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Category: Economy

  • MIL-OSI Africa: Deputy President to respond to oral questions

    Source: South Africa News Agency

    Thursday, June 12, 2025

    Deputy President Paul Mashatile will this afternoon respond to questions for oral reply in the National Assembly. 

    At Thursday’s session, which will take place at 2pm, the country’s second-in-command will touch on a wide range of issues from agricultural support, water shortages and intensified efforts in the country’s comprehensive HIV and AIDS response.

    As Chairperson of the Inter-Ministerial Committee (IMC) on Agriculture and Land Reform, the Deputy President will inform Members of Parliament (MPs) on government efforts towards improving access to funding and resource support for small-scale and smallholder farmers, as well as supporting infrastructure development in rural areas.

    Following the withdrawal of the President’s Emergency Plan for AIDS Relief (PEPFAR) funding by the United States Government, the Deputy President will reassure MPs that government has the capacity to fund its HIV/AIDS programme. 

    “The withdrawal will not have a dire impact in the purchasing and the distribution of the antiretrovirals,” the Deputy President Office’s statement read. 

    The Deputy President is also expected to emphasise the need to enhance municipal service management and financial stability in the water sector to address water shortages in the country.

    “In light of the persistent and evolving threat posed by gang-related violence in both urban and peri-urban areas, the Deputy President will brief Parliament on the comprehensive strategy the Justice, Crime-Prevention and Security Cabinet Committee has implemented to dismantle organised criminal networks,” the statement read. 

    He will further reiterate South Africa’s commitment to the rule of law, which his Office said is a cornerstone of South Africa’s democratic constitutional order. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Clothing and textile sector is crucial to SA’s economic recovery

    Source: South Africa News Agency

    The clothing and textile sector has a critical role to play in South Africa’s economic recovery and re-industrialisation efforts, says Trade, Industry and Competition Deputy Minister Andrew Whitfield.

    He was addressing the Annual General Meeting and 20-year anniversary of the Cape Clothing and Textile Cluster held at UVU Africa in Cape Town. 

    Whitfield highlighted some key targets of the government which are aimed at revitalising the South African economy. Among these is the creation of 100 000 new direct jobs in manufacturing, a 4.1% growth in manufacturing exports and a 3% average annual Gross Domestic Product (GDP) growth during the current term of government. 

    He said that under the Government of National Unity, the Department of Trade, Industry and Competition (dtic) is advancing a bold, coordinated industrial strategy – one the builds real momentum behind inclusive economic growth and job creation. 

    However, government alone cannot achieve sector revitalisation. 

    This, according to Whitfield, requires collaboration with key stakeholders, through platforms such as clusters, on factory floors, in skills development hubs, and within local ecosystems that are solving problems and scaling practical solutions every day. 

    “The Cape Clothing and Textile Cluster (CCTC) is not just a regional initiative; it is a catalyst. Through shared services, coordinated skills training, and supplier development, this cluster is helping to build a stronger, more competitive, and more sustainable industry from the ground up.

    “It is strengthening local supply chains, enhancing productivity, and enabling firms, large and small, to respond to global market demands with agility and innovation,” he said.

    He said that working with all its key partners through the Retail–Clothing Textile Footwear Leather Master Plan, government is committed to doing the work necessary to deal with the trade imbalance that has resulted in the staggering 223% rise of imports within the sector. 

    “We must boost export capacity, focusing on quality, reliability, and compliance, to reach key global markets with premium finished goods. We need to be ready, on standards, on delivery, on traceability.
    “And we must shift from being exporters of raw input to suppliers of premium, finished product. The road ahead is clear, and the groundwork is already in place. 

    “Through collaboration, innovation, and continued investment in people and partnerships, we can ensure that this sector not only survives but thrives.” – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI NGOs: Chile: Back to the Future

    Source: Council on Hemispheric Affairs –

    By Maximiliano Véjares

    Washington DC

    Chile’s recent local elections, in which moderate, traditional parties staged a comeback, offer a promising sign of political stability. Following five years of uncertainty marked by a social uprising in 2019, the COVID-19 pandemic, and two unsuccessful attempts to rewrite the Pinochet-era constitution, the country appears to be approaching a turning point.

    Historically recognized as a model of democratic transition and economic progress, Chile’s recent challenges have cast significant doubt on its democratic resilience. However, the recent election outcome suggests that the period of uncertainty may be drawing to a close.

    The center-right Chile Vamos coalition demonstrated its strength by surpassing the far-right Republicanos in their competition for dominance in that sector. Simultaneously, the center-left Socialismo Democratico coalition increased its vote share vis-à-vis the more left-leaning Communist Party and Frente Amplio. Mayors, municipal and regional (states) councilmembers, and governors, are much more evenly distributed across the ideological spectrum than before the elections.

    Chilean Democracy Undergoes Dramatic Shifts Since 2019

    Since 2019, the country’s democracy has undergone dramatic shifts. That year, a widespread social uprising triggered the election of a constitutional assembly reflecting deep-seated demands for systemic change. In September 2022, however, the population decisively rejected a progressive constitutional draft, with 63% voting against it. Undeterred, political elites attempted a do-over, now with a reformed electoral system, hoping to elect a more balanced constitutional assembly. Despite these efforts, the strategy backfired. Republicanos secured a plurality of votes and the chance to veto decisions in the new assembly, resulting in a conservative draft. Ultimately, the latest proposal met the same fate as its predecessor, with 55% of Chileans rejecting the new constitutional project.

    Given these rapid political transformations, last November’s local election results offer a promising sign of renewed stability for Chile. Voters appear to have moved beyond the climate of uncertainty, shifting away from supporting outsider candidates who promised sweeping economic and social restructuring and instead gravitating towards more moderate, centrist political alternatives.

    Despite hurting citizens’ aspirations to rewrite the Pinochet-era constitution, the instability caused by years of institutional uncertainty is most likely over. Every significant coalition has agreed not to attempt new constitutional changes in the near future. The new political landscape indicates an emergent recalibration of Chile’s party system.

    Despite the good news, some fundamental challenges remain. Political parties and Congress continue to suffer from extremely low public trust, with recent polling indicating that only 8% and 4% trust these institutions, respectively. Moreover, an electoral reform implemented in 2015 that replaced the archaic Pinochet-era binomial system incentivizes politicians to act as individual political entrepreneurs rather than committed party-builders.

    The increasing personalization of politics has consequently made legislation and governance increasingly tricky. Recognizing this fragmentation, a cross-party group of senators has proposed a bill to raise the vote threshold required for an electoral list to enter Congress, with the explicit goal of reducing the number of parties in Congress. Improving the institutional design could help political elites enhance policymaking to face the country’s most pressing challenges: rising public safety concerns and a stagnating economy

    Chile’s political stability is critical not only for its citizens but also for the global energy landscape. As a significant contributor to the energy transition, the country commands an extensive share of the world’s lithium and copper reserves and production. With the United States and China seeking to develop resilient supply chains and invest in renewable energy infrastructure, Chile is positioned to play a pivotal role in the emerging geopolitical dynamics of critical mineral production and clean energy development.

    The Presidential Race Heats Up

    Together with more centrist incumbents at the local level, two issues will lurk behind the presidential and legislative elections of November 2025: economic stagnation and escalating public safety concerns. Evelyn Matthei, a right-wing moderate and the daughter of Fernando Matthei—a former military junta member—is the clear frontrunner. A recent poll shows that 22% of citizens would support her if the election were held this week, positioning her ahead of all left-leaning presidential hopefuls. The poll also indicates that Matthei would defeat every contender in a potential runoff, including the far-right Kast. On the contrary, the poll suggests every left-leaning candidate would lose against Matthei in a runoff. In the case Kast made it to a second round, he could be defeated by left leaning former Chilean president Michelle Bachelet, should she have a change of heart and decide to run.

    Matthei faces two far-right challengers: José Antonio Kast and Johannes Kaiser. In the 2021 election, Kast beat Chile Vamos but was ultimately defeated by Gabriel Boric in the runoff. Kaiser, a polarizing far-right politician, left the Republicanos party in 2023. Current polling indicates Kaiser’s candidacy is gaining traction, with 8% of voters expressing potential support—a trajectory that suggests growing political momentum.

    It is unclear who the contenders on the left will be. Gabriel Boric’s government (2021-2025) is relatively unpopular, with an average approval rating of 30%. Such context makes it hard for many left-leaning political figures to dissociate from the government. Thus far, former president Michelle Bachelet is the only competitive candidate, although at this time she still loses against Matthei in the polls mentioned above. Recently, former President Bachelet indicated that she will not run for a third time.

    Lately, the coalitional dynamics within Chile’s left have shifted rapidly. The once-powerful Socialismo Democrático has lost support after endorsing the 2019 wave of demonstrations which, according to research conducted in 2024 by CADEM, are now viewed with disapproval by a majority of respondents. Meanwhile, the more progressive Frente Amplio has emerged as the dominant force among left-leaning parties.

    Looking ahead to the June 2025 primaries, two distinct scenarios could emerge if left-wing candidates gain momentum. Under Socialismo Democratico leadership, we would likely see a more market-oriented approach, leveraging their extensive governmental experience and networks of skilled technocrats. On the other hand, if a candidate from Frente Amplio or the communist party prevails, the presidential race would likely center on increasing state control over natural resources and expanding wealth redistribution programs.

    Although primary elections are not mandatory, it has become common for large coalitions to nominate their presidential candidates through this mechanism.

    Whatever happens next year, the institutional uncertainty stemming from the constitutional discussion has mostly dissipated. If political elites create a more balanced electoral system and find a way to jumpstart the economy, Chile may be back on track on the road to economic progress and democratic stability.

    Photo Credit: Universidad de Chile.

    Maximiliano Véjares holds a PhD. from Johns Hopkins and an MA from the University of Chicago. He is a senior research associate at Johns Hopkins University’s Net Zero Industrial Policy Lab and a nonresident fellow at American University in Washington, DC. His academic interests are the origins of political development, including democracy, state capacity, and the rule of law. Beyond His scholarly work, Maximiliano has broad professional experience in government and international organizations.

    MIL OSI NGO –

  • MIL-OSI USA: Secretaries Wright, Burgum Join JERA and U.S. LNG Producers to Finalize Agreements Expected to Add over $200 Billion to U.S. GDP

    Source: US Department of Energy

    WASHINGTON— U.S. Secretary of Energy Chris Wright and Secretary of the Interior Doug Burgum, vice-chair and chair of the National Energy Dominance Council (NEDC) respectively, today joined Yukio Kani, global CEO and chairman of JERA Co., Inc. and representatives from several U.S. LNG producers to announce the finalization of four 20-year agreements between JERA and U.S. companies to purchase up to 5.5 million tons per year of American LNG. The agreements, which are projected to support more than 50,000 U.S. jobs and add more than $200 billion to U.S. GDP according to S&P Global analysis, underscore President Trump’s efforts to unleash American LNG production and the significant role the U.S. LNG industry plays in strengthening the U.S. economy and bolstering global energy security.

    The agreements include sales and purchase agreements with NextDecade Corporation and Commonwealth LNG, and heads of agreements with Sempra Infrastructure and Cheniere Marketing LLC, to purchase LNG from America’s Gulf Coast. The announcement is yet another major milestone for President Trump’s commitment to increase investment in the U.S. and unleash American dominance.

    “Today’s announcement of investments in American energy that will unlock nearly a quarter trillion dollars in U.S. GDP is a massive milestone and a bold demonstration of President Trump’s leadership,” said Secretary Wright. “More than 50,000 jobs, tens of billions of dollars in new LNG export infrastructure, and a more secure energy future is just around the corner because we have a President who prioritizes our nation’s prosperity and energy security. This is another powerful example of the growth of the U.S. LNG export industry over the past decade, which is a boon to our allies around the world who seek to expand trade with the U.S. while supporting their own energy security.”

    “This investment is a message to the world that American LNG is back thanks to President Trump and we’re leading on the world stage,” said Secretary Burgum. “I am proud to join Secretary Wright and JERA CEO Yukio Kani to celebrate this commitment that will bring in almost a quarter trillion dollars to our nation’s economy and support over 50,000 American jobs for our country’s LNG industry. America is no longer begging for foreign energy – we’re producing it cleaner, smarter, better, and more reliably than the rest of the world.”

    “Today represents a true win-win and we want to thank President Trump for his leadership and commitment to unleash American energy – both of which were essential to completing these Agreements,” said Yukio Kani, Global CEO and Chairman of JERA Co., Inc. “They reflect a strong commercial partnership between the U.S. and Japan, strengthen Japan’s energy security and reaffirm the U.S.’s leading role in the global LNG market. We look forward to continuing our work with the President, Secretaries Burgum and Wright, and their teams, in partnership with the Government of Japan and the Ministry of Economy, Trade and Industry, on shared energy goals moving forward.”

    BACKGROUND:

    President Trump and Secretary Wright have been hard at work to expand U.S. LNG exports by removing regulatory burdens left by the previous administration. With President Trump’s leadership, the DOE acted on day one to resume the consideration of pending applications to export LNG to countries without a free trade agreement (FTA), in accordance with the Natural Gas Act. Under President Trump, Secretary Wright has approved approximately 106 (mpt/a) in non-FTA export projects, which ranks higher than the current LNG export capacities of the second largest global exporter. The DOE removed regulatory barriers blocking LNG exports, including rescinding a Biden-era policy statement that required LNG exporters to meet strict criteria before the agency would request to extend a commencement date for an approved project. In May 2025, the DOE finalized the 2024 LNG export study showing key findings, including that the United States has a robust natural gas supply; exports increase GDP, expand jobs, and improve trade; and LNG exports improve national security.

    To fulfill President Trump’s Energy Dominance agenda, Secretary Burgum is cutting red tape and empowering energy producers in the Gulf of America to drill more than ever before. In Q1 of 2025, the Department of the Interior announced the disbursement of approximately $353.6 million in energy revenues to the four Gulf of America oil- and gas-producing states – Alabama, Louisiana, Mississippi, and Texas, and their coastal political subdivisions such as counties and parishes. In a significant step forward for American energy production, the Department of the Interior is boosting offshore oil output in the Gulf of America. New scientific studies from the Department of the Interior have found that there is 7.15 trillion cubic feet of natural gas in the Gulf of America—a 22.6 percent increase in remaining recoverable reserves. In May, the Department of Interior issued an amended bonding financial assurance rule, which will free up billions of dollars for American energy producers to use to lease, explore, drill, and produce oil and gas in the Gulf of America while protecting American taxpayers against high-risk decommission liabilities.

    President Trump’s One Big Beautiful Bill will help advance this project by expediting permitting for critical infrastructure projects, including LNG export terminals.

    For more information on this announcement and President Trump’s efforts to unleash American LNG exports click here to view a fact sheet.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Family Hubs team up with charities to offer more support to families

    Source: City of Coventry

    Coventry’s Family Hubs are to help distribute 100 Baby Care Packs every month to help families in need.

