Category: Finance

  • MIL-OSI Security: Armed Drug Trafficker Is Sentenced To 10 Years in Prison

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    CHARLOTTE, N.C. – Bryan Torres, 24, of Cherryville, N.C., was sentenced today to 10 years in prison and four years of supervised release on drug and gun charges, announced Lawrence J. Cameron, Acting U.S. Attorney for the Western District of North Carolina.

    According to court documents and court proceedings, between October 2022 to January 2023, Torres engaged in drug trafficking in Gaston County. During the investigation, law enforcement conducted multiple controlled purchases of methamphetamine, over 250 fentanyl pills, powder fentanyl, heroin, and other substances from the defendant. Torres was armed during at least one drug transaction. On February 2, 2023, a search warrant was executed at Torres’s residence. Investigators seized from the residence five firearms and ammunition, and additional amounts of methamphetamine and fentanyl.

    On February 29, 2024, Torres pleaded guilty to distribution of methamphetamine and possession of a firearm by a convicted felon. He will remain in federal custody until he is transferred to the custody of the Federal Bureau of Prisons upon designation of a federal facility.

    The investigation was jointly conducted by the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms and Explosives, Homeland Security Investigations, the Cherryville Police Department, and the Gaston County Police Department.

    The U.S. Attorney’s Office in Charlotte prosecuted the case. 

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. For more information about PSN in the Western District, please visit our website.

     

    MIL Security OSI

  • MIL-OSI Security: Man Sentenced to Over 24 Years in Prison for Running Multiple Dark Web Child Sexual Abuse Websites

    Source: United States Attorneys General 3

    A California man was sentenced today to 24 years and four months in prison for his role in operating four websites dedicated to sharing images of child sexual abuse.

    According to court documents, Louis Donald Mendonsa, 62, of Sacramento, assisted with managing and maintaining four different websites that operated on the dark web from at least December 2021 until his arrest November 2022. Each of these websites were dedicated to advertising, distributing, and exchanging images and videos depicting the sexual abuse of children. One of the websites allowed members to post images and videos of children as young as infants and toddlers. While using the internet at a local coffee shop, Mendonsa advertised and distributed child sexual abuse images over these websites and assisted others with running the websites. When searched by law enforcement, his electronic devices were found to contain images of child sexual abuse, approximately 6,500 of which depicted identified victims of his conduct.

    Mendonsa pleaded guilty in April 2024 to seven counts of distribution of child pornography and one count of possession of child pornography.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Acting U.S. Attorney Michele Beckwith for the Eastern District of California, and Special Agent in Charge Tatum King of Homeland Security Investigations (HSI) San Francisco made the announcement.

    HSI San Francisco investigated the case, with valuable assistance provided by the Sacramento County Sheriff’s Office, the Sacramento Police Department, and the High Technology Investigative Unit of the Criminal Division’s Child Exploitation and Obscenity Section (CEOS).

    CEOS Trial Attorney Kaylynn Foulon and Assistant U.S. Attorneys Emily Sauvageau and Christina McCall for the Eastern District of California prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

    MIL Security OSI

  • MIL-OSI Canada: Federal government invests in shoreline adaptation and restoration for the Tsleil-Waututh Nation

    Source: Government of Canada regional news

    From Housing, Infrastructure and Communities Canada:
    English: https://www.canada.ca/en/housing-infrastructure-communities/news/2025/02/federal-government-invests-in-shoreline-adaptation-and-restoration-for-the-tsleil-waututh-nation.html  
    French: https://www.canada.ca/fr/logement-infrastructures-collectivites/nouvelles/2025/02/le-gouvernement-federal-investit-dans-ladaptation-et-la-restauration-des-berges-de-la-nation-des-tsleil-waututh.html

    Erosion and flood protection improvements will help preserve the səlilwətaɬ (Tsleil-Waututh Nation) shores after a joint investment of more than $10.1 million from the federal government and the Nation.

    This project includes beach replenishment, which will involve concept planning and engineering, site preparation, marine riparian shoreline planting, and the installation of intertidal adaptation features.

    These improvements will protect the shoreline while promoting biodiversity, restoring habitat health, strengthening structural capacity, and improving ecological systems. This project will also increase the Nation’s resilience to climate change, natural disasters, and extreme weather events for years to come.

    Quotes:

    “Thank you to the Tsleil-Waututh Nation for their dedication, innovation, and hard work in restoring and protecting the shoreline from flooding and rising sea levels. Our government is working alongside Indigenous partners to tackle extreme weather, adapt to climate change, and build stronger, more resilient communities. Traditional Indigenous knowledge and experience from those living on this land since time immemorial is critical in fighting climate change and protecting our shared future. That’s why federal programs like this empower local leaders to drive the changes that work best in their communities.”

    – The Honourable Terry Beech, Minister of Citizens’ Services and Member of Parliament for Burnaby North – Seymour

    “These improvements to the Tsleil-Waututh Nation lands will protect the shoreline and marine habitat now and for future generations. The impacts of climate change make it essential that we act now to address potential hazards to make our communities stronger, preserve our natural ecosystems and keep people safe.”

    – The Honourable Kelly Greene, B.C. Minister of Emergency Management and Climate Readiness

    “səlilwətaɬ (Tsleil-Waututh Nation) is grateful for Green Adaptation, Resilience and Disaster Mitigation funding to support our reserve shoreline adaptation and resilience project. This funding will enable us to complete Tsleil-Waututh Nation Reserve shoreline protection, beach nourishment, and restoration works to address longstanding concerns with coastal erosion and flooding, and to strengthen community resilience to climate change. This project is also expected to enhance marine ecological health and biodiversity, protect səlilwətaɬ community lands and cultural sites, and improve community access to the shoreline for stewardship practices and intergenerational knowledge sharing.”

