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Category: Economy

  • MIL-OSI United Kingdom: Australia-UK Free Trade Agreement Joint Committee Statement

    Source: United Kingdom – Executive Government & Departments

    News story

    Australia-UK Free Trade Agreement Joint Committee Statement

    Summary of a joint statement following the second meeting of the Australia-United Kingdom Free Trade Agreement Joint Committee on 3 June 2025

    Alongside the OECD 2025 Ministerial Council Meeting held in Paris, Australian Minister for Trade and Tourism, Senator the Honourable Don Farrell and UK Secretary of State for Business and Trade, the Rt Hon Jonathan Reynolds MP, met on 3 June 2025, for the second meeting of the Australia-United Kingdom Free Trade Agreement Joint Committee.

    The Ministers celebrated the strong trade and investment relationship between the UK and Australia.  Two-way trade between our economies reached AUD36bn or GBP23bn in 2024.

    As of 2024, the stock of UK Foreign Direct Investment in Australia reached AUD156bn or GBP77bn, and Australian Foreign Direct Investment in the UK rose to AUD210bn or GBP104bn – an increase of 6.5% and 11.5% respectively on the previous year.

    The strong uptake of the Agreement’s benefits is resulting in real savings for businesses, workers and consumers.

    Since entry into force on 31 May 2023, AUD4.7 bn or GBP2.4bn worth of traded goods benefited from preferential tariff access, i.e. around 70% of goods traded between the UK and Australia made use of available preferences.

    Between June 2023 and December 2024:

    • AUD3.4bn or GBP1.8bn (65%) of eligible goods imports into Australia from the UK made use of an FTA tariff preference.

    Had this trade occurred at standard Most Favoured Nation (MFN) tariff rates, up to an additional GBP89m or AUD172m in duties would have been collected.

    • GBP662m or AUD1277m (77%) of eligible goods imports into the UK from Australia made use of FTA tariff preferences.

    Had these occurred at standard Most Favoured Nation (MFN) tariff rates, up to an additional GBP139m or AUD269m in duties would have been paid.

    The Ministers noted that free and inclusive trade is a cornerstone of prosperity in both countries.

    Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Ministers committed to strengthening the rules-based trading system.  

    Ministers also noted progress on recognition of professional qualifications in key sectors through the FTA’s Professional Services Working Group, and the ongoing work under the FTA’s Innovation Chapter to explore the potential for a ‘biobridge’ between our countries to expedite new and innovative medicines, diagnostics, and therapeutics to market. 

    The Ministers agreed to continue working together to strengthen the role that free trade plays in increasing prosperity and reinforcing resilience against economic turbulence and share the benefits of trade to all including through the World Trade Organization, OECD and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). 

    Note to editors:

    Figures reported are from UK Official Statistics and Australian official sources.

    Australian trade data is sourced from the Australian Bureau of Statistics https://www.abs.gov.au/statistics/economy/international-trade/international-trade-supplementary-information-calendar-year/2024

    UK trade data sourced from the ONS publication of UK total trade: all countries seasonally adjusted October to December 2024 data.

    Trade asymmetries exist between the UK and Australia official trade statistics, but this does not mean that either country is inaccurate in their estimation. Differences can be caused by a range of conceptual and measurement variations between the estimation practices of different countries.

    Investment data is sourced from the Australia Bureau of Statistics https://www.abs.gov.au/statistics/economy/international-trade/international-investment-position-australia-supplementary-statistics/2024

    The underlying data for the imports into the UK preference utilisation figures were sourced from HM Revenue and Custom’s (HMRC) UK goods imports by tariff regime, April 2025 data. This data is provided on a country of origin basis.

    The methodology used to calculate UK preference utilisation rates can be found here https://www.gov.uk/government/statistics/preference-utilisation-of-uk-trade-in-goods-technical-annex/preference-utilisation-of-uk-trade-in-goods-official-statistics-technical-annex#methodology-note-for-preference-utilisation-of-uk-trade-in-goods

    Estimated duty savings are based on exchanged country tariff schedules and preference utilisation data. For UK imports, these are all calculated using the Ad Valorem, Specific, or Compound tariffs applied at the CN8 level. Where appropriate, Ad Valorem Equivalent tariffs were used (source: MacMap). The Bank of England spot exchange rates (June 2023-December 2024) was used to convert from GBP to AUD.

    Estimates of Australia’s preference utilisation and duty savings for the June 2023 to December 2024 period are drawn from Department of Foreign Affairs and Trade calculations using ABS trade data and DFAT tariff schedule data.

    Investment data is sourced from the Australian Bureau of Statistics.

    UK-AUS total goods trade values may not equal the sum of UK goods imports and AUS goods imports due to rounding and methodological differences in calculating preference eligible imports.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Polytechnic experts held a project session on the development of the RAU Development Program

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The Polytechnic University continues active interaction with the development teams of Slavic universities. In the last week of May, SPbPU experts held a Project-analytical session at the Russian-Armenian University (RAU) to prepare the RAU Development Program for 2026-2030.

    Polytechnic Expert Group

    Nikita Golovin, Head of the Project Office “Slavic Universities”, Deputy Head of the UMS Natalia Ivanova, Chief Accountant, Associate Professor of the Higher School of Engineering and Economics Elena Vinogradova, Director of the Department of Economics and Finance, Professor of the Higher School of Industrial Management Ekaterina Pavlova, Leading Specialist of the Department of Strategic Planning and Development

    The following representatives of RAU participated in the project session: Vice-Rectors Marina Khachatryan and Parkev Avetisyan, Financial Director Meruzhan Galstyan, and heads of the administrative, educational and scientific departments of the university.

    The work began with an introduction to the key educational and scientific departments of RAU and a discussion of the goals and objectives of the session with RAU Rector Edward Sandoyan. At the meeting with the Rector, Nikita Golovin briefly presented the format of the session and the expected results. The Rector described his vision of the directions of RAU development, existing barriers and ways to overcome them.

    Our university has very serious educational and scientific results. We have achieved a lot, including thanks to long-term partnership with leading universities, such as the Polytechnic University. But we also have huge potential for further development. We are confident that such joint project sessions not only facilitate the exchange of experience, but also create real opportunities for determining the priorities for the further development of science and education at RAU and, importantly, the formation of mechanisms and tools for achieving the goals set, – noted Edward Sandoyan.

    For three days, the SPbPU expert team and the RAU development team consistently built the future image of the university. The session participants were divided into four thematic groups – education, research, human capital and economy, infrastructure and digitalization. In three steps, the experts went from analyzing current results to forming an ambition and a target model for 2030. Each step began with an introductory speech by SPbPU experts, at which they defined methodological approaches to designing a development program, principles of interrelation between different university processes, tasks for the step and expected results. At each stage, SPbPU experts accompanied the group work, actively involving participants in the discussion, sharing their own experience and examples that could be taken into account when developing the university’s fundamental policies.

    Elena Vinogradova and Natalia Ivanova worked with the group on economic and infrastructure policy, as well as on human capital management policy. Ekaterina Pavlova joined the discussions of the educational policy of RAU, and Nikita Golovin built communication in the group on scientific research policy. He also accompanied the work of all four groups, encouraging colleagues from RAU to openly talk about current positions, barriers to development and ways to overcome them. After each stage of group work, the leaders of the thematic groups presented the results of their work at the plenary session and answered questions from their colleagues and Polytechnic experts.

    On the last day of the PAS, the groups presented summary reports in which they described the current positions of RAU in four areas of activity, the image of the target model of the university and the steps aimed at achieving it. Everyone was unanimous in the fact that RAU is a research classical university (educational, scientific and technological center) with a wide range of areas, having an interstate status. Of course, to achieve this goal, much still needs to be rethought, changed and launched. But RAU has all the necessary base and, most importantly, the desire of the team to change.

    Concluding the session, Nikita Golovin noted: One of the key tasks of our project-analytical session has been completed – we were able to launch internal communication between team members at RAU. The development team began to jointly form the image of the future of their university, find solutions to those tasks that will allow transforming RAU into a leading research university in both Armenia and Russia.

    Next comes the painstaking work of drafting the Development Program document, defining target characteristics and indicators. The presentation and defense of the Program at the Ministry of Science and Higher Education of the Russian Federation is planned for this fall.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Europe: Sibylle Léonard, PhD student at CEVIPOF, welcomed to Oxford University as part of the OxPo PhD exchange programme

    Source: Universities – Science Po in English

    The School of Research is pleased to announce that Sibylle Léonard, a PhD student in political science at CEVIPOF – Sciences Po’s Centre for Political Research, has been selected to participate in the exchange programme between Sciences Po and the University of Oxford.

    As part of this programme, she will hold a visiting academic position at Oxford, where she will be affiliated with the Department of Politics and International Relations and will continue her doctoral research on the political effects of labour market transformations, at the intersection of political sociology, political theory and political economy.

    The Oxford–Sciences Po PhD exchange programme, established many years ago between the two institutions, aims to promote mobility among doctoral students and stimulate scientific collaboration. It offers participants an exceptional research environment, enabling them to enrich their work and expand their international academic network.

    Find out more

    MIL OSI Europe News –

  • MIL-OSI USA: Underwood Announces $26 Million for Local Priorities Selected for Community Project Funding

    Source: United States House of Representatives – Congresswoman Lauren Underwood (IL-14)

    JOLIET – Representative Lauren Underwood (IL-14), a member of the House Appropriations Committee, announced the projects in the 14th District selected to be submitted for consideration for Community Project Funding in FY2026. 

    If funded, the projects below will have extraordinary benefits for our community: ensuring access to safe and reliable drinking water, strengthening rural access to health care, preventing workplace exploitation, helping residents get jobs, providing vulnerable populations access to necessities like emergency shelter and food, and supporting parent-students by providing affordable childcare options in northern Illinois. 

    “Making sure that our community’s needs are reflected in federal funding has always been a top priority of mine in Washington,” said Underwood. “Our families will feel the enormous impact of these 15 projects every day. We’re making sure our drinking water is clean and safe across northern Illinois; strengthening access to quality health care in rural communities, providing parents affordable childcare options, and so much more. I look forward to working with my colleagues to bring these federal dollars home.”

    FY25 projects that were selected by Members of Congress last year were not included in the funding bill passed earlier this year, and nearly all FY25 projects in the 14th District are being resubmitted for FY26.

    Community Project Funding is an initiative that allows Members of Congress to request direct funding for projects that benefit the communities they represent, coupled with strict transparency and ethics requirements. Projects are restricted to a limited number of federal funding streams, and only state and local governments and eligible non-profit entities are permitted to receive funding. In compliance with House Rules and Committee requirements, Underwood has certified that she and her immediate family have no financial interest in any of the projects selected. Underwood’s certification forms for the projects listed are available here, listed in alphabetical order.

    Below are descriptions of the projects submitted for consideration, in alphabetical order by project sponsor:

    Project Title: Bentley Road Pathway Connection

    Project Sponsor: Plainfield Park District

    Amount Requested: $1,300,000

    Address of Sponsor: 23729 W. Ottawa St., Plainfield, IL 60544

    Project Description and Justification: This funding would be used to develop 4 uninterrupted miles along the DuPage River into a pathway connecting parks, recreation areas, and small businesses in Will County.  The pathway will serve as a vital link between existing multi-use trails at Riverside Parkway, Sunset Park, and Hammel Woods along the DuPage River corridor. 

    Project Title: Center for Parenting Students 

    Project Sponsor: Waubonsee Community College

    Amount Requested: $600,000

    Address of Sponsor: Route 47 at Waubonsee Drive, Sugar Grove, IL 60554

    Project Description and Justification: This funding would support the creation of a new Center for Parenting Students’ at Waubonsee Community College. The center will provide crucial support for student parents, helping them balance their academic pursuits with childcare. 

    The Center will offer a welcoming environment with designated family-friendly consultation and meeting rooms. Additionally, lactation suites, changing rooms, and a dedicated feeding space will cater to the specific needs of parenting students. The Center will provide essential support services, access to books, toys, and tablets for children while their parents work on group projects or utilize computers and printers for academic work. 

    Project Title: City of Lockport Environmental Infrastructure Program 

    Project Sponsor: U.S. Army Corps of Engineers Chicago District 

    Amount Requested: $1,368,950

    Address of Sponsor: 231 S. LaSalle Street, Suite 1500, Chicago, IL 60604 

    Project Purpose and Justification: This funding would be used for an environmental infrastructure project that will improve wastewater and stormwater management in the City of Lockport, Illinois. 

    Local infrastructure needs addressed by this project include the Bruce Road & SOS Children Village Utility Improvement Project, as the project includes the installation of a new lift station to serve the SOS Children Village.

    Project Title: Clean Water Project in Oglesby, IL

    Project Sponsor: City of Oglesby

    Amount Requested: $1,020,800

    Address of Sponsor: 110 East Walnut Street, Oglesby, IL 61348

    Project Purpose and Justification: This funding will help replace 2,100 feet of water main lines currently impacted by lead and/or asbestos-cement within the City of Oglesby. The pipes pose significant risks to the public and their replacement will ensure clean drinking water, protect public health and safety, and generate long-term cost savings for the community of Ogelsby.

    Project Title: Education for Parents Project

    Project Sponsor: Northern Illinois University 

    Amount Requested: $1,000,000

    Address of Sponsor: 1425 W Lincoln Hwy, Dekalb, IL 60115

    Priority Project and Justification: This funding will be used to remodel and convert property at Northern Illinois University into a significantly larger child care center. The project will help the university hire new personnel and cover essential upgrades to ensure a safe and healthy environment for children; including roof, drainage, window, and flooring repairs, classroom painting, and a learning space renovation.  

    Project Title: Expanding Hope and Reducing Hunger in La Salle, IL

    Project Sponsor: Illinois Valley Food Pantry

    Amount Requested: $750,000

    Address of Sponsor: 122 Wright Street, LaSalle, IL 61354

    Project Purpose and Justification: This funding will help the food pantry expand their refrigeration and storage capacity, allowing them to serve more families in our community. Currently serving around 500 families monthly, the pantry is at capacity.  

    Project Title: Grand Prairie Water Commission Infrastructure Construction for Northern Illinois

    Project Sponsor: City of Joliet

    Amount Requested: $5,000,000

    Address of Sponsor: 150 W Jefferson Street, Joliet, IL 60432

    Project Purpose and Justification: This funding will build 7.5 miles of underground water transmission main to deliver finished drinking water from the Chicago Department of Water Management to communities in the southwest suburbs. 

    The City of Joliet is part of the Grand Prairie Water Commission, a group of six communities that will utilize Lake Michigan as an alternative water source. 

    Project Title: Law Enforcement Collaboration to Prevent Workplace Crime in Will County, IL

    Project Sponsor: Joliet Township 

    Amount Requested: $339,346 

    Address of Sponsor: 1220 Richards St., Suite A, Joliet, IL 60435

    Project Purpose and Justification: This funding will be used by Joliet Township  to hire one attorney and two project staff dedicated to collaborating with local organizations and law enforcement to address workplace exploitation across Will County and the surrounding area. The project will connect victims of workplace abuse and violence to victim services in northern Illinois communities.

    Project Title: Lead-Free Water Project in Aurora, IL

    Project Sponsor: City of Aurora

    Amount Requested: $3,500,000

    Address of Sponsor: 44 E. Downer Place, City of Aurora, IL 60507

    Project Purpose and Justification: This funding will be used to remove and replace all remaining lead water service lines within the City of Aurora, providing safe, potable water for the community. An estimated 120 lead service lines for homes, impacting nearly 400 residents, are expected to be replaced. The pipes pose significant risks to the public and their replacement will ensure clean drinking water, protect public health and safety, and generate long-term cost savings for the community.   

