Category: Economy

  • MIL-OSI Russia: Pakistan sees gradual economic recovery, GDP grows 2.7 percent – Economic Review

    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

    ISLAMABAD, June 10 (Xinhua) — Pakistan’s economy registered a 2.7 percent growth in its gross domestic product (GDP) in the outgoing fiscal year, according to the Economic Survey 2024-25 released by Finance Minister Muhammad Aurangzeb on Monday.

    Although the figure remained below the government’s initial target of 3.6 percent, the growth was achieved despite the difficult global economic situation, the minister said.

    “I think this is the right way forward in terms of sustainable growth,” Aurangzeb said, describing the 2.7 percent figure as a sign of gradual economic recovery.

    Pakistan’s GDP contracted by 0.2 percent in the previous fiscal year, but has grown to 2.5 percent this year. The minister stressed that the government is keen to avoid a return to cyclical fluctuations. –0–

    MIL OSI Russia News

  • MIL-OSI: Euronext announces volumes for May 2025

    Source: GlobeNewswire (MIL-OSI)

    Euronext announces volumes for May 2025        

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 10 June 2025 – Euronext, the leading European capital market infrastructure, today announced trading volumes for May 2025.

    Euronext informs that the template has been aligned with the new reporting framework, which was implemented as of the first quarter 2025 results publication.

    Monthly and historical volume tables are available at this address:

    euronext.com/investor-relations#monthly-volumes

    CONTACTS  

    ANALYSTS & INVESTORS ir@euronext.com

    Investor Relations        Aurélie Cohen                 

            Judith Stein        +33 6 15 23 91 97          

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45   

            Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Catalina Augspach        +33 6 82 09 99 70                        

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Portugal         Sandra Machado        +351 91 777 68 97                 

    About Euronext  

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.

    As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

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    The MIL Network

  • MIL-OSI New Zealand: More funding to grow international tourism

    Source: New Zealand Government

    The Government is increasing funding for attracting overseas visitors and investing in tourism infrastructure as part of its new Tourism Growth Roadmap, Tourism and Hospitality Minister Louise Upston says.
    “We’re investing $35 million to deliver the first stage of the Roadmap, which sets out the Government’s plan to double the value of tourism,” Louise Upston says.
    “International visitors bring billions of dollars into New Zealand, from big ticket spends to everyday purchases in local cafes and accommodation. 
    “We want to welcome more visitors to New Zealand, and we want our regional communities to improve their capacity to look after those visitors.
    “The Government must work with industry to unlock the full potential of our tourism sector, and the Roadmap lays out initiatives and investments to ensure our infrastructure, workforce and communities can support further growth.
    “For the 2025/26 financial year, we’re investing $6 million in international marketing across emerging tourism markets, $3 million to increase the number of business events hosted in New Zealand, and an additional $5 million towards the Major Events Fund.
    “These commitments follow the recent announcements of $13.5 million invested in international tourism marketing and $4 million of investment towards improving the visitor experience along the Milford Road corridor.
    “Recent tourism funding has been about boosting visitor numbers. As those higher numbers become established, the Roadmap will shift over time to focus more on supporting communities to look after them well,” Louise Upston says. 
    This investment comes from the International Visitor Conservation and Tourism Levy. This levy is charged to most international visitors, and ensures they are contributing to the public services, facilities and natural environment they will enjoy while in New Zealand.
    More information can be found on the MBIE website.
    Notes to editor: 
    The Tourism Growth Roadmap is attached as a separate document.
    New tourism investments for the 2025/26 financial year include:

    $6 million in Tourism New Zealand’s marketing in the emerging markets of India and Southeast Asia,
    $3 million to increase the number of business events hosted in New Zealand, as part of Tourism New Zealand’s collaboration with Business Events Industry Aotearoa,
    An additional $5 million towards the Major Events Fund,
    $13.5 million in Tourism New Zealand’s marketing in core markets of Australia, the United States and China,
    $4 million towards a wider package of work to improve visitor experiences and reduce congestion along the Milford Road corridor. 

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Tourism Growth Roadmap speech to Business Events Industry Aotearoa (BEIA)

    Source: New Zealand Government

    Tēnā koutou katoa. Thank you for the warm welcome. It is my pleasure to welcome you all to MEETINGS 2025.

    First, I would like to acknowledge Mayor Wayne Brown attending MEETINGS 2025 today and a special acknowledgment to Ngāti Whatua Orakei for their pōwhiri and welcome. 

    I would also like to recognise Tataki Auckland Unlimited and in particular the Auckland Convention Bureau for their dedication and hard work advocating for Auckland as a world-class visitor destination.

    Last but not the least, I’d like to extend a heartfelt thank you to some incredible individuals who make events like this possible, a huge thank you again to BEIA Chief Executive Lisa Hopkins and Board Chair Martin Snedden.

    Your leadership across the business events in New Zealand and creating such vibrant and energetic gatherings like MEETINGS 2025 are truly appreciated and make a difference to New Zealand.

    To our local and international buyers, exhibitors and media – thank you for making the journey from around the world to join us in Auckland. 

    Events like MEETINGS are so important for bringing incredible opportunities to our regions, building valuable connections with our offshore markets and strengthening our business events sector.

    There is no doubt that New Zealand’s business events industry is on the rise – and that’s thanks to the fantastic organisations and individuals like you in this room today. 

    You are the driving force behind a growing pipeline of high-value deals across sectors. These opportunities are helping boost productivity, support local communities, and grow our regions.

    Together, we are putting New Zealand as a top place to do business – and the conversations and connections you make over the next few days will help us even further.

    Events like this are a powerful reminder of what it takes to deliver world-class experiences – whether its state-of-the-art venues, exceptional food and catering, smooth logistics, or engaging content. 

    Beyond their direct economic benefits, business events connect us, foster new ideas and drive innovation across industries. I want to acknowledge the vital role you all play – not just as the professionals of tourism and hospitality, but as ambassadors of New Zealand.

    Your commitment lay the foundation for successful events and help position our country as a world leader in the excellence we are known for.

    Increasing tourism and creating a strong economy is a key focus for the next few years, and the economic contribution of the business events sector is a critical element to success. 

    Business events punch well above their weight in attracting high-value international conferences to our regions and main centres throughout the year, and MEETINGS is a prime example of this. 

    I hope you enjoy your Auckland experience and participate in the amazing visitor experience while you are here. 

    As Minister for Tourism and Hospitality, I have two priorities for the portfolio. 

    My first priority is to grow international tourism by both increasing the number of international visitors to New Zealand in the short term, and doubling the value of tourism exports by 2034.

    My second priority is to grow the number of Kiwis in tourism and hospitality jobs which will further support our wider economic growth objectives.

    Our business events sector plays a huge role in showcasing New Zealand as a progressive, entrepreneurial destination and will play a significant role in achieving our goal of doubling tourism exports. 

    Business event participants spend an average of $175 more per day than other visitors, and importantly, often visit in the off-peak period between March and November, boosting tourism and economic activity year-round. This is exactly why we are making positive changes to support its growth.

    In April, alongside the Minister of Health and the Minister for Regulation, I was thrilled to announce a change to the Medicines Act. The change will allow for medicines to be advertised that have not yet been consented by Medsafe at medical conferences in New Zealand. 

    This shift removes a long-standing barrier and opens the door to hosting more international medical conferences and trade shows, unlocking an estimated $90 million in future revenue. 

    On top of that, we’re continuously working to attract high-value incentive business to New Zealand. It’s all part of our effort to make our country a go-to place for significant business events.

    As part of my Tourism Boost package, I provided $3 million to Tourism New Zealand to make an additional 15-20 bids for business events in 2026 and beyond through its existing Conference Assistance Programme. 

    This investment has already supported Tourism New Zealand to win three bids valued at $7.5 million.

    Our message is clear, New Zealand is open for business. We are looking forward to welcoming more business events and conferences to New Zealand and hosting them in our great facilities.

    Tourism is our second largest export earner and a crucial component of our workforce, and we cannot understate the benefits it provides to our country.

    We’re committed to continue growing the sector, which is why today, I am announcing the launch of the Tourism Growth Roadmap. The Roadmap follows my recent Tourism Boost package and is the second step towards doubling our tourism export value by 2034.

    The final Roadmap has been carefully developed based on the conversations I have had with industry leaders since taking over the portfolio and reflects what I’ve heard is important to you. 

    The first package of investment will continue to prioritise increasing international visitor volumes, with around 80 per cent of the investment going towards demand initiatives and 20 per cent towards supply initiatives.

    I am also announcing a $35 million investment from the International Visitor Conservation and Tourism Levy to deliver the first stage of the Roadmap.

    Yesterday, the Prime Minister and I announced $13.5 million in new funding to Tourism New Zealand to uplift marketing activity in our core markets of Australia, the United States and China. 

    This investment is expected to generate around $300 million in spending and deliver an extra 72,000 international visitors to our shores.

    These are big numbers, but this is only part of the full $35 million package we’re unveiling today.

    I am also committing a further $6 million in new funding to uplift marketing activity in our emerging markets of India and Southeast Asia. 

    We know that Tourism New Zealand does an important job of marketing our country internationally, acting as the primary influence for approximately 14 per cent of international holiday visitors. I expect these investments to result in almost $360 million in incremental visitor spend in the economy.

    As I have been saying today, I see the business events sector as an incredibly valuable visitor market for supporting tourism growth.

    That is why I’m thrilled to announce I am committing an additional $3 million to Tourism New Zealand to boost business events attraction for a further year. This reinforces the important role that all of you play, and I am excited to see the positive outcomes from this investment. 

    I am also providing a $5 million boost for major events attraction. Major events drive economic benefits to New Zealand through international visitation and additional direct spend in the host region. 

    To complement these demand initiatives, I am investing in specific regional tourism infrastructure projects. 

    Last week, alongside Minister Potaka, I announced $4 million to improve visitor experiences along the Milford Road corridor. This investment is co-funded and will be delivered by the Department of Conservation.

    As you all know, Milford Sound Piopiotahi is one of our most iconic destinations and a huge drawcard for international visitors. This investment will support improved visitor experiences, infrastructure and reduced congestion. 

    We have an enormous opportunity on our hands. 

    Tourism has the potential to become our biggest export earner – we’ve done it before, and I believe we can do it again. It will take significant effort from us all, and the industry is united with shared purpose, aspirations, and enthusiasm.

    Achieving this will require action on the supply-side and I have asked my officials to begin a review of our tourism system to support this. This includes looking at issues surrounding our workforce:

    • data
    • infrastructure
    • funding
    • our regions and communities
    • aviation and cruise connectivity
    • and the overall visitor experience that we offer.

    We’re looking at what is working well and what do we need to change to ensure we are fit for the future.

    The key to our success will be working together.

    There is plenty of work to do and I am excited to continue working alongside the tourism and hospitality sector to build on the incredible foundations already in place. 

    Ladies and Gentlemen, the next few days are packed with opportunities. 

    New Zealand is open for business, and we welcome the opportunity to attract more business, exhibition and incentive travellers to New Zealand and grow our economy. Together, let’s maximise the value tourism brings to our beautiful country!

    Thank you again.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Local News – ELECTRIFY QUEENSTOWN TO RETURN IN 2026

    Source: Destination Queenstown

    Queenstown, New Zealand (10 June 2025) – Electrify Queenstown will return for a third year, following the huge success of the 2025 event which built strong momentum across the region.

    Now a cornerstone event in Queenstown’s calendar, Electrify Queenstown will take place from 17 – 19 May 2026, bringing together industry leaders, innovators, politicians and policymakers to share practical, cost-effective ways for businesses and households to electrify.

    Mat Woods, Chief Executive of Destination Queenstown and Lake Wānaka Tourism, says Electrify Queenstown is an event designed to turn ideas into action.

    “The energy this year was incredible with hundreds of people turning up to explore new and emerging technologies and future-focused solutions that not only save you money, but are good for the environment too.” he said.

    Attendees this year included local residents, visitors from around New Zealand, business owners, and change makers all eager to share the opportunities and challenges involved in a low-emissions future.

    The event featured bold announcements including plans for a low-emissions urban cable car network in Queenstown, the debut of new electric marine propulsion technology on Lake Whakatipu, and the release of Rewiring Aotearoa’s policy manifesto.

    Mike Casey, CEO of Rewiring Aotearoa, says there’s an exciting opportunity for New Zealand to lead the global energy transition, and events like Electrify Queenstown are helping educate kiwis about what’s possible.  

    “Aotearoa New Zealand is one of the few countries that has reached the electrification tipping point where it’s cheaper to electrify than use the fossil fuel alternative.

    “Whether you’re in it for the cost savings, lowering emissions, or energy security, we all win by going electric.” Mike said.

    Electrify Queenstown is proving to be a valuable platform for businesses and innovators to showcase energy-efficient solutions for homes and enterprises.  

    Sharon Fifield, CEO of Queenstown Business Chamber of Commerce, says it’s inspiring to see the momentum that’s been built since the inaugural one-day event in 2024.

    “Businesses are seeing the economic value of electrification alongside the environmental benefits, and there’s genuine enthusiasm to get involved and make a difference.” Sharon said.

    With strong interest from locals eager to lower their bills, become more energy efficient and resilient, organisers say Electrify Queenstown 2026 will again cater to everyone with even more opportunities for collaboration and innovation.

    “Each year, more people are seeing what’s possible through electrification and it’s exciting to think about what 2026 will bring.” Mat added.

    Electrify Queenstown 2026 will take place at the Queenstown Events Centre, Sunday 17 May – Tuesday 19 May 2026.

    The event supports Queenstown Lakes’ destination management plan and the broader goal of regenerative tourism and a carbon-zero visitor economy by 2030.

    MIL OSI New Zealand News

  • MIL-OSI United Kingdom: Greens denounce Labour’s Spending Review as ‘spreadsheet Britain’ and call for a ‘hopeful vision for a better future’  

    Source: Green Party of England and Wales

    Ahead of Wednesday’s Spending Review, Adrian Ramsay MP, co-leader of the Green Party, accused the government of lacking a vision for a better future. He said: “This Spending Review shows that the government knows the cost of everything but the value of nothing.” 

    He went on to say: 

    “This looks like a spreadsheet Britain approach, leading the country into deliberate decline, when we need a hopeful vision for a better future.  

    “Austerity has meant our hospitals, schools and transport services have sustained real terms budget cuts, and long-term capital investment will not deliver fast enough to impact people’s lives. Millions of people are facing financial, health and housing insecurity right now. The Spending Review will fail those children stuck in poverty today – children who need warm homes and enough to eat.” 

    “We need to invest in a more secure future for everyone. Real security comes from people feeling warm and comfortable in their homes, valued in their communities and secure in the knowledge that climate action will safeguard the future for their children and grandchildren.” 

    Ramsay said there should be a much stronger focus on building, providing and retrofitting social homes. He said: 

    “Rather than turning the screw further on councils which are already on their knees, the Chancellor must commit the billions that councils need to buy, build and design social housing instead of offering a blank cheque to developers to build executive homes that few can afford.  

    “We know this is what people want. A new YouGov survey commissioned by the Greens has found that people are three times more likely to want the Government to build more social housing than encouraging developers to build more private homes.” 

    Ramsay also repeated calls for a fairer tax system to raise money and reverse chronic underspending in public services.    

    “A wealth tax of 1% on assets over £10 million and 2% on assets above £1 billion could raise £24 billion a year. Cutting support to disabled people while billionaires are gaining £35 million a day in wealth is indefensible. We are one of the wealthiest countries in the world – it’s time the super-rich paid up and for Labour to start taxing wealth fairly. 

    Adrian Ramsay MP concluded: 

    “From child poverty to climate breakdown, the challenges we face are not small – and neither should be our response. People want a government that invests in them, in their homes, in their services, in building a resilient future. Cuts don’t create hope. Investment does. We need public services that are fit for purpose, homes that are warm and affordable, and a tax system that serves the many, not the wealthy few.”

    MIL OSI United Kingdom

  • MIL-Evening Report: Australia should stand up for our feta and prosecco in trade talks with the EU

    Source: The Conversation (Au and NZ) – By Hazel Moir, Honarary Associate Professor; economics of patents, geographical indications and other “IP”; trade treaties, Australian National University

    TY Lim/Shutterstock

    Trade Minister Don Farrell has confirmed Australia and the European Union will restart negotiations for a free trade agreement immediately. Two years ago, Australia walked away over a disappointing market access offer for our beef, sheep, dairy and sugar exporters.

    But with US President Donald Trump’s unilateral tariff increases, the world has changed. The chances of successfully completing the negotiations with the EU on increasing access for some agricultural products and cutting red tape now seem good.

    Australia wants improved access for its beef and lamb exports to Europe, but European farmers have significant political influence. The 2023 offer from the EU would have accounted for just 0.3% of its agricultural imports. It was also less than that offered to other trading partners.

    Another major stumbling block was the EU’s demand that Australia give up naming rights for hundreds of food and drink products.

