1 (SEK -0.01 in the fourth quarter of 2023).
    • The result of the Change in fair value of shares in portfolio companies for the fourth quarter amounted to SEK 18.7 million (SEK 6.6 million in the fourth quarter of 2023). The result is mainly the effect of the upturn in share price in the listed holdings OssDsign and Modus Therapeutics and also by an increase in value in AnaCardio in connection with the investment round. The upturn was partly offset by a downturn in the share price in the listed holdings.
    • The total fair value of the portfolio was SEK 1,451.5 million at the end of December 2024, corresponding to a decrease of SEK 11.6 million from SEK 1,463.1 million at the end of the previous quarter. The net portfolio fair value at the end of December 2024 was SEK 1,120.8 million, corresponding to a decrease of SEK 1.0 million from SEK 1,121.8 million at the end of the previous quarter. The main reason for the net decrease in fair value was the partial divestment of OssDsign and the downturn in the share price of the listed holding Promimic. The decrease was partially offset by the increase in the price of the listed holdings OssDsign and Modus Therapeutics together with the increase in value of AnaCardio in connection with the investment round. The quarter’s investments in Umecrine Cognition and BOOST Pharma also contributed to the increase in fair value.
    • Net asset value amounted to SEK 1,245.0 million, per share SEK 4.6, at the end of December 2024 (SEK 1,253.4 million, per share SEK 4.6 at the end of December 2023).
    • Net sales totaled SEK 0.5 million during the fourth quarter of 2024 (SEK 0.5 million during the fourth quarter of 2023).
    • Karolinska Development invested a total of SEK 19.4 million in portfolio companies during the fourth quarter of 2024 (SEK 41.6 million in the fourth quarter of 2023). Fourth quarter 2024 investments in portfolio companies by Karolinska Development and other specialized life sciences investors totaled SEK 155.7 million (SEK 125.3 million in the fourth quarter of 2023).
    • Cash and cash equivalents increased by SEK 12.7 million during the fourth quarter, totaling SEK 52.0 million on 31 December 2024 (SEK 85.3 million on 31 December 2023).

    Financial update full-year

    • The full-year net profit/loss was SEK -8.1 million (SEK 5.4 million in 2023). Earnings per share totaled SEK -0.03 (SEK 0.02 in 2023).
    • The full-year result for the change in the fair value of the portfolio amounted to SEK 1.6 million (SEK 15.2 million during 2023).
    • The total fair value of the portfolio was SEK 1,451.5 million at the end of December 2024, an increase from SEK 1,440.3 million at the corresponding date in 2023. The net portfolio fair value was SEK 1,120.8 million, an increase by SEK 10.5 million from SEK 1 110.3 million at the corresponding date in 2023.
    • Net asset value amounted to SEK 1,245.0 million, per share SEK 4.6, at the end of December 2024 (SEK 1,253.4 million, per share SEK 4.6 at the end of December 2023).
    • Revenue totalled SEK 1.8 million for the full-year of 2024 (SEK 2.0 million in 2023).
    • Karolinska Development invested a total of SEK 62.0 (103.0) million in its portfolio companies during the full-year. Full-year investments in the portfolio companies by Karolinska Development and other specialised life sciences investors totalled SEK 490.3 (394.5) million.
    • Karolinska Development’s cash compensation from sold shares and earn-out agreements regarding divested portfolio companies amounted to SEK 42.4 (18.3) million during the year.
    • Cash and cash equivalents decreased by SEK 43.3 million during the full-year, totalling SEK 42.0 (85.5) million on 31 December 2024.
    • The Board does not propose any dividend for the financial year 2024.

    The Year-end Report for Karolinska Development AB for the period January-December 2024 is available as a PDF at www.karolinskadevelopment.com.

    For further information, please contact:

    Viktor Drvota, CEO, Karolinska Development AB
    Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com

    Hans Christopher “HC” Toll, CFO, Karolinska Development AB        
    Phone: +46 70 717 00 41, e-mail: hc.toll@karolinskadevelopment.com

    TO THE EDITORS

    About Karolinska Development AB

    Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients’ lives while providing an attractive return on investment to shareholders.

    Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

    Karolinska Development has established a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

    The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

    For more information, please visit www.karolinskadevelopment.com

    Attachments

    The MIL Network

  • MIL-OSI: Publishing of Innofactor’s 2024 Financial Statements Bulletin

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc Investor News, on February 14, 2025, at 9:00 Finnish time

    Innofactor Plc will publish its 2024 Financial Statements Bulletin on Friday, February 28, 2025, at approximately 9:00 am Finnish time.

    The financial statement release will be available on the company’s website after publishing.

    Espoo, February 14, 2025

    INNOFACTOR PLC

    Sami Ensio, CEO

    Additional information:
    Sami Ensio, CEO
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    Tel. +358 50 584 2029
    sami.ensio@innofactor.com

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  • MIL-OSI United Kingdom: Infant formula: CMA outlines clear path forward to help parents save hundreds of pounds a year

    Source: United Kingdom – Executive Government & Departments

    The CMA has set out comprehensive proposals to deliver better outcomes for parents in the infant formula market – both in terms of the choices they make and the prices they pay.

    iStock

    • CMA infant formula study finds that a combination of factors is leading to poor outcomes for parents, who could be saving around £300 a year by switching to a lower priced brand
    • Issues include the design and operation of current regulations and the responses of consumers to advertising which emphasises branding when, in fact, all infant formula will meet babies’ full nutritional needs
    • CMA heard concerns that parents on lower incomes are disproportionately affected due to higher rates of formula feeding
    • CMA final recommendations cover standardised packaging in hospitals; providing clear information to parents in healthcare and retail settings on the nutritional sufficiency of all infant formula; making it easier to compare prices of different brands; extending the ban on advertising to include follow-on formula; and allowing parents to use vouchers and loyalty points to buy infant formula
    • Given the steer from governments that regulatory restrictions on price promotions of infant formula support breastfeeding, the CMA is not recommending removing this ban at this stage, but stands ready to support further consideration of this option if asked

    Following a market study into the infant formula and follow-on formula market, the Competition and Markets Authority (CMA) has issued its final recommendations.

    Sarah Cardell, Chief Executive of the CMA, said:           

    Every parent wants to give their baby the best possible start in life. Many whom need, or choose, to formula feed, pick a brand at a vulnerable moment, based on incomplete information, often believing that higher prices must mean better quality. This is despite NHS advice stating that all brands will meet your baby’s nutritional needs, regardless of brand or price.

    Governments across the UK are committed to the tight regulation of infant formula for public health reasons. So, our proposals are designed to help parents make the best choices for them and their babies, with access to better information, while sharpening the effectiveness of the existing rules.

    Our proposals will also make it easier for regulations to be properly enforced, while ensuring manufacturers and retailers can be more confident in what they can and can’t do according to law.

    We strongly encourage governments to act on the recommendations to stop well-intended regulation driving poor outcomes for consumers. We’re ready to help implement the changes and support thinking around further measures, including removing the ban on price promotions, should governments consider it necessary at a later stage.

    CMA findings

    Advertising and labelling of infant formula is strictly regulated. For example, advertisement and promotion, including price reductions or deals, is restricted so as not to discourage breastfeeding.

    Many parents choose a brand for the first time in vulnerable circumstances – often in hospital immediately after birth – and frequently without the clear, accurate and impartial information needed to make informed decisions. People often feel under pressure, naturally wanting to do what is best for their baby. Many actively choose a more expensive product, assuming this means better quality. However, NHS advice makes clear “It does not matter which brand you choose, they’ll all meet your baby’s nutritional needs, regardless of price”.

    Against this backdrop, rather than competing strongly on price, manufacturers place significant emphasis on building brand awareness to secure customers. For example, some regularly supply the NHS with below cost formula to reach new parents – and once parents have found a brand that works for their baby, they rarely switch.

    Regulation states that the labelling and presentation of infant and follow-on formulas should be ‘clearly distinct’. Despite this, manufacturers use similar branding and labelling – including similar colour palettes, fonts and imagery – across infant and follow-on formulas. When combined with large marketing budgets, this approach indirectly supports the sale of infant formula, with CMA evidence indicating that parents are disproportionately influenced by such branding practices (be it in hospitals, online or in store).

