NewzIntel.com

Category: Economy

  • MIL-OSI Australia: Interview – ABC Radio Sydney Breakfast

    Source: Australian Ministers for Education

    CRAIG REUCASSEL, HOST: Dr. Anne Aly is the Minister for Early Childhood Education. She joins us now. Morning, Minister.

    MINISTER ANNE ALY: Good morning, Craig.

    REUCASSEL: Do you understand Kirsten’s frustration with the way this pay rise works?

    ALY: I do. I understand that for smaller organisations, smaller early childhood education centres, this can be quite an arduous task, which is why we’ve included $10 million for the sector to help them navigate the process. So, there’s $10 million out there. I heard that Kirsten’s looking at paying $4,500. That’s one option. There are a whole range of other options as well, and I would encourage her and the committee to contact the Department and they can steer them in the right direction of where they can get the assistance for applying for that grant.

    REUCASSEL: So, my understanding is that this is – my understanding is that $4,500 is an industry organisation that’s linked and has been actually directed through the department. Are there free options here or is there always some kind of payment required by – I think this is a small centre of about 40 children, so, you know, it’s not a large one.

    ALY: No, you’re right. But there are other options and I’d encourage them to contact the Department and have a look at some other options. I did just want to address the issue of it being a grant. Grants are a very normal way for the government to distribute funding. This is a $3.6 billion investment into the sector and the reason that it was done as a grant is to ensure that accountability, to ensure that the money goes into the pockets of that critical early childhood education workforce sector and that it is done efficiently and with accountability and with transparency.

    REUCASSEL: Yeah, I understand the efficiency and making it transparent and making sure that we’re aware it’s going to the right people is very important. But as you say a big part of it was getting into the pockets of the early childhood educators. What proportion of early childhood educators have received this grant at this date?

    ALY: So, right now, at this date, over 50 per cent of services have applied. Now that’s 50 per cent of services have applied in two months. I think that’s pretty good tracking when you look at it in that way. There are around 31,000 – we estimate around 31,000 workers have received that pay rise.

    REUCASSEL: Okay. Now in terms of this, if Kirsten’s organisation is slow at getting this done, you know, because they’re a small, you know, community run, not-for-profit, just say they get it in six months’ time. Do the workers get paid back for that six-month time? Is there retrospective?

    ALY: Absolutely, absolutely. You know, recognising that for some smaller organisations that perhaps don’t have agreements in place, that is why we backdated the grant. So, they’ve got right up until the end of this financial year to apply. And if they apply before the end of this financial year, every single worker that they have at their centre will get their pay backdated to December 1st of last year.

    REUCASSEL: Kirsten’s other frustration with this was she said, here’s the kicker, it’s going to end in two years. Are we going to see child care workers at the end of two years basically getting a 10 to 15 per cent pay cut?

    ALY: Well, let me tell you why we did it in this way, Craig, because there is a rationale to it. Okay. So, one of the first things that we did in government was we introduced legislation. Tony Burke, the relevant Minister, introduced legislation to the Fair Work Commission that enabled them to undertake what’s called gender under evaluation decisions. Right now, with the Fair Work Commission, there is a gender under evaluation process in place that will determine what is a fair and just increase to the award wage of early childhood educators. That process is going to take two years, which means that it will be sometime in the middle of next year. We recognise that there is a workforce crisis, that families and children and parents are missing out of early childhood education and care because of worker retention. That is why this grant is called a worker retention grant. So, we decided we would fund a wage increase for two years through a grant process, which is a normal way of getting government money out, until the Fair Work Commission can make this determination with its gender under evaluation case.

    REUCASSEL: Ok, so I understand. So, you’re hoping that the Fair Work’s gender under evaluation survey comes in place before the end of this two years, and therefore the wages are increased so that there’s not a sudden drop there. Do you think you were clear enough when you were setting this out at the beginning, because one of Kirsten’s complaints, and to be honest, maybe this is a criticism of the media, not necessarily of the government, was that they had no idea. This wasn’t how it was presented. It was presented, hey, there’s this pay rise coming for child care workers, you know, as if it’s just going to appear in their pay. And it didn’t necessarily suggest the problems. I mean, I look at the press release that was put out by yourself and the Honourable Jason Clare when this came out. It talked about this being phased in over two years. It didn’t necessarily say it was ending in two years. I must admit it didn’t give the impression of what was behind this.

    ALY: Well, you know, to be honest, I can’t control how the media reports the announcements that we make. I know –

    REUCASSEL: No, but as I said, I’m talking about your press release. Your press release also was fairly misleading.

    ALY: There are a couple of -there are quite a few press releases out there as well as information on the Department website. I know that in every media interview that I’ve done, I’ve explained that it’s a two-year grant, that every interview that Jason Clare has done, he’s explained that it’s a two year grant and every statement that the Prime Minister has made has explained that it is a two year grant. It is called a worker retention payment for a reason, because it is specifically to retain that critical workforce with the understanding that there is a current case before the Fair Work Commission that will take two years to work through.

    REUCASSEL: Yesterday when we discussed this, Georgie Dent from the Parenthood called in and said that it has been successful in actually retaining workers or getting workers. Has it kept workers in the early childhood sector? Has it overcome the kind of shortage there?

    ALY: Well, as Georgie said, there’s been a 22 per cent drop in job vacancies in the early childhood education care sector. Now, in the time that I’ve been the Minister for Early Childhood Education and Care, every single centre that I went and visited had vacancies. To see a 22 per cent drop in vacancies since the announcement of the wage increase is pretty phenomenal. So, it is doing what it was intended to do.

    REUCASSEL: Thank you for speaking to us, Minister. I think I understand it more. We’ll see whether it’s calmed Kirsten down, despite the amount of paperwork that has to be done at this point. But thanks for at least explaining it. And I do want to check in maybe at the end of this process. I want to find out how many child care centres have managed to do the application because, you know, we want it to be 100 per cent. This is meant to be getting to all child care workers, not just some.

    ALY: Absolutely. And that’s our intention, that every single worker who does this vital work deserves this pay rise.

    REUCASSEL: Alright. Thanks for speaking to us. Anne Aly is the Federal Minister for Early Childhood Education there. 

    MIL OSI News –

  • MIL-OSI Security: Former Owner of San Diego Surrogacy Consulting Businesses Admits to Stealing Client Funds

    Source: Office of United States Attorneys

    SAN DIEGO – Lillian Arielle Markowitz, former owner of three San Diego-based surrogacy consulting businesses, pleaded guilty in federal court today to fraud charges, admitting that she stole hundreds of thousands of dollars in client funds from escrow accounts set up to pay for surrogacy-related services.

    According to her plea agreement, Markowitz admitted that she owned three businesses — My Donor Cycle, Surrogacy Beyond Borders, and Expecting Surrogacy — through which she marketed herself as a surrogacy consultant to those seeking to realize their dreams of becoming surrogate parents. Beginning around 2018, when Markowitz and her businesses began to experience financial distress, she devised a scheme to steal money from her surrogacy clients by, among other things, submitting fraudulent requests to the escrow company where her clients’ funds were maintained.

    Markowitz admitted to submitting four fraudulent escrow disbursement requests from the escrow accounts of two couples. One included what Markowitz knew to be a forged client signature, and each one resulted in her obtaining a check from the escrow company without the knowledge or consent of her clients.

    In addition, Markowitz admitted that beginning in January 2019 and continuing through May 2021, she defrauded nine additional clients by falsely promising their funds would be deposited into an escrow account and that they would be accessed only to pay for expenses related to their respective surrogacy journey. In fact, Markowitz deposited these clients’ funds into a business checking account and immediately accessed those funds to cover general business expenses, expenses related to other clients’ surrogacy journeys, and her personal expenses. As a condition of her plea, Markowitz has agreed to make restitution of at least $389,142.00 to her former clients.

    “The path to parenthood through surrogacy can be fraught with emotional and financial challenges,” said U.S. Attorney Tara McGrath. “This defendant selfishly exploited vulnerable clients who were striving to fulfill their dream of becoming parents.”

    “Instead of aiding her hopeful clients on their path to parenthood, the defendant took advantage of their vulnerability, betrayed their trust, and stole their money,” said FBI San Diego Special Agent in Charge Stacey Moy. “FBI will continue to investigate these unique fraud schemes to protect the public against those who employ empty promises and prey upon vulnerable individuals.”

    Markowitz is scheduled to be sentenced on April 11, 2025, at 9:30 a.m., by District Judge Todd W. Robinson.

    If you believe that you may be a victim in this case, please contact the FBI San Diego field office at (858) 320-1800.

    This case is being prosecuted by Special Assistant United States Attorney Jeffrey D. Hill and Assistant U.S. Attorney Mark W. Pletcher.

    DEFENDANT                                                           Case Number 24-CR-0904-TWR

    Lillian Arielle Markowitz (aka Lillian Frost)             Age: 40                                   Portland, OR

    SUMMARY OF CHARGES

    Wire Fraud – Title 18, U.S.C., Section 1343

    Maximum penalty: Twenty years in prison and $250,000 fine

    INVESTIGATING AGENCY

    Federal Bureau of Investigation         

    MIL Security OSI –

  • MIL-OSI China: China willing to promote stable economic relations with US

    Source: China State Council Information Office

    China is willing to work with the United States to promote stable, healthy and sustainable economic and trade relations, based on the principles of mutual respect, peaceful coexistence, and win-win cooperation, the Ministry of Commerce said on Thursday.

    “Tariff measures are not conducive to the interests of either China or the United States, nor to the rest of the world,” said He Yadong, the spokesperson for the ministry, during a regular press conference. He made the remarks in response to a question about the possible 10 percent tariff increase imposed by the Trump administration on Chinese imports starting Feb. 1.

    Answering a question about TikTok, He said China has always respected and safeguarded the legitimate rights and interests of enterprises, and opposed actions that violate the basic principles of the market economy and harm the legitimate interests of enterprises.

    “We hope that the United States will listen more to the voices of enterprises and the public, and provide a fair and just business environment for companies from all countries, including Chinese enterprises,” He said.

    China hopes the United States will take more actions conducive to bilateral economic and trade cooperation and the well-being of the people in both countries, He added.

    MIL OSI China News –

  • MIL-OSI USA: Fischer Questions Brooke Rollins at Confirmation Hearing

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer
    Today, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Agriculture Committee, questioned Brooke Rollins at the confirmation hearing on her nomination to be Secretary of Agriculture.
    During the hearing, Senator Fischer asked Rollins about her plans to hold America’s trading partners accountable, the role of the U.S. Department of Agriculture (USDA) in creating new export markets, and the importance of the biofuels market for agricultural producers. Senator Fischer also asked Rollins to commit to working with her to complete the USDA Agricultural Research Service facility at the University of Nebraska-Lincoln’s Innovation Campus.  