    – Chief Jen Thomas, səlilwətaɬ (Tsleil-Waututh Nation)

    Quick Facts:

    • The federal government is investing $7,599,914 through the Green Infrastructure Stream of the Investing in Canada Infrastructure Program and the səlilwətaɬ (Tsleil-Waututh Nation) is contributing $2,533,305 with support from the Government of British Columbia.
    • This stream helps build greener communities by contributing to climate change preparedness, reducing greenhouse gas emissions, and supporting renewable technologies.
    • Including today’s announcement, over 150 infrastructure projects under the Green Infrastructure Stream have been announced in British Columbia, with a total federal contribution of more than $610 million and a total provincial contribution of more than $429 million.
    • Under the Investing in Canada Plan, the federal government is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities.
    • Federal funding is conditional on fulfilling all requirements related to consultation with Indigenous groups and environmental assessment obligations.

    Associated Links:

    Investing in Canada: Canada’s Long-Term Infrastructure Plan:
    https://housing-infrastructure.canada.ca/plan/icp-publication-pic-eng.html

    Green Infrastructure Stream:
    https://housing-infrastructure.canada.ca/plan/icp-publication-pic-eng.html

    Housing and Infrastructure Project Map:
    https://housing-infrastructure.canada.ca/gmap-gcarte/index-eng.html

    Strengthened Climate Plan:
    https://www.canada.ca/en/services/environment/weather/climatechange/climate-plan/climate-plan-overview.html

    For more information (media only), please contact:

    MIL OSI Canada News

  • MIL-OSI: Quanta 100x’s Accountants with AI-Powered Innovation; Secures $4.7M in Funding Led by Accel to Alleviate Pain of Legacy Solutions

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 27, 2025 (GLOBE NEWSWIRE) — Quanta, the next-generation accounting company powered by AI, today announced the general availability of its platform featuring an intuitive self-serve onboarding process that accomplishes in minutes what typically takes weeks with other solutions. Quanta also raised $4.7 million in seed funding led by Accel with participation from basecase, Comma Capital, Designer Fund, and Operator Collective, as well as prominent angel investors including Elad Gil. This round propels Quanta’s vision of eliminating all non-creative accounting work in order to empower businesses with financial clarity in real-time.

    Software companies are on the leading edge of innovation. However, their accounting services have not kept pace. Many organizations face prolonged accounting close cycles, manual workflows, and delayed access to critical financial metrics — which often leaves business leaders to rely on stale or incomplete data that hinders timely decision-making. And other emerging accounting tools over recent years have not been able to utilize AI for automation that allows their business to successfully scale and serve customers’ need for real-time insights.

    “During my time as an engineer at Affirm, I built multiple financial systems of record — including its in-house accounting system — as the company scaled from 100 to 2,500 employees. I saw firsthand how far behind accounting software lagged,” said Helen Hastings, founder and CEO of Quanta. “The manual work required to produce data has resulted in a once-per-month reporting cadence that holds businesses back. Quanta’s vision is to automate all repetitive aspects of accounting, so finance teams need only focus on creative work: defining the business model, selecting the appropriate policies, and asking the right questions that will push their business forward. Quanta isn’t just an accounting firm; it’s an exponential upgrade to organizations’ financial operations.”

    Quanta developed its own proprietary general ledger and granular subledgers, which, when integrated with its AI-powered engine, automates data population, validation, and interpretation. With this approach, Quanta alleviates the pain of traditional solutions and “100x’s” its accountants — delivering the fastest, most accurate, and easiest to work with service on the market.

    “The accounting industry is at a critical juncture where new solutions are required to meet modern demands. AI breakthroughs and the consolidation of financial data in modern cloud services create a unique opportunity for innovation, and Quanta is perfectly positioned to harness it,” said Amit Kumar, partner at Accel. “Helen and the Quanta team are building a system that represents a radical departure from the status quo, delivering a new model of real-time delivery and unparalleled accuracy. I’m excited to join them on their journey to raise the bar for what modern businesses should expect from their accounting services.”

    Quanta delivers:

    • Speed and real-time insights: Powered by proprietary accounting software, Quanta updates in real-time through integrations with customers’ banking systems and existing stack of financial tools including Brex, Gusto, Mercury, Ramp, Stripe, and more. This enables seamless onboarding and unmatched speed compared to competitors relying on manual processes and outsourced bookkeepers.
    • Unparalleled accuracy: Quanta’s automated validation system ensures all accounting entries comply with each customer’s set policies, and is supported by 40+ daily checks and reconciliations to ensure balances match with source financial tools.
    • Advanced revenue and accrual functionality: Native tools, including a Stripe integration and contract ingestion system that automates revenue recognition across multiple sources in addition to an accrual system that automatically builds schedules for prepaids and fixed assets. This provides business leaders with greater accuracy, transparency, and efficiency in financial reporting by providing more granular and contextual accounting while reducing manual effort and human error.
    • Highest quality human service: Each customer is paired with a dedicated financial expert via Slack, offering high-level strategic and creative guidance to drive key business decisions — only made possible due to the automation of routine bookkeeping tasks.

    “Quanta is the fastest outsourced accounting service. The efficiency gains since partnering with Quanta have been remarkable. They’ve helped us reduce our closing time by 85%, giving us visibility into our business faster,” said Chris Burgner, Head of Finance & Analytics at Equals. “Now, any time we need to see financial performance, we trust Quanta’s platform reflects the most up-to-date, accurate information. Even more, it is a relief to have them as a thought partner to help lay the right foundation for the future in the ever-changing world of accounting requirements.”

    Supporting Resources

    About Quanta
    Quanta is the AI-powered accounting service for software businesses who want to get their finances right, without delay. Through native integrations with leading financial tools and banking providers, Quanta provides unparalleled access to key business metrics in real-time — giving customers an accurate view of their finances and empowering them with the knowledge they need to make critical business decisions with lightning speed. Quanta is privately held, with funding from Accel, basecase, Comma Capital, Designer Fund, Operator Collective, and more. For more information, please visit https://www.usequanta.com/.

