Category: Economy

  • MIL-OSI Asia-Pac: President Lai and President Hilda C. Heine of Marshall Islands hold bilateral talks and witness signing of agreements

    Source: Republic of China Taiwan

    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
    2025-05-28
    President Lai meets US delegation led by Senator Tammy Duckworth
    On the afternoon of May 28, President Lai Ching-te met with a delegation led by United States Senator Tammy Duckworth. In remarks, President Lai thanked the US Congress and government for their longstanding and bipartisan support for Taiwan. The president stated that Taiwan will continue to strengthen cooperation with the US and jointly safeguard regional peace and stability. He pointed out that the Taiwan government has already proposed a roadmap for deepening Taiwan-US trade ties and will encourage mutual investment between Taiwanese and US businesses. He then expressed hope of deepening Taiwan-US ties and creating more niches for both sides. A translation of President Lai’s remarks follows: I warmly welcome this delegation led by Senator Duckworth, a dear friend of Taiwan. Senator Duckworth previously visited in May last year to convey congratulations after the inauguration of myself and Vice President Bi-khim Hsiao. Your bipartisan delegation was the first group from the US Senate that I met with as president. Today, you are visiting just after the first anniversary of my taking office, demonstrating the staunch support of the US and our deep friendship. On behalf of the people of Taiwan, I extend my sincere appreciation and greetings. And I invite you to come back and visit next year, the year after that, and every year. Taiwan and the US share the values of democracy and the rule of law and believe in free and open markets. Both sides embrace a common goal of peace, stability, and prosperity in the Indo-Pacific region. I thank the US Congress and government for their longstanding, bipartisan, and steadfast support for Taiwan. In 2021, to help Taiwan overcome the challenges of the COVID-19 pandemic, Senator Duckworth made a special trip here to announce that the US government would be donating vaccines to Taiwan. In recent years, Senator Duckworth has also promoted the TAIWAN Security Act, STAND with Taiwan Act, and Taiwan and America Space Assistance Act in the US Congress, all of which have further deepened Taiwan-US cooperation and steadily advanced our ties. For this, I express my deepest appreciation. I want to emphasize that the people of Taiwan have an unyielding determination to protect their homeland and free and democratic way of life. Over the past year, the government and private sector have been working together to enhance Taiwan’s whole-of-society defense resilience. The government is committed to reforming national defense, and it has proposed prioritizing special budget allocations to ensure that our defense budget exceeds three percent of GDP. This will continue to bolster Taiwan’s self-defense capabilities. Moving forward, Taiwan will continue to strengthen cooperation with the US. In addition to jointly safeguarding regional peace and stability, we also aspire to deepen bilateral trade and economic ties. At the SelectUSA Investment Summit in Washington, DC, earlier this month, Taiwan’s delegation was once again the biggest delegation attending the event – proof positive of our close economic and trade cooperation. We have already proposed a roadmap for deepening Taiwan-US trade ties. We will narrow the trade imbalance through the procurement of energy and agricultural and other industrial products from the US. We will encourage mutual investment between Taiwanese and US businesses to stimulate industrial development on both sides, especially in such industries as national defense and shipbuilding. We therefore look forward to Congress passing the US-Taiwan Expedited Double-Tax Relief Act as soon as possible, as this would deepen Taiwan-US trade ties and create more niches for business. In closing, I once again thank Senator Duckworth for making the trip to Taiwan. Let us continue to work together to elevate Taiwan-US ties. I wish you a pleasant and successful visit. Senator Duckworth then delivered remarks, saying that she is happy to be back in Taiwan and that she wanted to make sure to come back just after President Lai’s one-year anniversary of taking office to show the dedication and the outstanding friendship that we have. She noted that because no matter who is in the White House, no matter which political party is in power in Washington, DC, she has always believed that if America wants to remain a leader on the global stage, it has to show up for friends like Taiwan.  Senator Duckworth mentioned that in the years that she has been coming to Taiwan since pre-COVID times, she has seen a remarkable increase in participation in its defense and the support of the Taiwanese people for defending the homeland. She then thanked Taiwan for making the commitment to its self-defense, and also for being a partner with other nations around the world.  The STAND with Taiwan Act, the senator noted, is so named because the US wants to stand side by side with Taiwan. Pointing out that Taiwan is an important leader in the Indo-Pacific and on the global stage, she reiterated that there is support on both sides of the aisle in Washington for Taiwanese democracy, and added that the people of Taiwan are showing that they are willing to shore up their own readiness. Senator Duckworth said that whether it is delivering vaccines to Taiwan or making sure that the US National Guard works with Taiwan’s reserve forces or even with its civilian emergency response teams, these are all important components to the ongoing partnership between our nations.  Senator Duckworth indicated that there are many great opportunities moving forward beyond our military cooperation with one another. Whether it is in chip manufacturing, agricultural investments, shipbuilding, or in the healthcare field, those investments in both nations will facilitate stability and development in both our nations. She said that is why she wants to continue the Taiwan-US relationship, underlining that they are in it for the long haul. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-05-27
    President Lai meets delegation led by US House Natural Resources Committee Chair Bruce Westerman
    On the afternoon of May 27, President Lai Ching-te met with a delegation led by Chair of the Natural Resources Committee of the United States House of Representatives Bruce Westerman. In remarks, President Lai stated that Taiwan and the US enjoy close industrial exchanges and continue to explore new opportunities for investment and collaboration. The president said that Taiwan will continue to increase purchases from and together build non-red supply chains with the US, expressing hope that economic and trade relations grow even closer and that both work together to jointly safeguard peace and stability throughout the region. A translation of President Lai’s remarks follows: I am delighted to meet and exchange views with members of the US House Committee on Natural Resources today. Chair Westerman, the leader of this delegation, is an old friend of Taiwan. On behalf of the people of Taiwan, I extend a very warm welcome to the delegation. I also want to thank you all for your long-term close attention to Taiwan-related affairs and your strong support for Taiwan. Taiwan and the US enjoy close ties and share ideals and values. There is an excellent foundation for cooperation between us, particularly in such areas as energy, the economy and trade, agriculture and fisheries, environmental protection, and sustainable development. In recent years, Taiwan-US ties have grown closer and closer. The US has become Taiwan’s largest destination for overseas investment, accounting for over 40 percent of Taiwan’s outbound investment. Taiwan is also the seventh largest trading partner of the US and its seventh largest export market for agricultural products. The SelectUSA Investment Summit held in Washington, DC earlier this month was the largest in its history. Taiwan’s delegation, representing 138 enterprises, was once again the biggest delegation attending the event. This shows that Taiwan and the US enjoy close industrial exchanges and continue to explore new opportunities for investment and collaboration. Looking ahead, with the global landscape changing rapidly, Taiwan will continue to increase purchases from the US, including energy resources such as natural gas and petroleum, as well as agricultural products, industrial products, and even military procurement. This will not only help balance our bilateral trade, but also strengthen development for Taiwan in energy autonomy, resilience, the economy, and trade. Taiwan and the US are also well-matched in such areas as high tech and manufacturing. As the US pursues reindustrialization and aims to become a global hub for AI, Taiwan is willing to take part and play an even more important role. We will strengthen Taiwan-US industrial cooperation and together build non-red supply chains. In addition to bringing our economic and trade relations even closer, this will also allow Taiwanese industries to remain rooted in Taiwan while expanding their global presence, helping bolster the US, and marketing worldwide. As for military exchanges, we are grateful to the US government for continuing its military sales to Taiwan and backing our efforts to upgrade our self-defense capabilities. Taiwan will continue to work with the US to jointly safeguard peace and stability throughout the region. In closing, I thank our guests once again for making the long journey here, not only offering warm friendship, but also demonstrating the staunch bipartisan support for Taiwan in the US Congress. Chair Westerman then delivered remarks, saying that it is an honor for him and his colleagues to be in Taiwan to talk about the strong relationship between the US and Taiwan and how that relationship can continue to grow in the future. The chair pointed out that natural resources are foundational to any kind of economic development, whether it is energy, which is key to manufacturing, or whether it is mining, which provides rare earth elements and all the minerals and metals needed for manufacturing. He said that as for natural resources including fish, wildlife, or timber, all are foundational to any society, but this is especially so for agriculture, noting that the US produces a lot of food and fodder and is always looking for more friends to share that with. Chair Westerman indicated that they are excited about opportunities to work with Taiwan, adding that Taiwan’s investments in the US have been greatly appreciated. He said they also are excited about the talks with the Trump administration and the future going forward on how we can have a stronger trade relationship, a stronger bilateral relationship, and how we can work with each other to help both economies grow and prosper. Chair Westerman concluded his remarks by expressing thanks for the opportunity to visit, saying that they treasure Taiwan’s friendship and our long-term relationship, and are very excited to be able to discuss in more detail how our two countries can work together. The delegation also included US House Natural Resources Committee Representatives Sarah Elfreth, Harriet Hageman, Celeste Maloy, and Nick Begich. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.  

    Details
    2025-05-27
    President Lai meets and hosts luncheon for delegation led by Governor Lourdes A. Leon Guerrero of Guam
    On the morning of May 27, President Lai Ching-te met with a delegation led by Governor Lourdes A. Leon Guerrero of Guam and her husband, and hosted a luncheon for the delegation at noon. In remarks, President Lai noted that this is the governor’s first trip to Taiwan, fully demonstrating the Guam government’s support and high regard for Taiwan. The president said that Guam, being the closest United States territory to Taiwan, is an important bridge for collaboration between Taiwan and the US. He stated that aside from promoting tourism, we can also explore even more opportunities for collaboration in other areas to further advance industrial development for both sides. He said that, as we begin a new chapter, we look forward to working together to generate even more momentum in bilateral cooperation and exchanges. A translation of President Lai’s remarks follows: On behalf of the people of Taiwan, I extend a warm welcome to Governor Leon Guerrero and her delegation. Last year, I transited through Guam en route for visits to Taiwan’s diplomatic allies in the Pacific. The enthusiastic reception I received from the government, legislature, people, and members of our overseas community in Guam was very touching and left me with a deep impression. During the morning tea reception hosted by Governor Leon Guerrero, we joined in singing our respective national anthems, as well as the Fanohge CHamoru. I also received at the Guam Legislature a copy of a Taiwan-friendly resolution it passed on behalf of the people of Taiwan. And I still remember to this day the striking scenery of the governor’s house and the warm reception I received there. It is therefore a great pleasure to meet with all of you today here at the Presidential Office. This is Governor Leon Guerrero’s first trip to Taiwan. Your visit fully demonstrates the Guam government’s support and high regard for Taiwan. As we begin a new chapter, we look forward to working with you to generate even more momentum in bilateral cooperation and exchanges. Taiwan and Guam are like family. We share the Austronesian spirit and culture. Our wide-ranging and mutually-beneficial collaboration is very fruitful. And now, we are facing the challenges of climate change, public health and medicine, and regional security together. The world is rapidly changing and tensions in the Indo-Pacific continue to rise. But if we combine our strengths, come together as one, and enhance cooperation, we can maintain regional peace, stability, and prosperity. Last Tuesday, I delivered an address on my first anniversary of taking office. I mentioned that for many years, Taiwan, the US, and our democratic partners have actively engaged in exchange and cooperation. Taking a market-oriented approach, we will promote an economic path of staying firmly rooted in Taiwan and expanding the global presence of our enterprises while strengthening ties with the US. Guam is the closest US territory to Taiwan. It is an important bridge for collaboration between Taiwan and the US. Last month, we were pleased to see United Airlines officially launch direct flights between Taipei and Guam. I believe this will benefit tourism and economic and trade exchanges for both sides. In the area of health care, many hospitals in Taiwan already offer referral services to patients from Guam. Both Governor Leon Guerrero and I have backgrounds in medicine. It is my hope that Taiwan and Guam can continue to work hand in hand to create even more positive outcomes from cooperation in public health and medical services. During the governor’s visit, aside from promoting tourism, we can also explore even more opportunities for collaboration in other areas. There is potential for more exchanges in aquaculture, food processing, hydroculture, manufacturing, pharmaceuticals, and recycling. This will further advance industrial development in Taiwan and Guam. In closing, I thank Governor Leon Guerrero and all our distinguished guests for backing Taiwan. I wish you all a smooth and successful visit.  Governor Leon Guerrero then delivered remarks, saying that she is very happy to come to Taiwan. She said that after learning during President Lai’s visit to Guam last year that he is a medical doctor, she felt more relaxed because healthcare colleagues are one in their endeavor to help enhance the health and well-being of people. She then expressed her heartfelt appreciation for the invitation to Taiwan.  Governor Leon Guerrero said that as they learn more about opportunities for collaboration with Taiwan, they are humbled by the hospitality they have experienced. In both of our islands, she said, hospitality is more than just a custom – it forms a part of our identities. She noted that despite being nearly 2,000 miles apart, we are connected by the Pacific Ocean and common roots, and our ancestors both value family, community, and tradition. That is why being here today, she said, she feels a strong sense of familiarity, like reconnecting with old friends. The governor remarked that Taiwan has evolved so quickly in all areas of essential life, sustenance, economy, and prosperity, adding that Taiwan’s resources in such areas as health, education, data, AI, advanced technology, aquaculture, agriculture, and commerce enhance our economic stability. She stated her belief that in collaboration and support, and working with each other, we can gain prosperity, maintain freedom and democracy, and live in peace.  Governor Leon Guerrero stated that their delegation is here to see how they can partner with Taiwan to help raise the quality of life for both our peoples, mentioning that one special concern of theirs is tourism. Tourism, she said, is the most influential engine and driver for the economy and quality of life in Guam, but they cannot have a vibrant economy and tourism without air connectivity. She added that they are prepared to help in any way to provide incentives and low-cost fees so that they can get more airlines from Taiwan to establish permanent flight schedules to Guam, so as to drive development in Guam’s tourism industry. Governor Leon Guerrero then proceeded to introduce each of the members of her delegation before remarking that while they have been very busy on this visit they are always reminded of the freedom and democracy that the people must protect. She said she looks forward to a great, strong relationship between Taiwan and Guam in cooperation on social and economic issues, in culture, marketing, tourism, and freedom and democracy. Among those in attendance were First Gentleman Jeffrey A. Cook, Chief of Staff Jon Junior Calvo, Director of the Department of Administration Edward Birn, General Manager of the Guam Visitors Bureau Regine Biscoe Lee, Deputy Executive Manager of the Guam International Airport Authority Artemio “Ricky” Hernandez, Board of Directors Chairman of the Guam International Airport Authority Brian J. Bamba, Deputy General Manager of the Guam Economic Development Authority Carlos Bordallo, Director of Landscape Management Systems Guam Bob Salas, Chairperson of the Guam Chamber of Commerce Tae Oh, President of the University of Guam Anita Borja Enriquez, and Director of the Guam Taiwan Office Felix Yen (嚴樹芬). After the meeting, President Lai, accompanied by Vice President Bi-khim Hsiao, hosted a luncheon for Governor Leon Guerrero, her husband, and the delegation.

    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-OSI Asia-Pac: President Lai congratulates new Korean President Lee Jae-myung

    Source: Republic of China Taiwan

    Following the election victory and inauguration of Mr. Lee Jae-myung as the 21st-term president of the Republic of Korea, Presidential Office Spokesperson Karen Kuo (郭雅慧) on June 4 stated that President Lai Ching-te extends sincerest congratulations to the people of the Republic of Korea and President Lee on behalf of the people and government of the Republic of China (Taiwan).
    Spokesperson Kuo stated that Taiwan and Korea share the values of freedom and democracy. Over many years, she said, the two sides have engaged frequently across various fields such as the economy, trade, and culture, with increasing people-to-people exchanges, making Korea an important partner of Taiwan. The spokesperson stated that President Lai looks forward to the well-being of the people of Korea being further enhanced under the leadership of President Lee. The spokesperson then shared President Lai’s hope that through joint efforts, exchanges and cooperation between Taiwan and Korea in areas such as the economy and trade, technology, education, and culture will continue to expand. The president also expressed hope that upon our strong existing foundations, both sides will engage in mutual assistance for mutual benefits, deepen bilateral relations, and jointly help contribute to democracy, peace, stability, and prosperity in the Indo-Pacific region.

    MIL OSI Asia Pacific News

  • MIL-OSI United Kingdom: Economic Proposals for Dundee

    Source: Scotland – City of Dundee

    Two economic proposals could be developed for Dundee, if councillors approve reports.  

    They will consider whether early engagement should begin on a potential visitor levy for the city.  

    And elected members are also being asked to agree to the council playing a role in efforts to establish a Business Improvement District (BID) in the city centre.  

    Two separate reports into these issues will come before the Fair Work, Economic Growth and Infrastructure Committee at its next meeting.  

    On the visitor levy, the committee will hear that under the Visitor Levy (Scotland) Act, councils can establish a scheme to raise funds that should be “re-invested locally on facilities and services substantially for or used by visitors”.  

    Scottish Government guidelines give local authorities the power to determine the rate of the levy, where it applies and the maximum number of nights to apply the levy to visitors.  

    The committee is being asked to approve early engagement with local businesses, residents and other relevant parties to inform a draft scheme for the city.  Work would be carried out to assess the potential income that could be generated by a levy.  

    Results would be reported back to councillors by next spring, and they would then decide on whether to proceed onto the formal consultation stage.   

    The committee will hear that early and ongoing engagement with those most likely impacted by the possibility of the introduction of a levy scheme in Dundee is fundamental.  The visitor economy in Dundee is continuing to develop.  There were 1.35 million visits to Dundee in 2023 with an average length of stay of 2.6 days.  The economic impact of the visitor economy is £243 million per annum, with the sector supporting 3500 jobs.  

    Meanwhile, on the Business Improvement District, the committee will hear that the long-term City Centre Strategic Investment Plan is designed to encourage growth in the city centre and requires close work with private sector interests.    

    A BID is a business led initiative within a defined area where businesses work together and collectively invest funds raised by a levy on non-domestic rates. The levy is used for projects and improvements which must be additional to services already provided by the local authority.  

    A steering group of businesses interested in a Dundee BID has been formed, with administrative support provided through Dundee & Angus Chamber of Commerce.   

    The steering group has set a provisional date for a ballot of businesses on the issue in March next year.  

    Councillors are being asked to agree that senior officers will engage in the BID process and provide support and guidance on technical aspects, including collection and management of the levy.  

    Committee convener Councillor Steven Rome said: “These reports outline the very early stages of what could be significant developments for Dundee.  

    “We need to carefully consider the views of everyone who expresses an opinion about these matters.  

    “Both the visitor levy and the Business Improvement District have the potential to be transformative, but we have to take each step at a time.  

    “There is a real shared desire to make Dundee a better place for everyone, and we must look thoroughly at every tool at our disposal.”  

    The Fair Work, Economic Growth and Infrastructure Committee meets on Monday June 9. 

    MIL OSI United Kingdom

  • MIL-OSI Russia: China boosts NEV adoption in rural areas

    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 4 (Xinhua) — China is actively promoting the consumption of new energy vehicles (NEVs) in rural areas by creating an optimized policy environment.

    Five government departments, including the Ministry of Industry and Information Technology and the Ministry of Commerce, jointly issued a circular on Tuesday, according to which promotional activities will be carried out in a number of counties where the prevalence of NEVs is low and the market potential is large.

    Within the framework of such promotions, exhibition events and test drives will be organized, for which NEV car models with a good reputation and reliable quality that meet the needs of use in rural areas will be selected.

    The selection includes 124 models, both pure electric and hybrid, from domestic brands such as BYD, Geely, GAC Aion and Xpeng, as well as Tesla’s Model 3 and Model Y.

    In order to optimize the support environment for the use of NEV vehicles in rural areas, after-sales service and repair companies, electric vehicle charging and battery replacement service providers, and financial services firms will also join the promotions.

    In the first four months of 2025, China’s NEV production volume rose 48.3 percent year-on-year to nearly 4.43 million units, while sales jumped 46.2 percent to 4.3 million, data from the China Association of Automobile Manufacturers showed. NEVs accounted for 42.7 percent of the country’s total auto sales in the period.

    At the same time, according to official data, as of the end of March 2025, there were 13.75 million NEV charging infrastructure devices across the country, including 3.9 million public and 9.85 million private. -0-

    MIL OSI Russia News

  • Iran’s Khamenei rejects US nuclear demand, vows to keep enriching uranium

    Source: Government of India

    Source: Government of India (4)

    Iran’s Supreme Leader Ayatollah Ali Khamenei said on Wednesday Tehran will not abandon its uranium enrichment, rejecting a key U.S. demand aimed at resolving a decades-long nuclear dispute, that he said was against the Islamic Republic’s interests.

