Category: Economy

  • MIL-OSI Africa: African Mining Week (AMW) 2025 to Host Africa-Europe Mining Cooperation Dialogue

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

    CAPE TOWN, South Africa, May 2, 2025/APO Group/ —

    As home to 30% of the world’s critical minerals – resources essential to Europe’s Green Deal and broader energy transition goals – Africa is attracting heightened interest from European investors and institutions.

    Taking place from October 1–3, 2025 in Cape Town, African Mining Week – the continent’s premier mining event – will host the Europe-Africa Roundtable under the theme, European Partnerships in African Mining: A Mutually Beneficial Future. The roundtable will convene mining stakeholders, policymakers and investors from both continents to explore investment opportunities and foster cross-continental collaboration.

    As Africa seeks to mobilize new capital to drive industrial growth through mining, European-based companies are playing a pivotal role. British multinational Anglo American is advancing copper, nickel, coal and diamond projects in South Africa, Botswana, Zambia and Nigeria. Glencore, headquartered in Switzerland, maintains major coal, copper and cobalt operations in South Africa and Botswana, while the UK’s Rio Tinto is engaged in a range of mineral ventures across the continent.

    Europe’s junior and mid-tier mining firms are also gaining ground. Pensana is developing Angola’s first rare earths mine at Longonjo, which is expected to meet 5% of global demand for magnet rare earths. Endeavour Mining is leading several gold expansion projects across the continent, including the Lafigué Gold Mine in Ivory Coast, Sabodala-Massawa in Senegal and Kalana in Mali.

    Beyond the private sector, the European Commission is also backing strategic infrastructure to unlock mineral corridors. Notably, it is co-financing the Lobito Corridor, which links the DRC, Zambia and Angola to global markets. Through frameworks such as the Global Gateway Africa-Europe Investment Package, the Africa-EU Partnership on Sustainable Raw Materials, and Strategic Partnerships on Critical Raw Materials, Europe is delivering financial backing and technical know-how to Africa’s mining sector. These efforts aim to secure reliable, responsible and diversified mineral supply chains while fostering sustainable development and value addition on the African continent.

    Within this context, AMW 2025 offers a vital platform to sustain this momentum, deepen cooperation and forge new partnerships that advance mining-led growth. From major investments by European mining giants to infrastructure financing through the Lobito Corridor, Africa is attracting unprecedented levels of capital and collaboration. The Europe-Africa Roundtable will spotlight opportunities across critical minerals, gold, copper and rare earths, while promoting sustainable practices and mutually beneficial engagement.

    MIL OSI Africa

  • MIL-OSI: Rivalry Announces Grant of Management Cease Trade Order

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 02, 2025 (GLOBE NEWSWIRE) — Rivalry Corp. (TSXV: RVLY) (OTCQB: RVLCF) (“Rivalry” or the “Company”), the leading sportsbook and iGaming operator for digital-first players, announces today that it was unable to meet the April 30, 2025 deadline to file its Audited Annual Financial Statements, Management’s Discussion and Analysis, and related CEO and CFO certificates for the fiscal year ended December 31, 2024 (collectively, the “Annual Filings”), as required under applicable Canadian securities laws.

    In connection with the Company’s inability to file the Annual Filings on time, the Company applied, and received approval, for a Management Cease Trade Order (the “MCTO”) from the Ontario Securities Commission under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). The Company will have until June 30, 2025 to file its Annual Filings. The Company remains confident in its ability to complete the Annual Filings by this date.

    Until the Company files the Annual Filings, it will comply with the guidelines set out in Part 3(10) of NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports in the form of news releases.

    While the MCTO is in effect, the general investing public will continue to be able to trade freely in the Company’s listed subordinate voting shares. However, the MCTO will prohibit the Company’s Chief Executive Officer and Interim Chief Financial Officer from trading securities of the Company for so long as the Annual Filings are not filed. Additionally, the Company will be prohibited from directly or indirectly issuing or acquiring securities from insiders or employees of the Company until such time as the Annual Filings and all continuous disclosure filings have been filed by the Company, and the MCTO has been lifted.

    The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

    The Company also announces that it has secured a US$600,000 principal amount senior unsecured loan from its existing senior lender, maturing on September 30, 2025, with an interest rate of 10% per annum (the “Loan”). The Loan reinforces the Company’s senior lender’s support for the Company’s ongoing strategic review process and provides the Company with additional flexibility to continue pursuing its strategic initiatives to maximize long-term stakeholder value.

    About Rivalry

    Rivalry Corp. wholly owns and operates Rivalry Limited, a leading sport betting and media company offering fully regulated online wagering on esports, traditional sports, and casino for the digital generation. Based in Toronto, Rivalry operates a global team in more than 20 countries and growing. Rivalry Limited has held an Isle of Man license since 2018, considered one of the premier online gambling jurisdictions, as well as an internet gaming registration in Ontario, and is currently in the process of obtaining additional country licenses. With world class creative execution and brand positioning in online culture, a native crypto token, and demonstrated market leadership among digital-first users Rivalry is shaping the future of online gambling for a generation born on the internet.

    No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

    Company Contact:
    Steven Salz, Co-founder & CEO
    ss@rivalry.com

    Investor Contact:
    investors@rivalry.com

    Cautionary Note Regarding Forward-Looking Information and Statements

    This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking statements in this news release include, but are not limited to, statements with respect to the timing, completion and filing of the Annual Filings by June 30, 2025, the Company’s ability to comply with the requirements of NP 12-203 and the Company’s strategic review process and any potential transactions that may arise in connection therewith.

    Forward-looking statements are based on the opinions and estimates of management of the Company at the date the statements are made based on information then available to the Company. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include regulatory or political change such as changes in applicable laws and regulations; the ability to obtain and maintain required licenses; the esports and sports betting industry being a heavily regulated industry; the complex and evolving regulatory environment for the online gaming and online gambling industry; the success of esports and other betting products are not guaranteed; changes in public perception of the esports and online gambling industry; failure to retain or add customers; the Company having a limited operating history; negative cash flow from operations and the Company’s ability to operate as a going concern; the Company’s ability to repay amounts owing under its secured and unsecured indebtedness; operational risks; cybersecurity risks; reliance on management; reliance on third parties and third-party networks; exchange rate risks; risks related to cryptocurrency transactions; risk of intellectual property infringement or invalid claims; the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and general economic, market and business conditions. For additional risks, please see the Company’s management’s discussion and analysis for the three and nine months ended September 30, 2024 under the heading “Risk Factors”, and other disclosure documents available on the Company’s SEDAR+ profile at www.sedarplus.ca.

    No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

    Source: Rivalry Corp.

    The MIL Network

  • MIL-OSI: Radware Launches New Cloud Security Service Centers in India and Kenya

    Source: GlobeNewswire (MIL-OSI)

    MAHWAH, N.J., May 02, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, announced the launch of new cloud security service centers in Chennai and Mumbai, India, and Nairobi, Kenya. Today, Radware supports a network of more than 50 cloud security service centers worldwide with a mitigation capacity up to 15Tbps.

    Radware’s global network of data centers mitigates attacks closest to their point of origin. This helps organizations improve application response times for in-region traffic and reduce mitigation response times against a variety of attacks, including denial-of-service attacks, web application attacks, malicious bot traffic, and attacks on APIs. It also helps them keep data within their borders to meet strict data privacy regulations.

    According to Radware’s 2025 Global Threat Analysis Report, Web DDoS attacks, which appear as high intensity, Layer 7 application attacks, surged globally 550%, while web application and API attacks rose 41% between 2023 and 2024.

    “Our ongoing investments in our security network continue to play an important role in our cloud security growth strategy,” said Haim Zelikovsky, vice president of cloud security services for Radware. “Cloud innovation is central to our mission in providing customers industry-leading cyber protection, reliability, and availability at a time when cyber threats are not only increasing in frequency and magnitude but also sophistication.”

    Radware has received numerous awards for its DDoS mitigation, application and API protection, web application firewall, and bot detection and management solutions. Industry analysts such as Aite-Novarica Group, Forrester, Gartner, GigaOm, IDC, KuppingerCole and QKS Group continue to recognize Radware as a market leader in cyber security.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, and YouTube.

    ©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    Safe Harbor Statement
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that cyber threats are not only increasing in frequency and magnitude but also sophistication, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others;  outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    Media Contact:
    Gerri Dyrek
    Radware
    Gerri.Dyrek@radware.com

    The MIL Network

  • MIL-OSI: Patria Reports First Quarter 2025 Earnings Results

    Source: GlobeNewswire (MIL-OSI)

    GRAND CAYMAN, Cayman Islands, May 02, 2025 (GLOBE NEWSWIRE) — Patria (Nasdaq:PAX) reported today its unaudited results for the first quarter ended March 31, 2025. The full detailed presentation of Patria’s first quarter 2025 results can be accessed on the Shareholders section of Patria’s website at https://ir.patria.com/.

    Alex Saigh, Patria’s CEO, said: “Patria is off to a very exciting start to 2025 as fundraising totaled a record $3.2 billion, highlighting the expanded reach of our investment platforms and distribution capabilities, and putting us in a strong position to achieve our $6 billion fundraising target for the year. We also reported 1Q25 FRE of $42.6 million, or $0.27 per share, representing year-over-year growth of 21% and 16%, respectively, despite the volatility in the region. Also, FEAUM grew 6% sequentially and 46% year-over-year, and we generated over $700 million of organic net inflows, reflecting an annualized organic growth rate of 9%. While a looming trade war and rising global economic concerns create potential headwinds, we believe we are well positioned to generate the $200 to $225 million of FRE we are targeting for 2025 as the increased diversification of our platform is paying off in terms of fundraising and profitable organic growth, enhancing our confidence in the three-year targets we introduced at our Investor Day back on December 9th.”

    Financial Highlights (reported in $ USD)

    IFRS results included $13.6 million of net income attributable to Patria in Q1 2025. Patria generated Fee Related Earnings of $42.6 million in Q1 2025, up 21% from $35.1 million in Q1 2024, with an FRE margin of 55.1%. Distributable Earnings were $36.8 million for Q1 2025, or $0.23 per share.

    Dividends

    Patria declared a quarterly dividend of $0.15 per share to record holders of common stock at the close of business on May 14th, 2025. This dividend will be paid on June 12th, 2025.

    Conference Call

    Patria will host its first quarter 2025 earnings conference call via public webcast on May 2nd, 2025, at 9:00 a.m. ET. To register and join, please use the following link:

    https://edge.media-server.com/mmc/p/ah6qnzkp/

    For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Patria’s website at https://ir.patria.com/ shortly after the call’s completion.

    About Patria

    Patria is a global alternative asset management firm focused on the mid-market segment, specializing in resilient sectors across select regions. We are the leading asset manager in Latin America and have a strong presence in Europe through our extensive network of General Partners relationships. Our on-the-ground presence combines investment leaders, sector experts, company managers, and strategic relationships, allowing us to identify compelling investment opportunities accessible only to those with local proficiency. With 36 years of experience and over $45 billion in assets under management, we consistently deliver attractive returns through long-term investments, while promoting inclusive and sustainable development in the regions where we operate. Further information is available at www.patria.com.

    Asset Classes: Private Equity, Solutions (GPMS), Credit, Real Estate, Infrastructure, and Public Equities

    Main sectors: Agribusiness, Power & Energy, Healthcare, Logistics & Transportations, Food & Beverage and Digital & Tech Services

    Investment Regions: Latin America, Europe and US

    Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words, among others. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Further information on these and other factors that could affect our financial results is included in filings we have made and will make with the U.S. Securities and Exchange Commission from time to time, including but not limited to those described under the section entitled “Risk Factors” in our most recent annual report on Form 20-F, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our periodic filings.

    Contact

    Patria Shareholder Relations
    E. PatriaShareholderRelations@patria.com
    T. +1 917 769 1611

    The MIL Network

  • MIL-OSI: From Exchange to Ecosystem Builder: MEXC Celebrates 7th Anniversary at TOKEN2049 Dubai with $300M Ecosystem Development Fund Launch

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, May 02, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange serving over 36 million users, concluded its successful participation as an exclusive Title Sponsor at Token2049 Dubai, where the company celebrated its milestone 7th anniversary and announced a groundbreaking $300 million ecosystem development fund.

    7 Years of Excellence: A Foundation for Ecosystem Expansion

    The premier crypto event, which took place from April 30 to May 1, 2025 in Dubai, provided MEXC with the perfect platform to commemorate seven years of growth and innovation in the cryptocurrency space. During the celebratory “Celebra7e MEXC Cocktail Party”, Tracy Jin, COO of MEXC, delivered an inspiring opening speech highlighting the exchange’s remarkable journey.

    “Seven years may sound short, but in the fast-moving world of crypto, it’s a lifetime,” Jin told attendees. “To thrive in this ever-evolving space takes resilience, vision, and trust—and we’ve only made it this far because of you.”

    Jin revealed impressive growth metrics: the MEXC team has nearly doubled to 2,000 employees across Growth, R&D, and Business Support divisions. The platform now offers more than 3,000 crypto assets and has built a community of over 2.25 million Twitter followers and approximately 193,000 Telegram members.

    “We’ve also hosted over 2,293 airdrop events, distributing over $136 million in rewards,” Jin added. “This is our way of thanking you for your ongoing trust and loyalty.”

    $300 Million MEXC Ecosystem Development Fund Unveiled

    The highlight of MEXC’s Token2049 Dubai participation was the official announcement of its $300 million Ecosystem Development Fund, signaling the company’s strategic evolution from an exchange service to a comprehensive ecosystem builder. The five-year fund represents MEXC’s commitment to fostering blockchain innovation across multiple sectors.

    The fund will focus on strategic investments in public chains, stablecoins, wallets, and media platforms, providing not only financial backing but also leveraging MEXC’s exchange business cooperation to deliver enhanced value to portfolio projects. This dual approach positions fund recipients to benefit from both capital investment and operational synergies within the MEXC ecosystem.

    “After seven years of market resilience, MEXC is uniquely positioned as a trusted ecosystem partner,” said Tracy Jin. “This fund represents our vision for the future of decentralized finance and our commitment to supporting the next generation of blockchain innovations.”

    IgniteX: $30 Million CSR Initiative for Web3 Talent Development

    Alongside the ecosystem fund, MEXC Ventures launched “IgniteX” – a $30 million, five-year CSR initiative to foster Web3 talent and innovation. The program will support early-stage startups, research, developer communities, and academic institutions, with focus on decentralized infrastructure, AI-blockchain integration, stablecoins, and fintech. IgniteX combines mentorship, education, and funding to build a future-ready ecosystem and prepare the next generation of Web3 users and leaders.

    Industry Insights Shared at Panel Discussion

    MEXC’s presence at Token2049 Dubai extended beyond celebrations and announcements to include thought leadership. Tracy Jin participated in a panel discussion titled “What’s Next for Crypto Markets: The Exchange Perspective” on the OKX main stage on 1 May. The discussion explored upcoming trends, challenges, and opportunities in the cryptocurrency exchange sector, with Jin offering insights drawn from MEXC’s seven years of operational experience.