    Click the image above to watch a video of Sen. Fischer’s questioning
    Click here to download audio
    Click here to download video
    Senator Fischer questions Brooke Rollins:
    Senator Fischer: Mrs. Rollins, so good to see you. I really, really appreciated you coming to the office last month, and the great discussion that we had. As you know, the agricultural industry is the economic engine of Nebraska. We grow a lot of corn and beans and wheat and sugar beets and livestock. So, we understand the necessity of having that strong economy for our state, that food security, how important it is for our country.  And I look forward to working with you in the future on that. Brooke Rollins:  Thank you. Senator Fischer:  You noted in your testimony that we must demand strong and steady markets for our agricultural bounty. And this is a statement that I hear consistently from our producers as well. One of those really important markets for Nebraska’s agriculture is biofuels. 
    In his day one actions, President Trump emphasized the need for our country to be energy dominant. The President has long recognized that ag producers have a role to play in producing abundant homegrown energy. And he took steps in his executive order declaring a national energy emergency so that we can continue to allow for the sale of E15 year-round. And I’ve long led an effort to make this policy permanent, and I look forward to working with my colleagues to deliver on that part of the President’s agenda.
    We know that there’s going to be a number of other biofuel decisions that will be made in the coming months that will have significant impacts on the biofuel market. I know you’ve heard from a number of my colleagues on this committee about the importance of that. Can you just speak briefly about how you view the importance of biofuel markets for our farmers?Brooke Rollins: I will and Senator, thank you. Loved being in your office and meeting Fred Fisher. And really look forward to hopefully having more conversations in your office and in your home state of Nebraska, which is one of the shining stars of our country. 
    In the last few months, since the announcement was made that I was going to be hopefully, if confirmed, joining this administration and the Cabinet as the head of USDA, I have had multiple conversations with many of you on the committee and outside the committee. Your governor flew to Texas to give me a couple of hours of his time to make sure I understood specifically within your state, but frankly, how this affects so much of the Midwest and in our corn states.
    My commitment is to defend and protect and fight for all of American agriculture. Clearly, in the last administration, this issue was under the National Economic Council, Larry Kudlow, so I didn’t manage it under the Domestic Policy Council. But I was certainly in a lot of the meetings, which there were a lot of meetings. President Trump would tell you in the Oval Office about this. His executive order in the last few days, mentioning biofuels is a part of his all-of-the-above strategy to reclaim energy dominance across the world is important. Senator Fischer: President Trump was very generous with his time in his previous time in the Oval Office. And he’s correct, we had a lot of meetings in the Oval Office.Brooke Rollins: I think he said 27.Senator Fischer: Truly, and he would like to get this issue settled as well. I thought maybe we would in the CR, but we’ll continue to push for that. What we’ve seen over the last four years, and what I’ve heard has been a lot of disappointment from Nebraskans about the lack of any kind of trade agenda from the Biden Administration. 
    In fact, for the first time in decades, we’ve had an agricultural trade deficit. And as you said earlier, it’s projected to hit a record breaking $45 billion. I understand there can be a variety of factors that impact a trade deficit, but I am concerned that part of this stems from there not being really any kind of clear agricultural trade agenda from the last administration.
    We cannot see that happen again. Can you talk about how you would both hold our current trading partners accountable, and the role that you will or that you would want to see USDA play in developing these new export markets?Brooke Rollins: Yes, Senator, and that $45 billion, what’s remarkable about that is 42 percent of that is just in the last year. So, the wheels are falling off, and it is very, very important that the wheels get put back on as soon as possible.
    I think those that know me for a long time—but even Senator, you and I have just gotten to know each other in the recent months—know that I am a relentless cheerleader for whatever it is that I have been called to do. And for this moment in my life, and to me, this moment as Scripture says, I am called to take agriculture, to preserve our rural communities, and take our products to the world and work around the clock to ensure that that sort of trade deficit begins to peel back—and hopefully, by the end of our time here in the next four years, is completely gone. And in fact, we are back in the positive and I believe we can do that.
    I mentioned earlier, I think President Trump is the consummate deal maker. His heart, for rural America and for our farmers and ranchers, I think will hopefully lead the way. I certainly will be right next to him, whispering in his ear as we move forward on this and I think and hope and pray that we can begin to solve this immediately.Senator Fischer: Yes. Great. Another area that I focus on is how precision ag technology can help our farmers and ranchers to achieve better yields and reduce environmental impact, and improve economic returns.
    I’ve had a number of bills on that, and I’m going to be reintroducing and including, hopefully, in the Farm Bill that we work on. Additionally, myself and really the entire Nebraska delegation, along with the University of Nebraska-Lincoln, have been working in a very close partnership with the Agricultural Research Service (ARS) on the National Center for Resilience and Regenerative Precision Agriculture at the University of Nebraska-Lincoln’s Innovation Campus.
    And last May, we broke ground on that facility. And I hope that I can continue to work with you to make sure that we get that facility completed. Can I get your commitment to continue working with me on this facility? Can I get your commitment to come to Nebraska? We had Sonny Perdue out at the ranch and had a great barbecue with neighbors. We can do that and another trip we can get you to Lincoln to see the ARS facility, what we’re doing there.Brooke Rollins: That would be my great honor. Senator Fischer: Great, thank you. Brooke Rollins: Thank you, Senator.

    MIL OSI USA News –

  • MIL-OSI China: China launches 6th batch of Spacesail Constellation satellites

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

    China has just sent a new satellite group into space from the Taiyuan Satellite Launch Center in north China’s Shanxi Province. The satellite group was launched at 1:15 p.m. Beijing Time on January 23 aboard a modified Long March-6 carrier rocket and entered orbit successfully. The group consists of 18 commercial satellites, which is the sixth batch that will constitute the Spacesail Constellation.

    Spacesail is a low-Earth orbit mega-constellation that aims to offer global satellite internet services, supporting sectors such as transportation, new energy, smart cities, smart agriculture, emergency disaster relief and the low-altitude economy. The constellation officially began commercial network construction on August 6, 2024.

    The modified Long March-6 carrier rocket is a new generation of medium-sized launch vehicle that both uses solid and liquid propulsion. The rocket has a carrying capacity of no less than 4.5 tonnes to a sun-synchronous orbit at an altitude of 700 kilometers.

    MIL OSI China News –

  • MIL-OSI New Zealand: WorkSafe New Zealand welcomes new Deputy Chief Executive – Corporate

    Source: Worksafe New Zealand

    WorkSafe New Zealand welcomes Corey Sinclair as its new Deputy Chief Executive – Corporate. Corey started with WorkSafe on Wednesday 22 January.

    As Deputy Chief Executive – Corporate, Corey leads the design and delivery of our commercial investment and people strategies, to help enable WorkSafe to deliver our statement of intent and create a work environment that is consistent with our values.

    “Corey brings many years of senior leadership experience from working in the public service, banking and finance sectors. We are delighted to have him join the leadership team at WorkSafe,” says Chief Executive Sharon Thompson.

    Corey Sinclair, Deputy Chief Executive – Corporate

    Corey also has executive leadership credentials from the Australia and New Zealand School of Government, Accelerate Strategic, and the University of Auckland. 

    Corey joins WorkSafe from a secondment role at the Crown Response Office, where he led in the Crown’s response to the Royal Commission of Inquiry into Historical Abuse in State Care and in the Care of Faith-based Institutions. Prior to that, Corey had senior leadership roles at Inland Revenue, where he transformed services delivered to customers and stakeholders across Aotearoa.

    He is passionate about business transformation, diversity and inclusion, and leadership development. As a proud Kiwi-Samoan leader, Corey strives to serve the public interest and achieve positive outcomes for all New Zealanders.

    Corey says, “I’m excited to join the WorkSafe team. While I’m conscious of the considerable change the organisation and kaimahi have been through, I’m looking forward to supporting the new strategy and plans in place.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: Chairman Capito Votes Yes on Zeldin to be EPA Administrator, Nomination Passes EPW Committee

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    [embedded content]

    To watch Chairman Capito’s opening statement, click here or the image above.

    WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, today voted to advance the nomination of Lee Zeldin to be the administrator of the U.S. Environmental Protection Agency (EPA). Zeldin’s nomination was favorably reported by the EPW Committee with a bipartisan vote of 11-8, and now heads to the full U.S. Senate for consideration.

    Below is the opening statement of Chairman Shelley Moore Capito (R-W.Va.) as delivered.

    “Last week we heard from Congressman Zeldin on his plans for the Agency and his views on the EPA’s role in protecting public health and the environment, and how the Agency’s actions intersect with our economy.

    “Congressman Zeldin, I think, was an excellent witness. He described his intent to take a collaborative approach both as Administrator, and demonstrated also through his work with Congress, and this Committee, and all its members to address the pressing issues of environmental needs that our nation faces in this moment.

    “In particular, I deeply appreciated Congressman Zeldin’s efforts to meet with all members of the Committee prior to his hearing and his commitment to work with all of us to address the issues we have raised that impact our constituents, states, and our country.

    “If he said it once, he said it probably a dozen times that transparency is going to be one of the hallmarks of his service.

    “I believe he is well qualified for the position of Administrator and will be an excellent addition to the President’s Cabinet.

    “His past experience as the Congressman representing New York’s 1st Congressional District gives him a unique understanding of how Congress makes laws, oversees the Executive Branch, and what is expected when it gives a mandate to federal agencies. 

    “As a Representative from a northeastern state and a district with a diverse set of political views, he understands what it means to build consensus to achieve durable results.

    “He also has the necessary experience and integrity as a veteran of the war of terrorism, a Lieutenant Colonel in the Army reserve, an attorney, and a former Congressman to implement the President’s agenda at the Agency pursuant to congressionally provided authority. 

    “Finally, I was very pleased during his testimony to see how he intends to run the Agency in line with the laws that Congress has passed, with the goal of prioritizing EPA’s actions on the core responsibilities of the Agency that are essential to protecting health and our land, air, and water.

    “As we have seen over the past 25 years, the policies of the EPA can have a significant impact on not just the environment, but our economy.

    “The EPA should support policies and set rules that improve the environment while allowing innovators to grow the economy and protecting the pocketbook of American families. I believe that’s a win-win.

    “Unfortunately, too often the EPA has strayed from its mission, instead smothered small businesses and communities, I can speak from experience – my state of West Virginia, with red tape and forced higher costs on our constituents, a lose-lose. 

    “My home state of West Virginia, as I stated, has felt the negative impacts of EPA’s regulatory overreach in [recent] years, devastating portions of the State’s economy and putting my constituents out of work.

    “Congressman Zeldin has shown that he understands the importance of striking the right balance to improve the lives of Americans across the country and to protect the environment, while also uplifting communities and cities across the nation.

    “I urge our colleagues to support Congressman Zeldin’s nomination so we can get the EPA back to the basics of improving the air we breathe, the water we drink, and the land that we use.”

    MIL OSI USA News –

  • MIL-OSI China: Europe gravitates to greater self-reliance as Trump begins new term

    Source: China State Council Information Office

    This photo taken on Dec. 18, 2024 shows a view of the Voelklingen Ironworks in Saarland, Germany. [Photo/Xinhua]

    U.S. President Donald Trump’s first days in the White House have sent ripples of unease through Europe. Accusing the EU of unfair treatment, Trump has vowed to impose tariffs to address trade imbalances.

    In response, French President Emmanuel Macron and German Chancellor Olaf Scholz met in Paris on Wednesday, describing Trump as “a challenge” for Europe while stressing Europe’s strength and unity.

    Trump’s policies are poised to affect not just U.S.-Europe trade relations but also Europe’s territorial integrity, defense priorities and economic outlook.

    “President Trump’s initial statements and executive orders put transatlantic relations under pressure, not only because of their unpredictability, but also because raw power seems to be more important than legality and international cooperation,” said Philippe Monnier, former executive director of the Greater Geneva Berne Area’s Economic Development Agency.

    Bleak economic outlook

    The specter of U.S. tariffs on EU imports threatens to send shockwaves through the European economy. Although many EU countries have taken lessons from Trump’s first term and braced themselves for such scenarios, the potential impact remains significant.

    Yannis Stournaras, governor of the Bank of Greece, warned that the projected eurozone economic growth of 1.1 percent in 2025 could decline by 0.5 percentage point within two years if the United States imposes 10-percent tariffs.

    The effects are expected to be more pronounced in European economies with substantial exports to the United States. Export-oriented countries like Germany are likely to bear the brunt first.

    Germany’s exports to America could decline by 10-15 percent in the long term, potentially reducing its GDP by 0.3 percent, said Moritz Schularick, president of the Kiel Institute for the World Economy. “It might not sound like much, but we’ve barely had any growth beyond that level recently.”