    Project Title: Lockport Township Emergency Shelter  

    Project Sponsor: Lockport Township 

    Amount Requested: $2,235,015

    Address of Sponsor: 1463 Farrell Road, Lockport, Illinois, 60441

    This funding will be used to support and protect the local economy in Fairmont, Lockport, and the surrounding communities in Will County by converting space within an existing building in Lockport, Illinois into a permanent emergency shelter and regional hub for first responder safety training. Specifically, this project would fund renovations that would enable the shelter to have a full-service generator, weather-resistant roof, reinforced windows and doors, modern HVAC, emergency radios, cot beds, and ADA-compliant accommodation for up to 205 evacuees and personnel.

    Project Title: Reducing Recidivism and Supporting Reentry in Will County, IL

    Project Sponsor: Will County Workforce Services Division—LWIA—10 

    Amount Requested: $600,000

    Address of Sponsor: 2400 Glenwood Ave, Joliet, IL 60435 

    Project Purpose and Justification: This project will provide work training services to justice impacted individuals, increasing public safety and reducing the recidivism rate in Will County, IL. The program will offer participants the option to participate in work-based training or education, or to receive work-based training that leads to full-time employment. Through this program, formerly incarcerated individuals will obtain skills that will help them find and secure meaningful employment.  

    Project Title: Securing A Sustainable Water Source in Oswego, IL

    Project Sponsor: Village of Oswego

    Amount Requested: $2,640,000

    Address of Sponsor: 100 Parkers Mill, Oswego, IL 60543

    Project Purpose and Justification: This funding will support the construction of the three receiving stations, which are integral to the success of the Lake Michigan Water Source Project. The receiving stations will allow Montgomery, Oswego, and Yorkville to store and prepare more water from Lake Michigan. Each City requires one receiving station to prepare and store safe water, and to establish a proper connection with the lake.

    The communities of Montgomery, Oswego, and Yorkville will join the DuPage Water Commission, a group of 30 communities that utilize Lake Michigan as an alternative water source. 

    Project Title: Senior Outreach and Care Project

    Project Sponsor: White Oak Library District

    Amount Requested: $3,250,000

    Address of Sponsor: 201 W. Normantown Rd., Romeoville, IL 60446

    Project Description and Justification: This funding will be used for the construction of a new building for the Outreach Services Department at the Crest Hill Branch Library, allowing the library to reach more people in Will County. The funding will be used to construct a new building, hire two additional staff members to support the new location’s expanded services, and purchase three computer workstations and essential technology like chargers and keyboards.

    Additionally, the funding will allow the library to purchase a Bookmobile to continue outreach efforts outside the library’s physical location as well as additional books for circulation.

    Project Title: Shab-eh-nay Tribal Administration Buildings

    Project Sponsor: Prairie Band Potawatomi Nation

    Amount Requested: $1,360,914

    Address of Sponsor: 16281 Q Road Mayetta, Kansas 66509

    Project Purpose and Justification: This funding will support the construction of governmental office space for the Prairie Band Potawatomi Nation and their neighbors. The new building will allow the Nation to have a designated facility to conduct its government business, deepen their connections with the community, and provide services to residents.  

    Project Title: Strengthening Rural Healthcare for Farmers and Families in Mendota, IL 

    Project Sponsor: Community Health Partnership of Illinois

    Amount Requested: $1,250,000

    Address of Sponsor: 205 West Randolph Street, Suite 1340, Chicago, IL 60606

    Project Purpose and Justification: This funding will expand the Mendota Health Center, transforming the 10,666-square-foot warehouse into an expanded space for medical, dental, and behavioral health services. 

    The proposed health center will house 25 employees and serve over 6,000 individuals needing accessible, quality primary care services. The Mendota Health Center is a lifeline for the community, providing quality health care in Mendota and surrounding areas.

    ###

    MIL OSI USA News –

  • MIL-OSI: Updated financial Calendar for 2025

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 21

    In continuation of Nykredit takeover of Spar Nord Bank (company announcement no. 15/2025) the Bank’s financial calendar for 2025 is updated.

    Spar Nord Bank now expects to announce the financial statements on the following dates:

    Date                         Event

    14th August 2025    Semi-Annual Report

    30th October 2025  Quarterly Report – Q3

    Rune Brandt Børglum
    CFO

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Government’s new law sees unfair bonuses banned for six water companies with immediate effect

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government’s new law sees unfair bonuses banned for six water companies with immediate effect

    Government bans unfair bonuses for water companies that don’t meet high standards

    • Unfair bonuses now banned for water companies that don’t meet high standards.  

    • Water bosses awarded themselves over £112 million in bonuses and incentive payments in the last decade.  

    • Strengthened enforcement is just one part of the Government’s strategy to reform the water sector and attract investment as part of its Plan for Change.  

    Unfair bonuses have been banned for senior executives at six water companies, as new measures in the Water (Special Measures) Act come into force today (Friday, 6th June).  

    The government is clear that transformative change across the water sector is needed to clean up our rivers, lakes and seas, and modernise the sector for decades to come.  

    Under new rules, companies are not permitted to pay bonuses to water bosses that oversee poor environmental and customer outcomes. This delivers on a key manifesto commitment and has been backdated to apply to any bonuses relating to the financial year from April last year.  

    This applies to Thames Water, Yorkshire Water, Anglian Water, Wessex Water, United Utilities, and Southern Water, where bosses are not permitted to receive bonuses with immediate effect.  

    Water companies have awarded over £112 million in bonuses and incentives over the last decade. Last year alone, £7.6 million in bonuses were paid to water bosses in England. 

    It’s crucial that companies attract the best talent to deliver essential upgrades to the water system. Companies that do meet Ofwat’s standards will still be eligible to pay executives bonuses – a powerful incentive for them to deliver immediate environmental improvements, better customer outcomes, and improve financial resilience.  

    Environment Secretary Steve Reed said:      

    Water company bosses, like anyone else, should only get bonuses if they’ve performed well, certainly not if they’ve failed to tackle water pollution.  

    Undeserved bonuses will now be banned as part of the Government’s plan to clean up our rivers, lakes and seas for good. 

    Promise made, promise delivered. 

    Today’s ban holds water bosses to account and ensures they can no longer cash in while their companies pollute rivers, neglect customers, or mismanage finances.  

    Strengthened enforcement is just one part of the government’s strategy to reform the water sector, which also includes working with the companies and their investors to make the water industry one of growth and opportunity, attracting investment and ensuring its stable financial footing for years to come. 

    The government is determined to reform the sector in a way that continues to attract high quality, long-term investors to rebuild our water infrastructure. Following the publication of the Independent Water Commission’s interim report, Ministers will look at proposals carefully, and outline further action in due course. 

    While it is for water companies to set their own remuneration, new standards published by Ofwat that come into force today mean bonuses will not be permitted be handed out in specific cases when a water company:   

    • Fails to meet core environmental standards and presides over serious pollution offences 

    • Fails to meet basic financial resilience standards (e.g. meet minimum credit rating requirements)    

    • Fails to meet core consumer standards (e.g. failure to operate and maintain sewage networks)   

    • Is convicted of a criminal offence (e.g. criminal convictions for serious environmental failings including illegal spills)   

    Under new rules published by Ofwat today, any company failing to meet key standards will automatically lose the right to award bonuses. If a company pays a bonus while banned, Ofwat has the powers under the Water (Special Measures) Act to direct the company to claw back the money. Any company that does not comply with Ofwat’s directions will face enforcement action. 

    To further protect customers and clean up our waterways, the government has secured a record £104 billion of private investment – the largest ever since privatisation to cut sewage discharges by nearly half over the next five years. This money will now be ringfenced for new pipes and treatment works, not shareholder payouts.  

    Notes to editors  

    • The table below outlines companies’ compliance on current information. 

    • It is up to individual water companies to determine appropriate financial rewards. Ofwat will consider action required once water companies publish their remuneration decisions in their annual reports for the 2024-25 financial year.

    ANNEX A: Companies affected by the ban:

    Water company Consumer standards Environment standards Financial resilience Criminal offence Subject to ban? Details of criteria
    Anglian Water Fail – 1 incident CEO bonus banned* Cat.1 data in Annex C
    Northumbrian Water Company can pay bonuses
    Severn Trent Company can pay bonuses
    Southern Water Fail – 1 incident CEO and CFO bonus banned Cat.1 data in Annex C
    South West Water Company can pay bonuses
    Thames Water Fail – 7 incidents Fail – April 2024 CEO and CFO bonus banned Thames Water Utilities Limited (‘Thames Water’) – undertakings under Section 19 – Ofwat
    United Utilities Fail – 1 incident CEO & CFO bonus banned Cat.1 data in Annex C
    Wessex Water Fail – 1 Conviction CFO bonus banned** Wessex Water fined £500,000 for sewage killing thousands of fish – GOV.UK
    Yorkshire Water Fail – S94 Breach Fail – 1 incident CEO & CFO bonus banned Yorkshire Water to pay £40m enforcement package following Ofwat wastewater investigation – Ofwat

    *Anglian Water’s CFO is not subject to the ban because they were not in post for the Cat.1 incident. Their CEO was in post during the Cat.1 incident and therefore faces a ban.   

    **Wessex Water’s CEO is not subject to the ban because they were not in post for the criminal offence that triggers the ban.

    ANNEX B: Total CEO/CFO bonuses paid by water companies in England (in thousands)

    Water company 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 Total
    Anglian Water 1,482 1,798 1,569 3,429 3,234 713 2,222 1,152 1,291 95 16,984
    United Utilities 3,227 2,942 2,284 2,247 2,733 2,733 3,138 2,763 2,377 1,366 25,810
    Northumbrian Water 597 484 595 479 384 269 259 214 311 315 3,907
    Southern Water 757* 427 187 756 645 815 842 669 – 312 5,410
    Severn Trent Water 3,367 2,294 2,978 1,788 2,201 2,674 2,777 4,471 3,413 3,309 29,271
    South West Water 556 832 640 259 521 984 1,230 755 362 470 6,609
    Thames Water 2,432 609 203 807 448 937 538 794 – 770 7,538
    Wessex Water 236 353 482 552 485 – 640 651 459 387 4,246
    Yorkshire Water 2,305 1,288 1,588 631 1,547 1,666 1,568 1,122 571 616 12,902
    Total 14,959 11,027 10,526 10,948 12,197 10,791 13,213 12,591 8,784 7,639 112,676

    *Long Term Incentive Plan value for Southern Water is a four-year figure, from 2011-15. Since there was no annual breakdown for 2014/15, the LTIP value has been divided by 4.

    ANNEX C: Category 1 incidents

    Water company Number of Category 1 incidents Date Location
    Anglian Water 1 September 2024 Peterborough
    Southern Water 1 August 2024 New Forest District
    Thames Water 7 January 2024 Three Rivers District
    January 2024 Chiltern District
    February 2024 Slough
    April 2024 Enfield London Borough
    April 2024 Sevenoaks District
    November 2024 Reigate and Banstead District
    December 2024 Runnymede District
    Yorkshire Water 1 December 2024 Kirklees District
    United Utilities 1 December 2024 Bolton

    Quotes

    Ali Plummer, Director of Policy & Advocacy at Wildlife and Countryside Link, said: 

    Bonuses should reflect excellence, not routine negligence and widespread environmental degradation. Our rivers and wildlife continue to suffer because companies have repeatedly prioritised profit over public health and nature protection. Removing bonuses if high standards aren’t met, is a welcome first step from Ofwat. 

    This must be backed up with strong resources for environmental regulators to ensure this is enforced.

    Ben Seal, Head of Access & Environment, Paddle UK, said:

    When something so precious as our nations water is on the line, public outrage at water executives pocketing big bonuses for failing to prevent pollution, is entirely justified.  

    It is positive to see the steps taken through the new Water Special Measures Act beginning to take effect. Let’s hope that blocking the payment of these bonuses is just another means of helping focus minds on driving up environmental performance, rather than prioritising profit. 

    Mark Lloyd, CEO, The Rivers Trust, said:

    The fact that water company bosses will no longer be rewarded for poor environmental performance is a significant moment in rebuilding public trust. It’s great to see the environment being valued as it should be, and that the personal responsibility of water industry leaders in looking after the environment is being recognised. 

    The measures announced today tackle the most serious pollution incidents, but we still need to be aware that the vast majority of pollution comes from smaller, more insidious events which, in combination, can cause far greater harm to our rivers.

    Ali Morse, Water Policy Manager at The Wildlife Trusts, said:  

    This is a change that’s important to billpayers. Customers don’t think it’s right that senior staff are rewarded whilst our rivers and seas bear the brunt of poor water sector performance. No one is under any illusions that this alone will significantly ease pressure on household bills, or make good the harms caused to the environment already; it’s more a point of principle – that even a single incident can result in a bonus ban –  and, along with other recent changes, sends a strong signal to the industry that it must do more to prioritise the health of the environment upon which its business relies.

    Deborah Meaden, Businesswoman, entrepreneur and Dragons Den Investor, said:

    This is a very welcome step as part of the battle to better protect our waters and waterways. Bonuses should rightly be focused on constantly improving water quality in our seas and rivers, not just to stop the damage but actually repair and restore.

    Updates to this page

    Published 6 June 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

    Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

    Over the past two decades, African countries have increasingly turned to international capital markets to meet their development financing needs. For example, Kenya and Benin raised a combined US$2.5 billion through bond issuances during the first half of 2025. Proceeds were used to repay maturing bonds. This means new bonds, with unfavourable terms, are being issued to pay previous lenders.

    Yet African bonds are substantially mispriced, resulting in excessively high yields that are not justified by fundamentals – based on economic, fiscal and institutional strengths. Mispricing occurs when a country has high economic growth, stable institutions that support government policy implementation, rule of law and accountability, yet its bonds trade at higher yields than those of its peers. In other words, there will be every reason for investors to trust that the country will repay what it owes, but they still expect a higher return. This is happening because of lack of information and biases perpetuated by global entities that are facilitating bond sells in Africa.

    Côte d’Ivoire and Senegal have strong growth (5% to 6.5%), yet they face high yields on their bonds (7.8% to 8.2%) compared to Namibia and Morocco with approximately 3% growth and bond interest of 6%.

    This mispricing imposes a heavy debt servicing burden on already constrained public budgets.

    At the same time African countries face a puzzling paradox: while they’re paying more for the debt they’re raising, the demand for these bonds is much higher (oversubscribed). All bond issuances in Africa are subscribed by as much as over five times. This has only been common in Africa. It is puzzling why governments are not leveraging on the high demand to bargain for lower interest rates.

    In my view, based on my bond pricing modelling expertise, I believe that mispricing of Eurobonds in Africa – debt instruments issued by a country in a currency different from its own – is not a market anomaly. It shows internal capacity failures in African countries, structural market biases and insufficient understanding of the complex mechanics of global debt markets.

    Oversubscription of Eurobonds should be a source of power for African governments, not a missed opportunity. African countries can move from being price takers to price negotiators. They should be able to reduce debt costs, freeing up resources for development.

    But to get there African countries need to address the power imbalance in the markets.

    Governments need to invest in bond pricing expertise to increase their negotiating power.

    The false success signal of oversubscription

    There are several reasons why African bonds remain mispriced at a higher interest despite the oversubscriptions.