    During the panel, Jin emphasized MEXC’s continued focus on product innovation and market expansion while maintaining its core commitment to being “Your Easiest Way to Crypto” for users worldwide.

    Successful Side Events Strengthen Community Connections

    MEXC hosted multiple successful side events throughout TOKEN2049 Dubai, including the “Celebra7e MEXC Cocktail Party,” “Dao People x MEXC: VIP Party” at BIRDS, a “TR KOL Exclusive Yacht Party” aboard Xclusive Yachts, and participation in the “AFTER2049” event at Be Beach. These gatherings provided valuable networking opportunities for industry professionals, partners, and MEXC community members.

    At the company’s exhibition booth, MEXC showcased its revolutionary DEX+ platform and displayed a collection of seven limited-edition anniversary merchandise items that proved popular with attendees. Throughout the conference, MEXC representatives conducted product demonstrations, engaged with visitors, and discussed potential partnerships.

    Behind the scenes, Jin noted that MEXC’s service team has resolved more than 1 million user requests and recovered over $1.8 million in user assets—underscoring the company’s commitment to security and user experience.

    Looking Ahead

    As Token2049 Dubai concluded, MEXC’s successful participation not only celebrated its past achievements but also laid the groundwork for its future vision. The announcement of the $300 million Ecosystem Development Fund, combined with ongoing product innovations and market expansion efforts, positions MEXC for continued growth in its eighth year and beyond.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website | X | Telegram | How to Sign Up on MEXC

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    Source

    Contact:
    Lucia Hu
    lucia.hu@mexc.com

    Disclaimer: This is a paid post and is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e8a5c052-bac1-4ead-bdd2-d6a2ed2c24dd

    The MIL Network

  • MIL-OSI: Precision Drilling Corporation Holding Virtual-Only 2025 Annual and Special Meeting of Shareholders on May 15

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 02, 2025 (GLOBE NEWSWIRE) — Precision Drilling Corporation (Precision) would like to remind shareholders that it is holding its 2025 Annual and Special Meeting of Shareholders (the Annual Meeting) on Thursday, May 15, 2025 at 10:00 a.m. MST. As previously announced, the Annual Meeting will be held in a virtual-only meeting format. The meeting format will provide all shareholders an equal opportunity to participate in the Annual Meeting regardless of their geographic location.

    The Annual Meeting can be accessed by logging in online at http://meetnow.global/MWTY5VA. Registered shareholders and duly appointed proxyholders who participate in the Annual Meeting online will be able to listen to the Annual Meeting, ask questions and vote, all in real time, provided that they are connected to the internet. In all cases, shareholders must follow the instructions set out in their applicable proxy or voting instruction forms. Shareholders can vote by proxy in advance of the Annual Meeting as in prior years. Guests can listen to the Annual Meeting but will not be able to communicate or vote.

    Additional information regarding shareholder participation in the Annual Meeting (including voting instructions) may be found in Precision’s Management Information Circular, dated April 2, 2025, which is available on our website (https://www.precisiondrilling.com/investors/financial-information-public-filings/). Additionally, detailed instructions for shareholders to participate in the meeting are provided in Precision’s Virtual AGM User Guide, available on our website by selecting “Investor Relations,” then “Webcasts & Presentations.”

    If you have questions regarding your ability to participate or vote at the Annual Meeting, please contact Precision’s registrar and transfer agent, Computershare, at 1-800-564-6253.

    About Precision

    Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as AlphaTM that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreenTM suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

    Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

    Additional Information

    For more information about Precision, please visit our website at www.precisiondrilling.com or contact:

    Lavonne Zdunich, CPA, CA
    Vice President, Investor Relations
    403.716.4500

    800, 525 – 8th Avenue S.W.
    Calgary, Alberta, Canada T2P 1G1
    Website: www.precisiondrilling.com

    The MIL Network

  • MIL-OSI Video: UK Fixing Our Broken Food System episode 3: The Debate | Unpacking The Evidence

    Source: United Kingdom UK House of Lords (video statements)

    In this third episode on Fixing Our Broken Food System, hear from committee chair Baroness Walmsley and members of the Lords as they press government on the committee’s report.

    Baroness Walmsley shares highlights from the recent House of Lords debate on the Food, Diet and Obesity Committee’s report. In the debate, members raised topics including the sugar tax, junk food, HFSS, ultra-processed foods, school meals, the impact on the NHS and the economy, and more.

    Watch now to find out more about the government’s response to the committee’s report and what members are calling on the government to do next.

    Find out more about the series https://www.parliament.uk/business/lords/house-of-lords-podcast/

    Find out more about the Lords Food, Diet and Obesity Committee https://committees.parliament.uk/committee/698/food-diet-and-obesity-committee/

    Presenter: Baroness Walmsley

    Music: Universfield on Pixabay

    #HouseOfLords #UKParliament #Food #Obesity #Nutrition #Diet

    https://www.youtube.com/watch?v=x6L2XjLrxAk

    MIL OSI Video

  • MIL-OSI Asia-Pac: India’s Total Exports Grow by 6.01% to Reach Record $824.9 Billion in 2024–25, Up from $778.1 Billion in 2023–24:RBI Report

    Source: Government of India

    Posted On: 02 MAY 2025 3:12PM by PIB Delhi

    India’s total exports have touched an all-time high of US$824.9 billion in the financial year 2024–25, as per the latest data released by the Reserve Bank of India on services trade for March 2025. This marks a growth of 6.01% over the previous year’s export figure of US$778.1 billion, setting a new milestone in the country’s trade trajectory.

     

    Services exports continued to drive the growth momentum, reaching a historic high of US$387.5 billion in 2024–25, up 13.6% from US$341.1 billion in the previous year. For March 2025, services exports stood at US$35.6 billion, reflecting a year-on-year growth of 18.6% compared to US$30.0 billion in March 2024.

     

    In 2024–25, merchandise exports excluding petroleum products rose to a record US$374.1 billion, registering a 6.0% increase from US$352.9 billion in 2023–24 — the highest ever annual non-petroleum merchandise exports.

     

     

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: FS to attend 58th Annual Meeting of Asian Development Bank in Milan, Italy

    Source: Hong Kong Government special administrative region

         The Financial Secretary, Mr Paul Chan, will depart for Milan, Italy, in the early hours of May 4 (Sunday) to attend the 58th Annual Meeting of the Asian Development Bank (ADB). The theme of this year’s meeting is “Sharing Experience, Building Tomorrow”, focusing on development issues and challenges facing the Asia-Pacific region, such as climate change, digital transformation, and promoting mutually beneficial co-operation and inclusive economic growth. Mr Chan will deliver remarks at the Governor’s Plenary.

         He will also meet with the President of the ADB, Mr Masato Kanda, and financial officials from other countries and regions attending the meeting.

         Mr Chan will return to Hong Kong on May 7 (local time) and arrive on the morning of May 8. During his absence, the Deputy Financial Secretary, Mr Michael Wong, will act as the Financial Secretary.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India’s Creator Economy Projected to Influence Over $1 Trillion in Consumer Spend by 2030: BCG Report to be Unveiled at WAVES 2025

    Source: Government of India

    Posted On: 02 MAY 2025 2:33PM by PIB Mumbai

    Mumbai, 2 May 2025

     

    India’s digital landscape is undergoing a significant transformation driven by the rise of its creator economy. A new report by the Boston Consulting Group (BCG), titled “From Content to Commerce: Mapping India’s Creator Economy”, set to be launched tomorrow (3rd May 2025)  at WAVES 2025 in Mumbai,will reveal that India’s creators currently influence over $350 billion in consumer spending annually — a figure expected to surpass $1 trillion by 2030.

    The report highlights that India is home to 2 to 2.5 million active digital creators, defined as individuals with over 1,000 followers. Despite the scale, only 8–10% of them currently monetize their content effectively, underscoring the untapped potential of this fast-growing sector. The creator ecosystem’s direct revenues, estimated at $20–25 billion today, are projected to reach $100–125 billion by the end of the decade.

    Key insights from the report will include:

    • Creators influence more than 30% of consumer decisions, shaping $350–400 billion in spending today.
    • The ecosystem is expanding beyond Gen Z and metropolitan centres, reaching varied age groups and city tiers.
    • Short-form video remains the dominant content format, with comedy, films, daily soaps, and fashion being the most consumed genres.
    • Brand strategies are evolving, with increased emphasis on faster content production, greater creative freedom, diversified consumer targeting, and outcome-based testing.
    • Revenue models are diversifying, with consumer-funded avenues such as virtual gifting, live commerce, and subscriptions gaining traction.
    • Brands are expected to scale up their investments in creator marketing by 1.5 to 3 times in the coming years, signalling a pivotal shift in marketing and commerce driven by the digital creator ecosystem.

    The BCG report will be officially released during WAVES 2025 in Mumbai tomorrow. Discussions at the ongoing mega event WAVES 2025 on the emerging contours of AI, Social Media, AVGC Sector and Films reflect India’s expanding footprint in the Digital Media sphere.

     

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  • MIL-OSI Asia-Pac: Ministry of I&B to release Statistical Handbook on Media and Entertainment Sector 2024-25 Tomorrow at WAVES 2025

    Source: Government of India

    Posted On: 02 MAY 2025 2:29PM by PIB Mumbai

    Mumbai, 2 May 2025

     

    WAVES 2025 to witness the release of Statistical Handbook on Media and Entertainment Sector 2024-25 of Ministry of Information and Broadcasting, tomorrow. This is part of Government’s affirmation of the need for timely, reliable, authentic and comprehensive data on the M&E Sector as Media and Entertainment is an important component of the service sector having huge potential to contribute to growth of the economy of the country.  Media & Entertainment ecosystem is a sunrise sector expected to grow at 7% CAGR to reach 3067 billion INR in 2027 as per the latest estimate. Various policy initiatives taken and its implementation need to be backed by appropriate data to have the optimum outcome.

    Keeping in view the data requirement of the Ministry and other stakeholders in the sector, the Statistical Handbook on Media & Entertainment sector 2024-25, with the updated data and information on different segments of M&E sector will be launched at WAVES 2025 tomorrow.

    A few snippets from the Statistical Handbook on Media & Entertainment sector 2024-25 are as follows:

    • Registered print publications soared from 5,932 in 1957 to 154,523 in 2024-25, with a CAGR of 4.99%
    • A total of 130 books on various themes including Children’s literature, History and freedom struggles, personalities and biographies, Builders of modern India, Science, technology and environment and other themes have been published by Publications Division, Ministry of Information & Broadcasting during 2024-2025.
    • 100% geographical coverage through DTH service by March 2025.
    • Doordarshan Free Dish Channels: 33 channels in 2004 to 381 in 2025.
    • All India Radio (AIR) Coverage: Provides 98% population coverage through radio as of March 2025. Number of AIR radio stations grew from 198 in 2000 to 591 in 2025. 
    • Private Satellite TV Channels surged from 130 in 2004-05 to 908 in 2024-25
    • Private FM stations grew from 4 in 2001 to 388 by 2024.
    • Information on State/UT-wise operational Private FM Radio Stations in India as on 31.03.2025.
    • Community Radio Stations (CRS) surged from 15 in 2005 to 531 in 2025. Data about State/UT/District/Location wise Operational CRS in India as on 31.03.2025 are also included.
    • 741 Indian feature films certified in 1983, which was increased to 3455 in 2024-25, with a cumulative total of 69,113 by 2024-25

     

    In addition to statistical data, information on the following is also available in the Handbook:

    • Awards in the film sector including International Film Festivals organized and documentaries produced by NFDC are also available in the Handbook.
    • Digital Media and Creator Economy including WAVES OTT Platform, Indian Institute of Creative Technologies (IICT) and Create in India Challenge (CIC) under WAVES 2025.
    • Landmark events in Information and Broadcasting Sector viz. the Press Registrar General of India (PRGI), Akashwani, Doordarshan, Private FM Radio Stations and TV-INSAT
    • Skilling courses under Ministry of Information & Broadcasting.

    Ease of Doing Business initiatives by Ministry of Info & Broadcasting including Transformative Portals.

     

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  • MIL-OSI Asia-Pac: Advance estimates on Gross Domestic Product for first quarter of 2025

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released today (May 2) the advance estimates on Gross Domestic Product (GDP) for the first quarter of 2025.
     
         According to the advance estimates, GDP increased by 3.1% in real terms in the first quarter of 2025 over a year earlier, compared with the increase of 2.5% in the fourth quarter of 2024.
     
         Analysed by major GDP component, private consumption expenditure decreased by 1.2% in real terms in the first quarter of 2025 from a year earlier, compared with the decrease of 0.2% in the fourth quarter of 2024.
     
         Government consumption expenditure measured in national accounts terms recorded an increase of 1.2% in real terms in the first quarter of 2025 over a year earlier, compared with the increase of 2.1% in the fourth quarter of 2024.
     
         Gross domestic fixed capital formation increased by 2.8% in real terms in the first quarter of 2025 over a year earlier, as against the decrease of 0.7% in the fourth quarter of 2024.
     
         Over the same period, total exports of goods measured in national accounts terms recorded an increase of 8.7% in real terms over a year earlier, much faster than the increase of 1.3% in the fourth quarter of 2024. Imports of goods measured in national accounts terms grew by 7.4% in real terms in the first quarter of 2025, compared with the increase of 0.4% in the fourth quarter of 2024.
     
         Exports of services rose further by 6.6% in real terms in the first quarter of 2025 over a year earlier, after the increase of 6.5% in the fourth quarter of 2024. Imports of services increased by 6.2% in real terms in the first quarter of 2025, compared with the increase of 8.3% in the fourth quarter of 2024.
     
         On a seasonally adjusted quarter-to-quarter comparison basis, GDP increased by 2.0% in real terms in the first quarter of 2025 when compared with the fourth quarter of 2024.
     
    Commentary
     
         A Government spokesman said that the Hong Kong economy expanded solidly in the first quarter of 2025. According to the advance estimates, real GDP grew by 3.1% over a year earlier, picking up from the 2.5% growth in the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP grew visibly by 2.0%.
     
         Analysed by major expenditure component, total exports of goods posted accelerated growth amid sustained external demand. Exports of services continued to expand, supported by the increase in visitor arrivals and other cross-boundary economic activities. Overall investment expenditure grew in tandem with the economic expansion. However, private consumption expenditure registered a small decline, reflecting the lingering impact of changes in residents’ consumption patterns.
     
         Looking ahead, as global trade tensions escalated abruptly in early April due to the significant increases in import tariffs imposed by the US, the downside risks surrounding the global economy have heightened visibly. The extremely high levels of trade policy uncertainty will dampen international trade flows and investment sentiment, which in turn overshadow the near-term outlook for the Hong Kong economy. Nonetheless, the sustained steady growth of the Mainland economy, together with the Government’s various measures to promote economic growth and expand into more diversified markets, will lend support to various economic activities in Hong Kong.
     