    “Trump isn’t concerned with the interests of the Old Continent. He just wants to squeeze more money out of Europeans,” Francois Heisbourg, special advisor at the International Institute for Strategic Studies, told Austrian newspaper Der Standard.

    Italy, a close U.S. ally notwithstanding, is also expected to face challenges. With its significant trade surplus with the United States and relatively low defense spending, Italy is likely to be targeted by Trump’s tariff policies, according to the Italian Institute for International Political Studies.

    Speaking at the Handelsblatt Energy Summit in Berlin on Tuesday, German Vice Chancellor and Economy Minister Robert Habeck said that while Germany should engage with the new government under Trump with “an outstretched hand… We should not crawl in submission.”

    He warned that Germany is ready with countermeasures should tariffs be imposed. “We do not need to be pushed around.”

    Valdis Dombrovskis, the EU’s economy commissioner, also affirmed the EU’s readiness to respond in “a proportionate way” to any U.S. actions.

    Monnier cautioned that strained transatlantic ties could escalate further.

    Pushback in Europe

    On top of trade, Trump’s decision to withdraw from the Paris Climate Agreement and the World Health Organization (WHO) has deepened rifts with his European counterparts, who remain strong advocates of climate action and global health initiatives.

    Addressing the 54th annual meeting of the World Economic Forum in Davos on Tuesday, European Commission President Ursula von der Leyen said: “The world is not at a single inflection point; it is at multi-inflection points.” She reaffirmed the EU’s commitment to the Paris Climate Agreement and urged countries to “deepen global collaboration more than ever before.”

    In an interview on Tuesday with Bel RTL, a local media outlet, Belgian Foreign Minister Bernard Quintin voiced concerns over Trump’s isolationist tendencies, viewing them as a culmination of a longstanding trend of U.S. unilateralism.

    Critics argue that Trump’s withdrawals allow the United States to evade its financial responsibilities toward global climate protection and public health initiatives.

    “This is certainly not a good sign for international climate protection” if the United States is not included, climate researcher Niklas Hoehne from the NewClimate Institute told Germany’s dpa news agency, saying such moves made global climate achievements “more difficult.”

    An analysis by Climate Action Tracker, a Berlin-based non-profit climate science and policy institute, estimates that the U.S. withdrawal alone could add 0.04 degree Celsius to global warming by the end of the century.

    Europe’s sense of urgency

    Trump’s “America First” agenda has galvanized European leaders to advocate for greater autonomy from Washington.

    In the realm of defense, Macron has called for a reevaluation of Europe’s defense spending. He said on Monday that Europe’s military budgets of billions of euros should not be directed toward purchasing American weapons.

    A report on Europe’s future competitiveness authored by Mario Draghi, former Italian prime minister and former European Central Bank president, revealed that between June 2022 and June 2023, nearly two-thirds of the EU’s defense spending was directed to U.S. companies.

    During a joint press conference with Scholz on Wednesday, Macron stressed the need for Europeans “to play their full part in consolidating a united, strong and sovereign Europe.” France and Germany should ensure that Europe is capable of defending its interests while maintaining transatlantic ties, he said.

    The recent revelation of Trump’s interest in acquiring Greenland, an autonomous territory of Denmark, has further alarmed European nations.

    French Foreign Minister Jean-Noel Barrot has warned of the resurgence of “might makes right” policies, calling on Europe to bolster its strength. Speaking to France Inter radio recently, Barrot noted that Greenland is a “territory of the European Union and of Europe.”

    “It is undoubtedly no way that the European Union would let other nations of the world, whoever they are, attack its sovereign borders,” he said.

    Schularick, the Kiel Institute president, said: “What is certain is that Trump is more interested in deals than in a rules-based global economy. The era of faster globalization, lower tariffs and dispute resolution within the framework of the World Trade Organization is now temporarily over.”

    “Europeans cannot remain passive at the risk of disappearing tomorrow,” Jordan Bardella, president of France’s National Rally party and member of the European Parliament, said at the European Parliament on Tuesday.

    With Trump’s comeback, Europe faces a critical juncture — whether to remain tethered to Washington or chart its own course in the face of renewed challenges.

    “The EU needs to make changes, and this is a good opportunity to get rid of its dependence on Washington and implement its own independent policies by cooperating with other countries in Asia, South America and Africa,” said Croatian political analyst Robert Frank.

    MIL OSI China News –

  • MIL-OSI China: WEF calls for global cooperation

    Source: China State Council Information Office

    This photo taken on Jan. 20, 2025 shows the logo of the World Economic Forum (WEF) in Davos, Switzerland. [Photo/Xinhua]

    Amid unprecedented global uncertainty and rising protectionism, the ongoing World Economic Forum (WEF) annual meeting has emphasized the urgent need for an open, inclusive global economy and strengthened international cooperation to address economic challenges and ensure a sustainable recovery.

    Weak recovery

    The global economy is poised for another year of uncertainty and uneven growth, according to the WEF’s latest Chief Economists Outlook, which was launched ahead of the annual meeting that is themed “Collaboration for the Intelligent Age” this year.

    The outlook said 56 percent of surveyed chief economists expected the global economy to weaken in 2025, compared to only 17 percent anticipating improvement. In addition, key discussions at the annual meeting were dominated by phrases such as “extremely high uncertainty” and “at a crossroads.”

    The International Monetary Fund (IMF) released an update to its global outlook on Jan. 17 projecting the global economic growth at 3.3 percent both in 2025 and 2026. However, the figure is below the average of 3.7 percent during the period from 2000 to 2019.

    Global solution for global problems

    The escalation of geopolitical conflicts and regional instability have brought the level of global cooperation to a low point, according to the Global Cooperation Barometer 2025 report released by the WEF on Jan. 7.

    Speaking at the WEF annual meeting on Tuesday, European Commission President Ursula von der Leyen noted that the world has entered a new era of harsh geostrategic competition. “We will need to work together to avoid a global race to the bottom, because it is in no-one’s interest to break the bonds in the global economy,” she said.

    While acknowledging the current climate of competition and inward-looking tendencies in many countries, WEF President Borge Brende has reiterated that cooperation remains the only way to address the world’s common challenges. “For global problems, you have to find global solutions,” he told Xinhua in an interview.

    The United Nations Secretary-General Antonio Guterres also issued a stark warning about mounting global crises, including the climate crisis and geopolitical divisions. Calling the challenges a “Pandora’s box of troubles,” Guterres urged the international community to prioritize collaboration. “As a global community, we must live up to these responsibilities,” he said, echoing the WEF’s call for unity.

    Free trade, no protectionism

    Protectionism emerged as a focal point of concern at the meeting. The WEF’s Chief Economists Outlook report warned that rising trade barriers and geopolitical conflicts could cause lasting disruptions to trade patterns. Over half of surveyed economists foresee a grim future driven by trade barriers, soaring public debt and uneven recovery.

    The IMF also warned against unilateral measures such as tariffs, non-tariff barriers or subsidies that could hurt trading partners and spur retaliation.

    Brende warned that decoupling would have a significant negative impact on the global economy. The IMF estimates that severe decoupling, combined with high tariffs, could shrink the global economy by as much as 7 percent. He urged all countries to engage in dialogue, address tariff issues constructively, and avoid the pitfalls of decoupling and protectionism.

    The World Trade Organization Director-General Ngozi Okonjo-Iweala also voiced strong opposition to protectionism. “We do not want tariffs. We do not want a tariff war,” she said during the “Finding Growth in Uncertain Times” panel on Tuesday.

    “This will not really benefit anyone, the U.S. and the rest of the world. It’s going to be inflationary in many cases,” she noted, “We still need try to work together to make sure we keep open and predictable markets.”

    In his speech at the WEF annual meeting, German Chancellor Olaf Scholz stressed that Germany would be defending free trade as the basis of prosperity, including in cooperation with other partners.

    MIL OSI China News –

  • MIL-OSI Australia: New Chief Executive for Geoscience Australia

    Source: Ministers for Social Services

    Experienced public servant and chief executive Ms Melissa Harris PSM will take up the role of Chief Executive Officer of Australia’s key government geoscience organisation, Geoscience Australia, in February.

    Previously a senior executive with Land Use Victoria for more than six years, Ms Harris was appointed Chief Executive and Registrar of Titles in 2020. She received a Public Service Medal in 2023 for outstanding public service and transformation of geospatial, planning and land administration in Victoria.

    Acting Minister for Resources the Hon Amanda Rishworth MP noted Ms Harris had more than 30 years of experience leading change and innovation in land administration and planning.

    “In her new role, Ms Harris will oversee the Government’s record $3.4 billion investment through Resourcing Australia’s Prosperity, which will help find those economy-making discoveries that will support future generations of Australians,” Minister Rishworth said.

    “Importantly, she will also drive Australia’s engagement with the United States-led Landsat Next satellite program, building on more than 50 years of collaboration with the United States on Earth observation and data.”

    Minister Rishworth thanked outgoing CEO Dr James Johnson, who joined Geoscience Australia in 2006 after 20 years in the mineral and exploration industries to serve eight years as its CEO.

    “Dr Johnson is a distinguished leader and I thank him for his leadership and dedication to the organisation,” Minister Rishworth said.

    “Dr Johnson’s term as CEO will be remembered for his strong commitment to scientific excellence, his leadership in the application of scientific data for decision makers in government and industry and for building enduring links with stakeholders across the nation and world. I wish him well in his retirement.”
     

    MIL OSI News –

  • MIL-Evening Report: Luxon goes all out for growth in mining and tourism – we should be careful what he wishes for

    Source: The Conversation (Au and NZ) – By Glenn Banks, Professor of Geography, School of People, Environment and Planning, Te Kunenga ki Pūrehuroa – Massey University

    Getty Images

    Prime Minister Christopher Luxon’s state-of-the-nation address yesterday focused on growth above all else. We shouldn’t rush to judgement, but at least one prominent financial commentator has concluded the maths behind the goals “just doesn’t add up”.

    Luxon specified mining and tourism among a number of sectors where the government was anticipating and facilitating growth. Having researched these sectors across the Pacific and Aotearoa New Zealand for more than 30 years, we would echo a cautionary approach.

    There is certainly scope for more activity in both sectors. But there also needs to be a dose of realism about what they can deliver, and recognition of the significant risks associated with focusing solely on growth.

    NZ is not Australia

    Luxon wants to see mining “play a much bigger role in the New Zealand economy”, comparing the local sector with the “much higher incomes” generated in places such as Australia. If we wanted these, he suggested, we need to be aware it is “mining that pays” them.

    But it is simplistic to compare domestic mining’s potential to the industry in Australia, which exports more than 400 times as much mineral wealth as New Zealand.

    In addition, mineral wealth does not necessarily translate into significant increases in local or even national wealth. This is especially relevant when the local sector is dependent on foreign investment, high levels of imports and offshore expertise for construction and operations, highly volatile commodity prices and generous taxation regimes.

    Luxon cited Taranaki and the West Coast as potential areas where mining could deliver “higher incomes, support for local business and families, and more investment in local infrastructure”.

    This echoes Regional Development Minister Shane Jones’ linking of mining and regional development. But it flies in the face of historical trends and empirical evidence.

    The West Coast has seen the longest continuous presence of large- and small-scale gold and coal mining (for well over a century). And yet the region consistently scores among the worst for socioeconomic deprivation. Mining itself does not create regional development.

    The ‘critical minerals’ cloak

    The prime minister also gave a nod to the minerals “critical for our climate transition”.

    While it’s true that “EVs, solar panels and data centres aren’t made out of thin air”, they are also not made in any significant way with the minerals we currently or might potentially mine (aside from some antimony, possibly).