    The EU wants Australia to adopt its system of regulating names for regional food and spirit specialties. If accepted, this could negatively impact on consumers, Australian dairies and boutique spirit makers.

    What is the EU asking for?

    The EU wants Australia to adopt its so-called “geographical indications” approach to protect the names of European products. It has listed 170 food names and 236 spirit names for Australia to give up.

    The EU argues Australia should allow only Greek feta to be sold here; currently Australian, Greek, Danish and Bulgarian feta are all sold in our shops. It also wants the names prosecco and parmesan reserved for European producers.

    Australia approaches food product labels differently, mainly through consumer protection laws. Further, there is little culture of fraud here, while the European system was originally introduced for wines because of widespread fraud, before it spread to food products.

    Problems arise with the specific food and spirit names the EU wants reserved for their producers. Australia argues these are common names for the food items and we shouldn’t lose access to them.

    Intellectual property privileges limit what other producers can do. So there is always a process to allow other parties to object. Our trade agreements also provide for objections processes.

    In 2019, the Australian government called for producers to raise any objections, but provided no follow-up and no process for the resolution of objections. Producers have received no feedback. This denies those affected by the European naming demands access to due process of law.

    The problem with parmesan

    The worst problems are with the common names that, in Australia, are recognised as generic product names.

    Prosecco grapes growing in the Veneto region of Italy. The EU wants to restrict use of the name prosecco.
    StevanZZ/Shutterstock

    The EU does recognise many food names as common names, such as gouda, brie, edam and camembert cheese. But they want Australia to declare that feta, parmesan and prosecco are not common names in Australia. Australian producers, retailers and consumers would disagree.

    The Europeans argue parmesan is a translation of its geographical indication, Parmigiano Reggiano. It refuses to accept that in Australia consumers recognise parmesan as the common name for a hard cheese while Parmigiano Reggiano is an Italian cheese.

    In 2024, the Singapore Court of Appeal ruled parmesan is not a translation of Parmigiano Reggiano in Singapore and is available for use in Singapore as a common name. It is also clearly recognised as a common name in the EU-Korea trade agreement.

    Carve-outs for feta producers

    Feta is not a place name (it means slice). Canada solved the feta problem in its trade deal with Europe by accepting feta as a geographical indication, but grandfathered the right of all existing Canadian producers to continue to produce and sell feta. Vietnam achieved similar safeguards.

    Australia could ask for the same deal as provided to Canada, and this would ensure no negative impacts on producers or Australian consumers. To protect Australian consumers, who are currently also able to buy Danish and Bulgarian feta, Australia should ensure this exception includes companies exporting into Australia.

    Who can make prosecco?

    Prosecco is specified as a grape variety in the 1994 Australia-Europe bilateral wine treaty, and in Italy until 2009.

    Since then the Italian government took action to privatise the name prosecco and the EU endorsed prosecco as a proprietary name.

    However, all treaties with geographical indications provisions recognise that animal breed and plant variety names should remain free for common use. Our prosecco producers make wine with the prosecco grape, and should be allowed to label it as such. Just like pinot noir is labelled as pinot noir, the grape variety, and not Burgundy, the region.

    If the EU does not provide better access to its agricultural markets, and demands naming provisions which hurt Australian dairies and consumers, and our boutique spirits industry, we would be better to walk away from the proposed treaty.

    Hazel Moir is affiliated with the Centre for European Studies in the Research School of Social Sciences at the Australian National University. From 2017-2019 she was lead researcher in a co-funded ANU and EU’s Erasmus+ Programme study which involved a meta-analysis of the available empirical evidence on the impact of GIs on farmers and regional development. The project funding was purely for research costs and involved no personal remuneration.

    John Power worked for the Department of Agriculture, Fisheries and Forestry from 2003 to 2019. He contributed to negotiations of the 2010 Australia-EU Trade in Wine Agreement and Australia’s FTAs. John led the amendments of the Wine Australia Act 2013 that introduced an objections process for wine GIs. In 2020 he joined the Department of Foreign Affairs and Trade as a GI specialist negotiator.

    ref. Australia should stand up for our feta and prosecco in trade talks with the EU – https://theconversation.com/australia-should-stand-up-for-our-feta-and-prosecco-in-trade-talks-with-the-eu-258392

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI New Zealand: ‘Above our expectations’ – Aucklanders borrow millions of library books over past year

    Source: Auckland Council

    Auckland Council Libraries are leading the way lifting literacy across Tāmaki Makaurau with a stack of activities, support and smart technology.

    With 56 local libraries across the Auckland region, a fleet of mobile libraries on the road and borrowing available online, Aucklanders have access to the largest public library network in Australasia.

    Auckland Council Libraries carry a whopping 3.4 million items available to borrow or view for free. Anyone with a library card can access the collection, thanks to a network of specialist teams and technology constantly moving items around the region on request. 

    Head of Library and Learning Services Catherine Leonard says customer demand for requests across the collection is strong, with between 12,000 to 15,000 items moving through the central book sorting system each day.

    “On top of that, we’ve had an incredible 14 million items borrowed in total over 12 months and our visitor numbers have climbed to 6.75 million so far this financial year, which is well above our expectations,” Catherine says.

    E-books continue to gain popularity with 5 million checkouts in 2024, which places Auckland Council Libraries in the top ten eLending libraries worldwide.

    On top of the borrowing figures, Catherine says a key indicator that things are going well for regional library services is the customer feedback they receive. Over the past two years, customer satisfaction has consistently hit 90 per cent or higher and is currently sitting at 93 per cent.

    To keep the momentum going, Auckland Council Libraries team has adopted a new three-year service plan (2025-2028), which includes key priorities to inspire creativity, learning and discovery.

    This ensures our region-wide focus consistently supports those aspects of community wellbeing that libraries uniquely hold, says Catherine.

    Every day, Auckland Council librarians support literacy by encouraging reading. They work hard to make sure everyone has access to the safe and inclusive environments of libraries and the wide array of resources they hold.

    Other priorities include improving participation, championing Mātauranga Māori and celebrating cultural identity.

    An innovative content-creation and publishing programme launched in 2000 has led to the creation of 20 bilingual books to fill a gap in the collection for Māori and Pacific readers, 16 documentary films, 10 podcasts and a range of other material including virtual reality content.

    Catherine says demand for free digital equipment and library programmes continues to grow. All Aucklanders have unlimited access to public computers, internet, printing and Wi-Fi when visiting their local libraries.

    For researchers, Auckland Central City Library contains a treasure trove of resources with one of the largest collections of heritage and research materials in the country. Access to rare and precious taonga (manuscripts, historical maps, photographs, rare books) can be easily arranged.

    “Our staff are always looking for new ideas and developments in libraries to improve and engage new customers. Responding to feedback continues to be a priority for us, and the hugely-popular Bestie collection celebrating local authors is an example of this. We have just launched a new board game collection and plans for a Bestie collection for children are on track with the collection set to be launched towards the end of the year,” she adds.

    MIL OSI New Zealand News

  • MIL-OSI: Virtu Financial Announces Strategic TradeOPS Collaboration, Welcoming First Joint Client

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM and NEW YORK, June 10, 2025 (GLOBE NEWSWIRE) — Virtu Financial, Inc. (NASDAQ: VIRT), a global leader in trading and execution services, and Limina, a leading provider of cloud-native Investment Management Solutions, are proud to announce a strategic collaboration around Virtu’s TradeOPS platform.

    Virtu’s TradeOPS is a streamlined, consolidated platform that covers clients’ matching, settlements and payment requirements. Designed and built specifically to automate post-trade workflows, including allocation matching and settlements, exception-based processing in TradeOPS is designed to significantly reduce settlement delays, financial penalties, and workload for buyside firms. Combined with Limina’s cloud-native Order and Portfolio Management System (O/PMS), this collaboration enables buyside firms to access a fully-integrated, front-to-back workflow—seamlessly and efficiently.

    The collaboration has welcomed its first joint client, Cliens, who is now benefiting from Virtu’s TradeOPS capabilities using DTCC-CTM via Limina’s platform.

    “We’re excited to work with Limina to deliver an integrated and modern workflow for our TradeOPS clients,” said Pegah Esmaeili, Head of Nordic Region at Virtu. “This integration supports our mission to deliver scalable, outsourced trading solutions by collaborating with innovative local firms like Limina—allowing us to efficiently extend our market-leading products to clients across the region.”

    Prem Balasubramanian, Head of Virtu’s TradeOPS platform highlighted that recent changes in post-trade settlement, such as the shift to T+1 and the migration from SWIFT MT to MX, have introduced new operational challenges for buyside firms. “By providing streamlined and effective solutions tailored to clients’ needs, we can significantly reduce the operational burden and allow firms to refocus on what truly matters: managing investments and driving performance.” Prem also added, “Working with Limina is a pleasure. The turnaround has been impressively fast, and we’re looking forward to continued collaboration ahead.”

    “This partnership was an obvious choice to further strengthen the integration capabilities of Limina’s Order Management System, not only to DTCC CTM but to all venues that tie into Virtu TradeOPS including SWIFT and more,” says Kristoffer Fürst, CEO of Limina. 

    “The integrated solution that Virtu and Limina offer Cliens helps us extend our straight-through process, giving time to more productive tasks which adds value to our customer,” says Martin Öqvist, CEO of Cliens.

    About Virtu Financial, Inc.
    Virtu is a leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre- and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

    About Limina
    Limina’s modern Investment Management Platform helps investment managers increase productivity, decrease cost and manage operational risks through a unified platform spanning the entire investment lifecycle. Founded in 2014, and headquartered in Sweden, Limina serves a growing global client base of institutional asset managers, asset owners and hedge funds with our award-winning cloud-native SaaS offering.

    About Cliens
    Cliens is a Swedish active fund manager focusing on delivering long-term high returns. Our funds and discretionary mandates vary from equity to fixed income and investments are made in Swedish all caps as well as Nordic and Global small caps.

    Contact:

    Investor Relations and Media Relations
    Andrew Smith
    media@virtu.com
    investor_relations@virtu.com

    The MIL Network

  • Apple opens its AI to developers but keeps its broader ambitions modest

    Source: Government of India

    Source: Government of India (4)

    Apple AAPL.O announced on Monday a slew of artificial intelligence features including opening up Apple Intelligence’s underlying technology in a modest update of its software and services as it lays the groundwork for future advances.

    The presentations at its annual Worldwide Developers Conference focused more on incremental developments, including live translations for phone calls, that improve everyday life rather than the sweeping ambitions for AI that Apple’s rivals are marketing.

    A year after it failed to deliver promised AI-based upgrades to key products such as Siri, Apple kept its AI promises to consumers low-key, communicating that it could help with tasks like finding where to buy a jacket similar to one they have seen online.

    Behind the scenes, Apple hinted at a strategy of offering its own tools to developers alongside those from rivals, similar to a strategy by Microsoft last month. Apple software chief Craig Federighi said the company will offer both its own and OpenAI’s code completion tools in its key Apple developer software and that the company is opening up the foundational AI model that it uses for some of its own features to third-party developers.

    “We’re opening up access for any app to tap directly into the on-device, large language model at the core of Apple,” Federighi said.

    In an early demonstration of this at work, the company added image generation from OpenAI’s ChatGPT to its Image Playground app, saying that user data would not be shared with OpenAI without a user’s permission.

    “You could see Apple’s priority is what they’re doing on the back-end, instead of what they’re doing at the front-end, which most people don’t really care about yet,” said Ben Bajarin, chief executive of analyst firm Creative Strategies.

    Apple is facing an unprecedented set of technical and regulatory challenges as it kicked off its software developer conference.

    Shares of Apple, which were flat before the start of the event, closed 1.2% lower on Monday.

    “In a moment in which the market questions Apple’s ability to take any sort of lead in the AI space, the announced features felt incremental at best,” Thomas Monteiro, senior analyst at Investing.com, said. Compared with what other big AI companies are introducing, he added, “It just seems that the clock is ticking faster every day for Apple.”

    That is a contrast to the ambitious vision laid out by Apple last year.

    “They went from being visionary and talking about agents before a lot of other people did, to now realizing that, at the end of the day, what they need to do is deliver on what they presented a year ago,” said Bob O’Donnell, chief analyst at Technalysis Research.

    Apple executives said that developers will have access only to Apple’s on-device version of Apple Intelligence, which does not tap into special data centers Apple built for its AI efforts. The on-device model is about 3 billion parameters, a measurement of the model’s level of sophistication, meaning that it cannot handle the more complex tasks that cloud-based models can.

    As Apple executives discussed new features at the event in Cupertino, California, OpenAI announced a new financial milestone on Monday, reaching $10 billion in annualized revenue run rate as of June.

    OS UPDATES

    Federighi also said Apple plans a design overhaul of all of its operating systems.

    Apple’s redesign of its operating systems centered on a design it calls “liquid glass” where icons and menus are partially transparent, a step Apple executives said was possible because of the more powerful custom chips in Apple devices versus a decade ago.

    Federighi said the new design will span operating systems for iPhones, Macs and other Apple products. He also said Apple’s operating systems will be given year names instead of sequential numbers for each version. That will unify naming conventions that have become confusing because Apple’s core operating systems for phones, watches and other devices kicked off at different times, resulting in a smattering of differently numbered operating systems for different products.

    Some analysts told Reuters that Apple’s decision to introduce familiar Mac capabilities, such as a multitasking interface and menu bar, to iPad could portend a shift in priorities around which devices it markets to consumers.

    In other new features, Apple introduced “Call Screening” where iPhones will automatically answer calls from an unknown number and ask the caller the purpose of their call. Once the caller states their purpose, the iPhone will show a transcription of the reason for the call, and ring for the owner.

    Apple also said it will add live translation to phone calls, as well as allow developers to integrate its live translation technology into their apps. Apple said the caller on the other end of the phone call will not need to have an iPhone for the live translation feature to work.

    Apple’s Visual Intelligence app – which can help users find a pair of shoes similar to ones at which they have pointed an iPhone camera – will be extended to analyzing items on the iPhone’s screen and linked together with apps. Apple gave an example of seeing a jacket online and using the feature to find a similar one for sale on an app already installed in the user’s iPhone.

    (Reuters)

  • MIL-OSI New Zealand: Climate legal action necessary response to Govt inaction – CTU

    Source: New Zealand Council of Trade Unions Te Kauae Kaimahi

    The New Zealand Council of Trade Unions Te Kauae Kaimahi welcomes the legal action taken against the Minister of Climate Change by a coalition of legal experts as an important step in ensuring that Aotearoa meets its climate action obligations.

    “We strongly support legal action to ensure that the Government is held to account for its legal obligations under the Climate Change Response Act,” said NZCTU President Richard Wagstaff.

    “The union movement is deeply concerned by the Emissions Reduction Plan 2026-2030, which contains no significant policies to reduce emissions and will fail to get New Zealand meaningfully closer to our 2050 net-zero commitment.

    “The actions – or lack of them – by this Government on climate change are the actions of climate deniers, not responsible leaders.

    “Workers and communities need real political leadership that combats global emissions and invests in creating a just transition for industries and workers. We need leadership that develops and upholds long term consensus, not more U-turns.

    “Instead, we have a government that cancelled 35 climate policies without consulting the public first, as required by law. Robust public engagement is essential.

    “Climate policy is yet another area where this Government is prioritising corporate interests over democratic accountability and the interests of working people.

    “Evidence is clear that a near-total focus on tree planting through vast pine forests is not a sufficient response – we must reduce emissions at source.

    “Alongside the weak emissions budget, in Budget 2025 we saw a total abdication of responsibility on climate change and ensuring a Just Transition for working people in an increasingly volatile world.

    “The NZCTU supports bold climate action to reduce emissions, adapt to the changing climate, and transition to a zero emissions economy that provides full employment for workers,” said Wagstaff.

    MIL OSI New Zealand News

  • MIL-OSI Banking: Money Market Operations as on June 09, 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) 5,80,215.04 5.22 0.01-6.55
         I. Call Money 14,727.29 5.30 4.75-5.40
         II. Triparty Repo 3,74,905.75 5.20 5.05-5.28
         III. Market Repo 1,86,432.00 5.25 0.01-6.25
         IV. Repo in Corporate Bond 4,150.00 5.48 5.39-6.55
    B. Term Segment      
         I. Notice Money** 79.40 5.27 5.05-5.30
         II. Term Money@@ 1,042.00 5.50-5.80
         III. Triparty Repo 1,925.00 5.26 5.20-5.30
         IV. Market Repo 1,395.17 5.27 1.00-5.44
         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 Mon, 09/06/2025 1 Tue, 10/06/2025 3,711.00 5.51
         (b) Reverse Repo          
    3. MSF# Mon, 09/06/2025 1 Tue, 10/06/2025 2,123.00 5.75
    4. SDFΔ# Mon, 09/06/2025 1 Tue, 10/06/2025 2,58,855.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,53,021.00  
    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$       8,321.86  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     8,321.86  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -2,44,699.14  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on June 09, 2025 9,32,180.72  
         (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 09, 2025 3,711.00  
    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: 2025-2026/517

    MIL OSI Global Banks

  • MIL-OSI USA: Rep. Kelly, Democrats demand action on cost-of-living crisis, warn that Trump’s ‘One Big Ugly Bill’ will drive prices even higher

    Source: United States House of Representatives – Congresswoman Robin Kelly IL

    Collegeville, PA – Today, the House Democratic Steering and Policy Co-Chairs, Congresswomen Robin Kelly (IL-02), Debbie Wasserman Schultz (FL-25) and Nanette Barragán (CA-44), led a roundtable discussion with local leaders and stakeholders impacted by the Trump Tariffs and Republican threats to cut Medicaid and SNAP. Witnesses warned that the Republican ‘One Big Ugly Bill’ would only exacerbate the cost-of-living crisis for Pennsylvania’s working families.