    The Hubs have teamed up with local charity Baby Godiva and national charity Care Packs for the initiative, which will see everyday essentials made available to families across the city who are living in temporary accommodation or facing challenges and inequalities.

    Baby Godiva will issue 100 packs a month through the Start for Life offer. The packs provide the essential items that families need when they have a new baby, including: baby wipes, nappy sacks, cotton wool/pads, shampoo, lotion, body wash, sponges, and a biodegradable bag.

    The packs will also carry a QR Code that families can scan to access the wider Family Hubs’ offer at www.Coventryfamilies.co.uk, including support with housing, debt, welfare benefits and health and wellbeing support and advice.
     

    Cllr Patricia Seaman, Cabinet Member for Children and Young People at Coventry City Council, said: “This is a brilliant scheme that will really make a difference to so many people across the city as they face those first few weeks and months of raising a child.

    “Those times can be so hard for those without a support network, and it will show them that there is help available and people who care.

    “The Family Hubs have quickly become a key part of our city and of the Council’s work to put children and families at the heart of all we do, and this new partnership with two wonderful charities will help us to continue that work to give every child in Coventry the best possible start in life.”
     

    The Family Hubs help to join up the planning and delivery of family services; build connections between families, practitioners, services and providers; and put relationships at the heart of family support. They offer support to families with children of all ages up to 19 years, with services including learning support, infant feeding and parent/child relationships.

    Baby Godiva is a charity based in Coventry founded in 2019 supporting families with young children in their time of need. It acts as a Baby Bank, collecting and sorting items from the local community and then redistributing them to families that are experiencing financial or personal difficulties. Read more about the charity and make a referral at https://babygodiva.org/

    Care Packs uses an extensive network of corporate organisations and leaders to help deliver packages that improve the lives of individuals and families across the UK, supporting families facing financial hardship by delivering essential resources for their babies and young children. Read more about its work on the website www.care-packs.org.uk

    To find out more about the work of the Family Hubs and how they could help your family, visit www.coventry.gov.uk/familyhubs

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Australia’s Bond Market in a Volatile World

    Source: Airservices Australia

    Introduction

    It is a pleasure to be at the Australian Government Fixed Income Forum here in Tokyo. Today I will talk about three issues that are important for the wider Australian bond market:

    1. How has the market matured over a long period of time?
    2. What might the future hold, given a volatile international backdrop?
    3. What are the implications of the RBA’s new framework for implementing monetary policy?

    To give the punchline up front: in a volatile world, the Australian bond market is supported by a number of enduring strengths that are centred around Australia’s institutional stability and policy frameworks.

    The maturing of the Australian bond market

    If we rewind 25 years, the debate over Australia’s bond market was whether it had much of a future. In the early 2000s, the core of the market – Australian government securities (AGS) – was dwindling in size. That focused minds on the negative feedback effects this would have for the functioning and resilience of Australia’s financial system, ability to attract foreign investors, and the cost of capital.

    We have since seen significant growth in Australia’s overall bond market. The first phase of growth was the expanded issuance by Australian banks raising wholesale funding (Graph 1). The second phase has involved the expanded issuance by governments, both federal and state (‘semi’ government securities). The stock of bonds issued by Australian entities is now about 80 per cent the size of total bank credit in Australia.

    The growth of the market has been supported by a diverse range of investors: banks accumulating liquid assets in response to regulation; super funds managing Australia’s maturing compulsory savings system; and foreign investors attracted by Australia’s institutions, credit profile and history of relatively high yields.

    For most of its history, Australia has benefited from being a net importer of capital, and the bond market has been a key vehicle for that. The growth of the bond market has continued despite an extraordinary decline in Australia’s net foreign liabilities in recent years (Graph 2). That is because Australians have accumulated foreign assets, especially equity, while foreign investors have continued to seek to hold Australian debt.

    As the bond market has grown, we have seen a positive feedback loop. A bigger market has seen more diversity, liquidity and maturity of the underlying infrastructure. Several recent and emerging trends speak to this:

    • We have seen greater depth of the Australian dollar (i.e. onshore) market. Since the 1980s, Australian banks and other corporations have mainly issued bonds offshore in foreign currency to access deeper markets. So we tend to think of the Australian bond market in these broader terms. But in the past few years issuance has shifted onshore – banks now source around half of their bond funding onshore and corporates are issuing much more of their longer term debt onshore (Graph 3). At the same time, foreign investors have been more active in the onshore market.
    • Liquidity has been supported by an expanded repo market, where bonds can be used as collateral to raise cash. The repo market for AGS and semis has doubled in size relative to the physical bond market over the past decade (Graph 4). We also see a broader range of participants and more diverse collateral. The growth of repo partly reflects the larger physical bond market, and is despite money markets having been flush with reserves in recent years.
    • The market is moving toward enhanced infrastructure and transparency. There is a growing industry consensus that centralised clearing could enhance the efficiency, stability and transparency of the Australian bond and repo markets. And a welcome development in the repo market is that the ASX is developing an overnight repo pricing benchmark (SOFIA).

    Some earlier expectations for the bond market have not come to fruition. Most notably, the corporate bond sector remains small by international standards, with lower rated issuers still tending to seek capital abroad. That said, this partly reflects the ongoing strength of the Australian banks, the emergence of a private credit market, and a long-term decline in corporate leverage since the global financial crisis.

    Overall, the Australian bond market has come a long way. Rather than the negative feedback effects that people worried about at the turn of the century, we have seen a positive feedback loop as the market has grown. The market has become more attractive over time to both issuers and investors.

    Challenges and opportunities in a volatile and uncertain world

    What then might the future hold?

    The international backdrop presents two key challenges: competition for global capital; and the potential for periodic market disruptions to spill over. I’ll now outline what each in turn might mean for the Australian bond market. From here, I am largely focusing on government bond markets.

    Competition for global capital

    Recent years have seen increased supply of government bonds globally. That reflects both new issuance and a wind down of central banks’ holdings (Graph 5). Some observers have gone so far as to refer to this as an emerging global ‘bond glut’.

    In turn, there has been a sustained rise in the yield that government bonds pay over expected future short rates – the term premium (Graph 6). And yields on bonds have also risen relative to those in derivatives markets – the interest rate swap spread.

    This shift should be kept in context – the term premium has returned closer to historical norms. Even so, it suggests a fundamental shift from the previous decade or so, when we saw strong demand for government bonds from price-insensitive buyers and historically low term premiums.

    What does this mean for Australia?

    The supply of government bonds in Australia is also projected to grow at a fast pace relative to history. That largely reflects funding tasks for both the Australian federal and state borrowing authorities. It also reflects the gradual unwinding of the RBA’s holdings of AGS and semis. The ‘free float’ of AGS available to private investors is projected to increase by around 4 percentage points of GDP a year in coming years – the highest since the pandemic.

    At the same time, foreign investors continue to own a large share of Australian bonds (Graph 7). That is despite a rapidly growing pool of domestic savings, as I mentioned earlier. Foreign ownership comprises around two-thirds of the free float of AGS available to private investors, though a much lower share of semis.

    In this context, Australia’s institutions and credit profile have long provided an important comparative advantage. Our discussions in liaison confirm that foreign investors are attracted to Australia’s strong and stable institutional arrangements. Australia’s general government net debt is amongst the lowest in the developed world, at around 30 per cent of GDP (Graph 8). As a result, while Australia comprises only around 1 per cent of the outstanding sovereign bonds in advanced economies, it makes up more than 10 per cent of the AAA-rated sovereign bond universe. Looking beyond government bonds, Asian investors have developed a larger presence in bank and corporate bonds in recent years for these same reasons. And in the process, issuers have developed stronger relationships with new offshore investors.

    Much as international trade may be diverted in a new economic order – so too might international capital. There are a range of plausible scenarios for how this may play out. Investors may be concerned about Australia’s exposures as a small economy with a large trade relationship with China and a major stake in an open international trading and financial architecture. But working in the other direction are the enduring institutional factors I have mentioned, which will continue to be attractive to investors. In some scenarios where these institutional factors take precedence, Australia could even be a net recipient of broader portfolio allocations.

    Ultimately, prices will clear markets. And Australia’s floating exchange rate has historically also provided important flexibility, helping to absorb any shifts in relative demand for Australian assets.

    Market disruptions and spillovers

    A second issue is the potential for market disruptions to spill over to the Australian market. This is not new of course. But in an environment of elevated uncertainty, increasing supply and (as I’ll get to) leverage in global bond markets, we need to be prepared for periodic disruptions.

    Events in early April were somewhat dramatic, though brief, and illustrated how changes in the global economic system will play out quickest in capital markets. The US administration’s announcement of larger and broader tariffs than expected, and the response of other governments, saw markets rapidly reassess the outlook. Some large positions in international government bond markets, often associated with leverage, were unwound relatively quickly leading to a sharp rise in yields and thinner liquidity.

    There was a similar unwinding of positions in the Australian Government bond market and some participants reduced their trading amid the volatility. As a result, we saw some large moves in AGS yields and a decline in market liquidity (Graph 9). Bid-ask spreads widened to several times their normal level. Yields for other bonds rose relative to AGS, including because they have less liquidity than the AGS market.

    On this occasion, Australian markets were ultimately able to adjust – we saw a repricing, but not a broad-based shift to cash. Sellers were able to find willing buyers, and Australian governments continued issuing, though at a slower pace. Derivatives markets were resilient, including bond futures, which play a particularly important role in price discovery and risk management in the Australian market. This was in contrast with the early days of the pandemic, when markets became dysfunctional and threatened broader financial stability.

    A key reason that markets stabilised quickly was the pause on the implementation of tariffs. That suggests little room for complacency.

    So what other lessons can we take?

    One is to remain attentive to market leverage. We did not see large-scale deleveraging in AGS or other Australian bonds. But leveraged investors such as hedge funds have had an increased role in many markets in recent years. They bring significant benefits as a source of liquidity in normal times, but also introduce risks as deleveraging can amplify shocks.

    In Australia, we hear that hedge funds are a growing source of demand in some sectors such as semis. But unlike in other countries, where pension funds and insurers can employ significant leverage when holding bonds, Australia’s large superannuation sector is restricted from – and has less incentive to – directly take on leverage.

    And, ultimately, this was a reminder of the importance of resilience in core money markets. Australian repo markets continued to function, which avoided broader deleveraging and supported the ability to trade and issue in bonds. In turn, liquidity in money markets was supported by the RBA’s monetary policy implementation framework.

    Implications of the RBA’s new framework for implementing monetary policy

    Which brings me to my final topic – the RBA’s new framework for implementing monetary policy and its role in markets.

    Recent years have seen a significant decline in the RBA’s balance sheet as our pandemic-era policies have matured. In light of that, we recently announced how we will implement monetary policy in the future to control the cash rate – which is the RBA’s operational target for monetary policy.

    For markets, this framework emphasises the important role of two aspects of liquidity:

    1. Central bank liquidity – by which I mean the availability of reserves as the ultimate liquid asset. At its heart, the framework provides an ‘ample’ level of reserves, as participants can fully satisfy their demand at our ‘full allotment’ repo operations. That is a change from pre-pandemic times when we supplied a scarce quantity of reserves.
    2. Market liquidity – by which I mean the ability to obtain funding in active private money markets. While the framework provides more reserves than in the past, it still aims to also provide private money markets with the space to operate effectively. That is done by applying a modest cost on reserves and operating in the market only weekly.

    The recent episode highlighted the importance of these two aspects of liquidity. Money markets redistributed liquidity where it was needed. And we saw a relatively modest increase in demand for reserves at our weekly operations, which helped keep the necessary overall liquidity in the system (Graph 10). Together, that helped to ensure the initial shock was not amplified through broader markets.

    The framework’s set-up is forward looking. We expect our repo operations to expand from a low share of the market, to meet demand for reserves as our bond holdings gradually unwind (Graph 11). But we do not want that to significantly displace the normal operation of private money markets.

    To help support the smooth operation of markets, we have also emphasised that use of our ‘overnight standing facility’ will be seen as routine liquidity management by both the RBA and APRA.

    In all, we have put through changes seen as appropriate for the future – including the price and tenor of operations and the rate we pay on reserves. While we will learn and recalibrate as needed, markets also benefit from predictability and so the intent is not to adjust these settings frequently.

    Conclusion

    Let me conclude.

    We are facing a volatile world. The global economic system is in flux and what will emerge is difficult to predict. Australia’s open economy has long benefited from open capital flows, and the Australian bond market provides a critical linkage with the rest of the world.

    In that context, the Australian bond market has a number of key and enduring strengths. Its growth over time has been accompanied by greater depth, diversity and infrastructure. More broadly, Australia’s stable institutional foundations and favourable credit profile should help it to remain an attractive destination for international capital, alongside strong growth in domestic savings.

    In an uncertain environment we should be prepared for periods of volatility and market disruption, as events in early April highlighted. Australian markets exhibited resilience and that episode did not become systemic. Importantly, it did not result in a broader shift to cash. On that front, the RBA’s new operational framework is designed to both foster liquid money markets and provide ample central bank reserves. That combination can help Australian markets to remain flexible and resilient in a volatile world.

    Thank you for your time and I look forward to your questions.

    MIL OSI News –

  • MIL-OSI Europe: ECB adds indicator of nature loss in climate-related financial disclosures as portfolio emissions continue to decline

    Source: European Central Bank

    12 June 2025

    • Carbon emissions continued to decline across most asset classes
    • New indicator used to assess nature-related dependencies and impacts
    • Tilting framework responsible for around one-quarter of emission reductions in Eurosystem’s monetary policy corporate bond holdings since 2021
    • Quantitative interim emission reduction targets set for corporate bond holdings in APP and PEPP

    The European Central Bank (ECB) today published its third set of climate-related financial disclosures. These provide an overview of the carbon footprint and climate risk exposures of the Eurosystem’s monetary policy portfolios, the ECB’s foreign reserves and the ECB’s non-monetary policy portfolios, which consist of its staff pension fund and its own funds portfolio.

    To further improve transparency and reflect the strong links between nature loss and climate change, this year’s disclosures include a new indicator that measures the exposure of the ECB’s and the Eurosystem’s corporate portfolios to sectors with material dependencies or impacts on nature. The results show that approximately 30% of the Eurosystem’s monetary policy corporate bond holdings are concentrated in the three most exposed sectors, which are utilities, food and real estate. In the ECB’s own funds portfolio and staff pension fund, the share of corporate investments exposed to sectors that depend on or impact nature varies, with the largest share being 40% for equity exchange-traded funds (ETFs). While still only an initial estimate, this new indicator is another step towards improving our understanding of the risks and impacts of nature loss and highlights the importance of assessing the potential economic and financial consequences.

    Emissions associated with the Eurosystem’s monetary policy portfolios and the ECB’s foreign reserves continued to decline in absolute terms and, for most asset classes, relative to their portfolio size. An updated climate stress test of the Eurosystem balance sheet found that corporate bonds are still the asset class most exposed to climate risk, underlining the relevance of the ECB’s earlier decision to tilt reinvestments towards issuers with a better climate performance. Although reinvestments slowed from mid-2023, tilting still accounted for around one-quarter of total emission reductions between 2021 and the end of 2024, when reinvestments were discontinued.