         The revised figures on GDP and more detailed statistics for the first quarter of 2025, as well as the revised GDP forecast for 2025, will be released on May 16, 2025.
     
    Further information
     
         The year-on-year percentage changes of GDP and selected major expenditure components in real terms from the first quarter of 2024 to the first quarter of 2025 are shown in Table 1.
     
         When more data become available, the C&SD will compile revised figures on GDP. The revised figures on GDP and more detailed statistics for the first quarter of 2025 will be released at the C&SD website (www.censtatd.gov.hk/en/scode250.html) and the Gross Domestic Product by Expenditure Component report (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1030001&scode=250) on May 16, 2025.
     
         For enquiries about statistics on GDP by expenditure component, please contact the National Income Branch (1) of the C&SD (Tel: 2582 5077 or email: gdp-e@censtatd.gov.hk).

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Provisional statistics of retail sales for March 2025

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released the latest figures on retail sales today (May 2).

         The value of total retail sales in March 2025, provisionally estimated at $30.1 billion, decreased by 3.5% compared with the same month in 2024. The revised estimate of the combined value of total retail sales in January and February 2025 decreased by 7.8% compared with the same period a year earlier. For the first quarter of 2025, it was provisionally estimated that the value of total retail sales decreased by 6.5% compared with the same period in 2024.

         Of the total retail sales value in March 2025, online sales accounted for 8.1%. The value of online retail sales in that month, provisionally estimated at $2.4 billion, decreased by 0.5% compared with the same month in 2024. The revised estimate of the combined value of online retail sales in January and February 2025 decreased by 2.4% compared with the same period a year earlier. For the first quarter of 2025, it was provisionally estimated that the value of online retail sales decreased by 1.7% compared with the same period in 2024.

         After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in March 2025 decreased by 4.8% compared with a year earlier. The revised estimate of the combined volume of total retail sales in January and February 2025 decreased by 9.9% compared with the same period a year earlier. For the first quarter of 2025, the provisional estimate of the total retail sales decreased by 8.3% in volume compared with the same period in 2024.

         Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing March 2025 with March 2024, the value of sales of jewellery, watches and clocks, and valuable gifts decreased by 3.9%. This was followed by sales of wearing apparel (-10.8% in value); commodities in department stores (-5.0%); motor vehicles and parts (-46.4%); fuels (-3.9%); footwear, allied products and other clothing accessories (-7.7%); Chinese drugs and herbs (-1.0%); books, newspapers, stationery and gifts (-0.9%); furniture and fixtures (-17.3%); and optical shops (-2.7%).

         On the other hand, the value of sales of other consumer goods not elsewhere classified increased by 0.6% in March 2025 over a year earlier. This was followed by sales of commodities in supermarkets (+5.2% in value); medicines and cosmetics (+1.2%); food, alcoholic drinks and tobacco (+7.8%); and electrical goods and other consumer durable goods not elsewhere classified (+6.7%).

         Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales increased by 3.8% in the first quarter of 2025 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales increased by 2.2%.

    Commentary

         A government spokesman said that the value of total retail sales increased further in March 2025 over the preceding month on a seasonally adjusted comparison, and its year-on-year decline continued to narrow. For the first quarter as a whole, the value of total retail sales resumed an increase over the preceding quarter on a seasonally adjusted comparison. 

         Looking ahead, the spokesman said the sustained steady growth of the Mainland economy, the Government’s proactive efforts to boost the consumption market through promotion of tourism and mega events, as well as the increase in employment earnings will continue to support the retail sector. However, the increased level of uncertainty in the global economic outlook and the ongoing impact of the change in consumption patterns will pose challenges to the sector. 

    Further information

         Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for February 2025 as well as the provisional figures for March 2025. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first quarter of 2025 are also shown.

         Table 2 presents the revised figures on value of online retail sales for February 2025 as well as the provisional figures for March 2025. The provisional figures on year-on-year changes for the first quarter of 2025 are also shown.

         Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for February 2025 as well as the provisional figures for March 2025. The provisional figures on year-on-year changes for the first quarter of 2025 are also shown.

         Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.

         The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.

         These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.

         The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.

         Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication “Gross Domestic Product by Expenditure Component” for more details.

         More detailed statistics are given in the “Report on Monthly Survey of Retail Sales”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).

         Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of C&SD (Tel: 3903 7400; E-mail: mrs@censtatd.gov.hk).

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Fraudulent websites and internet banking login screens related to Bank of China (Hong Kong) Limited

    Source: Hong Kong Government special administrative region

    Fraudulent websites and internet banking login screens related to Bank of China (Hong Kong) Limited 
    The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).
     
    Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites or login screens concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.
    Issued at HKT 17:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Inland Revenue Department issues tax returns for individuals

    Source: Hong Kong Government special administrative region

    Inland Revenue Department issues tax returns for individuals???
    Mr Chan said that the Inland Revenue (Amendment) (Tax Concessions) Bill 2025 was passed by the Legislative Council on April 30, 2025, which gives effect to the proposal in the 2025-26 Budget to reduce salaries tax, tax under personal assessment and profits tax for the year of assessment 2024/25 by 100 per cent, subject to a ceiling of $1,500 per case. Taxpayers only need to complete the tax returns for the year of assessment 2024/25 as usual. The tax concessions will be reflected in their final tax payable. 
    He said, “The IRD is committed to promoting tax digitalisation and has been upgrading the functions of electronic tax filing to facilitate taxpayers and enhance the efficiency, reliability and accuracy of return filing. The IRD will launch three portals under eTAX this July, namely Individual Tax Portal, Business Tax Portal and Tax Representative Portal. Existing individual tax services provided by eTAX will be migrated to the Individual Tax Portal with a new design and enhanced functions. A mobile application for the portal will also be launched. The Business Tax Portal and the Tax Representative Portal enable businesses and service agents respectively to handle tax and business affairs electronically.”
     
    He reminded taxpayers that when filing profits tax returns online, they may submit at the same time supporting documents in a specified electronic format. Details on electronic filing of profits tax returns are available on the IRD’s website 
    Taxpayers may visit the IRD’s “
    e-Seminars—————————————————————
     

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    Tax TypeRevenue
    (Provisional
    Figures)
    ($million)Revenue
    (Actual
    Figures)
    ($million)Personal AssessmentProfits TaxPlease see Annex 1 for details of the IRD’s tax revenue collection in the financial year 2024-25.
    Issued at HKT 16:50

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  • MIL-OSI Asia-Pac: Ms. Anuradha Prasad Assumes Charge as Member, Union Public Service Commission

    Source: Government of India

    Posted On: 02 MAY 2025 2:16PM by PIB Delhi

    Ms. Anuradha Prasad, former Secretary to the Government of India, Inter State Council Secretariat, Ministry of Home Affairs, took the Oath of the Office and Secrecy as Member, Union Public Service Commission today. The Oath was administered by Lt. Gen. Raj Shukla (Retd.), the seniormost Member of the Commission.

    Ms. Anuradha Prasad did her graduation from the Lady Sriram College for Women and obtained a Masters in History from the University of Delhi. She also has a Masters Degree in Development Administration from the University of Birmingham, U.K.

    Ms. Anuradha Prasad belongs to the 1986 batch of the Indian Defence Accounts Service.   She has extensive experience in public policy, public finance, and cooperative federalism. In a career spanning over 37 years, she has worked in Union Ministries of Defence, Finance, Food Processing Industries, Labour & Employment and Home, gaining in-depth experience in policy & programme formulation and implementation. 

    As Finance Manager in the Acquisitions Wing of the Ministryof Defence, she handled acquisition of large platforms.In the Ministry of Finance, she handled finance and accounting for the Defence Services and the Ordnance Factory Board.During her stint in the Ministry of Food Processing Industries, Ms. Anuradha Prasad was instrumental in the development of the food industry through cold chain infrastructure, food testing laboratories and industry-driven R&D. She also has regulatory experience as Member of the Board of Food Safety and Standards Authority of India (FSSAI) as also the National Council for Vocational Education & Training (NCVET).

    As Additional Secretary in the Ministry of Labour & Employment, she contributed to drafting of the Labour Codes and development of e-Shram Portal, a national database of workers in the unorganized sector.As Director General, Employees’ State Insurance Corporation (ESIC), she spearheaded various initiatives for health & welfare of workers during the Covid-19 pandemic.  

    As Secretary, Inter State Council Secretariat, Ministry of Home Affairs, she handled Centre-State and Inter-State relations and built consensus on many complex and sensitive issues resulting in key policy changes and expediting of infrastructure and other projects.

    Post-retirement, Ms. Anuradha Prasad served as Member, Police Complaints Authority, Government of NCT Delhi.

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi dedicates Vizhinjam International Seaport in Kerala worth ₹8,800 crore to the nation

    Source: Government of India

    Prime Minister Shri Narendra Modi dedicates Vizhinjam International Seaport in Kerala worth ₹8,800 crore to the nation

    The Vizhinjam International Deepwater Multipurpose Seaport in Kerala is a significant advancement in India’s maritime infrastructure: PM

    Today is the birth anniversary of Bhagwan Adi Shankaracharya, Adi Shankaracharya ji awakened the consciousness of the nation by coming out of Kerala and establishing monasteries in different corners of the country, I pay tribute to him on this auspicious occasion: PM

    India’s coastal states and our port cities will become key centres of growth for a Viksit Bharat: PM

    Government in collaboration with the state governments has upgraded the port infrastructure under the Sagarmala project enhancing port connectivity: PM

    Under PM-Gatishakti, the inter-connectivity of waterways, railways, highways and airways is being improved at a fast pace: PM

    In the last 10 years investments under Public-Private Partnerships have not only upgraded our ports to global standards, but have also made them future ready: PM

    The world will always remember Pope Francis for his spirit of service: PM

    Posted On: 02 MAY 2025 1:16PM by PIB Delhi

    Prime Minister Shri Narendra Modi dedicated Vizhinjam International Deepwater Multipurpose Seaport worth Rs 8,800 crore to the nation today in Thiruvananthapuram, Kerala. Addressing the gathering on the auspicious occasion of the birth anniversary of Bhagwan Adi Shankaracharya, the Prime Minister highlighted that three years ago, in September, he had the privilege of visiting the revered birthplace of Adi Shankaracharya. He expressed his joy that a grand statue of Adi Shankaracharya has been installed in the Vishwanath Dham complex in his parliamentary constituency, Kashi. He emphasized that this installation stands as a tribute to the immense spiritual wisdom and teachings of Adi Shankaracharya. He further highlighted that he also had the honor of unveiling the divine statue of Adi Shankaracharya at the sacred Kedarnath Dham in Uttarakhand. The Prime Minister noted that today marks another special occasion as the doors of the Kedarnath temple have been opened to devotees. Prime Minister Modi underscored that Adi Shankaracharya, originating from Kerala, established monasteries in different corners of the country, awakening the consciousness of the nation. He emphasized that his efforts laid the foundation for a unified and spiritually enlightened Bharat.

    Shri Modi highlighted the vast ocean, rich with immense possibilities, standing on one side, while on the other, nature’s breathtaking beauty adds to the grandeur. Amidst all this, he emphasized that the Vizhinjam Deep-Water Sea Port has now emerged as a symbol of new age development. He extended his congratulations to the people of Kerala and the entire nation on this remarkable achievement.

    Underscoring that the Vizhinjam Deep-Water Sea Port has been developed at a cost of ₹8,800 crore, the Prime Minister remarked that the capacity of this transshipment hub will triple in the coming years, enabling the smooth arrival of some of the world’s largest cargo ships. He pointed out that 75% of India’s transshipment operations were previously conducted at foreign ports, leading to significant revenue loss for the country. Emphasizing that this situation is now set to change, he asserted that India’s money will now serve India and the funds that once flowed outside the country will now generate new economic opportunities for Kerala and Vizhinjam’s people.

    Shri Modi remarked that before colonial rule, India witnessed centuries of prosperity, emphasising that at one point, India held a major share in the global GDP. He highlighted that what set India apart from other nations during that era was its maritime capacity and the economic activity of its port cities. Noting that Kerala played a significant role in this maritime strength and economic growth, he highlighted Kerala’s historical role in maritime trade, emphasizing that through the Arabian Sea, India maintained trade links with multiple nations. He noted that ships from Kerala carried goods to various countries, making it a vital hub for global commerce. “Today, the Government of India is committed to further strengthening this channel of economic power”, he added and asserted, “India’s coastal states and port cities will become key centers for the growth of a developed India”.

    “The port economy reaches its full potential when infrastructure and ease of doing business are promoted together”, emphasised the Prime Minister, stating that over the past 10 years, this has been the blueprint of the Government of India’s port and waterways policy. He highlighted that the government has accelerated efforts for industrial activities and holistic development of states. He further remarked that the Government of India, in collaboration with state governments, has upgraded port infrastructure under the Sagarmala Project and strengthened port connectivity. He noted that under PM Gati Shakti, waterways, railways, highways, and airways are being rapidly integrated for seamless connectivity. He added that these reforms in ease of doing business have led to greater investment in ports and infrastructure sectors. The Prime Minister stated that the Government of India has also reformed regulations concerning Indian seafarers, yielding significant results. He pointed out that in 2014, the number of Indian seafarers was below 1.25 lakh. Today, this figure has surged beyond 3.25 lakh. He emphasized that India now ranks among the top three countries globally in terms of seafarer numbers.

    Highlighting that a decade ago, ships faced long waiting times at ports, significantly delaying unloading operations, Shri Modi noted that this slowdown affected businesses, industries, and the overall economy. He stressed that the situation has now transformed  and over the past 10 years, India’s major ports have reduced ship turn-around time by 30%, improving operational efficiency. He remarked that due to enhanced port efficiency, India is now handling greater cargo volumes in shorter durations, strengthening the nation’s logistics and trade capabilities.

    “India’s maritime success is a result of a decade-long vision and effort”, exclaimed the Prime Minister, underlining that over the past 10 years, India has doubled the capacity of its ports and expanded its National Waterways eightfold. He noted that today, two Indian ports are among the global top 30 ports, while India’s ranking on the Logistics Performance Index has also improved. Additionally, he pointed out that India is now among the top 20 countries in global shipbuilding. The Prime Minister further remarked that after strengthening the country’s basic infrastructure, the focus has now shifted towards India’s strategic position in global trade. He announced the launch of Maritime Amrit Kaal Vision, which outlines India’s maritime strategy to achieve the goal of a developed India. He recalled the G-20 Summit, where India collaborated with several major countries to establish the India-Middle East-Europe Economic Corridor, highlighting Kerala’s critical role in this corridor, emphasizing that the state will greatly benefit from this initiative.

    Underscoring the critical role of the private sector in elevating India’s maritime industry to new heights, Shri Modi said that under Public-Private Partnerships, thousands of crores have been invested over the past 10 years. He emphasized that this collaboration has not only upgraded India’s ports to global standards but has also made them future-ready. He noted that private sector participation has driven innovation and enhanced efficiency.