    Firstly, a lack of technical expertise in primary bond issuance in the debt management offices of the majority of African governments. Very few on the continent have intelligence systems for gathering information on financial markets and formal investor relations programmes. Neither do they have in-house quantitative analysts or pricing specialists capable of engaging investment banks on an equal footing during roadshows and negotiations.

    The debt management offices are unable to engage confidently and critically with financial intermediaries to challenge assumptions, simulate pricing scenarios and conduct their own comparative market analysis.

    After initial public offers, most governments don’t engage with holders of their bonds on the secondary market. Nor do they monitor bond post-issuance performance. The lack of interest in the secondary market has created a feedback loop where poor market intelligence has contributed to high coupons on new issuances.

    Secondly, advanced economies engage investors regularly through briefings, roadshows and timely reports. Communication by African governments is often ad hoc and usually limited to the period around a new bond issuance.

    This prevents investors from forming informed, long-term views. It leads to a default risk premium in pricing.

    Thirdly, debt issuance by African governments is often politically driven rather than strategically timed. Often this leads to rushed or ill-prepared entries.

    Sometimes it’s done when the cost of debt is rising globally, close to election cycles, or because governments are facing a financial crunch caused by falling reserves.

    Read more: African governments have developed a taste for Eurobonds: why it’s dangerous

    Fourth, African sovereigns often approach the Eurobond market with weak negotiating power. They are heavily reliant on a small pool of western investment banks as technical advisors to manage the bond issuance. These banks tend to be more inclined towards their own global investment client networks. Their incentives are not aligned with achieving the lowest possible yield for the issuers.

    African issuers often accept the initial price guidance from advisors and agree to high yields even in oversubscribed situations. Even when demand could support a lower yield, African issuers fail to negotiate pricing downwards. Issuing syndicates have no incentive to push for optimal pricing for the issuer as they receive transaction-based fees.

    Read more: African countries aren’t borrowing too much: they’re paying too much for debt

    The role of bond issuing syndicates is a major factor in the mispricing. In bond issuance, a syndicate is a group of financial institutions that structures the bond, price and market (also known bookbuilding), underwrite the unsold portion of the bond, sell the bond to their investors, and ensure compliance and documentation. These syndicates set coupon rates higher than necessary as a conservative hedge against perceived investor scepticism.

    African governments have become passive participants rather than active price-setters. African-based bond syndicates are systematically bypassed despite growing regional capacity and distribution networks. Bond issues are also allocated to offshore buyers, sidelining local institutional investors.

    Breaking the cycle of mispricing

    To correct the systemic Eurobond mispricing and reduce debt servicing costs, African countries must undertake reforms.

    First, governments should invest in debt management capacity.

    Second, they must actively monitor secondary market trading to identify opportunities such as bond buybacks and exchanges that could improve the debt profile. Real-time analytics on bond trading performance should inform future issuance terms and investor communication strategies.

    Third, governments must build institutional routines for submitting data, and proactively engage investors and rating agencies. This will challenge and influence risk assumptions. Investors need consistent assurances, especially on the ability to easily exit positions.

    Fourth, African countries need to maintain and monitor up-to-date benchmarks from peers with comparable pricing data. Without accurate comparisons, it is difficult to know whether the proposed bond pricing by syndicates is fair and accurate. They must stop solely relying on what investment banks recommends.

    Lastly, African governments should involve at least one African-based syndicate member, prioritise allocation to African institutional investors and promote regional arrangements with international banks to ensure knowledge transfer and equitable participation.

    – African countries are bad at issuing bonds, so debt costs more than it should: what needs to change
    – https://theconversation.com/african-countries-are-bad-at-issuing-bonds-so-debt-costs-more-than-it-should-what-needs-to-change-257128

    MIL OSI Africa –

  • MIL-OSI Europe: ECB to add new reporting agents to the €STR

    Source: European Central Bank

    6 June 2025

    • 24 new banks to be added to the euro short-term rate (€STR) reporting population as of 2 July 2025
    • Increase in reporting population will further support the benchmark’s robustness and representativeness

    The European Central Bank (ECB), as administrator of the euro short-term rate (€STR), will expand the number of banks included in the €STR reporting population as of 2 July 2025 (reference to 1 July) by adding 24 banks to the 45 currently included in the rate’s daily calculation. The new banks were already added to the reporting population for Money Market Statistics Reporting (MMSR) on 1 July 2024, but were not included in the €STR calculation until it could be ensured that the newly reported data are of sufficiently good quality.

    The expansion of the €STR sample size will improve both the robustness and the representativeness of the benchmark, which will now be supported by higher transactions volumes from a wider range of reporting institutions.

    The impact on the level of the rate is expected to be limited, as the average difference observed during the testing period since July 2024 was only approximately -0.2 basis points.

    The list of the new MMSR reporting banks that will be added to the €STR calculation is available on the ECB’s money market statistical reporting page.

    For media queries, please contact Benoit Deeg, tel.: +49 172 1683704.

    Notes:

    Please find more information about the €STR.

    MIL OSI Europe News –

  • MIL-OSI Banking: New Development Bank, Bank of China and Haitong Unitrust Financial Leasing sign RMB 1.2 billion Syndicated Loan Agreement to Support Environmental Projects in China

    Source: New Development Bank

    The New Development Bank (NDB), Bank of China and Haitong Unitrust International Financial Leasing (HUIFL) have signed a syndicated loan agreement totalling RMB 1.2 billion to finance green leasing sub-projects that support China’s environmental goals and climate commitments.

    The signed loan agreement supports China’s transition toward a new growth model centred on low-carbon development, climate resilience, and environmental protection. Despite progress in recent years, environmental protection and climate change mitigation continue to be considered national priorities, and this Project aligns directly with that policy direction.

    Under the loan agreement, NDB will provide RMB 713.32 million, Bank of China will contribute RMB 500 million, and HUIFL will use the funds to acquire and lease equipment to lessees implementing sub-projects related to wastewater treatment, solid waste management, and metallurgical waste gas utilization for power generation. To promote balanced development, eligible sub-projects will be located outside China’s four Tier I cities, channelling investment into less-developed regions.

    This is the first time NDB mobilizes private capital in a syndicated operation, marking a significant evolution in the Bank’s development financing approach. Since the adoption of the Addis Ababa Action Agenda in 2015, multilateral development banks have increasingly prioritized the mobilisation of private capital to help bridge the significant financing gap required to achieve the 2030 Agenda. In line with this collective commitment, NDB is scaling up private capital mobilization, and this transaction represents a concrete step in implementing that strategy, positioning NDB as a project orchestrator within its member countries.

    Aligned with NDB’s General Strategy for 2022–2026, this operation reinforces New Development Bank’s commitment to financing sustainable development projects using local currency instruments, while strengthening domestic financial markets and fostering private sector participation.

    “NDB is proud to partner with Bank of China and Haitong Unitrust Financial Leasing to finance green sub-projects that promote sustainable development and support China’s environmental goals and climate commitments. This initiative addresses the need for climate resilience and environmental protection and contributes to increasing investment in less-developed regions in China,” said Mr. Vladimir Kazbekov, NDB Vice-President and Chief Operating Officer. “In helping to address the infrastructure financing gap, New Development Bank is playing a catalytic role in mobilizing resources from diversified funding sources, particularly from the private sector, in line with its General Strategy.”

    “The successful launch of this environmental protection syndicated loan represents not only a concrete initiative by Bank of China Shanghai Branch, NDB, and HUIFL to actively implement national strategies, but also an innovative collaboration among the three parties. Taking this opportunity, Bank of China Shanghai Branch will further leverage its global advantages and comprehensive strengths to provide more professional services to NDB and HUIFL, jointly injecting green and sustainable momentum into high-quality economic and social development,” said Mr. Xiao Wang, General Manager of Bank of China, Shanghai Branch.

    “Taking this cooperation as a starting point, Guotai Haitong Securities and HUIFL will leverage the group’s global resources and partner with NDB and Bank of China to proactively serve the national strategies, actively increase support to areas of environmental protection and energy efficiency and jointly address issues in green development,” said Mr. Yuxing Mao, Vice-President of Guotai Haitong Securities Company.

    Background Information

    New Development Bank

    NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.

    For more information on NDB, please visit www.ndb.int

    Haitong Unitrust International Financial Leasing

    Established in 2004 and headquartered in Shanghai, HUIFL is a leading financial leasing company in China, with operations across sectors including advanced manufacturing, energy and environmental protection, construction, urban utilities and transportation & logistics. HUIFL is listed on the Hong Kong Stock Exchange and has a strong track record in green leasing. In March 2025, the indirect controlling shareholder of HUIFL was changed to Guotai Haitong Securities Company, and the actual controller was Shanghai International Group.

    For more information on HUIFL, please visit www.utfinancing.com

    Bank of China

    Bank of China was established in 1912 and is the oldest continuously operating state-owned commercial bank in China. In 2011, it became the first global systemically important bank from an emerging economy, with its international standing, competitiveness, and comprehensive strength ranking among the top tier of global banks. It operates branches across the Chinese mainland as well as in 64 countries and regions overseas.

    For more information on Bank of China, please visit https://www.boc.cn/

    MIL OSI Global Banks –

  • MIL-OSI: Bitget Wallet and Tether Discuss Stablecoin Adoption and Real-World Payments at Solana Summit 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, June 06, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, the non-custodial crypto wallet with over 80 million users, took center stage at Solana Summit 2025, joining a panel on “Programmable Capital: The Future of Paying, Financing, and Spending Onchain” alongside speakers from Tether, Venta, and Ripe. The discussion explored how wallets, stablecoins, and DeFi infrastructure are transforming payments, credit, and financial access across global markets.

    Xavier Ow Yeong, Business Development Lead at Bitget Wallet Pay team, shared how the wallet is building infrastructure to make crypto spending as intuitive as fiat. He pointed to Bitget Wallet’s multi-pronged approach: supporting QR code payments with Solana Pay and national QR standards; expanding crypto card options in Asia and Europe; and enabling direct in-app purchases of hotel stays, gaming credits, and gift cards through thousands of merchant integrations — all within its full self-custodial wallet.

    “The future of crypto payments lies in familiarity and simplicity,” said Xavier. “By embedding stablecoins into everyday behaviors like QR scanning and card tapping, we eliminate barriers and unlock true utility for users — especially in mobile-first markets. When users can scan, tap, and spend without worrying about gas fees or chains, stablecoins begin to look like a real alternative to cash. And wallets are becoming the next primary interface for onboarding users into Web3 — not just for holding tokens, but for everyday financial activity.” Bitget Wallet also shared updates on its Scan to Pay roadmap, including its recent integration of Solana Pay for instant USDC payments and its upcoming support for national QR systems in Southeast Asia and Latin America, aimed at enabling seamless crypto-to-fiat spending across millions of merchants.

    The panel explored broader infrastructure trends enabling this shift, including the role of stablecoin adoption in cross-border finance and how decentralized credit models can serve digitally native businesses. Bitget Wallet emphasized that the wallet interface is central to making programmable capital usable. The team is focused on minimizing transaction friction through features like gas abstraction, real-time bridging, and integrated payment gateways. Beyond spending, the wallet is positioning itself as a commerce hub — where users can earn rewards, access credit tools, and interact with onchain services across networks.

    Find out more on Bitget Wallet’s official channels.

    About Bitget Wallet
    Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple and secure for everyone. With over 80 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, DApp exploration, and payment solutions. Supporting 130+ blockchains and millions of tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets. Its vision is Crypto for Everyone — to make crypto simpler, safer, and part of everyday life for a billion people.

    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook

    For media inquiries, contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac3f8b2f-9ddb-45bf-b701-0241688a37bc

    The MIL Network –

  • MIL-OSI: Tredu.com Launches Global Platform to Revolutionize Trading Education

    Source: GlobeNewswire (MIL-OSI)

    NEW DELHI, INDIA, June 06, 2025 (GLOBE NEWSWIRE) — Tredu.com announces the launch of a new global platform designed to transform trading education by connecting traders of all skill levels with verified educators from around the world. Built to bridge the gap between theory and real-market experience, Tredu.com aims to make high-quality trading education more accessible, reliable, and inclusive than ever before.

    Addressing a Fragmented Market

    In recent years, trading has seen unprecedented growth across all demographics. Yet, access to trustworthy, structured education remains inconsistent. Many aspiring traders struggle to distinguish between legitimate educational opportunities and low-value or even misleading content.

    Tredu.com directly addresses this challenge. Through a curated marketplace, the platform enables users to discover, compare, and book trading educators across a wide spectrum of asset classes, including forex, crypto, stocks, commodities, and indices.

    Traders today are overwhelmed by noise and misinformation, our platform was created to give learners a single, reliable destination where they can connect with real professionals offering real insights; not hype.

    A Platform Built for Traders, by Educators

    Tredu.com’s structure is designed with flexibility in mind. Traders can search for educators by language, specialization, experience level, or even trading style. The platform also supports both live one-on-one sessions and structured courses, depending on user preference.

    Educators, on the other hand, gain access to an international audience of active learners. Each educator’s profile includes verified credentials, student reviews, and a transparent pricing model. Instructors can list offerings across multiple formats, from single masterclasses to long-term mentorship programs.

    Quality Assurance and Transparency at the Core

    Every educator on Tredu.com goes through a strict onboarding process that includes verification of qualifications and trading history. The platform also enforces rigorous quality controls, including periodic audits, feedback loops, and performance tracking.

    Our goal is not just to connect traders and educators. It’s to elevate the standard of trading education worldwide. We believe that transparency, accountability, and quality assurance should be built into the system.

    Global Reach, Local Impact

    Today, educators and traders in more than 30 countries actively use the platform. With built-in multilingual support and payment systems that work smoothly across borders, Tredu makes it easy for users on nearly every continent, from Europe to Asia, Africa to the Americas, to connect without friction.

    As more individuals turn to trading as a means of building financial autonomy, the need for reliable education has never been greater. Tredu.com steps into this space with a clear mission: to support a new generation of informed, skilled traders who can make confident decisions in the markets.

    Tools That Support Real Growth

    To make the learning journey more effective, Tredu.com equips users with a suite of practical tools. From real-time performance tracking to built-in video conferencing and smart analytics, these features help both educators and learners stay aligned and measure results over time. The focus is on progress that can be seen, tracked, and applied in real-market situations.

    In upcoming development phases, Tredu.com plans to roll out certification pathways and partner with brokerages and financial institutions to offer verified learning tracks tied to real-world opportunities.

    Industry Response

    Early feedback from both independent educators and trading communities has been overwhelmingly positive. Many see Tredu.com as a needed evolution in a space where education has lagged behind innovation.

    “Finding a mentor used to mean luck or years of networking,” said one beta tester from Madrid. “Now it’s as simple as opening an account and browsing a verified list of experts. This is a game-changer for anyone serious about trading.”

    About Tredu.com

    Tredu.com is a global marketplace for trading education, designed to connect learners with verified trading professionals worldwide. The platform supports personalized and course-based learning across all major financial instruments, combining transparency, flexibility, and high standards. Tredu.com operates with the mission of making credible, practical trading education accessible to all.

    Media Contact

    Brand: Tredu.com

    Contact: Tredu PR Team

    Email: marketing@tredu.com

    Website: https://www.tredu.com

    The MIL Network –

  • MIL-OSI Global: African countries are bad at issuing bonds, so debt costs more than it should: what needs to change

    Source: The Conversation – Africa – By Misheck Mutize, Post Doctoral Researcher, Graduate School of Business (GSB), University of Cape Town

    Over the past two decades, African countries have increasingly turned to international capital markets to meet their development financing needs. For example, Kenya and Benin raised a combined US$2.5 billion through bond issuances during the first half of 2025. Proceeds were used to repay maturing bonds. This means new bonds, with unfavourable terms, are being issued to pay previous lenders.