    Following its decision last year to set interim emission reduction targets for the aggregate corporate portfolio holdings in the asset purchase programme (APP) and the pandemic emergency purchase programme (PEPP), the Governing Council has set an emission intensity reduction target of 7%, on average, per year. The aim of this target is to keep these holdings on a path that supports the goals of the Paris Agreement and EU climate neutrality objectives. If, on aggregate, these portfolio holdings deviate from this path, the Governing Council will assess, within the limits of its mandate, whether remedial action is warranted.

    In the ECB’s own funds portfolio, the share of green bonds rose to 28%, up from 20% in the previous year, channelling over €6.4 billion in funding for the green transition. The ECB aims to further increase this share to 32% in 2025. In addition, the ECB began investing a small portion of its own funds portfolio in ETFs that track EU Paris-aligned benchmarks, underlining its commitment to supporting the goals of the Paris Agreement. With regard to the ECB’s staff pension fund, corporate investments saw a 20% decline in their carbon footprint in 2024, keeping this portfolio on track towards its interim targets.

    There are still some challenges to overcome, particularly in terms of data coverage and comparability. Inconsistent reporting for certain emissions, such as those related to an issuer’s entire value chain, makes it difficult to compare these emissions across issuers or over time. Data availability for some asset classes, such as covered bonds, also remains limited. These challenges point to the need for reliable, harmonised reporting standards across sectors and jurisdictions to support informed investment decisions and effective risk management. The ECB and the Eurosystem remain committed to improving the quality and scope of their climate-related financial disclosures in line with advancements in climate-related data availability.

    For media queries, please contact Clara Martín Marqués, tel.: +49 69 1344 17919.

    Notes

    MIL OSI Europe News –

  • MIL-OSI: Rio Tinto Selects iManage to Support Legal Transformation Across Global Operations

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, June 12, 2025 (GLOBE NEWSWIRE) — iManage, the company dedicated to Making Knowledge Work™, today announced that global mining company Rio Tinto has deployed iManage as part of a broader strategy to modernize and streamline its legal operations. More than 200 users across Australia, Singapore, the UK, and North America are now benefiting from the platform.

    Seeking to improve searchability, performance, and usability, Rio Tinto replaced its legacy SharePoint-based system with iManage Work 10, Threat Manager, and Share. The implementation has delivered significant gains in user adoption and operational efficiency, while enabling the company to better govern legal knowledge and control its data environment. The move supports Rio Tinto’s focus on a connected digital ecosystem, in which integrated systems and automation simplify processes and unlock new value. This includes seamless API integration between iManage and Rio Tinto’s in-house digital legal hub, with iManage serving as the core content layer.

    “With iManage, we’ve gone from frustrated users to enthusiastic adopters,” said Christopher de Waas, Digital Transformation Lead at Rio Tinto. “People are finally able to search, file, and manage their documents without friction, and that shift has opened the door to real transformation. We’re no longer just solving problems, we’re building momentum.”

    Rio Tinto migrated over 4.5 million documents to iManage and achieved 80% user engagement within the first four months of go-live, with half of the department classified as active users. By enabling users to manage content efficiently, including while offline, iManage has helped reduce rework, increase compliance, and preserve institutional legal knowledge across the organization.

    “We’re proud to support Rio Tinto as they modernize how their legal team works,” said Suzanne Walmsley, Senior Director of European Sales at iManage. “Their focus on usability, governance, and transformation aligns perfectly with our mission. It’s rewarding to see how quickly iManage has driven engagement and unlocked new possibilities across their team.”

    Looking ahead, Rio Tinto is exploring the use of iManage’s AI capabilities, particularly Ask iManage, to unlock the full potential of its legal knowledge base. With a mature, well-governed system in place and strong user participation, the team sees AI as the next step in surfacing insights, accelerating workflows, and driving smarter decision-making across legal and beyond.

    About iManage
    iManage is dedicated to Making Knowledge Work™. Our cloud-native platform is at the center of the knowledge economy, enabling every organization to work more productively, collaboratively, and securely. Built on more than 20 years of industry experience, iManage helps leading organizations manage documents and emails more efficiently, protect vital information assets, and leverage knowledge to drive better business outcomes. As your strategic business partner, we employ our award-winning AI-enabled technology, an extensive partner ecosystem, and a customer-centric approach to provide support and guidance you can trust to make knowledge work for you. iManage is relied on by more than one million professionals at 4,000 organizations around the world. Visit www.imanage.com to learn more.

    Follow iManage via:
    LinkedIn: https://www.linkedin.com/company/imanage
    X: https://x.com/imanageinc
    YouTube: https://www.youtube.com/@iManage 

    Press contact:
    Alicia Saragosa, iManage
    press@imanage.com

    The MIL Network –

  • MIL-OSI: Iterate.ai Raises $6.4 Million from Auxier Asset Management and eBags Board Alumni to Accelerate AI Expansion

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif. and DENVER, June 12, 2025 (GLOBE NEWSWIRE) — Iterate.ai, recently named one of the 20 Hottest AI Software Companies by CRN, has announced $6.4 million in funding led by Auxier Asset Management and with participation from Peter Cobb, Mike Edwards, and Dave Zentmyer. All four are former eBags board members.

    Jeff Auxier, founder of Auxier Asset Management, was a longtime board member at eBags, where he worked closely with Iterate.ai CEO Jon Nordmark. He’s joined by other eBags board veterans including Cobb (co-founder of eBags and Designer Brands (DSW) board director), Edwards (a seasoned retail executive and four-time CEO, including at eBags), and Zentmyer, former SVP of Lands’ End. Their collective involvement signals a powerful vote of confidence in Iterate’s AI growth journey as it expands distribution channels and introduces its key productivity solution, Generate Enterprise.

    The investors’ decision to collaborate once again with Nordmark and his CDTO/co-founder Brian Sathianathan reflects the strong trust and mutual respect established during their successful tenure together at eBags, which sold $1.65 billion worth of travel products before it was acquired.

    Before co-founding Iterate.ai with Sathianathan—who was a six-year member of Apple’s 60-person Secret Products Group that developed the first iPhone and is a patent holder on that groundbreaking product—Nordmark co-founded eBags in 1998 with Cobb. Cobb brings extensive experience scaling successful digital pure-play businesses, co-founding eBags (acquired by Samsonite) and 6pm.com (acquired by Zappos). He has served on the boards of publicly traded companies such as Designer Brands (DSW), and spent a decade as board director for the National Retail Federation and its digital predecessor, Shop.org.

    “Iterate.ai’s approach to AI innovation is not only forward-thinking but also pragmatic, ensuring real-world application and success for enterprises,” said Cobb. “Look at how Iterate partnered with Intel to pioneer AI inference processing using CPUs on the Edge.” The company’s method of building technologies recently earned it a spot in Fast Company’s Best Workplaces for Innovators and recognition from the Colorado Technology Association as Colorado’s top technology company.

    Edwards is a seasoned CEO and board chairman with over 35 years of leadership experience spanning public and private companies across industries such as digital commerce, consumer-tech AI, and CPG brands. A trusted investor and independent director with SEC financial expertise, he brings a wealth of strategic insight. His leadership roles include CEO of eBags (following Nordmark), as well as Lucy (acquired by VF), Hanna Andersson, and Borders, where he was appointed by Ben Lebow and Bill Ackman. Earlier in his career, Edwards served as EVP at Staples and CompUSA, following his graduation from Drexel University, where he is now a trustee.

    “Iterate.ai recognized the transformational opportunity of AI in 2015 when it added the dot AI to its name, and customers like Ulta Beauty and Pampered Chef have been benefiting from Iterate’s cutting-edge technology for years,” said Edwards, strategic investor, Iterate.ai. “This is an incredibly smart team with a clear vision for how businesses can adopt next-gen AI effectively and securely—while outpacing and outmaneuvering competitors with innovative applications. I’m excited to help Iterate write the next chapter in the company’s story.”

    Zentmyer—a former SVP of Lands’ End—helped build that company’s revenues from $10 million to a few billion after earning his MBA from Stanford University. “Iterate spent the past 18 months establishing partnerships with hardware providers like NVIDIA, Qualcomm, Intel, and distributors/resellers like TD SYNNEX that will help Iterate architect a rollout at scale,” said Zentmyer. “Building those partnerships is a tremendous feat because each of those Big Tech firms has a significant vetting process.”

    With their track records, Auxier, Cobb, Edwards, and Zentmyer are well-positioned to offer valuable guidance and help Iterate.ai refine operational strategies, expand into new channels, and unlock the vast market potential of its patented solutions—further strengthening its presence in key industry verticals.

    “This AI PC revolution is underway—analysts project over 100 million AI PCs will ship by 2025—and we’ve meticulously optimized Generate across Intel’s CPUs, GPUs, and NPUs to harness that on-device performance and efficiency,” said Sathianathan. “At the same time, we’re evolving Generate Enterprise into a unified, one-stop platform for agent building with a no-code interface and air-gapped, secure document RAG—complete with built-in vector databases and seamless integration into large-scale enterprise storage environments.”

    Iterate.ai offers an AI platform and four distinct AI products, including its newest product, Generate. Generate is an AI Assistant that can run entirely on an AI PC, even without an internet connection.

    Iterate’s low-code AI platform, Interplay, empowers traditional enterprises and Big Tech to rapidly build and scale AI solutions. With Interplay, Iterate creates its own innovative products, like Generate. Leading companies, including Ulta Beauty, Circle K, Hughes, FUJIFILM, MUFG, e.l.f. Cosmetics and Pampered Chef, leverage Interplay to enhance operational efficiency, develop custom AI-powered social media managers, implement deep-learning-based OCR, and tackle many other advanced AI initiatives.

    “I’ve known each of these leaders for at least twenty years. Each brings a wealth of practical experience and strategic insight to fuel Iterate’s growth,” said Nordmark. “We couldn’t be more excited to welcome Mike, Dave, Peter, and the Auxier group as investors and strategic advisors.”

    About Iterate.ai

    Iterate.ai is at the forefront of empowering businesses with state-of-the-art AI solutions, like Generate and its AI low-code platform, Interplay. Interplay is cloud-agnostic and can run AI on the edge and in secure private environments. With seven patents granted (including “drag-and-drop AI”) and nearly a dozen more pending, Iterate.ai’s platform offers corporate innovators a low-risk, systematic way to scale in-house, near-term digital innovation initiatives. With its largest offices in San Jose, CA and Denver, CO, Iterate.ai has a global presence with other offices in North America (Texas, Washington, Arizona), Europe (Stockholm), and Asia (India, Sri Lanka, Singapore).

    Contact
    Kyle Peterson
    kyle@clementpeterson.com

    The MIL Network –

  • MIL-OSI USA: WATCH: Padilla Objects to EPA Nominees After Republicans Bypass Parliamentarian to Decimate California’s Clean Air Authority

    US Senate News:

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

    WATCH: Padilla Objects to EPA Nominees After Republicans Bypass Parliamentarian to Decimate California’s Clean Air Authority

