NewzIntel.com

Category: Economy

  • MIL-OSI Economics: An advisor in their pocket: Helping smallholder farmers in Malawi thrive with AI

    Source: Microsoft

    Headline: An advisor in their pocket: Helping smallholder farmers in Malawi thrive with AI

    Greater yields and better profits

    Hundreds of Farmer Support Agents (FSAs) have been trained as intermediaries between the tech and the 100,000 households they support. This ensures that farmers without mobile phones will be able to access valuable information. Due to how knowledgeable FSAs are, they’re able to respond with insightful answers that help farmers apply Ulangizi recommendations to any questions they have.

    Most smallholder farmers produce a fraction of their potential yields and this limits their financial mobility, but when they approach farming like a business, their lives often transform for the better. Ulangizi AI is helping them plant more, increase their herds, hire laborers, and improve the economy for their communities. With the chatbot, farmers are learning better ways to care for the right crops and produce more bountiful harvests.  “Being able to save their livelihood is dependent on how quickly farmers know the challenges and how to solve them,” says Ama Akuamoah, Director of Market Engagement, Opportunity International.

    The chatbot provides farmers with details about how much seed they need per acre along with forecasts, giving them an advantage over severe and unpredictable weather patterns. And when their crops are thriving, market data helps them know when to harvest and sell for the greatest profit. Opportunity’s FSAs are also teaching farmers how to steward the land in more sustainable and regenerative ways. With this knowledge, farmers will have more free time to learn new skills or start another business, and they can use the extra money to take care of their families and their homes.

    Opportunity International anticipates that investments in AI will cut the cost of training new FSAs by more than two-thirds, making it possible to grow its FSA program even more. Ulangizi AI will help educate new FSAs much faster and empower them with information that helps millions of smallholder farmers. Ulangizi AI is just the beginning of how Opportunity is leveraging technology. They’re dedicated to developing a suite of AI-powered solutions that support agriculture, education, and upward mobility in Malawi, Kenya, Ghana, and beyond.

    MIL OSI Economics –

  • MIL-OSI Global: To address the environmental polycrisis, the first step is to demand more honesty

    Source: The Conversation – UK – By Mike Berners-Lee, Professor of Sustainability, Lancaster University

    Minerva Studio/Shutterstock

    Climate breakdown is major threat to life as we know it, but it is just one element of a much wider environmental polycrisis that includes biodiversity loss, energy and pollution, food security, population growth and disease outbreaks. That can feel overwhelming and make people feel helpless, especially when we see that global emissions are higher than ever – even after three decades of UN climate summits.

    The good news is that, despite our failure so far, it is possible for us to do better. And the sticking point has not been lack of technology. To look for the point of maximum leverage that all of us can have, we need to look deeply into the reasons behind our frustrating lack of progress to date.

    In my new book, A Climate of Truth, I argue that society radically needs to become more honest. In politics, media and business. The worst failure in our attempts to tackle the world’s environmental and societal problems have deceit at their core.

    By holding power to account, insisting on transparency and shining a light on any greenwash, we can start to build the conditions under which the quality of decision-making and action that we so desperately need can become possible at last.

    Dishonesty, to be clear, isn’t just about clearcut lies. These are just the tip of the iceberg. Just as dangerous are such techniques as subtle twists, misdirections of attention, biased selection of evidence, using loopholes and failing to call out deceitful colleagues.

    Bullshit, as defined by American professor of philosophy Harry Frankfurt, is a blend of fact and fiction concocted to persuade. The craft of misleading the public has been refined over decades by corporate interests, advertising executives, media moguls and the worst politicians for their own financial gain, social standing or power.

    Many people in the west have become careless in their requirement for this basic standard from their leaders. We have allowed a growing a false narrative, propagated by the most dishonest among us, that lies are a normal and inevitable part of everyday life. And the results of our post-truth experiment are now starting to come in, with, sadly, plenty more consequences yet to come.

    It is now high time not just for a reset on honesty, but to raise the bar beyond anything the global community has ever known. Why do we need a higher standard than ever? Because deceit throws a spanner into any decision-making process and our complex, urgent polycrisis demands the highest quality, wisest decision-making that we can possibly attain.

    How can we achieve a culture of basic honesty when that very complexity makes deceit easier than ever? The answer is to create a high enough price for being caught. We need to treat deliberate deception as a form of abuse.

    Just one incident tells us that a politician does not have our best interests at heart and is unfit for office – although we might have to vote for the least un-fit politician to gradually raise the bar – plus that their colleagues who stayed quiet in the knowledge of their deceit are also unfit for office. The same goes for businesses and media. This is something we can collectively and consistently insist upon.

    The push for integrity

    In practice, the starting point is to ask the most careful and discerning questions that we can. We need to look at the track record of people, and the ownership and track records of media empires and companies.

    We need to switch wherever we can to the most honest alternatives. We can achieve that by disowning unfit politicians, starving out bad media, supporting the best media that we find, and spending our money on companies that act with integrity for a better world. We need to challenge those around us who are not so discerning and initiate conversations with friends, relatives and colleagues to encourage the quest for more truthful leadership.

    These actions are so simple yet so important because we cannot even begin to make progress without raising this standard. Whichever aspect of environmental or social change you care about most, this is your point of maximum leverage – and your route to maximum agency.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

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

    – ref. To address the environmental polycrisis, the first step is to demand more honesty – https://theconversation.com/to-address-the-environmental-polycrisis-the-first-step-is-to-demand-more-honesty-251742

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: ESFA Update: 26 March 2025

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    ESFA Update: 26 March 2025

    Latest information and actions from the Education and Skills Funding Agency for academies, schools, colleges, local authorities and further education providers.

    Applies to England

    Documents

    ESFA Update further education: 26 March 2025

    HTML

    ESFA Update academies: 26 March 2025

    HTML

    ESFA Update local authorities: 26 March 2025

    HTML

    Details

    Latest for further education

    Article Title
    Information Transfer of Education and Skills Funding Agency (ESFA) functions to the Department for Education (DfE)
    Information Updated adult skills fund – funding rates and formula guidance 2024 to 2025
    Information 16 to 19 funding rates and formula 2025 to 2026
    Information Provider data self-assessment toolkit updated
    Information New college financial framework documents for the financial year 2024 to 2025
    Information Good practice guidance for colleges and academy trusts on novel, contentious and repercussive transactions
    Information Publishing the 2025 to 2026 apprenticeship funding rules

    Latest information for academies

    Article Title
    Information Transfer of Education and Skills Funding Agency (ESFA) functions to the Department for Education (DfE)
    Information Pupil premium conditions of grant and technical note for the 2025 to 2026 financial year
    Information 16 to 19 funding rates and formula 2025 to 2026
    Information Academy national non-domestic rates claims guidance updated for 2025 to 2026
    Information Academies Accounts Direction for 2024 to 2025
    Information Good practice guidance for colleges and academy trusts on novel, contentious and repercussive transactions
    Information Related Party Transactions (RPTs) online form portal downtime
    Events and webinars Risk protection arrangement members only – stress workshop

    Latest information for local authorities

    Article Title
    Information Transfer of Education and Skills Funding Agency (ESFA) functions to the Department for Education (DfE)
    Information Pupil premium conditions of grant and technical note for the 2025 to 2026 financial year
    Information Updated adult skills fund – funding rates and formula guidance 2024 to 2025
    Information 16 to 19 funding rates and formula 2025 to 2026
    Information Updated dedicated schools grant (DSG) management plan template and accompanying guidance for 2025 to 2026
    Information The national non-domestic rates (NNDR) operational guidance for billing authorities updated for 2025 to 2026
    Events and webinars Risk protection arrangement members only – stress workshop

    Updates to this page

    Published 26 March 2025

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Peter named latest Good Citizen

    Source: City of Coventry

    A Coventry Veteran has been presented with a Good Citizen Award by the city’s Lord Mayor.

    Peter Fazakarley, has dedicated 32 years to providing practical and emotional support for veterans and their families, particularly those who ended their service with disabilities. 

    Through his voluntary work as a caseworker at the Soldiers’, Sailors’ and Airmens’ Families Association (SSAFA) he has helped veterans access social housing, furniture and equipment, organised adaptations for their homes, and assisted them in applying for benefits and accessing financial support.

    The Lord Mayor of Coventry, Councillor Mal Mutton, said:

    “Peter’s dedication has gone beyond the call of duty. His work has positively improved the lives of many veterans and their families.  He has spent hours fundraising and campaigning for the Soldiers’, Sailors’ and Airmens’ Families Association.

    “Peter is a very worthy recipient of the Coventry Good Citizen Award and a fantastic role model for others in Coventry.  Congratulations.”

    If you would like to nominate someone for a Good Citizen Award, please complete the online form www.coventry.gov.uk/goodcitizen or call into reception at the Council House where you can request a paper copy.

    Wednesday, 26th March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Spring Statement 2025 speech

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    Spring Statement 2025 speech

    Spring Statement 2025 speech as delivered by Chancellor Rachel Reeves.

    Mr Speaker, [political content redacted]. 

    To provide security for working people. 

    And to deliver a decade of national renewal. 

    That work began in July – and I am proud of what we have delivered in just nine months. 

    Restoring stability to our public finances…  

    … giving the Bank of England the foundation to cut interest rates…  

    … three times since the General Election.  

    Rebuilding our public services… 

    … with record investment in our NHS… 

    … bringing waiting lists down for 5 months in a row.   

    And increasing the National Living Wage… 

    … to give 3 million people a pay rise from next week.  

    Now our task is to secure Britain’s future… 

    … in a world that is changing before our eyes.  

    The threat facing our continent was transformed when Putin invaded Ukraine. 

    It has since escalated further…  

    … and continues to evolve rapidly.  

    At the same time, the global economy has become more uncertain…  

    … bringing insecurity at home… 

    … as trading patterns become more unstable… 

    … and borrowing costs rise for many major economies.  

    Mr Speaker, the job of a responsible government is not simply to watch this change. 

    This moment demands an active government. 

    A government not stepping back, but stepping up.  

    A government on the side of working people…  

    … helping Britain to reach its potential.  

    We have the strengths to do just that… 

    … as one of the world’s largest economies … 

    … an ally to trading partners across the globe…  

    … and a hub for global innovation.  

    These strengths… 

    … and the progress we have made so far… 

    … mean we can act quickly and decisively in a more uncertain world… 

    … to secure Britain’s future… 

    … and to deliver prosperity for working people. 

    Mr Speaker, as I set out at the Budget last year… 

    … I am today returning to the House to provide an update on our public finances… 

    … supported by a new forecast from the independent Office for Budget Responsibility… 

    … ahead of a full Spending Review in June. 

    I will then return to the House in the autumn to deliver a budget… 

    … in line with our commitment to deliver just one major fiscal event a year. 

    So let me turn now to the OBR’s forecasts… 

    … and I want to thank Richard Hughes and his team for their dedicated work. 

    The increased global uncertainty has had two consequences. 

    First, on our public finances. 

    And second, on our economy. 

    I will take each in turn.  

    In the autumn, I set out new fiscal rules that would guide this government. 

    These fiscal rules are non-negotiable. 

    They are the embodiment of this government’s unwavering commitment… 

    … to bring stability to our economy… 

    … and to ensure security for working people. 

    [political content redacted]

    But we must earn that trust every single day.  

    The two fiscal rules that I set out at the Budget were… 

    First, our “Stability Rule”, which ensures that public spending is under control… 

    … balancing the current budget by 2029-30… 

    … so that day-to-day spending is met by tax receipts.  

    Second, our “Investment Rule” to drive growth in the economy… 

    … ensuring that net financial debt falls by the end of the forecast period…  

    … while enabling us to invest alongside business. 

    Turning first to the Stability Rule, the OBR’s forecast shows that… 

    … before the steps that I will take in this statement…  

    … the current budget would have been in deficit by £4.1bn in 2029-30… 

    … having been in surplus by £9.9bn in the autumn…  

    … as the UK, alongside our international peers like France and Germany… 

    … has seen the cost of borrowing rise during this period of heightened uncertainty in global markets. 

    As a result of the steps that I am taking today… 

    … I can confirm that I have restored in full our headroom against the “stability rule”…  

    … moving from a deficit of £36.1bn in 2025-26 and £13.4bn in 2026-27… 

    … to a surplus of £6.0bn in 2027-28, £7.1bn in 2028-29 and a surplus of £9.9bn in 2029-30. 

    [political content redacted]

    That means that we are continuing to meet the Stability Rule two years early…  

    … building resilience to shocks in this, a more uncertain world.  

    The OBR forecast that the “investment rule” is also met two years early… 

    … with net financial debt of 82.9% of GDP in 2025-26 and 83.5% in 2026-27… 

    … before falling from 83.4% in 2027-28, to 83.2% in 2028-29 and 82.7% in 2029-30…  

    … providing headroom of £15.1bn in the final year of the forecast… 

    … broadly unchanged from the autumn.  

    [political content redacted]

    … debt interest payments now stands at £105.2bn this year… 

    … Mr Speaker, that is more than we allocate on Defence, the Home Office and Justice combined. 

    [political content redacted]

    So the responsible choice is to reduce our levels of debt and borrowing in the years ahead… 

    … so that we can spend more on the priorities of working people. And that is exactly what this government will do. 

    Mr Speaker. 

    I said that our fiscal rules were non-negotiable. 

    And I meant it. 

    I will always deliver economic stability. 

    And I will always put working people first.  

    [political content redacted]

    I said it at the Budget. 

    And I say it again today. 

    Let me now set out the steps the government has taken.  

    At the Budget we protected working people… 

    … by keeping our promise not to raise their rates of National Insurance, income tax or VAT. 

    At the same time, we began to rebuild our public services…  

    [political content redacted]

    Ours were the right choices, the right choices for stability and the right choices for renewal… 

    … funded by the decisions that we took on tax.  

    As I promised in the autumn, this Statement does not contain any further tax increases.  

    But when working people are paying their taxes, while still struggling with the cost-of-living…  

    …it cannot be right that others are still evading what they rightly owe in tax.  

    In the Budget, I delivered the most ambitious package of measures that we have ever seen… 

    … to cut down on tax evasion… 

    … raising £6.5bn per year by the end of the forecast.  

    Today, I go further… 

    … continuing our investment in cutting-edge technology … 

    … investing in the HMRC’s capacity to crack down on tax avoidance… 

    … and setting out plans to increase the number of tax fraudsters charged every year by 20%. 

    These changes raise a further £1bn… 

    … taking the total revenue raised from reducing tax evasion under this [political content redacted] government to £7.5bn… 

    … figures verified by the Office for Budget Responsibility…  

    … and I want to thank my Honourable Friend the Exchequer Secretary for his continued work in this area.  

    Mr Speaker, last week my Right Honourable Friend the Secretary of State for Work and Pensions, set out this government’s plans to reform the welfare system.  

    [political content redacted]

    We believe that if you can work, you should work… 

    … but if you can’t work, you should be properly supported.  

    This government inherited a broken system.  

    More than 1,000 people are qualifying for Personal Independence Payments. 

    And 1 in 8 young people are not in employment, education or training. 

    If we do nothing, we are writing off an entire generation.  

    That cannot be right and we will not stand it.  

    It is a waste of their potential and it is a waste of their futures and we will change it. 

    As my Right Honourable Friend said in her statement last week… 

    … the final costings would be subject to the OBR’s assessment. 

    Today, the OBR have said… 

    … that they estimate the package will save £4.8bn in the welfare budget… 

    … reflecting their judgements on behavioural effects and wider factors. 

    This also reflects final adjustments to the overall package… 

    … consistent with the Secretary of State’s statement last week… 

    … and the government’s Pathways to Work Green Paper. 

    The Universal Credit Standard Allowance will increase from £92 per week in 2025-26 to £106 per week by 2029-30… 

    … while the Universal Credit Health element will be cut for new claimants by 50% and then frozen.  

    On top of this, we are investing £1bn to provide guaranteed, personalised employment support to help people back into work… 

    … and £400m to support the Department for Work and Pensions and our Job Centres to deliver these changes effectively and fairly… 

    … taking total savings after that for the package to £3.4bn. 

    Whilst spending on disability and sickness benefits will continue to raise, these plans 

    mean that welfare spending as a share of GDP will fall between 2026-27 and the end of the forecast period.  

    [political content redacted]

    We are reforming our welfare system… 

    … making it more sustainable… 

    … protecting the most vulnerable… 

    … and supporting more people back into secure work lifting them out of poverty.  

    Mr Speaker, at the Budget, I fixed the foundations of our economy to deliver on the promise of change. 

    That work has already begun. 

    2 million extra appointments in our NHS. 

    Waiting lists down.  

    New breakfast clubs opening across England. 

    The largest settlements in real terms for Scotland, Wales and Northern Ireland in the history of devolution.  

    Asylum costs, falling. 

    Promises made, promises kept.  

    [political content redacted]

    At the Budget… 

    … alongside providing an increase in funding for this year and next… 

    … I set the envelope for the Spending Review… 

    … which we will deliver in June… 

    led by my RHF the Chief Secretary to the Treasury 

    … to set departmental budgets until 2028-29 for day-to-day spending… 

    … and until 2029-30 for capital spending.  