    Yet African bonds are substantially mispriced, resulting in excessively high yields that are not justified by fundamentals – based on economic, fiscal and institutional strengths. Mispricing occurs when a country has high economic growth, stable institutions that support government policy implementation, rule of law and accountability, yet its bonds trade at higher yields than those of its peers. In other words, there will be every reason for investors to trust that the country will repay what it owes, but they still expect a higher return. This is happening because of lack of information and biases perpetuated by global entities that are facilitating bond sells in Africa.

    Côte d’Ivoire and Senegal have strong growth (5% to 6.5%), yet they face high yields on their bonds (7.8% to 8.2%) compared to Namibia and Morocco with approximately 3% growth and bond interest of 6%.

    This mispricing imposes a heavy debt servicing burden on already constrained public budgets.

    At the same time African countries face a puzzling paradox: while they’re paying more for the debt they’re raising, the demand for these bonds is much higher (oversubscribed). All bond issuances in Africa are subscribed by as much as over five times. This has only been common in Africa. It is puzzling why governments are not leveraging on the high demand to bargain for lower interest rates.

    In my view, based on my bond pricing modelling expertise, I believe that mispricing of Eurobonds in Africa – debt instruments issued by a country in a currency different from its own – is not a market anomaly. It shows internal capacity failures in African countries, structural market biases and insufficient understanding of the complex mechanics of global debt markets.

    Oversubscription of Eurobonds should be a source of power for African governments, not a missed opportunity. African countries can move from being price takers to price negotiators. They should be able to reduce debt costs, freeing up resources for development.

    But to get there African countries need to address the power imbalance in the markets.

    Governments need to invest in bond pricing expertise to increase their negotiating power.

    The false success signal of oversubscription

    There are several reasons why African bonds remain mispriced at a higher interest despite the oversubscriptions.

    Firstly, a lack of technical expertise in primary bond issuance in the debt management offices of the majority of African governments. Very few on the continent have intelligence systems for gathering information on financial markets and formal investor relations programmes. Neither do they have in-house quantitative analysts or pricing specialists capable of engaging investment banks on an equal footing during roadshows and negotiations.

    The debt management offices are unable to engage confidently and critically with financial intermediaries to challenge assumptions, simulate pricing scenarios and conduct their own comparative market analysis.

    After initial public offers, most governments don’t engage with holders of their bonds on the secondary market. Nor do they monitor bond post-issuance performance. The lack of interest in the secondary market has created a feedback loop where poor market intelligence has contributed to high coupons on new issuances.

    Secondly, advanced economies engage investors regularly through briefings, roadshows and timely reports. Communication by African governments is often ad hoc and usually limited to the period around a new bond issuance.

    This prevents investors from forming informed, long-term views. It leads to a default risk premium in pricing.

    Thirdly, debt issuance by African governments is often politically driven rather than strategically timed. Often this leads to rushed or ill-prepared entries.

    Sometimes it’s done when the cost of debt is rising globally, close to election cycles, or because governments are facing a financial crunch caused by falling reserves.



    Read more:
    African governments have developed a taste for Eurobonds: why it’s dangerous

    Fourth, African sovereigns often approach the Eurobond market with weak negotiating power. They are heavily reliant on a small pool of western investment banks as technical advisors to manage the bond issuance. These banks tend to be more inclined towards their own global investment client networks. Their incentives are not aligned with achieving the lowest possible yield for the issuers.

    African issuers often accept the initial price guidance from advisors and agree to high yields even in oversubscribed situations. Even when demand could support a lower yield, African issuers fail to negotiate pricing downwards. Issuing syndicates have no incentive to push for optimal pricing for the issuer as they receive transaction-based fees.



    Read more:
    African countries aren’t borrowing too much: they’re paying too much for debt

    The role of bond issuing syndicates is a major factor in the mispricing. In bond issuance, a syndicate is a group of financial institutions that structures the bond, price and market (also known bookbuilding), underwrite the unsold portion of the bond, sell the bond to their investors, and ensure compliance and documentation. These syndicates set coupon rates higher than necessary as a conservative hedge against perceived investor scepticism.

    African governments have become passive participants rather than active price-setters. African-based bond syndicates are systematically bypassed despite growing regional capacity and distribution networks. Bond issues are also allocated to offshore buyers, sidelining local institutional investors.

    Breaking the cycle of mispricing

    To correct the systemic Eurobond mispricing and reduce debt servicing costs, African countries must undertake reforms.

    First, governments should invest in debt management capacity.

    Second, they must actively monitor secondary market trading to identify opportunities such as bond buybacks and exchanges that could improve the debt profile. Real-time analytics on bond trading performance should inform future issuance terms and investor communication strategies.

    Third, governments must build institutional routines for submitting data, and proactively engage investors and rating agencies. This will challenge and influence risk assumptions. Investors need consistent assurances, especially on the ability to easily exit positions.

    Fourth, African countries need to maintain and monitor up-to-date benchmarks from peers with comparable pricing data. Without accurate comparisons, it is difficult to know whether the proposed bond pricing by syndicates is fair and accurate. They must stop solely relying on what investment banks recommends.

    Lastly, African governments should involve at least one African-based syndicate member, prioritise allocation to African institutional investors and promote regional arrangements with international banks to ensure knowledge transfer and equitable participation.

    Misheck Mutize is affiliated with the African Union as a Lead Expert on Credit Ratings

    – ref. African countries are bad at issuing bonds, so debt costs more than it should: what needs to change – https://theconversation.com/african-countries-are-bad-at-issuing-bonds-so-debt-costs-more-than-it-should-what-needs-to-change-257128

    MIL OSI – Global Reports –

  • RBI reduces inflation forecast to 3.7% for 2025-26

    Source: Government of India

    Source: Government of India (4)

    The Reserve Bank of India has revised its inflation outlook for 2025-26 downwards from the earlier forecast of 4 per cent to 3.7 per cent, RBI Governor Sanjay Malhotra said on Friday.

    Taking all these factors into consideration, and assuming a normal monsoon, CPI inflation for the financial year 2025-26 is now projected at 3.7 per cent, with Q1 at 2.9 per cent, Q2 at 3.4 per cent, Q3 at 3.9 per cent, and Q4 at 4.4 per cent.

    He pointed out that inflation has softened significantly over the last six months from above the tolerance band in October 2024 to well below the target, with signs of a broad-based moderation. The near-term and medium-term outlook now gives us the confidence of not only a durable alignment of headline inflation with the target of 4 per cent, as exuded in the last meeting, but also the belief that during the year, it is likely to undershoot the target at the margin.

    While food inflation outlook remains soft, core inflation is expected to remain benign with easing of international commodity prices in line with the anticipated global growth slowdown, Malhotra explained.

    He pointed out that CPI headline inflation continued its declining trajectory in March-April, with headline CPI inflation moderating to a nearly six-year low of 3.2 per cent (y-o-y) in April 2025. This was led mainly by food inflation, which recorded the sixth consecutive monthly decline.

    Fuel group witnessed a reversal of deflationary conditions and recorded positive inflation prints during March and April, partly reflecting the hike in LPG prices. Core inflation remained largely steady and contained during March-April, despite the increase in gold prices exerting upward pressure, Malhotra said.

    The outlook for inflation points towards benign prices across major constituents. The record wheat production and higher production of key pulses in the Rabi crop season should ensure an adequate supply of key food items. Going forward, the likely above normal monsoon along with its early onset augurs well for Kharif crop prospects.

    Reflecting this, inflation expectations are showing a moderating trend, more so for the rural households. Most projections point towards continued moderation in the prices of key commodities, including crude oil, the RBI Governor said.

    However, at the same time, Malhotra had a word of caution. “Notwithstanding these favourable prognoses, we need to remain watchful of weather-related uncertainties and still evolving tariff-related concerns with their attendant impact on global commodity prices,” he added.

    (IANS)

  • MIL-OSI Asia-Pac: President Lai hosts state banquet for President Bernardo Arévalo of Republic of Guatemala  

    Source: Republic of China Taiwan

    Details
    2025-06-05
    President Lai welcomes President Bernardo Arévalo of Republic of Guatemala with military honors  
    On the morning of June 5, President Lai Ching-te welcomed with full military honors President Bernardo Arévalo of the Republic of Guatemala and his wife, who are leading a delegation of cabinet members visiting Taiwan for the first time, demonstrating the deep and enduring alliance between our nations. In remarks, President Lai noted that over the past few years, bilateral cooperation between Taiwan and Guatemala has grown closer and more diverse, and said that moving forward, based on a foundation of mutual assistance for mutual benefit, we will continue to promote programs in line with international trends, spurring prosperity and development in both our nations. The military honors ceremony began at 10:30 a.m. in the Entrance Hall of the Presidential Office. After a 21-gun salute and the playing of the two countries’ national anthems, President Lai and President Arévalo each delivered remarks. A translation of President Lai’s remarks follows: Today, President Arévalo and First Lady Lucrecia Peinado are leading a delegation of cabinet members visiting Taiwan for the first time, demonstrating the deep and enduring alliance between our nations. On behalf of the people and government of the Republic of China (Taiwan), I want to extend my sincerest welcome. Last year, our two countries celebrated the 90th anniversary of diplomatic ties, providing mutual support all along the way. Especially over the past few years, bilateral cooperation has grown closer and more diverse. We have a long record of remarkable results, whether in terms of medicine and public health, education and culture, technological cooperation, or economic and trade exchanges. Moving forward, based on a foundation of mutual assistance for mutual benefit, Taiwan and Guatemala will continue to promote programs in line with international trends. We will continue to strengthen exchange and cooperation for young people, as well as scholarship programs, and actively cultivate high-tech and information and communications technology industry talent, spurring prosperity and development in both our nations. Although separated by a great distance, the peoples of both countries are closely connected by their ideals and values. I am confident that with President Arévalo’s support, bilateral exchanges and cooperation will become closer and more diverse, beginning a very promising new chapter. I wish the visiting delegation a smooth and successful trip. President Arévalo then delivered remarks, saying that on behalf of the government and people of Guatemala, he is honored to visit the Republic of China (Taiwan), this beautiful nation, and to receive full military honors, which reflects the mutual respect between our two nations as well as our solid friendship. Especially as this state visit comes as we celebrate 90 years of formal diplomatic ties, he said, he has brought the foreign minister, economics minister, private secretary to the president, and social communication secretary as members of his delegation, in the hope of our ties embarking on a new chapter. President Arévalo said that Guatemala-Taiwan ties have in recent years been growing steadily on a foundation of mutual understanding and cooperation, making significant progress, and that our peoples have also cultivated sincere friendships and cooperative relationships across many fields. Our nations are especially promoting public health, education, agricultural technology, and infrastructure, he said, key fields which are conducive to economic and social development. He expressed his hope that on such good foundations of the past, we can further strengthen our bilateral ties for the future. President Arévalo stated that through this state visit they not only want to reaffirm the good bilateral ties between our nations, but that they also hope to define a trajectory for the future of our cooperation in the direction of expanding economic cooperation, building economic and trade alliances, and facilitating investment to foster a Taiwan-Guatemala relationship that benefits both peoples. He then expressed gratitude to the people of Taiwan for helping Guatemala over the past 90 years and reaffirmed the unwavering support of Guatemala for the Republic of China (Taiwan). On the occasion of this visit, he said, he hopes to extend a friendly hand to the people of Taiwan, adding that he looks forward to our nations continuing to take major steps forward on the road of mutual assistance and prosperity. Also in attendance at the welcome ceremony were Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman, and members of the foreign diplomatic corps in Taiwan.  

    Details
    2025-06-03
    President Lai confers decoration on President Hilda C. Heine of Republic of the Marshall Islands, hosts state banquet  
    At noon on June 3, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, conferred a decoration upon President Hilda C. Heine of the Republic of the Marshall Islands, and hosted a state banquet for President Heine and her husband at the Presidential Office. In remarks, President Lai thanked President Heine for her commitment to deepening the diplomatic partnership between our nations and speaking up for Taiwan in the international arena. He also expressed hope for Taiwan and the Marshall Islands to work together to address various challenges through an even greater diversity of exchanges, and that together, we can contribute even more to peace, stability, and development throughout the Pacific region. At the decoration ceremony, President Lai personally conferred the Order of Brilliant Jade with Grand Cordon on President Heine before delivering remarks, a translation of which follows:  The Marshall Islands was the first Pacific ally that I visited after taking office as president. When I arrived there, I was immediately drawn to its beautiful scenery. And I received a very warm welcome from the local people. This gesture showed the profound friendship between our two nations. I was truly touched. I also remember trying your nation’s special Bob Whisky for the first time. The flavor was as unique and impressive as the landscape of the Marshall Islands.  In addition to welcoming our distinguished guests today, we also presented President Heine with the Order of Brilliant Jade with Grand Cordon. On behalf of the people of Taiwan, I want to thank President Heine for her commitment to deepening the diplomatic partnership between our nations, and for staunchly speaking up for Taiwan in the international arena. Both I and the people of Taiwan are profoundly grateful to President Heine for her friendship and support. Over the past few years, cooperation between Taiwan and the Marshall Islands has grown ever closer. And this visit by our distinguished guests will allow our two countries to further expand areas of bilateral exchange. I have always believed that only through mutual assistance and trust can two countries build a longstanding and steadfast partnership. I once again convey my sincere aspiration that Taiwan and the Marshall Islands work together to address various challenges through an even greater diversity of exchanges. Together, we can contribute even more to peace, stability, and development throughout the Pacific region. In closing, I want to thank President Heine and First Gentleman Thomas Kijiner, Jr. for leading this delegation to Taiwan, which deepens the foundations of our bilateral relationship. May our two nations enjoy a long and enduring friendship. President Heine then delivered remarks, stating that she felt especially privileged to receive the Order of Brilliant Jade with Grand Cordon of the Republic of China (Taiwan), and humbly accepted the honor with the utmost gratitude, humility, and deep responsibility. This is a deep responsibility, she said, because she understands that since its inception in 1933, this order has been bestowed upon a select few. She then thanked President Lai for this great honor. President Heine stated that the banquet was not just a celebration of our bilateral friendship, but a true reflection of the generosity of the Taiwan spirit and a testament to the enduring ties between our nations, founded on shared values and aspirations, including a respect for the rule of law, the preservation of human dignity, and a deep commitment to democracy. President Heine stated that the Taiwan-Marshall Islands partnership continues to evolve through practical cooperation and mutual support. In recent years, she said, our countries have worked hand in hand across a range of vital sectors, including the recent opening of the Majuro Hospital AI and Telehealth Center and the ongoing and successful Taiwan Health Center, various technical training and scholarship programs, and various climate change adaptation projects in renewable energy, coastal resilience, and sustainable agriculture.   President Heine emphasized that the Marshall Islands continues to be a proud and vocal supporter of Taiwan’s meaningful participation in the United Nations system and other international organizations. Taiwan’s exclusion from these platforms, she said, is not only unjust, but is bad for the world, and the global community needs Taiwan’s voice and expertise.  President Heine also expressed sincere appreciation to all of the Taiwanese friends who have contributed their efforts to deepening bilateral relations, including government officials, healthcare workers, teachers, engineers, and volunteers. The people of the Marshall Islands, she said, deeply appreciate and value everyone’s efforts and service. President Heine said that as we celebrate our partnership, let us look to the future with hope and determination, continue to work together, learn from one another, and support one another to champion a world where all nations can chart their own course based on peace and international law. Also attending the state banquet were Marshall Islands Council of Iroij Chairman Lanny Kabua, Minister of Foreign Affairs and Trade Kalani R. Kaneko, Minister of Finance David Paul, Nitijela Standing Committee on Foreign Affairs and Trade Chairperson Joe Bejang, and Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands.  