    Prime Minister highlighted that India is advancing towards the establishment of a shipbuilding and repair cluster in Kochi. He emphasized that once completed, this cluster will create numerous new employment opportunities, providing Kerala’s local talent and youth with a platform for growth. The Prime Minister further stated that India is now setting ambitious targets to strengthen its shipbuilding capabilities. He noted that this year’s Union Budget introduced a new policy to promote the construction of large ships in India, which will significantly boost the manufacturing sector. He emphasized that this initiative will have direct benefits for MSMEs, generating a large number of employment and entrepreneurship opportunities across the country.

    “True development is achieved when infrastructure is built, trade expands, and basic needs of the common people are met”, stressed the Prime Minister, remarking that the people of Kerala have witnessed rapid progress over the past 10 years, not just in port infrastructure, but also in highways, railways, and airports. He highlighted that projects like the Kollam Bypass and Alappuzha Bypass, which had been stalled for years, were advanced by the Government of India. He also noted that Kerala has been provided with modern Vande Bharat trains, further strengthening its transport network and connectivity.

    Shri Modi emphasized that the Government of India firmly believes in the principle that Kerala’s development contributes to India’s overall growth. He remarked that the government operates with the spirit of cooperative federalism, ensuring Kerala’s progress across key social parameters over the past decade. He highlighted several initiatives that have benefited the people of Kerala, including Jal Jeevan Mission, Ujjwala Yojana, Ayushman Bharat, and Pradhan Mantri Suryagarh Free Electricity Scheme.

    Reiterating that the welfare of fishermen remains a top priority, the Prime Minister noted that under Blue Revolution and Pradhan Mantri Matsya Sampada Yojana, projects worth hundreds of crores have been sanctioned for Kerala. He further highlighted the modernization of fishing harbors, including Ponnani and Puthiyappa. Additionally, he remarked that thousands of fishermen in Kerala have been provided Kisan Credit Cards, enabling them to receive financial assistance worth hundreds of crores.

    Underlining that Kerala has always been a land of harmony and tolerance, Shri Modi highlighted that centuries ago, Saint Thomas Church, one of the oldest churches in the world, was established here. He acknowledged the recent moment of grief that has touched people across the world when Pope Francis passed away a few days ago, leaving behind a profound legacy. He added that President Droupadi Murmu represented India at his funeral, paying respects on behalf of the nation. Shri Modi once again expressed his condolences to all those mourning this loss from the sacred land of Kerala.

    Paying tribute to Pope Francis, acknowledging his spirit of service and his efforts to ensure inclusivity within Christian traditions, the Prime Minister remarked that the world will always remember his contributions. He shared his personal experiences, expressing his gratitude for having had multiple opportunities to meet Pope Francis. He noted that he received special warmth from him and cherished their discussions on humanity, service, and peace, which will continue to inspire him.

    Extending his best wishes to all present at the event, Shri Modi envisioned Kerala as a major center for global maritime trade, leading to the creation of thousands of new jobs. He reaffirmed the commitment of the Government of India, working alongside the state government, to advance this goal. Shri Modi concluded by expressing confidence in the capabilities of Kerala’s people and stated, “India’s maritime sector will reach new heights”.

    The Governor of Kerala, Shri Rajendra Vishwanath Arlekar, Chief Minister of Kerala, Shri Pinarayi Vijayan, Union Ministers, Shri Suresh Prabhu, Shri George Kurien were present among other dignitaries at the event.

    Background

    Vizhinjam International Deepwater Multipurpose Seaport worth Rs 8,800 crore is country’s first dedicated container transshipment port that represents the transformative advancements being made in India’s maritime sector as part of the unified vision of Viksit Bharat.

    Vizhinjam Port, having strategic importance, has been identified as a key priority project which will contribute in strengthening India’s position in global trade, enhance logistics efficiency, and reduce reliance on foreign ports for cargo transshipment. Its natural deep draft of nearly 20 meters and location near one of the world’s busiest sea trade routes further strengthens India’s position in global trade.

     

     

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  • MIL-OSI Asia-Pac: NITI Aayog Releases Report on “Enhancing Competitiveness of MSMEs in India”

    Source: Government of India

    Posted On: 02 MAY 2025 12:22PM by PIB Delhi

    NITI Aayog today released the report on ‘Enhancing MSMEs Competitiveness in India’, prepared by NITI Aayog in collaboration with the Institute for Competitiveness (IFC). The report presents a detailed blueprint for unlocking the immense potential of India’s Micro, Small and Medium Enterprises (MSMEs) through systemic reforms in financing, skilling, innovation and market access.

    The report delves into the key challenges affecting the competitiveness of MSMEs in India. Using firm-level data and the Periodic Labour Force Survey (PLFS), it provides recommendations to foster sustainable integration and enhance their incorporation into global value chains. It focuses on four important sectors – textiles manufacturing and apparel, chemical products, automotive and food processing while highlighting the sector-specific challenges and opportunities that need to be addressed to unlock the potential of MSMEs in India. The report examines current national and state policies, highlighting gaps in implementation and limited awareness among MSMEs.

    One of the important findings of the report is the notable improvement in MSMEs’ access to formal credit. Between 2020 and 2024, the share of micro and small enterprises accessing credit through scheduled banks rose from 14% to 20%, while medium enterprises saw an increase from 4% to 9%. Despite these improvements, the report reveals that a substantial credit gap remains. Only 19% of MSME credit demand was met formally by FY21, leaving an estimated ₹80 lakh crore unmet. The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) has expanded significantly, but still faces significant limitations. To bridge the credit gap and unlock inclusive, scalable finance for MSMEs, the report calls for a revamped CGTMSE, supported by institutional collaboration and more targeted services.

    The report also highlights the pressing issue of skill shortages within the MSME sector. A large portion of the workforce lacks formal vocational or technical training, which hampers productivity and limits the ability of MSMEs to scale effectively. Many MSMEs also fail to invest sufficiently in research and development (R&D), quality improvement, or innovation, making it difficult to stay competitive in national and global markets. The report further points out that MSMEs face barriers in adopting modern technologies due to unreliable electricity supply, weak internet connectivity and high implementation costs. Despite state government schemes designed to support technological advancement in MSMEs, many enterprises are either unaware of them or unable to access them. In its analysis of clusters, the report finds that upgrading outdated technologies and improving marketing and branding capabilities are critical to improving competitiveness.

    The report concludes that despite various MSME support policies and the recent boost to MSMEs through Union Budgets, increased effectiveness is hampered by low awareness. To enhance policy impact, the report recommends stronger state-level design and implementation, emphasising consistent monitoring, better data integration and improved stakeholder engagement in policy development.

    India’s MSMEs can become a key driver of sustainable economic growth by focusing on targeted interventions, building stronger institutional collaborations and enhancing global competitiveness. It calls for enhanced support for MSMEs through digital marketing training, partnerships with logistics providers and creating platforms for direct market linkages, especially in regions with high growth potential, such as India’s northeastern and eastern belts. It calls for a robust, adaptive and cluster-based policy framework at the state level that fosters innovation, enhances competitiveness and enables MSMEs to drive inclusive economic transformation.

    Read the complete report: https://www.niti.gov.in/sites/default/files/2025-05/Enhancing_Competitiveness_of_MSMEs_in_India.pdf

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  • MIL-OSI Asia-Pac: GAME and NITI Aayog join hands to catalyse healthy entrepreneurship ecosystems across India

    Source: Government of India

    GAME and NITI Aayog join hands to catalyse healthy entrepreneurship ecosystems across India

    The partnership will focus on advancing location-based entrepreneurship interventions starting with pilot sites like Nagpur, Visakhapatnam, Uttar Pradesh

    Posted On: 02 MAY 2025 12:16PM by PIB Delhi

    Global Alliance for Mass Entrepreneurship (GAME) and NITI Aayog have announced a strategic partnership aimed at fostering vibrant entrepreneurship ecosystems across multiple states in India. This collaboration will focus on advancing place-based interventions, starting with pilot sites in Nagpur, Visakhapatnam and Uttar Pradesh.

    The partnership seeks to empower local entrepreneurs bringing together relevant local stakeholders in that particular region’s entrepreneurship ecosystem, including government, corporates, educational institutes, financial institutes, champion entrepreneurs and community organisations. By creating localised solutions tailored to the unique challenges of each region, GAME and NITI Aayog aim to transform entrepreneurship into a movement that drives economic growth and job creation.

    Ishtiyaque Ahmed, Programme Director – Industry/MSME vertical at NITI Aayog, speaking on the initiative said, “Our approach is rooted in end-to-end facilitation and collaboration across sectors. There is a need to leverage a bottom-up approach and work closely with local entrepreneurs and champions, understand their needs and support them in addressing their challenges.”

    Under this partnership, the pilot sites will implement GAME’s proven methodologies that focus on enabling entrepreneurs to start and scale businesses. These interventions include access to finance, capacity-building programs, policy advocacy and community-driven initiatives. The ultimate goal is to create self-sustaining ecosystems that can generate widespread employment opportunities.

    Ketul Acharya, President of GAME, while sharing his vision for the collaboration observed, “At GAME, we believe that entrepreneurship has the power to transform lives and communities. Our partnership with NITI Aayog is a significant step toward realising our mission of enabling a movement of millions of people starting and growing businesses, using local inputs to serve local needs as well as other markets. Together, we aim to create thriving local ecosystems that inspire innovation and drive inclusive growth.”

    GAME has been at the forefront of fostering mass entrepreneurship since its inception in 2018. Through research, pilot programs and policy advocacy, GAME has worked tirelessly to unlock the potential of entrepreneurs across India. Its initiatives have empowered women entrepreneurs, strengthened MSME ecosystems and promoted sustainable business models in underserved regions.

    The collaboration between GAME and NITI Aayog is expected to pave the way for innovative solutions that address systemic barriers to entrepreneurship. Developing healthy local entrepreneurial ecosystems benefits entrepreneurs with resources such as access to credit, markets, mentors and peer networks. By focusing on local contexts and fostering partnerships at multiple levels, this initiative will nurture a culture of entrepreneurship with local ownership and create lasting impact across India’s economic landscape.

    About GAME:

    Global Alliance for Mass Entrepreneurship (GAME) was created as a catalyst for a nationwide movement of mass entrepreneurship. The organisation aims to shift perceptions and nurture entrepreneurship in a multi-faceted and integrated manner. GAME works towards addressing challenges that include access to finance and markets as well as regulation through a collaborative approach across financial, educational and policy systems.

    Since its inception, GAME has assisted 300,000+ entrepreneurs through various interventions enabling access to credit, access to market and place-based interventions, apart from other initiatives.

     

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  • MIL-OSI Asia-Pac: Police National Security Department mounts enforcement action

    Source: Hong Kong Government special administrative region

    The National Security Department (NSD) of the Hong Kong Police Force on Apr 30, arrested two men, aged 35 and 68, in the Tseung Kwan O district, on suspicion of committing “attempting to deal with, directly or indirectly, any funds or other financial assets or economic resources belonging to, or owned or controlled by, a relevant absconder”, contravening Section 90(2)(b) and 90(3) of the Safeguarding National Security Ordinance and Section 159G of the Crimes Ordinance.
     
    The Secretary for Security on December 24, 2024, exercised the powers conferred by the Safeguarding National Security Ordinance to specify seven absconded fugitives, including Kwok Fung-yee, for being suspected of having committed offences endangering national security, and to specify the measures to be applied against the relevant absconders by notices published in the Gazette. Investigations revealed that the two arrested persons assisted Kwok Fung-yee in changing the details of an insurance policy and attempted to withdraw its remaining value.
     
    The NSD laid a charge against the 68-year-old man today (May 2) with one count of “attempting to deal with, directly or indirectly, any funds or other financial assets or economic resources belonging to, or owned or controlled by, a relevant absconder”, the case will be mentioned at the West Kowloon Magistrates’ Courts this afternoon. The other arrested man was released on bail pending further investigations.
     
    Police remind members of the public that dealing with funds belonging to a relevant absconder is a serious crime. Offenders shall be liable to imprisonment for seven years on first conviction. Members of the public are urged not to defy the law.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India Showcases Creative and Technological Might at WAVES 2025

    Source: Government of India

    India Showcases Creative and Technological Might at WAVES 2025

    Discussions at WAVES on AI, Social Media and Advertising reflect India’s expanding footprint in the Digital Media sector

    Posted On: 01 MAY 2025 9:24PM by PIB Mumbai

    Mumbai, 1 May 2025

    The inaugural session of WAVES 2025 was graced by Prime Minister Narendra Modi, who officially opened the summit at the Jio World Centre in Mumbai. In his keynote address, PM Modi emphasized India’s rich storytelling heritage and its potential to become a global hub for content creation. He highlighted the convergence of content, creativity, and culture as the pillars of the ‘Orange Economy,’ urging creators worldwide to “Create in India, Create for the World.” The Prime Minister also paid tribute to Indian cinema legends by releasing commemorative postage stamps. He called upon global creators to explore India’s diverse narratives, stating that every street, mountain, and river in India carries a story waiting to be told. The session was attended by dignitaries from over 100 countries, industry leaders, and renowned artists, marking a significant step in India’s journey to becoming a creative superpower.

    https://pib.gov.in/PressReleasePage.aspx?PRID=2125725

    AI and Creativity: Adobe and NVIDIA Chart the Future

    Shantanu Narayen, CEO of Adobe, highlighted India’s emergence as a global hub of creativity powered by digital tools and generative AI. With over 100 million content creators and 500 million OTT consumers, Narayen described India as “the world’s next creative superpower.” He showcased Adobe’s Firefly AI models and stressed ethical AI, content authenticity, and creator attribution as vital for sustainable growth.

    In a fireside chat, Richard Kerris and Vishal Dhupar of NVIDIA explored how AI is revolutionizing the creative pipeline—allowing content to be generated, localized, and personalized at scale. “India has long exported talent. Now it can export culture,” Kerris declared, emphasizing AI’s ability to amplify regional voices and transform India into a storytelling giant.

    https://pib.gov.in/PressReleasePage.aspx?PRID=2125947

    YouTube to offer more support to boost the Creator Economy

    YouTube CEO Neal Mohan announced a ₹850 crore investment to accelerate India’s creator economy, citing over 15,000 Indian channels with more than 1 million subscribers. Joined by global creators Mark Rober and Gautami Kawale (Slayy Point), Mohan underlined YouTube’s role in taking Indian stories global. “India isn’t just leading in music and film—it’s now a Creator Nation,” he said. Kawale shared how regional Indian content, when rooted in culture, has universal appeal, while Rober spoke about the power of STEM content crossing borders through AI-enabled dubbing and localization.

    WPP and the Advertising Renaissance

    Mark Read, CEO of WPP, described the advertising industry’s $1 trillion global footprint and its shift towards AI-led storytelling. He unveiled WPP’s open video production platform and shared a campaign featuring Shah Rukh Khan to demonstrate hyper-personalized content creation using motion AI. “AI is not replacing creativity—it is expanding it,” Read said, outlining the role of MSMEs and digital tools in democratizing access to quality advertising.