    Today, I am reflecting two steps that we have taken in our spending plans.  

    First, because we are living in an uncertain world… 

    … as the Prime Minister has set out… 

    … we will increase defence spending to 2.5% of GDP, reducing overseas aid to 0.3% of Gross National Income. 

    This means we save £2.6bn in day-to-day spending in 2029-30… 

    … to fund our more capital-intensive defence commitments.  

    Second, in recent months, we have begun to fundamentally reform the British state… 

    … driving efficiency and productivity across government… 

    … to deliver tangible savings… 

    … and improve services across our country. 

    Earlier this month, the Prime Minister set out our plans to abolish the arms-length body NHS England… 

    … and ensure that money goes directly to improving the service for patients. 

    My Right Honourable Friend the Health Secretary is driving forward vital reforms to increase NHS productivity… 

    … bearing down on costly agency spend… 

    … to save money so that we can improve patient care. 

    And my Right Honourable Friend the Chancellor of the Duchy of Lancaster is taking forward work to significantly reduce the costs of running government… 

    … by 15%, worth £2bn, by the end of the decade. 

    This work shows that we can make our state leaner, and more agile… 

    … delivering more resources to the frontline…  

    … while ensuring we control day-to-day spending to meet our fiscal rules. 

    Today, I build on that work… 

    … by bringing forward £3.25bn of investment… 

    … to deliver the reforms that our public services need…  

    … through a new Transformation Fund.  

    That is money brought forward now… 

    … to bring down the costs of running government by the end of the forecast period…   

    … by making public services more efficient, more productive and more foucssed on the user. 

    I can confirm today the first allocations from this fund… 

    … including funding for Voluntary Exit Schemes to reduce the size of the Civil Service… 

    … pioneering AI tools to modernise the state… 

    … investment in technology for the Ministry of Justice to deliver probation services more effectively… 

    … and up-front investment so we can support more children in foster care… 

    … to give them the best possible start in life… 

    … and reduce cost pressures in the future. 

    Our work to make government leaner… 

    … more productive… 

    … and more efficient… 

    … will help deliver a further £3.5bn of day-to-day savings by 2029-30. 

    Overall, day-to-day spending will be reduced by £6.1bn by 2029-30…  

    … and it will now grow by an average of 1.2% a year above inflation…  

    … compared to 1.3% in the Autumn. 

    Mr Speaker, I can confirm to the House that day-to-day spending will increase in real terms, above inflation, in every single year of the forecast.  

    And in the Spending Review, apart from the reduction in overseas aid… 

    … day-to-day spending across government has been fully protected.   

    I can also confirm our approach to capital investment.  

    In the Autumn Budget I announced £100bn of additional capital spending…  

    … to crowd in investment from the private sector… 

    … to fix our crumbling infrastructure…  

    … and to create jobs in every corner of our country. 

    [political content redacted]

    Today, I am instead increasing capital spending … 

    … by an average of £2bn per year compared to the Autumn…  

    … to drive growth in our economy… 

    … and to deliver in full our vital commitments on defence. 

    This government will ensure that every pound we spend will deliver for the British people… 

    … by increasing productivity… 

    … driving growth in our economy… 

    … and improving our frontline public services.  

    Mr Speaker, let me turn now to the impact of increased uncertainty on our economy. 

    To deliver economic stability, we must work closely with the Bank of England… 

    … supporting the independent Monetary Policy Committee to meet their 2% inflation target.  

    There have been three interest rate cuts since the General Election and today’s data showed that inflation fell in February. 

    [political content redacted]

    … the OBR forecast that CPI inflation will average 3.2% this year… 

    … before falling rapidly to 2.1% in 2026 and meeting the 2% target from 2027 onwards… 

    … giving families and businesses the security that they need… 

    … and providing our economy with the stable platform it needs to grow. 

    Mr Speaker… 

    … earlier this month, the OECD downgraded this year’s growth forecast for every G7 economy, including the UK. 

    And the OBR have today revised our growth forecast for 2025… 

    … from 2% in the autumn… 

    … to 1% today. 

    I am not satisfied with these numbers. 

    That is why we on this side of the house are serious about taking the action needed to grow our economy.  

    Backing the builders, not the blockers…  

    … with a third runway at Heathrow Airport… 

    … and the Planning and Infrastructure Bill.  

    Increasing investment… 

    … with reforms to our pension system… 

    … and a new National Wealth Fund.  

    And tearing down regulatory barriers… 

    … in every sector of our economy. 

    That is a serious plan for growth. 

    That is a serious plan to improve living standards.  

    That is a serious plan to renew our country.  

    Mr Speaker, a changing world presents challenges.  

    But it also presents new opportunities.  

    For new jobs. 

    … and new contracts… 

    … in our world-class defence industrial centres… 

    … from Belfast to Deeside, and from Plymouth to Rosyth. 

    In February, the Prime Minister set out our government’s commitment to increase spending on defence to 2.5% of GDP from April 2027… 

    The biggest sustained increase in defence spending since the end of the Cold War 

    …and an ambition to spend 3% of GDP on defence in the next parliament. 

    That was the right decision in a more insecure world… 

    … putting an extra £6.4bn into defence spending by 2027. 

    But we have to move quickly in this changing world. 

    And that starts with investment. 

    So today I can confirm that I will provide an additional £2.2bn for the Ministry of Defence in the next financial year… 

    … a further downpayment on our plans to deliver 2.5% of GDP by 2027.  

    This additional investment is not just about increasing our national security…  

    … but increasing our economic security, too.  

    As defence spending rises, I want the whole country to feel its benefits. 

    So I will set out the immediate steps that we are taking to boost Britain’s defence industry… 

    … and to make the UK a defence industrial superpower.  

    We will spend a minimum of 10% of the Ministry of Defence’s equipment budget on novel technologies … 

    … including drones and AI enabled technology… 

    … driving forward advanced manufacturing production in places like Glasgow, in Derby and in Newport… 

    … creating demand for highly skilled engineers and scientists… 

    … and delivering new business opportunities for UK tech firms and start-ups.  

    We will establish a protected budget of £400m within the Ministry of Defence… 

    … a budget that will rise over time for UK Defence Innovation… 

    … with a clear mandate to bring innovative technology to the front line at speed. 

    We will reform our broken defence procurement system… 

    … making it quicker, more agile and more streamlined…. 

    … and giving small businesses across the UK better access to Ministry of Defence contracts. 

    Something welcomed by the Federation of Small Businesses. 

    We will take forward our Plan for Barrow, a town at the heart of our nuclear security… 

    … working with my Honourable Friend the Member for Barrow and Furness…  

    … and providing £200m, supporting the creation of thousands of jobs there. 

    We will regenerate Portsmouth naval base, securing its future…   

    … as called for by my Honourable Friend the Member for Portsmouth South. 

    We will secure better homes for thousands of military families… the homes that they deserve [political content redacted]. 

    … homes for our military families in the constituencies of my Honourable Friends for Plymouth Moor View, Plymouth Sutton & Devonport, York Outer and in Aldershot.  

    That is the difference that this [political content redacted] government is making.  

    Finally, Mr Speaker, we will provide £2bn of increased capacity for UK Export Finance… 

    … to provide loans for overseas buyers of UK defence goods and services… 

    Because I want to do more with our defence budget so we can buy and make and sell things here in Britain.  

    … giving further opportunities for our world leading defence companies and those who work in them… 

    … to grow and create jobs here in Britain… 

    … as military spending rises right across Europe.  

    To oversee all of this vital work… 

    … my Right Honourable Friend the Defence Secretary and I will establish a new Defence Growth Board… 

    … to maximise the benefits from every pound of taxpayers’ money that we spend. 

    And we will put defence at the heart of our modern industrial strategy… 

    … to drive innovation that can deliver huge benefits back into the British economy. 

    Mr Speaker, that is how we make our country a defence industrial superpower… 

    … so the skills of the future… 

    … the jobs of the future… 

    … and the opportunities of the future… 

    … can be found right here in the United Kingdom.  

    Mr Speaker, [political content redacted] there are no shortcuts to economic growth. 

    It will take long-term decisions.  

    It will take hard yards. 

    It will take time for the reforms that we are introducing to be felt in the everyday economy. 

    It is right that the Office for Budget Responsibility consider the evidence… 

    … and look carefully at measures before recognising a growth impact in their forecast.  

    But, Mr Speaker, I can announce to the House…  

    … that the OBR have considered – and have scored – one of the central planks of our plan for growth.  

    In my first week as Chancellor, I announced that we were pursuing the most ambitious set of planning reforms in decades… 

    … to get Britain building again. 

    And in December – we published changes to the National Planning Policy Framework… 

    … driven forward tirelessly by my Right Honourable Friend the Deputy Prime Minister…  

    … reintroducing mandatory housing targets… 

    … and bringing “grey belt” land into scope.  

    The OBR have today concluded that these reforms will permanently increase the level of real GDP… 

    … by point 0.2% by 2029-30… 

    … an additional £6.8bn in our economy… 

    … and by point 0.4% of GDP within 10 years… 

    … an additional £15.1bn in our British economy. 

    Mr Speaker, that is the biggest positive growth impact that the OBR have ever reflected in their forecast, for a policy with no fiscal cost.  

    And taken together with our plans to increase capital spending that we set out in the Budget last year… 

    … this government’s policies will increase the level of real GDP by point 0.6% in the next ten years.  

    Mr Speaker, that is the difference that this [political content redacted] government is making. 

    Policies to grow our economy.

    [political content redacted]

    The OBR have concluded that our reforms will lead to housebuilding reaching a forty-year high… 

    …  of 305,000 a year by the end of the forecast period.  

    And changes to the National Planning Policy Framework alone… 

    … will help build over 1.3 million homes in the UK over the next five years… 

    … taking us within touching distance…  

    … of delivering our manifesto promise to build 1.5 million homes in England in this parliament. 

    [political content redacted]

    The impact on our economy goes further still.  

    [political content redacted]

    We need economic growth.  

    So I can today confirm… 

    … that the effect of our growth policies… 

    … including our planning reforms… 

    … means an additional £3.4 billion to support our public finances and our public services by 2029-30. 

    The proceeds of growth. 

    [political content redacted]

    Mr Speaker, earlier this week…  

    … we provided an additional £2bn of investment in social and affordable homes next year… 

    … delivering up to 18,000 new homes… 

    … and allowing local areas to bid for new developments across our country… 

    … including sites in Thanet, in Sunderland and in Swindon.  

    More security for families across our country. 

    [political content redacted]

    And to build these new homes… 

    … we need people with the right skills. 

    Earlier this week, my Right Honourable Friend the Education Secretary announced more than £600m… 

    … to train up 60,000 more construction workers…  

    … including with 10 new Technical Excellence colleges across every region of our country… 

    … giving working people the chance to fulfil their potential.  

    New opportunities for our young people. 

    [political content redacted]

    Mr Speaker, all this is just the start.  

    The Planning and Infrastructure Bill passed its second reading on Monday. 

    [political content redacted]

    Once this Bill completes its passage… 

    … it will help deliver the homes and infrastructure our country badly needs. 

    [political content redacted] 

    And today, I can confirm to the House… 

    … that the OBR have upgraded their growth forecast next year… 

    … and every single year thereafter…  

    … with GDP growth of 1.9% in 2026, 1.8% in 2027, 1.7% in 2028, and 1.8% in 2029.  

    Mr Speaker, 

    By the end of the forecast… 

    … our economy is larger compared to the OBR’s forecast at the time of the Budget.

    [political content redacted]

    But Mr Speaker, this isn’t just about lines on a graph. 

    It is about improving people’s lives. 

    Working people are still feeling the pinch after a cost of living crisis [political content redacted] that saw prices spiral. 

    So I am pleased that the OBR confirm today … 

    … that Real Household Disposable Income…  

    … will now grow this year at almost twice the rate expected in the autumn.  

    [political content redacted]

    … and after taking into account inflation… 

    … the OBR say today… 

    … that people will be on average over £500 a year better off under this [political content redacted] government. 

    That will mean more money in the pockets of working people. Higher living standards. 

    [political content redacted]

    Mr Speaker, the world is changing. 

    We can see that… 

    … and we can feel it. 

    A changing world demands a government that is on the side of working people. 

    Acting in their interest. 

    Acting in the national interest.  

    Not retreating from challenges.  

    Not stepping back.  

    But a government with the courage to step up…  

    … to secure Britain’s future…  

    … and to seize the opportunities that are out there before us. 

    I am impatient for change, the British people are impatient for change, [political content redacted].

    And we are beginning to see change happen.  

    Our Plan for Change is working. 

    Defence spending is rising. 

    Waiting lists are falling. 

    Wages are up.  

    Interest rates are cut. 

    [political content redacted]

    And today, Mr Speaker… 

    … the OBR confirm… 

    … that our plan to get Britain building… 

    … will drive growth in our economy… 

    … and put more money in people’s pockets. 

    There are no quick fixes. 

    But we have taken the right choices.  

    [political content redacted]

    Delivering security for our country and security for working people.  

    That is what drives this government. 

    That is what drives me as Chancellor. 

    And that is what drives the choices that I have set out today.  

    And I commend this statement to the House.

    Updates to this page

    Published 26 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Federal Debt and the Statutory Limit, March 2025

    Source: US Congressional Budget Office

    The debt limit—commonly called the debt ceiling—is the maximum amount of debt that the Department of the Treasury can issue to the public or to other federal agencies. The amount is set by law and has been increased or suspended over the years to allow for the additional borrowing needed to finance the government’s operations.

    On June 3, 2023, lawmakers suspended the debt limit through January 1, 2025. On January 2, 2025, that limit was reinstated at $36.1 trillion—the amount of debt outstanding on the previous day. At that time, a scheduled redemption of securities held by a Medicare trust fund lowered outstanding debt by $54 billion, giving the Treasury room for additional borrowing. That redemption forestalled the beginning of a “debt issuance suspension period” until January 21, 2025. During such a period, the Treasury can pause investments in the Civil Service Retirement and Disability Fund (CSRDF) and the Postal Service Retiree Health Benefits Fund (PSRHBF) to free up room to borrow additional funds without breaching the debt ceiling. In addition, other well-established “extraordinary measures” are available to the Treasury to supplement cash balances and finance ongoing government operations.

    The Congressional Budget Office estimates that if the debt limit remains unchanged, the government’s ability to borrow using extraordinary measures will probably be exhausted in August or September 2025. The projected exhaustion date is uncertain because the timing and amount of revenue collections and outlays over the intervening months could differ from CBO’s projections. If the government’s borrowing needs are significantly greater than CBO projects, the Treasury’s resources could be exhausted in late May or sometime in June, before tax payments due in mid-June are received or before additional extraordinary measures become available on June 30. Conversely, if borrowing needs fall short of the amounts in CBO’s projections, the extraordinary measures will permit the Treasury to continue financing government activities longer than expected.

    If the debt limit is not raised or suspended before the extraordinary measures are exhausted, the government will be unable to pay all of its obligations. As a result, it would have to delay making payments for some activities, default on its debt obligations, or both.

    MIL OSI USA News –

  • MIL-OSI USA: President Pro Tempore John F. Kennedy Announces Creation of Nonprofit Organization to Honor Former Senator Sheila McNeill

    Source: US State of Georgia

    ATLANTA (March 26, 2025) — Last week, Senate President Pro Tempore John F. Kennedy (R–Macon) honored former State Senator Sheila McNeill, who served the 3rd Senate District from 2021 to 2023, by forming a nonprofit organization in her name. The Sheila McNeill Legacy Scholarship Fund will provide financial support to a Naval midshipman attending the United States Naval Academy (USNA) in Annapolis, Maryland, recognizing McNeill’s lifelong dedication to the U.S. Navy and the Navy Submarine Base at Kings Bay, Georgia.

    “I was proud to see the Senate establish the Sheila McNeill Legacy Scholarship Fund and commemorate the life and legacy of a dear friend,” said Sen. Kennedy. “There is no better way to pay tribute to an extraordinary leader like Sheila McNeill than aiding the next generation of military service members. By providing a stipend for one semester, our fund ensures that a dedicated midshipman has financial support for additional expenses not covered by the Academy, such as personal and academic necessities. This assistance allows recipients to focus fully on their rigorous education and leadership training without undue financial stress. Sheila was a steadfast advocate for our nation’s defense, and I know she would be proud to see her lifelong mission continue through this non-profit.”

    Sen. Mike Hodges (R–Brunswick), who now serves the 3rd Senate District, added, “Sheila was a great friend, an exceptional legislator and a trailblazer in every sense of the word. Having known her and her family from the time we grew up together in church, I knew that Sheila’s dedication to serving her family and community and her sense of purpose was unmatched. I am proud to participate in the Sheila McNeill Legacy Scholarship Fund and honored to dedicate a portion of State Route 40 as the Sen. Sheila McNeill Memorial Highway.”