    The MIL Network

  • MIL-OSI United Nations: Diverse disaster risks in the Arab States have led to inspiring solutions

    Source: UNISDR Disaster Risk Reduction

    SRSG Kamal Kishore visited Kuwait in February 2025 for the Arab Regional Platform for Disaster Risk Reduction. In this article he reflects on the region’s challenges and successes.
     

    The Arab States region is known for its extremes: some of the world’s harshest conditions, but also the famous hospitality of its inhabitants. It is home to some of the wealthiest nations, but also many amongst the least-developed. It faces serious disaster risks – especially slow onset disasters like drought and desertification – but is also a source of innovative solutions.

    I spent the past week in Kuwait where disaster risk management policy makers and practitioners from 22 countries from the Arab States region came together for the 6th Arab Regional Platform for Disaster Risk Reduction. This multi-stakeholder forum was called to take stock of progress against the Sendai Framework for Disaster Risk Reduction and devise ways to accelerate implementation over the next five years. Much of the success can be attributed to the generosity and professionalism of the host country, the State of Kuwait. The excellent organization of the Platform was the result of a tight partnership between the Kuwait Fire Force, the League of Arab States, and UNDRR’s Regional Office for Arab States, lining up a programme that covered a wide array of important topics for the region.

    During the five intense days of deliberations, I learned many things. In a region that is beset by many challenges, disaster risk reduction issues do not always spring to mind as the most urgent. However the region has seen some of the worst disasters over the last few years – including floods in Libya (2023), Oman (2024) and UAE (2024); earthquakes in Syria and Morocco (2023); and a string of severe droughts across much of the region.

    To say that the Arab States region is highly diverse is to state the obvious. However, this diversity goes beyond the nature of disaster risk (varying hazards, exposure, and socio-economic vulnerability) to the diverse institutional approaches adopted by countries of the region to manage disaster risk. The United Arab Emirates, in particular, have shown great leadership in the region, as champions of urban resilience and hosts of the COP28 UN Climate Change Conference.

    During the Regional Platform I had so many enlightening conversations – formal and informal – and participated in numerous events and discussions. Considering all that I learned, I have the following reflections:

    The next leap

    Most of the countries in the region have established strong national level institutions for disaster risk management (these are variously named Disaster Management Agencies, or Emergency, Crisis and Disaster Management Authorities, and so on) and many have developed multi-year strategies for disaster risk management (for example, Morocco has a strategy for 2020 to 2030).

    The next leap would be to pursue more integrative work with all development sectors. Interesting initiatives are already emanating from the region. For example: UNDRR’s Private Sector Alliance for Disaster Resilient Societies (ARISE) has helped develop and apply a resilience tool to aid the real estate sector in Dubai; and Libya and Iraq are modernizing the management of their irrigation dams.

    Play closer attention to compounding risks

    For example, sand and dust storms are getting more complex – in a region that has rapidly urbanized, not only are the impacts of these hazards evolving (such as the impacts on power transmission networks and renewable energy production), but these hazards are also combining with other threats such as soil and air pollution to create even bigger impacts.

    ABCD (Align Biodiversity, Climate Change and Desertification) of Comprehensive Risk Management 

    This is a region where on-the-ground integration of the three Rio Conventions – Biodiversity, Climate Change, and Desertification – really comes alive. However, taking such a comprehensive approach requires that we align all of these interests across regional, national and sub-national institutions.

    Blend tradition and innovation

    The region is home to centuries of traditional wisdom to deal with extreme conditions and natural hazards – for example, this can be seen in how traditional housing and clothing have evolved to combat extreme heat. Traditional systems of finance such as Islamic Finance (and the notion of Zakat) provide a solid foundation for society’s financial resilience, particularly for the poorest. At the same time, many countries in the region are at the forefront of cutting-edge innovation – from advances in water management to the application of AI.

    We can draw on both traditional wisdom and modern innovation to achieve disaster risk reduction objectives.


    The energy and enthusiasm I witnessed during this past week gives me a sense of optimism that if we stay the course, this region can not only demonstrate on-the-ground disaster risk reduction results, but can also inspire action across the world.

    The Global Platform for Disaster Risk Reduction, in June this year, will give an opportunity for all of the regions to share the outcomes of the Regional Platforms, and I look forward to the contributions arising from the Arab States Regional Platform.

    MIL OSI United Nations News

  • MIL-OSI USA: Commodity Classic Hyperwall Schedule

    Source: NASA

    NASA Science at AMS Hyperwall Schedule, January 13-16, 2025
    Join NASA in the Exhibit Hall (Booth #401) for Hyperwall Storytelling by NASA experts. Full Hyperwall Agenda below.

    MONDAY, JANUARY 13

    6:10 – 6:25 PM
    The Golden Age of Ocean Science: How NASA’s Newest Missions Advance the Study of Oceans in our Earth System
    Dr. Karen St. Germain

    6:25 – 6:40 PM
    Integration of Vantage Points and Approaches for Earth System Science
    Dr. Jack Kaye

    6:45 – 7:00 PM
    Helio Big Year Wind-Down and a Look Ahead
    Dr. Joseph Westlake

    7:00 – 7:15 PM
    Chasing Snowstorms with Airplanes: An Overview of the IMPACTS Field Campaign
    John YorksLynn McMurdie

    7:15 – 7:30 PM
    NASA Earth Action Empowering Health and Air Quality Communities
    Dr. John Haynes

    TUESDAY, JANUARY 14

    10:00 – 10:15 AM
    Earthdata Applications
    Hannah Townley

    10:15 – 10:30 AM
    Climate Adaptation Science Investigators (CASI): Enhancing Climate Resilience at NASA
    Cynthia Rosenzweig

    10:30 – 10:45 AM
    From Orbit to Earth: Exploring the LEO Science Digest
    Jeremy Goldstein