     

    Global Collaboration: UK-India Cultural Pact

    In a keynote that blended diplomacy and personal heritage, Lisa Nandy, UK Secretary of State for DCMS, emphasized the cultural bridge between India and the UK. She announced a Bilateral Cultural Federation Agreement to strengthen ties across cinema, museums, and performing arts. “From Manchester to Mumbai, we must empower the next generation of storytellers,” she urged, citing the legacy of figures like Sophia Duleep Singh and modern UK-Indian creatives.

    Panel Highlights: AI, Culture, and Influence; Two panel discussions deepened the discourse:

    “India M&E @100: The Future of Media and Entertainment” featured leaders from Eros Now, Jetsynthesys, and GroupM. They emphasized that India is in the fourth wave of disruption, where AI-led IP creation and Gen Z consumption patterns are reshaping the industry.

    https://pib.gov.in/PressReleasePage.aspx?PRID=2125886

    “The Business of Influence”, moderated by YouTube’s Gautam Anand, showcased creators like Chef Ranveer Brar, ChessTalk’s Jeetendra Advani, and Japanese YouTuber Mayo Murasaki. From chess to agriculture, they demonstrated how digital platforms are taking Indian knowledge global while preserving cultural authenticity.

    https://pib.gov.in/PressReleasePage.aspx?PRID=2125889

     

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  • MIL-OSI Europe: In-Depth Analysis – How have European banks developed along different dimensions of international competitiveness? – 02-05-2025

    Source: European Parliament

    The analysis explores the competitiveness of European banks compared to their US counterparts. It highlights structural differences between the two systems, particularly Europe’s reliance on traditional bank intermediation versus US’s market-based model. European banks generally lag in profitability and market valuations, but remain central to credit provision and financial inclusion across the EU. US banks have benefitted from more favourable macroeconomic scenarios. At the same time, recent improvements in European bank’s profitability and efficiency are driven by temporary macro factors, raising concerns about sustainability. The study emphasises the need for regulatory harmonisation, capital market development, and integration to enhance the competitiveness and resilience of Europe’s banking sector. It also stresses the importance of considering both quantitative and qualitative indicators to better capture banks’ contributions to the economy and overall welfare.

    MIL OSI Europe News

  • MIL-OSI Europe: Say cheese, but without the cow

    Source: European Investment Bank

    To help meet the growing demand for protein-rich dairy substitutes, the European Investment Bank signed a €35 million loan with Formo in January 2025.

    “This project supports the EU’s Farm to Fork Strategy, which promotes the transition to more sustainable food systems,” adds Machado Mendes. “It’s one of the reasons we stand behind it.”

    Backed by the European Union’s InvestEU guarantee programme, the EIB investment enables Formo to continue developing its fermentation processes and produce more alternatives to products such as milk and eggs.

    “It’s a clear indication of our growing role in the bioeconomy,” says Alberto Casorati, the loan officer overseeing this initiative at the European Investment Bank. “Formo is bringing an innovative, sustainable product to the EU market, catering to a broad range of consumers, including those who are lactose intolerant or follow a vegan diet.”

    MIL OSI Europe News

  • MIL-OSI Banking: Christodoulos Patsalides: The economy of Cyprus – developments and outlook

    Source: Bank for International Settlements

    Intoduction

    Your Excellency, the President of the Republic of Cyprus, distinguished guests, esteemed colleagues, and friends,

    It is a great pleasure to address the 3rd Capital Link Cyprus Business Forum here in New York, a city that has long served as a global hub for business, finance, and innovation. I would like to extend my sincere gratitude to the organizers for bringing us together today to exchange insights on the economic trajectory of Cyprus. Events like this are crucial in fostering dialogue and reinforcing the strong economic ties between Cyprus and the international business community.

    Key metrics of the Cypriot Economy

    The Cypriot economy and its banking sector have continued to demonstrate remarkable resilience, despite an increasingly volatile global environment marked by geopolitical uncertainty and rising trade tensions. In 2024, Cyprus achieved robust economic growth, significantly outpacing the euro area average and primarily driven by foreign investment, robust tourism, and rapid expansion in Information and Communication Technologies. At the same time, unemployment declined notably, falling well below the euro area average and approaching conditions of full employment, while inflation declined significantly and remains well on track. Fiscal performance also strengthened considerably, with public debt reduced to levels well below the euro area average, highlighting the country’s improved fiscal discipline.

    Meanwhile, key indicators of banking sector strength remained solid. Capital adequacy levels, as measured by the Common Equity Tier 1 (CET1) ratio, are significantly above the EU average, and profitability, as measured by Return on Equity, reached one of the highest levels across the Union. Cypriot banks also continue to maintain some of the strongest liquidity positions in the EU, further reinforcing the sector’s soundness and resilience.

    The remarkable economic performance of Cyprus was recently acknowledged by the International Monetary Fund. As mentioned in its Concluding Statement of its recent Article IV Mission:

     “Cyprus has demonstrated impressive resilience to successive shocks. Growth has remained among the highest in the euro area, mainly supported by foreign investment, strong tourism, and a boom in the ICT sector.”

    All major credit rating agencies have also recognized the notable progress of the economy, upgrading Cyprus’s credit rating to the ‘A’ category. This progress not only reflects solid economic performance but also acts as a safeguard against global uncertainty and constitutes key factor for sustaining strong growth potential.

    Domestic Economy

    Growth Outlook

    Having outlined the broader context of the Cyprus economy, I will now turn to the growth outlook in more detail. In 2024, GDP growth reached 3.4% compared to 0.9% in the euro area. Domestic demand, and most specifically, private consumption has been a key driver of growth, complemented by a positive contribution from net exports, particularly export of services. Investments also registered an increase in 2024, across both housing and other private investments, such as ongoing implementation of major infrastructure projects with foreign financing as well as projects under the Recovery and Resilience Facility. Despite geopolitical challenges, tourism arrivals and revenue reached record levels in 2024, exceeding four million tourists for the first time. On the production side, the services sectors of the economy were the key drivers for economic activity. Specifically, the sectors of trade, transportation (particularly shipping), hotels and restaurants gave the greatest support to GDP growth. The information and communication sector as well as financial and professional services were also important contributors to growth. Finally, healthcare and education, real estate management activities, construction and manufacturing sectors also fueled economic activity.

    I would like to highlight at this point that the steps taken to diversify our economy-both across sectors, including services, tourism, and non-tourism-related industries, as well as across different markets-have played a key role in strengthening our resilience. These efforts have significantly enhanced our ability to withstand external shocks, particularly in times of geopolitical turmoil.

    Looking ahead, based on March 2025 projections of the Central Bank of Cyprus, GDP is expected to continue to grow robustly at around 3% per year over 2025-2027. This continued expansion is anticipated to largely stem from domestic demand, with external demand playing, to a lesser extent, a supporting role. Investments are also expected to remain strong. Nevertheless, persistent geopolitical tensions may introduce downside risks to the speed of external recovery.

    Fiscal Developments and Public Debt Reduction

    On the fiscal side, Cyprus has made significant strides in reinforcing fiscal stability, a cornerstone of sustainable economic progress. Notably, public debt declined substantially from 113.6% of GDP in 2020 to 65.4% in 2024. As of January 2025, the debt-to-GDP ratio had fallen further to 61.9%, reflecting disciplined fiscal policies and sound economic management. It should be noted that in the euro area, public debt stood at 88.2% at the end of the third quarter of 2024.

    Looking forward, the Ministry of Finance projects that this downward trajectory will persist, with public debt expected to fall below 50% of GDP by 2028. This fiscal consolidation not only strengthens Cyprus’ financial resilience but also enhances investor confidence, reinforcing the country’s attractiveness for foreign direct investment and securing long-term economic stability.

    Inflation Trends

    Turning to inflation, price stability remains a key focus. Inflationary pressures have eased significantly, with the headline inflation significantly declining to 2.3% in 2024 from 3.9% in 2023. This reduction has been largely driven by the correction of external supply-side shocks, particularly in energy markets, as well as the European Central Bank’s monetary policy tightening.

    Over the period 2025-2027, inflation is projected to sustainably stabilize around 2%. This is in line with the medium-term target we set at the Governing Council of the ECB. Although certain services sectors continue to experience relatively elevated price growth, overall inflationary pressures remain well-contained, ensuring a stable environment for households and businesses alike. However, we must remain vigilant, as exceptionally high uncertainty continues to pose upside risks to inflation, alongside climate-related factors.

    The Cyprus Banking Sector

    The banking sector in Cyprus has demonstrated remarkable progress and resilience over the past years. Our financial institutions have not only navigated a challenging global environment but have also shown notable strides in strengthening their foundations. A primary indicator of this resilience is the enhancement of the solvency capacity, with the Common Equity Tier 1 (CET1) ratio increasing to 24.5% in December 2024. This increase places Cyprus at the top of the EU spectrum, well above the EU average of 16.1%.

    Despite the ongoing challenges from successive crises, Cyprus has experienced no clear signs of a decline in credit quality. On the contrary, the Non-Performing Loans (NPL) ratio has continued to show improvement. As of December 2024, it has decreased to 6.2%. Even though this is a positive trend, we must acknowledge that more work is needed, especially considering the EU’s average NPL ratio of 1.9% as of the same period.

    Profitability has remained strong and persistent, with the Return on Equity (RoE) reaching 20.0% in December 2024, significantly higher than the EU average of 10.5% in the same period. Operational efficiency has also seen progress, as the cost-to-income ratio decreased to 37% in December 2024, a considerable improvement compared to previous years and lower than the EU’s 54% average in the same period.

    Cypriot banks maintain some of the highest liquidity levels within the EU. This strong liquidity position enhances their capacity to navigate potential market disruptions and to continue supporting economic stability. As of December 2024, the Liquidity Coverage Ratio (LCR), which reflects a bank’s ability to withstand significant liquidity outflows during stressful periods, stands at 333%, well above the EU average of 163% as of the same period and the minimum requirement of 100%. Similarly, the Net Stable Funding Ratio (NSFR), which measures the stability of a bank’s funding sources, is at 188% in December 2024, exceeding both the EU average of 127% recorded in the same period and the required 100%.

    Looking ahead, the banking industry must navigate several challenges, including integrating AI, managing cyber risks, responding to geopolitical instability, shifting towards a more sustainable economy, addressing the growing need for substantial investments in technology, and adapting to heightened competition from the non-banking sector, particularly in the area of payment services. Addressing these key issues is crucial for maintaining the sector’s positive growth and will continue to be a primary focus of our oversight efforts.

    Conclusion

    Cyprus has demonstrated resilience and strong economic performance against a backdrop of global uncertainties. Despite elevated international risk and the increasing geopolitical fragmentation, it is my belief that Cyprus will continue to prosper thanks to its commitment on prudent, yet business-friendly policies.

    Let me bring my speech to a close by quoting Warren Buffett’s renowned advice: “Risk comes from not knowing what you’re doing.” This obviously highlights the necessity for informed decision-making. I therefore urge you to examine the country’s track record and to assess the ingredients of its pursued policies. I am confident that Cyprus will stand out as a compelling and reliable destination for investment.

    Thank you.

    MIL OSI Global Banks

  • MIL-OSI Banking: Lesetja Kganyago: Challenges of the Group of Twenty

    Source: Bank for International Settlements

    Good morning.

    Thank you for inviting me to Brookings. We have long benefited from your expertise, most recently when one of your fellows, Don Kohn, gave a star performance last month at our South African Reserve Bank Research Conference in Cape Town. It is great to be with you in DC today.

    The focus of my talk is the Group of Twenty (G20), for which South Africa currently has the presidency. As you will all know, the G20 started in the 1990s as an informal arrangement for discussing macroeconomic developments and financial stability. It was designated the premier forum for international economic cooperation during the Global Financial Crisis (GFC)1 and, at the time, it proved this status was well deserved.2

    It did this by demonstrating two great strengths.

    First, unlike the Group of Seven, it brought together all the major economies, not just the richer ones. This balanced participation made it a genuinely global institution.
    Second, it was just small enough that it could act decisively.

    In the years since the GFC, the G20 has worked on many important issues, with some real successes. The global regulatory reform agenda stands out as perhaps one of the most significant achievements of the G20. Today we can say the core of the global financial system is more resilient than it was during the GFC.

    The G20 has demonstrated its value during crises, most notably at the onset of the COVID-19 pandemic, where it served as a central forum for coordinating responses and mobilising finance.

    It has strengthened the global financial safety net, with a better-resourced International Monetary Fund at its centre, and has facilitated expanded resource commitments for the multilateral development banks.

    In 2020, the Debt Service Suspension Initiative helped create fiscal space for poor countries at a moment of great peril. The Common Framework that grew out of this is still the most promising mechanism available for working out unsustainable sovereign debts.

    It is a testament to the G20’s value that even now, at a time of extraordinary global change, all its members agree about its importance, and all of them are committed to continuing its work.

    At the same time, I think we are all in agreement that the G20 faces many challenges. I would like to discuss some of them today as a prelude to the discussion to come. I hope you will forgive me for focusing today on how process subverts better policy formulation, but I believe this is a serious concern and detracts from what the G20 might achieve.

    Let me start by drawing attention to the need for more focused agenda-setting, supported by better processes.

    From a very operational perspective, G20 meetings are large. There is a rule of thumb, sometimes called Parkinson’s law,3 that the maximum size of an effective committee is around 20 participants. Once you get past that threshold, it seems to become difficult to make decisions efficiently.

    It would seem that an organisation called the G20 would be perfectly designed for satisfying Parkinson’s law. But, in addition to the G20’s 21 members, we also have a roster of invited countries and many international organisations. Counting in these invited participants, we had a total of 52 countries and institutions at our recent Finance Ministers and Central Bank Governors meeting in Cape Town.

    In this context, it can be challenging to have spontaneous conversations and robust debates.

    One high-level observation is that the G20 functions best in a global crisis. Minds are focused and participants move quickly to find each other in identifying root causes, analysing options and defining the path forward. I think of the meetings of Washington in 2008, London in 2009, and Toronto and Pittsburgh in 2010 as exemplars.

    Once we are no longer in the throes of a crisis, it becomes harder to find purpose. When we say, for instance, that the G20’s relevance is fading, I think we mean that the agenda, always rich in topics, is overloaded and too complex. While there are many agenda items suitable for reasoned, technocratic discussions, such as improving payment systems or helping heavily indebted poor countries, the G20 cannot effectively address itself to all of them.

    Against this, the G20 has powerful mechanisms for adding issues to its agenda. Each year, we have a new presidency, and each presidency wants to make its mark by putting new issues on the table. This means we add more than we subtract. Because the G20 is powerful, prestigious and global, it is tempting to bring it all the problems of the world. It does not follow, however, that, just because something is important, it should be on the G20’s agenda. There are many important issues for which the G20 is not the right forum.

    So, we should be more intentional in how we choose which issues to discuss – especially when the world is in between crises. Narrowing the G20’s scope might also make for more focused discussions that say something more meaningful about the top two or three priorities chosen each year.