    Details
    2025-06-03
    President Lai and President Hilda C. Heine of Marshall Islands hold bilateral talks and witness signing of agreements
    On the morning of June 3, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Hilda C. Heine of the Republic of the Marshall Islands at the Presidential Office following a welcome ceremony with military honors for her and her husband. The leaders also jointly witnessed the signing of a letter of intent for sports exchanges and a memorandum of understanding regarding the Presidents’ Scholarship Fund. President Lai then presided over a launch ceremony for a loan program to purchase aircraft. In remarks, President Lai thanked the government and the Nitijela (parliament) of the Marshall Islands for their longstanding support for Taiwan’s international participation and for voicing staunch support for Taiwan at numerous international venues. President Lai said that Taiwan looks forward to continuing to deepen its diplomatic partnership with the Marshall Islands and build an even closer cooperative relationship across a range of fields, engaging in mutual assistance for mutual benefits and helping each other achieve joint and prosperous development to yield even greater well-being for our peoples. A translation of President Lai’s remarks follows: I once again warmly welcome President Heine, First Gentleman Thomas Kijiner, Jr., and our guests to Taiwan. During my visit to the Marshall Islands last year, I said that Taiwan and the Marshall Islands are truly a family. When Vice President Hsiao and I took office last year, President Heine led a delegation to Taiwan. It is now one year since our inauguration, and I am delighted to see President Heine once again, just as if I were seeing family arrive from afar. Through my visit to the Marshall Islands, I gained a profound sense of the friendship between the peoples of our two nations, well-demonstrated by bilateral exchanges in such areas as healthcare, agriculture, and education. And it is thanks to President Heine’s longstanding support for Taiwan that our countries have been able to further advance collaboration on even more issues, including women’s empowerment and climate change. In recent years, the geopolitical and economic landscape has changed rapidly. We look forward to Taiwan and the Marshall Islands continuing to deepen our partnership and build an even closer cooperative relationship. In just a few moments, President Heine and I will witness the signing of several documents, including a memorandum of understanding and a letter of intent, to expand bilateral cooperation in such fields as sports, education, and transportation. Taiwan will take concrete action to work with the Marshall Islands and advance mutual prosperity and development, writing a new chapter in our diplomatic partnership. I would also like to take this opportunity to express gratitude to the government and Nitijela of the Marshall Islands. In recent years, the Nitijela has passed annual resolutions backing Taiwan’s international participation, and President Heine and Marshallese cabinet members have been some of the strongest advocates for Taiwan’s international participation, voicing staunch support for Taiwan at numerous international venues. Building on the pillars of democracy, peace, and prosperity, Taiwan will continue to work with the Marshall Islands and other like-minded countries to deepen our partnerships, engage in mutual assistance for mutual benefits, and help one another achieve joint and prosperous development. I have every confidence that the combined efforts of our two nations will yield even greater well-being for our peoples and see us make even more contributions to the world. President Heine then delivered remarks, and began by conveying warm greetings of iokwe from the people and government of the Republic of the Marshall Islands to the people and government of the Republic of China (Taiwan). She said she was deeply honored to be in Taiwan for an official visit, and extended appreciation to President Lai and his government for their gracious invitation and warm welcome. President Heine stated that this year marks 27 years of diplomatic ties between our two nations, and that they are proud of this enduring friendship. This special and enduring relationship, she said, is grounded in our shared Austronesian heritage, and strengthened by mutual respect for each other’s democratic systems and our steadfast commitment to the core values of freedom, justice, and the rule of law. President Heine stated that Taiwan’s continued support has been invaluable to the people and national development of the Marshall Islands, particularly in the areas of health, education, agriculture, and climate change. She also expressed deep appreciation to Taiwan for providing Marshallese students with opportunities to study in Taiwan, and for the care extended to Marshallese who travel here for medical treatment. President Heine also announced that she would be presenting a copy of a resolution by the people and government of the Republic of the Marshall Islands reiterating their appreciation for the support provided by the people and government of the Republic of China (Taiwan), and calling on the United Nations to take immediate action to resolve the inappropriate exclusion of Taiwan’s 23 million people from the UN system. She added that she looked forward to the bilateral discussions later that day, and to continuing the important work that both countries carry out together. After the bilateral talks, President Lai and President Heine witnessed the signing of a letter of intent regarding sports exchanges and a memorandum of understanding regarding the Presidents’ Scholarship Fund by Minister of Foreign Affairs Lin Chia-lung (林佳龍) and Marshallese Minister of Foreign Affairs and Trade Kalani R. Kaneko. President Lai then presided over a launch ceremony for a loan program to purchase aircraft, marking the formal beginning of Taiwan-Marshall Islands air transport cooperation. The visiting delegation also included Council of Iroij Chairman Lanny Kabua, Minister of Finance David Paul, and Nitijela Standing Committee on Foreign Affairs and Trade Chair Joe Bejang. They were accompanied to the Presidential Office by Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands.

    Details
    2025-06-03
    President Lai welcomes President Hilda C. Heine of Republic of the Marshall Islands with military honors  
    President Lai Ching-te welcomed President Hilda C. Heine of the Republic of the Marshall Islands and her husband on the morning of June 3 with full military honors. In remarks, President Lai thanked President Heine and the people and government of the Marshall Islands for demonstrating such high regard for our nations’ diplomatic ties. The president said that over our 27 years of diplomatic relations, our cooperation in healthcare, agriculture, fisheries, education and training, and climate change has yielded many positive results. And moving ahead, he said, Taiwan will continue to deepen collaboration across all domains for mutual prosperity and growth. The welcome ceremony began at 10:30 a.m. in the plaza fronting the Presidential Office. President Lai and President Heine each delivered remarks after a 21-gun salute, the playing of the two countries’ national anthems, and a review of the military honor guard. A translation of President Lai’s remarks follows: On behalf of the people and government of the Republic of China (Taiwan), it is a great pleasure to welcome President Heine, First Gentleman Thomas Kijiner, Jr., and their delegation with full military honors as they make this state visit to Taiwan. When I traveled to the Marshall Islands on a state visit last December, I was received with great warmth and courtesy. I once again thank President Heine and the people and government of the Marshall Islands for demonstrating such high regard for our nations’ diplomatic ties. Taiwan and the Marshall Islands share Austronesian cultural traditions, and we are like-minded friends. Throughout our 27 years of diplomatic relations, we have always engaged with each other in a spirit of reciprocal trust and mutual assistance. Our cooperation in healthcare, agriculture, fisheries, education and training, and climate change has yielded many positive results. This is President Heine’s first state visit to Taiwan since taking office for a second time. We look forward to engaging our esteemed guests in in-depth discussions on issues of common concern. And moving ahead, Taiwan will continue to deepen collaboration with the Marshall Islands across all domains for mutual prosperity and growth. In closing, I thank President Heine, First Gentleman Kijiner, and their entire delegation for visiting Taiwan. I wish you all a pleasant and successful trip.  A transcript of President Heine’s remarks follows: Your Excellency President Lai Ching-te, Vice President [Bi-khim] Hsiao, honorable members of the cabinet, ambassadors, distinguished guests, ladies and gentlemen: It is my pleasure to extend warm greetings of iokwe on behalf of the people and the government of the Republic of the Marshall Islands. I wish to also convey my appreciation to Your Excellency President Lai, for the hospitality and very warm welcome – kommol tata. This visit marks my seventh official state visit to this beautiful country. It’s a testament to my strong commitment to further deepening ties between the Republic of the Marshall Islands and the Republic of China (Taiwan). During this visit, I look forward to engaging in meaningful discussions with Your Excellency President Lai to further strengthen the bilateral relationship between our two nations and our peoples.  For over a quarter-century, Taiwan has been a strong ally and friend to the Marshall Islands. Our partnership has thrived across many sectors, including education, healthcare, infrastructure, and economic development. Through Taiwan’s generous support and collaboration, we have made significant progress in improving the lives of our people, empowering our communities, and fostering sustainable growth. The Marshall Islands deeply values our partnership with Taiwan and appreciates Taiwan’s support over the years. Despite our small size and limited voice on the global stage, the Marshall Islands deeply cherishes our friendship with Taiwan, and to that end, I wish to reaffirm my government’s commitment to Taiwan’s meaningful participation in the United Nations system. Taiwan has consistently demonstrated its commitment to the principles of democracy, human rights, and the rule of law. In light of current constraints in global affairs, it is now more urgent than ever that the international community of nations recognize the fundamental rights of the 23 million Taiwanese people and recognize Taiwan’s aspiration to engage fully in global affairs. It is with this in mind that I wish to reiterate to Your Excellency President Lai, the Taiwanese people, and the world that under my government, Marshall Islands will continue to acknowledge Taiwan’s contribution on the global stage and urge like-minded countries to advocate for Taiwan’s meaningful engagement in the international arena. In closing, may I once again extend our sincere appreciation to Your Excellency President Lai, the people and government of the Republic of China (Taiwan), for your warm welcome.  Also in attendance at the welcome ceremony were Charge d’Affaires a.i. Anjanette Davis-Anjel of the Embassy of the Republic of the Marshall Islands, Dean of the Diplomatic Corps and Saint Vincent and the Grenadines Ambassador Andrea Clare Bowman, and members of the foreign diplomatic corps in Taiwan.  

    Details
    2025-05-29
    President Lai attends 2025 Europe Day Dinner
    On the evening of May 29, President Lai Ching-te attended the 2025 Europe Day Dinner. In remarks, President Lai stated that Taiwan looks forward to further establishing institutionalized mechanisms with Europe for our trade and investment ties and hopes to take an innovative and diverse approach to sign an economic partnership agreement with the European Union, to provide a more transparent, stable, and predictable business environment for our enterprises. The president said that Taiwan will actively work alongside other democracies, including those in Europe, to jointly build resilient, promising non-red supply chains, and noted that Taiwan and Europe have endless potential for collaboration, whether it is in safeguarding freedom and democracy or advancing our economic and trade relationship. He expressed hope to further strengthen our partnership and work together toward global peace, stability, and prosperity. A transcript of President Lai’s remarks follows: Chairman [Henry] Chang (張瀚書), thank you for the invitation, and congratulations on your second term. I’m confident that under your leadership, the ECCT [European Chamber of Commerce Taiwan] will build even more bridges for cooperation between Taiwan and Europe. I would also like to thank EETO [European Economic and Trade Office] Head [Lutz] Güllner and all the European country representatives stationed in Taiwan. Your hard work over the years has helped deepen Taiwan-Europe relations and brought about such fruitful cooperation. Thank you. This year we celebrate the 75th anniversary of the Schuman Declaration. In 1950, then-French Foreign Minister Robert Schuman proposed to create a European federation dedicated to preserving peace. The declaration symbolized a new flowering in the post-war era of democracy, unity, and cooperation. As we face the geopolitical challenges and drastic economic changes of today’s world, the Schuman Declaration still speaks to us profoundly. This year is also the 80th anniversary of the end of World War II in Europe. Moving forward, Taiwan will continue to advance cooperation with our democratic partners, and will join hands with Europe to build a partnership of even greater resilience and mutual trust. Europe is Taiwan’s third largest trading partner. It is also Taiwan’s largest source of foreign direct investment. Last year, bilateral trade between Taiwan and Europe totaled US$84.7 billion. This demonstrates our vibrant economic and trade ties and reflects the high levels of confidence our businesses have in each other’s markets and systems. We look forward to Taiwan and Europe further establishing institutionalized mechanisms for our trade and investment ties. And we hope to take an innovative and diverse approach to sign an economic partnership agreement with the EU, to provide a more transparent, stable, and predictable business environment for our enterprises. Today’s Taiwan has an internationally recognized democracy and a semiconductor industry vital to global security and prosperity. This enables us to play a key role in restructuring global democratic supply chains and the economic order. In particular, we see supply chains dominated by a new authoritarian bloc expanding their influence through non-market mechanisms, price subsidies, and monopolies on resources, as they seek global control of critical technologies and manufacturing capabilities. Their actions not only distort principles of market fairness, but also threaten the international community’s basic expectations for democracy, the rule of law, and corporate responsibility. In response, Taiwan will actively work alongside other democracies, including those in Europe, to jointly build resilient, promising non-red supply chains. We will also introduce an initiative on semiconductor supply chain partnerships for global democracies. This is more than a proposal for economic cooperation; it is an alliance of shared values and advanced technology. Security in the Taiwan Strait and regional peace and stability have always been issues of mutual interest for Taiwan and Europe. So here today, on behalf of all the people of Taiwan, I would like to thank the EU and European nations for continuing to take concrete actions in public support of peace and stability across the strait. Such actions are vital to regional security and prosperity. Taiwan will continue to bolster itself to achieve real peace through strength, and will work with democratic partners to safeguard freedom and democracy, thereby showing our determination for regional peace. At this critical time, Taiwan and Europe have endless potential for collaboration, whether it’s in safeguarding freedom and democracy or advancing our economic and trade relationship. I look forward to our joining hands at this strategic juncture to further strengthen our partnership and work together toward global peace, stability, and prosperity. Also in attendance at the event was British Office Taipei Representative Ruth Bradley-Jones.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: New rules for cosmetic injectables aim to make the industry safer. Will they work?

    Source: The Conversation (Au and NZ) – By Christopher Rudge, Law lecturer, University of Sydney

    BearFoto/Shutterstock

    New guidelines to regulate Australia’s booming cosmetic procedures industry have been called “tough” and “a crackdown” in media reports this week.

    On Tuesday, the Australian Health Practitioner Regulation Agency (AHPRA) announced the new guidelines – one for procedures, the other for advertising – and said it put the lucrative industry “on notice”.

    The guidelines stem from AHPRA’s 2023 review of non-surgical cosmetic procedures – think injectables (such as Botox and dermal fillers), laser skin resurfacing, chemical peels, hair transplants and more.

    That review was established only after AHPRA investigated widespread reports about unsafe practices in cosmetic surgery in 2022, exposing risks and deficiencies in both the surgical and non-surgical cosmetics sector.

    These included the predatory targeting of under-18s, inadequate training for practitioners, and poor screening of patients. For example, 52-second telehealth consultations.

    So, how tough are these guidelines? And can they be enforced?

    What do the guidelines say?

    The new rules aim to put safety before sales and cover many more issues than any previous guidance.

    They also fill a gap, as they apply to all health practitioners. Previously only doctors had clear guidelines, while nurses and midwives had been guided by a “position statement” published by the Nursing and Midwifery Board of Australia.

    These new rules ban financial incentives, discounts and other financial arrangements, such as “contra deals” – where Botox injections might be administered in exchange for restaurant meals, as occurred in one New South Wales case.

    They also ban perks for social media influencers, who often get free treatments.

    The guidelines confirm influencers recruited by practitioners should not create unreasonable expectations of benefits for patients (which is already against the law if practitioners do it). If influencers do, the recruiting practitioner will be responsible.

    The new rules for health practitioners aim to make non-surgical procedures safer.
    Tijana Simic/Shutterstock

    Botox is a prescription-only drug subject to strict controls.