    The CMA heard concerns that parents on lower incomes are more likely to formula feed so are disproportionately impacted by infant formula pricing. While some government support is available to those eligible, most infant formulas exceed the weekly value of benefits available through schemes such as the Healthy Start and Best Start Food. This can lead to parents foregoing food in order to provide for their babies.

    On pricing, differences between brands can have a sizeable impact on parents’ finances. Evidence reviewed by the CMA shows that they could make a saving of around £300 over a baby’s first year of life by switching from a popular mid-priced product to a low-priced brand.

    Recommendations

    The 4 recommendations from the CMA are:

    1. Removing brand influence in healthcare settings: Parents should be provided with timely, clear, accurate and impartial information on nutritional sufficiency of all infant formula products as early as possible. Where parents are given infant formula in healthcare settings, labelling should be standardised to reduce the influence of branding on their decision making. For example, branded formula could be put into non-branded containers, or the NHS could have a white-label formula.
    2. Equipping parents with the right information when they are shopping: Information about nutritional sufficiency should be displayed clearly and prominently on shelves and when buying online. In store, all brands of infant formula should be displayed together and in a separate cluster from other formula milks to enable quick and easy price comparisons.
    3. Strengthening labelling and advertising rules: All packaging should clearly display information on nutritional sufficiency. Claims that are intangible, or cannot be easily checked by parents, should be banned. Like infant formula, advertising (including price promotions and deals) for follow-on milks should be banned. To help shops, manufacturers and enforcers, government should clarify what constitutes ‘advertising’, outlining exactly what shops and manufacturers can and cannot do regarding formula milks. Parents should be allowed to use gift cards, vouchers, loyalty points, and coupons to purchase infant formula.
    4. Effectively enforce current and future rules: Strengthen the roles played by relevant authorities so they must approve the packaging of all infant formula products before sale. At present, companies can put products onto the market before the relevant authority has reviewed the label.

    Public Health Minister, Ashley Dalton, said:

    I welcome this report and would like to thank the Competition and Markets Authority for their thorough investigation.

    There are many benefits of breastfeeding but for those families that cannot or choose not to breastfeed, it is vital that they can access formula that is affordable and high quality. Families should not be paying over the odds to feed their babies because of outdated regulation.

    As part of our Plan for Change, we’re determined to ensure every child has the best start to life. We will carefully consider these recommendations and respond fully in due course.

    Competition and Markets Minister Justin Madders said:

    The government has been clear through our new Strategic Steer to the CMA that competition and consumer protection will drive economic growth.

    That work to drive better outcomes for consumers across the infant formula market delivers on this priority. We look forward to working closely with the CMA across government to continue to deliver growth as part of our Plan for Change.

    Next steps

    Recommendations are made to UK, Northern Irish, Scottish and Welsh governments, working in collaboration with other organisations, where appropriate. The CMA will now engage to explain these measures and support their implementation.

    For more information on the CMA’s market study, visit the Infant formula and follow-on formula market study.  

