Category: Finance

  • MIL-OSI Europe: Answer to a written question – A Europe ready for war by 2030 – P-001202/2025(ASW)

    Source: European Parliament

    The deterioration of the security context requires Member States to rapidly invest in defence, with a major impact on public finances. This exceptional situation, beyond Member State control, justifies Article 122 of the Treaty on the Functioning of the European Union (TFEU)[1] as a legal basis, allowing the Council to adopt measures in crisis situations. Security Action for Europe (SAFE) is a new specific and temporary instrument in the form of a regulation.

    The role of the European Parliament is pivotal, and the Commissioner for Defence and Space is committed to regularly engage with the European Parliament.

    Defence is a Member States’ prerogative. The Commission has the economic and regulatory means to support them.

    SAFE loans are not expenditure arising from Common Foreign and Security Policy (CFSP) operations with military or defence implications pursuant to Article 41(2) of the Treaty on European Union[2]. These loans are provided on the basis of Article 122 of the TFEU.

    The allocation of the EUR 150 billion loans to Member States for common procurements will be demand driven.

    Member States wishing to receive loans will have to submit a Defence Industry Investment Plan to the Commission. The plan will need to include the loan size and pre-financing, a description of the activities, expenditures and measures for which the loan is requested, and, where relevant, the foreseen benefits for Ukraine.

    Member States will report every six months on the progress. Where the Commission concludes that the report is unsatisfactory, the payment of all or part of the loan shall be suspended.

    The Commission will provide an annual report on the use of financial assistance to the European Parliament and the Council.

    • [1] https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=CELEX%3A12008E122%3AEN%3AHTML.
    • [2] https://eur-lex.europa.eu/eli/treaty/teu_2008/art_41/oj/eng.

    MIL OSI Europe News

  • MIL-OSI Europe: Missions – Mission report following the ECON mission to Paris, France, from 14 to 16 April 2025 – 14-04-2025 – Committee on Economic and Monetary Affairs

    Source: European Parliament

    During its mission to Paris, the ECON delegation met the French Finance Minister, the Governor of the Banque de France and the Premier Président of the Cour des comptes, as well as other French government officials, regulatory agencies, businesses, economists and trade unions’ representatives.

    The ECON delegation also met with the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the Organisation for Economic Co-operation and Development (OECD).

    Location : Paris, France

    Source : © European Union, 2025 – EP

    MIL OSI Europe News

  • MIL-OSI Russia: China’s Finance Ministry issues 12.5 billion yuan in treasury bonds in Hong Kong

    Translation. Region: Russian Federal

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

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

    BEIJING, June 4 (Xinhua) — China’s Ministry of Finance on Wednesday issued its third batch of yuan-denominated Treasury bonds this year in the Hong Kong Special Administrative Region (SAR), totaling 12.5 billion yuan (about 1.74 billion U.S. dollars).

    According to the department, the current bond issue includes 2-year bonds worth 3.5 billion yuan, 3-year bonds worth 3 billion, 5-year bonds worth 3 billion, and 10-year bonds worth 3 billion. The interest rates on these securities are 1.49 percent, 1.52 percent, 1.6 percent, and 1.75 percent, respectively.

    The Ministry of Finance also noted that the bond issue was positively received by investors, with the total amount of subscriptions for the purchase of securities exceeding the amount issued into circulation by 3.96 times.

    In May, the agency announced that it would issue 68 billion yuan worth of yuan-denominated treasury bonds in the Hong Kong Special Administrative Region by the end of the year. The issue will be carried out in six stages. –0–

    MIL OSI Russia News

  • MIL-OSI United Kingdom: New St Clements School co-location statutory consultation

    Source: Scotland – Highland Council

    Members of the Education Committee met today (Wednesday 4 June) and agreed the recommendation to proceed with the statutory public consultation for the co-location of the new St Clement’s School alongside a new Dingwall Primary School on a shared site with enhanced community facilities.

    A public meeting will be held on Wednesday 2 July to discuss the Council’s proposal. There will also be the opportunity for stakeholders to submit views to the Council ahead of the meeting and subsequently prior to any final recommendation and decision being made.

    At a meeting of The Highland Council on Thursday 27 March 2024, elected members unanimously agreed investment priorities for the first phase of The Highland Investment Plan (HIP), including a recommendation to co-locate St Clement’s and Dingwall Primary schools at a new Dingwall Community Point of Delivery (POD) site, on the basis that this provides the greatest educational benefits for pupils of both schools, and the maximum economic benefit for the wider community.  The proposal to relocate St Clement’s School alongside a new Dingwall Primary School on a shared site will require to undergo a statutory consultation.

    Education Committee Chair, Cllr John Finlayson said: “The commitment to build a new school that retains the school’s unique identity has been endorsed by Committee today.  The Highland Investment Plan offers an exciting co-location option that has even greater benefits for our young learners than any other previously proposed.   

    “The strong collaborative working between St Clement’s School, Dingwall Primary and the wider Dingwall community has always played an integral part in our young people’s learning journey.  Co-locating will enhance inclusion and equitable opportunities for success, providing the best learning environments for all our children.

    “It will increase opportunities for pupils with a disability to participate in wider curriculum and social opportunities, whilst ensuring specialist support and facilities are tailored to individual needs in their own individually designed standalone school and associated outdoor spaces.

    “A statutory consultation will now be undertaken for the proposed new site for St Clement’s School.”

    The consultation will begin on 9 June 2025 and will end on 3 October 2025. This period allows for the statutory minimum of six weeks, including at least thirty school days.

    A public meeting will be held at 6:30pm on Wednesday 2 July at St Clement’s School with an opportunity to attend virtually for those unable to be there in person.

    A consultant architect with extensive experience of designing special schools and additional support needs facilities has been engaged to assist with the development of the new St Clement’s School project brief and initial floor plans and external layouts have been prepared. A series of design workshops will be held with stakeholder groups in the coming weeks to establish a clear vision for the new school. This will ensure that it provides first-rate facilities to meet the needs of every child that will attend St Clement’s in the future and maximise the benefits to be realised.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Dedicated road marking team mobilised throughout the Highlands

    Source: Scotland – Highland Council

    Highland Council’s dedicated road marking team has been fully mobilised to carry out road marking across the Highland region.

    Chair of Highland Council’s Economy and Infrastructure Committee, Councillor Ken Gowans, said: “The Council has invested significantly in road maintenance as part of a broader program to improve Highland roads and the dedicated road marking team will help us to improve road safety for our communities. I’m delighted to see that the newly established team has made the most of the recent good weather to cover a lot of ground in the north-west and Skye, despite the challenging geography. Our new vehicles are also ensuring that the work is carried out quickly and effectively with minimal disruption for local people.”

    Since April, the team has completed approx. 150km of white lines across Sutherland, Caithness and the Isle of Skye, with a further 190km of white lining works planned for over the summer months across the other areas of the Highlands, including Lochaber, Ross and Cromarty, Badenoch and Inverness. Exact timings will be weather-dependent, but we aim to give communities advance notice on social media wherever possible.

    The operation requires a team of four operatives using two lorries. A feeder lorry is used to preheat and deliver the thermoplastic lining material to the lining lorry which then applies the hot material to the road surface as either an edge or centre line. Immediately after the line is applied, another nozzle adds reflective glass beads, followed by a final nozzle spraying clean water onto the line to cool the material, allowing traffic to flow immediately.

    The road marking programme forms part of The Council’s £2.1 billion Highland Investment Plan which will provide 20 years of funding for roads and transport, schools, offices and community facilities throughout the Highlands.


    A836 gills bay

    B8084 broadford to elgol

    4 Jun 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: New Mexico man indicted in Texas for drug, firearm, murder charges following ICE El Paso investigation

    Source: US Immigration and Customs Enforcement

    EL PASO, Texas — A New Mexico man is in federal custody after being indicted by a federal grand jury in El Paso in 2021 and expelled to the United States by Mexican authorities on May 27. U.S. Immigration and Customs Enforcement is investigating the case with assistance from U.S. Customs and Border Protection and the Texas Attorney General’s Office.

    Jaime Renteria-Fernandez, 31, of Albuquerque, New Mexico, is charged in a superseding indictment with nine counts related to alleged offenses committed in support of the Barraza drug trafficking organization. Co-conspirator Alex Barraza was the leader of the DTO and was sentenced to life in federal prison Oct. 24, 2024.

    “Jaime Renteria-Fernandez tried to evade justice by fleeing the country, but the law has a long reach,” said Jason T. Stevens, special agent in charge of Homeland Security Investigations El Paso. “HSI is relentless in its mission to seek out members of drug trafficking organizations who wreak havoc on the security and well-being of our border community.”

    Renteria-Fernandez made his initial appearance in federal court May 29. The indictment includes multiple counts related to drug possession and trafficking, conspiracy to launder monetary instruments, as well as discharging firearms in furtherance of drug trafficking and murder resulting from the use and carrying of firearms during and in relation to a drug trafficking crime. If convicted, he faces a mandatory minimum of 10 years, with a maximum of life in federal prison, and possibly the death penalty. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Assistant U.S. Attorneys John Johnston, Andres Ortega and Susanna Martinez are prosecuting the case.

    An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News

  • MIL-OSI USA: Statement on Concept Release on Foreign Private Issuer Eligibility

    Source: Securities and Exchange Commission

    Good afternoon.  This is an open meeting on June 4, 2025 of the U.S. Securities and Exchange Commission under the Government in the Sunshine Act.  Commissioners Caroline Crenshaw and Mark Uyeda are here with me in Washington, D.C., and Commissioner Hester Peirce is participating remotely.

    Today, the Commission will consider a recommendation from the Division of Corporation Finance that the Commission issue a concept release seeking comment on whether to revise the definition of foreign private issuer.

    The Commission first defined foreign private issuer in 1967.[1]  Then in 1983, it developed the foundation of the current definition through a test to determine whether a foreign issuer is “essentially [a] U.S. issuer” based on percentage of U.S. ownership, nationality of the management team, and location of business operations.[2]  The world, financial markets, and corporate legal structures have significantly changed over the past forty-plus years.

    The U.S. capital markets have been and still are the envy of the world.  Foreign companies from across the globe seek new capital from U.S. investors for their businesses and seek to have their securities listed on a U.S. exchange for a variety of potential benefits, including higher valuation, greater liquidity, and enhanced reputation.

    Foreign companies that qualify as foreign private issuers receive these potential benefits while also being offered several accommodations under the federal securities laws that are not available to U.S. companies.  These include provisions such as (1) not needing to file quarterly reports, proxy statements, or Section 16 reports, (2) not being subject to Regulation FD, and (3) furnishing current reports on Form 6-K, rather than filing the more prescriptive Form 8-K.[3]

    As early as 1935, the Commission recognized that our rules should not treat foreign companies exactly the same as domestic companies,[4] likely because many aspects of their corporate operations, business and market practices, accounting standards, tax regimes, compensation and pension benefits, and organic corporate governance laws may be quite different from those in the United States.  Yet, at the same time, the Commission has always been mindful of the paramount need for the adequacy of the disclosures provided by the foreign companies to their U.S. investors whenever it considered new accommodations under the federal securities laws for these companies.  When the Commission provided foreign companies with additional regulatory relief in 1967, it noted “the improvement in the reporting of financial information by foreign issuers, resulting from changes in foreign corporate laws, stock exchange requirements, and voluntary disclosure by the companies themselves.”[5]

    Today, maintaining reasonable accommodations in the federal securities laws to attract foreign companies to U.S. markets and to provide U.S. investors with the opportunity to trade in those companies under U.S. laws and regulations remains an objective.  That objective must be balanced with other considerations, including providing investors with material information about these foreign companies, including their unique corporate structures, and ensuring that domestic companies are not competitively disadvantaged with respect to regulatory requirements.

    The first step in striking this balance is to determine which foreign companies should qualify as foreign private issuers and be able to avail themselves to the accommodations.  It has been several decades since the Commission last examined the characteristics of the foreign private issuer community.  The global markets have changed significantly in those decades.  It is therefore only prudent for the Commission to better understand the companies that are using the foreign private issuers accommodations today and determine if changes are needed to better protect U.S. investors.  Based on the latest data from 2023, for example, almost 55% of foreign private issuers are traded exclusively, or nearly-exclusively, in the United States.[6]  Among these issuers, the most common jurisdiction of incorporation is the Cayman Islands and the most common jurisdiction of headquarters is China.[7] 

    When the United States is effectively a foreign company’s exclusive or primary trading market and the company is not subject to meaningful disclosure requirements or securities law oversight in its jurisdiction of incorporation or headquarters, careful consideration should be given to whether the foreign company is eligible for accommodations under the federal securities laws that are unavailable to U.S. companies.  This analysis begins with considering whether the current definition of a foreign private issuer is appropriately tailored.  The concept release solicits public input on this issue, and I encourage market participants to submit their views and engage with my office and the other commissioners’ offices on this topic.

    Before I turn the meeting over to Cicely LaMothe, Acting Director of the Division of Corporation Finance, to discuss the recommendation, I would like to thank the following staff members for their work on this concept release.

    From the Division of Corporation Finance: Cicely LaMothe, Sebastian Gomez Abero, Ted Yu, Michael Coco, Kelsey Glover, Kateryna Kuntsevich, Mark Green, Ryan Milne, Wei Lu, Heather Rosenberger, Kayla Roberts, Anna Abramson, and John Fieldsend.

