NewzIntel.com

Category: Economy

  • MIL-OSI NGOs: Oxfam reaction to the Inter-American Human Rights Court declaring tackling climate a legal government duty

    Source: Oxfam –

    In response to the Inter-American Court of Human Rights decision today setting out governments’ obligations in regard to the climate crisis, Gloria García-Parra, Oxfam’s regional director for Latin America and the Caribbean said:  
     
    “The Inter-American Court has sounded the alarm, declaring a climate emergency and for the first time pronouncing that governments have a legal obligation to ensure the right to a safe climate. It stated that governments must protect present and future generations of people, as well as nature and other species from dangerous human-caused emissions.” 

    “Oxfam has consistently insisted on the need to address climate and inequality in tandem. We are delighted that the Court has confirmed this is a legal obligation, declaring that there must be no disproportionate burdens caused by climate change for anyone, whether in the present and for future generations.”   

    “The Court states that governments must adopt binding emissions reduction targets with specific deadlines, based on their historic contributions, with those States most responsible adopting the most ambitious targets. States must take urgent and effective steps to regulate, supervise, and monitor corporations within their borders to minimize their adverse impacts on climate change. 

    “The Court also observed that States are responsible for the impacts of carbon emissions within their borders have on the human rights of people wherever they are. And that governments have a legal obligation to cooperate with other countries, including by providing technical and financial assistance to States and peoples with less resources. The Court confirmed that governments must ensure people affected by climate harms have the right to a remedy that holds to account those responsible for climate harms, even if those people are in a different country.”  

    “The Court confirms that States must have a specific set of strong protections for environmental defenders. It recognizes that governments must respect and take into account traditional, ancestral, and local knowledge systems, including those of Indigenous Peoples and Afro-descendent communities, in climate decision-making.”  

    “The Court has confirmed binding requirements in international law that go beyond those contained in the Paris Agreement. Governments in the Americas must immediately review their climate plans and amend them to comply with this decision. If they do not, it is clear that communities around the world – not only in the Americas – have a powerful new tool to challenge their governments failures to protect their human rights and the climate.”  

    MIL OSI NGO –

  • MIL-OSI Economics: Kevin Greenidge: Driving instant payments in the Caribbean – a shared vision

    Source: Bank for International Settlements

    Good morning to all of you.

    It is my great pleasure to welcome you to the Courtney Blackman Grande Salle of the Central Bank of Barbados for the Fast Payments Systems Workshop for Caribbean Countries. We are truly honoured to host this meeting of the minds as we advance our domestic payments infrastructure to be more inclusive, efficient, and resilient.

    This workshop comes at a crucial juncture for the Central Bank of Barbados as we are onboarding a national instant payments system in Barbados, with the power to catalyse the payments landscape. Rolling out this national instant payment system will integrate our payments network; promote real-time settlement for retail, wholesale, e-government, and securities payments; empower micro and small businesses; support greater system transparency and security, standardisation, and interoperability; and lower transaction and operating costs, as well as settlement times, all while promoting financial inclusion. 

    Across the globe, central banks are leading the most successful implementations of faster payment systems. These efforts are ensuring that national payments systems are safe, efficient, and accessible to all-especially the underserved and unbanked. As a central bank, we have the responsibility to provide this instant payment system as a public good, which will not only keep pace with innovation, but will also benefit our citizens, our financial sector, the economy as a whole, and our future. 

    As we at the Central Bank of Barbados are embarking on this journey, we are placing strong emphasis on meeting international standards, while achieving interoperability, built on a solid foundation of robust governance, and strong cybersecurity mechanisms. We are eager to learn from our regional partners’ experiences and align ourselves with global best practices to shape an instant payments ecosystem that works for our unique context.

    The workshop agenda over the next two days is both rich and relevant, allowing us to dive deep into the world of Instant Payment Systems. We will examine design principles, governance models, implementation strategies, and operational challenges. We will also explore the integration of overlay services, discuss cybersecurity risks, and consider the potential for cross-border applications. Importantly, we will also hear directly from central banks that have walked this path and have lessons to share with us.

    We at the Central Bank of Barbados now have an incredible opportunity before us; to learn from global experts, like our partners joining us from the World Bank and the National Bank of Serbia, examine the experiences of other jurisdictions, and explore just what it takes to successfully implement a faster payments network in Barbados. This workshop is not only timely-it is imperative. We now exist in a world where consumers and businesses expect instantaneous results in every aspect of their digital lives; payments cannot lag behind. Faster payments are no longer a luxury or a future possibility-they are the new standard. 

    So, I encourage everyone here to contribute actively to the discussions-to ask the tough questions, and to share your own insights and guidance. Let this be a collaborative space where we not only build knowledge, but build momentum as we continue the rollout of our national instant payments system.

    I want to express my sincerest gratitude to our partners at the World Bank, whose support and keen technical expertise have been invaluable to the progress of this payments initiative thus far. I also acknowledge and thank my fellow regional central bank governors for their leadership, commitment, and willing collaboration as we move forward in this space.

    As we embark on these two days of discussion and discovery, let us remember that faster payments are not just about technology, they are about creating systems that serve people better. They are about making our financial systems and economies more agile, our businesses more competitive, and our societies more inclusive, and our ultimate aim is to implement faster payments systems for all Caribbean countries. 

    Let us lead this transformation together-with purpose, with partnership, and with the public good at heart.

    Thank you, and I look forward to the vibrant exchange of ideas that lies ahead.

    MIL OSI Economics –

  • MIL-OSI Economics: Kevin Greenidge: Driving instant payments in the Caribbean – a shared vision

    Source: Bank for International Settlements

    Good morning to all of you.

    It is my great pleasure to welcome you to the Courtney Blackman Grande Salle of the Central Bank of Barbados for the Fast Payments Systems Workshop for Caribbean Countries. We are truly honoured to host this meeting of the minds as we advance our domestic payments infrastructure to be more inclusive, efficient, and resilient.

    This workshop comes at a crucial juncture for the Central Bank of Barbados as we are onboarding a national instant payments system in Barbados, with the power to catalyse the payments landscape. Rolling out this national instant payment system will integrate our payments network; promote real-time settlement for retail, wholesale, e-government, and securities payments; empower micro and small businesses; support greater system transparency and security, standardisation, and interoperability; and lower transaction and operating costs, as well as settlement times, all while promoting financial inclusion. 

    Across the globe, central banks are leading the most successful implementations of faster payment systems. These efforts are ensuring that national payments systems are safe, efficient, and accessible to all-especially the underserved and unbanked. As a central bank, we have the responsibility to provide this instant payment system as a public good, which will not only keep pace with innovation, but will also benefit our citizens, our financial sector, the economy as a whole, and our future. 

    As we at the Central Bank of Barbados are embarking on this journey, we are placing strong emphasis on meeting international standards, while achieving interoperability, built on a solid foundation of robust governance, and strong cybersecurity mechanisms. We are eager to learn from our regional partners’ experiences and align ourselves with global best practices to shape an instant payments ecosystem that works for our unique context.

    The workshop agenda over the next two days is both rich and relevant, allowing us to dive deep into the world of Instant Payment Systems. We will examine design principles, governance models, implementation strategies, and operational challenges. We will also explore the integration of overlay services, discuss cybersecurity risks, and consider the potential for cross-border applications. Importantly, we will also hear directly from central banks that have walked this path and have lessons to share with us.

    We at the Central Bank of Barbados now have an incredible opportunity before us; to learn from global experts, like our partners joining us from the World Bank and the National Bank of Serbia, examine the experiences of other jurisdictions, and explore just what it takes to successfully implement a faster payments network in Barbados. This workshop is not only timely-it is imperative. We now exist in a world where consumers and businesses expect instantaneous results in every aspect of their digital lives; payments cannot lag behind. Faster payments are no longer a luxury or a future possibility-they are the new standard. 

    So, I encourage everyone here to contribute actively to the discussions-to ask the tough questions, and to share your own insights and guidance. Let this be a collaborative space where we not only build knowledge, but build momentum as we continue the rollout of our national instant payments system.

    I want to express my sincerest gratitude to our partners at the World Bank, whose support and keen technical expertise have been invaluable to the progress of this payments initiative thus far. I also acknowledge and thank my fellow regional central bank governors for their leadership, commitment, and willing collaboration as we move forward in this space.

    As we embark on these two days of discussion and discovery, let us remember that faster payments are not just about technology, they are about creating systems that serve people better. They are about making our financial systems and economies more agile, our businesses more competitive, and our societies more inclusive, and our ultimate aim is to implement faster payments systems for all Caribbean countries. 

    Let us lead this transformation together-with purpose, with partnership, and with the public good at heart.

    Thank you, and I look forward to the vibrant exchange of ideas that lies ahead.

    MIL OSI Economics –

  • MIL-OSI Economics: Kevin Greenidge: Driving instant payments in the Caribbean – a shared vision

    Source: Bank for International Settlements

    Good morning to all of you.

    It is my great pleasure to welcome you to the Courtney Blackman Grande Salle of the Central Bank of Barbados for the Fast Payments Systems Workshop for Caribbean Countries. We are truly honoured to host this meeting of the minds as we advance our domestic payments infrastructure to be more inclusive, efficient, and resilient.

    This workshop comes at a crucial juncture for the Central Bank of Barbados as we are onboarding a national instant payments system in Barbados, with the power to catalyse the payments landscape. Rolling out this national instant payment system will integrate our payments network; promote real-time settlement for retail, wholesale, e-government, and securities payments; empower micro and small businesses; support greater system transparency and security, standardisation, and interoperability; and lower transaction and operating costs, as well as settlement times, all while promoting financial inclusion. 

    Across the globe, central banks are leading the most successful implementations of faster payment systems. These efforts are ensuring that national payments systems are safe, efficient, and accessible to all-especially the underserved and unbanked. As a central bank, we have the responsibility to provide this instant payment system as a public good, which will not only keep pace with innovation, but will also benefit our citizens, our financial sector, the economy as a whole, and our future. 

    As we at the Central Bank of Barbados are embarking on this journey, we are placing strong emphasis on meeting international standards, while achieving interoperability, built on a solid foundation of robust governance, and strong cybersecurity mechanisms. We are eager to learn from our regional partners’ experiences and align ourselves with global best practices to shape an instant payments ecosystem that works for our unique context.

    The workshop agenda over the next two days is both rich and relevant, allowing us to dive deep into the world of Instant Payment Systems. We will examine design principles, governance models, implementation strategies, and operational challenges. We will also explore the integration of overlay services, discuss cybersecurity risks, and consider the potential for cross-border applications. Importantly, we will also hear directly from central banks that have walked this path and have lessons to share with us.

    We at the Central Bank of Barbados now have an incredible opportunity before us; to learn from global experts, like our partners joining us from the World Bank and the National Bank of Serbia, examine the experiences of other jurisdictions, and explore just what it takes to successfully implement a faster payments network in Barbados. This workshop is not only timely-it is imperative. We now exist in a world where consumers and businesses expect instantaneous results in every aspect of their digital lives; payments cannot lag behind. Faster payments are no longer a luxury or a future possibility-they are the new standard. 

    So, I encourage everyone here to contribute actively to the discussions-to ask the tough questions, and to share your own insights and guidance. Let this be a collaborative space where we not only build knowledge, but build momentum as we continue the rollout of our national instant payments system.

    I want to express my sincerest gratitude to our partners at the World Bank, whose support and keen technical expertise have been invaluable to the progress of this payments initiative thus far. I also acknowledge and thank my fellow regional central bank governors for their leadership, commitment, and willing collaboration as we move forward in this space.

    As we embark on these two days of discussion and discovery, let us remember that faster payments are not just about technology, they are about creating systems that serve people better. They are about making our financial systems and economies more agile, our businesses more competitive, and our societies more inclusive, and our ultimate aim is to implement faster payments systems for all Caribbean countries. 

    Let us lead this transformation together-with purpose, with partnership, and with the public good at heart.

