Category: European Union

  • MIL-OSI: DNO Shares Traded Ex-Dividend

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 13 February 2025 – DNO ASA, the Norwegian oil and gas operator, today announced that the Company’s shares will be traded ex-dividend effective 13 February 2025.

    A dividend payment of NOK 0.3125 per share will be made on or about 21 February 2025 to all shareholders of record as of 14 February 2025.

    For further information, please contact:

    Media: media@dno.no
    Investors: investor.relations@dno.no

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development, and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen.

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and section 4.2.5.3 of Euronext Oslo Rulebook II.

    The MIL Network

  • MIL-Evening Report: Here’s why some people still evade public transport fares – even when they’re 50 cents

    Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne

    Public transport in Queensland now costs just 50 cents. Yet in the first six months of the trial, it’s been revealed that thousands of commuters were fined for fare evasion.

    More than 3,000 people received fines of A$322 each, amounting to more than $1 million in penalties. And more than 21,000 were issued warnings over this period.

    Queensland’s 50 cent fares trial was designed to boost ridership and ease cost-of-living pressures. Now it has exposed a paradox: why do people evade fares even when the price is nearly free?

    Fare evasion isn’t just a Queensland problem — it’s a nationwide challenge. Queensland’s experience raises bigger questions about enforcement, policy, and the role of public transport funding.

    A nationwide challenge

    Across the country, fare evasion drains millions from state public transport budgets. In New South Wales, for example, fare evasion costs the state government about $80 million each year.

    The latest NSW Fare Compliance Survey inspected 52,152 tickets, including Opal cards, contactless payments, and single-trip tickets, across the NSW public transport network.

    Fare evasion costs the NSW government $80 million a year.
    Gordon Bell/Shutterstock

    It found most non-compliance came down to passengers travelling without a valid ticket. This included not only those customers carrying no ticket at all, but also those who did have an Opal or other payment card but hadn’t tapped on.

    Another form of non-compliance was when passengers used concessions for which they weren’t eligible.

    The survey also highlighted variations in compliance – across different modes of transport, times of day and days of the week.

    Overall, compliance did not significantly differ between weekends and weekdays.

    Looking at weekday use, Sydney Metro had the highest compliance rate at 97%. This was followed by Sydney Ferries (95.9%), all trains (93.6%), Sydney Light Rail (91%) and all buses (89.2%).

    Who evades fares and why?

    Fare evasion isn’t just about people trying to save money. Research shows there are different types of fare evaders, ranging from habitual dodgers to those who evade unintentionally.

    An international study on Santiago’s Transantiago system found that evaders could be categorised into four groups:

    • radical evaders who view non-payment as a form of protest
    • strategic evaders who evade when they believe the risk of being caught is low
    • ambivalent evaders who sometimes pay but don’t always see the value in it
    • accidental evaders who forget or run into ticketing system barriers.

    A separate study in Melbourne also identified a wide spectrum of attitudes on fare evasion, from those who consider it morally wrong to those who take calculated risks based on enforcement patterns.

    Does lowering fares reduce evasion?

    Queensland’s 50-cent fare trial presents a real-world test of a long-standing question: does cheaper public transport reduce fare evasion?

    Our calculations using the state’s early data show a 27% drop in fare evasion fines since the trial began, compared with the same period in the previous year.

    This aligns with the idea that fare evasion is, at least partially, a rational economic decision. When the price is lower, the incentive to evade diminishes – though it does not completely disappear.

    Modelling evidence from Santiago’s bus system also suggests price sensitivity, but with caveats. A 10% increase in fares led to a two-percentage-point rise in fare evasion.

    The role of trust and public perception

    A surprising insight from research is that fare evasion isn’t just an economic decision. It’s a social one, too.

    When passengers perceive the system as unfair (due to factors such as unreliable service, high fares or lack of investment), fare evasion rises.

    Further, if fare dodging behaviour is normalised within a city or demographic, it spreads like contagion.

    Studies have suggested that permissive social attitudes toward fare evasion are as strong a predictor as actual financial hardship.

    The limits of enforcement

    Most transit agencies rely on two standard deterrents: more ticket inspections, and harsher fines for fare evaders.

    Does this approach work? Research suggests only to a point.

    All states and territories have had to grapple with the issue of fare evasion.
    Adam Calaitzis/Shutterstock

    Empirical evidence suggests that potential evaders are more deterred by the certainty of getting caught than by the size of the fine.

    In other words, the visibility of inspectors matters more than the penalty itself. For many, the social stigma of getting caught is a key factor, regardless of how big the penalty is.

    A crucial question in the Queensland debate is: if public transport is already nearly free, does fare evasion even matter?

    The lost revenue from the unpaid fares by those who were issued a fine over the period in question amounts to just $1,663.

    Depending on the level of crackdown, at such low fees, enforcement measures could easily end up costing more than the revenue lost. Security patrols, inspections and fine processing can amount to significant costs.

    Why it matters

    There are at least two key factors to consider in relation to whether cracking down on evaders is worth it.

    First, allowing widespread fare evasion could erode social norms around paying for public services. If the expectation of compliance disappears, what happens if fares rise again?

    And second, even when fares are zero or near-zero, requiring passengers to validate a ticket (such as by tapping on and off) allows transport agencies to track demand, plan services, and prevent system abuse.

    Even in Tallinn, Estonia — where residents ride for free — tap-ons are still required for data collection and preventing system abuse.

    Even at 50 cents a trip, authorities still expect public transport to function within a structured system, with rules that encourage accountability and predictability.

    But enforcement alone won’t solve fare evasion. Winning public trust is just as important as enforcing rules. Investing in better service quality, reliability and community engagement can be as effective as increasing inspections.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Here’s why some people still evade public transport fares – even when they’re 50 cents – https://theconversation.com/heres-why-some-people-still-evade-public-transport-fares-even-when-theyre-50-cents-249739

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Central Bank of Savings Banks Finland Plc: Annual Financial Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Central Bank of Savings Banks Finland Plc’s IFRS financial statements and Board of Directors’ report for 2024 have been published. 

    Stock Exchange Release 
    13th of February 2025 at 6.55 am (CET +1) 

    The materials are attached to this release and available in English and Finnish at www.saastopankki.fi


    Further information:
     

    Kai Brander
    Managing Director  
    Central Bank of Savings Banks Finland Plc 
    kai.brander@saastopankki.fi 
    +358 50 384 8220 

    Central Bank of Savings Banks Finland Plc is part of the Savings Banks Amalgamation and Savings Banks Group and operates as Group’s central credit institution. Central Bank of Savings Banks’ role is to ensure liquidity and wholesale funding of the Savings Banks Group via operating in the money and capital markets, issue payment cards, and provide payment transfer and account operator services. 

    Attachment

    The MIL Network

  • MIL-OSI: Sp Mortgage Bank Plc: Annual Financial Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Sp Mortgage Bank Plc’s IFRS financial statements and Board of Directors’ report for 2024 have been published. 

    Sp Mortgage Bank Plc 
    Stock Exchange Release 
    13th of February 2025 at 6.55 am (CET +1) 

    The materials are attached to this release and available in English and Finnish at www.saastopankki.fi

    Sp Mortgage Bank Plc 

    Further information: 

    Tero Kangas
    Managing Director  
    Sp Mortgage Bank Plc 
    tero.kangas@saastopankki.fi 
    +358 50 420 1022 

    Sp Mortgage Bank Plc is part of the Savings Banks Group and the Savings Banks Amalgamation. The role of Sp Mortgage Bank is, together with Central Bank of Savings Banks Finland Plc, to be responsible for obtaining funding for the Savings Banks Group from money and capital markets. Sp Mortgage Bank is responsible for the Savings Banks Group’s mortgage-secured funding by issuing covered bonds. 

    Attachment

    The MIL Network

  • MIL-OSI: Central Bank of Savings Banks Finland Plc: Savings Banks Group’s Release of Financial Statements for 2024

    Source: GlobeNewswire (MIL-OSI)

    Central Bank of Savings Banks Finland Plc  

    Stock Exchange Release  
    13th February 2025 at 6.55 am (CET +1)  

    Savings Banks Group’s Release of Financial Statements for 2024 has been published.  

    Document containing the Financial Statements Release is attached to this release. The Financial Statements Release can be also found at www.saastopankki.fi.  

      

    SAVINGS BANKS GROUP  

    Additional information:  

    Kai Koskela
    acting CEO  
    Savings Banks’ Union Coop  
    kai.koskela@sastopankki.fi 
    +358 40 549 0430   

    Attachment

    The MIL Network

  • MIL-Evening Report: Short-term politics keeps stalling long-term fixes. This bill offers a way forward

    Source: The Conversation (Au and NZ) – By Susan Harris Rimmer, Professor, Griffith Law School, Griffith University

    Two federal politicians from opposing camps reached across the aisle this week to promote a valuable cause – the wellbeing of future Australian generations.

    Independent MP Sophie Scamps tabled the Wellbeing of Future Generations Bill 2025, which was seconded by Liberal backbencher Bridget Archer.

    In an election year no less, this was a highly unusual moment of bipartisan collaboration.

    It is extremely rare for private members bills to be passed into law. But the ideas in the Scamps bill have merit – especially its central recommendation that all decision makers properly consider the needs of young people when drafting government policy.

    The bill was a direct response to a diverse civil society campaign in Australia and overseas to prioritise long term solutions to deliver a fairer, more sustainable future.

    We support those efforts through our involvement in the youth-driven non-profit Foundations for Tomorrow, which worked closely with Scamps on her bill.

    What is in the bill?

    The bill would introduce a range of measures to try and apply a future focus to decision making across the policy spectrum. This includes housing, environment, climate change, mental health and job security, all of which are pressing issues for young people.

    An independent Commissioner for Future Generations would be appointed to advocate for better policies and sustainable practices, while the government would have a public duty to always consider the best interests of future generations.

    Importantly, a national conversation would be launched to engage Australians in a public consultation to help shape the nation’s vision for the future.

    What is future governance?

    Globally, we are in a state of polycrisis.

    We are confronting cascading climate disasters, intense regional conflicts and geo-strategic competition. In response to this, a growing international movement representing the interests of future generations has emerged.

    The concept incorporates an approach to decision making that overcomes the trappings of short-term, inadequate solutions. Instead, the emphasis is on planning for the future, not just the here and now.

    Here in Australia, it aspires to future-proof the country by managing extreme, long-term risks that are damaging current and future prosperity.

    Growing inequality is showing up in many policy areas, none more so than in the housing wealth gap between people in their 30s and 50s, which has widened to an extraordinary 234%.

    By improving governance, it is hoped that intergenerational justice will be achieved. This ethical lens is compatible with the Australian Public Service value of good stewardship.

    A global movement

    Many countries, including Scotland, Finland, the United Arab Emirates and Singapore, are exploring ways to reorient their policy making towards a better understanding of long-term impacts of decisions taken now. It has also been taken up by the United Nations and the European Union.

    The Australian bill is based on the experience in Wales, where similar legislation was introduced in 2015.

    The Welsh model has delivered significant practical benefits by including community involvement in planning, and protecting essential services from election cycles. For instance, environmental protection has been given higher status in decision making about transport.

    The Australian landscape

    Australia has undertaken other efforts to think long term. The Intergenerational Report was launched by former treasurer Peter Costello in 2002 to build consensus around the big issues facing Australia over the next 40 years.

    The most recent report, in 2023, identified five major areas needing future generations policy. These were population and ageing, technological and digital transformation, climate change and the net zero transformation, rising demand for care and support services, and geopolitical risk and fragmentation.

    The ideas in the Wellbeing of Future Generations bill could help guide policy in these critical areas. It would be an improvement on our current approach of recognising issues, but constantly kicking the can down the road.

    There have been other excellent future generations measures at all levels of government. One of these is the Albanese government’s commitment to the Measuring What Matters framework.

    And there is merit in independent Senator David Pocock’s Duty of Care Bill and the establishment of the Parliamentary Group for Future Generations at the Commonwealth level.

    An increasing number of leaders and policy makers are recognising the power and potential of expanding our definitions of policy success.

    Young voters and the 2025 election

    However, much more needs to be done to overcome intergenerational inequities. Policy-making continues to be driven by short-term political objectives, which is eroding trust and optimism in Australia’s future.

    In a 2021 survey for Foundations for Tomorrow, 71% of young Australians said said that they “do not feel secure”. Young people are also drifting away from supporting the major parties, especially the Coalition.

    Tabling her bill, Scamps correctly pointed out that today’s young Australians are the first generation in modern history to be worse off than their parents.

    Australians want politicians to start thinking beyond their own re-election prospects. They want long term solutions, they want vision, they want hope. We owe them that much.

    A recent survey by EveryGen (a network convened by Griffith University’s Policy Innovation Hub) found that 81% of Australians feel that politicians focus too much on short-term priorities. An overwhelming 97% of people believe that current policies must consider the interests of future generations.

    Genuine futures thinking is not always easy. But it does add an important ethical dimension to decision making, that of real attention to political legacy.

    Susan Harris Rimmer receives funding from the Australian Research Council. She is affiliated with Foundations for Tomorrow as a board member who are running the For the Future campaign, and is founder of the EveryGen network. EveryGen is a member of the Intergenerational Fairness Coalition.

    Elise Stephenson receives funding from the Australian Research Council. She is a founding member of the EveryGen network and supporter of Foundations for Tomorrow. EveryGen is a member of the Intergenerational Fairness Coalition.

    ref. Short-term politics keeps stalling long-term fixes. This bill offers a way forward – https://theconversation.com/short-term-politics-keeps-stalling-long-term-fixes-this-bill-offers-a-way-forward-249598

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: OPEC maintains oil demand forecasts for 2025, 2026

    Source: China State Council Information Office 3

    Photo taken on Nov. 30, 2023 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. [Photo/Xinhua]

    The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday that it is maintaining its previous forecasts for global oil demand growth in 2025 and 2026.

    In its February monthly oil market report, OPEC projects a “healthy” increase in global oil demand, estimating growth of 1.45 million barrels per day (bpd) in 2025, followed by a rise of 1.43 million bpd in 2026, figures unchanged from last month’s assessment.

    “Growth this year is expected to be driven by transportation fuels on the back of strong air travel demand and healthy road mobility. Support is also expected to come from the industrial, construction and agricultural sectors in non-OECD (the Organization for Economic Co-operation and Development) countries,” OPEC said.

    The organization also left its global economic growth projections for 2025 and 2026 unchanged, forecasting a 3.1 percent expansion this year and 3.2 percent in the following year.

    MIL OSI China News

  • MIL-OSI USA: Senator Marshall Joins Senator Moran, Hoeven on Moving Food for Peace to USDA

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington, D.C. – Yesterday, U.S. Senator Roger Marshall, M.D. joined Senators Moran, Hoeven, and Representatives Mann, Crawford, Newhouse, and Rouzer, as well as House Agriculture Chairman Thompson in introducing legislation to move the Food for Peace program from the U.S. Agency for International Development (USAID) to the U.S. Department of Agriculture (USDA).
    “Food for Peace was started in Kansas by farmers who wanted to feed people in need across the world. Now, over 70 years later, the mission continues. The USDA understands farmers and food distribution better than any other agency in town, and moving the jurisdiction of Food for Peace under the USDA ensures that American grain is going to the people who need it most,” said Senator Marshall. “As President Trump and congressional leadership continue to find ways to curb wasteful spending and promote our nations’ goods and commodities, this is a step in the right direction toward a brighter future for America, its farmers, and the original mission of Food for Peace.”
    “The move of this program to USDA strengthens our ability to get food to those who need it most while supporting US sorghum farmers,” said Amy France, National Sorghum Producers Chairwoman. “NSP supports this shift, as it ensures the long-term success of Food for Peace and the efforts to deliver American-grown sorghum to food-insecure communities worldwide.”
    “Kansas farmers take great pride in Food for Peace and the impact the program and American commodities have had on feeding the world,” said Chris Tanner, Kansas Association of Wheat Growers President. “Moving Food for Peace to USDA would continue to provide the needed relief for people in need.”
    “Kansas-grown sorghum is a critical crop for food security in America and abroad,” said Adam York, CEO of Kansas Sorghum Producers Association. “Throughout changes in administrations, sorghum farmers have worked to have a seat at the table in international food programs housed across many agencies to ensure America’s farmers can contribute to our national security. We recommend policy makers continue prioritizing American agriculture as a solution to challenges in domestic and foreign policy.”
    “Our nation’s millers take great pride in feeding those facing famine emergencies around the world,” said Kim Z Cooper, Vice President of Government Affairs for the North American Millers’ Association. “Our flagship emergency food aid program Food for Peace not only helps those abroad, but is a critical component of Buy American and America First policies.”
    Senator Marshall has championed reforms to the Food for Peace program in the past, co-leading the America’s Farmers Feed the World Act, which sought to restore the Food for Peace program to its original intent by using U.S.-grown commodities to fight global hunger rather than spending American taxpayers’ dollars on foreign goods with limited oversight and accountability safeguards.

    MIL OSI USA News

  • MIL-Evening Report: Heads vs tails? A simple coin flip can be enough to change how we treat others

    Source: The Conversation (Au and NZ) – By Eliane Deschrijver, Senior Lecturer in Social Psychology and Neuroscience, University of Sydney

    Circles in a Circle (1923) Wassily Kandinsky / Philadelphia Museum of Art / The Louise and Walter Arensberg Collection, 1950

    Imagine you are asked to give a small amount of money to a stranger. It’s not your money, so it doesn’t cost you anything. You’re just deciding how much they get.

    But first, a pair of coins is flipped – one for you and one for the stranger – and you are told the results.

    Would the coin flip change how much money you give? Specifically, would you give them a larger amount if you both got heads or tails than if you got different results?

    As we discovered in a series of experiments with more than 1,400 participants, the coin flip – or other seemingly insignificant points of similarity or difference – might well affect your behaviour.

    In a new paper in Proceedings of the National Academy of Sciences, we show how understanding why even a coin flip can influence behaviour might help us understand what makes people discriminate against others.