    During her tenure in the Georgia Senate, Sheila McNeill was a fierce advocate for veterans and military service members. Additionally, she made history as the first and only woman to serve as National President of the Navy League of the United States (2003-2005). Former Sen. McNeill passed away in August 2024, leaving behind a legacy of leadership and service.  

    For those who wish to support this cause, donations can be made to the Shelia McNeill Legacy Scholarship Fund:

    ·       Checks may be dropped off at the Office of the Senate President Pro Tempore, Room 321 in the State Capitol.

    ·       Checks may also be mailed to PO Box 1738, Roswell, GA 30077.

    # # # #

    Sen. John F. Kennedy serves as the President Pro Tempore of the Georgia State Senate. He represents the 18th Senate District, which includes Crawford, Monroe, Peach and Upson counties, as well as portions of Bibb and Houston counties. He may be reached at (404) 656-6578 or by email at John.Kennedy@senate.ga.gov.

    Sen. Mike Hodges serves as Chairman of the Senate Committee on Reapportionment and Redistricting. He represents the 3rd Senate District, which includes Brantley, Camden, Charlton, Glynn, McIntosh, and a portion of Ware County. He may be reached by phone at (404) 463-1309 or by email at Mike.Hodges@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI USA: NCDHHS Partners with Hazel Health to Provide Virtual Mental Health Services for K-12 Students in North Carolina

    Source: US State of North Carolina

    Headline: NCDHHS Partners with Hazel Health to Provide Virtual Mental Health Services for K-12 Students in North Carolina

    NCDHHS Partners with Hazel Health to Provide Virtual Mental Health Services for K-12 Students in North Carolina
    jwerner

    The North Carolina Department of Health and Human Services today announced students across North Carolina will soon have access to high-quality, virtual mental health care through Hazel Health. This initiative, supported through an investment by UnitedHealthcare, is part of a broader effort announced last year to provide virtual school-centered mental health care for up to one million students across select states nationwide.

    Through this initiative, nearly 400,000 students – amounting to almost 30% of North Carolina’s K-12 student population – will have access to Hazel Health’s mental health services. Once Hazel is implemented, any student who is enrolled within participating districts will be able to access one of Hazel’s on-staff, licensed therapists before, during and after the school day. Hazel Health services will go live in late March 2025, beginning with Harnett County Schools and Durham Public Schools, with more districts to be added in the coming weeks.

    “Services like school-based telehealth are critical to improving access to mental health care because they meet children and families where they are with the care they need,” said NC Health and Human Services Secretary Dev Sangvai. “We look forward to partnering with our public schools and Hazel Health to further the department’s ongoing work to transform North Carolina’s mental health system and create better outcomes for children and families.”

    More than 1 in 3 high school students in North Carolina have reported feeling sad or hopeless, along with almost 1 in 3 middle school students.  While there are early signs signaling improvement, the numbers still paint a grim picture of the health and wellbeing of our nation’s youngest generation.

    “Many children in schools lack access to essential mental health services, with barriers ranging from provider shortages to cost,” said Kelly Crosbie, MSW, LCSW, Director of the NCDHHS Division of Mental Health, Developmental Disabilities, and Substance Use Services.  “Schools are an essential part of a child’s life, so expanding access to direct mental health care in school addresses the gap in care and can improve a child’s wellbeing, academic performance, social relationships and long-term development.” 

    “Mental health challenges—such as anxiety, depression, and trauma—can severely impact a child’s ability to learn, socialize, and thrive,” said Yvonne Copeland, Director of the NCDHHS Division of Child and Family Well-being. “Many students face barriers to accessing professional mental health support, including transportation issues, long wait times, stigma, and financial constraints. By bringing tele-behavioral health care services to schools, we can remove those barriers and address concerns earlier, setting children up for long-term success.”

    “School-based healthcare is essential to removing obstacles to care, such as transportation and time limitations, to allow for early identification and treatment of behavioral conditions for children of all ages,” said Anita Bachmann, CEO, UnitedHealthcare Community Plan of North Carolina. “We are honored to collaborate with NCDHHS and Hazel Health to ensure that students in select districts – including Harnett and Durham Public Schools – have access to critical mental health services to help them be successful in and out of the classroom.”

    “The cross-functional, public-private partnership in North Carolina shows a deep commitment to ensuring that all students have access to the mental health support they need,” said Andrew Post, President, Hazel Health. “When we prioritize student wellbeing and health now, we’re doing more than boosting their academic achievements – we’re building the groundwork for them to thrive throughout their entire lives.”

    Hazel Health, the nation’s largest provider of school-centered telehealth, serves over 5 million students in 18 states. A third-party study conducted by Clemson University found that 75% of students who participated in Hazel’s online therapy program experienced clinically significant reductions in depression and anxiety after an average of six sessions. Additionally, early research also indicates that Hazel’s therapy program can combat chronic absenteeism. One emerging data point: 68% of students who engaged with Hazel’s therapy program improved their attendance–and over 30% had zero absences!–since their referral to Hazel.
    To learn more, please visit hazel.co.

    About Hazel Health
    Hazel Health is the nation’s largest and most trusted provider of school-based telehealth. By partnering with districts and health plans across the country, Hazel transforms schools into the most accessible front door to pediatric healthcare. Today, Hazel’s licensed providers deliver teletherapy and virtual care (in school or at home) to over four million K-12 students, regardless of their ability to pay. Hazel aims to remove all barriers to the mental and physical health care that children need to thrive in school, at home, and in life. Learn more at hazel.co.

    About the North Carolina Department of Health and Human Services
    NCDHHS manages the delivery of health and human services for all North Carolinians, especially our most vulnerable populations – children, people with disabilities, older adults, and low-income families. Our vision is to advance innovative solutions that foster independence, improve health and safety, and promote well-being in every community across the state. The department works closely with health care professionals, community leaders and advocacy groups; local, state and federal entities; and many other stakeholders to make this happen. Visit ncdhhs.gov.

    El Departamento de Salud y Servicios Humanos de Carolina del Norte anunció hoy que los estudiantes de Carolina del Norte pronto tendrán acceso a atención de salud mental virtual de alta calidad a través de Hazel Health. Esta iniciativa, respaldada a través de una inversión de UnitedHealthcare, es parte de un esfuerzo más amplio anunciado el año pasado para proporcionar atención de salud mental virtual centrada en la escuela para hasta un millón de estudiantes en determinados estados del país.

    A través de esta iniciativa, casi 400,000 estudiantes, que representan casi el 30% de la población estudiantil de grados K a 12 de Carolina del Norte, tendrán acceso a los servicios de salud mental de Hazel Health. Una vez que Hazel se haya implementado, cualquier estudiante que esté inscrito dentro de los distritos participantes podrá acceder a uno de los terapeutas con licencia en el personal de Hazel antes, durante y después del día escolar. Los servicios de Hazel Health comenzarán a funcionar a fines de marzo de 2025, comenzando con las Escuelas Públicas de los condados de Harnett y las escuelas públicas del condado de Durham, y se agregarán más distritos en las próximas semanas.

    “Los servicios como la telesalud escolar son fundamentales para mejorar el acceso a la atención de salud mental, ya que reúnen a los niños y las familias donde se encuentran con la atención que necesitan”, dijo Dev Sangvai, secretario de Salud y Servicios Humanos de Carolina del Norte. “Esperamos colaborar con nuestras escuelas públicas y Hazel Health para promover el trabajo continuo del departamento para transformar el sistema de salud mental de Carolina del Norte y crear mejores resultados para los niños y las familias”.

    Más de 1 de cada 3 estudiantes de secundaria en Carolina del Norte han informado sentirse tristes o desesperanzados, junto con casi 1 de cada 3 estudiantes de secundaria. Si bien hay señales tempranas que indican una mejora, los números aún pintan un panorama sombrío de la salud y el bienestar de la generación más joven de nuestra nación.

    “Muchos niños en las escuelas carecen el acceso a servicios esenciales de salud mental, con barreras que van desde la escasez de proveedores hasta el costo”, dijo Kelly Crosbie, MSW, LCSW, directora de la División de Salud Mental, Discapacidades del Desarrollo y Servicios de Uso de Sustancias de NCDHHS.  “Las escuelas son una parte esencial de la vida de un niño, por lo que ampliar el acceso a la atención directa de salud mental en la escuela aborda las carencias en la atención asistencial y puede mejorar el bienestar, el rendimiento académico, las relaciones sociales y el desarrollo a largo plazo de un niño”.

    “Los problemas de salud mental, como la ansiedad, la depresión y el trauma, pueden afectar gravemente la capacidad de un niño para aprender, socializar y prosperar”, dijo Yvonne Copeland, directora de la División de Bienestar Infantil y Familiar de NCDHHS. “Muchos estudiantes enfrentan barreras para acceder al apoyo profesional de salud mental, los problemas de transporte, largos tiempos de espera, estigma y limitaciones financieras. Al llevar los servicios de atención médica teleconductual a las escuelas, podemos eliminar esas barreras y abordar las preocupaciones antes, preparando a los niños para el éxito a largo plazo”.

    “La atención médica escolar es esencial para eliminar los obstáculos a la atención, como el transporte y las limitaciones de tiempo, para permitir la identificación temprana y el tratamiento de las condiciones de comportamiento de los niños de todas las edades”, dijo Anita Bachmann, CEO de UnitedHealthcare Community Plan of North Carolina. “Nos sentimos honrados de colaborar con NCDHHS y Hazel Health para garantizar que los alumnos de las escuelas en distritos seleccionados incluso las escuelas públicas de Harnett y Durham, tengan acceso a servicios críticos de salud mental para ayudarlos a tener éxito dentro y fuera del aula”.

    “La asociación multifuncional público-privada en Carolina del Norte muestra un profundo compromiso para garantizar que todos los estudiantes tengan acceso al apoyo de salud mental que necesitan”, dijo Andrew Post, presidente de Hazel Health. “Cuando priorizamos el bienestar y la salud de los estudiantes ahora, estamos haciendo más que aumentar sus logros académicos: estamos sentando las bases para que prosperen durante toda su vida”.

    Hazel Health, el mayor proveedor nacional de telesalud centrada en la escuela, atiende a más de 5 millones de estudiantes en 18 estados. Un estudio de terceros realizado por la Universidad de Clemson encontró que el 75% de los estudiantes que participaron en el programa de terapia en línea de Hazel experimentaron reducciones clínicamente significativas en la depresión y la ansiedad después de un promedio de seis sesiones. Además, las primeras investigaciones también indican que el programa de terapia de Hazel puede combatir el ausentismo crónico. Un dato emergente: el 68% de los alumnos que participaron en el programa de terapia de Hazel mejoraron su asistencia, ¡y más del 30% tuvieron cero ausencias!, desde su remisión a Hazel.
    Para obtener más información, visite hazel.co.

    Acerca de Hazel Health
    Hazel Health es el proveedor de telesalud escolar más grande y de mayor confianza del país. Al asociarse con distritos y planes de salud en todo el país, Hazel transforma las escuelas en la puerta de entrada más accesible a la atención médica pediátrica. Hoy en día, los proveedores con licencia de Hazel brindan teleterapia y atención virtual (en la escuela o en el hogar) a más de cuatro millones de estudiantes de grados K a 12, independientemente de su capacidad de pago. Hazel tiene como objetivo eliminar todas las barreras a la atención de salud mental y física que los niños necesitan para prosperar en la escuela, en el hogar y en la vida. Más información en hazel.co.

    Acerca del Departamento de Salud Y Servicios Humanos de Carolina del Norte
    NCDHHS gestiona la prestación de servicios de salud y humanos para todos los habitantes de Carolina del Norte, especialmente nuestras poblaciones más vulnerables: niños, personas con discapacidades, adultos mayores y familias de bajos ingresos. Nuestra visión es avanzar en soluciones innovadoras que fomenten la independencia, mejoren la salud y la seguridad, y promuevan el bienestar en todas las comunidades del estado. El departamento trabaja en estrecha colaboración con profesionales de la salud, líderes comunitarios y grupos de abogacía; entidades locales, estatales y federales; y muchas otras partes interesadas para que esto suceda. Visite ncdhhs.gov.

    Mar 26, 2025

    MIL OSI USA News –

  • MIL-OSI Security: FBI Recovers Money Swindled from Kansas Bank’s Investors

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Indeed, it’s rare for fraud victims to recover their lost money, especially when scammers use cash or cryptocurrency, which can be hard to trace since the money can change hands quickly.

    In 2023, the Bureau’s Internet Crime Complaint Center (IC3) received more than 69,000 complaints from the public regarding financial fraud involving the use of cryptocurrency. Estimated losses with a nexus to cryptocurrency totaled more than $5.6 billion. Investigators in the Kansas case were heartened when a federal judge last November informed the failed bank’s owners that all was not lost.

    “To be able to give them back their money is extremely powerful,” said Emilee Thompson, a forfeiture specialist for FBI Kansas City.

    The courtroom erupted when the judge told victims at a November 4 restitution hearing in Wichita that the FBI recovered most of their money.

    “There was cheering and clapping and crying because these people went from thinking they had lost $8.2 million to being made aware they were going to be made very near whole,” Special Agent Hemmert said.

    He said it was particularly impactful to help folks in rural Southwest Kansas, whose opinions of the FBI vary widely.

    “To live up to the reputation of the FBI and to show that we will do whatever we can—move heaven and earth if necessary—to do what we can to get their money back, that was cool,” he said. “To show these people and Elkhart that the FBI cares a great deal about victims and to do whatever we can to make them whole after they’ve been the victim of a crime.”

    MIL Security OSI –

  • MIL-OSI Security: Frankfort Company Pays More Than $3.8 Million to Resolve Improper Paycheck Protection Program Loan

    Source: Office of United States Attorneys

    FRANKFORT, Ky. – A Frankfort-based steel wheel manufacturer, Topy America, Inc., agreed to pay the United States $3,840,188.19 to resolve allegations that it improperly obtained a Paycheck Protection Program (PPP) loan from the U.S. Small Business Administration (SBA) for which it was not eligible.

    Congress created the PPP in March 2020 to provide emergency financial assistance to small American businesses struggling to pay employees and other expenses during the COVID-19 pandemic. Under the PPP, eligible small businesses could receive forgivable loans guaranteed by the SBA. When applying for PPP loans, borrowers were required to certify that they were eligible for the requested loans and that the information they provided was true and accurate. Regulations provided various eligibility requirements for the PPP, including limitations on the number of employees.

    The settlement resolves allegations that Topy America falsely certified it was eligible to apply for and receive forgiveness of a second-draw PPP loan.  In January 2021, Topy America applied for a second-draw PPP loan for $2,000,000, representing that it had fewer than 300 employees. The government contends that, together with its foreign affiliates, Topy America had more than 300 employees and was therefore ineligible for that loan. Based on its false certification, Topy America received the loan and ultimately received forgiveness of the loan. Topy America cooperated with the United States’ investigation and agreed to compensate the United States for its error.

    “Our office is committed to holding accountable businesses and individuals who improperly obtained COVID-19 relief funds,” said Acting U.S. Attorney Paul McCaffrey. “Topy America quickly and responsibly addressed the concerns raised by the United States, and we expect that other PPP recipients who did not follow the applicable rules will do the same.”

    The Government’s work in this investigation illustrates its commitment to combatting COVID-19 fraud. The United States encourages anyone with information about potential fraud involving COVID-19 to report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form. PPP recipients also may voluntarily disclose self-discovered evidence of fraud involving the PPP to U.S. Attorney’s Offices.

    The settlement resolves lawsuits brought by private citizens under the qui tam provisions of the False Claims Act.  Under those provisions, a private party can file a civil action on behalf of the United States, thereby bringing allegations of fraud to the Government’s attention, and share in any financial recovery.  As part of this resolution, the individuals who filed the qui tam complaints are eligible to receive a portion of the settlement proceeds.  The civil cases are captioned United States ex rel. GNGH2 Inc. v. Topy America, Inc., Case No. 3:24-cv-0003-GFVT and United States ex rel. Blockquote, Inc. v. Topy America, Inc., Case No. 3:24-cv-0028.

    This matter was handled by Assistant U.S. Attorney Meghan Stubblebine, with assistance from the SBA’s Office of General Counsel. The claims resolved by the settlement are allegations only; there has been no determination of liability.

    – END –

    MIL Security OSI –

  • MIL-OSI: No. 10/2025 – Course of the annual general meeting

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen                                                                                   
    Nikolaj Plads 6
    DK-1067 Copenhagen K   

    Copenhagen, 26 March 2025
    ANNOUNCEMENT no.10/2025

    CEMAT A/S
    Company reg. (CVR) no. 24 93 28 18
    Annual general meeting 2025

    On 26 March 2025 at 1:00 pm the annual general meeting was held in Cemat A/S (the “Company”) at DLA Piper Denmark, Oslo Plads 2, 2100 Copenhagen Ø.

    Pursuant to the Company’s articles of association, the Board of Directors had appointed attorney-at-law Martin Lavesen as chairman of the meeting.

    1. The management’s report on the Company’s activities during the past financial year

    The management’s report for the financial year 2024 was presented by management.

    The annual general meeting took note of the management’s report for the financial year 2024.