    WATCH: Padilla: “California’s success drives America’s success. You rein in California’s ability to lead, you restrain our country’s success.” WATCH: Padilla also demands answers from EPA Administrator Zeldin on why the agency bucked longstanding precedent to submit California’s waivers as rules under the Congressional Review ActWASHINGTON, D.C. — After Republicans shortsightedly revoked California’s clean air waivers last month, U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Committee on Rules and Administration and a member of the Senate Environment and Public Works Committee, spoke on the Senate floor to object to the confirmation of all future EPA nominees during the consideration of David Fotouhi to serve as Deputy Administrator of the Environmental Protection Agency (EPA). Last week, Padilla announced his intent to place a blanket hold on EPA nominations — stating he would maintain holds on all of President Trump’s EPA nominees until Republicans allow California to protect the health of its residents, especially as the Trump Administration ramps up its attacks on California.
    Padilla’s holds — including yesterday’s objection to Fotouhi — come after Republicans overruled the nonpartisan Senate Parliamentarian’s decision and went nuclear on the Senate rulebook in order to rescind California’s clean air waivers, which allowed the state to implement more protective air quality standards for over 50 years. Senate Republicans bypassed the filibuster to rescind these waivers by overruling the Senate Parliamentarian’s determination that any resolutions aimed at overturning California’s waivers would not be entitled to the Congressional Review Act’s (CRA) expedited procedures and would therefore require 60 votes to secure Senate passage. Padilla’s objections prevent fast-track confirmation of EPA nominees, requiring the Senate majority to use a more time-consuming process and hold two separate votes on each nominee.
    As Ranking Member of the Senate Rules and Administration Committee, Padilla is also demanding answers from EPA Administrator Lee Zeldin on how and why EPA changed its longstanding legal position — which had persisted for 20 years under administrations of both parties — regarding whether California’s Clean Air Act waivers are subject to review under the CRA. The new oversight letter emphasizes that EPA’s actions to submit the waivers to Congress as rules led to the first instance of the Senate successfully using the “nuclear option” to avoid a legislative filibuster when Republicans overruled the Parliamentarian. Padilla asked Zeldin a series of questions, and requested related records and communications, pushing for details on how and why EPA changed its position and submitted California’s waivers as rules to Congress, which led directly to Senate Republicans changing Senate rules to bypass the legislative filibuster.
    Floor Speech on EPA Holds
    In his floor speech, Padilla emphasized that Republicans’ unprecedented actions jeopardize the public health of millions of Californians and blow up the Senate rulebook.
    “This was the very first time in the history of this Senate that the majority decided to go nuclear to take up joint resolutions that were subject to the filibuster one minute and they eliminated the legislative filibuster for them the next. They can deny it all they want, but it’s written there in the record for all of us to see, and it was sparked by the Trump Administration’s EPA abusing the Congressional Review Act and twisting it into something that it was never intended to be.”
    “The consequences will be physical, impacting the health, not just the lungs, but the broader health of the people of my home state of California. So I rise to remind my Republican colleagues and the EPA’s current leadership that these actions will have consequences, and as long as my Republican colleagues continue to try to pull the wool over the eyes of the American people, I’m going to continue to speak up and fight back.”
    “Unfortunately, the Trump Administration and the Republican majority plowed ahead, at the expense of the health of millions of children and families in California and many other states for that matter. They took advantage of the EPA’s clear abuse of the CRA to go nuclear, first overriding the procedural limits in the text of the CRA itself, and then second, by overturning the Parliamentarian’s decision, all in a quest to do away with California’s clear, longstanding authority under the Clean Air Act. That’s unacceptable.”
    Padilla highlighted the importance of California’s clean air waivers for addressing the state’s unique air quality challenges, emphasizing that California has already done nearly all it can to reduce emissions from stationary sources of air pollution but needs its EPA waivers to regulate mobile air pollution sources that cause significant environmental and public health issues. He underscored California’s leadership in port electrification and breakthrough hydrogen technologies, yet mobile sources under the federal government’s jurisdiction continue to produce most emissions.
    “California has done everything it can, and now the federal government needs to step up and do its part, do its part, or get out of the way, and [let] California continue to lead.”
    “That’s why these waivers are so important — because absent the federal government doing its part, California needs the federal waivers to fill the gap, to reduce pollution further, to reach attainment, to protect the lungs and the health of Californians. But now, as a result of the Trump EPA and the Senate Republicans’ abuse of the CRA, the people of California will be forced to breathe more toxic air pollution than they should have to and suffer the devastating impacts.”
    Padilla concluded his remarks by making clear that he will maintain his holds on EPA nominees until the EPA allows California to protect the public health of its residents. He highlighted that the attack on California’s clean air waiver is part of the Trump Administration’s relentless targeting of the state, despite the critical role California plays in bolstering the national economy, and warned his colleagues of the dangers of restricting the state’s leadership.
    “From the minute Donald Trump came back into office, we knew California was a target. … The President decided to not just attack California on climate, but with ICE raids, with a tax on federal funding and research grants, threats to withhold disaster aid, and more. So to President Trump and to all those who choose to target California for a political agenda, you’ll soon see what California is capable of, and you’ll learn that it’s far better to bet on California than against California.”
    “In the meantime, I’ll continue to oppose these EPA nominees until the EPA reverses course and works with California, not just for California’s interest, but our nation’s interest. California is the most populous state in the nation, the largest economy of any state in the nation. California’s success drives America’s success.”
    “You rein in California’s ability to lead, you restrain our country’s success. So I hope we can reach an agreement in the near future. But if not, we’ll continue to raise objections, and I will always stand up and defend California.”
    Video of Senator Padilla’s full floor remarks is available here.
    Oversight Letter to Administrator Zeldin
    Padilla also highlighted his new oversight letter to EPA Administrator Zeldin during a Senate Environment and Public Works Committee hearing this morning, detailing the vast implications that EPA and Republicans’ abuse of the CRA will have in rewriting the Senate rulebook.
    “I believe EPA’s abuse of the CRA led the Republican majority to go nuclear, all in their effort to attack California’s Clean Air Act authority. EPA had never submitted a California waiver to Congress in the 20 years that the CRA has been in effect, under both Democratic administrations and Republican administrations, until now.”
    “So that reckless disregard for the law has had major consequences, not just on California’s ability to reduce emissions and improve public health, but for how the Senate itself operates. And the Senate deserves to know how and why the Trump EPA changed the agency’s longstanding legal position on those waivers.”
    “I’ve asked some important questions, and I’m seeking EPA related records and communications, and so Madam Chair, we will see whether Administrator Zeldin will respect Senators’ oversight authority and will hold the Trump EPA accountable for their abuse of the law.”
    Video of Senator Padilla’s full questioning is available here.
    Background
    Senator Padilla has been a leading voice in pushing back against Republican attacks on California’s Clean Air Act waivers. Over the last month, Padilla has spoken on the Senate floor repeatedly to sound the alarm on Senate Republicans’ revocations of these critical waivers. Padilla, along with Senator Sheldon Whitehouse (D-R.I.) and Democratic Leader Chuck Schumer (D-N.Y.), also led Democratic Ranking Members in strongly warning Majority Leader John Thune (R-S.D.) and Majority Whip John Barrasso (R-Wyo.) of the dangerous and irreparable consequences if Senate Republicans overrule the Senate Parliamentarian’s decision on California’s waivers. Many of his Democratic colleagues voiced similar opposition to Republicans’ unprecedented dismissal of the Senate rulebook.
    In April, Padilla, Whitehouse, and Senator Adam Schiff (D-Calif.) welcomed the Senate Parliamentarian’s decision that the waivers are not subject to the CRA. Padilla also joined Whitehouse and Schiff in blasting Trump and EPA Administrator Lee Zeldin’s weaponization of the EPA after the Government Accountability Office’s (GAO) similar finding. Padilla and Schiff previously slammed the Trump Administration’s intent to roll back dozens of the EPA’s regulations that protect California’s air and water.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: InvestHK and London ETO strengthen HKSAR-UK innovation ties at London Tech Week 2025 (with photos)

    Source: Hong Kong Government special administrative region

    InvestHK and London ETO strengthen HKSAR-UK innovation ties at London Tech Week 2025       
         As the official Founders Fuse Partners at London Tech Week, InvestHK and the London ETO hosted a series of fireside chats moderated by the Head of Business and Talent Attraction/Investment Promotion at InvestHK London Office, Ms Daisy Ip. Speakers included members of InvestHK’s Innovation and Technology teams, who outlined Hong Kong’s strengths as a hub for global start-ups, research and development and business expansion. The Senior Manager, New Ventures Development at Hong Kong Science and Technology Parks Corporation, Ms Josephine Chan, and Associate Director of Ecosystem Development (Artificial Intelligence) at the Hong Kong-Shenzhen Innovation and Technology Park Limited Mr Sean Chen also shared the latest developments in the region’s vibrant innovation and technology ecosystem.
          
         Complementing these were case studies from UK-based founders who have successfully entered the Hong Kong market with support from InvestHK. Featured speakers included the Founder of Comms8, Ms Carol Chan; Co-founder and Managing Director of HOMETAINMENT, Mr Antoine Melon; Founder and Chief Executive Officer of Assureful, Mr Rohit Nair; Chief Executive Officer and Founder of upLYFT, Mr Aalok Rai; Founder of Owl + Lark, Mr Hafiz Shariff; Chief Executive Officer of Westwell Holdings (Hong Kong) Limited, Ms Yang Ming; Chief Executive Officer and Founder of Guildhawk, Ms Jurga Zilinskiene. Their experiences reflect the diversity of sectors, from artificial intelligence (AI) and lifestyle to technology-enabled marketing and consumer products, where British businesses are thriving in Hong Kong’s vibrant and globally connected economy.
          
         InvestHK also co-organised a networking reception with the London ETO on June 9 (London time) for participants of the London Tech Week to promote business opportunities in Hong Kong, attracting over 130 participants from the UK Government, as well as the financial, innovation and technology, and business sectors.
          
         Ms Ip said, “Hong Kong is a dynamic launch pad for British entrepreneurs to Asia’s fastest-growing markets in innovation, backed by over HK$200 billion in government support for technology growth in AI, biotech, Web3, and more. With initiatives like the Top Talent Pass Scheme and access to the 87 million consumers with a Gross Domestic Product of US$2 trillion in the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong offers start-ups and scale-ups unparalleled opportunities. This week’s engagement reflects the strong appetite for collaboration between our two technology ecosystems. We see great potential for long-term partnerships that drive global innovation and growth.”
          
         According to InvestHK’s 2024 Startup Survey, the UK is the second-largest source of international start-up founders in Hong Kong, underscoring the city’s strong appeal among British entrepreneurs.
    Issued at HKT 15:10

    NNNN

    MIL OSI Asia Pacific News –

  • Trump says willing to extend trade talks deadline, but says that won’t be necessary

    Source: Government of India

    Source: Government of India (4)

    U.S. President Donald Trump said on Wednesday he would be willing to extend a July 8 deadline for completing trade talks with countries before higher U.S. tariffs take effect, but did not believe that would be necessary.

    Trump told reporters before a performance at the Kennedy Center that trade negotiations were continuing with some 15 countries, including South Korea, Japan and the European Union.

    “We’re rocking in terms of deals,” he said. “We’re dealing with quite a few countries and they all want to make a deal with us.” He said he did not believe a deadline extension would be “a necessity.”

    Trump said the U.S. would send out letters in coming weeks specifying the terms of trade deals to dozens of other countries, which they could then embrace or reject.

    “At a certain point, we’re just going to send letters out … saying, ‘This is the deal. You can take it, or you can leave it,’” Trump said. “So at a certain point we’ll do that. We’re not quite ready.”

    U.S. Treasury Secretary Scott Bessent told lawmakers earlier that the Trump administration could extend the July trade deal deadline – or “roll the date forward” for countries negotiating in good faith, in certain cases.

    A 90-day pause in Trump‘s broadest, “reciprocal” tariffs will end on July 8, with only one trade deal agreed with Britain and some 17 others at various stages of negotiation.

    “It is highly likely that those countries – or trading blocs as is the case with the EU – who are negotiating in good faith, we will roll the date forward to continue the good-faith negotiations,” Bessent told the House Ways and Means Committee. “If someone is not negotiating, then we will not.”

    Bessent’s remarks marked the first time a Trump administration official has indicated some flexibility around the expiration date for the pause.

    Bessent reiterated the possibility of more negotiating time at a second hearing before the Senate Appropriations Committee on Wednesday, saying it was “my belief that countries that are negotiating in good faith could be rolled forward.”

    He said the European Union had previously been slower to come forward with robust proposals, but was now showing “better faith,” without providing specifics. Trump echoed that more upbeat view on Wednesday, saying, “They do want to negotiate.”

    A deal struck on Tuesday in London with China to de-escalate that bilateral trade war is proceeding on a separate track and timeline, with an August 10 deadline set last month.

    The president has been the final decision-maker on his administration’s tariff and trade policies, but Bessent’s influence has increased in recent months and the Treasury chief has been viewed by many trading partners as a moderating voice.

    Trump announced the pause on April 9, a week after unveiling “Liberation Day” tariffs against nearly all U.S. trading partners that proved to be so unexpectedly large and sweeping that it sent global financial markets into near panic.

    The S&P 500 Index plunged more than 12% in four days for its heftiest run of losses since the onset of the COVID-19 pandemic in early 2020. Investors were so rattled they bailed out of safe-haven U.S. Treasury securities, sending bond yields rocketing higher. The dollar sank.

    Markets started their recovery on April 9 when Trump unexpectedly announced the pause. The recovery continued in early May when the Trump team agreed to dial back the triple-digit tariff rates it had imposed on goods from China. Those events have given rise to what some on Wall Street have parodied as the “TACO” trade – an acronym for Trump Always Chickens Out.

    “The only time the market has reacted positively is when the administration is in retreat from key policy areas,” Democratic Representative Don Beyer of Virginia told Bessent before pressing him on what to expect when the July deadline expires.

    “As I have said repeatedly there are 18 important trading partners. We are working toward deals with those,” Bessent said before going on to signal a willingness to offer extensions to those negotiating in good faith.

    (Reuters)

  • Over 90 times rise in direct benefit transfer in just a decade: FM Nirmala Sitharaman

    Source: Government of India

    Source: Government of India (4)

    There has been more than 90 times rise in direct benefit transfer (DBT) in just a decade under the Prime Minister Narendra Modi-led government, Finance Minister Nirmala Sitharaman said on Thursday.

    Moreover, India leads the world in real-time payments, with more than Rs 260 lakh crore worth of transactions processed in 2024-25, informed Sitharaman on X.

    “From Rs 7,368 crore in 2013-14 to Rs 6.83 lakh crore in 2024-25, there has been a 90X+ rise in DBT transfer in just a decade under Prime Minister Modi’s leadership, ensuring that every rupee reaches to every citizen,” said FM Sitharaman.

    She further stated that India leads the world in real-time payments as “Rs 260+ lakh crore worth of transactions processed in 2024-25 and approximately 18,600 crore transactions by volume handled annually”.

    According to the Finance Minister, India’s tech journey over the last 11 years is nothing short of revolutionary.

    “India has transformed into a hub of digital innovation, tech-led governance, and global trust. From manufacturing to space tech, from digital payments to rural connectivity — the change is visible, impactful, and lasting,” she emphasised.

    But this isn’t just about devices and platforms — it’s about seamless governance, citizen empowerment, and building a tech-first ‘Viksit Bharat’, said FM Sitharaman.

    A staggering 55.44 crore Jan Dhan accounts have been opened in India, 56 per cent of which belong to women, and the total amount in these deposits has surpassed Rs 2.5 lakh crore as of May 21 this year, according to RBI Deputy Governor M. Rajeshwar Rao.

    In FY 2024-25, digital payments surged 35 per cent YoY by volume to 60.81 crore transactions per day, with UPI accounting for 83.73 per cent of such transactions. The extraordinary uptake of UPI stands as a testament to the power of collaborative and use-case-driven innovation in driving financial inclusion, Rao observed.

    (With inputs from IANS)

  • MIL-OSI: Korean telco KT selects the Digital Vending Machine® from Bango to power next-gen subscription bundles

    Source: GlobeNewswire (MIL-OSI)

    CAMBRIDGE, United Kingdom, June 12, 2025 (GLOBE NEWSWIRE) — Bango PLC (AIM:BGO, OTCQX:BGOPF), the leader in subscription bundling, today announces a strategic partnership with KT, a leading telecommunications provider in the Republic of Korea, to deliver subscription services to its 13.5 million customers. Leveraging the Digital Vending Machine® (DVM™) from Bango, KT customers will benefit from new and exciting subscription services. This is the first major DVM agreement for Bango in Korea, building momentum for further expansion into the East Asia telco market.

    KT will use the Bango DVM to seamlessly integrate a wide array of third-party services into its subscriptions hub and its customer bundled offers. This will include AI, language and translation subscriptions – responding to the rising consumer appetite for next-generation digital experiences.

    KT is leading the development of AI solutions across telecommunications and other industry sectors in the Republic of Korea. With AI subscriptions emerging as a standout category in the fast-evolving subscription economy, KT is now extending that vision to give customers access to groundbreaking AI services that enhance productivity, creativity, and learning, all through the Bango DVM.

    The Bango DVM simplifies the complexity behind subscription bundling, transforming a traditionally technical and operational challenge into a seamless, scalable business model. With a single integration, KT gains access to a growing global catalog of subscription services. New offers can be deployed quickly and flexibly, giving customers access to the latest services while providing KT with deep insights to personalize and optimize bundles over time.

    “This collaboration will be a turning point for KT’s subscription platform to expand as a global subscription service hub,” said Younggeol Kim, Head of KT’s Service Product Division. “We want to meet the evolving needs of our users, whether that’s the latest entertainment or cutting-edge AI subscriptions, and the Digital Vending Machine from Bango gives us the agility to do exactly that.”

    “KT is a leader in its field and now, also in the subscription space, taking bold steps to offer customers a wide and modern mix of digital services,” said Paul Larbey, CEO of Bango. “With the Bango DVM, they can move faster, launch smarter, and deliver the high-demand subscriptions people are asking for, from SVOD to AI.”

    About Bango

    Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscription economy, powering choice and control for subscribers.

    The world’s largest content providers, including Amazon, Google and Microsoft trust Bango technology to reach subscribers everywhere.

    Bango, where people subscribe. For more information, visit www.bango.com

    Media contact:

    Anil Malhotra, CMO, Bango
    anil@bango.com
    Tel: +44 7710 480 377

    The MIL Network –

  • MIL-Evening Report: Not all insecure work has to be a ‘bad job’: research shows job design can make a big difference

    Source: The Conversation (Au and NZ) – By Rose-Marie Stambe, Adjunct Research Fellow, social and economic marginalisation, The University of Queensland

    Matej Kastelic/Shutterstock

    Inflation has steadied and interest rates are finally coming down. But for many Australians, especially those in low-paid, insecure or precarious work, the cost-of-living crisis feels far from over.