    ‘Us’ versus ‘them’

    Historically, many psychological theories that aim to explain discrimination have focused on group processes, rather than on how we respond to individual people.

    This focus on group processes followed, in part, from the discovery that people benefit their own group over another group even if the division into groups had happened based on seemingly irrelevant features.

    The use of such features has been crucial for explaining the core psychology of discrimination, stripped from any wider societal elements such as race, gender, values or attitudes.

    In the seminal “minimal group” experiment, people were assigned to one of two groups based on seemingly irrelevant differences. Some groups were split by a preference for the paintings of Paul Klee versus those of Wassily Kandinsky, others by whether they had over- or underestimated the number of dots in an image. Some were even allocated to groups by a random event like a coin flip.

    The so-called ‘minimal group’ experiment showed that separating people into groups was enough to make them favour members of their own group.
    Andrii Yalanski/Shutterstock

    The result? Klee fans tended to give financial benefits to other Klee fans ahead of Kandinsky enthusiasts. Likewise, people in the “heads” group favoured their own group over those in the “tails” group.

    The results could not be explained easily by existing research at the time. Some theories had emphasised that people show favour towards an individual after agreeing on more meaningful topics than painting preferences or dots estimations. The meaningful topics were things like one’s belief system, values or political or religious views.

    Small studies had also found that a coin flip – which didn’t lead to explicitly dividing people into groups – was not enough to make people show discriminatory tendencies.

    An influential theory called social identity theory thus concluded that social categorisation – thinking in terms of “us” versus “them” – could lead to people discriminating. This was tied to an idea that people elevate their self-image or improve their self-esteem by benefiting their own group over others.

    New research emphasises a role for even random similarity versus difference

    In our recent research, we set out to reassess whether group division is crucial to understand discriminatory tendencies.

    We carried out seven experiments with over 1,400 participants in total (all based in the United Kingdom).

    The study analysed data from participants who were asked to either repeatedly choose their preferred painting from two, estimate the number of dots presented in a “cloud”, or take part in a coin toss.

    After each choice or coin flip, participants had to assign money to another person (the same person each time).

    The result of a coin flip was enough to change how study participants treated another person.
    Motortion Films/Shutterstock

    The only information participants were given about the other individual was their outcome in the same situation. Neither participants nor the other person were assigned to groups. Someone asked to pick between two paintings, for instance, was only told which painting the person they were allocating money to preferred in that instance.

    Participants allocated on average 43.1% more money to another person who demonstrated the same judgement – or chance outcome – to their own.

    Our research demonstrates that some of our discriminatory tendencies may be driven by individual difference versus sameness even when that difference or sameness is based on random chance, like a coin flip.

    The findings raise the possibility that more basic neural processes than thinking about groups may have contributed to these outcomes.

    Detecting a difference often comes with a conflict signal in the brain, and may come with negative emotions. Sameness with another person may hence lead to a more favourable treatment. However, this potential explanation will require further research.

    Why does this matter?

    The findings can help understand our own tendencies for favouring another person.

    Previous research had suggested that “incidental similarity” with somebody, such as sharing a birthday or a name, can influence pro-social behaviour or liking because we associate the person with the way we see ourselves.

    Our research surprisingly suggests that something similar can happen on the basis of an even less-relevant chance event such as a coin flip.

    This may affect how we think about discrimination. We usually understand discrimination as making unfair distinctions between people based on groups or other social categories.

    Our research suggests future perspectives on discrimination may incorporate a role for individual-level difference, too.

    Does this new understanding suggest ways we can lessen discrimination? At this stage, they would only be speculative.

    However, earlier scientific efforts to find ways to reduce prejudice and discrimination have largely been informed by group-based theories of discrimination. For example, some interventions have aimed to influence people’s perceptions of other groups.

    In the same way, our new findings may inspire future research into interventions based on individual-level drivers of discrimination.

    Eliane Deschrijver receives funding from the Australian Research Council.

    Richard Ramsey 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. Heads vs tails? A simple coin flip can be enough to change how we treat others – https://theconversation.com/heads-vs-tails-a-simple-coin-flip-can-be-enough-to-change-how-we-treat-others-249611

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: CATL aiming to raise over $5B from HK listing

    Source: China State Council Information Office

    Contemporary Amperex Technology Co Ltd, the world’s largest electric vehicle battery maker, has filed for a Hong Kong listing that is expected to be the city’s biggest initial public offering in four years.

    The long-awaited CATL listing aims to raise more than $5 billion, which the company said will fund overseas production capacity and international business expansion, supporting its long-term global strategy.

    Already an A-share listed company, CATL’s Hong Kong listing will attract more international capital, further diversifying its financing channels, said analysts.

    According to public disclosures, as of June 2024, CATL had foreign currency balances of $6.74 billion and 3.86 billion euros ($4 billion), which were challenging to cover the hefty investments in Europe and other regions, as well as the ongoing need for overseas strategic expansion that often amount to billions of euros.

    Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said CATL’s Hong Kong listing is poised to assist the company in garnering funds on a global scale to support its endeavors in overseas research and development, production capacity expansion and market outreach. Additionally, the Hong Kong listing is expected to enhance CATL’s brand influence in international markets, strengthening its global competitiveness.

    “This listing opens avenues for financing. Given CATL’s expansive global reach, substantial financial support is imperative, a need that can be met through a successful IPO. In addition, CATL’s global expansion necessitates collaboration from diverse stakeholders. By opting for a Hong Kong listing, CATL can also engage with a broad spectrum of international investors. This move is pivotal in enhancing CATL’s global standing,” Zhou said.

    In recent years, CATL has accelerated its overseas expansion efforts, establishing battery factories in European countries including Germany and Hungary. In December, CATL signed a joint venture agreement with Dutch automotive group Stellantis that will build a large-scale lithium iron phosphate battery plant in Zaragoza, Spain.

    According to SNE Research — a South Korean company providing global market research and consulting services for rechargeable battery industries — CATL maintained its top position globally in terms of battery usage for electric vehicles from January to November 2024, witnessing a 28.6 percent year-on-year growth. Following CATL are BYD and LG Energy Solution.

    Many major Chinese original equipment manufacturers such as Zeekr, Aito and Li Auto, operating in the world’s largest EV market of China, have integrated CATL’s batteries into their products.

    Furthermore, prominent global OEMs including Tesla, BMW, Mercedes-Benz and Volkswagen have also chosen CATL’s batteries for their EV models.

    MIL OSI China News

  • MIL-OSI China: Nation’s rail network continued to break records in 2024

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

    Remarkable progress was made in China’s railway sector in 2024, with the improvement of the nation’s transportation infrastructure contributing to economic growth and improving lives.

    As of the end of last year, China’s railway network had stretched to 162,000 kilometers, with 48,000 km dedicated to high-speed rail, further pressing its advantage as the global leader in high-speed rail. The network also expanded into more remote and mountainous areas, where constructing railways was once considered impossible.

    Freight train services linking China and Europe saw steady growth in 2024. Launched in 2011, the total number of China-Europe freight train services surpassed 100,000 last year.

    One of the highlights of the year was the debut of the CR450 prototypes, the next generation of high-speed trains that are faster, greener and more comfortable than those in current operation. Once they enter commercial operation, speeds will be increased to 400 km/h from the current 350 km/h. This development underscores China’s commitment to advancing transportation technology and improving efficiency.

    China’s railway freight and passenger volumes both reached record highs last year, playing a key role in supporting socioeconomic development. According to China State Railway Group, the national railway operator, in 2024, China’s national railway handled a record 4.08 billion passenger trips, with daily traffic reaching a high of nearly 21.45 million. The network also moved 3.99 billion metric tons of cargo, marking the eighth consecutive year of growth.

    Expansion milestones

    On a crisp September morning during China’s Mid-Autumn Festival, Luo Wei and her family stood at Chengdu East Railway Station, excited but unsure. They were embarking on a last-minute trip to Jiuzhaigou, a picturesque UNESCO World Heritage Site nestled in the mountains of western Sichuan province. In the past, such a journey would have been an exhausting multi-day ordeal. The eight-hour road trip from Chengdu to Jiuzhaigou is notorious for its winding roads through the mountains and steep drop-offs below. But this time, they were about to board a new train service that would transform the experience.

    In 1 hour and 39 minutes, they reached their destination, smoothly gliding through the mountains aboard a cutting-edge bullet train. Although a two-hour bus ride linking the railway station and the scenic area still awaits, it was much better than the previous eight-hour journey from Chengdu. No more hours spent cramped in a car on winding roads. It was a glimpse into the future of transportation in China, where high-speed rail has turned what once felt like an impossible journey into a comfortable, efficient reality.

    “We thought it might be different to see Jiuzhaigou by train, especially with our 10-year-old son,” Luo said, reminiscing about the challenging, fun-filled backpacking and self-driving trips she and her husband had taken several times during their school years.

    “It (the train journey) was certainly easier, and the trip was far more comfortable — much more suitable for a family outing, especially with a child,” she said.

    “Before, a round trip to Jiuzhaigou would take at least three days. Now we can do it in just a day.”

    The 69-km newly opened railway from Zhengjiangguan to Huangshengguan links this remote yet breathtaking region to China’s extensive railway network for the first time.

    Over a century ago, Sun Yat-sen, a pioneering Chinese revolutionary leader, envisioned a modernized China in his book The International Development of China. His plan included the construction of 1.6 million km of roads and approximately 160,000 km of railways. Last year, while Sun’s vision for railways became a reality, the development of China’s high-speed rail has in all likelihood exceeded his expectations.

    Last year, more than 3,100 km of new rail was built, including 2,457 km of high-speed rail, linking key cities and regions.

    Since 2012, the total length of China’s rail network has grown by more than 65 percent, while high-speed rail has expanded over fourfold.

    Compared to 2012, when China’s total railway length was 98,000 km with 9,356 km of high-speed rail, the country’s rail infrastructure has undergone an impressive transformation.

    Li Jingwei, deputy head of the development and reform department of China State Railway Group, highlighted the accelerated pace of construction.

    “Since 2012, the expansion of China’s high-speed rail has intensified, with an average of over 3,000 km of new high-speed rail lines put into operation annually,” Li said.

    Notably, China is the only country to achieve commercial operation of high-speed rail at 350 km/h, showcasing technological prowess, he said.

    “From snowy forests in the northern part of China to the water towns in the eastern region, and from the desert to the sea, China’s high-speed rail traverses major rivers and rugged mountains, and connects all regions,” Li said.

    He added that the high-speed railway network covers more than 96 percent of cities with populations over 500,000, including the Hong Kong Special Administrative Region.

    By 2030, China aims to have built a world-class modern railway network covering about 180,000 km, including around 60,000 km of high-speed rail. This expansion will create a more efficient and interconnected transportation system, allowing passengers to travel between major cities in just one to three hours and ensuring the swift movement of cargo across the country.

    The expansion of the network has not only reduced travel times but also increased connectivity between major cities and more isolated areas, including regions with challenging terrain, where building roads is already difficult, let alone railways. This is particularly true in the rugged mountains of Sichuan and the Xizang autonomous region, where new rail lines have brought services to remote locations, boosting regional development and tourism.

    Greater access

    The improvement of China’s railway network has had a transformative effect on the tourism industry.

    Yin Wei, head of a travel agency in Jiuzhaigou, with 12 years of experience in the industry, has witnessed dramatic changes in travel patterns over the years. He said the new rail line has had an enormous impact on tourism.

    “The travel time from Chengdu to Jiuzhaigou has been greatly shortened,” he said.

    “Tourists have eagerly awaited this rail line, and we received a lot of inquiries,” he said. “In the past, our tours typically lasted five days, but now, visitors can experience it in just one or two days.”

    The agency has already started developing tailored weekend getaway packages for tourists.

    “Visitors can arrive on Friday and spend two days exploring Jiuzhaigou and Huanglong, or even come for a one-day trip to enjoy the snowy scenery in the morning and return by evening. It’s incredibly appealing to tourists,” he said.

    Yin believes the easy access will benefit not only Jiuzhaigou but also the surrounding attractions, leading to an overall increase in tourism revenue for the region.

    Ferrying freight

    While passenger services have seen dramatic improvements, China’s railway network is also revolutionizing global trade. A notable milestone was achieved on Dec 3 when freight train X8083 — carrying goods such as electronics, home appliances, auto parts and daily necessities — arrived in Duisburg, Germany, marking the 100,000th journey between China and Europe. The train, which departed from Chongqing on Nov 15, took 18 days to reach the German city.

    As a cornerstone of the Belt and Road Initiative, the China-Europe freight train has evolved into a critical link for trade and connectivity, fostering open cooperation, mutual benefit and economic integration among the countries along the route.

    In 2024, the service hit a significant benchmark with 19,000 China-Europe freight trains operated, transporting 2.07 million containers — an increase of 10 percent and 9 percent, respectively, compared to the previous year.

    Since launching in 2011, the service has transformed global trade by enhancing connectivity between China and Europe. It has maintained a strong track record for safety, stability and efficiency, making it an indispensable component of the international logistics network.

    Li Chao, deputy director of the Policy Research Office of China’s National Development and Reform Commission, said: “The China-Europe freight train service is a vital carrier of open cooperation, fostering mutual benefit and supporting the Belt and Road Initiative. It provides a new, all-weather, high-capacity, green and low-carbon transport route that has become a valuable international public good.”

    The service is notably less affected by natural environmental factors, offering higher reliability compared to other forms of transportation. With costs just one-fifth of air freight and transit times a quarter of sea transport, the freight train has become a preferred choice for many businesses. In 2023, it accounted for over 7 percent of the total trade between China and Europe.

    Over the past 13 years, the network has expanded rapidly, growing from a handful of routes into a comprehensive service covering most of the Eurasian region. Today, it connects 227 cities in 25 European countries, 100 cities in 11 Asian countries, and is continually expanding. This broadening network has significantly transformed the logistics landscape between China and Europe, offering businesses more efficient options across diverse regions.

    The range of goods transported via the China-Europe freight train is also diversifying. It now handles over 50,000 types of goods across 53 categories, including automobiles, machinery, electronics and epidemic prevention materials, according to China State Railway Group, the service’s operator.

    The rail service has benefited both Chinese and international consumers and businesses. For example, Zhejiang Mundiver Import & Export, a company engaged in trade with Spain, has seen significant improvements in its logistics operations. Since 2014, when the China-Europe freight train began operating from Yiwu, Zhejiang province, the company has been using the service to import goods from Europe.

    Kong Zhijian, the company’s marketing manager, said: “Before the rail service, we relied on sea transport, which took about 45 days and required a secondary transfer at Ningbo Port. Now, goods can be delivered directly to Yiwu from Europe in less than 20 days.”

    The faster transit time has helped streamline their business operations, particularly with products like wine. “This shorter shipping cycle helps us manage cash flow more effectively, which is crucial for our business,” Kong added.

    The impact of the rail service extends beyond China. It has also brought significant economic benefits to cities along the route. For instance, Duisburg Port has become a major logistics hub, attracting over 100 logistics companies and creating more than 20,000 jobs.

    The progress of railways has always been driven by technology and innovation. In this regard, China also made remarkable strides in 2024, with faster trains now on track.

    Next generation

    On Dec 29, China unveiled two CR450 high-speed train prototypes, which are capable of reaching a test speed of 450 km/h and an operational speed of 400 km/h. They will be the fastest high-speed trains in the world once they enter commercial service, surpassing China’s current CR400, which operates at 350 km/h.

    It was one of the most exciting developments in the railway sector in 2024. This leap in speed and comfort reflects China’s ongoing leadership in high-speed rail technology.

    The two prototypes, with their futuristic design, have reduced weight by 10 percent to improve fuel efficiency. To decrease rolling resistance, the development team wrapped the trains’ running gear — such as the wheels, axles and suspension system — partly, marking a breakthrough in railway engineering.

    The interiors of the prototypes are also cutting-edge. In business class, the seats can be adjusted to a meeting mode, allowing them to be arranged face-to-face, transforming the compartment into a conference room at any time.

    In economy class, the seats are ergonomically designed for greater comfort, with curves that better suit the body. In response to passenger smartphone use, small tables in economy class now feature a rack that enables passengers to prop up their phones to watch videos.

    Inside the train, lighting adjusts automatically in response to the brightness outside, enhancing passenger comfort. The luggage storage areas have also been made more spacious, reducing congestion. The interior has been redesigned for greater comfort and convenience, increasing cabin space by 4 percent. Adjustable luggage racks and versatile storage areas can accommodate passengers’ needs, including bicycles, wheelchairs and other large items. These upgrades anticipate potential regulatory changes in passenger transport.

    Sui Fusheng, a researcher at the Institute of Acoustics at the Chinese Academy of Sciences, highlighted the challenge of balancing weight reduction with noise control. He led a team dedicated to optimizing the noise management for the prototypes.

    “To reduce weight is detrimental to noise control, and increasing speed also exacerbates noise, so we have to overcome these two critical factors to ensure a comfortable passenger experience,” he said.

    “The results have been good; the ride experience is similar to that of the current CR400 running at 350 km/h,” he added.

    To balance noise control and weight reduction, the team developed integrated composite materials that offer both thermal insulation and soundproofing. These innovations not only reduce material costs and complexity but also enhance passenger comfort by effectively managing temperature and noise levels.

    The team’s solutions have laid the groundwork for quieter, more efficient high-speed rail travel, Sui added.

    “China’s high-speed rail system has made a historic leap, evolving from a follower to a global leader. Its high-speed rail technology has now set an international benchmark,” said Li Yongheng, an official from China State Railway Group, referring to the development of the CR450.

    “To further strengthen and expand China’s leadership in high-speed rail technology, and to better support Chinese modernization, our company, together with relevant ministries, organizations, research institutes, universities and enterprises, has formed an innovative team to tackle critical technological challenges,” he added.

    The CR450 represents the culmination of years of innovation in high-speed rail, making it a fitting symbol of China’s railway sector in 2024 — a year marked by groundbreaking achievements, record-breaking passenger and freight volumes, and a continually expanding network that links China to the rest of the world.

