Category: Economy

MIL-OSI Economics: Alessandra Perrazzelli: Technology and regulation – bridging the gap in the collective interest

Source: Bank for International Settlements

Ladies and Gentlemen, good morning.

I am delighted to be here today at the Milan Fintech Summit. Since its first edition – four years ago – this summit has provided a valuable opportunity to strengthen the dialogue among stakeholders and market participants, bringing together financial institutions, fintech companies, academics, and experts with different backgrounds.

Innovative technology affects the entire financial system, globally and domestically [Slide 1]. Fintech reshapes traditional business models, opening the door to newcomers, developing new services, and restructuring value chains. The impressive, fast, and interrelated changes push policy makers and supervisors to run in-depth analyses to update the regulatory landscape and the supervisory toolbox.

Global fintech investments increased significantly from 2010 to 2019, peaking at around 217 billion U.S. dollars [Slide 2]. In 2020 – in the midst of the pandemic – investments fell by more than 40 per cent to 124 billion U.S. dollars, eventually rebounding to over 229 billion U.S. dollars in 2021. In the last two years, however, global fintech investments have entered a downward trend, owing to the uncertain macroeconomic situation and to the heightened geopolitical risks that, unfortunately, we are living through.

Fintech applications are widely implemented in the financial sector, especially in the payments field. The digital evolution has led to lower research costs, more efficient services, higher security levels, and the use of large amounts of data to analyse customer behaviour and to customize the products and services being offered.

MIL OSI Economics –

January 23, 2025
MIL-OSI Economics: Rosanna Costa: Welcoming remarks – FSB RCG Americas meeting

Source: Bank for International Settlements

Welcoming words

Good afternoon, and welcome to Santiago. It is my great pleasure to host this year’s meeting of the FSB Regional Consultative Group for the Americas, organized jointly by the Financial Stability Board, the Financial Markets Commission of Chile and the Central Bank of Chile. Let me extend a warm welcome to our distinguished guests, esteemed colleagues, and participants. We are honored by your presence here today, particularly as we gather together to address some of the most pressing challenges and latest developments in the realms of financial stability, market development and regulatory coordination.

Allow me to especially acknowledge the presence of Mr. Klaas Knot, Chair of the Financial Stability Board and Tiff Macklem and Kenneth Baker, Co-Chairs of the Regional Consultative Group for the Americas, whose work and commitment have contributed greatly to shaping our global and regional efforts aimed at enhancing financial stability.

I am also glad to extend a warm welcome to Mr. Rodrigo Coelho, Head of Policy Benchmarking of the Financial Stability Institute, who will be our keynote speaker today, whose expertise and perspective I am sure will provide us with key concepts and insights to foster today’s discussions.

Lastly, let me express my sincere gratitude to the organizing teams of the Secretariat of the Financial Stability Board, the Financial Markets Commission, and our team in the Central 2 Bank of Chile, for their hard work and dedication that have been instrumental in making this event possible.

MIL OSI Economics –

January 23, 2025
MIL-OSI Economics: Elizabeth McCaul: Beyond the spotlight – using peripheral vision for better supervision

Source: Bank for International Settlements

Introduction

Thank you very much for inviting me to today’s conference, it is a pleasure to be here.

The former German Chancellor Helmut Schmidt used to say “People with visions should go to the doctor”. This sounds concerning to a supervisor. After all, the word “supervision” is made up of the prefix “super”, which means “over” or “above”, and “vision”. But what exactly is vision? To find out, I followed Helmut Schmidt’s advice and went to the doctor.

What I learnt is that eye doctors distinguish between central vision, fringe vision and peripheral vision.

Central vision is the very centre of the visual field. It delivers sharp, detailed pictures, allowing us to focus on objects straight ahead. In the banking world, these are the issues directly in front of us: capital, asset quality, profitability and key risk categories including climate-and environmental risks or cyber risk etc.

Fringe vision refers to the area right outside the central vision, around 30 to 60 degrees of the visual field, where visual clarity and detail recognition start to decrease. Fringe vision helps us to absorb information faster when we read as our brains anticipate the next words and letters, making the process faster and smoother. Translating this to banking, this would be like noticing changes in the macroeconomic environment, rising geopolitical tensions, and their impact on banks’ business models and risk profiles.

Finally, peripheral vision is everything that occurs outside the very centre of our gaze, beyond 60 degrees. It encompasses everything that can be seen to the sides, providing spatial awareness which helps with navigation and balance. Improving peripheral vision is crucial for athletes as it increases reaction speed, improves anticipation and reduces the risk of injury. In banking, beyond the centre of our gaze are the structural transformations of our societies and economies: the acceleration of technological progress, including the rise of generative artificial intelligence or the impact of social media on depositor behaviour; the reconfiguration of the financial value chain; new entrants in the competitive landscape or the growing share of non-bank financial institutions.

Good supervision and good risk management in banks require central, fringe and peripheral vision. Good peripheral vision sets apart decent athletes from great ones, allowing them to anticipate movements and respond swiftly to changes on the field. And the same holds true for banking supervisors: while central vision and fringe vision are crucial in focusing on immediate risks, it is the ability to maintain a broad, strategic view – our “peripheral vision” – that ensures truly effective supervision. This broader perspective enables us to detect emerging risks in the wider financial system, anticipate potential disruptions and respond proactively.

In my remarks today, I will share our assessment of the current risk landscape, describing what we see in our central, fringe and peripheral vision.

Central vision

Let me start with the central vision of the state of the European banking system.

In recent years, Europe’s banking sector has shown resilience in the face of unforeseen challenges: the pandemic, the energy supply shock following Russia’s invasion of Ukraine and a period of high inflation.

This resilience is reflected in the numbers: in 2015, the average ratio of non-performing loans (NPLs) for significant banks in the banking union was 7.5%, at a time when some banking systems had ratios close to 50%. At the end of the second quarter of this year, this ratio had decreased to 2.3%, driven mainly by the reduction of NPLs in high-NPL banks. Similarly, the Common Equity Tier 1 ratio for significant banks has risen from 12.7% in 2015 to 15.8% today. Bank profitability has considerably increased in recent quarters, benefiting from higher interest rates, and return on equity now stands at 10.1%.

On the one hand, this resilience is a result of the strengthened supervisory and regulatory framework put in place after the global financial crisis and the related improvements in banks’ risk management. On the other hand, looking particularly at recent years, banks have also benefited from policy support which has helped shield the real economy from adverse shocks. For example, during the pandemic, comprehensive fiscal support measures contained corporate insolvencies and the associated loan losses. While bank profitability and valuations have recently improved due to higher interest rates, the effects of this supporting factor are gradually diminishing.

Turning to liquidity, banks continue to show strong positions despite an ongoing reduction in excess liquidity. Access to both retail and wholesale funding remains robust, and the higher-than-expected stickiness of deposits has contributed to a stable funding environment. Nevertheless, banks should remain cautious and ensure that their liquidity and funding strategies are resilient to potential market disruptions. They need to maintain robust asset and liability management frameworks to enhance their resilience to both liquidity and funding risks as well as interest rate risk in the banking book. I will return to this topic later again.

Finally, our supervisory priorities also include banks’ capabilities to manage climate- and environmental risks and cyber risk. Climate change can no longer be regarded only as a long-term or emerging risk, which is why banks need to address the challenges and grasp the opportunities of climate transition and adaptation. With regard to cyber risk, we have recently concluded a cyber resilience stress test to assess how banks would respond to and recover from a severe but plausible cybersecurity incident. While cyber risk has become a key risk for the banking sector, geopolitical tensions have further increased the threat of cyber-attacks.

So, we may ask: how much of this resilience is structural, how much is cyclical? To get a more accurate picture of the current risk landscape, we need to slightly widen our gaze.

Fringe vision

This brings me to the fringe vision, looking at the broader macroeconomic environment.

While the macro-financial environment has recently been improving as inflation decreases, near-term growth remains weak and subject to high uncertainty. Recent data indicate a gradual recovery in real GDP growth, primarily driven by the services sector, while industrial activity continues to face headwinds.

Credit risk has only partially materialised so far, supported by strong fundamentals of households and corporates. Still, NPLs are slowly increasing, particularly in the commercial real estate (CRE) and small and medium-sized enterprise (SME) sectors. While the macroeconomic outlook signals a lower immediate risk of recession, asset quality in riskier segments is slowly deteriorating as the higher interest rate environment experienced over the last two years after a decade of ‘low for long’ weighs and may affect the debt servicing capacity of borrowers. In this context, we are conducting targeted reviews on banks’ portfolios that demonstrate more sensitivity to the current macro-financial environment. This includes targeted reviews of SME portfolios and following up on the findings from residential real estate and CRE portfolio reviews as well as from deep dives on forbearance and unlikely-to-pay policies. Banks also need to remediate persistent shortcomings in their IFRS 9 frameworks and maintain an adequate level of provisions. In this context, we are continuing IFRS 9 targeted reviews focusing on, among other things, the use of overlays and coverage of novel risks.

The current market risk environment is characterised by high risk appetite and benign risk pricing, which has prevailed in financial markets over the past year. This environment is susceptible to sudden shifts in market sentiment and episodes of high volatility, as seen in the recent global financial market sell-off. Although markets showed substantial resilience during the spike in volatility in August, banks should be ready for and able to cope with further episodes of sharp repricing and high volatility. The implementation of the recently postponed market risk part of the Basel III reform, the Fundamental Review of the Trading Book, will strengthen capital requirements for banks and help boost their resilience.

Rising geopolitical tensions

Also within the broader macro-environment, the evolving geopolitical risk landscape has been on our radar for some time, considering the events of the past two and a half years, namely Russia’s war in Ukraine and the conflict in the Middle East.

While the direct impact of recent geopolitical events on the banking sector has been contained so far and the immediate threats are limited, we need to remain attentive and systematically assess the possible ramifications for banks. Geopolitical shocks are cross-cutting and could have direct and indirect effects on banks’ financial and non-financial risks.

For example, geopolitical shocks can exacerbate governance, operational and business model risks they lead to more sanctions or increased cyberattacks. We have seen a clear increase in the number of significant cyber incidents in 2023 and 2024, driven by attacks on service providers (typically ransomware) and by distributed denial-of-service attacks on banks. There can also be material consequences for banks’ credit, market, liquidity, funding and profitability risks, especially in cases where banks have large-scale direct or indirect balance sheet exposures to the countries, sectors, supply chains or firms and households that may be adversely affected by a geopolitical shock.

Moreover, geopolitical events can also have wider second-round effects that could have negative knock-on consequences for the banking sector. For instance, downside risks to growth from slower economic activity or worsened sentiment as well as upward pressure on inflation related to supply or price shocks in energy or broader commodity markets can disrupt banks’ operating environment. Escalating geopolitical tensions might also result in heightened financial market volatility, triggering further episodes of asset price corrections.

The recent increase in geopolitical tensions calls for heightened scrutiny and robust risk management frameworks in banks, so that supervisors and banks can properly assess potential risks in the evolving geopolitical environment and proactively mitigate them. As Supervisory Board Chair Claudia Buch said recently¹, strengthening resilience to geopolitical shocks is a key priority for ECB Banking Supervision, and we will focus on a range of risk factors, from governance and risk management to capital planning, credit risk and operational resilience.

Peripheral vision

And now, let us exercise our athletic capabilities, and use our peripheral vision to look at the wider risk landscape.

Structural trends, such as the reconfiguration of the financial value chain, the impact of digitalisation and social media on liquidity, and the rise of non-bank financial institutions, are reshaping the environment in which banks operate.

Reconfiguration of the financial value chain

The emergence of big tech companies and other non-banking firms offering financial services is leading to a major restructuring in the market, changing the risk landscape, blurring traditional industry lines and challenging conventional regulatory boundaries.

Companies whose primary business is technology are entering the financial sector through e-commerce and payment platforms and subsequently expanding into retail credit, mortgage lending or crypto services. These firms may explore alternative, less regulated lending forms like crypto lending using peer-to-peer platforms, ultimately mimicking the economic functions of banks without being subject to the same comprehensive oversight.

We need to expand our tools and surveillance to prevent gaps in oversight and ensure they are robust and versatile enough to oversee disintermediated, increasingly interconnected and possibly distributed-ledger-based business models. We must adapt the regulation and oversight of such firms, especially for entities that are mainly active in non-financial services, to gain a thorough understanding of the financial activities of large non-bank groups across jurisdictions and sectors. Let me underscore that we should avoid a regulatory “race to the bottom” driven by a narrow mission of prioritising innovation and attracting large firms, which may not contribute to the good of society.

Liquidity risk supervision post-March 2023

Earlier, I asked how much of banks’ resilience is structural and how much is cyclical. Let us look at the banking turmoil of March 2023 to better understand how banks weathered this crisis and identify what lessons we have learnt with regard to liquidity and funding.

First, the events were a reminder to banks of the changing and increasingly volatile nature of depositor behaviour. Social media can play a pivotal role in encouraging large numbers of customers to withdraw deposits. In the case of Silicon Valley Bank, this behaviour was exacerbated by a highly networked and concentrated depositor base. Moreover, the advent of online banking, digitalisation, and the influence of non-bank competitors may also have a significant impact on depositor behaviour, affecting the stability of liquidity and funding sources. Therefore, banks must adapt their approaches so that they can monitor these risks more closely and understand the channels through which deposits are collected.

We recently conducted a targeted review on the diversification of funding sources and the adequacy of funding plans. Our findings indicate a concerning heterogeneity in the adverse scenarios considered by significant banks. Often, these scenarios are only described at a high level, are not conservative, or only “stress” individual balance sheet items. The absence of comprehensive and credible underlying assumptions in these adverse scenarios reduces the reliability of funding plans and increases execution risk.

The events of March 2023 also underscored the importance of banks’ readiness to swiftly implement contingency and recovery measures. Another recent targeted review focused on collateral mobilisation. It found that banks have the operational capacity to tap central bank liquidity facilities. However, banks’ assumptions about the time needed to monetise the assets appear rather optimistic in some cases, especially under stressed conditions. This optimism could hinder banks’ ability to cover any unexpected outflows in a timely and sufficient manner.

Furthermore, banks need to adopt a more holistic and comprehensive cross-risk analysis of potential vulnerabilities. The turmoil demonstrated how quickly deficiencies in business models and shortcomings in the management of interest rate risk in the banking book (IRRBB) can escalate into liquidity issues. It is essential to assess spillover effects and understand how shortcomings in one area can amplify risks in another.

From a regulatory perspective, the events of spring 2023, along with past crises, have shown that compliance with the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) may not provide sufficient assurance about a bank’s liquidity and funding situation. For instance, an LCR above 100% might still hide significant cliff risks just beyond the 30-day horizon. Two banks with identical LCRs might have vastly different liquidity profiles owing to concentration risks not captured by the ratio.

However, it is important to remember that the LCR and the NSFR do not – and are not intended to – prevent all liquidity crises. They are not designed to address every residual risk, which should be managed on a case-by-case basis under Pillar 2. So while we support a review of specific aspects of the current calibration of these metrics, we are cautious about drastic changes.

Instead, I would focus on the supervisory follow-up. And I can draw four main lessons with regard to the supervision of liquidity risk.

First, supervisors, like banks, need to carry out holistic cross-risk analysis. Instead of looking at risks in isolation, we need to broaden our gaze and also focus on the interplay between IRRBB, liquidity risk management and governance arrangements.

Second, we need increased supervisory scrutiny of banks’ modelling of non-maturity deposits, as these models are sometimes not based on proper economic evidence.

Third, it is essential that supervisors consider supplementary liquidity and funding risk indicators, such as survival period or concentration metrics, to capture residual risks not addressed by the LCR or the NSFR. In European banking supervision we have successfully used maturity ladder reporting to calculate survival periods, which provides a more comprehensive analysis beyond the fixed calibration of the LCR and the NSFR.