    Keeping those priorities central to our discussions would also encourage a better kind of engagement – more intimate conversations that help participants find each other and craft common views.

    In the end, with too much content and not enough conversation, our messaging and communication becomes loaded with vague ‘priors’ rather than more concrete solutions. We tend to sacrifice clarity and purpose in favour of finding relevance among only the most specialist audiences.

    Refocusing on solutions would help to avoid falling into the trap of drafting long and formulaic communiqués. Finally, we would do better by having shorter statements, written in plain language.

    Of course, it is easier to communicate when you have clear decisions to share. The path here is to zero in on our inherently common challenges and then to work harder, partly with better agenda-setting, to develop common views.

    In its early years, the G20 worked well for economic and financial stability issues. We need to preserve that focus and enhance it.

    Another way of doing this could be to separate the various tracks, making them more distinct from one another, creating the space for the principals of the G20 Finance Track to focus, in part, on defining the agenda. Such a step might also mean rethinking the structure of the Finance Track itself and of its multiple working groups and their processes.

    It has also been suggested that we should establish a permanent G20 secretariat. There are obstacles to this, including who hosts it, who gets which roles and who foots the bill. We would have to be very disciplined about keeping it small, meritocratic and well governed.

    That said, establishing a secretariat for each track might address the problem that each year a new country assumes the presidency, puts in a huge effort and financial resources to learn the ropes, and then, just as it starts to really understand the system, its term is over and someone else starts all over again.

    I cannot say I’m convinced a secretariat for each standalone track is a good idea, but maybe it is better than what we have now. It would be great to hear other suggestions.

    To conclude, one of the best parts of the G20 is building relationships and social capital through meeting regularly. In doing so, we enhance our ability to cooperate in crises, gaining perspective and defining better, sustainable solutions.

    Such a dynamic and engaged process is arguably even more critical now as the global community feels its way into a new era. It is in these times that we will find it harder to agree, and it therefore becomes more important to hear each other and seek to redefine our common interests. That there may be contestation over certain topics and how to approach them is a positive outcome of the G20, not a weakness. This is where value we add should, in fact, be found.

    The G20 remains the premier forum for international economic cooperation, and should not have to be reinvented for every crisis. There is no doubt that global cooperation is difficult, even in less crisis-prone times. But the alternatives are worse. And the G20 could, with concerted effort, reach its previous levels of excellence.

    Thank you.


    MIL OSI Global Banks

  • MIL-OSI Global: How state agents target journalists while governments claim to protect them – stark warnings from Mexico and Honduras

    Source: The Conversation – UK – By Tamsin S. Mitchell, Visiting Researcher, Centre for Freedom of the Media, University of Sheffield

    Humberto Padgett was reporting on the effects of drought in Cuitzeo, a rural area of central Mexico, when his car was intercepted by armed men on September 13 2024. They threatened him and stole the car, his identity papers and work equipment, including two bullet-proof jackets.

    Padgett, a Mexican investigative journalist and author, was reporting on Mexico’s growing environmental worries for national talk radio station Radio Fórmula. It proved to be his last assignment for the station. Two days later, he tweeted:

    Today I’m leaving journalism indefinitely. The losses I’ve suffered, the harassment and threats my family and I have endured, and the neglect I’ve faced have forced me to give up after 26 years of work. Thank you and good luck.

    Padgett made this decision despite the fact he, like many other journalists in Mexico, has been enrolled in a government protection scheme for years – the Protection Mechanism for Journalists and Human Rights Defenders, set up in 2012. Several other Latin American countries have similar protection programmes, including Honduras since 2015.

    These programmes offer journalists measures such as panic buttons and emergency phone alerts, police or private security patrols, and security cameras and alarm systems for their homes and offices. Some are provided with bodyguards – at times, Padgett has received 24-hour protection.

    In Honduras, reporter Wendy Funes, founder of the online news site RI, was given a police bodyguard after being threatened while covering an extortion trial that linked the Mara Salvatrucha (MS-13), an international criminal gang, with the Honduran government of former president Juan Orlando Hernández, who is now serving a 45-year prison sentence in the US for drug trafficking and arms offences.

    Yet even once journalists are enrolled in these government protection schemes, the attacks and threats continue. Shockingly, many come from state employees who, in both Mexico and Honduras, are thought to be responsible for almost half of all attacks on journalists. But the prospect of punishment is remote: at least 90% of attacks on journalists go unprosecuted and unpunished, meaning there is little deterrent for committing these crimes.

    Both Mexico and Honduras currently have leftwing governments which have promised to protect journalists, following a long history of crimes against media professionals in both countries. Yet the risk to journalists posed by the state has worsened in recent years amid increasing use of spyware, online smear campaigns, and rising levels of anti-media rhetoric.

    Journalists perceived as critical of the leadership are regularly accused of being corrupt, in the pay of foreign governments, and putting out fake news. Donald Trump’s vocal criticism of mainstream media since returning to power in the US is likely to have encouraged this anti-media hostility in Mexico and Honduras, as elsewhere in the world.

    Many journalists there have developed strategies for self-protection, including setting up NGOs that support colleagues at risk. But while they are doing journalism in ways that make reporting safer, their work has been further threatened by the abrupt suspension of USAID and other US grants, which is heightening the dangers faced by journalists in Latin America and around the world.

    Threats from the state

    When I tell people about my research into how journalists in Latin America deal with the relentless violence and impunity, their first question is usually: “Oh, you mean drug cartels?” And indeed, both Padgett and Funes have received death threats for their investigations into cartels and other organised crime groups.

    Padgett was once sent an unsolicited photo of a dismembered body in a morgue. He was beaten and kicked in the head by armed men who threatened to kill him and his family while he was reporting on drug dealing on a university campus in Mexico City in 2017. He wears a bullet-proof jacket – or did until it was stolen – and keeps his home address a closely guarded secret.

    But cartels and gangs are only part of the story when it comes to anti-press violence and impunity in these countries. In many ways, the bigger story is the threat from the state. This has been a constant despite changes in government, whether right or left wing.


    The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.


    My research project and resulting book were inspired by my work providing advocacy, practical and moral support for journalists at risk in Latin America for an international NGO between 2007 and 2016. The extent of the risk posed by state agents – acting alone or in cahoots with organised crime groups – is clear from the many journalists I’ve spoken to in both Mexico and Honduras.

    I first interviewed these reporters, and the organisations that assist them, in 2018, then again in 2022-23 (89 interviews in total), to chart how journalists struggle for protection and justice from the state in the face of growing challenges at both domestic and international level.

    For both Padgett and Funes, the intimidation, threats and attacks from organised crime groups often followed them reporting on state agents and their alleged links with such groups. Organised crime groups have deeply infiltrated the fabric of society in many parts of Mexico and Honduras – including politics, state institutions, justice and law enforcement, particularly at a local level.

    In Padgett’s case, the suspected cartel threats came after he published a book and investigation into links between state governments and drug cartels, including drug money for political campaigns in Tamaulipas and a surge in cartel-related violence in Morelos under a certain local administration.

    Padgett had first joined the federal protection mechanism after he was attacked by police when filming a raid in central Mexico City in 2016. The police confiscated his phone and arrested him.

    He was later assigned an around-the-clock bodyguard after the Mexico City prosecutor’s office made available his contact details and his risk assessment and protection plan – produced by the state programme that was supposed to safeguard him – for inclusion in the court file on the 2017 attack on him at the university. This meant the criminals behind the attack had full access to this information.

    Being part of this protection programme did not stop the threats by state employees. In April 2024, while trying to report from the scene of the murder of a local mayoral candidate in Guanajuato state, Padgett was punched in the face by a police officer from the state prosecutor’s office, who also smashed his glasses and deleted his photos.

    Years earlier, he had been subjected to a protracted legal battle by former Mexico state governor and presidential candidate Eruviel Ávila Villegas, who sued Padgett for “moral damages” to the tune of more than half a million US dollars. His offence? A 2017 profile which mentioned that the politician had attended parties where a bishop had sexually abused male minors.

    Padgett eventually won the case – but only on appeal, thanks to a pro bono legal team, after 18 months of stress and travelling to attend the hearings. This is a part of a growing trend of “strategic lawsuits against public participation” (Slapps) in Mexico and Latin America, aimed at silencing journalists and other critical voices.

    As Padgett put it: “[Even] once we manage to win, there are no consequences for the politicians who call us to a trial without merit – no consequences at all. Eruviel Ávila is still a senator for the PRI [Institutional Revolutionary Party]” – and he was not even liable for costs.

    Mexico’s federal government and army have also carried out illegal surveillance of the mobile phones of journalists and human rights defenders investigating federal government corruption and serious human rights violations on multiple occasions, including by using Pegasus spyware.

    In Honduras, Funes is no stranger to state harassment either. In 2011, she was among around 100 journalists, many of them women, who were teargassed and beaten with truncheons by officers of the presidential guard and the national police during a peaceful protest against journalist murders.

    In recent years, according to Funes, she and her team at RI have been targeted by cyberattacks and orchestrated smear campaigns on social media that have sought to tar them as being corrupt or associated with criminal gangs. She suspects the army is behind some of these attacks since RI has written in favour of demilitarising the police. Several RI team members have been stopped at army checkpoints; when they have denounced this on TikTok or Facebook, they have been flooded by negative comments.

    Profile of investigative journalist Wendy Funes, winner of the 2018 Index on Censorship Freedom of Expression journalism award.

    RI has also been attacked by government supporters unhappy with its critical coverage of the Honduras president Xiomara Castro’s leftwing administration. In August 2024, Funes was threatened with prosecution by the governor of Choluteca, southern Honduras, over RI’s investigation into alleged involvement by local government officials in migrant trafficking. And earlier in 2025, Funes and a human rights activist were subjected to misogynistic and sexist diatribes and threats by the head of customs for the same regional department, for demanding justice for a murdered environmental defender.

    Almost half of all attacks on journalists in Mexico and Honduras are attributable to state agents, particularly at the local level. In Mexico, the NGO Article 19 has attributed 46% of all such assaults over the last decade to state agents including officials, civil servants and the armed forces.

    In Honduras, according to the Committee for Free Expression (C-Libre), 45% of attacks on journalists in the first quarter of 2024 were attributed to state agents, up from 41% in 2021. These include the national police, the Military Public Order Police, officials and members of the government.

    Impunity is a fact of life

    One key reason for the failure of the journalist protection schemes in Mexico and Honduras is they lack the power to investigate, prosecute and punish those responsible for the attacks that caused the journalists to enter the programmes in the first place.

    Padgett is yet to see justice, either for the attack on him by drug dealers at the university campus almost eight years ago or the results of the official investigation into the Mexico City prosecutor office’s apparent leaking of his contact details to the assailants. When he asked the prosecutor’s office for an update on its investigation in June 2024, he was told it had been closed two years earlier. His request for a copy of the file was denied.

    When he went to the office to ask why, he was detained by police officers. “This is justice in Mexico City,” he said in a video he filmed during his arrest, adding:

    Drug dealing is allowed. My personal data is leaked to the organised crime [group] that threatened to kill me and my family. Then the matter is shelved. I come to ask for my file and instead of giving it to me, they take me to court. That is the reality today.

    News report by Al Jazeera English (February 2023)

    Padgett lodged a complaint and, following “a tortuous judicial process”, eventually managed to get the investigation re-opened. But he says he has lost hope in the process and the justice system in general. Even something as simple as filing a report on the theft of his bullet-proof jacket during the armed attack in September 2024 has proved beyond the official responsible for the task, so the protection programme has not replaced it.

    Funes says she reported one of the cyber-attacks on RI to the special prosecutor established by Honduras in 2018 to investigate crimes against journalists and human rights defenders. Funes provided the name and mobile phone number used by the hacker. However, she said the case was later closed for “lack of merit”.

    Previously, the official investigation into the 2011 attack on her and other women journalists had also been quietly shelved after the evidence was “lost”. Funes says this put her off reporting subsequent incidents to the authorities:

    What for? I just want them to protect me … why waste my time? Really, you get used to impunity, you normalise it.

    There have been a few important advances in Mexico in recent years, including the successful prosecution of some of those behind the 2017 murder of two high-profile journalists, Javier Valdez and Miroslava Breach, but such cases remain the exception. Around 90% of attacks on journalists still go unprosecuted and unpunished by the state in both Mexico and Honduras, meaning there is little deterrent against these crimes.

    Safer, better ways of working

    Many of the journalists I have interviewed prioritise covering under-reported issues relating to human rights and democracy, corruption, violence and impunity. They use in-depth, investigative journalism to try to reveal the truth about what is happening in their countries – which is often obscured by the failings and corruption of the justice system and rule of law.

    Many are developing safer, better ways of working, with three strategies having grown noticeably in recent years: building collaborations, seeking international support, and professionalising their ways of working.

    Journalists from different media outlets often overcome professional rivalries to collaborate on sensitive and dangerous stories. In Mexico, members of some journalists’ collectives and networks alert each other of security risks on the ground, share and corroborate information, and monitor their members during risky assignments. Others travel as a group – when investigating the mass graves used by drug cartels, for example.

    In Mexico and increasingly in Honduras, they publish controversial stories, such as on serious human rights violations involving the state, in more than one outlet simultaneously to reduce the chance of individual journalists being targeted in reprisal. Such collaborations build trust, solidarity and mutual support among reporters and editors – something that has traditionally been lacking in both countries.

    Increasingly, international media partners also play an important role regarding the safety of Mexican and Honduran journalists and amplifying public awareness of the issues they report on – encouraging the mainstream media in their own countries to take notice and increasing pressure on their governments to act.

    According to Jennifer Ávila, director of the Honduran investigative journalism platform ContraCorriente, transnational collaborations are a “super-important protection mechanism” because they give journalists access to external editors and legal assistance – as well as help leaving the country if necessary.




    Read more:
    As Mexico’s new president takes office, a renewed battle to contain cartel violence begins


    International partners also bring increased resources. In Mexico and Honduras, as in other Latin American countries, the main source of funding is government advertising and other state financial incentives. But these come with expectations about influence over editorial policies and content, so are not an option for most independent outlets. Private advertising is also challenging for these and other reasons. So, most independent media outlets and journalistic projects are heavily dependent on US and European donors such as the National Endowment for Democracy (Ned), Ford Foundation and Open Society Foundations.

    Much of Latin America has high levels of media concentration, with the mainstream media typically being owned by a handful of wealthy individuals or families with wider business interests – and close economic and political links to politicians and the state. Combined with the strings of government advertising, this often results in “soft” censorship of the content that these outlets publish. Some journalists are escaping this either by setting up their own media digital outlets, like Funes, or by going freelance – as Padgett has decided to do following the attack on him in Cuitzeo in 2024.