    12:00 – 12:15 PM
    Visualizaiton of the May 10-11 ‘Gannon’ Geospace Storm
    Michael Wiltberger

    12:15 – 12:30 PM
    Explore Space Weather Through the Community Coordinated Modeling Center and OpenSpace
    Elana Resnick

    12:30 – 12:45 PM
    Satellite Needs Working Group (SNWG): US Government Agencies’ Source of NASA ESD-wide Earth Observations solutions
    Natasha Sadoff

    12:45 – 1:00 PM
    Connecting Satellite Data to the One Health Approach
    Helena Chapman

    1:00 – 1:15 PM
    A Bird’s-Eye View of Pollution in Asian Megacities
    Laura Judd

    1:15 – 1:30 PM
    Space Weather at Mars
    Gina DiBraccioJamie Favors

    3:00 – 3:15 PM
    Open Science: Creating a Culture of Innovation and Collaboration
    Lauren Perkins

    3:15 – 3:30 PM
    NASA’s Early Career Reseach Program Paving the Way
    Cynthia HallYaítza Luna-Cruz

    3:30 – 3:45 PM
    SciX: Accelerating Discovery of NASA’s Science through Open Science and Domain Integration
    Anna Kelbert

    6:15 – 6:30 PM
    Using NASA IMERG to Detect Extreme Rainfall Within Data Deserts
    Owen KelleyGeorge Huffman

    6:30 – 6:45 PM
    Satellite Remote Sensing of Aerosols Around the World
    Rob Levy

    6:45 – 7:00 PM
    The Sun, Space Weather, and You
    Jim SpannErin Lynch

    7:00 – 7:15 PM
    Eyes on the Stars: The Building of a 21st-century Solar Observatory
    Ame FoxDr. Elsayed Talaat

    7:15 – 7:30 PM
    NASA ESTO: Launchpad for Novel Earth Science Technologies
    Michael Seablom

    WEDNESDAY, JANUARY 15

    10:00 – 10:15 AM
    Parker Solar Probe Outreach and the Power of Indigenous Thought Leaders
    Troy Cline

    10:15 – 10:30 AM
    Forecasting Extreme Weather Events at Local Scales with NASA High-Resolution Models
    Gary Partyka

    10:30 – 10:45 AM
    North American Land Data Assimilation System: Informing Water and Agricultural Management Applications with NASA Modeling and Remote Sensing
    Sujay Kumar

    12:00 – 12:15 PM
    Life After Launch: A Snapshot of the First 9 Months of NASA’s PACE Mission
    Carina Poulin

    12:15 – 12:30 PM
    Space Weather and the May 2024 Geomagnetic Storm
    Antti Pulkkinen

    12:30 – 12:45 PM
    Geospace Dynamics Constellation: The Space Weather Rosetta Stone
    Dr. Katherine Garcia Gage

    12:45 – 1:00 PM
    Monitoring Sea Level Change using ICESat-2 and other NASA EO Missions
    Aimee Neeley

    1:00 – 1:15 PM
    Space Weather Center of Excellence CLEAR: All-CLEAR SEP Forecast
    Lulu Zhao

    1:15 – 1:30 PM
    Harnessing the Power of NASA Earth Observations for a Resilient Water Future
    Stephanie Granger

    3:00 – 3:15 PM
    From EARTHDATA to Action: Enabling Earth Science Data to Serve Society
    Jim O’SullivanYaitza Luna-Cruz

    3:15 – 3:30 PM
    GMAO and GEOS Related Talk TBD
    Christine Bloecker

    3:30 – 3:45 PM
    Live Heliophysics Kahoot! Quiz Bowl
    Jimmy Acevedo

    3:45 – 4:00 PM
    Parker Solar Probe
    Nour Rawaf

    THURSDAY, JANUARY 16

    10:00 – 10:15 AM
    Sounds of Space: Sonification with CDAWeb
    Alex Young

    10:30 – 10:45 AM
    Developing the Future of Microwave Sounding Data: Benefits and Opportunities
    Ed Kim

    MIL OSI USA News

  • MIL-OSI Europe: Denmark: Norlase secures €20 million EIB venture debt to advance ophthalmic laser technology.

    Source: European Investment Bank

    • Denmark’s med-tech sector receives a boost as Norlase strengthens its position in the global ophthalmic laser market with EIB venture debt financing.
    • Norlase will employ the funding for the further development and market access of its innovative portable ophthalmic laser technology.
    • The EIB’s financing is backed under the European Commission’s InvestEU initiative.

    Med-tech company Norlase, a spin-out of the Technical University of Denmark (DTU), has signed a €20 million venture debt financing with the European Investment Bank (EIB). The funding will support the expansion of Norlase’s innovative ophthalmic laser technology, reinforcing Denmark’s position as a hub for world-class med-tech innovation. Ensuring that European companies developing critical technology have the possibility and funding to grow in the EU, is an important building block in European strategic autonomy. The EIB financing is supported by the European Commission’s InvestEU programme.

    “Denmark’s efforts in building up its bio- and med-tech ecosystem are definitely paying dividends today. Like other Danish companies we recently financed, Norlase’s technology is top of its class and a real example of excellence in European innovation.” said EIB Vice-President Ioannis Tsakiris. “With the support of InvestEU, the EIB finances projects that advance state-of-the-art medical treatment, and this funding aims to enhance the position of Norlase as a European med-tech champion.”

    “As the patient burden continues to grow, the need to accelerate technological innovation in eye care has never been greater. With four product launches in just five years and rapid adoption by the ophthalmic community, Norlase is leading this transformation,” said Norlase CEO and Co-founder Oliver Hvidt. “This funding from the EIB allows us to scale our global presence and push even further beyond the limits of existing technology, solidifying Norlase’s role as a leader in the future of eye care. We’re just getting started.”