    But several practitioners have been disciplined for administering or procuring it inappropriately, such as in day spas or by arranging “remote” prescriptions by email. Recent cases of unregistered people injecting it at parties, resulting in botulism (a serious condition), also suggest gaps in oversight.

    The new rules allow only suitably trained practitioners to prescribe these drugs following an in-person or video consultation. Batch prescribing – issuing prescriptions for multiple patients – is now clearly unacceptable.

    The guidelines emphasise skills and training. Registered nurses will now need a year’s experience in other fields before giving cosmetic treatments. Enrolled nurses will be expected to first have a year of supervised, relevant experience.

    There must also be robust protocols to manage any complications after a procedure. Practitioners must provide detailed aftercare instructions, and ensure patients are aware of their right to complain and to whom.

    Screening for suitability

    Short and impersonal cosmetic consultations have often not met the legal requirements for informed consent.

    The guidelines address this by requiring registered nurses and nurse practitioners to thoroughly assess a patient’s suitability for a treatment.

    They must confirm the patient’s expectations are realistic, discuss risks and alternatives (including no treatment), be transparent about their own skills and experience, and explain all costs.

    The guidelines specify that screening assessments must check for underlying conditions, such as body dysmorphic disorder, which is known to be more common in those seeking cosmetic treatments.

    It is one of several mental health disorders diagnosed in people who experience anxiety and persistent thoughts about perceived flaws in their physical appearance.

    Patients experiencing this condition would likely be unsuitable. That’s because people with body dysmorphic disorder are at higher risk of poor psychosocial outcomes (such as poorer mental health or wellbeing).

    If found unsuitable, patients must be refused treatment and referred to another appropriate practitioner, such as a psychologist, for appropriate support.

    Overall, the new guidelines foster better informed consent processes. They prompt practitioners to screen for and discuss the psychosocial risks known to be associated with cosmetic procedures.

    Consultations will have to screen patients to see if they’re suitable for treatment.
    Chay_Tee/Shutterstock

    What about under 18s?

    AHPRA says the new rules offer greater protection for young people through new safeguards and special rules for under-18s.

    The guidelines say prescribing dermal fillers to minors is inappropriate. For other procedures, they require parental or guardian consent where practicable, and a cooling-off period of seven days between obtaining informed consent and the procedure.

    However, health practitioners will still be able to exercise their clinical judgement for under-18s within the limits of the law.

    That’s because the general law permits “mature minors” to lawfully consent to medical treatments if they have been assessed as having sufficient understanding and intelligence to appreciate fully what is being proposed.

    So, how are these rules enforced?

    These guidelines are not parliamentary laws.

    Instead, they define the standards expected of all registered health practitioners who perform non-surgical cosmetic procedures – except doctors, who have their own guidelines.

    If a health practitioner does not comply with the guidelines, the board responsible for their registration and accreditation – for example, the Nursing and Midwifery Board – can take “immediate action” to suspend them or launch disciplinary proceedings for extended sanctions.

    The guidelines will make it easier for national boards and state complaints organisations to support any allegations of professional wrongdoing against health professionals performing or promoting cosmetic procedures.

    Before now, there were no specific rules about cosmetic procedures – just the general (but important) codes of conduct for each profession.

    The guidelines give real teeth to the bodies that regulate the health profession and will likely enable them to weed out bad actors from the cosmetic workforce. Even so, they cannot compensate or redress patient harms.

    For that, patients may sue practitioners in court, report unlawful drug advertising to the Therapeutic Goods Administration (where fines can be issued), or take action under Australian consumer law.

    Christopher Rudge worked as a part-time research officer at the Medical Council of New South Wales in 2018.

    – ref. New rules for cosmetic injectables aim to make the industry safer. Will they work? – https://theconversation.com/new-rules-for-cosmetic-injectables-aim-to-make-the-industry-safer-will-they-work-257898

    MIL OSI Analysis – EveningReport.nz –

  • India calls for global facility on DRR financing at Geneva meet

    Source: Government of India

    Source: Government of India (4)

    India urged the international community to adopt concrete, time-bound measures and establish a dedicated global facility to support Disaster Risk Reduction (DRR) financing, Principal Secretary to the Prime Minister Dr. P. K. Mishra said today at the Ministerial Roundtable on DRR Financing in Geneva. He praised the United Nations Office for Disaster Risk Reduction (UNDRR) and its partners for convening the discussion and acknowledged Brazil and South Africa for sustaining global dialogue through their G20 presidencies.
     
    Dr. Mishra told delegates that financing for disaster risk reduction bears directly on a country’s ability to protect development gains as climate and disaster threats grow. He noted that, in India’s early years, Finance Commission allocations for DRR amounted to only INR 60 million (approximately USD 0.7 million). Today, outlays under the 15th Finance Commission top INR 2.32 trillion (around USD 28 billion). “Over time, India has transformed DRR financing from a reactive measure into a planned, predictable framework,” he said, explaining that the Disaster Management Act of 2005 laid the groundwork for rule-based fund transfers from national authorities down to states and districts.
     
    According to Dr. Mishra, India’s approach rests on ensuring that budgets cover preparedness, mitigation, relief, and recovery in one integrated flow of funds. He emphasized that the needs of vulnerable communities remain at the forefront of allocation decisions. He added that, by making resources accessible at every level—central, state, and local—the government ensures timely assistance for all affected areas. “We have built accountability and transparency into every stage of expenditure, so outcomes can be measured and lessons learned applied,” he explained.
     
    Dr. Mishra stressed that while each country must design a financing system suited to its governance, fiscal context, and risk profile, guidance from global benchmarks is essential. He said: “Countries need to take ownership of DRR financing, while benefiting from technical support and experience sharing. At the same time, international cooperation can help mobilize resources that go beyond traditional public finance.”
     
    He proposed that risk-pooling arrangements, insurance schemes, and other innovative tools be developed in line with local fiscal capacity, noting that these instruments can complement public budgets without imposing unsustainable debt burdens. “It is not enough to wait for disasters and then allocate funds; we need a mix of financial instruments that can smooth the impact of shocks,” he argued.
     
    At the global level, Dr. Mishra observed that no dedicated international mechanism currently exists to help countries set up or strengthen DRR financing frameworks. He called for the creation of a global facility under the UN system and in partnership with multilateral development banks, one that would provide catalytic funding, technical assistance, and a platform for knowledge exchange. “Such a facility would help countries move from intent to action with clear, time-bound milestones,” he said.

  • RBI pegs India’s GDP growth at 6.5% for 2025-26

    Source: Government of India

    Source: Government of India (4)

    The Reserve Bank of India (RBI) has projected India’s Gross Domestic Product (GDP) growth at 6.5 per cent for 2025-26, with domestic economic activity showing resilience on the back of a strong agriculture sector, industry picking up, and the services sector expected to maintain momentum.

    The quarterly growth rates projected for the financial year are: Q1 at 6.5, Q2 at 6.7, Q3 at 6.6 and Q4 at 6.3 per cent.

    “The provisional estimates released by the National Statistical Office (NSO) placed India’s real GDP growth in 2024-25 at 6.5 per cent. During 2025-26 so far, domestic economic activity has exhibited resilience. The agriculture sector remains strong. With a very good harvest in both the kharif as well as rabi cropping seasons, the supply of major food crops is comfortable. The reservoir levels remain healthy. The highest procurement of wheat in the last four years provides a comforting stock position,” RBI Governor Sanjay Malhotra said on Friday.

    Industrial activity is gradually increasing, even though the pace of recovery is uneven. The services sector is expected to maintain momentum. Purchasing Managers’ Index (PMI) services stood strong at 58.8 in May 2025, indicating robust expansion in activity, he pointed out.

    The RBI Governor stated that on the demand side, private consumption, the mainstay of aggregate demand, remains healthy, with a gradual rise in discretionary spending. Rural demand remains steady, while urban demand is improving. Investment activity is reviving as reflected by high-frequency indicators.

    Merchandise exports recorded a strong growth in April 2025 after a lacklustre performance in the recent past. Non-oil, non-gold imports posted a double-digit growth, reflecting buoyant domestic demand conditions. Services exports continue on a strong growth trajectory, he explained.

    Malhotra further stated that going forward, the outlook for the agriculture sector and rural demand is expected to receive further impetus from the expected above-normal southwest monsoon rainfall. On the other hand, sustained buoyancy in services activity should nurture revival in urban consumption.

    The government’s continued thrust on capex, elevated capacity utilisation, improving business optimism, and easing financial conditions should help further revive investment activity, he observed.

    Trade policy uncertainty, however, continues to weigh on merchandise exports prospects, while the conclusion of a free trade agreement (FTA) with the United Kingdom and progress with other countries should provide a fillip to trade in goods and services, the RBI Governor pointed out.

    He also said that spillovers emanating from protracted geopolitical tensions, global trade and weather-related uncertainties pose downside risks to growth.

    (IANS)

  • Sensex welcomes RBI’s jumbo 50-bp rate cut, surges more than 500 points

    Source: Government of India

    Source: Government of India (4)

    The Indian benchmark indices surged on Friday after Reserve Bank of India Governor Sanjay Malhotra announced a jumbo 50-basis-point cut, from 6 per cent to 5.5 per cent, and a 100-basis-point reduction in the Cash Reserve Ratio (CRR) from 4 per cent to 3 per cent.

    The impact was immediate. At about 10:46 a.m., the Sensex was 505.70 points, or 0.62 per cent, higher at 81,947.74, while the Nifty gained 168.40 points, or 0.68 per cent, to reach 24,919.30.

    The Nifty Bank index advanced 682.95 points (1.22 per cent) to 56,443.80. The Nifty Midcap 100 climbed 363.20 points (0.62 per cent) to 58,666.20, and the Nifty Smallcap 100 added 48.25 points (0.26 per cent) to 18,480.85.

    Among Sensex constituents, Bajaj Finance, Axis Bank, Maruti Suzuki, Kotak Mahindra Bank and IndusInd Bank led the gains. Sun Pharma, Infosys, Nestlé India and HCL Tech were the principal laggards.

    “The change in monetary stance from accommodative to neutral also indicates that more rate cuts are unlikely unless the situation warrants. The credit growth that this rate cut will hopefully stimulate will compensate for the dip in margins,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

    Madhavi Arora, Chief Economist, Emkay Global, said that the RBI appears to have front-loaded all policy actions, be it higher-than-expected rate cuts or infusing durable albeit staggered liquidity via lower CRRs.

    “All of that now implies that the ball is in the banks’ court to transmit easier financial conditions faster,” Arora mentioned.

    Earlier in the session, the domestic indices had opened flat ahead of the Monetary Policy Committee decision, with selective buying in IT and PSU banking shares. The India VIX fell 4.21 per cent to 15.08, signalling that the market is pricing in lower near-term volatility.

    (IANS)

  • Trump and Xi agree to more talks as trade disputes brew

    Source: Government of India

    Source: Government of India (4)

    U.S. President Donald Trump and Chinese leader Xi Jinping confronted weeks of brewing trade tensions and a battle over critical minerals in a rare leader-to-leader call on Thursday that left key issues to further talks.

    During the more than one-hour-long call, Xi told Trump to back down from trade measures that roiled the global economy and warned him against threatening steps on Taiwan, according to a Chinese government summary.

    But Trump said on social media that the talks focused primarily on trade led to “a very positive conclusion,” announcing further lower-level U.S.-China discussions, and that “there should no longer be any questions respecting the complexity of Rare Earth products.”

    He later told reporters: “We’re in very good shape with China and the trade deal.”

    The leaders also invited each other to visit their respective countries.

    The highly anticipated call came in the middle of a dispute between Washington and Beijing in recent weeks over “rare earths” minerals that threatened to tear up a fragile truce in the trade war between the two biggest economies. It was not clear from either countries’ statements that the issue had been resolved.

    A U.S. delegation led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will meet with their Chinese counterparts “shortly at a location to be determined,” Trump said on social media.

    The countries struck a 90-day deal on May 12 to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump’s January inauguration.

    Though stocks rallied, the temporary deal did not address broader concerns that strain the bilateral relationship, from the illicit fentanyl trade to the status of democratically governed Taiwan and U.S. complaints about China’s state-dominated, export-driven economic model.

    Since returning to the White House in January, Trump has repeatedly threatened an array of punitive measures on trading partners, only to revoke some of them at the last minute. The on-again, off-again approach has baffled world leaders and spooked business executives.

    China’s decision in April to suspend exports of a wide range of critical minerals and magnets continues to disrupt supplies needed by automakers, computer chip manufacturers and military contractors around the world.

    Beijing sees mineral exports as a source of leverage – halting those exports could put domestic political pressure on the Republican U.S. president if economic growth sags because companies cannot make mineral-powered products.

    The 90-day deal to roll back tariffs and trade restrictions is tenuous. Trump has accused China of violating the agreement and has ordered curbs on chip-design software and other shipments to China. Beijing rejected the claim and threatened counter-measures.

    “The U.S. side should take a realistic view of the progress made and withdraw the negative measures imposed on China,” the Chinese government said in a statement summarizing Xi’s call with Trump published by the state-run Xinhua news agency. “Xi Jinping emphasized that the United States should handle the Taiwan issue prudently.”

    TOP RIVALS

    In recent years, the United States has identified China as its top geopolitical rival and the only country in the world able to challenge the U.S. economically and militarily.

    Despite this and repeated tariff announcements, Trump has spoken admiringly of Xi, including of the Chinese leader’s toughness and ability to stay in power without the term limits imposed on U.S. presidents.

    Trump has long pushed for a call or a meeting with Xi, but China has rejected that as not in keeping with its traditional approach of working out agreement details before the leaders talk.

    The U.S. president and his aides see leader-to-leader talks as vital to sort through log-jams that have vexed lower-level officials in difficult negotiations.

    Thursday’s call came at Trump’s request, China said.

    It’s not clear when the two men last spoke.

    Both sides said they spoke on Jan. 17, days before Trump’s inauguration and Trump has repeatedly said that he had spoken to Xi since taking office on Jan. 20. He has declined to say when any call took place or to give details of their conversation. China had said that the two leaders had not had any recent phone calls.

    The talks are being closely watched by investors worried that a chaotic trade war could disrupt supply chains in the key months before the Christmas holiday shopping season. Trump’s tariffs are the subject of ongoing litigation in U.S. courts.

    Trump has met Xi on several occasions, including exchange visits in 2017, but they have not met face to face since 2019 talks in Osaka, Japan.

    Xi last traveled to the U.S. in November 2023, for a summit with then-President Joe Biden, resulting in agreements to resume military-to-military communications and curb fentanyl production.

    (Reuters)

  • Trump administration imposes sanctions on four ICC judges in unprecedented move

    Source: Government of India

    Source: Government of India (4)

    President Donald Trump’s administration on Thursday imposed sanctions on four judges at the International Criminal Court, an unprecedented retaliation over the war tribunal’s issuance of an arrest warrant for Israeli Prime Minister Benjamin Netanyahu and a past decision to open a case into alleged war crimes by U.S. troops in Afghanistan.

    Washington designated Solomy Balungi Bossa of Uganda, Luz del Carmen Ibanez Carranza of Peru, Reine Adelaide Sophie Alapini Gansou of Benin and Beti Hohler of Slovenia, according to a statement from U.S. Secretary of State Marco Rubio.

    “As ICC judges, these four individuals have actively engaged in the ICC’s illegitimate and baseless actions targeting America or our close ally, Israel. The ICC is politicized and falsely claims unfettered discretion to investigate, charge, and prosecute nationals of the United States and our allies,” Rubio said.