    Congresswoman Madeleine Dean (PA-04) hosted the committee’s field hearing, and took testimony from community leaders who work directly helping people meet their basic needs to hear how the cost-of-living crisis would worsen with the Republican tax scam to slash Medicaid and food assistance while giving huge new tax breaks to billionaires.

    “At a time when families need stability, President Trump has thrown our economy into turmoil with reckless tariffs that continue to decimate retirement and college savings accounts,” said Dean. “Meanwhile, Trump and Republicans are pushing their ‘Big Ugly Bill,’ which will kick more than 300,000 Pennsylvanians off their healthcare and rip away food assistance from 140,000 of our neighbors. We should be fighting to lower costs for working families — not spiking prices and financing another tax break for the wealthy.”

    “President Trump promised to lower the cost of living on Day One. He lied,” said Kelly. “Instead, Americans are paying the cost of his shortsighted trade war at the checkout counter while Republicans in Congress attack food assistance and healthcare. This is a recipe for a cost-of-living disaster, yet Republicans’ solution is to give more tax breaks to the well-off and well-connected. I, alongside my Democratic colleagues, will continue to travel across the country to hear directly from the American people and bring their concerns back to Washington with real solutions.” 

    “Republicans are not interested in making life more affordable for American families. Trump’s One, Big, Ugly bill will take away food and rental assistance, and life-saving health care from millions of Americans,” said Barragán. “House Republicans have refused to work with Democrats to deliver solutions that support hardworking Americans. Seniors, children, and veterans will bear the burden of higher costs of food, healthcare, and housing while Trump’s billionaire donors get richer.”

    “Grocery checkout lines and the fear of falling ill are still major sources of financial anxiety for families, yet the Republican response is to give the wealthiest Americans a tax break windfall and pay for it by taking affordable health care and food assistance from millions of people. It’s a cruel, deplorable and fiscally irresponsible response, and we heard that message loud and clear today in Pennsylvania,” said Wasserman Schultz. “Far from lowering costs, Trump’s chaotic economic policies are driving recessionary fears, and Republicans’ ‘Big Ugly Bill’ would steal health care from 16 million Americans and deny food assistance to millions more. The net effect makes life even harder for paycheck-to-paycheck workers.”

    The Steering and Policy Committee has gone on the road to hear from the American people, convening a town hall in California and a hearing in Virginia exposing the extreme Republican agenda. The Steering and Policy Committee will continue to travel the nation in the months ahead to reach the American people where they live and hear from them directly. 

    The full video of today’s hearing can be found here.

    MIL OSI USA News

  • MIL-OSI Africa: Secretary-General’s remarks at the Summit “Africa for the Ocean” [All-French, as delivered; scroll down for All-English]

    Source: United Nations – English

    otre Altesse Royale, Princesse Lalla Hasnaa du Royaume du Maroc,
    Monsieur le Président de la République française, Cher Emmanuel Macron,
    Excellences, Chers amis,

    Je vous remercie d’organiser ce sommet afin de réaffirmer un message clair :

    Les destins de l’Afrique et de l’océan sont profondément liés.

    Pour des millions de personnes à travers le continent, l’océan est source de vie, d’identité, de promesses.

    Avec plus de 30 000 kilomètres de littoral et 38 États côtiers, l’Afrique est une puissance maritime.

    Son avenir s’écrit aussi dans ses eaux.

    Mais cette richesse bleue est trop souvent sous-évaluée et surexploitée.

    L’insécurité maritime menace la paix.

    La pollution empoisonne les côtes et les écosystèmes.

    Et la crise climatique – dont l’Afrique n’est pourtant pas responsable – ravage ses rivages.

    Face à ces défis, l’Afrique propose, innove, agit.

    Elle forge des solutions qui inspirent bien au-delà du continent.

    Nous le voyons dans des projets ambitieux de coopération régionale – ou encore la Stratégie intégrée de l’Union africaine pour les mers et les océans à l’horizon 2050.

    Et nous le voyons dans les négociations internationales, où l’Afrique fait entendre sa voix avec force.

    L’Accord sur la diversité biologique marine des zones ne relevant pas de la juridiction nationale – l’Accord BBNJ – en est un exemple.

    Le Groupe africain a été un acteur central des négociations, obtenant des engagements sur le partage équitable des avantages, le renforcement des capacités et le transfert de technologies marines.

    À ce jour, 28 États africains ont signé l’Accord. Trois l’ont déjà ratifié. Peut-être que ces chiffres sont déjà surpassés par les chiffres que le Président de la République a annoncé ce matin.

    Et plusieurs autres prévoient de le faire aujourd’hui, lors de la cérémonie spéciale sur les traités pour l’Accord BBNJ.

    C’est un signal fort : l’Afrique est au cœur de l’action pour les océans.

    Mais pour libérer pleinement ce potentiel, il faut un sursaut politique et financier.

    Cela commence par renforcer la sécurité maritime face aux menaces transnationales – piraterie, trafic d’armes et d’êtres humains et crime organisé.

    Les Nations Unies continueront de soutenir les efforts africains, notamment à travers l’Architecture de Yaoundé, qui a contribué à une baisse significative des actes de piraterie dans le golfe de Guinée.

    Cela passe également par une gouvernance océanique fondée sur la science et la coopération.

    Il faut lutter contre la pollution et la pêche illicite, non déclarée et non réglementée, renforcer les capacités de collecte et de partage des données océanographiques, et protéger la biodiversité.

    Nous devons valoriser les énergies marines renouvelables, l’aquaculture et le tourisme durable, autant de sources d’emplois décents – notamment pour les jeunes et les femmes.

    Mais ces efforts ne porteront pleinement leurs fruits que si l’Afrique est connectée – dans ses territoires et avec le reste du monde.

    Les océans africains doivent devenir de véritables corridors d’intégration – reliant pays côtiers et enclavés, au service d’une croissance partagée.

    Cela suppose des investissements concrets dans les infrastructures maritimes et portuaires : des ports interconnectés, résilients face au changement climatique, capables de répondre aux besoins d’un commerce en croissance.

    Les États sans littoral doivent être reliés aux chaînes de valeur mondiales.

    Aucun pays ne doit rester à quai.

    Mais pour que cette transformation soit durable et équitable, nous devons mettre fin aux injustices historiques.

    Ces injustices se traduisent aussi dans l’océan : les investissements ont trop souvent contourné l’Afrique, alors même que ses ressources marines étaient exploitées par d’autres.

    Le Pacte pour l’Avenir, adopté en septembre dernier, appelle à une réforme profond des institutions financières mondiales – afin qu’elles soient au service de tous.

    Il est temps que les pays en développement soient équitablement représentés dans ces institutions. D’ailleurs, comme au Conseil de Sécurité des Nations-Unies.

    Nous avons besoin d’un système qui reflète les réalités du XXIème siècle – un système plus juste, plus solidaire et plus efficace.

    C’est pourquoi j’appelle les institutions financières, les bailleurs bilatéraux et multilatéraux, les banques de développement et le secteur privé à répondre présent – y compris lors de la quatrième Conférence internationale sur le financement du développement à Séville.

    Chers amis,

    De Dakar à Djibouti, du Cap à Casablanca, l’Afrique prouve qu’on peut conjuguer prospérité et préservation.

    Le monde a besoin de l’Afrique pour répondre aux défis de l’océan.

    Et l’océan a besoin d’une Afrique qui trace sa voie et navigue résolument vers l’avenir.

    Je vous remercie.

    ***
    [All-English]

    Your Royal Highness, Princess Lalla Hasnaa of the Kingdom of Morocco,
    Mr. President of the French Republic, Dear Emmanuel Macron,
    Excellencies, Dear friends,

    Thank you for organizing this summit to reaffirm a clear message:

    The destinies of Africa and the ocean are deeply linked.

    For millions of people across the continent, the ocean is a source of life, identity and promise.

    With over 30,000 kilometers of coastline and 38 coastal states, Africa is a maritime powerhouse.

    Its future is also written in its waters.

    But this blue wealth is too often undervalued and overexploited.

    Maritime insecurity threatens peace.

    Pollution poisons coasts and ecosystems.

    And the climate crisis – that Africa did little to cause – is ravaging its shores.

    In the face of these challenges, Africa is proposing, innovating, taking action.

    It is forging solutions that inspire far beyond the continent.

    We see this in ambitious regional cooperation projects – and in the African Union’s 2050 Integrated Maritime Strategy for the Seas and Oceans to 2050.

    And we see it in international negotiations, where Africa is making its voice heard loud and clear.

    The Agreement on Marine Biological Diversity beyond Areas of National Jurisdiction – the BBNJ Agreement – is one example.

    The African Group was a key player in the negotiations, securing commitments on equitable benefit sharing, capacity building and marine technology transfer.

    To date, 28 African states have signed the Agreement. Three have already ratified it. These numbers have increased with the news that President Macron shared with us earlier today.

    And several more are planning to do so today, at the special treaty ceremony for the BBNJ Agreement.

    This is a strong signal: Africa is at the heart of ocean action.

    But to fully unleash this potential, we need a political and financial surge.

    This begins by strengthening maritime security in the face of transnational threats – piracy, arms and human trafficking and organized crime.

    The United Nations will continue to support African efforts, notably through the Yaoundé Architecture, which has contributed to a significant decline in acts of piracy in the Gulf of Guinea.

    This also requires ocean governance based on science and cooperation.

    We must combat pollution and illegal, unreported and unregulated fishing, strengthen capacities for collecting and sharing oceanographic data, and protect biodiversity.

    We must promote renewable marine energies, sustainable aquaculture and tourism – all of which create decent jobs, in particular for young people and women.

    But these efforts will only bear fruit if Africa is connected — within its territories and with the rest of the world.

    Africa’s oceans must become integration corridors – linking coastal and landlocked countries, for a shared growth.

    This calls for concrete investments in maritime infrastructures – interconnected ports, resilient to climate change, capable of meeting the needs of growing trade.

    Landlocked states must be connected to global value chains.

    No country should be left behind.

    But for this transformation to be sustainable and equitable, we must put an end to historical injustices.

    These injustices are also reflected in the ocean: investments have too often bypassed Africa, even as its marine resources were exploited by others.

    The Pact for the Future, adopted last September, calls for deep reforms of global financial institutions – so that they serve everyone.

    It is time for developing countries to be fairly represented in these institutions.

    We need a system that reflects the realities of the 21st century – a system that is more just, more supportive, and more effective. As is the the case with the United Nations Security Council.

    That is why I call on financial institutions, bilateral and multilateral donors, development banks and the private sector to step up – including at the Fourth International Conference on Financing for Development in Seville.

    Dear friends,

    From Dakar to Djibouti, from Cape Town to Casablanca, Africa is proving that prosperity and preservation can go hand in hand.

    The world needs Africa to meet the ocean’s challenges.

    And the ocean needs an Africa that charts its own course and navigates decisively toward the future.

    Thank you.

    MIL OSI Africa

  • MIL-OSI Africa: Secretary-General’s remarks at the opening of the UN Ocean Conference [bilingual, as delivered; scroll down for all-French]

    Source: United Nations – English

    onsieur le Président de la République française, Cher Emmanuel Macron
    Señor Presidente de la República de Costa Rica, Estimado Rodrigo Chaves Robles
     
    Excellences, chers amis,
    Dear President of the French Republic, Dear Emmanuel Macron
    Mr. President of the Republic of Costa Rica, Dear Rodrigo Chaves Robles
    Excellencies, dear friends,
     
    Permettez-moi tout d’abord de remercier nos hôtes, les gouvernements de la France et du Costa Rica, d’avoir organisé cette conférence.
    Let me begin by thanking our hosts, the Governments of France and Costa Rica, for convening this conference.
     
    Et merci à tous d’être là, à Nissa la bella – ville à la mer d’azur et au ciel pur.
    And thank you all for being here, in “Nissa la bella” – city of azure seas and clear skies.
     
    Nous voici réunis sur les rives de la Méditerranée, carrefour de continents, de cultures et de commerce.
    We gather beside the Mediterranean –  a crossroads of continents, cultures, and commerce.
     
    Une mer qui, depuis des millénaires, est source de vie – et qui nous rappelle notre profonde dépendance à l’égard de l’océan.
    A sea that has sustained life for millennia –reminding us of our deep dependence on the ocean.
     
    L’océan produit la moitié de l’oxygène que nous respirons.
    The ocean generates half of the oxygen we breathe.  
     
    Il nourrit 3 milliards de personnes et fait vivre 600 millions d’autres.
    It feeds 3 billion people and sustains 600 million livelihoods.
     
    L’économie des océans a plus que doublé en 30 ans – et elle continue de croître.
    The ocean economy has more than doubled in 30 years – and keeps growing.
     
    Le transport maritime assure, à lui seul, plus de 80 % du commerce mondial.
    Maritime transport alone moves over 80 per cent of global trade.
     
    L’océan est notre bien commun par excellence.
    The ocean is the ultimate shared resource.
     
    Pourtant, nous sommes en train de le piller.
    But we are failing it.
     
    Les stocks de poissons s’effondrent.
    Fish stocks are collapsing.
     
    La surconsommation et la pêche illégale poussent des espèces au bord de l’extinction.
    Over-consumption and illegal fishing are pushing marine life to the brink.
     
    Chaque année, 23 millions de tonnes de plastique sont déversées dans les eaux et asphyxient les écosystèmes.
    Plastic pollution is choking ecosystems – with 23 million tonnes of waste entering waters every year.
     
    Les émissions de carbone provoquent l’acidification et le réchauffement des océans – détruisant les récifs de corail et accélérant la montée des eaux.
    Carbon emissions are driving ocean acidification and heating – destroying coral reefs and accelerating sea level rise.
     
    Si on ne change pas de cap, cette acceleration va submerger les deltas, detruire les récoltes et engloutir les littoraux, menaçant la survie même de nombreuses îles.
    If we do not change course, this rise will submerge deltas, destroy crops, and swallow coastlines – threatening many islands’ survival.
     
    L’océan absorbe désormais 90 % de l’excédent de chaleur piégé par les gaz à effet de serre.
    The ocean now stores 90 per cent of the excess heat trapped by greenhouse gases.
     
    Autant de symptômes d’un système en crise… et qui s’auto-alimente.
    These are symptoms of a system in crisis – and they are feeding off each other.
     
    Brisant les chaînes alimentaires… Anéantissant les moyens de subsistance… Augmentant l’insécurité.
    Unravelling food chains. Destroying livelihoods. Deepening insecurity.
     
    Cette insécurité est exacerbée par la criminalité : piraterie, trafic d’êtres humains, réseaux organisés et pillage des ressources volent des vies, freinent le développement et privent les communautés côtières de leurs droits.
    And insecurity is rising not only from natural forces – but from criminal ones.  Piracy, organized crime, human trafficking, and the looting of natural resources are threatening lives, undermining development, and robbing coastal communities of their rights.
     
    Ladies and gentlemen,
     
    Since the last UN Ocean Conference in Lisbon, we have seen progress.
     
    We have also seen a growing awareness of the deep interconnection between preserving biodiversity and marine ecosystems, combatting climate change, and stopping pollution.
     
    The Kunming-Montreal Global Biodiversity Framework set a bold pledge:
     
    To conserve and manage at least 30 per cent of marine and coastal areas by 2030.
     
    Member States also adopted the Agreement on Marine Biological Diversity of Areas beyond National Jurisdiction – a historic breakthrough.
     
    I urge all delegations to ratify it – and welcome good news delivered by President Macron and the momentum this Conference is generating toward its swift entry into force.
                    
    I also call on all countries to agree on an ambitious and legally binding treaty on plastic pollution – this year.
     
    It is essential to successfully conclude the agreement on fisheries currently discussed at World Trade Organization.
     
    The International Maritime Organization committed to reach net-zero emissions from shipping by 2050.
     
    And last year’s General Assembly Meeting on Sea Level Rise underscored that statehood and sovereignty cannot be undermined by rising seas.
     
    This proves multilateralism works – but only if we match words with action.
     
    By developing concrete national plans aligned with global targets;
     
    By harnessing science, driving innovation, and ensuring fair access to technology;
     
    By empowering fishers, Indigenous peoples, and youth;
     
    And above all, by investing.
     
