NewzIntel.com

Category: Economy

  • MIL-OSI Asia-Pac: SJ attends DoJ seminar to promote Hong Kong legal services in Paris (with photos)

    Source: Hong Kong Government special administrative region – 4

    The Secretary for Justice, Mr Paul Lam, SC, arrived in Paris, France, on July 8 (Paris time) to continue his European visit. He attended a Hong Kong legal services seminar organised by the Department of Justice (DoJ) and met with representatives of international organisations to introduce Hong Kong’s advantages in legal services and its arbitration system.
     
    In Paris, Mr Lam first met with the President of the Financial Action Task Force (FATF), Ms Elisa de Anda Madrazo. Noting that the FATF leads global action to tackle money laundering and terrorist financing, Mr Lam said that Hong Kong, as an international financial centre, has always supported the FATF’s work in maintaining the stability of the international financial system, and that the DoJ has actively participated in mutual evaluations among FATF member jurisdictions.
     
    Afterwards, Mr Lam visited the Paris Maritime Arbitration Chamber (Chambre arbitrale maritime de Paris) and met with the Secretary General of the Paris Maritime Arbitration Chamber, Mrs Pascale Mesnil, to learn about its operation and the situation in the French arbitration sector, as well as developments in resolving international maritime disputes through arbitration. Mr Lam said that Hong Kong has been committed to optimising its arbitration system through multi-pronged policy measures, enhancing and consolidating its status as an international legal and dispute resolution services centre in the Asia-Pacific region. Mr Lam also expressed hope for deepening exchanges and co-operation with the French arbitration sector.
     
    On the morning of July 9 (Paris time), Mr Lam visited the office of the French National and Olympic Sports Committee (CNOSF) and met with representatives of the Chamber of Arbitration for Sport (Chambre Arbitrale du Sport) and the Conference of Conciliators of the CNOSF to learn about the committee’s services in sports arbitration and conciliation, and he introduced the DoJ’s work in promoting the development of sports dispute resolution in Hong Kong.
     
    At noon, Mr Lam attended a luncheon hosted by the Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the French Republic, Mr Deng Li, and briefed him on Hong Kong’s efforts in safeguarding national security, ensuring the implementation of the principle of “one country, two systems” by rule of law, and leveraging its unique advantages to promote development in various aspects.
     
    In the afternoon, Mr Lam attended the Paris Seminar entitled “Hong Kong Legal Services – Gateway to China and Beyond”, which was organised by the DoJ, sharing with about 130 guests and participants the unique advantages of Hong Kong’s legal services under the principle of “one country, two systems” with guests. In his keynote speech, Mr Lam said that Hong Kong is the only common law jurisdiction in China and the only jurisdiction in the world with a bilingual common law system in both Chinese and English. As an international legal and dispute resolution service centre, Hong Kong’s common law system is rigorous and mature, belonging to the same legal system as the world’s major economies and in line with international trade and business rules. Hong Kong’s legal services industry is professional and comprehensive, providing high-quality legal services to global financial and commercial activities. Two panel sessions were held afterwards to discuss the co-operation between Hong Kong and France in commercial law, as well as the latest developments in the mechanism of arbitration and alternative dispute resolution.
     
    During the Paris Seminar, Mr Lam also witnessed the signing of a Memorandum of Understanding between the eBRAM International Online Dispute Resolution Centre and Jus Mundi, an AI-powered legal research platform based in Paris, to further enhance co-operation in legal and alternative dispute resolution between the two places.
     
    Mr Lam will depart for Rome, Italy, today (July 10, Paris time) to continue his visit programme.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Results of monthly survey on business situation of small and medium-sized enterprises for June 2025

    Source: Hong Kong Government special administrative region – 4

    The Census and Statistics Department (C&SD) released today (July 10) the results of the Monthly Survey on Business Situation of Small and Medium-sized Enterprises (SMEs) for June 2025.
     
    The current diffusion index (DI) on business receipts amongst SMEs decreased from 42.1 in May 2025 in the contractionary zone to 41.6 in June 2025, whereas the one-month’s ahead (i.e. July 2025) outlook DI on business receipts was 45.4. Analysed by sector, the current DIs on business receipts for many surveyed sectors dropped in June 2025 as compared with previous month, particularly for the business services (from 45.2 to 43.5) and retail trade (from 41.3 to 39.8).
      
    The current DI on new orders for the import and export trades increased from 44.0 in May 2025 to 45.0 in June 2025, whereas the outlook DI on new orders in one month’s time (i.e. July 2025) was 47.6.
     
    Commentary

    A Government spokesman said that overall business sentiment among SMEs weakened slightly in June. The overall employment situation also softened somewhat. Nonetheless, expectations on the business situation in one month’s time remained stable.
     
    Looking ahead, the ongoing uncertainty in trade policies in the external environment would continue to affect business sentiment. Nonetheless, the resilient local economy and sustained steady growth in the Mainland economy should provide support. The Government will continue to monitor the situation closely.
     
    Further information
     
    The Monthly Survey on Business Situation of Small and Medium-sized Enterprises aims to provide a quick reference, with minimum time lag, for assessing the short-term business situation faced by SMEs. SMEs covered in this survey refer to establishments with fewer than 50 persons engaged. Respondents were asked to exclude seasonal fluctuations in reporting their views. Based on the views collected from the survey, a set of diffusion indices (including current and outlook diffusion indices) is compiled. A reading above 50 indicates that the business condition is generally favourable, whereas that below 50 indicates otherwise. As for statistics on the business prospects of prominent establishments in Hong Kong, users may refer to the publication entitled “Report on Quarterly Business Tendency Survey” released by the C&SD.
     
    The results of the survey should be interpreted with care. The survey solicits feedback from a panel sample of about 600 SMEs each month and the survey findings are thus subject to sample size constraint. Views collected from the survey refer only to those of respondents on their own establishments rather than those on the respective sectors they are engaged in. Besides, in this type of opinion survey on expected business situation, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents’ perception of the business situation accords with the underlying trends. For this survey, main bulk of the data were collected around the last week of the reference month.
     
    More detailed statistics are given in the “Report on Monthly Survey on the Business Situation of Small and Medium-sized Enterprises”. Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080015&scode=300).
     
    Users who have enquiries about the survey results may contact Industrial Production Statistics Section of the C&SD (Tel: 3903 7246; email: sme-survey@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: Guidance Note on Managing the Financial Risks of Climate Change and Nature Loss

    Source: Isle of Man

    The Isle of Man Financial Services Authority has published guidance to raise awareness within the regulated sector of climate and nature loss risks and provide further clarity around the expectations of the Authority in respect of these risks.

    This represents a significant first step in the Authority’s work  to support the ambitions highlighted in the Isle of Man Sustainable Finance Roadmap. This initiative aims to facilitate the Isle of Man creating an environment where sustainable finance can thrive, benefitting our community and economy alike.

    The Authority’s workstreams are focussed on creating a platform that enables firms to develop products and services, with a view to fostering the growth of sustainable finance as part of a well-regulated international business centre.

    This guidance note is applicable to entities regulated under the Financial Services Act 2008, the Insurance Act 2008 and the Collective Investment Scheme Act 2008. It aims to give a high-level understanding of how climate and nature loss risks can create financial and other risks, as well as the expectations that the Authority has of firms that identify a material risk. The document focusses on how these risk management expectations sit within the existing regulatory frameworks, with no new requirements for firms. Another key focus area within the document is that of proportionality and materiality. The majority of the guidance is applicable only for business that have identified a material climate or nature risk as part of their risk assessment processes.

    Outreach by Finance Isle of Man has yielded positive feedback around the opportunities set out in the Isle of Man Sustainable Finance Initiative to enable growth for businesses, educate staff, attract talent and businesses to the Island and help the Isle of Man achieve  its wider goals for growth and sustainability. The Authority remains committed to driving forward an important project for our Island’s future.

    Media Enquiries:

    Adam Creamore, Sustainable Finance & ESG Adviser, email: Adam.Creamore@iomfsa.im

     

    For further information:

    PO BOX 58      DOUGLAS        ISLE OF MAN              IM99 1DT        BRITISH ISLES

     Twitter              LinkedIn             Facebook                       YouTube

    T: +44 (0) 1624 646000           E: info@iomfsa.im

    MIL OSI Global Banks –

  • MIL-OSI Africa: Nzimande places science and innovation at core of long-term sustainability

    Source: Government of South Africa

    Nzimande places science and innovation at core of long-term sustainability

    The Minister of Science, Technology, and Innovation, Professor Blade Nzimande, says South Africa must prioritise science, technology and innovation (STI) to achieve long-term sustainability.

    “We deliver this Budget Vote against the background of a complex set of national and global challenges, some of which include economic stagnation, rising social inequality, a breakdown of social cohesion, the negative impact of climate change, technological disruption and new tensions arising from changes in the international economic and political system,” said the Minister while tabling the department’s Budget Vote on Wednesday in Parliament.

    He committed to taking STI to the villages, townships, and all the corners of South Africa. 

    “We hold the view that our country must place science, technology, and innovation at the centre of government, education, industry, and society if we are to secure our sovereignty and future sustainability.” 

    Nzimande highlighted his department’s dedication to speeding up the transformation and growth of human resources and the research workforce in STI.

    The Minister stated that this commitment includes advancing the Presidential PhD Programme, which was launched in 2023.

    “We will scale up the implementation of the Innovation Fund programme. During this financial year, our target is to support between 10 and 15 venture capital funds through strategic partnerships with, among others, our entity, the Technology Innovation Agency (TIA).”

    He stressed that the development of critical scientific skills remains central to the department’s mandate.

    According to the department, 288 Research Chairs to 22 universities and national research facilities in various research disciplines have been awarded.

    “I am, however, deeply concerned that black researchers and historically disadvantaged institutions (HDIs) have not benefited from this initiative in the manner that we had anticipated,” the Minister said.

    To tackle this issue, his department is collaborating with the National Research Foundation (NRF) to establish Research Chairs aimed at addressing these and other deficits in transformation.

    “Further to this, our National System of Innovation (NSI) is still characterised by several other transformation deficits, including the low participation of women at the highest levels.”

    The department is also strengthening the coordination and direction of the NSI through the Inter-Ministerial Committee on STI, Presidential Plenary for STI, and policy coordination instruments.

    In March this year, South Africa hosted its first NSI Transformation Summit. 

    The Minister announced that under the leadership of the department’s Director-General, the resolutions of this summit are being incorporated into their strategic plan. 

    In addition, he has vowed continued support for Palestinian institutions and researchers, adding that this project is making steady progress.

    As part of South Africa’s G20 Presidency, the department is committed to advancing STI priorities for both the nation and the African continent.

    The department is also working tirelessly to increase the Gross Expenditure on Research and Development to 1.5%. 

    This includes establishing a strategic agreement among organised business, government, and labour to determine future funding.

    In addition, the department is focused on maintaining and upgrading crucial science infrastructure and projects, including the Square Kilometre Array (SKA), Nuclear Medicine Research Infrastructure (NuMeRi), and the development of reliable pandemic preparedness capacity.

    Another priority is to build strategic innovation partnerships, which involves aligning the key focus areas of the STI Decadal Plan with the relevant line function departments and mobilising additional funding and resources. 
    He said significant programmes in areas such as artificial intelligence, energy security, space exploration, vaccine manufacturing, and indigenous knowledge systems (IKS) will be scaled up.

    Nzimande stressed that efforts are underway to raise public awareness about the important contributions of the NSI to human development, supported by a vigorous public engagement and communication campaign. – SAnews.gov.za

    Gabisile

    MIL OSI Africa –

  • MIL-OSI Africa: B-BBEE Commission, BMF establish framework for cooperation and information sharing

    Source: Government of South Africa

    B-BBEE Commission, BMF establish framework for cooperation and information sharing

    The B-BBEE Commission and the Black Management Forum (BMF) will today concretise their partnership through a Memorandum of Understanding (MoU).

    The MoU is a culmination of years of close cooperation between the B-BBEE Commission and the BMF. 

    The MoU signing ceremony will coincide with a dialogue entitled, “Safeguarding B-BBEE amidst challenges in implementation” and will feature an expert panel who will explore the status of Broad-Based Black Economic Empowerment (B-BBEE) and the challenges that need to be resolved in order for it to achieve its objectives as per the B-BBEE Act. 

    President of the BMF, Mpho Motsei, said Black Economic Empowerment was conceived from grassroots movements of black business and professional associations, which included the BMF. 

    “It is therefore appropriate for BMF to play a part in the enhancement and safeguarding of the legislation that we helped to conceive, more than 30 years ago,” Motsei said. 

    “We are therefore delighted to work with the B-BBEE Commission, as a regulator that provides oversight on the implementation of the legislation that was designed to elevate black people from social and economic subjugation.

    “This event occurs at a time when B-BBEE and other transformation policies have been under attack both in the media and the public space. Views on B-BBEE remain divided and there continues to be a lack of understanding with regard to the crucial role B-BBEE plays in bringing about a society that is equitable and inclusive, as mandated by the Constitution of the Republic of South Africa,” he said. 

    The dialogue seeks to reframe the discussion on B-BBEE and transformation, by paying particular focus on building an inclusive economy through B-BBEE policy and legislation. 

    In doing so, the commission and BMF hope to re-ignite public discourse around the crucial issues of nation building, economic inclusion and compliance with the legislation, thereby safeguarding the objectives of B-BBEE policy. 