    The U.S. proposal for a new nuclear deal was presented to Iran on Saturday by Oman, which has mediated talks between Iranian Foreign Minister Abbas Araqchi and President Donald Trump’s Middle East envoy, Steve Witkoff.

    After five round of talks, several hard-to-bridge issues remain, including Iran’s insistence on maintaining uranium enrichment on its soil and Tehran’s refusal to ship abroad its entire existing stockpile of highly enriched uranium – possible raw material for nuclear bombs.

    “Uranium enrichment is the key to our nuclear programme and the enemies have focused on the enrichment,” Khamenei said in a televised speech. The U.S. proposal “contradicts our nation’s belief in self-reliance and the principle of ‘We Can’,” he said.

    “The rude and arrogant leaders of America repeatedly demand that we should not have a nuclear programme. Who are you to decide whether Iran should have an enrichment?,” he added.

    Tehran says it wants to master nuclear technology for peaceful purposes and has long denied accusations by Western powers that it is seeking to develop nuclear weapons.

    On Monday, Reuters reported Tehran was poised to reject the U.S. proposal on the grounds that it was a “non-starter” that failed to soften Washington’s stance on uranium enrichment or to address Tehran’s interests.

    Trump has revived his “maximum pressure” campaign against Tehran since his return to the White House in January, which included tightening sanctions and threatening to bomb Iran if the negotiations yield no deal.

    During his first term in 2018, Trump ditched Tehran’s 2015 nuclear pact with six powers and reimposed sanctions that have crippled Iran’s economy. Iran responded by escalating enrichment far beyond the pact’s limits.

    Iran’s arch-foe Israel, which sees Iran’s nuclear programme as an existential threat, has repeatedly threatened to bomb the Islamic Republic’s nuclear facilities to prevent Tehran from acquiring nuclear weapons.

    (Reuters) 

  • MIL-OSI United Kingdom: Cornwall coast path improvements now complete

    Source: United Kingdom – Executive Government & Departments

    Press release

    Cornwall coast path improvements now complete

    Path improvements along 228 miles of Cornwall’s stunning coastline from St Agnes Head along the south coast to the Tamar at Cremyll have finished.

    Mevagissey, one of the many locations to be found on the coast path which has been improved from St Agnes on the north coast of Cornwall around to Cremyll, near Rame on the south coast. Photo: Matt Burtwell, Aerial Cornwall.

    • 228 miles of footpath heading west from St Agnes and all along the south coast now improved.
    • The footpath follows the South West Coast Path for much of its length but with a number of improvements where the path has been moved nearer to the sea.
    • The project creates new access rights between the path and low water.
    • New provision for the path to be easily moved following coastal erosion events.

    These works form part of a national programme to create a coastal path around the whole of England. Once completed, this will be the longest managed coastal walking route in the world and the UK’s longest National Trail.  

    Earlier this year the 75-mile stretch from Marsland Mouth on the North Cornwall coast down to Newquay was completed. This follows the route of the existing South West Coast Path (SWCP) National Trail. Now the remaining 228 miles of path are completed: heading west from Newquay, down to Land’s End and back along the south coast to Cremyll on the banks of the Tamar.

    Plenty to see along the path

    For anyone walking the path, there is plenty to see, with towns and villages such as Falmouth, Penzance and Polperro, along with popular spots such as Land’s End and The Lizard.  

    For those interested in the county’s heritage, there are castles in abundance, like St Mawes and St Michael’s Mount, alongside remnants of Cornwall’s industrial past at Botallack engine houses and the Levant mine and beam engine – to say nothing of the famous cliffside Minack Theatre.

    There’s also plenty for lovers of wildlife to spot, including choughs, grey seals and peregrine falcons. And, of course, there are glorious sandy beaches to stop off at throughout the route. 

    Lining up the path with the coast

    In establishing the new trail, Natural England sought to improve the alignment of the coast path where possible or move it closer to the sea. For example, a new route has been created on the western side of the Lizard at Porthkerris instead of the old inland route along country roads. And at Millendreath the new path has been moved away from the road to allow for more scenic views and a safer walking route. Other changes include Downderry where the main route is impassable during high tides, so an alternative follows the coastal road. 

    While walkers will still encounter steep climbs and descents  – as well as gently undulating walking along the cliff tops  – there are now more accessible areas. This includes the path between Swanpool and Gyllanvase Beach and the path around Tregantle Fort.  Another change is a new legal provision for the trail to ‘roll back’ in response to coastal erosion, thereby securing people’s rights into the future and protecting the investment being made now.

    ‘Wowing visitors for years’

    Andrea Ayres, deputy area director for Natural England, said:

    This huge stretch of path along two coasts takes in some of the best views in the South West. These much-loved places  have been wowing visitors for many years, as well as being loved by local residents.

    We hope the improvements to the path, and the additional access rights, will mean even more people will get out and enjoy nature.

    This will provide vital health and wellbeing benefits for local communities, as well attracting visitors to the county, with tourism playing a vital role in the South West economy.

    ‘Great to see sections of the King’s coast path open in Cornwall’

    While much of Cornwall’s 300-mile section of the South West Coast Path is owned by private landowners and organisations, the path is managed by Cornwall Council. The council and Cormac, together with the National Trust, have worked to deliver the improvements around the county. 

    Julian Gray, director, South West Coast Path Association (SWCPA), said:

    It’s great to see the final sections of the King Charles III England Coast Path open in Cornwall, which creates new open access rights around the coast to help connect people to nature.

    The establishment of the KCIIIECP has brought significant investment and improvements to the route of the coast path and also gives us new powers to manage the National Trail in the face of coastal erosion.

    We will continue to work with our trail partners to protect, improve and champion the South West Coast Path as one of the world’s great trails.

    Local locations used in The Salt Path

    The Salt Path, starring Gillian Anderson and Jason Isaacs, was released last week and partly filmed in Newquay, as well as Whitsand Bay and Rame Head on the south east coast of Cornwall. Based on the memoir written by Raynor Winn, the story is about one couple’s walk around the South West Coast Path and could lead to the area attracting a whole new wave of visitors.

    The King Charles III England Coast Path (KCIIIECP) is a National Trail around the entire coast of England. Existing coastal national trails will retain their branding and alongside  other promoted routes form part of the KCIIIECP.

    You can plan your walk on the KCIIIECP, which follows the enhanced route of the SWCP between Newquay and Cremyll, by visiting the KCIIIECP or the South West Coast Path pages of the National Trails website.  

    Background

    The Marine and Coastal Access Act 2009 places a duty on the Secretary of State and Natural England to secure a long-distance walking trail around the open coast of England, together with public access rights to a wider area of land along the way for people to enjoy.  

    Natural England is working at pace to ensure completion of the KCIIIECP. 1,400 miles were open by the end of 2024.Subject to resources we expect to complete the KCIIIECP by spring 2026. 

    • To plan their visit walkers can access route maps of all opened sections of the King Charles III England Coast Path and any local diversions on the National Trails website and check for any restrictions to access at Natural England’s open access maps.
    • You can promote your business, service, event or place of interest for free on the National Trails website, inspire people to spend more time in your area and benefit from the economic impact of visitors.
    • National Trails, marked by the acorn symbol, pass through spectacular scenery, support local tourism and offer a range of routes from short circular walks to long distance challenges.

    King Charles III England Coast Path:  

    • Here is a map showing progress to complete the King Charles III England Coast Path.
    • The King Charles III England Coast Path will be our longest, National Trail, passing through some of our finest countryside, maritime and industrial heritage, coastal settlements and rural locations.
    • It will also be the world’s longest managed coastal trail (i.e. the trail is maintained to National Trail standards).
    • It will secure legal rights of public access for the first time to typical coastal land including foreshore, beaches, dunes and cliffs that lies between the trail and the sea.

    Improvements to existing access to the coastline include:  

    • a clear and continuous way-marked walking route along this part of the coast, bringing some sections of the existing coastal footpath closer to the sea and linking some places together for the first time.
    • Targeted adjustments to make the trail more accessible for people with reduced mobility, where reasonable.
    • Uniquely amongst our National Trails the KCIIIECP may be moved in response to natural coastal changes, through ‘roll back’ if the coastline erodes or slips, solving the long-standing difficulties of maintaining a continuous route along the coast – and making a true coastal path practicable. The legal provision for roll back is proposed to sections of the trail where a need has been foreseen but can be retrospectively applied to other parts of the route if deemed necessary.
    • The route of the trail can also be altered through planning proposals and where coastal and flood defence works or habitat creation would impact on the proposed or open route of the KCIIIECP.
    • You can find out more about progress near you to create the King Charles III England Coast path.
    • We work closely with a broad range of national and regional stakeholders around the country including wildlife trusts, National Trust, RSPB, NFU, CLA, RA, OSS, Environment Agency and local authorities.

    The Countryside Code is the official guide on how to enjoy nature and treat both it, and the people who live and work there, with respect.   

    For landowners: 

    Landowners who have KCIIIECP coastal access rights on their land enjoy the lowest liabilities in England.  

    About Natural England    

    Established in 2006, Natural England is the government’s independent adviser on the natural environment. Our work is focused on enhancing England’s wildlife and landscapes and maximising the benefits they bring to the public.  

    • We establish and care for England’s main wildlife and geological sites, ensuring that over 4,000 National Nature Reserves (NNRs) and Sites of Special Scientific Interest are looked after and improved.
    • We work to ensure that England’s landscapes are effectively protected, designating England’s National Parks and National Landscapes , and advising widely on their conservation.
    • We run Environmental Stewardship and other green farming schemes that deliver over £400 million a year to farmers and landowners, enabling them to enhance the natural environment across two thirds of England’s farmland.
    • We fund, manage, and provide scientific expertise for hundreds of conservation projects each year, improving the prospects for thousands of England’s species and habitats.
    • We promote access to the wider countryside, helping establish National Trails and coastal trails and ensuring that the public can enjoy and benefit from them.

    For more information, visit King Charles III England Coast Path: improving public access to the coast .  

    About the South West Coast Path Association 

    The South West Coast Path Association is a charity (Registered Charity Number 1163422) that works to ensure the South West Coast Path is one of the best walks in the world and protects it for all to enjoy. Supporting the charity helps the South West Coast Path Association to improve the South West Coast Path and keeps the way open to beautiful coastal places.  

    For more information visit the South West Coast Path Association.

    Updates to this page

    Published 4 June 2025

    MIL OSI United Kingdom

  • MIL-OSI: The Netherlands and the UK among the simplest countries for doing business in Europe, says GBCI 2025

    Source: GlobeNewswire (MIL-OSI)

    LONDON, June 04, 2025 (GLOBE NEWSWIRE) — Greece, France, Italy and Turkey are the most complex jurisdictions to do business in the region, according to the 2025 Global Business Complexity Index (GBCI) recently launched by TMF Group.

    The GBCI studies over 250 indicators of complexity in 79 jurisdictions that represent 94% of the world’s GDP. The report has consistently shown that countries in Southern Europe and Latin America are the most complex for doing business, and that continues to be true in 2025. At the other end of the scale, the least complex places to do business tend to be in Northern Europe and several of the offshore investment hubs.

    The report notes that complexity is relatively straightforward to navigate, at least for larger multinationals able to absorb the cost of complying with local rules. What is much harder to deal with is uncertainty. US-led sanctions, lockdowns in China and the Suez blockage had already begun a shift towards more diversified supply chains, with companies seeking to reduce their reliance on single countries for sourcing, building or selling their products. A part of that solution noted in last year’s report was the rise of connector economies like Mexico and Vietnam, bridging trade between China and the US in the so-called ‘China plus one’ strategy. That strategy has now fallen foul of US tariffs, set to reflect a country’s trade surplus in goods with the US and so punishing countries with connector status.

    Even if tariffs abate, their launch and rapid shifts point to an underlying risk for companies trading from countries with a high US trade surplus. The report notes a drop in confidence in stability, with the majority of jurisdictions (55%) reporting prioritisation of trade corridor diversity. It identifies a number of countries that might now emerge as the new connectors — with low levels of complexity pointing to business-friendly rules, a low US trade surplus pointing to less likely retaliatory action, a reasonable size and sophistication of economy to support a variety of activity at scale and absorb investment without tipping heavily into US trade surplus, and a multipolar stance that should allow them to trade across different blocs. Those countries include the UK and the Netherlands in Europe, Egypt and Saudi Arabia in the Middle East, and Australia and Hong Kong in Asia Pacific.

    TMF Group’s CEO Mark Weil, said:

    “The real challenge for businesses today isn’t complexity, it’s uncertainty. With rising trade tensions, a shifting geopolitical landscape and economic unpredictability, companies are forced to make decisions in an environment that can change overnight. Tariffs are just the latest signal of the risks of supply chain concentration. Diversification is a necessity in this context. The good news is that businesses can offset some of the complexities of diversification by reducing their own internal intricacies. Our benchmarking reveals stark differences in structural complexity among similar firms. We see an opportunity here: by simplifying their structures and support models — for example, by having fewer legal entities and a few trusted global partners — businesses can gain flexibility.”

    Top and bottom ten (1= most complex, 79= least complex) 
    1. Greece  79. Cayman Islands 
    2. France  78. Denmark 
    3. Mexico  77. New Zealand 
    4. Turkey  76. Hong Kong, SAR 
    5. Colombia  75. Jersey 
    6. Brazil  74. Netherlands 
    7. Italy  73. Jamaica 
    8. Bolivia  72. British Virgin Islands 
    9. Kazakhstan  71. Curaçao 
    10. China  70. Czech Republic 
       

    Media Contacts
    Marina Llibre Martín
    marina.llibremartin@tmf-group.com

    The MIL Network

  • MIL-OSI United Kingdom: Regulator issues Official Warning to charity and disqualifies trustee over inflammatory social media activity

    Source: United Kingdom – Executive Government Non-Ministerial Departments

    Press release

    Regulator issues Official Warning to charity and disqualifies trustee over inflammatory social media activity

    A charity set up to support Palestinian refugees, particularly in Lebanon, has been issued with an Official Warning after posting “divisive and inflammatory” political material on social media.

    The Commission has also issued an Order disqualifying one of the charity’s trustees from being a trustee and from holding a position with senior management functions, for a period of eight years.

    Palestinian Refugee Project was registered in 2021, with objects to benefit the Palestinian diaspora in refugee camps through poverty relief, advancing education, relieving sickness and providing social welfare and leisure facilities.

    The Charity Commission, the regulator of charities in England and Wales, began examining the charity in December 2023, after concerns were raised about its social media activity. The regulator also identified that all of the charity’s then trustees appeared to be related, with one serving as CEO, giving rise to concerns about potential conflicts of interest.

    The trustees’ responses to the Commission’s questions raised further concerns, for example, that they lacked an understanding of their legal duties and responsibilities, including the importance of trustees acting and making decisions collectively.

    The regulator established that, as a result of governance failings, Mrs Taghrid Al-Mawed-Layton – who was also acting as the charity’s voluntary CEO – had sole responsibility for the charity’s social media activity and used the charity’s platforms to promote political material, which was not in furtherance of the charity’s aims, and / or was divisive and inflammatory.

    This included posts that could be interpreted as downplaying acts of terrorism, and which tried to raise support for a change to Israel’s recognition as a state. The charity failed to implement a formal social media policy and the remaining trustees lacked oversight in relation to its social media activity.

    The Commission has disqualified Mrs Al-Mawed-Layton for eight years due to her role in mismanagement and / or misconduct of the charity, including social media activity on behalf of the charity. The Order disqualifies Mrs Al-Mawed-Layton from being a trustee and holding a senior management position in any charity.

    Joshua Farbridge, Head of Compliance Visits and Inspections at the Charity Commission said:

    We found a number of serious failings at Palestinian Refugee Project, which put the charity’s finances and reputation at risk. The charity, in effect, was being run by a single trustee who either did not understand, or failed to adhere to, basic trustee duties.

    It’s important to stress that the Commission does not seek to encroach on any individual’s right to freedom of speech, expression, or beliefs. And we recognise that events in the Middle East over recent months and years have been deeply emotive and distressing.

    However, trustees have clear legal obligations, including to act in line with the charity’s purpose and best interests, and act reasonably and prudently. Sadly, the good aims this charity set out to achieve was seriously undermined by the conduct and failings of its trustees.

    As part of its case, the regulator also established that a failure to implement financial controls meant that funds were spent without proper authorisation or controls. The charity is overdue in filing its accounts for the years ending April 2023 and 2024.

    The Charity Commission’s case involving the charity will remain ongoing allowing the regulator to follow up on the remedial actions set out in the Official Warning.

    Ends

    Notes to editors:

    1. The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society.

    2. The Official Warning and disqualification order were issued as part of a regulatory compliance case into the charity, which remains ongoing. These cases allow us to gather evidence and make findings, and to help trustees address any failures or weaknesses that we might identify.

    3. The Charity Commission maintains a searchable register of removed trustees.

    Press office

    Email pressenquiries@charitycommission.gov.uk

    Out of hours press office contact number: 07785 748787

    Updates to this page

    Published 4 June 2025

    MIL OSI United Kingdom

  • MIL-OSI Russia: RAEX 2025: Polytechnic University ranks 8th among the top 100 universities in Russia

    Translation. Region: Russian Federal

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

    The RAEX-Analytics agency presented the results of the rating of the hundred best universities in Russia at the forum of universities “The Future of Higher Education”, where the speakers were the rector of SPbPU Andrey Rudskoy and the vice-rector for personnel policy Maria Vrublevskaya. Among the hundred best universities in the country, Polytechnic took 8th place.

    The rating included 166 universities from 40 regions of Russia. The most widespread category of universities in RAEX-100 are technical universities. The best included 37 such educational organizations, while a year earlier there were 35. Universities of engineering and technical profile not only expanded their presence in the rating, but also showed the best dynamics among all categories of participants. 54% of technical universities grew in the rating compared to last year.

    The high assessment of our university by the RAEX rating agency is not just an achievement, but a confirmation of our commitment to technological leadership and innovation in education. We actively cooperate with industry, introducing modern technologies and approaches into the educational process. This allows our students not only to gain theoretical knowledge, but also to develop practical skills necessary for a successful career in a rapidly changing world. We are confident that it is through partnership with industry that we will be able to prepare a new generation of specialists capable of solving complex problems and contributing to the development of the economy and society, – commented the rector of SPbPU Andrey Rudskoy.

    The number of students in the RAEX-100 universities is growing. In 2025, the number of students exceeded 1.5 million people for the first time. In the 2024-2025 academic year, the total number of students at the Polytechnic increased from 29,622 to 30,870 people. The 2024 admissions campaign showed record numbers – more than 130,000 applications.

    The rating agency also noted a change in the age structure of the teaching staff at universities included in the top 100. Thus, at SPbPU, the share of young specialists in the total number of scientific and pedagogical workers has increased by 5% over the past three years.

    At Polytechnic University, we pay special attention to the development of human capital, because we are confident that it is people who have the enormous potential for comprehensive growth and strengthening the university’s competitiveness. We strive to create conditions that contribute to the development of talents, skills and knowledge of our students and teachers, which, in turn, allows us to adapt to the rapidly changing requirements of the industry and ensure high quality education, – noted Vice-Rector for HR Policy at SPbPU Maria Vrublevskaya.

    When preparing the rating in 2025, statistical indicators were used in the questionnaire, as well as the results of online surveys of over 150,000 respondents: representatives of academic and scientific circles, students and graduates, employers. The rating functionality is determined based on the analysis of the following integral factors: conditions for obtaining a quality education (50%), the level of demand for graduates by employers (30%), the level of research activity (20%). In 2025, a new criterion appeared in the rating – “The number of graduates holding leadership positions in regional executive bodies.” It refers to the sub-rating for assessing the quality of graduates’ careers.

    More details on the rating results can be found aton the RAEX website.

    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 United Nations: School meals take centre in Pakistan with multi-stakeholder consultation

    Source: World Food Programme

    ISLAMABAD, PAKISTAN – The Ministry of Federal Education and Professional Training and the United Nations World Food Programme (WFP) jointly convened a high-level, two-day national consultation in Islamabad to advance coordinated efforts to implement school meal programmes across provinces.

    This consultation was attended by Ms. Wajiha Qamar, Minister of State for Federal Education and Professional Training along with representatives from various federal and provincial departments including education, health, planning and development & social protection. Representatives from development agencies, private sector, academia and non-governmental organisations also participated in the event, unified by a shared goal: to ensure every child in Pakistan has access to healthy, nutritious food at school.