    From the Division of Economic and Risk Analysis: Lyndon Orton, Mattias Nilsson, Evan Avila, Tara Bhandari, and Timothy Dodd.  I would especially like to recognize Mattias and Evan because the data in their white paper on trends in the foreign private issuer population[8] significantly contributed to the concept release.

    From the Office of International Affairs: Kathleen Hutchinson, Matthew Greiner, Morgan Macdonald, Michael Ferrario, Jordan Spain, and Katerina Ossenova.

    From the Office of the General Counsel: Jeffrey Finnell, Bryant Morris, Johanna Losert, Mike Killoy and Cynthia Bien.

    From the Office of the Chief Accountant:  Ryan Wolfe, Shaz Niazi, Nigel James, Chauncey Martin, Mai-Khoi Nguyen-Thanh, Jill Davis, Sarah Esquivel, and Ella Karafiat.

    Now I will turn the meeting over to Cicely for the staff’s recommendation.

     


    [1] Adoption of Rules Relating to Foreign Securities, Release No. 34-8066 (Apr. 28, 1967) [32 FR 7845 (May 30, 1967)] (the “1967 Release”).

    [2] Foreign Securities, Release No. 33-6493 (Oct. 6, 1983) [48 FR 46736 (Oct. 14, 1983)].

    [4] See Release No. 34-323, Release No. 34-324, and Release No. 34-325 (July 15, 1935) and Release 34-412 (November 6, 1935).

    [5] The 1967 Release at 7846.

    [6] The Concept Release at section III.C.1.

    MIL OSI USA News

  • MIL-OSI USA: Sanctioning Evasion Network Supporting Hizballah Finance Operations

    Source: United States Department of State (3)

    Tammy Bruce, Department Spokesperson

    The United States is today designating a Lebanon-based sanctions evasion network that supports Hizballah’s finance team, which oversees commercial projects and oil smuggling networks that generate revenue for Hizballah.

    Such evasion networks bolster Iran and Hizballah, undermining Lebanon.  As part of today’s action, the United States is designating five individuals and three associated companies, including family members and close associates of prominent Hizballah officials.

    This action supports the whole-of-government policy of maximum pressure on Iran and its terrorist proxies, like Hizballah, as detailed in National Security Presidential Memorandum 2 issued on February 4. 

    The United States is committed to supporting Lebanon by exposing and disrupting funding schemes for Hizballah’s terrorist activities and Iran’s destabilizing influence in the region.  Hizballah cannot be allowed to keep Lebanon captive.  The United States will continue using tools at its disposal until this terrorist group no longer threatens the Lebanese people.

    Additionally, the Rewards for Justice (RFJ) program, which is administered by the State Department’s Diplomatic Security Service, is offering a reward of up to $10 million for information leading to the disruption of the financial mechanisms of Hizballah.

    Today’s action is being taken pursuant to counterterrorism authority Executive Order (E.O.) 13224, as amended.  The Department of State previously designated Hizballah as a Specially Designated Global Terrorist, pursuant to E.O. 13224, which targets terrorist groups and their supporters, and as a Foreign Terrorist Organization.  For more information, today’s designation can be found on the Recent Actions | Office of Foreign Assets Control website.

    MIL OSI USA News

  • MIL-OSI USA: $5 Million Reward Offer for Information Leading to Arrest and/or Conviction of Leader of Foreign Terrorist Organization MS-13

    Source: United States Department of State (3)

    Tammy Bruce, Department Spokesperson

    With the designation of Mara Salvatrucha (MS-13) on February 20, 2025, as a Foreign Terrorist Organization (FTO) and a Specially Designated Global Terrorist (SDGT), the U.S. government is working towards building a safer, stronger, and more prosperous hemisphere in the Americas by providing all available means to eliminate the threats of violent crime by MS-13 throughout the Western Hemisphere.  The U.S. government is offering a reward under the Transnational Organized Crime Rewards Program (TOCRP) of up to $5 million, which was announced in 2023, for information leading to the arrest and/or conviction in any country of Yulan Adonay Archaga Carías, aka “Porky” and “Alexander Mendoza”, the leader of MS-13 in Honduras.  

    Archaga Carías is the highest-ranking member of MS-13 in Honduras and is responsible for directing the gang’s criminal activities, such as drug trafficking, money laundering, murder, kidnappings, and other violent crimes involving machine guns.  He is also responsible for the gang’s importation of large amounts of cocaine into the United States.  Archaga Carías remains at large.

    Archaga Carías is one of the FBI’s Ten Most Wanted Fugitives, as well as one of the DEA’s and Homeland Security Investigations’ most wanted fugitives. 

    If you have information, please contact the FBI by email at archaga-carias_tips@fbi.gov or via text at +1 832-267-1688 (text/WhatsApp) for this reward.  If you are located outside of the United States, you may also contact the nearest U.S. Embassy or Consulate.  If you are in the United States, you may also contact the local FBI, DEA, or HSI offices in your city.

    Today’s announcement reinforces the importance of public awareness for rewards targets who are members of, or associated with, the eight cartels and transnational criminal organizations designated as Foreign Terrorist Organizations on February 20, 2025.  Bringing these individuals to justice is a priority for the Trump Administration.

    ALL IDENTITIES ARE KEPT STRICTLY CONFIDENTIAL.  Government officials and employees are not eligible for rewards.

    MIL OSI USA News

  • MIL-OSI USA: Texas woman sentenced for hostage-taking, extortion in smuggling stash house case investigated by ICE El Paso

    Source: US Immigration and Customs Enforcement

    ALBUQUERQUE, N.M. — An El Paso, Texas, woman was sentenced to 10 years in prison for her role in a hostage-taking conspiracy involving the forcible detention and extortion of the victims. The defendant was involved in the hostage-taking conspiracy while serving a term of federal supervised release for a prior alien smuggling conviction.

    U.S. Immigration and Customs Enforcement Homeland Security Investigations and the U.S. Border Patrol investigated the case with the assistance from the Otero (New Mexico) County Sheriff’s Department.

    “This case reveals a disturbing pattern of criminal organizations taking illegal aliens hostage, holding them for ransom, and terrorizing their families until payment is made, and HSI will continue to pursue those responsible,” said Jason T. Stevens, special agent in charge of HSI El Paso.

    There is no parole in the federal system.

    According to court documents, on April 4, 2024, agents from HSI and Border Patrol responded to a tip from the Otero County Sheriff’s Department regarding individuals being held against their will at an alien smuggling stash house in Chaparral, New Mexico. The joint investigation led law enforcement to the residence where 10 illegal aliens, including three juveniles, were discovered being detained under inhumane conditions, without sufficient food and water.

    During the subsequent investigation, agents determined that Valerie Perez, 22, and her coconspirator, Diana Perez, were responsible for detaining the victims. The victims were threatened with physical harm and told they were not allowed to leave. Family members of the victims were contacted and coerced into sending money for the victims’ release.

    Valerie Perez pleaded guilty to conspiracy to commit hostage taking, admitting that she participated in detaining illegal aliens, threatening them with harm, and extorting money from their families and friends in exchange for their release. At the time of this offense, Perez was on supervised release following a prior conviction for conspiracy to transport illegal aliens, for which she had been sentenced to one year and one day in prison followed by two years of supervised release.

    Upon her release from prison, Valerie Perez will be subject to three years of supervised release. Diana Perez remains in custody pending trial, which has not been scheduled.

    Assistant U.S. Attorney Alyson Hehr is prosecuting this case.

    MIL OSI USA News

  • MIL-OSI USA: Texas woman sentenced for hostage-taking, extortion in smuggling stash house case investigated by HSI El Paso

    Source: US Immigration and Customs Enforcement

    ALBUQUERQUE, N.M. — An El Paso, Texas, woman was sentenced to 10 years in prison for her role in a hostage-taking conspiracy involving the forcible detention and extortion of the victims. The defendant was involved in the hostage-taking conspiracy while serving a term of federal supervised release for a prior alien smuggling conviction.

    U.S. Immigration and Customs Enforcement Homeland Security Investigations and the U.S. Border Patrol investigated the case with the assistance from the Otero (New Mexico) County Sheriff’s Department.

    “This case reveals a disturbing pattern of criminal organizations taking illegal aliens hostage, holding them for ransom, and terrorizing their families until payment is made, and HSI will continue to pursue those responsible,” said Jason T. Stevens, special agent in charge of HSI El Paso.

    There is no parole in the federal system.

    According to court documents, on April 4, 2024, agents from HSI and Border Patrol responded to a tip from the Otero County Sheriff’s Department regarding individuals being held against their will at an alien smuggling stash house in Chaparral, New Mexico. The joint investigation led law enforcement to the residence where 10 illegal aliens, including three juveniles, were discovered being detained under inhumane conditions, without sufficient food and water.

    During the subsequent investigation, agents determined that Valerie Perez, 22, and her coconspirator, Diana Perez, were responsible for detaining the victims. The victims were threatened with physical harm and told they were not allowed to leave. Family members of the victims were contacted and coerced into sending money for the victims’ release.

    Valerie Perez pleaded guilty to conspiracy to commit hostage taking, admitting that she participated in detaining illegal aliens, threatening them with harm, and extorting money from their families and friends in exchange for their release. At the time of this offense, Perez was on supervised release following a prior conviction for conspiracy to transport illegal aliens, for which she had been sentenced to one year and one day in prison followed by two years of supervised release.

    Upon her release from prison, Valerie Perez will be subject to three years of supervised release. Diana Perez remains in custody pending trial, which has not been scheduled.

    Assistant U.S. Attorney Alyson Hehr is prosecuting this case.

    MIL OSI USA News

  • MIL-OSI: SBM Offshore signs Share Purchase Agreement with GEPetrol

    Source: GlobeNewswire (MIL-OSI)

    Amsterdam, June 4, 2025

    SBM Offshore announces it has signed a Share Purchase Agreement for the full divestment of SBM Offshore’s equity interest in the lease and operating entities of the FPSO Aseng to GEPetrol. The Company’s exit from Equatorial Guinea will take place following an operational transition phase lasting up to 12 months.

    SBM Offshore’s sale of its participation in the unit in Equatorial Guinea is in line with its strategy to rationalize its Lease & Operate portfolio, as per other recent transactions.

    The agreement remains subject to several conditions precedent and approvals.

    Corporate Profile

    SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy. 
    More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.
    For further information, please visit our website at www.sbmoffshore.com.

    Financial Calendar   Date Year
    Half Year 2025 Earnings   August 7 2025
    Third Quarter 2025 Trading Update   November 13 2025
    Full Year 2025 Earnings   February 26 2026
    Annual General Meeting   April 15 2026
    First Quarter 2026 Trading Update   May 7 2026

    For further information, please contact:

    Investor Relations

    Wouter Holties
    Corporate Finance & Investor Relations Manager

    Media Relations

    Giampaolo Arghittu
    Head of External Relations

    Market Abuse Regulation

    This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Disclaimer

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2024 Annual Report.

    Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

    This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the 2024 Annual Report, available on our website Annual Reports – SBM Offshore.

    Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

    “SBM Offshore®“, the SBM logomark, “Fast4Ward®”, “emissionZERO®” and “F4W®” are proprietary marks owned by SBM Offshore.

    Attachment

    The MIL Network

  • MIL-OSI Global: Russia has been working on creating drones that ‘call home’, go undercover and start fires. Here’s how they work

    Source: The Conversation – UK – By Marcel Plichta, PhD Candidate in the School of International Relations, University of St Andrews

    Russia launched its largest single drone attack of the war against Ukraine’s cities on June 1. The Ukrainian Air Force reported that they faced 472 unmanned one-way attack (OWA) drones overnight.

    The record may not stand for long. The prior record was on May 26, when Moscow launched some 355 drones. The day before Russia had set a record with 298 Shaheds, which itself surpassed the May 18 tally.

    Russia’s enormous OWA drone attacks came as a surprise to politicians and the general public, but it’s the culmination of years of work by the Russia military. Initially purchased from Iran, Russia began building factories in 2023 to assemble and then manufacture Shaheds (Iranian-designed unmanned drones) in Russia. Greater control over production gave Russia the opportunity to expand the number of Shaheds quickly.


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    It also helps them gradually upgrade their drones. Investigations into downed Shaheds show that Russia has been coating the drones in carbon, which resists detection by radar by absorbing incoming waves instead of reflecting them back. They have also been adding SIM cards to transmit data back to Russia through mobile networks.

    Shaheds also had their warheads upgraded. On May 20 the Ukrainian media reported that Shaheds were using newer incendiary and fragmentation warheads which start fires and spread large volumes of shrapnel respectively to increase their effectiveness.

    Russia hit Kyiv with its biggest ever drone strike a few days ago.

    These upgrades were simple in order to keep the cost of the drone, its major advantage over a missile, under control. These drones are both inexpensive and long-range.

    This means that an attacker such as Russia can launch hundreds every month at targets across Ukraine with little concern about how many are lost along the way. Meanwhile, the defender is stuck figuring out how to shoot all incoming drones down at a reasonable cost indefinitely.

    The problem is made even more complicated by the fact that air defence systems are sorely needed at the front line to shoot down hostile aircraft, making it a difficult trade-off.