    The “critical minerals” argument risks being a cloak for justifying more mining of coal and gold.

    So, even leaving aside the very real (though unacknowledged by Luxon) environmental risks, mining will not be the panacea the government suggests, and certainly not in the short term.

    New Zealand does need mining, of course. Aggregates for roads and construction are the most obvious “critical mineral”. But the country also deserves a 21st-century sector that is environmentally responsible and transparent, and which generates real returns for communities and the national economy.

    The tourist trap

    Echoing Finance Minister Nicola Willis’ speech earlier in the week, Luxon also said “tourism has a massive role to play in our growth story”.

    Willis said, “We want all tourists.” But this broad focus on high-volume tourism goes against international best practice in tourism development.

    The negative impacts of a high-growth tourism model have been well documented in New Zealand. The Parliamentary Commissioner for the Environment’s 2019 report – titled “Pristine, popular … imperilled?” – warned of the environmental damage that would be caused by pursuing this approach.

    Mayors and tourism industry officials have responded to the Willis and Luxon speeches this week by expressing concern that boosting tourism numbers will only work if there is more government funding.

    This is needed to manage growth and provide infrastructure, particularly in areas with low numbers of ratepayers. The need stretches from providing public toilets for busloads of tourists flowing through MacKenzie District, to maintaining popular tracks such as the West Coast Wilderness Trail.

    A 2024 report from Tourism New Zealand showed 68% of residents experienced negative impacts from tourism, including increased traffic congestion and rubbish.

    Further expansion could see tourism losing its social licence – a dire outcome when international tourists particularly value the “warm and welcoming” nature of locals.

    High value vs high volume

    Luxon and Willis point to major employment wins from tourism growth. But tourism is notorious for creating low-income, insecure jobs. This is not the basis for strong and sustainable economic development.

    While we agree with Luxon that our tourism industry is “world class”, we risk seriously damaging that reputation if we compromise the quality of experience for visitors.

    Post-COVID, there have been significant efforts by the tourism industry to support and implement a regenerative approach. This aligns with a high-value – or “high values” – approach, rather than being fixated on high volume.

    We are not arguing against mining or tourism per se. Rather, we are sounding a caution: they are sectors that need careful assessment and regulation, and reputable operators, to deliver sustainable and equitable growth, regionally and nationally.

    Simply generating profits for foreign investors and leaving local communities to deal with the costs cannot be a sustainable model.

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

    – ref. Luxon goes all out for growth in mining and tourism – we should be careful what he wishes for – https://theconversation.com/luxon-goes-all-out-for-growth-in-mining-and-tourism-we-should-be-careful-what-he-wishes-for-248131

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Lummis Celebrates Trump’s Historic Digital Asset Executive Order

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis

    January 23, 2025

    Washington, D.C.— U.S. Senator Cynthia Lummis (R-WY) released the following statement in response to President Trump’s historic digital asset executive order.
    “President Trump has promised to make this administration the most pro-digital asset in U.S. history, and within these first days, he is already fulfilling that promise with this executive order,” said Lummis. “Under President Trump’s leadership, the United States will be the global leader in financial innovation and digital asset advancement. I look forward to working with President Trump and my colleagues to pass bipartisan bitcoin and digital asset legislation in the coming months, and ensuring regulatory overreach like SAB 121, Operation Chokepoint 2.0 and lawsuits against digital asset companies are resolved.”

    MIL OSI USA News –

  • MIL-OSI USA: 01.23.2025 Sen. Cruz Introduces MEDAL Act to Decrease Financial Burden on Medal of Honor Recipients

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) today introduced the Monetary Enhancement for Distinguished Active Legends (MEDAL) Act. The legislation increases the monthly pension for living Medal of Honor recipients to $100,000 annually. The Medal of Honor is the highest military decoration bestowed by the United States. There are only 61 living Medal of Honor recipients.
    Upon introduction, Sen. Cruz said, “Our Medal of Honor recipients are heroes who embody the highest ideals of courage, sacrifice, and selflessness. They continue to serve our nation by sharing their stories, inspiring generations, and encouraging the next wave of America’s heroes. Yet, they often lack the resources for these activities. The MEDAL Act addresses those shortfalls. Congress should act swiftly to advance and pass this badly needed fix.”
    Sen. Cruz was joined by Sen. Tom Cotton (R-Ark.) in introducing the legislation.
    Reps. Troy Nehls (R-Texas-22) and Chris Pappas (D-N.H.-01) introduced the companion legislation in the House of Representatives.
    Read the MEDAL Act here.
    BACKGROUND
    Medal of Honor recipients are often neither formerly nor medically retired from the United States Military, and cannot be compensated for the financial burdens of public engagements. In these engagements, they share stories of their heroism, which directly and significantly influence military recruiting and retention, as well as more broadly enhancing American life and public memory. Increasing the monthly pensions for living Medal of Honor recipients is essential to reducing the financial burden on their families.

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen, Hassan Join Senate Colleagues Urging Republican Leadership to Pursue Bipartisan Solutions on Border and Immigration

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – This week, U.S. Senators Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) joined 11 of their Senate colleagues, led by U.S. Senator Mark Kelly (D-AZ) in sending a letter to Republican Senate Majority Leader John Thune stressing the importance of working together on pressing border security and immigration needs. Along with Shaheen, Hassan and Kelly, U.S. Senators Gary Peters (D-MI), Ruben Gallego (D-AZ), Angus King (I-ME), Raphael Warnock (D-GA), John Hickenlooper (D-CO), Mark Warner (D-VA), Catherine Cortez Masto (D-NV), Jacky Rosen (D-NV), Elissa Slotkin (D-MI) and Chris Coons (D-DE) signed this letter.

    In part, the Senators wrote: “As we have shown, Democrats and Republicans can work together on real bipartisan solutions. We can solve big challenges when we work together, and there is much work to do to improve border security, protect Dreamers and farmworkers, and fix our immigration system to better reflect the needs of our country and our modern economy.”

    In the letter, the lawmakers stress that bipartisan cooperation is necessary to craft and advance meaningful and long-lasting solutions.

    They continued, “We understand that Senate Republicans have discussed using the budget reconciliation process to advance border security budget measures without any Democratic input. While that’s your right, in working together on a bipartisan basis, we can achieve the best outcome for the American people. There are also limitations to what can be done under budget reconciliation, and as we’ve seen time and time again, no party has all the solutions on this or any issue.”

    At the conclusion of the letter, the Democratic senators emphasize their willingness to work with their Republican counterparts on legislation that can pass the Senate: “We remain ready to work with you in good faith to craft legislation that can achieve bipartisan support and 60 votes in the Senate. While there will be challenges, addressing the pressing needs of our nations’ borders and finding bipartisan solutions to our outdated immigration system are too important to ignore in the 119th Congress.” 

    Click here to read the full letter.

    Last year, Shaheen and Hassan twice voted in favor of the bipartisan border security agreement – which would have supplied the border with critical resources that are necessary to increase security, stop the flow of illicit drugs and better protect all Americans – negotiated by Senate Republicans and Democrats. This week, Shaheen and Hassan voted to pass the bipartisan Laken Riley Act and called for comprehensive reform.  

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: United Nations Sanctions (Yemen) Regulation 2019 (Amendment) Regulation 2025 gazetted

    Source: Hong Kong Government special administrative region

    United Nations Sanctions (Yemen) Regulation 2019 (Amendment) Regulation 2025 gazetted
    United Nations Sanctions (Yemen) Regulation 2019 (Amendment) Regulation 2025 gazetted
    *************************************************************************************

         ​The Government today (January 24) gazetted the United Nations Sanctions (Yemen) Regulation 2019 (Amendment) Regulation 2025 (the Amendment Regulation), which came into operation today.      ​”The Amendment Regulation amends the United Nations Sanctions (Yemen) Regulation 2019 to give effect to certain decisions relating to sanctions in the United Nations Security Council (UNSC) Resolution 2758 in respect of Yemen,” a Government spokesman said.      The amendments renew the financial sanctions and travel ban.      The Hong Kong Special Administrative Region Government has all along been implementing fully the sanctions imposed by the UNSC. The Amendment Regulation aims to give effect to the instructions by the Ministry of Foreign Affairs for fulfilling the international obligations of the People’s Republic of China as a Member State of the United Nations.

     
    Ends/Friday, January 24, 2025Issued at HKT 11:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Toronto ETO celebrates Year of Snake at joint reception with HKTB (with photos)

    Source: Hong Kong Government special administrative region

         â€‹The Hong Kong Economic and Trade Office (Toronto) (Toronto ETO) welcomed over 120 guests and friends to celebrate the Year of the Snake together at a spring reception jointly hosted with the Hong Kong Tourism Board (Canada) (HKTB) on January 23 (Toronto time) in Toronto. Business, cultural, academia and community partners came together and learned about the latest developments of Hong Kong on its economic and cultural fronts.

         In her welcoming speech at the reception, the Director of the Toronto ETO, Ms Emily Mo, said that Hong Kong achieved a series of encouraging results in 2024.

         “We shone brightly on the world stage,” she said. “Hong Kong is recognised as the world’s freest economy and the third-largest international financial centre. It has risen two places to fifth in world competitiveness, and re-entered the top 10 for talent competitiveness. The city continues to maintain the world’s top position in investment environment, international trade, business legislation, and air freight volume.”

         The International Monetary Fund Executive Board just published a Staff Report today acknowledging Hong Kong’s economic recovery and resilient financial system. The Report recognised that Hong Kong’s economy is on a path of gradual recovery, reaffirmed Hong Kong’s status and function as an international financial centre and recognised that Hong Kong’s financial system remains resilient, supported by robust institutional frameworks, ample room for policy buffers, and the smooth functioning of the Linked Exchange Rate System.

         Looking ahead to the Year of the Snake, Ms Mo added that Hong Kong will better leverage its unique advantages under the “one country, two systems” arrangement. The city will continue to be a “super-connector” and “super value-adder,” bridging traditional and emerging markets and creating opportunities for global investors, including Canadian businesses. 

         At the reception, the Senior Manager of Marketing and Public Relations of the HKTB, Mr Jorge Lee, shared with participants the HKTB’s achievements in 2024 and tourism publicity initiatives in 2025.

         “In 2024, Hong Kong welcomed almost 45 million travellers, with 1.2 million visitors from North America. For our Canada market, over 320,000 Canadians visited Hong Kong last year, reflecting an impressive year-on-year growth rate of nearly 50 per cent. We introduced unique offerings centred around iconic events with our trade partners, bringing Canadians closer to Hong Kong’s vibrant culture. To our trade partners, we extend our deepest gratitude to and appreciation for their continued collaboration.

         “In the coming years, visitors to Hong Kong can expect a vibrant and evolving destination that seamlessly blends its ‘East-meets-West’ cultural identity with sustainable tourism initiatives. Hong Kong will continue to showcase distinctive experiences by integrating culture, art, sports, nature, and mega events, appealing to diverse interests.”

         This year, the Toronto ETO invited internationally renowned Hong Kong sand artist Hoi Chiu to showcase his skills at the spring reception. Through sand and his exquisite technique, the artist told the traditional story of the Lunar New Year. His performance was a perfect fusion of skill, art, and storytelling, drawing the audience into an engaging narrative world.

         In closing, Ms Mo invited the guests to visit Hong Kong to experience its unique East-meets-West culture and seize the tremendous opportunities presented by Asia’s world city.

         The Toronto ETO and the HKTB will jointly host a spring reception in Vancouver on January 28, celebrating the Lunar New Year with local guests and friends.            