    The federal government has recently focused on improving outcomes for this group in a number of ways. Labor has advocated strongly for real wage increases and taken measures to protect weekend penalty rates.

    Such wage-based policies go some way towards addressing workers’ financial struggles. But they aren’t the only way to improve workers’ lives.

    We know that in contemporary society, having a job is important for subjective wellbeing. We also know not all jobs are equal in terms of quality. Permanent, full-time employment is considered the gold standard, with insecure or precarious work the most detrimental.

    Yet not all insecure work is the same. Our recent study provides additional evidence that how a job is designed may be just as important as what kind of job it is. It also hints at the ingredients for designing better jobs.

    Good jobs, bad jobs

    Many books – from Arne Kalleberg’s Good jobs, Bad jobs to Guy Standing’s The Precariat – have explored the negative impacts job insecurity can have on individuals, their families and communities.

    “Bad jobs” are more likely to affect waged workers with low levels of education or those with a history of unemployment.

    But many different types of insecure work are bundled into what researchers call “contingent employment” – which can include labour hire, casual work and self-employment. And not all have to be “bad jobs”.

    Labour hire is one common form of ‘contingent employment’ arrangements.
    VisualArtStudio/Shutterstock

    Our research

    Using 16 years of nationally representative data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey, we examined the relationship between different forms of contingent employment and job satisfaction.

    We found the link between employment type and job satisfaction (our proxy for worker wellbeing) isn’t straightforward. Some forms of contingent work are clearly worse for workers. Others, under the right conditions, can support job satisfaction and wellbeing.

    This is where it becomes important to understand the concept of “job resources” – such as high skill use, autonomy or job security – which help to reduce the cost of meeting job demands.

    Without adequate resources to support job demands, workers’ wellbeing can suffer, including through increased risk of burnout.

    It all depends on job design

    We found that job satisfaction varies significantly across different kinds of contingent roles.

    For example, self-employment is, on average, associated with higher job satisfaction. Our study suggests a number of reasons for this, including that this group enjoys greater autonomy, more flexibility and more opportunities to use a range of skills.

    In our study, self-employment was associated with high job satisfaction.
    Jacob Lund/Shutterstock

    These “job resources” appear to compensate for the lack of traditional employment benefits, such as job security.

    At the other end of the spectrum, labour hire workers (who are hired by a labour hire agency and then supplied to a host organisation to perform work under its direction), experience lower job satisfaction than permanent workers.

    While these jobs tend to be less demanding in terms of workload, they offer very few job resources. Labour hire positions are often marked by low levels of autonomy, minimal skill use and little opportunity for development.

    These conditions are closely linked with lower motivation, disengagement and long-term dissatisfaction.

    Casual differences

    Casual employment sits somewhere in the middle, and our findings reveal important gender differences.

    For men, we found casual work is associated with lower job satisfaction. For women, however, the picture is more complicated.

    Our analysis suggests women in casual jobs may experience certain unmeasured benefits, such as work-life balance, that offset some of the downsides.

    We couldn’t directly measure these benefits in our dataset. But our results align with other studies, showing how the flexibility of casual work can be useful for some women with caregiving responsibilities.

    There were gender differences in the satisfaction levels associated with casual work.
    Vitalii Vodolazskyi/Shutterstock

    Job design is the missing link

    What connects these findings is the role of job characteristics. Across the board, we found that features like skill use, autonomy, task variety and flexibility play a major role in shaping workers’ satisfaction.

    When insecure jobs include these positive characteristics, they can be satisfying. When they don’t, the downsides build on each other.

    In an ideal world, there should be a perfect trade-off between positive and negative job characteristics. For example, jobs with undesirable characteristics, such as job insecurity, would offer higher wages to attract workers or other desirable characteristics.

    In our study, that only held true for some groups, such as self-employed workers and women in casual roles. For many others, casual or labour hire jobs offer neither security nor satisfaction.

    Designing better jobs

    These findings have implications for how we think about work and wellbeing.

    For employers and policy makers the message is clear: improving job quality isn’t just about offering permanent contracts. While security matters, it’s also about how the job itself is designed.

    Even in non-permanent roles, providing workers with more autonomy, opportunities to use their skills, and flexible scheduling can significantly improve job satisfaction and retention. It’s also important for supporting gender equality in the workplace.

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

    – ref. Not all insecure work has to be a ‘bad job’: research shows job design can make a big difference – https://theconversation.com/not-all-insecure-work-has-to-be-a-bad-job-research-shows-job-design-can-make-a-big-difference-257642

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: US inflation rises modestly in May, fueling political pressures on Fed

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

    Inflation in the United States edged slightly higher in May, with the consumer price index (CPI) rising 2.4 percent on an annual basis, up from 2.3 percent in April, according to the data released by the Bureau of Labor Statistics on Wednesday.

    The increase was just below economists’ expectations of a 2.5 percent rise, based on a FactSet survey.

    Core inflation, which strips out the often volatile categories of food and energy, climbed 2.8 percent over the past year — also below the 2.9 percent projected.

    Despite these softer-than-expected readings, inflation remains above the Federal Reserve’s 2 percent target, underscoring ongoing challenges in fully stabilizing prices.

    The inflation rate likely rose less than expected due to a sharp dip in gasoline prices. Lower energy prices were a “major source of disinflationary/deflationary pressure,” noted Adam Crisafulli, an analyst with Vital Knowledge. Gasoline prices fell 12 percent from a year earlier, while clothing prices declined 0.9 percent, and airline fares dropped 7.3 percent. On the other hand, prices for beef, coffee, and housing continued to rise, offsetting the broader easing in other sectors.

    In financial markets, the report prompted a modest lift in U.S. stock indexes during midday trading, while the U.S. Treasury yields and the U.S. dollar slipped, reflecting expectations that the Federal Reserve may be inching closer to cutting interest rates later this year.

    Political pressure quickly mounted in response to the CPI data. U.S. President Donald Trump reiterated his call for the Fed to slash interest rates by a full percentage point, while U.S. Vice President JD Vance accused the central bank of engaging in “monetary malpractice” by maintaining current borrowing costs.

    Although the inflation numbers do not yet reflect significant upward pressure from tariffs imposed by the Trump administration, economists warn the full effects could materialize in the second half of 2025.

    “The impact of tariffs was smaller than expected in May. We expect to see it more clearly starting next month,” said economists with Bank of America Global Research.

    Combined with the solid May jobs report, the latest CPI data reduce the chances of a nasty bout of stagflation in the United States, according to Bank of America Global Research.

    “Tariff impacts may begin appearing in the CPI data later this summer,” said Seema Shah, chief global strategist at Principal Asset Management, noting the potential for inflation to creep above 3 percent by year-end if trade-related costs feed through the broader economy.

    “Today’s below forecast inflation print is reassuring — but only to an extent,” Shah added. “Tariff-driven price increases may not feed through to the CPI data for a few more months yet, so it is far too premature to assume that the price shock will not materialise.”

    MIL OSI China News –

  • MIL-OSI China: Japan’s business sentiment turns negative amid US tariff concerns

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

    The business sentiment index (BSI) for large enterprises in Japan fell to minus 1.9 for the April-June quarter, marking the first negative figure in five quarters as U.S. tariff policies weighed heavily on exporters, official data showed Thursday.

    The decline was driven primarily by the manufacturing sector, which recorded a BSI of minus 4.8, according to data released by Japan’s Cabinet Office and Ministry of Finance.

    Industries subject to U.S. tariffs saw the most obvious deterioration, with the steel industry index falling to minus 29.1 and the automobile and auto parts sector at minus 16.1 due to weakened domestic and international demand.

    Non-manufacturing industries also turned negative for the first time in 11 quarters, posting a BSI of minus 0.5. Rising procurement costs in wholesale trade and declining advertising revenue in the broadcasting sector within information and communications contributed to the downturn.

    Looking ahead, large companies expect the BSI to recover to plus 5.2 for July-September and plus 6.1 for October-December, driven in part by anticipated growth in semiconductor-related orders.

    However, the auto and auto parts sector, heavily affected by U.S. tariffs, is projected to remain nearly flat in both upcoming quarters.

    A Ministry of Finance official stated that the government will closely monitor corporate trends, citing downside risks to the economy stemming from U.S. trade policies and inflation. 

    MIL OSI China News –

  • MIL-OSI China: China bets on ‘scenes’ to turn innovation into growth

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

    In the dynamic economic hub of Shenzhen, commuters can now reserve seats on self-driving buses with just a few taps on an app. Far from a publicity stunt, this service is the first instance in China where intelligent connected buses have been incorporated into the wider public transport system.

    What is unfolding in Shenzhen is more than a transportation experiment. It is a glimpse into a consumer experience model that Chinese policymakers and entrepreneurs are calling the “scene economy.”

    The significance of this term, referring to the application of technology in real-life consumption scenarios, is perhaps best illustrated by its swift adoption: By June last year, more than 60 cities among the top 100 GDP cities had included this term in their economic plans, according to Greatwall Strategy Consultants.

    Some industry observers view such a move as part of a broader strategy to incubate new growth drivers in the face of global uncertainty. But what exactly does it mean?

    Is it about creating innovative parks, organizing promotional events or implementing a package of policy measures? Popular jargon in China’s tech sector may offer some clues. Terms like “paotong” (getting it running) and “bihuan” (closed-loop integration) are frequently used to assess whether a technology can be smoothly implemented and deliver tangible benefits.

    “New technologies must be applied to improve and evolve, and this requires suitable scenarios,” said Jason Tang, chairman of the Shanghai Consumer Foundation.

    “Thus, creating conditions for emerging technologies is crucial to transform laboratory results into economic returns,” Tang added.

    Digitally-enabled 

    Building accessible digital infrastructure is, of course, a prerequisite.

    In the case of Shenzhen’s driverless bus fleet, the initiative benefited greatly from the digital upgrades of the local public transport system. This system integrates intelligent scheduling platform, 5G vehicle-road coordination, multi-sensor fusion perception and high-precision map positioning, which enable millisecond-level response to road conditions and precise decision-making.

    At a recent forum in Shenzhen, the city unveiled China’s first technical guidelines for city-wide, all-vehicle and all-scenario road access. These guidelines are poised to provide an open framework for testing highly and fully autonomous vehicles in complex urban environments.

    Shenzhen had opened over 2,100 kilometers of test and demonstration roads by May, accounting for about 24 percent of the city’s total road mileage, said Xu Wei, deputy director of Shenzhen’s transportation bureau.

    Additionally, China is proactively driving the integration of AI and 5G technologies into traditional industries to unlock their potential applications.

    These technologies have started to make an impact elsewhere, too. Take China’s mining sector, this traditional industry is evolving to become more low-carbon and intelligent.

    A video clip of about 100 autonomous mining trucks in northern Chinese city of Hulunbuir has gone viral on social media as a “sci-fi blockbuster.” Guided by 5G signals, the trucks navigate through vast mines, automatically avoiding obstacles in low-visibility conditions like snow, dust and night with only 40 meters of visibility.

    Government initiatives 

    A 2024 RAND Corporation report noted that 80 percent of AI projects have stalled, and underscored the pressing challenge of how to translate AI’s enormous potential into concrete results.

    Many AI projects fail due to insufficient data, overemphasis on cutting-edge technology rather than real user problems, and inadequate infrastructure for data management and model deployment, according to the report.

    The Central Economic Work Conference last December, which called for large-scale demonstrations of new technologies, products and scenes, was the catalyst behind local government efforts to step up the real-world deployment of lab-developed technologies.

    Instead of relying solely on financial incentives to attract investors, they are now promoting the profit potential of application scenes as a new approach to draw in businesses.

    These cities are releasing “scene lists” to identify city-level needs and using measures, such as the establishment of promotional entities or pilot offices, and creating special funds to drive technology implementation.

    In Shenzhen, the entire city is a testing ground for new technologies and products.

    “We plan to open 100 more application scenes by 2025, with comprehensive, all-day, full-access in fields like municipal sanitation, emergency rescue, AI-assisted healthcare and medical wellness,” said Lin Yi, director of Shenzhen AI industry office.

    With the rapid growth of China’s silver economy, the elderly population is increasingly seen as an exciting frontier with rich potential for tech application. This week, the Ministry of Industry and Information Technology and the Ministry of Civil Affairs initiated a pilot program for intelligent elderly care robots.

    The project will focus on care for the disabled and those living with neurodegenerative conditions, emotional companionship, health promotion, smart environments and daily living assistance.

    On June 6, Chongqing released its first list of 42 low-altitude economy application scenes, spanning urban governance, firefighting, emergency rescue, inspections and freight logistics.

    The same day, Shanghai announced a call for quantum computing scenario plans, targeting the development of quantum hardware, software, algorithms and cloud platforms.

    The Greatwall Strategy Consultants report has identified 419 key scenes, highlighting three critical innovation areas: energy storage, new energy vehicles and intelligent driving, and intelligent manufacturing.

    “China’s strong manufacturing base and its vast, deep consumer market offer immense innovation potential in applications, which in turn facilitate better supply-demand matching,” said Tang. 

    MIL OSI China News –

  • MIL-OSI Economics: RBI cancels Certificate of Registration of Six NBFCs

    Source: Reserve Bank of India

    The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following company.

    Sr. No. Name of the Company Registered Office Address CoR No. CoR Issued On Cancellation Order Date
    1 Wofin Leasing and Finance Private Limited 7 Ganesh Chandra Avenue, PS: Bowbazar, Kolkata, West Bengal 700013 B-05.06747 March 13, 2008 May 16, 2025
    2 Outram Properties Pvt Ltd 23A, NS Road, 10th Floor, Kolkata, West Bengal 700001 05.03224 September 09, 1999 May 16, 2025
    3 SCM Holding Private Limited 11/1A Sarojini Naidu Sarani, Lowdon Street, Kolkata, West Bengal 700017 05.03245 September 24, 1999 May 16, 2025
    4 Kalash Vyapaar Private Limited 75C, Park Street, 3rd Floor, Kolkata, West Bengal, 700016 N.05.06592 December 30, 2005 May 16, 2025
    5 Everest Vinimay Private Limited 3A, Garstin Place, 6th Floor, Kolkata, West Bengal, 700001 N.05.06604 February 06, 2006 May 16, 2025
    6 Adhikar Microfinance Private Limited Plot No-77/180/970, Subudhipur, Tomando, Bhubaneswar, Orissa – 752054 04.00021 October 22, 2013 May 20, 2025

    As such, the above company shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/529

    MIL OSI Economics –

  • MIL-Evening Report: IVF is big business. But when patients become customers, what does this mean for their care?

    Source: The Conversation (Au and NZ) – By Hilary Bowman-Smart, Research Fellow, Australian Centre for Precision Health, University of South Australia

    Monash IVF CEO Michael Knaap has resigned after one of the company’s Melbourne clinics mistakenly transferred the wrong embryo to a patient. The patient wanted her partner’s embryo, but instead her own embryo was transferred.