     “With 25 million children out of school and many enrolled students struggling to learn due to hunger and malnutrition, the reality demands urgent action,” said Mr. Mohammad Shehbaz Sharif, Prime Minister of Pakistan. “By alleviating poverty-related barriers to education, the provision of meals encourages parents to send their children to school, reducing dropout rates and promoting gender equality.”

    The consultation concluded with a clear demonstration of political will from federal and provincial government representatives to expand school meals across Pakistan. The discussions were substantive and action-oriented, reflecting a growing national consensus that school meals are not standalone initiatives, but a strategic, multisectoral investment central to the country’s development agenda.

    The Government of Balochistan committed significant multiyear budget to be confirmed shortly and presented a detailed action plan, including support for children with special needs. Punjab pledged to expand school meals to more districts, while Sindh reaffirmed plans to launch a new school meals programme. Khyber Pakhtunkhwa committed to strengthening its cash-based model and exploring a school meals programme. Gilgit-Baltistan and Pakistan Administered Kashmir are also working to expand, exploring innovative financing solutions.

    Ms. Wajiha Qamar, Minister of State, Ministry of Federal Education and Professional Training, also addressed the consultation, affirming the government’s commitment to institutionalising school meals as part of the broader education agenda. “We must scale up programmes nationwide, learn from each other’s experiences and good practises to ensure that every child in Pakistan has access to a daily meal at school. This is not just a programme or a project, it is an investment in our children, our communities and our country’s prosperous future,” she added.

     “Not only did this consultation reaffirm that school meals are a powerful, transformative tool to bring children to school, keep them there, and give them a fair chance to learn, grow, and succeed – it also helped secure concrete commitments from provincial and federal representatives for the next five years” said Coco Ushiyama, WFP Representative and Country Director in Pakistan.

    Investing in school meals is especially critical in the context of Pakistan. School meals offer a powerful, multi-sectoral solution, improving children’s nutrition and health, increasing school attendance, enhancing learning outcomes and easing the financial burden on low-income families. These efforts align closely with Prime Minister Shehbaz Sharif’s declaration of an education emergency last year and the urgent national priority to bring every out-of-school child into the classroom.

    This event builds on the first national consultation held in 2022, which followed Pakistan’s signing of the Global School Meals Coalition in 2021. It also serves as a key preparatory milestone ahead of the Global School Meals Summit in Brazil this September. 

    #                #            #

    The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on Facebook and Twitter: @WFPPakistan

    MIL OSI United Nations News

  • MIL-OSI: Karolinska Development’s portfolio company OssDsign raises approximately SEK 158 million, announces an updated strategy and revises financial targets

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM, SWEDEN, June 4, 2025. Karolinska Development AB (Nasdaq Stockholm: KDEV) announces that its portfolio company OssDsign has carried out a directed share issue through an accelerated bookbuilding procedure that brought the company approximately SEK 158 million. In connection with the directed share issue, the company announced an updated strategy and revised its financial targets for the period 2025–2028.

    Investors in the directed issue include both existing shareholders and new Swedish and international institutional investors such as Adrigo Asset Management, La financiere de L’Echiquier, Lancelot Asset Management AB, Linc AB and Tedde Jeansson through company. The subscription price in the directed issue was determined through an accelerated bookbuilding procedure.

    In connection with the directed share issue, the company announced an updated strategy, ScaleToProfit“, for the period 2025–2028 that will include investments in four main areas:

    • Sales and marketing: Double the U.S. sales force by 2026 and accelerate marketing
    • Research and development: Launch two new products during the Strategy Period and obtain a minimum of one expanded indication clearance in the U.S.
    • Clinical studies: Continue building the PROPEL spinal fusion registry and conduct 2-3 smaller clinical prospective studies
    • Production: Implement a scalable and more cost-efficient production process and move to a predominant U.S. footprint

    Further, the board of directors of OssDsign has resolved on revised financial targets:

    • Deliver sales of more than SEK 400 million by 2028 – equivalent to over 30 percent compounded annual growth rate during 2025–2028
    • Become EBIT profitable and cash flow positive in the second half of 2025–2028

    “Our portfolio company OssDsign’s successful directed share issue attracted many reputable, long-term investors. This gives further strength to the company in its already successful efforts to accelerate sales growth and build a long-term profitable business,” says Viktor Drvota, CEO of Karolinska Development.

    Karolinska Development’s ownership in OssDsign amounts to 3%.

    For further information, please contact:

    Viktor Drvota, CEO, Karolinska Development AB
    Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com 

    Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
    Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com

    TO THE EDITORS

    About Karolinska Development AB

    Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients’ lives while providing an attractive return on investment to shareholders.

    Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

    Karolinska Development has a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

    The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

    For more information, please visit www.karolinskadevelopment.com.

    Attachment

    The MIL Network

  • MIL-OSI Economics: Group CEO Yuki Kusumi on the True Meaning of Structural Reform—Determination to Change and Grow

    Source: Panasonic

    Headline: Group CEO Yuki Kusumi on the True Meaning of Structural Reform—Determination to Change and Grow

    On May 9, 2025, Panasonic Holdings (PHD) announced its financial results for FY3/2025. On this occasion, Group CEO Yuki Kusumi communicated the progress being made on group management reforms, including planned optimization of 10,000 personnel, and expressed his firm resolve to undertake necessary initiatives to break free from 30 years of stagnation and position the Panasonic Group for strong and renewed growth for the future. We spoke with him to learn more about his intentions, his message to employees, and his determination for the future of the Panasonic Group.

    Why have you decided to carry out such large-scale structural reforms now, when the company is still profitable? Can you explain the background and need for these reforms?
    If we look at the current performance for fiscal 2025, particularly operating profit margin, it may not seem that bad relative to our past performance. However, compared to other companies in the same industry, our profitability remains low, and the Medium-Term Strategy for FY3/23 through FY3/25 fell far short of its goals.
    The biggest challenge facing the Panasonic Group is that we have not achieved any real growth over the last 30 years. While the Group has decisively implemented structural reforms many times in the past, a vicious cycle has repeated itself: adjusted operating profit margin would reach 5 percent, fixed costs would immediately rise to support growth strategies, and then operating profit margin would stagnate again.
    Lower profitability relative to our competitors means that we lag behind them in terms of returning value to shareholders and employees, and in investing for the future. If this continues, achieving growth in the face of stiff competition will be impossible. It is imperative that we get ourselves out of this situation.
    Our selling, general and administrative (SG&A) expenses ratio, in particular, is extremely high when compared to competitors who have already implemented reforms. Unless we immediately address this issue, we will not be able to return to growth. For this reason, profitability improvement has to be the top priority, and this includes reforming our fixed-cost structure. We cannot afford to waste any more time.
    The high SG&A ratio means that we have major issues with labor productivity, particularly in sales and indirect departments. I believe that this situation has emerged because many departments have continued to use business processes that were introduced more than 20 years ago. Basically, as long as a business achieved an operating profit margin of 5 percent, it was considered “good” and there was little interest in conducting operational reforms to achieve higher profits. So if you wanted to increase sales without making changes to the operation, then the only resort was to hire more people—and the result was an increase in fixed costs.
    Even if sales increase, fixed costs, including labor costs, should not increase; marginal profits should be increased by certain percentage each year, while fixed costs should be contained by a certain amount. This should be the basis of our management cycle Groupwide, and it is important that we follow this principle. Now, I would like to make it clear that we are going back to these fundamentals not just to reduce labor costs, but to modernize our business processes and workstyles.

    A major decision has been made to reduce the workforce by 10,000 people Groupwide. Can you explain the thinking behind this decision?
    Based on my direct experience with personnel optimization when I was in charge of loss-making businesses in the past, I thought that I would never again carry out employment structural reforms. This time, however, recognizing the critical need for change, this was an unavoidable decision. I felt that if we did not conduct reforms and change our management foundation now, then it would be impossible for us to grow sustainably over the next 10 to 20 years. After much deliberation, and discussions across the Group, including the presidents of our operating companies, we made the decision to proceed with these reforms.
    This figure of 10,000 employees is the aggregate result of careful consideration of the kind of fixed-cost structure that each operating company should have to achieve their respective profitability targets, and how they should address areas where labor productivity lags behind other companies. We would like every employee to understand that we do not intend to increase this figure.

    Panasonic Group’s history includes an episode when Founder Konosuke Matsushita ordered that “not a single employee be laid off” during the Great Depression, and some see employment structural reforms as the antithesis of this ideal. Please share your thoughts about protecting human resources and employment?
    Human resources are extremely important. The founder’s statement has significant meaning for all of us in the Panasonic Group. For that reason, there is a great deal of resistance within the Group toward optimization of personnel when we are profitable. However, the current business environment is very different from our founder’s era. Back then, there were great expectations for economic growth ahead, but the market we live in today is much more complex, and includes areas with growth potential, areas with no such potential, and areas we must move into. Under these circumstances, and with an eye on the future, we decided that optimizing our workforce was unavoidable.
    As Group CEO, I acknowledge the impact of the decision to carry out these reforms, especially personnel optimization on such a large scale. However, taking no action today would inevitably place a heavier burden on future employees. To put the Panasonic Group back on track for growth, I believe that instead of placing the burden on the next generation, the current senior management team, myself included, must pool their wisdom, make decisions, and take responsibility to get this done.

    Some employees are probably feeling anxious, so how do you intend to explain the reforms and seek their understanding?
    I understand that these changes may cause uncertainty, and it is a difficult period. We wanted to ensure that all employees correctly understood the situation, so the day the reforms were announced externally, I sent a video message to all employees, explaining the background of the reform and its goals. In addition, we provided a detailed explanation of the current situation to approximately 300 management executives, including division directors and business unit managers, asking for their understanding. However, I believe that employees and their families, especially those who have only been with the company for a short time, have serious concerns. I will continue to carefully explain the true meaning of the reforms and continue to communicate positive messages so that employees will not feel anxious. I truly want to help them find opportunities for their own growth and success as part of this transformation.

    Following the structural reform, what kind of future will Panasonic Group be aiming for?
    First and foremost, this structural reform is an initiative that must be carried out in order to rebuild the management foundation of the Panasonic Group and ensure strong growth for the future. We are determined to achieve a profitability improvement effect of 150 billion yen by FY3/27.
    Next, as I mentioned in my February 4 announcement, Panasonic Group will focus on the Solutions area while increasing the profitability of the Devices area and the Smart Life area centering on home appliances. The essence of the value that we provide to customers, including comfort and peace of mind, will not change, but by making full use of data and AI, the methods and substance of our offerings will become more sophisticated, thereby strengthening our competitiveness.
    The Solutions area has two main pillars: supply chain management solutions, and energy management. As for supply chain management solutions, at the ICON event in early May, Blue Yonder, our subsidiary with growth potential, announced its Cognitive Series—a suite of SaaS solutions for planning systems that deploy generative AI-based agents, which we expect to be a major strength in various supply chains where issues are becoming increasingly more complex.
    In energy management, in addition to energy storage solutions for data centers and AI-based home energy management systems (HEMS) for households, which already have a proven track record, we will develop Panasonic HX—a future-oriented decarbonization solution for factories, offices, and public facilities that controls pure hydrogen fuel cells, solar cells, and storage batteries by means of an AI-based energy management system.

    Will Panasonic Go, announced at CES this year, play an important role?
    Panasonic Go will play a role in accelerating these efforts. Blue Yonder’s Cognitive Series, which I mentioned earlier, is one such example. In addition, we are considering expanding the data platform that forms the basis of the AI agent service Umi, also announced at CES, into a variety of fields while considering privacy, security, and ethics. We are also actively promoting the use of generative AI within the Group, with a bottom-up approach, to thoroughly improve labor productivity as we move forward with the current management reforms.

    Following these reforms, what kind of company will the Panasonic Group become?
    We are now discussing this internally, but basically, we believe that the fundamental values we provide to customers can be summed up as “comfort,” “peace of mind,” and “reliability.” We cherish the long-standing trust of our customers—“You can count on Panasonic”—and no matter what business we develop in the future, we will continue to pursue contributions based on these values.
    As we look towards the future, 10 or 20 years from now, these structural reforms are merely the first step in our journey to break away from the stagnation of the past 30 years. Going forward, we will seek to achieve high labor productivity in every Group business and turnarounds in both new and existing areas. To further improve productivity and strengthen the competitiveness in our Solutions business, we must also be unrivaled in the use of AI.

    MIL OSI Economics

  • MIL-OSI China: OECD projects slower growth of Britain’s economy

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

    The Organization for Economic Cooperation and Development (OECD) on Tuesday projected a slowdown in Britain’s economic growth, citing heightened trade tensions, tighter financial conditions, and rising uncertainty.

    According to the OECD’s latest economic outlook, Britain’s gross domestic product (GDP) is expected to grow by 1.3 percent in 2025, before slowing to 1 percent in 2026.

    “Inflationary pressures will initially linger, due to higher import prices and robust wage growth in 2025,” the report noted. However, these pressures are expected to ease in 2026 as spare capacity increases and the labour market softens, it added.

    The OECD also warned that high interest payments on public debt will continue to strain Britain’s fiscal balance and contribute to a rising debt burden.

    The report identified public finances as a key downside risk to Britain’s outlook, cautioning that limited fiscal buffers may prove inadequate in the face of renewed economic shocks — especially if fiscal rules are to be upheld.

    Rising services price inflation was also flagged as a potential risk.

    Globally, the OECD expects GDP growth to slow from 3.3 percent in 2024 to 2.9 percent in both 2025 and 2026. This projection assumes that tariff rates as of mid-May remain in place, despite ongoing legal disputes. 

    MIL OSI China News

  • MIL-OSI Europe: Euro area bank interest rate statistics: April 2025

    Source: European Central Bank

    4 June 2025

    Bank interest rates for corporations

    Chart 1

    Bank interest rates on new loans to, and deposits from, euro area corporations

    (percentages per annum)

    Data for cost of borrowing and deposit interest rates for corporations (Chart 1)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in April 2025. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months decreased by 13 basis points to 3.54%. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 27 basis points to 3.51%. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years remained broadly unchanged at 3.54%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged fell by 12 basis points to 3.90%.
    As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 17 basis points to 2.15% in April 2025. The interest rate on overnight deposits from corporations fell by 7 basis points to 0.60%.
    The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year decreased by 5 basis points to 4.31%, driven by both the interest rate and the weight effects.

    Table 1

    Bank interest rates for corporations

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for corporations (Table 1)

    Bank interest rates for households

    Chart 2

    Bank interest rates on new loans to, and deposits from, euro area households

    Data for cost of borrowing and deposit interest rate for households (Chart 2)

    The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, decreased in April 2025. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 8 basis points to 3.84%. The rate on housing loans with an initial rate fixation period of over one and up to five years stayed almost constant at 3.48%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years decreased by 4 basis points to 3.32%, driven by both the interest rate and the weight effects. The rate on housing loans with an initial rate fixation period of over ten years fell by 7 basis points to 3.03%, mainly driven by the weight effect. In the same period the interest rate on new loans to households for consumption showed no change at 7.52%.
    As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year decreased by 13 basis points to 1.96%. The rate on deposits redeemable at three months’ notice stayed almost constant at 1.50%. The interest rate on overnight deposits from households remained broadly unchanged at 0.29%.

    Table 2

    Bank interest rates for households

    i.r.f. = initial rate fixation
    * For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
    ** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

    Data for bank interest rates for households (Table 2)

    Further information

    The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.

    For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

    Notes:

    • In this press release “corporations” refers to non-financial corporations (sector S.11 in the European System of Accounts 2010, or ESA 2010), “households” refers to households and non-profit institutions serving households (ESA 2010 sectors S.14 and S.15) and “banks” refers to monetary financial institutions except central banks and money market funds (ESA 2010 sector S.122).
    • The composite cost-of-borrowing indicators are described in the article entitled “Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation” in the August 2013 issue of the ECB’s Monthly Bulletin (see Box 1). For these indicators, a weighting scheme based on the 24-month moving averages of new business volumes has been applied, in order to filter out excessive monthly volatility. For this reason the developments in the composite cost of borrowing indicators in both tables cannot be explained by the month-on-month changes in the displayed subcomponents. Furthermore, the table on bank interest rates for corporations presents a subset of the series used in the calculation of the cost of borrowing indicator.
    • Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries’ new business for the instrument categories concerned. The “interest rate effect” and the “weight effect” presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the “interest rate effect”) to be disentangled from those caused by changes in the weights of individual countries’ contributions (the “weight effect”). Owing to rounding, the combined “interest rate effect” and the “weight effect” may not add up to the month-on-month developments in euro area aggregate rates.
    • In addition to monthly euro area bank interest rate statistics for April 2025, this press release incorporates revisions to data for previous periods. Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.
    • As of reference period December 2014, the sector classification applied to bank interest rates statistics is based on the European System of Accounts 2010 (ESA 2010). In accordance with the ESA 2010 classification and as opposed to ESA 95, the non-financial corporations sector (S.11) now excludes holding companies not engaged in management and similar captive financial institutions.

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: LCQ14: Curbing youth gambling participation

    Source: Hong Kong Government special administrative region

    ​Following is a question by Dr the Hon Starry Lee and a written reply by the Secretary for Home and Youth Affairs, Miss Alice Mak, in the Legislative Council today (June 4):
     
    Question:
     
    In April this year, the Government published a consultation paper on the regulatory regime on basketball betting. There are views pointing out that while the regime aims to combat illegal gambling activities, the community is generally concerned about possible intensification of the gambling craze upon regulation of basketball betting, particularly the negative impact on youths. In addition, it has been reported that the average age of participants in basketball betting is younger than the corresponding figures in horse racing and football betting, and statistical data from gambling counselling organizations also indicate a deteriorating trend in the gambling problem among young people. In this connection, will the Government inform this Council:
     
    (1) as the aforesaid consultation paper has pointed out that the regulation of football betting since 2003 has generally been effective in channelising illegal betting demand to the legal channel, whether the Government has compiled statistics on the changes in betting turnovers of legal and illegal gambling, as well as the number of help-seeking cases from pathological gamblers and the age distribution trend of those help-seekers, since the regulation of football betting; whether it has assessed the effectiveness of the existing betting regulatory regime in reducing youth gambling participation;
     
    (2) of the following information on the assistance provided by the Ping Wo Fund to help youths quit gambling in the past five years: the number of youths assisted, the expenditure on the relevant publicity and education activities and the number of people covered, and the percentage of help-seeking cases from youths involving basketball betting;
     
    (3) whether it will, upon implementation of the regulatory regime on basketball betting, require basketball betting operators to submit data on young bettors on a regular basis; whether it has assessed the adequacy of the existing measures to curb underage betting, including whether it will further restrict advertising targeted at youths;
     
    (4) as there are views in the community that the authorities should consider setting up a dedicated committee to monitor the impact of basketball betting on youths, and strengthening the use of the Ping Wo Fund to take forward anti-gambling education (especially publicity efforts targeting young groups), whether the authorities will study the relevant proposals; and
     
    (5) whether it has studied if implementation of the regulatory regime on basketball betting will result in a lower age range of gamblers; whether it will make use of technology to enhance the monitoring of gambling activities (such as using artificial intelligence to identify abnormal betting patterns), so as to prevent youth gambling addiction?

    Reply:
     
    President,

    As a matter of policy, the Government does not encourage gambling. To address the possible problems brought by gambling, the Government adopts a multi-pronged strategy including law enforcement against illegal gambling activities, public education on the harms of gambling addiction, provision of counselling and support services to people in need and regulation over gambling activities through legislation.
     
    The Government’s consolidated reply to Dr the Hon Starry Lee’s question is as follows:

    Combatting illegal gambling activities
     
    On law enforcement against illegal gambling activities, the existing Gambling Ordinance explicitly stipulates that all unauthorised gambling activities, apart from those situations stated in the ordinance, constitute an offence. The Hong Kong Police Force (HKPF) has put in place strategies to combat illegal gambling activities, especially those involving triad-related or organised crimes, in four aspects, namely prevention, education, intelligence gathering and law enforcement. The HKPF will continue to closely monitor the illegal gambling trend, take appropriate intelligence-led law enforcement actions and strengthen the promotion against these illegal gambling activities. It is worth noting that according to the Gambling Ordinance, participating in illegal gambling (such as betting with an illegal bookmaker) is also an offence. Upon conviction, an offender is liable to a maximum penalty of a $50,000 fine and imprisonment for nine months.
     