Finally, the March 2023 turmoil demonstrated the need for timely and up-to-date information on liquidity and funding. We therefore introduced weekly data collections for liquidity risks in September 2023. This has been instrumental in identifying changes and detecting structural shifts across the banking system.

Growth of non-bank financial institutions

Another issue we detect in our peripheral vision is the staggering growth of the non-bank financial institution (NBFI) sector. In the euro area, the sector has more than doubled in size, from €15 trillion in 2008 to €32 trillion in 2024. Globally, the numbers are even more worrying, with the sector growing from €87 trillion in 2008 to €200 trillion in 2022.

The private credit market is of particular concern. It accounts for €1.6 trillion of the global market and has also seen significant growth recently. The European private credit market has grown by 29% in the last three years but is still much smaller than the market in the United States, which is where investors and asset managers are often based. The end investors are pension funds, sovereign wealth funds and insurance firms, but banks play a significant role in leveraging and providing bridge loans at various levels to credit funds. We have recently completed a deep dive on the topic and found that banks are not able to properly identify the detailed nature and levels of their full exposure to private credit funds. Therefore, concentration risk could be significant.

We know that risk from the NBFI sector can materialise through various channels. One of them is through the correlation of exposures, especially given the growth in private credit and equity markets. We supervisors do not have a full picture of the level of exposure and correlations between NBFI balance sheets and bank lending arrangements, lines of credit or derivatives to and from NBFIs.

To make the market less opaque and more visible within even our fringe and central line of sight, we should further harmonise, enhance and expand reporting requirements. We need to make information sharing between authorities easier at global level to provide the visibility we need to play with more agility on the field.

Conclusion

Earlier, I asked how much of the banking system’s resilience is cyclical and how much is structural. I think it is safe to say that the European banking system is in better shape today than it was ten years ago. This won’t surprise anyone in this room. Stronger capital and liquidity positions and healthier balance sheets are objective factors contributing to the resilience of the system.

Still, I am a supervisor, so I am paid to worry. If my career has taught me anything, it’s that accidents are more likely to happen when people get complacent. This is why I am calling on you to use your full vision – not only your central and fringe vision, but your peripheral vision too. Crises often emerge from the shadows, and it’s the overlooked risks that pose the greatest danger.

Let me conclude with another lesson that I have learnt during my career. It’s a quote from Mark Twain: “There is no education in the second kick of a mule”. We have seen too many crises caused by hidden risks lurking beneath the surface – the ones we fail to see until it’s too late – which is precisely why we must get ahead of these risks this time around.

Thank you very much for your attention.

MIL OSI Economics –

January 23, 2025
MIL-OSI: FLYR and Riyadh Air Partner to Deliver the World’s First Digitally-Native Airline, Utilizing Offer and Order Technology
Source: GlobeNewswire (MIL-OSI)

Together, Riyadh Air and FLYR are transforming the passenger experience with shopping cart capabilities for passengers at every touch point

Riyadh Air’s digital guest journey will be revealed at Future Investment Initiative Institute in Riyadh at the end of October

SAN FRANCISCO and RIYADH, Saudi Arabia, Oct. 09, 2024 (GLOBE NEWSWIRE) — FLYR, the technology company that unlocks freedom to innovate for the travel industry, and Riyadh Air, one of the most forward-thinking airlines globally, today announced a strategic partnership that will shape the future of passenger travel. Through this partnership Riyadh Air will become the first full service carrier to operate on a fully native offer and order based technology to deliver a modern retailing platform and experience to its customers. Both FLYR and Riyadh Air have adopted the International Air Transport Association’s (IATA) guiding business architecture principles for IT in modern airline retailing.

Comments on the news:

Tony Douglas, CEO of Riyadh Air, said: “At Riyadh Air, innovation is at the core of everything we do. We are not just launching an airline; we are launching a new era of air travel. Our partnership with FLYR empowers us to harness the latest technologies to deliver a truly personalized and seamless travel experience, exceeding expectations at every step of the journey and offering our guests a virtually unlimited range of options at every touchpoint.”

Alex Mans, Founder and CEO of FLYR, said: “Backed by the hopes, dreams, and financial might of a nation that is 92 percent urban and just 29 years of age on average, Riyadh Air embodies the future. Our partnership represents a significant step forward for the airline industry, proving that airlines can indeed say goodbye to the legacy PSS and welcome the future of retailing with Offer and Order. Together, we will set a new standard and demonstrate how a more responsive, personalized, and end-to-end travel experience is possible while simultaneously remaining compatible with technologies of the past.”

An integral part of this step forward in airline retailing is how FLYR’s technology directly enables Riyadh Air to craft the digital retail experience today’s travelers have come to expect from most other industries. By easily introducing key capabilities such as shopping cart-like experiences, customers can book and change plans seamlessly, accessing everything they need for their trip in one location – from Riyadh Air flights and ancillaries, to third-party integrations including hotels and activities. FLYR provides the foundation for Riyadh Air to deliver these experiences in the form of several key technology solutions:
- Offer Management capabilities, often referred to as “making the customer promise”, are delivered through Product Catalog, Stock Keeper, and Offer Translator enable Riyadh Air to deliver personalized offers to its customers across all touch points. Powered by artificial intelligence (AI), Riyadh Air is able to introduce and distribute new products in real-time, while delivering tailored options for all customers across every touchpoint.
- Order Management capabilities built upon IATA’s open ONE Order standard, will enable Riyadh Air to have order as the “single source of truth” for all downstream systems and processes. Riyadh Air is able to unify the entire customer journey including air and non-air products including airfare, seat selection, baggage, ancillaries, and third party products – into a single order. FLYR’s implementation of ONE Order supports all products the airline chooses to sell, including those from third parties, to be stored and managed centrally.
- Digital Customer Experience capabilities orchestrate modern booking flows and integrate various systems involved with the retailing flow, visibly positioning Riyadh Air as the world’s first truly digitally native airline by offering exceptional and seamless travel experiences from booking to landing.
Riyadh Air is shaping the future of flying, ushering in a new era for the travel and flying experience. The world-class, full-service airline is committed to sustainability and the highest safety standards across its advanced fleet of aircraft. Collaborating closely with airline partners such as Delta Air Lines, Singapore Airlines, and more, Riyadh Air will offer a seamless, globally connected travel experience unlike any other. Riyadh Air and FLYR will reveal the comprehensive digital guest journey at the Future Investment Initiative (FII), the flagship investment conference in Riyadh, at the end of October.

About FLYR
FLYR is a technology company that unlocks freedom to innovate for the travel industry – eliminating legacy constraints to enable real-time decision making and create the experiences travelers seek. Cloud native, FLYR leverages technologies including deep learning, an advanced form of AI. FLYR is helping airlines and hospitality businesses around the globe improve revenue performance, reduce cost, and modernize their e-commerce experience. Learn more at http://www.flyr.com.

About Riyadh Air
Riyadh Air, a PIF company, is a world-class airline. Launched in March 2023, the airline will be a digitally led, full-service airline that adopts the best global sustainability and safety practices across its advanced fleet of aircraft. Riyadh Air will equip its aircraft with the most advanced, state-of-the-art features with innovative, best-in-class cabin interiors and experiences, including next generation digital in-flight entertainment systems and connectivity solutions. Riyadh Air will connect guests to over 100 destinations around the world by 2030 through offering an exceptional guest experience with an authentic, warm Saudi hospitality at its heart. Website: http://www.riyadhair.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37141509-0fe2-4527-8863-7a52d06dcff6

The MIL Network –
January 23, 2025
MIL-OSI Economics: Adriana D Kugler: The global fight against inflation

Source: Bank for International Settlements

Charts and figures accompanying the speech

Thank you, Isabel, and thank you for the opportunity to speak here at the ECB today. I am particularly pleased to be part of this year’s conference because the theme you have chosen has, for some time now, also been a theme of my career as an academic and public servant. Every day, of course, central bankers must bridge science and practice, drawing on the insights that research provides, specifically, because the economy and the world are continuously subject to new circumstances. We must do so, and put those insights into practice, because everyone in the United States, and in Europe, and around the world, depends on a healthy and growing economy, and depends on policymakers making the right decisions to help keep it that way.

But well before I came to the Federal Reserve, I was also bridging science and practice. First, as a labor economist, when, for example, I was exploring how employment, productivity, and earnings are influenced not only by educational attainment and experience, but also by policies. Later, as chief economist at the Department of Labor, I brought science to bear in carrying out its mission of supporting workers. As the U.S. representative at the World Bank, economic science was likewise crucial in deciding how to best direct the institution’s resources to where they were needed the most. In each of these roles, I have learned a bit more about the need to balance rigorous scientific understanding of the problems that people face with the real-world experiences of those people, which sometimes do not fit so neatly into an economic theorem or principle.

Most recently, my colleagues and I on the Federal Open Market Committee (FOMC) have been focused on the very practical task of reducing inflation while keeping employment at its maximum level. To understand the recent experience of high inflation in the United States, it is helpful to consider how inflation behaved around the world after the advent of the COVID-19 pandemic. In the remainder of my remarks, I will discuss the global dimensions of the recent bout of high inflation in different economies, both comparing similarities and contrasting differences, with a special emphasis on the factors that enabled the United States to achieve disinflation while having stronger economic activity relative to its peers. I will then conclude with some comments on the U.S. economic outlook and the implications for monetary policy.

MIL OSI Economics –

January 23, 2025
MIL-Evening Report: Why did Japan’s new leader trigger snap elections only a week after taking office? And what happens next?

Source: The Conversation (Au and NZ) – By Craig Mark, Adjunct Lecturer, Faculty of Economics, Hosei University

Japan’s new prime minister, Shigeru Ishiba, has been in the job for just over a week. But today, as had been widely expected, he dissolved Japan’s parliament, the Diet, triggering a snap election for later this month. It’s the fastest dissolution by a postwar leader in Japan.

The typically short campaign will officially start on October 15, with election day on October 27.

So, why is this election happening so soon after Ishiba took office? And what could happen next?

Why hold elections now?

Ishiba became prime minister on September 27 after finally winning the contest to be leader of the ruling Liberal Democratic Party (LDP) on his fifth attempt. He narrowly beat the ultra-nationalist Sanae Takaichi, denying her bid to become Japan’s first female prime minister.

By holding a snap election for the House of Representatives, a year before it is required under the Constitution, Ishiba is hoping to catch the opposition parties off guard and secure a more solid mandate to pursue his policy agenda. He’s banking on the public rallying behind a new face and image for his party, following the unpopularity of former Prime Minister Fumio Kishida.

The LDP should win next month’s election handily, despite the turbulence caused by recent scandals and leadership changes in the party. The LDP is still far ahead of the opposition in recent polling. A large number of people, however, remain uncommitted to any political party.

The first approval rating poll for Ishiba’s new cabinet was also just over 50%. That’s lower than the polling for Kishida’s first cabinet three years ago. This indicates the public is not as enthusiastic for the new prime minister as the LDP might have hoped.

The main opposition Constitutional Democratic Party (CDP) has also just elected a new leader, former Prime Minister Yoshihiko Noda. It is hoping to boost its consistently low opinion poll ratings by attempting to project an image of reliability and stability.

What is Ishiba promising?

In his first policy statement to the Diet last week, Ishiba pledged to revitalise the economy, particularly through doubling subsidies and stimulus spending for regional areas. He also promised to address wage growth, which remains weak due to cost of living pressures. It has been made worse by the relatively weak yen.

Ishiba also wants to boost investment in next-generation technologies, particularly artificial intelligence and semiconductor manufacturing. And he indicated he may support an increase in the corporate tax rate. This could tap the massive cash reserves of major corporations to fund regional revitalisation programs. It could also provide more support to families of young children to boost Japan’s sagging birth rate.

Tax hikes would also be necessary to maintain the higher defence spending that began under former Prime Minister Shinzo Abe and continued under Kishida.

To appease the conservative wing of his party, which had backed Takaichi in the LDP leadership contest, Ishiba has backtracked on several policy positions he had previously supported. This includes reducing Japan’s reliance on nuclear power, allowing women to keep their family names after marriage, legalising same-sex marriage, and encouraging the Bank of Japan to gradually increase interest rates.

Ishiba also conceded his proposal to pursue an “Asian-style NATO” will have to remain a longer-term ambition, after officials from India and the US expressed doubts over the proposal.

Ishiba has confirmed, after some initial uncertainty, that his party will not endorse ten Diet members in the election who were implicated in a slush fund scandal that had damaged Kishida’s government. These Diet members are mainly from the large conservative wing of the party, removing some internal opposition to the new prime minister.

However, public doubts over Ishiba’s commitment to genuine party reform, as well as infighting from the resentful remaining members of the conservative wing, could also result in a drop in support for the LDP.

Is there any hope for the opposition?

If it fares poorly in the election, the LDP could be even more dependent on support from its coalition partner, the Komeito Party, to retain control of the lower house and remain in government.

The Komeito Party is backed by the Buddhist Soka Gakkai religious movement. It currently has 32 members in the Diet, compared to 258 for the LDP.

To even have a chance of forming a minority government, the main opposition CDP (which has 99 seats currently) will need to present an appealing alternative policy program, which it has so far been unable to do. Japan has not had a minority government since 1993.

Should the LDP-Komeito coalition nevertheless drop below the 233 Diet members required to maintain a majority, the second-largest opposition party, the populist, right-wing Japan Innovation Party, could find itself holding the balance of power.

Ishiba’s challenge in this early election is not only to win enough votes to retain government, but to be electorally successful enough to hold off his rivals from the conservative wing of the LDP. They will be seeking to exploit any future failures by Ishiba to pressure him to step down early.

If that were to happen, Takaichi would likely be a leadership contender again.

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

– ref. Why did Japan’s new leader trigger snap elections only a week after taking office? And what happens next? – https://theconversation.com/why-did-japans-new-leader-trigger-snap-elections-only-a-week-after-taking-office-and-what-happens-next-240888

MIL OSI Analysis – EveningReport.nz –

January 23, 2025
MIL-OSI Russia: Bank “ROSSIYA” acted as a partner of the X All-Russian Conference “Priorities of Market Electric Power Industry in Russia”

MILES AXLE Translation. Region: Russian Federation –

Source: Bank “RUSSIA” Russia Bank – 09.10.2024

Bank “ROSSIYA” acted as a partner of the X All-Russian Conference “Priorities of Market Electric Power Industry in Russia”

Bank “ROSSIYA” took part in and became a partner of the jubilee 10th All-Russian conference “Priorities of the market electric power industry in Russia: (un)limited possibilities”, which was held on October 2-4 in Sochi.

At the initiative of Bank “ROSSIYA”, a business breakfast was held as part of the conference, dedicated to the problems of developing digital services and financial infrastructure for “green” electric power industry.

It was attended by the Chairman of the Board of the Association “NP Market Council” M.S. Bystrov and the Director of the Department of Competition, Energy Efficiency and Ecology of the Ministry of Economic Development of Russia I.A. Petrunina. The Bank was represented at the event by Deputy Chairman of the Board A.V. Shalenkov, Senior Vice President E.V. Svitova, Vice President – Head of the Department for Work with Electric Power Enterprises R.I. Tugushev and other managers.

A.V. Shalenkov addressed the event participants with a welcoming speech. In his speech, he noted the importance of supporting initiatives aimed at preserving the climate: “In our country, as in the rest of the world, there is a growing demand for financial instruments that ensure the “greening” of business and confirm its commitment to ESG principles. Bank “ROSSIYA” has experience working with projects related to “green” energy – they are valuable to us not only because of their economic efficiency, but also in terms of the climate goals that our country and society face. We have the necessary infrastructure to implement new services in this area and are confident that our numerous clients will respond to such initiatives.”