    Thank you, and I look forward to the vibrant exchange of ideas that lies ahead.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: InvestHK attracts $160b investment

    Source: Hong Kong Information Services

    Invest Hong Kong (InvestHK) today announced that it had assisted over 1,300 overseas and Mainland companies to set up or expand their business in Hong Kong from January 2023 to the first six months of 2025, bringing in foreign direct investment of more than $160 billion and creating over 19,000 jobs within the first year of operation or expansion.

    These results demonstrate that InvestHK has achieved ahead of schedule its performance indicators as set out in the 2022 Policy Address.

    Regarding the over 1,300 companies, 630 came from the Mainland, followed by the US, the UK, Singapore and Canada.

    Among the companies InvestHK assisted, the top few sectors include financial services and fintech, innovation and technology, family offices, tourism and hospitality, as well as business and professional services.

    Additionally, under the New Capital Investment Entrant Scheme, InvestHK is responsible for its financial requirements assessment. Since its launch in March 2024, there are 1,548 applications as of June 2025, in which 673 applications were granted formal approvals. The verified investment was over $21 billion, while the expected investment amount to be brought into Hong Kong was over $46 billion.

    Director-General of Investment Promotion Alpha Lau said: “Our investment promotion efforts span various industries, aligning with policy directives and closely adhering to the key measures outlined in the Policy Addresses in recent years, such as the low-altitude economy, liquor trade and the development of the Northern Metropolis.

    “We also assist Mainland companies to go global via Hong Kong and further promote Hong Kong’s advantages as a regional trade and high-end logistics hub.

    “We will continue to leverage Hong Kong’s role as a two-way springboard for Mainland and overseas companies to connect between our country and the rest of the world under the ‘one country, two systems’ principle.”

    Looking ahead, Ms Lau noted that InvestHK will focus on four strategic sectors, namely financial services and fintech, innovation and technology, supply chain management and logistics, as well as sustainable development and the green economy.

    “We are also committed to leveraging Hong Kong’s ‘perceptible and experiential’ soft power to promote cultural ties, showcasing the city’s charm to the world in order to attract foreign investment. This will lead to drive the development of relevant industries and assist enterprises in capital matching through Hong Kong’s stable capital market.”

    In addition to highlighting that this year marks InvestHK’s 25th anniversary, Ms Lau emphasised that over the past quarter century, the Government’s dedicated investment promotion agency has assisted over 7,700 overseas and Mainland companies from around the world to set up or expand their business in Hong Kong.

    These companies, she pointed out, span a wide range of sectors, including finance, innovation and technology, professional services, and sustainable development, creating over 95,000 jobs and bringing in direct investment of more than $440 billion.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Theta Capital Announces Senior Hires

    Source: GlobeNewswire (MIL-OSI)

    AMSTERDAM, July 07, 2025 (GLOBE NEWSWIRE) — Theta Capital, the largest European investor in blockchain venture capital, has announced two senior hires. Gijs Burgers has been appointed COO, and Eduard van Asten has been appointed Head of Compliance and Risk.

    Gijs was previously COO at the Nasdaq-listed company Hilbert Group AB, one of the largest liquid digital assets hedge funds globally. He has a history as board-room consultant and entrepreneur in the fintech and blockchain spaces and has been active in the crypto and digital assets since 2012. He was Corporate Strategist at APG, one of the top five pension funds globally and co-founded Onramper.com, a successful global aggregator of onramp and offramp methods. He has two Master’s degrees from respectively Erasmus University Rotterdam and Tilburg University.

    Eduard was previously Head of Compliance and Risk at Zing NL, a subsidiary of HSBC aiming to create a global digital payments application. He was also Global Senior Compliance Expert for ING Group and CCRO for multiple firms including Vivid Money and Pensify Group. He has two Masters degrees and a BA in Law from Erasmus University. He has 14 years of experience in compliance, risk and regulatory matters for financial institutions.

    “These are important hires for Theta Capital and demonstrate our on-going growth and institutionalisation as a firm,” said Marc de Kloe, Managing Partner at Theta Capital. “We are building our operational infrastructure and talent base for the future and I am confident that Gijs and Eduard will play an invaluable part for us. They are both extremely senior and experienced experts in their respective fields and we are fortunate they have chosen to join us.”

    Gijs Burgers, COO, Theta Capital, added, “Theta has a leading reputation in the blockchain venture capital space globally not only as an investor but also in terms of its institutional grade operational infrastructure. I look forward to continuing to build on this as the firm grows and develops.”

    Eduard van Asten, Head of Compliance and Risk, Theta Capital, concluded, “Theta rightly places regulatory compliance at the heart of its operations and I am delighted to be able to contribute my extensive experience in this space to the firm.”

    About Theta Capital

    Founded in 2001, Theta Capital Management has been among the earliest and largest institutional investors globally to invest in blockchain technology, having deployed capital in the space since January 2018. Theta Capital works with over 45 deeply specialized VC partners leading to more than 1,000 venture style investments in the technology. Deep domain expertise has led to a leading position in the universe of crypto-native venture capital.

    For further information, please visit:

    http://www.thetacapital.com/

    Contact:

    ir@thetacapital.com

    The MIL Network –

  • MIL-OSI: Theta Capital Announces Senior Hires

    Source: GlobeNewswire (MIL-OSI)

    AMSTERDAM, July 07, 2025 (GLOBE NEWSWIRE) — Theta Capital, the largest European investor in blockchain venture capital, has announced two senior hires. Gijs Burgers has been appointed COO, and Eduard van Asten has been appointed Head of Compliance and Risk.

    Gijs was previously COO at the Nasdaq-listed company Hilbert Group AB, one of the largest liquid digital assets hedge funds globally. He has a history as board-room consultant and entrepreneur in the fintech and blockchain spaces and has been active in the crypto and digital assets since 2012. He was Corporate Strategist at APG, one of the top five pension funds globally and co-founded Onramper.com, a successful global aggregator of onramp and offramp methods. He has two Master’s degrees from respectively Erasmus University Rotterdam and Tilburg University.

    Eduard was previously Head of Compliance and Risk at Zing NL, a subsidiary of HSBC aiming to create a global digital payments application. He was also Global Senior Compliance Expert for ING Group and CCRO for multiple firms including Vivid Money and Pensify Group. He has two Masters degrees and a BA in Law from Erasmus University. He has 14 years of experience in compliance, risk and regulatory matters for financial institutions.

    “These are important hires for Theta Capital and demonstrate our on-going growth and institutionalisation as a firm,” said Marc de Kloe, Managing Partner at Theta Capital. “We are building our operational infrastructure and talent base for the future and I am confident that Gijs and Eduard will play an invaluable part for us. They are both extremely senior and experienced experts in their respective fields and we are fortunate they have chosen to join us.”

    Gijs Burgers, COO, Theta Capital, added, “Theta has a leading reputation in the blockchain venture capital space globally not only as an investor but also in terms of its institutional grade operational infrastructure. I look forward to continuing to build on this as the firm grows and develops.”

    Eduard van Asten, Head of Compliance and Risk, Theta Capital, concluded, “Theta rightly places regulatory compliance at the heart of its operations and I am delighted to be able to contribute my extensive experience in this space to the firm.”

    About Theta Capital

    Founded in 2001, Theta Capital Management has been among the earliest and largest institutional investors globally to invest in blockchain technology, having deployed capital in the space since January 2018. Theta Capital works with over 45 deeply specialized VC partners leading to more than 1,000 venture style investments in the technology. Deep domain expertise has led to a leading position in the universe of crypto-native venture capital.

    For further information, please visit:

    http://www.thetacapital.com/

    Contact:

    ir@thetacapital.com

    The MIL Network –

  • MIL-OSI: Theta Capital Announces Senior Hires

    Source: GlobeNewswire (MIL-OSI)

    AMSTERDAM, July 07, 2025 (GLOBE NEWSWIRE) — Theta Capital, the largest European investor in blockchain venture capital, has announced two senior hires. Gijs Burgers has been appointed COO, and Eduard van Asten has been appointed Head of Compliance and Risk.

    Gijs was previously COO at the Nasdaq-listed company Hilbert Group AB, one of the largest liquid digital assets hedge funds globally. He has a history as board-room consultant and entrepreneur in the fintech and blockchain spaces and has been active in the crypto and digital assets since 2012. He was Corporate Strategist at APG, one of the top five pension funds globally and co-founded Onramper.com, a successful global aggregator of onramp and offramp methods. He has two Master’s degrees from respectively Erasmus University Rotterdam and Tilburg University.

    Eduard was previously Head of Compliance and Risk at Zing NL, a subsidiary of HSBC aiming to create a global digital payments application. He was also Global Senior Compliance Expert for ING Group and CCRO for multiple firms including Vivid Money and Pensify Group. He has two Masters degrees and a BA in Law from Erasmus University. He has 14 years of experience in compliance, risk and regulatory matters for financial institutions.

    “These are important hires for Theta Capital and demonstrate our on-going growth and institutionalisation as a firm,” said Marc de Kloe, Managing Partner at Theta Capital. “We are building our operational infrastructure and talent base for the future and I am confident that Gijs and Eduard will play an invaluable part for us. They are both extremely senior and experienced experts in their respective fields and we are fortunate they have chosen to join us.”

    Gijs Burgers, COO, Theta Capital, added, “Theta has a leading reputation in the blockchain venture capital space globally not only as an investor but also in terms of its institutional grade operational infrastructure. I look forward to continuing to build on this as the firm grows and develops.”

    Eduard van Asten, Head of Compliance and Risk, Theta Capital, concluded, “Theta rightly places regulatory compliance at the heart of its operations and I am delighted to be able to contribute my extensive experience in this space to the firm.”

    About Theta Capital

    Founded in 2001, Theta Capital Management has been among the earliest and largest institutional investors globally to invest in blockchain technology, having deployed capital in the space since January 2018. Theta Capital works with over 45 deeply specialized VC partners leading to more than 1,000 venture style investments in the technology. Deep domain expertise has led to a leading position in the universe of crypto-native venture capital.

    For further information, please visit:

    http://www.thetacapital.com/

    Contact:

    ir@thetacapital.com

    The MIL Network –

  • MIL-OSI United Kingdom: Have your say and help shape domestic abuse services

    Source: City of Wolverhampton

    The council wants to hear from local residents, people affected by domestic abuse, and professionals from across Wolverhampton to help shape priorities and intentions for the new services to ensure they are effective, accessible and respond to local need.  

    Domestic abuse specialist support services provide victims of domestic abuse with practical help, advice, and guidance. In Wolverhampton, support is available to women, men, and children who are either living in the community or in accommodation such as a refuge.

    The types of support that may be offered can include safe accommodation, support through the criminal justice system, financial, legal, or housing advice, counselling or therapy, and emotional and peer support.

    Councillor Obaida Ahmed, Cabinet Member for Health, Wellbeing and Community, said: “This is an important piece of work which will help to ensure that Wolverhampton continues to deliver high quality domestic abuse support services. 

    “By completing a short survey, you can help us develop services that respond to victims of domestic abuse sensitively and effectively and meet the needs of local residents.  

    “This is a public consultation, and we would welcome responses from as many people as possible, so please take a few moments to have your say.” 
     
    The consultation is available at The Future of Wolverhampton’s Specialist Domestic Abuse Services – Have Your Say until midnight Sunday 3 August, 2025.

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Bank Al-Maghrib signs up to The Pan-African Payment and Settlement System (PAPSS) as Morocco becomes 17th Member Country to join the network

    Source: APO – Report:

    .

    The Pan-African Payment and Settlement System (PAPSS) is pleased to announce the entry of the Kingdom of Morocco into its growing network, with Bank Al-Maghrib officially signing the PAPSS membership agreement. As a result, Morocco becomes the 17th country to join the PAPSS network, further solidifying the continent’s commitment to financial integration and intra-African trade under the banner of the African Continental Free Trade Area (AfCFTA).

    Developed by the African Export-Import Bank (Afreximbank) in partnership with the African Union and the AfCFTA Secretariat, PAPSS enables real-time, efficient, and cost-effective cross-border payments in local currencies. By welcoming Bank Al-Maghrib, PAPSS advances its mission of connecting African central banks and facilitating seamless cross-border trade, payment flows, and investment across the continent.