    The MoU will seek to establish a framework of cooperation and sharing of information and ideas, within the parameters of the B-BBEE legislation, specifically in the following areas: 

    • Strategies meant to promote economic transformation in the public interest; 

    • Sectoral dynamics which may hinder or promote the prospects of economic transformation;

    • Advocacy and awareness programmes on transformation and B-BBEE;

    • Developments related to the racial composition of ownership and management structures, as well as skill occupations in the private and public sectors of the economy; and 

    • and jointly monitor the effectiveness and gaps in the B-BBEE legislation, and any other policies related to economic transformation.

    The B-BBEE Commission and the BMF believe that the MoU will serve as a solid foundation from which to advance the transformation agenda. 

    Tshediso Matona, Commissioner of the B-BBEE Commission said the B-BBEE Commission considered the relationship with BMF a necessary step in strengthening ties with transformation advocates and practitioners in business, who are committed to realising the Constitutional provision of redress.

    “As the commission, we hold a firm view that the implementation of B-BBEE is a collective responsibility of all stakeholders in the economy and our collaboration with the BMF seeks to promote this view.

    “We look forward to a productive partnership with BMF and we are excited about what it will achieve,” Matona said. – SAnews.gov.za

    Edwin

    MIL OSI Africa –

  • MIL-OSI Africa: Spaza Shop Support Awareness campaign moves to Beaufort West

    Source: Government of South Africa

    Spaza Shop Support Awareness campaign moves to Beaufort West

    In its continued efforts to uplift township and rural-based businesses, the Department of Trade, Industry and Competition (the dtic), in collaboration with the Department of Small Business Development (DSBD) is set to host a Spaza Shop Support Awareness Campaign in the Western Cape.

    Friday’s session is scheduled to take place at the KwaMandlenkosi Community Hall in the Beaufort West Local Municipality and is open to informal traders, spaza shop owners and micro-retailers operating in the area.

    This community-focused initiative follows the national launch of the R500 million Spaza Shop Support Fund in April 2025 by dtic Minister Parks Tau and DSBD Minister Stella Tembisa Ndabeni.

    The fund aims to help small retailers transition into the formal economy, access funding, and strengthen their businesses.

    Delivered in partnership with the Small Enterprise Development and Finance Agency (SEDFA) and the National Empowerment Fund (NEF), the campaign offers practical tools, guidance on compliance, and pathways for inclusion in formal supply chains.

    Attendees in Beaufort West will have the opportunity to engage directly with programme implementers, ask questions about the application process, and learn more about the business development resources available to them.

    According to the Minister Tau, the fund represents a concrete step by government to formalise and empower the informal sector. He said supporting spaza shops means enabling entrepreneurs, often women and young people, to participate fully in the economy.

    “These small businesses generate employment, drive local commerce, and channel much-needed income into communities that have long been underserved. Studies show that small businesses account for a significant portion of job creation in South Africa. 
    “By providing spaza shop owners with financial support, infrastructure upgrades, and essential business training, we are setting the stage for sustainable job creation,” the Minister explained.

    Meanwhile, Ndabeni said the role played by SEDFA and the NEF is deeply appreciated and that her department believes the fund will go a long way in assisting shop owners who are registered and hold valid operating permits.

    “Our partnership ensures that spaza shop owners are not only funded but also trained, mentored, and integrated into reliable supply chains. This is about building long-term sustainability for township retail,” Ndabeni said.

    Through initiatives like this, government aims to ensure that township and rural-based convenience shops are better equipped to thrive in a competitive market. – SAnews.gov.za

    Edwin

    MIL OSI Africa –

  • MIL-OSI Africa: Rollout of military veterans’ pension to resume once review process completed

    Source: Government of South Africa

    Rollout of military veterans’ pension to resume once review process completed

    The Department of Military Veterans (DMV) has announced that the rollout of the military veterans’ pension will continue once a review process is completed. 

    This decision comes after approximately 300 military veterans expressed concerns about delays in receiving their pensions.

    “We acknowledge the hardship faced by military veterans and recognise their frustration. This benefit is a vital intervention aimed at restoring dignity and improving the quality of life of those who served this country with honour,” the statement read.

    However, the department emphasised the need to clarify that the delays were caused by the budgetary constraints that currently affect it.

    “It has become evident that the regulations governing the disbursement of the military veterans’ pension need to be reviewed. Once this process is complete, the department will resume the rollout of the military veterans’ pension, ensuring that deserving military veterans receive the financial assistance they are entitled to.” 

    Since the implementation of this benefit in November 2023, the department said over 4 378 military veterans have successfully received their military veterans’ pensions. 

    The department said it continues to work closely with the Government Pensions Administration Agency (GPAA) to process and pay new beneficiaries as they are verified.

    “In the future, we appeal to military veterans to engage directly with the GPAA to check on the status of their applications and to raise any challenges so that they can be addressed timeously. We remain committed to upholding the dignity of all military veterans.” 

    Last week, the Portfolio Committee on Defence and Military Veterans expressed concern at the ongoing challenges faced by military veterans, many of whom remain in limbo due to delays in receiving their service-related benefits. 

    The committee also expressed concerns regarding the DMV’s lack of a functioning internal audit unit, an essential tool for ensuring financial accountability and risk management.

    “The committee highlighted the need for urgent intervention by the executive to turn around the DMV, starting with the appointment of a permanent Director-General, re-evaluating the organisational structure, addressing the findings of the Auditor-General, and developing a more responsive department.” – SAnews.gov.za

    Gabisile

    MIL OSI Africa –

  • MIL-OSI Africa: Burkina Faso Economic Update: Energy for Economic Growth

    Source: APO


    .

    According to the World Bank’s April 2025 Burkina Faso Economic Update, the country’s economy grew by 4.9% in 2024 compared to 3.0% in 2023. Real per capita GDP growth also increased from 0.7% to 2.5% over the same period.

    This acceleration is attributed mainly to the performance of services and agriculture, supported by an improved security situation, favorable weather conditions, and increased government support to the agriculture sector.

    However, inflation increased in 2024 to 4.2% from 0.7% in 2023, driven by the spike in food prices, caused by market speculation linked to a late start to the rainy season. Despite this, the strong growth in the agriculture and services sectors in 2024 reduced the extreme poverty rate by 3 points to 23.2%, with a sharper decline in rural areas. Despite this, the absolute number of people living in poverty remains high, exceeding 5.5 million.

    The report also notes a decline in the twin deficits (fiscal and current account) in 2024. The fiscal deficit improved in 2024 from 6.5% to 5.6% of GDP, thanks to better control of public spending and increased revenue mobilization. At the same time, the current account deficit also improved from 8.0% of GDP in 2023 to 6.4% in 2024, due to the rise in gold prices which boosted the value of exports. However, the financing of this deficit largely relied on regional markets, in an environment of high interest rates.

    The report highlights that the short- and medium-term outlook remains positive but is subject to multiple risks such as insecurity, climate shocks, debt refinancing, and challenges in the financial sector. Assuming these risks abate, growth is expected to strengthen to 5% over the medium term, driven by buoyant services, an expected recovery of industry, notably through improved energy access, and favorable average weather conditions for agriculture.

    Inflation, meanwhile, is expected to gradually stabilize within the WAEMU target range. This outlook, combined with continued fiscal consolidation, is expected to enable a continued but moderate reduction in poverty estimated at about 1 percentage point per year.

    Regarding the economy, Daniel Pajank and Ibrahim Nana, co-authors of the report, call for “Strengthening the mobilization and efficiency of public resources, including through the continuous modernization of the tax administration, the broadening of the tax base and the optimization of public spending, while improving debt management and mobilizing more concessional financing.”

    The Special Chapter on Energy for Economic Growth provides an assessment of the electricity sector in Burkina Faso and concrete recommendations to achieve the objectives set in the National Electrification Strategy. It highlights the key role of energy in the country’s economic transformation. According to Hamoud Abdel Wedoud Kamil, World Bank Country Manager for Burkina Faso, “Affordable, reliable, and sustainable electricity is essential to improve productivity in agriculture, support the growth of services, and revive the industrial sector.”

    Despite the efforts made, access to electricity remains limited in Burkina Faso, with a rate well below the regional average. This situation constitutes a major obstacle to inclusive growth and reduces economic opportunities for a large part of the population, particularly in rural areas.

    The co-authors of the chapter dedicated to the energy sector, Regina Nesiama Miller and Adwoa Asantewaa, emphasize that “An ambitious reform of the sector, including pricing based on the cost of electricity production and the expansion of off-grid access, would be essential to reduce vulnerabilities and ensure inclusive growth.“

    Finally, the report recommends tackling the structural constraints to the country’s economic transformation, particularly in the electricity sector, which remains characterized by some of the region’s highest generation costs and heavy reliance on imported fuels. 

    Distributed by APO Group on behalf of The World Bank Group.

    MIL OSI Africa –

  • MIL-OSI Banking: Annual Report 2024

    Source: Bank of Botswana

    The Bank of Botswana has released the 2024 Annual Report. The report includes the statutory report on the Bank’s operations during 2024 and audited financial statements. It also includes an economic review section providing an extensive range of economic and financial data. The economic review covers both recent developments in the Botswana economy and a theme section that looks in detail at the topic ‘Next Generation Payment Systems, Innovation And Financial Technologies – Opportunities For Botswana’.

    Annual Report 2024.pdf

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Ambitious strategy to help nature recover and thrive launches

    Source: City of Leicester

    A BOLD new strategy making space for nature across Leicestershire, Leicester and Rutland has been officially launched.

    The Local Nature Recovery Strategy (LNRS) has been developed by Leicestershire County Council and partners to protect nature and allow it to recover by conserving and improving habitats and biodiversity.

    The launch, at Brooksby College in Melton on Tuesday 8 July, marks a major milestone in the commitment to nature recovery, bringing together a wide range of stakeholders in a collective effort to restore and protect the natural environment.  

    These include farmers, landowners, conservation groups, community organisations and representatives from local authorities – all involved in helping to shape the future of nature and make the vision of the LNRS a reality.

    It sets out practical actions to boost the area’s wildlife and natural spaces including:

    • Tackling habitat loss and shrinking species population – by expanding woodland cover, connecting rivers to their floodplains and controlling invasive plant species
    • Identifying habitats and species that need urgent attention – including barbastelle bats, hazel dormice, adders, palmate newts, European eels and water voles.
    • Building a healthier, more connected natural environment – by protecting existing hedgerows and new native hedgerows and creating wildlife-friendly road verges with native wildflowers and grasses.

    Assistant city mayor for environment, Cllr Geoff Whittle, said: “This strategy and the action plan that will follow are very important to Leicester. They will support the recovery of nature, improve people’s access to it, and help to bring about improvements in health and wellbeing for people.

    “They also support the city’s response to climate change by identifying opportunities for nature-based solutions to the problems we face.”

    Cllr Adam Tilbury, Leicestershire County Council cabinet member for Environment and Flooding, said: “This is about taking positive, practical action to recover nature in every corner of Leicestershire, Leicester and Rutland – from our rivers and woodlands to our farmlands and towns.

    “The strong support we’ve received shows that the people of Leicestershire. Leicester and Rutland care deeply about the environment and are ready to work together for a greener, healthier future.”

    Cllr Virge Richichi, cabinet member for communities and rural issues, said: “Nature recovery is not something we can do alone – and that’s why this strategy is built on partnership. Everyone in Leicestershire, Leicester and Rutland has a role to play. Together, we can deliver real change for people, wildlife, and the places we all cherish.”

    Penny Sharp, Strategic Director for Places at Rutland County Council, said: “We know many people in Leicestershire and Rutland feel a strong connection to nature and the rural landscape, which form part of the area’s unique character and identity. This goes hand in hand with an appreciation of climate issues and a desire to protect the environment.

    “Development of this strategy has been welcomed by local communities, who also understand that nature plays a key role in our quality of life and the health of our rural economy. We now have a clear set of priorities that reflect the views of our residents and can support action to bring about positive change.”

    Now, Leicestershire County Council will work with partners to create a delivery plan to:

    • Provide support for farmers delivering nature friendly farming practices and habitat creation.
    • Protect communities from flooding using solutions such as tree planting, re-meandering rivers and connecting rivers to their floodplains.
    • Expand woodland cover and maintain wildlife corridors linking woodlands with other habitats.
    • Safeguard and enhance natural spaces in existing and future urban areas.
    • Create ‘nature corridors’ along historic rail lines and canals allowing wildflower verges, trees, and hedgerows to thrive.
    • Manage grasslands to increase their species richness, providing homes for pollinators, reptiles and rare plants.
    • Deliver tailored management plans to save threatened priority species from extinction.
    • Educate everyone on the importance of local nature recovery and how they can get involved.

    Just under 1,200 responses were received during a consultation held earlier this year with 97 per cent of participants supported the strategy’s aims. Feedback helped to shape the final version of the LNRS, ensuring it reflects local priorities and ideas.

    The most popular suggestions for action were the creation of new habitats, the restoration or expansion of existing habitats and the need to make space for nature in housing, industrial and other developments.

    For more information and to read the strategy, visit www.leicestershire.gov.uk/what-is-a-lnrs

    MIL OSI United Kingdom –

  • MIL-OSI Banking: Andrew Bailey: The meaning of reserve currency

    Source: Bank for International Settlements

    It is a great pleasure to have the opportunity to make some remarks this afternoon. This is not just to be able to follow a fascinating and timely lecture, but also because I worked for Andrew Crockett at the Bank of England nearly 40 years ago. Andrew was inspiring to work for, one of the deepest thinkers about international economic policy and central banking. He also had a quite incautious side too. He was a practitioner of one of his favourite phrases – “if you have never missed a plane, you obviously arrive at airports too early”. Andrew was also the creator of the Financial Stability Forum, and its first chair.