    Looking ahead

    These breakthroughs in railway technology are not just abstract concepts — they’re transforming the way people experience travel. On that September morning, Luo Wei and her family were not just passengers on a train — they were part of a story of transformation that is reshaping the future of travel, trade and global connectivity. The ease and efficiency of their journey to Jiuzhaigou were a microcosm of the larger changes sweeping across China.

    As China looks ahead, its railway sector remains a symbol of the country’s ambition to lead the world in technological innovation and sustainable development. With the CR450 on the horizon and a growing railway network connecting regions far and wide, China is poised to continue pushing the boundaries of what’s possible in transportation. And with it, the world will continue to move faster, more efficiently and more sustainably.

    For Luo Wei and countless others, the high-speed rail of 2024 is a journey into tomorrow — one that is already well underway.

    MIL OSI China News

  • MIL-OSI Security: U.S. Attorney Tara McGrath Concludes Tenure as Chief Law Enforcement Officer in Southern District of California

    Source: Office of United States Attorneys

    SAN DIEGO – The U.S. Attorney’s Office for the Southern District of California announced that U.S. Attorney Tara McGrath’s tenure as the chief federal law enforcement official for San Diego and Imperial counties ended today, February 12, 2025.

    As a Presidential appointee, Ms. McGrath was informed of her termination in a communication from the White House, at the direction of the President of the United States. The White House also thanked Ms. McGrath for her service to the nation.

    “It has been an honor to serve as U.S. Attorney, working alongside an exceptional team in this office and forging strong partnerships with our law enforcement agencies and communities in pursuit of justice,” Ms. McGrath said. “As I step down from a decades-long career in public service, I remain inspired by dedicated public servants across this district and am proud of all we achieved together.”

    Ms. McGrath was confirmed by the U.S. Senate after nomination by President Biden. She was sworn in as the district’s top federal law enforcement official on October 5, 2023. She oversaw one of the nation’s busiest United States Attorney’s Offices, which has a staff of about 300 and serves approximately 3.5 million residents in San Diego and Imperial counties.

    During her tenure, Ms. McGrath prioritized protecting the community from the deadly scourge of fentanyl; investigating and prosecuting scammers targeting vulnerable populations; getting firearms out of the hands of felons and violent offenders; bringing cases to root out corruption and enforce civil rights; and using the legal tools available to safeguard the environment. The office also successfully prosecuted cases involving Mexican drug cartels and drug trafficking — leading the nation in the number of drug trafficking cases prosecuted — as well as firearms trafficking and violent crime; complex financial frauds; national security and cybersecurity; and human smuggling and trafficking.

    Some key accomplishments of the U.S. Attorney’s Office under Ms. McGrath’s leadership:

    • Became first in the nation to charge defendants for smuggling potent greenhouse gases across the U.S.-Mexico border, in violation of U.S. environmental laws.
    • Secured sentences of six consecutive life terms and 45 years, respectively, for brothers convicted of murdering their American half-sister, her three children, and her partner in Tijuana.
    • Reinforced the region’s Elder Justice Task Force in partnership with the FBI and San Diego County District Attorney’s Office, recovering approximately $4.5 million stolen from elderly victims through sophisticated scams.
    • Charged 40 individuals with stealing public-assistance benefits from low-income families, as part of an ongoing effort targeting thieves who exploit the government’s electronic payment system.
    • Negotiated a $130,131,645 forfeiture settlement with Wynn Las Vegas for criminal conspiracy involving unlicensed money transmitting businesses worldwide. Achieved what is believed to be the largest forfeiture by a casino based on admissions of criminal wrongdoing.
    • Secured conviction at trial against a defendant on 25 counts of securities fraud, bank fraud, and money laundering in connection with a $35 million investment and COVID-relief fraud scheme. Highlighted victim impact during the trial, including the defendant’s immigrant uncle who’d been swindled out of $4.5 million and many other victims who collectively lost millions of dollars.
    • Facilitated the extradition of Michael Pratt, the alleged mastermind behind the GirlsDoPorn commercial sex trafficking ring, following his arrest in Spain after more than three years as an international fugitive.

    Ms. McGrath also oversaw key civil cases, including successful defensive litigation on behalf of the United States, and led efforts to recover millions of dollars from individuals and companies involved in fraud and civil rights violations.

    Since Ms. McGrath took the helm, the U.S. Attorney’s Office has obtained settlements and recoveries in excess of $41 million. This includes cases brought under the False Claims Act across a broad spectrum of program areas including health care, defense procurement, and the Paycheck Protection Program enacted in response to the COVID-19 pandemic. These substantial recoveries also involved matters investigated under the Controlled Substances Act in response to the opioid epidemic, including those against a large-scale pharmacy and other DEA registrants for failing to meet their obligations to properly handle and dispense opioids and other dangerous controlled substances.   

    Pursuant to the Vacancies Reform Act, career prosecutor and current First Assistant U.S. Attorney, Andrew R. Haden, has taken over as the Acting United States Attorney, effective today.

    For more information about Ms. McGrath, please see Tara McGrath Sworn In

    MIL Security OSI

  • MIL-OSI New Zealand: Auckland Council’s intern adventures in Healthy Waters end

    Source: Auckland Council

    In December last year, 50 ambitious, wide-eyed twenty-somethings strode into Auckland Council, each wearing an outfit meticulously chosen to scream “hire me!” (or at least whisper it convincingly). Day one was a heady mix of excitement, nerves, and an almost audible chorus of imposter syndrome echoing off the walls. As we exchanged awkward smiles and first-day introductions, one question loomed large: why us? 

    For three of our interns, the answer lies in their unique stories and unstoppable passion. 

    Georgia Dennis: a life of green perspectives 

    Georgia Dennis is the person you’d want to sit next to on a plane — and not just because she’s clocked enough frequent flyer miles to rival a seasoned pilot. From backpacking across South America to attending high school in Italy, Georgia’s experiences have shaped her passion for sustainability. 

    A small Guatemalan town devoid of plastic opened her eyes to a world without mass production. A month-long conversation with a Venezuelan man in Ecuador taught her how privilege shapes opportunity. Canada showed her how New Zealand leads the way in environmental action. Her most important lesson? Perspective. 

    Now, pursuing a master’s in environmental management and armed with degrees in physics and philosophy, Georgia is bringing that perspective and purpose to her role. 

    “Working at Council feels like a way to repay the environment for all we’ve taken from it,” she says. Georgia believes the world isn’t black and white, but if we all embraced a little more “green”, it might just thrive. 

    Deshma Weerapperuma: passionate about rocks and ripple effects 

    “I love rocks,” Deshma declared at three, setting the stage for a lifelong passion that’s now guiding her through a degree in Earth Sciences.  

    Born in Botswana and raised in New Zealand, Deshma’s love for nature is as vast as her hobbies. She climbs mountains despite being terrified of heights, bakes stunning treats through her own pâtisserie business, and plays competitive tennis when she’s not sampling water as a Safeswim intern. 

    Driving to Auckland’s beaches and waterways for Safeswim makes her work feel like an adventure, blending her passion for the outdoors with meaningful environmental action. Whether she’s scaling rocks or analysing them, Deshma’s enthusiasm reminds us all to chase what we love — even if it’s scary sometimes. 

    Olivia Wentzell: where wildlife meets waterways 

    If animals, photography, and travel had a mascot, it would be Olivia Wentzell. Splitting her early years between Montana and Nelson, Olivia developed a “dream big” mindset. Now pursuing a degree in zoology, Olivia balances volunteering at Auckland Zoo and a wild bird hospital with her role on the Overland Flow Path Compliance Team. 

    Through site visits and stormwater projects, she’s learning how protecting waterways supports biodiversity and marine life. She sees her internship as more than a stepping stone — it’s a chance to make lasting connections while safeguarding New Zealand’s future ecosystems. 

    The answer to “why us?” 

    So, why us? Because we care. And that’s what makes all the difference. 

    It’s not about the miles we’ve travelled, the hobbies we’ve mastered, or the degrees we’re earning. It’s about our shared drive to make a difference. Every one of us, from bakers to backpackers, climbers to conservationists, brings passion to Auckland Council. 

    So, after 11 weeks packed with hard-work, meetings, and lots of laughter, the 2025 Intern Programme has come to a close.   

    Clarke Mckinney, Auckland Councils Healthy Waters Recourse Management Team Manager, and the interns work dad, thinks this group of interns has the potential to go far.  

    “The interns have exceeded all expectations: their curiosity, passion and skill have brought immense value to the council, and we look forward to repeating the success of this programme next year!” 

    More information on Auckland Council’s graduate programme is available via the Auckland Council Careers website.

    Written by Auckland Council intern Kaavya Ghoshal of Healthy Waters. 

    MIL OSI New Zealand News

  • MIL-OSI USA News: President Donald J. Trump Secures Release of Another American Held Hostage

    Source: The White House

    An American citizen held hostage in Belarus has been released thanks to the leadership of President Donald J. Trump and his administration — the second American released from captivity abroad in the past 24 hours and the eleventh since President Trump took office.

    The remarkable success in freeing American citizens comes as the United States displays a renewed strength under President Trump. In the words of Special Envoy for Hostage Affairs Adam Boehler, President Trump “has made bringing Americans home a top priority and people respond to that.”

    • Secretary of State Marco Rubio: “President Trump’s strong leadership has led to the release of an American unjustly detained in Belarus and two political prisoners … We remain committed to the release of other U.S. citizens in Belarus and elsewhere.”
    • Press Secretary Karoline Leavitt: “It speaks to President Trump’s dealmaking ability … It’s a remarkable victory on the heels of Marc Fogel returning to America last night.”
    • Special Envoy Adam Boehler: “It’s happening now because the President of the United States has made it a top priority — and he leads through strength.”
    • Deputy Assistant Secretary of State Chris Smith: “A huge win — and a response to President Trump’s Peace through Strength agenda … We’re going to keep working until we get all Americans out.”
    • U.S. Ambassador to Lithuania Kara McDonald: “It is a big day for Team America, for the President, for the Secretary of State…”

    Promises made, promises kept.

    MIL OSI USA News

  • MIL-OSI USA: News 02/12/2025 VIDEO: Blackburn Details New Report Documenting Crimes Committed by Illegal Aliens in Tennessee During Biden’s Final Months

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    WASHINGTON, D.C. – Today, U.S. Senator Marsha Blackburn (R-Tenn.) delivered remarks on the Senate floor about the Tennessee District Attorneys General Conference’s report documenting the widespread migrant crime in Tennessee that occurred during the final months of the Biden-Harris administration. In the final three months of 2024, thousands of illegal aliens in Tennessee were charged with driving under the influence, domestic and aggravated assault, child abuse, rape, vehicular homicide, murder, and other heinous crimes.  

    Click here to watch Senator Blackburn’s remarks. 

    REMARKS AS PREPARED

    Since President Trump Took Office, Migrant Encounters Are Down 87% at Southern Border

    In just his first weeks back in the Oval Office, President Trump has taken strong action to secure our border. Through executive actions alone, the President has restored the successful Remain-in-Mexico policy, restarted border wall construction, ended catch-and-release, sent troops to the southern border, conducted deportations, and done so much more to Make America Safe Again. Already, we’re seeing incredible results. 

    In operations across the country, Immigration and Customs Enforcement has arrested 11,000 criminal illegal aliens, including many violent offenders and gang members. Since Inauguration Day, meanwhile, migrant encounters at the southern border have reportedly dropped 87 percent. To be certain, forceful efforts to secure our border are urgently needed.

    For four years, former President Biden allowed more than 10 million illegal aliens to enter our country, including tens of thousands of convicted criminals and more than 1.7 million known “gotaways.” And for four years, Tennesseans and Americans across the country have suffered the tragic consequences, including rampant migrant crime.

    New Report Documents Widespread Migrant Crime in Tennessee Under Biden

    Recently, the Tennessee District Attorneys General Conference released a report documenting the widespread migrant crime in our state during the final months of the Biden administration. In many ways, the report confirms what we already know: During the Biden years, every town was a border town, and every state was a border state.

    In just the final three months of 2024, there were a staggering 2,719 reports of illegal aliens being charged or convicted of 3,854 offenses in the State of Tennessee. Among them, the most common offense was driving under the influence, at 654 arrests. Shockingly, these offenses accounted for more than 13 percent of all DUI arrests statewide.

    This problem is a big reason why, last year, my Republican colleagues and I introduced the Protect Our Communities From DUIs Act. This bill would automatically deport any illegal who is charged with driving under the influence.

    Over the same period—from October to December last year—illegal aliens committed hundreds of violent, heinous crimes: 154 instances of domestic assault, 80 of aggravated assault, 21 of child abuse, 9 of statutory rape, 8 of sexual exploitation of a minor, 7 of vehicular homicide, 4 of murder, 3 of rape of a child, and on and on. Disturbingly, these numbers are likely an undercount: Only 73 of Tennessee’s 95 counties reported data to the District Attorneys General Conference.

    Biden’s Open Border Enabled Thousands of Crimes by Illegal Aliens in Tennessee

    Under Biden, national data showed that illegal aliens were pouring in from countries all over the world—and the Tennessee migrant crime report also reflects this. Across all the offenders, there were 92 unique countries of origin, from Mexico and Guatemala to Jamaica and Romania.

    Here’s the bottom line: Because of Biden’s open border, thousands of crimes were committed by thousands of criminal illegal aliens in the State of Tennessee over just a three-month span. And this is just one state. We know this is happening in communities across the country.

    More than anything, the report underscores the importance of President Trump’s mass deportations, which are already underway. Thankfully, there are many ways for Congress to support these efforts. My CLEAR Act, for example, would ensure state and local law enforcement officials have the tools to help the federal government deport criminal illegal aliens.

    This is crucial—especially when far-left leaders like Chicago Mayor Brandon Johnson are refusing to turn over criminal illegal aliens to federal custody. Thankfully, Attorney General Bondi is suing these sanctuary cities for allowing criminal illegals—who have no right to be in our great nation—to harm Americans.

    Blackburn Bills Would Allow Deportation of Illegal Aliens Convicted of Sex Crimes and Ensure Border States Have More Authority to Secure Their Borders

    I’ve also introduced the Preventing Violence Against Women by Illegal Aliens Act, which would allow the deportation of illegal aliens convicted of sexual offenses or domestic violence. Any illegal alien who commits these heinous crimes should be removed from our country immediately.

    And my CONTAINER Act would ensure that border states such as Texas have the legal authority to place temporary barriers on federal land to help stop the flow of traffickers, drugs, and criminals at the southern border. With help from states securing the border, ICE can direct more resources to deporting criminal illegals who are already in our country.

    With thousands of criminal illegals residing in Tennessee and across the country, we should be using every resource at our disposal to remove them from our country. In many ways, these bills would help President Trump get the job done.

    MIL OSI USA News

  • MIL-OSI United Kingdom: Press release: Government unveils plans for next generation of new towns

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Hundreds of thousands of working people and families will reap the rewards new towns across Britain, as the Prime Minister paves the way for the largest housebuilding programme since the post-war era.

    • Over 100 sites across England have come forward to be considered for next generation of new towns
    • Government on track to create beautiful communities, provide affordable homes, and deliver much needed infrastructure, including schools and nurseries, GP surgeries, and bus routes 
    • By taking on the blockers, 20,000 homes, along with new schools and health facilities, will move forward following government action, and we will now turn to unblock the remaining 700,000 homes across 350 sites 
    • Comes as government rolls out major planning reforms to sweep away the blockers and push through its housebuilding agenda as part of the Plan for Change

    Hundreds of thousands of working people and families will reap the rewards new towns across Britain, as the Prime Minister paves the way for the largest housebuilding programme since the post-war era.

    Visiting a housing development today, the Prime Minister will unveil the government’s plans for the next generation of new towns – well-designed, beautiful communities with affordable housing, GP surgeries, schools and public transport where people will want to live. 

    Over 100 proposals from across every region in England were submitted, showing local areas and housebuilders’ ambition to get on board to build the next generation of new towns – playing their part in getting Britain building and tackling the worst housing crisis in living memory. Every new town will have the potential to deliver 10,000 homes or more. 

    Delivering security is central to this government’s Plan for Change, because the least working people deserve when they graft hard is a secure home. That’s why the government is providing much-needed housing in the right places with the right infrastructure, and the New Towns Taskforce has today set clear principles on what the next generation of new towns will deliver: affordable housing, vital infrastructure and access to open green spaces and nature, to transform the lives of working people. 

    Prime Minister Keir Starmer said:

    For so many families, homeownership is a distant dream. After a decade of decline in housebuilding, the impact is a disconnect between working hard and getting on.

    This is about more than just bricks and mortar. It’s about the security and stability that owning your own home brings. I know what this means for working people – the roof above our head was everything for our family growing up. 

    We’ve already made progress in just seven months, unblocking 20,000 stuck homes. But there’s more to do.

    We’re urgently using all levers available to build the homes we need so more families can get on the housing ladder. We’re sweeping aside the blockers to get houses built, no longer accepting no as the default answer, and paving the way for the next generation of new towns.

    As part of the largest housebuilding programme since the post-war era, our ambitious Plan for Change will transform the lives of working people, once again connecting the basic principle that if you work hard, you should get on.

    Deputy Prime Minister and Secretary of State for Housing, Angela Rayner said:  

    Time and again we are seeing too many new homes stuck or stalled that not only act as a barrier to growth but also has real-world consequences for working people and families who see homeownership as nothing more than a distant dream.  

    I will not run away from the tough choices to fix the housing crisis we inherited that has left thousands of families on housing waiting lists, allowed homelessness to spiral out of control, and stopped an entire generation from picking up the keys to their first home.  

    While our vision for the next generation of new towns is setting the stage for a housebuilding revolution in the years to come, urgent action is needed now to build the homes and infrastructure that our local communities are crying out for. That’s why our New Homes Accelerator is working at pace to find solutions and remove blockages in the system, executing long-lasting solutions to get spades in the ground.  