    Public education and provision of counselling and support services
     
    The Government attaches great importance to preventing gambling-related problems, particularly among youth. The Government established the Ping Wo Fund (PWF) in 2003 to finance both preventive and remedial measures to address the gambling-related problems. The Ping Wo Fund Advisory Committee (PWFAC) was also established to provide advice to the Secretary for Home and Youth Affairs on the use and application of the PWF.
     
    The PWF provides appropriate counselling, treatment and other support services to individuals affected by gambling as well as their family members. The PWF will also launch targeted public education and publicity campaigns to raise public awareness (particularly among young people) on the harms of gambling addiction, thereby mitigating its associated negative consequences.
     
    The PWF has consistently prioritised public education and awareness campaigns to raise public awareness on the harms of gambling addiction, and to increase public knowledge of the services available, enabling those in need to seek help at an early stage. These public education measures include providing financial support for non-governmental organisations and schools to organise public education programmes aimed at preventing and alleviating gambling-related problems, a publicity truck programme and other promotional efforts on traditional media and online platforms.
     
    The PWF’s funding support on public education and other publicity campaigns aimed at preventing and alleviating gambling-related problems has more than doubled over the past five years. Detailed figures are set out in the Annex.
     
    In the past five years, service-seekers aged 18 or below constituted 1-2 per cent of the total number of persons receiving counselling or treatment services from the four counselling and treatment centres funded by the PWF. These data indicate that there has been no substantial change in the prevalence of gambling among young people. Relevant data (including variation in other age groups) are set out in the Annex. Separately, according to the information from The Hong Kong Jockey Club (HKJC), the proportion of bettors in the 18-21 age group has consistently remained below 2 per cent in the past five years.
     
    We do not maintain a separate breakdown on individuals receiving counselling and treatment services due to illegal basketball betting.
     
    We will review the work of the PWF from time to time, with particular focus on young people, to enhance measures for preventing and alleviating gambling-related problems. The HKJC has also committed to donate to the PWF over a four-year period starting from 2023/24, with contributions set at $45 million per annum for the first two years and $50 million per annum for the subsequent two years.
     
    Regulations
     
    The Government currently regulates the HKJC’s betting activities through the Betting and Lotteries Commission (BLC). Restricting betting activities to a limited number of authorised and regulated outlets is to address the actual and persistent public demand for certain gambling activities which is being satisfied by illegal means and the issue cannot be tackled by law enforcement alone.
     
    According to the HKJC, the amount of football betting turnover ranged from $92.5 billion to $160.3 billion in the past five years. In addition, since the legalisation of football betting in 2003, it has diverted back to the legal channel over $1,581 billion of turnover, which would have continued to flow into the unregulated and illegal gambling market without the regulation.
     
    Under the existing mechanism, the Government requires the HKJC to submit regular work reports for review by both the Government and BLC. The HKJC is also required to meet with the Government and BLC on a regularly basis to report on its progress and plans, ensuring compliance with all licensing conditions and facilitating the review of current betting-related measures. The Home and Youth Affairs Bureau will continue to work closely with BLC to ensure that authorised betting activities are properly regulated.
     
    At present, a number of conditions have been imposed under the licences of horse race betting, football betting and Mark Six Lottery issued to the HKJC to require its adoption of measures to minimise the negative impact of gambling on the public, especially on young people. These conditions include that the HKJC:
     

    1. shall not accept bets from juveniles;
    2. shall not accept credit betting;
    3. shall display notices reminding the public of the seriousness of excessive gambling and provide information on the services available for those with gambling disorder; and
    4. shall not, in conducting any promotional activities, target juveniles, etc.

     
    As stated in the consultation document on the regulatory regime on basketball betting, the above stringent legal and regulatory restraints will continue to be put in place in the proposed basketball betting regime.
     
    We will continue to closely collaborate with the PWFAC and the BLC, observe the prevalence of gambling activities among Hong Kong people, maintain communication with relevant departments, and proactively enhance our efforts to prevent and alleviate problems relating to gambling. As mentioned above, the HKJC has committed to donate to the PWF over a four-year period from 2023/24. If it is decided to implement the proposed regulatory regime for basketball betting, the Government will request the HKJC to further increase the donation to the PWF for stepping up public education programmes, as well as enhancing counselling and support services.     

    MIL OSI Asia Pacific News

  • MIL-OSI: Bitwise Accelerates European Expansion with Addition of Melissa De Sanctis and Fabio Massellani

    Source: GlobeNewswire (MIL-OSI)

    Bitwise Accelerates European Expansion with Addition of Melissa De Sanctis and Fabio Massellani

    De Sanctis joins the marketing team as Product Marketing Manager, while Massellani joins the sales team as Senior Regional Consultant – Southern Europe

    June 4, 2025, Bitwise, a leading global digital asset management firm, announces the addition of two new professionals to its team: Melissa De Sanctis as Product Marketing Manager and Fabio Massellani as Senior Regional Consultant – Southern Europe.

    Melissa De Sanctis brings over 20 years of experience in the financial sector, including 17 years at Borsa Italiana. She has held roles such as Business Development Manager for retail investors and later served as Senior Marketing Manager, leading commercial and marketing activities for the group’s secondary markets. She oversaw the development and launch of new instruments for IDEM, the derivatives segment of Borsa Italiana. Most recently, she was Head of Marketing and Communication at Spectrum Markets, a pan-European regulated venue for trading securitized derivatives.

    In her new role at Bitwise, Melissa — based in Milan — joins the marketing team led by Maximilian Monteleone, Head of Marketing for Europe at Bitwise. While based in Italy, her strategic focus will also support the Spanish market.

    Fabio Massellani developed his career at BPER Banca Group, where he held various roles with increasing responsibility. He worked as a fund selector and equity strategist at Optima SIM, with a specific focus on passive and indexed strategies. In recent years, he served as Sales Associate at HANetf, contributing to business development and product positioning — including in Spain.

    At Bitwise, Fabio joins the sales team and reports directly to Bradley Duke, Managing Director and Head of Europe at Bitwise. He will support the company’s growth across Southern Europe, with a particular focus on Spain, Italy, and Portugal.

    These additions strengthen Bitwise’s presence in the region, following the recent appointment of Flavio Rossetti as Regional Consultant for Southern Europe, and are part of a broader European expansion plan initiated in August 2024 with the acquisition of ETC Group.

    Bradley Duke, Managing Director and Head of Europe at Bitwise, commented: “We’re excited to welcome Melissa and Fabio to Bitwise. As institutional and professional investors increasingly recognize the potential of digital assets to enhance portfolio performance, our role is to be a trusted partner in that journey. Southern Europe — including Spain — is a key market for us, and the addition of Melissa and Fabio, with their deep expertise and local insight, will help us serve investors even better.”

    Melissa De Sanctis said: “I’m thrilled to join an innovative and forward-thinking firm like Bitwise. The crypto sector is evolving rapidly, and I strongly believe that providing secure, regulated instruments like ETPs is essential to making this space more accessible. It’s a real opportunity to engage more institutional and retail participants in the world of digital assets and blockchain technology.”

    Fabio Massellani added: “I’m delighted to join a dynamic and fast-growing company like Bitwise. I look forward to applying my experience in the Southern European market to support our company’s mission. I’m confident my contribution will help strengthen Bitwise’s footprint and support its commitment to innovation in the fast-moving world of crypto investing.”

    About Bitwise

    Bitwise is one of the world’s leading crypto specialist asset managers. Thousands of financial advisors, family offices, and institutional investors across the globe have partnered with us to understand and access the opportunities in crypto. Since 2017, Bitwise has established a track record of excellence, managing a broad suite of index and active solutions across ETPs, separately managed accounts, private funds, and hedge fund strategies – spanning both the U.S. and Europe.

    In Europe, for the past five years Bitwise (formerly ETC Group) has developed an extensive and innovative suite of crypto ETPs, including Europe’s most traded bitcoin ETP, or the first diversified Crypto Basket ETP replicating an MSCI digital assets index.

    This family of crypto ETPs is domiciled in Germany and issued under a base prospectus approved by BaFin. We exclusively partner with reputable entities from the traditional financial industry, ensuring that 100% of the assets are securely stored offline (cold storage) through regulated custodians.

    Our European products comprise a collection of carefully designed financial instruments that seamlessly integrate into any professional portfolio, providing comprehensive exposure to crypto as an asset class. Access is straightforward via major European stock exchanges, with primary listings on Xetra, the most liquid exchange for ETF trading in Europe. Retail investors benefit from easy access through numerous DIY/online brokers, coupled with our robust and secure physical ETP structure, which includes a redemption feature. For more information, visit www.bitwiseinvestments.com/eu

    Media contacts:

    JEA Associates
    John McLeod
    00 44 7886 920436
    john@jeaassociates.com

    Important information
    This press release does not constitute investment advice, nor does it constitute an offer or solicitation to buy financial products. This press release is issued by Bitwise Europe GmbH (“BEU”), a limited company domiciled in Germany, for information only and in accordance with all applicable laws and regulations. BEU gives no explicit or implicit assurance or guarantee regarding the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. It is advised not to rely on the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. Please note that this article is neither investment advice nor an offer or solicitation to acquire financial products or cryptocurrencies.

    Before investing in crypto Exchange Traded Products (“ETPs”), potential investors should consider the following:
    Potential investors should seek independent advice and consider relevant information contained in the base prospectus and the final terms for the ETPs, especially the risk factors. ETPs issued by BEU are suitable only for persons experienced in investing in cryptocurrencies and risks of investing can be found in the prospectus and final terms available on www.bitwiseinvestments.com./eu. The invested capital is at risk, and losses up to the amount invested are possible. ETPs backed by cryptocurrencies are highly volatile assets and performance is unpredictable. Past performance is not a reliable indicator of future performance. The market price of ETPs will vary and they do not offer a fixed income or match precisely the performance of the underlying cryptocurrency. Investing in ETPs involves numerous risks including general market risks relating to underlying, adverse price movements, currency, liquidity, operational, legal and regulatory risks.

    The MIL Network

  • MIL-OSI Russia: Social entrepreneurs to gather in Moscow for the forum “More than business”

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    On June 27 and 28, the Digital Business Space will host the social entrepreneurship forum “More than Business”. The event, which is being held for the second time, will bring together entrepreneurs, representatives of city and federal departments, large companies, development institutions and non-profit organizations (NPOs).

    The organizers are Department of Entrepreneurship and Innovative Development of the City of Moscow, Agency for Strategic Initiatives (ASI) And Fund for the support of social projects.

    Over the course of two days, guests of the event will enjoy a rich program: presentations by more than 100 speakers, including international experts, a plenary discussion, a market with socially oriented products, as well as lectures, master classes, design laboratories, case studies and networking.

    “Social entrepreneurship is more than just a business. It is a way to solve important problems of society. That is why our forum with the same name helps future and current entrepreneurs find effective tools, gain knowledge and support. In Moscow, social business is one of the priorities, and a wide range of support measures is available for it: consultations, training, promotion, preferential lending and other measures,” she noted.

    Kristina Kostroma, head of the capital’s Department of Entrepreneurship and Innovative Development.

    The forum program is divided into five key tracks:

    — “More than growth” — is dedicated to the possibilities of scaling your project and assessing the social impact. The track also provides information on whether scaling is always the only way to develop a social business;

    — “More than trends” — focused on new niches available to social business, as well as tools and mechanisms for accelerated development;

    — “More than partnership” is a track about joint work with big business, international experience, collaborations and regional trends in the development of social entrepreneurship;

    — “More than an idea” — about the creation and implementation of ideas that can help and inspire;

    — “More than a Market” is a track about new technologies and products that are used and created by Russian social entrepreneurs today to solve socially important problems.

    “Social entrepreneurs, along with non-profit organizations, are involved in solving key state tasks today. The result of this work is a fundamentally new quality of life for people with disabilities, as well as the formation of a sustainable idea of inclusion in society. Social entrepreneurs create projects that change the living environment of people: from small creative studios where people with disabilities work, to large-scale production of modern technical rehabilitation equipment. The Agency for Strategic Initiatives is working on the formation of a set of measures that contribute to the development of the sector, and therefore, allow a large number of our citizens to live a full and happy life,” emphasized Svetlana Chupsheva, General Director of the Agency for Strategic Initiatives.

    Program of events

    The first day of the forum is devoted to analytics, assessments and forecasts. The main event will take place in the large hall — the plenary discussion “More than business”, where representatives of government bodies, large businesses, as well as active social entrepreneurs will raise issues related to the main directions of development of social entrepreneurship not only in the capital, but also throughout the country.

    Participants will also be able to learn about the experience of developing social entrepreneurship in foreign markets. International experts will share their practices, successful models and innovative approaches to conducting such an important business mission for society.

    On this day, the traditional award ceremony for the winners of the My Good Business award will take place, which is being held as part of the All-Russian competition of projects in the field of social entrepreneurship and socially oriented non-profit organizations.

    Since the competition’s inception in 2015, more than 9.5 thousand projects from 87 regions have competed for the title of the best of the best. This year, there are 12 nominations. 101 participants who have reached the federal stage are vying for victory.

    According to Natalia Kremneva, Director of the Social Projects Support Fund, the Fund creates conditions for scaling up the best Russian initiatives in the field of social entrepreneurship. Thanks to the forum, which united businesses with a social mission, government representatives and support institutions, there is an opportunity to exchange information and experience, which will accelerate the implementation of sustainable solutions in the social sphere and their impact.

    The second day of the forum will feature a discussion on social challenges and a regional block where you can learn about the system of support for social entrepreneurship in the country. Experts will raise the issue of burnout, share secrets of resolving conflict issues and help those who have lost their inspiration.

    The cinema lounge is waiting for those who like to watch rather than listen. There will be training on creating videos on topics important to society, as well as viewing successful stories about social entrepreneurship.

    On both days, you will be able to interact with experts in the field of social entrepreneurship in the framework of an individual mentoring lounge (advance registration required).

    Participants will also be able to see an inclusive fashion show, performances by musical groups, visit an art exhibition and purchase unique goods produced by Russian social enterprises at the fair “More than a Market”. It presents goods from Moscow brands, sold in the “Made in Moscow” program, as well as from other regions.

    Participation in the forum is free. You can register at event website.

    Support for entrepreneurs is provided within the framework of the implementation of the federal projects “Small and medium entrepreneurship and support for individual entrepreneurial initiative” and “Labor productivity”, which are part of the national project “Efficient and competitive economy”.

    Get the latest news quickly official telegram channel the city of Moscow.

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/154794073/

    MIL OSI Russia News

  • MIL-OSI Australia: Press conference, Canberra

    Source: Australian Parliamentary Secretary to the Minister for Industry

    Jim Chalmers:

    Our economy grew in the March quarter, but slowly. Just 0.2 per cent in the March quarter, and 1.3 per cent through the year. Our economy continues to grow despite very substantial global headwinds. We saw those set out by the OECD overnight and also in the commentary in the Reserve Bank minutes that were released yesterday. There wasn’t a lot of growth in March, but what growth there was was private sector led, and that’s an encouraging sign.

    With all of the uncertainty in the world, any growth is a decent outcome. Even modest growth is welcome in these global economic circumstances. Growth was weaker than expected because public spending came off in the quarter, and we also saw the impact of natural disasters and global volatility on exports, but also on the economy more broadly. Productivity was flat again, and I’ll come back to that towards the end.

    But even in this environment, even in this difficult global context, there were a couple of very positive developments that I wanted to talk about today with you before I take your questions. And those 2 positive developments are around private demand and also the continuing recovery in real disposable incomes.

    On the first one, the private sector is stepping up now, as the public sector takes a step back. All of the growth in the March quarter was from the private sector, and that’s a good thing. That private growth was broad. Consumption grew a bit more weakly than we were anticipating, but it grew. Business investment made a contribution, or it was flat, and dwellings grew as well. I think when it comes to new dwellings investment, I think we’re seeing the strongest growth from memory in about 4 years. And so the private economy did all of the heavy lifting in this March quarter.

    The second thing which was pleasing in this data is that there was quite solid growth in real incomes per capita. And you’d know that this is the chosen measure of living standards adopted by really all the participants in this national economic conversation. Real incomes per capita and living standards, we saw solid growth once again. The measure of real incomes per capita was up 1.1 per cent in the quarter. That was the third consecutive quarter of growth. Now remember, real incomes were falling 1.7 per cent when we came to office, and they’re now up 1.7 per cent through the year. And this comes from the combination of moderating inflation, solid wages growth and the tax cuts, which are all central features of our economic plan, combined with lower interest rates as well.

    If you think about it this way, in the second half of last year, real incomes in Australia grew faster than the OECD average and almost twice the G7 average and that is a welcome development. When we came to office, real incomes per person were falling sharply, and we’ve been able to get them growing again and we saw that again in this data. We also saw that the prices measure fell again in these numbers, it’s the lowest in 3 years now, which more or less mirrors the moderation we’ve seen in the CPI. The wages share rose again, it means wages share of income is almost 54 per cent which is up from less than 50 per cent when we came to office. And it’s also worth remembering that only a tiny bit of the interest rate cuts which began in February are captured in this data.

    So if you think about the full effect of the now 2 interest rate cuts that we’ve got flowing in our economy, we expect that to add about $10 billion to household balance sheets over a year and about $6 billion to business balance sheets over a year as well. And so there’s a little bit of that captured in these March National Accounts, but overwhelmingly the benefit of those 2 interest rate cuts will be captured in subsequent quarters, remembering that this is the March quarter, and so a very backward looking measure. And so it’s clear from this data, that in the March quarter growth was subdued in our economy, also clear that our economy is not productive enough.

    But I also wanted to offer this perspective when you look at these numbers today. No major advanced economy has our combination of unemployment in the low fours, inflation below 2.5 per cent, and 3 years of continuous growth. That 0.2 per cent in the quarter, the 1.3 per cent through the year should be seen in the context of most of our peers in the OECD have had negative quarters, a number of them have had multiple negative quarters and recessions. What we’ve been able to do collectively as Australians, is to get inflation down without paying for that with negative quarters of growth or substantially higher unemployment and because of that progress the Reserve Bank has had the confidence to cut interest rates twice in the course of 3 months this year.

    So we are well placed and we are well prepared to deal with what is coming at us from around the world at the same time as we do what we can to make our economy more productive and our Budget more sustainable over time. And with that, I’m happy to take some questions. We’ll start up the back and then come down to Greg, and then Tom and then Ben.

    Journalist:

    Treasurer, the UK has had an exemption from some of Donald Trump’s steel and aluminum tariffs. They’re now only going to have a 25 per cent one instead of the doubled 50 per cent levy. What do you make of that? Does that give Australia more hope of securing its own carve out from those levies?

    Chalmers:

    I don’t take any outcomes for granted when it comes to that engagement we’ve got with the Americans. We’ve made it very clear what we think about those tariffs, and so we will continue to engage, as the friends in the UK have, and most countries have, trying to get the best deal that we can for our people and for our industries. That’s the approach we’ve adopted to here, and it’ll be the approach we will take from here as well. Greg then Tom then Ben.

    Journalist:

    Treasurer, are you willing to drop the unrealised capital gains component of your proposed superannuation tax reforms and negotiate a new model with the Coalition?

    Chalmers:

    First of all, I’m not convinced that the Coalition wants to have a conversation about these changes. I think we all saw what Matt Canavan, for example, said today about these changes. I think even on the same day that Ted O’Brien was occupying real estate in your paper, the Finance Spokesman was saying something completely different. So first of all –

    Journalist:

    – the finance –

    Chalmers:

    Well, can I just finish my answer, Greg? So first of all, I’m not convinced that they are fair dinkum when it comes to bipartisanship. I don’t think they’re being real about that.

    When it comes to the comments that the Prime Minister made yesterday and reported in your paper today. I think they’re important points, obvious points, self‑evident points. First of all, that we don’t have the numbers on our own in the Senate to pass any of our legislation, including this legislation, and so there’s always an element of engagement. Second point that the Prime Minister made, again, reported accurately in your piece today, is that there are a number of opportunities for the Coalition to behave in a bipartisan way, including our efforts to cut student debt and some of the other things that they’ve opposed. And so let’s see that bipartisanship beyond an interview in a newspaper which contradicts the comments made by other senior colleagues in his Coalition parties.

    Now on the point more broadly about unrealised gains. It is important to remember that these changes were announced almost 2 and a half years ago now. We did multiple rounds of consultation, and we said to people, if there is a better, fairer way of making this calculation, tell us about it. The unrealised gains calculation was recommended to us by Treasury. We provided years of opportunities for people to suggest different ways to calculate that liability, and nobody has been able to come up with one. And so that’s an important bit of perspective as well.