    The Head of the European Commission Representation to Denmark, Per Haugaard, added: “It’s crucial that European companies develop critical technology and that we secure investments in med-tech companies like Norlase across the continent.”

    On a technical level, the financing will support the development and market access of Norlase’s innovative portable ophthalmic lasers, designed to diagnose and treat causes of vision loss and blindness. The project focuses on advancing novel ophthalmic laser technologies and expanding production facilities to support increased demand. The company recently launched its fourth and most innovative device, LYNX, which can reduce treatment time by more than 50%, setting new standards for efficiency, accessibility, and precision in ophthalmic laser treatments.

    Background information

    The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, contribute to peace and security, and support a just and swift transition to climate neutrality. The Group’s AAA rating allows it to borrow at favourable conditions on the global markets, benefiting its clients within the European Union and beyond. The Group has the highest ESG standards and a tier one capital ratio of 32%.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. InvestEU brings all EU financial instruments together under one roof, making funding for investment projects in Europe simpler, more efficient, and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least €372 billion in additional investment.

    Norlase was founded in Denmark to commercialize patented laser technology developed at the Technical University of Denmark (DTU) and its products are now in use in the top ophthalmic hospitals globally.

    MIL OSI Europe News

  • MIL-OSI Europe: REPORT on the European Semester for economic policy coordination: employment and social priorities for 2025 – A10-0023/2025

    Source: European Parliament

    MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    on the European Semester for economic policy coordination: employment and social priorities for 2025

    (2024/2084(INI))

    The European Parliament,

     having regard to Article 3 of the Treaty on European Union (TEU),

      having regard to Articles 9, 121, 148 and 149 of the Treaty on the Functioning of the European Union (TFEU),

     having regard to the European Pillar of Social Rights (EPSR) proclaimed and signed by the Council, Parliament and the Commission on 17 November 2017,

     having regard to the Commission communication of 4 March 2021 entitled ‘The European Pillar of Social Rights Action Plan’ (COM(2021)0102) and its proposed 2030 headline targets on employment, skills and poverty reduction,

     having regard to the Commission communication of 17 December 2024 entitled ‘2025 European Semester – Autumn package’ (COM(2024)0700),

     having regard to the Commission communication of 26 November 2024 entitled ‘2025 European Semester: bringing the new economic governance framework to life’ (COM(2024)0705),

      having regard to the Commission proposal of 17 December 2024 for a joint employment report from the Commission and the Council (COM(2024)0701),

     having regard to the Commission recommendation of 17 December 2024 for a Council recommendation on the economic policy of the euro area (COM(2024)0704),

      having regard to the Commission report of 17 December 2024 entitled ‘Alert Mechanism Report 2025’ (COM(2024)0702),

      having regard to the Commission staff working document of 26 November 2024 entitled ‘Fiscal statistical tables providing relevant background data for the assessment of the 2025 draft budgetary plans’ (SWD(2024)0950),

     having regard to the Commission staff working document of 17 December 2024 on the changes in the scoreboard the Macroeconomic Imbalance Procedure Scoreboard in the context of the regular review process (SWD(2024)0702),

     having regard to its resolution of 22 October 2024 on the Council position on Draft amending budget No 4/2024 of the European Union for the financial year 2024 – update of revenue (own resources) and adjustments to some decentralised agencies[1],

     having regard to Mario Draghi’s report of 9 September 2024 entitled ‘The future of European competitiveness’,

     having regard to Enrico Letta’s report of April 2024 on the future of the single market[2],

     having regard to the La Hulpe Declaration on the Future of the European Pillar of Social Rights signed by Parliament, the Commission, the European Economic and Social Committee and the Council on 16 April 2024,

     having regard to the Regulation (EU) 2023/955 of the European Parliament and of the Council of 10 May 2023 establishing a Social Climate Fund and amending Regulation (EU) 2021/1060[3],

     having regard to the Regulation (EU) 2024/1263 of the European Parliament and of the Council of 29 April 2024 on the effective coordination of economic policies and on multilateral budgetary surveillance and repealing Council Regulation (EC) No 1466/97[4], and in particular to Articles 3, 4, 13 and 27 thereof,

     having regard to the Commission communication of 17 January 2023 entitled ‘Harnessing talent in Europe’s regions’ (COM(2023)0032),

     having regard to the Commission communication of 20 March 2023 entitled ‘Labour and skills shortages in the EU: an action plan’ (COM(2024)0131),

     having regard to the 2020 European Skills Agenda,

     having regard to the Commission communication of 7 September 2022 on the European care strategy (COM(2022)0440),

     having regard to the Council Recommendation on access to affordable, high-quality long-term care[5],

     having regard to the EU Social Scoreboard and its headline and secondary indicators,

     having regard to the Commission communication of 3 March 2021 entitled ‘Union of Equality: Strategy for the Rights of Persons with Disabilities 2021-2030’ (COM(2021)0101),

     having regard to the Commission report of 19 September 2024 entitled ‘Employment and Social Developments in Europe (ESDE): upward social convergence in the EU and the role of social investment’,

     having regard to the Council Decision on Employment Guidelines, adopted by the Employment, Social Policy, Health and Consumer Affairs Council on 2 December 2024, which establishes employment and social priorities aligned with the principles of the EPSR,

     having regard to the Tripartite Declaration for a thriving European Social Dialogue and to the forthcoming pact on social dialogue,

     having regard to Directive (EU) 2022/2041 of the European Parliament and of the Council of 19 October 2022 on adequate minimum wages in the European Union[6] (Minimum Wage Directive),

     having regard to the European Social Charter, referred to in the preamble of the EPSR,

     having regard to the EU Roma strategic framework for equality, inclusion and participation for 2020-2030,

     having regard to the United Nations Sustainable Development Goals (SDGs),

     having regard to the Gender Equality Strategy 2020-2025,

     having regard to the EU Anti-Racism Action Plan 2020-2025,

     having regard to the LGBTIQ Equality Strategy 2020-2025,

     having regard to Rule 55 of its Rules of Procedure,

     having regard to the report of the Committee on Employment and Social Affairs (A10-0023/2025),