    Notes to editors

    1. All media enquiries should be directed to the CMA Press Office by email on press@cma.gov.uk or by phone on 020 3738 6460.
    2. It is clear that the UK, Scottish, Welsh and Northern Irish governments are committed to the public health goal of supporting breastfeeding. Following discussions with them, the CMA also understands that governments have concerns that allowing price promotions would risk undermining their important policy goals. Additionally, given the current market dynamics the CMA has observed, the CMA considers that there are limitations on the extent to which allowing price promotions would lead to better outcomes for consumers, without other measures to change consumer behaviour. The CMA stands ready to support further consideration of the removal of the ban on price promotions, in conjunction with the measures already proposed, if asked.
    3. The CMA also considered more interventionist regulation to set a maximum price for infant formula. This would directly limit prices, but would involve significant risks, including that lower prices in the market could rise to the level of the ceiling, resulting in some parents missing out on cheaper options on the market. There would also be significant challenges in the design and implementation of such a measure. The CMA is therefore not recommending the introduction of price controls at this time. However, governments may wish to retain this as a backstop option, if the proposed package of measures does not achieve the desired market outcomes within a reasonable timeframe.
    4. The calculation of savings made by switching to a lower priced infant formula is CMA analysis based on a baby being exclusively formula-fed from birth to 12 months (following the feeding amounts recommended on the packaging) and compares recent prices of 800g infant formula powder products from Tesco. The range of possible savings is £300-£500, with £300 representing a change from a popular mid-priced brand to a low-priced brand, and £500 representing a change from a premium high-priced brand to a low-priced brand.
    5. Infant formula is formula milk for babies that is suitable from birth and is the focus of the CMA’s market study. The study considered follow-on formula, which is a substitute for infant formula for babies ages 6 to 12 months and, to the extent that they impact how the markets for infant and follow-on formula operate, milks marketed for children aged over 12 months of age.
    6. The CMA’s role is to investigate how markets work, including the role of consumers, industry and government, and to look at all aspects of how markets could function better for those that use them.
    7. Regulations regarding the infant formula sector are put in place by government and are monitored and primarily enforced by local authorities. The Advertising Standards Authority also has a role in enforcement of its UK Advertising Codes (known as the CAP and BCAP Codes). Nutrition law is an area of devolved competency, and responsibility for legislating in relation to infant formula sits with each of the UK’s devolved nations.
    8. When referring to retailers, the CMA means supermarkets and other stores that sell formula, such as pharmacies. When referring to manufacturers, the CMA means the upstream suppliers of formula milk. When referring to brands, the CMA means the ranges of infant formula with the same brand name, produced by a particular manufacturer.
    9. For more information on the CMA’s market study process, visit: Market studies and investigations – guidance on the CMA’s approach.
    10. All enquiries from the general public should be directed to the CMA’s General Enquiries team on general.enquiries@cma.gov.uk or 020 3738 6000.

    Updates to this page

    Published 14 February 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: Padilla, Schiff Sound Alarm Over Trump Admin’s Illegal, Indiscriminate Funding Cuts to National Institutes of Health

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Schiff Sound Alarm Over Trump Admin’s Illegal, Indiscriminate Funding Cuts to National Institutes of Health

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla and Adam Schiff (both D-Calif.) expressed serious concerns over the Trump Administration’s proposed funding cuts to the National Institutes of Health (NIH) that would create a severe funding shortfall for research institutions across California and the nation. The Senators joined the entire Democratic caucus in highlighting the major threats posed by these cuts, which threaten to undermine America’s biomedical research infrastructure and set us back generations.

    The steps the Trump Administration has taken to impose a hiring freeze, communications freeze, ban on travel, and cancellation of grant review and advisory panels that are necessary to advance research would cripple research institutions nationwide, undermine progress on lifesaving scientific advancements, threaten the livelihoods of hundreds of thousands of workers, and cost the U.S. economy billions of dollars.

    Last year, California received over $5 billion in NIH award funding, including for critical University of California and California State University projects that rely heavily on federal funding. The proposed cuts would be devastating to California universities and our global leadership in biomedical and scientific innovation.

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

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

    Last week, NIH announced it would set the maximum reimbursement rate for indirect costs to 15 percent — creating a serious funding shortfall for research institutions of all types across the country. This move would dismantle the biomedical research system and stifle the development of new cures for disease. It will not produce cost savings — it will just shift costs to states who cannot afford to pay the difference.

    Importantly, this action by the Trump Administration is illegal, and when the Trump Administration made a similar proposal eight years ago, Congress rejected it in a bipartisan manner.

    California joined 21 other states in a lawsuit against this NIH funding cut, arguing that this violates the Administrative Procedure Act because of a Congressional provision from 2018 that prevents changes to indirect cost rates. On Monday, a federal judge in Boston temporarily blocked the NIH rate cut and set a hearing for February 21.

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

    A state-by-state analysis of total NIH funding, jobs supported, and economic activity supported through NIH research is available here.

    Senators Padilla and Schiff have fought relentlessly against the Trump Administration’s dangerous attacks on the American health care system. Earlier this week, Padilla and Schiff demanded President Donald Trump, Elon Musk, and the Department of Government Efficiency (DOGE) refrain from making cuts to Medicare and Medicaid to pay for tax cuts for billionaires after Musk and DOGE officials gained access to key payment and contracting systems at the Centers for Medicaid & Medicare Services (CMS). Last week, the California Senators called on Acting Secretary of Health and Human Services Dorothy Fink to end the unprecedented freeze on all external health communications and funding. After the Trump Administration paused crucial communications from federal health agencies last month, Senator Padilla joined Senator Schatz in introducing a resolution calling for uninterrupted health warning services for the American people.