    SDG 14 on life below water remains one of the least funded Sustainable Development Goals.
     
    This must change – through increased public finance, greater support from development banks, and bold models to unlock private capital. 
     
    I urge all countries to come forward with bold pledges.
     
    Small Island Developing States need support to build resilience and thrive in the blue economy.
     
    Many struggle to access healthy, affordable food –  underscoring the urgent need to restore local fisheries and strengthen ocean-based food systems.
     
    We must also strengthen maritime security as a pillar of sustainable development.
     
    And we must embed ocean priorities across climate, food systems and sustainable finance.
     
    Because without a healthy ocean, there can be no healthy planet.
     
    Finally, nations are also navigating new waters on seabed mining:
     
    I support the ongoing work of the International Seabed Authority on this important issue.
     
    The deep sea cannot become the Wild West.
     
    Ladies and gentlemen,
     
    We live in an age of turmoil, but the resolve I see here gives me hope.
     
    Hope that we can turn the tide.
     
    That we can move from plunder to protection.
     
    From exclusion to equity.
     
    From short-term exploitation to long-term stewardship.
     
    We know it’s possible.
     
    When we reached a global moratorium on commercial whaling, whale populations recovered.
     
    When we protect marine areas, life returns.
     
    Today, we have the opportunity to restore marine abundance.
     
    What was lost in a generation can return in a generation.
     
    The ocean of our ancestors – teeming with life and diversity – can be more than legend.
     
    It can be our legacy.
     
    I wish you a successful conference.
     
    Thank you.

    **** 

    [All-French]
     

    Monsieur le Président de la République française, Cher Emmanuel Macron
    Monsieur le Président de la République du Costa Rica, Cher Rodrigo Chaves Robles
     
    Excellences, chers amis,
     
    Permettez-moi tout d’abord de remercier nos hôtes, les gouvernements de la France et du Costa Rica, d’avoir organisé cette conférence.
     
    Et merci à tous d’être là, à Nissa la bella – ville à la mer d’azur et au ciel pur.
     
    Nous voici réunis sur les rives de la Méditerranée, carrefour de continents, de cultures et de commerce.
     
    Une mer qui, depuis des millénaires, est source de vie – et qui nous rappelle notre profonde dépendance à l’égard de l’océan.
     
    L’océan produit la moitié de l’oxygène que nous respirons.
     
    Il nourrit 3 milliards de personnes et fait vivre 600 millions d’autres.
     
    L’économie des océans a plus que doublé en 30 ans – et elle continue de croître.
     
    Le transport maritime assure, à lui seul, plus de 80 % du commerce mondial.
     
    L’océan est notre bien commun par excellence.
     
    Pourtant, nous sommes en train de le piller.
     
    Les stocks de poissons s’effondrent.
     
    La surconsommation et la pêche illégale poussent des espèces au bord de l’extinction.
     
    Chaque année, 23 millions de tonnes de plastique sont déversées dans les eaux et asphyxient les écosystèmes.
     
    Les émissions de carbone provoquent l’acidification et le réchauffement des océans – détruisant les récifs de corail et accélérant la montée des eaux.
     
    Si on ne change pas de cap, cette accélération va submerger les deltas, détruire les récoltes et engloutir les littoraux – menaçant la survie même de nombreuses îles.
     
    L’océan absorbe désormais 90 % de l’excédent de chaleur piégé par les gaz à effet de serre.
     
    Autant de symptômes d’un système en crise… et qui s’auto-alimente.
     
    La montée des eaux submerge les deltas, détruit les récoltes et engloutit les littoraux, menaçant la survie même de nombreuses îles.
     
    L’océan est pris au piège d’un cercle vicieux – victime et accélérateur du changement climatique.
     
    Brisant les chaînes alimentaires… Anéantissant les moyens de subsistance… Augmentant l’insécurité.
     
    Cette insécurité est exacerbée par la criminalité : piraterie, trafic d’êtres humains, réseaux organisés et pillage des ressources volent des vies, freinent le développement et privent les communautés côtières de leurs droits.
     
    Mesdames et Messieurs,
     
    Depuis la dernière Conférence des Nations Unies sur l’océan, qui s’est tenue à Lisbonne, des progrès ont été accomplis.
     
    Nous avons également vu une prise de conscience croissante des liens profonds entre la préservation de la biodiversité et des écosystèmes marins, la lutte contre le changement climatique et l’arrêt de la pollution.
     
    Le Cadre mondial de la biodiversité de Kunming-Montréal contient un engagement audacieux :
     
    Conserver et gérer au moins 30 % des zones marines et côtières d’ici à 2030.
     
    Les États Membres ont également adopté l’Accord portant sur la diversité biologique marine des zones ne relevant pas de la juridiction nationale, qui marque une avancée historique.
     
    J’exhorte toutes les délégations à ratifier cet accord et je me félicite des bonnes nouvelles partagées par le President Macron et de l’impulsion donnée par la Conférence pour en favoriser l’entrée en vigueur rapide.
     
    Par ailleurs, j’appelle tous les pays à s’entendre cette année sur un traité ambitieux et juridiquement contraignant sur la pollution plastique.
     
    Il est également essentiel de conclure avec succès l’accord sur la pêche actuellement discuté à l’Organisation mondiale du commerce.
     
    L’Organisation maritime internationale est résolue à faire en sorte que, d’ici à 2025, le transport maritime ne produise plus aucune émission nette.
     
    L’année dernière, durant la réunion de l’Assemblée générale sur l’élévation du niveau de la mer, il a été dit avec force que la montée des eaux ne saurait porter atteinte à la souveraineté et à l’intégrité des États.
     
    Toutes ces initiatives montrent que le multilatéralisme fonctionne, mais seulement si nous traduisons nos paroles en actes.
     
    En développant des plans nationaux concrets alignés sur les objectifs mondiaux.
     
    En exploitant la science, en stimulant l’innovation, et en garantissant un accès équitable à la technologie.
     
    En donnant des moyens d’action aux pêcheurs, aux populations autochtones, aux scientifiques et aux jeunes.
     
    Et, par-dessus tout, en investissant.
     
    L’objectif de développement durable no 14 relatif à la vie aquatique demeure l’un des objectifs de développement durable les moins bien financés.
     
    Les choses doivent changer. Pour cela, il faut augmenter les financements publics, accroître l’appui apporté par les banques de développement et favoriser l’afflux de capitaux privés grâce à des modèles de financement audacieux.
     
    J’exhorte tous les pays à prendre des engagements ambitieux [et je remercie ceux qui l’ont déjà fait].
     
    Les petits États insulaires en développement ont besoin d’aide pour renforcer leur résilience et prospérer dans l’économie bleue.
     
    Nombreux sont ceux qui peinent à se procurer une alimentation saine à un coût abordable, ce qui montre combien il est urgent de restaurer les pêches locales et de renforcer les systèmes alimentaires basés sur l’océan.
     
    Nous devons également renforcer la sécurité maritime qui est l’un des piliers du développement durable.
     
    Nous devons intégrer les priorités liées à l’océan dans toutes nos activités touchant le climat, les systèmes alimentaires et la finance durable.
     
    Car sans un océan en bonne santé, il ne peut y avoir de planète en bonne santé.
     
    Enfin, l’exploitation minière des fonds marins pose aux pays de nouveaux défis.
     
    Je soutiens les travaux en cours de l’Autorité internationale des fonds marins sur cet enjeu important.
     
    Les grands fonds ne peuvent pas devenir un Far West.
     
    Mesdames et Messieurs,
     
    Nous vivons une époque de troubles, mais la détermination que je constate ici me donne de l’espoir.
     
    J’espère que nous pourrons redresser la situation.
     
    Que nous pourrons remplacer le pillage par la protection.
     
    L’exclusion par l’équité.
     
    La surexploitation à court terme par la bonne gestion à long terme.
     
    Nous savons que c’est possible.
     
    Lorsque nous sommes parvenus à un moratoire mondial sur la chasse commerciale à la baleine, les populations de baleines se sont reconstituées.
     
    Lorsque nous protégeons des aires marines, la vie revient.
     
    Aujourd’hui, nous avons la possibilité de redonner à l’océan son abondance.
     
    Ce qui a été perdu en l’espace d’une génération peut renaître en l’espace d’une autre.
     
    L’océan qu’ont connu nos ancêtres, qui regorgeait de vie et de diversité, peut être davantage qu’une légende.
     
    Il peut être notre héritage.
     
    Que votre conférence soit couronnée de succès.
     
    Je vous remercie.

    MIL OSI Africa

  • MIL-OSI New Zealand: Climate legal action necessary response to Government inaction

    Source: NZCTU

    The New Zealand Council of Trade Unions Te Kauae Kaimahi welcomes the legal action taken against the Minister of Climate Change by a coalition of legal experts as an important step in ensuring that Aotearoa meets its climate action obligations.

    “We strongly support legal action to ensure that the Government is held to account for its legal obligations under the Climate Change Response Act,” said NZCTU President Richard Wagstaff.

    “The union movement is deeply concerned by the Emissions Reduction Plan 2026-2030, which contains no significant policies to reduce emissions and will fail to get New Zealand meaningfully closer to our 2050 net-zero commitment.

    “The actions – or lack of them – by this Government on climate change are the actions of climate deniers, not responsible leaders.

    “Workers and communities need real political leadership that combats global emissions and invests in creating a just transition for industries and workers. We need leadership that develops and upholds long term consensus, not more U-turns.

    “Instead, we have a government that cancelled 35 climate policies without consulting the public first, as required by law. Robust public engagement is essential.

    “Climate policy is yet another area where this Government is prioritising corporate interests over democratic accountability and the interests of working people.

    “Evidence is clear that a near-total focus on tree planting through vast pine forests is not a sufficient response – we must reduce emissions at source.

    “Alongside the weak emissions budget, in Budget 2025 we saw a total abdication of responsibility on climate change and ensuring a Just Transition for working people in an increasingly volatile world.

    “The NZCTU supports bold climate action to reduce emissions, adapt to the changing climate, and transition to a zero emissions economy that provides full employment for workers,” said Wagstaff.

    MIL OSI New Zealand News

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for June 10, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on June 10, 2025.

    Why won’t my cough go away?
    Source: The Conversation (Au and NZ) – By David King, Senior Lecturer in General Practice, The University of Queensland Mladen Zivkovic/Shutterstock A persistent cough can be embarrassing, especially if people think you have COVID. Coughing frequently can also make you physically tired, interfere with sleep and trigger urinary incontinence. As a GP, I have even

    Bangarra Dance Theatre’s Illume is spectacle with heart and spirit, a thrilling manifestation of Country
    Source: The Conversation (Au and NZ) – By Erin Brannigan, Associate Professor, Theatre and Performance, UNSW Sydney Bangarra/Daniel Boud The stage is covered in stars that fill the depth of the space. When the 18 dancers slowly gather, they move through a night sky. This sky, and the scenes that unfold in Bangarra’s Illume are

    Starlink is transforming Pacific internet access – but in some countries it’s still illegal
    Source: The Conversation (Au and NZ) – By Amanda H.A. Watson, Fellow, Department of Pacific Affairs, Australian National University Solomon aligning the Starlink dish on the roof of his friend’s home in Vanuatu. Paul Basant In the past few years, Starlink’s satellite internet service has become available across much of the Pacific. This has created

    9 myths about electric vehicles have taken hold. A new study shows how many people fall for them
    Source: The Conversation (Au and NZ) – By Christian Bretter, Senior Research Fellow in Environmental Psychology, The University of Queensland More people believe misinformation about electric vehicles than disagree with it and even EV owners tend to believe the myths, our new research shows. We investigated the prevalence of misinformation about EVs in four countries

    Keith Rankin Analysis – Remembering New Zealand’s Missing Tragedy
    Analysis by Keith Rankin. Every country has its tragedies. A few are highly remembered. Most are semi-remembered. Others are almost entirely forgotten. Sometimes the loss of memory is due to these tragedies being to a degree international, seemingly making it somebody else’s ‘duty’ to remember them. This could have been the case with the Air

    A 10-fold increase in rocket launches would start harming the ozone layer – new research
    Source: The Conversation (Au and NZ) – By Laura Revell, Associate Professor in Atmospheric Chemistry, University of Canterbury Han Jiajun/VCG via Getty Images The international space industry is on a growth trajectory, but new research shows a rapid increase in rocket launches would damage the ozone layer. Several hundred rockets are launched globally each year

    For the first time, fossil stomach contents of a sauropod dinosaur reveal what they really ate
    Source: The Conversation (Au and NZ) – By Stephen Poropat, Research Associate, School of Earth and Planetary Sciences, Curtin University Artist’s reconstruction of Judy. Travis Tischler Since the late 19th century, sauropod dinosaurs (long-necks like Brontosaurus and Brachiosaurus) have been almost universally regarded as herbivores, or plant eaters. However, until recently, no direct evidence –

    The Racial Discrimination Act at 50: the bumpy, years-long journey to Australia’s first human rights laws
    Source: The Conversation (Au and NZ) – By Azadeh Dastyari, Director, Research and Policy, Whitlam Institute, Western Sydney University On June 11, Australia marks 50 years since the Racial Discrimination Act became law. This important legislation helps make sure people are treated equally no matter their race, skin colour, background, or where they come from.

    Fake news and real cannibalism: a cautionary tale from the Dutch Golden Age
    Source: The Conversation (Au and NZ) – By Garritt C. Van Dyk, Senior Lecturer in History, University of Waikato The Corpses of the De Witt Brothers, attributed to Jan de Baen, c. 1672-1675. Rijksmuseum The Dutch Golden Age, beginning in 1588, is known for the art of Rembrandt, the invention of the microscope, and the

    Some economists have called for a radical ‘global wealth tax’ on billionaires. How would that work?
    Source: The Conversation (Au and NZ) – By Venkat Narayanan, Senior Lecturer – Accounting and Tax, RMIT University Rudy Balasko/Shutterstock Earlier this year, I attended a housing conference in Sydney. The event’s opening address centred on the way Australia seems to be becoming like 18th-century England – a country where inheritance largely determines one’s opportunities

    Australia’s whooping cough surge is not over – and it doesn’t just affect babies
    Source: The Conversation (Au and NZ) – By Niall Johnston, Conjoint Associate Lecturer, Faculty of Medicine, UNSW Sydney Tomsickova Tatyana/Shutterstock Whooping cough (pertussis) is always circulating in Australia, and epidemics are expected every three to four years. However, the numbers we’re seeing with the current surge – which started in 2024 – are higher than

    As livestock numbers grow, wild animal populations plummet. Giving all creatures a better future will take a major rethink
    Source: The Conversation (Au and NZ) – By Clive Phillips, Adjunct Professor in Animal Welfare, Curtin University Toa55/Shutterstock As a teenager in the 1970s, I worked on a typical dairy farm in England. Fifty cows grazed on lush pastures for most of their long lives, each producing about 12 litres of milk daily. They were

    Johannesburg’s problems can be solved – but it’s a long journey to fix South Africa’s economic powerhouse
    Source: The Conversation (Au and NZ) – By Philip Harrison, Professor School of Architecture and Planning, University of the Witwatersrand South African president Cyril Ramaphosa met senior leaders of Johannesburg and Gauteng, the province it’s located in, in March 2025 to discuss ways to arrest the steep decline in South Africa’s largest city. Ramaphosa announced

    Albanese says the government’s focus on delivering commitments is essential to reinforce faith in democracy
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Prime Minister Anthony Albanese says his second term government is “focused on delivery” of its commitments, declaring this is important not only for the economy but also for Australians’ faith in our democracy. In a speech to the National Press

    Why Israel’s ‘humane’ propaganda is such a sinister facade
    COMMENTARY: By Cole Martin in Occupied Bethlehem Many people have been closely following the journey this week of the Madleen, a small humanitarian yacht seeking to break Israel’s illegal blockade of Gaza with a crew of 12 on board, including humanitarian activists and journalists. This morning we woke to the harrowing, yet not unexpected, news

    Trump has long speculated about using force against his own people. Now he has the pretext to do so
    Source: The Conversation (Au and NZ) – By Emma Shortis, Adjunct Senior Fellow, School of Global, Urban and Social Studies, RMIT University “You just [expletive] shot the reporter!” Australian journalist Lauren Tomasi was in the middle of a live cross, covering the protests against the Trump administration’s mass deportation policy in Los Angeles, California. As

    Palestinian supporters in NZ accuse Israel of ‘state piracy’ and condemn silence
    Asia Pacific Report Israel’s military attack and boarding of the humanitarian boat Madleen attempting to deliver food and medical aid to the besieged people of Gaza has been condemned by New Zealand Palestinian advocacy groups as a “staggering act of state piracy”. The vessel was in international waters, carrying aid workers, doctors, journalists, and supplies

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: How ‘One Big Beautiful Bill Act’ deepens US debt problem

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

    This photo taken on Jan. 19, 2023 shows the U.S. Capitol building in Washington, D.C., the United States. [Photo/Xinhua]

    The political marriage between U.S. President Donald Trump and U.S. billionaire Elon Musk came to a dramatic and public end, after the latter scathingly condemned the administration’s flagship economic proposal, the “One Big Beautiful Bill Act,” labelling it a “disgusting abomination.”