    A. whereas progress has been made towards achieving the EU’s employment targets, namely that at least 78 % of people aged 20 to 64 should be in employment by 2030, despite the uncertainty created by Russia’s war of aggression against Ukraine and the impact of high inflation; whereas, according to the Commission’s 2025 autumn economic forecast, EU employment has reached a rate of 75.3 %; whereas growth in employment in the EU remained robust in 2023; whereas in two thirds of the Member States, employment growth in 2023 was on track to reach the national 2030 target; whereas significant challenges nevertheless persist, such as high unemployment rates in some Member States, particularly among young people and persons with disabilities, as do significant inequalities between sectors and regions, which can negatively affect social cohesion and the well-being of European citizens in the long term;

    B. whereas the European Semester combines various different instruments in an integrated framework for multilateral coordination and surveillance of economic, employment and social policies within the EU and it must become a key tool for fostering upward social convergence; whereas the Social Convergence Framework is a key tool for assessing social challenges and upward convergence within the European Semester and for monitoring social disparities across Member States, while addressing the challenges identified in the Joint Employment Report (JER);

    C. whereas the Union has adopted the 2030 target of reducing the number of people at risk of poverty and social exclusion by at least 15 million compared to 2019, including at least 5 million children; whereas in nearly half of the Member States the trend is heading in the opposite direction; whereas one child in four in the European Union is still at risk of poverty and social exclusion; and whereas the current trend will not make it possible to meet the 2030 target; whereas public spending on children and youth should not be seen only as social expenditure but as an investment in the future; whereas the promotion of strong, sustainable and inclusive economic growth can succeed only if the next generation can develop their full educational potential in order to be prepared for the changing labour market, whereas to meet the 2030 Barcelona targets for early childhood education and care, the EU should invest an additional EUR 11 billion per year[7];

    D. whereas despite a minimal reduction in the number of people at risk of poverty or social exclusion in the EU in 2023, approximately one in five still faces this challenge, with notable disparities for children, young and older people, persons with disabilities, LGTBI, non-EU born individuals, and Roma communities;

    E. whereas significant disparities are observed among children from ethnic or migrant backgrounds and children with disabilities; whereas 83 % of Roma children live in households at risk of poverty; whereas the EU and national resources currently deployed are in no way sufficient for addressing the challenge of child poverty in the EU and, therefore, a dedicated funding instrument for the European Child Guarantee as well as synergies with other European and national funds are of the utmost importance in both the current multiannual financial framework (MFF) and the next one;

    F. whereas the EPSR must be the compass guiding EU social and economic policies, whereas the Commission should monitor progress on the implementation of the EPSR using the Social Scoreboard and the Social Convergence Framework;

    G. whereas poor quality jobs among the self-employed are disproportionately widespread while the rate of self-employment is declining, including among young people;

    H. whereas there are still 1.4 million people residing in institutions in the EU; whereas residents of institutions are isolated from the broader community and do not have sufficient control over their lives and the decisions that affect them; whereas despite the fact that the European Union has long been committed to the process of deinstitutionalisation, efforts are still needed at both European and national level to enable vulnerable groups to live independently in a community environment;

    I. whereas demographic challenges, including an ageing population, low birth rates and rural depopulation, with young people in particular moving to urban areas, profoundly affect the economic vitality and attractiveness of EU regions, the labour markets, and consequently, the sustainability of welfare systems, and further aggravate the regional disparities in the EU, and hence represent a structural challenge for the EU economy; and whereas, as underlined in the Draghi report, sustainable growth and competitiveness in Europe depend to a large extent on adapting education and training systems to evolving skills needs, prioritising adult learning and vocational education and training, and the inclusion of the active population in the labour market and on a robust welfare system;

    J. whereas, as highlighted in the Draghi report, migrant workers have been an important factor in reducing labour shortages and are more likely to work in occupations with persistent shortages than workers born in the EU;

    K. whereas 70 % of workers in Europe are in good-quality jobs, 30 % are in high-strain jobs where demands are more numerous than resources available to balance them leading to overall poor job quality; whereas in many occupations suffering from persistent labour shortages the share of low-quality jobs is higher than 30 %;

    L. whereas the Letta report states that there is a decline in the birth rate, noting the importance of creating a framework to support all families as part of a strategy of inclusive growth in line with the EPSR; whereas the report notes that the free movement of people remains the least developed of the four freedoms and argues for reducing barriers to intra-EU occupational mobility while addressing the social, economic and political challenges facing the sending Member States and their most disadvantaged regions, as well as safeguarding the right to stay; whereas there is a need to promote family-friendly and work-life balance policies, ensuring accessible and professional care systems as well as public quality education, family-related leave and flexible working arrangements in line with the European Care Strategy;

    M. whereas inflation has increased the economic burden on households, having a particularly negative impact on groups in vulnerable situations, such as single parents, large families, older people or persons with disabilities, whereas housing costs and energy poverty remain major problems; whereas housing is becoming unaffordable for those who live in households where housing costs account for 40 % of total disposable income; whereas investment in social services, housing supply – including social housing – and policies that facilitate the accessibility and affordability of housing play a key role in reducing poverty among vulnerable households;

    N. whereas the EU’s micro, small and medium-sized enterprises face particular challenges such as staying competitive against third-country players, maintaining production levels despite rising energy costs and finding the necessary skills for the green and digital transitions; whereas they need financial and technical support to comply with regulatory requirements and take advantage of the opportunities offered by the twin transitions;

    O. whereas labour and skills shortages remain a problem at all levels, and are reported by companies of all sizes and sectors; whereas these shortages are exacerbated by a lack of candidates to fill critical positions in key sectors such as education, healthcare, transport, science, technology, engineering and construction, especially in areas affected by depopulation; whereas these shortages can result from a number of factors, such as difficult working conditions, unattractive salaries, demand for new skill sets and a shortage of relevant training, the lack of public services, barriers of access to medium and higher education and lack of recognition of skills and education;