    Today we are embarking on the next chapter in our Plan for Change to build 1.5 million new homes, deliver the biggest boost in social and affordable housing in a generation, and raise living standards for working people and families across the country.

    For far too long, working people have been let down by a decline in housebuilding. That’s why the government is rolling up its sleeves and is taking on the blockers with major reforms to planning regulation to get Britain building. 

    That work is already underway, with a staggering 20,000 new homes now successfully unblocked by the government’s novel ‘New Homes Accelerator’ programme, which deploys planning expertise to speed up the delivery of housing sites held by unnecessary delays.  

    Areas that have already benefitted from direct government action include:

    • Over 1,000 homes unlocked at Cowley Hill in Liverpool, where an agreement has been reached with the Environment Agency who withdrew its previous objections on both flood risk and biodiversity grounds, subject to planning.
    • And at Wolborough in Devon, the Accelerator has worked with Natural England to help accelerate this development, whilst ensuring environmental improvements are secured. On top of the 1,100 homes the site is injecting £1.75 million towards off-site pedestrian and cycle improvements, playing pitches, bus services and a local travel plan.  

    Housebuilders and local councils have put forward over 350 housing development sites stuck in the system under the previous government – that together could unlock around 700,000 new homes.

    Around a quarter of sites submitted are already receiving government attention since the call for evidence closed in October – demonstrating success of the programme, and local ambition to support the government’s 1.5 million homes target.

    This goes hand-in-hand with government action to overhaul the planning system, supporting the builders and not the blockers, taking the brakes off economic growth, raising living standards, and making the tough decisions to deliver for working people and families. 

    This includes:

    • Publishing a new growth-focused National Planning Policy Framework, which introduced new mandatory for councils to deliver the right homes in the right places, with a combined total of 370,000 homes a year.
    • Introducing the Planning and Infrastructure Bill next month. The Bill will overhaul environmental regulations to no longer accept the failed status quo where bats are more important than trains or newts more important than homes, and remove blockers to fast-track delivery of the homes and infrastructure that local communities need.    

    To get Britain building now – the government today announces plans to fast stream planning through brokering disagreements between the agencies and expert bodies, which by law must be consulted within the planning process. Bodies including National Highways, Natural England and the Environment Agency will need to bring planners and housebuilders to the table and iron out concerns that have been holding back development.

    Responding to sector concerns on pinch points, work stepping up with the Building Safety Regulator to ensure greater timeliness and efficiency when new tall buildings are signed off – to provide more homes for more people.

    This work will be bolstered by extra government funding announced today, including:  

    • £1 million for government agencies, including National Highways, Natural England and the Environment Agency, to speed up the planning approval of new homes and improve feedback to local authorities and industry where required.

    • £2 million to support the Building Safety Regulator to continue improving the processing for new-build applications.

    • Over £3 million of grants for local councils to bolster planning capacity, alongside direct advice and navigate through some of the more complex issues holding up new development.   

    Alongside the Accelerator, the government is also supporting local partners through a clearing service to help accelerate the sale of uncontracted and unsold affordable homes, with nearly 300 housebuilders, local councils and registered providers signing up in the first 50 days of its launch.   

    In December, the government set a clear hierarchy of brownfield first, grey belt second and green belt third. Today, further funding is being injected to drive regeneration and brownfield deliver in the following areas:  

    • £20 million to help transform neglected small-scale council-owned sites into new homes, for areas most in need.

    • Nearly £30 million from the Brownfield Infrastructure and Land Fund in Bradford to transform derelict brownfield sites into a vibrant residential area with 1,000 new homes, three community parks, shops, cafés, restaurants, and offices.

    • £1.5 million to support a regeneration programme at Manchester Victoria North, delivering a new district of 15,000 homes with transport links and green spaces.   

    Getting homes built for working people is a priority and is backed by investment in housing which is increasing to £5 billion for this year, including a top-up of £800 million being injected into the existing Affordable Homes Programme to help deliver tens of thousands of new affordable and social homes across the country.   

    This is in addition to an extra £100 million of cash to bolster local resources with increased planning fees to cover costs and funding to recruit 300 planning officers, making sure councils have the capacity they need to rubberstamp new homes and infrastructure.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: Sens. Moran, Hoeven & Rep. Mann Introduce Legislation to Move Food for Peace Program to USDA

    US Senate News:

    Source: United States Senator for Kansas – Jerry Moran

    WASHINGTON – U.S. Senators Jerry Moran (R-Kan.) and John Hoeven (R-N.D.) – members of the Senate Committee on Agriculture, Nutrition, and Forestry – joined Representatives Tracey Mann (KS-01), Rick Crawford (AR-01), Dan Newhouse (WA-04), David Rouzer (NC-07) and House Agriculture Committee Chairman G.T. Thompson (PA-15), in introducing legislation to move the administration of the Food for Peace Program from the U.S. Agency for International Development (USAID) to the U.S. Department of Agriculture (USDA).

    For the past 70 years, American farmers have helped combat international hunger through Food for Peace, feeding more than 4 billion people in more than 150 countries.

    “Kansas has a long history of providing food to the hungry beginning with a Kansas farmer suggesting the U.S. provide surplus grain to countries in need, to President Eisenhower establishing the resulting humanitarian aid program, to Senator Bob Dole expanding Food for Peace, to the farmers who grow the crops that feed the world,” said Sen. Moran. “As part of an ongoing effort to save money and increase efficiency, Food for Peace should be moved to the U.S. Department of Agriculture. By moving this program closer to the producers who grow these crops, we can help reduce waste and make certain our farmers have access to this valuable market. Food stability is essential to political stability, and our food aid programs help feed the hungry, bolster our national security and provide important markets for our farmers.”

    “Our nation’s farmers and ranchers are the best in the world and work hard to provide food and fuel not only for our nation, but those in need across the globe,” said Sen. Hoeven. “The U.S. Department of Agriculture already administer U.S. farmer-based food aid programs and it only makes sense that USDA would oversee the Food for Peace program, as well.”

    “President Trump made a promise to the country to cut wasteful spending, reduce overbearing federal bureaucracy, and to ensure every taxpayer dollar was spent wisely and responsibly,” said Rep. Mann. “I applaud President Trump for upholding that promise and reviewing our federal spending line by line to root out waste, fraud, and abuse while ensuring programs like Food for Peace are in line with his mission and vision. For 70 years, Kansas and American farmers have played an active role in sending their commodities to feed malnourished and starving populations around the world. This free gift from the American people is more than food. It’s diplomacy and feeds the most vulnerable communities while helping them recognize the freedom, prosperity, and good America can establish across the globe. By moving Food for Peace to USDA, the program can continue to equip American producers to serve hungry people while providing more transparency and efficiency as to how taxpayer dollars are stewarded. I will continue to work with the Trump Administration to uproot wasteful spending while ensuring America can continue to be the beacon of hope and freedom we are to the rest of the world.”

    “Food for Peace is a critical program for American farmers and has a proven track-record of successfully feeding people all over the world,” said Rep. Crawford. “I am encouraged by the Trump Administration taking a fresh look at how we provide foreign assistance, including Food for Peace. I believe a move from USAID to USDA would make program administration more efficient and more in-line with America’s priorities. USDA already runs two international food assistance programs that deal with in-kind food donations, Food for Progress and the McGovern-Dole Food for Education program. This makes USDA a natural home for Food for Peace.”

    “The Food for Peace program plays a critical role in helping prevent starvation in places around the world that need it most, while also providing American farmers additional market opportunities,” said Rep. Newhouse. “Moving this program from USAID to USDA allows a commodity-focused agency to manage and execute the program’s mission while ensuring accountability that funds will be spent responsibly. America must continue to be a global leader in the fight against hunger.”

    Last week, Sen. Moran urged Secretary of State Marco Rubio to quickly ship and distribute the American-grown food that was stalled in ports and warehouses in the U.S. and around the world as a result of the State Department’s pause on international assistance. Nearly $560 million worth of American-grown food was at risk of spoiling. On February 8, the State Department provided notices to participating aid organizations to resume shipping and distribution of the stalled American-grown food aid.

    Statements of Support:

    “Kansas farmers take great pride in Food for Peace and the impact the program and American commodities have had on feeding the world,” said Chris Tanner, president of Kansas Association of Wheat Growers. “Moving Food for Peace to USDA would continue to provide the needed relief for people in need. Thank you to Senator Moran and Congressman Mann for leading the way on this issue.”

    “Kansas-grown sorghum is a critical crop for food security in America and abroad,” said Adam York, CEO of Kansas Sorghum Producers Association. “Throughout changes in administrations, sorghum farmers have worked to have a seat at the table in international food programs housed across many agencies to ensure America’s farmers can contribute to our national security. We recommend policy makers continue prioritizing American agriculture as a solution to challenges in domestic and foreign policy.”

    “National Sorghum Producers supports this legislation that would move U.S. food aid programs under the U.S. Department of Agriculture—a move that makes sense and would ensure the long-term viability and success of these programs by continuing to provide a critical market for American sorghum farmers and the ability to move grain from our fields to the hands of those in need around the world,” said Amy France, chairwoman of National Sorghum Producers.

    “U.S. soybeans play an important role in addressing global hunger,” said Caleb Ragland, president of the American Soybean Association. “Soybeans are the only plant-based protein that provides all nine amino acids essential for human health, and our farmers have been proud to support international food assistance programs. ASA strongly supports efforts to protect these programs and to ensure U.S. grown commodities continue to feed vulnerable populations around the globe. We thank Representative Mann and Senator Moran for their leadership on this important issue.”

    “Our nation’s millers take great pride in feeding those facing famine emergencies around the world,” said Kim Z Cooper, Vice President of Government Affairs for the North American Millers’ Association. “Our flagship emergency food aid program Food for Peace not only helps those abroad, but is a critical component of Buy American and America First policies. We applaud Representatives Mann (R-KS), Thompson (R-PA), Crawford (R-AR), Newhouse (R-WA), Rouzer (R-NC), and Senators Moran and Hoeven for introducing legislation that would allow Food for Peace to operate under USDA, and reinstate this critical, life-saving program.”

    This legislation is also supported by the U.S. Dry Bean Council, National Sorghum Producers, U.S. Wheat Associates, National Association of Wheat Growers, The Midwest Dry Bean Coalition, North Central Bean Dealers Association, Northarvest Bean Growers Association, National Corn Growers Association, American Soybean Association, USA Rice, U.S. Peanut Federation, American Farm Bureau Federation and the International Dairy Foods Association.

    MIL OSI USA News

  • MIL-OSI United Kingdom: Government unveils plans for next generation of new towns

    Source: United Kingdom – Government Statements

    Hundreds of thousands of working people and families will reap the rewards new towns across Britain, as the Prime Minister paves the way for the largest housebuilding programme since the post-war era.

    • Over 100 sites across England have come forward to be considered for next generation of new towns
    • Government on track to create beautiful communities, provide affordable homes, and deliver much needed infrastructure, including schools and nurseries, GP surgeries, and bus routes 
    • By taking on the blockers, 20,000 homes, along with new schools and health facilities, will move forward following government action, and we will now turn to unblock the remaining 700,000 homes across 350 sites 
    • Comes as government rolls out major planning reforms to sweep away the blockers and push through its housebuilding agenda as part of the Plan for Change

    Hundreds of thousands of working people and families will reap the rewards new towns across Britain, as the Prime Minister paves the way for the largest housebuilding programme since the post-war era.

    Visiting a housing development today, the Prime Minister will unveil the government’s plans for the next generation of new towns – well-designed, beautiful communities with affordable housing, GP surgeries, schools and public transport where people will want to live. 

    Over 100 proposals from across every region in England were submitted, showing local areas and housebuilders’ ambition to get on board to build the next generation of new towns – playing their part in getting Britain building and tackling the worst housing crisis in living memory. Every new town will have the potential to deliver 10,000 homes or more. 

    Delivering security is central to this government’s Plan for Change, because the least working people deserve when they graft hard is a secure home. That’s why the government is providing much-needed housing in the right places with the right infrastructure, and the New Towns Taskforce has today set clear principles on what the next generation of new towns will deliver: affordable housing, vital infrastructure and access to open green spaces and nature, to transform the lives of working people. 

    Prime Minister Keir Starmer said:

    For so many families, homeownership is a distant dream. After a decade of decline in housebuilding, the impact is a disconnect between working hard and getting on.

    This is about more than just bricks and mortar. It’s about the security and stability that owning your own home brings. I know what this means for working people – the roof above our head was everything for our family growing up. 

    We’ve already made progress in just seven months, unblocking 20,000 stuck homes. But there’s more to do.

    We’re urgently using all levers available to build the homes we need so more families can get on the housing ladder. We’re sweeping aside the blockers to get houses built, no longer accepting no as the default answer, and paving the way for the next generation of new towns.

    As part of the largest housebuilding programme since the post-war era, our ambitious Plan for Change will transform the lives of working people, once again connecting the basic principle that if you work hard, you should get on.

    Deputy Prime Minister and Secretary of State for Housing, Angela Rayner said:  

    Time and again we are seeing too many new homes stuck or stalled that not only act as a barrier to growth but also has real-world consequences for working people and families who see homeownership as nothing more than a distant dream.  

    I will not run away from the tough choices to fix the housing crisis we inherited that has left thousands of families on housing waiting lists, allowed homelessness to spiral out of control, and stopped an entire generation from picking up the keys to their first home.  

    While our vision for the next generation of new towns is setting the stage for a housebuilding revolution in the years to come, urgent action is needed now to build the homes and infrastructure that our local communities are crying out for. That’s why our New Homes Accelerator is working at pace to find solutions and remove blockages in the system, executing long-lasting solutions to get spades in the ground.  

    Today we are embarking on the next chapter in our Plan for Change to build 1.5 million new homes, deliver the biggest boost in social and affordable housing in a generation, and raise living standards for working people and families across the country.

    For far too long, working people have been let down by a decline in housebuilding. That’s why the government is rolling up its sleeves and is taking on the blockers with major reforms to planning regulation to get Britain building. 

    That work is already underway, with a staggering 20,000 new homes now successfully unblocked by the government’s novel ‘New Homes Accelerator’ programme, which deploys planning expertise to speed up the delivery of housing sites held by unnecessary delays.  

    Areas that have already benefitted from direct government action include:

    • Over 1,000 homes unlocked at Cowley Hill in Liverpool, where an agreement has been reached with the Environment Agency who withdrew its previous objections on both flood risk and biodiversity grounds, subject to planning.
    • And at Wolborough in Devon, the Accelerator has worked with Natural England to help accelerate this development, whilst ensuring environmental improvements are secured. On top of the 1,100 homes the site is injecting £1.75 million towards off-site pedestrian and cycle improvements, playing pitches, bus services and a local travel plan.  

    Housebuilders and local councils have put forward over 350 housing development sites stuck in the system under the previous government – that together could unlock around 700,000 new homes.

    Around a quarter of sites submitted are already receiving government attention since the call for evidence closed in October – demonstrating success of the programme, and local ambition to support the government’s 1.5 million homes target.

    This goes hand-in-hand with government action to overhaul the planning system, supporting the builders and not the blockers, taking the brakes off economic growth, raising living standards, and making the tough decisions to deliver for working people and families. 

    This includes:

    • Publishing a new growth-focused National Planning Policy Framework, which introduced new mandatory for councils to deliver the right homes in the right places, with a combined total of 370,000 homes a year.
    • Introducing the Planning and Infrastructure Bill next month. The Bill will overhaul environmental regulations to no longer accept the failed status quo where bats are more important than trains or newts more important than homes, and remove blockers to fast-track delivery of the homes and infrastructure that local communities need.    

    To get Britain building now – the government today announces plans to fast stream planning through brokering disagreements between the agencies and expert bodies, which by law must be consulted within the planning process. Bodies including National Highways, Natural England and the Environment Agency will need to bring planners and housebuilders to the table and iron out concerns that have been holding back development.

    Responding to sector concerns on pinch points, work stepping up with the Building Safety Regulator to ensure greater timeliness and efficiency when new tall buildings are signed off – to provide more homes for more people.

    This work will be bolstered by extra government funding announced today, including:  

    • £1 million for government agencies, including National Highways, Natural England and the Environment Agency, to speed up the planning approval of new homes and improve feedback to local authorities and industry where required.

    • £2 million to support the Building Safety Regulator to continue improving the processing for new-build applications.

    • Over £3 million of grants for local councils to bolster planning capacity, alongside direct advice and navigate through some of the more complex issues holding up new development.   

    Alongside the Accelerator, the government is also supporting local partners through a clearing service to help accelerate the sale of uncontracted and unsold affordable homes, with nearly 300 housebuilders, local councils and registered providers signing up in the first 50 days of its launch.   

    In December, the government set a clear hierarchy of brownfield first, grey belt second and green belt third. Today, further funding is being injected to drive regeneration and brownfield deliver in the following areas:  

    • £20 million to help transform neglected small-scale council-owned sites into new homes, for areas most in need.

    • Nearly £30 million from the Brownfield Infrastructure and Land Fund in Bradford to transform derelict brownfield sites into a vibrant residential area with 1,000 new homes, three community parks, shops, cafés, restaurants, and offices.

    • £1.5 million to support a regeneration programme at Manchester Victoria North, delivering a new district of 15,000 homes with transport links and green spaces.   

    Getting homes built for working people is a priority and is backed by investment in housing which is increasing to £5 billion for this year, including a top-up of £800 million being injected into the existing Affordable Homes Programme to help deliver tens of thousands of new affordable and social homes across the country.   

    This is in addition to an extra £100 million of cash to bolster local resources with increased planning fees to cover costs and funding to recruit 300 planning officers, making sure councils have the capacity they need to rubberstamp new homes and infrastructure.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: New industry bonus opens to support good jobs and low carbon manufacturing factories

    Source: United Kingdom – Government Statements

    Industrial heartlands and coastal areas will receive a major economic boost as the government backs renewable energy firms investing in industrial communities.