    Adding to the problem is the recent production of decoy Shaheds. While they carry no warhead and pose little threat by themselves, Ukrainian air defence cannot always tell the decoy from the real thing and still need to shoot them down. In late May, Ukrainian officials told the media that up to 40% of incoming Shaheds were decoys.

    Consequently, Russia’s 472-drone attack reflects all of Russia’s innovations so far. These have improved the number of drones that survive, increased lethality, while using decoys alongside armed drones to ensure as many as possible reach their target.

    What are the challenges for Ukraine?

    Ukraine shoots most incoming Shaheds down. Even the 472-drone attack still had 382 claimed interceptions, a rate of 81%. However, the relatively high interception rate disguises the Shahed’s benefits for Russia.

    Shaheds are cheap by military standards, so launching constant attacks is a disproportionate burden for Ukrainian air defence units. Kyiv has mobilised an enormous amount of resources to protect its cities, from mobile units in trucks to counter-Shahed drones that function like a cheaper anti-aircraft missile.

    That said, these systems often have short ranges, which means that the savings per interception are somewhat offset by the need to maintain many hundreds of systems across a country as large as Ukraine. Ukraine also has the option of trying to strike Russia’s Shahed factories, which they have attempted a few times.

    Despite Ukraine’s evolving air defence, Russia still sees military benefits to constant Shahed attacks. In a study I contributed to last year, we found that Russia’s initial OWA drone strategy in 2022 and 2023 did little to force Ukraine to negotiate an end to the war on terms favourable to Russia.

    That may still be the case now, but the volume of drones and the high tempo of attacks means that Russian strategy could well be aimed at systematically exhausting Ukrainian air defence.

    As Ukraine grapples with unpredictable US military support, Kyiv is more vulnerable to running out of ammunition for its more advanced air defence systems. This means that constant Shahed attacks make it more difficult for Ukraine to stop incoming missiles, which carry much larger warheads.

    Ukraine’s drone strike this week.

    Of course, Ukraine has its own versions of the Shahed, which it uses to routinely launch strikes against Russian military and oil facilities. Less is known about Ukraine’s OWA drones, but they often use many similar features to Shaheds such as satellite navigation.




    Read more:
    Ukraine ‘spiderweb’ drone strike fails to register at peace talks as both sides dig in for the long haul


    For Russia’s Vladimir Putin, using Shaheds is not all about military benefit. Politically, he has increasingly used Shahed attacks to project a sense of power to his domestic audiences. On May 9, Russia paraded Shaheds through Moscow’s streets as part of its annual Victory Day celebrations, which had not been done in years past.

    Ukraine has begun employing its own OWA drones as part of the “Spiderweb” operation to attack military and oil infrastructure across Russia.

    Russia’s 472-drone attack is unlikely to remain its largest attack for long. Putin has shown a determination to expand the scale and tempo of its drone campaign and resist Ukaine’s calls for a permanent “ceasefire in the sky”, but this week Ukraine’s drone strategy has shown that prolonging the drone war can also have serious and unexpected effects for Moscow.

    So long as the conflict continues, Ukraine’s defenders will find themselves facing more, and better, drones aimed at their cities. But increasingly it looks like Russia must worry about Ukraine’s drone capabilities too.

    Marcel Plichta works for Grey Dynamics Ltd. as an intelligence instructor.

    ref. Russia has been working on creating drones that ‘call home’, go undercover and start fires. Here’s how they work – https://theconversation.com/russia-has-been-working-on-creating-drones-that-call-home-go-undercover-and-start-fires-heres-how-they-work-257699

    MIL OSI – Global Reports

  • MIL-OSI Global: Damien Hirst at 60: a genius who never stops stretching our understanding of art and life – or a tired trickster ruined by his riches?

    Source: The Conversation – UK – By Daisy Dixon, Lecturer in Philosophy, Cardiff University

    “I’m an artist, I have no idea about money.”

    Damien Hirst is never far from scandal. Perhaps best known for immersing animal corpses into formaldehyde and selling them as art, the “enfant terrible” of the 1990s Young British Artists (YBA) movement seems to court controversy for a living – and has made an extraordinary amount of money in the process. Reputedly worth around £700 million, this working-class lad “easily” topped a recent list of the world’s richest artists.

    Money is at the root of a lot of the questions that hover around Hirst’s legacy to the art world as he reaches his 60th birthday. Few artists have stress-tested the question of artistic value (and price) more than him – not least in his 2007 work For The Love of God: a platinum cast of a human skull encrusted with thousands of flawless diamonds.

    It cost £14 million to produce and had an asking-price of £50 million. Praised by Guardian art critic Jonathan Jones as “the most honest work of art” in its shameless reflection of capitalist consumption, Observer columnist Nick Cohen accused it of not being ironic at all in its supposed critique of the art market – but rather, “rolling in it and loving it”. Hirst himself said of the skull piece: “It’s iconic and ironic. It has the two meanings.”

    Last year, Hirst’s money-related motives were called into question again in an investigation by the Guardian which revealed he had backdated three formaldehyde sculptures to the 1990s when they were, in fact, made in 2017. The report also found he had backdated some of the 10,000 original spot paintings from his NFT project The Currency to 2016, despite them being made between 2018 and 2019.

    Hirst’s company, Science Ltd, defended the artist by reminding critics that his art is conceptual – and that he has always been clear that what matters is “not the physical making of the object or the renewal of its parts, but rather the intention and the idea behind the artwork”. His lawyers pointed out:

    The dating of artworks, and particularly conceptual artworks, is not controlled by any industry standard. Artists are perfectly entitled to be (and often are) inconsistent in their dating of works.

    But some of the art world did not respond kindly to this approach. Writing about Hirst’s “backdating scandal”, New York’s Rehs Galleries asked not only if Hirst could be sued by buyers and investors, but whether he was in creative decline. And Jones accused Hirst of being stuck in the past, calling the Guardian’s findings a “betrayal” for the artist’s admirers which could “threaten to poison Hirst’s whole artistic biography”.


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


    Ever since Hirst burst on the art scene in the 1990s with his macabre readymades (or “objets trouvé”) of dead animals in vitrines, he has divided art critics and the public alike. He has faced – and deniedmultiple allegations of plagiarism and been censored by animal rights activists, while also being acclaimed as a “genius” and one of the leading global artists of the 20th and 21st centuries. Amid all the eye-watering auction sales, he has donated artworks to numerous charities throughout his career.

    So, was the backdating incident another instance of Hirst mastering the art of the concept – and even offering a sly critique of consumerism and the art world machine, of which he is such a large cog? Or was it really just a big lie by a multi-millionaire artist seeking even more financial gain?

    As philosophers of art, we think our discipline can shed light on these complex questions by exploring the nature of conceptual art, aesthetic deception and the ethics of the art market. As we contemplate the legacy of Hirst at 60, we ask: must artists always be truthful?

    What only the best art can attain

    Hirst had a humble upbringing. Born in the English port city of Bristol in 1959, he was raised in Leeds by his Irish mother, who encouraged him to draw. He never met his father and got in trouble with the police on a few occasions in his youth. His early artistic education was rocky too: he got a grade E in art A-Level and was rejected a handful of times by art schools.

    But as a teenager, he had fallen in love with Francis Bacon’s paintings, later explaining that he admired their visceral expressions of the horror of the fragile body, and that he “went into sculpture directly in reaction … to Bacon’s work”. Hirst would also use his work experience in a morgue to hone his anatomical drawing skills.

    His love of conceptual art blossomed when he began studying fine art at London’s Goldsmiths University in 1986 – taught by art world legends such as Michael Craig-Martin and catching the attention of collector and businessman Charles Saatchi. Craig-Martin had risen to fame for his conceptual artwork An Oak tree (1973), consisting of a glass of water on a pristine shelf with a text asserting that the glass was, in fact, an oak tree. Hirst has described this artwork as “the greatest piece of conceptual sculpture – I still can’t get it out of my head”.

    In 1990, the owner of the Saatchi gallery, Charles Saatchi, attended one of Hirst’s co-curated shows. He reportedly stood staring, mouth agape, at his piece consisting of a rotting cow head being engulfed by maggots, before buying it. It seems a rather apt beginning to their stormy relationship.

    Hirst’s fascination with death culminated in his most notorious work of art, The Physical Impossibility of Death in the Mind of Someone Living (1991) – a dead tiger shark, caught off the coast of Queensland in Australia, preserved in formaldehyde in a glass vitrine.

    We encountered the work, separately and ten years apart, in London and New York. We both felt inclined to dislike and dismiss it. Instead, we were simply overwhelmed. By forcing us to stare death in the face, literally, the work put everything on its edge – awe-inspiring and horrifying, life-affirming and fatal, in your face yet somehow apart and absent.

    Like it or not, Hirst’s shark achieved what only the best art can: jolting us out of our everyday registers – making us confront mortality, the value of life, and the human condition.

    Video: Khan Academy.

    Not everyone agreed, of course. After it was exhibited in the first YBA show at the Saatchi Gallery in 1992, there was a swarm of hate. According to the Stuckist Art Group (an anti-conceptual art movement), a dead shark isn’t art. Of Hirst’s entire oeuvre, the group’s co-founders have said: “They’re bright and they’re zany – but there’s fuck all there at the end of the day.”

    After Hirst won the Turner Prize in 1995 for Mother and Child, Divided (a bisected cow and calf in glass tanks) Conservative politician Norman Tebbit asked whether the art world had “gone stark raving mad”. Art critic Brian Sewell exclaimed that Hirst’s work is “no more interesting than a stuffed pike over a pub door”.

    But Hirst never seemed to care about such criticism as he tackled controversial themes ranging from death, science and religion to the unrelenting power of capitalism. Along the way, he has used his power to criticise the very art world of which he forms such an important part, and from which he has gained such enormous riches.

    You might say his art reached a logical endpoint with The Currency in 2021 – a conceptual experiment in which 10,000 unique, hand-painted spot paintings were reduced to money itself, as they corresponded to 10,000 non-fungible tokens (NFTs). Buyers were given the choice of keeping either the physical or the digital version, while the other would be destroyed. Speaking to the actor and art enthusiast Stephen Fry, Hirst said of these paintings:

    What if I made these and treated them like money? … I’ve never really understood money. All these things – art, money, commerce – they’re all ethereal. It relies not on notebooks or pieces of paper but belief, trust.

    How Hirst makes his art

    It’s not just what Hirst’s art supposedly means that sometimes rocks the boat, but how he makes it.

    While he began his career by personally making and manipulating his chosen artistic materials – from paint and canvas to flies and maggots – he now unapologetically relies on a studio populated by numerous assistants to produce the works that bear his name. It is largely these studio workers who pour the paint on spinning canvases, handle the formaldehyde, construct the glass boxes, and source the dead animals.

    Hirst has fully endorsed the conceptual artist’s mantra of “the art is the idea”. If the artwork is the idea rather than the material object, then it should suffice merely for the artist to think or conceptualise the objects for them to count as his works of art. According to this perspective, exactly who makes the objects which are exhibited, sold and debated in the media is entirely unimportant.

    But to some, this adds to the ways in which they feel deceived or “had” by Hirst. After all, at least in the western artistic tradition, the connection between artist and artwork has for hundreds of years been considered unique, sacred even. If an artist doesn’t actually make the art any more, to what extent can they really be said to be an artist at all?

    Except that, in this respect, Hirst is not particularly unusual. Outsourcing the physical act of making an artwork is almost standard among contemporary artists such as Anish Kapoor, Rachel Whiteread and Jeff Koons – all of whom have long relied on trainee artists, engineers, architects, constructors and more to build their large structural works.

    And while Andy Warhol was the trendsetter in this regard from the early 1960s – calling his studio The Factory for its assembly line-style of production – the practice predates even him by hundreds of years. The great masters of the 16th, 17th and 18th centuries, having acquired sufficient fame and fortune, were rarely the sole creators of their masterpieces.

    The 17th-century Flemish artist Rubens, for example, would often leave the painting of less central or prominent features in his works to his studio assistants – many of whom, including Anthony van Dyck and Jacob Jordaens, went on to highly successful artistic careers of their own. Even 14-year-old Leonardo da Vinci started out as a studio apprentice in the workshop of the Italian sculptor and painter Andrea del Verrocchio.

    Unlike Rubens, however, Hirst now only rarely makes any kind of material contribution to his works, beyond adding his signature. The Currency series involved Hirst merely adding a watermark and signature to the thousands of handmade spot paintings.

    Video: HENI.

    Also, Hirst’s works make no formal recognition of this studio input, whereas for Rubens, the arrangement was fairly transparent. Indeed, the division of labour was sometimes even negotiated with the painting’s buyer – the more a buyer was willing to pay, the more Rubens would paint himself.

    But Hirst makes no secret of his lack of physical involvement in the material process, explaining:

    You have to look at it as if the artist is an architect – we don’t have a problem that great architects don’t actually build the houses … Every single spot painting contains my eye, my hand and my heart.

    Hirst’s social media pages often show the artist arriving at his studio while his team are busy at work. And clearly, not all potential buyers care about his “hands-off approach” – a large part of what they value is, precisely, the signature. In 2020, Hirst told The Idler magazine’s editor Tom Hodgkinson:

    If I couldn’t delegate, I wouldn’t make any work … If I want to paint a spot painting but don’t know how I want it to look, I can go to an assistant … When they ask how you want it to look, you can say: ‘I don’t know, just do it.’ It gives you something to kick against or work against.