    At the same time, there has been a widespread raising of standards through increased training in techniques such as journalistic ethics, making freedom of information requests, digital and investigative journalism, and covering elections. This all helps to promote “journalistic security” – using information as a “shield in such a way that no one can deny what you’re saying”, according to Daniela Pastrana of the NGO Journalists on the Ground (PdP). It also helps counter the perception – and in some cases, reality – of longstanding corruption in parts of the profession.

    Hostile environment puts progress at risk

    Despite the promise of transforming journalism through increasing collaboration, professionalisation and international support, the current outlook for journalists in Mexico and Honduras – and other countries in Latin America – is not encouraging. Hostile government rhetoric against independent reporters and media outlets is on the rise, despite the presidents of both Mexico and Honduras having pledged to protect journalists and freedom of expression.

    In Honduras, the hostile rhetoric towards journalists is growing in the run-up to the presidential elections in November. According to Funes: “There is a violent public discourse from the government which is repeated by officials [and] prepares the ground for worse attacks on the press … This is dangerous.”

    In both countries, such attitudes at the top are often replicated by local politicians and citizens, including online, with the threat of violent discourse leading to physical violence. This hostility appears likely to grow given the example of Donald Trump’s aggressive and litigious attitude towards journalists and the media in the United States.

    Indeed, the policies of the second Trump administration are already jeopardising progress made in terms of transforming journalism in Mexico and Honduras. In late January 2025, the US government suspended international aid and shuttered USAID, amid unsubstantiated accusations of fraud and corruption.

    According to the press freedom group Reporters Without Borders, the USAID freeze included more than US$268m (£216m) that had been allocated to support “independent media and the free flow of information” in 2025.

    USAID has been a key funder of organisations such as the nonprofits Internews and Freedom House, which in turn have been vital to the development of independent and investigative journalism in Latin America through their support of new media outlets, journalistic projects and media freedom groups. Another important donor, Ned – a bipartisan nonprofit organisation largely funded by the US Congress – has had its funding frozen.

    Ned’s chair, Peter Roskam, explains its legal action against the Trump funding cuts.

    Uncertainty about future funding has led to the immediate suspension of operations and layoffs by many nonprofit media organisations in Mexico, Honduras and across the region. While this seismic shift in the Latin American media landscape reinforces the urgent need to diversify its sources of funding, there is no doubt that in the short and even medium term, it has dealt a serious blow to the development of free and independent journalism and the safety of all journalists.

    In a region of increasingly authoritarian leaders, it is now a lot harder to hold them accountable for corruption, human rights violations, impunity and other abuses.

    International impotence

    Anti-press violence and impunity are global problems, with more than 1,700 journalists killed worldwide between 2006 and 2024 – around 85% of which went unpunished, according to Unesco.

    Although international organisations, protection mechanisms and pressure can be important tools in the fight against anti-press violence and impunity, they are ultimately limited in impact due to their reliance on the state to comply. Some journalists in Mexico and Honduras suggest the impact of such international attention can even be counter-productive, due to their governments’ increasing hostility toward any criticism by international organisations, journalists and other perceived opponents.

    Twenty years ago, Lydia Cacho, a renowned journalist and women’s rights activist, was arbitrarily detained and tortured in Puebla state, east-central Mexico, after publishing a book exposing a corruption and child sexual exploitation network involving authorities and well-known businessmen. Unable to get redress for her torture through the Mexican justice system, Cacho eventually took her case to the United Nations.

    Finally, in 2018, the UN Human Rights Committee ruled that her rights had been violated and ordered the Mexican state to re-open the investigation into the attack, and to give her adequate compensation. This judgment has led to several arrests of state agents in Puebla, including a former governor and chief of the judicial police and several police officers, as well as a public apology from the federal government.

    Journalist Lydia Cacho speaking at the 2020 Camden Conference.

    But cases like Cacho’s are the exception. Securing rulings from international bodies requires resources and energy, the help of NGOs or lawyers – and can take years. What’s more, enforcement of international decisions relies on the state to comply.

    While international pressure was key to persuading the Mexican and Honduran states to set up their government protection schemes for journalists and specialised prosecutors to investigate attacks against them, these institutions have generally proved ineffective.

    Resourcing is always an issue: typically, protection mechanisms and prosecutors’ offices are underfunded and the staff are poorly trained. Some bodies have limited mandates, such as protection mechanisms that lack the power to investigate attacks on journalists. Sometimes, these failings are believed to be deliberate. According to Padgett, the Mexican journalist protection scheme has “political biases against those whom officials consider to be hostile to the regime”.

    Indeed, many journalists and support groups suspect the Mexican and Honduran governments don’t really want these institutions to work. As the pro-democracy judge Guillermo López Lone commented about the repeated failure to secure convictions for crimes against journalists and human rights defenders in Honduras: “These are international commitments [made] due to pressure, but there is no political will.”

    López Lone, who was illegally removed from his position after the 2009 coup in Honduras and only reinstated as a judge after a years-long struggle, including a ruling by the Inter-American Court of Human Rights, alleged that these institutions “play a merely formal role” in Honduras, because they have been “captured by the political interests of the current rulers, and by criminal networks”.

    Similarly, according to Sara Mendiola, director of Mexico City-based NGO Propuesta Cívica, it’s not enough to talk about a lack of resources or training: “Even if you doubled the [state] prosecutors’ offices’ budgets, you’d still have the same impunity because the structures [that generate impunity] remain.”

    Activism is a risky business

    It’s clear that in both Mexico and Honduras, despite the governments’ stated commitment to freedom of expression, there is a deep-seated ambivalence about how important or desirable it is to protect journalists and media freedom.

    The heart of this issue is the contradiction of the state as both protector and perpetrator – a state that does not want to, or is incapable of, constraining or investigating itself and its allies. This in turn is linked to longstanding structural problems of corruption, impunity and human rights violations, and a legacy of controlling the media dating to pre-democracy days.

    Activism by journalists against this situation – another form of self-protection – takes various forms, including public protests and advocacy, and working for and setting up NGOs that support colleagues at risk. Increasingly, activism also involves the coming together of those who are the victims of violence.

    In Mexico City, groups of journalists displaced from their homes by threats and attacks, many of whom end up without a job or income, have formed collectives and networks to provide mutual support and assist colleagues in similar circumstances. In Veracruz state, the Network in Memory of and Struggle for Killed and Disappeared Journalists was formed by the relatives of the many such journalists in 2022.

    But activism is a risky business in Mexico and Honduras, opening journalists and their loved ones up to further repression and attacks by the state – and sometimes raising questions about their impartiality and credibility. While many journalists have taken part in activism out of necessity or desperation, in both countries their main source of optimism in the face of violence and impunity is journalism itself.

    Journalism as the solution

    Fortunately, journalists like Padgett don’t give up easily. After an eight-month hiatus following the attack in Cuitzeo and its aftermath, he now feels ready to go back to reporting.

    Although he succeeded in getting the shelved investigation into the 2017 attack on him and subsequent data leak reopened, the lack of any action since means he’s decided to draw a line under this labyrinthine process. He is now looking for “alternative means of justice to compensate for the impunity”.

    As a part of the reparations, he has been promised a formal apology from the Mexico City Prosecutor’s Office (similar to the apology received by Cacho). Such a ceremony is not justice and may largely be symbolic, but Padgett feels it will allow him to move on and focus on journalism again – this time as a freelancer. He is keen to make the point that Mexico remains “an extraordinary place to be a reporter”.

    Despite the lack of state protection and all the other challenges, journalists like Padgett and Funes are determined to keep going – investigating their countries’ ills, probing the root causes, transforming their profession. Their commitment offers a ray of hope for the emergence of a truly free and independent media in Mexico, Honduras and beyond.


    For you: more from our Insights series:

    To hear about new Insights articles, join the hundreds of thousands of people who value The Conversation’s evidence-based news. Subscribe to our newsletter.

    This article draws on research which was funded by the UK Economic and Social Research Council (ESRC). Tamsin Mitchell’s new book, Human Rights, Impunity and Anti-Press Violence: How Journalists Survive and Resist, is published by Routledge.

    ref. How state agents target journalists while governments claim to protect them – stark warnings from Mexico and Honduras – https://theconversation.com/how-state-agents-target-journalists-while-governments-claim-to-protect-them-stark-warnings-from-mexico-and-honduras-255549

    MIL OSI – Global Reports

  • MIL-OSI Asia-Pac: 2 arrested in security action

    Source: Hong Kong Information Services

    Police’s National Security Department (NSD) arrested two men, aged 35 and 68, in Tseung Kwan O on April 30 on suspicion of committing crimes in contravention of the Safeguarding National Security Ordinance and the Crimes Ordinance, and laid a charge against the 68-year-old man today.

    The Secretary for Security exercised the powers conferred by the Safeguarding National Security Ordinance to specify seven absconded fugitives, including Kwok Fung-yee, for being suspected of having committed offences endangering national security, and to specify the measures to be applied against the relevant absconders by notices published in the Gazette on December 24, 2024.

    Investigations revealed that the two arrestees assisted Kwok Fung-yee in changing the details of an insurance policy and attempted to withdraw its remaining value.

    The NSD laid a charge against the 68-year-old man with one count of “attempting to deal with, directly or indirectly, any funds or other financial assets or economic resources belonging to, or owned or controlled by, a relevant absconder”.

    The case was due to be mentioned at the West Kowloon Magistrates’ Courts this afternoon, while the other arrested man was released on bail pending further investigations.

    Police reminded the public that dealing with funds belonging to a relevant absconder is a serious crime and offenders are liable to seven years’ imprisonment on first conviction, and urged them not to defy the law.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Leonardo Villar-Gómez: Speech – XVIII Asofondos Congress

    Source: Bank for International Settlements

    Good morning to all Asofondos Congress attendees. I extend a special greeting to my esteemed fellow panelists in this opening session: Mr. Juan David Correa, President of the Board of Directors of the Association; the Minister of Labor, Mr. Antonio Sanguino; and the Financial Superintendent, Mr. César Ferrari.

    I would also like to express my sincere appreciation to Andrés Velasco and Daniel Wills, President and Technical Vice-President of Asofondos, respectively, as well as to all the members of the Association, for their kind invitation and the opportunity to participate in this vital forum.

    On this occasion, I will first share Banco de la República‘s perspective on Colombia’s macroeconomic and monetary outlook. Additionally, I will conclude my remarks with reflections on the Bank’s role in administering the Contributory Pillar Savings Fund, established by the Congress of the Republic as part of the pension reform approved last year.

    It is important to clarify that the views I will present today do not necessarily reflect the position of the Bank’s Board of Directors, nor do they represent the opinions of its individual members, who may hold differing interpretations on some issues I will address.

    On the Bank’s autonomy and essential objectives

    I would like to begin by addressing recent allegations directed at the Board of Directors, particularly some of its members, regarding alleged political motivations behind the decision made on Monday, March 31 to keep interest rates unchanged. My response to these claims is a strong reaffirmation of the institutional integrity of the Board, which operates strictly on technical grounds and within the clear constitutional mandate of safeguarding the purchasing power of the peso in tandem with general economic policy.

    It is essential to emphasize that none of the Board Members, except for the Minister of Finance, represent any particular government or political opposition. The Constitution is unequivocal on this matter. Article 372 explicitly states: “The members of the Board of Directors shall exclusively represent the interests of the Nation.”

    I have had the distinct honor of serving as member of the Board of Directors of Banco de la República for the past twelve years and, more recently, for over four years as Governor. I can state with absolute clarity and conviction that throughout these sixteen years, I have never witnessed any Board Member-or the Board as an institution-act with any motivation other than pursuing what is best for the country and its people. Our sole objective has always been to fulfill the constitutional mandate of preserving the purchasing power of the peso while ensuring that this goal aligns with the highest possible level of sustainable economic growth and employment.

    In this endeavor, the Board has been fortunate to rely on what I consider to be the most highly qualified team of economists in the country. Every decision the Board makes is preceded by a comprehensive recommendation document prepared by this technical staff. While these recommendations are not necessarily adopted in full, they serve as a crucial point of reference, providing the strongest available evidence to guide Board Members in making informed decisions. Ultimately, each vote is cast with the highest level of diligence, in adherence to the constitutional mandate, and with an unwavering commitment to the nation’s best interests.

    Over the past 25 years, throughout this century, the Board has implemented its mandate to preserve the currency’s purchasing power through an inflation-targeting strategy. This approach seeks to maintain inflation at approximately 3%, with a flexible exchange rate and a very short-term interest rate as the primary policy instrument.

    When inflation exceeds the target, it becomes necessary to uphold a contractionary monetary policy to bring it back under control. However, the short-term economic cost of such a policy-reflected in reduced productive activity-can be more pronounced and prolonged under certain conditions. This occurs, for instance, when prices and wages are heavily indexed to past inflation. Similarly, factors that elevate country risk premiums-such as global uncertainty or political idiosyncrasies, such as rising public debt or fiscal deficits exceeding expectations-can further complicate monetary policy efforts.

    Under these circumstances, the burden on monetary policy intensifies as it seeks to steer inflation back to its target while restoring the conditions necessary for more substantial and sustainable economic growth in the medium and long term.

    Colombia’s recent adjustment process: a success story

    The high policy interest rates maintained over the past three years reflect a deliberately restrictive monetary policy necessary in response to a significant inflationary shock-one that affected most economies worldwide between 2021 and 2023. Our policy response, characterized by elevated interest rates, entailed notable short-term costs regarding its impact on aggregate demand and productive activity. However, these costs were considerably lower than many had anticipated. Contrary to some forecasts, the economy did not enter a recession, and the observed slowdown in productive activity did not hinder the current unemployment rate from standing below pre-pandemic levels.

    Concurrently, this restrictive monetary policy effectively contributed to a substantial reduction in inflation-more than eight percentage points-bringing it down from its peak of 13.4% to the current level of 5.3%. Additionally, the domestic demand imbalances that had manifested in a current account deficit exceeding 6% of GDP in 2022 were significantly corrected, reducing the deficit to just 1.8% of GDP by 2024. The technical staff now projects that this deficit will rise slightly to 2.4% of GDP in 2025, reflecting clear signs of recovery in domestic demand. Even so, the projected deficit remains well below its level three years ago, leaving the economy less reliant on external financing and less vulnerable to abrupt changes in domestic and international conditions-an especially important factor given our current uncertainties.

    I believe that this macroeconomic adjustment process has been successful. It is particularly noteworthy that, within this context, we are witnessing an evident recovery in economic activity. Growth is expected to reach 2.8% in 2025, a rate that compares favorably with forecasts for many regional economies and more advanced economies, including the United States and several European nations.

    According to data from the National Administrative Department of Statistics (DANE), domestic demand grew by 4.4% in real terms in the last quarter of 2024. Similar growth rates are expected in 2025, providing the foundation for the projected recovery in GDP. This improvement is also reflected in labor market indicators, including the seasonally adjusted unemployment rate recorded last February, which was the lowest for any month since April 2017.

    Undoubtedly, the reduction in policy interest rates implemented by this Board between December 2023 and December 2024 played a key role in supporting the recovery of domestic demand, productive activity, and employment.

    Why do interest rates remain relatively high?