The prospects of new instruments were outlined by M.S. Bystrov: “The interests of the state in the sphere of “green” electric power coincide with the goals of business and ordinary consumers. The “green” agenda remains among the priorities of petrochemical, metallurgical and other industrial companies. Ordinary people, mainly young people, also want to make their consumption more responsible and environmentally friendly. The certification system allows both to move in this direction, opening up new “green” opportunities.”

I.A. Petrunina in her speech emphasized the importance of the climate agenda in the country’s economic development: “The Ministry of Economic Development is working in two key areas – low-carbon regulation and energy efficiency. Over the past two years, noticeable shifts have been observed in this area, the necessary regulatory and legal architecture of public administration is being created. We are also creating infrastructure for the implementation of climate projects by businesses. Carbon units, like “green” certificates, are already actively used by market participants.”

Member of the Board of the Association “NP Market Council”, General Director of the Center for Energy Certification LLC O.G. Barkin told the participants about the development of the “green” certification system in Russia. With the help of certificates, consumers can confirm the use of energy obtained from clean sources. Given the growing awareness of society and the overall growth in demand for products with a low carbon footprint, energy certification can also be considered a promising area.

The Director of Energy and Resource Provision of PJSC SIBUR V.V. Tupikin, the Director of Work with Natural Monopolies of JSC RUSAL Management M.G. Balashov, the Managing Director of JSC Energosbyt Plus Yu.B. Chernyavskaya and other participants of the event also presented their vision of the problems of “green” electric power industry.

The Bank’s retail employees took an active part in the conference. Participants and guests were given consultations on mortgages in the primary market, refinancing, consumer lending, and applications for credit cards were accepted. Agreements were also reached on holding retail events on the premises of enterprises in the electric power sector.

For ten years, Bank “ROSSIYA” has been an authorized credit organization of the Wholesale Electricity and Capacity Market (WECM). During this time, the Bank managed to create an effective technological structure for settlements between enterprises in the electric power industry.

Participation in the conference contributed to the development of mutually beneficial cooperation and strengthening the image of Bank “ROSSIYA” among players in the electric power market.

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://abr.ru/about/nevs/13713/

MIL OSI Russia News –

January 23, 2025
MIL-OSI Asia-Pac: HKMA and HKAB support ICAC’s launching of Banking Industry Integrity Charter

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) fully support the Banking Industry Integrity Charter (Integrity Charter) introduced by the Independent Commission Against Corruption (ICAC). The two organisations co-hosted today (October 9) a launching ceremony for the Integrity Charter together with the ICAC. Senior management from 30 banks, including those from major retail banks and private wealth management banks in Hong Kong, attended the ceremony. Representatives of the Chinese Banking Association of Hong Kong and the Private Wealth Management Association also attended the event (see Annex).

     The HKMA has long been encouraging banks to further their work in integrity building. The ICAC launched the Integrity Charter to create a platform for communication through public-private partnership, helping banks to implement effective integrity management and anti-corruption measures. The ICAC will provide anti-corruption recommendations tailored for the banking industry, share anti-corruption cases with the industry, and arrange regular thematic training for banks to further support the industry’s efforts in integrity building and promoting honest and responsible business practices. Banks participating in the Integrity Charter will commit to further strengthening their internal anti-corruption capabilities and promoting an integrity culture among their business partners.

     The Chief Executive of the HKMA, Mr Eddie Yue; the Commissioner of the ICAC, Mr Woo Ying-ming; and the Chairman of the Hong Kong Association of Banks, Ms Luanne Lim, officiated at the ceremony to mark the launch of the Integrity Charter. During the event, the ICAC also showcased for the first time the logo specially designed for the Integrity Charter.

     In his welcome remarks, Mr Yue said, “Customer trust is an important pillar for the sustainable development of the banking industry. The professionalism and ethical conduct of banks and their frontline staff are key to building customer trust. The launch of the Integrity Charter by the ICAC is conducive to maintaining the stability of the Hong Kong banking system, and also helps to consolidate and enhance Hong Kong’s status as an international financial centre. It provides strong support for the Hong Kong banking industry to develop new markets, including the Middle East and Southeast Asia.”

Mr Woo said in his welcome remarks, “Hong Kong is widely recognised as one of the most corruption-free places in the world and its financial sector is vibrant and thriving. The Integrity Charter combines the two advantages of Hong Kong – integrity and finance – underlining the banking industry’s commitment to integrity and enhancing its anti-corruption capabilities, to maintain and develop Hong Kong’s position as an international financial centre.”

     Ms Lim said, “The Integrity Charter will help the public better understand banks’ determination to maintain a clean society and combat corruption collectively.” She encouraged members of the association to participate in the Integrity Charter.

     For further information about the Integrity Charter, please visit the webpage of the ICAC’s Corruption Prevention Advisory Service at cpas.icac.hk/EN/Info/TP_Library?cate_id=10046.

MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI United Kingdom: Two new non-executive directors join HMRC Board
Source: United Kingdom – Executive Government & Departments

Digital transformation expert Mike Bracken and tax specialist Bill Dodwell have joined the HM Revenue and Customs Board.
The pair have been appointed as non-executive directors to the board, which is chaired by the Exchequer Secretary to the Treasury, James Murray MP.

They will bring fresh expertise and experience to the board as it focuses on the minister’s 3 strategic priorities for HMRC:

closing the tax gap

improving customer service

modernising and reforming HMRC

Jim Harra, HMRC First Permanent Secretary and Chief Executive, said:

I’m delighted Mike and Bill are joining the board and adding their expert knowledge to the considerable expertise that already exists on the board.

They will help HMRC to deliver on the minister’s priorities of closing the tax gap, improving customer service, and modernising and reforming HMRC.

Mike Bracken has led digital operations and transformations in large-scale public and private sector organisations in the UK and Europe. He was the founder and executive director of the UK Government Digital Service (GDS) and the UK’s first Government Chief Data Officer.

He has advised more than 30 governments and global financial institutions on digital transformation, from Australia to Argentina.

Mike will chair the board’s Modernisation and Reform Committee.

Bill Dodwell was Tax Director of the Office of Tax Simplification having been head of tax policy at Deloitte. He has law degrees from King’s College London and Queens’ College Cambridge and is a chartered accountant and chartered tax adviser.

Bill is a former president of the Chartered Institute of Taxation and was a member of the General Anti-Abuse Rule Advisory Panel.

Bill will chair the board’s Closing the Tax Gap Committee.

Both Mike and Bill have been appointed board members by the Commissioners for Revenue and Customs for a fixed term of one year in accordance with the relevant guidance.

The HMRC Board provides scrutiny, challenge and advice to the Commissioners for Revenue and Customs on HMRC’s operational strategies, performance, capability and risks. It is not decision-making and does not advise on policy development or the affairs of individual taxpayers.

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Published 9 October 2024
MIL OSI United Kingdom –
January 23, 2025
MIL-OSI Asia-Pac: Family office collaboration unveiled

Source: Hong Kong Information Services

The Financial Services & the Treasury Bureau today announced the establishment of the Hong Kong Family Office Nexus, a strategic collaboration between the bureau and Bloomberg L.P.

The partnership is aimed at attracting family offices from around the world to establish or expand their presence in Hong Kong, and at reinforcing the city’s status as a leading global asset and wealth management hub, the bureau said.

Specifically, it will focus on four “pillars”, namely community building, knowledge sharing, technological support, and philanthropic collaboration. Together with Invest Hong Kong and the Hong Kong Academy for Wealth Legacy, the bureau will work with Bloomberg on various initiatives designed to bolster Hong Kong’s family office ecosystem.

The bureau said the alliance was forged following a pivotal meeting in New York, in April, between Secretary for Financial Services & the Treasury Christopher Hui and Founder of Bloomberg L.P. & Bloomberg Philanthropies Michael Bloomberg. Their discussions centred on Hong Kong’s initiatives to establish itself as a global hub for family offices and philanthropy, and how the two parties might collaborate on achieving this goal.

Mr Hui said: “Michael and I share a common vision to develop Hong Kong into a global centre for family offices and philanthropists. His insights, together with Bloomberg’s extensive international reach and its expertise in financial data and technology, will be invaluable to further enhance Hong Kong’s appeal to family offices worldwide.

“We look forward to working closely with Bloomberg to create an environment where family offices and philanthropic initiatives will thrive.”

Additionally, the bureau said Bloomberg will inaugurate a new wealth management summit in Hong Kong next March. With a view to sustaining and building on growing momentum in Hong Kong’s family office sector, the event will coincide with the bureau’s Wealth for Good in Hong Kong Summit.

Other Hong Kong Family Office Nexus initiatives will commence in phases from late 2024, the bureau stated.

MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI: Michael Kaumeyer Joins Nicola Wealth to Drive Ultra-High-Net-Worth Business

Source: GlobeNewswire (MIL-OSI)

Vancouver, BC, Oct. 09, 2024 (GLOBE NEWSWIRE) — Nicola Wealth, one of Canada’s fastest-growing private investment counsel firms, is pleased to announce that Michael Kaumeyer, founder and former CEO of Grayhawk Wealth, has joined Nicola Wealth to help develop and grow its ultra-high-net-worth (UHNW) division.

For over 30 years, Nicola Wealth has served some of Canada’s most successful and wealthiest families with over $3 billion of the firm’s $16 billion in assets under management (AUM) stewarded for this segment. Recognizing the opportunity to expand in the UHNW space, Michael’s new role reflects Nicola Wealth’s commitment to this market segment. His leadership will help the firm grow while assisting clients in building meaningful legacies for themselves and their communities.

Michael, an accomplished business leader, brings a proven track record of success in working with Canadian families and foundations, emphasizing strong, multigenerational relationships to support the growth of their legacies. His complementary skill set in connecting with clients, understanding their distinctive values and challenges, and delivering exceptional service aligns with Nicola Wealth’s approach to advanced financial planning and pension fund-style investing.

“Michael’s decision to join us speaks volumes about our approach to wealth and legacy management,” said Vanessa Flockton, President, Private Wealth. “We don’t just serve our clients; we care deeply about them, their families, and their communities. Michael shares our belief that the key to lasting success is building strong, personal relationships. He will help us build upon our proven track record of long-term performance, sophisticated planning and enduring relationships.”

Prior to joining Nicola Wealth, Michael founded Grayhawk Wealth in 2015 and successfully grew the firm to manage $1.5 billion in AUM. His relationship-driven approach led to a highly successful business, resulting in the sale of the majority stake in 2020. At Nicola Wealth, Michael will have a national mandate to further define and expand the firm’s UHNW services, ensuring clients receive the highest level of personalized and innovative wealth management solutions.

“I am thrilled to join Nicola Wealth, a firm that prioritizes relationships and truly understands the complex needs of ultra-high-net-worth families,” said Kaumeyer. “This is a unique opportunity to build on the firm’s legacy of trust and care, and I look forward to working with Canadian families to help them grow and protect their wealth across generations.”

Based in Calgary, Michael will work nationally to contribute to Nicola Wealth’s ongoing mission to deliver exceptional client experiences. His deep Alberta roots and commitment to the community further align with Nicola Wealth’s dedication to making a positive impact on the lives of its clients and the communities they care about.

Nicola Wealth’s approach to serving clients centers on the ability to integrate wealth planning with investment management and personal legacy-building. By bringing Michael on board, Nicola Wealth will continue to grow its UHNW client base and serve Canadian families with the care, time, and expertise they deserve.

About Nicola Wealth

Nicola Wealth Management Ltd. is an independent wealth management firm dedicated to serving the complex needs of high-net-worth individuals, families, and institutions. Today, the firm manages over $16.4 billion in assets for clients across Canada, with advisors in BC, Alberta and Ontario. Nicola Wealth delivers a level of diversification; building upon a foundation of publicly traded securities, the Nicola Wealth portfolio is truly diversified to include access to a wide range of private asset classes including hard asset real estate, private equity, private debt, commercial mortgages and more. For more information, please visit http://www.nicolawealth.com. 

The MIL Network –

January 23, 2025
MIL-OSI New Zealand: Housing and Finance – OCR down again as mortgage rates set to keep falling – CoreLogic

Source: CoreLogic – Commentary from Kelvin Davidson, CoreLogic NZ Chief Property Economist

Leading up to today’s official cash rate decision, there were equally strong cases for either a 0.25% or 0.50% cut, with the Reserve Bank ultimately opting for the latter.

This seems to reflect a new focus on the ‘real time’ economic indicators (such as falling employment) and the potentially growing risk that weak activity causes inflation to undershoot the 1-3% target before too long, rather than staying stubbornly above it.

Given this was an ‘interim’ Monetary Policy Review (as opposed to the full Monetary Policy Statement), the commentary attached to the decision was always likely to be fairly brief and that proved to be the case.

There’s a sense in the Reserve Bank’s commentary that they feel a need to act fairly quickly to get monetary policy back towards a more neutral setting (or even stimulatory), rather than the restrictive territory it’s been in for quite some time now.

Overall, the OCR is now clearly on a steady downward path.

In terms of the housing market impacts, the key point is that mortgage interest rates are likely to continue to drop too. This could easily produce a short-term lift in confidence and a more active housing market as we hit the normal Spring uplift anyway.

However, although house prices may well stop falling in the near future, there are also plenty of reasons why they are unlikely to surge upwards either. For a start, housing affordability remains stretched, and elevated listings are certainly putting finance-approved buyers in a strong position when it comes to price negotiations.

But perhaps the most important restraint right now is the labour market. Job losses themselves will tend to limit house sales and prices.

But there’s also the knock-on effect on sentiment even for those people who keep their jobs but don’t feel as secure in their role as they did before. In addition, flatter wages will also tend to subdue the housing market.

Looking ahead, it wouldn’t be a surprise to see limited growth in house prices in 2025, as mortgage rates drop.

But keep in mind that lower rates will simply bring forward the timing for the debt-to-income restrictions to start biting; another reason to be cautious about the speed and duration of the next housing cycle.

Indeed, the DTIs are effectively an ‘insurance policy’ for the Reserve Bank in this cycle. Previously, they might have been wary of cutting too soon, at the risk of driving house prices up. But now DTIs will act to curb that growth.

MIL OSI New Zealand News –

January 23, 2025
MIL-OSI Russia: Rehabilitation of two Krasnoyarsk ponds completed in Golyanovo

MILES AXLE Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Specialists from the city economy complex have completed the rehabilitation of two Krasnoyarsk ponds in the Golyanovo district in the east of the capital. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

“These reservoirs were in an unsatisfactory condition: large volumes of silt deposits had accumulated on the bottom, the end sections of the water area were overgrown with aquatic vegetation, and erosion of the shoreline was observed. In connection with this, a comprehensive rehabilitation of the ponds was carried out, and now they are again a modern and comfortable place for city residents to relax,” noted Petr Biryukov.

Reservoirs with a total area of 0.6 hectares were cleared of silt: during the work, specialists removed more than 1.6 thousand cubic meters of silt deposits. Thanks to this, the average depth of the Krasnoyarsk ponds increased. The coastal strip with a length of 491 meters was repaired: the bank slopes were reinforced with crushed stone, and in some areas, crib structures were installed. At the final stage, specialists created nine bioplateau zones with a total area of 565 square meters. More than 12 thousand aquatic plants were planted here.

In Moscow, city water bodies are regularly inspected, and if problems are identified, a decision is made on rehabilitation. The list of water bodies is compiled annually, taking into account the wishes of Muscovites.

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/nevs/item/145033073/

MIL OSI Russia News –

January 23, 2025
MIL-OSI: Global Net Lease Completes $569 Million of Dispositions Through Third Quarter of 2024

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) today announced continued progress on its 2024 strategic disposition plan. Through Q3 2024, GNL has closed nearly $569 million of dispositions, and, including its pipeline, dispositions total $870 million¹.