    Musk’s high-profile break with Trump has amplified a wave of bipartisan disputes over the bill, which was passed narrowly in the House. Although designed to deliver sweeping tax cuts and fulfill campaign promises, economists and budget analysts argue that the bill may exacerbate an already unsustainable debt burden and even lead to a debt crisis in the long run.

    Why so controversial? 

    Trump’s megabill is a legislative package that combines tax and spending cuts with provisions on issues such as border security, energy exploration, and welfare reform. The bill was passed in the House last month by a 215-214 vote and is currently awaiting deliberation by the Senate. At its core, the bill aims to extend the 2017 tax cuts — Trump’s most significant legislative achievement during his first term.

    Musk repeatedly took to his social media platform X to denounce the bill — which called for cuts to electric vehicle credits — as wasteful.

    The bill includes 1.2 trillion U.S. dollars in spending cuts over a decade but would raise budget deficits by 2.4 trillion dollars, according to a Congressional Budget Office (CBO) estimate released Wednesday.

    The nonpartisan budget office also projected that close to 11 million more people would be uninsured in 2034 because of changes to Medicaid included in Trump’s megabill.

    Proponents argue that the bill will unleash growth and reduce the deficit “in the long run.”

    Russell Vought, director of the White House Office of Management and Budget, claimed that Trump’s bill would reduce the deficit “when you adjust for CBO’s one big gimmick — not using a realistic current policy baseline.” The White House maintains that the CBO has an “artificial baseline” that does not factor in the 2017 tax cuts.

    However, budget experts have voiced concerns that the debt crisis, which was once dismissed as alarmism, is now alarmingly close to becoming a reality.

    Peter Orszag, chief executive of investment bank Lazard and a former U.S. budget director, was quoted by The Wall Street Journal as saying that those who bemoaned the unsustainability of deficit spending and debt levels during his time in government “seemed to cry wolf — a lot.”

    Now he is worried, too, because the wolf is “lurking much closer to our door.” As he put it, the current fiscal strategy looks less like sound policy and more like “budgetary wolf bait.”

    The CBO estimated that the bill would add about 3.8 trillion dollars to the federal government’s debt over the next decade.

    According to the nonpartisan Committee for a Responsible Federal Budget, it would add around 3 trillion dollars to debt levels over the next decade compared with existing estimates and 5 trillion dollars if certain temporary features were made permanent.

    This file photo taken on Jan. 20, 2025 shows Elon Musk delivering a speech at Capital One arena in Washington, D.C., the United States. [Photo/Xinhua]

    How bad is debt situation? 

    So why are many now alarmed? Because the numbers have become overwhelming. Annual interest payments on the national debt have surpassed 1 trillion dollars, and policymakers in Washington continue to spend with little restraint. The fiscal state of the United States is increasingly dire.

    As of mid-2025, the U.S. national debt stands at over 36.2 trillion dollars, and the debt-to-GDP ratio has exceeded its peak during World War II. According to the CBO’s January 2025 Budget and Economic Outlook, this ratio is on track to hit 118 percent by 2035.

    The U.S. federal deficit for fiscal year 2025 had already reached 1.1 trillion dollars by April — a 13 percent increase from the same period last year. Although revenues have risen by 5 percent, government outlays have increased even faster, growing by 7 percent.

    At the same time, borrowing is becoming more expensive. The 10-year Treasury yield has climbed from 3.6 percent in September 2024 to 4.4 percent in mid-2025.

    If the 10-year were to hover around 4.4 percent permanently and yields on other Treasury securities were to increase equally, it would add an extra 1.8 trillion dollars to the debt above projections over the next decade, which is enough to counter the likely revenue gains from tariffs if they were to go into effect after the 90-day pause, said the Committee for a Responsible Federal Budget in a report.

    Notably, about 30 percent of U.S. federal debt is held by foreign investors.

    Moody’s Ratings last month slashed U.S. long-term issuer and senior unsecured ratings to Aa1 from Aaa citing rising government debt and interest payment ratios.

    “This one-notch downgrade on our 21-notch rating scale reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns,” said a release by Moody’s Ratings.

    Rising tariffs and political instability discourage foreign investment, pushing the government to rely more heavily on domestic borrowing and at higher costs, warned Kent Smetters, a professor at the University of Pennsylvania’s Wharton School and faculty director of the Penn Wharton Budget Model.

    If foreign demand for U.S. Treasuries wanes, the result could be a vicious cycle of rising rates, shrinking demand, and ballooning debt.

    This photo taken on Jan. 20, 2023 shows the U.S. Department of the Treasury in Washington, D.C., the United States. [Photo/Xinhua]

    What led to US debt crisis? 

    The debt ceiling, or the U.S. Treasury Department’s “credit limit,” is the maximum amount of debt set by the U.S. Congress for the federal government to fulfill its payment obligations.

    When created in 1917, the debt ceiling was designed to maintain a regular check on government spending and control debt growth. However, in recent years, it has become a more frequent topic in partisan debates between Democrats and Republicans.

    Since 1960, the U.S. Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit.

    Much of the debt accumulation in recent years has not been driven by emergencies like wars or recessions, but by political choices to cut taxes while maintaining or expanding spending.

    While reining in the debt growth will benefit the U.S. economy in the long run, no administration or party wants to upset voters with funding cuts or tax increases. Instead of funding these additional expenditures through fiscal reform, they keep borrowing, thus driving up debt to an unprecedented scale.

    The fact that America continues to borrow recklessly without going bankrupt is a result of the dollar’s hegemony.

    As the dominant global reserve currency, the U.S. dollar still accounts for nearly 60 percent of international reserves, and roughly 48 percent in the global payment system.

    Due to the global dominance of the dollar, U.S. Treasury bonds, with their safety and liquidity, are widely considered safe-haven assets.

    Driven by the impulse to profit from dollar hegemony, the United States has long maintained a trade deficit, exporting both dollars and inflation. Through massive debt issuance, it encourages the repatriation of dollars, creating a cyclical system of “debt monetization.” As a result, fiscal deficits have ballooned, budgetary discipline has eroded, and U.S. government debt has become an unwieldy burden.

    From a market supply-and-demand perspective, as long as there are willing buyers, the U.S. debt cycle can go on indefinitely. However, without real repayment capacity, the practice of endlessly rolling over old debt with new debt increasingly resembles a Ponzi scheme in essence.

    The moment international markets begin to question America’s willingness or ability to manage its finances, the consequences could be swift and severe. The ultimate question isn’t just whether the United States can afford another “Big Beautiful Bill,” but whether the world can continue affording America’s debt addiction. 

    MIL OSI China News

  • MIL-OSI China: US stocks close mixed as investors monitor trade talks

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

    U.S. stocks ended mixed on Monday, as investors looked ahead to a key round of China-U.S. trade negotiations.

    The Dow Jones Industrial Average edged down 1.11 points to 42,761.76. The S&P 500 added 5.52 points, or 0.09 percent, to 6,005.88. The Nasdaq Composite Index increased by 61.28 points, or 0.31 percent, to 19,591.24.

    Six of the 11 primary S&P 500 sectors ended in red, with utilities and financials leading the laggards by losing 0.66 percent and 0.55 percent, respectively. Meanwhile, consumer discretionary and materials led the gainers by going up 1.08 percent and 0.62 percent, respectively.

    The first meeting of the China-U.S. economic and trade consultation mechanism opened in London on Monday. Chinese Vice Premier He Lifeng, also a member of the Political Bureau of the Communist Party of China Central Committee, attended the meeting with U.S. representatives.

    In an interview with American outlet CNBC, Kevin Hassett, director of the National Economic Council at the White House, on Monday said that the U.S. expectation was that “immediately after the handshake, any export controls from the U.S. will be eased, and the rare earths will be released in volume, and then we can go back to negotiating smaller matters.”

    Meanwhile, investors are also keeping a wary eye on escalating tensions in Los Angeles after U.S. President Donald Trump sent in the National Guard to deal with anti-deportation protests.

    Shares of major technology companies, which have been central to the market’s momentum, were mostly higher. Amazon and Alphabet both advanced nearly 1.5 percent, while Tesla rose 4.55 percent, continuing its volatile stretch following last week’s public clash between its CEO Elon Musk and Trump. Microsoft and Nvidia posted modest gains. In contrast, Apple shares slipped 1.2 percent as the company’s Worldwide Developers Conference opened with a keynote from Apple’s CEO Tim Cook. Broadcom and Meta also fell.

    Semiconductor stocks posted strong gains to start the week. The iShares Semiconductor ETF jumped 2.36 percent, fueled by a 4.77 percent gain in Advanced Micro Devices, a 4.41 percent rise in ON Semiconductor, and a 4.13 percent surge in Arm Holdings.

    Elsewhere, shares of Robinhood Markets and Applovin declined by 1.98 percent and 8.2 percent, respectively. Both companies had recently hit milestones that raised speculation about their potential addition to the S&P 500, but the index’s rebalancing did not include either stock, disappointing some investors.

    Wall Street strategists are growing more confident about the outlook for U.S. equities, with analysts at Morgan Stanley and Goldman Sachs now signaling a more optimistic tone. “We have high conviction that the sharp drawdown in April was the end of a much longer correction that began a year ago with the peak rate of change on earnings revisions breadth,” Morgan Stanley strategist Michael Wilson wrote in a note. A pick-up in analyst upgrades “keeps us positive on U.S. equities on a 12-month basis.”

    MIL OSI China News

  • MIL-OSI China: Bank of Spain cuts growth forecasts amid US tariff uncertainty

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

    The Bank of Spain has revised downward its economic growth forecasts for the country, cutting the projection for 2025 from 2.7 percent to 2.4 percent, and that for 2026 to 1.8 percent, due to uncertainty stemming from U.S. tariff policies.

    Jose Luis Escriva, the bank’s governor, made the announcement on Monday during a speech to parliament’s economic commission, ahead of the publication of the bank’s quarterly report on the Spanish economy, scheduled for June 10.

    Escriva used the word “uncertainty” no fewer than 18 times in his speech, underlining that while Spain’s direct trade exposure to the U.S. is lower than that of other major European Union economies, the country is indirectly vulnerable, particularly in sectors such as chemicals, due to its integration into global value chains.

    He also warned that prolonged uncertainty could increasingly weigh on Spain’s economy. He noted that uncertainty remains the major concern for businesses, with many Spanish companies reporting impacts from the tariffs.

    Despite the downgraded growth forecast, the bank has retained its projection for the unemployment rate in 2025 at 10.5 percent, while slightly improving the estimate for 2026, lowering it to 10.2 percent from the previous report. 

    MIL OSI China News

  • MIL-OSI: EBC Financial Group and Brokeree Solutions Forge Strategic Knowledge Partnership to Empower Global Trading Community

    Source: GlobeNewswire (MIL-OSI)

    LONDON, June 09, 2025 (GLOBE NEWSWIRE) — EBC Financial Group (EBC), a global leader in financial brokerage and asset management, is proud to announce a strategic knowledge partnership with Brokeree Solutions, a cutting-edge technology provider serving multi-asset brokers worldwide. This collaboration marks a significant milestone in EBC’s mission to build a transparent, education-driven investment community, bringing together two industry leaders to share expertise, innovative technologies, and actionable insights for the benefit of traders and investors around the globe.

    At the heart of this partnership is a joint commitment to knowledge sharing, with a strong focus on copy trading, a fast-evolving space that empowers both novice and seasoned traders. EBC and Brokeree will co-develop educational content and practical insights tailored to traders, brokers, and signal providers, helping them apply effective risk management tools, adopt best practices, and enhance their overall trading performance.

    “At EBC Financial Group, our mission is to build a transparent, inclusive investment community where traders are empowered through access to the right tools, insights, and education,” said David Barrett, CEO of EBC Financial Group (UK) Ltd. “This knowledge partnership with Brokeree Solutions goes beyond technology — it’s about leveraging shared expertise to create a more confident, results-driven trading environment. Together, we’re building a platform where both new and experienced traders can learn, grow, and thrive.”

    A Technology-Backed Knowledge Partnership

    Brokeree Solutions contributes its turnkey Social Trading investment system, enabling users to register as either professional traders or followers directly through a broker’s platform. The system features advanced stop-loss/take-profit controls, proportional trade copying, and symbol-specific signal filtering, all designed to support safe, flexible trading.

    EBC complements this with its global market expertise, investor-centric approach, and commitment to transparency, helping traders understand and apply copy trading as an educational tool, especially valuable in today’s complex financial landscape. By making professional-level tools accessible to a wider audience, the partnership transforms copy trading into a gateway for skill development and market participation.

    Content and Webinar Series to Strengthen Trading Knowledge

    As part of this knowledge-driven collaboration, EBC and Brokeree are introducing a monthly article series starting this May, covering a wide range of trading and investment topics. These insights will be designed to address real-world challenges faced by traders and provide actionable strategies to improve performance, risk control, and decision-making. Each article will tap into the shared expertise of both companies and will be published across digital channels to benefit the wider trading community.

    Additionally, the partnership will feature a quarterly webinar series, bringing traders, brokers, and signal providers together for deep-dive discussions on high-impact topics. The first webinar, launching soon, will explore Risk Management, a critical area for both individual and institutional traders. The session will examine practical techniques, platform-level risk tools, and best practices to help participants strengthen their trading discipline and capital protection.

    These initiatives aim not only to educate but also to foster engagement and dialogue within the trading community, ensuring that knowledge flows both ways, from experts to users, and from the front lines of trading back to those shaping the technology and strategy.

    “We value our clients’ trust in our technology and expertise. The partnership will provide traders and signal providers worldwide to examine advanced copy trading features that will help adjust copy trading strategy and increase the efficiency of risk management tools applied,” said Tatiana Pilipenko, Regional Head of Business Development (APAC, UK, Americas) at Brokeree Solutions. “This platform empowers brokers to cultivate a more inclusive and risk-informed trading environment, ultimately driving growth and strengthening relationships with trading communities.”
    This knowledge partnership underscores the shared vision of EBC and Brokeree: a future where technology, education, and transparency converge to empower traders worldwide. As financial markets grow increasingly complex, the collaboration aims to equip every trader – from beginners to experts – with the tools, confidence, and understanding they need to make smarter, more informed decisions.

    Through these collaborations, EBC and Brokeree are not just advancing the future of copy trading, they are laying the foundation for a more informed, connected, and resilient investment community.

    For more information on EBC and Brokeree, please visit https://www.ebc.com. and brokeree.com.

    Disclaimer:

    Trading Contracts for Difference (CFDs) entails a substantial risk of swift financial loss due to leverage, rendering it inappropriate for all investors; thus, a thorough evaluation of your investment objectives, expertise, and risk appetite is imperative prior to engagement.

    About EBC Financial Group  
    Founded in London’s esteemed financial district, EBC Financial Group (EBC) is renowned for its expertise in financial brokerage and asset management. With offices in key financial hubs—including London, Sydney, Hong Kong, Singapore, the Cayman Islands, Bangkok, Limassol, and emerging markets in Latin America, Asia, and Africa—EBC enables retail, professional, and institutional investors to access a wide range of global markets and trading opportunities, including currencies, commodities, shares, and indices.   

    Recognised with multiple awards, EBC is committed to upholding ethical standards and these subsidiaries are licensed and regulated within their respective jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA); EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA); EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC);  EBC Financial (MU) Ltd is authorised and regulated by the Financial Services Commission Mauritius (FSC).  

    At the core of EBC are a team of industry veterans with over 40 years of experience in major financial institutions. Having navigated key economic cycles from the Plaza Accord and 2015 Swiss franc crisis to the market upheavals of the COVID-19 pandemic. We foster a culture where integrity, respect, and client asset security are paramount, ensuring that every investor relationship is handled with the utmost seriousness it deserves.   

    As the Official Foreign Exchange Partner of FC Barcelona, EBC provides specialised services across Asia, LATAM, the Middle East, Africa, and Oceania. Through its partnership with the UN Foundation and United to Beat Malaria, the company contributes to global health initiatives. EBC also supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, helping to demystify economics and its application to major societal challenges, fostering greater public understanding and dialogue.  

    https://www.ebc.com/ 

    About Brokeree Solutions

    Founded in 2013, Brokeree Solutions has consistently enhanced the technologies for multi-asset brokers worldwide. Leveraging extensive experience, the company contributed to the fintech area of the online trading industry by developing innovative solutions, streamlining operational procedures, and setting up advanced risk management systems.