    I want to spend my time developing a theme that has run though Maury’s lecture, namely what has been the meaning of the term reserve currency, and what does it mean today. My conclusion is that it is best to think of the term as one that has evolved with the times, and continues to do so. Thinking of it as a constant term does not help to understand its meaning.

    I will start with the nineteenth century meaning of the term. The monetary regime was the classical gold standard, and convertibility of domestic currency into gold at a fixed price was the nominal anchor of the system. The term reserve therefore referred to the gold reserves that were held to enable convertibility and the promise thereof.

    The nineteenth century Bank of England spent time managing that reserve balance to create confidence in the promise of convertibility. Today, our banknotes still carry the words “I promise to pay the bearer on demand, the sum of”. Nowadays, it means that someone can have another banknote, but under the gold standard it meant much more. This system did not put as much emphasis on financial stability, with the consequence that when crises occurred (as they did in that time), they were managed with a certain degree of adhocery. Hence, Walter Bagehot wrote his famous critique of the Bank.

    There was rather more to the concept of reserve currency in this period. Sterling was the premier currency of international trade, built on trade with the British Empire, but extending further over time to the countries of the so-called Sterling Area. It is one of the questions in central bank Trivial Pursuit to name countries in the Sterling Area.

    The collapse of this system between the wars led to the Bretton Woods system coming into existence and its heyday once full convertibility was restored. This system had the joint dollar-gold anchor in the form of a fixed dollar-gold rate and pegging of the major currencies. The consequence was a substantial growth of official dollar reserves, and the further emergence thus of the dollar as the reserve currency.

    The system therefore had a joint anchor. Because Bretton Woods solved the so-called Trilemma by restricting capital flows, the threat of countries exhausting reserves was limited, but not sufficiently so to prevent difficult devaluations at times. Moreover, I tend to think of the Triffin Dilemma as posing the question – what if the bluff of the dollar-gold tie had been called, and what would be the consequence?

    From the early 1970s that system broke down. Countries moved to free float, with periodic attempts at management, and a lifting of restrictions on capital controls. Alongside this was the emergence of the domestic anchor of monetary policy, usually an inflation target. The dollar had become the predominant currency of international trade and payments.

    The role and nature of reserves had changed. No longer were they a nineteenth century description of the central bank’s balance sheet and its liquidity under the classical gold standard. Rather, they became a description of so-called official reserves typically, but not always, held by governments, though often managed by central banks. Their role was different, reflecting the changes to the solution of the Trilemma. As foreign exchange intervention to influence exchange rates came to an end, the role of reserves in many countries was to act as a bulwark against pressures from capital flows, as seen in the Asian crisis of the late 1990s.

    A few numbers help here. The stock of FX reserves relative to global GDP increased from 3% to 11% between 1976 and last year.

    During that period, foreign currency reserves as a proportion of global reserve assets including gold increased from 50% to 90%, while the dollar’s share of foreign currency reserves declined from 80% to 57%. I take four points from these figures: the total stock of FX reserves has increased; the share of gold fell; the dollar’s share fell as it moved from being the anchor currency to the largest currency; and the evidence further supports the view that the meaning of the term reserve currency has changed over time.

    Today, with domestic monetary anchors, financial stability has become the focus of international co-ordination, the opposite of the gold standard arrangements. The meaning of reserve currency has changed again as a consequence. I would point to two important features of today’s system.

    First, the concept of reserve currency has a lot more to do with the supply and denomination of safe assets which act as security in the financial system, and are increasingly at the heart of it. This version of the concept of reserve currency has as much to do with the role of US Treasuries as a safe asset, that is present not just in official reserves but also to provide security and collateral in financial markets.

    Second, these arrangements are backed up by the provision of contingent liquidity insurance in the form of central bank swaps and a repo facility. These arrangements underpin the role and primacy of the reserve currency.

    I will end with two points which strike me as unfinished or emerging. First, at least for the large economies, it could be asked today, what is the point of official reserves? My view is that today their use is more to do with preserving financial stability in the event of stress. They may be needed to support financial system liquidity in situations of extreme stress.

    My second point, as BIS colleagues have emphasised, is that we need to watch carefully the evolution of payments forms and whether innovation here introduces fragility into what I would call the “money system”.

    If, for instance, stablecoins emerge as a new form of money, we have to decide how to ensure the singleness of money and therefore trust in money in this world, and what role the notion of reserve currency should play here.

    To finish, thank you Maury for such a stimulating lecture. You pushed me to think further about the meaning of reserve currency. The conclusion I draw was that we need to emphasise more its adaptable nature, but thereby be very clear what it means in the world of today and tomorrow.

    Thank you.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Andrew Hauser: What has Australian macroeconomic thought achieved in the past century – and where can it contribute in the next?

    Source: Bank for International Settlements

    Introduction

    It is a great honour to address you on the 100th anniversary of the Economics Society of Australia.

    It’s an honour because, over that past century, Australian thinkers have helped develop some of the most important building blocks in open economy macroeconomics – the branch of economics that seeks to understand how the global trading economy works.

    Those were significant – sometimes world-leading – intellectual achievements.

    But they were more than just that. Because they also shaped the policies and institutions that helped Australia navigate the global economy of that period so successfully, delivering wealth and stability for its citizens.

    Indeed Australian macroeconomic research has pulled that trick off twice. First, powering the ideas that lifted the country out of the Great Depression to flourish after the Second World War. And, second, helping to design a reform program that rescued the country from the slump of the 1970s, and led to more than a quarter century of recession-free growth.

    Two Golden Ages, marshalling thought into action.

    But to thrive in the next 100 years, Australia’s researchers will need to go for the hat-trick.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Eddie Yue: Unlocking value through China’s resilience

    Source: Bank for International Settlements

    Ladies and Gentlemen, good morning. It is an honour to join you today as we celebrate the 8th anniversary of the Bond Connect. The theme today, “Unlocking Value through China’s Resilience,” could not be more timely. The global capital markets are undergoing profound transformation, driven by a host of factors including increasing trade tensions, geopolitical and economic shifts, and changing investment appetite and patterns. These changes are reshaping the way capital flows across the world, creating both new opportunities and challenges for market participants. Now, let me first share some observations about the macro trends.

    Macro trends:

    The first trend is global diversification. Global capital markets have been on a roller-coaster driven by shifting policies and economic uncertainties. In light of these unpredictable swings, diversification stands out as the most essential investment strategy. Indeed we are now in a world of unprecedented choice and many more institutional investors are looking to further diversifying their portfolios. The strong investor response to the Hong Kong Government’s recent issuance of HK$27 billion in green and infrastructure bonds is telling of the diversifying trend. This multi-currency issuance attracted participation from a wide spectrum of investors from more than 30 markets across Asia, Europe, Middle East, and the Americas, with total order at about 9 times of the issuance size. In particular, the 30-year HKD government bond was offered for the first time, further extending the HKD yield curve. The 20-year and 30-year RMB government bonds, which were first introduced last year, also received overwhelming support, doubling in issuance size from last year. 

    Against this backdrop of global trend for diversification, China’s bond assets have emerged as a particularly compelling choice.

    • First, China’s bond market is the second largest in the world. Chinese bonds have the market depth and liquidity to become an increasingly important asset class among global investors.
    • Secondly, China has a relatively low debt level, with the general government debt-to-GDP ratio at around 84%, which is much lower than some major advanced economies.1
    • Thirdly, the low correlation between China’s onshore market and major global markets, at just 0.1 over the past 10 years, makes China bonds a very good diversifier.2
    • Fourthly, the risk-adjusted return of China bonds is relatively attractive. Onshore RMB bonds had an annualised volatility of around 1.3% over the past year, significantly lower than the volatility in other advanced markets during the same period.3

    This combination of features of China’s bond market as an attractive asset class for global investors seeking high-quality investments. In fact, according to a recent survey on central banks, over 30% of the respondents expect to increase their RMB holdings in the next five years.

    The second trend is Mainland China’s rapid wealth accumulation, particularly in institutional capital, which is creating new opportunities for their outbound investment. For example, China’s national pension reserve fund grew to around USD 400 billion by the end of 2023.4 Recent policy discussion also reaffirms that China encourages the national pension fund to cooperate with high-quality overseas investment managers to optimise its investment approach.5 The new private pension scheme has already attracted over 60 million participants since its inception in 2022, with this rapidly growing pool of capital projected to reach nearly USD 1 trillion by 2030.6 As Mainland institutional investors increasingly seek to diversify their portfolios and expand overseas asset allocation, there is significant potential for future growth in the Southbound Bond Connect, through Hong Kong’s platform to invest overseas.

    These two-way trends — global investors’ growing interest in RMB-denominated bonds and Mainland investors’ expanding overseas allocations — underscore the critical role of the Bond Connect as a gateway to facilitate cross-border capital flows between the Mainland and global financial markets. In a rapidly changing global financial landscape, the ability to adapt and innovate is key. Bond Connect exemplifies the power of collaboration and innovation in addressing the changing needs of investors, as it continues to evolve over the years.

    Policy work:

    In the past year, we have been working closely with relevant Mainland authorities, especially with the People’s Bank of China, to step up efforts to enhance the Bond Connect and its ecosystem. I wish to take the opportunity to make the following three announcements:

    • First, under the Northbound channel, investors can already use Bond Connect bonds as collateral for the Hong Kong Monetary Authority (HKMA)’s RMB Liquidity Facility, margin collateral for OTC Clearing Hong Kong Limited (OTCC) derivative transactions, and for conducting offshore RMB bond repurchase (repo) transactions. We are expanding the offshore RMB repo business to also support re-hypothecation and cross-currency repo, and the CMU OmniClear will enhance the operational arrangements accordingly. These enhancements will be implemented in late August 2025. 
    • Secondly, the Southbound Bond Connect investor scope is expanded to include securities firms, fund companies, insurance companies and wealth management companies, formally effective from today. This will open up more channels to meet the growing demand from Mainland investors, addressing their needs for diversified asset allocation. It will also bolster the development of Hong Kong’s bond market by widening the investor base and enhancing market liquidity, hence increasing Hong Kong’s attractiveness to bond issuers and global investors.
    • Thirdly, further to the announcement in May 2025, 30-year interest rate swaps (IRS) contracts have already gone live early last week (on 30 June) under the Swap Connect, and IRS contracts using the Loan Prime Rate (LPR) as reference rate will be launched in the coming months.    

    Besides, we have been working on strengthening Hong Kong’s financial infrastructure to support greater efficiency in the Hong Kong and Mainland Chinese bond markets. For example, the recent signing of a MoU between CMU OmniClear and LCH could facilitate the wider use of CNH bonds as collateral in the international market. This highlights the unparalleled role of Hong Kong’s infrastructure in supporting investment in CNH-denominated debt securities by investors from all over the world. 

    Looking ahead:

    As investors navigate geopolitical changes and search for greater diversification, the Bond Connect will continue to serve as a key platform connecting China’s bond market with the world. The HKMA will work closely with stakeholders to ensure that the platform will meet these changing needs — by enhancing market liquidity (such as cross-border repo in the pipeline), strengthening risk management (with offshore CMOF bond futures under preparation), and further broadening the investment channels. The continuous development of Bond Connect will not only deepen market integration but also reinforce Hong Kong’s unique role as a gateway between China and the international financial market. Thank you!

    MIL OSI Global Banks –

  • MIL-OSI Banking: Vasileios Madouros: Opening statement – Oireachtas Select Committee on Budgetary Oversight

    Source: Bank for International Settlements

    Good afternoon Chair and Members of the Committee. Thank you for inviting us to appear before the Committee today.

    I am joined by my colleagues Martin O’Brien, Head of our Irish Economic Analysis Division and Thomas Conefrey, Deputy Head in the same Division. We very much welcome the opportunity to engage with you on the outlook for the economy and the public finances.

    In my opening statement, I will cover briefly our latest assessment of the economic outlook, as outlined in our June Quarterly Bulletin, as well as our latest economic advice to the Government, as outlined in the Governor’s pre-Budget letter (PDF 3.04MB), published last week.

    The economic outlook

    Let me start with the global context, because the key factors shaping the domestic outlook stem from developments abroad, but with important implications for Ireland.

    Since the start of the year, we have seen a material shift in trade policy, with rising tariffs between the US and its trading partners, as well as a sharp increase in policy uncertainty.

    In light of these developments, the global growth outlook has weakened. Short-term forecasts for world trade and economic activity have been revised downwards. And uncertainty around these forecasts is particularly elevated, given the range of potential outcomes around trade policy.

    The openness of the Irish economy and the prominent role that FDI and multinational firms play domestically mean that Ireland is particularly exposed to changes in the global economic outlook as well as shifts in trade policy, and broader economic policy, in the US.

    Given uncertainty over the future direction of US trade policy, our June Quarterly Bulletin presented projections for the economy under a baseline and a more adverse scenario.

    These were based on different assumptions around the level and coverage of tariffs, the level and persistence of uncertainty and the future path of financing conditions.

    In the baseline scenario, we expected Modified Domestic Demand to grow by 2.0 per cent in 2025 and by 2.1 per cent per annum on average in 2026 and 2027.