“We are pleased with the continued momentum of our 2024 strategic disposition plan, having closed nearly $569 million of dispositions through Q3 2024 at favorable cash cap rates, demonstrating the quality of our investment-grade portfolio,” said Michael Weil, CEO of GNL. “The dispositions include approximately $111 million of vacant assets, eliminating their negative impact on our net operating income. This initiative is essential for achieving our strategic objectives of reducing our Net Debt to Adjusted EBITDA and lowering our cost of capital. By using the net sale proceeds to reduce outstanding debt, we enhance GNL’s financial flexibility and position the Company for long-term growth.”

GNL has furnished a slide detailing the progress of its 2024 strategic disposition plan with a Current Report on Form 8-K with the Securities and Exchange Commission on the date hereof.

About Global Net Lease, Inc.

Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at http://www.globalnetlease.com.

Important Notice

The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks associated with realization of the anticipated benefits of the merger with The Necessity Retail REIT, Inc. and the internalization of the Company’s property management and advisory functions; that any potential future acquisition or disposition by the Company is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements are set forth in the Risk Factors and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

Contacts:
Investor Relations
Email: investorrelations@globalnetlease.com
Phone: (332) 265-2020

Footnotes:
¹ Disposition data as of September 30, 2024, includes transactions that are either closed or a pipeline of transactions under agreement or letter of intent, and assumes purchase agreements and letters of intent lead to closing based on their contemplated terms, which cannot be assured.

The MIL Network –

January 23, 2025
MIL-OSI: Eagle Bancorp Announces Earnings Call on October 24, 2024

Source: GlobeNewswire (MIL-OSI)

BETHESDA, Md., Oct. 09, 2024 (GLOBE NEWSWIRE) — Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), the Bethesda-based holding company for EagleBank, one of the largest community banks in the Washington D.C. area, today announced that it will host a teleconference call for the financial community on October 24, 2024, at 10:00 a.m. (EDT). On this call, Eagle Bancorp Inc.’s Chief Executive Officer Susan Riel and Chief Financial Officer Eric Newell will discuss earnings for the third quarter 2024 financial results. Those results will be released after the close of business on October 23, 2024.

Interested parties will need to register at the below-noted URL in order to listen and participate in the call. Once a participant registers with a valid email, they will receive a dial-in phone number and unique PIN number which will be needed to access the call. The call will also be available live via webcast on the Company’s website, which is http://www.EagleBankCorp.com. A replay of the call will be available on the Company’s website through November 7, 2024.

Participant Call Registration Link:
https://register.vevent.com/register/BI6cdce3c45a9f49219ea94a6f7c9fa083

Webcast Link:
https://edge.media-server.com/mmc/p/79xpxyi2

Caution About Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Because of these uncertainties and the assumptions on which the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other filings with the SEC. Except as required by law, the Company does not undertake to update forward-looking statements contained in this release.

About Eagle Bancorp, Inc. and EagleBank
Eagle Bancorp, Inc. is the holding company for EagleBank, which commenced operations in 1998. EagleBank is headquartered in Bethesda, Maryland, and conducts full service commercial banking through 12 offices, located in Suburban, Maryland, Washington, D.C. and Northern Virginia. EagleBank focuses on building relationships with businesses, professionals and individuals in its marketplace.

EagleBank Contact
Eric Newell, Chief Financial Officer, Eagle Bancorp, Inc.
240.497.1796

The MIL Network –

January 23, 2025
MIL-OSI Banking: Chief Minister opens Countering Financial Crime Conference
Source: Isle of Man

Published on: 09 October 2024
Chief Minister Alfred Cannan MHK highlighted the importance of public-private sector collaboration as he opened the flagship Countering Financial Crime Conference at the Villa Marina today, Wednesday 9 October.

Addressing an audience of almost 600 people, he called on everyone to play their part in maintaining the integrity of the Island’s financial services sector.

‘Combatting the scourge of financial crime requires a robust and co-ordinated national response,’ the Chief Minister said. ‘We must keep pace with developments, maintain high standards and work together to protect the Island from those who seek to exploit our financial systems.

‘Maintaining the Island’s reputation as a first-class international finance centre is a political priority. I am determined to lead from the front to ensure the Isle of Man can look forward to a vibrant, diverse and sustainable future.’

Today’s conference brings together a diverse group of experts, practitioners, and policymakers to share their professional insight and highlight best practice.

The line-up of speakers includes:

Eric van der Schild of Europol, the European Union Agency for Law Enforcement Cooperation

Donald Toon, Head of Financial Crime Threat Mitigation for the Natwest Group

Kathryn Westmore, Senior Research Fellow at the Centre for Finance and Security at the Royal United Services Institute

Ruth Dearnley OBE of Stop the Traffik, a campaign coalition which aims to bring an end to human trafficking

Zoe Warren and John Tanagho of the International Justice Mission

Scott Johnston, Head of Public Sector Operations at Chainalysis

Cindy van Niekerk of IOM Fintech Innovation Challenge winners Umazi

The speakers will explore a range of financial crime topics and challenges, including work aimed at countering money laundering, terrorist financing, proliferation financing, human trafficking and modern slavery.

Panel discussions focus on data and innovation, the importance of collaboration, and how the Isle of Man can make a positive difference as a small jurisdiction with a big financial footprint.

The conference will also see the official launch of the Financial Crime Partnership, a public-private sector initiative coordinated by the Isle of Man Financial Intelligence Unit.
MIL OSI Global Banks –
January 23, 2025

MIL-OSI: YieldMax™ ETFs Announces Distributions on BABO (69.59%), MRNY (61.51%), FBY (58.57%), YMAX (60.44%), YMAG (76.46%) and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ ETFs listed in the table below.

ETF Ticker¹	ETF Name	Reference Asset	Distribution per Share	Distribution Frequency	Distribution Rate^2,4,5	30-Day SEC Yield³	Ex-Date & Record Date	Payment Date
YMAX	YieldMax™ Universe Fund of Option Income ETFs	Multiple	$0.2044	*Weekly*	60.44%	62.93%	10/10/2024	10/11/2024
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	Multiple	$0.2823	*Weekly*	76.46%	50.85%	10/10/2024	10/11/2024
NVDY	YieldMax™ NVDA Option Income Strategy ETF	NVDA	$1.0999	Every 4 Weeks	55.90%	3.24%	10/10/2024	10/11/2024
DIPS	YieldMax™ Short NVDA Option Income Strategy ETF	NVDA	$0.6859	Every 4 Weeks	55.43%	3.69%	10/10/2024	10/11/2024
FBY	YieldMax™ META Option Income Strategy ETF	META	$0.9231	Every 4 Weeks	58.57%	3.22%	10/10/2024	10/11/2024
GDXY	YieldMax™ Gold Miners Option Income Strategy ETF	GDX®	$0.6060	Every 4 Weeks	43.84%	3.27%	10/10/2024	10/11/2024
BABO	YieldMax™ BABA Option Income Strategy ETF	BABA	$1.2932	Every 4 Weeks	69.59%	2.62%	10/10/2024	10/11/2024
JPMO	YieldMax™ JPM Option Income Strategy ETF	JPM	$0.3768	Every 4 Weeks	27.12%	3.60%	10/10/2024	10/11/2024
MRNY	YieldMax™ MRNA Option Income Strategy ETF	MRNA	$0.3762	Every 4 Weeks	61.51%	3.91%	10/10/2024	10/11/2024
PLTY*	YieldMax™ PLTR Option Income Strategy ETF	PLTR	—	Every 4 Weeks	—	—	—	—
Scheduled for next week: YMAX YMAG CONY FIAT MSFO AMDY NFLY ABNY PYPY ULTY

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

* The inception date for PLTY is October 7, 2024.

¹All YieldMax™ ETFs shown in the table above (except YMAX and YMAG) have a gross expense ratio of 0.99%. YMAX and YMAG have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs.

²The Distribution Rate shown is as of close on October 8, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended September 30. 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

⁵As of the date hereof, distributions for the following ETFs have included return of investor capital: TSLY, OARK, APLY, AMZY, NVDY, GOOY, JPMO, XOMO, PYPY, CONY, DISO, FBY, MSFO, NFLY, SQY, AMDY, MRNY, AIYY, MSTY, ULTY, YMAX, YMAG, YBIT, SNOY, CRSH and GDXY. For additional information, please visit http://www.YieldMaxETFs.com/TaxInfo.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Standardized Performance

For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here

Prospectuses

Click here.

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are in the prospectus. Please read the prospectuses carefully before you invest.

There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

Tidal Financial Group is the adviser for all YieldMax™ ETFs and ZEGA Financial is their sub-adviser.

THE FUND, TRUST, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX and YMAG generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer time periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTY), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer time periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given time period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs or ZEGA Financial.

The MIL Network –

January 23, 2025

MIL-OSI: Survey Reveals that Half of U.S. Enterprises Have Immature External Attack Surface Management Programs Despite 90% Indicating Increases in Impactful Incidents
Source: GlobeNewswire (MIL-OSI)

IRVINE, Calif., Oct. 09, 2024 (GLOBE NEWSWIRE) — TacitRed today announced new survey findings in its “2024 State of Attack Surface Intelligence report.” The research, conducted by Cybersecurity Insiders, a community membership of over 600,000 information technology (IT) security professionals, found that half of U.S. enterprises have immature external attack surface management (EASM) programs despite nearly all respondents indicating an increase in impactful attack surface incidents. Organizations are investing in new technologies and applications to drive digital transformation, but in doing so, have enabled cyber adversaries means to exploit external attack surface exposures.

The 2024 Attack Surface Threat Intelligence report, which aimed at getting a better understanding of the key cyber security microtrends impacting businesses today, provides insights into the challenges, advances, maturity, and best practices for managing external attack surface risk. A findings summary infographic can be downloaded at http://www.tacitred.com/asm2024inf. To obtain the full report, visit http://www.tacitred.com/asm2024rpt.

“Given increased threats, operational deficiencies, and limited resources, the survey results underscore ample room for growth in maturing the people, processes, and tools necessary for effective EASM,” said Holger Schulze, CEO and founder of Cybersecurity Insiders. “Organizations should evaluate how to move beyond inconsistent and reactive measures and invest in more efficient, proactive, and responsive approaches to attack surface management to enhance their overall cyber posture and resiliency.”

Attack Surface Intelligence Insights and Challenges

Findings indicate that changes in attack surface infrastructure and external-originated incidents are steadily growing, but current tools are not effectively serving security operations teams. include:
- 90% of organizations experienced an increase in impactful attack surface incidents.
- 84% of respondents expressed attack surface dynamics contributing to security incidents.
- Over a third of respondents expressed challenges of coping with too much threat noise (39%) and poor threat intelligence (37%) — contributing to analyst burnout, missed detections, and delayed response.
- Similarly, more than half of respondents (66%) claimed only nominal usefulness in their attack surface threat intelligence tools while 40% expressed challenges in identifying third-party exposures, maintaining accurate internet-facing asset inventory, and detecting active threats.
- Security analysts were a third less positive about tools supporting EASM programs compared to senior management — indicating a gap between tool perception and hands-on efficacy.
EASM Programs Lack Maturity, Not Budget

The maturity of EASM programs varies significantly across organizations. Nearly 50% of respondents report that their programs are in the early stages of development, either in the Initial or Repeatable phases, where risk management remains unstructured and reactive. Only 33% of respondents are in more advanced stages of maturity, having more defined, automated, and optimized capabilities. Technology and healthcare industries claim slightly (10%) stronger maturity compared to government and financial services organizations.

Large organizations (over 2,500 employees) appear twice as likely to have mature programs than smaller organizations – which may be attributed to having more resources and investment. Fortunately, budgets for EASM programs are on the rise with 90% expecting increased investment in EASM tools and threat intelligence. 40% of respondents anticipate a budget increase over 20% compared to the previous year. The findings have major implications for EASM providers as organizations seek to improve processes and evaluate new technologies to address operational gaps.

Additional findings include:
- 90% of organizations experienced an increase in impactful attack surface incidents
  - Smaller companies (<2,500 employees) had 60% more incidents than larger companies
- 49% of organizations currently have immature EASM programs
  - Near-term program objectives are to improve threat responsiveness (65%) and asset inventory accuracy (59%)
  - Over half of respondents anticipate security tool convergence and the application of Generative AI to positively impact EASM programs
- 66% of respondents rated their attack surface intelligence tools as nominally useful
  - Professionals (65%) are seeking multi-source, curated, and prioritized threat intelligence
- 90% anticipate budgets increasing for attack surface management and threat intelligence tools – 40% expect an increase of over 20%
Join Cybersecurity Insiders, TacitRed, and an expert practitioner panel as they examine key survey findings, share insights, and explore best practices on the “state of attack surface threat intelligence” webinar to be held on October 22^nd at 11am EST. Register for the webinar at http://www.tactired.com/asm24webinar/.

Tweet This: New research finds that 90% of organizations experienced an increase in impactful attack surface incidents and 66% find external attack surface threat intelligence tools ineffective. Download the report at http://www.tacitred.com/asm2024rpt. #tacitred #attacksurfacemanagement #threatintelligence

Survey Details
The research and report was produced by Cybersecurity Insiders, a community membership of over 600,000 information technology (IT) security professionals. The online survey was conducted in September 2024 and responses were compiled from 312 qualified security professionals in enterprises ranging from 1,000 to over 10,000 employees across multiple industries in the United States. All respondents manage external attack surface management programs and teams, or are security operations and analyst team members that use threat intelligence and EASM tools daily.

About Cogility TacitRed™
Cogility TacitRed™ empowers security analysts to take immediate, decisive actions to mitigate impactful cyber exposures by taking advantage of unparalleled tactical attack surface intelligence – fully curated, prioritized, and detailed. The SaaS solution continuously analyzes global internet and threat intelligence of entities and adversaries to provide actionable insight on compromised and at-imminent-risk assets with complete visualization, scoring, attack chain stage, and threat context for over 18 million U.S. entities. As a result, organizations can optimize resources, mitigate data breach exposure, proactively improve their security posture, and help reduce supply chain risk. To obtain a free 30-day trial, visit http://www.tacitred.com.

Media Contact
Grace Halvorsen
gracehalvorsen@lightspeedpr.com

A PDF accompanying this release is available at http://ml.globenewswire.com/Resource/Download/375c7a18-bd47-490a-84ec-f572ac51977e

The MIL Network –
January 23, 2025
MIL-OSI Asia-Pac: CCI approves acquisition of 42.99% of the total paid up share capital of JM Financial Credit Solutions Limited by JM Financial Limited

Source: Government of India (2)

CCI approves acquisition of 42.99% of the total paid up share capital of JM Financial Credit Solutions Limited by JM Financial Limited

Acquisition of 71.79% of the total paid up share capital of JM Financial Asset Reconstruction Company Limited by JM Financial Credit Solutions Limited also approved

Posted On: 09 OCT 2024 11:59AM by PIB Delhi

Competition Commission of India (CCI) has approved (i) acquisition of 42.99% of the total paid up share capital of JM Financial Credit Solutions Limited by JM Financial Limited, and (ii) acquisition of 71.79% of the total paid up share capital of JM Financial Asset Reconstruction Company Limited by JM Financial Credit Solutions Limited.

The Proposed Combination envisages two simultaneous acquisitions, i.e., (i) acquisition of 42.99% of the total paid up share capital of JM Financial Credit Solutions Limited (JMFCSL) by JM Financial Limited (JMFL), and (ii) acquisition of 71.79% of the total paid up share capital of JM Financial Asset Reconstruction Company Limited (JMFARC) by JMFCSL.

JMFL is the operating cum holding company of the JM Financial Group (JMFL Group), that provides integrated and diversified financial services on its own and through its subsidiaries. It is a publicly listed company on BSE Limited and National Stock Exchange of India Limited. JMFL’s primary business includes investment banking business, private equity fund management, along with undertaking operations of private wealth and portfolio management services.