    Brokeree’s flagship offerings include cross-platform Social Trading, Prop Pulse, Liquidity Bridge, and cross-server PAMM. Additionally, Brokeree provides over 50 solutions and tools designed to help brokers enhance their operations in areas such as account management, risk management, and liquidity management, accessible to brokers using MT4, MT5, cTrader, and DXtrade CFD trading platforms.

    brokeree.com

    Media Contact:
    Savitha Ravindran
    Global Public Relations Manager
    savitha.ravindran@ebc.com

    Michelle Siow
    Brand & Communications Director
    michelle.siow@ebc.com  

    The MIL Network

  • MIL-OSI: BEN Reports First Quarter 2025 Results and Business Highlights

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del., June 09, 2025 (GLOBE NEWSWIRE) — Brand Engagement Network Inc. (BEN) (NASDAQ: BNAI), an innovator in AI-driven customer engagement solutions, today announced its results and key business highlights for the first quarter ended March 31, 2025.

    “Q1 marked a strong start to 2025, as we launched our iSKYE platform and deepened strategic partnerships that demonstrate the growing demand for secure, scalable AI solutions,” said Paul Chang, CEO of Brand Engagement Network. “We’ve enhanced our platform with features that deliver greater accuracy and relevance for users, while providing the control and engagement enterprise clients want. Looking ahead, iSKYE’s modular architecture positions us to easily support new industries and applications. This flexibility opens doors to larger opportunities and broader AI-powered engagement across diverse sectors.”

    Q1 2025 Key Business Highlights:

    • iSKYE AI Platform Launch: BEN has officially launched the iSKYE platform, offering businesses a customizable, scalable solution to integrate AI with existing business processes, inject a rules engine to manage the interactions, and provide full control of the user experience. Key capabilities include customizable 3D avatars, low-cost deployment, enterprise-grade security, and the ability to mitigate AI hallucinations while integrating seamlessly into existing systems.
    • Global AI Insurance Partnership with Swiss Life: BEN partnered with Swiss Life Global Solutions to deliver secure, scalable generative AI solutions that enhance digital health, mental health, and financial wellbeing services. The collaboration aims to streamline insurance sales, reduce call center volume, and improve member services with AI-powered tools.
    • Expanded Partnership with Vybroo and Grupo Siete: BEN expanded its partnership with Vybroo and Grupo Siete to deploy AI-powered brand ambassadors and voice agents across Latin America and Southern Europe, enhancing its digital media presence and unlocking new revenue opportunities in high-growth markets.
    • Advocating for Responsible AI Privacy Standards: BEN supported and advised on California Assembly Member Carl DeMaio’s proposed AI data privacy legislation bill, which aims to prevent the offshore storage of sensitive user data and underscores the Company’s commitment to secure, closed-loop AI systems focused on trust and compliance.

    Conference Call and Webcast Information
    The Company will host a conference call and webcast tomorrow, Tuesday, June 10, 2025, at 6:00 p.m. ET. CEO Paul Chang and CFO and COO Walid Khiari will lead the call and provide an overview of the company’s financial performance, key business highlights, and strategic outlook.

    Participants can register here to access the live webcast of the conference call. Those who prefer to join the call via phone can register using this link to receive a dial-in number and unique PIN.

    The webcast will be archived for one year following the conference call and can be accessed on BEN’s investor relations website at https://investors.beninc.ai/.

    About Brand Engagement Network (BEN)
    Brand Engagement Network Inc. (NASDAQ: BNAI) innovates in AI-powered customer engagement, delivering safe, intelligent, and scalable solutions. Its proprietary Engagement Language Model (ELM™) and Retrieval-Augmented Generation (RAG) architecture enable highly personalized interactions supported by customers’ curated data in closed-loop environments. BEN develops AI-driven engagement solutions for the life sciences, automotive, and retail industries, featuring AI-powered avatars for outbound campaigns, inbound customer service, and real-time recommendations. With a global AI research and development team, BEN provides secure cloud-based or on-premises deployments, granting complete control of the technology stack and ensuring compliance with GDPR, CCPA, HIPAA, and SOC 2 Type 1 standards. The company holds 21 patents, with 28 pending, demonstrating its commitment to advancing AI-driven consumer engagement. For more information, visit www.beninc.ai.

    Forward-Looking Statements
    This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not historical facts, and involve risks and uncertainties that could cause actual results of BEN to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “anticipates,” “believes,” “continue,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” or “would,” or, in each case, their negative or other variations or comparable terminology.
    These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside BEN’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: uncertainties as to the timing of the acquisition with Cataneo Gmbh (the “Acquisition”); the risk that the Acquisition may not be completed on the anticipated terms in a timely manner or at all; (the failure to satisfy any of the conditions to the consummation of the Acquisition, including the ability to obtain financing to fund the Acquisition on terms that are acceptable or at all; the possibility that any or all of the various conditions to the consummation of the Acquisition may not be satisfied or waived; the occurrence of any event, change or other circumstance that could give rise to the termination of the purchase agreement; the effect of the announcement or pendency of the transactions contemplated by the purchase agreement on the Company’s ability to retain and hire key personnel, its ability to maintain relationships with its customers, suppliers and others with whom it does business, or its operating results and business generally; risks related to diverting management’s attention from the Company’s ongoing business operations; uncertainty as to the timing of completion of the Acquisition; risks that the benefits of the Acquisition are not realized when and as expected; risks relating to the uncertainty of the projected financial information with respect to BEN; uncertainty regarding and the failure to realize the anticipated benefits from future production-ready deployments; the attraction and retention of qualified directors, officers, employees and key personnel; our ability to grow our customer base; BEN’s history of operating losses; BEN’s need for additional capital to support its present business plan and anticipated growth; technological changes in BEN’s market; the value and enforceability of BEN’s intellectual property protections; BEN’s ability to protect its intellectual property; BEN’s material weaknesses in financial reporting; BEN’s ability to navigate complex regulatory requirements; the ability to maintain the listing of BEN’s securities on a national securities exchange; the ability to implement business plans, forecasts, and other expectations; the effects of competition on BEN’s business; and the risks of operating and effectively managing growth in evolving and uncertain macroeconomic conditions, such as high inflation and recessionary environments. The foregoing list of factors is not exhaustive.
    BEN cautions that the foregoing list of factors is not exclusive. BEN cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. BEN does not undertake nor does it accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, and it does not intend to do so unless required by applicable law. Further information about factors that could materially affect BEN, including its results of operations and financial condition, is set forth under “Risk Factors” in BEN’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q subsequently filed with the Securities and Exchange Commission.

    Media Contact 
    Amy Rouyer
    P: 503-367-7596
    E: amy@beninc.ai

    Investor Relations
    Susan Xu
    P: 778-323-0959
    E: sxu@allianceadvisors.com

    The MIL Network

  • MIL-OSI USA: Kustoff Op-Ed: The ‘one big, beautiful bill’ will restore the American dream

    Source: United States House of Representatives – Representative David Kustoff (TN-08)

    WASHINGTON, D.C. — Today, Congressman David Kustoff (R-TN) published an op-ed in the Washington Examiner titled, “The ‘one big, beautiful bill’ will restore the American dream.” In the op-ed, Congressman Kustoff highlights the historic tax cuts in the One Big Beautiful Bill Act and lays out how they will jumpstart the economy. He urges the Senate to pass this bill as soon as possible.

    The ‘one big, beautiful bill’ will restore the American dream
    By: Congressman David Kustoff 

    When President Donald Trump was elected in November, he made a series of promises to the people. One of those promises was to reinvigorate our economy and create more opportunities for families, farms, and small businesses across the nation.

    Republicans in Congress have worked in lockstep with Trump to deliver on that promise. The key to jumpstarting our economy is for Congress to extend the successful provisions of the Tax Cuts and Jobs Act of 2017 through a wonky legislative process known as reconciliation. Reconciliation allows lawmakers to expedite legislation and enact policy quickly. Trump has dubbed this the “one big, beautiful bill.”

    Passed in 2017, TCJA was one of the hallmarks of the first Trump administration and was the first major reform to the federal tax code in over 30 years. It lowered individual income rates, reduced the corporate tax rate, changed rules for estate and retirement planning, and minimized taxes for small businesses. Essentially, it cut taxes across the board. 

    The Tax Cuts and Jobs Act ignited a red-hot economy that lit an economic fire across our nation. After its passage, businesses were expanding, and families had more money in their pockets.

    Unfortunately, if Congress does not act, many of the provisions in TCJA will expire at the end of the year. If that happens, the average family in my district of West Tennessee will face a nearly 26% tax hike. A child inheriting the family farm could pay such steep estate taxes that he is forced to sell it. And a small business owner competing with larger corporations could see her taxes nearly double.

    These are not just numbers on a chart in Washington. These provisions affect each and every one of us. If they expire, the American dream could be unachievable for many of our citizens. 

    While Democrats were spending tax dollars over the past few years like our economy was a game of Monopoly, the House Ways and Means Committee was preparing for this moment. 

    As the chief tax writing committee in Congress, we held hearings across the nation to hear directly from individuals, business owners, manufacturers, and farmers. The number one thing they told us was that the Tax Cuts and Jobs Act worked, and we cannot let its important provisions expire. 

    If we want to revitalize our economy, we must ensure that workers and businesses have the support they need from our tax code. My colleagues and I took what the public told us and crafted a tax bill that benefits both businesses and workers, incentivizes innovation, and creates more opportunities from coast to coast. 

    This tax bill prioritizes pocketbooks by solidifying and increasing the doubled standard deduction, boosting the doubled child tax credit, expanding the small business deduction, and making the doubled death tax exemption permanent for family-owned farms. It even goes a step further and incorporates Trump’s priorities of no tax on tips, no tax on overtime, and tax relief for seniors.  

    The One Big Beautiful Bill Act will be the cornerstone of Trump’s “America First” agenda. I am proud that the House of Representatives did its part and passed this historic legislation to ensure families and businesses are not forced to give more of their hard-earned money to Uncle Sam. 

    The One Big Beautiful Bill Act is once-in-a-generation, nation-building legislation that will drive economic growth, create jobs, and prioritize American families and businesses. Time is of the essence. I urge my colleagues in the Senate to pass this bill that will safeguard the American dream for all.
     

     

    ###

    MIL OSI USA News

  • MIL-OSI Africa: Kenya pledges to accelerate efforts to boost intra-African trade

    Source: Africa Press Organisation – English (2) – Report:

    NAIROBI, Kenya, June 9, 2025/APO Group/ —

    Kenya is working towards fast-tracking implementation of the African Continental Free Trade Area (AfCFTA) to unlock opportunities for businesses in the country across the continent.

    Speaking during the Kenya IATF2025 Business Roadshow event, Kenya’s Cabinet Secretary, Ministry of Investments, Trade and Industry, Hon. Lee Kinyanjui said the government is positioning and consolidating Kenya as a Trade, industrial and innovation hub to strategically tap into trade and investment opportunities presented by AfCFTA.

    “The solutions to Africa’s problems lie with Africans. It is essential for countries within the continent to strengthen intra-African trade.

    The IATF 2025 offers a vital platform to advance the AfCFTA agenda. With a well-educated population, abundant resources, and banks ready to finance investment, Africa has what it takes to elevate itself to the next level.,” the Cabinet Secretary said.

    The Kenya IATF2025 Business Roadshow attracted over 200 members of Kenya’s business community, including buyers, creatives, automotive sector players, policymakers and investors together with executives and officials of African Export-Import Bank (Afreximbank) and African Union Commission (AUC). It focused on exploring ways of promoting intra-African trade. The theme was Harnessing Regional and Continental Value Chains: Accelerating Africa’s Industrialisation and Global Competitiveness under the AfCFTA.

    Harnessing regional and continental value chains under the AfCFTA is crucial for Africa’s industrial growth and global competitiveness. By creating a large, integrated market, the AfCFTA encourages countries to tap into the continental market by scaling up productive capacity and add value to products, create an enabling environment, attracting investment and creating jobs. This boosts economic diversification, expand productive base, and supports Africa’s vision for sustainable and inclusive development.

    The roadshow is one of the five in the series of planned for Nairobi, Accra, Johannesburg, Lagos and Algiers ahead of the fourth edition of the biennial Intra-African Trade Fair (IATF2025) that will be held in Algiers, Algeria from 4 – 10 September 2025 under the theme Gateway to New Opportunities. IATF is Africa’s premier trade and investment event that serves as a crucial platform for fostering economic growth, collaboration, and innovation across the continent. Over the years, the IATF has established a track record as the premier African trade and investment platform and has achieved significant milestones since it was established in 2018 as an instrument to implement the AfCFTA Agreement. Hosted by the Government of Algeria and promoted by Afreximbank, in collaboration with the African Union Commission and the AfCFTA Secretariat, the IATF2025 event will provide businesses from Africa and beyond with a platform to showcase their goods and services and exchange trade and investment information.

    Addressing the forum, Afreximbank’s Executive Vice President, Global Trade Bank, Mr. Haytham Elmaayergi said: “One of the key objectives of the IATF is to address access to trade and market information for intra-African trade to take place. For instance, as a result of a lack of information on African production and supply, countries like Tunisia, Morocco and South Africa import in excess of around US$400 million worth of leather products, mainly from Europe and South America, while countries like Ethiopia, Kenya, and Sudan—which have the supply capacity to meet a substantial part of this demand—continue to export their leather products to markets in Europe and Asia.”

    “Kenya has rapidly emerged as a major force in digitalisation and innovation, both within the region and across Africa. The IATF presents a great opportunity for Kenyan Fintech companies, mobile money innovators and other technology companies to come together and showcase their ingenuity to diverse sectors on the continent. It could potentially help them scale beyond the Kenyan borders as well as attract investment to their respective businesses.” added Mr. Elmaayergi. 

    Mr Elmaayergi made a clarion call for businesses, public and private sector in Kenya to participate and showcase their goods and services in IATF2025, where more than 2,000 exhibitors, including businesses from the African continent and globally, will exchange trade, market and investment information and showcase their goods and services to over 35,000 visitors and buyers from more than 140 countries. This is projected to translate into over US$44 billion in trade and investment deals.

    IATF is a platform for boosting trade and investment in Africa. In the last three editions of IATF, over $100 billion in trade and investment deals have been closed cumulatively with over 70,000 visitors and more than 4,500 exhibitors participating.

    Some of the activities lined up for the week-long IATF2025 include a trade exhibition by countries and businesses; the Creative Africa Nexus (CANEX) programme with a dedicated exhibition and summit on fashion, music, film, arts and craft, sports, literature, gastronomy and culinary arts; a four-day Trade and Investment Forum featuring leading African and international speakers; and the Africa Automotive Show for auto manufacturers, assemblers, original equipment manufacturers and component suppliers.

    Special Days will also be held, dedicated for countries as well as public and private entities to showcase trade and investment opportunities, and tourism and cultural attractions, as well as Global Africa Day to highlight commercial and cultural ties between Africa and its diaspora, featuring a Diaspora Summit, market and exhibition, cultural and gastronomic showcase.

    Also planned is a business-to-business (B2B) and business-to-government (B2G) platform for matchmaking and business exchanges; the AU Youth Start-Up programme showcasing innovative ideas and prototypes; the Africa Research and Innovation Hub @ IATF targeting university students, academia and national researchers to exhibit their innovations and research projects; and the African Sub-Sovereign Governments Network (AfSNET) to promote trade, investment, educational and cultural exchanges at the local level. The IATF Virtual platform is already live, connecting exhibitors and visitors throughout the year.

    To participate in IATF2025 please visit www.IntraAfricanTradeFair.com.

    MIL OSI Africa

  • MIL-OSI Africa: Ghana’s older people feel left behind and ignored: how to care for them better

    Source: The Conversation – Africa – By Andrew Kweku Conduah, PhD Candidate, University of Ghana

    Ghana’s national agenda often focuses on the country’s large number of young people. In fact a less noticed demographic transformation is reshaping society: the country’s older population is growing rapidly. According to Ghana Statistical Service estimates, people aged 60 and above are projected to make up over 12% of the total population by 2050, more than doubling the 2021 estimate of 6.8%.

    And more of these older adults are ageing alone.

    That’s because of Ghana’s transition from extended to nuclear family systems, coupled with rural–urban and international migration. Traditionally, older Ghanaians aged within multi-generational households, with care provided by children and extended family. But today, migration patterns have intensified, with over 50% of the population living in urban areas, leaving many elders behind in rural communities or isolated in city slums.

    I recently conducted a study across six Ghanaian communities (urban and rural). Drawing from 52 interviews, I explored the emotional, social and economic implications of ageing alone.

    The participants in the study echoed a common theme: the erosion of intergenerational family structures, leaving the elderly socially and emotionally isolated.

    As a 73-year-old widow participant who lives in a city put it:

    My daughter is in Canada. My son lives in Kumasi, but he rarely visits. I live alone, and if I fall sick, I just wait. Sometimes, I pray someone will notice.

    Such stories are no longer anecdotal outliers. Nationally representative data from the Ghana Living Standards Survey and WHO SAGE Ghana Wave 2 also reveal an uptick in solitary living among older adults, particularly widowed women and those without formal pensions. Over 22% of older respondents in urban Ghana reported living alone, a sharp contrast to previous decades, where co-residence with adult children was the norm. Many older Ghanaians don’t have reliable caregivers.