    Full text of the letter is available here and below:

    Dear Secretary Kennedy,

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

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

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

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

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

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

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

    Sincerely,

    MIL OSI USA News

  • MIL-OSI United Nations: 14 February 2025 Departmental update WHO releases 2025 update to the International Classification of Diseases (ICD-11)

    Source: World Health Organisation

    The World Health Organization (WHO) has released the 2025 edition of the International Classification of Diseases 11th Revision (ICD-11) – a tool that standardizes the language used by health professionals worldwide in diagnosing, reporting and monitoring diseases, injuries and causes of death.

    The update includes:

    • new features designed to improve interoperability, accuracy and ease of use in national health systems (e.g. advanced NLP and API-based coding);
    • improved error detection with enhanced spelling correction and language variation recognition, reducing errors in data entry;
    • multilingual expansion, available in 14 languages, with ongoing expansion to improve global accessibility;
    • interoperability with external standards: ICD-11 seamlessly integrates with Orphanet, MedDRA, and other terminologies and classifications; and
    • a new module covering traditional medicine conditions of Ayurveda and related traditional medicine systems, including Siddha and Unani, will enable systematic tracking of traditional medicine services, enhancing global research, reporting and evidence-based policymaking.

    The ICD is a flagship WHO product that serves as the basis for identifying health trends and statistics at country level and worldwide. ICD is at the foundation of WHO’s Fourteenth General Programme of Work efforts to accelerate progress towards health-related Sustainable Development Goals (SDGs), addressing inequalities and achieving relevant national health targets. Every day, vital and life-saving decisions in clinical, administrative, policy and research settings are guided by the common terminology defined in ICD-11.

    ICD-11 also influences the availability of financial protection and social insurance, as health insurers’ reimbursements depend on ICD coding. Moreover, the classification of diseases has an immeasurable impact on how society’s views and behaviours towards diseases and health conditions are shaped; how people seek and receive health care; how providers respond; and what policies surround the provision of care. For example, when diseases of the immune system were re-classified and given more focus in ICD-11, it helped health practitioners address autoimmune disorders based on the most current knowledge and evidence.

     

    A digital future

    ICD-11 enhances global health communication by providing a standardized classification and terminology for seamless integration across health information systems, languages and settings.

    “With the new updates, the ICD-11 offers more ease of use, improved interoperability and accuracy, which will benefit national health systems and the people they serve,” said Dr Robert Jakob, Team Leader, Classifications Terminologies and Standards, WHO.

    ICD-11 is designed for flexibility when working in non-digital settings, while its 2025 edition facilitates countries to embrace digital innovation and enhance their health systems. The 2025 edition of ICD-11 takes is a major step forward with FHIR API integration and advanced natural language processing (NLP). These innovations enable seamless, real-time data exchange across health systems, making coding faster, more accurate, and less disruptive to patient care. With this intuitive design and smarter automation, health workers can focus on what matters most, while training requires fewer resources and less time.

    With every annual update, ICD-11 further reflects progress in science and medicine on which billions of people across the world rely for their health and well-being.

    ICD-11 is now available in 14 languages and expansion is underway to further improve global accessibility. For more information, visit: https://icd.who.int

     

    Note for editors:

    Since its adoption by the World Health Assembly in 2019, ICD-11 has been used for recording and reporting mortality and morbidity statistics both nationally and internationally.

    Over 270 institutions, health workers, epidemiologists, allied health care, health information managers, patients and statisticians from all continents provided extensive input to ICD-11. Today, it includes approximately 17 000 diagnostic categories and more than 130 000 clinical terms for injuries, diseases and causes of death, code combinations enable documentation of any clinical detail, with automated software support up to 2 000 000 terms.