JMFCSL, a subsidiary of JMFL, is a systemically important non-deposit taking Non-Banking Finance Company (NBFC) and is classified as an investment and credit company, categorized as middle layer NBFC, registered with the Reserve Bank of India (RBI). It is currently engaged in wholesale lending activities with primary focus on real estate financing and corporate financing.

JMFARC, a subsidiary of JMFL, is an asset reconstruction company, registered with the RBI, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is engaged in the business of acquisition of stressed assets from banks / financial institutions and implementing resolution strategies for the acquired assets.

Detailed order of the Commission will follow.

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(Release ID: 2063390) Visitor Counter : 35

MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi lays foundation stone for various development projects in Maharashtra worth over Rs 7600 crore via video conferencing

Source: Government of India (2)

Prime Minister Shri Narendra Modi lays foundation stone for various development projects in Maharashtra worth over Rs 7600 crore via video conferencing

Inaugurates 10 Government Medical Colleges in Maharashtra

Lays foundation stone for upgradation of Dr Babasaheb Ambedkar International Airport, Nagpur

Lays foundation stone for New Integrated Terminal Building at Shirdi Airport

Inaugurates Indian Institute of Skills Mumbai and Vidya Samiksha Kendra, Maharashtra

Launch of projects in Maharashtra will enhance infrastructure, boost connectivity and empower the youth: PM

Posted On: 09 OCT 2024 3:06PM by PIB Delhi

The Prime Minister, Shri Narendra Modi laid the foundation stone for various development projects in Maharashtra worth over Rs 7600 crore via video conference today. The projects of today include the foundation stone laying of the upgradation of Dr Babasaheb Ambedkar International Airport, Nagpur and the New Integrated Terminal Building at Shirdi Airport. Shri Modi also launched the operationalization of 10 Government Medical Colleges in Maharashtra and inaugurated the Indian Institute of Skills (IIS), Mumbai and Vidya Samiksha Kendra (VSK) of Maharashtra.

Addressing the gathering, the Prime Minister said that Maharashtra is being presented with 10 new Medical colleges and important infrastructure projects including the modernization and expansion of Nagpur Airport and construction of a new terminal building for Shirdi Airport. He congratulated the people of Maharashtra for the development projects of today.

Recalling his visit to Mumbai and Thane to inaugurate projects worth Rs 30,000 crore, the Prime Minister mentioned that development projects worth thousands of crores such as the expansion of Metro network, upgradation of airports, highway projects, infrastructure, solar energy and textile parks have been initiated in various districts earlier. Shri Modi underlined that new initiatives have been undertaken for farmers, fishermen and animal keepers while the foundation stone for Wadhawan Port – India’s largest container port has also been laid in Maharashtra. The Prime Minister remarked, “Never in the history of Maharashtra has development taken place at such a fast pace, on such a large scale, in different sectors.”

Recalling the recent recognition of Marathi as a classical language, the Prime Minister remarked that when a language gets its due respect, it’s not just the words but the entire generation gets a voice. He added that the dream of crores of Marathi brethren was fulfilled with this. Shri Modi noted that the people of Maharashtra celebrated the recognition of Marathi as a classical language. He added that he was receiving messages of happiness and gratitude from people across the villages of Maharashtra. Shri Modi remarked that the recognition of Marathi as a classical language was not his work but a result of the blessings of people of Maharashtra. The Prime Minister underlined that the works of progress in Maharashtra were underway due to the blessings of luminaries like Chattrapati Shivaji Maharaj, Baba Saheb Ambedkar, Jyothiba Phule and Savitribai Phule.

The Prime Minister noted that the results of the assembly elections published yesterday for Haryana and Jammu and Kashmir and the voters of Haryana had clearly revealed the mood of the people of the country. He added that the victory in Haryana for the third consecutive time after successful completion of two terms was historic.

Prime Minister Modi cautioned against those who play divisive politics and mislead the voters for personal gains. He also pointed out attempts to induce fear among Muslims in India and convert them into votebank and also expressed disdain towards those indulging in casteism in Hinduism for their benefit. Shri Modi warned against those trying to break Hindu society in India for political gains. The Prime Minister expressed confidence that the people of Maharashtra would reject efforts to break the society.

In the last 10 years, the Prime Minister said that the government has begun a ‘Maha Yajna’ of creating modern infrastructure for the development of the nation. “Today, we are not only constructing buildings but laying the foundation of a healthy and prosperous Maharashtra”, the Prime Minister said, referring to the inauguration of 10 new Medical colleges in the state to improve the lives of lakhs of people. He said that Thane, Ambernath, Mumbai, Nashik, Jalna, Buldhana, Hingoli, Washim, Amravati, Bhankdara and Gadchiroli districts would become centers of service for lakhs of people. The Prime Minister underscored that the 10 new Medical colleges would further add 900 medical seats in Maharashtra taking the total number of medical seats in the state to about 6000. Recalling his resolve to add 75,000 new medical seats from the Red Fort, the Prime Minister said that today’s event is a big step in this direction.

Adding that the Government had eased the Medical Education, the Prime Minister remarked that the doors to new avenues were opened for the youth of Maharashtra. He added that the priority of the government was to ensure that as many children from poor and middle class families become doctors and their dreams are fulfilled. Shri Modi said that at one point of time, there was a huge challenge of non-availability of books in mother tongue for such specialized studies. The Prime Minister said that the Government ended this discrimination and the youth of Maharashtra would be able to study medicine in Marathi language. He added that the youth will fulfill their dream of becoming doctors, by studying in their mother-tongue.

The Prime Minister remarked that the Government’s effort to make life comfortable was a big medium to fight against poverty. Lambasting the previous Governments for making poverty the fuel of their politics, he added that his government has lifted 25 crore people out of poverty within a decade. Elaborating on the transformation of health services in the country, Shri Modi said “Today, every poor person has an Ayushman card for free medical treatment”. He added that recently the elderly aged above 70 years were also getting free medical treatment. Shri Modi noted that the Essential medicines were available at very low prices at Jan Aushadhi Kendras and the stents for heart patients were made cheaper by 80-85 percent. He added that the Government had also reduced the prices of medicines necessary for cancer treatment. Adding that medical treatment had become cheaper due to the increase in the number of government medical colleges and hospitals, Shri Modi said “Today the Modi government has given a strong shield of social security to the poorest of the poor.”

The Prime Minister emphasized that the world only trusts a country when its youth is filled with confidence. He noted that the confidence of today’s young India is writing the story of a new future for the nation and highlighted that the global community sees India as a significant hub for human resources, with vast opportunities in education, healthcare, and software development across the globe. To prepare India’s youth for these opportunities, the Prime Minister informed that the government is aligning their skills with global standards. The Prime Minister mentioned the launch of various projects in Maharashtra, including the Vidya Samiksha Kendra, aimed at advancing the educational framework and the inauguration of the Indian Institute of Skills in Mumbai, where future-oriented training will be provided to align the talent of young individuals with market demands. Further, Shri Modi highlighted the government’s initiative of offering paid internships to youth, a first in India’s history, where students will receive a stipend of Rs 5,000 during their internship. He expressed happiness that thousands of companies are registering to be a part of this initiative thereby helping young individuals gain valuable experience and opening new opportunities for them.

The Prime Minister said India’s efforts for its youth are yielding significant results. He said that India’s educational institutions are standing on par with the top institutes globally and highlighted the growing quality of higher education and research in India as released by World University Rankings only yesterday.

Shri Modi said that the world’s eyes are now on India as the country has become the fifth-largest economy. “Future of the global economy is in India”, the Prime Minister remarked, noting the new opportunities brought by economic progress, especially in sectors that were once neglected for decades. He gave the example of tourism and pointed out the lost opportunities in the past to fully utilize Maharashtra’s invaluable heritage, beautiful natural sites and spiritual centers to develop the state into a billion-dollar economy.

The Prime Minister stressed that the present government includes both development and heritage. Touching upon building a bright future inspired by India’s rich past, the Prime Minister mentioned the new terminal at Shirdi Airport, the modernization of Nagpur Airport and other development projects underway in Maharashtra. He said that the new terminal at Shirdi Airport will greatly benefit devotees of Sai Baba allowing more visitors from across the country and abroad. He also spoke about inaugurating the upgraded Solapur Airport which will now enable devotees to visit nearby spiritual destinations such as Shani Shingnapur, Tulja Bhavani and Kailas Temple thereby, boosting Maharashtra’s tourism economy and creating employment opportunities.

“Every decision and every policy of our government is dedicated to only one goal – Viksit Bharat!”, exclaimed Shri Modi. He added that the Government’s vision for the same was welfare of the poor, farmers, youth and women. Therefore, he added that every development project was dedicated to the poor villagers, laborers and farmers. Shri Modi highlighted that the separate cargo complex being built at Shirdi Airport would help the farmers a lot as various types of agricultural products could be exported across the country and abroad. He added that farmers of Shirdi, Lasalgaon, Ahilyanagar and Nashik would benefit from the cargo complex by easily being able to transport products like onion, grapes, guava and pomegranate to the big market.

The Prime Minister remarked that the government was constantly taking necessary steps in the interest of farmers such as abolishing the minimum export price on Basmati rice, removal of ban on export of non-Basmati rice, reducing the export duty on parboiled rice by half. He added that the government has also reduced the export tax on onions by half to increase the income of farmers of Maharashtra. Shri Modi also added that the Government had decided to impose a 20 percent tax on the import of edible oils and significantly increase the custom duty on refined soybean, sunflower and palm oil to help the farmers of India to benefit with higher prices for crops like mustard, soybean and sunflower. Shri Modi also added that the way the government was supporting the textile industry the cotton farmers of Maharashtra would be greatly benefitted.

Concluding the address, the Prime Minister said that the resolve of the present government is to strengthen Maharashtra. He expressed happiness with the state’s pace of progress and congratulated the people of Maharashtra for all the development projects of today.

Governor of Maharashtra, Shri C P Radhakrishnan, Union Minister for Road Transport and Highways Shri Nitin Gadkari, Chief Minister of Maharashtra, Shri Eknath Shinde and Deputy Chief Minister of Maharashtra, Shri Devendra Fadnavis were virtually present on the occasion.

Background

The Prime Minister laid the foundation stone of the upgradation of Dr. Babasaheb Ambedkar International Airport, Nagpur with a total estimated project cost of around Rs 7000 crore. It will serve as a catalyst for growth across multiple sectors, including manufacturing, aviation, tourism, logistics, and healthcare, benefiting Nagpur city and the wider Vidarbha region.

The Prime Minister laid the foundation stone for the New Integrated Terminal Building at Shirdi Airport worth over Rs 645 crore. It will provide world-class facilities and amenities for the religious tourists coming to Shirdi. The construction theme of the proposed terminal is based on the spiritual neem tree of Sai Baba.

In line with his commitment to ensuring affordable and accessible healthcare for all, the Prime Minister launched the operationalization of 10 Government Medical Colleges in Maharashtra located at Mumbai, Nashik, Jalna, Amravati, Gadchiroli, Buldhana, Washim, Bhandara, Hingoli and Ambernath (Thane). While enhancing the undergraduate and postgraduate seats, the colleges will also offer specialized tertiary healthcare to the people.

In line with his vision to position India as the ‘Skill Capital of the World’, the Prime Minister also inaugurated the Indian Institute of Skills (IIS) Mumbai, with an aim to create an industry-ready workforce with cutting-edge technology and hands-on training. Established under a Public-Private Partnership model, it is a collaboration between the Tata Education and Development Trust and Government of India. The institute plans to provide training in highly specialized areas like mechatronics, artificial intelligence, data analytics, industrial automation and robotics among others.

Further, the Prime Minister inaugurated the Vidya Samiksha Kendra (VSK) of Maharashtra. VSK will provide students, teachers, and administrators with access to crucial academic and administrative data through live chatbots such as Smart Upasthiti, Swadhyay among others. It will offer high-quality insights to schools to manage resources effectively, strengthen ties between parents and the state, and deliver responsive support. It will also supply curated instructional resources to enhance teaching practices and student learning.

Speaking at the launch of projects in Maharashtra, which will enhance infrastructure, boost connectivity and empower the youth.https://t.co/ZYiXGdRFDC

— Narendra Modi (@narendramodi) October 9, 2024

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MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI Asia-Pac: India’s emergence as a hub for affordable, high-quality medicines is truly commendable: Union Minister Dr Jitendra Singh

Source: Government of India

India’s emergence as a hub for affordable, high-quality medicines is truly commendable: Union Minister Dr Jitendra Singh

India’s leadership in global health is exemplified by the development of the world’s first DNA vaccine for COVID-19

We must focus on vaccine equity and technology transfer to enhance global vaccination efforts: The Minister

Posted On: 09 OCT 2024 3:33PM by PIB Delhi

The “Make in India” initiative is playing a pivotal role in reducing our dependency on imported Active Pharmaceutical Ingredients (APIs). By strengthening our domestic manufacturing, we are not only bolstering self-reliance but also ensuring critical healthcare supplies are readily available.This was stated by Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, DrJitendra Singh.

He was speaking at the 6^th CII Pharma & Life Sciences Summit: 2024 here today. The Minister said, “This forum is a vital platform for the exchange of ideas among industry leaders, government officials, and academia, and exemplifies India’s determination to lead in the global pharmaceutical and biotech arenas.”

Appreciating the pharma industry, he said, “India’s emergence as a hub for affordable, high-quality medicines is truly commendable. We now rank 3^rd in pharmaceutical production by volume and 14^th by value.” One of the most remarkable shifts within the industry has been the transition from a generic-focused model to the development of biopharmaceuticals and biosimilars, he added.

Speaking about next industrial revolution, the Minister said, it will come in biotech sector.Prime Minister Shri Narendra Modi wants us to lead it.” Thanks to initiatives like the PLI scheme, India is well on its way to becoming a global leader in biopharmaceuticals, bio-manufacturing, and life sciences by 2030. However, there is still much to be achieved. I congratulate CII and the life sciences industry on your success, but we must not lose sight of the immense opportunities ahead, he added.

Every third tablet consumed globally is made in India. A recent Central Drugs Standard Control Organization (CDSCO) survey across 48,000 drug samples from all Indian states revealed a spurious drug incidence of just 0.0245%. However, as goods travel across diverse climatic regions, improving the infrastructure and efficiency of transporting pharmaceutical products is vital to ensuring their efficacy.

India’s leadership in global health is exemplified by the development of the world’s first DNA vaccine for COVID-19 and the efforts to develop the first Human Papilloma Virus (HPV) vaccine for adolescent girls, which will prevent cervical cancer. Furthermore, producing 65% of the world’s vaccines, India has significantly transformed health outcomes, especially for low- and middle-income countries.

India’s bioeconomy has expanded 13-fold in just ten years, thanks to the thriving ecosystem of nearly 6,000 bio-startups. To sustain this momentum, industry must continue to invest in R&D, support young entrepreneurs, and foster a robust startup ecosystem.The Anusandhan National Research Foundation (ANRF), with a budget of Rs 50,000 crore over five years, marks a transformative step in building a knowledge-driven society. By addressing the infrastructure gap in universities, the ANRF will stimulate industry-academia collaborations, particularly in sectors like advanced materials, EV mobility, and health technology.

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MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI Asia-Pac: ARMY COMMANDERS CONFERENCE OCTOBER 2024 : ARMY COMMANDERS TO BRAINSTORM CONCEPTUAL ISSUES, REVIEW AND ASSESS THE OVERALL SECURITY SITUATION

Source: Government of India (2)

Posted On: 09 OCT 2024 3:54PM by PIB Delhi

The Second Army Commanders’ Conference for the year 2024 will be organised in a hybrid mode, with the first Phase planned on 10-11 October 2024 in a forward location at Gangtok. In the second phase, the senior hierarchy of Indian Army will congregate at Delhi on 28-29 October 2024. Shri Rajnath Singh, Hon’ble Raksha Mantri will deliver a keynote address to the senior leadership at Gangtok and will be briefed on the emerging security challenges and the response of the Army in the security domain.