    1. Presentation of the audited annual report for adoption

    The annual general report was presented.

    The general meeting approved the annual report for 2024.

    1. The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report

    The Board of Director’s proposal for appropriation of profit as stated in the annual report was approved by the general meeting, with the result being carried forward to the next year, and it was decided not to distribute dividends.

    1. Presentation of and indicative vote on remuneration report

    The remuneration report was presented.

    The general meeting approved the remuneration by an indicative vote.

    1. Approval of the remuneration of the Board of Directors’ fees for the current financial year

    The Board of Directors’ proposal regarding directors’ fees for the current financial year 2025 was adopted by the general meeting. The members of the Board of Directors will receive the basic fee of DKK 220,000 for the financial year 2025.

    In accordance with the remuneration report the chairman of the Board of Directors will receive the basic fee multiplied by a factor of 2.5, and the vice-chairman will receive the basic fee multiplied by a factor of 1.75.

    1. Election of members to the Board of Directors

    The Board of Directors proposed re-election of Frede Clausen, Eivind Dam Jensen, Joanna Iwanowska-Nielsen and Brian Winther Almind to the Board of Directors.

    The candidates were re-elected by the general meeting.

    At a subsequent constituent board meeting, the Board of Directors appointed Frede Clausen as Chairman of the board and Eivind Dam Jensen as Deputy Chairman of the board.

    1. Appointment of auditor

    The Board of Directors proposed re-election of BDO Statsautoriseret Revisionsaktieselskab, CVR-nr. 20222670, as auditors of the Company.

    BDO Statsautoriseret Revisionsaktieselskab was re-elected by the general meeting.

    1. Proposals from the Board of Directors or shareholders

    No items on the agenda.

    1. Any other business

    No items discussed.

    The annual general meeting was adjourned at 2:03 pm.

    Any questions concerning this announcement may be directed to info@cemat.dk.

    Cemat A/S

    Frede Clausen
    Chairman of the Board of Directors

    This announcement has been issued in Danish and English. In case of any inconsistencies, the Danish version will prevail.

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: All pain and no gain from Labour’s Spring Statement

    Source: Scottish Greens

    26 Mar 2025 Economy

    Scottish Greens react to Rachel Reeves Spring Statement

    More in Economy

    The Chancellor has confirmed that Labour is on the side of the super rich, the arms dealers and the corporations who are raking in obscene profits, says Scottish Green Co-Leader Lorna Slater.

    Ms Slater’s comments follow the Labour Party’s Spring Statement, which saw £5 billion worth of social security cuts.

    Ms Slater said: 

    “Labour has made clear whose side it is on, and that is the super rich, the arms dealers and the corporations who are raking in obscene profits.

    “They have chosen super-charged austerity and cuts for millions of people while their millionaire friends enjoy business as usual. This isn’t what Scotland waited 14 years for.

    “Labour promised change but what they have delivered is all pain and no gain, with obscene cuts to social security and international aid.

    Ms Slater added: “Labour has totally ignored the climate emergency. This should have been the start of a major green investment programme, but instead they left a giant climate-shaped hole.

    “Scotland deserves so much better than this. In everything they say and do, Rachel Reeves and Keir Starmer are underlining how essential it is that the people of Scotland get to decide our own future.”

    MIL OSI United Kingdom –

  • MIL-OSI: MissionSquare Retirement Earns 2024 Cigna Healthy Workforce Designation™ for the second year in a row

    Source: GlobeNewswire (MIL-OSI)

    Washington, D.C., March 26, 2025 (GLOBE NEWSWIRE) — Cigna Healthcare has selected MissionSquare, an organization that advocates for retirement security and financial well-being, as a recipient of their 2024 Gold Healthy Workforce Designation for demonstrating a strong commitment to improving the health and vitality of its employees through a workplace well-being program.

    The award highlighted MissionSquare’s senior leadership for actively endorsing wellness initiatives. The program effectively promotes vitality on multiple fronts, employing various communication methods such as departmental and leadership meetings. To encourage participation, MissionSquare also provides incentives for engaging in wellness activities.

    “We are proud to have achieved Cigna’s Gold designation, highlighting our work to promote employee health and well-being,” said Lisa Raff, Senior Vice President, Chief Human Resources Officer at MissionSquare. “This recognition reflects our ongoing efforts to provide activities, tools, and resources to help our employees thrive, and we’re honored to be acknowledged by Cigna.”

    MissionSquare’s innovative well-being program takes a holistic approach to employee health and productivity. Going beyond standard paid time off (PTO), the comprehensive initiative emphasizes relaxation, personal days, and holidays, aiming to cultivate a healthier and more productive workforce. By prioritizing the overall health of their team, MissionSquare not only elevates their employees’ quality of life but also establishes a new industry standard. 

    Vitality is defined as the capacity to pursue life with health, strength and energy. It is both a driver and an outcome of health and work/life engagement, and Cigna Healthcare believes it is not only essential to individuals, but also a catalyst for business and community growth. Research conducted as part of the Evernorth Vitality Index confirms that those with higher vitality experience better mental and physical health along with higher levels of job satisfaction and performance. An opportunity remains for employers as less than one in five U.S. adults report having high levels of vitality. A workplace well-being program that takes a comprehensive approach to employee health can be critical in boosting vitality and building a workforce that experiences better overall health and job productivity.

    “Higher vitality is linked to a more motivated, connected, and productive workforce,” said Kari Knight Stevens, Executive Vice President and Chief Human Resources Officer, The Cigna Group. “Employers that foster vitality will fuel a healthier workplace and drive business and economic growth. That’s why we’re proud to recognize employers for their efforts to prioritize multiple dimensions of wellness, build a culture of health, and boost employee engagement.”

    The Cigna Healthy Workforce Designation evaluates organizations based on the core components of their well-being program, including leadership and culture, program foundations and execution, policies and accommodations, and additional areas. Organizations recognized with this designation set the standard of excellence for organizational health and vitality.

    About MissionSquare Retirement
    Since our founding in 1972, MissionSquare Retirement has been dedicated to simplifying the path to retirement security for public service employees. As a mission-based financial services company, we manage and administer over $72 billion in assets.* Our commitment to delivering results-oriented retirement plans, education, investments, and financial education sets us apart. Explore how we enable public service workers to build a secure financial future. Visit www.missionsq.org or follow the company on Facebook, LinkedIn, and X.

    *As of December 31, 2024. Includes 457(b), 401(k), 403(b), Retirement Health Savings plans, Employer Investment Program plans, affiliated IRAs, and investment-only assets.

    The MIL Network –

  • MIL-OSI: Trade Crypto with 100x Leverage and No KYC – Get Double Deposit Bonus and $50 Instantly on BexBack

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, March 26, 2025 (GLOBE NEWSWIRE) — With Bitcoin’s price fluctuating below $100,000, many analysts predict a prolonged period of high volatility in the crypto market. Holding spot positions may struggle to generate short-term profits in such conditions. As a result, 100x leverage futures trading has become the preferred tool for seasoned investors looking to maximize potential gains in this volatile market. BexBack Exchange is ramping up its efforts to offer traders unmatched promotional packages. The platform now features a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage on cryptocurrency trading, providing exceptional opportunities for investors.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

    Why recommend BexBack?

    No KYC Required: Start trading immediately without complex identity verification.

    100% Deposit Bonus: Double your funds, double your profits.

    High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

    Demo Account: Comes with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading.

    Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

    Convenient Operation: No slippage, no spread, and fast, precise trade execution.

    Global User Support: Enjoy 24/7 customer service, no matter where you are.

    Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

    Join BexBack Today and Start Earning Like a Pro!

    If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users (complete one trade within one week of registration), you can be a winner in the new bull run.

    Sign up today, double your deposit, and start stacking BTC with 100x leverage.

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. 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. 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. 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.Speculate only with funds that you can afford to lose.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.

    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 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.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/45cc97c2-d573-496a-92b1-aac5e7b07744

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    https://www.globenewswire.com/NewsRoom/AttachmentNg/fc50718a-0b65-416c-aec4-6ee36f220140

    The MIL Network –

  • MIL-OSI China: Eyeing free trade port milestone, China pushes toward higher-level opening up

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

    BOAO, Hainan, March 26 — As the world economy faces mounting uncertainty and rising protectionism, China is reaffirming its commitment to openness, with the Hainan Free Trade Port (FTP) emerging as an important gateway driving the country’s opening up in the new era.

    At the Boao Forum for Asia (BFA) annual conference, officials and experts underscored the significance of the Hainan FTP, as preparations accelerate for its independent customs operations, scheduled to begin by the end of 2025.

    “Following the launch of independent customs operations, the Hainan FTP is expected to further improve the free and convenient flow of trade and investment with the rest of the world, while forging even closer ties with China’s vast domestic market,” said Liu Xiaoming, governor of south China’s island province of Hainan.

    Local officials told Xinhua that preparations for the independent customs operations, a milestone in the construction of the Hainan FTP, have entered a critical sprint stage. All 31 checkpoint facility projects required for the operations have been completed, laying a solid foundation for the efficient movement of goods, people, and other key factors.

    Hainan is China’s first province to transform an entire island, spanning 34,000 square kilometers, into a free trade port that serves as a testbed for the unrestricted flow of goods, services, capital and data.

    “The mission of a free trade zone or port is to break down barriers, not to build high walls, and to create opportunities, not to monopolize the benefits,” Liu said, adding that Hainan is willing to cooperate with other global FTPs in areas such as logistics, industries and green development.

    Hainan FTP is also a frontier for the innovation of regulations and mechanisms, according to Zhou Xiaochuan, vice chairman of the BFA.

    As a key platform, the FTP can offer opportunities for countries worldwide, particularly those in Asia, to explore China’s vast market — home to over 1.4 billion people.

    “I think the FTP has great possibility to help international businesses get attracted to China and expand not only to serve China but also the rest of the world,” said Carl F. Fey, professor of strategy at BI Norwegian Business School.

    By the end of 2024, Hainan was home to 9,979 foreign-invested enterprises, 77.3 percent of which were established after June 2020, when China released its master plan for the Hainan FTP. The number of countries and regions investing in the province has grown from 43 in 2018 to 174 today.

    BFA Chairman and former UN Secretary-General Ban Ki-moon called China’s decision to build the Hainan FTP “a courageous move that takes vision and leadership.”

    Highlighting the significance of Hainan alongside other global FTPs from Dubai, Singapore and Hong Kong, Ban added that such models demonstrate what trade and openness can deliver for growth, well-being, and sustainability at a time when globalization faces headwinds.

    The Organization for Economic Cooperation and Development recently revised its global GDP forecast downward, from 3.3 percent to 3.1 percent for 2025 and 3 percent for 2026, citing higher trade barriers in several G20 economies and increased geopolitical and policy uncertainty weighing on investment and household spending.

    Participants at the forum hailed the Hainan FTP as a prime example of China’s higher-level opening up.

    Since 1978, China’s commitment to reform and opening up has transformed it from an impoverished nation into a market-oriented economic powerhouse, driving high-quality development and creating opportunities shared with the rest of the world.

    “Regardless of changes in the external environment, we should remain steadfast in our commitment to opening up,” said the Chinese government work report released early this month. “We should steadily expand institutional opening up and take the initiative to open wider and advance unilateral opening up in a well-ordered way, to promote reform and development through greater openness.”

    In late 2024, China granted zero tariff treatment to 100 percent of tax lines from all the least developed countries that have established diplomatic relations with China.

    Since last year, the country has introduced measures to expand opening up in sectors such as value-added telecommunications and healthcare, completely removed foreign investment access restrictions in manufacturing, and reduced nationwide foreign investment access restrictions from 31 to 29 items.

    “We will ensure national treatment for foreign-funded enterprises in fields such as access to production factors, license application, standards setting, and government procurement,” the government work report said.

    Thanks to these efforts, nearly 90 percent of surveyed respondents expressed that they were “very satisfied” or “relatively satisfied” with the business environment in China in 2024, an increase of 2.1 percentage points compared to 2023, according to a report released by the China Council for the Promotion of International Trade.

    China’s opening up at a high level, undoubtedly, is of great significance and will bring new opportunities for Asia and the world at large, Ban said.

    China’s GDP grew by 5 percent year on year in 2024, ranking among the world’s fastest-growing major economies and continuing to contribute about 30 percent to global economic growth.

    Looking ahead, Zhou Xiaochuan expressed confidence that as the Chinese government accelerates the rollout of core policies for the Hainan FTP, the province will play an increasingly vital role in a changing world, strengthening Asia’s ties and supporting broader global cooperation.

    MIL OSI China News –

  • MIL-OSI China: China boosts global confidence for win-win cooperation

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

    Beijing, March 26 — Against the backdrop of global economic fragmentation and rising uncertainties, China reaffirmed its commitment to innovation-driven high-quality development and global cooperation at the just-concluded China Development Forum (CDF) 2025.

    Chinese Premier Li Qiang, who delivered a keynote speech at the opening ceremony of CDF 2025, underscored China’s commitment to its 2025 growth target of around 5 percent, signaling strong confidence in the country’s economic prospects.

    The decision reflects both China’s profound understanding of its economic conditions, and confidence in its governance capacity and future development potential, Li said, calling for the combination of more proactive and impactful macro policies with structural reforms, and voicing hope that China will continue to welcome enterprises from around the world with open arms.

    The premier added that the country will safeguard free trade, and contribute to the smooth and stable operation of global industrial and supply chains.

    Themed “Unleashing Development Momentum for Stable Growth of Global Economy,” the high-profile gathering held from March 23 to 24 in Beijing brought together Chinese policymakers, global business leaders, and leading international scholars to chart a course for sustainable growth amid uncertainties.

    “China is open for business and China is set for growth,” said Ola Kallenius, chairman of the board of management of Mercedes-Benz Group AG, on the sidelines of the event.

    STABILITY AMID UNCERTAINTIES

    As the theme of stability resonated throughout the forum discussions, Han Wenxiu, executive deputy director of the Office of the Central Committee for Financial and Economic Affairs, provided insight into China’s economic resilience and stability to counteract global uncertainties.

    “Amid rising external instability and uncertainty, China will remain firmly focused on pursuing its own development, leveraging the certainty of high-quality growth to offset external uncertainties and striving to serve as a stabilizing anchor for the global economy,” Han added.

    International observers echoed confidence in China’s economic prospects. Jeffrey Sachs, renowned economist and director of Columbia University’s Center for Sustainable Development, told Xinhua that China’s around-5-percent growth target is “perfectly achievable,” adding that the country is “booming in key sectors, especially digital, artificial intelligence, robotics, and this is going to propel a Chinese growth.”

    In the eyes of Standard Chartered Group Chief Executive Bill Winters, China’s growth story has shifted. “It is now about transformation and unleashing new productive forces to flourish to support high-quality growth,” he said.

    A PwC report released at the CDF noted that over the past two years, driven by new quality productive forces, China has demonstrated a commercial evolution path distinct from those of the traditional industrialized nations, marked by improvements in production factors, transformations in business models, and the intelligent reshaping of industrial chains.

    “This has opened up new opportunities for global business investment and development in China, highlighting the new advantages of the Chinese market during the global economic transition period,” the report read.

    INNOVATION AS NEW GROWTH ENGINE

    Finance Minister Lan Fo’an offered concrete details about China’s supportive fiscal policies, emphasizing their role in stimulating innovation and consumption. “We’re implementing targeted measures to convert potential demand into real growth drivers,” Lan explained.

    “This includes increasing fiscal support for tech innovation and providing tangible assistance to private enterprises.” He specifically highlighted plans to “accelerate the development of new quality productive forces” through strategic investments in artificial intelligence (AI) and other cutting-edge technologies.

    Data showcased China’s progress: its global innovation index ranking rose to 11th in 2024, with 19.6 percent, 27 percent, 64 percent, and 91.5 percent year-on-year growth in semiconductor wafers, industrial robots, bullet trains, and drones respectively in early 2024.

    The nation’s emphasis on innovation as a driver for high-quality growth resonated strongly throughout the forum. Siemens AG President and CEO Roland Busch pointed to China’s advances in AI and high-tech manufacturing.

    “China gave the answer for where growth would come from: Growth from high tech, growth by higher efficiency, and high-quality growth,” he remarked, adding that China surprises the world with innovations like the open foundational model R-1 developed by DeepSeek.

    Kallenius also praised China’s innovation-driven market. “China’s competitive advantage lies in its passion for innovation,” he said. “That is why Mercedes-Benz continues to deepen its presence in China.”

    Reflecting this trend, AstraZeneca CEO Pascal Soriot emphasized the country’s emergence as a global leader in life sciences. “Today, China is home to one of AstraZeneca’s Global R&D Centres, where our researchers in Shanghai are spearheading 20 global clinical trials and advancing over 200 pipeline projects,” he said.

    Prior to the forum, the British pharmaceutical giant signed a landmark 2.5-billion-U.S. dollar agreement on Friday to invest in Beijing over the next five years, the largest single investment in Beijing’s biopharmaceutical sector in recent years.