    This is a downward revision to the growth outlook relative to our previous projections – but the central outlook is still consistent with a full-employment economy.

    The adverse scenario assumed persistently higher and broader tariffs, including due to retaliation from the EU. It also assumed that policy uncertainty would remain higher for longer and that financing conditions would be tighter.

    In this scenario, annual average MDD growth would almost halve compared to the baseline, illustrating the sensitivity of economic activity to an escalation of trade tensions.

    The trade-offs facing the public finances

    The economy and public finances are entering this period of heightened uncertainty from a strong position. But there are also underlying vulnerabilities that need to be managed carefully.

    The exceptional growth in corporation tax receipts since 2015 and the strong pace of economic expansion in recent years have resulted in a marked increase in government revenues.

    As a result, even with the substantial rise in government spending and some tax cuts, the headline budget balance has run substantial surpluses in recent years.

    However, external developments mean that this benign combination of factors, namely, a rapidly growing economy and exceptional corporate tax receipts, could be at risk in the coming years.

    In particular, risks to the fiscal position from lower corporate taxes and other MNE-dependent taxes have increased given recent international developments.

    And, excluding estimated “excess” corporation tax (and the impact of the Apple State Aid case), the budget balance has been in a persistent deficit position for 17 consecutive years.

    At the same time, in the current juncture, an important public policy priority is the need for higher investment, both to address infrastructure deficits and to support the transition to net zero.

    Indeed, these infrastructure deficits have become an increasingly significant factor constraining the supply side of the economy.

    Addressing infrastructure deficits will not only help meet important societal and economic needs today, but also enable our economy to remain competitive amid a shifting geopolitical landscape.   

    Finally, looking further into the future, there are known future funding needs that the State needs to prepare for today.

    Given demographic trends, Ireland is expected to see the largest increase in age-related spending, on areas such as pensions, healthcare and long-term care, amongst the EU by 2050.

    And we know already that the Future Ireland Fund, the establishment of which has been a very positive public policy intervention, will not be sufficient, on its own, to finance the higher level of public expenditure that will be required to meet the needs of an older population.

    Overall, the current environment presents important trade-offs for fiscal policy. Between investing in infrastructure, but not adding excessively to demand in a capacity-constrained economy. Between addressing the funding needs of today, but also preparing for the funding needs of the future.

    Managing those trade-offs

    While undoubtedly this presents a difficult balancing act, careful management of the public finances can contribute to achieving these multiple aims. So let me finish off by summarising our economic policy advice outlined in the Governor’s pre-budget letter, in light of those trade-offs.

    I will focus on three areas in particular.

    First, it is important that the Government commits, and adheres to, a credible fiscal anchor that results in sustainable increases in net government expenditure over time. In the current context of the economy operating at capacity, it is important, from a macro-stabilisation perspective, that the overall fiscal policy stance does not add excessively to demand.  

    Second, within that overall fiscal envelope, the public finances need to prioritise investment. Sustainably achieving the necessary rise in public investment requires creating sufficient economic and fiscal space, through offsetting choices in terms of current spending or taxation. Beyond demand management considerations, broadening the tax base is also important for addressing future funding needs and mitigating the reliance of the public finances on corporate tax receipts.

    Third, public investment alone will not be sufficient to address the economy’s infrastructure gaps. Measures that reduce delays, and, therefore, the ultimate costs, in the planning and building of infrastructure are needed to help ensure that the benefits of public investment for long-term growth are realised fully.  Measures that incentivise scale and investment in new machinery, equipment and technologies in the construction sector can also help enhance productivity and enable more sustainable delivery of housing and infrastructure. These structural policies can have an outsized impact on strengthening the supply side of the economy, complementing, and adding to the effectiveness of, additional public investment in infrastructure.

    Thank you for your attention and we look forward to your questions.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Gent Sejko: Bolstering credit to the agriculture sector

    Source: Bank for International Settlements

    Dear Minister Minister of Finance,

    Dear representatives of the banking sector,

    Let me start by conveying my heartfelt thanks for your participation in this important roundtable discussion, co-organized with the Ministry of Finance. This event aims to identify the appropriate pathways and instruments for opening a new chapter regarding credit to the agricultural sector in Albania.

    As we have emphasized in many previous discussions and communication platforms, lending to the agricultural sector has been-and continues to be-a structural weakness for both our economy and banking sector.

    The comparison of the significant role that agriculture plays in the Albanian economy with the limited level of credit this sector receives from the banking sector, clearly illustrates this weakness. Agriculture accounts for around 20% of GDP of Albania and employs around 1/3 of population, yet it benefits less than 2% of total bank credit. Moreover, recent trends in the agricultural lending have not been encouraging.

    The underlying reasons of the low level of credit to the agricultural sector-ranging from property ownership issues and high levels of informality, to the relatively high business risk and low productivity due to the absence of economies of scale-have been consistently discussed. Some of these problems still remain relevant, while others are gradually being addressed.

    However, even in this challenging context – credit to the agricultural remains low. This deficiency must be addressed without further delay if we aim at boosting the stable development of this sector that is crucial for the Albanian economy.

    Against this backdrop, the Bank of Albania has aligned its Financing Programme to Micro, Small, and Medium-sized Enterprises to emphasize the growth of credit to the agricultural sector.
    This program, that involves all stakeholders in the banking sector, offers a reliable and sustainable source of low-cost funding to support lending of development projects in the agricultural sector, including agrotourism and the agro-food industry.

    Last, the Government of Albania has undertaken concrete steps in this regard, by making available a sovereign guarantee scheme for loans granted to the agriculture sector.  This guarantee significantly mitigates the credit risk related with this sector, in turn considerably reducing one of the fundamental problems we have discussed, and the collateral.

    We deem that both development projects provide a solid platform for progressing further as we make a new qualitative step in lending to the agriculture. Nevertheless, the success of this platform considerably dependents on the involvement and the commitment to utilising its instruments.

    In this context, allow me to draw your attention to three important points.

    • First, from the narrower perspective of the business interests you represent, I would like to highlight that the low level of lending to the agricultural sector should be considered equally both as a reflection of existing structural and operational problems, and as a potential indicator for the high returns you may have from investments in this sector. In light of this, I encourage you to give agricultural sector the attention and expertise it rightly deserves.
    • Second, from the perspective of the overall economic development, the growth of the agricultural sector-aligned and progressing in parallel with other sectors of the economy-should be regarded as a crucial pillar for the long-term and sustainable development of Albania. From this standpoint, as primary actors in Albania’s economic and financial landscape, you are encouraged to view lending to the agricultural sector as a strategic investment that yields positive returns for the country’s sustainable and inclusive growth.
    • Third, as key actors in the social life of the country, the support to the agriculture sector should also be viewed as a moral obligation toward Albania, the country where you safely carry out your business and in a profitable manner. Supporting the food supply chain industry remains a factor of vital importance for a country and its population.

    Dear representatives of the banking sector,

    I kindly invite you to consider the issues addressed above more as an appeal to your rational judgement than to your emotions. The Bank of Albania will not, under no circumstances, take measures that would jeopardise the soundness of your financial positions or undermine the financial stability interests of Albania in the long term.

    That said, while safeguarding financial stability, I believe it is appropriate to engage in an open and transparent dialogue aimed at rethinking our approach to lending in the agricultural sector, in line with the long-term interests of the social and economic development of Albania.

    Thank You!

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Council visits around 2,000 tenants in an intensive week of activity to offer support

    Source: City of Birmingham

    Visiting housing tenants and asking them how they are has been the focus of an intensive week of activity by Birmingham City Council.

    Housing officers have visited around 2,000 council tenants in just one week to check in with people, to get to know them face-to-face and to ensure they are receiving the support they need.

    Officers visiting properties have been able to refer tenants for financial advice, identify potential savings on energy costs, determine if properties or gardens require any repair work, and identify tenants interested in being involved on local tenant boards.

    The visits are an opportunity for the council to uncover and resolve unknown issues that tenants may face.

    The council will continue its activity of visiting tenants face-to-face. Care leavers, older tenants, and tenants who have not been seen for a while are being prioritised.

    Housing officers ready to visit tenants at Wilmcote.

    Councillor Nicky Brennan, Cabinet Member for Housing and Homelessness, said:

    “We have had a particularly intensive week of action last week and are committed to stepping up our visits in future.

    “Speaking face-to-face with our tenants, getting to know them, and asking how they are is vital in providing out tenants with the service and support they deserve. A good home is fundamental to people’s lives, providing them with security, community, health, and wellbeing.

    “By visiting people, it can help us to identify unknown issues early, solving them before they become bigger, more complex and harder to resolve.

    “The programme of work has allowed us to identify urgent housing repairs we were not previously aware of, while also signposting people with poor health or financial difficulties to the most appropriate service for their needs.

    “Visiting all 59,000 council-owned properties across Birmingham is a challenge for us. We know many of our tenants have not had a face-to-face visit for a long time. We recognise how important these visits are and have made changes to ensure we can visit tenants more often in future.

    “It has been great to hear the positive impact these visits have had so far, and I look forward to hearing more from our tenants over the next year.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UN Human Rights Council 59: UK Closing Statement

    Source: United Kingdom – Government Statements

    World news story

    UN Human Rights Council 59: UK Closing Statement

    UK Closing Statement for the 59th session of the HRC. Delivered at HRC59 in Geneva.

    Thank you, Mr President.

    We would like to make closing remarks on three resolutions.

    In respect of L.20, the UK’s commitment to the safety of journalists and media freedom is unwavering. In accordance with international law, surveillance or interference with encryption technologies must be necessary, proportionate and subject to proper safeguards. Without such safeguards, journalists’ lawful activities should not be investigated or interfered with – either domestically or extraterritorially. In the UK, our investigatory powers legislation protects journalistic freedom by including specific safeguards for confidential journalistic material.

    In respect of resolution L.17 on climate change, the UK is concerned that the significance of the Paris Agreement is inadequately reflected. We emphasise that the Paris Agreement is a freestanding treaty and not an annex to the Framework Convention. The UK is fully committed to the Paris Agreement, which urges all parties to tackle climate change in light of different national circumstances.  

    Human rights must be respected and protected when taking action to address climate change. However, climate finance, debt relief, climate justice and technology transfer are not prerequisites to the realisation of international human rights obligations.  International human rights law does not recognise the concept of common but differentiated responsibilities and respective capabilities, which is specific only to certain international environmental treaties.

    Finally, with respect to L.8, the UK has long been a supporter of better and more affordable access to medicines in low- and middle-income countries. However, to maximise the prospects of successfully and sustainably achieving this, technology transfer needs to be on voluntary and mutually agreed terms. The UK has consistently raised its concerns about the phrase “unhindered access” in this and other fora. 

    The UK thanks the core groups for their constructive engagement on these resolutions.

    Thank you.

    Updates to this page

    Published 10 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: LET Mining: The application of cryptocurrency will make your travel more convenient, let cloud mining pay for you

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 10, 2025 (GLOBE NEWSWIRE) — Now, this future is within reach, because this week Emirates has partnered with leading digital asset platform Crypto.com to explore accepting cryptocurrency payments in all its services. Not only that, there are currently more than tens of thousands of companies around the world accepting cryptocurrency payments, and it has become easier than ever to use Bitcoin or Ethereum to book flights, hotel accommodations, and even a cup of coffee. In the future, you can even complete the entire journey with only cryptocurrency.

    LET Mining: Let your crypto assets pay for your travel
    Now cryptocurrency is no longer just a speculative asset. It is becoming a popular means of payment. And the LET Mining cloud mining platform can make your digital assets gain additional value every day. With just a few simple steps, the platform deploys computing power for you and settles the income daily. The income can be freely withdrawn for investment, savings, or even directly for living expenses or travel expenses.

    The core advantages include:
    √ Daily income, automatic arrival: truly realize passive income, and the income is clearly visible.
    √ Environmentally friendly and sustainable: driven by hydropower and wind energy, supporting the concept of green travel.
    √ 0 technical threshold: no need to install mining machines or understand the principles of mining, everyone can participate.
    √ Flexible withdrawal: supports the withdrawal of multiple crypto assets, which can be used for travel payments or exchange for legal currency.

    Start using LET Mining and start your crypto travel journey
    Step 1: Open the official website: https://letmining.com/, click to register, fill in the registration information, and you will receive a $12 reward after successful registration

    Step 2: The platform provides a variety of high-yield and flexible cloud computing contracts, and users can choose to purchase them freely. The following are some cloud computing contracts ]

    ◆Experience Contract: investment amount: $100, contract period: 2 days, daily income of $4, maturity income: $100 + $8
    ◆BTC Classic Hash Power: investment amount: $500, contract period: 5 days, daily income of $6, maturity income: $500 + $30
    ◆DOGE Classic Hash Power: investment amount: $3,500, contract period: 24 days, daily income of $50.4, maturity income: $3,500 + $1,209.6
    ◆BTC Advanced Hash Power: investment amount: $8,200, contract period: 35 days, daily income of $130.38, maturity income: $8,200 + $4,563.3
    ◆BTC Advanced Hash Power: investment amount: $10,000, contract period: 45 days, daily income of $173, maturity income: $10,000 + $7,785
    ◆DOGE Super Hash Power: Investment amount: $30,000, contract period: 48 days, daily income of $555, maturity income: $30,000 + $26,640
    (Click here to view more high-yield contract details)

    Step 3: The system will send the daily income of the cloud computing contract you purchased to your account, and you can withdraw it to your wallet address at any time

    By participating in the purchase of LET Mining’s cloud computing power contract, you can get a fixed income every day, which provides additional income guarantee for a free lifestyle, so that you no longer rely on traditional salary income, and you don’t need to worry about international financial barriers such as exchange rates and transfers, and avoid expensive currency exchange fees.