    Mike Ogbalu III, Chief Executive Officer of PAPSS, lauded this latest milestone, stating: “We are delighted to welcome Bank Al-Maghrib to the PAPSS family. Morocco’s entry as our seventeenth central bank member demonstrates the growing momentum and trust in PAPSS as the solution for Africa’s cross-border payment challenges. With more countries joining, we are taking significant strides towards a truly unified African market, driving down transaction costs and empowering businesses and individuals across the continent.”

    With Morocco’s addition, PAPSS now has seventeen countries among its membership, along with over 150 commercial banks and 14 switches, and continues to expand its reach and impact across Africa.

    – on behalf of Afreximbank.

    Follow us on: 
    LinkedIn: https://apo-opa.co/4ez1iNg 
    Twitter: https://apo-opa.co/4nOYznk 
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    About PAPSS:
    The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS collaborates with African central banks to offer payment and settlement solutions that commercial banks and licensed payment service providers (switches, fintechs, aggregators, etc.) across the continent can connect to, making these services accessible to the public. To date, PAPSS has developed and launched 3 payment solutions: PAPSS Instant Payment System (IPS), PAPSS African Currency Marketplace (PACM), and the PAPSSCARD.

    Afreximbank and the African Union (“AU”) first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public.

    For more information, visit: www.PAPSS.com.

    MIL OSI Africa –

  • MIL-OSI Africa: How Nigeria Can Unleash its Economic Potential

    Source: APO – Report:

    .

    Over the past two years, Nigeria—Africa’s most populous country—has implemented difficult reforms to tackle long-standing obstacles weighing on the economy. While the reforms are starting to show results, poverty and food insecurity remain high, and the uncertain global environment presents additional challenges. As discussed in our latest annual economic health check of the West African nation, the right policies can help Nigeria realize its potential as an African and global economic powerhouse. 

    A difficult starting point

    Upon taking office in 2023, the new government faced low growth and rising poverty. Between 2014 and 2023, real per capita GDP declined on average by 0.7 percent annually. In 2023, the poverty rate stood at 42 percent. This difficult situation was compounded by limited access to dollars, which meant that people had to turn to the parallel currency market and thereby pay a much higher price than the official rate. In the meantime, public finances were strained by an opaque fuel subsidy system, which also caused recurrent petrol scarcity. And central bank financing of the fiscal deficit pushed up inflation.

    In response to these challenges, Nigerian policymakers have embarked on a series of bold reforms over the last two years. In 2023 the new government and the Central Bank of Nigeria liberalized the foreign exchange market, stopped central bank financing of the fiscal deficit, and reformed fuel subsidies. The government also strengthened revenue collection, which is still one of the world’s weakest.

    Since these reforms were implemented, international reserves have increased, and anyone can now access foreign exchange in the official market. Nigeria successfully returned to international capital markets last December and was recently upgraded by rating agencies. A new domestic, private refinery is positioning Nigeria up the value chain in a fully deregulated market.

    The work continues

    While progress has been encouraging, significant challenges remain. Inflation still exceeds 20 percent. Poor infrastructure, especially for electricity, inhibits economic activity. Poverty and food insecurity remain high. Nigeria lacks an effective social safety net to cushion the impact of shocks on the most vulnerable. 

    In addition, the global environment is posing new challenges with elevated uncertainty and high borrowing costs. Nigeria is especially affected by volatile international oil prices since oil revenues account for a large proportion of government revenues—a figure that stood at 30 percent in 2024.

    Policy priorities

    To address these challenges, Nigeria should focus on three key priorities:

    First, the country needs stronger and more sustained growth to lift millions of people out of poverty and food insecurity, which is what the authorities are focusing on. This does not happen overnight. In the meantime, making growth more inclusive also requires scaling up the existing cash transfer system.

    Second, as an essential ingredient for economic development, Nigeria needs an effective budget framework. Delivering effective investments in people and infrastructure requires realistic budget assumptions, strong expenditure management, and transparent implementation and reporting—which, in turn, can strengthen accountability. For its part, monetary policy should continue to decisively tackle inflation and reduce economic uncertainty.

    Third, the government should continue to increase domestic revenues. This is essential given Nigeria’s substantial funding needs in growth-enabling areas such as agriculture, infrastructure, including access to electricity, and climate adaptation. The government’s tax reforms will make it easier to pay taxes and ensure that everyone who owes taxes pays them. Over time, once the ongoing cost-of-living crisis abates and the cash transfer system is fully operational, there will be room to align tax rates with those in neighboring countries. For now, the share of revenue that goes to interest spending leaves too little for investment in people and infrastructure. It is therefore critical that the substantial financial savings from the removal of fuel subsidies flow to the government to fund priority spending.

    Nigeria’s potential is beyond doubt but achieving it will require continued reforms and an effective social safety net to carry the most vulnerable along.

    – on behalf of International Monetary Fund (IMF).

    MIL OSI Africa –

  • MIL-OSI Russia: How Nigeria Can Unleash its Economic Potential

    Source: IMF – News in Russian

    By Axel Schimmelpfennig and Christian Ebeke

    July 7, 2025

    Increasing revenues, establishing an effective budget framework, and scaling up the cash transfer system can all support Nigeria’s progress

    Over the past two years, Nigeria—Africa’s most populous country—has implemented difficult reforms to tackle long-standing obstacles weighing on the economy. While the reforms are starting to show results, poverty and food insecurity remain high, and the uncertain global environment presents additional challenges. As discussed in our latest annual economic health check of the West African nation, the right policies can help Nigeria realize its potential as an African and global economic powerhouse. 

    A difficult starting point

    Upon taking office in 2023, the new government faced low growth and rising poverty. Between 2014 and 2023, real per capita GDP declined on average by 0.7 percent annually. In 2023, the poverty rate stood at 42 percent. This difficult situation was compounded by limited access to dollars, which meant that people had to turn to the parallel currency market and thereby pay a much higher price than the official rate. In the meantime, public finances were strained by an opaque fuel subsidy system, which also caused recurrent petrol scarcity. And central bank financing of the fiscal deficit pushed up inflation.

    In response to these challenges, Nigerian policymakers have embarked on a series of bold reforms over the last two years. In 2023 the new government and the Central Bank of Nigeria liberalized the foreign exchange market, stopped central bank financing of the fiscal deficit, and reformed fuel subsidies. The government also strengthened revenue collection, which is still one of the world’s weakest.

    Since these reforms were implemented, international reserves have increased, and anyone can now access foreign exchange in the official market. Nigeria successfully returned to international capital markets last December and was recently upgraded by rating agencies. A new domestic, private refinery is positioning Nigeria up the value chain in a fully deregulated market.

    The work continues

    While progress has been encouraging, significant challenges remain. Inflation still exceeds 20 percent. Poor infrastructure, especially for electricity, inhibits economic activity. Poverty and food insecurity remain high. Nigeria lacks an effective social safety net to cushion the impact of shocks on the most vulnerable. 

    In addition, the global environment is posing new challenges with elevated uncertainty and high borrowing costs. Nigeria is especially affected by volatile international oil prices since oil revenues account for a large proportion of government revenues—a figure that stood at 30 percent in 2024.

    Policy priorities

    To address these challenges, Nigeria should focus on three key priorities:

    First, the country needs stronger and more sustained growth to lift millions of people out of poverty and food insecurity, which is what the authorities are focusing on. This does not happen overnight. In the meantime, making growth more inclusive also requires scaling up the existing cash transfer system.

    Second, as an essential ingredient for economic development, Nigeria needs an effective budget framework. Delivering effective investments in people and infrastructure requires realistic budget assumptions, strong expenditure management, and transparent implementation and reporting—which, in turn, can strengthen accountability. For its part, monetary policy should continue to decisively tackle inflation and reduce economic uncertainty.

    Third, the government should continue to increase domestic revenues. This is essential given Nigeria’s substantial funding needs in growth-enabling areas such as agriculture, infrastructure, including access to electricity, and climate adaptation. The government’s tax reforms will make it easier to pay taxes and ensure that everyone who owes taxes pays them. Over time, once the ongoing cost-of-living crisis abates and the cash transfer system is fully operational, there will be room to align tax rates with those in neighboring countries. For now, the share of revenue that goes to interest spending leaves too little for investment in people and infrastructure. It is therefore critical that the substantial financial savings from the removal of fuel subsidies flow to the government to fund priority spending.

    Nigeria’s potential is beyond doubt but achieving it will require continued reforms and an effective social safety net to carry the most vulnerable along.

    ****

    Axel Schimmelpfennig is the IMF’s mission chief to Nigeria and an assistant director in the IMF’s African Department. Christian Ebeke is the IMF’s resident representative in Nigeria.

    This article is based on the Staff Report for the 2025 Article IV Consultation with Nigeria.

    https://www.imf.org/en/News/Articles/2025/07/07/cf-how-nigeria-can-unleash-its-economic-potential

    MIL OSI

    MIL OSI Russia News –

  • BRICS demand wealthy nations fund global climate transition

    Source: Government of India

    Source: Government of India (4)

    Leaders of the BRICS group of developing nations prepared to address the shared challenges of climate change on Monday, the final day of their summit in Rio de Janeiro, demanding that wealthy nations fund global mitigation of greenhouse emissions.

    Brazilian President Luiz Inacio Lula da Silva has touted the importance of the Global South in tackling global warming as he prepares to host the United Nations climate summit in November.

    Still, a joint statement from BRICS leaders released on Sunday argued that fossil fuels will continue to play an important role in the global energy mix, particularly in developing economies.

    “We live in a moment of many contradictions in the whole world. The important thing is that we are willing to overcome these contradictions,” Brazil’s Environment Minister Marina Silva said on the sidelines of the summit, when asked about the plans to extract oil off the coast of the Amazon rainforest.

    In their joint statement, BRICS leaders underscored that providing climate finance “is a responsibility of developed countries towards developing countries,” which is the standard position for emerging economies in global negotiations.

    Their declaration also mentioned the group’s support for a fund that Brazil proposed to protect endangered forests – the Tropical Forests Forever Facility – as a way for emerging economies to fund climate change mitigation beyond the mandatory requirements imposed on wealthy nations by the 2015 Paris Agreement.

    China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in the fund, two sources with knowledge of the discussions Reuters media last week.

    The joint statement from BRICS leaders also blasted policies such as carbon border taxes and anti-deforestation laws, which Europe has recently adopted, for imposing what they called “discriminatory protectionist measures” under the pretext of environmental concerns.

    (Reuters)

  • BRICS demand wealthy nations fund global climate transition

    Source: Government of India

    Source: Government of India (4)

    Leaders of the BRICS group of developing nations prepared to address the shared challenges of climate change on Monday, the final day of their summit in Rio de Janeiro, demanding that wealthy nations fund global mitigation of greenhouse emissions.

    Brazilian President Luiz Inacio Lula da Silva has touted the importance of the Global South in tackling global warming as he prepares to host the United Nations climate summit in November.

    Still, a joint statement from BRICS leaders released on Sunday argued that fossil fuels will continue to play an important role in the global energy mix, particularly in developing economies.

    “We live in a moment of many contradictions in the whole world. The important thing is that we are willing to overcome these contradictions,” Brazil’s Environment Minister Marina Silva said on the sidelines of the summit, when asked about the plans to extract oil off the coast of the Amazon rainforest.

    In their joint statement, BRICS leaders underscored that providing climate finance “is a responsibility of developed countries towards developing countries,” which is the standard position for emerging economies in global negotiations.

    Their declaration also mentioned the group’s support for a fund that Brazil proposed to protect endangered forests – the Tropical Forests Forever Facility – as a way for emerging economies to fund climate change mitigation beyond the mandatory requirements imposed on wealthy nations by the 2015 Paris Agreement.

    China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in the fund, two sources with knowledge of the discussions Reuters media last week.

    The joint statement from BRICS leaders also blasted policies such as carbon border taxes and anti-deforestation laws, which Europe has recently adopted, for imposing what they called “discriminatory protectionist measures” under the pretext of environmental concerns.