    Under the agreement, AstraZeneca will establish a global strategic R&D center in Beijing, its sixth worldwide and second in China after one in Shanghai. The new center, equipped with an advanced AI and data science laboratory, will accelerate early-stage drug research and clinical development.

    “Looking ahead, China will not only serve as a global innovation hub but also a core arena for setting standards and reshaping industrial chains,” the PwC report added.

    OPEN COLLABORATION FOR SHARED FUTURE

    From CDF 2025 in Beijing to the Boao Forum for Asia (BFA) Annual Conference 2025 in south China’s Hainan Province, foreign executives reaffirmed their commitment to China as a key market for investment and collaboration: China’s complete industrial system, rich application scenarios, vast market scale, and large talent pool offer extensive collaboration opportunities for international industrial and technological innovation.

    The Japanese Chamber of Commerce and Industry in China said in its latest survey that 58 percent of its member firms plan to expand or maintain investments in China through 2025, while 53 percent of U.S. companies are expected to invest more in the country, according to the American Chamber of Commerce in China.

    BMW AG Chairman Oliver Zipse stressed that “economic prosperity comes from openness, not protectionism,” while criticizing trade barriers. “The best response to ‘de-risking’ strategies is more cooperation, not less.”

    Speaking to global business leaders attending the CDF, Lan also emphasized that China’s fiscal policy will support high-standard opening up, and that China will ensure equal treatment for all types of business entities and continue to improve the business environment.

    “For global companies, China’s commitment to high-tech innovation and open collaboration makes it an indispensable partner for long-term growth,” said Busch, highlighting China’s rapid technological advancements and collaborative spirit.

    Jean-Pascal Tricoire, chairman of Schneider Electric, said: “China is not only our second-largest worldwide market but it’s also a vital source of innovation.” For the French industrial giant, China will remain a key partner as it navigates the complexities of a rapidly changing world, he added.

    While China accelerates its push toward innovation-led growth and deepens its commitment to openness, global businesses continue to see the country as a critical partner in achieving long-term economic prosperity, and as the premier put it, there is a growing need for countries to open their markets and for enterprises to share resources, in order to address challenges and pursue common prosperity.

    MIL OSI China News –

  • MIL-OSI: Devon Energy Schedules First-Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    OKLAHOMA CITY, March 26, 2025 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today announced it will report first-quarter 2025 results on Tuesday, May 6, after the close of U.S. financial markets. The earnings release and presentation for the first-quarter 2025 results will be available on the company’s website at www.devonenergy.com.

    On Wednesday, May 7, the company will hold a conference call at 10 a.m. CDT (11 a.m. EDT), which will consist primarily of answers to questions from analysts and investors. A webcast link to the conference call will be provided on Devon’s website at www.devonenergy.com. A replay will be available on the website following the call.

    ABOUT DEVON ENERGY

    Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

    The MIL Network –

  • MIL-OSI Banking: Sanjay Malhotra: Address – Private Sector Collaborative Forum of the Financial Action Task Force

    Source: Bank for International Settlements

    It is a pleasure to be here at the Private Sector Collaborative Forum (PSCF) 2025 of the Financial Action Task Force. I am happy to note that this is the first time that the forum is being held in India. I thank FATF for giving us this opportunity. In my previous role as the Secretary in the Department of Revenue, Ministry of Finance, Government of India, I had the opportunity of being closely associated with the FATF during our mutual evaluation last year.

    About FATF

    Financial Action Task Force (FATF), the standard setting body for illicit financing has come a long way since its establishment in 1989. Over the years, it has evolved from an organisation with only 16 members to a global forum with 40 members. Through the FATF-styled regional bodies1, its reach is even wider. The standards developed by FATF are used by over 200 jurisdictions to combat money laundering (ML), terrorism financing (TF) and proliferation financing. The implementation of the standards has played an important role in strengthening the global financial system and making the world a safer place.

    India’s Mutual Evaluation by FATF

    India accords immense importance to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT). Last year, India underwent the mutual evaluation by the FATF. India was placed in the ‘regular follow-up’ category, a distinction shared by only a few other G20 countries2. This is a recognition of our effective AML and CFT framework. It demonstrates our commitment to AML and CFT. This is a result of many years of building and continuously improving and strengthening the financial system of our country.

    This was possible due to the collaborative efforts of all stakeholders, led by the Government of India including financial entities and designated non-financial businesses and professions in the private and public sector, regulators, and the state governments. The private sector plays a vital role in keeping the financial systems secure. Their role in implementing due diligence procedures, conducting robust risk assessments, monitoring transactions, and reporting suspicious activities is critical for preventing the abuse of the financial system. They identify suspicious activities and help government agencies in destroying illicit financial networks.

    Strong public-private partnerships form the bedrock for safeguarding the integrity of the financial system. In India, we recognize the importance of close cooperation between public and private sector stakeholders in achieving these goals. Reserve Bank of India, as the regulator and supervisor of a large segment of the financial system in India has diligently and consistently worked towards building and ensuring implementation of a strong AML and CFT framework in this segment of the financial system, in line with FATF recommendations. The Reserve Bank has taken several initiatives to enhance cooperation and coordination with various stakeholders. Similarly, the Financial Intelligence Unit (FIU)-India has also set up FPAC3, a public-private cooperation forum for facilitating closer interaction and collaboration. It has also supported the setting up of ARIFAC4 – a cross sectoral forum for the private sector reporting entities to collaborate among themselves.

    It is a result of these collaborative efforts that we have been able to build and demonstrate a robust and resilient AML and CFT framework. I compliment all the stakeholders, especially, the regulated entities in the financial sector as well as the designated non-financial businesses and professions for the successful mutual evaluation.

    However, as all of you are aware, the threats from money laundering and terror financing to the national and global financial systems are continuously evolving and becoming more sophisticated. This is primarily due to technological advancements. In order to effectively counter these threats, we need to continue the close cooperation among various stakeholders – government agencies, financial entities in both the public and private sectors, civil society, and others.

    The mutual evaluation process was rigorous and detailed. While providing us with valuable insights into our strengths, it has highlighted some areas of improvement in our AML-CFT framework. We are determined to further strengthen our financial system to deter and combat illicit financial activities taking into consideration the recommendations made during the evaluation. We will continue to strive for continuous improvement in this regard.

    Some thoughts on the Agenda for PSCF 2025

    I am told that yesterday’s sessions were very engaging and produced lively discussions. Looking at the agenda for today and tomorrow, I am confident that the deliberations on contemporary topics such as evolving AML-CFT landscape, financial inclusion & humanitarian channels, risk-based approach to supervision, digitalization & information sharing, beneficial ownership and countering of proliferation financing, will also be exciting. Let me outline some of my thoughts for the forum on these areas.

    First, while we all continue to make our financial systems safe and secure against money laundering and terror financing, we as policy makers need to be mindful that our measures are not over-zealous and do not stifle legitimate activities and investments. You would appreciate that multiple laws and rules, each with their own level of granularity cast a high level of burden of compliance on the regulated financial service providers. This is relevant in the context of AML-CFT too. Therefore, we need to have laws and regulations which, with surgical precision, target only the illegitimate and illicit, rather than use them as blunt tools which unintentionally hurt even the honest.

    Similarly, even while implementing the legal framework and regulations, we need to keep in mind the impact on persons and businesses. Risk-based approach is recommended in this regard. But let us keep in mind that this is only a step forward in reducing compliance burden. Let us appreciate that it is not the ultimate solution, as any risk-based approach is not perfect; it would have false positives and false negatives. We need to continuously refine and improve our risk assessment models to make them robust.

    To make these improvements, we need to improve the quality of our data and harness emerging technologies. This will help improve screening of transactions and detection of suspicious activities thereby reducing false positives and false negatives. Considering the evolving landscape in the area of money laundering resulting from changing customer behaviour and evolving products and services, we need to continuously augment AML risk assessment framework and make appropriate system enhancements on a regular basis after assessing the impact of ML and other risks. The focus has to also be on understanding the latest trends and developments in the financial world that can be exploited by criminals and accordingly develop tools and enabling frameworks that will allow us to detect suspicious transactions and activities early and take pre-emptive action. With the adoption of new technological tools and models, I am sure that AML-CFT risk assessments can be further fine-tuned. I would urge you all to discuss and share best practices in identification, mitigation and supervision of AML-CFT risks. This will not only help to reduce compliance burden on the Regulated Entities but also result in optimal allocation of supervisory resources.

    While India has made remarkable progress in financial inclusion, we need to ensure that we continue to widen and deepen it. The discussions on FATF standards to promote financial inclusion need to find answers to the challenge of aligning financial inclusion and financial integrity, especially for the developing economies. It must be ensured that regulations do not create unintended barriers to financial inclusion. We need to be mindful of customer rights and convenience while fulfilling the due diligence requirements. I am happy to note that the amendments to Recommendation 1 and its interpretive note under the Mexican presidency intend to foster and promote financial inclusion without compromising on financial integrity. Similar approach is needed to extend access of financial channels for supporting humanitarian aid.

    In recent years, digitalisation has been increasingly applied to customer onboarding and customer due diligence (CDD) processes. India has made huge strides in this regard too. The digital KYC and video KYC are shining examples of this. The Central KYC Records Registry (CKYCR) with more than one billion records is another example, which has the potential of ushering in a new era of customer onboarding by making it easier and seamless not only for customers but also for regulated entities to perform customer identification and due diligence. I am told there is a separate session to deliberate on the state of play of technical solutions in customer due diligence area. The discussions could be helpful in further enhancing the capability and utility of CKYCR manifold.

    Further, during the process of CDD, reporting entities collect a large amount of data from the customers. Moreover, there are requirements of sharing of information with Financial Intelligence Units, law enforcement agencies and data registries leading to concerns regarding data protection and sharing of information without consent. India has recently enacted a law for Digital Personal Data Protection. Exchange of experiences from different jurisdictions will help us in better implementing the law in our country.

    Another important area which needs discussion is the travel rule. In today’s world, fast payment systems are revolutionizing financial access and deepening financial inclusion. Developing countries like India have made huge progress in making digital payments accessible, affordable, and convenient. While card networks have helped developed economies in improving payment systems, fast payment systems have assisted Emerging Market and Developing Economies (EMDEs) leapfrog in this area. We have also enabled cross border payments using fast payment systems with a few countries. We will continue to work towards fulfilling our commitment to the effective implementation of the next phase of G20 roadmap towards inclusive cross-border payments by 2027. In this context, the ongoing discussions on FATF Recommendation 16 (R.16), known as the travel rule, assume importance. To meet the G20 objective of making cross-border payments faster, cheaper, more transparent and more inclusive, while maintaining their safety and security, it would be desirable to make the travel rule technology-neutral.

    Lastly, discussions regarding combating proliferation financing and sanctions evasion need to answer questions related to identification of products and services which are most vulnerable to exploitation and the mitigation of the risks related to such products. This forum can discuss the best practices as well as challenges in this regard.

    Conclusion

    To conclude, I would like to stress that through our collaborative efforts, we can safeguard the trust that underpins the global financial framework. Together, let us continue to collaborate and innovate in building a financial ecosystem that is not only safe and secure but also fast, convenient, accessible and affordable. Let us build financial systems that not only thwart the attempts of money laundering, terror financing and proliferation financing, but also support financial inclusion, encourage innovation, and facilitate economic growth. In the end, I wish the forum very fruitful and productive deliberations.

    Thank you.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Gabriel Makhlouf: Opening remarks – launch of the Consumer Protection Code 

    Source: Bank for International Settlements

    Good morning everyone, 

    I would like to welcome you all to the Central Bank today.

    Welcome in particular to Robert Troy TD, Minister of State, as well as Brian McHugh, Chair of the Competition and Consumer Protection Commission (CCPC), and Liam Sloyan the Financial Services and Pensions Ombudsman (FSPO).

    We are also joined by stakeholders from across the financial system who, over the last three years, have supported and informed the development of the revised Consumer Protection Code which we are publishing today. Thank you all for coming and thank you for your commitment to dialogue and engagement to inform the new Code. You have made an important contribution to the new Code.

    Before turning to the Code itself, let me say a few words about consumer protection more generally and our approach here in the Central Bank of Ireland.

    Our mission is to serve the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy.  We are guided by the objective set out in our founding legislation which stated that the Central Bank’s “constant and predominant aim shall be the welfare of the people as a whole”.  Everything that we do is aimed at serving the public interest and protecting consumers of financial services, whether it is through the consumer protection code, the mortgage measures, our monetary policy actions, our oversight of the payments system, or our supervision of individual firms. 

    Over the last decade, we have, along with the CCPC and FSPO in particular, played a significant role in strengthening the consumer protection framework in Ireland, to ensure that the system and protections are in line with global standards.  I was pleased with the endorsement we received from the OECD just before Christmas.  But while this strengthening of the framework has improved supports and outcomes for consumers, we also recognise the importance of ensuring that the framework – like all frameworks – continues to adapt and evolve so that it remains fit for purpose and future-ready.   

    The challenges and risks facing us are clear. The global economy is fragmenting and countries across the globe are undergoing significant economic transitions – in demography, in technology, in climate – while also experiencing a period of unprecedented innovation.  The ways in which we as consumers buy, use and engage with financial services are changing significantly.  These changes reflect new preferences, provide new opportunities and meet different needs on the part of individuals, households and businesses.  But they also create new challenges and new risks in the financial sector that we supervise and for the consumers we protect. 

    In the face of this changing ecosystem, we need to adapt, evolve and transform.  In fact all of us – firms, regulators, advocates, media – need to work together to secure customers’ interests as they seek to navigate their financial affairs and to plan for their financial futures.

    As set out in our Strategy, the Central Bank recognises that we must keep up with the changing world if we are to continue to deliver on our mandate.  As both a regulator and supervisor we are working to ensure that our frameworks are ready to respond to the changes that people are experiencing in their daily lives, and that we are connected to – and understand – the needs of the individuals, households and businesses that make up the real economy which ultimately supports the welfare of the people as a whole.  For us it means being focused on innovation, building our data capability, modernising our regulations, evolving to adopt new mandates and transforming our supervisory framework. 

    Our new supervisory approach came into effect in January this year. It remains outcomes-focused and risk-based, building on our existing principles and practices.  The changes enable a more integrated approach to the different aspects of our mandate but remain focused on achieving four safeguarding outcomes: the protection of consumer and investor interests, the integrity of the financial system, the safety and soundness of firms, and the stability of the financial system.  Importantly, our new approach places consumer protection at the heart of day-to-day supervision. It positions us better as an organisation to meet our objectives to ensure consumers of financial services are protected in a changing financial landscape. 

    Consumer Protection Code 

    Let me turn to the revised Consumer Protection Code itself.  It is built on the strong foundations of its predecessor which is the cornerstone of our – and the wider national – consumer protection framework for financial services. Throughout the course of the morning, you will hear further detail on the measures and protections that the updated Code will introduce. And you will also be able to read about them in the suite of materials that we are publishing today. 

    At its core, financial regulation is about supporting positive outcomes, protecting consumers and investors, and, ultimately, contributing to the economic well-being of the community as a whole. In reviewing the Code we have focused on modernising the regulatory framework to reflect the provision of financial services in a digital world. Consumers will benefit from a package of protections that better reflect how they are accessing financial services in the modern world.  Regulated firms will benefit from an integrated regulatory format, and a clearer articulation of their Code obligations, complementing the work they are already doing.

    One of our key objectives in revising the Code has been to put customers at the heart of the culture, strategy and business models of financial services firms. This is addressed through a new Securing Customers’ Interests Standard, supported by detailed guidance which describes what firms need to consider, the actions they need to take, and the mind-set they should have towards their customers.  We want to see a maturing of firms’ understanding and engagement with their consumer protection obligations where they take ownership for meeting these obligations, deliver positive outcomes and are proactive in addressing any issues that arise.

    Another important aspect of our review has been on protecting consumers in vulnerable circumstances, as they are more likely to suffer detriment or harm.  The new Code sets out an updated definition of vulnerability along with enhanced requirements which reflect an improved understanding of its dynamic nature, recognising that people can move in and out of circumstances that make them vulnerable.  We want firms need to understand the broad nature of vulnerability, and ensure that their culture, policies and processes take account of the needs of consumers in vulnerable circumstances. 

    The revised Consumer Protection Code comes into effect 12 months from today.  We will continue to engage with industry and consumer representatives in relation to its implementation over the next year.  We want to see the new Code contributing to building trust in the financial system and for consumers to have the confidence that it will work to deliver positive outcomes for them.

    In my view implementing the revised Code successfully will be more likely if it is seen as a collective effort on the part of all participants in the financial system:

    • firms must continue to put the customer at the heart of their culture, strategy, business model and decision-making.  Customer interests should not be the afterthought to finalising a strategy. Consideration of the impacts on customers and customer outcomes needs to be a key aspect of the strategy development and decision-making process itself;
    • consumer representative organisations play an important role in supporting and advising consumers in their interactions with financial services and I’m sure they will continue to do this as we work through implementation of the revised Code;
    • media organisations of course play an important role in informing all the participants in the system;
    • agencies such as the CCPC, FSPO and others will continue to play their important roles as key players in the national consumer protection framework; and
    • the Central Bank we will remain focused on ensuring that the financial system operates in the best interests of consumers and the wider economy, as well as playing our part in communicating with consumers to raise their awareness of the revised Code. 