    With the popularity of cryptocurrency applications, innovative models like LET Mining are redefining crypto assets. By intelligently utilizing crypto assets, it can become a self-sustaining lifestyle, making travel no longer just an expense. Let the digital world provide financial support for your real travel and open up a new way of traveling.

    Want to work in an island town in Southeast Asia? Want to write code in a small cafe in a European town? As long as your digital wallet is growing, the world will open its doors to you.

    Official website: https://letmining.com/
    Contact email: info@letmining.com

    Attachment

    The MIL Network –

  • MIL-OSI: Online Personal Loans for Bad Credit with Guaranteed Approval Now Available in the US via 50KLoans (2025)

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 10, 2025 (GLOBE NEWSWIRE) — 50KLoans has officially announced the launch of its all-new platform offering personal loans for bad credit guaranteed approval, giving financially underserved Americans a faster, more reliable way to access emergency funds online. This new service is specifically designed for individuals struggling with low credit scores who often face rejection from traditional banks.

    With its advanced online lending network, 50KLoans now provides access to personal loans for bad credit with instant approval. The platform matches borrowers with direct lenders for bad credit personal loans based on income and recent banking activity, not just credit history. It aims to redefine how consumers find easy personal loans for bad credit, offering a streamlined process that prioritizes speed, transparency, and flexibility.

    Start Your Application for Personal Loans Now >>

    Why Choose 50KLoans for Personal Loans for Bad Credit?

    • Instant Loan Approval: Get matched with lenders offering personal loans for bad credit instant approval and no credit check.
    • Fast Funding: Access same-day personal loans for bad credit with eligible direct lenders.
    • Secure & Transparent: All terms for unsecured personal loans for bad credit and secured personal loans for bad credit are shown upfront—no hidden fees.

    Types of Personal Loans Offered by 50kLoans

    1. Small Personal Loans for Bad Credit: Borrow amounts from $100 to $5,000 for urgent expenses like medical bills, car repairs, or rent.
    2. Personal Installment Loans for Bad Credit: Ideal for those who need to repay in multiple fixed payments over several months.
    3. No Credit Check Loans up to $50000: For borrowers worried about hard credit pulls, 50KLoans partners with lenders that offer personal loans for bad credit instant approval no credit check.
    4. Online Personal Loans for Bad Credit: Apply from home with a 100% digital process. No branch visits, no paperwork delays.
    5. Personal Loans for Bad Credit Near Me: The platform filters lenders based on your location, ensuring access to options in your area.
    6. Low Interest Personal Loans for Bad Credit: Where available, users can compare offers to find the most affordable rates, even with subprime credit.
    7. Easy Personal Loans for Bad Credit: 50KLoans minimizes documentation, helping you apply in minutes using just your ID, income proof, and bank info.

    How to Get Guaranteed Approval for No Credit Check Loans with 50KLoans

    1. Apply Online: Complete a simple form on 50kLoans with your personal and financial details. Takes less than 3 minutes.
    2. No Hard Credit Check: Many lenders use a soft credit check or none at all, protecting your credit score.
    3. Get Matched Instantly: Receive personalized offers from direct lenders for bad credit personal loans.
    4. Compare & Accept: Choose from legit, transparent offers tailored to your income and loan needs.
    5. Receive Funds Fast: Enjoy same day personal loans for bad credit with direct deposit in as little as a few hours.

    Start Your Application for Personal Loans Now >>

    FAQs

    Are these personal loans really guaranteed?

    Approval depends on lender criteria, but 50KLoans specializes in personal loans for bad credit guaranteed approval online by matching users with high-approval lenders.

    Is there a credit check involved?

    Some lenders offer personal loans for bad credit instant approval no credit check, though others may perform soft checks.

    Are these loans safe?

    Yes. 50KLoans works only with legit personal loans for bad credit providers and shows full terms before you commit.

    Media Contact
    Mukesh Bhardwaj
    mukesh@paydayventures.com

    Disclaimer: 50KLoans is not a lender and does not make credit decisions. Loan offers are provided by third-party lending partners. Approval, terms, and funding timelines vary by lender and applicant eligibility.

    The MIL Network –

  • MIL-OSI: Bitcoin Solaris Price Rollback Ignites Market Momentum Ahead of Major Exchange Launch

    Source: GlobeNewswire (MIL-OSI)

    TALLINN, Estonia, July 10, 2025 (GLOBE NEWSWIRE) — Crypto winters come and go, but few events wake the market up like a perfectly timed price rollback. And Bitcoin Solaris just pulled off a surprise move that has investors scrambling. With major exchange listings on the horizon and a short-lived drop in presale price, analysts are calling it the most generous window of 2025. It is not just a coin anymore, it is a momentum machine.

    If there was ever a moment to pay attention, this is it.

    Bitcoin Solaris: Built to Dominate the Next Cycle

    Bitcoin Solaris, or BTC-S, is a next-generation crypto project designed to extend Bitcoin’s legacy into high-performance, real-world utility. It achieves this through a layered dual-consensus design that merges Proof of Work and Delegated Proof of Stake in a way few others have dared.

    Its architecture splits into a Base Layer that runs SHA-256 mining and a Solaris Layer that executes 15-second block finality with blazing-fast transaction speeds of over 10,000 TPS. Together, they balance speed, decentralization, and energy savings at 99.95 percent less consumption than traditional Bitcoin mining.

    More than just a tech demo, BTC-S is delivering tangible user value through:

    • The upcoming Solaris Nova App brings mobile-first mining to the masses.
    • A reward structure that includes validator rotation, adaptive load balancing, and secure finality.
    • Rust-based smart contracts ready for DeFi, enterprise apps, and more.

    And with recent security audits completed by both Cyberscope and Freshcoins, confidence in the protocol’s integrity has never been higher.

    A lot of crypto enthusiasts have taken notice, and according to the detailed review from Token Galaxy, the structure behind Bitcoin Solaris is what sets it apart. Even Token Empire released a breakdown that highlights why the community and investor base keep growing every week.

    This Isn’t Just Another Presale. It’s a Launchpad for Wealth.

    Here’s what the current presale phase looks like:

    • Current Price: $11
    • Next Phase: $11
    • Launch Price: $20
    • Presale Raised: Over $6.6 million
    • Users Joined: 14,150+
    • Timeline: Ends July 31, 2025

    This presale is short, explosive, and closing fast. What’s more, Bitcoin Solaris has introduced something that almost never happens in crypto: a rare Price rollback, dropping the cost per token to $5 instead of $11. It’s not a discount. It’s a once-only reversal, and only for a limited time.

    Get Paid to Participate in Mobile Mining Starts With BTC-S

    This move has reignited FOMO among those who nearly missed earlier phases. For those watching from the sidelines, this is your moment.

    Wallets like Trust Wallet and Metamask are recommended for seamless token delivery on launch day, ensuring a smooth transition when the project hits exchanges.

    Mobile Mining with Real Yield

    Bitcoin Solaris is not just scalable. It’s portable. Thanks to the upcoming Solaris Nova App, BTC-S introduces a mining system that fits in your pocket.

    With mining tools optimized for mobile devices and cross-platform functionality, users can generate passive income from:

    • CPU-mining tasks on mobile or desktop
    • Optimized PoW mechanics that adapt to low-power environments
    • Real-time earning estimates based on your device’s performance

    This allows anyone to tap into Bitcoin-level value accrual without investing in expensive hardware.

    You are not stuck hoping for a bull run. You’re earning now.

    Liquid Staking Reinvented

    Another pillar of the Bitcoin Solaris economy is its liquid staking model. Instead of locking assets away, staked BTC-S tokens are converted into sBTC-S, which can be traded or deployed across DeFi apps.

    This liquid staking upgrade brings new layers of accessibility:

    • Rewards without compromising liquidity
    • Compatibility with governance, lending, and DeFi protocols
    • Full integration with the Solaris Nova App
    • Increased decentralization and validator diversity

    This approach puts capital efficiency and usability back in the hands of users.

    Why This Rollback Changes the Game

    This isn’t your typical hype cycle. The price rollback came at the exact moment momentum was peaking. Community sentiment is at an all-time high, exchanges are circling, and developers are pushing regular upgrades.

    Add to that the fact that BTC-S is positioning for a 150 percent exchange gain from $5 to $20, and it’s not hard to see why analysts are calling it the best crypto to buy now.

    You can also check out the expanding conversation across platforms like Telegram and X. The buzz is real, and it’s growing louder by the day.

    Meanwhile, the official site is already receiving surging traffic from both retail and institutional visitors.

    Conclusion

    Bitcoin Solaris is positioning itself as a high-performance, user-focused ecosystem with cutting-edge technology, mobile-first tools, and a rare rollback opportunity.

    This presale window may be short, but the potential impact is long-lasting. With high scalability, advanced staking, a mobile-first mining model, and a rare rollback offer, BTC-S is not only redefining utility but rewriting the entry point for retail investors.

    For more information on Bitcoin Solaris:
    Website: https://www.bitcoinsolaris.com/
     Telegram: https://t.me/Bitcoinsolaris
     X: https://x.com/BitcoinSolaris

    Media Contact:
    Xander Levine
    press@bitcoinsolaris.com
    Press Kit: Available upon request

    Disclaimer: This content is provided by Bitcoin Solaris. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

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    The MIL Network –

  • Global stocks climb on AI and rate cut optimism, unfazed by Trump’s tariff moves

    Source: Government of India

    Source: Government of India (4)

    Global stocks advanced on Thursday, underpinned by optimism around artificial intelligence and the prospect of upcoming interest rate cuts, while investors kept a cautious eye on U.S. President Donald Trump’s ongoing assault on international trade.

    U.S. copper futures widened their premium to the London benchmark overnight after Trump announced plans to impose a 50% tariff on copper imports. He said the levies would come into effect on August 1.

    Trump also threatened a punitive 50% tariff on Brazil’s exports to the U.S. on Wednesday and issued tariff notices to seven minor trading partners.

    The latest tariff moves did little to rattle markets as European stocks gained, with Germany’s DAX up 0.1% and UK’s FTSE 100 rising 1% to their respective all-time highs.

    MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.5%. U.S. stock futures took a breather, with Nasdaq futures down 0.1% after the tech-heavy index closed at a record high on Wednesday.

    The market reaction to Trump’s tariff developments this week was less severe than in April, and Jeff Ng, SMBC’s head of Asia macroeconomic strategy, said investors had grown somewhat “numb” to the ever-changing situation.

    “They know that there is still room for negotiation. A lot of these announcements, they start off with eye-catching numbers, but they are not totally final, and they are still subject to changes. Even if they are implemented, they could also be reversed in the coming few months to year,” he said.

    Meanwhile, investors digested upbeat quarterly results from TSMC that reflected strong demand for the world’s largest contract chipmaker’s products, kept alive by surging interest in artificial intelligence applications.

    TSMC’s report came a day after AI chip giant Nvidia became the world’s first public company to hit a $4 trillion market value. Other tech-related stocks in Korea and Japan further got a boost.

    Also keeping stocks supported were expectations of at least two interest rate cuts by the Federal Reserve this year.

    Minutes released on Wednesday showed “most participants” at the Fed’s meeting last month anticipated rate cuts would be appropriate later this year, with any price shock from tariffs expected to be “temporary or modest.”

    “Our view remains that in the balance of risks between employment and inflation, Fed would be more sensitive to employment than to inflation. Hence, if our view holds, and we get some weakness in the employment numbers over summer, Fed will respond by cutting rates in September,” said Mohit Kumar, an economist at Jefferies.

    DOLLAR EASES

    The dollar was on the back foot on Thursday against the euro, but holding its own against the yen JPY=EBS at 146.35, after a sharp rise earlier this week when Trump slapped Japan with 25% tariffs.

    The euro was up 0.17% to $1.1734 and sterling gained 0.15% to $1.36110.

    An exception was the Brazilian real, which languished near a one-month low at 5.5826 per dollar owing to Trump’s tariff threat on Latin America’s largest economy.

    The real’s volatility gauges spiked to the highest since late April when markets were still trying to get to grips with Trump’s “Liberation Day” tariff threats.

    “Without a clear path yet to de-escalation, the real is likely to continue to trade on a softer footing in the near-term. The initial real sell-off was exacerbated by the unwind of popular carry trades,” Lee Hardman, a senior currency economist at MUFG said.

    “The risk is that carry trades continue to be unwound on the back of heightened trade risks and higher financial market volatility triggering a further reversal of real gains.”

    In cryptocurrencies, bitcoin was pinned near a record high and was last at $111,207, while ether was up 1.8% to $2,790.9.

    Elsewhere, crude prices were steady with Brent futures hovering at $70.2 per barrel, while U.S. crude was flat at $68.33 a barrel.

    Spot gold rose 0.22% to $3,320.59 an ounce.

    (Reuters)

  • MIL-OSI United Kingdom: UK and France partner on navigation systems to protect critical infrastructure from hostile threats

    Source: United Kingdom – Government Statements

    Press release

    UK and France partner on navigation systems to protect critical infrastructure from hostile threats

    UK and French researchers join up to shield critical infrastructure, including power supplies and emergency services, with more resilient navigation and timing systems. 