    In the past decade, though, Hirst says he has scaled back his studio, admitting his art life felt like it was out of control:

    You start by thinking you’ll get one assistant and before you know it, you’ve got biographers, fire eaters, jugglers, fucking minstrels and lyre players all wandering around.

    The product of a specific place and time

    Hirst disrupts our beliefs about art to an extent matched by few of his contemporaries. Always in the business of fragmenting the already vague expectations of the art market – and wider general public – he continues the trajectory outlined by fellow experimental conceptual artists such as Marcel Duchamp, Joseph Beuys, Adrian Piper, Sol LeWitt, Joseph Kosuth and Yoko Ono – now well over 50 years ago.

    When the making of art moves into this level of abstraction, a historical fact like the precise inception date seems harder to pin down – and it becomes much less clear which aspects of the creative process should determine when the work was “made”.

    Of course, the same question arises outside the confines of this artistic genre. How should we deal with performative arts such as theatre, jazz or opera? Is it all that important to date John Coltrane’s Blue Train to its first recording in 1957, rather than any of the other dates on which the American jazz legend performed it? Surely some aesthetic and artistic qualities are added on each occasion?

    However, art in general, be it Blue Train or one of Hirst’s spot paintings, is always the product of a specific place and time. It is undoubtedly a significant fact about Hirst’s Cain and Abel (1994) – one of the artworks highlighted by the Guardian misdating investigation – that it was “made” in the YBA boom of the 1990s.

    Can we engage with these pieces without bringing knowledge of this fact into our experience of them? Yes. Can we grasp at least some of their wider meaning? Almost certainly. But can we fully appreciate them as cultural objects – defining a precise moment in the evolution of art and society at large, perhaps foreseeing a certain shift in our larger value systems including what art means to us? Maybe not.

    Hirst may well believe he is following a robust and historical line of artistic reasoning, and therefore telling the truth as he sees it. This is certainly the line his lawyers took in their public statement in response to the backdating allegations.

    But there is another possibility we need to consider – one that touches on the worries of some of Hirst’s critics. What if Hirst intentionally misled the public for financial and commercial gain, and that the dating debacle has nothing to do with his cunning conceptual practice?

    Jon Sharples, senior associate at London-based law firm Howard Kennedy – one of the first UK practices to advise on art and cultural property law – observed a few reasons why an artist might deliberately fudge or mislead on the origin of their art:

    The potential for commercial pressure to do so is obvious. If works from a certain period achieve higher market prices than works from other periods, there is a clear incentive to increase the supply of such works to meet the demand for them.

    Kazimir Malevich’s Black Square.
    State Russian Museum/Wikimedia Commons

    Another reason Sharples offered is an art-historical one – to make the artist appear more radical: “In the linear, western conception of art history – in which ‘originality’ is often elevated above all other artistic virtues, and great store is placed in being the ‘first’ artist to arrive at a particular development – artists have sometimes been given to tampering with the historical record.”

    Here, Sharples referenced the famous example of “the father of abstraction”, Russian artist Kazimir Malevich, backdating the first version of his Black Square by two years.

    So, has Hirst just told a big fib about the origins of some of his art?

    Philosophers largely agree that lying involves asserting something you believe to be untrue; speaking seriously but not telling the truth. And most of the time, we all assume that people around us abide by the norm that everyone ought to speak truthfully to each other. If we didn’t believe this, we would barely be able to communicate with one another. Lying involves violating this “truth norm”.

    Yet, the case of art seems to stand in stark contrast to this. When we ask whether an artist has lied as part of their artistic practice, it is often not clear that there is a straightforward truth norm in the art world to be violated: it’s not clear that the artist is speaking ‘seriously’ in the first place.

    I (Daisy) have researched in depth the reasons why lying in the art world is such a tricky business. In many exhibitions, it is the aesthetic experience that is of primary value. If what matters is creating beauty, then straightforward truth is not the point.

    Moreover, even in cases where the art is designed to convey a specific message, it’s tricky to say in what sense they ought to tell “the truth”. Many artworks represent fictional scenarios which needn’t be fully accurate.

    For instance, it was quite acceptable in the 16th century for painters of religious paintings to give central biblical figures inaccurate clothing – and for portrait artists not to paint their sitter’s flaws and blemishes. And in the perplexing art world of the 21st century, many post-1960 artforms are designed to challenge and critique the very nature of truth itself.

    All of which means straightforward “truth games” do not operate as smoothly in the art world as they do in the ordinary world. With its self-reflective and self-critical structure, the art world of today offers a space to think open-endedly and creatively. Do you expect everything you see in an art gallery, or even speeches by conceptual artists, to be straightforwardly “true”? We don’t think so.

    The art world is hardly renowned for its straightforwardly communicated messages. To accuse Hirst of lying assumes he is playing the truth game that the rest of us are signed up to in the first place. And it’s not clear he is.

    Hirst might be closer to a novelist or actor who plays with and explores the very nature of truth and falsehood. In this way, he’s maybe at most a “bullshitter” who doesn’t play – or care for – the truth game at all.

    The real problem?

    But this fascination with Hirst’s dating practices may overlook the more important – if equally complex – problem of how his art works were made, rather than when. Are the ethical concerns about the production of Hirst’s enormous oeuvre the real issue in assessing his legacy as an artist?

    For instance, Hirst has been criticised for treating his staff as “disposable”. During the peak of the COVID pandemic, he laid off 63 of his studio assistants even though his company had reportedly received £15 million of emergency loans from the UK government.

    And while Hirst’s lawyers insist his studios always adhere to health-and-safety regulations, some of the “factory line” workers producing artworks for The Currency were allegedly left with repetitive strain injuries. One artist described their year-long toil as “very, very tedious”. Another commented on the work tables being at a low level, forcing them to constantly bend down.

    Hirst has publicly praised assistants such as the artist Rachel Howard, who he described as “the best person who ever painted spots for me”. Likewise, Howard described working with Hirst as “a very good symbiotic” relationship.

    Another area of enduring controversy is Hirst’s use of animals. In 2017, Artnet magazine estimated that nearly 1 million animals had been killed for his artworks over the years, including 36 farm animals, 685 sea creatures, and 912,005 birds and insects. The same year, Italian animal rights group 100% Animalisti summarised the concerns about animal ethics in Hirst’s art:

    Hirst is famous for exhibiting slain animals … and for the use of thousands of butterflies whose wings are torn and glued on various objects. Death and the taste of the macabre serve to attract attention. Then wealthy collectors such as Saatchi and even the prestigious Sotheby’s artificially inflate the prices of Hirst’s junk. It’s a squalid commercial operation based on death and contempt for living and sentient beings.

    Video: Channel 4 News.

    Indeed, some of Hirst’s macabre formaldehyde pieces are known for rotting a little too much. The Physical Impossibility of Death in the Mind of Someone Living originally deteriorated due to an improper preservation technique, and had to be replaced by another shark caught off the same Australian coast. It’s not clear how many sharks have now been killed – or will need to be killed in the future – to preserve this masterpiece.

    Further concerns have been raised about the environmental ethics of Hirst’s art, including that The Currency project incurred a hefty carbon footprint because of its reliance on blockchain technology. While Hirst used a more environmentally-friendly sidechain to release his NFTs, he still received payment via bitcoin, which has a far higher energy consumption.

    All of this raises wider questions about the art world’s role, for both good and bad, in modern life – from the treatment of workers in the gig economy to the climate emergency, biodiversity and animal rights.

    Traditionally, art historians, critics and investors have championed an artwork’s meaning over any of its moral flaws in its production. But the ethics of artmaking are now being questioned by philosophers such as ourselves, as well as by many influential figures in the art world. Artworks that incur large carbon footprints, cause damage to ecosystems, or use and kill animals, are now considered morally flawed in these ways.

    Philosophers such as Ted Nannicelli argue that these ethical defects can actually diminish the artistic value of the work of art. Meanwhile, artists such as Angela Singer and Ben Rubin and Jen Thorp use their art for animal and eco-activism, while doing no harm to creatures or the ecosystem in the process.

    As we both acknowledge, Hirst’s shark expressed a laudable meaning in an arresting way. But is this enough to excuse the (repeated) killing of this awesome animal? Do we become complicit in its death by praising it as art? It is a question anybody who was impressed by its sheer aesthetic presence all those years ago should ask themselves.

    In this and many other ways, Hirst’s work continues to raise fundamental questions about art – long after it was created, or dated. If nothing else, surely this confirms his enduring position in the British art establishment.

    Damien Hirst’s representatives were contacted about the criticisms of Hirst that are highlighted in this article, but they did not respond by the time of publication.


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    Elisabeth Schellekens has received funding from Vetenskapsrådet (Swedish Funding Council) as Principal Investigator for research into Aesthetic Perception and Aesthetic Cognition (2019-22), and an AHRC Innovation Award on Perception and Conceptual Art with Peter Goldie (2003).

    Daisy Dixon 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. Damien Hirst at 60: a genius who never stops stretching our understanding of art and life – or a tired trickster ruined by his riches? – https://theconversation.com/damien-hirst-at-60-a-genius-who-never-stops-stretching-our-understanding-of-art-and-life-or-a-tired-trickster-ruined-by-his-riches-257921

    MIL OSI – Global Reports

  • MIL-OSI USA: Colorado fentanyl dealer sentenced in Texas to 20 years in federal prison following ICE El Paso investigation

    Source: US Immigration and Customs Enforcement

    ALPINE, Texas — A Colorado man was sentenced in a federal court May 27 in Alpine to 240 months in prison for distributing fentanyl to a Texas resident as a result of an investigation by U.S. Immigration and Customs Enforcement.

    The Texas Department of Public Safety’s Criminal Investigations Division, the Alpine Police Department, Brewster County Sheriff’s Office, and the U.S. Postal Inspection Service assisted with the case.

    “Fentanyl dealers trade in death,” said Jason T. Stevens, special agent in charge of HSI El Paso. “This sentence reflects the seriousness of the crime and Homeland Security Investigations’ commitment to ensure they face severe consequences.”

    According to court documents, Douglas Christopher Steele, 54, of Denver, engaged in a text message conversation with a man living in Alpine on Jan. 29, 2024. Steele agreed to mail 20 fentanyl pills to the man’s work address. Steele notified the man that he’d mailed the package of fentanyl on Feb. 2, 2024, and on Feb. 5, 2024, the man’s co-worker received the FedEx delivery. Through additional text message exchanges, Steele and the man discussed the strength of the fentanyl, and just after midnight on Feb. 6, 2024, the man messaged Steele telling him that he nearly overdosed. Later that morning, the man was found unresponsive in the restroom at his place of work. He was pronounced dead at an area hospital.

    An HSI and DPS investigation revealed the envelopes at the man’s residence had been mailed from Steele’s Colorado residence, and eventually the cell phone messages between the man and Steele.

    Steele was indicted on May 9, 2024, in Pecos, Texas, for two counts related to distributing fentanyl and was arrested May 11 in Denver. He pleaded guilty Nov. 18, 2024.

    Assistant U.S. Attorney Amy Greenbaum prosecuted the case.

    MIL OSI USA News

  • MIL-OSI USA: AG Labrador Announces Conviction of Meridian Man for Possession of Child Pornography

    Source: US State of Idaho

    Home Newsroom AG Labrador Announces Conviction of Meridian Man for Possession of Child Pornography

    BOISE — Attorney General Raúl Labrador has announced that Brandon Taro, 54, was convicted of three counts of Sexual Exploitation of a Child by Possessing Sexually Exploitative Material (Child Pornography). The Possession of Sexually Exploitative Material is a felony punishable by up to 10 years in prison. “Idaho will use every tool at our disposal to protect children and hold predators accountable,” said Attorney General Labrador. “This conviction sends a clear message that those who exploit and endanger our children will face the full force of the law in Idaho.” In September of 2024, the Internet Crimes Against Children (ICAC) Unit received a CyberTip that an online account, later identified as belonging to Taro, was being used to view and exchange Child Sexual Abuse Material (CSAM), also known as Child Pornography, with other online users. Investigator Lauren Lane was able to obtain account information from the electronic service provider (ESP) of the CyberTip, which identified Taro as the account’s owner through digital identifiers and photographs. After obtaining search warrants, officers searched Taro’s home and digital devices. Forensic examiners from the Office of the Attorney General were able to locate multiple files of CSAM and chat logs showing conversations fantasizing about having sexual contact with minor children. Many of these CSAM files depicted minor children, predominantly females, as young as approximately six years of age, and some of these files depicted children engaged in violent sex acts with adults.  Taro was sentenced on May 28, 2025, by Ada County District Judge Nancy Baskin. Judge Baskin imposed a sentence of 20 years with 2.5 years fixed and 17.5 years indeterminate. Taro will have to register as a sex offender pursuant to Idaho law. The case was investigated by Investigator Lauren Lane of the Office of the Attorney General who serves on the ICAC Task Force. Investigator Lane was assisted by the Boise Police Department, the Meridian Police Department, and Homeland Security Investigations. The case was prosecuted by Deputy Attorney General James Haws.