    It is the second time this year Monash IVF has made such an announcement. In April, the company revealed a clinic in Brisbane had mixed up two different couples’ embryos.

    IVF is big business in Australia. When Monash IVF was listed on the stock exchange in 2014, it raised more than A$300 million, with financial analysts noting the potential for massive profits, as “people will pay almost anything to have a baby”.

    Total annual revenue in Australia from the IVF industry is more than $800 million. But what does the booming IVF industry mean for patients?

    Strong regulation is crucial

    In Australia, regulation of the IVF industry largely happens at the state and territory level. This leads to variation, such as restrictions on single women accessing IVF in Western Australia, which other states do not have.

    Victoria passed legislation in 2008, with a guiding principle to safeguard children born through assisted reproduction. However, until recently, Queensland largely relied on industry self-regulation.

    The Fertility Society of Australia and New Zealand, the peak body for reproductive medicine, has called for a national regulatory framework to address the current “patchwork” of legislation.

    Commercialisation is not necessarily a bad thing for patients. It can lead to innovation that improves the chances of successfully having a baby.

    However, clinicians, ethicists and patients have raised concerns about the effects of commercialisation on the quality and cost of service provision in IVF.

    With the rapid growth of the sector and high-profile incidents such as those at Monash IVF, stronger and more comprehensive regulation at the national level can help ensure quality and safety for patients.

    High costs can lead to inequities in access

    Most IVF in Australia occurs in private practice, not the public system. While Medicare rebates are available, there is usually a significant out-of-pocket expense. This can range from a few hundred dollars to many thousands for each cycle. IVF can therefore be a big financial decision. Financial expense is one of the biggest barriers, which leads to inequities in access between those who can afford it and those who can’t.

    The costs stack up even more if you want non-essential “add-ons”, such as pre-implantation genetic testing, acupuncture, or embryo time-lapse imaging. A study in 2021 found 82% of women using IVF in Australia had used an add-on during their IVF treatment.

    Many IVF clinics offer these add-ons, which are promoted as improving patient experience, or the chance of a successful birth. Add-ons are offered as a point of difference on the market.

    However, the evidence for these claims is often weak or non-existent. They also come with significant costs and can potentially take advantage of people’s hopes, if they are willing to pay “whatever it takes” to have a baby.



    Read more:
    IVF add-ons: why you should be cautious of these expensive procedures if you’re trying to conceive

    Patients or customers?

    Commercial providers in the IVF industry can help provide choice, particularly as it is difficult to get IVF in the public system.

    However, when health care becomes a business, a risk is that the relationship between the patient and doctor can be affected: a patient seeking treatment becomes a “customer” buying a product.

    The therapeutic relationship should be about enhancing patients’ health and wellbeing, relieving suffering, and promoting human flourishing.

    When we talk about “choice” in medicine, we often think about ideas such as informed consent, autonomy and the best interests of the patient. However, if we think of patients as customers, “choice” may become more about being free to purchase what you want to.

    The commercialisation of the sector can also increase the risk of over-servicing, where financial incentives may shape medical decision-making.

    This doesn’t necessarily mean clinics are making deliberate decisions or misleading patients for financial benefit. However, it can mean doing more IVF cycles, even as success becomes increasingly unlikely.

    We need to ensure doctors don’t feel pressure – directly or indirectly – to provide particular treatments just because a patient is willing to pay for it.

    Medical professionals’ obligations

    Doctors and other healthcare professionals have special responsibilities and moral obligations because of their role. They serve an essential human need in society because of their particular expertise in health and wellbeing. And they often have a monopoly on the essential services they offer.

    Without patients’ trust that clinicians are being guided by medical reasons instead of financial ones, their special and privileged role to promote human flourishing can be undermined.

    This special role is not necessarily incompatible with business. However, it is essential we allow doctors to maintain their focus on patient wellbeing. This is reflected in the doctors’ code of conduct, which notes their “duty to make the care of patients their first concern”.

    What happens next?

    Much public and media discourse has framed the embryo mix-up primarily as a reputational and financial risk to Monash IVF – but it is about patients. It’s not (just) an error of corporate governance, it’s about the special trust that we as a society place in medical practice.

    IVF is expensive, and can be tough both emotionally and physically. One of the ways we can ensure trust in IVF services is by moving towards consistent and improved regulation at the national level. This might include more uniform standards and policies around who is eligible for IVF.

    IVF industry regulation is on the agenda for the federal and state health ministers tomorrow. While there is still much to be done, a review of the regulation and processes in this sector could help prevent more embryo mix-ups from happening in the future.



    Read more:
    Why do women get ‘reassurance scans’ during pregnancy? And how can you spot a dodgy provider?

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

    – ref. IVF is big business. But when patients become customers, what does this mean for their care? – https://theconversation.com/ivf-is-big-business-but-when-patients-become-customers-what-does-this-mean-for-their-care-258585

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Mainland China Accuses DPP of ‘Selling Out’ Taiwan to Aim for ‘Independence’

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    BEIJING, June 12 (Xinhua) — The Chinese mainland on Wednesday condemned the Taiwan administration of Lai Qingde’s Democratic Progressive Party (DPP) for recklessly “selling out” and harming the island’s interests for its own political gain and pursuit of “Taiwan independence.”

    Zhu Fenglian, spokesperson for the Taiwan Affairs Office of the State Council of China, made the statement at a press conference, commenting on media reports that the United States plans to sharply increase arms sales to the island, as well as Lai Qingde’s plans to increase Taiwan’s defense budget to 3 percent of its GRP and higher.

    According to the latest public opinion polls in Taiwan, more than 60 percent of respondents believe the United States is seeking to increase the island’s military spending for financial gain, and nearly 70 percent of those surveyed believe Washington may sacrifice Taiwan for its own interests.

    The survey results highlight Taiwanese people’s growing awareness of the US’s sinister intentions in using the island as a “cash machine for wealth” and a “powder keg,” Zhu Fenglian said, adding that they also reflect widespread skepticism among Taiwanese compatriots about the US’s “Taiwan card” speculation and their concerns about their own future and destiny.

    “We firmly oppose the US arms sales to Taiwan and urge the US side to fully abide by the one-China principle and the three China-US joint communiques,” Zhu Fenglian stressed.

    She expressed the hope that compatriots on both sides of the Taiwan Strait will work together to promote the peaceful and integrated development of cross-strait relations.

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Soil conservation strengthens future for hill country farms

    Source: Environment Canterbury Regional Council

    After the Kaikōura earthquakes in November 2016, we applied for Ministry for Primary Industries (MPI) funding to help set up the SCAR project.

    In 2019, $4.1 million was granted for the initial four years, following the immediate clean-up work from the Post Quake-Farming project, which was led by Beef and Lamb New Zealand and MPI.

    Now, with another $2 million of funding granted, the SCAR team continues to work with MPI to build meaningful relationships with farmers and ultimately improve the health of our environment.

    North Canterbury SCAR programme successes

    Building trust in North Canterbury

    Senior land management and biodiversity advisor, Sam Thompson, said that initially, there was a lot of distrust and a lack of confidence in us from the North Canterbury community.

    “Gates were being shut, and a strong movement around banning access.”

    But the SCAR programme had been a leading engagement tool to start conversations in the community with the support to follow.

    “The project has dramatically improved the community’s confidence in us to help find solutions rather than setting regulations and telling them what not to do,” Sam said.

    As well as building positive relationships, we’ve provided landowners with access to environmental experts like ecologists, biodiversity advisors and consent advisors.

    “Gates have been opened both ways,” Sam said.

    Landowners appreciate the simplicity of the process to apply for funding from SCAR.

    Strong endorsements

    Andrew Arps, North Canterbury water and land team leader:

    Andrew said the SCAR programme had been a game changer for building trust and achieving results despite wider challenges.

    “The combination of a clear approach, the right team, and consistent follow-through has opened farm gates and opened minds, leading to new opportunities and genuine partnerships with landowners.”

    Louise Askin, MPI senior adviser for the Hill Country Erosion Programme:

    Louise said they were pleased with how we had grown the SCAR project over the past six years.

    “The Council’s strong advisory support and financial assistance are helping North Canterbury farmers address the unique challenges in protecting their farms’ most vulnerable land.” 

    MIL OSI New Zealand News –

  • MIL-OSI: Bigbank AS Results for May 2025

    Source: GlobeNewswire (MIL-OSI)

    May was a stable month for Bigbank – both the loan and deposit portfolios grew at a steady pace, and profitability remained at a solid level.

    The loan portfolio increased by a total of 43 million euros in May. The largest contributions came from business loans and home loans, which grew by 22 million and 15 million euros, respectively. The consumer loan portfolio grew by 6 million euros.

    The deposit portfolio grew by a total of 26 million euros in May. In a declining interest rate environment, the savings deposit product became more attractive to customers, with its portfolio increasing by 18 million euros during the month. The term deposit portfolio also returned to growth, increasing by 8 million euros.

    It is encouraging that despite falling interest rates, Bigbank has increased its net interest income during the first five months of 2025. The strong growth of the loan portfolio, along with maintaining the deposit portfolio at an optimal volume and pricing level, has offset the decline in interest income caused by the drop in Euribor and the upward pressure on interest expenses resulting from the growth of the deposit portfolio. As of the end of May, net interest income for 2025 exceeded the result for the same period in 2024 by 1 million euros.

    A positive development was the continued decline in net allowances for expected credit losses and provision expenses compared to 2024. In May, the expense amounted to 0.9 million euros, bringing the total for the five-month period to 6.7 million euros – 4.4 million euros, or 40%, less than in the same period last year. This improvement was primarily driven by better repayment behaviour in the consumer loan segment across all three Baltic countries.

    Net profit for May was 3.4 million euros, representing a strong result. In addition to the increase in net interest income and the decline in net expected credit losses, net fee and commission income rose by 0.5 million euros over the five-month period, while administrative expenses decreased by 0.4 million euros.

    Behind the bank’s growth and profitability is a strong team, which had grown to 600 employees by the end of May. The expansion of the team, combined with salary increases, led to a 2.2 million euro rise in personnel expenses over the five-month period.

    A negative development was the 1.3 million euro increase in income tax expenses over the same period, mainly due to higher income tax rates introduced in Estonia and Lithuania at the beginning of 2025.

    Bigbank’s key financial indicators for May 2025:

    • Customer deposits and loans received increased by 357 million euros over the year, reaching 2.57 billion euros (+16%).
    • Loans to customers grew by 564 million euros year-on-year, reaching 2.41 billion euros (+31%).
    • Net interest income totalled 8.8 million euros in May; the five-month total reached 42.8 million euros. Compared to the same period last year, net interest income increased by 1.0 million euros (+2%).
    • Net allowance for expected credit losses and provision expenses totalled 6.7 million euros in the first five months of the year, down 4.4 million euros or 40% year-on-year.
    • Net profit in May was 3.4 million euros. Cumulative profit for the first five months amounted to 16.3 million euros, an increase of 2.9 million euros or 22% compared to the same period in 2024.
    • Return on equity in May was 14.7%.
    Income statement, in thousands of euros May 2025 YTD25 YTD24 Difference YoY
    Total net operating income, incl. 9,480 47,716 45,983 1,733 +4%
    Net interest income 8,827 42,785 41,747 1,038 +2%
    Net fee and commission income 820 4,197 3,652 544 +15%
    Total expenses, incl. -4,377 -20,862 -18,922 -1,940 +10%
    Salaries and associated charges -2,749 -12,742 -10,542 -2,199 +21%
    Administrative expenses -919 -4,569 -4,938 369 -7%
    Profit before loss allowances 5,103 26,853 27,060 -207 -1%
    Net allowance for expected credit losses and provision expenses -866 -6,679 -11,076 4,397 -40%
    Income tax expense -844 -3,882 -2,615 -1,267 +48%
    Profit for the period from continuing operations 3,392 16,292 13,369 2,923 +22%
    Profit or loss before tax from discounted operations 0 0 29 -29  
    Profit for the period 3,392 16,292 13,398 2,894 +22%
               
               
    Business volumes, in thousands of euros May 2025 YTD25 YTD24 Difference YoY
    Customer deposits and loans received 2,574,153 2,574,153 2,216,907 357,246 +16%
    Loans to customers 2,413,543 2,413,543 1,849,189 564,354 +31%
               
    Key figures May 2025 YTD25 YTD24 Difference YoY
    ROE 14.7% 14.3% 13.0% +1.3pp  
    Cost / income ratio (C/I) 46.2% 43.7% 41.2% +2.6pp  
    Net promoter score (NPS) 55 58 58 +0  

    Compared to the financial results published for May 2024, the net interest income and the net allowance for expected credit losses for the prior period have been adjusted, both reduced by 1.1 million euros. The adjustment is related to an identified error, where interest income from impaired financial assets had been accrued on the gross exposure rather than on a net basis. This correction does not impact the net profit for May 2024.

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 31 May 2025, the bank’s total assets amounted to 3.0 billion euros, with equity of 278 million euros. Operating in nine countries, the bank serves more than 172,000 active customers and employs 600 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Telephone: +372 5393 0833
    Email: argo.kiltsmann@bigbank.ee
    www.bigbank.ee

    The MIL Network –

  • MIL-OSI Security: Former CEO of Guam Helicopter Company Sentenced to 405 Months in Federal Prison for Criminal Aviation Violations

    Source: Office of United States Attorneys

    Hagåtña, Guam – SHAWN N. ANDERSON, United States Attorney for the Districts of Guam and the Northern Mariana Islands, announced that John D. Walker, age 60, was sentenced by Chief Judge Frances Tydingco-Gatewood in the District Court of Guam to 405 months imprisonment.  On September 9, 2022, a jury returned guilty verdicts against Walker and his company, Hansen Helicopters, Inc., on 110 counts involving conspiracy to defraud the Federal Aviation Administration (“FAA”) and National Transportation Safety Board (“NTSB”), aircraft parts fraud that caused serious bodily injury and death, employing a mechanic without a mechanic’s certificate, registration violations involving helicopters, conspiracy to commit wire fraud, wire fraud, and money laundering.  Walker was also ordered to pay a $250,000 fine, and a $9,900 special assessment fee.  Walker forfeited $58,407,513, which represented the proceeds of aircraft parts fraud and wire fraud, in addition to $11,770,000, which represented the amount of money involved in the money laundering offenses.

    Hansen Helicopters, Inc., was found guilty of conspiracy to defraud the FAA and NTSB, in addition to aircraft parts fraud that caused serious bodily injury and death.  Hansen received a five-year term of probation, a $4,900,000 fine, and a $2,000 special assessment fee.

    Walker subverted aviation laws and regulations, enforced by the FAA and NTSB, which protect public health and safety.  Walker used at least 48 shell companies, most incorporated internationally, to operate an illicit helicopter/pilot/mechanic leasing business in Guam. By concealing that his aircraft were unregistered or illegally registered, unairworthy, and maintained and operated by uncertificated airmen, Walker entered fraudulent lease agreements with numerous tuna boat companies.  He earned over $400 million dollars through his scheme. He concealed his crimes by forging documents, counterfeiting aircraft parts, and bribing aviation officials.