    (Reuters)

  • MIL-OSI: Shell second quarter 2025 update note

    Source: GlobeNewswire (MIL-OSI)

    The following is an update to the second quarter 2025 outlook and gives an overview of our current expectations for the second quarter. Outlooks presented may vary from the actual second quarter 2025 results and are subject to finalisation of those results, which are scheduled to be published on July 31, 2025. Unless otherwise indicated, all outlook statements exclude identified items. 

    See appendix for the definition of the non-GAAP measure used and the most comparable GAAP measure.

       Integrated Gas

    $ billions Q1’25 Q2’25 Outlook Comment
    Adjusted EBITDA:
    Production (kboe/d) 927 900 – 940  
    LNG liquefaction volumes (MT) 6.6 6.4 – 6.8  
    Underlying opex 1.0 1.0 – 1.2  
    Adjusted Earnings:
    Pre-tax depreciation 1.4 1.4 – 1.8  
    Taxation charge 0.8 0.3 – 0.6  
    Other Considerations:
    Trading & Optimisation is expected to be significantly lower than Q1’25.

     Upstream

    $ billions Q1’25 Q2’25 Outlook Comment
    Adjusted EBITDA:
    Production (kboe/d) 1,855 1,660 – 1,760 Reflects scheduled maintenance and the completed sale of SPDC in Nigeria.
    Underlying opex 2.2 1.9 – 2.5  
    Adjusted Earnings:
    Pre-tax depreciation 2.2 2.0 – 2.6  
    Taxation charge 2.6 1.6 – 2.4  
    Other Considerations:
    The share of profit / (loss) of joint ventures and associates in Q2’25 is expected to be ~$0.2 billion. Q2’25 exploration well write-offs are expected to be ~$0.2 billion.

     Marketing

    $ billions Q1’25 Q2’25 Outlook Comment
    Adjusted EBITDA:
    Sales volumes (kb/d) 2,674 2,600 – 3,000  
    Underlying opex 2.4 2.3 – 2.7  
    Adjusted Earnings:
    Pre-tax depreciation 0.6 0.5 – 0.7  
    Taxation charge 0.4 0.2 – 0.6  
    Other Considerations:
    Marketing adjusted earnings are expected to be higher than Q1’25.

      Chemicals and Products

    $ billions Q1’25 Q2’25 Outlook Comment
    Adjusted EBITDA:
    Indicative refining margin* $6.2/bbl $8.9/bbl  
    Indicative chemicals margin* $126/tonne $166/tonne The Chemicals sub-segment adjusted earnings are expected to be a loss.
    Refinery utilisation 85% 92% – 96%  
    Chemicals utilisation 81% 68% – 72% Chemicals utilisation impacted by unplanned maintenance at Monaca.
    Underlying opex 2.0 1.7 – 2.1  
    Adjusted Earnings:
    Pre-tax depreciation 0.9 0.8 – 1.0  
    Taxation charge / (credit) 0.1 (0.3) – 0.2  
    Other Considerations:
    Trading & Optimisation is expected to be significantly lower than Q1’25. The Chemicals & Products segment adjusted earnings is expected to be below break-even in Q2’25.

    *See appendix

     Renewables and Energy Solutions

    $ billions Q1’25 Q2’25 Outlook Comment
    Adjusted Earnings — (0.4) – 0.2 Trading & Optimisation is expected to be lower than Q1’25.

    Corporate

    $ billions Q1’25 Q2’25 Outlook Comment
    Adjusted Earnings (0.5) (0.6) – (0.4)  

    Shell Group

    $ billions Q1’25 Q2’25 Outlook Comment
    CFFO:
    Tax paid 2.9 2.8 – 3.6  
    Derivative movements — (1) – 3  
    Working capital (2.7) (1) – 4  
    Other Shell Group Considerations:
    – 

    Guidance

    The ‘Quarterly Databook’ contains guidance on Indicative Refining Margin, Indicative Chemicals Margin and full-year price and margin sensitivities.

    Consensus

    The company compiled consensus, managed by Vara Research, is expected to be published on July 23, 2025.

    Appendix

    Indicative Margins

    Chemicals & Products Q1’25 Q2’25 Updated Outlook
    Indicative refining margin $6.2/bbl $8.9/bbl
    Indicative chemicals margin $126/tonne $166/tonne

    The formulas for Indicative refining margin (IRM) and Indicative chemicals margin (ICM) have been updated following the completion of the Singapore divestment. Applying the previous formula for Q2’25 the IRM would have been: $7.5/bbl and the ICM $143/tonne. 

    Volume Data

    Operational Metrics Q1’25 Q2’25 QPR Outlook Q2’25 Updated Outlook
    Integrated Gas      
    Production (kboe/d) 927 890 – 950 900 – 940
    LNG liquefaction volumes (MT) 6.6 6.3 – 6.9 6.4 – 6.8
    Upstream      
    Production (kboe/d) 1,855 1,560 – 1,760 1,660 – 1,760
    Marketing      
    Sales volumes (kb/d) 2,674 2,600 – 3,100 2,600 – 3,000
    Chemicals & Products      
    Refinery utilisation 85% 87% – 95% 92% – 96%
    Chemicals utilisation 81% 74% – 82% 68% – 72%

    Underlying Opex

    Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors. For further details see the 1st Quarter 2025 unaudited results.

    $ billions Q1’25 Q1’25 Adjusted Q2’25 Updated Outlook
    Production and manufacturing expenses 5.5    
    Selling, distribution and administrative expenses 2.8    
    Research and development 0.2    
    Operating Expenses (Opex) 8.6 8.6  
    Less: Identified Items   0.1  
    Underlying Opex   8.5  
        of which:      
        Integrated Gas 1.0 1.0 1.0 – 1.2
        Upstream 2.2 2.2 1.9 – 2.5
        Marketing 2.4 2.4 2.3 – 2.7
        Chemicals and Products 2.1 2.0 1.7 – 2.1
        Renewables and Energy Solutions 0.7 0.7  

    Depreciation, depletion and amortisation

    $ billions Q1’25 Q1’25 Adjusted Q2’25 Updated Outlook
    Depreciation, Depletion & Amortisation 5.4 5.4  
    Less: Identified Items   0.3  
    Pre-tax depreciation (as Adjusted)   5.1  
        of which:      
        Integrated Gas 1.4 1.4 1.4 – 1.8
        Upstream 2.2 2.2 2.0 – 2.6
        Marketing 0.5 0.6 0.5 – 0.7
        Chemicals and Products 1.1 0.9 0.8 – 1.0
        Renewables and Energy Solutions 0.1 0.1  

    Taxation Charge

    $ billions Q1’25 Q1’25 Adjusted Q2’25 Updated Outlook
    Taxation Charge 4.1 4.1  
    Less: Identified Items and Cost of supplies adjustment   0.3  
    Taxation Charge (as Adjusted)   3.8  
        of which:      
        Integrated Gas 0.8 0.8 0.3 – 0.6
        Upstream 3.0 2.6 1.6 – 2.4
        Marketing 0.4 0.4 0.2 – 0.6
        Chemicals and Products — 0.1 (0.3) – 0.2
        Renewables and Energy Solutions — 0.1  

    Adjusted Earnings

    The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest. For further details see the 1st Quarter 2025 unaudited results.

    $ billions Q1’25 Q1’25 Adjusted Q2’25 Updated Outlook
    Income/(loss) attributable to Shell plc shareholders 4.8 4.8  
    Add: Current cost of supplies adjustment attributable to Shell plc shareholders   —  
    Less: Identified items attributable to Shell plc shareholders   (0.8)  
    Adjusted Earnings   5.6  
        of which:      
        Renewables and Energy Solutions (0.2) — (0.4) – 0.2
        Corporate (0.5) (0.5) (0.6) – (0.4)

    Enquiries

    Media International: +44 (0) 207 934 5550

    Media U.S. and Canada: Contact form

    Cautionary Note

    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties.  The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    The numbers presented in this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures due to rounding.

    Forward-Looking statements
    This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”; “aspiration”; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F and amendment thereto for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, July 7, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

    Shell’s net carbon intensity
    Also, in this announcement we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s net-zero emissions target
    Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years.  However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    Forward-Looking Non-GAAP measures

    This announcement may contain certain forward-looking non-GAAP measures such as Adjusted Earnings, Adjusted EBITDA, Cash flow from operating activities excluding working capital movements, Cash capital expenditure, Net debt and Underlying operating expense.

    Adjusted Earnings and Adjusted EBITDA are measures used to evaluate Shell’s performance in the period and over time.
    The “Adjusted Earnings” and Adjusted EBITDA are measures which aim to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items.
    Adjusted Earnings is defined as income/(loss) attributable to shareholders adjusted for the current cost of supplies and excluding identified items. “Adjusted EBITDA (CCS basis)” is defined as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component.
    Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period. Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities. Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risks relating to debt, and associated collateral balances. Underlying operating expenses is a measure of Shell’s cost management performance and aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors. Underlying operating expenses comprises the following items from the Consolidated statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses and removes the effects of identified items such as redundancy and restructuring charges or reversals, provisions or reversals and others.

    We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.
    The contents of websites referred to in this announcement do not form part of this announcement.

    We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC.  Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    The MIL Network –

  • MIL-OSI: Mastercard collaborates with Eastern Bank PLC and IDEX Biometrics to launch its global first biometric metal credit card in Bangladesh

    Source: GlobeNewswire (MIL-OSI)

    The new card combines cutting-edge biometric authentication with the sophistication of a metal design, offering both enhanced security and premium user experience for cardholders.

    Dhaka, Bangladesh, 7th July 2025: Mastercard has collaborated with Eastern Bank PLC to introduce its first biometric metal credit card, marking a significant leap forward in Bangladesh’s payment technology landscape. As part of the ultra-premium World Elite Mastercard portfolio, this innovative card combines cutting-edge biometric authentication with the sophistication of a metal design, offering both enhanced security and premium user experience. Co-powered by IDEX Biometrics, Kona I, and Infineon Technologies, the launch reflects a shared commitment to driving secure, seamless, and future-ready payment experiences in the country.

    The new card will empower Mastercard cardholders to authenticate in-store purchases effortlessly using just their fingerprint—eliminating the need for PINs or signatures. Leveraging advanced biometric technology, it’ll ensure that only the authorized user can complete the transaction, safeguarding sensitive financial data and setting a new benchmark for secure, premium payment experiences.

    With cardholder data securely stored directly on the card, transactions will be authenticated through the user’s fingerprint—adding a powerful layer of protection against fraud. One of the most user-friendly features of the new card will be its seamless enrollment process—cardholders can conveniently register their fingerprint from the comfort of home using a kit provided by the bank.

    Enhancing its security credentials further, the card will be equipped with Mastercard Identity Theft Protection, a robust feature that continuously scans the web for signs of identity fraud, offering cardholders proactive and comprehensive protection.

    Ali Reza Iftekhar, Managing Director & CEO, Eastern Bank PLC, said, “Eastern Bank PLC is pioneering the payment landscape in Bangladesh, confirming its leadership and innovation positioning. This IDEX Biometrics solution will provide a first-class payment experience and a new payment standard, powering secure contactless transactions in the country.”

    Syed Mohammad Kamal, Country Manager, Bangladesh, Mastercard, said, “Mastercard is delighted to collaborate with Eastern Bank PLC to launch its first biometric metal card in Bangladesh. This groundbreaking innovation reaffirms Mastercard’s leadership in redefining the future of payments—where cutting-edge security meets seamless convenience. By embedding fingerprint authentication into a sleek metal card, Mastercard has set a new benchmark for premium cardholders who demand both sophistication and safety. Beyond its advanced technology, the World Elite Mastercard credit card will unlock a host of exclusive privileges, delivering an elevated experience that reflects the evolving expectations of today’s discerning consumers.”

    Anders Storbraten, CEO, IDEX Biometrics, said, “We are excited that the IDEX Biometrics technology is part of this major milestone for the industry. This is a big win for customers, who can benefit from secure, seamless and highly innovative payment solutions. The biometric metal card from EBL brings it all together.”

    Tolgahan Yildiz, Head of Trusted Mobile Connectivity and Transactions Product Line, Infineon Technologies, said, “With our ongoing commitment to the smart card market and investment in innovation, we’re proud to enable the launch of this biometric metal card solution.”