    MIL OSI USA News

  • MIL-OSI USA: Governor Stein Announces Amazon Plans to Invest $10 Billion in North Carolina for AI Infrastructure

    Source: US State of North Carolina

    Headline: Governor Stein Announces Amazon Plans to Invest $10 Billion in North Carolina for AI Infrastructure

    Governor Stein Announces Amazon Plans to Invest $10 Billion in North Carolina for AI Infrastructure
    lsaito

    Raleigh, NC

    Today Governor Josh Stein announced that Amazon is planning to invest $10 billion to launch a new high-tech cloud computing and artificial intelligence (AI) innovation campus in Richmond County, creating at least 500 new high-paying, high-tech jobs. 

    “Artificial intelligence is changing the way we work and innovate, and I am pleased that North Carolina will stay at the forefront of all that’s ahead as we continue to attract top technology companies like Amazon,” said Governor Josh Stein. “Amazon’s investment is among the largest in state history and will bring hundreds of good-paying jobs and an economic boost to Richmond County.”

    Amazon Web Services (AWS) is the world’s most comprehensive and broadly adopted cloud computing solution, and its data centers enable customers of all sizes and across all industries, such as automotive, health care, manufacturing, financial services, public sector, and more, to transform their businesses. The new data centers will contain computer servers, data storage drives, networking equipment, and other forms of technology infrastructure used to power cloud computing capabilities and generative AI technologies. North Carolina’s business-friendly environment, abundance of infrastructure resources, availability of skilled labor, and growing technology sectors made it a natural hub for building world-class data center infrastructure.

    “Amazon’s $10 billion investment in North Carolina underscores our commitment to driving innovation and advancing the future of cloud computing and AI technologies,” said David Zapolsky, Amazon’s Chief Global Affairs and Legal Officer. “This investment will position North Carolina as a hub for cutting-edge technology, create hundreds of high-skilled jobs, and drive significant economic growth. We look forward to partnering with state and local leaders, local suppliers, and educational institutions to nurture the next generation of talent.”

    “I am excited for Amazon’s $10 billion investment in our community,” said Senator David Craven. “This project will bring hundreds of good-paying jobs and significant investment to our area for many years to come.”

    “Richmond County is delighted to welcome Amazon to our community,” said Representative Ben Moss. “The new jobs created by this facility will change hundreds of lives for the better. Rural communities like ours can lead the way in technology advancements, including artificial intelligence, which is an ever-increasing presence in the world.”

    “The Richmond County, NC Board of County Commissioners, is pleased to announce and welcome Amazon as our newest corporate partner,” said Richmond County Board of Commissioners Chairman Rick Watkins. “Their selection of the Energy Way Industrial Park represents the largest Cap-ex investment in the history of North Carolina and will serve as a catalyst to transform the local economy, provide high paying jobs for citizens, and improve the quality of life for all residents. We stand ready to work together with Amazon as they continue to build capacity and innovate their cloud computing platform. Working together, our possibilities are limitless!    

    Jun 4, 2025

    MIL OSI USA News

  • MIL-OSI Russia: The establishment of an ecological compensation mechanism for the Yangtze and Yellow Rivers is planned to be completed by 2027

    Translation. Region: Russian Federal

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

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

    BEIJING, June 4 (Xinhua) — China will establish a unified inter-basin ecological compensation mechanism for the main rivers of the Yangtze and Yellow Rivers by 2027 as part of a broader effort to improve water management, the Ministry of Finance announced Wednesday.

    According to a plan jointly released by the ministry and four other government departments, the mechanism will be extended to main channels and major tributaries of key river basins including the Yangtze and Yellow Rivers by 2035.

    Compensatory measures will become richer in content, more diverse in methods, improved in standards and mature in mechanisms.

    The central government will actively play a coordinating and guiding role in the implementation of this mechanism, rationally determining compensation indicators and funding volumes to ensure that they correspond to the situation with the protection of the aquatic ecological environment and an acceptable burden on local budgets.

    China first unveiled plans to establish compensation mechanisms for the Yangtze and Yellow Rivers in 2021 and 2020, respectively. Since then, the country has made significant progress in preserving and restoring the ecology of these rivers.

    For example, the Yangtze River Basin has seen a recovery in aquatic biodiversity since a 10-year fishing ban was imposed in 2020. According to the Ministry of Agriculture and Rural Affairs, 344 native fish species were recorded in the river between 2021 and 2024, 36 more than in the 2017-2020 period before the ban took effect.

    The Yellow River, China’s second-longest waterway, has also seen steady environmental improvements, including improved water security and environmental quality. –0–

    MIL OSI Russia News

  • MIL-OSI: 74Software joins Euronext Tech Leaders, the initiative for high-growth and leading Tech companies

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    74Software joins Euronext Tech Leaders, the initiative for high-growth and leading Tech companies

    Paris, June 4, 2025 – 74Software is delighted to announce its inclusion in the Euronext Tech Leaders segment, an initiative dedicated to supporting high-growth and leading tech companies. This significant recognition validates the continuous commitment of the company to excellence in entreprise software development and its contribution to digital innovation for nearly 25 years.

    Launched in June 2022, the Euronext Tech Leaders initiative is backed by a strong network of partners and aims to highlight high-growth and leading tech companies listed on Euronext markets. It features a segment of 110 European companies, an index tracking their performance, and a dedicated programme of services and visibility opportunities designed to support them throughout their listing journey.

    This announcement follows the 2025 annual review of the Euronext Tech Leaders segment, which saw eight new companies added across diverse sectors including Aerospace & Defence, Biotech, Cleantech, Hardware and Software.

    In addition to joining the Euronext Tech Leaders Index, members benefit from a range of services and exclusive access to investor forums and conferences across Europe, providing valuable networking opportunities.

    For more information on the criteria for inclusion in the Euronext Tech Leaders segment, please visit the Euronext Tech Leaders criteria.

    74Software looks forward to the opportunities this inclusion brings and to leveraging the resources and network provided by the Euronext Tech Leaders initiative to accelerate growth and innovation in the tech sector.

    About 74Software

    74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com

    Contacts – Investor Relations:

    Arthur Carli – +33 (0)1 47 17 24 65 – acarli@74software.com
    Chloé Chouard – +33 (0)1 47 17 21 78 – cchouard@74software.com

    Attachment

    The MIL Network

  • MIL-OSI Africa: 2021 July unrest suspects appear in court

    Source: South Africa News Agency

    Wednesday, June 4, 2025

    Four suspects arrested in connection with the 2021 July unrest have appeared in court where the matter was postponed to next month, said the Directorate for Priority Crimes Investigation (Hawks).

    The four appeared in the Roodepoort Magistrate Court on Tuesday, charged with incitement to commit public violence.
    Bekuyise Cebekhulu (58) from KwaZulu-Natal, Jimmy Sibeko (44) from Gauteng, Busisiwe Skhosana (52) also Gauteng, as well as Bogadi Mahisa (49) from Gauteng were each granted bail of R1500.

    They will appear again in court on 02 July 2025. 

    According to the Hawks, more arrests are imminent.

    Their arrests emanate from the July 2021 unrest where it was alleged that supporters of former President Jacob Zuma, participated in a WhatsApp chat group chat named “Zuma Real Activist 100%” and other chat groups on the platform where they would post inciting messages which is believed to have led to the public violence as well as the looting of retail stores in Gauteng and KwaZulu-Natal at the time. 

    The protests, violence, and looting erupted across the two provinces following the imprisonment of the former President.
    Thorough investigations were conducted by the Hawks’ Serious Organised Crime, Crimes Against the State (CATS) in Gauteng and upon completion of the investigations, the Director of Public Prosecutions (DPP) took a decision to prosecute those who posted messages which led to the unrest. 

    Gauteng Provincial Head of the Directorate for Priority Crime Investigation, Major General Ebrahim Kadwa welcomed the arrests and commended the investigating team. 

    “[The] DPCI [Directorate for Priority Crimes Investigation] shall continue to secure in court, the attendance of anyone against whom sufficient evidence of committing a national priority offence is obtained, without fear, favour or prejudice,” said the Major General. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Africa: Parliament updated on work undertaken to set up Transformation Fund

    Source: South Africa News Agency

    The establishment of the R100 billion Transformation Fund marks a significant step towards addressing the historical funding gaps that have hindered the growth of black-owned businesses in South Africa.

    This is according to the Acting Deputy Director-General (DDG) of Transformation and Competition at the Department of Trade, Industry and Competition, Susan Mangole.

    She was part of a delegation led by the Deputy Minister of Trade, Industry and Competition, Zuko Godlimpi, who briefed the Portfolio Committee on Trade and Industry during a virtual meeting on the work the department has undertaken so far to set up the fund.

    READ I Transformation Fund to drive inclusive economic growth

    In March, the department published a draft concept document on the Transformation Fund and called for public comments in a period that ended on 28 May 2025. The department further undertook a public engagement process which targeted different stakeholders to elicit their inputs into the document. 

    During the briefing, Mangole emphasised that the fund does not seek to bring additional tax burdens on businesses or any other requirements beyond mechanisms that already exist in line with the Section 11(2)(b) of the Broad-Based Black Economic Empowerment (B-BBEE) Act 2003. 

    “The Transformation Fund will be anchored by the B-BBEE policy provisions and therefore the R100 billion over the next five years will be sourced from the Competition Commission’s public interest commitments, Enterprise and Supplier Development (ESD) funds, Equity Equivalent Investments from multinational companies, and other government funding initiatives,” Mangole said.

    In her presentation, Mangole highlighted some of the inputs received during the window of the public participation process and indicated the department is currently reviewing them.

    “Some of the comments and inputs received include a call for clarity on how the fund will work with existing ESD funds, particularly those that are well functioning, a clear transformation index on how to measure the impact of the fund and that it must be complemented by compliance by big corporations in terms of market access, technical skills development, infrastructure development and support, and other non-financial support,” Mangole said.

    She added that a partnership between government and the private sector in administering the fund and an oversight committee consisting of nine members from both sides will be established to provide oversight in the running of the fund. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Africa: HSRC calls on businesses to participate in innovation surveys

    Source: South Africa News Agency

    The Human Sciences Research Council (HSRC), on behalf of the Department of Science, Technology and Innovation, is calling on South African businesses to participate in two of its business innovation surveys, starting on 5 June 2025, across all nine provinces.

    The South African Business Innovation Survey (BIS) and the Agricultural Business Innovation Survey (AgriBIS) will gather crucial data on how firms in the industry, services, and agriculture sectors are innovating. 

    “In a dynamic and challenging economic landscape, with rising input costs, funding constraints, and shifts in global trade dynamics, understanding how, why, and when businesses do not innovate is ever more vital. 

    “The data intends to support evidence-based policymaking and at the same time allow businesses to benchmark their innovation activity and outputs relative to their industry,” a statement issued by the council said. 

    According to the Executive Head of the HSRC’s Centre for Science, Technology and Innovation Indicators (CeSTII), Dr Glenda Kruss, South Africa has not made significant progress in transforming the structure of its economy to sustainably generate higher incomes and wealth for all. 

    “Economists propose the need for building dynamic sectoral clusters, which can link skills development, build technological capabilities such as design, testing, and prototyping, and support firms to pool resources, create economies of scale, and develop markets.

    “Understanding South African firms’ innovation and technological capabilities provides critical data to inform collective action, towards public and private investment that can promote our own dynamic sectoral clusters,” said Kruss.

    Businesses will be contacted to find out information about what innovations took place during the period 2022–2024, how innovations occur at the firm level, and what can be done to enhance innovation and production capabilities.

    Department of Science, Technology and Innovation’s Chief Director for Science and Technology Investments, Kgomotso Matjila, leads the department’s team responsible for commissioning the surveys. 

    “To grow an inclusive economy in South Africa, that is also productive and competitive, we need to design and provide the right kinds of support to incentivise and stimulate innovation investments by firms. For this, our national innovation surveys are an essential source of evidence,” said Matjila.

    Fieldwork for both surveys will be conducted by HSRC’s partner, Sigma Kairos Research and Consulting. 

    Their fieldworkers will contact business leaders and managers to complete the surveys online or via telephone interview.

    The HSRC extends its sincere thanks in advance to the South African business community, as we all work together to expand innovative solutions to drive structural change and shape the future of South Africa’s economy. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Africa: SIU secures preservation order to freeze Midstream Estate property

    Source: South Africa News Agency

    The Special Investigating Unit (SIU) has secured a preservation order from the Special Tribunal to freeze an immovable property located at Midstream Estate, in Gauteng.

    This is pending the finalisation of civil proceedings into the alleged misuse of funds allocated by the National Lotteries Commission (NLC).

    The order interdicts Israel Mathibe, Smart Safety PPE and any other party from selling, disposing, leasing, encumbering (including by granting rights of retention), transferring, donating or dealing in any manner whatsoever to the immovable property.

    The SIU said their investigation revealed that funds intended for community projects, including agricultural development and old-age homes, were diverted to purchase the property through a network of non-profit companies (NPCs) and private entities.

    SA Youth Movement NPC received R23 million for old age homes in rural provinces, but later paid R1.6 million to Smart Safety PPE, which contributed R1.6 million to the property purchase.

    Malusi We Sizwe NPC received R13 million for an agricultural project in KwaZulu-Natal but transferred R896 980 to Trizaflo (Pty) Ltd, which then paid R2.1 million toward the property.

    The property was registered under Smart Safety PPE, with Alfred Mzwakhe Sigudhla the then director of Smart Safety PPE, signing key transaction documents.