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Money Market Operations as on January 23, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,43,213.23 6.56 5.00-6.95
         I. Call Money 10,718.40 6.57 5.10-6.70
         II. Triparty Repo 3,81,865.60 6.54 6.22-6.64
         III. Market Repo 1,49,466.53 6.61 5.00-6.85
         IV. Repo in Corporate Bond 1,162.70 6.91 6.90-6.95
    B. Term Segment      
         I. Notice Money** 146.40 6.41 5.95-6.75
         II. Term Money@@ 624.00 – 6.50-7.50
         III. Triparty Repo 750.00 6.56 6.55-6.60
         IV. Market Repo 3,048.63 6.62 6.60-6.80
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Thu, 23/01/2025 1 Fri, 24/01/2025 1,25,015.00 6.52
      Thu, 23/01/2025 1 Fri, 24/01/2025 20,668.00 6.51
         (b) Reverse Repo          
    3. MSF# Thu, 23/01/2025 1 Fri, 24/01/2025 2,831.00 6.75
    4. SDFΔ# Thu, 23/01/2025 1 Fri, 24/01/2025 67,458.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       81,056.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 10/01/2025 14 Fri, 24/01/2025 2,25,006.00 6.51
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,556.48  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     2,34,562.48  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     3,15,618.48  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on January 23, 2025 8,92,467.19  
         (ii) Average daily cash reserve requirement for the fortnight ending January 24, 2025 9,10,251.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ January 23, 2025 1,45,683.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on December 27, 2024 64,350.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1990

    MIL OSI Economics –

  • MIL-OSI USA: Cramer, Tenney Reintroduce Bicameral Legislation Allowing Pregnant Mothers to Receive Child Support

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    ***Click here for audio.***
    WASHINGTON, D.C. – Pro-life members of Congress like U.S. Senator Kevin Cramer (R-ND) have long recognized the importance of providing additional support for pregnant mothers. In recent sessions of Congress, Cramer has co-sponsored legislation to expand child support payments for expectant mothers, implement tax credits, and create a clearinghouse for pregnancy and post-partum resources.
    In honor of the annual March for Life in Washington, Cramer and U.S. Representative Claudia Tenney (R-NY-24) reintroduced the Unborn Child Support Act in support of mothers-to-be and their children. Cramer is a co-chair of the Congressional Coalition on Adoption and received an A+ rating from Susan B. Anthony List for voting “consistently to defend the lives of the unborn and infants.”
    The Unborn Child Support Act allows pregnant women to receive child support payments. It recognizes the needs of mothers and allows them to opt-in to receive prenatal payments, should they choose to pursue them via the court system. Specifically, the judges would be required to consult with mothers on payment plans and give mothers discretion as to whether or not child support payments will be awarded retroactively. The bill also directs all paternity tests be at the discretion of the mother and not be conducted if the test puts the child at risk.
    “I believe life begins at conception and therefore, our duty to care for mothers also begins at conception,” said Cramer. “What our bill does, is empowers moms to simply seek prenatal child support and rightly puts the financial obligation on fathers to help provide for their unborn children. We should encourage motherhood and fully support them along the way.”
    “By enabling child support to begin at conception, we empower mothers with financial assistance while respecting their freedom to make the best choices for themselves and their unborn children,” said Tenney. “The Unborn Child Support Act emphasizes the value of life from the very beginning of pregnancy and provides vital support to mothers. If a mother chooses to seek prenatal child support, we must ensure she and her unborn child receive the resources and assistance they deserve.”
    Additional cosponsors of the legislation include U.S. Senators Jim Banks (R-IN), Marsha Blackburn (R-TN), Katie Boyd Britt (R-AL), Steve Daines (R-MT), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), James Lankford (R-OK), Roger Marshall (R-KS), and Roger Wicker (R-MS).
    The Unborn Child Support Act is endorsed by several organizations, including Concerned Women for America, March for Life Action, Susan B. Anthony (SBA) Pro-Life America, Students for Life Action, the Ethics & Religious Liberty Commission (ERLC), CatholicVote, Family Policy Alliance, Family Research Council, Americans United for Life, National Right to Life, Christians Engaged, and National Association of Pro-Life Nurses.
    Click here for bill text.

    MIL OSI USA News –

  • MIL-OSI Economics: [Galaxy Unpacked 2025] Highlights From Galaxy Unpacked: A New Era of AI Integration

    Source: Samsung

    Galaxy Unpacked 2025 in San Jose, California, set the stage for the next wave of AI-powered experiences with Galaxy AI.
     
    On January 22, Samsung Electronics announced the release of the Galaxy S25 series, featuring significant hardware upgrades and ushering in a new era of AI-driven innovation. These advancements empower users to unlock new realms of creativity, forge deeper connections and streamline everyday tasks like never before.
     
    The Galaxy S25 series transcends the concept of a smartphone to become a platform for AI integration, with Galaxy AI set to redefine everyday experiences through personalized, meaningful and human-like interactions.
     

     
    ▲ TM Roh, President and Head of the MX Business at Samsung Electronics, delivers his keynote address at Galaxy Unpacked 2025.
     
    “The Galaxy S25 series has set a new standard of mobile AI innovation though an AI OS we built from the ground up,” said TM Roh, President and Head of the Mobile eXperience Business at Samsung Electronics, during his keynote address. “Thanks to One UI 7 and its integrated AI agents, users can effortlessly enjoy a more personalized, intuitive and natural mobile experience than ever before.”
     
    Samsung Newsroom explored how the Galaxy S25 series is setting new standards with intuitive solutions that reshape the way people interact with technology.
     

    New Ways To Get Things Done: AI That Learns, Adapts and Delivers
    At the heart of the Galaxy S25 series is the evolution of its AI capabilities, powered by the next-generation One UI 7 operating system. This upgrade introduces advanced features designed to make tasks easy and intuitive. For example, the newly introduced Now Brief learns user routines and delivers customized information like exercise updates, translations, music and more, directly to the lock screen, eliminating the need to toggle between multiple apps.
     
    ▲ Drew Blackard, VP of Product Management at Samsung Electronics America, introduces the audience to the Galaxy S25 series’ many advanced Galaxy AI features.
     
    Another game-changing feature is AI Select, introduced for the first time on the Galaxy S25 series. Accessible through the Edge Panel, AI Select functions as a personal AI assistant, capable of summarizing lengthy articles in seconds or aiding in creative tasks like generating colorful images with Drawing Assist.
     
    With One UI 7, the Galaxy S25 series’ built-in multimodal AI recognizes natural language, images and text, enabling users to interact naturally and achieve more with minimal effort. This means its intelligent features can be triggered by simple voice commands. For instance, saying “My eyes are tired” prompts the Galaxy S25 series to activate the blue light filter, while “Find a photo of Max from last winter in a red coat, eating cake” searches the Gallery app to locate the desired image.
     

     
    ▲ Gallery Search (top) and the music recognition capability added to Circle to Search (bottom)
     
    Circle to Search has also been enhanced to identify music playing on-screen without needing to open a separate app.
     
    While watching YouTube videos, users can also issue voice commands like “List the place mentioned in this video and save it as a Note,” and Galaxy AI, powered by Google’s Gemini, seamlessly saves the location directly to Samsung Notes.
     
    ▲ Sissi Hsiao, VP at Google and GM for Gemini Experiences, discusses the collaboration between Samsung Electronics and Google.
     
    The Galaxy S25 series features a Personal Data Engine, developed in partnership with Oxford Semantic Technologies, which contextually understands user preferences and routines while safeguarding data. What’s more, the Galaxy S25 series adopts C2PA (Coalition for Content Provenance and Authenticity) standards, reinforcing transparency and trust and ensuring privacy remains a top priority in this AI-driven digital era.
     
    ▲ Jay Kim, EVP and Head of Customer Experience Office at Mobile eXperience Business, Samsung Electronics, explains the evolution of One UI into an integrated AI platform.
     
    Samsung continues to advance Galaxy AI through strategic partnerships with third-party app developers and AI solution providers, cementing its position at the forefront of secure AI innovation.
     
     
    New Ways To Play: Power, Performance and Visual Excellence
    The Galaxy S25 series is powered by the Snapdragon® 8 Elite for Galaxy processor (AP), delivering a significant leap in speed and efficiency. With 40% improved NPU performance, 37% enhanced GPU performance and 30% upgraded GPU performance compared to its predecessor, this processor drives the series’ advanced AI capabilities.
     
    ▲ Kareen Stephens, Senior Marketing Manager at Samsung Electronics America, explains how powerful the performance of Galaxy S25 series’ mobile AP is
     
    Designed with gamers in mind, the Galaxy S25 series opens up new possibilities for mobile gaming. ProScaler, a display feature that utilizes AI-powered algorithmic processing, reduces noise and enhances the clarity of on-screen visuals, enabling smoother, more immersive gameplay. Along with Vulkan and game engine optimizations, the series offers a 40% boost in Ray Tracing performance, raising the bar for mobile gaming visuals.
     
    Heat dissipation is another standout capability, with a vapor chamber roughly 40% larger than before.1 This advancement ensures more efficient heat management, even during intense gaming sessions.
     
    Additionally, the Galaxy S25 series offers longer battery life and faster charging. Wireless charging speeds have increased to 25W (up from 15W), and the charging time for the 5000mAh battery has been halved — from two hours to just one.
     
    The Galaxy S25 Ultra boasts premium durability with a new glass-ceramic cover and a more robust display equipped with Corning® Gorilla® Armor 2.
     
    ▲ Spectators listen attentively to the speakers’ presentations during Galaxy Unpacked 2025
     

    New Ways To Create: Unlocking New Camera Possibilities With AI
    The Galaxy S25 series revolutionizes mobile photography with an upgraded ProVisual Engine that delivers unprecedented AI camera capabilities. AI learning has evolved to capture intricate details, from hair texture to the sparkle in one’s eyes, adding life-like vibrancy to every shot.
     
    ▲ Rachel Roberts, Senior Manager of Smartphone Product Management at Samsung Electronics America, discusses the ProVisual Engine and the Galaxy S25 series’ elite camera performance
     
    With improved AP performance, the series takes Nightography to new heights, creating clearer night photos. The Galaxy S25 Ultra also features the series’ first 50MP ultra-wide-angle camera, offering an expansive field of view for capturing stunning landscapes and group shots.
     
    Video creation is equally innovative with enhanced AI-powered video editing tools. The Audio Eraser feature, for example, eliminates distracting sounds from videos so users can capture special moments to perfection.
     

    New Ways To Stay Healthy: AI for Smarter Health Management
    Samsung Health leverages AI to track and analyze key health metrics, including sleep, heart health, diet and exercise, providing a comprehensive approach to well-being. Using these health measurements, it offers tailored insights to guide users to the best versions of themselves.
     
    ▲ Praveen Raja, VP and Head of Digital Health at Samsung Research America, highlights how Samsung Health has evolved into a personalized health management platform
     
    Moving forward, Samsung Health envisions providing users with end-to-end health solutions, enabling them to manage their health from the comfort of their home.
     
    Beyond physical health, Samsung Health also plans to support mental well-being with tools for stress and mental health management, and ultimately evolve into a holistic solution for both the body and mind.
     

    New Ways To Manage Homes: The Future of Smart Ecosystems
    Galaxy AI and SmartThings enhance home management through a connected smart ecosystem, driven by AI-powered automation and personalization. SmartThings and Bixby align home environments with daily routines, leveraging voice commands and wearable data to optimize convenience and deliver a personalized smart home experience.
     
    ▲ A demonstration of how Galaxy AI and SmartThings have come together to provide a seamlessly connected home management solution
     
    Advanced AI features from Galaxy AI and SmartThings extend home management to include the well-being of family members and pets. For example, these tools allow users to monitor their pets remotely while away and even keep them company by turning the TV on for them. Preparations for pet healthcare services, such as connecting users to pre-veterinarian consultation services, are underway as well.
     