    • UK and French researchers join up to shield critical infrastructure, including power supplies and emergency services, with more resilient navigation and timing systems. 
    • Positioning, Navigation, and Timing systems are critical to everything from banking to transport – and the Ukraine war has shown how these systems can be targeted by malign actors. 
    • Partnerships on AI supercomputing infrastructure, and AI research, to be agreed when French President and UK Science and Tech Secretary meet in London. 

    UK and French experts will work more closely to increase the resilience of both countries’ critical infrastructure to the signal-jamming seen in the war in Ukraine, as part of a suite of joint science and tech work being announced today (Thursday 10 July).  

    From our electricity infrastructure, to transport, to financial transactions, the tech we rely on for everyday life depends on reliable Positioning, Navigation and Timing (PNT), often provided via satellites. The conflict in Ukraine has shown how new technologies – in some cases, just small hand-held devices – can be used to disrupt PNT services, potentially causing major disruption to the vast areas of life and the economy reliant on them. 

    As part of a raft of UK-France joint science and tech efforts being announced today, researchers from both countries will work together on technologies complementary to the likes of GPS, which are highly resistant to this sort of jamming.  

    An example is e-LORAN, a program driven by the UK government, working closely with the National Physical Laboratory and private sector companies. The system uses ground-based radio towers, which are much more challenging to block, for a reliable “backup” to GPS, so that UK infrastructure can keep running even when GPS fails.  

    The UK’s Science and Tech Secretary used a joint visit to Imperial College London, with President Macron, to set out how this sort of collaboration makes both the UK and France stronger and safer. Whilst speaking at Imperial, Peter Kyle also pointed out the tens of millions of pounds in investment being brought into the British tech sector through UK-French trade, as well as the new jobs and growth that this partnership creates.

    These are efforts that will bolster our economic and national security, which are foundational pillars of the Plan for Change. 

    UK Science and Technology Secretary, Peter Kyle said: 

    France and the UK both have huge ambitions for technology to boost economic growth and strengthen national security. It is vital we work with natural partners like our French neighbours in these endeavours, particularly as the threats from hostile state actors only grows.

    Today we build on the Entente Cordiale with an Entente Technologique, celebrating and renewing our longstanding and historic partnership so that together we can face down the challenges of tomorrow.

    Additionally, the UK and France are launching a partnership on supercomputing. The partnership will be led by the Bristol Centre for Supercomputing, the home of Isambard-AI, and the French computing centre GENCI, who lead France’s AI Factory.  

    Closer ties between both nations’ world-leading compute power, and sharing AI best practice, will turbocharge the breakthroughs in AI, transforming public services and improving lives. These efforts build on the AI Opportunities Action Plan, the UK government’s blueprint to fuel the use of AI across the economy. 

    This builds on the strong existing UK-France cooperation on AI. The UK’s AI Security Institute and France’s INESIA have committed to further technical workshops to deepen their collaboration on frontier AI research, in order to support our national security. 

    Some of the UK and France’s leading research institutions are also committing to closer work. Collaboration agreements were signed today when President Macron and Science and Tech Secretary Peter Kyle visited Imperial College London, where they witnessed first-hand some of the cutting-edge uses of AI being pioneered in the UK, from health to clean energy.

    The spotlight will shine on the vast opportunities for UK-France science and tech collaboration again on Friday, when the UK’s AI Minister Feryal Clark and her French counterpart Minister Clara Chappaz will tour Diamond Light Source in Oxford.

    Diamond is one of the most advanced scientific facilities in the world. Researchers here are harnessing light 10 billion times brighter than the sun to study new scientific samples, like previously unknown virus structures, to pioneer new medicines and treatments for diseases. 

    Notes to editors

    The 3 UK-France science and technology agreements being signed are between: 

    • Imperial and CNRS Ayrton Blériot Engineering Lab (ABEL)
    • University College London (UCL) and National Institute for Research in Digital Science and Technology (Inria)
    • Oxford-Cambridge and HEC, Institut Polytechnique de Paris, Université Paris-Saclay

    UK-French export and investment announcements

    British tech unicorns are winning tens of millions of pounds in significant contracts with French corporates, driving jobs and growth at home. This includes Synthesia’s new partnership with Decathlon to create a pioneering AI avatar lab which the global sports retailer will use to communicate with customers and employees, building on Synthesia’s existing work with over half of France’s CAC40 (equivalent to FTSE 100). Other deals include ElevenLabs’ collaboration with M6 and TV5 Monde and Darktrace’s contract with GL Events, a French major events operator.

    BT’s operations in France totalled approximately £130 million last financial year, connecting more than 80 French-headquartered companies, from Alstom to Michelin. BT has supported French telecoms, communications, cyber security and banking operations for 55 years. BT has invested more than £24 billion domestically so far this decade, with plans to invest a further £20 billion by 2030. BT’s investment into digital infrastructure projects also boosts the UK’s attractiveness for French investment and act as an enabler of British exports to France.  

    Thales, in conjunction with partners, is planning £40 million of AI-focussed R&D investment as part of its CortAIx UK AI Accelerator – which will employ 200 people and serve as a focal point for Thales’ AI innovation in the UK. This initiative will further enhance AI cooperation between France and the UK, ss well as help both countries to stay ahead of evolving threats, unleashing the potential of AI to increase mission success for both countries.

    Comand AI are investing £35 million over the next 5 years to set up an office in the UK, in their first step to becoming a pan-European defence company. This investment will create around 40 highly skilled jobs in tech, bringing the best of software engineering to defence. These jobs would represent half of their global engineering team. They aim to build the future of defence technology between the UK and France, from capability assessment to mission planning and execution for our Allied nations.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 10 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Invest Hong Kong seminar promotes in-depth exchanges between fintech enterprises and investment community (with photos)

    Source: Hong Kong Government special administrative region

         The Invest Hong Kong (InvestHK) seminar – Meeting Our Leading VCs in Hong Kong – concluded today (July 10), gathering over 200 fintech enterprise founders, venture capital (VC) leaders and industry experts to help inject new vitality into the future prosperity of Hong Kong’s fintech ecosystem.
          
         InvestHK has been linking global fintech enterprises with local and international capital resources. Hong Kong’s capital environment has shown strong vitality and new opportunities recently. The Government is providing public funding support and introducing measures to accelerate the development of fintech and related areas such as Web3 and AI. Moreover, as of the end of June 2025, the investment amount brought by the New Capital Investment Entrant Scheme into Hong Kong is expected to be over HK$46.4 billion, reinforcing Hong Kong’s standing as a pre-eminent international investment hub.  
          
         For private capital, Hong Kong’s advantages are becoming increasingly prominent. Hong Kong has the second-largest capital pool in the Asia-Pacific region, after only the Mainland, with managed private equity funds over US$233.9 billion as of the first half of 2024. As the largest hedge fund centre and cross-border wealth management centre in Asia, Hong Kong continues to attract global capital. Since the Hong Kong Special Administrative Region Government issued the Policy Statement on Developing Family Office Businesses in Hong Kong, the family office business has developed rapidly. There are more than 2 700 single-family offices operating in Hong Kong, and the scale of managed assets continues to rise. New listing volumes on the Stock Exchange of Hong Kong jumped around eight times to US$14 billion in the first half of 2025, fully demonstrating the attractiveness of Hong Kong’s financial market.
          
         This seminar created a valuable opportunity for start-ups and growing enterprises to connect with well-known VC leaders. At the seminar, experienced investors shared market patterns and trends in Hong Kong, Southeast Asia, the Middle East and other markets. For VCs, through the Global Fast Track programme and the invitation-only online business matching platform Fast-Track Connect, they have accelerated access to high-quality deal flows and strengthened strategic investment networks.
          
         Director of MindWorks Capital Mr Jeffrey Wu highlighted Hong Kong’s unique advantages for fintech startups, namely a transparent regulatory regime, deep offshore capital markets, and a trusted legal system, which make it an ideal springboard for regional and global expansion. Founding Partner of Wings Capital Ventures Mr Jonathan Wu said that as connectivity between Mainland and Hong Kong continues to accelerate, demand for cross-boundary financial services is growing at a remarkable pace. The Mainland’s strengths, including its abundant software development resources and rapid innovation cycles paired with Hong Kong’s international market and diverse application scenarios, create a promising synergy.
          
         The Managing Partner of 01Fintech Limited, Mr Kenny Man, emphasised that the Southeast Asian market has huge potential, and fintech enterprises should seize the opportunity to expand their business there. He also noted that the event provided valuable exposure to high-potential fintech innovations, reinforcing Hong Kong’s role as a global fintech hub with rich cross-border opportunities. These insights provide valuable reference for 01Fintech’s investment strategy in the region. Founding General Partner of Transcend Capital Partners Ms Winnie Leung also mentioned that Hong Kong is truly where East meets West, offering a vibrant fusion of cultures and business opportunities. With a substantial amount of capital available, it stands as an ideal hub for exciting venture capital projects.  
          
         In addition, the Head of FinTech of Cyberport, Mr Victor Yim, shared the experiences and achievements of Cyberport in supporting fintech and Web3 enterprises. The Senior Manager, New Ventures Development of Hong Kong Science and Technology Parks Corporation (HKSTPC), Ms Josephine Chan, introduced the innovative resources and development platforms provided by HKSTPC for enterprises.
          
         The Global Head of Financial Services, FinTech & Sustainability at InvestHK, Mr King Leung, concluded, “This seminar has not only built a bridge for exchanges and co-operation among Hong Kong’s fintech industry, it has also brought new impetus to shape the global fintech funding landscape. Through seminars like this, enterprises and investors can conduct in-depth exchanges, jointly seize market opportunities, and achieve mutual benefits and win-win results. This promotes the development of the fintech industry and further consolidates Hong Kong’s leading position in the global fintech field. We will continue to organise such high-quality activities, both online and offline, to contribute to the development of the industry.”

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: New backing for small businesses to protect their intellectual property from security threats

    Source: United Kingdom – Government Statements

    Press release

    New backing for small businesses to protect their intellectual property from security threats

    Up to 500 small or medium-sized companies could benefit from new reviews involving approved experts giving tailored advice to teams on risks they face.

    • Up to 500 small and medium sized UK firms backed by government funding to strengthen their security.
    • Security review scheme includes expert advice to protect ideas and innovations from powerful competitors including state actors.
    • Open to range of sectors from AI to life sciences to help businesses grow securely while boosting our economy and supporting our Plan for Change.

    Hundreds of UK tech start-ups and other innovative businesses can now apply for government support to protect their intellectual property from powerful competitors, including threats from other states and hostile actors, Technology Secretary Peter Kyle has announced today (Thursday 10 July).

    Up to 500 small or medium-sized companies will potentially benefit from new Secure Innovation Security Reviews, which involve approved experts giving tailored advice to teams on risks they face, so they can build thriving businesses which create jobs and support the economy.

    This could include advice on strengthening checks on prospective employees to reduce insider threats and ensure their suitability for handling sensitive information, and key cyber security measures to guard against common cyber-attacks.

    A range of technology sectors operating throughout the UK will be able to apply, from artificial intelligence to life sciences, advanced materials like semiconductors to renewable energy systems and beyond – backing businesses at the forefront of boosting economic growth as part of our Plan for Change.

    Support can help combat the efforts of certain states to steal technological, economic, or military insight, to enhance their own capabilities rather than engaging in fair international competition.

    While threats of hostile actors recruiting an insider to exploit their physical access are not new, such threats are becoming more advanced, underlining the importance of integrating personnel, physical, and cyber security to protect start-ups.

    Technology Secretary Peter Kyle said:

    The UK economy is built on the courage, ambition and hard work of small businesses which ultimately benefits us all, creating new technologies and jobs that grow our economy under our Plan for Change.

    By supporting firms to protect their innovations, this government-backed scheme will help those who put the hours in to reap the rewards while keeping key companies and sectors safe from malicious larger competitors, including state actors.

    Security Minister Dan Jarvis said:

    Small businesses are the lifeblood of our economy and they need security to thrive. 

    With 98% of businesses reporting a lack of knowledge to identify security threats, it is crucial they are equipped with the tools necessary to protect themselves against increasingly volatile threats.

    This initiative, spearheaded by the National Protective Security Authority and the National Cyber Security Centre, supports businesses to build the skills and the confidence they need to grow.

    To take part in the scheme, companies will need to apply through Innovate UK and contribute £500, with £2,500 covered by the government.

    National Protective Security Authority (NPSA) figures show 39% of companies have only one protective security or cyber measure in place and 55% do not conduct pre-employment screening of new personnel. By helping businesses to integrate protective security into their wider business strategy, the work can also help to boost customer and investor confidence.

    The reviews involve a professional conducting a site visit of the company to carry out a security health check, against a framework developed by the UK’s national technical authorities, NPSA – part of MI5 – and the National Cyber Security Centre (NCSC) – part of Government Communications Headquarters (GCHQ).

    They will then provide the company with a bespoke report with recommendations for improvement. The professional will conduct a follow up with the company after 6 months to gauge improvements made since the site visit.

    It builds on a pilot scheme in 2023, where 98% fed back that they now have sufficient knowledge to identify the security threats to their business, with the same figure committing to further action strengthen their security.

    NCSC CEO Richard Horne said:

    Small and medium-sized businesses power the UK’s innovation engine – but where ideas thrive, threats are never far behind.

    States, state-backed competitors, and cyber criminals target cutting-edge ideas and valuable data, exploiting gaps in cyber and protective security defences to launch attacks that can cripple organisations and steal their most sensitive innovations.