    Sigudhla, who is cited in the Tribunal order, serves as the Chairperson of the SA Youth Movement NPC, which received R23 million from the NLC for old age homes in rural provinces. 

    He signed the grant agreement on 15 September 2017, and a diversion for an additional R7.5 million on 21 May 2019, despite a lack of proof of project delivery.

    In October 2018, he signed as a Director of Smart Safety PPE in bank agreements and later remained an “interested party” on the company’s bank account after being replaced by another Director. 

    Additionally, he authorised payments amounting to R1.6 million from SA Youth Movement NPC to Smart Safety PPE, which were used to purchase the Midstream property, for which he signed the offer to purchase on 23 October 2019 on behalf of Smart Safety PPE.

    “The order of the Special Tribunal is part of implementing SIU investigation outcomes and consequence management to recover financial losses suffered by State institutions because of corruption or negligence. 

    “The order forms part of a broader investigation into corruption involving NLC grants intended for community development projects,” the SIU said.

    The SIU is empowered to institute a civil action in the High Court or a Special Tribunal to correct any wrongdoing uncovered during investigations caused by corruption, fraud, or maladministration. 

    In line with the Special Investigating Units and Special Tribunals Act 74 of 1996, the SIU refers any evidence pointing to criminal conduct it uncovers to the National Prosecuting Authority (NPA) for further action. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Africa: Spaza Shop Support Fund information session to be held in Limpopo

    Source: South Africa News Agency

    Limpopo spaza shop owners will get an opportunity to learn more about how they can access financial and non-financial support from the Spaza Shop Support Fund at an interactive session at the George Phadagi Town Hall, in Thohoyandou, on Friday.

    The session is part of a countrywide campaign aimed at creating awareness about the Spaza Shop Support Fund. 

    The campaign, which began in KwaZulu-Natal last month, is hosted by the Department of Trade, Industry, and Competition (the dtic) and the Department of Small Business Development (DSDB). 

    The R500 million fund was launched by the Minister of Trade, Industry and Competition, Parks Tau, and the Minister of Small Business Development, Stella Ndabeni-Abrahams, in Soweto, on 8 April 2025. 

    The national education and awareness campaign is being held in partnership with the Small Enterprise Development and Finance Agency (SEDFA) and the National Empowerment Fund (NEF), the agencies of the DSBD and the dtic, respectively, which will be responsible for administering the fund. 

    The interactive session with spaza owners in the Vhembe District Municipality will be an opportunity to learn more about how to apply for the fund and which requirements will they be expected to comply with.

    According to Minister Tau, government is taking a concrete step to formalise and empower the informal sector with the fund. 

    Tau said supporting spaza shops would enable entrepreneurs, often women and young people, to participate fully in the economic process.

    “These small businesses generate employment, drive local commerce, and channel much-needed income into communities that have long been underserved. Studies show that small businesses account for a significant portion of job creation in South Africa. 

    “By providing spaza shop owners with financial support, infrastructure upgrades, and essential business training, we are setting the stage for sustainable job creation,” Tau said.

    Minister Ndabeni said the role played by Sedfa and NEF was truly appreciated and that the department believed this fund would go a long way in assisting shop owners that are registered and have operating permits.

    “Our partnership ensures that spaza shop owners are not only funded but are also trained, mentored, and integrated into reliable supply chains. This is about building long-term sustainability for township retail,” Ndabeni said.

    The aim of the fund is to support South African-owned township community convenience shops, including spaza shops, to increase their participation in the townships and rural areas’ retail trade sector and to provide critical financial and non-financial support to township businesses, including community convenience stores and spaza shops.

    The fund also provides various types of support including the initial purchase of stock via delivery channel partners, upgrading of building infrastructure, systems, refrigeration, shelving and security, as well as training programmes which includes Point of Sale devices, business skills, digital literacy, credit health, food safety, business compliance. 

    The fund also seeks to bolster the broader supply chain by fostering partnerships with local manufacturers, black industrialists and wholesalers. 

    Through bulk purchasing arrangements and the promotion of locally produced goods, spaza shops will benefit from reduced costs and increased access to quality products. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Africa: International Islamic Trade Finance Corporation (ITFC)’s 2024 Annual Report Highlights Record Trade Support, Empowering Organisation of Islamic Cooperation (OIC) Economies and Expanding Global Impact

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

    JEDDAH, Saudi Arabia, June 4, 2025/APO Group/ —

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, is proud to announce the release of its 2024 Annual Report, titled “Reaching New Frontiers.” The report captures a landmark year showcasing a period of transformative growth, expanded geographic reach, record trade finance approvals, and strengthened commitments to sustainable and inclusive development across its Member Countries.  

    In 2024, ITFC demonstrated agility and resilience amidst persistent geopolitical and economic challenges, prioritizing trade finance, facilitation, and trade development to support member countries’ national development agendas. 

    Highlights from the 2024 Annual Report 

    Record Trade Finance Approvals 

    • In 2024, ITFC approved a total of US$ 7.3 billion in trade finance across 110 operations in 26 countries. Of this amount, US$ 6.7 billion was successfully disbursed 
    • Notably, 38% of the approved financing was directed toward Least Developed Member Countries (LDMCs), underscoring ITFC’s commitment to inclusive development 
    • Furthermore, 41% of the total portfolio, equivalent to US$ 3 billion, was allocated to non-energy sectors such as agriculture, healthcare, and financial services 
    • ITFC successfully mobilized US$ 4.2 billion through Islamic syndications in 2024, representing 57% of its total trade finance approvals. 

    Accelerating Intra-OIC Trade 

    • A total of US$ 4.85 billion was dedicated to promoting trade among OIC member countries, marking a 6.5% increase compared to 2023 
    • These intra-OIC trade approvals accounted for 67% of ITFC’s total trade finance operations, reinforcing the Corporation’s role in fostering regional economic integration and cooperation 

    Strengthening the Private Sector 

    • In a continued effort to support private sector growth, ITFC provided US$ 1.2 billion in financing, reflecting a 14% increase over the previous year 
    • This support reached 47 financial institutions and included engagements with 19 new clients across Africa, the Middle East, and Central Asia 

    Delivering on Food Security Commitments 

    • To address food insecurity, ITFC approved US$ 1.75 billion in financing for agriculture and food-related operations across 10 OIC countries  
    • Since the launch of the IsDB Group’s Food Security Response Program (FSRP) in 2022, ITFC has mobilized US$ 4.73 billion in food security financing, exceeding its initial commitment of US$ 4.5 billion. 
    • ITFC financing has helped Member Countries secure stable supplies of essential food commodities, reduce price volatility, and support agricultural resilience. 
    • In Tajikistan alone, ITFC’s food security financing contributed to reaching over 200,000 households—benefiting nearly 900,000 individuals—by ensuring access to staple goods such as wheat, sugar, and edible oil. 

    Sustainability Milestone 

    • ITFC launched its first Environmental and Social (E&S) Policy in October 2024 
    • The policy rollout included a 10-year E&S action plan, a 5-year carbon reduction strategy, and strengthened governance to embed ESG principles across all operations 

    The report also highlights that the Corporation was ranked at the top as Mandated Lead Arranger and Bookrunner in global Islamic syndications by both Refinitiv and Bloomberg, a reflection of its global leadership and strong investor confidence.  

    Additionally, the 2024 Annual Report spotlights the achievements of ITFC’s flagship programs: 

    • The Arab Africa Trade Bridges (AATB) Program actively supported the development of regional value chains by hosting targeted B2B meetings and launching Africa’s first textile and leather standards program, paving the way for improved quality and competitiveness across the continent 
    • The Aid for Trade Initiative for the Arab States (AfTIAS 2.0) Program saw the implementation progress on 21 ongoing projects across Arab States, with a strategic focus on job creation, trade facilitation, and export development. These initiatives continue to empower local economies and enhance regional trade capacity 
    • Trade Connect Central Asia+ (TCCA+): ITFC advanced regional integration among six Central Asian countries through projects that promote agri-business development, investment attraction, and food security, strengthening economic ties and resilience in the region 
    • The Global SMEs Program expanded its footprint in West Africa and officially launched in Cameroon, enhancing access to trade finance and advisory services for small and medium-sized enterprises and fostering inclusive economic growth 

    In addition to its flagship programs, ITFC delivered a diverse range of integrated trade solutions and targeted interventions in 2024 that reflect its holistic development approach. Through tailored capacity-building programs, reverse linkage initiatives, and trade facilitation tools, ITFC addressed specific needs across sectors such as energy, agriculture, finance, and trade policy. Highlights include the Indonesian Coffee Export Development Program enhancing sustainable farming practices; capacity-building workshops on Islamic finance in Nigeria, Tajikistan, and Azerbaijan; technical support to Togo and Mali’s electricity sectors; and the rollout of electronic Certificates of Origin to boost cross-border trade in West Africa.  

    With an eye on the future, ITFC remains steadfast in its commitment to addressing the evolving priorities of its Member Countries. By driving innovation, strengthening strategic partnerships, and delivering high-impact trade finance solutions, the Corporation is poised to chart new frontiers and accelerate progress toward sustainable and inclusive development across the OIC region. 

    Read the full English version here- https://apo-opa.co/3T78A0R 

    Read the full Arabic version here- https://apo-opa.co/3FMasch

    MIL OSI Africa

  • MIL-OSI: HTX Reveals Evolving Listing Strategy: Decoding the Future of Memes and Narratives from HPOS10I to Moonpig

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, June 04, 2025 (GLOBE NEWSWIRE) — HTX, a leading global cryptocurrency exchange, today unveiled key insights into its refined asset listing strategy, demonstrating a significant pivot from traditional evaluation metrics towards a focus on genuine community consensus, compelling narratives, and project transparency. This strategic evolution sets HTX apart from other major exchanges and reflects a deeper understanding of the shifting dynamics within the crypto market.

    Major exchanges have historically adopted divergent listing approaches. Binance often prioritizes projects with established user bases, reputable teams, or substantial strategic investments, reinforcing “official incubation” labels like Alpha and Launchpool to highlight platform empowerment and compliance. Conversely, OKX leverages its robust wallet ecosystem to foster community engagement, with on-chain performance serving as a crucial indicator of liquidity.

    HTX, however, has carved out a unique position in its latest assets listings. Moving beyond reliance on funding rounds or established venture capital, HTX’s criteria now heavily weigh community buzz, compelling narratives, and project transparency. This fresh perspective underpins a listing philosophy centered on identifying “genuine consensus”.

    The diversity of new additions in HTX’s recent New Listing zone—HPOS10I, SOON, and Moonpig—clearly demonstrates this approach. These projects, spanning viral memes, innovative technology, and organic community-driven initiatives, reflect different dimensions of the market. This illustrates how HTX Exchange develops its system for identifying high-quality assets with strong growth potential—through the lens of the platform, the project, and the user.

    Platform Perspective: Community-Led, Deep Narratives, and On-Chain Activity Define a New Listing Formula

    Exchange listings have typically focused on backend support, capital influence, or strategic wagers. However, HTX’s latest selection strategy signals a notable shift: while traffic remains a key factor, greater scrutiny is placed on the source of that traffic and the sustainability of its growth narrative.

    “HarryPotterObamaSonic10Inu” (HPOS10I), dubbed the “ultimate meme,” rose to prominence with its unique blend of chaotic narrative, community autonomy, and extensive cultural reach. What caught HTX’s attention was the genuine self-organizing power of its community and the rich narrative potential spanning NFTs, e-commerce, and multiple brand IPs. HTX’s decision to list HPOS10I signals a shift in trends: exchanges are moving beyond chasing short-term traffic to valuing the combined potential of deep narratives and ecosystem growth.

    Project Perspective: Where Tech Meets Meme with True Innovation

    In a narrative-driven market, purely technical projects often struggle to attract early liquidity without rapidly establishing an emotional connection. SOON effectively addresses this challenge.Its “Super App Stack (SAS)” model provides not only an L1-facing Rollup solution but also seamlessly integrates Web2 user scenarios, such as live streaming platforms and content portals, with on-chain technology. This establishes a closed loop from foundational technology to the end-user experience.

    HTX’s listing of SOON sends a clear message: exchanges are now encouraging “narrative-friendly tech.” “Tech that can tell a story” is becoming more sought after than purely complex, “hard-core” technical stacks.

    User Perspective: Fair Launch Grassroots Projects Can Gain Mainstream Platform Recognition

    Moonpig is a typical Pump.fun-native project, launched with no pre sales or VC backing, and driven entirely by its community. Its rapid surge in community engagement, powered by fair-launch mechanics and a lighthearted, meme-driven culture, reflects a deeply decentralized ethos. Moonpig serves as clear proof that even grassroots projects can gain recognition from centralized platforms.

    By listing Moonpig, HTX has delivered an obvious message: more organically grown, on-chain grassroots projects will have real opportunities for recognition and official listings on centralized platforms. Meme projects that organically emerge and grow within on-chain communities and meet the criteria for transparency and engagement can also earn the trust of exchanges and gain access to valuable resources.