    The ICC slammed the move, saying it was an attempt to undermine the independence of an international judicial institution that provides hope and justice to millions of victims of “unimaginable atrocities.”

    Both judges Bossa and Ibanez Carranza have been on the ICC bench since 2018. In 2020 they were involved in an appeals chamber decision that allowed the ICC prosecutor to open a formal investigation into alleged war crimes by American troops in Afghanistan.

    Since 2021, the court had deprioritized the investigation into American troops in Afghanistan and focused on alleged crimes committed by the Afghan government and the Taliban forces.

    ICC judges also issued arrest warrants for Netanyahu, former Israeli defense chief Yoav Gallant and Hamas leader Ibrahim Al-Masri last November for alleged war crimes and crimes against humanity during the Gaza conflict. Alapini Gansou and Hohler ruled to authorize the arrest warrant against Netanyahu and Gallant, Rubio said.

    The move deepens the administration’s animosity toward the court. During the first Trump administration in 2020, Washington imposed sanctions on then-prosecutor Fatou Bensouda and one of her top aides over the court’s work on Afghanistan.

    The measures also follow a January vote at the U.S. House of Representatives to punish the ICC in protest over its Netanyahu arrest warrant. The move underscored strong support among Trump’s fellow Republicans for Israel’s government.

    DIFFICULT TIME FOR ICC

    The measures triggered uproar among human-rights advocates. Liz Evenson, international justice director at Human Rights Watch, said the punitive measures were a “flagrant attack on the rule of law at the same time as President Trump is working to undercut it at home.”

    Sanctions severely hamper individuals’ abilities to carry out even routine financial transactions as any banks with ties to the United States, or that conduct transactions in dollars, are expected to have to comply with the restrictions.

    But the Treasury Department also issued general licenses, including one allowing the wind-down of any existing transactions involving those targeted on Thursday until July 8, as long as any payment to them is made to a blocked, interest-bearing account located in the U.S.

    The new sanctions come at a difficult time for the ICC, which is already reeling from earlier U.S. sanctions against its chief prosecutor, Karim Khan, who last month stepped aside temporarily amid a United Nations investigation into his alleged sexual misconduct.

    The ICC, which was established in 2002, has international jurisdiction to prosecute genocide, crimes against humanity and war crimes in member states or if a situation is referred by the U.N. Security Council. The United States, China, Russia and Israel are not members.

    It has high-profile war crimes investigations under way into the Israel-Hamas conflict and Russia’s war in Ukraine as well as in Sudan, Myanmar, the Philippines, Venezuela and Afghanistan.

    The ICC has issued arrest warrants for President Vladimir Putin on suspicion of deporting children from Ukraine, and for Netanyahu for alleged war crimes in Gaza. Neither country is a member of the court and both deny the accusations and reject ICC jurisdiction.

    (Reuters)

  • Thai military prepared for ‘high-level operation’ if Cambodia border row escalates

    Source: Government of India

    Source: Government of India (4)

    Thailand’s military said it is ready to launch a “high-level operation” to counter any violation of its sovereignty, in the strongest words yet in a simmering border dispute with Cambodia that re-erupted with a deadly clash last week.

    The army said in a statement late on Thursday that its intelligence gathering indicated Cambodia had increased military readiness at the border while diplomatic efforts were ongoing, describing that as “worrisome”.

    Thai Prime Minister Paetongtarn Shinawatra held a meeting of the National Security Council on Friday and said that while the military was ready to defend Thai sovereignty, it understood the situation and when an escalation would be required.

    “The military has confirmed readiness for any scenario,” she said. “But any clash will cause damage, so we will pursue peaceful means.”

    “The government and military are working together, supporting each other,” Paetongtarn added.

    The two governments had for days exchanged carefully worded statements committing to dialogue after a brief skirmish in an undemarcated border area on May 28 in which a Cambodian soldier was killed.

    Ahead of Friday’s meeting, the army had said it was “now ready for a high-level military operation in case it is necessary to retaliate”.

    “Operations of units at the border have been conducted carefully, calmly and based on an understanding of the situation to prevent losses on all sides, but at the same time, are ready to defend the country’s sovereignty to the fullest extent if the situation is called for.”

    Cambodia’s government did not immediately respond to a request for comment on the Thai military statement on Friday.

    HISTORIC RIVALRY

    Although the two neighbours have a historic rivalry, their governments enjoy friendly ties, partly due to the close relationship between their influential former leaders, Thailand’s Thaksin Shinawatra and Cambodia’s Hun Sen, whose daughter and son respectively are now the prime ministers in their countries.

    The issue comes at a tricky time for the Pheu Thai Party-led administration in Thailand as it battles to revive a flagging economy that could be hit by steep U.S. tariffs, while facing a challenge to its popularity having paused a signature cash handout to tens of millions of people.

    The party of the billionaire Shinawatra family has a troubled history with the Thai military, which twice toppled its governments in 2006 and 2014 coups.

    After Friday’s security meeting, Thai armed forces chief Songwit Noonpackdee said the military supported the government’s approach to settling the dispute peacefully.

    Defence Minister Phumtham Wechayachai said that in a meeting on Thursday with his Cambodian counterpart, Thia Saya, they discussed avoiding violence and proceeding with caution. He said he proposed that both sides retreat to positions previously agreed in 2024.

    Deadly clashes between Cambodia and Thailand last erupted in 2011 over the Preah Vihear, a 900-year-old temple at the heart of a decades-long row that has stirred nationalist sentiment on both sides. The International Court of Justice in 2013 ruled in favour of Cambodia in clarifying a 1962 decision to award it jurisdiction over the temple.

    Cambodia said this week it would refer disputes over four parts of the border to the ICJ and has asked Thailand to cooperate. Thailand says it does not recognise the court’s jurisdiction.

    (Reuters) 

  • MIL-OSI Asia-Pac: President Lai and President Bernardo Arévalo of Guatemala hold bilateral talks and witness signing of agreements

    Source: Republic of China Taiwan

    President Lai and President Bernardo Arévalo of Guatemala hold bilateral talks and witness signing of agreements
    On the morning of June 5, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Bernardo Arévalo of the Republic of Guatemala at the Presidential Office following a welcome ceremony with military honors for him and his wife. The leaders also signed a letter of intent for semiconductor cooperation and jointly witnessed the signing of cooperation agreements. In remarks, President Lai expressed hope that the two nations can deepen their diplomatic alliance, open up more opportunities for cooperation, and continue to contribute to global democratic development as well as regional prosperity and stability.
    A translation of President Lai’s remarks follows:
    I recall my videoconference with President Arévalo last year, the day after Vice President Hsiao and I took office. We exchanged many ideas about ways to strengthen our diplomatic partnership. Today, I am delighted to receive President Arévalo and First Lady Lucrecia Peinado at the Presidential Office. This is not just a heartwarming occasion, but an important moment in deepening the relationship between our two countries. On behalf of the people of Taiwan, I want to extend my sincerest welcome and gratitude.
    Guatemala is an important diplomatic ally of Taiwan. For many years, both our countries have shared universal values such as democracy, freedom, and respect for human rights, continuing to cooperate as a force for good and working together to respond to international challenges.
    I want to extend my thanks to President Arévalo. Since taking office last year, he has spoken up on behalf of Taiwan numerous times at international venues including the United Nations and World Health Assembly, letting the world see that our two countries are determined to protect democracy and freedom and promote global prosperity.
    Taiwan and Guatemala continue to innovate and deepen cooperation in many areas, including public health, agriculture, and women’s empowerment, yielding tangible results. This past May, our two countries cooperated to promote a semiconductor technical vocational course that brought 28 young Guatemalans to Taiwan to receive training. Not only was this an important starting point for cultivating technical personnel in both countries, but it was also a concrete example of putting our Diplomatic Allies Prosperity Project into practice.
    Over the past few years, our bilateral trade has flourished, and among many imported products, Guatemalan coffee is extremely popular with Taiwanese consumers. Guatemala is Taiwan’s fourth-largest coffee supplier, and in March this year, we purchased a record high of 720,000 kilos, affirming the high quality of Guatemalan products. At the same time, we encourage even more Taiwanese enterprises to expand investments in Guatemala to leverage its geographic location, natural resources, and high-quality human resources. This would create a mutually beneficial industrial cooperation model, further strengthen supply chain resilience, and give our partnership even greater strategic significance.
    Shortly, President Arévalo and I will sign a letter of intent for semiconductor cooperation, and witness the signing of cooperation documents to establish a political consultation mechanism and continue to promote bilateral investment. These achievements will not only deepen our diplomatic alliance, but will also open up more opportunities for cooperation. Looking ahead, Taiwan and Guatemala will advance into the future together, and continue to contribute our efforts to global democratic development, as well as regional prosperity and stability.
    President Arévalo then delivered remarks, expressing that this state visit will help bring the bilateral ties between Guatemala and the Republic of China (Taiwan) to a new level. In addition to continuing to consolidate and advance our relationship to achieve new milestones, he said, the visit will also benefit cooperation in areas such as technology, the economy, education, and healthcare, helping us work toward our goals of sustainable development and global integration. Although our two countries are geographically distant from each other, he said, we are on the same path in pursuing well-being for humankind.
    President Arévalo emphasized that Guatemala highly values and cherishes Taiwan, and that our strong cooperation in key areas such as agriculture, education, technology, healthcare, women’s empowerment, and rural development have generated tangible impacts for Guatemala. This reflects the cooperative spirit of humanitarian care, he said, and shows the world that our nations share common goals and clear guidelines and directions for cooperation.
    Noting that Taiwan is an important economic partner of Guatemala, President Arévalo underlined that since the Taiwan-Guatemala free trade agreement entered into force, considerable progress has been made in our economic and trade ties. He went on to say that the letters of intent they would shortly be signing will help advance bilateral investment and promote development in the semiconductor industry.
    President Arévalo said that the semiconductor technical vocational course just mentioned by President Lai, which was promoted by both nations, attracted enthusiastic participation from Guatemalan university students, engineers, and educators. He added that it will help Guatemala take the first step in its future technological development, and also demonstrates its investment in technological innovation and the global value chain, which is of great significance.
    President Arévalo said he feels that Guatemala and Taiwan are brotherly nations, both being reliable friends as well as strategic allies. He then expressed hope that we can strengthen our existing cooperative mechanisms, explore new avenues for cooperation, and further deepen all manner of ties on the basis of mutual respect, trust, and solidarity. The president said that universal values such as mutual understanding, shared peace, freedom, democracy, and respect for human rights form the solid foundations of the friendship between Taiwan and Guatemala, and that on these foundations, our two nations are certain to further exchanges and cooperation.
    Over the past 90 years, President Arévalo stated, Taiwan and Guatemala have moved forward side by side, sharing each other’s experiences and dreams. Both will strive together to pursue prosperity, happiness, and lives of dignity, he said, and form a bridge of cooperation and dialogue between Central America and Asia and a hub for the development of civilization. The president then expressed hope that our nations’ diplomatic relationship continues to deepen as we advance our peoples’ well-being and promote world peace and prosperity.
    After the bilateral talks, President Lai and President Arévalo witnessed the signing of a letter of intent regarding the promotion of bilateral investment in supply chains by Minister of Economic Affairs Kuo Jyh-huei (郭智輝) and Guatemala Minister of Economy Gabriela García, as well as a memorandum of understanding on a political consultation mechanism by Minister of Foreign Affairs Lin Chia-lung (林佳龍) and Guatemala Minister of Foreign Affairs Carlos Ramiro Martínez. The two heads of state then signed a letter of intent for semiconductor cooperation.
    The visiting delegation was accompanied to the Presidential Office by Guatemala Ambassador Luis Raúl Estévez López.

    MIL OSI Asia Pacific News –

  • RBI cuts repo rate by 50 basis points to 5.5%, shifts policy stance to neutral

    Source: Government of India

    Source: Government of India (4)

    The Reserve Bank of India (RBI) on Friday announced a sharp 50 basis points cut in the repo rate, bringing it down from 6 per cent to 5.5 per cent. Announcing the decision, RBI Governor Sanjay Malhotra said the central bank was responding to the sharp moderation in inflation, which has now fallen to 3.2 per cent — below the RBI’s lower tolerance band of 4 per cent.
     
    In a further liquidity-boosting measure, the RBI also announced a 100 basis points cut in the Cash Reserve Ratio (CRR), to be implemented in four tranches of 25 basis points each on September 6, October 4, November 1, and November 29. This move is expected to infuse approximately ₹2.5 lakh crore into the banking system.
     
    “The repo rate has now been reduced by a cumulative 100 basis points since February. Given this, we are shifting the monetary policy stance from accommodative to neutral to closely monitor the evolving growth-inflation dynamics,” Governor Malhotra stated.
     
    The repo rate — the rate at which the RBI lends to commercial banks — acts as a key benchmark for interest rates in the economy. A cut in the repo rate typically leads to a reduction in lending rates for borrowers, thereby encouraging both consumption and investment.
     
    However, the Governor stressed that the success of the rate cut would depend on timely and effective transmission by commercial banks to consumers.
     
    RBI’s inflation outlook has been revised downward from 4 per cent to 3.7 per cent. The Governor said the moderation in inflation is broad-based, and the alignment with the RBI’s target band appears durable. He also noted that food inflation is likely to soften further on the back of a strong rabi harvest and record wheat and pulses production.
     
    “There has been a considerable improvement in supply-side conditions. The second advance estimates point to a record wheat crop and robust kharif arrivals, which will help contain food prices,” he added.
     
    Governor Malhotra highlighted that the Indian economy remains on a strong footing. Corporate, bank, and government balance sheets are healthy, and the external sector is stable. He said India continues to be the fastest-growing major economy and offers attractive opportunities for both domestic and international investors.
     
    “India’s economic resilience is underpinned by strong fundamentals — demography, digitalisation, and domestic demand,” he said.
     
    Falling crude oil prices have also contributed to the positive inflation outlook, while anchoring inflation expectations going forward.

  • MIL-OSI Russia: China is committed to promoting healthy development of auto industry – Ministry of Commerce of the People’s Republic of China

    Translation. Region: Russian Federal

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

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

    BEIJING, June 6 (Xinhua) — China will work to remove obstacles and restrictions that hinder the circulation and consumption of automobiles to promote the healthy development of the domestic auto industry, Ministry of Commerce spokesperson He Yongqian said Thursday.

    At the next departmental press conference, she emphasized that for the Chinese national economy, the auto industry is a strategic and supporting industry that plays an important role in ensuring stable growth and expanding consumption.

    In recent years, the Ministry of Commerce of the People’s Republic of China has deeply implemented such measures as the trade-in program for new cars and pilot reforms in the field of car circulation and consumption, which are designed to free up even more consumer opportunities in the car market and develop a new driver for consumption growth, He Yongqian noted.

    According to her, the Ministry of Commerce of the People’s Republic of China is ready, in coordination with other competent departments, to strengthen monitoring and studying the auto market, as well as to strengthen the political orientation of its development in order to better meet the diversified and individualized needs of the population.