    Adopting a whole-of-system approach will support effective implementation of the revised Code and ensure the protection of consumer and investor interests in their interactions with a rapidly-changing financial system.

    Thank you once again for joining us today. 

    MIL OSI Global Banks –

  • MIL-OSI Economics: pellertrading.online: BaFin warns of website and points to suspected identity fraud

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The operator of the website appears only under the name PellerTrading, without mentioning a legal form. He claims to be based in Zurich, Switzerland, at LLB Swiss Investments AG and in London, United Kingdom.

    BaFin has no information indicating that LLB Swiss Investments AG, a company registered in the Swiss commercial register and with the Swiss Financial Market Supervisory Authority (FINMA), has any connection to the offers on the pellertrading.online website or to the operator of the website. It is assumed that this is an identity fraud at the expense of LLB Swiss Investments AG.

    Recently, BaFin has become aware of other websites with almost identical content, which BaFin has also warned against. In all cases, the presentation on the websites begins with the following sentence: “Step up your trading with [name of operator]”.

    Anyone offering financial or investment services or crypto-securities services in Germany requires the permission of BaFin. However, some companies offer such services without the necessary permission. You can find information on whether a particular company is authorized by BaFin in the database of companies.

    BaFin’s information is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI Global: With Hooters on the verge of bankruptcy, a psychologist reflects on her time spent studying the servers who work there

    Source: The Conversation – USA – By Dawn Szymanski, Professor of Psychology, University of Tennessee

    Servers told researchers that they were instructed to make their male customers feel special. Brian Brainerd/The Denver Post via Getty Images

    In 1983, six businessmen got together and opened the first Hooters restaurant in Clearwater, Florida. Hooters of America LLC quickly became a restaurant chain success story.

    With its scantily clad servers and signature breaded wings, the chain sells sex appeal in addition to food – or as one of the company’s mottos puts it: “You can sell the sizzle, but you have to deliver the steak.” It inspired a niche restaurant genre called “breastaurants,” with eateries such as the Tilted Kilt Pub & Eatery and Twin Peaks replicating Hooters’ busty business model.

    A decade ago, business was booming for breastaurant chains, with these companies experiencing record sales growth.

    Today it’s a different story. Declining sales, rising costs and a large debt burden of approximately US$300 million have threatened Hooters’ long-term outlook. In summer 2024, the chain closed over 40 of its restaurants across the U.S. In February 2025, Bloomberg reported that the company was on the verge of filing for bankruptcy.

    Hooters isn’t necessarily going away for good. But it’s certainly looking like there will be fewer opportunities for women to work as “Hooters Girls” – and for customers to ogle at them.

    As a psychologist, I was originally interested in studying servers at breastaurants because I could sense an interesting dynamic at play. On the one hand, it can feel good to be complimented for your looks. On the other hand, I also wondered whether constantly being critiqued might eventually wear these servers down.

    So my research team and I decided to study what it was like to work in places like Hooters.

    In a series of studies, here’s what we found.

    Concocting a male fantasyland

    More so than most restaurants, managers at breastaurants like Hooters seek to strictly regulate how their employees look and act.

    For one of our studies, we interviewed 11 women who worked in breastaurants.

    Several of them said that they were told to be “camera ready” at all times.

    One described being given a booklet with exacting standards outlining her expected appearance, down to “nails, hair, makeup, brushing your teeth, wearing deodorant.” She had to promise to stay the same weight and height, wear makeup every shift and not change her hairstyle.

    Beyond a carefully constructed physical appearance, the servers relayed that they were also expected to be confident, cheerful, charming, outgoing and emotionally steeled. They were instructed to make male customers feel special, to be their “personal cheerleaders,” as one interviewee put it, and to never challenge them.

    Suffice it say, these demands can be unrealistic – and many of the servers we interviewed described becoming emotionally drained and eventually souring on the role.

    ‘The girls are a dime a dozen’

    It probably won’t come as a surprise that Hooters servers often encounter lewd remarks, sexual advances and other forms of sexual harassment from customers.

    But because their managers often tolerate this behavior from customers, it created the added burden of what psychologists call “double-binds” – situations where contradictory messages make it impossible to respond properly.

    For example, say a regular customer who’s a generous tipper decides to proposition a server. Now she’s in a predicament. She’s been instructed to make customers feel special. And he’s already left a big tip, in addition to being a regular. But she also feels creeped out, and his advances make her feel worthless. Should she push back?

    GOP presidential candidate Bob Dole shakes hands with Hooters employees after a campaign rally in Jacksonville, Fla., in 1996.
    J. David Ake/AFP via Getty Images

    You might assume that managers, aware that their scantily clad employees would be more likely to face harassment, would try to set boundaries and throw out customers who treated servers poorly. But we found that waitresses at breastaurants have less support from both management and their co-workers than servers at other restaurants.

    “Unfortunately, the girls are a dime a dozen, and that’s how they’re treated,” a former server and corporate trainer at a breastaurant explained.

    The lack of co-worker support might also come as a surprise. Rather than standing in solidarity, the servers tended to compete for favoritism, better shifts and raises from their bosses. Gossiping, name-calling and scapegoating were commonplace.

    The psychological toll

    My research team also wanted to learn more about the specific emotional and psychological costs of working in these types of environments.

    Psychologists Barbara Fredrickson and Tomi-Ann Robert have found that mental health problems that disproportionately affect women often coincide with sexual objectification.

    So we weren’t surprised to find that servers working in sexually objectifying restaurant environments, such as Hooters and Twin Peaks, reported more symptoms of depression, anxiety and disordered eating than those working in other restaurants. In addition, they wanted to be thinner, were more likely to monitor their weight and appearance, and were more dissatisfied with their bodies. Hooters didn’t reply to a request for comment on this story.

    Why are women drawn to the job?

    Given our findings, you might wonder why any women would choose to work in places like Hooters in the first place.

    The women we interviewed said that they sought work in breastaurants to make more money and have more flexibility.

    A number of servers in one of our studies noted that they could make more money this way than waitressing at a regular restaurant or in other “real” jobs.

    For example, one of the servers we interviewed used to work at a more run-of-the-mill restaurant.

    “It was OK, I made OK money,” she told us. “But working at Hooters … I’ve walked out with hundreds of dollars in one shift.”

    All the women we interviewed were in college or were mothers. So they enjoyed the high degree of flexibility in their work schedule that breastaurants provided.

    Finally, several of them had previously experienced objectification while growing up, or they’d participated in activities centered on physical appearance, such as beauty pageants and cheerleading. This likely contributed to their decision to work at a Hooters or one of its competitors: They’d been objectified as adolescents, and so they found themselves drawn to these kinds of setting as adults.

    Even so, our research suggests that the financial rewards and flexibility of working in breastaurants probably aren’t worth the potential psychological costs.

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

    – ref. With Hooters on the verge of bankruptcy, a psychologist reflects on her time spent studying the servers who work there – https://theconversation.com/with-hooters-on-the-verge-of-bankruptcy-a-psychologist-reflects-on-her-time-spent-studying-the-servers-who-work-there-251217

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump’s tariffs on Canada and Mexico could spell trouble for distilled spirits

    Source: The Conversation – USA – By Andrew Muhammad, Professor of Agriculture and Resource Economics, University of Tennessee

    If all the tariff drama in the news lately has you reaching for a stiff drink, you’re not alone. Unfortunately, those same tariffs might make it harder to get your hands on your favorite brand of tequila.

    In early March 2025, U.S. President Donald Trump levied import tariffs of 25% on goods from Canada and Mexico, following through on a promise he made back in November 2024. While he later partially reversed course, suspending tariffs on some goods, tensions remain high. Mexico is largely holding off on retaliation, but Canada quickly fired back with counter-tariffs on billions of dollars’ worth of U.S. products.

    These trade tensions spell trouble for numerous industries, including the booming spirits market. Canada and Mexico – two of the top U.S. trading partners – accounted for nearly half of the US$12 billion in distilled spirits the U.S. imported in 2024.

    As an agricultural economist, I’ve analyzed how a 25% tariff could affect tequila, whiskey and other distilled spirits – and the results weren’t pretty. I found that these tariffs would cost distilled spirit importers over $1 billion in lost trade, with tequila alone taking a more than $800 million hit.

    Americans’ thirst for imported liquor

    The U.S. imports far more distilled spirits than it exports – five times as much by value, as of 2024.

    Since 2000, U.S. imports of distilled spirits have surged by more than 300%, driven largely by the explosive rise in tequila consumption. Between 2000 and 2024, tequila imports rose by 1,400%, skyrocketing from $350 million to $5.4 billion.

    While imports of whiskey, liqueurs, vodka and brandy also grew, none matched tequila’s explosive rise. Tequila now represents 45% of all spirits imported into the U.S., up from 12% in 2000.

    Not surprisingly, 99% of tequila and mezcal is imported from Mexico, making it the leading foreign supplier of distilled spirits to the United States. Meanwhile, Canada has supplied between 4% and 6% of U.S. spirits imports over the past two decades, primarily whiskey and liqueurs.

    Since distilled spirits are classified as agricultural products, their rising imports have significantly contributed to the U.S. agricultural trade deficit. However, this isn’t necessarily a problem. Imports help meet demand from U.S. consumers, generate value-added opportunities for U.S. companies, and support economic activity in bars, liquor stores, restaurants and beyond.

    A 25% tariff on Mexican goods is a 25% tax on tequila

    In my study, published in February in the peer-reviewed journal Agribusiness and in a follow-up policy brief, I found that 25% tariffs on Mexico and Canada could reduce imports of distilled spirits by $1.2 billion. This loss exceeds the total amount of tax revenue those tariffs can expected to bring in.

    Unsurprisingly, tequila imports would be the hardest hit, falling by $810 million. I found that the tariff revenue from tequila – $910 million – could actually exceed the corresponding fall in imports. That’s because demand for tequila, like most alcoholic beverages, is what economists call “inelastic,” meaning that when prices rise, consumers are unlikely to change their purchasing decisions by very much.

    However, it would be a mistake to consider tequila in isolation. When I factored in other notable decreases, such as a $100 million drop in whiskey imports, I found that the value of total trade losses, in the form of decreased imports, would outweigh the total tariff revenue. I also found that no product category would come out ahead.

    In fact, even products like vodka, which are mostly exempt from these tariffs, would be indirectly affected. This is because tariffs can increase the overall cost of importing, leading businesses to reduce all imports, tariffed or otherwise. My research suggests that this “trade destruction” effect, to use an economics term, will be quite significant.

    A new era of tariffs

    The Trump administration has argued that tariffs will generate a lot of money for the federal government. But my research suggests those gains may not outweigh the economic costs to businesses and consumers.

    Contrary to common belief, trade losses don’t just affect exporting countries. Domestic consumers also face higher prices and fewer choices – hurting their overall economic welfare. Reducing imports also affects U.S. businesses involved in marketing, distribution and sales.

    Trade is more complex than a simple formula of “exports good, imports bad.” Research makes it clear that tariffs have negative consequences, including higher consumer prices, reduced product availability and downstream economic disruption. Policymakers would be wise to take those effects seriously. Otherwise, they might find themselves with a serious economic hangover.

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

    – ref. Trump’s tariffs on Canada and Mexico could spell trouble for distilled spirits – https://theconversation.com/trumps-tariffs-on-canada-and-mexico-could-spell-trouble-for-distilled-spirits-251583

    MIL OSI – Global Reports –

  • MIL-OSI Global: Mississippi’s education miracle: A model for global literacy reform

    Source: The Conversation – USA – By Harry Anthony Patrinos, Professor of Education Policy, University of Arkansas

    Mississippi’s reforms have led to significant gains in reading and math, despite the state being one of the lowest spenders per pupil in the U.S. Klaus Vedfelt/Getty Images

    In a surprising turnaround, Mississippi, once ranked near the bottom of U.S. education standings, has dramatically improved its student literacy rates.

    As of 2023, the state ranks among the top 20 for fourth grade reading, a significant leap from its 49th-place ranking in 2013. This transformation was driven by evidence-based policy reforms focused on early literacy and teacher development.

    The rest of the country might want to take note.

    That’s because Mississippi’s success offers a proven solution to the reading literacy crisis facing many states – a clear road map for closing early literacy gaps and improving reading outcomes nationwide.

    As an expert on the economics of education, I believe the learning crisis is not just an educational issue. It’s also economic.

    When students struggle, their academic performance declines. And that leads to lower test scores. Research shows that these declining scores are closely linked to reduced economic growth, as a less educated workforce hampers productivity and innovation.

    The Mississippi approach

    In 2013, Mississippi implemented a multifaceted strategy for enhancing kindergarten to third grade literacy. The Literacy-Based Promotion Act focuses on early literacy and teacher development. It includes teacher training in proven reading instruction methods and teacher coaching.

    Relying on federally supported research from the Institute of Education Science, the state invested in phonics, fluency, vocabulary and reading comprehension. The law provided K-3 teachers with training and support to help students master reading by the end of third grade.

    It includes provisions for reading coaches, parent communication, individual reading plans and other supportive measures. It also includes targeted support for struggling readers. Students repeat the third grade if they fail to meet reading standards.

    The state also aligned its test to the NAEP, or National Assessment of Educational Progress, something which not all states do. Often referred to as “The Nation’s Report Card,” the NAEP is a nationwide assessment that measures student performance in various subjects.

    Mississippi’s reforms have led to significant gains in reading and math, with fourth graders improving on national assessments.

    I believe this is extremely important. That’s because early reading is a foundational skill that helps develop the ability to read at grade level by the end of third grade. It also leads to general academic success, graduating from high school prepared for college, and becoming productive adults less likely to fall into poverty.

    Research by Noah Spencer, an economics doctoral student at the University of Toronto, shows that the Mississippi law boosted scores.

    Students exposed to it from kindergarten to the third grade gained a 0.25 standard deviation improvement in reading scores. That is roughly equivalent to one year of academic progress in reading, according to educational benchmarks. This gain reflects significant strides in students’ literacy development over the course of a school year.

    Another study has found an even greater impact attributed to grade retention in the third grade – it led to a huge increase in learning in English Language Arts by the sixth grade.

    But the Mississippi law is not just about retention. Spencer found that grade retention explains only about 22% of the treatment effect. The rest is presumably due to the other components of the measure – namely, teacher training and coaching.

    Other previous research supports these results across the country.

    Adopting an early literacy policy improves elementary students’ reading achievement on important student assessments, with third grade retention and instructional support substantially enhancing English learners’ skills. The policy also increases test scores for students’ younger siblings, although it is not clear why.

    Moreover, third grade retention programs immediately boost English Language Arts and math achievements into middle school without disciplinary incidents or negatively impacting student attendance.

    These changes were achieved despite Mississippi being one of the lowest spenders per pupil in the U.S., proving that strategic investments in teacher development and early literacy can yield impressive results even with limited resources.

    The global learning crisis

    Mississippi’s success is timely. Millions of children globally struggle to read by age 10. It’s a crisis that has worsened after the COVID-19 pandemic.

    Mississippi’s early literacy interventions show lasting impact and offer a potential solution for other regions facing similar challenges.

    In 2024, only 31% of U.S. fourth grade students were proficient or above in reading, according to the NAEP, while 40% were below basic. Reading scores for fourth and eighth graders also dropped by five points compared with 2019, with averages lower than any year since 2005.

    In 2013, Mississippi ranked 49th in fourth grade reading scores.
    Klaus Vedfelt/Getty Images

    Mississippi’s literacy program provides a learning gain equal to a year of schooling. The program costs US$15 million annually – 0.2% of the state budget in 2023 – and $32 per student.

    The learning gain associated with the Mississippi program is equal to about an extra quarter of a year. Since each year of schooling raises earnings by about 9%, then a quarter-year gain means that Mississippi students benefiting from the program will increase future earnings by 2.25% a year.

    Based on typical high school graduate earnings, the average student can expect to earn an extra $1,000 per year for the rest of their life.

    That is, for every dollar Mississippi spends, the state gains about $32 in additional lifetime earnings, offering substantial long-term economic benefits compared with the initial cost.

    The Mississippi literacy project focuses on teaching at the right level, which focuses on assessing children’s actual learning levels and then tailoring instruction to meet them, rather than strictly following age- or grade-level curriculum.

    Teaching at the right level and a scripted lessons plan are among the most effective strategies to address the global learning crisis. After the World Bank reviewed over 150 education programs in 2020, nearly half showed no learning benefit.

    I believe Mississippi’s progress, despite being the second-poorest state, can serve as a wake-up call.