    HTX’s Three Pillars for Spotting Tomorrow’s Valued Assets

    Based on the newly listed assets, HTX’s current listing strategy crystallizes into three core principles:

    1. Meme Projects with Lasting Narratives: The focus is on memes supported by authentic, self-governed communities and enduring cultural relevance—projects that evolve from simple memes into valuable IP beyond mere speculation.
    2. Narrative-Driven Tech Infra: Essential elements include solid tech, approachable narratives, and quick user attraction. Infra projects must leverage clear branding and “meme-like” narratives to connect with users and liquidity, rather than remaining obscure in complex whitepapers.
    3. Grassroots On-Chain Native Projects: Success depends on fair on-chain launches and genuine community consensus. “Grassroots Memes” with transparent operations, equitable beginnings, and a clean short-term track record are the next dark horses ready to gain recognition.

    As an established mainstream trading platform, HTX has distinctly shifted its listing strategy in this new cycle, shifting from a reactive “hotspot tracking” model to a more proactive, narrative-driven approach. The rationale is clear: the meme market has advanced beyond simple image-based jokes to embody deeper cultural identities and community affiliations. Concurrently, technical projects are gaining mainstream recognition not through traditional business development, but by embedding themselves into core communities through fresh narratives that better resonate with user contexts.

    Amidst this evolution, the role of exchanges is also transforming. They are no longer simply facilitators for asset listings, but increasingly act as critical selectors of compelling cultural narratives and robust consensus value.

    About HTX

    Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

    As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

    To learn more about HTX, please visit HTX Square or https://www.htx.com/, and follow HTX on X, Telegram, and Discord.

    For further inquiries, please contact Ruder Finn Asia glo-media@htx-inc.com

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0ccc59d1-b279-4582-a5c9-79268d2fffc8

    The MIL Network

  • MIL-OSI USA: Tonko Reintroduces Sweeping Offshore Wind Bill

    Source: United States House of Representatives – Representative Paul Tonko (Capital Region New York)

    Tonko Reintroduces Sweeping Offshore Wind Bill

    Amidst administration attacks on offshore wind development, Tonko’s bill would provide needed leasing and permitting certainty to support clean energy future

    Washington, June 4, 2025

    WASHINGTON, DC — U.S. Congressman Paul D. Tonko (D-NY) today reintroduced the Offshore Energy Modernization Act, legislation that provides a comprehensive blueprint to ensure the long-term viability and success of U.S. offshore wind development.
    This introduction comes amidst an onslaught of attacks from the Trump administration on wind energy development. On day one, President Trump issued an executive order blocking all new approvals, permits, and funding for wind energy, both on and offshore — potentially putting thousands of jobs and billions in industry investments on the chopping block.
    “Despite President Trump’s best efforts to tank clean energy development, offshore wind remains a massive boon and opportunity, not only for coastal regions, but across the nation — including New York’s Capital Region — in the form of good paying jobs, increased manufacturing, and development of critical components,” Congressman Tonko said. “Republicans are waking up to the benefits that wind energy presents. Robust federal leadership is needed to support long-term and responsible offshore wind development, support domestic supply chain, and drive American energy dominance. My Offshore Energy Modernization Act is the solution. I urge my colleagues join me in supporting this legislation to ensure we unlock the full potential of American offshore wind energy production and deployment.”

    The Offshore Energy Modernization Act of 2025 is the first comprehensive federal legislation to support long-term and responsible offshore wind development in the United States. This bill: 

    • Reforms the Outer Continental Shelf Lands Act to better reflect the realities of offshore wind development and provide long-term certainty for this emerging industry. 
    • Facilitates timely and efficient permitting of offshore renewable energy projects by providing funding for early, frequent, and robust community engagement, including Tribal consultation. 
    • Ensures that offshore renewable energy projects support good-paying, union jobs and a reliable, domestic supply chain. 
    • Invests in marine and coastal habitat protection and compensates fishing interests that have been impacted by offshore wind development. 
    • Establishes the Offshore Power Administration to provide Federal assistance to advance shared offshore transmission infrastructure. 
    • Creates new Department of Energy grant and loan guarantee opportunities to support U.S. shipbuilding needed to construct offshore wind projects. 
    fact-sheet of the Offshore Energy Modernization Act can be found HERE.
    section-by-section summary can be found HERE.

    MIL OSI USA News

  • MIL-OSI Security: Man jailed for machete attack – after being arrested with firearm

    Source: United Kingdom London Metropolitan Police

    A complex investigation by Met detectives has seen a man jailed over a brutal machete attack in Clapham, highlighting the Met’s commitment to cracking down on violence and relentlessly pursuing those who endanger the lives of others.

    Nino-Tai Smith, 23 (20.02.2002), of Wandsworth Road, Nine Elms, was jailed for a total of eight years and 10 months at Croydon Crown Court on Wednesday, 4 June. This was reduced to seven years and three months after credit. He previously pleaded guilty on Tuesday, 4 March at the same court to charges of causing grievous bodily harm with intent and possession of an offensive weapon.

    Smith drove a stolen Mercedes into his victim – a man aged 25 at the time – before attacking him with a machete. It is understood that assault was motivated by a gang rivalry.

    When officers tracked Smith down, they also recovered a firearm. In connection with the firearm, Smith also pleaded guilty of possessing a firearm at Inner London Crown Court on Monday, 14 November, 2022. He was handed a five-year sentence for this offence, which he is serving concurrently with his most recent sentence.

    Detective Inspector Jonathan Summers, who heads the Met’s Central South Gangs Unit, said: “Smith’s victim was left with severe, life-changing injuries and I’m proud of the investigation team’s efforts in bringing this violent offender to justice.

    “Brilliant investigative work helped to paint a compelling picture of Smith’s guilt, and led him to plead guilty on the first day of trial.

    “Senseless violence has no place on London’s streets, and I hope this case demonstrates our determination to pursue dangerous criminals who threaten the safety of our communities.”

    On Thursday, 10 June, 2021, Smith drove a stolen Mercedes into his victim in Cedars Road, Clapham. He knocked him off his moped, before setting upon him with a machete. Smith made off, ultimately crashing the car in nearby Newby Street. He then discarded his machete and left on foot before police arrived at the scene.

    Met officers provided emergency treatment to the victim at the scene and he was taken to hospital by the London Ambulance Service to receive lifesaving care.

    Investigators then began making urgent enquiries to track down the perpetrator, following numerous lines of enquiry, establishing the Mercedes had been driven by Nino-Tai Smith.

    Just two days after the incident, police tracked Smith down to the Patmore Estate in Battersea. Following a chase with officers – captured on body-worn video – he was detained and officers recovered an illegal firearm in a bag that Smith had discarded at the scene.

    The investigation team spent months analysing complex phone data and evidence. This all added up to a damning case against Smith, who was shown to be an active participant in the assault after data showed he had been near the scene of the incident at the time.

    DI Summers added: “This was a heinous, premeditated attack motivated by intergang rivalry. We will always seek to prosecute such matters – even when a victim is unable for whatever reason to support a prosecution.

    “Neither intimidation nor any perceived code of silence will prevent us from relentlessly pursuing justice. The investigation team have worked tirelessly for years to achieve this amazing result, and I am again humbled by the investigators’ dedication, detective ability and professionalism.”

    MIL Security OSI

  • MIL-OSI Banking: Kevin Greenidge: Unbreakable, unmovable, unstoppable

    Source: Bank for International Settlements

    Good evening.

    As the stars in the life insurance business gather tonight, I am delighted to address you on the occasion of your 36th Annual Caribbean Sales Congress. It is both an honour and a privilege to engage with such a distinguished gathering of professionals who shape the financial security of our Caribbean nations.

    From the start of this Congress yesterday evening, tonight, and over the coming days, we reflect on industry trends, celebrate regulatory progress, forge new connections, and honour your exceptional achievers. Your congress theme – “Unbreakable, Unmovable, Unstoppable” – resonates deeply with me. These powerful words capture the very essence of what it means to thrive in today’s ever-evolving world, including within the life insurance and financial advisory sector. They speak to the resilience, steadfast determination, and unwavering commitment that define your work, day after day.

    Over the next few minutes, I invite you to join me on a journey exploring the vital importance of your sector and discovering what you must collectively do to remain truly unbreakable, unmovable, and unstoppable in an ever-changing world. 

    The Cornerstone of Caribbean Financial Stability

    The life insurance sector stands as an indispensable pillar supporting our Caribbean economic landscape. The numbers tell a compelling story: ordinary life plans continue to dominate market share across Barbados, the Eastern Caribbean, and Trinidad and Tobago, while group health plans remain the cornerstone in Jamaica and beyond.

    Yet despite these encouraging trends, our region’s insurance penetration rate of 2.18 percent trails significantly behind the OECD average of 4.6 percent. This gap represents not just a statistical shortfall, but a pressing opportunity for expanded financial education and awareness throughout our communities.

    But let us remember – insurance transcends mere policies and premiums; it embodies security, stability, and the safeguarding of our collective future. In a Caribbean increasingly vulnerable to economic disruptions, brought on by the climate crisis, and shifting demographics with aging populations and declining birth rates, your profession serves as a bedrock of financial protection. Whether securing a family’s stability after losing a breadwinner, or guaranteeing a child’s education, or creating pathways to dignified retirement, you provide the foundation of financial resilience upon which our communities build their dreams.

    Transforming Regional Economies Through Strategic Investment

    Our regional economies also stand at a critical crossroad, poised for strategic restructuring that will create sustainable growth platforms for generations to come. Take Barbados, for example – our economy has undergone remarkable transformation since 2018, evolving from a stagnating system burdened by debt into one characterised by sustained economic expansion and consistent debt reduction.

    We’ve made tremendous strides in enhancing our competitiveness, while simultaneously addressing both external and internal macroeconomic imbalances. The revitalisation of our formerly dormant capital market, through new treasury bill offerings and our recent long-term 20-year debenture, marks a significant milestone. With increasingly positive reviews from regional and international credit rating agencies, as evidenced by four upgrades in the last eight months, these financial products have attracted substantial interest.

    I encourage you, my regional colleagues, to reconsider your exposure to Barbadian government securities as you seek safe, secure investments from a nation firmly recommitted to fiscal prudence and sustainable, inclusive growth.

    Yet our journey has only begun, and the investment decisions made by life insurance companies like yours will prove instrumental in driving Caribbean economic growth forward. No economy can fully address its citizens’ long-term needs through fiscal measures alone. Instead, we must harness our people’s collective savings through strategic investments that accelerate sustainable growth.

    Consider this striking reality: approximately US$5.4 billion in excess cash currently sits idle in central banks across our region – low or non-earning investments that could instead fuel transformative growth. Imagine these resources channelled into developing tourism, renewable energy, and addressing the climate crisis – a fight that the Prime Minister of Barbados is leading – and innovative industries that sustainably leverage our vast marine resources and technological capabilities. How about harnessing some of this excess liquidity through a regional bond for economic development? 

    Life insurance products are uniquely designed to manage longevity risk, making your industry perfectly positioned to drive investment in crucial long-term infrastructure and both private and public securities that meet appropriate criteria. Tonight, I challenge us all to reimagine how these investments can reshape our Caribbean destiny.

    Celebrating Excellence: The Monica Robotham Story

    Now, we are gathered here tonight to celebrate a woman whose career and life is a testament to perseverance, excellence, and a profound commitment to service – Monica Robotham. Ladies and gentlemen, I am deeply honoured to join you in celebrating Monica’s extraordinary journey – a path that truly embodies what it means to be unbreakable, unstoppable, and unmoveable in your industry. Her story resonates profoundly with me because it demonstrates how dedication and service can transform not just a career but an entire community.

    From her humble beginnings at Life of Jamaica in 1987, Monica pursued excellence through prestigious designations and shattered barriers to join the industry’s elite. Her transformative leadership as President of the Jamaica Association of Insurance and Financial Advisors demonstrated unwavering commitment, breathing new life into the organisation when others might have faltered. Perhaps most inspiring was her remarkable service to vulnerable populations during the darkest days of COVID.

    Monica’s guiding principle – “You are remembered not by what you gathered, but by what you scattered” – offers us a profound model for success that transcends personal achievement. Tonight, I invite each of you to follow Monica’s example: become unbreakable through continuous professional growth, become unstoppable through selfless service to others, and become unmovable in your commitment to excellence. Her remarkable legacy highlights the truth that when we embrace these principles, we too can create lasting impact that ripples through both our profession and our communities.

    Personal and Professional Growth: Your Path to Becoming Unstoppable

    Success in this field demands more than knowledge and expertise – it requires a mindset of resilience, adaptability, and above all, continuous learning. To truly embody being unbreakable, unmovable, and unstoppable like Monica, I invite you to embrace these transformative principles in your own development journey:

    First, commit yourself to lifelong learning. The financial services landscape, like most industries today, is evolving at breath-taking speed. Regulatory shifts, technological revolutions, and emerging risks make staying informed and continuously honing your skills absolutely essential. Embrace professional development opportunities, earn new certifications, and position yourself as a trusted expert whose knowledge illuminates the path forward. The Central Bank I lead maintains an enduring tradition of training and development, and we encourage all financial services professionals to invest in their growth.

    Second, build meaningful client relationships that transcend transactions. In this era of technological convenience, the human touch remains your most precious asset. Your ability to genuinely connect with clients, deeply understand their unique needs, and provide thoughtfully tailored financial solutions, sets you apart in a crowded marketplace. Remember – a truly effective financial advisor is far more than a salesperson; you are a strategic partner guiding your clients’ financial journeys. Don’t simply sell products – ensure they meet each client’s unique circumstances and aspirations. We’ve witnessed too many instances of product mis-selling globally, and I recognise that we as Caribbean people sometimes approach long-term investing with understandable caution.