    As a PhD candidate in population studies at the University of Ghana, I focus on health-related quality of life among older adults. This article draws from my doctoral fieldwork in urban and rural Ghana, using qualitative interviews to uncover the lived realities of ageing alone.

    The study highlights a gap in Ghana’s ageing policies: they overlook solitary elders who live without daily family support.

    The paper calls for integrated social protection for older adults living alone. That would include subsidised healthcare, community outreach services, emergency care networks, and community-based mental health interventions.

    What old people had to say

    Focus group discussions revealed that older adults struggle with emotional loneliness, financial anxiety and health system constraints. Despite the presence of pension associations, many older adults feel forgotten. Spiritual activities and reading offer moments of solace, but limited National Health Insurance Scheme coverage, rising living costs, and declining family support deepen the hardship.

    Focus groups revealed that older women were particularly vulnerable due to widowhood, land insecurity and declining support from children. Men, while respected, felt idle and underutilised. Participants spoke of finding strength in farming, faith and fellowship, but felt forgotten in national development planning.

    Ghana’s National Ageing Policy (2010) promises integrated care, but older adults, especially women, are slipping into the cracks of urban anonymity.

    Ageing here is not just biological, it is physical, psychological and economic. My broader research affirms that the majority of older adults in Ghana worked in the informal sector. They therefore have no access to formal pensions or post-retirement income security.

    Participants in my most recent research shared how they felt:

    I was a seamstress all my life. Now my eyes are failing. No pension, no money. I survive on cassava and prayer. – 66-year-old retired woman

    Ageing in Ghana is like walking into a forest — you disappear quietly. No one sees you. — 69-year-old woman

    This statement underscores the gendered experience of ageing, where women often face greater economic and emotional vulnerability due to widowhood, longer life expectancy, and social neglect.

    We are not dying yet. We want to matter again. – 70-year-old man

    We have houses, but not homes anymore. – 75-year-old man

    What next

    The implications of this neglect are staggering. According to the World Health Organization, loneliness and social isolation among the elderly are associated with a 50% increased risk of dementia, depression and premature death. In Ghana, there are added challenges of inaccessible health facilities and cultural stigma about ageing. Yet most people aren’t talking about it.

    Ghana introduced the National Ageing Policy in 2010 to promote the health, security and participation of older people in national development. But many elderly people still live without affordable healthcare, age-friendly infrastructure or a regular income.

    What Ghana needs now is not another grand policy document. It needs practical, community-rooted and state-supported action.

    Decentralised community geriatric care: Train district-level health volunteers in geriatric care, and equip them with basic tools to support older people in their homes.

    Pension and informal sector integration: Extend Ghana’s pension framework to informal sector workers.

    Public awareness campaigns: Reframe ageing in national media not as decline but as contribution, highlighting elder wisdom, resilience, and ongoing social relevance.

    Urban planning for ageing: Incorporate age-friendly elements like ramps, benches, toilets and signage into development plans.

    None of this is charity. It is a strategic investment. In 2021, Ghana spent less than 0.5% of its national health budget on elderly-specific care. That is fiscally short-sighted. Healthier, engaged older adults reduce family burdens, boost social capital, and can even contribute economically by training and mentoring others.

    In the communities I visited, I encountered grassroots interventions worth scaling up: church youth groups providing weekly food support, pensioners’ associations checking in on members, and intergenerational community storytelling sessions that rebuild emotional bonds.

    In Ghana’s Akan tradition, elders are considered living libraries. Their absence from the communal space is not just a social loss, it is a cultural erasure.

    If the elderly are neglected, anyone may wake up on the wrong side of the demographic line one day, wondering if they too will be forgotten.

    – Ghana’s older people feel left behind and ignored: how to care for them better
    – https://theconversation.com/ghanas-older-people-feel-left-behind-and-ignored-how-to-care-for-them-better-257951

    MIL OSI Africa

  • MIL-OSI Africa: Johannesburg’s problems can be solved – but it’s a long journey to fix South Africa’s economic powerhouse

    Source: The Conversation – Africa – By Philip Harrison, Professor School of Architecture and Planning, University of the Witwatersrand

    South African president Cyril Ramaphosa met senior leaders of Johannesburg and Gauteng, the province it’s located in, in March 2025 to discuss ways to arrest the steep decline in South Africa’s largest city.

    Ramaphosa announced a two-year-long presidential intervention to tackle some of the city’s most pressing issues. It is to be led by the Presidential Johannesburg Working Group with eight cross-governmental and multi-stakeholder workstreams.

    Johannesburg was established 130 years ago, where the world’s largest-ever gold deposits were discovered. It grew rapidly in the early 20th century and became the country’s economic heartland and largest population centre. Like all South African cities, it was deeply scarred by apartheid policies. People were divided by racially defined groups. Good services and a strong economy benefited a minority, and a black majority were pushed into impoverished ghettos.

    But, for about the first two decades of post-apartheid rule from 1994, Johannesburg led the country with innovation and progressive change. It pioneered the new local government system, institutional reforms, new practice on city strategy and planning, pro-poor service delivery, and modern transport infrastructure.

    Today, however, the city is in a dire state. Over the past decade, roughly coinciding with the arrival of messy coalition governance in 2016, sound political leadership, administrative stability and financial management have crumbled. Underinvestment in infrastructure maintenance has led to collapsing services. Public trust is deteriorating among increasingly frustrated communities. This was evident in local election results. It also shows up in recent data released by the Gauteng City-Region Observatory on public trust in local government.

    The local economy has stagnated. The city’s official unemployment rate of 34.3% is higher than the national average of 32.9%. Mounting joblessness and dwindling incomes have intertwined with depleted trust to knock levels of payment for property rates and service charges. In turn this has deepened the financial and service maintenance crisis.

    Corruption in many parts of the city is an endemic complicating factor.

    The presidential intervention is designed to address this complex interplay between embedded legacies and failings post-apartheid. The workstreams involving city officials and concerned stakeholders are generating ideas for priority actions. There is also a new energy in the city government, with the executive mayor and members of his mayoral committee making turnaround promises.

    This long overdue attention is heartening. But some caution is called for. While some “quick wins” are needed, there will be no easy turnaround. The best prospect is likely to be a process of recovery that will require patience and methodical attention over the long term. A city cannot be repaired in the way an automobile can. A city has a trillion moving parts and is in a constant state of makeover, as dynamics of economy, technology, demography, environment, society, politics, and more, interact and produce change.

    The question is not whether a city is fixed – it can never finally be – but rather what trajectory it is on. For Johannesburg, the question is how to exit the downward spiral and begin the process of reconstruction.

    We are a group who previously worked in the City of Johannesburg as officials, who are now academics with decades of experience observing local governance trends and dynamics, or scholars engaged in civil society coalitions or communities mobilising around the crisis. Some of us have been involved in the Presidential Johannesburg Working Group over the last few months.

    Our view is that there are four areas needing urgent but sustained attention.

    Focus areas

    The first is the need for a joint effort across national, provincial and municipal government to resolve the crisis. We are pleased that this has begun. The political leadership in the city (and of the province) failed to grasp the opportunity provided by the post-2024 election national compromises to put together a broad-based government of local unity to lead reconstruction. There is no option now but to pursue an inter-governmental initiative led by national government with the committed involvement of the other spheres.

    Only genuine collaboration will succeed.

    In this respect, the Presidential Johannesburg Working Group holds promise. But what will be needed is careful, concerted work focused first on short-term priorities. Then, over years, on key structural challenges facing the city.

    Second, the city needs civil society in all its forms to hold a careful balance between keeping up the pressure on municipal government, constantly holding it accountable to its residents, and working with government to help it solve problems. The Joburg Crisis Alliance, Jozi-my-Jozi, WaterCAN and similar initiatives are claiming well-recognised and respected voice in the affairs of the municipality.

    Johannesburg needs a city government that is open to this scrutiny, accepting the need for transparency, and open to the help that civil society can offer.

    To raise the level of accountability and collaboration, a clear programme of restoration has to be communicated openly to the public. Milestones and expenditure requirements need to be set that allow for constant monitoring. There must be open council meetings, and regular online and in-person briefings.

    Also required are new mechanisms for citizen-based monitoring. These may include trained citizen monitors reporting on service delivery. Alternatively, the establishment of a sort of “Citizen’s Council” which meets regularly to receive reports from these monitors and the city administration.

    International examples include the Bürgerrat model. This is now fully institutionalised in parts of Germany and Austria to strengthen local democracy and accountability. In this model, citizens are randomly selected to sit on a council which monitors performance of local government and provides new ideas.

    Another approach could be for civil society organisations to be invited to a Citizen’s Council that would act in support of the oversight processes of the elected Municipal Council.

    Third, there has to be a solution to unstable coalition governments. These seem to be structured to facilitate separate political fiefdoms where spoils can be divided in the allocation of portfolios. At minimum, the presidential intervention must provide for a check and balance on processes where bureaucratic appointments and budgetary allocations may serve the interests of cronyism. For example, there should be transparency and rigour in appointments to the boards of Johannesburg’s municipally owned companies.

    Regulatory reforms are required in the political arena. This should include rules for the distribution of seats on the municipal executive and the election of mayors. Between January 2023 and August 2024 a tiny minority party held the mayoralty because the larger parties could not agree on a mayoral selection or, more cynically, to ensure that the executive mayor could not call large parties to account.

    More importantly, though, there has to be a change in political culture. This is a longer-term process.

    Fourth, the problems run far deeper than what bureaucratic reorganisation can achieve.

    The longer-term project is to build a capable administration with clear political direction and oversight but insulated from personal agendas and factional battles. The administration became confused and demoralised because of the political instability over an extended period. There are, however, still many capable and committed public servants in the city bureaucracy. The focus should be on working with them to rebuild the administration, making it a place where talent and initiative are recognised and rewarded.

    Restored political leadership and a rejuvenated administration is needed for a long term process, extending far beyond the quick wins. This process will involve refurbishing the decaying network infrastructure, restoring financial stability, reestablishing social trust and returning confidence to the city’s economy.

    2025 marks 30 years since the first democratic local elections. National government is looking seriously at sweeping municipal reforms. And the next municipal election – likely to be held at the end of 2026 – is an opportunity to make a deep transformation effort. Citizens can ensure that parties contesting the election place Johannesburg’s recovery at the heart of their agenda.

    – Johannesburg’s problems can be solved – but it’s a long journey to fix South Africa’s economic powerhouse
    – https://theconversation.com/johannesburgs-problems-can-be-solved-but-its-a-long-journey-to-fix-south-africas-economic-powerhouse-256013

    MIL OSI Africa

  • MIL-OSI China: China’s foreign trade maintains resilience despite headwinds

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

    China’s foreign trade demonstrated resilience in the first five months of 2025, with total trade value rising 2.5 percent year on year, driven by the country’s efforts to optimize its trade structure and stabilize growth.

    The growth rate marked an increase of 0.1 percentage points compared to that registered in the first four months of 2025. The total value of goods imports and exports in yuan-denominated terms stood at 17.94 trillion yuan (about 2.5 trillion U.S. dollars) in the January-May period, according to the General Administration of Customs (GAC) data released Monday.

    During the first five months of 2025, China’s exports rose 7.2 percent year on year to 10.67 trillion yuan while imports fell 3.8 percent to 7.27 trillion yuan, the data showed.

    An aerial drone photo shows vehicles to be exported at Yantai Port in east China’s Shandong Province, Jan. 2, 2025. [Photo/Xinhua]

    Strong resilience

    Lyu Daliang, director of the GAC’s Department of Statistics and Analysis, said China’s goods trade has maintained “relatively strong resilience” despite external pressures, as the country’s economy has continued its recovery trend since the beginning of the year.

    “In May, China’s foreign trade continued its growth trend, with the pace of expansion accelerating notably following the high-level China-U.S. economic and trade talks (held in Geneva last month),” the official said.

    In May alone, China’s total goods imports and exports in yuan-denominated terms rose 2.7 percent year on year. Goods exports rose 6.3 percent year on year, while imports went down 2.1 percent, according to the data.

    “In the face of a more complex and challenging international situation, China’s foreign trade has overcome difficulties and withstood pressure, maintaining stable growth and demonstrating strong resilience,” said Wang Xuekun, head of the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce.

    This resilience has been underpinned by dedicated efforts to boost trade at the local level. In east China’s Jiangsu Province, the provincial government has pledged increased funding to support exporters’ participation in overseas exhibitions. Since the beginning of the year, it has helped more than 1,400 companies take part in over 120 exhibitions overseas.

    In southwest China’s Chongqing Municipality, cross-border freight vehicles carrying Chinese products, such as motorbike components and agricultural machinery, can reach Vietnam in as little as two days after clearing customs in Chongqing.

    Thanks to the timeliness and flexibility of the road transport corridor, Chongqing’s cross-border freight trucks transported goods worth 5.7 billion yuan in the first five months of 2025, marking a 4.3-fold increase year on year.

    An aerial drone photo taken on May 22, 2025 shows China-Europe freight train X8489 loaded with autos, machine parts and home appliances before its departure for Duisburg, Germany, in Xi’an, northwest China’s Shaanxi Province. [Photo/Xinhua]

    Structural improvements 

    Monday’s GAC data also showed continued structural improvements in China’s foreign trade. High-tech product exports performed strongly in the first five months of 2025, rising 6.1 percent year on year in U.S.-dollar term, while exports of mechanical and electrical products grew by 8.1 percent over the same period.

    In terms of trading partners, ASEAN remained China’s largest trading partner in the January-May period. During this period, trade between China and ASEAN totaled 3.02 trillion yuan, a year-on-year increase of 9.1 percent.

    During the same period, China’s trade with the European Union went up 2.9 percent year on year to nearly 2.3 trillion yuan, while its trade with the United States decreased by 8.1 percent year on year to 1.72 trillion yuan, according to the data.

    Trade with Belt and Road partner countries rose 4.2 percent to 9.24 trillion yuan, and trade with African countries hit a record high, with the China-Africa trade volume increasing 12.4 percent to 963.21 billion yuan during the period.

    Wang said that against the headwinds of rising unilateralism and protectionism, China would rise to the challenges and take multiple measures to properly handle trade frictions and stabilize foreign trade.

    According to him, these measures include seizing trade opportunities by diversifying trading partners and supporting Chinese exporters in exploring the domestic market through promotional campaigns and channels such as supermarkets and e-commerce platforms to sell high-quality foreign trade products.

    Wang also emphasized the need for greater support for foreign trade enterprises, calling for enhanced government efforts to help companies secure deals through matchmaking services at major trade exhibitions, as well as increased financing support. 

    MIL OSI China News

  • MIL-OSI Video: Opportunities of the Ocean Economy

    Source: World Economic Forum (video statements)

    The ocean economy contributes over $2.5 trillion to global GDP annually and supports nearly 350 million jobs worldwide.

    How can key ocean-reliant sectors like shipping, ports, food, energy and tourism drive a regenerative ocean economy that balances economic growth, social prosperity and marine conservation?

    Find out more about the work of the Ocean Action Agenda, accelerating ambitious solutions for a sustainable ocean economy.

    This is the full audio from a session at the Annual Meeting 2025 in Davos. Watch it here: https://www.weforum.org/meetings/world-economic-forum-annual-meeting-2025/sessions/the-opportunities-of-the-ocean-economy/

    Check out all our podcasts on wef.ch/podcasts (http://wef.ch/podcasts) : 

    YouTube: https://www.youtube.com/@wef

    Radio Davos (https://www.weforum.org/podcasts/radio-davos) – subscribe (https://pod.link/1504682164) : https://pod.link/1504682164

    Meet the Leader (https://www.weforum.org/podcasts/meet-the-leader) – subscribe (https://pod.link/1534915560) : https://pod.link/1534915560

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    Join the World Economic Forum Podcast Club (https://www.facebook.com/groups/wefpodcastclub) : https://www.facebook.com/groups/wefpodcastclub

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

    MIL OSI Video

  • MIL-OSI USA: Amata: Fishery Decision Is Separate from Seabed Issue

    Source: United States House of Representatives – Congresswoman Aumua Amata (Western Samoa)

    Washington, D.C. – Congresswoman Uifa’atali Amata is correcting a misunderstanding that reopening some waters to fishing somehow may have caused the seabed mining issue. In fact, the two executive orders by the President are separate, and he already had the authority to issue a seabed order before the fishery decision. 

    “To be clear, the fisheries decision did not open Pacific waters to seabed mining. I understand the confusion because of the timing of the two separate decisions,” said Congresswoman Amata. “While both decisions have U.S. and Pacific long term security implications in preventing China’s dominance, one decision did not cause the other, nor did it have any bearing on the legality or authority of the critical minerals order.”

    “The fisheries order is a success I’ve been working for throughout my entire time in Congress, to help secure our fishing and local economy.”