As the Nation faces numerous regional security challenges, the upcoming Army Commanders’ Conference scheduled to commence in Sikkim tomorrow, assumes significance. Conducting the conference of Senior Commanders at a forward location underlines Indian Army’s focus on ground realities. The conference will serve as a forum for Senior Commanders to review current operational preparedness, deliberate on critical strategies and outline future directives.

During the first phase of the conference, discussions will focus on critical national security issues and strategic aspects aimed at sharpening Indian Army’s warfighting capabilities. Major issues to be deliberated during the two-day session will include the growing importance of a multi-pronged national security strategy that incorporates integration of Civil Military Fusion & the Diplomatic, Information, Military, and Economic (DIME) pillars to counter contemporary threats besides the need for developing low-cost technologies and alternate strategies to counter the rapidly evolving character of warfare.

Aligned to Indian Army’s goal of Technological Absorption, the senior hierarchy will deliberate on various issues including infusion of technology in Professional Military Education and explore the possibilities of recruiting domain specialists in niche domains. Other issues under deliberation will focus on enhancing the overall organisational health and easing the processes of the Field Army to make them more resilient and responsive.

The second phase of the conference will feature a discussion on evolving geopolitical landscape followed by brainstorming on operational matters and meetings of various Board of Governors to deliberate upon welfare measures and schemes for financial security of serving soldiers, veterans and their families. The senior hierarchy of the Army will also be addressed by the Chief of Defence Staff, General Anil Chauhan, the Chief of the Naval Staff, Admiral Dinesh K Tripathi and the Chief of the Air Staff, Air Chief Marshal AP Singh.

This gathering of Indian Army’s senior leadership reinforces the Army’s enduring resolve to stay prepared, adapt swiftly, and defend with precision to ensure the Indian Army remains progressive, forward-looking, adaptive and future-ready.

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MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI Russia: Alexander Novak spoke at a meeting of the board of the Russian Union of Industrialists and Entrepreneurs

MILES AXLE Translation. Region: Russian Federation –

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

Alexander Novak spoke at a meeting of the board of the Russian Union of Industrialists and Entrepreneurs

October 9, 2024

Alexander Novak spoke at a meeting of the board of the Russian Union of Industrialists and Entrepreneurs

October 9, 2024

Alexander Novak spoke at a meeting of the board of the Russian Union of Industrialists and Entrepreneurs

October 9, 2024

Alexander Novak spoke at a meeting of the board of the Russian Union of Industrialists and Entrepreneurs

October 9, 2024

Alexander Novak spoke at a meeting of the board of the Russian Union of Industrialists and Entrepreneurs. With the President of the RSPP Alexander Shokhin

October 9, 2024

Alexander Novak spoke at a meeting of the board of the Russian Union of Industrialists and Entrepreneurs. With RSPP President Alexander Shokhin

October 9, 2024

Previous news Next news

Alexander Novak spoke at a meeting of the board of the Russian Union of Industrialists and Entrepreneurs

Deputy Prime Minister Alexander Novak spoke at a meeting of the board of the Russian Union of Industrialists and Entrepreneurs.

He told representatives of large businesses about the main parameters of the national project “Efficient and Competitive Economy” and outlined the opportunities for the participation of the business community in its implementation.

The Deputy Prime Minister recalled the tasks set by the President to maintain high rates of economic growth and complete its structural restructuring. It is necessary to ensure that Russia’s GDP growth rates are higher than the world average and maintain fourth place in the world in terms of GDP at purchasing power parity.

“In order to achieve the goals and objectives facing the country, it is necessary to ensure the formation of a new model of long-term economic growth. The basis of this growth is the supply economy, ensuring the satisfaction of growing domestic demand. The expansion of supply to meet the growing domestic demand will be ensured by supporting domestic production, increasing investment activity, where the driver will be private investment and the development of the financial market as one of the sources, increasing labor productivity, changing the structure and volume of exports and imports. It is also important to develop competition and develop effective measures to adapt our economy to the global energy transition. All this is aimed at ensuring the competitiveness of our goods and services, including on the international market. It is this new growth model, based on the supply economy, that formed the basis for the formation of the national project “Efficient and Competitive Economy”. The goal of the national project is to ensure sustainable economic development based on competition, entrepreneurship and private initiative,” emphasized Alexander Novak.

Businessmen asked the Deputy Prime Minister current questions related to the development of industry projects, the reduction of administrative barriers and the improvement of legislation, the stimulation of investment and aspects of public-private partnership, as well as the participation of entrepreneurs in the implementation of the list of instructions of the President of Russia related to ensuring the growth and efficiency of the economy.

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 accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://government.ru/nevs/52944/

MIL OSI Russia News –

January 23, 2025
MIL-OSI Europe: Germany: EIB and IKB help middle-sized companies to access sustainable finance
Source: European Investment Bank
- A new loan portfolio of €400 million will support financing for mid-cap companies.
- Firms with up to 3 000 employees will be eligible to apply for a loan.
- The EIB is backing IKB’s loan portfolio with guarantees totalling €200 million.
The European Investment Bank (EIB) and IKB Deutsche Industriebank AG (IKB) have started a new partnership to support investment by Germany’s mid-cap companies. Firms with up to 3.000 employees can apply to IKB for a long-term loan to finance their transition to a more sustainable business model. The EIB will provide guarantees of €200 million to secure a total lending volume of €400 million.

This cooperation between the EIB and IKB will make it easier for mid-caps to access financing on favourable terms for sustainable investment. These borrowers will derive the full benefit of the EIB guarantees.

By facilitating access to financing, this partnership will promote long-term economic growth as well as job security. One-third of the loans will go to finance projects that power the green transition by improving energy efficiency, reducing carbon emissions and air pollution, and promoting overall market efficiency and integration through participation in wholesale markets.

The EIB guarantees are part of an EU-wide linked risk-sharing programme that uses risk-sharing to reduce certain access barriers to finance caused by the current economic uncertainty, including supply chain bottlenecks, inflation, rising interest rates and energy insecurity.

“Mid-caps are an important growth driver of our economy and play a key role in the green and digital transition, and in strengthening innovation, competitiveness and productivity of the German economy,” EIB Vice-President Nicola Beer said. “That’s why, together with IKB, we are providing long-term financing so that Midcaps can plan for their future. In this way, we help companies to remain innovative, make their supply chains more resilient and secure jobs. This strengthens Germany and Europe as a business location.”

As a financier supporting the development of German Midcaps, IKB welcomes this close partnership with the EIB. Through it, IKB aims to strengthen its status as a relevant, sustainable financial service provider for the country’s medium-sized firms. 30% of the guarantee framework is intended to support projects that improve carbon footprint and promote sustainable environmental protection.

“This agreement strengthens IKB’s position as a provider of transformation financing for mid-cap companies,” IKB CEO Michael Wiedmann said. “We are pleased that we can now expand our financing options for our clients’ sustainability projects and make these even more attractive.”

With its wide range of sustainable product initiatives, IKB aims to use investment financing to make a substantial contribution to the transition to a green economy. These include syndicated ESG loans, project finance, ESG loans with long maturities, and ESG advisory services. The bank’s contribution can be measured against the overall goal of mobilising €3-4 billion of sustainable new business volume by the end of 2025, in line with its Sustainable Finance Framework. In the 2023 financial year, IKB mobilised around €1.7 billion of sustainable new business.

Background information

The European Investment Bank is the long-term lending institution of the European Union. It finances sound investments that contribute to EU policy objectives. EIB projects strengthen competitiveness, sustainable development, and social and territorial cohesion. They promote innovation and accelerate the transition to climate neutrality. The EIB Group – which also includes the European Investment Fund – signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

IKB Deutsche Industriebank AG, headquartered in Düsseldorf, focuses on high-end German mid-caps – mainly firms with an annual turnover of more than €100 million. Since it was founded in 1924, IKB has specialised as an independent private bank, primarily in long-term financing for companies and projects. In its customer business, IKB focuses on structured financing and credit advisory services. The bank also offers financing solutions that can be used independently of customer balance sheets, including assistance for companies on the capital market – for example, in issuing promissory notes or bonds. IKB is also a specialist offering customers access to public funding programmes. It employs around 600 people at six locations, with a sales network that covers all regions of Germany.
MIL OSI Europe News –
January 23, 2025
MIL-OSI Europe: REPORT on the Council position on Draft amending budget No 2/2024 of the European Union for the financial year 2024 entering the surplus of the financial year 2023 – A10-0005/2024

Source: European Parliament

MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

on the Council position on Draft amending budget No 2/2024 of the European Union for the financial year 2024, entering the surplus of the financial year 2023

(12081/2024 – C10‑0107/2024 – 2024/0089(BUD))

The European Parliament,

– having regard to Article 314 of the Treaty on the Functioning of the European Union,

– having regard to Article 106a of the Treaty establishing the European Atomic Energy Community,

– having regard to Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012 [1], and in particular Article 44 thereof,

– having regard to the general budget of the European Union for the financial year 2024, as definitively adopted on 22 November 2023 [2],

– having regard to Council Regulation (EU, Euratom) 2020/2093 of 17 December 2020 laying down the multiannual financial framework for the years 2021 to 2027 [3],

– having regard to the Interinstitutional Agreement of 16 December 2020 between the European Parliament, the Council of the European Union and the European Commission on budgetary discipline, on cooperation in budgetary matters and on sound financial management, as well as on new own resources, including a roadmap towards the introduction of new own resources [4],

– having regard to Council Decision (EU, Euratom) 2020/2053 of 14 December 2020 on the system of own resources of the European Union and repealing Decision 2014/335/EU, Euratom [5],

– having regard to Draft amending budget No 2/2024, which the Commission adopted on 9 April 2024 (COM(2024)0920),

– having regard to the position on Draft amending budget No 2/2024, which the Council adopted on 13 September 2024 and forwarded to Parliament on 16 September 2024 (12081/2024 – C10‑0107/2024),

– having regard to Rules 96 and 98 of its Rules of Procedure,

– having regard to the report of the Committee on Budgets (A10-0005/2024),

A. whereas Draft amending budget 2/2024 is designed to enter in the 2024 budget the surplus from the financial year 2023, which amounts to EUR 633 million;

B. whereas the main components of that surplus are a positive outturn on revenue of EUR 238,7 million and an under-spend of EUR 393,9 million;

C. whereas, on the revenue side, the primary drivers for the volume of the surplus are an amount of EUR 1 766 million in financial revenue, default interest and fines, set against customs duties amounting to EUR 1 649 million below the expected figure; whereas the EUR 107 million surplus in administrative revenue is principally attributable to a higher-than-forecast pension contribution rate and the application of an intermediate salary update in January 2023, which increased the level of tax and levies and pension contributions;

D. whereas, on the expenditure side, under-implementation in payments by the Commission totalled EUR 70 million (0,1% of authorised payment appropriations); whereas the other institutions cancelled EUR 48 million in payments, thereby maintaining the low under-implementation rate from the 2022 budget;

E. whereas, with Draft amending budget 2/2024, the annual GNI lump-sum reductions enjoyed by Germany, The Netherlands, Denmark, Sweden and Austria amount to around EUR 5,4 billion net;

F. whereas margins and flexibility in the Union budget remain very tight despite the revision of the multiannual financial framework (MFF) and the introduction of the new EURI Instrument to underwrite increased borrowing costs for the European Union Recovery Instrument, which are inherently volatile, causing uncertainty for the budget; whereas, in this challenging context, budgetary needs are increasing;

1. Takes note of Draft amending budget 2/2024 as submitted by the Commission, which is designed to budget the 2023 surplus, for an amount of EUR 633 million, in accordance with Article 18(3) of the Financial Regulation;

2. Welcomes the fact that the 2023 surplus is considerably lower than the 2022 surplus, pointing to improved budgetary forecasting and management by the Commission;

3. Underlines that the surplus reduces the total contribution of Member States to the financing of the 2024 budget at a time when financing needs remain high and space within the Union budget extremely limited; underlines that the budget must retain sufficient flexibility to enable the Union to cope with unforeseen events and new emerging priorities;

4. Recalls its long-standing position that fines and fees should be used as supplementary revenue for the Union budget and should not lead a corresponding decrease in GNI-based contributions;

5. Takes note of the calculation of the adjusted annual GNI lump-sum reductions for the five beneficiary Member States, which amount to around EUR 5,4 billion net; highlights the fact that these rebates are inflation-linked and have therefore increased at a higher rate than the MFF ceilings, which are adjusted annually on the basis of the 2 % deflator; stresses that this anomaly increases the burden on the other Member States;

6. Emphasises the need for sustainable revenue for the Union budget; deplores, therefore, the absence of progress in the Council on the reform of the own resources system in line with the roadmap in the Interinstitutional Agreement; recalls its position in support of the amended Commission proposals and urges the Council to adopt those proposals swiftly in order to increase the own resources available to the Union budget;

7. Approves the Council position on Draft amending budget No 2/2024;

8. Instructs its President to declare that Amending budget No 2/2024 has been definitively adopted and arrange for its publication in the Official Journal of the European Union;

9. Instructs its President to forward this resolution to the Council, the Commission, the other institutions and bodies concerned and the national parliaments.

ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

Pursuant to Article 8 of Annex I to the Rules of Procedure, the rapporteur declares that he has received input from the following entities or persons in the preparation of the report, prior to the adoption thereof in committee:

Entity and/or person

Council of the European Union

European Commission

The list above is drawn up under the exclusive responsibility of the rapporteur.

Where natural persons are identified in the list by their name, by their function or by both, the rapporteur declares that he has submitted to the concerned natural persons the European Parliament’s Data Protection Notice No 484 (https://www.europarl.europa.eu/data-protect/index.do), which sets out the conditions applicable to the processing of their personal data and the rights linked to that processing.

MIL OSI Europe News –

January 23, 2025
MIL-OSI Europe: REPORT on the proposal for a Council decision on guidelines for the employment policies of the Member States – A10-0004/2024

Source: European Parliament

Text proposed by the Commission

Amendment

(5) The Guidelines are consistent with the new EU economic governance framework, which entered into force on 30 April 2024, existing Union legislation and various Union initiatives, including Council Recommendations of 14 June 2021 (5 ), 29 November 2021 (6 ), 5 April 2022 (7 ), 16 June 2022 (8 ), 28 November 2022 (9 ), 8 December 2022 (10 ), 30 January 2023 (11 ), 12 June 2023 (12 ) and 27 November 2023 (13 ), Commission Recommendation (EU) 2021/402) (14 ), Council Resolution of 26 February 2021(15 ), Commission Communications on building an economy that works for people: an action plan for the social economy (16 ), on the Digital Education Action Plan 2021-2027 (17 ), on the Strategy for the Rights of Persons with Disabilities 2021-2030 (18 ), on the Disability Employment Package (19 ), on a European Care Strategy (20 ), on A Green Deal Industrial Plan for the Net-Zero Age (21 ), on strengthening social dialogue in the European Union (22 ), on Better assessing the distributional impact of Member States’ policies (23 ),and on labour and skills shortages in the EU: an action plan (24 ), Decisions (EU) 2021/2316 (25 ) and (EU) 2023/936 (26 ) of the European Parliament and of the Council, Directives (EU) 2022/2041 (27 ), (EU) 2022/2381 (28 ) and EU 2023/970 (29 ) of the European Parliament and of the Council, and the Commission proposal for a Directive of the European Parliament and of the Council of 9 December 2021 on improving working conditions in platform work (30 )

(5) The Guidelines contribute to the full implementation of the European Social Pillar, the EU headline targets for 2030 and the United Nations Sustainable Development Goals, and are consistent with the existing Union legislation and various Union initiatives, including Council Recommendations of 14 June 2021 (5), 29 November 2021 (6), 5 April 2022 (7), 16 June 2022 (8), 28 November 2022 (9), 8 December 2022 (10), 30 January 2023 (11), 12 June 2023 (12) and 27 November 2023 (13), Commission Recommendation (EU) 2021/402) (14), Council Resolution of 26 February 2021(15), Commission Communications on building an economy that works for people: an action plan for the social economy (16), on the Digital Education Action Plan 2021-2027 (17), on the Strategy for the Rights of Persons with Disabilities 2021-2030 (18), on the Disability Employment Package (19), on a European Care Strategy (20), on A Green Deal Industrial Plan for the Net-Zero Age (21), on strengthening social dialogue in the European Union (22), on Better assessing the distributional impact of Member States’ policies (23),and on labour and skills shortages in the EU: an action plan (24), Decisions (EU) 2021/2316 (25) and (EU) 2023/936 (26) of the European Parliament and of the Council, Directives (EU) 2022/2041 (27), (EU) 2022/2381 (28), EU 2023/970 (29) and EU 2024/1500(29a) of the European Parliament and of the Council, and the Commission proposals for a Directive of the European Parliament and of the Council of 9 December 2021 on improving working conditions in platform work (30), for a Directive establishing the European Disability Card and European Parking Card for persons with disabilities (30a), for a Directive amending Directive 2009/38/EC as regards the establishment and functioning of European Works Councils (30b), and for a Directive on improving and enforcing working conditions of trainees (30c).