    That’s why building resilience is no longer optional – it’s essential for business growth and survival. I encourage SMEs across the UK to take advantage of the NCSC and NPSA-backed Secure Innovation Security Reviews scheme.

    Executive Director of Strategy and Performance at Innovate UK Robert Shaw said:

    Innovate UK is proud to be a partner in delivering Security Reviews for spinouts and start-ups in such critical sectors.

    If these innovators can protect valuable intellectual property and their competitive edge and demonstrate their commitment to security to investors and customers, they will be better placed to realise their growth potential in the UK, and globally.

    Notes to editors

    The funding call is now live

    Eligible organisations must be small or medium sized enterprises which employ under 250 people.

    Organisations must be working in one of the 17 sensitive areas of the economy set out in the National Security and Investment Act (2021), or one of the selected sectors in Invest 2035: the UK’s modern industrial strategy.

    The scheme is delivered through and in partnership with Innovate UK, the UK’s innovation agency

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 10 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government action to speed up recognition for LGBT veterans

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    Government action to speed up recognition for LGBT veterans

    LGBT military personnel who faced dismissal, discharge or mistreatment due to their sexuality while serving between 1967 and 2000 will receive financial support faster following improvements to the Government’s financial recognition scheme.

    • Increase in dedicated staff will accelerate applications and process payments faster  

    • New automated payment system is being built to eliminate processing delays and administrative bottlenecks  

    • Financial recognition scheme will provide support for LGBT military personnel who faced dismissal, discharge or mistreatment while serving between 1967 – 2000. 

    LGBT military personnel who faced dismissal, discharge or mistreatment due to their sexuality while serving between 1967 and 2000 will receive financial support faster following improvements to the Government’s financial recognition scheme. 

    The UK Government has increased dedicated staff by adding a further five workers, almost doubling the size of the existing team, to accelerate application reviews and process payments more quickly. The expanded team will focus on expediting the creation of applicant case files and processing of applications.  

    To address processing concerns, the Government is also introducing two other key measures as part of its efforts to ensure veterans receive timely recognition for past injustices:  

    • An automated payments system is being built to streamline the process, significantly reducing administrative bottlenecks and minimising errors. This system will ensure payments are made accurately and promptly once approved.  

    • Independent Panel sittings will double to two per week to accelerate the review of cases requiring assessment, particularly for those seeking recognition payments of up to £20,000 for pain and suffering which was directly related to the Ban, such as harassment, invasive investigations and imprisonment.

    The Government remains driven to ensure every recommendation of Lord Etherton’s review is fully implemented. As of July 2025, Defence has completed 42 of the 49 recommendations and two other remaining recommendations will be completed by the end of the year.  

    This action demonstrates the Government’s Plan for Change in practice – delivering on the commitment to strengthen national security by ensuring we maintain the trust and confidence of all those who serve our country.

    Minister for Veterans and People, Al Carns MP, said

    We deeply regret the treatment of LGBT serving personnel between 1967 and 2000 which was wholly unacceptable.  

    We have been prioritising payments to the elderly and those with serious health conditions to ensure they receive support as quickly as possible.

    We’re taking decisive action to ensure LGBT veterans receive the recognition they deserve by increasing staff resources, implementing an automated payment system, and doubling panel reviews.   

    This scheme acknowledges the sacrifices of those who faced discrimination while serving. I urge all affected veterans to apply through the GOV.UK portal as we remain fully committed to implementing Lord Etherton’s recommendations, and righting these historic wrongs, as part of our Government’s commitment to renew the nation’s contract with those who have served.

    The further support for LGBT Veterans comes off the back of the government’s historic commitment to increase defence spending to 2.6% of GDP by 2027, demonstrating the Government’s commitment to renew the nation’s contract with those who have served. 

    The scheme, launched by the Government in December, goes beyond financial recognition – it also acknowledges the sacrifices and injustices faced by LGBT veterans and ensures their experiences are recognised and valued. This can include, but not limited to, having a restoration of rank, letters of apologies, among other forms of recognition.   

    All veterans affected by the ban while serving between 1967 and 2000 are urged to read the guidance and apply via the Veterans of the LGBT Ban: Financial Recognition Scheme page on GOV.UK.

    Updates to this page

    Published 9 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: SJ attends legal seminar in Paris

    Source: Hong Kong Information Services

    Secretary for Justice Paul Lam arrived in Paris, France on Tuesday as he continued a trip spanning various European countries.

    Mr Lam attended a Hong Kong legal services seminar organised by the Department of Justice (DoJ) and briefed representatives of various international organisations on Hong Kong’s arbitration system and the advantages offered by its legal service sector.

    On meeting Financial Action Task Force (FATF) President Elisa de Anda Madrazo on Tuesday, Mr Lam remarked that as an international financial centre Hong Kong has always supported the FATF’s work to tackle money laundering and terrorist financing and to maintain the stability of the international financial system.

    He added that the DoJ has participated in mutual evaluations among FATF member jurisdictions.

    Mr Lam later visited the Chambre Arbitrale Maritime de Paris (the Paris Maritime Arbitration Chamber) and met its Secretary General Pascale Mesnil. He was briefed on the chamber’s operations, France’s arbitration sector, and developments in resolving international maritime disputes through arbitration.

    He highlighted that Hong Kong is committed to optimising its arbitration system through multi-pronged policy measures, and to enhancing and consolidating its status as an international legal and dispute resolution services centre in the Asia-Pacific region.

    Mr Lam also expressed hope for a deepening of exchanges and co-operation with the French arbitration sector.

    Yesterday morning, Mr Lam visited the office of the French National & Olympic Sports Committee (CNOSF) and met representatives of the Chambre Arbitrale du Sport (the Chamber of Arbitration for Sport) and the CNOSF Conference of Conciliators to learn about the committee’s sports arbitration and conciliation services.

    He also spoke about the DoJ’s work in promoting sports dispute resolution in Hong Kong.

    At noon, Mr Lam attended a lunch event hosted by the Ambassador Extraordinary & Plenipotentiary of the People’s Republic of China to the French Republic Deng Li.

    Mr Lam briefed Mr Deng on Hong Kong’s efforts in safeguarding national security, implementing the principle of “one country, two systems” by rule of law, and leveraging its unique advantages to promote development.

    In the afternoon, Mr Lam attended the seminar organised by in Paris by the DoJ: “Hong Kong Legal Services – Gateway to China and Beyond”.

    He outlined the unique advantages of Hong Kong’s legal services sector under the principle of “one country, two systems” to about 130 participants.

    Giving a keynote speech, Mr Lam stressed that Hong Kong is the only common law jurisdiction in China and the only jurisdiction in the world with a bilingual common law system in Chinese and English.

    He said that Hong Kong’s common law system aligns with the legal systems of many major economies and with the rules of international trade and business, adding that the city’s professional and comprehensive legal services industry provides high-quality legal services to support global financial and commercial activities.

    During the seminar, Mr Lam also witnessed the signing of a Memorandum of Understanding between the eBRAM International Online Dispute Resolution Centre and Jus Mundi, an AI-powered legal research platform based in Paris, that will enhance co-operation in legal and alternative dispute resolution between Hong Kong and France.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SJ attends legal seminar in Paris

    Source: Hong Kong Information Services

    Secretary for Justice Paul Lam arrived in Paris, France on Tuesday as he continued a trip spanning various European countries.

    Mr Lam attended a Hong Kong legal services seminar organised by the Department of Justice (DoJ) and briefed representatives of various international organisations on Hong Kong’s arbitration system and the advantages offered by its legal service sector.

    On meeting Financial Action Task Force (FATF) President Elisa de Anda Madrazo on Tuesday, Mr Lam remarked that as an international financial centre Hong Kong has always supported the FATF’s work to tackle money laundering and terrorist financing and to maintain the stability of the international financial system.

    He added that the DoJ has participated in mutual evaluations among FATF member jurisdictions.

    Mr Lam later visited the Chambre Arbitrale Maritime de Paris (the Paris Maritime Arbitration Chamber) and met its Secretary General Pascale Mesnil. He was briefed on the chamber’s operations, France’s arbitration sector, and developments in resolving international maritime disputes through arbitration.

    He highlighted that Hong Kong is committed to optimising its arbitration system through multi-pronged policy measures, and to enhancing and consolidating its status as an international legal and dispute resolution services centre in the Asia-Pacific region.

    Mr Lam also expressed hope for a deepening of exchanges and co-operation with the French arbitration sector.

    Yesterday morning, Mr Lam visited the office of the French National & Olympic Sports Committee (CNOSF) and met representatives of the Chambre Arbitrale du Sport (the Chamber of Arbitration for Sport) and the CNOSF Conference of Conciliators to learn about the committee’s sports arbitration and conciliation services.

    He also spoke about the DoJ’s work in promoting sports dispute resolution in Hong Kong.

    At noon, Mr Lam attended a lunch event hosted by the Ambassador Extraordinary & Plenipotentiary of the People’s Republic of China to the French Republic Deng Li.

    Mr Lam briefed Mr Deng on Hong Kong’s efforts in safeguarding national security, implementing the principle of “one country, two systems” by rule of law, and leveraging its unique advantages to promote development.

    In the afternoon, Mr Lam attended the seminar organised by in Paris by the DoJ: “Hong Kong Legal Services – Gateway to China and Beyond”.

    He outlined the unique advantages of Hong Kong’s legal services sector under the principle of “one country, two systems” to about 130 participants.

    Giving a keynote speech, Mr Lam stressed that Hong Kong is the only common law jurisdiction in China and the only jurisdiction in the world with a bilingual common law system in Chinese and English.

    He said that Hong Kong’s common law system aligns with the legal systems of many major economies and with the rules of international trade and business, adding that the city’s professional and comprehensive legal services industry provides high-quality legal services to support global financial and commercial activities.

    During the seminar, Mr Lam also witnessed the signing of a Memorandum of Understanding between the eBRAM International Online Dispute Resolution Centre and Jus Mundi, an AI-powered legal research platform based in Paris, that will enhance co-operation in legal and alternative dispute resolution between Hong Kong and France.

    MIL OSI Asia Pacific News –

  • MIL-OSI: AB Quantitative Trading Empowers Global Investors with FCA License, Proven Returns, and Free Trial

    Source: GlobeNewswire (MIL-OSI)

    London, UK, July 10, 2025 (GLOBE NEWSWIRE) — In an era where crypto asset volatility challenges even seasoned traders, one company is standing out with transparent regulation, robust quantitative strategies, and real investor success stories: AB Quantitative Trading (www.abquant.net).

    Recently, AB Quantitative Trading proudly confirmed its operational compliance under the UK’s Financial Conduct Authority (FCA) (see attached certificate). This FCA supervision ensures that clients benefit from the highest standards of financial conduct, security, and transparency — a rare credential in the crypto trading world.

    From Doubt to Consistent Gains: A Client’s Story

    “Until 2024, I was constantly losing money trading crypto on my own. Then I discovered AB Quantitative Trading and their AI-driven strategies. I started with a free trial, cautiously testing the system. One year later, my portfolio has grown by 412%, averaging 50 trades per day — fully automated. I finally feel in control.”
    — Vaclav, AB Quantitative Trading user

    Why AB Quantitative Trading Is Different

     Licensed & Regulated — With the FCA license in place, AB Quantitative Trading offers an extra layer of trust that many crypto platforms lack.

     AI-Powered Automated Strategies — The platform uses advanced quant models to analyze market data 24/7 and execute trades at optimal moments, minimizing human error.

     Transparent Results — Clients can verify real-time portfolio growth and trade logs anytime via the Portfolio Analyst dashboard.

     Try Before You Commit — New investors can sign up for a risk-free trial to experience the system’s power firsthand.

    Get Started Today

    Investors worldwide are increasingly turning to regulated quant strategies to navigate the crypto market’s turbulence. Whether you are new to crypto or an experienced trader looking for smarter automation, AB Quantitative Trading invites you to take the first step — completely free.

    Learn more and start your free trial at www.abquant.net

     For inquiries, contact our real-time support team: strategy@abquant.net

    About AB Quantitative Trading

    AB Quantitative Trading is an FCA-licensed UK-based firm specializing in AI-driven crypto trading strategies. Backed by quantitative research and real-time analytics, the company empowers investors to achieve stable, transparent returns with fully automated trading solutions.

    Media Contact:
    AB Quantitative Trading
    Email: strategy@abquant.net
    Website: www.abquant.net

    Attachments:

    UK Financial Conduct Authority License Certificate

    Verified Account Performance Report (+412% annual return)

    Attachment

    The MIL Network –

  • MIL-OSI Africa: Cabo Verde: International Monetary Fund (IMF) Executive Board Concludes the Sixth Review Under the Extended Credit Facility Arrangement and Approves the Requests for Extension and Augmentation of the Arrangement, and the Extension and Rephasing Under the Resilience and Sustainability Facility Arrangement

    Source: APO


    .

    • The IMF Executive Board completed the sixth review under the Extended Credit Facility (ECF) arrangement and approved a fifteen-month extension and an augmentation equivalent to thirty percent of quota under the ECF arrangement. The Executive Board also approved a fifteen-month extension of the Resilience and Sustainability Facility (RSF) arrangement and the rephasing of availability dates under the RSF arrangement.
    • The ECF arrangement aims to strengthen public finances, ensure debt sustainability, minimize fiscal risks from public enterprises, modernize monetary policy, and raise potential growth. The RSF arrangement aims to support the government’s climate reforms and catalyze private climate finance.
    • All end-December 2024 quantitative performance criteria (PCs), continuous PCs, and structural benchmarks (SBs) under the ECF arrangement were met. The indicative target (IT) on social spending at end-December 2024 was not met, albeit by a small margin. Implementation of reform measures (RMs) under the RSF arrangement has been slower than expected, reflecting the complexity and interconnectedness of the reforms and capacity constraints.