    “On the other hand, the critical minerals order is not something I called for at any time, nor did I endorse or advocate for it. Instead, I have many questions, and our people have many concerns and even fears. As your representative, I am calling for the DOI to sit down with ASG and answer all the many questions, as well as the public comment period that the law will require. I stand with our people, and I am actively listening in multiple town hall and round table discussions. I will continue hearing from you, reporting back to you, and representing your concerns to the administration.”

    ###

    MIL OSI USA News

  • MIL-OSI Economics: Moving the Boundaries of Financial Inclusion- A Regulatory Perspective – Address delivered by Shri M Rajeshwar Rao, Deputy Governor, Reserve Bank of India – June 05, 2025 – at HSBC’s event for Financial Inclusion in Mumbai

    Source: Reserve Bank of India

    Distinguished guests, participants, ladies and gentlemen, Good evening.

    At the outset, let me thank the organisers for inviting me to share some of my thoughts on the theme of financial inclusion. Before that, let me take a moment to acknowledge that today i.e., June 05, 2025, is the World Environment Day, an UN-recognized day that brings together people across the globe in a shared mission to safeguard and restore our planet. This year’s theme of ending plastic pollution is a call to all of us to make a behavioural shift in our daily life choices. In the spirit of preserving the purity of our environment and safeguarding our well-being, let us commit toward making more sustainable choices.

    2. Coming back to our theme for the day, let me begin by stating the obvious that financial inclusion is not just a policy objective but a collective obligation and responsibility for all stakeholders in the financial ecosystem. The importance of the theme can be underscored by the fact that at least seven out of the seventeen United Nations Sustainable Development Goals of 2030 view financial inclusion as a key enabler for achieving sustainable development worldwide by improving the quality of lives of poor and marginalized sections of the society. It is seen as a way to bridge the gap between the privileged and the under-privileged and a way to bring people out of poverty. An inclusive financial system has the potential to reduce income inequality and poverty, promote social cohesion and enable shared economic development. It also can dissuade the disadvantaged and low-income segments of society from seeking out informal options that renders them vulnerable to financial distress, debt, and poverty.

    History of Financial Inclusion in India

    3. Given the theme for today’s discourse, it would be worthwhile to set the historical context regarding financial inclusion in India. While the financial inclusion initiatives in our country can in many ways be traced back to the 1950s, with significant developments ensuing in the subsequent decade, it was the National Credit Council meeting of July 1968 that paved the way for framing of Priority Sector Lending (PSL) guidelines, nationalisation of select private banks in July 1969 and launch of the Lead Bank Scheme in December 1969 that were the precursors of this journey. The branch expansion policy adopted by RBI during the 1970s, which required a specific number of branches to be opened in rural areas for every branch opened in urban areas, became the foundation for expanding the reach of banking services that we see today. Besides, the experiments with group-based lending towards the turn of the last century and proliferation of microfinance institutions have also helped link the unserved section of the population with the formal banking system.

    4. Interestingly, the above initiatives were taken during a period when the term ‘financial inclusion’ was not prevalent in the country. The first reference to the term was made in RBI’s Annual Policy Statement for the Year 2005-06 by Dr Y.V. Reddy2, the then Governor of the Reserve Bank of India, who highlighted ‘financial exclusion’ that resulted due to certain banking practices. Banks were then urged to review their existing practices to align them with the objective of financial inclusion, leading to the genesis of ‘no frills’ account, which are now known as Basic Savings Bank Deposit Accounts.

    Financial Inclusion in Indian Context

    5. The first step in promoting financial inclusion is understanding its nuances, which are as dynamic and diverse as the Indian economy itself, and thereafter outline its ambit in the Indian context. Given its multi-faceted nature, various organisations and jurisdictions have defined financial inclusion in different ways. In India, the formal definition of financial inclusion3 was given in January 2008 by the Committee on Financial Inclusion chaired by Dr C Rangarajan as “the process of ensuring access to financial services and timely and adequate credit where needed by vulnerable groups such as weaker sections and low-income groups at an affordable cost”. Reflecting the priorities of that time, the definition focused largely on the access to financial services. Currently we have a scenario, where more than 95% households have access to a bank account4, which reflects remarkable progress on one out of three parameters of Financial Inclusion Index developed by the Reserve Bank to measure the extent of financial inclusion in the country.

    6. While there has been a significant progress in expanding the banking reach, it is also important to ensure that inherent barriers to a gamut of financial products and services are eliminated and usage of these services expands to various segments of yet underserved and un-served population in the country. Efforts towards making financial services accessible become futile if they are not used by the intended population or are used without appropriate awareness of its risks and benefits. Thus, the other two parameters of RBI’s financial inclusion index, viz., usage and quality of the financial services cannot be overlooked while defining or measuring financial inclusion. Over the last few years this index has shown reasonable improvement, but there is a scope for improvement in some aspects.

    Current Scenario

    7. To get a perspective on the current scenario, it would be worthwhile to dwell a bit on some of the recent developments in the journey of financial inclusion in the country. Several policy measures towards furthering financial inclusion have been undertaken from time to time, but it was the launch of Pradhan Mantri Jan Dhan Yojana (PMJDY) that became the watershed moment in this journey. The Jan Dhan Yojana – Aadhar – Mobile i.e., JAM trinity provided a quantum leap in our endeavour to ensure access to banking services for all adults, making it the world’s largest financial inclusion program. As of May 21, 20255, 55.44 crore Jan Dhan accounts, 56% of which belong to women, have over ₹2.5 lakh crore worth of deposits, which speaks volumes about the impact of the scheme. The provision of universal access to bank accounts has not only increased the potential reach of other financial services but has also enabled frictionless delivery of welfare programs to the targeted segment through adoption of Direct Benefit Transfer (DBT).

    Digital Payments

    8. Access to a bank account is a prerequisite for availing other financial services, and a robust payments and settlements system is an indispensable enabler for proliferation of formal financial services. Over the past decade, the fundamentals of banking have changed with the advent of digital modes of banking like net banking and mobile banking as well as digital payments systems like Unified Payment Interface (UPI). In FY 2024-25, digital payments surged 35% Y-o-Y by volume to 60.81 crore transactions per day, with UPI accounting for 83.73% of such transactions6. The extraordinary uptake of UPI stands as a testament to the power of collaborative and use-case-driven innovation in driving financial inclusion. A particularly compelling example of this transformation can be seen in the informal sector—where today a street vendor or pop-up store owner nonchalantly places a QR code at the fore and receives payment for services without any hassle for cash and quietly integrating himself into the formal financial system with dignity and ease.

    9. For further expanding and deepening the digital payments ecosystem in the country, a Payments Infrastructure and Development Fund has been constituted to encourage deployment of payment acceptance infrastructure. Further, all State and Union Territory Level Bankers’ Committees have been advised to identify districts and assign them to designated banks, with an endeavour to make these districts 100 per cent digitally enabled. The objective is to provide every eligible individual in the identified district at least one mode of digital payments viz., cards, net banking, UPI, AEPS7, etc. It is understood that as on March 31, 2025, 514 districts across 15 states and 6 UTs are 100 percent digitally enabled. This marks a significant milestone in our journey towards a digitally inclusive economy.

    RBI’s financial inclusion index.

    10. RBI’s financial inclusion index, which captures the extent of financial inclusion across the country, with four iterations published till date, has increased from 60.1 in March 2023 to 64.2 in March 2024, showing a Y-o-Y increase of 6.82 per cent. While the progress is appreciable, credit gaps still exist in the system which may be attributed amongst others to a lack of documentation available with the individuals/ entities in the informal system and of awareness regarding the various government schemes. There is as such a need to make concerted efforts to fill them.

    Recent regulatory initiatives

    11. The RBI has been sensitive to need to bring about improvement in the financial inclusion in the country. Some of the measures taken recently in this regard include raising the limit for collateral-free agriculture loans to ₹2 lakh per borrower, enhancing various loan limits under PSL, expansion of the list of eligible borrowers under the category of ‘Weaker Sections’ alongwith removal of existing cap on loans by UCBs to women beneficiaries. The scope of co-lending is proposed to be broadened by expanding the list of permitted regulated entities (REs) that can enter a co-lending arrangement and extending the same beyond PSL loans. A comprehensive review of the Lead Bank Scheme is also underway with an objective to enhance the effectiveness and impact of the scheme.

    12. With respect to digital payments, permissible transaction limit on UPI Lite has been revised in FY 2025 from ₹500 to ₹1000 and on UPI 123PAY from ₹5,000 to ₹10,000 to encourage their wider adoption. Further, with a view to promote digital payments among individuals without bank accounts, UPI Circle has been introduced which allows a secondary user to make UPI transactions up to a limit from the primary user’s bank account in a secure manner. Besides, in an effort to enhance ease of access to digital infrastructure for persons with disabilities, payment system participants (PSPs) have been advised to review their payment systems and devices and carry out necessary modifications so that all such systems and devices can be easily accessed and used by persons with disabilities.

    Financial Literacy

    13. Meaningful financial inclusion also requires access and awareness in right proportions for ensuring responsible and equitable service delivery of financial services. Therefore, financial literacy and financial inclusion need to be considered as two sides of the same coin – promoting financial inclusion without adequate financial literacy would lead to underutilization of financial services and increased chances of errors and frauds. Conversely, educating the consumers without facilitating their access to the formal financial system would result into unmet demand for financial services. The efforts towards augmenting financing literacy have been institutionalised by setting up of the National Centre of Financial Education (NCFE) jointly by the financial sector regulators. RBI as a regulator has been at the forefront of financial literacy with the launch of annual Financial Literacy Week campaigns targeted at specified sections of the population. Financial awareness empowers borrowers to assess and understand financial products, thereby supporting informed decision-making. To facilitate informed decision making by the customers and enhance transparency by the lenders, the RBI has mandated that all REs provide a standardised disclosure of key terms and conditions in the form of Key Fact Statement (KFS) to all retail and MSME borrowers.

    Challenges

    14. Even as all the stakeholders in the financial system, including the regulator and the REs, play their part in advancing financial inclusion, certain issues that act as impediments to the efforts made in this regard have come to the fore and will need to be addressed. Let me briefly highlight a few such issues.

    Grievance Redressal

    15. Having an effective grievance redressal mechanism is non-negotiable for financial sector enterprises as non-resolution of consumer’s concerns not only leads to erosion of customer base but also results in loss of trust in the broader financial system and deters new consumers from entering the system. It is concerning that the complaints received at the Offices of RBI Ombudsmen as well as Centralized Receipt and Processing Centres (CRPCs) marked a sharp 33% year-on-year increase8 in FY2023-24. This raises questions on the products, practices, and handling of grievances at the level of the RE. REs, therefore, need to analyse the gaps and strengthen their processes to reverse the trend of increasing grievances.

    Mis-selling

    16. While financial inclusion entails a bouquet of financial services, pushing the same indiscriminately to unaware consumers may be detrimental to their well-being and undermine its stated intent. There are reports of mis-selling of financial services such as insurance products. The concern is that such mis-selling without regard to suitability and appropriateness would beget distrust in schemes aimed at providing a safety net to the low-income households by creating artificial boundaries. We are examining whether it necessitates framing of guidelines to address mis-selling of financial products and services by REs.

    Cyber Safety and Digital Literacy

    17. As digitalization becomes more pervasive, the need for increasing digital literacy becomes even more pronounced. Empowering individuals to use digital devices and platforms with confidence and security is essential to ensuring inclusive participation in the digital economy. Often, apprehensions related to uncertainty, the possibility of errors, or financial loss create psychological barriers that hinder the adoption of technological solutions such as ATMs, mobile banking, and other digital services. The rising incidents of frauds through novel techniques makes it imperative that REs collaborate with other stakeholders like SROs, NGOs, etc. to generate awareness and promote safe digital practices among customers.

    18. At the same time, it is critical for REs to implement effective measures to combat digital frauds. One such area warranting attention is the use of One-Time Passwords (OTPs) as a means of Additional Factor Authentication (AFA). While this method has served well in the past, the evolving threat landscape in the arena of cybersecurity now calls for the development and adoption of more secure and resilient alternatives. Further, REs must diligently adopt the designated 160 number series9 for all service and transactional voice calls as prescribed by the Government. This initiative is critical to maintaining the integrity of communication channels and protecting customers from phishing and other forms of cyber-attacks.

    19. RBI has been running extensive multimedia awareness campaigns using audio-visual messages under the name ‘RBI Kehta Hai’ and text messages as ‘RBI Says’. Further, RBI has introduced the bank.in and fin.in domains exclusively for banks and non-bank entities to curb cyber security threats and malicious activities. Also, to aid the customers in verifying Digital Lending Apps’ (DLAs) association with RE, the RBI has created a public repository of DLAs deployed by the REs which will soon be available on RBI’s website.

    Developments in Microfinance

    20. Let me now focus on a few developments in Microfinance sector. Microfinance has placed itself as a promising avenue for providing formal financial services to the excluded sections of population. While microfinance has played an important role in financial inclusion, there are some issues which need attention. The sector continues to suffer from vicious cycle of over-indebtedness, high interest rates and harsh recovery practices. While some moderation in interest rates charged on microfinance loans has been observed in recent quarters, pockets of high interest rates and elevated margins continue to persist. Even lenders having access to low-cost funds have been found to be charging margins significantly higher than the rest of the industry and which in several instances appear to be excessive. The lenders should look beyond the conventional “high-yielding business” tag for the sector and approach it with an empathic and developmental perspective, recognising the socio-economic role that microfinance plays in empowering vulnerable communities.

    21. The frequency of disruptions in the microfinance sector has increased of late. Incidents of high borrower indebtedness, coupled with coercive recovery practices, sometimes lead to tragic consequences. It is in the collective interest of all stakeholders that such disruptions are pre-emptively addressed and avoided. In this regard, REs must also enhance their credit appraisal frameworks to prevent over-leveraging of borrowers. Additionally, they must eschew any coercive or unethical recovery practices, ensuring that financial services are delivered in a manner that is both responsible and sustainable. While the business model may be sound, the organisational structure and the incentive schemes framed to deliver the services may be flawed resulting in perverse outcomes for customers. This calls for an introspection around the models.

    Way Forward

    22. Even as we reflect on some of these challenges, we need to be clear about the path that we must take to ensure greater financial inclusion. As we look to the future, the way forward for financial inclusion lies in the strategic deployment of emerging technologies to build a more accessible, equitable, and efficient financial ecosystem. Innovations such as AI, blockchain, and digital public infrastructure are revolutionizing how financial services are delivered, especially to the underserved and remote communities. One such innovation in this space is the Account Aggregator (AA) framework. By empowering individuals to securely share their financial data with consent, the AA system enables more accurate credit assessments and potentially facilitates the delivery of customized financial products. Building on this foundation, the Unified Lending Interface (ULI) standardizes and streamlines the digital lending process by providing lenders with a host of alternate data including digitised state land records, milk pouring data and satellite data. It’s RBI’s belief that the JAM trinity will be followed by the new trinity of JAM-UPI-ULI in revolutionizing digital infrastructure and credit delivery and provide necessary fillip to financial inclusion efforts, pushing it to new highs.

    23. The development and implementation of India Stack has revolutionised the banking landscape in India and has been instrumental in furthering financial inclusion by reducing infrastructural, geographical, and linguistic frictions and plugging leakages. REs have been encouraged to innovate in product design, offering solutions that reflect the unique needs of their customer base; for instance, offering flexibility in repayment schedules, variable savings contributions, and locally tailored financial products shaped by seasonal income cycles, occupational patterns, or behavioural tendencies. Such customisation can go a long way in further improving access, usage, and quality of financial services. REs can bring some of these innovations under the theme neutral ‘On Tap’ Regulatory Sandbox framework, which provides a structured environment for testing state-of-the-art solutions in the interest of consumers and financial stability. As connectivity can pose challenges in remote and rural areas, REs can explore the development of lightweight mobile applications and web interfaces optimised for low-bandwidth environments. These measures will go a long way in extending the reach of digital financial services to the last mile, thereby ensuring inclusive and accessible banking for all.

    24. A lot has been achieved in the journey for achieving financial inclusion thus far, yet a lot more needs to be done. It cannot be merely achieved by standalone policy initiatives but by implementation of such initiatives both in letter and spirit by all stakeholders in the financial ecosystem. Also, those who remain outside the ambit of formal finance today represent untapped potential that can meaningfully contribute to economic growth in the future. The dividends of such inclusion will not only accrue to the institutions involved but will also strengthen the foundation of a more resilient, equitable, and prosperous society. Financial inclusion should not be viewed as an act of philanthropy, but rather as a strategic investment in the nation’s economic and social development. With the right mix of well thought of and carefully crafted regulation, technological advancement, and institutional empathy, our collective efforts can dismantle longstanding barriers and usher in a new era of inclusive and sustainable financial growth – one that leaves no citizen behind and resonates far beyond set boundaries.

    Thank you.


    MIL OSI Economics