    This exclusive World Elite Mastercard credit card will also unlock a host of premium privileges through Mastercard’s Priceless Specials platform, such as:

    • A complimentary one-night stay at luxury hotels
    • A free gourmet meal at top restaurants across Asia Pacific
    • Exclusive rooftop dining at CÉ LA VI, Marina Bay Sands, Singapore, plus a SG$100 voucher
    • Access to over 46 premium golf clubs, including TPC® courses operated by the PGA TOUR

    The new card will also enable additional perks for cardholders, including:

    • Global data roaming with Flexiroam
    • Discounted car rentals from Hertz
    • USD 1,000 off Uniworld river cruises
    • Fast-track elite memberships with hotel loyalty programs like GHA DISCOVERY, HoteLux, Wyndham Rewards, and I Prefer

    Further, cardholders will gain access to exclusive and specially curated experiences through Mastercard’s globally renowned Priceless platform. They will also be able to enjoy complimentary access to over 1,300 airport lounges worldwide through Mastercard’s LoungeKey program, along with access to select domestic lounges—ensuring comfort and convenience wherever they travel.

    To elevate the experience even further, a 24/7 concierge service will be available to cardholders, ensuring seamless assistance and effortless access to the finest experiences around the globe—from last-minute reservations to curated travel recommendations.

    Enclosed: Photos of the card, the launch advertisement and the representatives of the companies collaborating to create and launch the card.

    About IDEX Biometrics

    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, please visit www.idexbiometrics.com or contact ir@idexbiometrics.com

    About Mastercard

    Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

    For more information, please visit www.mastercard.com

    About Eastern Bank PLC

    A game changer in Bangladesh’s fast growing financial sector, the success of EASTERN BANK PLC comes from its continuous effort to innovate products and services, its commitment to offer service excellence and passion for performance. With a sound asset quality, strong liquidity, adequate capital coverage and good corporate governance, EASTERN BANK PLC is a symbol of stability in Bangladesh Financial Market. EASTERN BANK PLC has been known for its consistent and sustainable growth over the past 30 years and is being acclaimed for its customer-focus approach. EASTERN BANK PLC is committed to remain a strong partner in accelerating Bangladesh’s journey to a trillion-dollar economy by 2040.

    For more information, please visit www.Eastern Bank PLC.com.bd

    About Infineon

    Infineon Technologies AG is a global semiconductor leader in power systems and IoT. Infineon drives decarbonization and digitalization with its products and solutions. The Company had around 58,060 employees worldwide (end of September 2024) and generated revenue of about €15 billion in the 2024 fiscal year (ending 30 September). Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the OTCQX International over-the-counter market (ticker symbol: IFNNY).

    For more information, please visit www.infineon.com

    Trademark Statement
    IDEX, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

    About this notice
    This notice was issued by Erling Svela, Vice president of finance, on 7 July 2025 at 08:00 CET on behalf of IDEX Biometrics ASA.

    Attachments

    The MIL Network –

  • MIL-OSI: Lightchain AI Concludes 15 Presale Phases and Launches Bonus Round With Developer Grant Program

    Source: GlobeNewswire (MIL-OSI)

    SHREWSBURY, United Kingdom, July 07, 2025 (GLOBE NEWSWIRE) — Lightchain AI, a blockchain infrastructure project focused on AI-native applications, has completed all 15 presale phases without delays and is now entering its Bonus Round. The project has raised $21 million to date, with tokens continuing to be available at a fixed price of $0.007.

    In parallel with the Bonus Round launch, Lightchain AI has announced a major update to its tokenomics. The original 5% team allocation has been removed and reallocated to developer grant and protocol development programs. This shift enables the creation of a $150,000 grant pool for builders, which will provide milestone-based funding, technical support, and visibility within the Lightchain ecosystem.

    “The completion of all 15 phases on schedule and the Bonus Round launch are key moments for the project,” said a Lightchain AI spokesperson. “We’re aligning resources toward builders and long-term development to create the infrastructure needed for scalable decentralized AI.”

    Lightchain AI features a sharded Layer 1 architecture designed for high-throughput AI processing. The network supports parallelized computation, dynamic gas pricing, and compatibility with Ethereum-based tools. These components are intended to power real-time decentralized AI applications such as inference engines, model marketplaces, and agent coordination systems.

    The Bonus Round marks the final phase of Lightchain AI’s presale ahead of its next technical milestone: testnet launch in Q3 2025. Token buyers can participate via the official platform using Ethereum (ETH) or Tether (USDT) on the ERC-20 network.

    About Lightchain AI
    Lightchain AI is a Layer 1 blockchain purpose-built to support AI workloads and decentralized computation. Its architecture emphasizes parallel execution, low latency, and support for AI-native smart contracts. The platform is currently conducting its Bonus Round offering after completing 15 presale phases and raising $21 million in preparation for testnet launch.

    For more information:
    Website: https://lightchain.ai
    Whitepaper: https://lightchain.ai/lightchain-whitepaper.pdf
    Telegram: https://t.me/LightchainProtocol
    X (Twitter): https://x.com/LightchainAI

    Contact:
    SHAJAN SKARIA
    media@lightchain.ai

    Disclaimer: This content is provided by Lightchain AI. 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.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8659015-cc73-4196-8efe-73201d61bb33

    The MIL Network –

  • MIL-OSI Economics: Money Market Operations as on July 05, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 9,510.71 4.86 3.50-5.30
         I. Call Money 1,535.90 4.91 4.70-5.30
         II. Triparty Repo 7,828.30 4.87 4.40-5.03
         III. Market Repo 146.51 3.96 3.50-4.15
         IV. Repo in Corporate Bond 0.00 – –
    B. Term Segment      
         I. Notice Money** 0.70 5.10 5.10-5.10
         II. Term Money@@ 0.00 – –
         III. Triparty Repo 0.00 – –
         IV. Market Repo 0.00 – –
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Sat, 05/07/2025 1 Sun, 06/07/2025 216.00 5.75
      Sat, 05/07/2025 2 Mon, 07/07/2025 0.00 5.75
    4. SDFΔ# Sat, 05/07/2025 1 Sun, 06/07/2025 2,50,171.00 5.25
      Sat, 05/07/2025 2 Mon, 07/07/2025 34,984.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,84,939.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 04/07/2025 7 Fri, 11/07/2025 1,00,010.00 5.47
    3. MSF# Fri, 04/07/2025 2 Sun, 06/07/2025 0.00 5.75
      Fri, 04/07/2025 3 Mon, 07/07/2025 1,000.00 5.75
    4. SDFΔ# Fri, 04/07/2025 2 Sun, 06/07/2025 0.00 5.25
      Fri, 04/07/2025 3 Mon, 07/07/2025 30,612.00 5.25
    D. Standing Liquidity Facility (SLF) Availed from RBI$       6,217.11  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,23,404.89  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -4,08,343.89  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on July 05, 2025 9,36,527.69  
         (ii) Average daily cash reserve requirement for the fortnight ending July 11, 2025 9,52,318.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 04, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 13, 2025 5,62,116.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/661

    MIL OSI Economics –

  • MIL-OSI Economics: Money Market Operations as on July 06, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 0.00 – –
         I. Call Money 0.00 – –
         II. Triparty Repo 0.00 – –
         III. Market Repo 0.00 – –
         IV. Repo in Corporate Bond 0.00 – –
    B. Term Segment      
         I. Notice Money** 0.00 – –
         II. Term Money@@ 0.00 – –
         III. Triparty Repo 0.00 – –
         IV. Market Repo 0.00 – –
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Sun, 06/07/2025 1 Mon, 07/07/2025 339.00 5.75
    4. SDFΔ# Sun, 06/07/2025 1 Mon, 07/07/2025 2,50,650.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,50,311.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Fri, 04/07/2025 7 Fri, 11/07/2025 1,00,010.00 5.47
    3. MSF# Sat, 05/07/2025 2 Mon, 07/07/2025 0.00 5.75
      Fri, 04/07/2025 3 Mon, 07/07/2025 1,000.00 5.75
    4. SDFΔ# Sat, 05/07/2025 2 Mon, 07/07/2025 34,984.00 5.25
      Fri, 04/07/2025 3 Mon, 07/07/2025 30,612.00 5.25
    D. Standing Liquidity Facility (SLF) Availed from RBI$       6,217.11  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,58,388.89  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -4,08,699.89  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on July 06, 2025 9,36,049.79  
         (ii) Average daily cash reserve requirement for the fortnight ending July 11, 2025 9,52,318.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 04, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 13, 2025 5,62,116.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/662

    MIL OSI Economics –

  • MIL-Evening Report: A test of political courage: Yoorrook’s final reports demand action, not amnesia

    Source: The Conversation (Au and NZ) – By Jeremie M Bracka, Law Lecturer and Transitional Justice Academic, RMIT University

    Australia’s colonial era may be formally over but its legacies of inequality, land dispossession and systemic racism continue to shape daily life for First Peoples.

    Last week, the Victorian Yoorrook Justice Commission delivered its two final reports to the Victorian governor, concluding the most ambitious effort yet to reckon with these injustices.

    The reports, Yoorrook for Transformation and Yoorrook Truth Be Told, contain 100 detailed recommendations across five volumes. They deliver a devastating account of dispossession, family separation, cultural erasure and structural racism, past and present.

    Their scope is historic. But the question remains: will they change anything?

    A bold innovation in truth-telling

    Yoorrook is not just another inquiry.

    Established in 2021, it is Australia’s first formal truth commission and the only one globally to be established alongside a Treaty process in a settler-colonial democracy.

    It was designed by the First Peoples’ Assembly of Victoria and has been led and shaped by Aboriginal communities.

    Its mandate is wide: to investigate both historical and ongoing injustices across all areas of life from land, law, health and education to housing, finance and child protection.

    Over the past four years, Yoorrook has compelled testimony from ministers and senior bureaucrats, visited prisons and out-of-home care facilities, and travelled across the state to conduct on-country truth-telling with Elders.

    In the words of one witness, Aunty Stephanie Charles:

    Our Land, Our Language, Our
    Lore and Our Lives have been denied
    for far too long. In order to move
    forward these must be recognised
    an respected. This is Yoo-rrook.

    Why truth commissions matter

    Truth commissions emerged most famously in South Africa, where they were used to document atrocities during apartheid.

    In recent years, however, they’ve also appeared in stable democracies grappling with colonial legacies: Canada’s commission on residential schools, Belgium’s commission on its African empire, and multiple United States commissions examining slavery, segregation and systemic racism.

    In postcolonial states such as Australia, truth-telling is particularly powerful and necessary, because harm has not only been inflicted but denied.

    As anthropologist W.E.H. Stanner put it in 1968, Australia has long maintained a “great Australian silence” – a wilful forgetting of how the nation was built on the dispossession of others.

    Yoorrook challenges this silence. It has created an official record of Victoria’s colonial and ongoing harms, and opened a rare space for Indigenous people to define harm on their own terms, including what justice and healing should look like.

    Structural injustice laid bare

    The commission’s final reports lay out both stories and statistics. These include:

    • in the past, Victoria explicitly authorised child removals on racial grounds and controlled every aspect of Aboriginal life under protectionist laws
    • today, the state still removes Aboriginal children at more than 20 times the rate of non-Indigenous children
    • Aboriginal people remain vastly over-represented in police custody, prison populations and cases of public housing exclusion.

    Yoorrook is connecting these dots, showing how the injustices of colonisation did not end but evolved into contemporary legal and institutional forms.

    Importantly, the commission has not shied away from naming these harms. It has condemned Victoria’s systemic racism – including alleged genocide – and called for radical change not just recognition.

    Among its recommendations are calls to return land and water to Traditional Owners, to embed First Peoples’ control over education and child protection, and to establish reparations and shared governance structures across public institutions.

    Will this lead to real change?

    Yoorrook’s reports could be transformative if acted on – but this is far from guaranteed.

    The Canadian experience is instructive. While its Truth and Reconciliation Commission garnered attention, many Canadians today are unfamiliar with its findings and progress on its recommendations has been slow.

    In Australia, there’s a similar risk that Yoorrook may preach to the choir while political leaders move on. Despite a public apology in 2008, most recommendations of the 1991 Royal Commission into Aboriginal Deaths in Custody remain unfulfilled.