    When it comes to the issue more broadly, this is a change which is modest, it is methodical – as I said it has been on the books for years now – and it makes a meaningful difference to the Budget, and it helps us fund some of our other priorities. It’s all about making sure that the superannuation system is fairer, that it’s more sustainable. It only impacts about half a per cent of people with superannuation accounts. And so we put this proposal out there some years ago. There have been multiple occasions for people to propose alternative ways of calculating the liability. This is the way recommended by Treasury, and it’s the way that we intend to proceed.

    Tom then Ben.

    Journalist:

    Treasurer, a question on 2 different budget headaches. Chris Minns has had some comments in recent days about tobacco excise, obviously, that revenue is falling away. What’s your view on whether a change is needed?

    And secondly, on defense spending, the US suggestion of 3.5 per cent of GDP, that’s quite a lot of course, for you to fit in the Budget. From a budget perspective, what’s your view on that?

    Chalmers:

    Two important questions. First of all, I’m not proposing to cut taxes on cigarettes to make them cheaper for people. We’ve seen tax revenue for cigarettes come down for 2 reasons. One of them is a good reason. One of them is a bad reason. The good reason is fewer people smoking. The bad reason is we know that we’ve got a challenge when it comes to illegal tobacco, that’s why we’ve provided 2 substantial amounts of money in 2 consecutive budget updates to work with the states on compliance. And so I respectfully disagree with Chris, he’s a friend of mine, I work closely with Premier Minns. I don’t think the answer here is to make cigarettes cheaper for people. I think the answer here is to get better at compliance. And the feds have come to the table I have, and Mark Butler has, and the relevant ministers like Tony Burke and others have come to the table with hundreds of millions of dollars in new funding to try and combat the scourge of illegal tobacco.

    On defense spending, we’re already making a very substantial increase in investment in our Budgets, and we’re proud to be doing that. We’ll see defense spending as a share of GDP rise substantially. I think about $10 or $11 billion in extra spending in tight budgets over the course of the forward estimates, I think $50 billion plus from memory over the course of the next 10 years. And so we’ve made room for substantial new and increased investment in defense spending. There will always be calls to do more. There will always be people who say we should spend more on defense. There’ll be a lot of people who say we should spend less on defense. We’re doing what we can to responsibly and substantially increase defense spending in our Budgets.

    Journalist:

    Almost since the day you came to office, you have been asked about major tax reform, about making big tax reform. When will big tax reform come? Where’s the big tax reform? At the same time, we’re entering almost the second year of a big campaign against your superannuation changes, which, as you’ve said, affect not every Australian household. Given the reaction to these superannuation changes that has been the community, do you think that makes the challenge of even larger tax reform that may even affect every Australian even more difficult and potentially impossible?

    Chalmers:

    That remains to be seen. It doesn’t augur well for bigger, broader tax reform, when such a modest and methodical change is being resisted in some quarters. We should resist the temptation to think that because overwhelmingly 2 media outlets don’t like this change, to assume that that concern is broadly and deeply felt in the Australian community, we’re talking about half a per cent of people with superannuation being impacted, people with more than $3 million balances.

    What it means, and what I could have said if in the answer to Greg’s question as well, don’t forget, the concessions here are still very generous. We’re not eliminating tax concessions for people with big balances. We’re still providing very substantial tax breaks, just slightly less substantial.

    If someone’s got $3 million in super by one set of assumptions, their superannuation tax concession before this change is a bit over $14,000, after this change a bit over $13,000, so still very generous tax concessions for people with big balances in super.

    I think that there’s an issue here when it comes to tax reform. A lot of people say they’re in favor of tax reform in the abstract, but they very rarely, if ever, support it in the specific and I think there’s an element of that playing out here as well.

    I also think and this coheres your question with Tom’s a moment ago as well, a lot of the same people say we need to dramatically increase defence spending, we need to dramatically cut the company rate, we need to abandon the changes to make superannuation tax concessions fairer, and we need to deliver bigger surpluses. Often it’s the same people saying that, if you can believe it. And so my job, and Katy’s job and the Cabinet, the government’s job, is to make it all add up. Sometimes that involves decisions which not everybody likes. Obviously I understand that not everybody likes this change, but we have to do what’s right and responsible, and I’m confident that this.

    Journalist:

    People are opposing not so much the getting more revenue through superannuation, but the actual model of unrealised capital gains.

    Chalmers:

    First of all, I’m not convinced that’s right, Greg. Respectfully, I’m not convinced that’s right. I think some of this opposition comes from people who would like the extremely generous tax concessions, not the slightly less extremely generous tax concessions, to be fair, and we’ve given people multiple opportunities to propose alternatives to this calculation.

    It’s also important to remember that this calculation of unrealised gains exists elsewhere in the tax system, multiple places in the tax system. It’s not new that this is the way that we are proposing to calculate it. Treasury proposed it to us. We did multiple rounds of consultation.

    People will say it’s about the calculation. Some people will say it’s about the indexation. But I think in a lot of instances, again, respectfully to you and to people making these comments, and I welcome people making a contribution to the national economic debate, but I think a lot of it is not really about the method of calculation.

    Journalist:

    Can you confirm that the tax on $3 million superannuation funds will only apply to the Prime Minister once he leaves office, that he won’t pay any extra tax on his superannuation until he leaves office under your legislative proposal.

    Chalmers:

    I’m so pleased you asked me this question, because people have been lying about this. We’ve had people, I think shamefully, say that the Prime Minister or other senior politicians at the federal level, on defined benefits, are somehow exempt from this change. They are not. We made that clear that they are included in the legislation we released in November 2023 and in the regulations we released, I think, in March of 2024 more than a year ago. It’s been abundantly clear in black and white that the Prime Minister is included here, and people should stop lying about it.

    Now to the substance of your question, which I do understand, you’re making a more specific point about the calculation. We’ve been clear about how defined benefits would be treated since we announced the policy, just as the previous government did with their changes to super we apply commensurate treatment to defined benefit interests to ensure that there are equivalent tax outcomes and the same rules apply to everyone on defined benefit schemes without the constitutional exemption, including federal politicians.

    Now when it comes to the deferred liability, which is the very specific kernel of your question, these deferred liabilities on defined benefits are consistent with the long standing approach taken in other areas of super, like the extra contributions tax for high income earners. Tax liabilities are deferred until the pension phase because members in those schemes can’t access their super to pay tax debts until that point. It’s a function of necessity that that’s how that calculation is made. But we charge an interest rate on those liabilities to make sure that people don’t receive an inappropriate advantage from the necessity of calculating and paying those liabilities on retirement.

    So you have to be very careful with what some people, including, I think some of the lower echelons of our political opponents, some of the things that they’ve said, and unfortunately, some of those things which have been reported as fact, have to be very careful here. Defined benefits schemes like the Prime Minister’s are in. They’ve been in all along. The calculation reflects the same sorts of ways it’s been calculated in the past. And because the liability is paid on retirement, there’s an interest rate applied to it to make sure that there’s no inappropriate benefit.

    I genuinely really appreciate the opportunity to clear all of that up, because too much has been written about that which has been wrong.

    Journalist:

    Just on the Australia‑US relationship. We spent the last 6 months talking about how tariffs, whether they’re on or off, causing havoc across all of the world’s economies, really, can we afford to keep kind of trying to meet the demands of the US now they’re calling for defence spending increases? Should Australia be looking elsewhere?

    Chalmers:

    The Prime Minister did a terrific job of explaining our approach to this. I think it was yesterday, or might have been the day before, in Perth, when he said that we’ll determine our defence priorities and we’ll fund the capability that we need in a world that is becoming more dangerous, and our funding for defence is determined by our government. We obviously take into consideration what’s happening in the world and the views of our allies and partners, but our decisions about defence funding are made in this cabinet room, and in the national security room next to it as well.

    The world is a dangerous place. It’s dangerous in security terms. It’s dangerous in economic terms as well. One of the defining influences on this second term of this Albanese government will be what is shaped by global circumstances, certainly in the defence sphere, but in the economic sphere as well.

    I was speaking to a very large American investor this morning about trying to attract more capital here, whose decisions may be influenced by the unpredictability and the volatility in the US. And so all of this churn and change in the global economy is obviously very concerning for us, but also an opportunity for us. We intend, as we have been doing throughout, we intend to try and be beneficiaries of all that change, rather than victims of it.

    Journalist:

    As you’ve acknowledged, the Trump effect is subduing growth. But what are the opportunities for Australia amongst Trump’s tariff war?

    Chalmers:

    A lot of global investors are rethinking their investment strategies, and without going into the details of private or commercial in confidence conversations, including a great conversation I had this morning, that I referenced before, there is a global scramble for capital because people are rethinking their investment strategies. You can see in the American bond prices, for example, that people are rethinking their approach to the American economy.

    I think primarily for me, my focus, including today, is, how do we get that capital deepening that we want to see to make our economy more productive. Foreign investment from trusted sources has a really important role to play there. And the opportunity for Australia as a country with wonderful human capital, stable government, big opportunities in the energy transformation, big opportunities in technology and data, an economy that’s grown despite all the challenges thrown at it, we’ve got a very compelling story to tell the world, and there is a big global scramble for capital, and we will be a very competitive part of that.

    Journalist:

    Just on the National Accounts, investment in machinery and equipment has fallen 3.7 per cent over the last year, and you rightly point out that productivity remains flat. Most people agree that business investment is the thing that’s needed to be required to lift productivity. What is the government’s plan to lift business investment to get productivity growing?

    Chalmers:

    We’ve got quite a substantial reform agenda already underway, but we are prepared to contemplate next additional steps when it comes to attracting investment. I strengthened and streamlined the foreign investment review process. The feedback I got today and the discussion I had earlier is that that is working to speed up, strengthen, but also streamline and speed up the FIRB process. That’s part of it. Also the work that we’re doing on the Single Front Door to try to concierge investment in major economy changing projects in our country, recognising that the time it takes for approvals can be too long.

    I think Andy Leigh gave a great contribution on this front, I think it was earlier this week, when he was talking about the abundance agenda, that thinking has been very influential in our circles. This idea that if we want good things to happen in our economy, we need to make it easier for those good things to happen, faster, more efficiently. So the Single Front Door is part of that effort as well. All the work I’m doing on competition policy, unilaterally and with the states, the Productivity Fund, all of this is about making Australia a more attractive destination for investment.

    If you think about the major challenges we have in productivity, even though the level of business investment is the highest it’s been in 12 years. Growth rates, including today in the National Accounts, were not especially strong, and we’re not making the most of these deep available pools of domestic and national capital. And if we do a better job of making the most of that, we will make our economy more productive over time, not overnight, but over time. That is a huge, huge part of the work that I’ve been doing in the month or so since we’ve been re‑elected, but before that as well.

    If people come to us with great ideas, whether it’s about attracting investment, capital deepening, making our economy more productive, then we’ve got a very open door and open mind to those suggestions.

    Journalist:

    Just running through the good things in the economy. Unemployment is down. Inflation is back in target. Interest rates coming down, GDP still positive. Things are actually pretty good on a fair analysis of what is going on. But usually when things, the only thing that’s out of kilter is that usually governments run surpluses when things are good, like this, you’ll probably be one of Labor’s longest serving Treasurer, do you think you’ll ever see a surplus again in your time? And is this as good as it gets for the Australian economy? Does it only sort of soften and get worse from here? Or what are you trying to sort of soften the ground for?

    Chalmers:

    First of all, while you’re away, Matthew, I knocked out a couple of surpluses, and that’s the first time that’s happened for almost 2 decades. So I like to see that acknowledged sometimes. That was a combination of savings and banking most of the upward revision to revenue. Those are choices that governments make, and if we’d adopted the approach of our predecessors, those surpluses wouldn’t have happened. So let’s not dismiss those 2 surpluses that Katy and the Cabinet and I worked very hard to deliver.

    It’s self‑evident that the pressures on our Budget are intensifying rather than easing. I do acknowledge that, I think one of the things, partly as an aside, which you may have noticed, or you will notice in the course of the afternoon, poring through the National Accounts data, we’re actually making really good progress in areas like the NDIS. One of the reasons why public demand fell in the quarter is because of the progress we’re making on the NDIS, aged care as well, even with the developments that Mark and Sam announced this morning, we’re making progress there. We’re making progress on interest costs, but overall, the pressures on the Budget are intensifying rather than easing. Of course, we don’t ignore that.

    Your question about is this as good as it gets? I am quite optimistic about the future of our economy. There are some temporary factors in this quarterly outcome. There are natural disasters in here, not just Alfred, but the flooding in Townsville and Cairns and the surrounding communities earlier in the year, the fall in public demand because some of the big state projects came off, there are some temporary factors in here as well. We shouldn’t overinterpret that March data.

    But growth is softer than we would like it to be, and I’m confident that growth will accelerate in our economy. Even if you look at that OECD report, you would have pored over it, Matthew, what it said was there was a little downgrade for growth this year for Australia, but actually an upgrade in growth for 2026.

    And so the rest of the world looks at Australia, it’s an experience familiar to me from the GFC, most of the rest of the world looks at Australia, and they see low unemployment, lower inflation, interest rates coming down, real wages and incomes growing, debt‑to‑GDP is much smaller here than in most other countries. We’ve knocked out those 2 surpluses. Most of the rest of the world sees what’s happening in Australia, and they think that there are some very good things happening in Australia. This is part of the story to link your question with John’s, that we tell the world. It’s a compelling story.

    But I firmly believe that there are good reasons to be optimistic about our economy. If I believed that Australia had peaked, or this was the best that we could hope for, I wouldn’t be here.

    Journalist:

    Treasurer, just to follow up from Tom’s question – tobacco consumption fell 6.4 per cent for the quarter, almost 16 per cent over the year for households. Do you actually believe that? Because that’s not being reflected in what’s going on in what’s going on in the streets of Sydney and Melbourne and Queensland.

    Do you think that there is a causation effect between the increases in tobacco excise and what’s going on? Are you going to end up like Eliot Ness – ‘oh, look, we can’t control it. We can police it and police it, but you can’t control it.’

    Chalmers:

    First of all, I did notice that obviously there’s substantial decline in tobacco in the national accounts. We have to resist the temptation to think it’s either 100 per cent people giving away the darts, or 100 per cent illegal activity.

    I think, as I acknowledged in my response to Tom’s good question, it’s both of those things. One of those developments is very good. One of those developments is very challenging. We’re not ignoring it. We’re not dismissing it in the way that the end of your question implied.

    We’ve invested hundreds of millions of dollars in compliance. Because we do acknowledge that this is a real challenge. More people are giving up the darts, but more people are also doing the wrong thing. I’m not convinced that cutting the excise on cigarettes would mean that that would be the end of illegal activity.

    Journalist:

    Would continually increasing excise just add to the financial incentive for people to go buy illegal ciggies?

    Chalmers:

    I know that that’s a view put forward, but I don’t share that view. I don’t propose to be cutting taxes on cigarettes. I don’t propose to be making cigarettes cheaper. It is a substantial public health challenge still in our economy. It’s also a law and order challenge, and we’re addressing both of those things simultaneously.

    Journalist:

    But freeze, Treasurer – might you freeze rather than cutting it? Freezing it because this, the 2 are related to legal activity and –

    Chalmers:

    It’s not something we’ve been considering.

    Journalist:

    Earlier you said the Coalition haven’t offered any alternative proposal to the super tax changes, but the Greens have proposed an alternative around indexing the threshold. Are you open to good faith negotiation with the Greens to change the model, to say they’ve achieved the same outcome, but addresses one of those concerns that’s been put forward? Or are you determined to push it through without any change?

    Chalmers:

    Our preference is to push it through without any changes. The timing of that is to be determined, and unless I missed an announcement, I’m not sure that there’s a shadow Treasury spokesperson yet in the Greens team. If there is, at some point between now and the parliament going back, obviously, we engage with the parliament in an effort to pass our legislation, but my preference, my intention, is to pass the changes that we have proposed.

    I will obviously engage in a respectful way with the crossbench in the Senate, because, as the pm said yesterday or the day before, and as I repeated today, we don’t have the numbers on our own in the Senate, so there’s always an element of discussion to try and get our legislation passed.

    Journalist:

    You briefly mentioned the changes to aged care being delayed. A couple of questions on this issue. Presumably it means that Australians will not start paying more for their aged care for another 4 months than you were originally planning. So what impact does that have on revenue?

    Also, the government voted multiple times against amendments put forward by the Coalition to have a 12‑month transition period for this legislation. There’s been warnings for months that this was not ready to go. There’s been complaints the whole way through. Is this not a failure on the government’s part to actually have communicated effectively the information that the sector needed to be able to implement the changes on July 1?

    Chalmers:

    I think Mark and Sam have been through most of the answers to your question earlier today in terms of the fiscal impact. We’ll update that in the usual way in the mid‑year budget update, but a delay like this is likely to cost in the order of $900 million over the forward estimates. I think we’ve done this in good faith, out of necessity, it wasn’t ready to go, and so we’ve got a responsible delay here.

    We shouldn’t forget that, even with this modest delay, the changes that were worked up by Anika and Mark and are being implemented by Sam and Mark are really important changes to make our budget more sustainable. You think about those areas where there is substantial pressure on the Budget, areas like aged care, like the NDIS, like interest costs, we have made good progress. And so even with this delay that mark and Sam have announced today, these are really important reforms. They’re really important for the Budget. Most importantly of all, they will help ensure that we deliver the standard of care that older Australians need and deserve.

    Journalist:

    Very briefly, you acknowledge that you can’t pass legislation by yourself.

    Chalmers:

    I don’t think that’s new news, Tom.

    Journalist.

    No, no, of course. But in the context of $3 million super the Greens have said indexation, or a $2 million threshold – any interest on the threshold, you’ll probably have to compromise somewhere?

    Chalmers:

    Really the same answer as I gave before. My preference and my intention is to legislate the package that we proposed more than 2 years ago, the legislation and regulations we made available 18 months and a year ago. That’s my preference, that’s my intention.

    I think pointing out that we don’t have the numbers on our own in the Senate is just a reflection of the reality. I’ll have a discussion with the crossbench, with the Greens at some point between now and when the parliament returns.

    Journalist:

    Treasurer, in the months before the election, Australians heard you say that the economy had turned a corner and better days were ahead. Just wondering if your comments just then that the pressures are increasing and not easing on the Budget. Are better days still ahead, but just a bit further off?

    Chalmers:

    It remains the case that the Australian economy is turning a corner as the global economy has taken a turn for the worse. It’s still the case. There are some temporary factors playing out in this March quarter – as I said, natural disasters, state public demand, the conclusion of big projects in some state budgets, for example. But overwhelmingly, our economic story in Australia is a story of relative economic strength. I’ve had the opportunity to speak with a number of my colleagues over the course of – international colleagues and counterparts over the course of the last 2 months or so, and they all look at the kind of data that we’re getting as a good thing.

    I think I’m having a discussion with my new Canadian counterpart tomorrow morning at 7am – so the Australian story is a compelling one. The economic story is a story of economic strength, as I said before, that combination of lower inflation, very low unemployment, higher wages and incomes, interest rates coming down, debts come down. We haven’t had a negative quarter of growth.

    In the context of what we’re seeing around the world, those are very decent outcomes – better than that, and I still am very firmly optimistic about the future of our economy. Despite all of these very substantial global economic headwinds, we have a lot of advantages that a lot of other countries don’t have.

    Journalist:

    It seems Australia [inaudible] the letter to US and other countries asking for their best offer on a trade deal. Just quickly, what would your elevator pitch be to the US president about why we need a better deal?

    Chalmers:

    I’m unlikely to see him in an elevator. But the point that we have made repeatedly is that ours is a relationship of mutual economic benefit. We are different to a lot of these other countries that the Americans are negotiating with in that, apart from some unusual quarterly outcomes, overwhelmingly they’ve run a big trade surplus with us, and so we’re different. It’s a relationship of mutual economic benefit, and we see these tariffs and trade tensions as self‑defeating.

    I really encourage you to read that OECD piece of work that came out yesterday afternoon – it really lays out, I think, in quite confronting ways, the costs and consequences of these escalating trade tensions, and even in a world where some of these tariffs get unwound, when you speak to global investors like I do as part of my job, it’s the unpredictability as well that is buffeting people’s investment intentions and the global economy more broadly, and so I would say to the Americans publicly what we say to them privately: it’s a relationship of mutual economic benefit. We are different to a lot of the other countries that they are negotiating with, and we overwhelmingly, to be blunt about it, see these tariffs as a very bad development for the American economy, for the global economy, for the regional economy, and we won’t be immune from that.