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

    – ref. Mississippi’s education miracle: A model for global literacy reform – https://theconversation.com/mississippis-education-miracle-a-model-for-global-literacy-reform-251895

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Spring statement targeting ill and disabled is “morally repugnant”

    Source: Green Party of England and Wales

    / by Green Party

    Responding to the Chancellor’s Spring Statement, the Co-Leader of The Green Party, Adrian Ramsay MP, said, “The Chancellor had a choice today. To rebalance our economy by asking the very wealthiest to contribute more, or to remove vital support from ill and disabled people. That she chose to take from the most vulnerable to balance her books is a damning reflection of how out of touch this government is. It is morally repugnant.”  

    He continued, “And it’s not just ill and disabled people who will suffer as the Chancellor doubles down on cuts to frontline services. This will weaken our communities and leave us all poorer. Labour once claimed that they were for the many, not the few – it’s clear now that this is no longer the case.” 

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Secretary-General’s remarks to the Virtual High-Level Segment of the 16th Petersberg Climate Dialogue [as delivered]

    Source: United Nations secretary general

    Thank you for this opportunity — and for your focus today on collective climate action and acceleration of implementation. 

    This could not be more timely. 

    There is much uncertainty and instability in our world.

    But today we meet in the wake of some good news.

    Just this morning, the International Renewable Energy Agency officially confirmed that 2024 was a record year for renewables additions to global power capacity. 

    Renewables represented more than 92 per cent of all new electricity generation capacity installed last year.
     
    The amount of renewables added represents more than the total electricity capacity of Brazil and Japan combined.

    Europe’s capacity grew by 9 per cent – with Germany contributing more than one-quarter of that growth. Africa’s capacity grew by almost 7 per cent.

    All of this is another reminder of a 21st century truth:

    Renewables are renewing economies. 

    They are powering growth, creating jobs, lowering energy bills, and cleaning our air. 
     
    And every day, they become an even smarter investment. 

    Since 2010, the average cost of wind power has plunged 60%.  Solar is 90% cheaper. 

    In 2023, clean energy sectors accounted for five per cent of economic growth in India and six in the US. It accounted for a fifth of China’s GDP growth, and a third of the EU’s.

    The economic case for – and opportunities of – climate action have become ever clearer – particularly for those who choose to lead. 

    And leadership is what we need – as today’s IRENA report shows:

    To accelerate the shift to renewables…

    And to correct the imbalances in the transition, which is still starving developing countries – outside China – of the investment needed to fully embrace clean energy. 

    Excellencies, dear friends,

    As the title of this session puts it so well: we are indeed at a turning point to the future.

    In the ten years since Paris, we have seen other important progress.

    Ninety percent of global emissions are now covered by net-zero targets. 

    A decade ago, the planet was on course for a global temperature rise of over four degrees Celsius.

    Today, countries’ national climate plans – or NDCs – if fully delivered – will take us closer to a 2.6-degree rise.

    At the same time, climate challenges are piling up.  

    It seems records are shattered at every turn — the hottest day of the hottest month of the hottest year of the hottest decade ever. 

    All of this is hitting the vulnerable hardest, and everyday people in their pockets – with higher living costs, higher insurance premiums, and higher food prices.

    Just last week, the World Meteorological Organization confirmed that 2024 was another alarming year:

    Almost every climate indicator reached new and increasingly dangerous heights – inflaming displacement and food insecurity and inflicting huge economic losses.

    And, for the first time, the annual global temperature was 1.5 degrees Celsius hotter than pre-industrial times.

    Scientists are clear – it is still possible to meet the long-term 1.5 degree limit.

    But it requires urgent action. And it requires leadership.

    Excellencies, dear friends,

    I see two critical fronts to drive action. 

    First, new national climate plans – or NDCs – due by September.

    Investors need certainty and predictability.

    These new plans are a unique opportunity to deliver – and lay out a coherent vision for a just green transition.

    They must align with the 1.5-degree limit, as agreed at COP28. And cover all emissions and the whole economy.

    Together, they must reduce global emissions 60% by 2035 – compared to 2019…

    And contribute to the COP28 global energy transition goals.

    All this must be achieved in line with the principle of common but differentiated responsibilities and respective capabilities, in the light of national circumstances but everybody, everybody must do more.

    The G20 – the largest emitters and economies – must lead.

    Every country must step up and play their part.

    The United Nations is with you all.

    President Lula and I are working to secure the highest ambition from the largest economies.

    The United Nations Climate Promise is supporting a hundred countries to prepare their new climate plans.

    And we will convene a special event in September to take stock of the plans of all countries, push for action to keep 1.5 within reach, and deliver climate justice.

    Second, we must drive finance to developing countries.

    The COP29 finance agreement must be implemented in full.

    I count on the leadership of the COP29 and COP30 Presidencies to deliver a credible roadmap to mobilize $1.3 trillion a year by 2035.

    We need new and innovative sources of financing, and credible carbon pricing.

    Developed countries must honour their promise to double adaptation finance to at least $40 billion a year, by this year.

    And we need serious contributions to the fund for responding to Loss and Damage, and to get it up and running.
    Excellencies,

    We can only meet these goals with stronger collaboration – between governments, and across society and sectors.

    Those that will lag behind need to be not a reason for us to be discouraged but an increase in our commitment to move forward.

    The rewards are there for the taking, for all those ready and willing to lead the world through these troubled times.

    We are at a turning point.  I urge you to seize this moment; and seize the prize.

    Thank you.
     

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: Chancellor delivers security and national renewal in a new era of global change

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    Chancellor delivers security and national renewal in a new era of global change

    Chancellor vows to bring about “new era of security and national renewal” as she delivered a Spring Statement to kickstart economic growth, protect working people and keep Britain safe.

    • People to be on average £500 a year better off by the end of this parliament compared to under the previous government, putting more money in people’s pockets.

    • OBR forecast concludes government’s landmark planning reforms will result in a £6.8 billion boost to the economy and housebuilding at its highest level in over 40 years by 2029-30.

    • Growth at the heart of Plan for Change as £13 billion of additional capital spend allocated alongside £2.2 billion defence funding boost next year.

    People will be on average £500 a year better off from 2029, relative to OBR’s autumn forecast, helping to deliver the Plan for Change as the Chancellor today (Wednesday 26 March) announced a Spring Statement to grasp the opportunities in a changing world.

    The OBR has also today concluded that the government’s landmark planning reforms will result in UK housebuilding reaching its highest level in over 40 years, bringing the UK one step closer to its Plan for Change mission to build 1.5 million homes.

    The economy will be 0.2% larger in 2029-30 because of the reforms – worth around £6.8 billion in today’s money – growing to 0.4% over the next ten years. This represents the biggest positive growth effect it has ever forecasted for a policy that comes at zero-cost to taxpayers. The reforms will secure over 170,000 new homes for hard working families and leave borrowing £3.4 billion lower in 2029-30.

    The Chancellor also set out how the government is protecting national security and maximising the growth potential of the UK defence sector by confirming a £2.2 billion increase in the defence budget in 2025-26 while ensuring UK defence is on the cutting-edge of technology and innovation.

    But growth is still not where it should be, so at this Spring Statement, this government has gone further and faster to kickstart growth by training up to 60,000 young people to get Britain building again; increasing capital investment by £13 billion over this parliament; and fixing public services by tearing out waste from its roots.

    Growth

    Kickstarting economic growth is the number one mission of this government, putting more money in people’s pockets. The government has already made considerable progress; supporting a third runway at Heathrow; revitalising the Oxford Cambridge Growth Corridor, launching the National Wealth Fund and making the right choices on public investment to drive growth across the UK.

    The actions of this government across the Autumn Budget and Spring Statement, if sustained, lead to a 0.6% rise in the level of real GDP by 2034-35, signalling the government’s growth plan is working.

    The OBR concluded that the stability rule is met by £9.9 billion and the investment rule is met by £15.1 billion. Both rules are met two years early, meaning from 2027-28 the government is only borrowing for investment and net financial debt is falling.

    The government is not satisfied with short-term growth figures, and is going further and fast today to improve this.

    • To go further and faster to get Britain building, the Chancellor has today announced a further £13 billion of capital investment over the Parliament to go further on growth, on top of the £100 billion uplift announced at Autumn Budget. This will deliver the projects needed to catalyse private investment, boost growth and drive forward the UK’s modern industrial strategy – unlocking the potential of the Oxford Cambridge Growth Corridor which could add up to £78 billion to the UK economy by 2035.

    • Taken together, this greater capital investment more than offsets the modest savings on day to day spending and means the total departmental spending will increase over the next five years, when compared with plans in the Autumn.

    • Over this Parliament, the government is funding a £625 million package to boost skills in the construction sector, which is expected to provide up to 60,000 more skilled construction workers to support the government’s plans to deliver 1.5 million homes in England over the parliament and progress vital infrastructure projects,

    • As part of this, the government is providing further support to scale up existing construction skills pathway over this Parliament through £100 million for 35,000 additional training places in construction-focused Skills Bootcamps, supporting trainees, ‘returners’, and existing employees to succeed in the sector. Building on the £40 million investment in the new Growth and Skills Levy at Autumn Budget 2024, the government is also providing a further £40 million to support up to 10,000 more young people to access new construction Foundation Apprenticeships, which will provide a key entry route into a thriving industry.

    • The government is ensuring there are enough skilled construction workers in the system, with £100 million to deliver 10 Technical Excellence Colleges specialised in construction across every region in England, and £165 million to increase funding for training providers delivering construction courses for 16-19-year-olds and adults.

    • The government is committed to supporting employers to unlock further investment in training to deliver more skilled construction workers, and is providing £100 million, alongside a £32 million contribution from the Construction Industry Training Board to deliver up to 40,000 industry placements in construction each year.

    • Supported by the construction skills package, the government confirmed this week that there will be a £2 billion injection of new grant funding to deliver up to 18,000 new social and affordable homes. The new funding will only support developments on sites that will deliver in this Parliament, getting spades in the ground quickly to build homes in places such as Manchester and Liverpool.

    Defence

    The world is changing before our eyes, reshaped by global instability, including Russian aggression in Ukraine. Europe is facing a once-in-a-generation moment for its collective security, with conflicts overseas undermining security and prosperity at home. 

    A month ago, the PM announced the biggest sustained increase in defence spending since the Cold War as a result of the changing global picture, now reaching 2.5% of GDP by April 2027, and with an ambition to reach 3% in the next Parliament subject to economic and fiscal conditions.

    We are going further and faster to protect our national security and maximise the economic growth potential of the UK defence sector.

    • Increasing the defence budget by £2.2 billion in 2025-26, taking additional spending on defence to over £5 billion since the Autumn Budget.

    • This raises spending on defence to 2.36% next year and will be invested in fitting Royal Navy ships with Directed Energy Weapons five years earlier than planned, providing better homes for military families and modernising His Majesty’s Naval Base Portsmouth.

    • Setting a minimum 10 percent ringfence for equipment spending on emerging technologies like drones and autonomous systems, dual-use technology, and AI-powered capabilities, so that British troops have the tools they need to fight and win in modern warfare.

    • Getting this new tech into the hands of our armed forces quicker by cutting away bureaucracy, with a new UK Defence Innovation unit within the Ministry of Defence spearheading efforts to identify promising technology and ensure these get to the frontline at speed, while also bolstering the UK tech sector and crowding in private investment.

    • Creating bespoke procurement processes for different types of military equipment, learning lessons from our rapid support for Ukraine to drive faster timescale targets for operationalising new tanks, aircraft and other essential tools for modern warfare.

    • This government is determined to transform the defence sector into an engine for growth by focusing this investment on where it boosts the productive capacity of the economy such as investment in innovation and novel technologies. As a result of the increase in defence spending to 2.5%, the government estimates this could lead to around 0.3% higher GDP in the long run, equivalent to around £11 billion of GDP in today’s money.

    • The government’s investment in defence will also support its number one mission to deliver economic growth. UK citizens will be protected from threats at home whilst creating a stable environment in which businesses can thrive, and supporting highly skilled jobs and apprenticeships across the whole of the UK.

    Reform

    The government is determined to make the public sector more productive and to improve services for working people. But the changing world means we need to go further and faster to ensure we can deliver the public services that working people care most about.

    The government has shown its commitment to taking the difficult decisions required to drive efficiencies and reform the state – including announcing that the world’s largest quango, NHS England, will be brought back into the Department for Health and Social Care, reducing bureaucratic inefficiencies and duplication; and driving out wasteful government spend through cancelling thousands of government credit cards.

    Getting more people into jobs is also central to the government’s growth mission. This broken welfare system that is letting people down by asking them to prove what they can’t do, rather than focusing on what they could do with the right support – trapping people due to fear of trying work, lack of support and poor financial incentives.

    The social security system will always protect those who can never work, that is why this government is proposing an additional premium that will safeguard their incomes. And will end reassessments for people with the most severe, life-long conditions to give them dignity and security.

    Helping more people into work is a central aim of these reforms and which is why the government is tackling incentives to be inactive by abolishing the WCA, rebalancing Universal Credit, and investing more into employment support.

    We will always support those with long term health conditions through the Personal Independence Payment, which will remain an important non-means tested benefit for disabled people and people with long term health conditions.  But these reforms will make the system more targeted and sustainable to ensure the safety net is there for those who need it most.

    The OBR have now set out their final assessment of costings and confirmed this welfare package will reduce welfare spending by £4.8 billion in 2029-30.

    The government will modernise the Civil Service into a more productive and agile organisation that can effectively deliver the Plan for Change, underpinned by a digital revolution, while cancelling thousands of government procurement cards. Today, the Chancellor has gone further.

    • The Chancellor has confirmed the creation of a £3.25 billion Transformation Fund to support the fundamental reform of public services, seize the opportunities of digital technology and Artificial Intelligence (AI), and transform frontline delivery to release savings for taxpayers over the long-term.

    • The Fund will invest in vital public services and accelerate the modernisation of the state by taking the next step to reform the children’s social care system through an additional £25 million for the fostering system. This will include funding the recruitment of a further 400 new fostering households, providing children with stability and addressing cost pressures on local government.

    • The fund will also support the managing offenders in the community, by providing £8 million for new technology so probation officers can focus on reducing reoffending, rather than filling out forms.

    • In addition, it will provide £42 million for three pioneering DSIT-led Frontier AI Exemplars. These Exemplars will test and deploy AI applications to make government operations more efficient and effective and improve outcomes for citizens by reducing unnecessary bureaucracy.

    • To create an agile and productive state we are also providing £150 million for government employee exit schemes. This will support a leaner and more efficient Civil Service, helping to reduce administration costs by 15% by the end of the decade.

    • The Chancellor also announced a package of measures to close the tax gap, raising £1 billion per year by 2029-30. The UK tax gap was estimated to be around £40 billion in 2022-23.

    • The Spring Statement earmarks around £80 million in new money for third party debt collectors to bring in £1.3 billion over the next five years – a return of around £16 for every pound spent for UK public services and investment projects. HMRC will also receive £4 million in new funding to pilot a new test and learn programme with the private sector to improve the tax collection agency’s approach to recouping older unpaid tax debt. Ministers will decide whether to proceed with a larger exercise later this year based on the results of this test.

    • An additional 600 staff will also be recruited into HMRC’s debt management teams. This means that for every £1 spent on these staff, over £13 of debt is expected to be recovered. The staff will work with the private sector to make collecting tax debt more efficient including through automating admin processes.

    • The Spring Statement also announces £100 million in new funding for HMRC to recruit a further 500 compliance officers from April 2025. This will raise £241 million in unpaid tax over the next five years.

    • Late payment penalties for VAT and Making Tax Digital for income tax Self Assessment will increase to incentivise taxpayers to pay on time. This will be from 2% to 3% at 15 days, 2% to 3% at 30 days, and 4% to 10% from day 31. This will take effect from April 2025.

    • As announced in the autumn, Making Tax Digital for income tax Self Assessment will be extended to sole traders and landlords with income over £20,000. The Spring Statement confirms that this additional group will join Making Tax Digital from April 2028. This will build on the existing plan which will see sole traders and landlords with income above £50,000 joining from April 2026, and those with income above £30,000 joining from April 2027.  Around 4 million businesses have an income below the £20,000 threshold.

    Looking Forward

    This Spring Statement builds on the Autumn Budget and the decisions taken since required to deliver stability to the British economy and kickstart economic growth.

    The government will set out its plans for spending and key public sector reforms at the Spending Review which will conclude on 11 June 2025.

    This will not be a business-as-usual Spending Review. The government has fundamentally reformed the process to make it zero-based, collaborative, and data-led, in order to ensure a laser-like focus on the biggest opportunities to rewire the state and deliver the Plan for Change.

    At the Spending Review, the Budget in the autumn and across the Parliament, the government will continue to prioritise growing the economy to deliver change.

    More information

    • The OBR concludes planning reforms will bring housebuilding to its highest level in 40 years.

    • Government calculations for the long-run impacts of higher defence spending are based on estimates from Antolin-Diaz and Surico (2025), forthcoming in the American Economic Review (AER), of the GDP impact of higher defence spending on GDP. Their estimates of the GDP multiplier stabilise after ten years at around 1.6, which is assumed to reflect an appropriate long-run multiplier for potential output, as any demand-side effects are likely to have dissipated at the ten-year horizon.