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5 Council Recommendation (EU) 2021/1004 of 14 June 2021 establishing a European Child Guarantee (OJ L 223, 22.6.2021, p. 14).

5 Council Recommendation (EU) 2021/1004 of 14 June 2021 establishing a European Child Guarantee (OJ L 223, 22.6.2021, p. 14).

6 Council Recommendation of 29 November 2021 on blended learning approaches for high-quality and inclusive primary and secondary education (OJ C 504, 14.12.2021, p. 21).

6 Council Recommendation of 29 November 2021 on blended learning approaches for high-quality and inclusive primary and secondary education (OJ C 504, 14.12.2021, p. 21).

7 Council Recommendation of 5 April 2022 on building bridges for effective European higher education cooperation (OJ C 160, 13.4.2022, p.1).)

7 Council Recommendation of 5 April 2022 on building bridges for effective European higher education cooperation (OJ C 160, 13.4.2022, p.1).)

8 Council Recommendation of 16 June 2022 on a European approach to micro-credentials for lifelong learning and employability (OJ C 243, 27.6.2022, p. 10), Council Recommendation of 16 June 2022 on individual learning accounts (OJ C 243, 27.6.2022, p. 26), Council Recommendation of 16 June 2022 on ensuring a fair transition towards climate neutrality (OJ C 243, 27.6.2022, p. 35) and Council Recommendation of 16 June 2022 on learning for the green transition and sustainable development (OJ C 243, 27.6.2022, p. 1).

8 Council Recommendation of 16 June 2022 on a European approach to micro-credentials for lifelong learning and employability (OJ C 243, 27.6.2022, p. 10), Council Recommendation of 16 June 2022 on individual learning accounts (OJ C 243, 27.6.2022, p. 26), Council Recommendation of 16 June 2022 on ensuring a fair transition towards climate neutrality (OJ C 243, 27.6.2022, p. 35) and Council Recommendation of 16 June 2022 on learning for the green transition and sustainable development (OJ C 243, 27.6.2022, p. 1).

9 Council Recommendation of 28 November 2022 on Pathways to School Success and replacing the Council Recommendation of 28 June 2011 on policies to reduce early school leaving (OJ C 469, 9.12.2022, p. 1).

9 Council Recommendation of 28 November 2022 on Pathways to School Success and replacing the Council Recommendation of 28 June 2011 on policies to reduce early school leaving (OJ C 469, 9.12.2022, p. 1).

10 Council Recommendation of 8 December 2022 on access to affordable high-quality long-term care (OJ C 476, 15.12.2022, p. 1) and Council Recommendation of 8 December 2022 on early childhood education and care: the Barcelona targets for 2030 (OJ C 484, 20.12.2022, p. 1).

10 Council Recommendation of 8 December 2022 on access to affordable high-quality long-term care (OJ C 476, 15.12.2022, p. 1) and Council Recommendation of 8 December 2022 on early childhood education and care: the Barcelona targets for 2030 (OJ C 484, 20.12.2022, p. 1).

11 Council Recommendation of 30 January 2023 on adequate minimum income ensuring active inclusion (OJ C 41, 3.2.2023, p.1).

11 Council Recommendation of 30 January 2023 on adequate minimum income ensuring active inclusion (OJ C 41, 3.2.2023, p.1).

12 Council Recommendation of 12 June 2023 on strengthening social dialogue in the European Union (OJ C/2023/1389, 6.12.2023).

12 Council Recommendation of 12 June 2023 on strengthening social dialogue in the European Union (OJ C/2023/1389, 6.12.2023).

13 Council recommendation of 27 November 2023 on developing social economy framework conditions (OJ C/2023/1344, 29.11.2023).

13 Council recommendation of 27 November 2023 on developing social economy framework conditions (OJ C/2023/1344, 29.11.2023).

14 Commission Recommendation (EU) 2021/402 of 4 March 2021 on an effective active support to employment following the COVID-19 crisis (EASE) (OJ L 80, 8.3.2021, p. 1).

14 Commission Recommendation (EU) 2021/402 of 4 March 2021 on an effective active support to employment following the COVID-19 crisis (EASE) (OJ L 80, 8.3.2021, p. 1).

15 Council Resolution on a strategic framework for European cooperation in education and training towards the European Education Area and beyond (2021-2030) (OJ C 66, 26.2.2021, p. 1).

15 Council Resolution on a strategic framework for European cooperation in education and training towards the European Education Area and beyond (2021-2030) (OJ C 66, 26.2.2021, p. 1).

16 COM(2021) 778 final.

16 COM(2021) 778 final.

17 COM(2020) 624 final.

17 COM(2020) 624 final.

18 COM(2021) 101 final.

18 COM(2021) 101 final.

19 Disability Employment Package to improve labour market outcomes for persons with disabilities – Employment, Social Affairs & Inclusion – European Commission (europa.eu)

19 Disability Employment Package to improve labour market outcomes for persons with disabilities – Employment, Social Affairs & Inclusion – European Commission (europa.eu)

20 COM(2022) 440 final.

20 COM(2022) 440 final.

21 COM(2023) 62 final.

21 COM(2023) 62 final.

22 COM(2023) 38 and 40 final.

22 COM(2023) 38 and 40 final.

23 COM(2022) 494 final.

23 COM(2022) 494 final.

24 COM(2024) 131 final.

24 COM(2024) 131 final.

25 Decision (EU) 2021/2316 of the European Parliament and of the Council of 22 December 2021 on a European Year of Youth (2022) (OJ L 462, 28.12.2021, p. 1).

25 Decision (EU) 2021/2316 of the European Parliament and of the Council of 22 December 2021 on a European Year of Youth (2022) (OJ L 462, 28.12.2021, p. 1).

26 Decision (EU) 2023/936 of the European Parliament and of the Council of 10 May 2023 on a European Year of Skills (OJ L 125, 11.5.2023, p. 1).

26 Decision (EU) 2023/936 of the European Parliament and of the Council of 10 May 2023 on a European Year of Skills (OJ L 125, 11.5.2023, p. 1).

27 Directive (EU) 2022/2041 of the European Parliament and of the Council of 19 October 2022 on adequate minimum wages in the European Union (OJ L 275, 25.10.2022, p. 33).

27 Directive (EU) 2022/2041 of the European Parliament and of the Council of 19 October 2022 on adequate minimum wages in the European Union (OJ L 275, 25.10.2022, p. 33).

28 Directive of the European Parliament and of the Council (EU) 2022/2381 of 23 November 2022 on improving the gender balance among directors of listed companies and related measures (OJ L 315, 7.12.2022, p. 44).

28 Directive of the European Parliament and of the Council (EU) 2022/2381 of 23 November 2022 on improving the gender balance among directors of listed companies and related measures (OJ L 315, 7.12.2022, p. 44).

29 Directive (EU) 2023/970 of the European Parliament and of the Council of 10 May 2023 to strengthen the application of the principle of equal pay for equal work or work of equal value between men and women through pay transparency and enforcement mechanisms (OJ L 132, 17.5.2023, p. 21).

29 Directive (EU) 2023/970 of the European Parliament and of the Council of 10 May 2023 to strengthen the application of the principle of equal pay for equal work or work of equal value between men and women through pay transparency and enforcement mechanisms (OJ L 132, 17.5.2023, p. 21).

29a Directive (EU) 2024/1500 of the European Parliament and of the Council of 14 May 2024 on standards for equality bodies in the field of equal treatment and equal opportunities between women and men in matters of employment and occupation, and amending Directives 2006/54/EC and 2010/41/EU (OJ L, 2024/1500, 29.5.2024, ELI: http://data.europa.eu/eli/dir/2024/1500/oj).

30 COM (2021) 762 final

30 COM (2021)0762

30a COM (2023)0512

30b COM (2024)0014

30c COM (2024)0132

MIL OSI Europe News –

January 23, 2025
MIL-OSI Europe: SECOND REPORT on discharge in respect of the implementation of the general budget of the European Union for the financial year 2022, Section II – European Council and Council – A10-0003/2024

Source: European Parliament

1. PROPOSAL FOR A EUROPEAN PARLIAMENT DECISION

on discharge in respect of the implementation of the general budget of the European Union for the financial year 2022, Section II – European Council and Council

(2023/2131(DEC))

The European Parliament,

– having regard to the general budget of the European Union for the financial year 2022 [1],

– having regard to the consolidated annual accounts of the European Union for the financial year 2022 (COM(2023)0391 – C9‑0250/2023)[2],

– having regard to the Council’s annual report to the discharge authority on internal audits carried out in 2022,

– having regard to the Court of Auditors’ annual report on the implementation of the budget concerning the financial year 2022, together with the institutions’ replies [3],

– having regard to the statement of assurance [4] as to the reliability of the accounts and the legality and regularity of the underlying transactions provided by the Court of Auditors for the financial year 2022, pursuant to Article 287 of the Treaty on the Functioning of the European Union,

– having regard to its decision of 23 April 2024 [5] postponing the discharge decision for the financial year 2022, and the accompanying resolution,

– having regard to Article 314(10) and Articles 317, 318 and 319 of the Treaty on the Functioning of the European Union,

– having regard to Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012 [6], and in particular Articles 59, 118, 260, 261 and 262 thereof,

– having regard to Rule 102 of and Annex V to its Rules of Procedure,

– having regard to the second report of the Committee on Budgetary Control (A10-0003/2024),

1. Refuses to grant the Secretary-General of the Council discharge in respect of the implementation of the budget of the European Council and of the Council for the financial year 2022;

2. Sets out its observations in the resolution below;

3. Instructs its President to forward this decision and the resolution forming an integral part of it to the European Council, the Council, the Commission and the Court of Auditors, and to arrange for their publication in the Official Journal of the European Union (L series).

2. MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

with observations forming an integral part of the decision on discharge in respect of the implementation of the general budget of the European Union for the financial year 2022, Section II – European Council and Council

(2023/2131(DEC))

The European Parliament,

– having regard to its decision on discharge in respect of the implementation of the general budget of the European Union for the financial year 2022, Section II – European Council and Council,

– having regard to Rule 102 of and Annex V to its Rules of Procedure,

– having regard to the second report of the Committee on Budgetary Control (A10-0003/2024),

A. whereas in the context of the discharge procedure, the discharge authority wishes to stress the particular importance of further strengthening the democratic legitimacy of the Union institutions by improving transparency and accountability, and implementing the concept of performance-based budgeting and good governance of human resources;

B. whereas, under Article 319 of the Treaty on the Functioning of the European Union (TFEU), the Parliament has the sole responsibility of granting discharge in respect of the implementation of the general budget of the Union, and whereas the budget of the European Council and of the Council is a section of the Union budget;

C. whereas, pursuant to Article 15(1) of the Treaty on European Union, the European Council is not to exercise legislative functions;

D. whereas, under Article 317 TFEU, the Commission is to implement the Union budget on its own responsibility, having regard to the principles of sound financial management, and whereas, under the framework in place, the Commission is to confer on the other Union institutions the requisite powers for the implementation of the sections of the budget relating to them;

E. whereas, under Articles 235(4) and 240(2) TFEU, the European Council and the Council (the ‘Council’) are assisted by the General Secretariat of the Council, and whereas the Secretary-General of the Council is wholly responsible for the sound management of the appropriations entered in Section II of the Union budget;

F. whereas, over the course of almost twenty years, Parliament has been implementing the well-established and respected practice of granting discharge to all Union institutions, bodies, offices and agencies, and whereas the Commission supports that the practice of giving discharge to each Union institution, body, office and agency for its administrative expenditure should continue to be pursued;

G. whereas, according to Article 59(1) of the Financial Regulation, the Commission shall confer on the other Union Institutions the requisite powers for the implementation of the sections of the budget relating to them;

H. whereas, since 2009, the Council’s lack of cooperation in the discharge procedure has compelled Parliament to refuse to grant discharge to the Secretary-General of the Council;

I. whereas the European Council and the Council, as Union institutions and as recipients of the general budget of the Union, should be transparent and democratically accountable to the citizens of the Union and subject to democratic scrutiny of the spending of public funds;

J. whereas the recommendation of the European Ombudsman (the ‘Ombudsman’) in strategic inquiry OI/2/2017/TE on the transparency of the Council legislative process indicated that the Council’s practice with regard to transparency in the legislative process constituted maladministration and should be addressed in order to enable citizens to follow the Union legislative process;

K. whereas the case law of the Court of Justice of the European Union confirms the right of taxpayers and of the public to be kept informed about the use of public revenue and that the General Court in in its judgment of 25 January 2023 in Case T-163/21 [7], De Capitani v Council, stated on transparency within the Union legislative process that documents produced by the Council in its working groups are not of technical nature but legislative and are therefore subject to access to documents requests;

1. Deeply regrets that since 2009, and again for the financial year 2022, Council continues to refuse to cooperate with Parliament on the discharge procedure, preventing Parliament from taking an informed decision based on a serious and thorough scrutiny of the implementation of the Council’s budget and thereby compelling Parliament to refuse discharge;

2. Notes that on 28 September 2023 the relevant Parliament services, on behalf of the rapporteur for the discharge procedure, forwarded a questionnaire to the Secretariat of the Council containing 74 important questions from Parliament in order to enable a thorough scrutiny of the implementation of the Council budget and of the management of the Council; further notes that similar questionnaires were sent to all other institutions, all of which have provided Parliament with thorough answers to all questions;

3. Regrets that, on 12 October 2023, the General Secretariat of the Council informed Parliament once again that it would not be answering Parliament’s questionnaire and that the Council would not be participating in the hearing which was arranged for 25 October 2023 as part of the discharge procedure and in which all other invited institutions participated;

4. Emphasises Parliament’s prerogative to grant discharge pursuant to Article 319 TFEU, as well as the applicable provisions of the Financial Regulation and Parliament’s Rules of Procedure, in line with current interpretation and practice, namely the power to grant discharge in order to maintain transparency and to ensure democratic accountability towards Union taxpayers;

5. Underlines that Article 59(1) of the Financial Regulation states that the Commission shall confer the requisite powers on the other Union Institutions for the implementation of the sections of the budget relating to them and, therefore, finds it incomprehensible that the Council believes it appropriate that discharge should be granted to the Commission for the implementation of the Council budget;

6. Stresses the well-established and respected practice followed by Parliament over the course of almost twenty years of granting discharge to all Union institutions, bodies, offices and agencies; recalls that the Commission has declared its inability to oversee the implementation of the budgets of the other Union institutions; stresses the reiterated view of the Commission that the practice of giving discharge to each Union institution for their administrative expenditure should continue to be pursued by Parliament;