    Since then, more than 500 additional Indigenous people have died in custody.

    We must resist the cycle of “truth without justice.”

    In recent hearings, Yoorrook commissioners pressed ministers to move beyond rhetoric. While several public apologies were made, including from Victoria’s attorney-general and the police minister, the commission rightly warned apologies without action are hollow.

    Where to from here?

    The failure of the Voice referendum in 2023 showed just how contested questions of history, race and recognition remain in Australia.

    But it also underscored the need for renewed engagement with the truth, not just in parliaments but in homes, schools, workplaces and media.

    Yoorrook’s challenge is not only to shape policy but to shift public consciousness. In this sense, it must speak to all Victorians.

    Without broader buy-in, even the best-designed truth commission risks being forgotten.

    A test of political courage

    Yoorrook has done its part. It has listened to more than 1,500 voices. It has built the record. It has made the case for transformation.

    Now, the Victorian government and indeed all of us must decide what to do with that truth. Will we confront it? Will we act on it? Or will we retreat once more into silence?

    Yoorrook has narrowed the range of permissible lies in this country. But narrowing lies is not the same as achieving justice. That next step is ours to take.

    Jeremie M Bracka was awarded the Malcolm Moore Industry Research Grant to support the implementation of the Final Reports of the Yoorrook Justice Commission.

    – ref. A test of political courage: Yoorrook’s final reports demand action, not amnesia – https://theconversation.com/a-test-of-political-courage-yoorrooks-final-reports-demand-action-not-amnesia-260580

    MIL OSI Analysis – EveningReport.nz –

  • PM Modi urges responsible AI, stronger South-South ties at BRICS Summit

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Sunday called for strengthening multilateralism, deepening economic cooperation, and ensuring responsible governance of Artificial Intelligence during his address at the BRICS Outreach Summit in Brazil.

    Addressing the session titled ‘Strengthening Multilateralism, Economic-Financial Matters, and Artificial Intelligence’, Prime Minister Modi thanked Brazilian President Luiz Inácio Lula da Silva for inviting him to share India’s views with partner countries from Latin America, Africa and Asia.

    “It is a great pleasure for me to participate in this meeting with my friends from the extended BRICS family. My heartfelt thanks to President Lula for giving me the opportunity to share my views with friendly countries of Latin America, Africa, and Asia in the BRICS Outreach Summit,” he said.

    Highlighting the increasing relevance of BRICS in a changing global order, the Prime Minister said, “Our confidence in the diversity and multipolarity of the BRICS Group is our greatest strength. Today, as the world order faces pressures from all sides and the world is going through many challenges and uncertainties, the increasing relevance and influence of BRICS is natural. We should together consider how BRICS can become a guide for the multipolar world in the times to come.”

    The Prime Minister put forward four key suggestions to strengthen BRICS cooperation.

    Firstly, he underlined that economic cooperation within BRICS is progressing steadily, with the BRICS Business Council and BRICS Women Business Alliance playing an important role. He welcomed Brazil’s emphasis on reforms in the International Financial System under its presidency.

    “In the form of BRICS New Development Bank, we have offered a strong and credible alternative to support the development aspirations of countries in the Global South. While approving projects, the NDB must focus on demand-driven approaches, long-term financial sustainability, and healthy credit rating. Strengthening our internal systems will further enhance the credibility of our call for reformed multilateralism,” he said.

    Secondly, the Prime Minister said that the countries of the Global South have special expectations from BRICS and the group should work together to meet them.

    “For instance, the BRICS Agricultural Research Platform, established in India, is a valuable initiative to enhance collaboration in agricultural research. It can become a medium for sharing research and best practices in topics such as agri-biotech, precision farming, and climate change adaptation. We can also extend its benefits to countries in the Global South,” he said.

    He also highlighted India’s ‘One Nation, One Subscription’ initiative to expand access to academic resources and proposed a collective BRICS Science and Research Repository for the benefit of the Global South.

    Thirdly, the Prime Minister called for cooperation to secure and strengthen supply chains for critical minerals and technologies. “It’s important to ensure that no country uses these resources for its own selfish gain or as a weapon against others,” he said.

    Fourth, speaking on Artificial Intelligence, the Prime Minister stressed the need for global standards for responsible and ethical use of AI.

    “In the 21st century, the progress and well-being of people largely depends on technology, especially Artificial Intelligence. On one hand, AI can greatly improve everyday life; while on the other hand, it also raises concerns about risks, ethics, and bias,” he noted.

    He added, “India’s approach and policy on this topic are clear: We see AI as a medium to enhance human values and potential. Working on the mantra of ‘AI for All’, today we’re widely and actively using AI in sectors like agriculture, health, education, governance in India.”

    He said equal focus must be given to addressing concerns and promoting innovation in AI governance. “Global standards must be created that can verify the authenticity of digital content, so that we can identify the source of the content and maintain transparency and prevent misuse,” he said, adding that the Leaders’ Statement on Global Governance of AI released at the meeting is a positive step in this direction.

    Prime Minister Modi announced that India will host the AI Impact Summit next year and invited all partner countries to participate. “We hope for your active participation to make this summit a great success,” he said.

    Reaffirming India’s commitment to the Global South, the Prime Minister said, “The Global South has many hopes from us. To fulfil them, we must follow the principle of ‘Lead by Example’. India is fully committed to working shoulder-to-shoulder with all our partners to achieve our common goals.”

  • PM Modi urges responsible AI, stronger South-South ties at BRICS Summit

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Sunday called for strengthening multilateralism, deepening economic cooperation, and ensuring responsible governance of Artificial Intelligence during his address at the BRICS Outreach Summit in Brazil.

    Addressing the session titled ‘Strengthening Multilateralism, Economic-Financial Matters, and Artificial Intelligence’, Prime Minister Modi thanked Brazilian President Luiz Inácio Lula da Silva for inviting him to share India’s views with partner countries from Latin America, Africa and Asia.

    “It is a great pleasure for me to participate in this meeting with my friends from the extended BRICS family. My heartfelt thanks to President Lula for giving me the opportunity to share my views with friendly countries of Latin America, Africa, and Asia in the BRICS Outreach Summit,” he said.

    Highlighting the increasing relevance of BRICS in a changing global order, the Prime Minister said, “Our confidence in the diversity and multipolarity of the BRICS Group is our greatest strength. Today, as the world order faces pressures from all sides and the world is going through many challenges and uncertainties, the increasing relevance and influence of BRICS is natural. We should together consider how BRICS can become a guide for the multipolar world in the times to come.”

    The Prime Minister put forward four key suggestions to strengthen BRICS cooperation.

    Firstly, he underlined that economic cooperation within BRICS is progressing steadily, with the BRICS Business Council and BRICS Women Business Alliance playing an important role. He welcomed Brazil’s emphasis on reforms in the International Financial System under its presidency.

    “In the form of BRICS New Development Bank, we have offered a strong and credible alternative to support the development aspirations of countries in the Global South. While approving projects, the NDB must focus on demand-driven approaches, long-term financial sustainability, and healthy credit rating. Strengthening our internal systems will further enhance the credibility of our call for reformed multilateralism,” he said.

    Secondly, the Prime Minister said that the countries of the Global South have special expectations from BRICS and the group should work together to meet them.

    “For instance, the BRICS Agricultural Research Platform, established in India, is a valuable initiative to enhance collaboration in agricultural research. It can become a medium for sharing research and best practices in topics such as agri-biotech, precision farming, and climate change adaptation. We can also extend its benefits to countries in the Global South,” he said.

    He also highlighted India’s ‘One Nation, One Subscription’ initiative to expand access to academic resources and proposed a collective BRICS Science and Research Repository for the benefit of the Global South.

    Thirdly, the Prime Minister called for cooperation to secure and strengthen supply chains for critical minerals and technologies. “It’s important to ensure that no country uses these resources for its own selfish gain or as a weapon against others,” he said.

    Fourth, speaking on Artificial Intelligence, the Prime Minister stressed the need for global standards for responsible and ethical use of AI.

    “In the 21st century, the progress and well-being of people largely depends on technology, especially Artificial Intelligence. On one hand, AI can greatly improve everyday life; while on the other hand, it also raises concerns about risks, ethics, and bias,” he noted.

    He added, “India’s approach and policy on this topic are clear: We see AI as a medium to enhance human values and potential. Working on the mantra of ‘AI for All’, today we’re widely and actively using AI in sectors like agriculture, health, education, governance in India.”

    He said equal focus must be given to addressing concerns and promoting innovation in AI governance. “Global standards must be created that can verify the authenticity of digital content, so that we can identify the source of the content and maintain transparency and prevent misuse,” he said, adding that the Leaders’ Statement on Global Governance of AI released at the meeting is a positive step in this direction.

    Prime Minister Modi announced that India will host the AI Impact Summit next year and invited all partner countries to participate. “We hope for your active participation to make this summit a great success,” he said.

    Reaffirming India’s commitment to the Global South, the Prime Minister said, “The Global South has many hopes from us. To fulfil them, we must follow the principle of ‘Lead by Example’. India is fully committed to working shoulder-to-shoulder with all our partners to achieve our common goals.”

  • PM Modi urges responsible AI, stronger South-South ties at BRICS Summit

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Sunday called for strengthening multilateralism, deepening economic cooperation, and ensuring responsible governance of Artificial Intelligence during his address at the BRICS Outreach Summit in Brazil.

    Addressing the session titled ‘Strengthening Multilateralism, Economic-Financial Matters, and Artificial Intelligence’, Prime Minister Modi thanked Brazilian President Luiz Inácio Lula da Silva for inviting him to share India’s views with partner countries from Latin America, Africa and Asia.

    “It is a great pleasure for me to participate in this meeting with my friends from the extended BRICS family. My heartfelt thanks to President Lula for giving me the opportunity to share my views with friendly countries of Latin America, Africa, and Asia in the BRICS Outreach Summit,” he said.

    Highlighting the increasing relevance of BRICS in a changing global order, the Prime Minister said, “Our confidence in the diversity and multipolarity of the BRICS Group is our greatest strength. Today, as the world order faces pressures from all sides and the world is going through many challenges and uncertainties, the increasing relevance and influence of BRICS is natural. We should together consider how BRICS can become a guide for the multipolar world in the times to come.”

    The Prime Minister put forward four key suggestions to strengthen BRICS cooperation.

    Firstly, he underlined that economic cooperation within BRICS is progressing steadily, with the BRICS Business Council and BRICS Women Business Alliance playing an important role. He welcomed Brazil’s emphasis on reforms in the International Financial System under its presidency.

    “In the form of BRICS New Development Bank, we have offered a strong and credible alternative to support the development aspirations of countries in the Global South. While approving projects, the NDB must focus on demand-driven approaches, long-term financial sustainability, and healthy credit rating. Strengthening our internal systems will further enhance the credibility of our call for reformed multilateralism,” he said.

    Secondly, the Prime Minister said that the countries of the Global South have special expectations from BRICS and the group should work together to meet them.

    “For instance, the BRICS Agricultural Research Platform, established in India, is a valuable initiative to enhance collaboration in agricultural research. It can become a medium for sharing research and best practices in topics such as agri-biotech, precision farming, and climate change adaptation. We can also extend its benefits to countries in the Global South,” he said.

    He also highlighted India’s ‘One Nation, One Subscription’ initiative to expand access to academic resources and proposed a collective BRICS Science and Research Repository for the benefit of the Global South.

    Thirdly, the Prime Minister called for cooperation to secure and strengthen supply chains for critical minerals and technologies. “It’s important to ensure that no country uses these resources for its own selfish gain or as a weapon against others,” he said.

    Fourth, speaking on Artificial Intelligence, the Prime Minister stressed the need for global standards for responsible and ethical use of AI.

    “In the 21st century, the progress and well-being of people largely depends on technology, especially Artificial Intelligence. On one hand, AI can greatly improve everyday life; while on the other hand, it also raises concerns about risks, ethics, and bias,” he noted.