    Journalist:

    Just following on from both of those 2 last questions, amid all this global uncertainty, you say that Australia has still turned the corner, and you’re optimistic about things ahead, but if you could put that into context for the everyday Australian, are living standards going to get better, worse or the status quo for the rest of this year?

    Chalmers:

    Living standards are getting better. One of the stunning, positive components of these national accounts is that we’ve got the most appropriate measure of living standards growing at 1.7 per cent – they were falling 1.7 per cent when we came to office. We finished last year, the second half of last year, where living standards in Australia were growing faster than the OECD average, growing I think around twice the G7 average the measure of living standards. And if you look at the Treasury forecasts in the Budget, they expect growth in living standards to accelerate. That’s because of the progress that we’ve made as Australians together.

    The measure of living standards reflects inflation coming down very substantially. It reflects interest rates coming down. It reflects the tax cuts. It reflects the progress we’ve made on wages, and what a sensational outcome yesterday was for a fifth of the workforce relying on awards in our economy.

    This is not accidental. This is deliberate. This is our economic plan, lifting living standards in our economy, and we expect that to continue. We acknowledge that people are doing it tough still; that they’re still under pressure. We acknowledge the big hole that people were in when we came to office, and we’ve worked our tails off to try and turn that around and we’re seeing in these national accounts data that that is being turned around. Now we acknowledge, as I have probably 30 or 40 or 50 times in your presence, that sometimes or often, how people feel and fare in the economy doesn’t match the aggregate national numbers that we see in the national accounts, but you’d rather them heading up than heading down? They’re heading up now under us. They were heading down under our predecessors, and the fact that they’re heading up now is deliberate, not accidental. It’s gradual, but it’s important.

    Journalist:

    Treasurer, are you concerned that the Prime Minister might be about to poach Steven Kennedy to lead Prime Minister and Cabinet?

    Chalmers:

    A little! But I don’t know.

    I pay tribute to Glyn Davis in the first instance. Glyn Davis and I go way, way back. I was a researcher for Glyn in the Premier’s department in the late 1990s and I’ve just got a mountain of respect for Glyn Davis. I’m personally sorry to see him go. He is a person of towering intellect. He is a massive brain who made a huge contribution in this gig that he’s leaving shortly, but also over a lifetime of service, and so I pay tribute to Glyn in the first instance.

    I see the speculation about candidates for that role that Glyn is vacating. No doubt the Prime Minister is considering a handful of wonderful people. I’m very fortunate that I get to work with Steven Kennedy, and the decisions about the secretaries are decisions for the prime minister in consultation with us, and no doubt, before long, he’ll make his views clear.

    Journalist:

    Treasurer, just back on back on defence spending, the sorts of increases that our comparable countries are looking at would be for us in the order of $40 billion a year. Joel Fitzgibbon was out publicly a month ago saying he worried that there wasn’t an appetite in Australia to do what needs to be done on defence to get ready for what’s coming in the not too far future.

    Do you think – is that sort of money, $40 billion a year, like is that even feasible in the economic environment that we have at the moment?

    Chalmers:

    Well, it’s a substantial amount of investment. I think one of the unfortunate things about this – I respect Joel’s view, obviously, and Kim Beazley and others – I know that there will be a constituency always for more defence spending. There will also be a substantial constituency for less defense spending. We get pressure. We get pushed and pulled in both directions when it comes to defense spending and our job, our responsibility, which we embrace, is to try and make the right decisions for the right reasons, and recognising the global environment is tricky.

    The global environment in security terms and economic terms is dangerous, and that’s why we are substantially increasing investment in our defence capability. We’ve sat in here for hours and hours and hours on end, finding room in budgets to make very substantial increases to defence spending, and that’s because we share the view overall that defence spending needs to rise, and that’s why it’s rising in the 4 Budgets that we’ve handed down.

    Is that everyone? Thanks very much, guys, thank you.

    MIL OSI News

  • MIL-OSI: Virtune announces the listing of Virtune Coinbase 50 Index ETP, its new flagship product, on Deutsche Börse Xetra

    Source: GlobeNewswire (MIL-OSI)

    Frankfurt, June 4, 2025 – Virtune, the Swedish regulated crypto asset manager, today announced the listing of Virtune Coinbase 50 Index ETP (VCOIN50) on Xetra, one of Europe’s most prominent trading venues.

    Virtune has seen sustained demand for digital assets from institutional and retail investors in the Nordic and European region. Building on this momentum, the VCOIN50 ETP listing on Deutsche Boerse’s Xetra (Xetra ticker: VRTC) segment represents a key milestone in Virtune’s ongoing expansion into the German market. Coinbase will act as the custodian for VCOIN50.

    Virtune has made history as the first company to list a crypto Exchange Traded Product (ETP) tracking the COIN50E index, developed by Coinbase, a trusted and global leader in crypto services and administered by MarketVector IndexesTM (“MarketVector”), a leading global index provider.

    This launch represents several key firsts for Germany’s financial markets:

    • First ever ETP to track the Coinbase 50 Europe Index
    • The widest crypto ETP in Europe containing up to 50 crypto assets 


    About Virtune Coinbase 50 Index ETP:

    Virtune Coinbase 50 Index ETP is a physically-backed exchange-traded product (ETP) tracking the Coinbase 50 Europe Index, the premier global benchmark index for digital assets and the crypto market’s equivalent of the S&P 500 index. At launch, VCOIN50 ETP will offer exposure to 21 crypto assets that are compliant with market-specific regulatory and Xetra-specific policies Virtune’s expansion to include all 50 assets in the COIN50 is subject to regulatory and stock exchange approval. The ETP provides exposure to up to 50 leading crypto assets and is rebalanced quarterly. The product features a transparent structure backed by physical holdings and secured with institutional-level solutions.

    Allocation as of 3rd of June 2025: https://www.virtune.com/product/vcoin50

    About Virtune:

    Virtune is a Swedish-regulated crypto asset manager and issuer of 100% physically backed crypto ETPs. The company has experienced rapid growth in the Nordics since listing its first crypto ETP on Nasdaq Stockholm in May 2023. Today, Virtune manages $340 million in assets under management and has earned the trust of over 140,000 institutional and retail investors. Since its inception, Virtune has prioritized investor protection, and its success stems from its transparent, regulated approach and strong commitment to innovation and educating the market about crypto assets and ETPs.

    Christopher Kock, CEO of Virtune:

    “We have worked closely with Coinbase since our inception, relying on their outstanding custody, trading, and staking services across all our ETPs. We are now excited to further strengthen this collaboration by contributing to Coinbase’s global mission through the launch of a COIN50 ETP. COIN50 is an index with the potential to become the crypto market’s equivalent of the S&P 500 and the leading global crypto benchmark. This ETP offers both institutional and retail investors in Europe broad exposure to the crypto market, built by industry experts with deep knowledge and experience.”

    About Coinbase: 

    Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.

    Brett Tejpaul, Head of Coinbase Institutional: 

    “With the launch of the Virtune Coinbase 50 Index ETP in Europe, we’re making one of the most comprehensive benchmarks for the crypto market directly accessible to investors across the EU. This marks a major step forward in our mission to expand global access to digital assets and provide institutional-grade tools for navigating this evolving asset class. The introduction of this ETP reinforces our commitment to bridging traditional financial infrastructure with the growing demand for regulated, secure exposure to the digital economy.”

    About MarketVector:

    MarketVector IndexesTM (“MarketVector”) is a regulated Benchmark Administrator in Europe, incorporated in Germany and registered with the Federal Financial Supervisory Authority (BaFin). MarketVector maintains indexes under the MarketVectorTM, MVIS®, and BlueStar® names. With a mission to accelerate index innovation globally, MarketVector is best known for its broad suite of Thematic indexes, a long-running expertise in Hard Asset-linked Equity indexes, and its pioneering Digital Asset index family. MarketVector is proud to be in partnership with more than 25 Exchange-Traded Product (ETP) issuers and index fund managers in markets throughout the world, with more than USD 57 billion in assets under management.

    Martin Leinweber, Director, Digital Asset Research and Strategy, MarketVector: 

    “The Virtune Coinbase 50 Index ETP marks a significant step forward for crypto investment in Europe, offering broad, institutional-grade exposure to digital assets through a single, efficient product. This milestone combines MarketVector’s index expertise, Coinbase’s market infrastructure, and Virtune’s transparent, regulated approach. We’re proud to deepen our partnership with Virtune by becoming the index provider for their entire range of crypto ETPs across Europe. Together, we’re delivering the tools institutional and retail investors need to navigate the digital asset landscape with greater confidence and clarity.”

    Key Information about the Product:

    • Exposure: Exposure to up to 50 leading crypto assets in one product
    • Backing: 100% physically backed by the underlying crypto assets
    • Custody: Institutional-grade custody by Coinbase
    • Management Fee: 0.95% per annum
    • Trading currency: EUR
    • First day of trading: Monday, 2nd of June 2025
    • BloombergTicker: VCOIN50
    • ISIN: SE0024738389
    • WKN: A4A5D4
    • Exchange ticker: VRTC
    • Exchanges: Deutsche Börse Xetra

    The ETP is available for sale in Germany, Sweden, Finland, Norway, Denmark, Poland, France, the Netherlands, Belgium, Spain and Italy.

    For questions, contact:
    Christopher Kock, CEO & Member of the Board of Directors
    Mobile: +46 70 073 45 64
    Email: christopher@virtune.com

    About Virtune AB (Publ):
    Headquartered in Stockholm, Virtune is a regulated Swedish digital asset manager and issuer of crypto ETPs listed on regulated European exchanges. With strong regulatory foundations, partnerships with industry leaders, and a skilled team, Virtune delivers innovative and compliant investment products aligned with the evolving global crypto landscape.

    Crypto investments are associated with high risk. Virtune does not provide investment advice; investments are made at your own risk. Securities may increase or decrease in value, there is no guarantee of getting back invested capital. Read the prospectus, KID, terms at virtune.com.

    The Coinbase 50 Europe Index (“Index”) is the exclusive property of MarketVector Indexes GmbH (“MarketVector”) and its Licensors and has been licensed for use by Virtune AB (Publ) (“Licensee”). MarketVector has contracted with CC Data Limited to maintain and calculate the Index. CC Data Limited uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MarketVector, CC Data Limited has no obligation to point out errors in the Index to third parties. In particular, MarketVector is not responsible for the Licensee and/or for Licensee’s legality or suitability and/or for Licensee’s business offerings. Offerings by Licensee, may they be based on the Virtune Coinbase 50 Europe ETP (“Product”) or not, are not sponsored, endorsed, sold, or promoted by MarketVector and any of its affiliates, and MarketVector and any of its affiliates make no representation regarding the advisability of investing in Licensee and/or in Licensee’s business offerings. MARKETVECTOR AND ANY OF ITS AFFILIATES AND ANY OF ITS LICENSORS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO LICENSEE. 

    The MIL Network

  • MIL-OSI: Virtune announces the launch of Virtune Coinbase 50 Index ETP, its new flagship product, on Deutsche Börse Xetra

    Source: GlobeNewswire (MIL-OSI)

    Frankfurt, June 4, 2025 – Virtune, the Swedish regulated crypto asset manager, today announced the listing of Virtune Coinbase 50 Index ETP (VCOIN50) on Xetra, one of Europe’s most prominent trading venues. The product is available to Swedish investors through brokers such as Avanza and Montrose.

    Virtune has seen sustained demand for digital assets from institutional and retail investors in the Nordic and European region. Building on this momentum, the VCOIN50 ETP listing on Deutsche Börse’s Xetra (Xetra ticker: VRTC) segment represents a key milestone in Virtune’s ongoing expansion across Europe. Coinbase will act as the custodian for VCOIN50.

    Virtune has made history as the first company to list a crypto Exchange Traded Product (ETP) tracking the COIN50E index, developed by Coinbase, a trusted and global leader in crypto services and administered by MarketVector IndexesTM (“MarketVector”), a leading global index provider.

    This launch represents several key firsts for Europe’s financial markets:

    • First ever ETP to track the Coinbase 50 Europe Index
    • The widest crypto ETP in Europe containing up to 50 crypto assets

    About Virtune Coinbase 50 Index ETP:

    Virtune Coinbase 50 Index ETP is a physically-backed exchange-traded product (ETP) tracking the Coinbase 50 Europe Index, the premier global benchmark index for digital assets and the crypto market’s equivalent of the S&P 500 index. At launch, VCOIN50 ETP will offer exposure to 21 crypto assets that are compliant with market-specific regulatory and Xetra-specific policies. Virtune’s expansion to include all 50 assets in the COIN50 is subject to regulatory and stock exchange approval. The ETP provides exposure to up to 50 leading crypto assets and is rebalanced quarterly. The product features a transparent structure backed by physical holdings and secured with institutional-level solutions.

    Allocation as of 3rd of June 2025: https://www.virtune.com/product/vcoin50

    About Virtune:

    Virtune is a Swedish-regulated crypto asset manager and issuer of 100% physically backed crypto ETPs. The company has experienced rapid growth in the Nordics since listing its first crypto ETP on Nasdaq Stockholm in May 2023. Today, Virtune manages $340 million in assets under management and has earned the trust of over 140,000 institutional and retail investors. Since its inception, Virtune has prioritized investor protection, and its success stems from its transparent, regulated approach and strong commitment to innovation and educating the market about crypto assets and ETPs.

    Christopher Kock, CEO of Virtune:

    “We have worked closely with Coinbase since our inception, relying on their outstanding custody, trading, and staking services across all our ETPs. We are now excited to further strengthen this collaboration by contributing to Coinbase’s global mission through the launch of a COIN50 ETP. COIN50 is an index with the potential to become the crypto market’s equivalent of the S&P 500 and the leading global crypto benchmark. This ETP offers both institutional and retail investors in Europe broad exposure to the crypto market, built by industry experts with deep knowledge and experience.”

    About Coinbase: 

    Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.

    Brett Tejpaul, Head of Coinbase Institutional: 

    “With the launch of the Virtune Coinbase 50 Index ETP in Europe, we’re making one of the most comprehensive benchmarks for the crypto market directly accessible to investors across the EU. This marks a major step forward in our mission to expand global access to digital assets and provide institutional-grade tools for navigating this evolving asset class. The introduction of this ETP reinforces our commitment to bridging traditional financial infrastructure with the growing demand for regulated, secure exposure to the digital economy.”

    About MarketVector:

    MarketVector IndexesTM (“MarketVector”) is a regulated Benchmark Administrator in Europe, incorporated in Germany and registered with the Federal Financial Supervisory Authority (BaFin). MarketVector maintains indexes under the MarketVectorTM, MVIS®, and BlueStar® names. With a mission to accelerate index innovation globally, MarketVector is best known for its broad suite of Thematic indexes, a long-running expertise in Hard Asset-linked Equity indexes, and its pioneering Digital Asset index family. MarketVector is proud to be in partnership with more than 25 Exchange-Traded Product (ETP) issuers and index fund managers in markets throughout the world, with more than USD 57 billion in assets under management.

    Martin Leinweber, Director, Digital Asset Research and Strategy, MarketVector: 

    “The Virtune Coinbase 50 Index ETP marks a significant step forward for crypto investment in Europe, offering broad, institutional-grade exposure to digital assets through a single, efficient product. This milestone combines MarketVector’s index expertise, Coinbase’s market infrastructure, and Virtune’s transparent, regulated approach. We’re proud to deepen our partnership with Virtune by becoming the index provider for their entire range of crypto ETPs across Europe. Together, we’re delivering the tools institutional and retail investors need to navigate the digital asset landscape with greater confidence and clarity.”

    Key Information about the Product:

    • Exposure: Exposure to up to 50 leading crypto assets in one product

    • Backing: 100% physically backed by the underlying crypto assets
    • Custody: Institutional-grade custody by Coinbase

    • Management Fee: 0.95% per annum

    • Trading currency: EUR

    • First day of trading: Monday, 2nd of June 2025

    • BloombergTicker: VCOIN50

    • ISIN: SE0024738389

    • WKN: A4A5D4
    • Exchange ticker: VRTC

    • Exchanges: Deutsche Börse Xetra

    For questions, contact:
    Christopher Kock, CEO & Member of the Board of Directors
    Mobile: +46 70 073 45 64
    Email: christopher@virtune.com

    About Virtune AB (Publ):
    Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

    Crypto investments are associated with high risk. Virtune does not provide investment advice; investments are made at your own risk. Securities may increase or decrease in value, there is no guarantee of getting back invested capital. Read the prospectus, KID, terms at virtune.com.

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    The MIL Network

  • MIL-OSI Economics: Denis Beau: How to make European financial integration a strategic strength in which European citizens play a key role

    Source: Bank for International Settlements

    Ladies and gentlemen,

    It is a pleasure to welcome you to the Banque de France for this award ceremony for the 36th international economics and finance dissertation competition. Before going on to highlight the best dissertations and the most original work selected by the jury this year, I would like to specifically address all the students.

    As you start or prepare to start your professional life, I want to share with you a perspective and two certainties, which I hope could help you in the early years of your career and, maybe, beyond. (I) The perspective is that of a threshold between two eras. This eventually represents an opportunity and a responsibility. To make the most of the situation, I am convinced we need to change our mindset (II), first, to finally make financial integration a strategic strength for Europe, and second (III), to make Europeans masters of their own destiny rather than passive bystanders to a technocratic project.

    I. Standing at the threshold of a new era: taking the challenges seriously and seizing the opportunities

    I shall start with the analysis. It has become something of a cliché – but that does not make it any less true: we are on the verge of a new era. 

    Over the past 15 years, since the outbreak of the Great Financial Crisis, we have rediscovered the vital importance – as well as the fragility – of our financial systems, our economies, our democracies, of peace in Europe, of the climate and our ecosystems- the list goes on. 

    In a world that is changing before our very eyes, one thing is clear: Europe risks being left behind. Our economy is lagging in terms of growth, productivity and innovation. Between 1999 and 2024, GDP per capita grew by a cumulative 46% in the United States, compared with 30% in the euro area. As a share of GDP, European firms invest half as much in research and development (R&D) as their US counterparts.

    Reversing this loss of speed and returning to growth, innovation and productivity is the first of three interdependent challenges we need to meet in the very near term. We also finally need to build our European sovereignty and strategic autonomy, and move forward on the climate, environmental, digital and demographic transitions – which we must anticipate and support if we are to avoid merely suffering the consequences.

    The amount of investment needed to face up to the challenges is massive: if we add “ReArm Europe” to Draghi’s famous figures, the EU will have to invest an additional EUR 900 billion per year up to 2030. That’s over 5% of our GDP.

    II. Changing our European mindset: placing the ends rather than the means at the heart of the European financial integration agenda

    Meeting these challenges calls for huge efforts from each of us. From my perspective as a central banker, let me focus on the special role finance has to play in Europe’s response: for the past 50 years, we have worked steadily to build a European single market, notably for financial services, helped by powerful catalysts such as the creation of the single currency and ESAs, the establishment of the Banking Union and the SSM, and the current Capital Markets Union project.

    Each of these initiatives represents real progress. However, throughout these years, our mindset has remained primarily institutional, and basically bureaucratic. 

    For Europe to achieve full financial integration and reap all of its rewards – especially at a time the risk of a profound fracturing of the financial landscape has never been greater with the potential reconfiguration unleashed by the new US administration’s policy change – it seems appropriate to adopt a more “substantial” approach, to make the European financial system not just something that needs to be regulated, but rather an asset for the European economy. 

    To achieve this, in his recent Letter to the President of the French Republic, the Governor of the Banque de France firmly underlined the need to take concrete steps, backed by sufficient EU consensus, in three main areas: reducing market fragmentation, investing better and innovating faster. 

    At the heart of these three priorities is the Savings and Investments Union: its aim is to create a single market for financing that will improve the allocation of savings by exploiting the complementarity between the Banking Union and Capital Markets Union – because it’s clear that bank and market financing remain overly fragmented by national borders.

    We also, I think, need to shift from an obligation of means to an obligation of results. The projects we need to carry out are nothing new, but the approach is very different. Up to now, the European agenda has primarily been conceived as a regulatory one, on the basis that this is sufficient to achieve a final result for which we are not accountable. But public action is more than simply drafting legislation. It must be based on a clearly stated intent, have an explicit ambition, and achieve concrete results for which it remains fully accountable.

    Let me illustrate this with three examples:

    The first concerns the regulatory framework for the financial system. It is vital that it be simplified. Over time, our institutional approach and the primacy given to regulation have led to an excess of red tape and inconsistencies. It is possible to revisit this regulatory framework to make it more efficient and agile, without undermining the objectives pursued, which, on the whole, have been met – and so without being dragged into a regulatory race to the bottom by the new US administration.