7. Stresses that the current situation allows the Parliament to check only the reports of the Court and of the Ombudsman as well as the publicly available information on the Council’s website, because the Council continues its malpractice of non-cooperation with the Parliament which makes it impossible for Parliament to carry out its duties properly and make an informed decision on granting discharge;

8. Deplores that the Council, for more than a decade, has shown that it does not have any political willingness to collaborate with Parliament in the context of the annual discharge procedure; underlines that this attitude has had a lasting negative effect on both institutions, has discredited the management and democratic scrutiny of the Union budget and has damaged the trust of citizens in the Union as a transparent entity;

9. Reaffirms its deep frustration regarding the Council’s attitude towards the discharge procedure, which conveys an inappropriate message to Union citizens at a time when greater transparency is essential; underlines that the Council must adhere to the same standards of accountability it expects from other Union institutions;

10. Emphasises that all other Union institutions acknowledge and comprehend the principle that, given the delegation of power concerning budget implementation, Parliament holds both the right and the obligation to scrutinise their budgets and their execution as part of the discharge procedure; in light of this, expresses its strong disapproval that the Council persists in its refusal to cooperate with Parliament in this regard;

11. Recalls that the case-law of the Court of Justice of the European Union supports the right of taxpayers and the public to be kept informed about the use of public revenues; demands, therefore, full respect for Parliament’s prerogative and role as guarantor of the democratic accountability principle; calls on the Council to duly follow up on the recommendations adopted by Parliament in the context of the discharge procedure;

12. Stresses that a revision of the Treaties could render the discharge procedure clearer and more transparent by giving Parliament the explicit competence to grant discharge to all Union institutions, bodies, offices and agencies individually; underlines, however, that pending such a revision, the current situation must be improved through better interinstitutional cooperation within the current framework of the Treaties and urges the Council to actively engage with the Parliament in addressing the current situation;

13. Calls on the Council to resume negotiations with Parliament at the highest level as soon as possible, involving the Secretary-Generals and the Presidents of both institutions, in order to break the deadlock and find a solution while respecting the respective roles of Parliament and the Council in the discharge procedure and ensuring transparency and proper democratic control of budget implementation;

14. Regrets that the Council did not prepare to avoid a Council Presidency led by a Member State subject to an Article 7 procedure, with the consequence that the Council Presidency is being abused by the Hungarian government, and the principle of sincere cooperation violated;

15. Stresses that Parliament’s observations concerning political priorities – included the lack of binding guidelines regarding corporate sponsorships of the rotating Council presidencies -, budgetary and financial management, internal management, performance and internal control, human resources, equality – such as gender imbalance – and staff well-being, ethical framework and transparency, digitalisation, cybersecurity and data protection, buildings, environment and sustainability, interinstitutional cooperation and communication from its discharge resolution of 23 April 2024 are still valid;

16. Reiterates that the use of the unanimity voting procedure in the Council in certain policy areas is paralysing the Union’s decision-making process and therefore making it prone to blackmailing by Member States, especially those who fail to respect the rule of law.

MIL OSI Europe News –

January 23, 2025
MIL-OSI Asia-Pac: Speech by SFST at HKGFA Annual Forum 2024 “Financing Asia’s Net Zero Transition” (English only)

Source: Hong Kong Government special administrative region

Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the HKGFA Annual Forum 2024 “Financing Asia’s Net Zero Transition” today (October 9):

Dr Ma (Chairman and President of the Hong Kong Green Finance Association, Dr Ma Jun), distinguished guests, ladies and gentlemen,

Good afternoon. It’s my pleasure to join you at the seventh annual flagship forum of the Hong Kong Green Finance Association. This year’s theme, “Financing Asia’s Net Zero Transition”, couldn’t be more timely or relevant. Today’s gathering presents an invaluable opportunity to exchange best practices and explore innovative solutions in our collective journey towards achieving net zero emissions.

Hong Kong’s position as a world-class international financial centre is well-established. Our unique advantage as a “super-connector” bridging Mainland China and global markets continues to solidify our status as the world’s premier fund-raising hub. What’s particularly exciting is Hong Kong’s rapid emergence as an international green finance powerhouse.

I have tried to summarise what I see as the “super-connector” role in Hong Kong from the finance perspective, in particular the green finance, in terms of four “Ps”. The first “P” is products. In 2023, the total amount of green and sustainable debt issued in Hong Kong, encompassing both bonds and loans, surpassed an impressive US$50 billion. Of this, green and sustainable bonds arranged in Hong Kong accounted for approximately US$30 billion – a staggering 37 per cent of all such bonds issued across the entire Asian region. In addition to bonds, I would like to highlight funds. As of June this year, over 230 environmental, social, and governance (ESG) funds were authorised in Hong Kong, with assets under management exceeding HK$1.3 trillion. This represents a year-on-year increase of 19 per cent in the number of funds and 8 per cent in assets under management – clear indicators of the growing appetite for sustainable investments in our market.

Apart from products, another “P” I would like to highlight in order to grow Hong Kong’s role as a green finance centre is to have the right target and right policies. Hong Kong has set its own ambitious targets. We aim to reduce carbon emissions by half before 2035 and achieve carbon neutrality by 2050. Earlier this year, Hong Kong joined cities worldwide in observing Earth Hour, an important annual event that raises awareness about the urgent climate crisis facing our planet. To successfully achieve these decarbonisation goals, green and sustainable finance will play a pivotal role in navigating the challenges posed by our carbon deadlines.

Another policy is on green disclosure. As you may have heard from our Financial Secretary this morning, we are ramping up efforts to consolidate our status as a global financial hub with a strong green focus. In March of this year, we published a vision statement outlining the Government and financial regulators’ approach to developing a comprehensive ecosystem for sustainability disclosure in Hong Kong. Our ambitious goal is to be among the first jurisdictions to align local sustainability disclosure requirements with the International Sustainability Standards Board (ISSB) Standards. Later this year, we will actually have a roadmap, indicating how we are going to put that vision into reality.

The third “P” I want to mention is platform. In 2022, the Hong Kong Exchanges and Clearing Limited (HKEX) launched Core Climate, an innovative carbon marketplace. This platform connects capital with climate-related products and opportunities across Hong Kong, Mainland China, Asia, and beyond. Notably, Core Climate is the only carbon marketplace offering Hong Kong dollar and Renminbi settlement for trading international voluntary carbon credits.

Just two months ago, the HKEX announced an expansion of Core Climate’s offerings. The platform now includes Gold Standard’s Verified Emission Reductions, complementing the existing Verified Carbon Standard by Verra. This latest development allows a more diverse range of internationally certified climate projects to be available on Hong Kong’s carbon trading platform, reaffirming our commitment to providing investors and corporates with broader opportunities to support impactful climate initiatives.

Our vision extends beyond Hong Kong. We aim to build a dynamic regional carbon marketplace and are actively working to co-operate with our neighbouring cities to develop a flourishing and sustainable carbon market in the Greater Bay Area (GBA). In recent years, the HKEX has initiated several strategic collaborations with our GBA partners. These include signing Memoranda of Understanding with the China Emissions Exchange (Guangzhou) and the China Emissions Exchange Shenzhen to explore carbon opportunities in the GBA and internationally. These partnerships are crucial in facilitating regional interaction and accelerating the development of a robust carbon market ecosystem across Hong Kong and the GBA.

The final “P” comes to people. Two years ago, the Government launched a pilot scheme, basically focusing on the green and sustainable finance capacity building support programme. The scheme is still up and running, and eligible individuals and programme providers are welcome to join. I hope to see you all later, not just at a forum like today’s, but also on other occasions where you give us more advice in terms of how we can make Hong Kong a greener financial hub. Thank you.

MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI Video: World Post Day 2024 – UN Chief Message | United Nations

Source: United Nations (Video News)

Video message by António Guterres, Secretary-General of the United Nations, for World Post Day.

—
“On this World Post Day, we mark a historic milestone – the 150th anniversary of the Universal Postal Union.

In times of war and peace, crises and upheaval, the international postal network has delivered — connecting communities and upholding the fundamental right to communicate.

The UPU is also one of the earliest examples of multilateralism in action.

Global cooperation helped guarantee a single postal territory worldwide – one that leaves no one behind by delivering messages, goods, and financial services to some of the most remote places on earth.

Looking ahead, the UPU continues to leverage new technologies to provide essential services to humanity.

On this important day, let’s honour and celebrate the work of the Universal Postal Union to bridge distances and unite the world”.

More info: https://www.un.org/en/observances/world-post-day

https://www.youtube.com/watch?v=jUvvgRlh9jw

MIL OSI Video –

January 23, 2025
MIL-OSI Asia-Pac: HKSAR Government and Ministry of Commerce sign Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services (with photos/video)

Source: Hong Kong Government special administrative region

The Chief Executive, Mr John Lee, witnessed the signing of the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services (Amendment Agreement II) by the Financial Secretary, Mr Paul Chan, and Deputy China International Trade Representative of the Ministry of Commerce Ms Li Yongjie today (October 9). “I would like to express my sincere gratitude to the Central Government for its care and support for the Hong Kong Special Administrative Region (HKSAR). I also thank the Ministry of Commerce and relevant authorities for actively working towards the HKSAR Government’s proposal of further opening up the Mainland market to Hong Kong in trade in services. The Amendment Agreement II introduces new liberalisation measures across different service sectors where Hong Kong enjoys competitive advantages, making it easier for Hong Kong service suppliers to establish enterprises and develop business on the Mainland, enabling more Hong Kong professionals to obtain qualifications to practise on the Mainland, allowing more of Hong Kong’s quality services to be provided to the Mainland market, and contributing to and serving the country’s development. The HKSAR Government will continue to encourage different sectors of the community to leverage the unique advantages of ‘one country, two systems’ and join hands with their counterparts on the Mainland to promote the competitiveness of the professional services sector, in order to inject new impetus to economic development and achieve high-quality development,” said Mr Lee. The HKSAR Government and the Ministry of Commerce signed the Agreement on Trade in Services (Services Agreement) under the framework of CEPA in November 2015 to basically achieve liberalisation of trade in services between the Mainland and Hong Kong. The two sides signed an agreement in November 2019 to amend the Services Agreement and add new liberalisation measures that have been implemented since June 2020. To further enhance liberalisation and facilitate trade in services in response to the aspirations of the Hong Kong business community for greater participation in the development of the Mainland market, the two sides agreed to make further amendments to the Services Agreement and signed the new agreement today. The Amendment Agreement II introduces new liberalisation measures across several service sectors where Hong Kong enjoys competitive advantages, such as financial services, construction and related engineering services, testing and certification, telecommunications, motion pictures, television and tourism services. The liberalisation measures take various forms, including removing or relaxing restrictions on equity shareholding and business scope in the establishment of enterprises; relaxing qualification requirements for Hong Kong professionals providing services; and easing restrictions on Hong Kong’s exports of services to the Mainland market. Most of the liberalisation measures apply to the whole Mainland, while some of them are designated for pilot implementation in the nine Pearl River Delta municipalities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Examples are as follows:(1) Construction and related engineering services: To allow Hong Kong general practice surveying enterprises to provide professional services in Guangdong Province through filing of records; and to allow Hong Kong engineering construction consultant enterprises that have completed filing of records to bid for consultancy services projects in joint venture in compliance with the laws in the nine Pearl River Delta municipalities in the GBA;(2) Motion pictures: To remove the restriction on investment in enterprises engaging in film production by Hong Kong service suppliers; and to allow enterprises established by Hong Kong service suppliers and approved by the relevant Mainland authorities to operate distribution of imported buy-out Hong Kong motion pictures;(3) Television: To remove the quantitative restriction on Hong Kong people participating as principal creative personnel in online television dramas; and to allow imported dramas produced in Hong Kong to be broadcast during prime time in television stations on the Mainland after obtaining approval from the National Radio and Television Administration;(4) Tourism services: To optimise the implementation of the 144-hour visa-exemption policy for foreign group tours entering Guangdong from Hong Kong through increasing the number of inbound control points and expanding the stay areas to the whole of Guangdong Province, and to provide facilitation for Mainland travel agents when receiving group tours at West Kowloon Station of the High Speed Rail; and to support cruise companies to arrange international cruise itineraries involving port-of-call in the Mainland cruise ports in accordance with the laws. In respect of Mainland visitors participating in such cruise itineraries, they can travel to Hong Kong in transit to join all sorts of cruise itineraries, by presenting their passports and confirmation documents of the relevant cruise itineraries; and(5) Financial services: To remove the asset requirement of not less than US$2 billion as at the end of the most recent year for Hong Kong financial institutions investing in shares of insurance companies; to remove the restriction prohibiting foreign bank branches established by Hong Kong service suppliers from conducting bank cards services; to consider extending the scope of eligible products under the mutual market access programme by including REITs (Real Estate Investment Trusts); to continuously promote and enhance the Cross-boundary Wealth Management Connect Pilot Scheme and the Mainland-Hong Kong Mutual Recognition of Funds scheme; and to continuously promote the cross listing arrangement of the Mainland and Hong Kong ETF (open-ended index-tracking exchange-traded funds) as well as enhance Southbound Trading and Northbound Trading under Bond Connect. In addition, the Amendment Agreement II brings institutional innovation and collaboration enhancement, including:(1) Addition of “allowing Hong Kong-invested enterprises to adopt Hong Kong law” and “allowing Hong Kong-invested enterprises to choose for arbitration to be seated in Hong Kong” as facilitation measures for Hong Kong investors, supporting Hong Kong-invested enterprises registered in the pilot municipalities of the GBA to adopt Hong Kong law or Macao law as the applicable law in their contracts; as well as supporting Hong Kong-invested enterprises registered in the nine Pearl River Delta municipalities in the GBA to choose Hong Kong or Macao as the seat of arbitration. The measures provide flexibility and convenience for Hong Kong enterprises, facilitating their investment and business development on the Mainland;(2) Addition of commitments regarding domestic regulation to ensure transparency, predictability and efficiency of regulations on trade in services, so as to align with high-standard international economic and trade rules, cutting red tape and lowering trade costs when enterprises supply their services in a market to facilitate trade in services; and(3) Removal of the period requirement on Hong Kong service suppliers to engage in substantive business operations in Hong Kong for three years in most service sectors, allowing Hong Kong start-ups to enjoy the preferential treatment under CEPA in a shorter time and attracting enterprises and talent from around the world to establish a presence in Hong Kong and explore the Mainland market, thus increasing local employment, promoting Hong Kong’s economic development and giving full play to Hong Kong’s roles as a “super connector” and “super value-adder”. The Amendment Agreement II will be implemented on March 1, 2025. Details and the latest information on CEPA are available on the Trade and Industry Department website at http://www.tid.gov.hk/english/cepa/index.html.

MIL OSI Asia Pacific News –

January 23, 2025

Category: Economy

Welcoming words

Introduction

Central vision

Fringe vision

Rising geopolitical tensions

Peripheral vision

Reconfiguration of the financial value chain

Liquidity risk supervision post-March 2023

Growth of non-bank financial institutions

Conclusion

Why hold elections now?

What is Ishiba promising?

Is there any hope for the opposition?

Bank “ROSSIYA” acted as a partner of the X All-Russian Conference “Priorities of Market Electric Power Industry in Russia”

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MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

1. PROPOSAL FOR A EUROPEAN PARLIAMENT DECISION

2. MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

Prime Minister Shri Narendra Modi lays foundation stone for various development projects in Maharashtra worth over Rs 7600 crore via video conferencing

Inaugurates 10 Government Medical Colleges in Maharashtra

India’s emergence as a hub for affordable, high-quality medicines is truly commendable: Union Minister Dr Jitendra Singh

India’s leadership in global health is exemplified by the development of the world’s first DNA vaccine for COVID-19