    Third, strengthen the ethical foundations upon which everything else rests. Trust must remain the fundamental currency of your industry. The financial advisory profession stands or falls on transparency, integrity, and unwavering ethical responsibility. CARAIFA’s mission to uphold rigorous industry standards testifies to the critical importance of maintaining credibility and trustworthiness in every client interaction.

    Fourth, embrace technological innovation as your ally rather than your adversary. Digital transformation is reshaping financial services in ways we could scarcely imagine a decade ago. Whether leveraging data analytics to gain deeper client insights or utilising digital platforms for enhanced service delivery, technology should be viewed as a powerful enabler rather than a disruptive force. The more effectively you harness its capabilities, the more efficient and impactful your practice becomes. Now is the perfect moment to explore artificial intelligence and understand how it can dramatically enhance efficiency, productivity, and results, throughout the insurance industry.

    Fifth, adapt nimbly to our region’s changing economic environment. The Caribbean’s economic landscape continues to evolve rapidly. The average growth in Gross Written Premiums across various markets has been modest – 2 percent in Barbados, 3 percent in Belize, and 4 percent in the Eastern Caribbean – reflecting the persistent challenges we face in achieving robust economic expansion. As financial professionals, you must anticipate market shifts, develop sophisticated understanding of economic trends, and provide solutions that are not merely relevant but genuinely sustainable over time.

    Finally, and perhaps most importantly, bring others along on your journey to success. To borrow Monica’s profound personal motto, “You are remembered not by what you gathered, but by what you scattered.” Her wisdom embodies an essential truth. In the realm of insurance and financial services, success is often measured by metrics – policies written, revenue generated, profits earned. But the true measure of your legacy lies not in what you accumulate for yourself, but in the lasting impact you create in others’ lives. And impacting others’ lives positively is at the core of your business.

    Like the parable of the mustard seed – the smallest of all seeds that grows into a mighty tree providing shelter for many – each small act of service contains within it the potential for tremendous growth and impact. Every day presents opportunities to scatter seeds of service, to scatter seeds of mentorship, and to scatter seeds of kindness – seeds that, when nurtured, blossom into lasting relationships, thriving careers, and stronger communities.

    Just as the mustard seed’s greatness lies not in its size, but in its immense potential, your most significant contributions often begin as simple gestures of support. Whether providing mentorship to emerging professionals, engaging in community outreach, or leading by example, when you climb the ladder of success like Monica, you must extend a hand to pull others up alongside you. Remember always – from the smallest seeds come the most abundant harvests.

    Embracing Monica’s Legacy of Impact

    As I close and you reflect on the profound work you do, carry Monica’s powerful words in your heart: “You are remembered not by what you gathered, but by what you scattered.” Like her, your career represents far more than a job – it embodies a life-calling. Monica has shown us that true success lies in the lives you touch, in the colleagues you mentor, and in the communities you strengthen.

    You, like Monica, possess the power to transform countless lives by ensuring families remain financially secure, businesses continue to thrive, and communities build upon foundations of economic strength.

    You are unbreakable in your commitment to serving others, mirroring Monica’s steadfast resilience through challenges, from her humble beginnings to her emergence as an industry leader.

    You are unmovable in your dedication to financial empowerment, demonstrating the same resolve Monica showed when revitalising JAIFA’s headquarters and supporting seniors during the pandemic’s darkest hours.

    You are unstoppable in your pursuit of excellence, following Monica’s inspiring example of continuous growth from her early days at Life of Jamaica through earning prestigious designations and establishing new standards of achievement.

    As you move forward into tomorrow, know that, like Monica, the seeds you scatter today will grow into the forests of tomorrow. Let her extraordinary journey inspire you to see beyond numbers, beyond commissions, to the true, transformative impact of your work. May this congress serve as a catalyst igniting renewed passion, deeper knowledge, and even greater commitment to your noble profession – a commitment to being remembered not by what you gather, but by what you scatter.

    Together, embracing Monica’s spirit of service and excellence, and guided by the wisdom of the mustard seed parable, let us continue building a Caribbean that stands financially resilient, well-insured, and confidently prepared for whatever the future may bring.

    Thank you, and may this evening’s stars light your path forward.

    Enjoy your 36th congress.

    I thank you!

    MIL OSI Global Banks

  • MIL-OSI Banking: Abdul Rasheed Ghaffour: The changing landscape and talent development initiatives for Malaysia’s financial sector

    Source: Bank for International Settlements

    It is a privilege to stand before you at this conferment ceremony, where we celebrate the achievements of more than 600 individuals who demonstrated dedication and outstanding achievement in banking. We are also honouring the conferment of Honorary Fellowship to Governor Eli, and paying tribute to the lifetime achievement of Tan Sri Azman Hashim, Fellow Chartered Banker (FCB), both outstanding individuals who have made immense contributions and shown commitment to excellence, which we can all strive to emulate.

    About a month ago, we welcomed our regional partners for the ASEAN meetings. We had the opportunity to engage deeply on the region’s most pressing challenges, namely the uncertainty from the US tariff announcements, the acceleration of digital transformation and the urgency of promoting sustainability practices.

    These challenges underscore the critical need for the financial sector to adapt and evolve in response to an ever-changing landscape. To navigate these complexities, continuous investments in talent are not merely an option but a necessity. By equipping our workforce with the necessary skills and knowledge, we empower them to transform challenges into opportunities and drive our economy forward. The knowledge, devotion and tenacity that have brought all conferees together today are the essential foundations that will propel Malaysia to greater heights.

    Global trade uncertainty, digitalisation and sustainability will shape the financial sector landscape in Malaysia

    Ladies and gentlemen,

    Our banking sector has been no stranger to formidable challenges. Yet, in recent years, we have been faced with transformative forces that could redefine the landscape of banking. Allow me to expand on three pivotal areas which I mentioned earlier: economic uncertainty, digital transformation and sustainability, and their implications on the banking sector workforce.

    As I speak, global trade uncertainty continues to persist, arising from a growing push for greater protectionism and a shift away from globalised supply chains. As a small open economy, the escalation in trade tensions and global policy uncertainties will affect Malaysia. However, we are facing this from a position of strength. Our economy will continue to grow, anchored by continued household spending and steady expansion in investment activities. Externally, resilient underlying demand for E&E goods and a sustained momentum of tourism activity can cushion the impact of tariffs on our exports. Malaysia’s diversified product and export markets further underscore our resilience against external shocks.

    These shifts in economic outlook remind us that the global landscape is ever-changing, underscoring the need for resilience and adaptability in the face of these headwinds.

    On this, the banking sector plays a critical role in allocating capital efficiently to support economic growth and transformation. We have demonstrated robust expertise in traditional areas such as retail segments (mortgages and personal finance), as well as other mature corporate industries. However, as the financial landscape evolves, new opportunities are emerging that remain underexplored, offering potential for growth and innovation. Financing of trading activities such as shipping, aviation or aerospace, investments in data centres, and other high-growth industries, represent untapped avenues that could contribute meaningfully to our economic development. By broadening their focus and addressing these gaps, the banking sector can better position businesses to compete effectively on a global stage.

    In the wake of global trade uncertainties, the banking sector’s role in supporting domestic businesses becomes more pronounced. Banks must collaborate with industry players to identify new opportunities, leveraging on both financial expertise and industry insights. A workforce adept at risk management, market analysis and client advisory enables banks to offer innovative financial solutions to help businesses stay ahead.

    The next transformative force is the increasing pace of technological breakthroughs, a trend underpinned by the proliferation of artificial intelligence (AI), data and automation. The Malaysian banking sector has increasingly leveraged AI and automation for risk management, fraud detection and complex analysis to enhance operational efficiency and strengthen security. The use of AI-powered chatbots and virtual assistants has also allowed customers to benefit from enhanced and personalised customer experiences, often without the need to visit a bank branch.

    While technology has clear benefits for the financial sector, it needs to be adopted responsibly, balancing efficiency with risk management. Senior leaders in the banking sector have themselves expressed increasing concerns about new vulnerabilities introduced from AI adoption, such as cybersecurity, legal uncertainty related to operations, difficulties in controlling outcome accuracy and prejudice from model bias.1 The banking sector’s shift to leverage technology, in particular AI, to remain competitive must be underpinned by strong governance frameworks, stringent data privacy protections and the highest ethical standards across the workforce. To ensure responsible adoption of AI, banks need to develop an understanding of both the opportunities and risks associated with AI, and invest in training programmes to enhance AI awareness, create an organisation-wide culture of responsible AI adoption and help employees recognise potential risks.

    Let’s now turn to the third critical area: sustainable finance and environmental, social and governance considerations. This year’s ASEAN Chairmanship theme on sustainability underscores the region’s commitment to equitable growth and environmental stewardship.

    At our meeting in Milan earlier this month, the ASEAN+3 finance ministers and central bank governors reaffirmed our commitment to collaborate on transition finance, disaster risk financing, and climate resilience. The meeting also recognised the need to channel greater capital flows into green and sustainable projects, including large-scale regional initiatives such as the ASEAN Power Grid (APG) being pursued as part of our chairing of ASEAN this year. A report by AMRO highlighted that Southeast Asia will require over USD200 billion annually in climate-related investments to achieve its net-zero targets.

    As we delve into this important area, it is evident that these are not just environmental imperatives, but instead, a strategic priority area across the region. Therefore, the banking sector must integrate ESG factors into their core operations and decision-making. Banks play a pivotal role in channelling financial solutions and capital towards projects that are not only economically viable, but also environmentally and socially responsible. For example, the increasing importance of blended finance as a key lever in scaling up climate-aligned and impact-driven investment will require bankers to build skills that go beyond standard credit risk assessment. This shift requires a banking sector workforce which is well-equipped with the right knowledge and expertise to be able to not only reduce credit risk for lenders, but also contribute meaningfully to advancing sustainability priorities and meeting ambitious climate goals. 

    Significant efforts have been undertaken by talent affiliates, while more can be done by the industry to collectively upskill the workforce

    Ladies and gentlemen,

    Malaysia has invested significantly in developing talent in our financial sector. Over the years, we have developed a comprehensive ecosystem of talent affiliates providing training, certification and future-looking guidance on the skills needed by the financial sector. On this, I would like to take a moment to applaud the Asian Institute of Chartered Bankers (AICB), Islamic Banking and Finance Institute Malaysia (IBFIM) and Asian Institute of Insurance (AII) for their commitment in driving the development and encouraging the implementation of the Financial Sector Future Skills Framework (FSF) since its launch in July 2024. I also wish to highlight the important role played by financial institutions to further complement these efforts through their respective learning and development academies.

    While the financial services industry benefits from a good talent development ecosystem, more collective actions are needed to future-proof the workforce. In an era of rapid transformation, the question remains: Is the industry investing enough in talent to meet evolving business needs and remain competitive?

    With the FSF as a common dictionary on skills critical for the future, I call on the banking sector to accelerate efforts to foster knowledge acquisition in areas that are relevant to address both current industry challenges and needs, as well as emerging trends to prepare professionals for future opportunities. This includes building a deep understanding of the unique financial requirements of sectors that will catapult the growth of the Malaysian economy, and in tandem, enhancing technical skills in credit risk assessment for these sectors to ensure financing decisions are made sustainably. Additionally, training should also focus towards building capacity to address regional financing demands, particularly in infrastructure financing and blended financing, to support the long-term economic growth of the region. By equipping banking professionals with advanced capabilities and specialised expertise, the financial sector can proactively respond to emerging opportunities, ensuring its readiness to meet evolving economic challenges and contribute to Malaysia’s regional competitiveness.

    Equally important is the need to continuously nurture ethical and principled bankers who uphold the highest standards of integrity. In a rapidly changing financial landscape, the foundation of trust and accountability is indispensable for ensuring the sector’s long-term sustainability and resilience. AICB, alongside industry leaders, must emphasise the development of bankers who embody professionalism, ethical conduct, and a commitment to responsible practices.

    In closing, I would like to once again congratulate all conferees today. Your individual commitment to self development and dedication towards embodying the values of integrity, professionalism and expertise will collectively elevate the banking sector. Your achievement today is setting a benchmark for the industry and will hopefully inspire many others to follow in your footsteps.

    To Governor Eli, today’s honorary conferment recognises your exemplary leadership, transformative contribution and excellence within our profession. Through his previous role in the Bank for International Settlements (BIS), Governor Eli advanced research and discussions on regional and international finance, and has been recognised as one of the top-performing central bank governors globally in his current role. As a former professor and director at the Asia School of Business (ASB), Governor Eli has also significantly contributed towards strengthening central banking education through the development of the Master’s in Central Banking course.

    To Tan Sri Azman Hashim, the Lifetime Achievement Award is a fitting honour to an industry heavyweight whose visionary contributions have profoundly shaped and advanced the Malaysian banking sector.

    Malaysia’s financial system is renowned for its resilience, innovation and sound governance. But the true strength behind this success is our people. I end with a simple quote from Jack Welch, the CEO of General Electric for more than twenty years, ‘The most important job you have is growing your people’.

    Thank you, and I wish all of you a fruitful journey ahead.


    MIL OSI Global Banks