    • Government launches new investment to support clean energy manufacturing, and highly skilled jobs in industrial towns and cities
    • offshore wind developers can now bid for financial support if they drive investment in UK’s most deprived regions, build low carbon factories, or support net zero supply chains
    • the bonus will kickstart growth and support good jobs – delivering the mission to become a clean energy superpower through the government’s Plan for Change

    Industrial heartlands and coastal areas will receive a major economic boost as the government backs renewable energy firms investing in industrial communities – backing good jobs through the government’s Plan for Change

    The application window has opened for the Clean Industry Bonus, which provides financial support for offshore wind developers, on the condition they prioritise their investment in areas that need it most, including traditional oil and gas communities – supporting highly skilled jobs such as engineers, electricians or welders.

    The support also rewards developers who build more sustainable low carbon factories, offshore wind blades, cables and ports to reduce industrial emissions across the clean energy supply chain.

    By encouraging developers to use less polluting suppliers, the bonus will help tackle the climate crisis while also addressing supply chain blockages in renewable technologies driven by Russia’s invasion of Ukraine – supporting industry on the transition to clean, secure, homegrown energy that Britain controls.

    The UK produces more offshore wind than any other European country, making it the backbone for plans to deliver a clean power system by 2030 and become a clean energy superpower. This bonus will help accelerate the drive for clean power – incentivising developers to build the infrastructure the country needs to end reliance on unstable fossil fuel markets and help keep energy bills down for good.   

    Since July, the government has seen £34.8 billion of private investment into UK’s clean energy industries. In November, the government launched its carbon capture and storage industry supporting 4,000 jobs in the North West and Teesside. ScottishPower awarded a £1 billion turbine contract for its East Anglia TWO offshore windfarm to Siemens Gamesa, including blade production at its Hull blade factory – the company employ over 1,300 people in Humberside.

    Energy Secretary Ed Miliband said:   

    We are backing our proud manufacturing, coastal and oil and gas communities with good jobs, skills and private sector investment – delivering on the government’s Plan for Change.

    This is our clean energy superpower mission in action, kickstarting growth, delivering energy security and transforming towns and cities as part of the transition – from the ports of Nigg and Leith to the manufacturing hubs of Blyth and Hull. 

    Steve Foxley, Chief Executive of the Offshore Renewable Energy (ORE) Catapult, said: 

    This news is an important signal from government to industry of intent to grow our offshore wind sector in a way that benefits both our climate and our economy, supporting expansive regional job creation and bolstering national energy security.  

    Alongside innovating to develop next-generation technologies, delivering the right levels of future deployment and fulfilling the ambitions of the Industrial Growth Plan for offshore wind, it will drive up confidence in our ability to secure the clean investments we need in the years to come.

    Dan McGrail, CEO of RenewableUK, said:  

    The offshore wind industry already employs over 34,000 people in the UK, but there’s an opportunity to treble this number by the end of the decade if we grow the sector’s supply chain. Government initiatives like the Clean Industry Bonus, coupled with industry initiatives to support innovation and the upcoming Industrial Strategy, could drive hundreds of millions of pounds of private investment into new manufacturing. 

    Whilst we’re right to focus on securing investment in manufacturing new turbine foundations, blades and cables, we shouldn’t forget that there are also thousands of jobs in the construction and maintenance of wind farms too. You can go to places across the country like Grimsby and Great Yarmouth and Buckie on the Moray Firth and see boats full of engineers ensuring our wind farms operate at maximum efficiency. 

    Dhara Vyas, Energy UK, Chief Executive, said:  

    Offshore wind is set to become the backbone of a decarbonised power system. To build an industry that is resilient to supply chain challenges, we need a framework that supports sustainable deployment, while fostering investment in the UK’s industrial heartlands. 

    The Clean Industry Bonus will help to unlock economic growth, create job opportunities, and maintain the UK’s position as a global leader in offshore wind. 

    Alongside the development of a broader industrial strategy, the Clean Industry Bonus will play an important role in strengthening the Contracts for Difference mechanism. Clarity will be critical in ensuring we can deliver Allocation Round 7, which is likely to be the single most important auction to achieving the Clean Power goal.

    The UK is already home to the world’s first floating offshore wind farm and has the highest deployment of offshore wind in Europe. As a result, the UK’s offshore wind industry is supporting thousands of highly skilled jobs across the country. 

    This latest boost for renewable developers comes after the government delivered the most successful renewables auction round in history last year, securing contracts for Europe’s largest and second largest offshore wind farm projects. 

    The bonus will come with an initial £27 million per gigawatt of offshore wind projects. That means if developers commit to 7-8 GW of offshore wind, up to £200 million of funding could be made available. 

    Funding will be allocated competitively with the results announced by the Energy Secretary in the summer.

    Notes to editors

    The Clean Industry Bonus will apply to all offshore wind projects bidding for funding through this year’s renewable energy auction, Allocation Round 7 of the Contracts for Difference scheme, which is the main mechanism for securing clean energy infrastructure for Britain. September’s auction secured 5 GW for offshore wind, enough to power the equivalent of around 8 million homes.

    The funding will come through the government’s Contract for Difference mechanism. The scheme is designed to protect billpayers from high costs with the lowest price bids successful, ensuring value for money.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: expert reaction to study looking at hormonal contraceptives and stroke and heart attack risk

    Source: United Kingdom – Executive Government & Departments

    A study published in the BMJ looks at hormonal contraceptives and the risk of heart attacks and strokes.

    Dr Sonya Babu-Narayan, Clinical Director at the British Heart Foundation and consultant cardiologist, said:

    “You shouldn’t be overly alarmed by these findings if you are using or considering starting hormonal contraception.  The additional risk of heart attack and stroke is very low for the vast majority – it’s equivalent to one extra heart attack for every 10,000 women using hormonal contraception for a year.  And pregnancy itself also increases your risk of developing blood clots, stroke and heart attack.

    “When considering hormonal contraception options, you will be able to discuss the risks and benefits with your GP so that you can make an informed decision about what is best for you.  This could include discussion and management of your existing cardiovascular risk factors like high blood pressure, diabetes, smoking, or if you are living with obesity.

    “The study lends weight to previous evidence of an association between hormonal contraception use and a small increase in the number of heart attacks and strokes.  The researchers made use of a wealth of long-term electronic healthcare information from over 2 million people in Denmark – this scale and breadth makes the findings more reliable and complete than previous studies and enables study of even rare complications like these.

    “However, the study is observational so it can’t prove cause and effect, and there may be other factors at play driving the links seen that aren’t sufficiently accounted for.

    “This latest study supports the current practice of recommending the option of a progestin intrauterine device – the hormonal coil – for those already living with high cardiovascular risk, as this wasn’t linked to more heart attacks and strokes.”

    Dr Becky Mawson, NIHR Clinical Lecturer in Primary Care, and GP with special interest in sexual and reproductive health, University of Sheffield, said:

    “Please do not stop using contraception based on this study!  The risk of stroke and heart attack in pregnancy and postnatal period is significantly higher than the risks reported in this study for contraceptives.  For those using contraceptives for treatment of health conditions, the slightly increased risk needs to be balanced with the benefit in quality of life for those suffering debilitating gynaecological and hormonal conditions.

    “Saying that, if you have other risk factors for strokes and heart disease, then it is worth discussing with your healthcare team to look at the safest options like the hormonal coil.  This observational study looks at relationships in data, not causes.  It adds to previous studies within the same database looking at increased blood clot risk.

    “While it remains true as it has done for years that we need to find better, risk-free alternatives to prevent pregnancy, in my view this study hasn’t changed that and should not cause alarm but does add to growing knowledge in this area.”

    Dr Clare Arnott, Conjoint Associate Professor, Cardiologist and Head of Cardiovascular Program, The George Institute for Global Health, and UNSW Sydney, said:

    “This is an interesting, timely and important study.  It is wonderful to see sex-specific cardiovascular risk factors given appropriate attention in medical research.

    “The study identified twice the risk of stroke and heart attack in those exposed to the combined oral contraceptive pill (and around 1.5x the risk for progestin only formulations).  Interestingly, while risk was also increased for the combined vaginal ring and patch (with relative risks higher with these preparations), no increased risk was observed for the progestin-only IUD.  Also of note, and clinical relevance, duration of use did not appear to impact risk.

    “While these relative risks are important, particularly at a public health/population level, it should be noted that absolute risk remains low in this patient population of young women.  It is also important to note that this study excluded women with a history of arterial thrombosis – a high risk group, and thus these results cannot be extrapolated to that population.

    “The study is strengthened by a large cohort size, which is nationally representative, long patient follow up period, and is adequately powered with respect to the number of events recorded.  Of course, as the authors rightly acknowledge, this is observational research, and correlation is not the same as causation.

    “Nonetheless, it is valuable information that should be routinely communicated to women to allow them, in conjunction with their healthcare provider, to make informed decisions about their health.  These data are also very important at a public health/ population level given the >200 million women worldwide using hormonal contraception, and thus public health clinicians and policy makers should take note.”

    Prof Angela Clerk, Professor of Biomedical Science, University of Reading, said:

    “The study appears to be comprehensive and rigorous, representing the whole of the Danish population.  There should be some caution in extrapolating to other populations with different ethnicities, since genetic background and cultural variation could affect cardiovascular risk, and some ethnicities not fully covered by the Danish population could have greater vulnerability.

    “This is clearly an important study but, while the focus is on the potential negative effects of contraception on cardiovascular risk, it is also clear that any increase in risk is actually very small.  This emphasises the overall safety of the drugs, particularly when balanced against the negative effects of unwanted pregnancies resulting from a lack of contraception.  Yes, there should be informed choice of the type of contraception, but perhaps lifestyle choices need to take greater precedence.  Though I am past that stage, this study would not stop me from using any of these forms of contraception over not using one and facing an unplanned pregnancy.”

    Dr Channa Jayasena, Consultant in Reproductive Endocrinology, Imperial College London, said:

    “Contraceptive medication is a vital healthcare option, which offers lower chances of accidental pregnancy compared with barrier contraceptive methods.  Contraceptives work by using high doses of female hormones like oestrogen and / or progesterone to temporarily ‘switch off’ the ovaries and womb.  Oestrogen is a ‘sticky’ hormone because it makes blood more likely to clot.  It is well-known that The Pill increases blood clot risk.  Increased blood clot risk increases risks of related problems like stroke and heart attack.  The current study helps to define the risks of different types of contraceptive medication.

    “The study is well designed because looks at health records from 2 million women of reproductive age living in Denmark.  The authors were careful to adjust for factors which might have affected the results.  The findings confirm that The Pill is associated with increased risks of stroke and heart attack.  Observational studies like this one cannot conclude that the Pill has caused stroke and heart attack; but our prior knowledge of how the pill works makes this likely.

    “My biggest criticism is the way that the results are presented.  Only 3 per 1000 women were affected by a stroke or heart attack; the risk among those on the pill was about 6-10 per 1000.  The absolute risk of having a stroke or heart attack on The Pill is still very low.

    “Women should take away the importance of smoking cessation, healthy eating, and exercise to minimise the (small) increased risk of stroke or heart attack associated with being on the pill.  Women who have high risks of stroke or heart attack that cannot be reduced should strongly consider a hormonal coil, because of its lack of associated increased stroke or heart attack risk.”

    ‘Stroke and myocardial infarction with contemporary hormonal contraception: real-world, nationwide, prospective cohort study’ by Harman Yonis et al. was published in the BMJ at 23:30 UK time on Wednesday 12 February 2025.

    DOI: 10.1136/bmj-2024-082801

    Declared interests

    Dr Sonya Babu-Narayan: “No conflicts of interests to declare.”

    Dr Becky Mawson: “Current project with South Yorkshire Digital Health Hub – The Hormone Effect – developing an app to collect data on side effects of contraception.

    Research lead (unpaid and no financial benefits) – The Lowdown Women’s Health Platform.”

    Dr Clare Arnott: “None to declare.”

    Prof Angela Clerk: “I no conflict of interest under any of the categories below with respect to industry funding.  I have no conflict of interest with any of my own research under these categories either.  I am a woman, however.”

    Dr Channa Jayasena: “No conflicts to declare.”

    MIL OSI United Kingdom

  • MIL-OSI Global: The Paris summit marks a tipping point on AI’s safety and sustainability

    Source: The Conversation – Canada – By Robert Diab, Professor, Faculty of Law, Thompson Rivers University

    United States Vice President JD Vance made headlines this week by refusing to sign a declaration at a global summit in Paris on artificial intelligence.

    In his first appearance on the world stage, Vance made clear that the U.S. wouldn’t be playing ball. The Donald Trump administration believes that “excessive regulation of the AI sector could kill a transformative industry just as it’s taking off,” he said. “We’ll make every effort to encourage pro-growth AI policies.”

    His remarks confirmed a widespread fear that Trump’s return to the White House will signal a sharp turn in tech policy. American tech companies and their billionaire owners will now be shielded from effective oversight.

    But upon a closer look, events this week point to signs that just the opposite may be unfolding. A host of nations took notable steps towards address growing safety and environmental concerns about AI, indicating that a regulatory tipping point has been reached.

    Prime Minister Justin Trudeau delivered the keynote address at the AI Action Summit in Paris, France.

    Wide consensus

    The two-day global summit in Paris, chaired by France and India, led to broad consensus. Some 60 countries signed on to a Statement on Inclusive and Sustainable AI. This included Canada, the European Commission, India and China.

    Both the U.S. and the United Kingdom declined to sign on. But the prevailing winds are against them.

    The meeting in Paris was the third global summit on AI, following meet-ups at Bletchley Park in the U.K. in 2023 and in Seoul, South Korea, in 2024. Each of them ended with similar declarations widely endorsed.

    The Paris communiqué calls for an “inclusive approach” to AI, seeking to “narrow inequalities” in AI capabilities among countries. It encourages “avoiding market concentration” and affirms the need for openness and transparency in building and sharing technology and expertise.

    The document is not binding. It does little more than tout principles, or affirm a collective sentiment among the parties. One of these — perhaps the most important — is to keep talking, meeting and working together on the common concerns that AI raises.

    Environmental challenges

    Meanwhile, a smaller group of countries at the Paris summit, along with 37 tech companies, agreed to form a Coalition for Sustainable AI — setting out a series of goals and deliverables.

    While nothing is binding on the parties, the goals are notably specific. They include coming up with standards for measuring AI’s environmental impact and more effective ways for companies to report on the impact. Parties also aim to “optimize algorithms to reduce computational complexity and minimize data usage.”

    Even if most of this turns out to be merely aspirational, it’s important that the coalition offers a platform for collaboration on these initiatives. At the very least, it signals a likelihood that sustainability will be at the forefront of debate about AI moving forward.




    Read more:
    AI is bad for the environment, and the problem is bigger than energy consumption


    Signing the first international treaty on AI

    A further notable event at the summit was that Canada signed the Council of Europe’s Framework Convention on Artificial Intelligence and Human Rights, Democracy and the Rule of Law. In recent months, 12 other countries had signed, including the U.S. (under former president Joe Biden), the U.K., Israel and the European Union.

    The convention commits parties to pass domestic laws on AI that deal with privacy, bias and discrimination, safety, transparency and environmental sustainability.

    The treaty has been criticized for containing no more than “broad affirmations” and imposing few clear obligations. But it does show that countries are committed to passing law to ensure that AI development unfolds within boundaries — and they’re eager to see more countries do the same.

    If Canada were to ratify the treaty, Parliament would likely revive Bill C-27, which contained the AI and Data Act.




    Read more:
    The federal government’s proposed AI legislation misses the mark on protecting Canadians


    The act aimed to do much of what Canada agrees to do under the convention: impose greater oversight of the development and use of AI. This includes transparency and disclosure requirements on AI companies, and stiff penalties for failure to comply.

    What does this really mean?

    While the U.S. signed the convention on AI and human rights, democracy and rule of law in the fall of 2024, it likely won’t be implemented by a Republican Congress. The same might happen in Canada under a Conservative government led by Pierre Poilievre. He could also decide not to fulfil commitments made under other agreements about AI.

    And if Poilievre comes to power by the time Canada hosts the next G7 meeting in June, he might decline to honour the Trudeau government’s commitment to make AI regulation a central focus of the meeting.

    The Trump administration may have ushered in a period of more lax tech regulation in the U.S., and Silicon Valley is indeed a key player in tech — especially AI. But it’s a wide world, with many other important players in this space, including China, Europe and Canada.

    The events in Paris have revealed a strong interest among nations around the globe to regulate AI, and specifically to foster ideas about inclusion and sustainability. If the Paris summit was any indication, the hope of sheltering AI from effective regulation won’t last long.

    Robert Diab 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. The Paris summit marks a tipping point on AI’s safety and sustainability – https://theconversation.com/the-paris-summit-marks-a-tipping-point-on-ais-safety-and-sustainability-249706

    MIL OSI – Global Reports

  • MIL-OSI United Nations: Policies to Bolster Social Resilience in Context of More Frequent, Complex Crises among Topics Discussed, as Commission for Social Development Continues Session

    Source: United Nations General Assembly and Security Council

    During one of two round-table discussions held today by the Commission for Social Development, panelists emphasized the importance of governance, preparedness and investment in human capital to strengthen “social resilience” — the ability of individuals and societies to prevent, absorb, adapt and recover positively from crises.

    The Commission — established in 1946 by the Economic and Social Council as one of its functional commissions — advises the United Nations on social development issues, and its sixty-third session will run through 14 February.

    The first panel discussion, titled “Policies to bolster social resilience in the context of more frequent and complex crises”, featured presentations that together offered a comprehensive understanding of the multidimensional nature of resilience and the policy actions needed to reinforce it.

    “The sixty-third session of the Commission for Social Development comes at a pivotal time as we reflect on the legacies of the World Summit for Social Development held three decades ago in Copenhagen,” said Moderator Angela Kawandami, Permanent Secretary at the Ministry of Community Development and Social Services of Zambia.  While the principles of social inclusion, poverty eradication and equity remain as vital as possible, the global landscape has transformed significantly, presenting new and compounding challenges that demand urgent and innovative solutions today, she said, adding that crises — more frequent, interconnected and complex, spanning geopolitical, economic, health and environmental spheres — are testing the resilience of societies and institutions.