    • Defence spending as a share of GDP is set to rise from 2.3% to 2.5%, an increase of 0.2 percentage points. Applying an elasticity of 1.6 to this change implies a long-run increase in the level of potential output of approximately 0.3%. A long-run increase to the level of potential output of 0.3% is equivalent to around £11 billion of GDP in the long run, in today’s prices.

    Updates to this page

    Published 26 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Financial News: Interview with Ekaterina Abasheeva for RBC Investments

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    Rating agencies will assign stars to shares of Russian companies.

    RBC Investments discussed with Ekaterina Abasheeva, head of the Central Bank’s corporate relations department, topics that are of greatest interest to private investors: stock ratings and disclosure of information during an IPO.

    Over the past year, the Bank of Russia has launched several large-scale reforms aimed at increasing the transparency of the Russian market.

    Stock Ratings: Russian Analogue of Morningstar

    There are currently two major problems: a lack of quality analytics on companies, as well as the unavailability of information on a number of issuers. In these conditions, a discussion arose about creating stock ratings – a product that, on the one hand, would allow us to tell more about the issuer, and on the other, to identify a range of attractive stocks, noted Abasheeva.

    “In the summer of 2025, we plan to launch a pilot project of non-credit ratings of shares of Russian issuers, which is expected to reach full capacity in 2026. The idea is that rating agencies will act as a kind of provider of independent assessments of the fair value of the issuer. It will be determined on the basis of both financial and non-financial metrics. Ideally, over time, the market price should converge with the expert assessment. The rating of shares will be the Russian analogue of the Morningstar project, which has been offering a similar rating product in North America, Europe and Asia for over 30 years. Agencies will assign stars to shares and accompany the ratings with advanced analytics. Thus, investors will receive a transparent and professional guideline on the basis of which they will be able to make investment decisions,” the head of the department explains the idea.

    Who will be giving grades?

    At the stage of developing the idea of stock ratings, the Bank of Russia considered various options for who would evaluate issuers. “There was an idea to create a new participant in the market that would provide an analytical service. However, it seemed more expensive to us, since it requires the development of new regulations,” says Abasheeva.

    An alternative approach is to use the ready-made infrastructure of rating agencies, since they already have experience in the securities market and have proven themselves as independent experts who have earned the trust of issuers and investors. The head of the department notes that the Central Bank held a series of meetings with agencies, where they discussed all the pros and cons: why they can offer a new product.

    “We were worried about the discrepancy between the expert assessment and the actual value of the rated entity. And of course, disputes arose over what responsibility the agencies would bear,” she continues. “It seems that the combination of independence, competence and responsibility of the agencies is best suited for the assessment of equity instruments. Now that all the discussions are behind us, the rating agencies have begun to develop methodologies for a new category of ratings. We intend to pilot the project on their basis.”

    It is planned that one issuer will be able to receive several ratings from different rating agencies: “Stocks are a very volatile and poorly predictable instrument. Obviously, the dispersion of opinions here, it seems to me, is more important than in relation to bonds, where the ratings are more homogeneous. Therefore, of course, we ideally expected that there would be at least two opinions on stocks from different rating agencies.”

    If the agencies’ assessments differ dramatically and send conflicting signals to investors, this could prompt the Central Bank to consider minimum requirements for analysts – their methodologies and the information they use, she adds. However, this will become clear after preliminary testing of the ratings on the initial pool of issuers. Key parameters for assessing companies

    According to Ekaterina Abasheeva, at least two rating agencies have already developed and presented their methodologies to issuers and professional analysts. They are based on the model fair value of the issuer, she notes, but other factors that distinguish shares from debt instruments are also taken into account.

    This primarily concerns non-financial factors. This is the quality of corporate management, as well as the protection of investors’ interests. In addition, rating agencies will be required to pay attention to the issuer’s information sensitive to foreign sanctions, says the department director.

    The final set of parameters may include more factors, since the regulator does not plan to set strict requirements for methodologies at the pilot stage of the project, adds Abasheeva. “The criteria for the quality of corporate governance can take into account possible violations of the law by the issuer and complaints from shareholders,” she gives examples. Shares will have stars

    In the matter of how to display ratings, the Bank of Russia, together with rating agencies, did not reinvent the wheel and followed the path of the existing rating system. Star ratings are widely used to evaluate not only financial products, but also restaurants, hotels and films, notes Ekaterina Abasheeva. At the same time, the disclosure of the symbolic assessment will be accompanied by the publication of a full investment report, as well as a press release as its shortened version, she adds.

    “The combination of the rating and the report, on the one hand, will allow the investor to quickly navigate the information about the issuer. On the other hand, having analytical support, it is possible to better understand what caused the assignment of a particular rating,” explains the head of the department.

    The Central Bank plans to update the stock rating more frequently than bonds, since stocks are more volatile. However, the regulator believes that the main thing here is not to overdo it, and proposes to tie the publication of updated ratings to the release of IFRS reporting – this is approximately once every six months.

    When will the first stock ratings appear?

    Considering that the working version of the rating agencies’ methodologies has already been prepared, the launch of ratings in pilot mode with the participation of the first issuers is expected in the summer, Abasheeva shares her plans. “We expect the first test assessments based on the methodologies prepared by the agencies to appear in 2025, and in 2026 we plan to analyze the experience gained and understand how we can move forward with the development of the new product,” she predicts. Will ratings be mandatory for companies?

    Abasheeva says that issuers have responded positively to the idea of stock ratings, and some of them have expressed a desire to participate in the pilot project.

    The department director emphasized that the Central Bank assumes that in the near future the presence of a stock rating will become mandatory for a certain type of company. This primarily concerns issuers that do not disclose information due to sanctions risks. “We consider them as potential subjects of regulation. It is important that the rating indirectly tells about the company what it cannot tell about itself due to sanctions problems. But this will definitely not happen at the start, but when we understand that the product has become operational,” she explained.

    A small group of companies will participate in the pilot in 2025. By the end of the year, rating agencies have agreed to test stock ratings free of charge, says Abasheeva.

    According to the regulator, the issuers that demonstrate the best practices in information disclosure and corporate governance will be primarily interested in the stock ratings. For them, the Bank of Russia, together with the Moscow Exchange, has launched a program to increase shareholder value. “Participation in the program will allow investors and shareholders to form an idea of the issuer’s current business, expectations for the stock price and dividend payments. The rating will serve as expert confirmation of the investment attractiveness of the companies,” she explains.

    Transparency of issuers during IPOs

    The second important reform initiated by the Bank of Russia is aimed at increasing the transparency of the IPO procedure. At the end of January 2025, the regulator presented a report for public consultations “Information Transparency in the Securities Market: Issuers and Conditions for the Initial Public Offering of Their Shares”. The document included proposals to improve the information quality of placements, change the content of information disclosed by issuers and adapt it to the needs of retail investors.

    Over the course of a month, the regulator met with market participants to collect feedback and discuss proposals. According to Ekaterina Abasheeva, the most sensitive and controversial proposals were the proposals to include forecast indicators in the issue prospectus, the presence of two reports from independent analysts when a company goes public, and the definition of the role and responsibility of placement organizers. In the rest of the proposals in the advisory report, the Central Bank received support from investors, issuers, and placement organizers, she added.

    Forecast indicators

    The Bank of Russia believes that if a company publicly broadcasts forecasted performance indicators in its IPO marketing materials, they must correspond to what is disclosed in the securities prospectus, notes Abasheeva. According to her, companies can now describe the “best prospects” for their development in advertising materials. The investor has no choice but to focus on them, since there are simply no others. “We want to change the situation. It is important that the forecast indicators disclosed by issuers reflect reality – you can’t highlight only the good and hide under the carpet what is not in the issuer’s favor,” explained Ekaterina Abasheeva.

    The minimum set of forecast data in the prospectus may include revenue, net profit or loss, net profit per share, and return on equity. Issuers may provide all figures in the range mode, the width of which may be set by the regulator, Abasheva added.

    In addition to the range, the forecast horizon is important. The Central Bank knows of cases where the issuer in advertising brochures indicated potential growth of 40%, 100% – but it is unclear on what time horizon. Therefore, the Bank of Russia proposes to make the forecast horizon mandatory for at least one year, but issuers can choose a longer period.

    At the same time, responsibility for forecasts does not go away, Abasheeva emphasizes. “If you include deliberately false information in the prospectus, intentionally mislead investors, then you must be aware of your responsibility for this,” she explained. Analytical reports from professionals

    According to Ekaterina Abasheeva, this point caused some concerns among market participants. The main argument against independent assessment was that there are not enough analysts on the market now who can cover the IPO market, she says. However, from the regulator’s point of view, it is a question of chicken and egg: if there is demand for analytical reports, there will be analysts.

    Market participants also see a possible conflict of interest among analysts, when issuers will choose those who are guaranteed to “draw” them beautiful reports. To this, Abasheeva responded that the Bank of Russia has well-established mechanisms for working with the known problem: “A conflict of interest is a topic that is clear how to work with, because otherwise we would not have audit services or ratings for the same bonds. We do not see any problems here,” she notes.

    According to her, independence can be defined as the absence of other commercial interests of the person providing analytical services. Currently, the organizers of placements simultaneously evaluate the issuer and offer its shares to their clients when providing brokerage services, and acquire them for their portfolio.

    Allocation disclosure requirement may become mandatory

    In May 2024, the Central Bank tried to “spur” issuers and placement organizers to be open by sending an information letter. In the document, the regulator proposed that companies disclose their approaches to distributing shares among different categories of investors before the IPO, and then publish information on the actual distribution of shares among buyers.

    However, the information letter was advisory in nature and not all issuers heeded it. Currently, the Bank of Russia is considering the possibility of transferring the recommendations to the mandatory level, noted Abasheeva.

    “We are now proposing to make it mandatory to disclose information about both the proposed allocation and the actual distribution of shares,” said Abasheeva.

    It is planned that the Bank of Russia will present the results of the discussion of the report in the summer of this year and will determine the standards that will become mandatory for IPO candidates.

    Gleb Kukharchuk, Dmitry Polyansky, “RBC Investments”

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  • MIL-OSI United Kingdom: OBR concludes planning reforms will bring housebuilding to its highest level in 40 years

    Source: United Kingdom – Executive Government & Departments

    Press release

    OBR concludes planning reforms will bring housebuilding to its highest level in 40 years

    OBR forecast concludes housebuilding will be at its highest level in over 40 years a result of UK government’s planning reforms by 2029/30 – bringing UK closer to Plan for Growth 1.5 million homes target .

    • Economic watchdog also forecast 0.2% to be added to GDP by 2029/30 because of planning reforms – worth around £6.8bn in today’s prices 

    • For a zero-cost policy this is the biggest positive growth effect the OBR have ever taken on – while also protecting £3.4 billion for UK public services

    The government’s reforms to the UK’s planning system will result in housebuilding being at its highest level in over 40 years, the OBR has concluded in its forecast for today’s Spring Statement. 

    The government’s bold planning reforms back the builders not the blockers to deliver an extra 170,000 homes by 2029/30 – boosting homes built by 30% that year after a 13 year house building low in 2025-26.

    This brings the UK one step closer to the government’s Plan for Change mission to build 1.5 million new homes this parliament with the OBR confirming the government is on track to build an extra 1.3 million homes by the end of this parliament. Further reforms, such as the Planning and Infrastructure Bill, the government’s long term housing strategy and the new Affordable Homes Programme – on which the government made a £2 billion down payment this week – are not reflected in the forecast and will all help to reach the 1.5 million target. 

    As a result of the planning reforms the UK’s economic watchdog also think the economy will be 0.2% larger by 2029/30, worth around £6.8 billion in today’s prices. 

    The OBR have also concluded in their forecasting that this could rise to over 0.4% in 2034/35 – meaning billions of pounds more for public services like the NHS and more construction jobs to get houses built for hardworking families.  

    For a zero-cost policy, this is the biggest positive growth effect the OBR have ever forecast. 

    The boost to GDP is driven by:

    • Higher productivity in the construction sector, from bringing land on the edges of our largest towns and cities into more productive use, lower planning costs and removing artificial constraints imposed by planning that prevent the construction sector from expanding.    

    • A greater flow of ‘housing services’ – there will be more houses for the same number of people, allowing new households to form (e.g. people moving out of their parents’ home into a home of their own). This increases GDP through more rent being paid (where new homes are let out), or ‘imputed rents’ (which reflects what owner occupiers would pay to rent their home on the open market).

    • Beyond the five-year forecast, greater housing availability increases labour mobility which contributes further to growth, by allowing people to move to high productivity places.

    Homes will be built on disused car parks and petrol stations, whilst national landscapes and sites of special scientific interest will continue be protected. Government guidance ensures that Green Belt will not be fundamentally undermined. 

    This features as part of the Plan for Change to get Britain building, which also includes the Planning and Infrastructure Bill currently going through parliament, which the OBR will take a judgement on in due course.  

    The government will also consult on policies to support a more streamlined and consistent planning system. As part of delivering the Plan for Change milestone to deliver 1.5 million homes by the end of this Parliament, the government will publish a Long Term Housing Strategy and has committed to set out details of further new government investment in social and affordable housing to at the Spending Review this year, following on from the £2 billion down payment announced yesterday as well as confirming the government’s plans to provide certainty for the transformative programme of building the new generation of new towns.

    Background 

    • The planning reforms are the reforms to the National Planning Policy Framework. Planning changes act as a supply side reform, increasing potential output in the economy and sustainably increasing both the UK’s productivity and economic activity. 

    • The government has modernised Green Belt policy to ensure development is permitted on low quality grey belt land, including disused car parks and petrol stations, while ensuring land safeguarded for environmental reasons, including national landscapes and sites of special scientific interest, continue to be protected.   

    • Development on the grey belt is subject to Golden Rules to ensure that the benefits of new housing are felt by communities. Recent planning guidance and the NPPF ensures the overall purposes of the Green Belt are not fundamentally undermined. Affordable housing requirements (the “Golden Rules”) mean that NPPF reforms will not only deliver more homes, but also address the acute affordability pressures caused by low levels of housebuilding in recent parliaments.

    Updates to this page

    Published 26 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Moscow to support international film projects with grants

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The Moscow government has established a grant for the production of international films in the capital. Film crews consisting of Moscow and foreign film companies will be able to apply for it. This was reported by Natalia Sergunina, Deputy Mayor of Moscow.

    “Representatives of the industry will have the opportunity to reimburse up to 30 percent of filming costs. The maximum amount of payments for one project will be 50 million rubles. The new support measure will expand the capabilities of the Moscow Film Cluster and make our city even more attractive to international market players,” said Natalia Sergunina.

    The film platform will open the application process on April 1 “Moschino”. The conditions for providing support will also be published there. The grant will apply to films whose production contracts were concluded no earlier than 12 months before the application submission date. The final amount depends on confirmed expenses.

    The new grant will attract more foreign filmmakers, which will make an additional contribution to the city’s economy. The funds will be used to develop the labor market, tourism sector, and services. On average, the minimum costs of foreign companies only for the accommodation of actors and crew during the filming of full-length films in the capital exceed 10 million rubles.

    The city takes a systematic approach to developing the film industry. For example, the measures taken include promoting domestic projects abroad and building world-class infrastructure.

    The Moscow Film Cluster is a multifunctional ecosystem that unites several natural locations and an industry digital platform. Industry representatives have access to everything they need to implement large-scale projects: high-tech pavilions, equipment, costumes, and props. The equipment of the capital’s film sets has been highly praised by international experts on numerous occasions.

    How the capital’s film commission helps organize filming in Moscow

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  • MIL-OSI China: Cherry blossoms attract tourists in Gui’an New Area, China’s Guizhou

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

    Cherry blossoms attract tourists in Gui’an New Area, China’s Guizhou

    Updated: March 26, 2025 19:43 Xinhua
    Tourists view cherry blossoms at a cherry garden in Gui’an New Area, southwest China’s Guizhou Province, March 25, 2025. Recently, the 10,000 mu of cherry trees in Gui’an New Area have been in full bloom, attracting many tourists to come and enjoy the spring time. Gui’an New Area has integrated flower appreciation economy with characteristic agriculture, study tour and other forms of business by taking advantage of good ecological resources, an effort to promote tourism development in the surrounding areas and help increase villagers’ income. [Photo/Xinhua]
    Tourists view cherry blossoms at a cherry garden in Gui’an New Area, southwest China’s Guizhou Province, March 25, 2025. [Photo/Xinhua]
    Tourists view cherry blossoms at a cherry garden in Gui’an New Area, southwest China’s Guizhou Province, March 25, 2025. [Photo/Xinhua]
    Tourists view cherry blossoms at a cherry garden in Gui’an New Area, southwest China’s Guizhou Province, March 25, 2025. [Photo/Xinhua]
    An aerial drone photo taken on March 25, 2025 shows tourists viewing cherry blossoms at a cherry garden in Gui’an New Area, southwest China’s Guizhou Province. [Photo/Xinhua]
    An aerial drone photo taken on March 25, 2025 shows tourists viewing cherry blossoms at a cherry garden in Gui’an New Area, southwest China’s Guizhou Province. [Photo/Xinhua]

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