    As one of the initial members of the Connectivity Standards Alliance, Samsung has partnered with the Alliance to support, develop and promote Matter, the connectivity standard for smart home and IoT devices, designed to ensure interoperability, accessibility and security across the smart home ecosystem.
     

    New Efforts for Sustainability: Embracing a More Circular Approach to the Latest Galaxy Smartphones
    Samsung continues to prioritize sustainability with initiatives aimed at reducing environmental impact. The company aims to incorporate at least one recycled material in every module of every mobile product by 2030.2
     
    In addition, Galaxy S25 will be the first Galaxy smartphone to include recycled cobalt sourced from the batteries of previously used Galaxy devices through the Circular Battery Supply Chain with each Galaxy S25 battery featuring a minimum of 50% recycled cobalt.3 These efforts reflect Samsung’s broader goal of exploring how technology can do more for people and the planet, creating a balance between innovation and environmental responsibility.
     
    ▲ Cassie Smith, Senior Manager of Corporate Sustainability at Samsung Electronics America, highlights Samsung’s circular economy efforts
     
    Galaxy Unpacked 2025 came to an end with a teaser video offering a sneak peek of the slimmer but nonetheless powerful Galaxy S25 Edge, heightening the crowd’s expectations of what new innovations Samsung holds in store ahead.
     
    Watch the full replay of this January’s Galaxy Unpacked 2025 showcase in the video below. Stay tuned to Samsung Newsroom for complete coverage of the event and an in-depth look at how the Galaxy S25 series and Galaxy AI are shaping the future of mobile innovation.

     
    1 Based on Galaxy S25 Ultra model2During Samsung Galaxy Unpacked January 2024, we announced that we will incorporate at least one recycled material in every module of every mobile product by 2030. Samsung defines a module of a smartphone as the Antenna, Battery, Camera, Display, Mechanical Components, Motor, PBA/FPCB, Speaker, Wireless Charger Module and Packaging.3 A minimum of 25% of the Galaxy S25 battery is cobalt by weight, 50% of which is recycled cobalt.

    MIL OSI Economics –

  • MIL-OSI Economics: skainetsystems.com: BaFin investigates the company Cermak LLC

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Cermak LLC and the services it is offering. BaFin has information that the company is offering banking business and/or financial services on its website skainetsystems.com without the required authorisation. The company is not supervised by BaFin.

    Banking business and financial services may only be offered in Germany with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.

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

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI: Nokia Deepfield to provide London Internet Exchange members with advanced DDoS protection

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Nokia Deepfield to provide London Internet Exchange members with advanced DDoS protection

    • The London Internet Exchange (LINX) becomes the first UK-based internet exchange point (IXP) to offer advanced DDoS protection with high performance and scale, ensuring minimal impact on member connectivity and services.
    • Nokia Deepfield Defender provides crucial service when network operators can experience more than 100 DDoS attacks in a day.
    • Nokia 2024 report found DDoS traffic continues to grow at a higher rate than any other type of network traffic, increasing 166% between June 2023 and June 2024.

    27 January 2025
    Espoo, Finland – Nokia has been selected by global Internet Exchange Point, the London Internet Exchange (LINX), to deliver advanced network protection capabilities against the latest and future generations of DDoS threats and attacks. With Nokia Deepfield DDoS security, LINX becomes the first UK-based IXP to offer advanced DDoS protection with trusted performance, scale and mitigation granularity, ensuring minimal impact on member connectivity and services.

    DDoS is malicious traffic that aims to deny access, degrade services or stop connectivity for individual users, internet hosts and service provider network infrastructure. The Nokia Threat Intelligence Report, released in October 2024, found that the number and frequency of DDoS attacks have grown from one or two a day to well over 100 per day in many networks, with botnet DDoS continuing to be the primary source of DDoS attacks. To combat sophisticated DDoS attacks, service and cloud providers need a more intelligent, cost-effective, scalable and adaptable defense strategy.

    Deepfield Defender is a software-based DDoS detection and mitigation solution that combines real-time network telemetry with Nokia’s patented Deepfield Secure Genome®, a continuously updated data feed that tracks the security context of the global internet. Using AI-driven, automated DDoS detection by Deepfield Defender and the dynamically configured, high-scale DDoS mitigation performed by 7750 Defender Mitigation System (DMS), attacks are blocked before they can impact LINX’s members or services. Introducing Deepfield Defender will also equip LINX with advanced network security analytics and reporting capabilities.

    Mike Hellers, Head of Product Development at LINX, said: “With Nokia Deepfield, LINX will gain significant cyber security capabilities. We are proud to be the first UK IXP to deliver this next generation of advanced DDoS protection to our members, which, in turn, will be providing essential or critical services to their customers.”

    Paul Alexander, VP and Country General Manager UK&I, Nokia, said: “The past year has accelerated massive and transformative changes to the internet, bringing with it an incredible rise in DDoS attacks – they are more potent, frequent, and sophisticated than ever. With Nokia, LINX will obtain critical DDoS security-related visibility, leveraging Nokia Deepfield’s big data approach and using Deepfield Defender and 7750 DMS to access a more intelligent, cost-effective, scalable and adaptable defence strategy.”

    LINX will initially offer the advanced DDoS service to any network connected to their LON1 interconnection fabric in London.

    Resources and additional information
    Webpage: Nokia Deepfield Defender
    Webpage: Nokia Deepfield Genome
    Webpage: Nokia 7750 Defender Mitigation System
    Webpage: Nokia FP Network Processor Technology
    Webpage: DDoS Security
    Webpage: Nokia Deepfield Global DDoS Threat Alliance (GDTA)
    Webpage: Nokia Threat Intelligence Report 2024

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

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

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

    About The London Internet Exchange (LINX)
    The London Internet Exchange (LINX) is one of the world’s leading Internet Exchange Points (IXPs), enabling networks to interconnect and exchange network traffic efficiently. Founded in 1994, LINX operates a mutually owned membership organisation, providing a neutral and reliable environment for its members to connect, keeping traffic local.

    With robust, state-of-the-art infrastructure spanning multiple locations in the UK, LINX also operate interconnection hubs in the US and Africa, while also powering facilities in the Middle East for strategic partner Center3.

    LINX facilitates high-performance peering services, cloud connect and more for over 850 global networks, including internet service providers (ISPs), content delivery networks (CDNs), gaming, and large enterprise and financial networks. Members benefit from seamless traffic exchange, reduced latency, and cost efficiencies, all while contributing to the growth of an open and collaborative internet ecosystem.

    As a leader in the industry for over 30 years, LINX is committed to innovation, transparency, and maintaining its position as a critical hub for the global internet community.

    www.linx.net

    # # #
    Media inquiries
    Nokia Communications, Corporate
    Email: Press.Services@nokia.com

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

  • MIL-OSI: Municipality Finance issues EUR 1.25 billion benchmark under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    27 January 2025 at 10:00 am (EET)

    Municipality Finance issues EUR 1.25 billion benchmark under its MTN programme

    Municipality Finance Plc issues EUR 1.25 billion benchmark on 28 January 2025. The maturity date of the benchmark is 14 December 2029. The benchmark bear interest at a fixed rate of 2.625% per annum.

    The benchmark is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the benchmark are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the benchmark to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 January 2025.

    Danske Bank A/S, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank and Landesbank Baden-Württemberg acts as the Joint Lead Managers for the issue of the benchmark.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland.
    The Group’s balance sheet totals over EUR 50 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI Economics: Asian Development Blog: How Can Asia Successfully Navigate New US Administration Policies?

    Source: Asia Development Bank

    Rising US tariffs and other policies of the new US presidential administration could create mixed outcomes for Asian economies, emphasizing the importance of building resilience through regional integration and open trade.

    How will new US administration policies affect economies in Asia and the Pacific, and how should they respond? 

    To gain insight into these questions, ADB recently completed two studies based on different global models—one strong on macroeconomics and one strong on trade—to estimate the magnitude of likely effects. 

    The first study examines the impact of the US imposing aggressive policies including 60% tariffs on the People’s Republic of China (PRC) and 10% tariffs on everyone else, reduced US immigration, and expansionary US fiscal policies. 

    The second study focuses only on the impact of tariffs. It assumes 60% tariffs on Chinese imports and examines different tariff scenarios for the rest of the world: 10% versus 20% tariffs, tariffs across the board versus exemptions for countries with free trade agreements with the US, and equal retaliatory tariffs versus no retaliation.   

    What do we learn from these exercises? 

    First, the negative effects on the Chinese economy will be relatively modest even with 60% tariffs. The first study, using a macro model, finds that growth slows by just 0.3% per year during the four years of the new administration, and the trade model predicts much smaller impacts thanks to opportunities to redirect trade to other countries and smaller impacts on global output than in the macro study. The impacts will be even less severe if the US only imposes additional tariffs of 10% as has been recently announced, even though further review of US trade imbalances could lead to more tariff increases later in the year.

    One reason for the modest impacts of high US tariffs is that the importance to the Chinese economy of exports to the US (both direct and indirect) has fallen steadily, now accounting for just 3% of the country’s GDP.

    Evidence from President Trump’s first term shows that the PRC was able to redirect exports to other countries and that the cost of US tariffs was largely borne by US consumers and firms.

    Second,  the effects on other Asian economies will be mixed, with some economies even expected to grow faster thanks to new export opportunities to the US to replace goods previously exported to the US from the PRC.

    Opportunities from trade diversion also were evident during the first trade war between the US and the PRC, benefiting export-competitive economies such as Viet Nam. 

    The recent shift observed in foreign direct investment (FDI) in strategic sectors away from the PRC and toward other Asian economies, especially in Southeast Asia, is likely to be reinforced.   

    Despite these trends, it would be a mistake to assume that US tariffs on the PRC have zero-sum impacts that hurt the PRC and help other Asian economies. This is because in recent years the Chinese economy has become increasingly linked to other economies in the region through trade and investment despite geoeconomic fragmentation globally. 

    Thus,  slower Chinese growth hurts other economies by reducing demand for imports, and reduced Chinese exports to the US hurts economies that supply capital equipment and inputs to Chinese exporters, most notably the high-tech economies in East Asia including the Republic of Korea and Japan. 

    Also, if higher US tariffs on imports from the PRC help other Asian economies to attract more FDI and increase exports to the US, Chinese firms can still share in those benefits by increasing their outbound FDI and increasing exports of intermediate inputs to those economies. Indeed, such patterns of investment and trade have already become evident, especially in Southeast Asia.

    The trade study also finds that economies with trade agreements with the US will benefit if they are exempt from US tariff increases while tariffs are imposed on their competitors without such trade agreements. Most economies in the region lack trade agreements with the US and so would be negatively affected by such a differentiated policy. 

    Finally, economies in the region should be cautious in considering whether to respond to higher US tariffs with tariffs of their own. Higher import tariffs increase the price of imports which can contribute to inflation, make goods more expensive for domestic consumers, and increase the costs of production for producers that rely on imported intermediate inputs. 

     Perhaps of greater importance for Asian economies than tariffs is the impact of the new administration’s policies on US inflation and interest rates.

    All the announced policies—to increase tariffs, reduce immigration, and extend and perhaps increase tax cuts—are likely to be inflationary, which is expected to lead to higher US interest rates for longer periods of time. These expectations are already evident in the shift in the structure of US bond yields since the US election. Despite much progress by many Asian economies to reduce reliance on US-denominated debt, financial conditions in Asia remain quite sensitive to US interest rates and to inflation news when Fed policy is data dependent as it is now. 

    Higher US rates reduce the scope for Asian central banks to lower interest rates and support growth in the region. They increase debt sustainability risks for economies with high debt levels denominated in US dollars. 