     

    Related links:

    MIL OSI United Nations News

  • MIL-OSI: Coop Pank AS results for January 2025

    Source: GlobeNewswire (MIL-OSI)

    Coop Pank’s financial results in January 2025:

    • In January, number of the bank’s clients increased by 1,900 and number of active clients decreased by 700. By the end of the month number of clients reached 209,500 and number of active clients reached 98,800. Over the year, customer base has grown by 13%.
    • Volume of the bank’s customer deposits increased by 40 million euros, reaching 1.93 billion euros by the end of month. Deposits of corporate customers increased by 24 million and deposits of private customers increased by 3 million euros. The volume of deposits attracted from international platforms increased by 13 million euros. Over the year, volume of bank deposits increased by 11%.
    • The bank’s loan portfolio increased by 9 million euros over the month and reached 1.78 billion euros by the end of January. Home loans portfolio increased by 8 million euros, corporate loans increased by 2 million euros, leasing increased by 0.1 million euros and consumer financing decreased 0.3 million euros. Over the year, loan portfolio increased by 18%.
    • In January, the loan impairment cost was 0.1 million euros.
    • Compared to the first month of last year, the bank’s net income has decreased by 5% and expenses has increased by 4% during the same period this year.
    • The bank earned net profit of 2.7 million euros in January, that is 8% less than in the same period last year.
    • In January, Coop Pank’s return on equity was 15.2% and the cost-income ratio was 49%.
        

    Comment by Paavo Truu, Member of the Management Board and CFO of Coop Pank:

    “This year started strong for Coop Pank with a solid profit of 2.7 million euros. This was driven, among other factors, by the excellent business volume growth at the end of last year, which also contributed to increased revenues in January.

    We see that overall economic activity has picked up at the beginning of 2025, both in the private and business client segments. However, the car leasing market remains very quiet after last year’s turbulent end caused by the car tax. We believe this silence will continue, at least among private individuals, for the coming months and predict a revival in leasing market activity by the second half of the year at the latest.

    The overall market revival is supported by the ongoing downward trend in interest rates – the European Central Bank lowered its rates by 0.25 percentage points in January, and base rates are likely to continue declining. On one hand, this makes borrowing cheaper, but on the other, it also reduces the interest rates on term deposits in the local market.

    At the end of January, Coop Pank expanded its range of products for both private and business clients by introducing a convenient and environmentally friendly virtual card, which is currently offered by only a few universal banks in Estonia. Using a virtual card eliminates the need for a traditional plastic card, its activation is simple and fast, and the card is immediately ready for use. By adding the virtual card to a smart device’s Wallet, it can be used for payments anywhere that displays the contactless payment symbol or the Wallet logo.”

    More detailed quarterly reports of Coop Pank are available at: https://www.cooppank.ee/en/financial-reports

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 209,500. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.

    Additional information:
    Paavo Truu
    CFO
    Phone: +372 5160 231
    E-mail: paavo.truu@cooppank.ee

    Attachment

    The MIL Network

  • MIL-Evening Report: ‘A shameful call by Creative Australia’: the arts community reacts to Khaled Sabsabi being dropped from the Venice Biennale

    Source: The Conversation (Au and NZ) – By Cecelia Cmielewski, Research Fellow, Institute for Culture and Society, Western Sydney University

    To be selected as the artist and curator team to represent Australia at the Venice Biennale is considered the ultimate exhibition for an artistic team. To have your selection rescinded, as has now happened to the 2026 team of Khaled Sabsabi and curator Michael Dagostino, is without precedent.

    Australia has presented at the biennale since 1954, and is one of 29 countries to have a permanent pavilion. Last year, Archie Moore was the first Australian to win the Golden Lion for best national pavilion.

    The selection of an artist and curator pair is managed by Creative Australia. The arts funding body appoints a committee of visual artists and industry experts to form a shortlist of six teams, and make the final selection.

    The announcement on February 7 of Sabsabi and Dagostino was widely celebrated as creatively bold and inclusive.

    On Thursday, opposition arts spokesperson, Claire Chandler, questioned Sabsabi’s selection in the Senate. She cited a 2007 work that featured Hezbollah leader Hassan Nasrallah, and said the artist had made work “promoting” Osama bin Laden.

    In a statement released on Thursday night, Creative Australia said Sabsabi and Dagostino would no longer represent Australia at the biennale.

    The Creative Australia board, the statement said, “believes a prolonged and divisive debate about the 2026 selection outcome poses an unacceptable risk to public support for Australia’s artistic community”.

    On social media, the artistic community was swift in its condemnation. They criticised the paucity of understanding of Sabsabi’s artistic and community practice, and questioned the role of political interference and freedom of artistic expression.

    Artists called for the resignation of the Creative Australia board, and for a boycott of the Australian pavilion at the biennale.