    He added, “India’s approach and policy on this topic are clear: We see AI as a medium to enhance human values and potential. Working on the mantra of ‘AI for All’, today we’re widely and actively using AI in sectors like agriculture, health, education, governance in India.”

    He said equal focus must be given to addressing concerns and promoting innovation in AI governance. “Global standards must be created that can verify the authenticity of digital content, so that we can identify the source of the content and maintain transparency and prevent misuse,” he said, adding that the Leaders’ Statement on Global Governance of AI released at the meeting is a positive step in this direction.

    Prime Minister Modi announced that India will host the AI Impact Summit next year and invited all partner countries to participate. “We hope for your active participation to make this summit a great success,” he said.

    Reaffirming India’s commitment to the Global South, the Prime Minister said, “The Global South has many hopes from us. To fulfil them, we must follow the principle of ‘Lead by Example’. India is fully committed to working shoulder-to-shoulder with all our partners to achieve our common goals.”

  • PM Modi urges responsible AI, stronger South-South ties at BRICS Summit

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Sunday called for strengthening multilateralism, deepening economic cooperation, and ensuring responsible governance of Artificial Intelligence during his address at the BRICS Outreach Summit in Brazil.

    Addressing the session titled ‘Strengthening Multilateralism, Economic-Financial Matters, and Artificial Intelligence’, Prime Minister Modi thanked Brazilian President Luiz Inácio Lula da Silva for inviting him to share India’s views with partner countries from Latin America, Africa and Asia.

    “It is a great pleasure for me to participate in this meeting with my friends from the extended BRICS family. My heartfelt thanks to President Lula for giving me the opportunity to share my views with friendly countries of Latin America, Africa, and Asia in the BRICS Outreach Summit,” he said.

    Highlighting the increasing relevance of BRICS in a changing global order, the Prime Minister said, “Our confidence in the diversity and multipolarity of the BRICS Group is our greatest strength. Today, as the world order faces pressures from all sides and the world is going through many challenges and uncertainties, the increasing relevance and influence of BRICS is natural. We should together consider how BRICS can become a guide for the multipolar world in the times to come.”

    The Prime Minister put forward four key suggestions to strengthen BRICS cooperation.

    Firstly, he underlined that economic cooperation within BRICS is progressing steadily, with the BRICS Business Council and BRICS Women Business Alliance playing an important role. He welcomed Brazil’s emphasis on reforms in the International Financial System under its presidency.

    “In the form of BRICS New Development Bank, we have offered a strong and credible alternative to support the development aspirations of countries in the Global South. While approving projects, the NDB must focus on demand-driven approaches, long-term financial sustainability, and healthy credit rating. Strengthening our internal systems will further enhance the credibility of our call for reformed multilateralism,” he said.

    Secondly, the Prime Minister said that the countries of the Global South have special expectations from BRICS and the group should work together to meet them.

    “For instance, the BRICS Agricultural Research Platform, established in India, is a valuable initiative to enhance collaboration in agricultural research. It can become a medium for sharing research and best practices in topics such as agri-biotech, precision farming, and climate change adaptation. We can also extend its benefits to countries in the Global South,” he said.

    He also highlighted India’s ‘One Nation, One Subscription’ initiative to expand access to academic resources and proposed a collective BRICS Science and Research Repository for the benefit of the Global South.

    Thirdly, the Prime Minister called for cooperation to secure and strengthen supply chains for critical minerals and technologies. “It’s important to ensure that no country uses these resources for its own selfish gain or as a weapon against others,” he said.

    Fourth, speaking on Artificial Intelligence, the Prime Minister stressed the need for global standards for responsible and ethical use of AI.

    “In the 21st century, the progress and well-being of people largely depends on technology, especially Artificial Intelligence. On one hand, AI can greatly improve everyday life; while on the other hand, it also raises concerns about risks, ethics, and bias,” he noted.

    He added, “India’s approach and policy on this topic are clear: We see AI as a medium to enhance human values and potential. Working on the mantra of ‘AI for All’, today we’re widely and actively using AI in sectors like agriculture, health, education, governance in India.”

    He said equal focus must be given to addressing concerns and promoting innovation in AI governance. “Global standards must be created that can verify the authenticity of digital content, so that we can identify the source of the content and maintain transparency and prevent misuse,” he said, adding that the Leaders’ Statement on Global Governance of AI released at the meeting is a positive step in this direction.

    Prime Minister Modi announced that India will host the AI Impact Summit next year and invited all partner countries to participate. “We hope for your active participation to make this summit a great success,” he said.

    Reaffirming India’s commitment to the Global South, the Prime Minister said, “The Global South has many hopes from us. To fulfil them, we must follow the principle of ‘Lead by Example’. India is fully committed to working shoulder-to-shoulder with all our partners to achieve our common goals.”

  • PM Modi urges responsible AI, stronger South-South ties at BRICS Summit

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Sunday called for strengthening multilateralism, deepening economic cooperation, and ensuring responsible governance of Artificial Intelligence during his address at the BRICS Outreach Summit in Brazil.

    Addressing the session titled ‘Strengthening Multilateralism, Economic-Financial Matters, and Artificial Intelligence’, Prime Minister Modi thanked Brazilian President Luiz Inácio Lula da Silva for inviting him to share India’s views with partner countries from Latin America, Africa and Asia.

    “It is a great pleasure for me to participate in this meeting with my friends from the extended BRICS family. My heartfelt thanks to President Lula for giving me the opportunity to share my views with friendly countries of Latin America, Africa, and Asia in the BRICS Outreach Summit,” he said.

    Highlighting the increasing relevance of BRICS in a changing global order, the Prime Minister said, “Our confidence in the diversity and multipolarity of the BRICS Group is our greatest strength. Today, as the world order faces pressures from all sides and the world is going through many challenges and uncertainties, the increasing relevance and influence of BRICS is natural. We should together consider how BRICS can become a guide for the multipolar world in the times to come.”

    The Prime Minister put forward four key suggestions to strengthen BRICS cooperation.

    Firstly, he underlined that economic cooperation within BRICS is progressing steadily, with the BRICS Business Council and BRICS Women Business Alliance playing an important role. He welcomed Brazil’s emphasis on reforms in the International Financial System under its presidency.

    “In the form of BRICS New Development Bank, we have offered a strong and credible alternative to support the development aspirations of countries in the Global South. While approving projects, the NDB must focus on demand-driven approaches, long-term financial sustainability, and healthy credit rating. Strengthening our internal systems will further enhance the credibility of our call for reformed multilateralism,” he said.

    Secondly, the Prime Minister said that the countries of the Global South have special expectations from BRICS and the group should work together to meet them.

    “For instance, the BRICS Agricultural Research Platform, established in India, is a valuable initiative to enhance collaboration in agricultural research. It can become a medium for sharing research and best practices in topics such as agri-biotech, precision farming, and climate change adaptation. We can also extend its benefits to countries in the Global South,” he said.

    He also highlighted India’s ‘One Nation, One Subscription’ initiative to expand access to academic resources and proposed a collective BRICS Science and Research Repository for the benefit of the Global South.

    Thirdly, the Prime Minister called for cooperation to secure and strengthen supply chains for critical minerals and technologies. “It’s important to ensure that no country uses these resources for its own selfish gain or as a weapon against others,” he said.

    Fourth, speaking on Artificial Intelligence, the Prime Minister stressed the need for global standards for responsible and ethical use of AI.

    “In the 21st century, the progress and well-being of people largely depends on technology, especially Artificial Intelligence. On one hand, AI can greatly improve everyday life; while on the other hand, it also raises concerns about risks, ethics, and bias,” he noted.

    He added, “India’s approach and policy on this topic are clear: We see AI as a medium to enhance human values and potential. Working on the mantra of ‘AI for All’, today we’re widely and actively using AI in sectors like agriculture, health, education, governance in India.”

    He said equal focus must be given to addressing concerns and promoting innovation in AI governance. “Global standards must be created that can verify the authenticity of digital content, so that we can identify the source of the content and maintain transparency and prevent misuse,” he said, adding that the Leaders’ Statement on Global Governance of AI released at the meeting is a positive step in this direction.

    Prime Minister Modi announced that India will host the AI Impact Summit next year and invited all partner countries to participate. “We hope for your active participation to make this summit a great success,” he said.

    Reaffirming India’s commitment to the Global South, the Prime Minister said, “The Global South has many hopes from us. To fulfil them, we must follow the principle of ‘Lead by Example’. India is fully committed to working shoulder-to-shoulder with all our partners to achieve our common goals.”

  • PM Modi urges responsible AI, stronger South-South ties at BRICS Summit

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Sunday called for strengthening multilateralism, deepening economic cooperation, and ensuring responsible governance of Artificial Intelligence during his address at the BRICS Outreach Summit in Brazil.

    Addressing the session titled ‘Strengthening Multilateralism, Economic-Financial Matters, and Artificial Intelligence’, Prime Minister Modi thanked Brazilian President Luiz Inácio Lula da Silva for inviting him to share India’s views with partner countries from Latin America, Africa and Asia.

    “It is a great pleasure for me to participate in this meeting with my friends from the extended BRICS family. My heartfelt thanks to President Lula for giving me the opportunity to share my views with friendly countries of Latin America, Africa, and Asia in the BRICS Outreach Summit,” he said.

    Highlighting the increasing relevance of BRICS in a changing global order, the Prime Minister said, “Our confidence in the diversity and multipolarity of the BRICS Group is our greatest strength. Today, as the world order faces pressures from all sides and the world is going through many challenges and uncertainties, the increasing relevance and influence of BRICS is natural. We should together consider how BRICS can become a guide for the multipolar world in the times to come.”

    The Prime Minister put forward four key suggestions to strengthen BRICS cooperation.

    Firstly, he underlined that economic cooperation within BRICS is progressing steadily, with the BRICS Business Council and BRICS Women Business Alliance playing an important role. He welcomed Brazil’s emphasis on reforms in the International Financial System under its presidency.

    “In the form of BRICS New Development Bank, we have offered a strong and credible alternative to support the development aspirations of countries in the Global South. While approving projects, the NDB must focus on demand-driven approaches, long-term financial sustainability, and healthy credit rating. Strengthening our internal systems will further enhance the credibility of our call for reformed multilateralism,” he said.

    Secondly, the Prime Minister said that the countries of the Global South have special expectations from BRICS and the group should work together to meet them.

    “For instance, the BRICS Agricultural Research Platform, established in India, is a valuable initiative to enhance collaboration in agricultural research. It can become a medium for sharing research and best practices in topics such as agri-biotech, precision farming, and climate change adaptation. We can also extend its benefits to countries in the Global South,” he said.

    He also highlighted India’s ‘One Nation, One Subscription’ initiative to expand access to academic resources and proposed a collective BRICS Science and Research Repository for the benefit of the Global South.

    Thirdly, the Prime Minister called for cooperation to secure and strengthen supply chains for critical minerals and technologies. “It’s important to ensure that no country uses these resources for its own selfish gain or as a weapon against others,” he said.

    Fourth, speaking on Artificial Intelligence, the Prime Minister stressed the need for global standards for responsible and ethical use of AI.

    “In the 21st century, the progress and well-being of people largely depends on technology, especially Artificial Intelligence. On one hand, AI can greatly improve everyday life; while on the other hand, it also raises concerns about risks, ethics, and bias,” he noted.

    He added, “India’s approach and policy on this topic are clear: We see AI as a medium to enhance human values and potential. Working on the mantra of ‘AI for All’, today we’re widely and actively using AI in sectors like agriculture, health, education, governance in India.”

    He said equal focus must be given to addressing concerns and promoting innovation in AI governance. “Global standards must be created that can verify the authenticity of digital content, so that we can identify the source of the content and maintain transparency and prevent misuse,” he said, adding that the Leaders’ Statement on Global Governance of AI released at the meeting is a positive step in this direction.

    Prime Minister Modi announced that India will host the AI Impact Summit next year and invited all partner countries to participate. “We hope for your active participation to make this summit a great success,” he said.

    Reaffirming India’s commitment to the Global South, the Prime Minister said, “The Global South has many hopes from us. To fulfil them, we must follow the principle of ‘Lead by Example’. India is fully committed to working shoulder-to-shoulder with all our partners to achieve our common goals.”