    Meir Bing, Chief Executive Officer at the Open University of Israel, presented a case study of building resilience in minority populations in his country, where the number of minority students in higher education more than doubled in the last decade.  He said that a year ago, he was General Director of the Ministry of Social Equality in charge of minorities.  Of the 10 million people in his country, 2 million are religious and ethnical minority groups, including Muslim, Christian and Druze, he said, adding that many of them are young and face socioeconomic challenges.

    He highlighted the three keys to building resilience in vulnerable populations:  fostering trust between Government and social and business sectors; enhancing infrastructure and public services; and creating communities.  Sharing how educational and other infrastructure and socioeconomic projects are expanded in the country’s local communities, he said that the percentage of students from minority groups in bachelor’s degree programmes increased from 10 per cent in 2010 to nearly 20 per cent in 2023.

    Marek Kamiński, explorer and founder of the Kaminski Foundation, said that during his expeditions, he learned that physical strength isn’t enough, stating:  “The real fight happens in the mind, with fear and doubt.  We all need to ask, are we strong enough inside to face the challenges ahead?”  Today’s world needs practical solutions to help people handle crises.  That’s why he created LifePlan Academy, a programme that teaches mental resilience, stress management and how to adapt to challenges.  It’s a practical tool that works in any country with any culture, he said, stressing: “With the right tools and support, anyone can overcome challenges and achieve their goals.”

    Michael Woolcock, Lead Social Scientist in the Development Research Group at the World Bank, said that development policies are as effective as the shared legitimacy they enjoy.  Development policies will struggle, where societal groups despise one another, where elite factions use lies and violence to secure power, where there is little coherence or trust between local and national authority, and where Governments reject international law and covenants to which they are a signatory.  “So all these nice policies that we come up with — unless they can engage with these local contexts and imbue them with the legitimacy they need to do their difficult work — are probably going to struggle,” he said.

    Obiageli Ezekwesili, President of Human Capital Africa, founder of the School of Politics Policy and Governance, and Senior Economic Adviser at the Africa Economic Development Policy Initiative, said that “democracy is in crisis more than it had ever been”.  The power of society to be resilient depends on how everyone feels cared for within society. Today’s democratic processes are exclusionary in many ways.  That’s because the tiny fraction of people who exercise political leadership in many countries have become monopoly democrats.  “We must fix politics,” she said, noting a strong correlation between the quality of politics and economic performance.  “Let’s keep an eye on the United States of America,” she added.

    Michael Woolcock, Lead Social Scientist, World Bank, served as moderator for the second panel, which focused on “Universal rights-based social protection systems that adapt to evolving risks and support social resilience”.  “For our present purposes, we are going to recognize that social resilience refers to the capacity of individuals and societies to prevent, resist, absorb, adapt, respond and recover positively, efficiently and effectively when faced with a wide range of long-term prospects for sustainable development, peace and security, human rights and well-being for all,” he said before commencing the panel discussion.

    Danilo Türk, President of Club de Madrid and former President of Slovenia, stressed the need to make sure that social development is guided in a way that promotes the full realization of human rights.  “This means adopting an approach which anticipates and addresses the vulnerabilities of people,” he went on to stress.  That must include the consequences of climate change and its effect on populations, especially those vulnerable to displacement.  Innovations like digital cash transfers, mobile health services and data driven risk assessment can significantly improve service delivery, particularly for marginalized and remote populations.  Social protection systems must consider the interests of vulnerable segments of societies, particularly women, youth, older people and persons with disabilities.

    Angela Chomba Kawandami, Permanent Secretary at the Ministry of Community Development and Social Services, Zambia, said that social protection systems are central to addressing vulnerabilities, reducing poverty and mitigating the impacts of various risks such as climate change, pandemics and economic crises.  “Social protection systems in Zambia are designed to address both short-term needs and long-term vulnerabilities,” she added.  These systems include cash transfers, food assistance and social insurance schemes.  “The goal is to ensure that individuals, especially those in our rural areas, older persons, persons with disabilities and other vulnerable groups, have access to basic services and support mechanisms,” she emphasized.  Zambia’s social protection programmes aim to reduce vulnerability by providing financial support to households living below the poverty line.  Climate change is also included into Zambia’s protection system as the phenomenon poses an increasing threat with more frequent droughts and floods.

    Héctor Ramón Cárdenas Molinas, Executive Director of the Technical Unit of the Social Cabinet of the President of Paraguay, said that extreme weather events cause major damage and loss.  “Most of them are linked to climate events,” he said, noting their high economic and social impact.  Exposure depends not only on geographic location but also on the development policies and adaptation measures taken to mitigate the risks of climate change.  “It is absolutely essential that we integrate policies and strategies that promote sustainable and resilient development,” he said.  Underscoring other initiatives in health, education and poverty eradication, he said Paraguay aims to ensure that services meet very high standards in terms of efficiency and effectiveness.  “The main challenge remains financing,” he added.

    Edgilson Tavares de Araújo, Ministry of Development and Social Assistance, Brazil, said that Brazil’s social protection system is based on the principles of universality, equity and democracy.  “Since 2023, we have seen a drop of 84 per cent in severe food insecurity, according to a 2024 UN survey,” he added.  With the creation of a global alliance to fight hunger and poverty, Brazil hopes to continue to make progress.  A strong State working with a healthy civil society must be resilient to truly transform society.  “We are increasing our budgetary commitments and broadening our global alliance to combat hunger and poverty,” he went on to say.  Brazil is committed to providing decent employment and “an economy of solidarity” which can help build social resilience.  “Being protected means having someone to rely on,” he added.

    MIL OSI United Nations News

  • MIL-OSI: Diginex Limited Engages Lambert and SPRG to Drive Global Investor Relations and Shareholder Communications Program

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 12, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex” or the “Company”), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, has engaged international investor relations specialists Lambert by LLYC (Lambert) and its partner—Hong Kong-based Strategic Public Relations Group Ltd. (SPRG)—to lead a global investor relations and financial communications initiative to help broaden Diginex’s shareholder base. This collaboration underscores Diginex’s commitment to enhancing its visibility and investor engagement across key global markets.

    Working closely with Diginex’s leadership, Lambert and SPRG will execute an aggressive strategic investor relations program aimed at strengthening the Company’s presence within the global investment community. The initiative will emphasize how Diginex’s innovative, technology-driven solutions empower enterprises with comprehensive tools, empower enterprises with comprehensive tools to navigate the evolving and rapidly expanding sustainability landscape.

    Diginex recently completed a $10.61 million initial public offering (IPO), including the full exercise of the underwriters’ over-allotment option. The successful IPO and subsequent healthy market reaction reflect growing investor confidence in sustainability compliance technology and Diginex’s mission to democratize sustainability through innovative technology, dramatically reducing the cost of compliance with their tailored suite of platforms.

    Led by Lambert, the IR partnership will provide strategic guidance to Diginex, ensuring global investor outreach, enhanced shareholder engagement, and expanded visibility among institutional and retail investors.

    “This is an exciting time for Diginex as we accelerate investor engagement across a broad and diverse range of investor pools globally, strengthening and diversifying the shareholder base while increasing investor and marketplace familiarity with our brand and products” said Miles Pelham, Chairman of Diginex Limited. “Our partnership with Lambert and SPRG strengthens our presence in key financial markets and reinforces our leadership in ESG and sustainability technology. We remain committed to driving innovation and helping enterprises achieve their sustainability goals, ultimately striving to leave the world in a better place.”

    “With our successful public offering on the Nasdaq stock exchange, we look forward to working with Lambert and SPRG to speed-up and broaden our investor outreach,” said Mark Blick, Chief Executive Officer of Diginex Limited. “As demand for ESG solutions grows, we are focused on accelerating our global presence and delivering long-term value to our shareholders.”

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the SEC.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email:ir@diginex.com

    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network

  • MIL-OSI New Zealand: Going for growth: supermarkets on notice

    Source: New Zealand Government

    The Government is seeking to bolster supermarket competition to deliver a better deal for shoppers, Economic Growth Minister Nicola Willis says.

    “Studies have shown that New Zealand shoppers pay more for kitchen staples than their counterparts in the United Kingdom, Ireland and Australia.

    “The market lacks competition with three large entities, two of whom don’t compete in the same island, effectively controlling 82 per cent of the market.

    “We need more competition to put downward pressure on prices and deliver a better deal for shoppers.

    “The weekly supermarket shop makes up a significant proportion of most people’s weekly budget and contributes massively to their cost of living.

    “Therefore, I am determined to remove unnecessary regulatory hurdles that discourage new entrants from entering the market.

    “Additional steps could include cracking down on predatory pricing, ensuring all competitors have fair access to products, assisting new entrants to access suitable land and properties for development and assisting them to attract international capital.”

    Nicola Willis announced the intention to strengthen competition in the supermarket sector at the release of a progress report on the work being done to shift New Zealand to a higher growth track. 

    “The Going For Growth snapshot details more than 80 actions that have either been completed since the Government took office or are underway.

    “Economic growth is key to raising living standards, creating higher-paying jobs,and delivering the vital public services New Zealanders want and deserve.

    “New Zealanders have been through a tough time with high inflation pushing up interest rates and driving the economy into recession.

    “lnflation is now back under control but to deliver the opportunities and high-quality public services people expect we need to build a stronger, wealthier and more resilient economy that benefits all New Zealanders.

    “Going For Growth details how the Government is going about that task. 

    “It sets out the five pillars driving our push for economic growth: Developing talent, Competitive business settings, Promoting global trade and investment, Innovation, technology and science and infrastructure for growth.

    “Under each pillar are actions already underway to support growth, with more to come.

    “To grasp the opportunities in front of us, we must lean in and boldly pursue the things that will make this country the wealthier country we want it to be. 

    “We must adopt a ‘yes’ mentality when sometimes it is easier to say ‘no’.”

    Notes to editors: Going For Growth can be found here www.goingforgrowth.govt.nz

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Speech to New Zealand Economics Forum

    Source: New Zealand Government

    Tēna koutou katoa. Greetings everyone.
    Thank you Matt for the introduction and can I acknowledge the presence of former Australian Prime Minister Scott Morrison. It’s a pleasure to have you back in the country.
    It’s also a pleasure to be here to speak at this event for the third year in a row. 
    The world is changing. Fast. Orthodoxies are being challenged. De-globalisation, tariffs, counter tariffs, artificial intelligence, conflict, cynicism about national institutions, extreme climatic events, increasing competition for food, energy, minerals and other resources.  
    Leaders around the world are being compelled to act more boldly than they have for several decades.
    Where once countries could take for granted their position in the world, it is now unquestionable that we need to place ourselves in the driver’s seat for our national interests.
    These issues are not just the concern of diplomats, leaders and elites.  
    People the world over are increasingly feeling the effects of declining living standards, soaring prices, unaffordable housing and incomes that are not  keeping up. 
    Is it any wonder that there is a growing sense that the benefits of progress are not being evenly shared or that citizens are questioning the institutions and conventions they were raised to rely on?  
    It’s hard not to look back on the past few decades and see complacency. 
    Where once there was an assumption about the inevitability of economic growth – a given to be traded off against a host of other values – that stance now seems blissfully naïve.  
    From the United Kingdom, to the European Union, to China, to the United States, there is a growing realisation that growth must be fought for and that, even once achieved, can easily slide away.
    We in New Zealand are not immune to these trends. In fact, we are at a moment of inflection.  
    After three years of struggle, many Kiwis feel poorer, less financially secure and less hopeful about their futures. The cost of living is a daily concern.
    New Zealanders have been through the wringer. Where once there was triumphalism about our response to, and recovery, from the COVID-19 pandemic, there is now a realisation that we are still paying the economic price for the disruption it wreaked.  
    The aftershocks of extended lock-downs included a generational spike in inflation and the cost of living, extraordinary interest rate hikes, ongoing disruption to migration flows, massive increases in Government debt and a structural deficit in the government books.  
    These blows landed on an economy that had being showing cracks for decades. 
    New Zealand already faced longstanding issues of low productivity growth, low capital intensity in our firms, low levels of competition in many sectors, challenges in attracting and retaining skills and talent, low uptake of innovation, declining housing affordability and a growing tail of New Zealanders leaving school without basic skills. Today, as Kiwis suffer the real-life effects of economic problems, it’s become even more urgent that we address these complex challenges. 
    For the economists in this room these observations about our economic problems can be understood as data points.
    For many Kiwis, it is more personal, more visceral and far harder to stomach. The cost of living is too high and they need to see a path out.
    Despite falling inflation and interest rates and rising business and consumer confidence, many New Zealanders tell me they still can’t get on top of their bills – even though they’re working harder than ever, that they are worried about whether they’ve saved enough for their retirement, and are concerned about their kids’ prospects should they stay in New Zealand.
    My message to those New Zealanders is this: it’s tough right now, but our country has far better years ahead of it.  
    It’s easy to lose sight of the reasons to be optimistic, but let’s be confident about how great New Zealand’s potential is.
    In a world facing multiple challenges, we have some extraordinary advantages. We’re a safe, secure country with established trading relationships and a reputation as a good place to do business. We are blessed with abundant natural resources – everything from ocean to freshwater, fertile land to minerals and temperate weather. 
    In a world worried about food security, we have the world’s best farmers, feeding more than 40 million people with levels of efficiency and sustainability that are the envy of the world. We have a long history of stable democracy, strong institutions and rule of law. We’ve produced world-leading scientific breakthroughs from splitting the atom to the Hamilton Jet Boat. Our entrepreneurs and innovators have converted their ideas into world-beating successes – from  Oscar-winning digital effects to rockets in space.
    New Zealand has what it takes to succeed, but for too long we’ve put up stop signs and road cones when we should have been putting our pedal to the metal. 
    Our Government’s mission is to make the most of New Zealand’s potential so we can grow the economy and ease the cost of living for New Zealanders. 
    Our plan is simple: remove the barriers that have held back growth and create the conditions that will allow businesses to create better paying jobs, more financial security for our families, and more income to pay for world-class education and health services.
    Today I am releasing a document that shows how our Government is putting that plan into action. “Going for Growth” is a snapshot of the Government’s activity in five key areas, all designed to ease the cost of living and grow our economy.
    The document identifies more than 80 separate initiatives that have been completed or are underway.  Don’t worry, I’m not about to list them all. 
    But I do encourage you to give it a read.  Going for Growth will be updated on a regular basis and we are actively seeking your feedback on its content and any actions you think should be added or prioritized. 
    The document focusses on five areas which are essential to improving the performance of the New Zealand economy.

    Developing talent by lifting education and skills:  Too many of our kids have been leaving school without the basics they need to succeed in an increasingly demanding world. This is a moral failure.  It’s also a fiscal and economic timebomb. Our Government is improving our education system to deliver a better deal for Kiwi kids.
    Competitive business settings: Excessive and badly-designed regulations have slowed New Zealand down, added costs and prevented too many good ideas from become reality. Several of our major sectors lack competition and consumers are paying the price. Our Government is removing red tape, reducing compliance costs and promoting competition to deliver a better deal for Kiwi consumers.
    Promoting global trade and investment: New Zealand is a small country, geographically distant from many of the world’s large economies. We need to keep pursuing trade relationships and international connections not only to get good prices for our exports, but also to keep up with emerging technologies and to access the world’s talent and capital. Our Government is growing our trade relationships and rolling out the welcome mat for international investment so we can deliver better paying jobs for Kiwis.
    Innovation, technology and science:  New Zealand’s science system is not geared up for the future economy. Our businesses have often been slow to invest in the technology needed to make them more productive. We’re modernizing our science and innovation system so we can deliver a better deal for Kiwi businesses who want to use science and tech to grow.
    Infrastructure for growth:  New Zealand’s Resource Management system has been weaponised against development, adding cost, slowing things down and stopping too many projects. Despite abundant land, housing remains unaffordable for too many. Major infrastructure projects are too slow, too expensive and too few. Our Government is removing roadblocks to delivery of housing and infrastructure and fast-tracking major developments so we can deliver better living standards for New Zealanders.