    “The defendants built helicopters from an assortment of discarded frames and counterfeit parts,” stated United States Attorney Anderson. “They blatantly disregarded aviation laws to build and operate aircraft that should never have left the ground.  Fishing companies throughout the Pacific region relied on these aircraft for spotting tuna.  Unfortunately, the defendants’ quest for money resulted in the deaths of many pilots.  This was a difficult case to investigate and prosecute, but well worth federal resources. I commend our law enforcement partners on bringing these defendants to justice.”

    “Unchecked greed and flagrant disregard for aviation safety create a recipe for disaster with catastrophic results,” said Special Agent in Charge Cory LeGars of the Department of Transportation Office of Inspector General, Western Region. “This sentencing epitomizes the criminal justice system’s commitment to holding individuals and companies accountable for egregious illicit conduct. I commend the relentless efforts of our special agents and the outstanding collaboration between our law enforcement, prosecutorial, and regulatory partners, whose collective efforts brought this complex and hazardous fraud scheme to justice.”

    “How many times have we heard, ’It’s just money…’ when it comes to financial crime?” asked Special Agent in Charge Adam Jobes, IRS Criminal Investigation (IRS-CI), Seattle Field Office. “This case shows that all too often, innocent people suffer catastrophic harm because of someone else’s greed. Financial crime is not victimless, and IRS-CI will continue to protect our communities from people like Mr. Walker who put their greed above all else.”

    “Over several years, Mr. Walker engaged in a multi-layered scheme to bribe public officials and defraud the government, significantly jeopardizing public safety in the process,” said FBI Honolulu Special Agent in Charge David Porter. “The FBI remains steadfast and persistent in our efforts to investigate these schemes and bring bad actors to justice.”

    This investigation was conducted by the U.S. Department of Transportation, Federal Aviation Administration, Internal Revenue Service Criminal Investigation, Federal Bureau of Investigation, and in partnership with the Customs and Quarantine Agency of Guam.

    Assistant United States Attorney Stephen F. Leon Guerrero, Special Assistant United States Attorney Marie L. Miller, and former Assistant U.S. Attorney Samantha R. Miller prosecuted this case.

    MIL Security OSI –

  • MIL-OSI Economics: ASEAN TVET Council advances inclusive skills development for rural and regional communities

    Source: ASEAN

    MELAKA, 12 June 2025 -The 4th Regional Policy Dialogue of ASEAN TVET Council on “TVET for Rural and Regional Advancement” was successfully convened on 11–12 June 2025 in Melaka, Malaysia. The Dialogue brought together approximately 220 participants both onsite and online from ASEAN Member States and partner organisations, representing ministries of labour, education, and economic planning, TVET institutions, industry leaders, and international development partners.
     
    Hosted by the Ministry of Rural and Regional Development of Malaysia with the support of the ASEAN Secretariat, Aus4ASEAN Digital Transformation and Future Skills Initiative (funded by the Government of Australia), and RECOTwin (funded by the Government of Germany), and the Dialogue provided a platform for participants to exchange strategies and good practices on how TVET can serve as a driver of inclusive, sustainable growth in rural and regional communities across ASEAN.
     
    Key discussions focused on expanding access to TVET, fostering technopreneurship, promoting green and digital skills, and aligning curricula with the demands of high-growth, high-value sectors. The Dialogue concluded with actionable insights and recommendations to guide ASEAN’s collective efforts toward enhancing employability, productivity, and socio-economic resilience through skills development.
     
    During the Dialogue, the Study Report on the Promotion of Business Engagement Models for Upskilling and Reskilling of the ASEAN Workforce was launched on 12 June 2025. Coordinated by the ASEAN Secretariat under the guidance of ASEAN Senior Labour Officials Meeting (SLOM) and with the support of the Aus4ASEAN Digital Transformation and Future Skills Initiative, the Study explores how ASEAN businesses are adapting to rapid changes in technology, Industry 4.0, and the green economy by investing in workforce upskilling and reskilling. It emphasises the importance of inclusive training and stronger engagement between governments, businesses, and TVET institutes. Find out more about the Study here.
     
    ###

    The post ASEAN TVET Council advances inclusive skills development for rural and regional communities appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI China: Chinese, African foreign ministers pledge stronger ties

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

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with South African Minister of International Relations and Cooperation Ronald Lamola in Changsha, central China’s Hunan Province, June 11, 2025. [Photo/Xinhua]

    CHANGSHA, June 11 — Chinese Foreign Minister Wang Yi on Wednesday met respectively with some African counterparts who came to China for the Ministerial Meeting of Coordinators on the Implementation of the Follow-up Actions of the Forum on China-Africa Cooperation (FOCAC) in Changsha, capital of central China’s Hunan Province.

    These African foreign ministers include the Republic of the Congo’s Jean-Claude Gakosso, South Africa’s Ronald Lamola, Djibouti’s Abdoulkader Houssein Omar, Ghana’s Samuel Okudzeto Ablakwa, the Democratic Republic of the Congo’s Therese Kayikwamba Wagner, Niger’s Bakary Yaou Sangare, Guinea-Bissau’s Carlos Pinto Pereira, Nigeria’s Yusuf Maitama Tuggar, Burkina Faso’s Karamoko Jean-Marie Traore, and Ethiopia’s Gedion Timothewos.

    When meeting with Gakosso, Wang, a member of the Political Bureau of the Communist Party of China Central Committee, said China is willing to work with the Republic of the Congo to safeguard each other’s core interests and consolidate political mutual trust, promote the upgrading of economic and trade cooperation, and strengthen exchanges on state governance.

    Gakosso said the Belt and Road Initiative (BRI) brings hope for Africa to break free from the vicious cycle of poverty and backwardness and achieve independent development, and the Republic of the Congo will continue to actively participate in the BRI and firmly abide by the one-China principle.

    When meeting with Lamola, Wang said China is willing to work with South Africa to consolidate political mutual trust, welcomes South Africa’s greater role on international and regional stages, supports South Africa’s fulfillment of duties under its Group of 20 presidency, and is ready to join hands with South Africa to safeguard common interests of the developing countries.

    Lamola said the FOCAC has yielded fruitful achievements and contributed to the development of African countries over the 25 years since its establishment. South Africa looks forward to strengthening cooperation with China in various fields, including economy and trade, energy, human resources training, and HIV/AIDS prevention and treatment.

    When meeting with Omar, Wang said China stands ready to work with Djibouti to fully implement the outcomes of the FOCAC Beijing Summit and the important common understandings reached by the two heads of state, noting that China will continue to support Africa in strengthening solidarity and pursuing self-reliance, and in resolving African issues in the African way.

    Omar said Djibouti highly values its strategic partnership with China, firmly supports multilateralism and opposes unilateralism, and will enhance coordination with China to jointly address challenges.

    When meeting with Ablakwa, Wang said China and Ghana established a strategic partnership last year, opening a new chapter in bilateral relations. China stands ready to work with Ghana to deepen practical cooperation across various fields, advance the cause of China-Africa friendship, and uphold multilateralism in opposition to unilateralism.

    Ablakwa said as China has become Ghana’s largest trading partner, Ghana looks forward to deepening cooperation with China in various fields, and will continue to adhere to the one-China principle and consolidate the strong partnership between the two countries.

    When meeting with Wagner, Wang called on both sides to implement the consensus reached by the two heads of state, deepen mutually beneficial cooperation, saying that China is willing to help the Democratic Republic of the Congo (DRC) in transforming its resource advantages into development advantages, and China’s super-large market will always be open to the DRC.

    Wagner said that the DRC firmly adheres to the one-China principle and is willing to deepen mutually beneficial and win-win cooperation with China, adding that the DRC actively supports the BRI and other global initiatives proposed by China.

    When meeting with Sangare, Wang said that China-Niger relations are part of South-South cooperation, and China is willing to carry forward the traditional friendship between the two countries and enhance mutual trust. Wang expressed the hope that Niger will safeguard the security and legitimate rights and interests of Chinese enterprises and citizens in Niger.

    Sangare said Niger firmly adheres to the one-China policy, regards cooperation with China as a priority, attaches great importance to security issues, and is willing to enhance mutual trust and maintain dialogue in the spirit of mutual respect.

    When meeting with Pereira, Wang said that Guinea-Bissau took reciprocal measures in the face of the U.S. tariff hikes, and the Global South should stand together, resist unilateralism and protectionism to safeguard international fairness and justice.

    Pereira thanked China for its long-term assistance to Guinea-Bissau, and Guinea-Bissau will continue to work with China to expand practical cooperation and achieve win-win results in the spirit of mutual support.

    When meeting with Tuggar, Wang said under the strategic guidance of the two heads of state, the relationship between China and Nigeria is increasingly of global importance, adding that China is willing to share development opportunities with Nigeria.

    Tuggar hailed the productive Nigeria-China relationship, expressing willingness to further deepen cooperation with China across various fields to advance their comprehensive strategic partnership.

    When meeting with Traore, Wang said facts have proven that the resumption of diplomatic ties between China and Burkina Faso fully serves the fundamental and long-term interests of Burkina Faso and its people. China is willing to strengthen mutually beneficial cooperation with Burkina Faso and encourages Chinese enterprises to invest and establish businesses there, Wang said, expressing the belief that Burkina Faso will ensure the safety of Chinese companies and personnel.

    Traore said Burkina Faso and China have elevated their relationship to a strategic partnership last year. Burkina Faso highly commends China for demonstrating leadership in supporting Africa’s development, thanks China for its support since the resumption of diplomatic ties, and is willing to deepen sincere and friendly cooperation with China, Traore said.

    When meeting with Timothewos, Wang said China and Ethiopia have worked together to achieve early results in implementing the outcomes of the FOCAC Beijing Summit, bringing more tangible benefits to the Ethiopian people. China is willing to strengthen strategic communication with Ethiopia, promote common development through mutually beneficial cooperation, and safeguard shared interests through solidarity and collaboration, he added.

    Timothewos said Ethiopia and China have achieved fruitful results in practical cooperation, setting a model for the Global South. He expressed gratitude for China’s firm support of Ethiopia’s core interests and valuable assistance to Africa’s development, and reiterated Ethiopia’s adherence to the one-China principle.

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Minister of Foreign Affairs of Djibouti Abdoulkader Houssein Omar in Changsha, central China’s Hunan Province, June 11, 2025. [Photo/Xinhua]
    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Foreign Minister of Ghana Samuel Okudzeto Ablakwa in Changsha, central China’s Hunan Province, June 11, 2025. [Photo/Xinhua]
    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Minister of Foreign Affairs of the Republic of the Congo Jean-Claude Gakosso in Changsha, central China’s Hunan Province, June 11, 2025. [Photo/Xinhua]
    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Bissau-Guinean Minister of Foreign Affairs, International Cooperation and Communities Carlos Pinto Pereira in Changsha, central China’s Hunan Province, June 11, 2025. [Photo/Xinhua]
    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Niger’s Foreign Minister Bakary Yaou Sangare in Changsha, central China’s Hunan Province, June 11, 2025. [Photo/Xinhua]
    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Nigeria’s Foreign Minister Yusuf Maitama Tuggar in Changsha, central China’s Hunan Province, June 11, 2025. [Photo/Xinhua]
    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Ethiopian Foreign Minister Gedion Timothewos in Changsha, central China’s Hunan Province, June 11, 2025. [Photo/Xinhua]
    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Burkinabe Minister of Foreign Affairs Karamoko Jean-Marie Traore in Changsha, central China’s Hunan Province, June 11, 2025. [Photo/Xinhua]
    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Foreign Minister of the Democratic Republic of the Congo (DRC) Therese Kayikwamba Wagner in Changsha, central China’s Hunan Province, June 11, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-Evening Report: What’s the potential effect of sanctions on Israeli ministers? Here’s what my research shows

    Source: The Conversation (Au and NZ) – By Anton Moiseienko, Senior Lecturer in Law, Australian National University

    Australia, Canada, New Zealand, Norway and the UK this week announced sanctions against two members of the Israeli cabinet: National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich.

    This is a momentous development. The governments concerned make it clear that they consider Ben-Gvir and Smotrich to be involved in “serious abuses of Palestinian human rights”, including “a serious abuse of the right of individuals not to be subjected to cruel, inhuman or degrading treatment or punishment”.

    This is an allegation rarely levelled against sitting ministers of a democratic state, predictably causing the Israeli government to protest.

    While diplomatic consequences play out, what are sanctions anyway, and what do they mean for Ben-Gvir and Smotrich?

    3 direct consequences

    “Sanctions” is a broad umbrella term. Whole countries can be sanctioned, but so can be individuals.

    Sanctions on individuals are imposed by means of a government placing them on its national sanctions list, such as Australia’s Consolidated List (which now features both Ben-Gvir and Smotrich).

    Three direct consequences flow from such a sanctions designation.

    First, all of the sanctioned person’s assets in the relevant country are frozen. This means that, while in principle they remain the sanctioned person’s property, they cannot be used or sold. This places those assets in limbo, potentially for a very long time.

    Second, no person within the sanctioning state’s jurisdiction – that is, no one in its territory, nor any of its citizens or residents – is allowed to make money or other resources available for the benefit of the sanctioned person.

    So, it is an offence for anyone in Australia to send funds to anyone on the Consolidated List. Interestingly, there is no prohibition on receiving money from sanctioned persons.

    Third, sanctioned persons are subject to an entry ban.

    So, if a foreigner is sanctioned by the Australian government, their permission to enter Australia will be denied or revoked.

    Legal challenges are possible. For example, in 2010, the daughter of a Burmese general studying at Western Sydney University unsuccessfully sued the foreign minister for sanctioning her and cancelling her visa based on her family ties.

    The sanctions against Ben-Gvir and Smotrich are what’s known as “Magnitsky” sanctions.

    This refers not to the substance of sanctions, but rather the reasons for their adoption, namely alleged corruption or human rights abuse, rather than other forms of wrongdoing. The imposition of sanctions on those grounds was pioneered by two US statutes named after Sergei Magnitsky, a Russian whistleblower killed in a Moscow prison.

    In the case of the Israeli ministers, human rights abuses are alleged.

    Sanctions can hurt in other ways, too

    But what is the practical effect of these kinds of sanctions designations?

    After all, many people sanctioned by Australia will not have any property in the country, will never receive any money from Australia, and may never contemplate visiting.

    One might be tempted to conclude that, in those circumstances, sanctions are ineffectual. But the reality is more complicated.

    In 2023, together with the London-based International Lawyers Project, I conducted the first study of the effect (or impact) of “Magnitsky” sanctions, focussing on the first 20 individuals sanctioned for alleged corruption under the US Global Magnitsky Act 2016.

    We found there were no less than ten types of effects that sanctions might have.

    And in at least two-thirds of the case studies we looked at, sanctions had an impact.