    P. whereas the Union has adopted the target that at least 60 % of adults should participate in training every year by 2030; whereas the Member States have committed themselves to national targets in order to achieve this headline goal and whereas the majority of Member States lost ground in the pursuit of these national targets; whereas further efforts are needed to ensure the provision of, and access to, quality training policies that promote lifelong learning; whereas upskilling, reskilling and training programmes must be available for all workers, including those with disabilities, and should also be adapted to workers’ needs and capabilities;

    Q. whereas in 2022, the average Programme for International Student Assessment (PISA) score across the OECD on the measures of basic skills (reading, mathematics and science) of 15-year-olds dropped by 10 points compared to the last wave in 2018; whereas underachievement is prevalent among disadvantaged learners, demonstrating a widening of educational inequalities; whereas this worrying deterioration calls for reforms and investments in education and training;

    R. whereas the EU’s capacity to deal with future shocks, crises and ‘polycrises’ while navigating the demographic, digital and green transitions, will depend greatly on the conditions under which critical workers will be able to perform their work; whereas addressing the shortages and retaining all types of talent requires decent working conditions, access to social protection systems, and opportunities for skills development tailored to the needs; and whereas addressing skills shortages is crucial to achieving the digital and green transitions, ensuring inclusive and sustainable growth and boosting the EU’s competitiveness;

    S. whereas it is essential to promote mobility within the EU and consider attracting skilled workers from third countries, while ensuring respect for and enforcement of labour and social rights and channelling third-country nationals entering the EU through legal migration pathways towards occupations experiencing shortages, supported by an effective integration policy, in full complementarity with harnessing talents from within the Union;

    T. whereas gender pay gaps remain considerable in most EU Member States and whereas care responsibilities are an important factor that continue to constrain women into part-time employment or lead to their exclusion from the labour market, resulting in a wider gender employment gap;

    U. whereas the JER highlights the right to disconnect, in particular in the context of telework, acknowledging the critical role of this right in ensuring a work-life balance in a context of increasing digitalisation and remote working;

    V. whereas challenges to several sectors, such as automotive manufacturing and energy intensive industries, became evident in 2024 and a number of companies announced large-scale restructuring;

    W. whereas there are disparities in the coverage of social services, including long-term care, child protection, domestic violence support, and homelessness aid, that need to be addressed through the European Semester;

    X. whereas there is currently no regular EU-wide collection of data on social services investment and coverage; whereas collecting such data is key for an evidence-based analysis of national social policies in the European Semester analysis; whereas this should be addressed through jointly agreed criteria and data collection standards for social services investment and coverage in the Member States; whereas the European Social Network’s Social Services Index is an example of how such data collection can contribute to the European Semester analysis;

    Y. whereas the crisis in generational renewal, demographic changes, and lack of sufficient investment in public services have led to an increased risk of poverty and social exclusion, particularly affecting children and older people, single-parent households and large families, the working poor, persons with disabilities, and people from marginalised backgrounds; whereas an ambitious EU anti-poverty strategy will be essential to reverse this trend and provide responses to the multidimensional phenomenon of poverty;

    Z. whereas Eurofound research shows that suicide rates have been creeping up since 2021, after decreasing for decades; whereas more needs to be done to address causes of mental health problems in working and living conditions (importantly social inclusion), and access to support for people with poor mental health remains a problem;

    AA. whereas there were still over 3 300 fatal accidents and almost 3 million nonfatal accidents in the EU-27 in 2021; whereas over 200 000 workers die each year from work-related illnesses; whereas these data do not include all accidents caused by undeclared work, making it plausible to assume that the true numbers greatly exceed the official statistics; whereas in 2017, according to Eurofound, 20 % of jobs in Europe were of ‘poor quality’ and put workers at increased risk regarding their physical or mental health; whereas 14 % of workers have been exposed to a high level of psychosocial risks; whereas 23 % of European workers believe that their safety or their health is at risk because of their work;

    AB. whereas the results of the April 2024 Eurobarometer survey on social Europe highlight that 88 % of European citizens consider social Europe to be important to them personally; whereas this was confirmed by the EU Post-Electoral Survey 2024, where European citizens cited rising prices and the cost of living (42 %) and the economic situation (41 %) as the main topics that motivated them to vote in the 2024 European elections;

    AC. whereas according to Article 3 TEU, social progress in the EU is one of the aims of a highly competitive social market economy, together with full employment, a high level of protection and improvement of the quality of the environment; whereas Article 3 TEU also states that the EU ‘shall combat social exclusion and discrimination, and shall promote social justice and protection, equality between women and men, solidarity between generations and protection of the rights of the child’;

    AD. whereas the new EU economic governance framework entered into force in April 2024 and aims to promote sustainable and inclusive growth and to give more space for social investment and achievement of the objectives of the EPSR; whereas, for the first time, the revision includes a social convergence framework as an integrated part of the European Semester;

    AE. whereas under the new EU economic governance framework, all Member States have to include reforms and investments in their medium-term plans addressing common EU priorities and challenges identified in country-specific recommendations in the context of the European Semester; whereas the common EU priorities include social and economic resilience, including the EPSR;

    AF. whereas European social partners, during Macroeconomic Dialogue, have denounced the lack of involvement of social partners in the drafting of the medium-term fiscal structural plans and ETUC, SMEUnited and SGIEurope have signed a joint statement for a material and factual involvement of social partners in the economic governance and the European Semester;