    Some of you will be familiar with the work we already have underway in each of these areas. Today I want to share some thoughts about a few areas where I think more reform is needed.
    Number One. Driving greater competition in sectors that are vital to our national interests, including banking, grocery and electricity.  
    The economic impetus for this is clear. Strong competition protects consumer interests, it puts downward pressure on costs, it incentivises innovation and investment, it supports efficient allocation of resources and it drives productivity.
    When I look around the business landscape today I see too many sectors where market power has been entrenched to the detriment of everyday people.
    New Zealand has seen significant mergers and consolidation across major industries. Big fish have been swallowing the little fish and regulatory barriers have stopped new fish from entering the pond. 
    While many super-sized businesses have flourished, in too many cases the Kiwis they sell to have experienced higher prices, fewer choices and a worse deal all round.
    In my view, law-makers and regulators have been far too complacent about diminishing levels of competition in vital areas. Large-scale mergers have been repeatedly allowed in major industries, with so-called efficiency prioritised over the interests of consumers.
    Well-intended regulations have become a moat, stopping challengers from disrupting the status quo. 
    The result?  A raw deal for Kiwi consumers. 
    The dominance of big fish has also made it difficult for many small businesses to grow into larger businesses. 
    We see it in the banking industry which the Commerce Commission has described as a highly profitable, two-tier oligopoly. The Government is taking action to address this.
    And we see it in the supermarket sector in which three large entities, two of whom don’t compete in the same island, effectively control 82 per cent of the market. 
    The result, as the Commerce Commission reported in 2022, is that competition between grocery retailers is muted, profits are high, product ranges are limited and shoppers pay higher prices than people in many other countries. 
    In this environment it is almost impossible for a new entrant to establish a foothold in the New Zealand market.
    Even if they are able to battle their way through the thicket of resource management and overseas investment regulation, they are confronted in many cases by an absence of suitable land for new supermarket developments. It has been land-banked by the established players.
    Some of our best food producers also tell me they are struggling because of the duopolistic practices of the major players. 
    If Kiwi food producers can’t afford to keep their products on New Zealand supermarket shelves, how are they ever going to grow to the point where they can export overseas?
    The supermarket lobby will find 1000 different ways to say this is not the case, but it is. 
    The OECD has this to say about the New Zealand supermarket sector:
    “Two major players dominate the market through their portfolio of different brands.  As a result, they can extract higher prices from consumers (oligopoly power) but also exert ‘oligopsony power’ on their suppliers, passing on costs and uncertainty to them, with the threat of removing products from shelves if suppliers disagree”
    Studies have shown that New Zealand supermarkets were the most expensive for kitchen staples compared with the UK, Ireland and Australia.
    If you doubt the findings of the OECD, research papers, or the Commerce Commission, just ask the everyday Mums and Dads at the checkout:
    Kiwi shoppers feel ripped-off.  
    I think of PK, the Kiwi man who went viral on Tik Tok, sharing how he cried when he discovered how much cheaper the food was when he moved to Australia. I think of the parents in the supermarket aisle, putting back the chocolate biscuits as the weekly shop blows their budget – again.  And I think of all those people who endure gut-wrenching anxiety as they watch their items being scanned and the numbers tallying up on the till.
    The weekly supermarket shop makes up a significant proportion of most people’s weekly budget and contributes massively to their cost of living.
    They deserve to know they are getting a fair deal.
    Right now, I don’t think they are.  I’m ready to pull out all the stops to get them a fairer deal.
    The supermarkets will fight back I’m sure. It’s a fight worth having.
    So what can the Government do?
    Let me reassure you, we are not going to open our own grocery chain. There will be no KiwiShop. 
    Instead I’d like to see another competitor enter the supermarket scene to  disrupt the major players, drive down prices and increase options for Kiwi shoppers.
    Over the past 12 months, international supermarket chains and local investors have expressed interest in entering the New Zealand grocery market. 
    I want to help them succeed.
    We owe it to Kiwi shoppers to help remove the barriers that could get in the way of a new entrant.
    That could include removing unnecessary regulatory hurdles in the Overseas Investment Act, Resource Management Act and the entire regulatory maze; helping them to access suitable land and properties for development; helping them to attract capital; cracking down on predatory pricing and ensuring they have fair access to products. 
    If a new grocery chain opened up here it would deliver massive gains for Kiwi shoppers.  So I’m up for actions needed to help make it happen.
    At the same time, the Government must continue our efforts to hold the existing supermarket chains accountable to their customers and suppliers. 
    That means enhancing consumer protections and correcting power imbalances between suppliers and supermarkets. It means strengthening the Grocery Supply Code, enforcing action against non-compliance and illegal conduct, introducing a Wholesale Code to enhance access for smaller retailers, introducing disclosure standards for consumer complaints and responding to further recommendations the Commerce Commission makes.
    Commerce Minister Andrew Bayly has already been pushing hard in this space. This year we’re dialling up the pressure.
    The major supermarket chains should listen up: our Government is on the side of Kiwi shoppers and we will act to defend their interests.
    Number two:  The Government’s approach to procurement.
    The Government is a huge player in the New Zealand economy. Every year it procures billions of dollars worth of goods and services.
    Those doing the procuring understandably play close attention to prices.  That is as it should be. We want value for money. 
    But getting value is not just about cost. Getting value is also about assessing the contribution particular contracts can make to New Zealand as a whole.
    The Government wants the Government agencies doing the procuring to assess the value as well as the cost of contracts. 
    Small and medium-sized businesses say that too often they can’t effectively bid for Government contracts because of the complexity of official procurement processes. 
    I am reviewing the Government procurement rules that cause this and will soon be recommending changes to Cabinet. I want to ensure value to New Zealand is properly considered when government agencies are picking suppliers, ensuring a more level playing field, improving the ability of smaller businesses to bid and giving more small and medium sized Kiwi businesses the opportunity to grow and become global players.
    Third, tax settings.
    New Zealand must ensure our tax settings are competitive with other countries who seek to lure our talent, ideas and jobs.
    We need to ensure the New Zealand tax system does not discourage businesspeople from investing in their businesses and does not deter foreign investment. 
    I am considering a range of proposals to make our tax settings more competitive over time.
    Fourth, affordable energy.
    Alongside the supermarket bill, electricity prices are a major pain point for Kiwi households.  Spiking prices and uncertain supply are also a major barrier to industry and the jobs it supports.
    As we look out to the world, it’s clear that those choosing to invest in manufacturing, data centers and technological parks will increasingly ask themselves: does the country that we want to invest in have secure, affordable and renewable energy? 
    New Zealand is pretty well-positioned for that. We already have abundant levels of renewable energy. 
    The question is, are we well positioned to bring on new generation at the pace needed to keep both security of supply and affordability? 
    That’s a question the Government is very much engaged in. 
    The Energy Competition Task Force has published proposals to give consumers more control over energy costs. In addition, independent reviewers will report to Ministers in the middle of the year on the performance of the energy market.  
    My view is that the world’s surging demand for renewable energy has changed the game. It’s time to think much more boldly about the actions the Government may need to take to incentivise new generation, security of supply and affordable electricity.
    Fifth, savings.
    Finally, I want to see KiwiSaver working as well as possible for New Zealanders. Commerce Minister Andrew Bayly already has work underway to enable Kiwisaver providers to make greater investments in private assets, to generate good returns for savers and ensure more Kiwi savings can be deployed for investment here at home.  
    I want to see KiwiSaver balances grow, both to make Kiwis better off in retirement and to grow our collective national savings. I am taking advice on options for achieving that with a view to taking recommendations to Cabinet.
    Let me finish by providing you with some perspective. 
    Our domestic context is challenging. Internationally we are arguably operating in a more complex, faster changing world than at any time in history. 
    But, when I look around the world, there is nowhere I would rather build a business or raise a family than here in New Zealand.
    But the world doesn’t owe us a living. We have to compete hard to deliver for our national interests and the interests of New Zealanders. 
    Our Government’s plan to grow the economy is about making the most of New Zealand’s many advantages, removing barriers that are holding Kiwis back and competing for our share of the world’s wealth.
    This is not an abstract mission.  It goes to the heart of what matters to New Zealanders. 
    To create better paying jobs and make Kiwis more financially secure, we must grow our economy.
    To deliver better health services and schools, we must grow our economy.
    To make New Zealand more resilient to global challenges, we must grow our economy.
    This Government backs New Zealanders to succeed. I know you do too. I wish you a successful conference and look forward to hearing your ideas.  Let’s go for growth.

    MIL OSI New Zealand News

  • MIL-OSI Economics: r* in the monetary policy universe: navigational star or dark matter? | Lecture at the London School of Economics and Political Science

    Source: Bundesbank

    Check against delivery.

    1 Introduction

    Ladies and gentlemen, It’s a pleasure and an honour for me to speak here before such a distinguished audience.

    Remember to look up at the stars and not down at your feet. This was advice from Stephen Hawking, the famous English physicist and author of numerous books on the cosmos. And who would want to contradict the genius?

    So today I invite you to join me on a stargazing tour. If you don’t have a telescope with you, no worries. However, I should add a disclaimer here: When a couple look up at the stars, things could get romantic. When astronomers observe the stars, impressive images can come into view. When economists talk about stars, it usually gets complicated. Now you know what you’re getting into! 

    I’m sure you’ve already guessed what topic I have in mind: the natural rate of interest – also known as r-star. It is a concept that economists have been grappling with for more than 125 years.[1] And it has perhaps never received more attention than in the current era of monetary policy.

    From a central banker’s perspective, I would like to discuss what role r-star can and should play in the monetary policy universe. I will structure my lecture around four key questions: What is r-star and why is it of interest for monetary policy? How have estimates for r-star evolved over the past decades? What drives uncertainty about current estimates and the future evolution of r-star? What conclusions should monetary policy draw from this?

    2 Definition of r-star and use for monetary policy

    Let’s start with the definition. The natural rate is the real interest rate that would prevail if the economy were operating at its potential and prices were stable. R-star is commonly thought to be driven by real forces that structurally affect the balance between saving and investment. Think of technological progress and demographics, for example. This also means that r-star should, by definition, be independent of monetary policy. The latter follows from the widely held belief that monetary policy can affect real variables only temporarily, but is neutral in the long term.

    At first glance, the natural rate could be a guiding star for the conduct of monetary policy. If a central bank sets its policy rates so that the real interest rate is above r-star, monetary policy is restrictive or “tight”. Consequently, economic activity slows and the inflation rate should decrease. If the real rate is below r-star, monetary policy is expansionary or “loose”. It provides incentives for consumers to purchase more and for enterprises to step up investment and output. Hence, this should result in more economic activity and a higher inflation rate.

    However, the idea of the natural rate serving as a guiding star for monetary policy comes with profound challenges. Perhaps the name r-star evokes associations with astronomy and navigation. But these would be misleading. If r-star were like a star in the sky, it would be relatively easy to locate. Stars emit light and are therefore observable.

    The natural rate is a theoretical concept. It is based on a hypothetical state of the world. That means the natural rate is, by nature, unobservable. It can only be estimated. For example, models use assumptions about the relationship between measurable variables and r-star. In this respect, the natural rate is not so much like a star shining brightly in the sky. It is more a case of dark matter. As it is invisible, astronomers infer dark matter indirectly by observing its gravitational effects.

    If something is hard to find, it only spurs researchers to look even harder – whether they are astronomers or economists. Therefore, we can draw on a variety of estimation methods for the evolution of the natural rate.

    3 Estimates for r-star over time

    Since around the 1980s various estimates of different types have been pointing to a downward trend for r-star over several decades and across many advanced economies.[2] In the wake of the global financial crisis, the estimates slumped to exceptionally low levels.[3] This development was roughly in line with the observed trajectory of actual real interest rates of short- and long-term government bonds during this period. And no wonder: In the long run, both should be driven by the same fundamental forces affecting the balance between saving and investment.

    So the question is this: what has lifted saving and depressed investment? A simple answer would be: in the long term, the most important driver is potential growth. But this finding is not very enlightening. Potential growth is also not observable. It is determined by underlying forces such as demographics and technological progress. This is where we need to look for the causes.

    Indeed, according to a number of recent studies, waning productivity growth and population ageing were the key factors in pushing saving up and investment down.[4] Lower productivity reduces the return on investment, so people are less willing to invest. As they expect to live longer, they are more willing to save.

    In addition, inequality, risk aversion and fiscal policy could be other factors. For example, growing inequality raises saving, as richer households save a larger share of their income. Similarly, higher risk aversion leads to higher saving, especially in safe assets, while lowering investment.[5] 

    Many of the estimates for r-star reached their lowest point in the pandemic years 2020 and 2021. After that, there were signs of a partial reversal. A recent analysis by Eurosystem economists across a suite of models and data up to the end of 2024 suggests that estimates of r-star range from − ½ % to ½ % in real terms. In nominal terms, they find that it ranges between 1¾ % and 2¼ %.[6]

    It is clear that these ranges depend on the estimating approaches considered. Taking into account an even wider array of measures, Bundesbank staff calculations using data up to the end of 2024 reveal a range of 1.8 % to 2.5 %.[7] And the ECB found for the third quarter of 2024: When three estimates derived from versions of the Holston-Laubach-Williams model are factored in, the range of real r-star is − ½ % to 1 % and the nominal range is 1¾ % to 3 %.

    All in all, the results suggest that the range of r-star estimates most likely increased by about one percentage point from their lows. The latest estimates by economists from the Bank for International Settlements come to similar findings.[8]

    The reasons for the increase after the pandemic are not yet fully clear. For example, high fiscal spending with rising public debt levels could play a role. Or higher needs for capital, as companies make their value chains more resilient by duplicating structures and increasing stock levels.

    4 Uncertainties around r-star estimates

    Stargazing tours in economics are a journey into the uncertain. This is also and especially true for r-star. Estimates of the natural rate of interest are subject to major uncertainties, shaped by three M’s: megatrends, methodology and monetary policy.

    First, we are facing a number of megatrends. Think of climate change, ageing societies, digitalisation, and the risks of de-globalisation and increasing geopolitical divisions. The effects of these megatrends on natural rates are difficult to gauge and may change over time.

    On the one hand, they could contribute to a higher natural rate. Here are some examples: The widespread uptake of artificial intelligence could boost productivity growth. The green transition could lead to higher investment. Fiscal deficits could persist at an elevated level due to higher defence spending given geopolitical tensions. The entry of the baby boomer generation into retirement could reduce savings.

    On the other hand, life expectancy is predicted to keep rising; the high hopes for the productivity-enhancing effect of AI could turn out to be too optimistic; and given high public debt levels, fiscal space for additional spending is limited in many countries. Overall, it is virtually impossible to predict which developments will prevail in affecting r-star.

    The second factor of uncertainty is methodology. The methods used to define and estimate r-star differ in important ways, especially in terms of time and risk. 

    Ricardo Reis demonstrates this impressively in a recent paper.[9] He presents four different “r-stars”. They are based on four different conceptual approaches. And they developed quite differently between 1995 and 2019. 

    One major difference is the risk dimension. Knut Wicksell’s original definition of the natural rate was the rate of return on physical capital in equilibrium.[10] The rate of return on physical capital is the return on investment in the real economy. And this rate is very much associated with risks. 

    However, this perspective has been lost in virtually all of the model approaches. Generally, they use rather secure government bond yields as a starting point. Again, with regard to the real economy, a risky return on capital would be a more appropriate yardstick. When we look at measures for the return on private capital, we see a strong contrast with risk-free rates. Returns on private capital have remained broadly stable over the last decades in the US,[11] Germany[12] and the euro area as a whole.[13] 

    From these observations, Ricardo Reis draws the following conclusion: focusing exclusively on the return on government bonds as the measure of r-star, while neglecting the return on private capital, leads to the wrong policy advice.[14]

    Another case in point is the time horizon that is considered. Commonly cited estimates seek to assess the real rate that prevails in the longer run, when all shocks have dissipated. Most of these estimates are highly imprecise. Many methods simply project the current or the historical level of real rates into the future. This may confound permanent trends with cyclical factors, which may not be representative for the future. As a result, such methods could miss important turning points in real rate trends. 

    Other approaches characterise a short-run real rate in a hypothetical world without frictions. While interesting, this concept is of limited value for actual policymaking in the real world. Methods based on a short-term equilibrium tend to produce more volatile estimates of r-star.

    There is a third reason for caution: monetary policy itself may play a role in shaping the natural rate or its estimates. A number of studies challenge the view that money is neutral in the long run.[15] 

    There are different channels through which monetary policy could have lasting effects on real interest rates. Prolonged tight monetary policy, for example, may lower investment, innovation and productivity growth.[16] By contrast, persistent monetary easing could fuel financial imbalances and contribute to zombification.[17] 

    Moreover, recent research suggests that central bank announcements provide guidance about the trend in real rates. For instance, a narrow window around Fed meetings captures most of the trend decline in US real long-term yields since 1980.[18] This could mean: when central banks look for r-star in financial market prices, they might actually be looking in a mirror.[19] Feedback loops between monetary policy and markets could unduly reinforce their perceptions about r-star. And shifts in perceived r-star could affect actual r-star as it influences saving and investment decisions.

    5 Conclusions for monetary policy

    Against the backdrop of these major uncertainties, the final key question of my speech is this: what role can and should r-star play for monetary policy in practice?

    Let’s approach the answer with a thought experiment: Put yourself in the shoes of a monetary policymaker who only looks at r-star. The relevant interest rate with which you steer the monetary policy stance is currently 2.75 %. After a previous series of interest rate cuts, you consider whether a further cut would be appropriate.

    Your staff inform you that various point estimates of r-star range from around 1.8 % to 2.5 % in nominal terms. If r-star were at the upper end of the estimates, the policy rate would become neutral with the next rate cut. Things would be different if r-star were at the lower end of the estimates: Monetary policy would continue to be restrictive, even after several further rate cuts.

    So how would you proceed, given a certain stance you want to achieve? Beware: If you rely on a wrong estimate, your decision may have a different effect on inflation than you intended. Simply choosing the middle of the range might not be a happy medium. Around the point estimates, there are often uncertainty bands of different sizes and with asymmetries.

    As you have probably guessed: It is no coincidence that I have described this particular decision-making situation. It looks similar in the euro area ahead of the next monetary policy meeting of the ECB Governing Council at the beginning of March. After several rate cuts, the neutral rate could already be near – or there may still be some way to go.

    The President of the New York Fed, John Williams, put the problem in a nutshell when he said: as we have gotten closer to the range of estimates of neutral, what appeared to be a bright point of light is really a fuzzy blur.[20]

    The bottom line here is this: The closer we get to the neutral rate, the more appropriate it becomes to take a gradual approach. For this purpose, r-star is a helpful concept: it indicates when we need to be more cautious with policy rate moves so that we don’t take a wrong step. 

    At the same time, the limits of the concept are also clear: it would be risky to base decisions mainly on r-star estimates. Much more is needed to assess the current monetary policy stance and the optimal policy path for the near future.

    That is why the Eurosystem uses a variety of financial, real economic and other indicators along the monetary policy transmission mechanism. We want the fullest picture possible. And, of course, r-star also has a place in this picture. For instance, r-star is included in model-based optimal policy projections that we use in the decision-making process.

    In my opinion, proceeding in a data-driven and gradual manner has served the ECB Governing Council well. There is no reason to act hastily in the present uncertain environment. The data will tell us where we need to go.

    Away from day-to-day monetary policymaking, the concept of the natural rate of interest provides a useful framework. This is also exemplified in the policy scenarios that Ricardo Reis presented last week in Brussels.[21]

    He works with the assumption that government bond rates remain around current levels. I would add the assumption that inflation stays on target – actually, that is what I am in office for and committed to. Assuming output is at capacity, policy rates would be persistently higher than in the past. But the recommendations on actual monetary policy depend on the driving forces: is the new setting caused by less demand for safe and liquid assets or by an increase in productivity? And he has two more scenarios in his paper!