    Given higher US interest rates, our macro model predicts that currencies in the region will depreciate relative to the dollar.

    However, we do not expect weaker currencies to lead to higher inflation overall because our macro model finds that the higher interest rates and trade costs associated with US policies will reduce global GDP and demand for commodities, which will lead to lower global energy and food prices.

    In recent years, developing economies in Asia have demonstrated tremendous resilience to large shocks associated with the pandemic, commodity prices, and geoeconomic fragmentation.

    This is due to sound macroeconomic management by most governments in the region. Moreover, despite global geoeconomic fragmentation, governments have maintained their commitment to open trade and investment, which has strengthened regional economic integration.

    This impressive track record means the region is well placed to maximize opportunities for inclusive growth and remain resilient to future shocks, including unexpected policy directions of the new US administration.
     

    MIL OSI Economics –

  • MIL-OSI Europe: Christine Lagarde: Central bank independence in an era of volatility

    Source: European Central Bank

    Lamfalussy Lecture by Christine Lagarde, President of the ECB, at the Lamfalussy Lectures Conference organised by the Magyar Nemzeti Bank, pre-recorded in Frankfurt am Main on 15 January 2025

    Budapest, 27 January 2025

    In his later years, Alexandre Lamfalussy was once asked what his fundamental motivation in life was. He recalled the experience of his turbulent youth, surrounded by the destruction caused by the Second World War.[1] “In the aftermath of the war,” Lamfalussy said, “I decided to serve the community in the rebuilding of Europe.”[2]

    He went on to do just that. A member of the Delors Committee and the first President of the European Monetary Institute, Lamfalussy helped pave the way for Europe’s monetary union and the establishment of the ECB.

    His generation had also been scarred by the difficulties of the “Great Inflation” in the 1970s.[3] And so Lamfalussy – alongside other architects of the euro[4] – ensured that the ECB would have sufficient powers to prevent a scenario where inflationary expectations once again became embedded in the economy.

    We can see proof of this today, as advanced economies emerge from the largest inflation shock in a generation.

    As in the 1970s, a series of shocks contributed to high and persistent inflation. But unlike the 1970s, inflation has since fallen relatively fast across advanced economies – and expectations have remained firmly anchored throughout.

    This hard-won progress has been in large part due to the independence of central banks, which has given them the ability to take difficult but necessary monetary policy decisions in pursuit of stable prices.

    The rise of central bank independence

    In the late twentieth century, central bank independence spread rapidly around the world.

    A strong social consensus about its benefits – emerging from the negative experience of the 1970s – sparked what Lamfalussy would later call a “sea change” in monetary policymaking.[5]

    By one account, over 80% of the world’s central banks became operationally independent by the turn of the millennium.[6] And price stability had been adopted as the primary objective of monetary policy frameworks across almost all advanced economies and many emerging market economies.[7]

    Moreover, independent central banks both contributed to – and benefited from – a period of low macroeconomic volatility.

    In their famous paper, Alesina and Summers found a positive relationship between the degree of independence of central banks and lower and less volatile inflation outcomes.[8] At the same time, substantial structural changes were afoot in the global economy, which also helped to reduce macroeconomic volatility – an era that soon came to be known as the Great Moderation.[9]

    Globalisation led to an enormous increase in both global labour supply and production capacity, which meant that prices and wages were often little affected even in the face of strong demand. And the oil crises of the 1970s had sparked a wave of change in global energy markets, resulting in a more elastic energy supply.

    The upshot of the Great Moderation was a virtuous circle.

    An environment of low macroeconomic volatility made it easier for independent central banks to deliver on their price stability mandates. That, in turn, solidified the social consensus in support of central bank independence and helped ensure its growing adoption around the world – further contributing to lowering levels of volatility.

    The era of volatility

    The end of the Great Moderation came suddenly and unexpectedly in 2008 with the arrival of the global financial crisis. And over the last years in particular, our world has changed dramatically.

    Indeed, the two forces that fostered the spread of central bank independence – a strong social consensus and growing pools of global supply – are now coming under increasing pressure.

    While recent research suggests that de jure central bank independence has never been more prevalent than it is today[10], there is no doubt that the de facto independence of central banks is being called into question in several parts of the world.

    One study examining 118 central banks in the 2010s shows that around 10% of them faced political pressure in an average year – even those central banks with a high degree of de jure independence.[11] Another paper finds that between 2018 and 2020 alone, de facto central bank independence deteriorated for almost half of those central banks in jurisdictions accounting for 75% of global GDP.[12]

    There is evidence to suggest that political influence on central bank decisions can also contribute substantially to macroeconomic volatility. For instance, persistent political pressure on a central bank has been found to affect the level and the volatility of exchange rates, bond yields and the risk premium.[13]

    At the same time, geopolitical tensions threaten to amplify volatility by increasing the frequency of shocks hitting the global economy.

    We have already seen the impact of geopolitical tensions play out in Europe. Following Russia’s invasion of Ukraine in early 2022, average output growth volatility in the euro area surged by 60% compared with before the global financial crisis, while average inflation volatility shot up by 280%.[14]

    An environment of heightened volatility could make the task of maintaining price stability more difficult to achieve.[15] This could raise concerns that independent central banks are failing to deliver on their mandates, which could undermine the social consensus and further amplify volatility in the economy.

    So, the question that comes to the fore is: will the current era of volatility turn the virtuous circle that facilitated the rise of central bank independence into a vicious circle that leads to it being undermined?

    The benefits of central bank independence in today’s world

    All things considered, I would argue that this is unlikely to happen.

    A volatile macroeconomic environment actually makes the benefits of central bank independence all the greater. We saw this during the recent inflation shock.

    In OECD countries, average annual inflation surged to 9.6% in 2022 as they faced a variety of shocks that compounded each other.[16] In response, independent central banks sharply increased policy rates.

    These actions led to a rapid decline and convergence in the respective inflation paths of major economies – despite all these economies facing different shocks. Moreover, inflation expectations have remained firmly anchored, suggesting that the public continues to have faith in independent central banks’ commitment to price stability over the long run.[17]

    In today’s world, central bank independence offers two key advantages.

    First, it acts as a headwind to volatility in these unpredictable times.

    As we emerge from a period of very high inflation, the issue of time inconsistency is more relevant than ever.[18] Compared with the pre-pandemic era of low inflation, central banks may need to contend with lower levels of rational inattention.[19]

    In this environment, credible policy regimes become even more important for maintaining trust in central banks. Research finds that higher trust in the ECB lowers inflation expectations on average and significantly reduces uncertainty about future inflation.[20]

    Second, central bank independence also contributes to regional strength in a world increasingly defined by geopolitical rivalries.

    Price stability provides the foundation upon which other strategic goals can be achieved. Regions with stable prices tend to have more efficient resource allocation and higher levels of competitiveness, and they attract greater levels of investment. At heart, strong economic institutions are the fundamental cause of long-run economic growth and development differences between regions.[21]

    Conclusion

    Lamfalussy once described the task of launching the euro as “navigating in uncharted waters”.[22] In an era of volatility, independent central banks now also find themselves in unfamiliar waters.

    While inflation has fallen sharply, central banks are still likely to face a more volatile macroeconomic environment compared with the Great Moderation.

    It therefore remains imperative that central banks have the independence to fully deliver on their price stability mandates.

    Thank you.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Exchange Fund Position at end-December 2024

    Source: Hong Kong Government special administrative region

    Exchange Fund Position at end-December 2024
    Exchange Fund Position at end-December 2024
    *******************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority (HKMA) today (January 27) published the unaudited financial position of the Exchange Fund at end-December 2024.           The Exchange Fund recorded an investment income of HK$219.0 billion in 2024. The main components were:      

    gains on bonds of HK$135.6 billion;
    gains on Hong Kong equities of HK$21.8 billion;
    gains on other equities of HK$68.7 billion;
    negative currency translation effect of HK$35.6 billion on non-Hong Kong dollar assets (Note 1); and
    gains on other investments of HK$28.5 billion (Note 2).

          Fees on placements by the Fiscal Reserves and placements by HKSAR Government funds and statutory bodies were HK$13.2 billion (Note 3) and HK$15.7 billion respectively in 2024, with the rate of fee payment at 3.7 per cent for 2024.           The Abridged Balance Sheet shows that the total assets of the Exchange Fund increased by HK$65.9 billion, from HK$4,016.5 billion at the end of 2023 to HK$4,082.4 billion at the end of 2024. Accumulated surplus stood at HK$731.6 billion at end-December 2024.           The Exchange Fund recorded an investment return of 5.3 per cent in 2024 (Note 4). Specifically, the Investment Portfolio achieved a rate of return of 7.2 per cent and the Backing Portfolio gained 4.1 per cent. The Long-Term Growth Portfolio (LTGP) recorded an annualised internal rate of return of 11.5 per cent since its inception in 2009 up to the end of September 2024.           Commenting on the performance of the Exchange Fund in 2024, Mr Eddie Yue, Chief Executive of the HKMA, said, “Global financial markets performed broadly well in 2024. Major economies recorded stable growth, while inflation eased closer to policy targets. Major central banks progressively lowered their policy rates. This was positive to the investment environment.           Major equity markets rose notably in 2024, with US equities making strong gains in the first three quarters on the back of a generally positive economic and inflationary fundamentals, and the fervor around the artificial intelligence industry. However, markets became more volatile in the fourth quarter and retreated from their highs as investors turned more cautious amidst concerns over rising inflation and bond yields. In the Mainland and Hong Kong, investor confidence improved, following the Central Government’s announcements of a series of policy measures in the third quarter to stimulate the economy and equity market. Nevertheless, the two equity markets softened in the fourth quarter as market participants remained somewhat uncertain about the real economic growth. Meanwhile, global bond markets experienced higher volatility. Although major central banks have affirmed their general policy direction of lowering interest rates, the pace and magnitude of rate cuts have changed a few times during the year. Entering the fourth quarter, as markets began to focus on the US fiscal policy in the coming year, US Treasury yields rose sharply and weighed on bond prices. Furthermore, the US dollar strengthened against other major currencies in 2024, particularly in the fourth quarter, as a result of the interest rate movements and the relatively strong performance of the US economy. In view of these two factors, the Exchange Fund as a whole recorded some valuation loss in the fourth quarter of 2024.           For 2024 as a whole, the Exchange Fund achieved a decent investment income. The bond portfolio has benefited from substantial interest income as a result of persistently high yields. The equity portfolio has also performed well. However, the US dollar strengthened against other major currencies, leading to a negative currency translation effect on our non-Hong Kong dollar assets.”           Mr Yue said, “Looking ahead to 2025, the global financial markets remain uncertain. Interest rate policies will continue to be the focus of the markets. According to the latest projections in December, the US Fed forecasted half a percentage point of rate cut in total in 2025. This is smaller than the previous projection of one percentage point, and reflects the Fed’s more cautious stance towards inflation. Meanwhile, the new US administration’s policies on the economy, tax and trade could add uncertainties to the inflation path. This in turn affects how much room the Fed has in adjusting monetary policy.           Furthermore, any escalation in trade frictions among major economies or geopolitical situation could impact real economic activities, and may also trigger volatility in the financial markets.           Given these challenges we face, the HKMA will, as always, adhere to the principle of capital preservation first while maintaining long-term growth. We will continue to manage the Exchange Fund with prudence and flexibility, implement appropriate defensive measures, and maintain a high degree of liquidity. We will also continue to diversify our investments to strive for higher long-term returns, ensuring that the Exchange Fund remains effective in achieving its purpose of maintaining monetary and financial stability of Hong Kong.” Note 1: This is primarily the effect of translating foreign currency assets into Hong Kong dollar after deducting the portion for currency hedging.Note 2: This is the valuation change of investments held by investment holding subsidiaries of the Exchange Fund. This figure reflects the valuations at the end of September 2024. Valuation changes of these investments from October to December are not yet available.Note 3: This does not include the 2024 fee payment to the Future Fund because such amount will only be disclosed when the composite rate for 2024 is available.Note 4: This return excludes the performance of the Strategic Portfolio and only includes the performance of LTGP up to the end of September 2024. The audited full year return will be disclosed in the 2024 annual report.