    A prime example of this is the proposed ESG regulations recently submitted by the Commission with the Omnibus Directive project, and which the Banque de France largely supports. 

    Another obvious candidate for simplification is the entire bank prudential framework – its microprudential, macroprudential and resolution rules – where examples of overcomplexity, redundancy and overlapping international standards abound. The framework has become labyrinthine, and even the specialists get lost – to say nothing of the institutional challenges that make it impossible to take a holistic view of bank capital requirements and their appropriate level.

    A second example is the equity financing of the European economy. We have all the instruments we need – from venture capital to equity markets – but none of them are on a sufficient scale. We particularly need to make better use of European long-term investors, who together are regarded as leading players in global financial markets, but struggle to make up sufficient mass. This can be achieved through the revision of the Solvency II Directive, and by using national and European public financial institutions more effectively to develop public-private partnerships. 

    My last example relates to market infrastructures. We need to adapt our European infrastructures to the wave of technological innovations currently being deployed, based on distributed ledger technology and asset tokenisation. Our first objective is to develop a wholesale central bank digital currency (wCBDC) for use by market participants, followed by a CBDC for everyday retail payments (digital euro). Then, in the medium term, we need to develop a European unified ledger to modernise securities transactions. The US authorities’ recent announcements in support of crypto-assets and stablecoins make it even more vital we complete this project, to maintain our monetary and financial sovereignty in the new world we are entering. The goal now is to move as quickly as possible from experimentation to operationalisation. Rest assured that the Banque de France and other Eurosystem central banks are working very actively and resolutely to complete this project.

    III. We should not neglect the human side: savers and financiers as stakeholders

    One of the keys to deepening our European financial integration is to make things simpler and more strategic – scaling down to half a dozen objectives with clear purposes and impacts rather than having an action plan with 36 highly technocratic projects.

    But there is another challenge that is often overlooked: the human aspect of the project, since nothing can be achieved without mobilising our fellow citizens. In this case, it means mobilising savers and financial professionals.

    In France, and probably other European jurisdictions, things in this area are far from optimal. The regulations are well-meaning, but at the very least overly complex, and in some respects treat savers like children, while also encouraging intermediaries to take a by-the-book approach to customer interests rather than genuinely seeking to do what’s best for them. More generally, they tend to treat the symptoms rather than looking for actual causes – one of the main ones being financial illiteracy, a phenomenon that has been well-documented and leads to sub-optimal outcomes in terms of household wealth management (reduced returns) and for the financing of the economy (a relatively risk-averse supply of financing).

    To help resolve this situation, the Banque de France intends to fully play its role as the national steering body for financial education – a task entrusted to it by public authorities – and provide explanations, training and guidance. I would like to commend EDUCFI for its work providing accessible educational content for all audiences, to help them better understand money, savings, loans and the risk of scams. I encourage you to tell people about these resources and to use them as much as possible: they are an important lever for spreading economic knowledge.

    But we must go further. Improving financial education means giving everyone the means to understand their choices, protect their savings and make a bigger contribution – indirectly but effectively – to the financing of the economy. This is a prerequisite for social justice, economic efficiency and citizenship.

    To conclude, I would like to make a wish for you, as students about to embark on your careers. You will be the ones making tomorrow’s European financial sector a vibrant and effective financial system. May you always remain committed to the interests of your clients and have a broad understanding of the challenges we collectively face. Behind your profession lies a mission that is essential to our society. The quality of your work will also make a difference to the future of Europe and Europeans.

    MIL OSI Economics

  • MIL-OSI Economics: Adriana D Kugler: Opening remarks

    Source: Bank for International Settlements

    Thank you, Olesya, and thank you for the invitation to speak to you today. It is such a pleasure to contribute to this conference.

    Our profession has increasingly recognized, especially after the Global Financial Crisis, that research in the interdisciplinary topics between macroeconomics and finance is indispensable both for monetary policy and for promoting financial stability. As a researcher myself, and having spent many years in academia, I place great value on the social contribution of research and its potential to improve policymaking.

    I want to express my appreciation for your efforts in using macro-financial data and theoretical models to enlighten us on several critical issues. For instance, let me cite a few topics of the conference that shed light on important issues:

    • The work on the transmission of monetary policy to both households and firms provides insights into how policy decisions ripple through the economy, a topic I recently addressed in a speech at the University of Minnesota. In this speech, I discussed my approach to monitoring monetary policy transmission and highlighted some of its key elements, such as the long and variable lags associated with policy effects.
    • The exploration of the neutral rate of interest-that which neither slows nor stimulates economic activity-provides another angle to this important concept. This is a topic I have addressed in previous remarks, and I am especially interested in the potential factors that can affect the neutral rate.
    • The work on how and why financial conditions faced by firms and households change with data releases and underlying macroeconomic conditions also enhances our grasp of the complex interplay between economic indicators and real-world financial experiences.
    • The research on the functioning of the Treasury securities market and how it is affected by regulatory constraints sheds light on a crucial aspect of our financial system.

    I commend you for pushing ahead with a research agenda that furthers our understanding of topics so relevant to our monetary policymaking.

    In the spirit of stimulating your research appetite, I’d like to mention some topics that have captured my attention recently. These represent emerging challenges and opportunities in the field, and I believe they warrant further investigation.

    First, recently, I have been paying attention to the possible interaction between the financial vulnerabilities of firms and their exposure to trade. As global economic tensions rise and supply chains evolve, understanding how a company’s financial health intersects with its international trade exposure becomes increasingly crucial. This research could provide valuable insights for both policymakers and business leaders navigating an uncertain global economic landscape.

    Second, lately, I have been monitoring the financial stability implications of the potential lower desirability of U.S. financial assets in flight-to-safety events. Traditionally, U.S. assets have been seen as a safe haven during times of global economic uncertainty. One notable example of this was during the Global Financial Crisis. However, we recently saw instances in which the VIX went up, stock prices went down, long-term yields from U.S. Treasury securities went up, and the U.S. dollar depreciated against the currencies of advanced foreign economies (AFEs), with a notable role for the euro. Importantly, the historical relationships and the observed moves in the VIX and interest rates of AFEs would have been associated with a decrease in long-term yields from U.S. Treasury securities and an appreciation of the dollar. As the global economic landscape shifts, it is crucial to examine how possible changes in the role of U.S. financial assets as a safe haven might affect financial stability both domestically and internationally.

    Lastly, I have been keenly interested, for some time now, in how stresses in the commercial real estate (CRE) sector could potentially spill over to the rest of the U.S. economy. The CRE sector continues to face challenges from low vacancy rates and valuation losses, especially in urban centers for the office sector. Another challenge is that some banks, insurers, and securitization vehicles continued to have concentrated exposures to CRE. As we have seen in past crises, such as the Global Financial Crisis, vulnerabilities in specific sectors can have far-reaching consequences for the financial system. Understanding potential vulnerabilities and potential domino effects are vital for maintaining overall economic stability and crafting preemptive policies.

    These, I believe, represent some of the most pressing questions facing our field today. They offer rich opportunities for groundbreaking research that could significantly influence future policy decisions.

    In conclusion, I want to reiterate my gratitude for the vital work you are all doing. Your research not only advances our understanding, but it also provides a solid foundation for informed policymaking. As we navigate the complex interplay of macroeconomics and finance in an ever-changing global landscape, the importance of your work cannot be overstated.

    I encourage you to continue pushing the boundaries of our knowledge, to ask the difficult questions, and to pursue the answers with rigor and dedication. Your efforts today will shape the policies of tomorrow, influencing the economic well-being of millions.

    Thank you for your attention, and I look forward to the insightful discussions and presentations that will unfold during this conference.

    MIL OSI Economics

  • MIL-OSI Economics: Sarah Hunter: Joining the dots – exploring Australia’s economic links with the world economy

    Source: Bank for International Settlements

    Introduction

    I’d like to begin by acknowledging the Traditional Owners of the land on which we meet today, the Yuggera and Turrbal people of Meanjin and pay my respects to Elders past and present.

    And thank you to the Economic Society of Australia [Queensland Branch] for giving me this opportunity to talk to all of you.

    I’m sure many are familiar with the Lenin quote ‘There are decades where nothing happens; and there are weeks where decades happen’. It certainly feels like the last few months fit into the latter category. The broad-based nature of the proposed US tariffs, retaliation from major partners and other policy shifts all have the potential to structurally alter the world economy. As recently discussed by our Deputy Governor Andrew Hauser, what happens overseas matters for the Australian economy and is therefore a key factor in monetary policy settings.

    In the recently released Statement on Monetary Policy (SMP) we outlined our thinking on how recent developments will influence the Australian economy. To help us understand the implications for Australia, we have developed a framework that captures the key transmission channels and combined this with a set of alternative scenarios that flex key assumptions and judgements. Together they underpin our thinking about how this environment will flow through the global economy and how Australia is exposed.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: LCQ21: Employees Retraining Board courses

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Chan Pui-leung and a written reply by the Secretary for Labour and Welfare, Mr Chris Sun, in the Legislative Council today (June 4):
     
    Question:
     
         Training courses of the Employees Retraining Board (ERB) offered by the appointed Training Bodies (retraining courses) aim at assisting service targets in entering the employment market and continuously upgrading their skills. It has been reported that at present, the ERB had a balance of over $13 ‍billion but an annual deficit of about $800 million to $900 million, which has aroused public concern about issues such as the effectiveness and coverage of its courses, as well as the adequacy of its financial resources in the long run. In this connection, will the Government inform this Council:
     
    (1) whether it knows the overall placement rate of trainees who had completed retraining courses in each of the past three years, together with a breakdown by training course;
     
    (2) whether it knows if the ERB has followed up on a long-term basis the employment situation of trainees who have completed placement-tied courses and collected the relevant data (e.g. the average time taken to successfully secure employment, the proportion of trainees who have not successfully secured employment and the reasons for that); whether the ERB has provided trainees with the relevant employment advice; if the ERB has, of the details; if not, the reasons for that;
     
    (3) as it is learnt that some people have repeatedly attended retraining courses for the purpose of applying for retraining allowance, leading to abuse and waste of resources, whether the Government has followed up in this regard; if so, of the details; if not, the reasons for that;
     
    (4) as there are views that the contents of some retraining courses are overlapping and outdated, whether the Government knows if the ERB will consider keeping abreast of the times and further enhancing the courses, as well as adding more relevant courses to tie in with the current market demand; if the ERB will, of the details; if not, the reasons for that;
     
    (5) whether the Government has assessed the effectiveness of retraining courses; as there are views pointing out that the enrolment rate of young people in retraining courses is relatively low, how the authorities promote and attract trainees of different age groups to enrol in such courses; and
     
    (6) given that the ERB currently has an annual deficit of about $800 million to $900 million, how the Government ensures its long-term financial sustainability so that it can continue to provide retraining courses?

    Reply:
     
    President,
     
         Since its establishment in 1992, the Employees Retraining Board (ERB) has been playing an important part of the training strategy for the labour force. The 2024 Policy Address announced the reform of the ERB to enhance its role and positioning from providing employment-related training for low-skilled workers to devising skills-based training programmes and strategies for the entire workforce. Since January 2025, the ERB lifted the restriction on educational attainment of trainees and expanded the service targets to the entire workforce; increased the annual number of training places by at least 15 000; strengthened collaboration with higher education institutions and leading enterprises, etc; and enhanced career planning and job matching services, etc. In addition, the ERB is working out the details and timetable for medium- to long-term work, including how it could gauge and project future skills requirements, reposition itself and build a new branding, adjust its structure and staffing and amend the Employees Retraining Ordinance (the Ordinance). The ERB will submit its recommendations by the end of this year.
     
         The ERB’s operation is funded by the Employees Retraining Fund (ERF) under its administration. At present, the major sources of income of the ERF are investment return, Employees Retraining Levy (Levy) and course fees. In 2014, the Government injected $15 billion into the ERF for generating investment income to finance the services and operation of the ERB. In addition, the Government injected $2.5 billion into the ERF in 2020 to enable the ERB to implement the “Love Upgrading Special Scheme” and to meet the anticipated commitment arising from the increase in the statutory cap of monthly training allowance per trainee. On the Levy, all employers of workers imported under the labour importation schemes designated under the Ordinance are required to pay the Levy. The Levy is transferred to the ERF for the provision of training and retraining to local workers. In 2021-22 to 2023-24, the average annual Levy income was around $59 million. The ERB has to optimise the use of the Government injection and strive to operate on a financially sustainable basis with due regard to cost effectiveness.
     
         On the Member’s question, in consultation with the ERB, my reply is as follows:
     
    (1) and (2) At present, the ERB provides three main types of training courses, namely placement-tied courses, skills upgrading courses and generic skills courses. Of these, placement-tied courses are tailored for the unemployed to assist them in acquiring industry-specific vocational skills to enhance their employability.
     
         Training bodies appointed by the ERB provide three to six-month placement follow-up services to all trainees who completed placement-tied courses (i.e. with an attendance rate of at least 80 per cent), such as provision of job vacancy information, arrangement of placement counselling and recruitment activities, to help them enter the employment market. In light of the reform measures recommended in the 2024 review, the ERB has strengthened its career planning and job matching services, etc. The ERB will explore ways to enhance the level of its career planning and employment support services, thereby providing more comprehensive career development support for its service targets.
     
         The employment decisions of trainees are affected by multiple factors such as the prevailing market situation, family factors and personal plans. In the past three years (2022-23 to 2024-25), the overall placement rates of ERB’s placement-tied courses were above 80 per cent. The ERB is unable to breakdown the placement rate by training courses as the number of such courses is substantial.
     
    (3) At present, retraining allowance will be provided for full-time placement-tied courses with duration of seven days or more to subsidise trainees’ expenses for transport and meals during the period for attending the courses, with a view to encouraging and supporting citizens in receiving training. Trainees in placement-tied courses are required to pass the interviews conducted by training bodies to ascertain their intention to engage in employment. Only trainees who attain an attendance rate of at least 80 per cent are eligible to apply for retraining allowance. In addition, trainees can enrol in no more than two placement-tied courses within one year, and they are not allowed to apply for the same course, or course at a similar or lower level of competency in the same discipline as the course previously enrolled.
     
         The ERB keeps under review the arrangement for disbursement of retraining allowance and implements enhancements in a timely manner to ensure the effective use of training resources. Starting from April 1 this year, the ERB has tightened the number of times a trainee can apply for retraining allowance each year, from a maximum of two times within one year and four times within three years to no more than once a year, to ensure effective use of the ERB’s resources and that more citizens have access to training opportunities.
     
    (4) The ERB closely observes the latest developments in the local employment market. To ensure that training courses meet the market demand, the ERB, during course development, conducts market research and demand analysis, consults stakeholders of various sectors such as employer associations, trade unions, the ERB’s relevant industry consultation networks, industry experts and technical advisors. This is to ensure that the training courses meet the market needs and complement the industry’s training needs. The ERB also conducts regular reviews of courses and make adjustments as needed after rolling out the courses.
     
         In terms of medium- to long-term measures, the ERB will strengthen its research capabilities to grasp the trends for prevailing and future skills demands and the manpower needs of different industries (including emerging sectors). The ERB will formulate an appropriate training framework to guide its training bodies to develop suitable courses to meet the upskilling needs of people with different backgrounds and educational attainments. The ERB will also strengthen collaboration with higher education institutions and leading enterprises to offer more and a wider diversity of courses on skills upgrading. 
         Apart from training courses for the general public, the ERB also provides dedicated youth programmes for young people aged 15 to 29 to assist them in acquiring vocational skills training and placement services. In the past three years (2022-23 to 2024-25), the number of intakes aged 15 to 29 was around 6 per cent of the total number of intakes of ERB courses. The number of intakes of the dedicated youth programmes was also on the rise.
     
         The ERB convenes regular meetings of the “Focus Group on Training for Youth” with representatives of employers, youth concern groups, social service sector, training bodies and the relevant government departments to review the dedicated youth programmes. The ERB also collects information on the employment and further studies of the graduates of placement-tied courses, to ensure that the courses align with the latest development and cater for the needs of the youth. The reformed ERB will continue to explore development of more skills-based and a wider diversity of courses to meet the upskilling needs of people with different backgrounds and educational attainments (including the youth).
     
    (6) As of March 31, 2024, the ERF’s balance was around $13.5 billion. In 2021-22 to 2023-24, the ERF recorded deficits of around $970 million, $880 million and $930 million respectively. During the same period, the incomes of the ERF was around $610 million, $730 million and $640 million respectively, with interest income being the major income source; the ERB’s expenditure was around $1.59 billion, $1.6 billion and $1.57 billion respectively, with training courses and programme expenses being the major expenditure. The ERB will continue to closely monitor its financial position and report regularly to the full Board and its Finance and Administration Committee.
     
         The medium- to long-term work recommended in the comprehensive review comprises reforming the ERB’s functions, organisational structure and operating mode and consolidation of training resources. These involve amendments to the Ordinance and resources deployment. The ERB is further studying the medium- to long-term reform work with a view to submitting its recommendations to the Government by the end of this year. The Government will then study the follow-up work with the ERB and jointly implement the reform.

    MIL OSI Asia Pacific News

  • MIL-OSI: Egypt and Saudi Arabia are the easiest countries for doing business in the Middle East, says GBCI 2025

    Source: GlobeNewswire (MIL-OSI)

    LONDON, June 04, 2025 (GLOBE NEWSWIRE) — The Middle East is positioned as a mid-complexity region for doing business in the Global Business Complexity Index (GBCI) recently launched by TMF Group.

    The report ranks 79 jurisdictions, accounting for 94% of the world’s GDP, based on their business complexity, with 1 being the most complex and 79 the least complex. Within the Middle East, Egypt is ranked 37th globally, followed closely by the Kingdom of Saudi Arabia at 38th, the United Arab Emirates (UAE) at 39th and Qatar at 44th.

    Egypt has decreased in complexity from last year’s position of 28th, mainly due to several strategic efforts and developments. For example, the country’s adoption of diverse logistic solutions and strengthening of trade corridors has played a pivotal role in mitigating economic pressures and geopolitical risks. The establishment of integrated logistics corridors and free zones, coupled with incentives like simplified customs procedures, has also enhanced accessibility for foreign businesses.

    Saudi Arabia has also improved its position, ranking 38th this year (one point less complex than last year), with resilience amid geopolitical disruptions and Vision 2030 initiatives being highlighted as key drivers of the ease of complexity. The country’s strategy to diversify its economy beyond oil dependency continues at the forefront, as the Kingdom invests in trade infrastructure and regulatory frameworks, enhancing supply chain resilience. In addition, under Vision 2030, Saudi Arabia is striving to reduce its vulnerability to geopolitical threats. Parallelly, investments in infrastructure aim to establish the Kingdom as a global logistics hub.

    The UAE, ranking 39th this year, continues to position itself as a resilient hub amid global geopolitical disruptions. Strict regulations in place aim to ensure operations are compliant and secure, and contribute to the UAE being seen as a ‘safe haven’ for a diverse range of sectors. These regulations help mitigate risks and provide stability for businesses, fostering confidence among investors and enterprises. With multiple entry points and robust infrastructure, the UAE offers reliable trade corridors.

    With a slight increase in its complexity, Qatar is ranked 44th (last year, it ranked 48th). The geopolitical landscape remains volatile, with Qatar being involved in multiple peace talks, which underscores regional unpredictability and contributes to the heightened sense of uncertainty in the business environment. Additionally, the labour market faces challenges such as increased staff turnover and wage inflation, impacting cost efficiency.

    Achin Malik, TMF Group’s Middle East, India and Africa Market Head, commented:

    “Complexity is no longer the biggest challenge for business worldwide: uncertainty is. At a time of great instability in global trade and rising geopolitical tensions, the Middle East is increasingly strengthening its trade corridors — and exploring new ones. This positions countries like Egypt, Saudi Arabia, UAE and Qatar as resilient hubs for businesses amid geopolitical and natural disruptions, in a context of increased unpredictability.”

    Global top and bottom ten (1= most complex, 79= least complex) 
    1. Greece  79. Cayman Islands 
    2. France  78. Denmark 
    3. Mexico  77. New Zealand 
    4. Turkey  76. Hong Kong, SAR 
    5. Colombia  75. Jersey 
    6. Brazil  74. Netherlands 
    7. Italy  73. Jamaica 
    8. Bolivia  72. British Virgin Islands 
    9. Kazakhstan  71. Curaçao 
    10. China  70. Czech Republic 

    Media Contacts

    TMF Group

    Marina Llibre Martín, Global PR Manager
    marina.llibremartin@tmf-group.com

    The MIL Network

  • MIL-OSI Economics: Jerome H Powell: Opening remarks

    Source: Bank for International Settlements

    Thank you, Beth Anne.