    ‘A remarkable career’

    Before moving into visual arts, Sabsabi began his career as a hip-hop artist, known as Peacefender. In a career spanning more than 35 years, he has worked in video, mixed media and installation art, exhibiting around Australia and internationally.

    Media artist and academic John Gillies described Sabsabi as “a thoughtful and peaceful person” who has worked as a community arts worker in Palestinian refugee camps in Lebanon.

    The former head of the Sydney gallery Artspace, Nicholas Tsoutas, said Sabsabi “has had a remarkable career in contemporary art and his selection was so well deserved”.

    He praised the selection of Sabsabi as “an extraordinary opportunity to really advocate for artistic freedom for bringing [people] together”, and added this decision will “do the exact opposite”.

    ‘A sad day’

    Artist Kate Just said the board’s decision “undermines the expertise of the artist, curator, and the selection team. The decision fails to uphold the work of artists to interrogate complex personal and political histories and the urgent issues of our time.”

    Fiona Winning, former director of programming at Sydney Opera House, said it was “a shameful call by Creative Australia”. Artist Nigel Helyer expressed his belief this decision was “liable to emphasise cultural divides, rather than placate them”.

    Investment banker, art collector and philanthropist Simon Mordant, commented on Instagram he has “resigned as an Ambassador to the now cancelled project and withdrawn my financial support – this situation is unacceptable”.

    He suggested “the Pavilion should remain empty in solidarity with Khaled. A very dark day for Australia and the Arts”.

    Advocacy body National Association for the Visual Arts (commonly known as NAVA) released a statement saying “government interference in the expert panel’s selection process undermines the very principle of independence”.

    The decision, they said, “erodes public trust, alienates artists, and sparks widespread protest from those who stand with Sabsabi and Dagostino as a matter of principle”.

    ‘Artists reflect the times they live in’

    The five artistic teams who were shortlisted to represent Australia at the biennale have released a joint statement in support of Sabsabi.

    They called the selection process “rigorous and professionally independent” leading to the selection of a team with “artistic vision and courage”.

    Revoking support, they wrote, is “antithetical to the goodwill and hard-fought artistic independence, freedom of speech and moral courage that is at the core of arts in Australia”.

    In a statement, Sabsabi and Dagostino said “art should not be censored as artists reflect the times they live in”.

    “We intended to present a transformational work in Venice, an experience that would unite all audiences in an open and safe shared space,” they said.

    As the artistic community is showing, this decision has raised a debate on what artists are allowed to say in Australia and brings into question the independence of Creative Australia.

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

    ref. ‘A shameful call by Creative Australia’: the arts community reacts to Khaled Sabsabi being dropped from the Venice Biennale – https://theconversation.com/a-shameful-call-by-creative-australia-the-arts-community-reacts-to-khaled-sabsabi-being-dropped-from-the-venice-biennale-249941

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Dingoes are being culled in Victoria. How much harm to the species is needed to protect commercial profits?

    Source: The Conversation (Au and NZ) – By Danielle Ireland-Piper, Associate Professor, ANU National Security College, Australian National University

    A Victorian government decision to allow dingo culling in the state’s east until 2028 has reignited debate over what has been dubbed Australia’s most controversial animal.

    Animals Australia, an animal welfare group, has filed proceedings in the Supreme Court of Victoria, challenging the decision. The case is due to be heard this year.

    Announcing the legal action, the group said the eradication program targeted a unique native animal at risk of extinction, and ignored pleas from Traditional Owners who “treasure the dingo as a totem species”.

    The controversy raises a few thorny questions. Are dingoes an important native species or an agricultural pest? And what is the right balance between protecting the species, and protecting the interests of farmers?

    What’s this all about?

    Dingoes are listed as vulnerable in Victoria. This means the species faces a high risk of extinction in the wild over the medium term.

    Dingoes are also protected under Victoria’s Wildlife Act – unless a special order is made to declare them “unprotected”. To date, these unprotection orders have been made when authorities deem it necessary to prevent dingoes from killing livestock.

    An unprotection order means a person can legally kill dingoes in certain areas of private and public land, by trapping, poisoning or shooting.