    The Executive Board of the IMF completed the sixth review under the ECF arrangement, which was approved on June 15, 2022, and approved a fifteen-month extension and augmentation under the arrangement. The augmentation of 30 percent of quota (SDR 7.11 million) brings access under the ECF arrangement to SDR 52.14 million. The completion of the sixth ECF review allows the disbursement of SDR 4.51 million (approximately US$6.18 million). The Executive Board also approved the authorities’ request for a fifteen-month extension under the RSF arrangement, rephasing of the availability dates for delayed reform measures (RMs), and the modification of one RM.

    Cabo Verde’s economy continues to perform well, underpinned by tourism, robust export performance, and private consumption growth. Economic growth in 2024 was strong at 7.3 percent, with 5.2 percent growth expected in 2025. Inflation is projected to stay near 2 percent, and the current account is expected to  return to a small deficit in 2025. Continued data-driven adjustments in monetary policy may be needed to protect the exchange rate peg and appropriate reserves buffers. The financial system is liquid, profitable, and well capitalized. The 2024 fiscal balance exceeded program targets, driven by lower primary expenditures and strong tax revenue growth. The public debt-to-GDP ratio continues to decline.

    Performance under the ECF arrangement continues to be strong. All end-December 2024 quantitative performance criteria (PCs), continuous PCs, and structural benchmarks (SB) for end-December 2024 were met. Implementation of RMs under the RSF has been weaker than expected despite efforts and ongoing CD support.

    Cabo Verde’s medium-term economic outlook remains favorable. Growth is expected to gradually converge to 4.8 percent by 2028, with inflation remaining around 2 percent, broadly in line with euro area inflation. The current account is expected to remain in deficit in the medium term as temporary factors dissipate due to increased capital expenditure on climate and infrastructure, while tourism-related growth moderates. The 2025 budget is aligned with the program and a continued decline in the public debt-to-GDP ratio to 104.9 percent by end-2025, below pre-pandemic levels.

    The macroeconomic outlook remains favorable but is subject to downside risks. Risks stem from global uncertainty, uncertainties in global trade frameworks, and external financing challenges, while rising spending on climate and infrastructure, as well as slower tourism growth, could contribute further to imbalances. Delays in SOE reforms may impact fiscal stability. The high level of debt is a source of vulnerability, and concessional financing to limit debt servicing costs remains important. On the upside, continued strength in tourist arrivals could lift growth.

    Following the Executive Board discussion on Cabo Verde, Acting Chair and Deputy Managing Director Bo Li issued the following statement:

    Economic activity in Cabo Verde in 2024 was strong, growth in 2025 is projected to remain above potential, and the near-term outlook is favorable despite downside risks. Inflation has been low and is expected to remain at moderate levels in the medium term. Risks to the outlook include lower external demand in major tourism source countries; uncertainties related to global trade frameworks; and climate-related shocks.

    “Program performance under the ECF was strong. All performance criteria were met. All program-supported structural reforms were also implemented. Progress under the RSF arrangement has been weaker than expected, reflecting the complexity and interconnectedness of the reforms and domestic capacity constraints.

    “The fiscal position in 2024 exceeded program targets, and the debt-to-GDP ratio has continued to decline. The execution of public capital spending improved relative to 2023. Over the medium-term, domestic revenue mobilization and steadfast progress on fiscal structural reforms will continue while protecting social spending and prioritizing high-quality public investments. Steady progress on state-owned enterprise (SOE) reforms remains critical for limiting fiscal risks and improving services.

    “The monetary policy framework is focused on safeguarding the peg. The BCV has continued to normalize monetary policy: interest differentials with the ECB have turned positive which will help protect external buffers. The financial sector remains stable, well-capitalized, profitable and liquid, although non-performing loans require continued monitoring.

    “The authorities should continue implementing their ambitious structural reform agenda. This includes the implementation of the reform measures under the RSF arrangement to help catalyze broader financial and technical support for building climate resilience. To improve reform implementation capacity under the RSF, more resources need to be invested in planning and management. Other important actions include accelerating reforms to improve the business environment.”

    Distributed by APO Group on behalf of International Monetary Fund (IMF).

    MIL OSI Africa –

  • MIL-OSI United Kingdom: £500m Government investment to boost growth and opportunity for underrepresented entrepreneurs

    Source: United Kingdom – Executive Government & Departments

    Press release

    £500m Government investment to boost growth and opportunity for underrepresented entrepreneurs

    Underrepresented investors and fund managers will benefit from £500m of Government backing to help high potential new entrants build the track record they need.

    • £400 million package to back investment fund managers from underrepresented backgrounds and drive growth as part of the government’s Plan for Change.
    • Additional £50 million for female-led venture capital funds, doubling the British Business Bank’s commitment to £100 million and supporting the Invest in Women Taskforce.
    • New report reveals that angel investors are backing more all-female founding teams than all-male teams in the UK for the first time.

    Diverse or underrepresented investors and fund managers will benefit from £500m of Government backing to help high potential new entrants develop the track record they need to become the investors of the future.

    Targeted at women, ethnic minorities, people with disabilities and those from deprived backgrounds, there will be a new £400m package from the British Business Bank starting in 2026, which will operate across three pillars:

    • Back more diverse fund managers directly through the Bank’s Enterprise Capital Funds programme, the Bank’s scheme to support early-stage businesses with high growth potential.
    • Invest more in supporting micro-funds, funds with around £10-15m and the first step on the venture capital ladder for new investors
    • Back partners, such as venture capital funds, to invest smaller amounts in talented individuals to build a track record and to provide training, giving those without personal wealth or connections the opportunity to become investors.

    Research shows just 2p of every £1 invested in venture capital funding in the UK goes to female-founded businesses and only 13% of senior individuals on UK venture capital investment teams are women.

    The initiative announced today aims to reduce the significant gap in venture capital investment for underrepresented founders and investors. It will target at least 50% of investment going to female fund managers.

    By backing diverse and emerging fund managers, the initiative not only strengthens the UK’s venture capital ecosystem but also ensures that entrepreneurial ambition is no longer limited by background, gender, or geography. This targeted support will help build a more dynamic, inclusive economy that works for everyone.

    Unlocking the potential of underrepresented entrepreneurs and breaking down barriers to opportunity will help drive growth as part of the government’s Plan for Change.

    Chancellor of the Exchequer Rachel Reeves, said:

    This is exactly what our Plan for Change is about: breaking down barriers to opportunity and kickstarting the growth that creates jobs and puts money into people’s pockets across the UK.

    This £500 million investment will back diverse and emerging fund managers, making our economy stronger and more dynamic.

    Louis Taylor CBE, Chief Executive Officer, British Business Bank, said:

    To deliver the government’s growth mission it is critical that our most promising entrepreneurs can access the finance they need to grow their businesses, no matter who they are or what their background is. The UK equity market currently experiences a significant funding gap for diverse founders, negatively impacting their ability to start a business.

    This new £400m Investor Pathways Capital initiative will support diverse and emerging fund managers across the UK, in turn supporting talented entrepreneurs currently underserved by the UK equity market. It has the potential to unlock the UK’s full commercial potential and boost the UK economy.

    The initiative comes alongside an additional £50m investment into female-led funds to support the aims of the Invest in Women Taskforce, further expanding access to funding for female investors and entrepreneurs, taking the Bank’s total commitment to £100m.

    The news comes alongside the latest Investing in Women Code report out today, which tracks and promotes investment into women-led businesses. It finds that investing in female and ethnic minority-led businesses could add 13% to the value of the UK equity market, underscoring the importance of backing diverse founders. The Code was launched in 2019 in response to the Rose Review’s findings that a lack of funding was one of the most significant barriers to women seeking to effectively scale a business.

    There has also been promising progress for angel investment from Code signatories – those investing from their personal wealth – with all female investor teams and mixed-gender teams surpassing all male teams for the first time for investment received. Similarly, across all signatories, more female-only teams received funding than mixed-gender and all male teams.

    However, more progress is still needed for investment in women businesses to meet its potential, with the total value of investments going into female led teams much less than that of all-male (15% vs 37%), with the remainder going to mixed teams.

    Minister for Investment Baroness Gustafsson CBE said:

    Women entrepreneurs have so much to contribute to economic growth, so it is encouraging to see progress in this year’s Code, with more female-led teams receiving investment than male for the first time.

    Our Plan for Change is about boosting growth further and that’s why we’re taking action today to support high-potential female-led funds with an extra £50m of funding.

    The report will be launched in a parliamentary reception attended by the Chancellor this afternoon.

    Stakeholder quotes:

    Hannah Bernard OBE, Head of Barclays Business Bank and Co-Chair of the Invest in Women Taskforce, said:

    It’s heartening to see that once again IWC signatories are recognising the value of backing women-led businesses in the UK and are outperforming the broader market – proving that more diverse decision-making teams deliver better outcomes. We’re seeing real momentum in the number of women now shaping investment decisions, and the data shows this is directly linked to greater backing for female entrepreneurs.

    That’s why programmes like the BBB’s new Investor Pathway Capital programme are so important and will help even more women break into Venture Capital. This is a core principle of the Invest in Women Taskforce – when you change who holds the capital, you change who gets funded. 

    The Investing in Women Code plays a vital role in helping us track progress and drive meaningful change across the wider industry and we urge more LPs to sign up and recognise the proven value of backing women. The Invest in Women Taskforce looks forward to deepening its partnership with the IWC to accelerate momentum and unlock the full potential of female entrepreneurs across the UK.

    Michelle Ovens CBE, Founder, Small Business Britain, said:

    Our country’s 5.45 million small businesses represent huge opportunity to power the UK’s economy forward, but the truth is that it is not always a level-playing field out there for entrepreneurs for many intersectional reasons.

    So it is fantastic to see this new dedicated support package announced to help greater support flow towards under-represented entrepreneurial groups – like women, Disabled founders and those from ethnic minority backgrounds. We really applaud this effort and are keen to see the UK backing the rich diversity of British entrepreneurs as much as possible. It will undoubtedly bridge a big gap and has the potential to unlock tremendous growth and opportunity for us all.

    Jenny Tooth OBE, Executive Chair, UK Business Angels Association, said:

    We welcome today’s announcements from the British Business Bank. Backing underrepresented fund managers and doubling support for female-led VC funds are vital steps toward a more inclusive investment ecosystem.

    This year, we saw that angel groups made more investment deals in all-female teams (42%) than in either mixed-gender or all-male teams – a powerful sign of change. These new initiatives will help build on that momentum, and work alongside more angel-backed innovation across the UK.

    Check Warner MBE, Co-founder & Chair, Diversity VC, Co-Founding Partner, Ada Ventures, said:

    To ensure the British economy is truly firing on all cylinders, we must find and back entrepreneurial talent from the widest possible pool. But if we don’t have representation at the investor level, the true potential of exceptional founders who don’t fit traditional moulds will continue to go untapped.

    Building a more diverse cohort of emerging managers is a vital step en route to finding the best talent and driving outsized performance across a stronger tech ecosystem. At Ada Ventures, we’ve learnt from experience that a diverse investing team spots alpha founders that others miss.

    It’s therefore encouraging to see a really meaningful and thoughtful package of interventions being announced by the Government and the British Business Bank today. This will be a key catalyst as Britain strives to become the best place in the world to start, scale and exit a business. I fervently believe that this ambition can go hand-in-hand with an equitable, diverse funding landscape that backs talent from all demographics and walks of life.

    Shayan Chowdhury, Interim Managing Director at Newton Venture Program, said:

    The most effective and enduring way to broaden access to capital for entrepreneurs of every kind is to cultivate an investor talent pool that reflects the diverse nature of society. That means opening up networks to a wider range of people and giving them the opportunity to participate, and thrive, in the venture capital ecosystem.

    This £500m package is a huge step toward that. Allyship matters, but representation is what truly shifts outcomes, and building a more inclusive investor base is the most sustainable route to more equitable entrepreneurship.

    Background

    • The Fifth Investing in Women Code Annual Report can be found online here: Investing in Women Code reports – GOV.UK
    • The Code commits signatories to:
      • Adopt best practices to improve female entrepreneurs’ access to finance needed to start and grow successful businesses
      • Nominate a member of the senior leadership team responsible for supporting equality in all interactions with entrepreneurs
      • Provide annual funding data disaggregated by gender to DBT, based on agreed guidelines. Providing data and analysis helps to promote greater transparency across the industry, highlighting where measures are working and where further measures may be needed.
    • To become a signatory, further information and an online sign up form are available here: https://www.british-business-bank.co.uk/investing-in-women-code/

    About the British Business Bank

    The British Business Bank is the UK Government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK Government.

    The British Business Bank’s core programmes support over £17.4bn of finance to almost 64,000 smaller businesses.

    As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.

    The British Business Bank is also responsible for administering the Government’s three Coronavirus loan schemes and its Future Fund, together responsible for delivering £80.4bn in finance to 1.67m businesses. These schemes are now closed to new applications.

    Updates to this page

    Published 10 July 2025

    MIL OSI United Kingdom –