    I want to start by offering my condolences to the family and friends of former Vice Chair Stanley Fischer. Stan was a colleague of ours at the Fed, and a giant in the field of international economics. In addition to reaching the highest levels of the field in his own right, he was a trusted and generous mentor and teacher to a generation of the most important economic thinkers, including many heads of global central banks, advisers to presidents, and countless economists. We will miss him.

    Congratulations to Division of International Finance (IF) on 75 years of outstanding work in service to the Federal Reserve Board and, by extension, to all Americans. Many current staff members are here to celebrate today, as well as a number of IF alumni, including past division directors Ted Truman, Karen Johnson, Nathan Sheets, and Steve Kamin. The division has produced many other notable alums, including Chair and Secretary Janet Yellen; professor, author, chess grandmaster, and our keynote speaker, Ken Rogoff; and humanitarian and economist Albert Hirschman, famous for the Herfindahl–Hirschman Index and more recently as a character in Netflix’s Transatlantic, to name just a few.

    In my time at the Fed, the IF division has provided invaluable insight into global economic activity, international trade and capital flows, and developments in foreign financial markets. Division staff have also played a key role during episodes of global financial stress. And your research and analysis are critical inputs into our monetary policy decisions. Thank you to all that have served in this division over the past 75 years. Today I will kick off this conference by briefly reviewing why the division was created and highlighting a few of its many accomplishments over the years, before turning you over to a robust set of presentations and panels.

    New Era for Global Economy

    The IF division was created on July 1, 1950, but the idea began to germinate a few years earlier. The U.S. emerged from World War II as a global economic superpower. The Bretton Woods Agreement placed the U.S., and the Fed, in a central position in the global economy. Our mission then, as it is now, was to serve the American people. But it was clear at that moment that the Fed needed to have better knowledge of global developments to achieve our dual-mandate goals.

    A 1948 memo proposing to create this division stated, “Problems of international economics and finance have become increasingly large, complex, and significant in recent years, and our foreign economic relations will undoubtedly continue to give rise to issues of the first magnitude.” That is the rare economic forecast that turned out to be spot on!

    Seventy-five years later, it remains critical that the Fed understand the policies and practices of other governments and central banks, and their implications for the U.S. economy and financial markets. Exchange rate policy, of course, is now firmly in the hands of the U.S. Treasury. However, the end of the Bretton Woods era in the 1970s fundamentally changed the conduct of monetary policy, as policymakers had to understand the effects of potentially more volatile movements of the U.S. dollar on American families and businesses.

    Understanding global trade and capital movements has only grown in importance since 1950, as we saw during the pandemic. The IF division helps produce the data on international capital flows, and has spent decades researching the effects of these flows and international trade on U.S. and foreign economies. Understanding this complex and interconnected web is essential for us to anticipate the path of employment and inflation.

    Another important development in the 1970s was the increasing use of macroeconomic modeling, which greatly influenced the division’s work. Under the direction of former Division Director Ralph Bryant, IF developed its first multicountry model. Always on the forefront, over the years, economists in the division-many of whom are in this room today-developed increasingly sophisticated models, with each new generation expanding the capability to tackle the international risks and issues of the day. These models have proven useful for understanding how international shocks transmit through the economy and financial markets, for assessing risks and uncertainties through alternative scenarios, and for better comprehending the implications of various shocks for the U.S. and global economy. The results have informed research papers, Board memos and briefings, as well as the risks and uncertainty assessment that Federal Open Market Committee members receive in advance of every meeting.

    Prepared for Crisis

    The IF division has also played an important role in responding to global economic turbulence. A prime example is the Latin American debt crisis of the 1980s. That episode required analytical thinking about the macroeconomic repercussions of the crisis as it played out around the world. Work by division, and by the International Monetary Fund and other institutions, led to the establishment of emergency facilities to prevent more dire financial outcomes. As global capital flows increased, other episodes of financial distress surfaced across the world, including in Mexico, Asia, and Russia. International capital flows and spillovers became, and remain, a recurrent feature in the division’s analytical and monitoring work.

    The expertise generated through study and response to those global challenges proved invaluable when stress hit closer to home during the Global Financial Crisis and the pandemic. Both of those events required immediate, broad, and, in many cases, unprecedented responses to avoid disrupting the availability of credit to American households and businesses. The nation, and the world, looked to the Federal Reserve to lead in these moments. During the Global Financial Crisis, when global funding markets came under stress, the IF division worked to establish swap line arrangements with several major central banks that helped restore stability in U.S. dollar funding markets. And during the pandemic, the IF division helped lead efforts to expand the provision of dollar liquidity by setting up the FIMA Repo Facility.1

    These periods of acute financial stress and uncertainty prompted the division to develop new tools and analytical products that could be used to understand and respond to the events unfolding on the ground. For instance, the division has devised new methods to measure and assess the effect of various types of uncertainty on economic activity, including new indexes that were built to track geopolitical risk, inflation, trade policy, and economic uncertainty. As we continue to navigate the current period of heightened uncertainty, this work is critical to understanding the quantitative implications of uncertainty shocks.

    Conclusion

    I will conclude by saying that, for 75 years, nine Fed chairs and countless Board members have greatly benefited from the guidance and counsel of IF staff-and not just when responding to crisis. This team helps assure we are well prepared for our international engagements, by providing detailed materials ahead of time and often by traveling with us. IF staff are always welcome and productive companions. In these and other endeavors, we benefit from the robust relationships you establish and maintain with our global counterparts.

    Thank you to Beth Anne and all the staff here that organized this wonderful event. And, finally, thank you again to all the current and former IF staff for what you have done and continue to do to help us be a globally knowledgeable and responsive central bank, so that we can deliver on our dual mandate for all Americans.


    MIL OSI Economics

  • MIL-Evening Report: Extreme weather events have slowed economic growth, adding to the case for another rate cut

    Source: The Conversation (Au and NZ) – By Stella Huangfu, Associate Professor, School of Economics, University of Sydney

    Australia’s economy slowed sharply in the March quarter, growing by just 0.2% as government spending slowed and extreme weather events dampened demand. That followed an increase of 0.6% in the previous quarter.

    The national accounts report from the Australian Bureau of Statistics (ABS) showed annual growth steady at 1.3%, below market forecasts for an improvement to 1.5%.

    The result is also weaker than the Reserve Bank of Australia’s forecasts.

    The ABS said: “Extreme weather events further dampened domestic demand and reduced exports”, with the impact particularly evident in mining, tourism and shipping.

    This report on Gross Domestic Product (GDP) will be a key consideration for the Reserve Bank’s next meeting on July 7–8, helping shape its decision on whether to cut rates again. In May, the central bank cut the cash rate by 0.25% to 3.85%.

    On balance, the softer than expected pace of growth makes another rate cut in July a bit more likely.

    Private demand drives growth as public spending slumps

    Household spending slowed to 0.4% in the quarter from 0.7%. Essential spending led the way, with a sharp 10.2% rise in electricity costs due to a warmer-than-usual summer and reduced electricity bill rebates. Food spending also increased as Queenslanders stocked up ahead of Tropical Cyclone Alfred.

    Investment also contributed to growth, though its composition shifted. Private investment rose 0.7%, driven by a rebound in house building and strong non-dwelling construction, particularly in mining and electricity projects. But business investment in equipment and machinery slumped.

    Public investment fell 2.0%, ending a run of positive growth since September 2024. This decline, which detracted 0.1 percentage points from GDP, reflected the completion or delay of energy, rail and road projects.

    “Public spending recorded the largest detraction from growth since the September quarter 2017”, the ABS said.

    Disappointing trade performance

    Exports unexpectedly became the main drag on growth in the March quarter, marking a sharp turnaround from December 2024.

    Total exports fell 0.8%, led by a drop in services – particularly travel – due to weaker foreign student arrivals and lower spending. Goods exports also declined as bad weather disrupted coal and natural gas shipments, and demand from key markets like China and Japan softened.

    The growth outlook is soft

    Given the weaker-than-expected growth in the March quarter, Australia’s economic outlook remains soft.

    A disappointing sign in the report was another fall in GDP per head of population, known as GDP per capita. This measure declined by 0.2%, after just one quarterly rise and seven previous quarters of a “per capita recession”, when population growth outpaces economic growth.

    The household saving rate continue to rise in the March quarter, back to pre-COVID levels at 5.2%. This is because income grew faster than spending, and households remain cautious amid economic uncertainty. Additional government support also boosted savings.

    The economic slowdown reflects weak household spending and a notable pullback in public sector investment. With domestic demand under strain, short-term growth prospects appear limited as the economy continues to adjust to past interest rate hikes and the early effects of the recent cuts.

    The Reserve Bank began cutting official rates in February – its first move after 13 consecutive hikes between May 2022 and November 2023 – but the impact has yet to flow through. The next GDP figures, due on September 3, will offer a clearer picture of how the February and May rate cuts are shaping the recovery.

    Trade tensions add uncertainty

    Global conditions have become more unsettled, with rising trade tensions and shifting geopolitical alliances putting pressure on international trade. Renewed tariff threats – particularly from the US – are disrupting global supply chains. For export-reliant Australia, this increases the risk of weaker trade volumes and greater exposure to external shocks.

    At the same time, China’s post-pandemic recovery is losing momentum, dragged down by weak consumer demand and a struggling property sector.

    Given Australia’s close trade ties with China, any sustained slowdown there poses a clear threat to export earnings and broader economic growth. Together, these global headwinds are adding to the uncertainty surrounding Australia’s economic outlook.

    A balancing act on rates

    With demand soft and the economy losing momentum, the Reserve Bank may cut interest rates again at its July meeting to help boost growth. Key sectors like household spending, public services and mining have been under pressure. A further rate cut could support confidence and encourage more spending.

    However, the monthly inflation report for April adds uncertainty. While headline inflation held steady at 2.4% over the year to April, underlying measures ticked higher.
    The monthly rate excluding volatile items such as fuel and fresh food rose to 2.8%, up from 2.6%. That suggests price pressures are becoming more widespread.

    These mixed signals leave the RBA facing a delicate balancing act. Upcoming data, particularly the employment report on June 19 and the May monthly inflation indicator on June 25, will be critical in determining whether inflation is easing enough to justify another cut or showing signs of persistence that call for caution.

    The Conversation

    Stella Huangfu does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Extreme weather events have slowed economic growth, adding to the case for another rate cut – https://theconversation.com/extreme-weather-events-have-slowed-economic-growth-adding-to-the-case-for-another-rate-cut-257962

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: Lee Jae-myung sworn in as S. Korea’s new president

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

    Lee Jae-myung was sworn in as South Korea’s new president on Wednesday after formally beginning his single five-year term earlier in the day.

    The country’s 21st president took the oath of office in the National Assembly building, saying in a televised inaugural address that he will serve all people whomever they supported in the presidential election.

    Lee of the majority liberal Democratic Party won 49.42 percent of support, defeating his archrival Kim Moon-soo of the conservative People Power Party by a wide margin of 8.27 percentage points.

    He stressed that the Asian country was standing at a turning point of great transformation in the face of challenges such as competition for artificial intelligence, climate change, and expanded protectionist moves.

    Lee vowed to start with efforts to boost people’s livelihoods and revive the faltering economy, saying his government will create new growth engines and share growth outcomes in a fair manner.

    The liberal leader noted that his administration will pursue balanced regional development across the country for sustainable growth while actively supporting its cultural industry.

    He pledged to build peace on the Korean Peninsula through dialogue and cooperation with the Democratic People’s Republic of Korea (DPRK) while protecting people from various accidents such as crowd crushes and airplane crashes.

    The president assumed duties without a transition period as he won the snap election, triggered by the removal of his predecessor from office over a botched martial law bid last December.

    The scaled-down inauguration event was attended by chiefs of the parliament, the supreme court, the constitutional court and the election watchdog as well as lawmakers and cabinet members.

    Before the event, Lee paid tribute at the Seoul National Cemetery where those who made sacrifices for the country are buried. 

    MIL OSI China News

  • MIL-OSI Australia: Serious Financial Crime Taskforce case studies

    Source: New places to play in Gungahlin

    Most people comply with their tax obligations. However, there are a small number of people who deliberately do the wrong thing. The ATO-led SFCT was established to respond to this, targeting the more serious financial crimes in Australia.

    The case studies on this page reinforce that those who deliberately cheat the system will be held to account.

    Stay up to date on the latest SFCT outcomes by subscribing to general email updates. Subscribers will receive updates on all new general content on our website, including the latest SFCT case studies.

    Government fraudster sentenced to jail

    Paolo Esmaquel was sentenced on 28 May 2025 in the Melbourne County Court to 18 months of imprisonment in addition to the jail time previously imposed for similar federal offences in November 2024.

    She was charged with 3 categories of offending against Government at both federal and state levels: tax fraud, identity and counterfeiting fraud, and social security fraud.

    The ATO worked collaboratively with other partner agencies across Government to hold Ms Esmaquel to account for her actions.

    An operation conducted by the ATO-led SFCT uncovered her elaborate scheme to commit tax fraud by stealing the identities of 3 different individuals.

    One of the assumed identities was registered by Ms Esmaquel as a tax practitioner with the Tax Practitioners Board (TPB). To do this, she submitted forged documents to the TPB that falsely claimed she completed the required tertiary education to become a tax agent and forged a declaration from a chartered accountant.

    Following this, she set up a tax agent profile on ATO Online Services and linked several taxpayers to her account. Ms Esmaquel then lodged 10 fraudulent business activity statements on behalf of these taxpayers without their knowledge or consent.

    As a result of the investigation, the TPB cancelled her tax agent registration.

    Acting Deputy Commissioner and Serious Financial Crime Taskforce (SFCT) Chief Kath Anderson acknowledges the prevalence of identity crime, saying ‘With a rise in scammers and cyber criminals out in the community, it’s more important than ever to protect your personal identifying information. This case shows how far criminals will go to commit identity fraud and exploit the tax and super system.’

    ‘We have strengthened our systems against fraud and financial crime through prevention, early detection, containment and consequences, such as the jail time Ms Esmaquel received’.

    Read more in the media release.

    Former registered liquidator sentenced to prison

    Former liquidator Peter Amos has been sentenced to 4 years imprisonment for dishonestly gaining an advantage for his business and himself contrary to the Corporations Act.

    Mr Amos was a registered liquidator and business owner of Amos Insolvency Pty Ltd (Amos Insolvency).

    Between 6 October 2016 and 31 December 2022, Mr Amos transferred $2,498,546 from the accounts of Mikcon Employment Services Pty Ltd, TPC (Vic) Pty Ltd, P O W 4X4 Pty Ltd, A-Force Electrics Pty Ltd, and Conomi Group Pty Ltd to Amos Insolvency.

    ATO Deputy Commissioner and Serious Financial Crime Taskforce Chief John Ford welcomed the court’s decision, saying the sentencing is a warning to those looking to use their position to exploit the system.

    ‘This outcome sends a clear message to those who look to game the system to gain an unfair advantage – you will be caught,’ Mr Ford said.

    Read more about the outcome in the media releaseExternal Link.

    Woman sentenced for false claims and forged documents

    On 1 October 2024, Ashmita Sharma appeared before the Downing Centre Local Court in NSW for sentence.

    Ms Sharma received two 18-month suspended sentences, to be served concurrently. She pleaded guilty to committing GST fraud, JobKeeper fraud and attempting to pervert the course of justice, contrary to sections 134.2(1) of the Criminal Code (Cth) and 43(1) of the Crimes Act 1914 (Cth) respectively.

    Ms Sharma was also ordered to be of good behaviour for 3 years and repay the remaining $26,426 in stolen funds to us.

    In August 2020, Ms Sharma lodged:

    • a false COVID-19 JobKeeper application on behalf of a dormant company that listed her father as the sole director, without his knowledge or authorisation
    • 3 separate business activity statements
    • a false claim for a Cashflow Boost Stimulus which was taken into account on sentence.

    In total, Ms Sharma received $30,926 as a result of the offending.

    During the course of the matter, Ms Sharma was also charged with one count of attempting to pervert the course of justice by forging a medical certificate to avoid attending court.

    Operation Hyacinth is part of a broader investigation by the SFCT into the misuse of government funds. Our message is clear; those who think they can steal and cheat the system for their own financial gain will be caught. Attempting to avoid these consequences can make the situation worse.

    This SFCT matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from the ATO.

    To report any known or suspected illegal behaviour you can either complete the tip-off form or phone us on our tip-off hotline on 1800 060 062.

    Find out more about the Serious Financial Crime Taskforce.

    Attempts to commit gold bullion fraud didn’t have the outcome 2 fraudsters had planned.

    The investigation, conducted under the ATO-led SFCT, revealed that Cedric Adrian Millner and Jonatan Kelu purchased GST-free gold bullion, refashioned it into scrap and then sold it inclusive of GST to a refiner. Millner and Kelu claimed GST input tax credits by falsely stating that the GST-free gold bullion was purchased inclusive of GST under the GST second-hand rules.

    The reward for engaging in this complex $40 million fraud activity was a sentence of 8 years in jail for both men, handed down in the Supreme Court of NSW.

    These criminals thought their actions would go undetected, but our expert team of investigators uncovered the fraud and worked to solve the case, bringing together thousands of documents and multiple data sets to form a solid brief that would ultimately be their downfall.

    Operation Nosean was established to look at network participants in the gold bullion and precious metals industry. This included refiners, bullion dealers, gold kiosks, dealers and buyers within established supply chains involved in gold recycling arrangements, seeking to exploit the GST rules in relation to precious metals.

    New laws were introduced in April 2017 to combat fraud in the gold bullion and precious metals industry.

    Our message is clear to those who seek to evade or cheat the tax system: there is no place for you to hide and we will not tolerate this behaviour.

    For more information see:

    Second sentencing for Australia’s largest tax fraud case

    On 29 March 2018, Michael Issakidis faced the Supreme Court of NSW for his involvement in the largest prosecuted tax fraud case in Australia’s history.

    Alongside his co-conspirator Anthony Dickson, Issakidis deliberately absorbed $450 million of otherwise assessable income. He did this using complex domestic and international trust and tax evasion structures. This caused a loss to the Commonwealth of $135 million. By creating a web of false identities and siphoning money offshore, the pair acquired approximately $63 million.

    Issakidis was sentenced to 10 years and 3 months jail for his involvement in the operation. This followed the 2015 sentencing of Dickson, whose original 11-year sentence was increased to 14 years on appeal.

    The significant penalties handed down to both Issakidis and Dickson demonstrate the success of the SFCT in dealing with those who deliberately cheat the system. As a member of the SFCT, we are equipped with the resources, data-matching capability and international and domestic intelligence-sharing relationships to uncover even the most complex tax evasion schemes.

    People who deliberately avoid paying the correct amount of tax will be caught and will face the full force of the law.

    For more information see:

    MIL OSI News

  • MIL-OSI: WISeKey International Holding Ltd Announces Adjournment of 2025 Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    WISeKey International Holding Ltd Announces Adjournment of 2025 Annual General Meeting

    Zug, Switzerland, June 4, 2025Ad-Hoc announcement pursuant to Art. 53 of SIX Listing Rules – WISeKey International Holding Ltd. (“WISeKey” or the “Company”) (SIX: WIHN, NASDAQ: WKEY), leading global cybersecurity, blockchain, and IoT company, announced today that the Board of Directors has decided, for logistical reasons, to ajourn the 2025 Annual General Meeting of Shareholders (“AGM“) from June 19, 2025, 2:00 p.m. Swiss time, to June 27, 2025, at 2:00 p.m. Swiss time.

    The venue of the 2025 AGM will remain the offices of Homburger AG, Prime Tower, Hardstrasse 201, 8005 Zurich, Switzerland. Admittance to the 2025 AGM will start at 1:30 p.m. Swiss time.

    Other than the date of the AGM, nothing will change. In particular, the items on the agenda of the AGM and the related proposals of the Board of Directors remain unchanged.

    About WISeKey
    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

    Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

    Press and investor contacts:

    WISeKey International Holding Ltd 
    Company Contact:  Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com
    WISeKey Investor Relations (US) 
    Contact:  Lena Cati
    The Equity Group Inc.
    Tel: +1 212 836-9611
    lcati@theequitygroup.com

    Disclaimer:
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    The MIL Network