    Since around 2010, a succession of unprotection orders have allowed dingoes to be killed in various parts of Victoria. The unprotection order now being challenged came into effect on October 1 last year and will continue until January 1, 2028.

    Announcing the decision, Victoria’s Environment Minister Steve Dimopoulos says the government was:

    striking the right balance between protecting our vulnerable dingo populations while giving farmers the ability to protect their livestock, and we will regularly engage to ensure settings continue to achieve this balance.

    Dingoes are not ‘wild dogs’

    DNA studies suggest dingoes have been in Australia for between 4,600 and 18,000 years. Often wrongly described as “wild dogs”, they are [actually descended from south Asian wolves](https://environment.desi.qld.gov.au/wildlife/animals/living-with/dingoes#:~:text=The%20dingo—Australia’s%20only%20native,role%20in%20the%20natural%20environment.Sustainable dingo management (and public sympathies either way).

    Adding to the complications, it can be hard to distinguish between a wild dog and a dingo without DNA testing.

    Dingoes were once widespread across Victoria but are now extinct across most of the state, save for two populations in the state’s north and east.

    Conservationists and scientists fear the extended order in eastern Victoria may push dingoes to local extinction

    The experience in north-west Victoria offers a cautionary tale. There, under a dingo unprotection order, the population dropped to as few as 40 individuals. The local dingo population was deemed “critically low and at risk of extinction”, prompting the government to reinstate dingo protections.

    In eastern Victoria, the dingo population is estimated at between 2,640 and 8,800.

    However in September last year, before the unprotection order in eastern Victoria came into effect, Nationals Member for Gippsland, Tim Bull, claimed 1,500 dingoes were already being killed in the region each year by farmers and others.

    If those figures are correct, it suggests extending the unprotection order until 2028 will devastate the dingo population in eastern Victoria.

    A decline in dingo populations is not just a concern for the species itself – it will have knock-on effects.

    Dingoes are apex predators and research shows they are central to how ecosystems function. They can help control introduced predators such as foxes, feral cats and rabbits. This benefits native animals and plants.

    Is the balance right?

    Given the risks to dingo populations and the broader environment, it’s pertinent to ask if the government decision swings too far towards protecting agricultural production.

    One report suggests within Victoria’s 16 “wild dog management zones” in the 2022–23 financial year, there were more than 1.7 million head of livestock. Of these, 1,455 were confirmed killed by dingoes. While understandably of concern to farmers, this nonetheless represents a tiny proportion of total stock numbers.

    The number of sheep killed by dingoes is also only a fraction of the 14.6 million currently farmed in Victoria. Sheep are not at risk of extinction.

    These numbers suggest the government has not struck the right balance between protecting livestock and ensuing dingo populations survive.

    Considering the rights of Traditional Owners

    When weighing up an unprotection order, a minister must consider how it affects the rights of Traditional Owners.

    In 2023, when deliberating over whether to make an unprotection order in eastern Victoria, the Victorian government stated that for Aboriginal people:

    • dingoes are part of their living cultural heritage

    • the loss of a dingo is akin to the loss of a family member

    • the dingo helps maintain connection to Country

    • some have a totemic and kinship relationship with the dingo.

    The government said while the order would limit Aboriginal people’s rights, this was justified when taking other factors into account.

    The court will decide

    Animal protection group Animals Australia has filed proceedings in the Supreme Court of Victoria, challenging the lawfulness and validity of the unprotection order. Court documents are not yet publicly available.

    Australia does not have a single and consistent animal welfare and protection regime. Instead, protections are fractured between the states. That is why the current challenge to dingo culling is limited to Victoria, even though culling takes place in other states. This illustrates the difficulty in using the law to protect animals at a national level.

    This challenge is part of a broader push to redefine the relationship between humans and animals through what’s known as animal law. In recent years, animal advocates have used various aspects of the law to challenge the gassing of pigs before they are slaughtered, and recreational duck shooting.

    The current case is an important test for how the law balances the needs of humans and animals – and in particular, how much harm is deemed “necessary” at law to protect commercial profit and livelihood.

    Danielle Ireland-Piper 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. Dingoes are being culled in Victoria. How much harm to the species is needed to protect commercial profits? – https://theconversation.com/dingoes-are-being-culled-in-victoria-how-much-harm-to-the-species-is-needed-to-protect-commercial-profits-245759

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