    This may be skewed by the high-profile nature of those first 20 corruption-related designations under the 2016 act, which included former heads of states and major businesspeople. Still, sanctions can mean more than their direct impact.

    Of these categories of effects, private sector action is especially important. This involves businesses globally dropping the targeted person as a customer even when not legally required to do so.

    For example, non-Australian banks are not bound by Australian sanctions. But, once Australian sanctions are in place, they feed into major private-sector sanctions databases that are used by banks worldwide.

    Global banks may well decide that – once someone is accused of human rights abuse, corruption or other misconduct by a credible government – keeping the targeted person on the books is no longer worthwhile, not least reputationally.

    For US sanctions, this effect is turbocharged by the fact virtually all banks need to route US dollar transactions via the US financial system, and they cannot do so on behalf of a sanctioned person. Banks soon drop such customers.

    In a famous example, Carrie Lam, the chief executive of Hong Kong, complained of having to keep piles of cash at home due to US sanctions precluding any Hong Kong bank from taking her on as a customer. (To be clear, the US has not imposed any sanctions on Ben-Gvir and Smotrich, and has opposed their designation by Australia and others.)

    Could Ben-Gvir and Smotrich fight these sanctions?

    Australian sanctions would not have such a profound impact, but they are a reputational irritant at the very least.

    This may account for the (failed) judicial challenges brought against Australian sanctions by two Russian oligarchs, Alexander Abramov and Oleg Deripaska, as well as another billionaire’s more successful petitioning of Australia’s foreign minister to lift the sanctions against him.

    In general, contesting sanctions in court is exceedingly difficult. Few claimants succeed, in Australia or elsewhere.

    It is far more likely the sanctions against Ben-Gvir and Smotrich will result in diplomatic discussions and lobbying behind the scenes.

    Anton Moiseienko has received funding from the Open Society Foundations in connection with the research cited in this article.

    – ref. What’s the potential effect of sanctions on Israeli ministers? Here’s what my research shows – https://theconversation.com/whats-the-potential-effect-of-sanctions-on-israeli-ministers-heres-what-my-research-shows-258692

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Money Market Operations as on June 11, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,95,936.52 5.18 2.50-6.55
         I. Call Money 15,257.24 5.31 4.80-5.35
         II. Triparty Repo 3,83,941.95 5.20 5.16-5.30
         III. Market Repo 1,94,273.33 5.13 2.50-5.60
         IV. Repo in Corporate Bond 2,464.00 5.41 5.35-6.55
    B. Term Segment      
         I. Notice Money** 34.50 5.17 5.05-5.25
         II. Term Money@@ 738.00 – 5.60-5.85
         III. Triparty Repo 1,555.00 5.30 5.15-5.50
         IV. Market Repo 375.60 5.15 1.00-5.45
         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# Wed, 11/06/2025 1 Thu, 12/06/2025 1,124.00 5.75
    4. SDFΔ# Wed, 11/06/2025 1 Thu, 12/06/2025 2,67,414.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,66,290.00  
    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          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,471.32  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     8,471.32  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -2,57,818.68  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on June 11, 2025 9,30,891.85  
         (ii) Average daily cash reserve requirement for the fortnight ending June 13, 2025 9,41,551.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ June 11, 2025 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on May 16, 2025 3,48,763.00  
    @ 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: 2025-2026/527

    MIL OSI Economics –

  • MIL-Evening Report: What will be the effect of Australia’s sanctions on Israeli ministers? Here’s what my research shows

    Source: The Conversation (Au and NZ) – By Anton Moiseienko, Senior Lecturer in Law, Australian National University

    Australia, Canada, New Zealand, Norway and the UK this week announced sanctions against two members of the Israeli cabinet: National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich.

    This is a momentous development. The governments concerned make it clear that they consider Ben-Gvir and Smotrich to be involved in “serious abuses of Palestinian human rights”, including “a serious abuse of the right of individuals not to be subjected to cruel, inhuman or degrading treatment or punishment”.

    This is an allegation rarely levelled against sitting ministers of a democratic state, predictably causing the Israeli government to protest.

    While diplomatic consequences play out, what are sanctions anyway, and what do they mean for Ben-Gvir and Smotrich?

    3 direct consequences

    “Sanctions” is a broad umbrella term. Whole countries can be sanctioned, but so can be individuals.

    Sanctions on individuals are imposed by means of a government placing them on its national sanctions list, such as Australia’s Consolidated List (which now features both Ben-Gvir and Smotrich).

    Three direct consequences flow from such a sanctions designation.

    First, all of the sanctioned person’s assets in the relevant country are frozen. This means that, while in principle they remain the sanctioned person’s property, they cannot be used or sold. This places those assets in limbo, potentially for a very long time.

    Second, no person within the sanctioning state’s jurisdiction – that is, no one in its territory, nor any of its citizens or residents – is allowed to make money or other resources available for the benefit of the sanctioned person.

    So, it is an offence for anyone in Australia to send funds to anyone on the Consolidated List. Interestingly, there is no prohibition on receiving money from sanctioned persons.

    Third, sanctioned persons are subject to an entry ban.

    So, if a foreigner is sanctioned by the Australian government, their permission to enter Australia will be denied or revoked.

    Legal challenges are possible. For example, in 2010, the daughter of a Burmese general studying at Western Sydney University unsuccessfully sued the foreign minister for sanctioning her and cancelling her visa based on her family ties.

    The sanctions against Ben-Gvir and Smotrich are what’s known as “Magnitsky” sanctions.

    This refers not to the substance of sanctions, but rather the reasons for their adoption, namely alleged corruption or human rights abuse, rather than other forms of wrongdoing. The imposition of sanctions on those grounds was pioneered by two US statutes named after Sergei Magnitsky, a Russian whistleblower killed in a Moscow prison.

    In the case of the Israeli ministers, human rights abuses are alleged.

    Sanctions can hurt in other ways, too

    But what is the practical effect of these kinds of sanctions designations?

    After all, many people sanctioned by Australia will not have any property in the country, will never receive any money from Australia, and may never contemplate visiting.

    One might be tempted to conclude that, in those circumstances, sanctions are ineffectual. But the reality is more complicated.

    In 2023, together with the London-based International Lawyers Project, I conducted the first study of the effect (or impact) of “Magnitsky” sanctions, focussing on the first 20 individuals sanctioned for alleged corruption under the US Global Magnitsky Act 2016.

    We found there were no less than ten types of effects that sanctions might have.

    And in at least two-thirds of the case studies we looked at, sanctions had an impact.

    This may be skewed by the high-profile nature of those first 20 corruption-related designations under the 2016 act, which included former heads of states and major businesspeople. Still, sanctions can mean more than their direct impact.

    Of these categories of effects, private sector action is especially important. This involves businesses globally dropping the targeted person as a customer even when not legally required to do so.

    For example, non-Australian banks are not bound by Australian sanctions. But, once Australian sanctions are in place, they feed into major private-sector sanctions databases that are used by banks worldwide.

    Global banks may well decide that – once someone is accused of human rights abuse, corruption or other misconduct by a credible government – keeping the targeted person on the books is no longer worthwhile, not least reputationally.

    For US sanctions, this effect is turbocharged by the fact virtually all banks need to route US dollar transactions via the US financial system, and they cannot do so on behalf of a sanctioned person. Banks soon drop such customers.

    In a famous example, Carrie Lam, the chief executive of Hong Kong, complained of having to keep piles of cash at home due to US sanctions precluding any Hong Kong bank from taking her on as a customer. (To be clear, the US has not imposed any sanctions on Ben-Gvir and Smotrich, and has opposed their designation by Australia and others.)

    Could Ben-Gvir and Smotrich fight these sanctions?

    Australian sanctions would not have such a profound impact, but they are a reputational irritant at the very least.

    This may account for the (failed) judicial challenges brought against Australian sanctions by two Russian oligarchs, Alexander Abramov and Oleg Deripaska, as well as another billionaire’s more successful petitioning of Australia’s foreign minister to lift the sanctions against him.

    In general, contesting sanctions in court is exceedingly difficult. Few claimants succeed, in Australia or elsewhere.

    It is far more likely the sanctions against Ben-Gvir and Smotrich will result in diplomatic discussions and lobbying behind the scenes.

    Anton Moiseienko has received funding from the Open Society Foundations in connection with the research cited in this article.

    – ref. What will be the effect of Australia’s sanctions on Israeli ministers? Here’s what my research shows – https://theconversation.com/what-will-be-the-effect-of-australias-sanctions-on-israeli-ministers-heres-what-my-research-shows-258692

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Speech by FS at International Conference on Roads and Railways 2025 (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the International Conference on Roads and Railways 2025 today (June 12):

    Alfred (President of the Hong Kong Institution of Highways and Transportation, Mr Alfred Leung), Vice President Wang (Vice President of the Research Institute of Highway of the Ministry of Transport of the People’s Republic of China Mr Wang Shuiyin), Tony (Director of Highways, Mr Tony Yau), distinguished guests and speakers, ladies and gentlemen,

         Good morning. It is a great pleasure to join you today at the inaugural International Conference on Roads and Railways – a timely and important gathering that brings together a distinguished community of policymakers, engineers, academics and industry leaders to explore the future of connectivity and sustainable mobility.

         To our guests from the Mainland and overseas, a very warm welcome to Hong Kong.

    The future of roads and railways 

         Roads and railways have long been the backbone of economic growth and social advancement. They are more than just physical infrastructure; they are public goods that connect people, expand opportunities, foster mutual understanding, and enable more inclusive development.

         In an era of rapid technological advancement and growing climate urgency, we are called not only to build infrastructure, but to build it smarter and greener. Transportation systems must be designed, constructed, operated, and maintained in ways that align with the sustainable development goals and meet the needs of future generations.

         Around the world, the momentum towards smart and sustainable mobility is accelerating. Emerging technologies, from artificial intelligence and the Internet of Things, to automation and digital twin systems, are transforming how we plan and manage transport infrastructure. These innovations are helping us optimise construction engineering, enable real-time traffic management, and apply AI-powered predictive maintenance that cuts costs, reduces downtime and enhances safety. 

         In short, we are seeing a profound shift from traditional infrastructure to intelligent assets that adapt, learn and improve over time.

         At the same time, the global push for decarbonisation is reshaping the transport landscape, calling for action on multiple fronts such as using low-carbon materials in construction; designing infrastructure to support green logistics; and investing in EV charging networks as critical enablers of clean transport. It also means leveraging smart technologies, such as optimising energy consumption through AI, sensor-based monitoring, modular construction, and more, to reduce emissions across the life cycle of transport assets. 

         Green infrastructure, once a goal, is now a necessity.

         A key strategy in this transition is transit-oriented development, or TOD, which is a planning approach that integrates high-density urban development with efficient public transport systems. It clusters housing, commercial services and amenities around transit hubs, reducing reliance on private vehicles and cutting greenhouse gas emissions. 

         Studies show that well-executed TOD can reduce urban carbon emissions by up to 25 per cent, while also enhancing liveability, walkability and economic vitality. In essence, TOD is about building communities that are compact, connected and carbon-conscious.

    Hong Kong’s experience 

         So where does Hong Kong stand in all these – and how can we contribute? I believe there are several areas that Hong Kong can share experience with our peers.

         First, technological expertise and professional excellence. Hong Kong’s pathway in transport infrastructure is built on advanced engineering know-how, precision planning, and a commitment to innovation. Mable, our Secretary for Transport and Logistics, will soon provide a detailed account of how we are taking the projects forwards and how we are applying advanced technologies. But allow me to highlight a few unique features of our experience. 

         Hong Kong is a compact and high-density city, where land is scarce and infrastructure must coexist with tight urban spaces. This has made us a pioneer in TOD, with railways serving as the backbone of urban development. Our railway-led planning integrates transport, housing and commercial uses to create seamlessly connected and lower-emission communities.

         A good example is the Northern Metropolis, envisioned as a major innovation and technology hub. With a projected population of 2.5 million and over 650 000 new jobs, its development will be “infrastructure-led” and “capacity-creating” – with key projects such as the Northern Metropolis Highway and the Northern Link driving connectivity and growth in the region.

         Given our dense built environment, careful planning and community engagement are essential to avoid undue disruption. While this can be time-consuming, it reminds us of the need to build infrastructure that is responsive to public aspirations and socially inclusive.

         Cross-boundary land transport infrastructure is a defining characteristic of Hong Kong. We have nine land boundary control points. From the Hong Kong-Zhuhai-Macao Bridge to the High Speed Rail, we have experience in integrating different engineering standards, operational models and even legal frameworks. A good example is the co-location of Mainland’s and Hong Kong’s customs, immigration and quarantine facilities at the Hong Kong West Kowloon Station. These projects require a high degree of agility, co-ordination with our counterparts and innovation.

         Second, smart and green innovation. Hong Kong is committed to making our transport systems smarter and greener, both as an innovator of new technologies and a user of cutting-edge solutions. 

         On the innovation side, we are investing heavily in four key technology areas: AI and robotics, biotech, fintech, and new energy and materials. Our goal is to become an international innovation and technology hub, with AI at its core.

         We already have a vibrant ecosystem of some 4 700 start-ups. In addition, we have been making good progress in attracting strategic enterprises to establish their presence, including R&D centres, here in Hong Kong. These include companies engaged in EVs, autonomous driving, smart traffic management and green materials, many of which are eager to seek global partners to expand their applications.

         On the application side, our high-density urban environment demands the use of advanced technologies to maintain efficiency and reliability of the transportation system. The opportunities in this space are vast, and we warmly welcome tech innovators from around the world to share solutions, co-create new applications, and shape the future of mobility together.

         Finally, financing the future. Hong Kong’s role as an international financial centre gives us a unique and powerful lever to support infrastructure development globally. 

         With a full suite of funding options, Hong Kong is where infrastructure projects from around the world can raise funds. This is particularly relevant for green, low-carbon infrastructure projects. We are Asia’s leading green bond market, accounting for nearly half of the region’s total issuance. 

         And we are also pioneering innovative financing models to unlock capital for infrastructure development. One such example is securitisation of infrastructure loans, a mechanism that transforms mature, revenue-generating brownfield assets into investment products, thereby freeing up capital for new greenfield projects. To date, Hong Kong has issued two such tranches, totalling US$800 million, supporting over 50 projects across the Middle East, Asia-Pacific and Latin America. 

         In regions where infrastructure funding gap remains urgent and significant – particularly in the Global South – Hong Kong offers practical and scalable ways to accelerate the delivery of essential and sustainable transport networks.

    Concluding remarks

         Ladies and gentlemen, to conclude, I believe the path to smarter and greener mobility is full of potential – and it is through collaboration, innovation and shared commitment that we will realise it.  

         On this note, I would like to extend my heartfelt thanks to the Transport and Logistics Bureau, the Highways Department, and the Hong Kong Institution of Highways and Transportation for organising this meaningful conference.

         I wish the conference every success, and I look forward to the ideas and partnerships that will emerge from these three exciting days. Thank you very much. 

    MIL OSI Asia Pacific News –