    At this point, it is essential to emphasize that our monetary policy interest rates remain at levels indicative of a contractionary monetary stance. Both nominal and real interest rates are currently higher than what the Bank’s technical staff considers neutral and desirable in the medium and long term-conditions in which inflationary pressures are absent and the economy grows close to its potential rate.

    In this context, I would like to reiterate a point I have made publicly on multiple occasions: I consider that interest rates lower than those currently in place would be desirable. Moreover, I am convinced that there is consensus among all members of the Bank’s Board of Directors on this matter.

    Why do we maintain interest rates that we deem contractionary and higher than what would be ideal in the medium and long term? The reason is that, despite our success in significantly reducing inflation from its peak in March 2023, the pace of disinflation in Colombia has been slower than in many other countries in the region and around the world, where inflation has already returned to the target ranges set by their central banks. This slower adjustment is primarily due to the high degree of price and wage indexation in Colombia and other idiosyncratic and circumstantial factors that have complicated the disinflation process.

    Furthermore, the process of lowering interest rates-which we all wish to continue-had to be temporarily halted during the last two Board meetings in January and March. This decision was driven by a slowdown in the pace of inflation’s convergence toward the target, alongside factors that exerted upward pressure on inflation expectations and international interest rates relevant to Colombia’s external financing. Notably, the rise in long-term interest rates in global markets coincided with an increase in Colombia’s country risk spreads. The latter occurred in a context where fiscal deficit figures significantly exceeded forecasts, and public debt as a percentage of GDP was rising at a rate well above what is consistent with macroeconomic stability.

    When comparing Colombia with other Latin American countries that, like us, follow a target inflation strategy, we observe that nations such as Perú, Uruguay, Paraguay/span>, and Costa Rica have made greater progress in reducing interest rates. This has been possible because inflation in these countries has already returned to the target ranges established by their respective central banks. In the case of Chile, inflation remains slightly above its target range due to specific factors related to public utility tariffs. However, inflation expectations suggest that by the end of 2025, Chile will be very close to its target of 3%-the same target set by Colombia.

    The experiences of the region’s two largest economies, México and Brazil, are particularly relevant to our analysis. In México, inflation currently stands at 3.7%, within the target range of 3% ± 1 percentage point. This allowed the Mexican Central Bank to lower its monetary policy interest rate last week from 9.5% to 9%. It is worth noting, however, that even after this reduction, the real ex-post policy rate (the difference between the nominal rate and observed inflation) remains at 5.3% (9% – 3.7%), significantly higher than Colombia’s current level of 4.2% (9.5% – 5.3%).

    The case of Brazil is particularly striking and serves as an important reference for the risks Colombia faces. Inflation in Brazil is currently at 5.1%, slightly lower than in Colombia. The Brazilian Central Bank had been making steady progress in lowering its monetary policy interest rate, reducing it from 13.75% in August 2023 (slightly above Colombia’s at the time) to 10.5% by mid-2024. However, concerns over the country’s fiscal situation in the latter half of 2024 led to a sharp depreciation of the real and rising inflation expectations. In response, the Central Bank was forced to rapidly reverse course, raising the policy rate from 10.5% to its current level of 14.25%. In real ex-post terms, this rate is nearly five percentage points higher than Colombia’s. Additionally, the Brazilian Central Bank has signaled to markets that further rate hikes may be necessary in the coming months. Fortunately, Colombia has not faced such a scenario recently, and clearly, avoiding such a situation remains a priority.

    In Colombia, inflation remains above the 3% target set by the Central Bank. The technical staff’s central forecast for year-end 2025 places inflation above the tolerance range of ±1 percentage point around the target, as announced by the Board last November. If this projection materializes, 2025 would mark the fifth consecutive year in which the inflation target is not met. This would pose a challenge to the credibility of the inflation-targeting framework, which relies on the firm anchoring of inflation expectations as a key element of its effectiveness. Unfortunately, recent analysts’ surveys suggest that inflation expectations among many economic agents have risen in recent months and remain above the target level.

    The combination of deteriorating inflation expectations, fiscal risks in Colombia, and uncertainty surrounding the global economy-exacerbated by the trade tensions triggered by the United States-led the majority of the Board to decide last Monday to maintain the pause in the process of reducing the policy interest rate. As stated in the press release following that meeting: “The decision to maintain the interest rate unchanged reflects a cautious approach to monetary policy, anticipating new information in the coming months that will provide further evidence on the feasibility of additional rate cuts. This decision reaffirms the Board’s commitment to achieving convergence with the inflation target in the context of recovering economic growth.” I believe this statement clearly conveys our expectations moving forward.

    The role of Banco de la República in administering the pension system’s Contributory Pillar Savings Fund

    Before concluding, I would like to address the role that Banco de la República will play in administering the pension systems’ Contributory Pillar Savings Fund (FAPC), as established by the reform approved last year by Congress.

    As you know, Law 2381 of 2024 stipulates that, within the contributory pillar, pension contributions from all workers will include an average premium component administered by Colpensiones, covering contributions on incomes between 1 and 2.3 times the legal monthly minimum wage. Since a portion of these contributions currently goes to the individual savings component, this change will significantly increase the resources received by Colpensiones once the reform takes effect. However, in the long term, this situation will reverse, as Colpensiones’ pension obligations will eventually surpass the resources it collects.

    To address this, the law mandates that the temporary surplus of funds received by Colpensiones-expected to last for two or three decades-be allocated to the Contributory Pillar Savings Fund (FAPC). Congress also determined that Banco de la República would be responsible for administering this Fund. The resources administered through the FAPC will be channeled into capital markets via professional asset managers, generating returns that will help the government meet future pension obligations.

    Currently, even before the reform is enacted, Colpensiones operates with a significant deficit, requiring substantial transfers from the national government. These transfers are included in the annual national budget and contribute to the fiscal deficit. The creation of the FAPC, administered by Banco de la República, has been structured to ensure that its funding is adjusted in a way that neither affects the national government’s current pension expenditures nor undermines aggregate savings in the economy.

    It is essential to underscore that the temporary surplus of resources allocated to the FAPC will be insufficient to meet future pension obligations. According to the projections outlined in the bill, the Fund is expected to be fully depleted by 2070, at which point the government will need to allocate additional resources to cover the resulting deficit. Ensuring the long-term sustainability of the pension system will likely require adjustments to key parameters, particularly in retirement ages and contribution rates. The necessity of these reforms remains unchanged and is in no way diminished by Banco de la República’s role as a financial resource manager.

    A little over a month and a half ago, on February 13, I addressed this very auditorium during the Treasury Congress of the Banking Association, stressing the urgency of issuing the government decree regulating the FAPC’s operation. I noted that without the prompt issuance of this decree, it would be impossible to establish the fundamental elements necessary to begin administering the Fund on time, as mandated by law for July 1.

    Banco de la República’s team worked intensively and constructively with officials from the Ministry of Finance and the Financial Regulation Unit (URF) throughout the last months of 2024, expecting that by year-end, the decree would be in place, allowing us to begin developing the institutional and financial framework required for the Fund’s timely launch. Unfortunately, the process has been significantly delayed. In late February, a version of the decree was released for public consultation, which contained multiple provisions that had not been previously disclosed to the Bank, some of which were inconsistent with the law. Consequently, we submitted a detailed letter on March 7 highlighting our many concerns. Fortunately, several of these observations were taken into account by the Ministry of Finance and the URF, for which we are grateful. A revised draft was published for further comments last Friday, March 28. However, as of yesterday, we had to submit another letter reiterating key concerns that had not yet been addressed, raising the possibility that the decree’s issuance could be further delayed or that it may not fully resolve our outstanding issues. I mention these dates to convey the pressing urgency we currently face in securing the regulatory framework needed to fulfill our legal mandate, which takes effect in less than three months.

    Only once the regulatory decree is issued can we move forward with drafting and signing the FAPC administration contract between the government and the Bank. This will allow us to initiate the selection and hiring of the first administering entities responsible for overseeing the resources, which are expected to accumulate at a rate of approximately 1.4 trillion pesos per month starting July 1. Among many other matters, the contract must explicitly establish that Banco de la República will administer the FAPC’s resources in its capacity as the government’s fiscal agent, as it does with other funds. It will provide the necessary technical and operational infrastructure while ensuring a strict separation between the Fund’s resources and the Bank’s own, both in budgetary and accounting terms. Furthermore, the administration of these resources will adhere to principles of prudence and diligence, as is standard in fiduciary mandates, with responsibility over the means rather than specific financial outcomes.

    The law establishes a Steering Committee as the highest authority of the FAPC, composed of three government representatives and four independent experts appointed by the Board of Directors of Banco de la República. However, the selection process for these four experts can only begin once the corresponding regulatory decree is in place. The draft decree published for public observations last Friday incorporated the Bank’s proposal for a transition period, during which the Bank could operate under provisional rules, investing resources in moderate-risk portfolios similar to those currently administered by the AFPs. Nonetheless, the challenge of establishing these delegated portfolios within such a short timeframe remains considerable.

    Several regulatory elements still require definition. In particular, I want to highlight three pressing issues.

    1. First, a provision included in the latest draft of the decree must be revised, as it allows for the use of savings accumulated in the FAPC to make payments under the contributory and semi-contributory pension frameworks. This pertains to the decumulation of the Fund, which should be explicitly regulated in a separate decree concerning generational sub-accounts-an essential regulation that is still pending. The law stipulates that this decree must undergo review and include a binding opinion from the Fund’s Steering Committee, which has not yet been established. Consequently, incorporating mechanisms for decumulating the Fund’s resources in the decree currently under discussion would not only be premature but also contrary to the law.
    2. For Banco de la República, as administrator of the FAPC, it is essential to clarify which Government entity will be responsible for the Fund’s accounting and which will oversee the corresponding auditing functions. After the bill was approved in the Senate and debated in the House of Representatives, the Bank highlighted the need for such clarity. While many House and government representatives showed willingness to make the necessary adjustments, procedural constraints in the legislative process prevented them. Given these circumstances, the government must define these key accounting and resource oversight aspects through a regulatory decree.
    3. Regarding hiring delegated administrators during the transition period, it is imperative that government regulations establish clear limits on their remuneration in strict accordance with the law. Specifically, compensation should be structured as a fee based on the balance administered rather than as a percentage of the base income for contributions, as proposed in the version published last Friday. The latter approach is inapplicable for resources that do not correspond to individual contributions. Additionally, certain sections of the draft decree contain inconsistencies regarding the nature of the FAPC, treating it as if it were a savings fund for individual contributions-an interpretation that does not align with its legal framework.

    Banco de la República remains fully committed to collaborating with all relevant stakeholders to ensure a coordinated and efficient implementation of the new pension system and the successful launch of the Contributory Pillar Savings Fund. However, I must reiterate the urgency of establishing adequate regulations, without which we simply will not be able to fulfill the mandate assigned to us by law.

    Thank you very much. 

    MIL OSI Economics

  • MIL-OSI Economics: Christopher Kent: Australia’s external position and the evolution of the FX markets

    Source: Bank for International Settlements

    Introduction

    I would like to thank Bloomberg for hosting this event. Today I will discuss Australia’s evolving external position and the development of foreign exchange (FX) markets. I will emphasise the growing footprint of superannuation funds in Australia’s capital flows and the importance of these and other ‘buy-side’ firms of adopting best practices in FX markets.

    Australia’s capital account and FX markets since the float

    The removal of capital account restrictions and the floating of the Australian dollar in 1983 reshaped our economy. Free capital movement facilitated large increases in foreign investment in Australia and allowed Australian households and firms to diversify their portfolios by investing overseas. Deep, well-functioning FX markets that developed following the float helped banks, businesses and fund managers to manage their foreign exposures.

    Australia’s integration into global capital markets saw two distinct trends in our net investment position with the rest of the world (Graph 1). First, in the decades after the float, Australia’s high investment rate was associated with rising foreign debt. This saw net foreign liabilities rise substantially to around 50 per cent of GDP. Second, over more recent years, outbound investment has grown as a share of GDP as Australia’s saving rate rose and domestic investment declined. This accumulation of foreign assets has contributed to an extraordinary decline in Australia’s net foreign liabilities to levels last seen prior to 1983.

    MIL OSI Economics

  • MIL-OSI Economics: Primož Dolenc: Green finance and investment

    Source: Bank for International Settlements

    Ladies and gentlemen, distinguished guests,

    I am delighted to welcome you to today’s conference organized jointly by Banka Slovenije and the European Investment Bank.

    The event builds on the discussions from our 2023 conference, once again placing green finance and investment at the center of our debate.

    This underscores the recognition that risks linked to climate and environmental change are among the most pressing global challenges of our time.

    Confronting these challenges calls for collective action and a shared responsibility towards future generations.

    Achieving carbon neutrality by 2050 requires significant investments across the EU, alongside other measures.

    According to Mr Draghi’s report and other studies, the EU will have to allocate additional green investments amounting to around two percent of GDP annually by 2030.

    Despite the funds available at the EU level and the reformed EU fiscal governance framework, we can expect a public funding gap for green investments in the years to come.

    As public finances are increasingly strained due to security concerns and an ageing population, Europe needs a strong framework to also attract and efficiently deploy private capital.

    The recently launched Savings and Investment Union strategy, which builds on the Capital Markets Union and Banking Union projects, is an important element to support the massive green investment needs.

    A more integrated and deeper EU financial system – complemented by advances in financial literacy and, ideally, a positive shift in mindset – would enable a more efficient allocation of savings from businesses and citizens.

    While Europe remains committed to ambitious climate goals, the strategies and processes guiding the green transition continue to evolve.

    A perspective that has gained traction over the last year is how Europe can reconcile the complexities of global competition and environmental imperatives and balance ambitious climate goals with economic vitality.

    In February this year, the European Commission unveiled its proposal for a Clean Industrial Deal, outlining strategies to unlock investments in clean energy and decarbonize and revitalize Europe’s industry.

    Another important initiative is the Omnibus Simplification Package, introduced by the Commission in February.

    By simplifying the business environment and reducing administrative burdens, Europe would enhance its global competitiveness and ultimately spur investments, including those supporting the green transition.

    However, this drive for simplification is not without its critics and concerns that easing regulations could undermine corporate accountability and stall progress towards our climate objectives.

    When introducing adjustments, policymakers must ensure that the underlying strategies are both ambitious and pragmatic

    At Banka Slovenije and within the Eurosystem, we are committed to play our part by:

    • increasingly incorporating climate-related issues into our analyses;

    • decarbonizing our monetary policy-related corporate bond holdings and implementing climate-related measures in our collateral framework;

    • greening our non-monetary portfolio;

    • and, as supervisors, encouraging and directing banks to identify, measure and manage climate-related risks in a timely and comprehensive manner, ensuring they remain well positioned to support the economy and the green transition.

    Before we move on to the discussion, let me first give the floor to the Head of the European Investment Bank Group Office in Slovenia, Mr Simon Savšek.

    Thank you.

    MIL OSI Economics