    As for the current phenomena of “involutionary” competition in the auto sector, the Ministry of Commerce of the People’s Republic of China will actively assist the relevant authorities in tightening comprehensive control in order to ensure fair and honest competition in the auto market, He Yongqian assured. -0-

    MIL OSI Russia News –

  • MIL-OSI: Dassault Systèmes: Doubling EPS by 2029, 3D UNIV+RSES creating new growth opportunities

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY — June 6, 2025

    Dassault Systèmes: Doubling EPS by 2029,
    3D UNIV+RSES creating new growth opportunities

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) hosts its 2025 Capital Markets Day at its headquarters in Vélizy-Villacoublay, France, today, June 6, 2025. The event, dedicated to financial analysts and investors, features a series of presentations by the Company’s executive management. It highlights how 3D UNIV+RSES mark a fundamental shift, providing the next generation of virtual-plus-real (V+R) environment. This unlocks the full potential for clients to leverage Gen AI, creating new possibilities and reaching meaningful productivity gains while protecting their IP. Dassault Systèmes elevates the value creation with 3D UNIV+RSES and demonstrates the reasons to believe across Industrial innovation, Mainstream and Life Sciences.

    Together, these drivers form a coherent and powerful roadmap, positioning the Company to fully capitalize on significant mid to long-term opportunities. Dassault Systèmes updates its mid-term financial ambition to double non-IFRS diluted EPS by 2029. This allows the adoption of 3D UNIV+RSES to deliver its full potential.

    Commencing at 12:45 PM London time / 7:45 AM New York time / 1:45 PM Paris time, the event will be webcast live and recorded. Both the live sessions and replays can be accessed via Dassault Systèmes’ investor website: https://investor.3ds.com/. The on-demand webcast of the event will be available from June 9, 2025.

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “At today’s Capital Markets Day, we unveil the most strategic evolution in Dassault Systèmes’ history. AI for industry becomes our compass, while our next-generation value proposition – 3D UNIV+RSES – defines the next growth cycle of our company.

    We are entering a new era: the Generative Economy, where value creation lies at the intersection of the Virtual and the Real – V+R. It is in this hybrid space that tomorrow takes shape and our mission is to empower our customers to imagine, to create and to operate in this hybrid world.

    From life-saving therapies to next-generation mobility and resilient, sustainable infrastructure, 3D UNIV+RSES are not just transforming how industry functions – it is redefining what is possible. We are delivering the virtual twin of everything for everyone, infused with trusted AI, to reinvent products, enterprises and business models through the convergence of the Virtual and the Real.
    Our 3DEXPERIENCE platform now becomes the engine of the Generative Economy, enabling creation, management and amplification of knowledge, know-how and intellectual property – the new currency of progress.

    With 3D UNIV+RSES, we are not simply envisioning the future of industry – we are building it, unlocking new performances, new possibilities and magic experiences. A future where AI is not artificial but augmented, scientific, trustable and deeply human.”

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    [diluted EPS (‘EPS’) on a non-IFRS basis]

    “We are building a company for the long term – one that delivers durable, high-quality growth powered by a loyal and expanding client base. Our ambition is clear: to double our earnings per share, and to keep doing so.

    The 3DEXPERIENCE platform is a strategic advantage. In the era of AI, it accelerates knowledge creation, unifies collaboration through a single source of truth, and unleashes the full potential of human talent. With the launch of 3D UNIV+RSES, we are unlocking a new phase of cloud adoption and customer engagement.

    As a result, we are extending our financial horizon to double EPS by 2029. This shift reflects three key factors: a gradual acceleration in top-line growth, the scale-up of 3D UNIV+RSES, and continued strategic capital allocation, including targeted M&A.

    Every move we make is guided by a single principle: creating long-term, sustainable value for our clients, our shareholders and our people, contributing to our EPS and cash generation. We are aligned and positioned to capture the full value of this opportunity.”

    Investor Relations Events

    • Second Quarter 2025 Earnings Release: July 24, 2025
    • Third Quarter 2025 Earnings Release: October 23, 2025
    • Fourth Quarter 2025 Earnings Release: February 11, 2026
    • First Quarter 2026 Earnings Release: April 23, 2026

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.
    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.
    In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES
    Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.
    With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
    For more information, visit www.3ds.com

    Dassault Systèmes Investor Relations Team                        FTI Consulting
    Beatrix Martinez: +33 1 61 62 40 73                                Arnaud de Cheffontaines: +33 1 47 03 69
                                                                    Jamie Ricketts : +44 20 3727 1600
    investors@3ds.com

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        
    arnaud.malherbe@3ds.com        
    +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    Attachment

    The MIL Network –

  • MIL-OSI: Defiance Launches PLTZ: The First 2X Short ETF for Palantir Technologies Inc.

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, June 06, 2025 (GLOBE NEWSWIRE) — Defiance ETFs announces the launch of the Defiance Daily Target 2X Short PLTR ETF (Ticker: PLTZ), the first 2X short single-stock ETF designed to provide amplified daily inverse exposure to Palantir Technologies Inc. (NASDAQ: PLTR).

    Founded in 2003 to support U.S. intelligence operations, Palantir Technologies Inc. now provides software solutions for complex data environments across the public and private sectors.

    PLTZ seeks daily investment results, before fees and expenses, that correspond to -2 times (-200%) the daily percentage change of Palantir’s common stock price. The Fund offers active traders a tactical tool to express bearish views on Palantir’s short-term movements—without the need for margin accounts or complex derivatives.

    For more information, visit DefianceETFs.com.

    The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. The Fund pursues a daily inverse leveraged investment objective, which means that the Fund is riskier than alternatives that do not use leverage or short strategies because the Fund magnifies the inverse performance of the Underlying Security. The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged (-2X) investment results, understand the risks associated with the use of leverage and short exposure, and are willing to monitor their portfolios frequently. For periods longer than a single day, the Fund will lose money if the Underlying Security’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Security’s performance decreases over a period longer than a single day. An investor could lose the full principal value of their investment within a single day.

    An investment in PLTZ is not an investment in Palantir Technologies Inc.

    About Defiance ETFs

    Founded in 2018, Defiance is at the forefront of ETF innovation. Defiance is a leading ETF issuer specializing in thematic, income, and leveraged ETFs. Our first-mover leveraged single-stock ETFs empower investors to take amplified positions in high-growth companies, providing precise leverage exposure without the need to open a margin account.

    IMPORTANT DISCLOSURES

    Defiance ETFs LLC is the ETF sponsor. The Fund’s investment adviser is Tidal Investments, LLC (“Tidal” or the “Adviser”).

    The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. Please read the prospectus and / or summary prospectus carefully before investing. Hard copies can be requested by calling 833.333.9383.

    Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk.

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

    Total return represents changes to the NAV and accounts for distributions from the fund.

    PLTR Risks: The Fund invests in swap contracts and options that are based on the share price of PLTR. This subjects the Fund to certain of the same risks as if it owned shares of PLTR even though it does not.

    Indirect Investment Risk. PLTR is not affiliated with the Trust, the Fund, or the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares.

    PLTR Good Performance Risk. PLTR may meet or exceed its publicly announced expectations or guidelines regarding its business, which could potentially lead to a rise in the share price of the Underlying Security. PLTR regularly provides guidance concerning its anticipated financial and business performance, including sales and production projections, future revenues, gross margins, profitability, and cash flows.

    Industry Recognition and Analyst Coverage Risk. Positive recognition from industry analysts, awards for product excellence, or inclusion in prestigious industry reports can enhance PLTR’s reputation and credibility among investors.

    Risks from Industry Growth and PLTR’s Business Success. PLTR develops software platforms designed to integrate data, enhance decision-making, and support operations for both commercial enterprises and government agencies, including the defense and intelligence sectors. PLTR has the potential for significant growth driven by increasing demand for advanced data analytics, artificial intelligence, and national security-related software solutions.

    Additional Risks:

    Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from -200% of the Underlying Security’s performance, before the Fund’s management fee and other expenses.

    Derivatives Risk. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risks related to the market, leverage, imperfect daily correlations with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation, and legal restrictions.

    Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

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

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty will not fulfill its obligation to the Fund.

    Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed-income securities owned by the Fund.

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

    Diversification does not ensure a profit nor protect against loss in a declining market. Brokerage Commissions may be charged on trades.

    Distributed by Foreside Fund Services, LLC

    Contact Information
    David Hanono
    info@defianceetfs.com 
    833.333.9383

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ae189e62-5356-4e99-9ffc-a65332d40416

    The MIL Network –

  • MIL-OSI Australia: Emergency Services Volunteer Fund statement

    Source: New South Wales Ministerial News

    This is a statement from City of Greater Bendigo Councillors regarding the Emergency Services Volunteer Fund.

    From July 1, the Emergency Services Volunteer Fund (ESVF) replaces the Fire Services Property Levy (FSPL). It will be calculated based on a fixed charge that varies by property type and a variable charge based on property value.

    The new levy will be applied to forthcoming rates notices and will be a cost increase experienced by all ratepayers.

    In particular, the City of Greater Bendigo acknowledges the deep disappointment and concern of our community, including our farming community, regarding the introduction of the ESVF, under which it has been reported farmers will pay many thousands of dollars more in comparison to the FSPL.

    The City cannot choose not to collect the levy. It is a legislative requirement, with the City effectively acting as a collection agency for the Victorian Government.

    At the Municipal Association of Victoria May State Council Meeting the City added its voice and voted in favour of resolution 1.1a that expressed disappointment with the implementation of the ESVF and Local Government collecting the funds on the State’s behalf.

    The City is also a member of Regional Cities Victoria (RCV), an alliance of regional cities, of which Mayor Cr Andrea Metcalf is Deputy Chair. RCV has been consistently vocal about the adverse impacts of the ESVF.

    Despite the Victorian Government’s decision to cap the 2025/2026 ESVF levy at the 2024/2025 FSPL rate for primary producers, the reality is this is just a pause.

    To assist where it can, the City’s 2025/2026 Budget proposes to reduce the rate in the dollar rural landholders will pay and not increase waste charges for all ratepayers in the new financial year.

    The City also recognises the ESVF is just one of many challenges rural communities in central Victoria are facing that have a direct impact on their livelihoods – the ongoing impact of flood damage now being met with drought conditions, decreased water allocations, mining expansion, proposed renewable energy zones and upgrades to energy infrastructure.

    The Victorian Government’s decision to expand its drought relief package is welcome, however much more significant and longer-term support is needed if local farming businesses are to survive the current conditions.

    The cooler months are generally quieter for the Bendigo Livestock Exchange but over the past few weeks the City has seen unusually high yarding numbers for the Monday sheep sales, an example of farmers de-stocking due to a lack of fodder and high feed costs.

    On the plus side they are getting exceptional prices per head but the decision to sell can take a significant personal toll. Long term, they will also need to rebuild their flocks at a cost.

    The City looks forward to the newly established Drought Response Taskforce making recommendations on behalf of the farming community directly to government. The committee will be chaired by Premier and Member for Bendigo East, The Hon. Jacinta Allan, and RCV and the Bendigo Bank will be represented on the group.

    It is Council’s commitment to write to the Premier, relevant ministers and the taskforce to advocate for a roadmap for what comes next, asking things like is there a state fodder plan, how to do we keep money flowing to small rural businesses as farms dry up and what do ‘exceptional circumstances’ look like?

    Of course, we hope we don’t have to find out, but farmers are realists and need reassurance help will be there if they need it.

    MIL OSI News –

  • MIL-OSI Banking: Money Market Operations as on June 05, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,75,133.57 5.67 4.00-6.90
         I. Call Money 14,807.06 5.76 4.85-5.85
         II. Triparty Repo 3,79,237.90 5.66 5.55-5.75
         III. Market Repo 1,79,788.41 5.71 4.00-5.90
         IV. Repo in Corporate Bond 1,300.20 5.92 5.81-6.90
    B. Term Segment      
         I. Notice Money** 98.30 5.63 5.45-5.70
         II. Term Money@@ 650.00 – 5.70-6.60
         III. Triparty Repo 1,736.00 5.71 5.55-5.75
         IV. Market Repo 0.00 – –
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Thu, 05/06/2025 1 Fri, 06/06/2025 4,138.00 6.01
         (b) Reverse Repo          
    3. MSF# Thu, 05/06/2025 1 Fri, 06/06/2025 580.00 6.25
    4. SDFΔ# Thu, 05/06/2025 1 Fri, 06/06/2025 3,16,403.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -3,11,685.00  
    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 (-)]*     -3,03,363.14  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on June 05, 2025 9,39,627.47  
         (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 05, 2025 4,138.00  
    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: 2025-2026/488

    MIL OSI Global Banks –

  • MIL-OSI Security: Last of Five Defendants Sentenced in Two Separate Romanian ATM Skimming Conspiracies with Combined Losses of Over $1 Million

    Source: Office of United States Attorneys

    BINGHAMTON, NEW YORK – Ionel Tomescu Baldovin, age 28, a Romanian national, was sentenced Thursday, May 22, 2025, to 33 months in prison for his role in a bank fraud conspiracy impacting two Northern District of New York financial institutions and least five additional financial institutions across the United States. United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement. 

    As part of his previously entered guilty plea, Baldovin admitted that he conspired with others to place skimming devices and cameras at ATMs at financial institutions, including two financial institutions in the Northern District of New York.  Once installed, the devices and cameras captured ATM customers’ account information and personal identification numbers (“PINs”).  Members of the conspiracy subsequently created fraudulent debit cards from the captured information, which they used to withdraw currency from customers’ accounts.  Baldovin admitted involvement in the conspiracy from October 2017 to April 2018, with losses of over $450,0000 to financial institutions, including losses of over $20,000 from a Northern District of New York financial institution.  Baldovin was the only defendant charged in this conspiracy. 

    United States District Judge Glenn T. Suddaby also ordered Baldovin to pay $454,447 in restitution, and to serve a 3-year term of supervised release following his incarceration.

    In 2019, four Romanian nationals conspired to commit a similar bank fraud skimming scheme. In that conspiracy, skimming devices were placed on ATMs at a financial institution in the Northern District of New York, and fraudulent debit cards were created from the information captured, allowing the defendants access to information from over 500 compromised accounts. 

    Each Romanian national pled guilty to one count of conspiracy to commit bank fraud and multiple counts of aggravated identity theft.  They were each sentenced as follows:

    • Laurentiu Florian Iancu was sentenced December 11, 2024, to 48 months incarceration, three (3) years’ supervised release, and an order of restitution of $169,075.
    • Florin Nicolae Mares was sentenced January 18, 2023, to 51 months incarceration, two (2) years’ supervised release, and an order of restitution of $169,075.
    • Liviu Samuel Anca was sentenced September 20, 2024, to 40 months incarceration, three (3) years’ supervised release, and an order of restitution of $169,075.
    • Teodor Claudiu Stan was sentenced December 19, 2023, to 81 months incarceration, four (4) years’ supervised release, and an order of restitution of over $675,000. During his plea, Stan admitted his involvement in the 2019 Northern District of New York conspiracy with Baldovin, as well as a broader conspiracy through 2022 where he and his co-conspirators made, modified, placed or assisted in placing skimming devices at eight (8) additional financial institutions across the United States.   

    U.S. Attorney Sarcone stated, “We commend our federal and local partners for their diligent work in developing these important investigations into strong cases that held multiple defendants accountable for their conduct in the Northern District of New York and beyond.” 

    FBI Special Agent in Charge Tremaroli stated, “This sentence is the direct result of the commitment by our federal, state, and local law enforcement partners to aggressively pursue and charge those who willingly defraud our citizens and financial institutions. The FBI will continue to investigate and bring to justice these callous criminals to ensure they pay the price, instead of their victims.”

    These cases were investigated by the Federal Bureau of Investigation (FBI),  Homeland  Security Investigations (HSI), the New York State Police, the Endicott Police and various local police departments outside the Northern District of New York.  These cases were prosecuted by Assistant United States Attorney Kristen Grabowski.  

    MIL Security OSI –