  • MIL-OSI New Zealand: New governance for Health New Zealand

    Source: New Zealand Government

    The Government is today announcing the reestablishment of the Health New Zealand Board, with new appointments to drive its priority of ensuring timely, quality healthcare for all New Zealanders, Health Minister Simeon Brown says.  The re-established Health New Zealand Board will take over from the Commissioner and Deputy Commissioners appointed last year to stabilise the organisation and set a clear direction.  “Under Professor Lester Levy’s leadership as Commissioner, Health New Zealand has delivered a strong financial plan, and a clear Health Delivery Plan is now in place. He is refocusing the organisation on patients and driving progress on the Government’s health targets, which are seeing waitlists reduced,” Mr Brown says.  Professor Levy has been appointed Chair of Health New Zealand for a 12-month term to ensure continuity of leadership. His appointment will maintain momentum on the Government’s health targets and keep the focus firmly on patients. Mr Brown also announced his intention to begin a nomination process later this year for a permanent Chair to take effect from 1 July 2026.  “I have also appointed an experienced team of Board members who will support Health New Zealand to deliver for patients, including the appointment of Dr Andrew Connolly as Deputy Chair. Dr Connolly is an experienced surgeon and clinical director who has also held numerous appointments across Governments, including Chair of the Medical Council, Crown Monitor, and Commissioner on District Health Boards.  “I am also appointing Hamiora Bowkett as a Crown Observer to keep a close watch on performance and support the Board with independent oversight. This role will focus on supporting the Board’s re-establishment and ensuring Health New Zealand delivers on the Government’s health targets. Mr Bowkett will advise me directly, with a particular focus on Health New Zealand’s financial position and the delivery of health targets.” “We’re also tackling one of the biggest barriers to better care – our ageing health infrastructure – by establishing a dedicated Infrastructure Committee to make sure our Government’s significant investment in health infrastructure delivers modern facilities, on time and on budget.  “This is about accountability. Patients care about seeing a doctor sooner, getting their hip surgery faster, being treated in a hospital that works. That’s what these governance changes are designed to achieve.”  The key appointments include: 
     

    Professor Lester Levy, currently Commissioner of Health New Zealand and Chair of the Health Research Council, has been appointed Chair of the Health New Zealand Board for a 12-month term.
    Dr Andrew Connolly, a senior surgeon and clinical leader, is appointed Deputy Chair.
    Board members include Roger Jarrold, Dr Frances Hughes, Parekawhia McLean, Peter McCardle, and Terry Moore.
    Hamiora Bowkett is appointed as Crown Observer to support and monitor Health New Zealand.
    A new Infrastructure Committee, chaired by Dr Margaret Wilsher, will oversee the delivery of critical health projects, supported by experienced members: Mark Binns, James Christmas, Sarah Sinclair, Evan Davies, and Roger Jarrold. 

    “I want to acknowledge the work of Professor Levy as Commissioner, and thank Deputy Commissioners Roger Jarrold, Ken Whelan, and Kylie Clegg for the rapid progress they have made in refocusing Health New Zealand on patients.  “There is still much work to do, and I look forward to working with the Health New Zealand Board to deliver for patients, achieve the Government’s health targets, and continue driving progress on the key priorities I announced in March.  “These changes ensure we have the right people in the right roles to get it done.”  Appointed members will assume their roles on 23 July 2025, when the Commission ends. 

    MIL OSI New Zealand News –

  • MIL-OSI: Roof Financing from 50KLoans: Access New Roof Financing and Roof Financing Near Me, Good or Bad Credit Welcome

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, July 07, 2025 (GLOBE NEWSWIRE) — 50KLoans, a trusted leader in online personal loan matching, has announced the nationwide launch of a comprehensive roof financing solution for homeowners seeking roof replacement financing regardless of credit history. The new service aims to bridge the gap for families and individuals who need a new roof but may be challenged by upfront costs or less-than-perfect credit.

    As the demand for affordable and flexible roof financing options grows, 50KLoans connects borrowers to a vast network of roofing companies that offer financing and lenders specializing in roofing loans. Homeowners can now access new roof financing from $500 up to $50,000, with repayment terms extending up to 10 years and APRs ranging from 5.99% to 35.99%.

    Check your new Roof Financing Options >>

    Making Roof Financing Accessible to All Credit Types

    50KLoans new roofing financing platform is designed for anyone facing urgent repair or replacement needs, including:

    • Homeowners with good, fair, or bad credit
    • Families dealing with storm damage or aging roofs
    • First-time buyers seeking roof financing options as part of a home improvement plan
    • Property investors looking to upgrade multiple properties with roofing companies that finance

    Key Features & Benefits

    • All Credit Scores Welcome: Access roof finance solutions even with bad credit—no minimum score required.
    • Fast, Simple Process: One quick online form matches applicants with reputable lenders and roofing companies that offer financing.
    • Flexible Loan Amounts: Borrow between $500 and $50,000 for roof replacement financing and repairs.
    • Extended Repayment Terms: Pay back over up to 10 years, easing the burden of large upfront costs.
    • No Hidden Fees: Transparent terms from a network of trusted partners.

    How It Works: Step-by-Step Application for Roofing Financing

    1. Submit a Request: Visit 50kLoans.com and select the roof financing amount you need.
    2. Get Matched Instantly: The system matches you with top lenders and roofing companies that finance based on your profile.
    3. Review Offers: Compare rates, repayment terms, and conditions for each roofing loan offer.
    4. Choose & Connect: Select your preferred offer and connect directly with the lender or roofing company that offers financing.
    5. Receive Funds or Schedule Work: Funds are typically transferred electronically within one business day, or the roofing project can be scheduled directly through participating partners.

    Types of Roof Financing Near Me Options Available from 50kLoans

    • Unsecured Personal Loans for roof replacement or repairs
    • Specialty Roofing Loans through partnered roofing companies that finance directly
    • Flexible Installment Loans for large-scale or urgent projects

    Frequently Asked Questions

    Q: Can I get roof financing with bad credit?
    A: Yes, all credit scores are considered. Approval depends on the lender’s criteria.

    Q: Are roofing companies that offer financing available in my area?
    A: 50KLoans partners with a wide network of providers—most areas are covered.

    Q: How soon can I get new roof financing?
    A: Most offers are made instantly online, and funds are available as quickly as the next business day.

    Q: What are typical repayment terms?
    A: Repayment terms range up to 10 years, with competitive APRs from 5.99% to 35.99%.

    Media Contact
    Mukesh Bhardwaj
    Email: mukesh@paydayventures.com

    Disclaimer: 50KLoans is not a lender and does not make credit decisions. Approval, rates, and terms for roof financing are determined by third-party lenders or roofing companies based on applicant eligibility.

    The MIL Network –

  • MIL-OSI: MassMutual Ventures and Crane Venture Partners announce expanded partnership

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, LONDON and SINGAPORE, July 07, 2025 (GLOBE NEWSWIRE) — MassMutual Ventures (MMV) and Crane Venture Partners announced today that they have entered into an agreement for Crane to administer MMV’s Europe and Asia-Pacific (APAC) funds, totaling $450 million and including 40 portfolio companies. MassMutual Ventures has been a minority investor in Crane since 2018 as well as an anchor investor in all Crane funds.

    “This agreement marks the next evolution in MassMutual Ventures’ longstanding relationship with the Crane team that was established seven years ago,” said Doug Russell, Managing Director and Head of MassMutual Ventures. “Crane’s unwavering focus on founders and vast network and expertise will be invaluable for both current and future portfolio companies in Europe and APAC. We look forward to continuing to work with Crane in this new capacity, leveraging the strengths and capabilities of both of our organizations.”

    MMV will continue to manage its existing portfolio of over 60 companies based in North America and Israel and invest in new companies through its Boston-based MMV US and MMV Climate Tech Fund teams.

    “We’ve always believed that early conviction and long-term commitment are the keys to venture success. This expanded partnership is a massive vote of confidence in our approach—and in the founders we have and will continue to back,” said Krishna Visvanathan, Co-founder and Partner at Crane. “We’re proud to take the next step with MassMutual Ventures and build an even stronger bridge for global ambition across Europe and Asia-Pacific.”

    As part of the transaction, which is expected to close later this year pending satisfactory completion of customary conditions, Crane Venture Partners will oversee all existing Europe and APAC investments as well as manage all new Europe and APAC investments, with MMV continuing to hold positions in all existing portfolio companies.

    About MassMutual Ventures
    MassMutual Ventures (MMV) is a multistage venture capital firm investing globally in financial technology, enterprise SaaS, healthtech, climate technology and cybersecurity companies. We help accelerate the growth of the companies we partner with by providing capital, connections and advice. With our deep expertise and extensive network, MMV helps entrepreneurs build compelling and scalable companies of value. For more information, visit www.massmutualventures.com.

    About Crane Venture Partners

    Crane makes high-conviction investments in foundational technologies at the earliest stages, backing ambitious founders from inception through seed. Our commitment extends beyond initial funding—we remain deeply involved as trusted partners, offering hands-on support through critical company-building moments and helping founders refine go-to-market strategies and scale globally. 

    Since 2015, we’ve backed category-defining companies across post-quantum security, robotics, infrastructure software, developer tools, and AI systems. With a global perspective spanning the UK, Europe, the US, Israel and Asia-Pacific, we help exceptional founders build companies that redefine what’s possible. First to believe. Last to leave. For more, visit www.crane.vc

    The MIL Network –

  • MIL-OSI: MassMutual Ventures and Crane Venture Partners announce expanded partnership

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, LONDON and SINGAPORE, July 07, 2025 (GLOBE NEWSWIRE) — MassMutual Ventures (MMV) and Crane Venture Partners announced today that they have entered into an agreement for Crane to administer MMV’s Europe and Asia-Pacific (APAC) funds, totaling $450 million and including 40 portfolio companies. MassMutual Ventures has been a minority investor in Crane since 2018 as well as an anchor investor in all Crane funds.

    “This agreement marks the next evolution in MassMutual Ventures’ longstanding relationship with the Crane team that was established seven years ago,” said Doug Russell, Managing Director and Head of MassMutual Ventures. “Crane’s unwavering focus on founders and vast network and expertise will be invaluable for both current and future portfolio companies in Europe and APAC. We look forward to continuing to work with Crane in this new capacity, leveraging the strengths and capabilities of both of our organizations.”

    MMV will continue to manage its existing portfolio of over 60 companies based in North America and Israel and invest in new companies through its Boston-based MMV US and MMV Climate Tech Fund teams.

    “We’ve always believed that early conviction and long-term commitment are the keys to venture success. This expanded partnership is a massive vote of confidence in our approach—and in the founders we have and will continue to back,” said Krishna Visvanathan, Co-founder and Partner at Crane. “We’re proud to take the next step with MassMutual Ventures and build an even stronger bridge for global ambition across Europe and Asia-Pacific.”

    As part of the transaction, which is expected to close later this year pending satisfactory completion of customary conditions, Crane Venture Partners will oversee all existing Europe and APAC investments as well as manage all new Europe and APAC investments, with MMV continuing to hold positions in all existing portfolio companies.

    About MassMutual Ventures
    MassMutual Ventures (MMV) is a multistage venture capital firm investing globally in financial technology, enterprise SaaS, healthtech, climate technology and cybersecurity companies. We help accelerate the growth of the companies we partner with by providing capital, connections and advice. With our deep expertise and extensive network, MMV helps entrepreneurs build compelling and scalable companies of value. For more information, visit www.massmutualventures.com.

    About Crane Venture Partners

    Crane makes high-conviction investments in foundational technologies at the earliest stages, backing ambitious founders from inception through seed. Our commitment extends beyond initial funding—we remain deeply involved as trusted partners, offering hands-on support through critical company-building moments and helping founders refine go-to-market strategies and scale globally. 

    Since 2015, we’ve backed category-defining companies across post-quantum security, robotics, infrastructure software, developer tools, and AI systems. With a global perspective spanning the UK, Europe, the US, Israel and Asia-Pacific, we help exceptional founders build companies that redefine what’s possible. First to believe. Last to leave. For more, visit www.crane.vc

    The MIL Network –