    That provides a good example of why we should take a close look at the factors behind r-star estimates. Here it is important to even better understand the forces that are shifting real interest rate trends. We need to find out how these forces and trends affect our work to ensure price stability.

    Reviewing our monetary policy strategy from time to time is therefore vital. That is precisely what we are doing right now in the Eurosystem. And, of course, in this process, we look at all the questions I mentioned about r-star.

    Our stargazing tour is drawing to a close. It turns out we were dealing more with dark matter than with a shining star. Just as dark matter is an exciting field for astronomers, r-star is a rewarding topic for economists.

    Using r-star alone to navigate the monetary policy universe could be like flying almost blind. But having it as one of many instruments in your cockpit is highly useful.

    I would like to end by quoting Stephen Hawking again: Mankind’s greatest achievements have come about by talking, and its greatest failures by not talking.

    Footnotes: 

    1. Wicksell, K. (1898), Geldzins und Güterpreise: eine Studie über die den Tauschwert des Geldes bestimmenden Ursachen, Jena, G. Fischer (English version as ibid. (1936), Interest and prices: a study of the causes regulating the value of money, London, Macmillan).
    2. Obstfeld, M., Natural and Neutral Real Interest Rates: Past and Future, NBER Working Paper, No 31949, December 2023.
    3. Brand, C., M. Bielecki and A. Penalver (2018), The natural rate of interest: estimates, drivers, and challenges to monetary policy, ECB Occasional Paper, No 217.
    4. Cesa-Bianchi, A., R. Harrison and R. Sajedi (2023), Global R*, CEPR Discussion Paper No 18518; Davis, J., C. Fuenzalida, L. Huetsch, B. Mills and A. M. Taylor (2024), Global natural rates in the long run: Postwar macro trends and the market-implied r* in 10 advanced economies, Journal of International Economics, Vol. 149; International Monetary Fund (2023), The natural rate of interest: drivers and implications for policy, World Economic Outlook, April, Chapter 2.
    5. On the development of risk appetite in financial markets, see Deutsche Bundesbank, Risk appetite in financial markets and monetary policy, Monthly Report, January 2025.
    6. Brand, C., N. Lisack and F. Mazelis (2025), Natural rate estimates for the euro area: insights, uncertainties and shortcomings, ECB Economic Bulletin, 1/2025.
    7. Additional models would also provide values outside this range, but are currently not deemed sufficiently robust.
    8. Benigno, G., B. Hofmann, G. Nuño and D. Sandri (2024), Quo vadis, r*? The natural rate of interest after the pandemic, BIS Quarterly Review, March.
    9. Reis, R. (2025), The Four R-stars: From Interest Rates to Inflation and Back, draft working paper. 
    10. Wicksell, K. (1898), op. cit.
    11. Caballero, R., E. Farhi and P.-O. Gourinchas (2017), Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares, American Economic Review: Papers & Proceedings 107(5), pp. 614‑620.
    12. Deutsche Bundesbank, The natural rate of interest, Monthly Report, October 2017.
    13. Brand, C., M. Bielecki and A. Penalver (2018), The natural rate of interest: estimates, drivers, and challenges to monetary policy, ECB Occasional Paper, No 217.
    14. Reis, R., Which r-star, public bonds or private investment? Measurement and policy implications, Unpublished manuscript, September 2022.
    15. Jordà, Ò., S. Singh and A. Taylor, The long-run effects of monetary policy, NBER Working Papers, No 26666, January 2020, revised September 2024; Benigno, G., B. Hofmann, G. Nuño and D. Sandri (2024), Quo vadis, r*? The natural rate of interest after the pandemic, BIS Quarterly Review, March.
    16. Baqaee, D., E. Farhi and K. Sangani, The supply-side effects of monetary policy, NBER Working Paper, No 28345, January 2021, revised March 2023; Ma, Y. and K. Zimmermann, Monetary Policy and Innovation, NBER Working Paper, No 31698, September 2023.
    17. Borio, C., P. Disyatat, M. Juselius and P. Rungcharoenkitkul (2022), Why so low for so long? A long-term view of real interest rates, International Journal of Central Banking, Vol. 18, No 3.
    18. Hillenbrand, S. (2025), The Fed and the Secular Decline in Interest Rates, The Review of Financial Studies, forthcoming. 
    19. Williams, J. C. (2017), Comment on “Safety, Liquidity, and the Natural Rate of Interest”, by M. Del Negro, M. P. Giannoni, D. Giannone, and A. Tambalotti, Brookings Papers on Economic Activity, Vol. 1, pp. 235‑316; Rungcharoenkitkul, P. and F. Winkler, The natural rate of interest through a hall of mirrors, BIS Working Paper No 974, November 2021.
    20. Williams, J. C., Remarks at the 42nd Annual Central Banking Seminar, Federal Reserve Bank of New York, New York City, 1 October 2018.
    21. Reis, R. (2025), op. cit.

    MIL OSI Economics

  • MIL-OSI Economics: The European Financial Industry of the Future | 6. Frankfurt Digital Finance Conference & European Fintech Day

    Source: Bundesbank

    Check against delivery.

    Ladies and gentlemen,

    I’m glad to join you today at the “Gesellschaftshaus Palmengarten”. Its history goes back to the 19th century. It was the “Gründerzeit” or “founders’ period” – an era of strong economic expansion in Germany – when this building was constructed. And when Germany was developed as an industrial location. Developed by people, men and women, lead by curiosity, innovation, and a desire to achieve.

    We have to cast our minds back a few years to see times of growth, real innovation and increasing productivity in Europe.

    1 The role of the financial industry

    In the 2010s Germany had a period of solid growth that some called “the golden decade”. 

    Today, however, we see a need for growth and increasing productivity. Hence, our competitiveness is at stake. Not only in Germany, but also in other parts of Europe. And this comes at a time, when we are facing numerous major challenges:

    Consider the significant geopolitical uncertainties of our time – which make a rethink necessary in many respects. Also consider the digitalisation of large parts of our economy, incl. disruptive AI. And think about the climate-related need for an ecological transformation.

    Financing all of this requires a substantial amount of capital.

    This is where the financial industry comes in: The financial industry can act as an enabler of growth in the real economy. Growth that is so much needed right now.

    Looking forward, the financial industry could translate growth potential into real growth in many fields – digitalisation, AI, clean tech, pharma, biotech any many more.

    In sum, there are huge business opportunities for Germany and the EU. And we need the Financial industry to take advantage of the business opportunities. 

    But let us not forget that innovation happens in many places – at start-ups but also at well established companies. We need to make sure that a variety of funding sources are available to support our real economies.

    We need a specific financial ecosystem that enables young, innovative companies to flourish. Be it VC, PE, etc. We need established capital markets. Above all, we need a strong and healthy banking sector that supplies our economy with sufficient credit.

    That means: We need both traditional loans and venture capital. In any case, all the pockets of the financial industry provide the basis for a growing economy. It’s also the basis for the ecological transformation. 

    The German Council of Experts on Climate Change published [a week ago] new figures on the investment needs estimated for the transition towards net-zero economic activity. Those investment needs range between 135 and 255 billion euro – each year for Germany alone.[1] That’s a lot.

    Let’s now have a closer look at the digitalization including AI.

    2 Artificial intelligence: innovation and competitiveness

    The term artificial intelligence (AI) was coined in the middle of the 20th century. But it was the release of ChatGPT in November 2022 that marked a breakthrough. For the first time it became possible to use an AI system without detailed technical knowledge.

    Nowadays almost anyone can use AI. The importance of responsible AI practices on the increase – as highlighted in the latest Declaration by the G20.[2]

    There are important questions – to which, to be honest, there are no simple answers:

    Are the opportunities and risks of AI balanced? 

    Does AI lead to a global fragmentation, to a new barrier between those who use AI and those who don’t? 

    Does AI, as a general-purpose technology, help us better manage economic challenges?[3]

    One example of the latter point: Many societies are lacking skilled labour due to demographic change. Here, the use of AI could provide a solution by increasing efficiency or substituting human services. AI can also help drive innovation. 

    AI enables both incremental and disruptive innovation across all parts of society: 

    • by facilitating faster decision-making
      • optimizing existing processes, 
      • or by collecting, processing and using huge amounts of data.

    It fosters creativity, supports scientific breakthroughs, and unlocks opportunities for entirely new industries and business models – a potential, albeit disruptive, growth engine.

    Nevertheless, human creativity is still a key driver of innovation. In 2023, individuals or SMEs filed almost one in four patent applications in Europe.[4]

    Today, we are at a crucial stage: With international competition on the one side and technical and intellectual skills on the other. AI models from the United States are well-known and often considered state of the art. China in particular has recently come up with new and apparently very efficient language models. However, the discussion about the background is not yet complete.

    In Europe, we have to do our utmost to keep up with the pace. An important initiative recently came from France: In Paris the “EU AI Champions Initiative”, a high-level summit, was held at the beginning of this week.

    President Macron mentioned a funding volume of roundabout € 109 billion for AI in France. This approach is very encouraging for other EU member states. By comparison: USPresident Trump has mentioned USD 500 billion for his “Stargate” plan in the US. 

    Despite these substantial investments, there is no guarantee of success. On the other hand, we must not allow ourselves to be deterred by possible failures. One example is the French AI chatbot LUCIE, which has been taken offline after giving some weird answers. I am sure France will take this as a chance to try even harder.

    The narrative with all kind of innovation is: Accept failure to grow. The pioneers of the “Gründerzeit” – which I mentioned earlier – knew this only too well.

    We need this kind of courage to embrace a “culture of trial and error”. It provides an important impetus to do things better. On the other hand, we have to ensure that new technology does not cause severe damage. Especially because AI is a relatively new technology with unknown potential and consequences for the entire society.

    Risks can arise for the financial system, but much further afield as well. Imagine, risk management or investment advice would be provided mainly by AI. Would this mean that investment recommendations are becoming more and more similar? Would we have concentration of risks? And what consequences would this have for financial stability?[5]

    Even more far-reaching questions concern our society.

    The core question is: What does AI mean for our democracies, for our constitutions, for our fundamental rights? Specifically, we need to ask ourselves: Where is AI beneficial and where do we need clear rules.

    In other words: What are the basic rules for using this technology?

    It is therefore necessary to find a compromise between having the courage to innovate – and clear rules.

    3 Strengthening the financial industry

    Regardless of how we deal with AI, we have to return to the issue of financing its development. As indicated earlier, the financial industry, as an enabler, has an important role to play.

    Given the challenges of our time I mentioned earlier, it is vital to strengthen the European financial industry. 

    Let me highlight only two measures:

    First, we need to get started on improving start-up funding. In 2024, more than 2,700 innovative start-ups were founded in Germany, the second-highest count after the record year of 2021. There is no shortage of innovative concepts and entrepreneurship per se, but implementation is lacking. 

    Further completing the European capital markets union (CMU) is essential in this respect – promoting the development of the VC and private equity market as well as exit options for start-ups. The European Commission’s “Competitiveness Compass”, published recently, 29 January 2025, is a good start. 

    Second, we need to leverage digital technologies to create efficient, integrated and resilient European financial markets. The digital CMU could be a game changer in this respect. 

    Let me make it perfectly clear: Europe is a leader in this field. 

    We at the Bundesbank are engaged in several initiatives. And we have a prominent role to play in the development of a central bank digital currency (wholesale CBDC).

    4 Conclusion

    Ladies and gentlemen, let me sum up: And I can be very brief, but still to the point.

    The European Financial industry has to become an enabler of growth. Our Financial industry is key to ensure that the European economy stays competitive. 

    Thank you very much. 

    MIL OSI Economics

  • MIL-OSI NGOs: UK: over 60% of people agree it should not be a crime for sex workers to work together – new poll

    Source: Amnesty International –

    61% of adults believe it should not be a crime for two or more sex workers to work together  

    Over half believe consensual sex work should be fully decriminalised  

    “Full decriminalisation is the only option to keep sex workers safe” – Chiara Capraro  

    Sex work should be fully decriminalised in the UK to protect sex workers’ human rights and safety, Amnesty International UK has said today.  

    In England and Wales, the buying and selling of sexual services is legal, but some activities around sex work are not – sex workers who decide to work together for safety can be charged with brothel keeping and it is a criminal offence to ‘solicit’ clients in public spaces. As a result, sex workers are forced to work on their own, at increased risk of violence.   

    A new poll* commissioned by Amnesty UK has shown that the majority of the UK public (61%) believe that it should not be a crime for two or more sex workers to work together, and more than half (53%) of UK adults agree that consensual adult sex work should be fully decriminalised.  

    Chiara Capraro, Amnesty International UK’s Gender Justice Programme Director, said:   

    “Our poll shows that the majority of the UK public wants the law to protect, not punish sex workers.  

    “Most people go into sex work due to poverty. Years of austerity and the cost-of-living crisis are pushing more and more women into sex work to support themselves and their families. Rather than keeping these women safe and helping them to leave sex work if they so wish, the current law forces sex workers into harmful, dangerous and isolating situations and can trap them in a cycle of poverty.  

    “Sex workers should be able to work together for safety, but instead criminalisation forces them to work in precarious situations alone, making them vulnerable to violence and abuse and blocking them from accessing health care and other vital services. 

    “Full decriminalisation is the only option to keep sex workers safe – it would allow them to work together for security, improve their ability to report violence to the authorities and access justice and support.” 

    Amnesty International UK is calling for decriminalisation alongside a coalition of sex worker led and human rights organisations, including Decrim Now and the English Collective of Prostitutes.  

    Megan Isaac, a spokesperson from Decrim Now, said:  

    “This polling shows that the general public agrees with what sex workers have long been calling for: we need full decriminalisation so that sex workers can work together for safety, without having to fear fines, eviction, or arrest. The government has abandoned millions of people in the UK to living in poverty – it’s deeply unfair to criminalise people who turn to sex work so that they can survive. 

    “We know that it’s possible for the law to change. New Zealand decriminalised sex work in 2003 and Belgium did so in 2022, recently implementing laws that would give sex workers access to maternity leave, sick pay, and protection from harassment. Politicians must take action to decriminalise sex work in the UK, to protect sex workers’ safety, health, and human rights.” 

    Laura Watson, a spokesperson from the English Collective of Prostitutes, said:  

    “Most of the women in our group are mothers working to support children and we are furious that we are pushed into this job by poverty and then criminalised for trying to survive and keep our families together. Those of us who are migrant and/or women of colour get particularly targeted.  

    “Sex workers are facing epidemic levels of rape and other violence but we can’t report to the police because we are frightened about being arrested ourselves for soliciting or brothel-keeping.  

    “If we are working on the street, we end up running from the police and being pushed into more isolated areas. Many of us would like to work together with another woman inside because it is safer but if we do that we can be arrested for brothel-keeping.” 

    ENDS 

    Background 

    *Savanta interviewed 2,208 UK adults aged 18+ online between the 29 November and 2 December 2024. Data were weighted to be representative of the UK by age, gender, and region. Savanta is a member of the British Polling Council and abides by its rules. 

    MIL OSI NGO

  • MIL-OSI United Kingdom: Trefusis Park works to begin this year

    Source: City of Plymouth

    Work to transform Trefusis Park into a green solution to nearby flooding issues is set to begin later this year.

    The scheme, which was consulted on for a second time in 2024, will see the park become home to a new sustainable drainage system.

    As part of the works a seasonal wetland area will be installed to help reduce the risk of flooding to homes and businesses in the local area by safely storing water during heavy rainfall.

    Having received funding for the scheme from the Environment Agency, we are working towards appointing a contractor in the near future, with the aim of starting work in in the Spring.

    Councillor Tom Briars-Delve, Cabinet Member for the Environment and Climate Change, said: “I’m really pleased that this project is able to progress and that we’ll be able to get spades in the ground in the very near future.

    “This project is not just crucial from an aesthetics and nature point of view but it’s also a key natural solution to flooding.

    “We see time and again what happens when there is heavy rainfall in this area and I hope that residents and businesses in Lipson Vale will welcome this news.”

    The Trefusis Park Flood Relief Scheme has been in development for several years.

    It will provide new wildlife-rich habitats, including the planting of new trees and hedgerow, as well as new paths and seating. In addition, a new amenity pond will be created on the site of the old lake at the southern end of the park. A new half-sized basketball court will also be installed.

    The scheme is required to alleviate flooding in Lipson Vale, particularly at its junction with Bernice Terrace, which has seen high rainfall cause persistent flooding for many years.

    The seasonal wetland basins within the park will store surface water during heavy rainfall, which will then be slowly released back into the drainage system once the rain has passed and the system has capacity again. This will enable the drainage system downstream of the park to cope better and will also mean that roads and pavements will be less likely to close because of flood water.

    The scheme will also allow South West Water to carry out work to stop surface water entering the combined foul sewer upstream of the park. This will further reduce the risk of flooding and improve water quality in the River Plym by reducing the number of combined sewer overflow (CSO) spills that occur during heavy rainfall.

    Once South West Water’s works have been completed, 147 homes in the Lipson Vale area will be better protected from flooding.

    A consultation on the scheme initially took place in November/December 2021 and with the feedback gathered, detailed designs and further environmental plans and surveys were produced. It soon became apparent that to continue with the scheme in its original form, nearly 100 trees would need to be felled, which was clearly at odds with the environmental focus of the project.

    As a result, and following advice from a specialist arboriculturist, a revised design was drawn up, which while still requiring the removal of five trees, significantly reduces the amount that need to be felled. A second public consultation on the revised design took place in October 2024.

    The five trees that need to be removed are set to be felled in late February 2025.

    The Trefusis Park Ponds Project is being delivered by Plymouth City Council in partnership with the Environment Agency and South West Water,

    More details about the scheme and ways in which you can share your views can be found at: www.plymouth.gov.uk/trefusisparkfloodreliefscheme

    MIL OSI United Kingdom