     
    Ends/Monday, January 27, 2025Issued at HKT 16:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: CERTIS processes almost a billion interbank payment transactions annually. The CNB will now also provide non-bank entities with access to the system

    Source: Czech National Bank

    The Czech National Bank (CNB) will provide access to its CERTIS payment system to new applicants. Besides banks and other credit institutions, non-bank lenders will also be able to use the infrastructure, which enables reliable and secure money transfers between the payer and the payee and – in the case of instant payments – in just a few seconds.

    Non-bank lenders will be able to join CERTIS on the date the amendment to Act No. 370/2017 Coll., on the Payment System, takes effect.[1] This is expected to happen on 9 April 2025.[2] In the meantime, however, the CNB will allow applicants to test the system’s functionalities, so that they can prepare for participation in CERTIS in advance. Payment institutions and electronic money institutions may start filing preliminary applications for connection to the system once the central bank publishes the revised CERTIS rules. The CNB will update the rules following the approval and publication of the amendment, which was approved by the Senate on 22 January 2025 and is yet to be signed by the President.

    Non-bank institutions will operate within the CERTIS system under conditions similar to those applied to banks, but their accounts in CERTIS will serve exclusively for payments and cannot be used for other purposes, in particular for safeguarding clients’ funds. Otherwise, the participation of an institution in CERTIS will be terminated for serious breach of contract. Further, these institutions will not be able to obtain intraday or other credit, and will be assessed to determine whether they meet the conditions set out in the Payment System Act specifically for such institutions.

    CERTIS (Czech Express Real Time Interbank Gross Settlement System) is used to process non-cash payments in Czech koruna. If both the payer and the payee have accounts at the same bank, the money transfer (account settlement) is processed directly within that bank’s system. If the payer and the payee have accounts with different banks, the payer’s bank must use the CERTIS interbank payment system for the transfer of funds.

    CERTIS began operation on 8 March 1992 within the Clearing and Settlement Centre at the State Bank of Czechoslovakia in the former Czechoslovakia. It is currently operated by the Czech National Bank. In 2024, CERTIS processed more than 983 million items with a total value of CZK 386.5 trillion. The system thus processed on average 3.9 million transactions a day, totalling more than CZK 1.5 trillion. One in three payments was processed as an instant payment, based on the payer’s choice, in just a matter of seconds.

    [1] The amendment to Act No. 370/2017 Coll., on the Payment System, will transpose the changes implemented by Regulation 2024/886 on instant credit transfers in euro (the IPR) into the directives on settlement finality and payment services. At the same time, it will enable payment institutions and electronic money institutions based in the Czech Republic or another EU or EEA country to participate in the CERTIS payment system.

    [2] Senate Print No. 31 – a draft law amending certain laws in connection with the implementation of the European Union’s legislation in the area of the digitalisation of the financial market and sustainability financing (available in Czech only).

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    MIL OSI Economics –

  • MIL-OSI Russia: Financial news: Three deposit auctions of the PPC “TERRITORIAL DEVELOPMENT FUND” will take place on 27.01.2025

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https://www.moex.com/n77141

    Category24-7, MIL-AXIS, Moscow, Moskov Stotsk Exchange, Russians savings, Russians Federal, Russians Language, Russian economy

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    Date of the deposit auction 01/27/2025
    Placement currency RUB
    Maximum amount of funds placed (in placement currency) 5,523,000,000.00
    Placement period, days 22
    Date of deposit 01/27/2025
    Refund date 02/18/2025
    Minimum placement interest rate, % per annum 21.00
    Conditions of imprisonment, urgent or special Urgent
    Minimum amount of funds placed for one application (in placement currency) 5,523,000,000.00
    Maximum number of applications from one Participant, pcs. 1
    Auction form, open or closed Open
    Basis of the Treaty General Agreement
     
    Schedule (Moscow time)
    Preliminary applications from 11:30 to 11:40
    Applications in competition mode from 11:40 to 11:45
    Setting a cut-off percentage or declaring the auction invalid until 11:55
       
    Additional terms  

    MIL OSI Russia News –

  • MIL-OSI China: China’s overall economic output continues to expand

    Source: China State Council Information Office

    An aerial drone photo taken on Jan. 15, 2025 shows the cruise ship Adora Flora City under construction at Shanghai Waigaoqiao Shipbuilding Co., Ltd. in Shanghai, east China. [Photo/Xinhua]

    China’s overall economic output continued to expand in January, reflecting a steady recovery momentum, according to official data.

    In January, China’s composite purchasing managers’ index (PMI) stood at 50.1, according to data released Monday by the National Bureau of Statistics (NBS).

    The PMI for China’s manufacturing sector came in at 49.1, down from 50.1 in December. NBS statistician Zhao Qinghe said that the manufacturing PMI data in January were influenced by factors such as the approaching Spring Festival holiday and enterprise employees’ returning home for festival reunions.

    The Chinese New Year, or the Spring Festival, falls on Jan. 29 this year. It is the most important holiday on the Chinese calendar and an occasion for family reunions.

    The NBS data showed that the sub-indices of production and new orders came in at 49.8 and 49.2, respectively.

    The PMI for the equipment manufacturing sector remained above 50 for a sixth straight month, with its January reading at 50.2, according to the NBS.

    A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

    The PMI for China’s non-manufacturing sector came in at 50.2 in January, down from 52.2 in December, official data showed Monday.

    The service sector continued to expand, with its sub-index standing at 50.3 in January, according to the NBS.

    Driven by the effects of the Spring Festival, business activity indices in sectors related to residents’ travel and consumption, including road transportation, accommodation, catering, ecological protection, and public facility management, have risen into the expansion zone, showing strengthened market activities.

    Meanwhile, business activity indices in sectors such as air transport, postal services, telecommunications, radio, television, satellite transmission services, and monetary and financial services remained above the 55-mark, indicating a robust growth in overall business volume.

    The expectation index for manufacturing production and business activity reached 55.3, while that for non-manufacturing business activity stood at 56.7, both within a relatively high range of prosperity. This suggests that most enterprises remain confident in market development following the holiday, according to Zhao.

    NBS data also showed that the combined profit of major industrial enterprises in China surpassed 7.43 trillion yuan (about $1.04 trillion) in 2024, while large enterprises in the cultural industry generated a combined profit of about 1.29 trillion yuan last year.

    MIL OSI China News –

  • MIL-OSI: Winvest Group (WNLV) Strategically Enters GameFi and SocialFi: Redefining Decentralized Entertainment and Social Interaction

    Source: GlobeNewswire (MIL-OSI)

    RENO, NV, Jan. 27, 2025 (GLOBE NEWSWIRE) — Winvest Group Limited (OTC: WNLV), an innovative leader in the entertainment and investment industry, has officially entered the blockchain financing space and is aggressively optimizing and upgrading the future of contents, film, gaming, and social interactions in a unique, yet in-demand way. This strategic move reflects the company’s mission to integrate advanced technologies into its core business, creating a decentralized ecosystem that bridges the gap between traditional audiences and digital asset enthusiasts.

    As part of its disruptive strategy, Winvest Group announced a partnership with WMM to develop a virtual platform called “Joyous Island,” which is scheduled to launch in 2025. “Joyous Island” combines the innovations of GameFi and SocialFi to provide users with a unique interactive experience with the ‘I Ching’ element, which symbolizes cultural depth. Users can participate in daily activities, pledge assets and interact with the integrated NFT ecosystem through game passes. The platform not only caters to the needs of the digital gaming community, but also opens up new paths for traditional market participants to connect to digital assets, offering the possibility of diversified approaches to passivization.

    In addition to Joyous Island, Winvest Group’s strategic vision extends to the entire entertainment sector, exploring the in-depth application of blockchain technology. In the future, the company plans to use blockchain to empower every stage of film production, from pre-production to post-distribution, promoting transparency and efficiency. In addition, Winvest is committed to establishing broader partnerships with Web3 and blockchain technology companies to unlock new revenue growth points in the movie industry through innovative entertainment models such as NFT-driven pre-sales and digital merchandise trading.

    This expansion comes at a time when decentralized finance and digital entertainment are experiencing explosive growth. According to a new market research report by For Insights Consultancy, the GameFi market is expected to exceed $50 billion by 2030, a statistic that further validates the market potential of platforms such as Joyous Island. While the rise of the SocialFi space is accelerating as users demand transparent, decentralized, and monetized platforms, Winvest Group’s strategic development not only allows it to stay on top of industry trends, but also provides new value experiences for both traditional investors and digital pioneers.

    With its innovative approach, Winvest Group is not only embracing blockchain technology, but also paving the way for a new era of entertainment and investing. As the company continues to expand its presence in GameFi and SocialFi, it remains committed to empowering creators and audiences, fostering meaningful connections, and redefining the entertainment industry.

    About Winvest Group

    Winvest Group Limited (OTC QB: WNLV) is an innovative U.S.-based company dedicated to driving innovation at the intersection of media, entertainment and technology. By leveraging blockchain and Web3 technologies, Winvest aims to build sustainable decentralized solutions that drive growth in the digital economy.

    Media Contact

    Company: Winvest Group Limited

    Contact: Fiona Ng

    Telephone: 775-996-0288

    Email: fiona.ng@winxglobal.com

    Website: http://www.winvestgroup.co

    Address: 50 West Liberty Street, Suite 880, Reno NV 89501

    SOURCE: Winvest Group Limited

    The MIL Network –

  • MIL-OSI: Šiaulių Bankas AB own shares acquisition programme completed

    Source: GlobeNewswire (MIL-OSI)

    24 January 2025 Šiaulių Bankas AB (the Bank) has completed its own share buy-back programme on the regulated market, which was carried out from 4 November 2024. During this period, the Bank acquired 5,092,863 treasury shares, i.e. 74 % of the maximum number of shares within the limit set at the time of the programme’s expiry, for a total amount of EUR 4,345,207.01 million, at an average price of EUR 0.853 per share.

    “We are the first bank in the Baltic market to implement an open market buy-back programme for its own shares. The successful implementation of this programme has increased the Bank’s attractiveness to investors by increasing the liquidity of its shares on the stock exchange and the return to shareholders. In the long term, we plan to continue to optimise and efficiently manage the Bank’s capital in order to increase shareholder value. We will continue to use a variety of financial instruments, including buy-backs”, says Tomas Varenbergas, Board Member, Head of Investment Management Division of Šiaulių Bankas.

    On 15 August 2024, the Bank received authorisation from the European Central Bank (ECB) to buy back up to 13,745,114 of its own shares. The Bank has already purchased 11,092,863 treasury shares on the basis of this authorisation. The remaining unused limit amounts to 2,652,251 shares. The Bank will make efforts to use the remaining share buy-back to the full limits before the expiry of the authorisation period, i.e. by 15 August this year, taking into account the Bank’s market value and other circumstances.

    The Bank will inform about further buy-backs of its own shares in a separate announcement once the Management Board of the Bank will take a decision. This will be done no earlier than after the publication of the 2024 results and the drafting resolutions by the Management Board of the Bank for the Ordinary General Meeting of Shareholders of Šiaulių Bankas to be held on 31 March 2025.

    Additional information:
    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

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