    AG. whereas public investment is expected to increase in 2025 in almost all Member States, with a significant contribution from NextGenerationEU’s Recovery and Resilience Facility (RRF) and EU funds and will contribute to social spending, amounting to around 25 % of the total estimated expenditure under the RRF, securing growth and economic resilience[8]; whereas social investments and reforms in key areas can boost employment, social inclusion, competitiveness and economic growth[9]; whereas social partners are essential for designing and implementing policies that promote sustainable and inclusive growth, decent and quality work, and fair transitions and must be involved at all levels of governance in accordance with the TFEU;

    AH. whereas the Member States should implement the Minimum Wage Directive without delay and prepare action plans that increase collective bargaining coverage in line with the directive, where applicable;

    AI. whereas according to the Organization for Economic Co-operation and Development (OECD), on average across OECD countries, occupations at highest risk of automation account for about 28 % of employment[10]; whereas social dialogue and collective bargaining are crucial in this context to ensure a participatory approach to managing change driven by technological developments, addressing potential concerns, while fostering workers’ adaptation (including via skills provision); whereas digitalisation, robotisation, automation and artificial intelligence (AI) must benefit workers and society by improving working conditions and quality of life, ensuring a good work-life balance, creating better employment opportunities, and contributing to socio-economic convergence; whereas workers and their trade unions will play a critical role in anticipating and tackling risks emerging from those challenges;

     

    AJ. whereas social dialogue and collective bargaining are essential for the EU’s competitiveness, labour productivity and social cohesion;

    1. Considers that the Commission and the Council should strengthen their efforts to implement the EPSR, in line with the action plan of March 2021 and the La Hulpe Declaration, to achieve the 2030 headline targets; calls on the Commission to ensure that the JER 2026 analyses the implementation of all the principles of the EPSR in line with Regulation (EU) 2024/1263 and includes an analysis of the social dimension of the national medium-term fiscal structural plans related to social resilience, including the EPSR; welcomes, in this regard, the announcement of a new Action Plan on the implementation of the EPSR[11] for 2025 to give a new impetus to social progress; welcomes the fact that almost all Member States are expected to increase public investment in 2025, which is necessary to ensure access to quality public services and achieve the aims of the EPSR; recalls that the Member States can mobilise the RRF within the scope defined by the Regulation (EU) 2021/241[12] until 31 December 2026 on policies for sustainable and inclusive growth and the young;

    2. Stresses the importance of using the Social Scoreboard and the Social Convergence Framework to identify risks to, and to track progress in, reducing inequalities, strengthening social protection systems and promoting decent working conditions and supportive measures for workers to manage the transitions; stresses that in this regard, it is necessary to ensure a sustainable, fair and inclusive Europe where social rights are fully protected and safeguarded at the same level as economic freedoms; recalls that EU citizens identify social Europe as one of their priorities;

    3. Regrets the lack of data on and analysis of wealth inequality and wealth concentration in the EU as this is one of the main determinants of poverty; points out that according to Distributional Wealth Accounts, a dataset developed by the European System of Central Banks, the share of wealth held by the top 10 % stood at 56 % in the fourth quarter of 2023, while the bottom half held just 5 %;

    4. Welcomes the inclusion of analysis on the positive contribution of the SDGs and the European equality strategies in the JER 2025 and calls on the Commission to ensure that the JER 2026 includes both a section analysing the progress towards the SDGs related to employment and social policy, and another on progress towards eliminating social and labour discrimination in line with the Gender Equality Strategy 2020-2025, the EU Anti-Racism Action Plan 2020-2025, the EU Roma strategic framework for equality, inclusion and participation 2020-2030, the LGBTIQ Equality Strategy 2020-2025, and the Strategy for the rights of persons with disabilities 2021-2030;

    5. Calls on the Member States to implement the updated employment guidelines, with an emphasis on education and training for all, new technologies such as AI, and recent policy initiatives on platform work, affordable and decent housing and tackling labour and skills shortages, with a view to strengthening democratic decision-making;

    6. Reiterates the importance of investing in workforce skills development and occupational training and of ensuring quality employment, with an emphasis on the individual right to training and lifelong learning; urges the Member States to develop upskilling and reskilling measures in collaboration with local stakeholders, including educational and training bodies and the social partners, in order to reinforce the link between the education and training systems and the labour market and to anticipate labour market needs; welcomes the fact that employment outcomes for recent graduates from vocational education and training (VET) continue to improve across the EU; is concerned about young people’s declining educational performance, particularly in basic skills; welcomes, in this regard, the announcement of an Action Plan on Basic Skills and a STEM Education Strategic Plan; calls on the Member States to invest in programmes to equip learners with the basic, digital and transversal skills needed for the world of work and its digitisation as well as to help them to contribute meaningfully to society; recalls the important role that the European Globalisation Adjustment Fund for displaced workers can play in supporting and reskilling workers who were made redundant as a result of major restructuring events;

    7. Welcomes the announcement of a quality jobs roadmap to ensure a just transition for all; calls on the Commission to include in this roadmap considerations for measures linked to the use of AI and algorithmic management in the world of work so that new technologies are harnessed to improve working conditions and productivity while respecting workers’ rights and work-life balance as recognised in the JER[13]; calls on the Commission to propose a directive on the use of AI in the workplace that ensures that workers’ rights are protected and respected;

    8. Stresses that the response to labour shortages in the European Union also involves improving and facilitating labour mobility within the Union; calls on the Member States to strengthen and facilitate the recognition of skills and qualifications in the Union, including those of third-country nationals; calls on the Commission to analyse the effectiveness of the European Employment Services (EURES) platform with a view to a potential revision of its operation;

    9. Notes that the number of early leavers from education and training, people with lower levels of education, young people not in education, employment or training (NEETs) and among them vulnerable groups, including Roma, women, older people, low- and medium-qualified people, persons with disabilities and people with a migrant or minority background, depending on the country-specific context, remains high in several Member States, despite a downward trend in the European Union; calls on the Member States to reinforce the Youth Guarantee as stated in Principle 4 of the EPSR; in order to support young people in need throughout their personal and professional development; reiterates the pivotal role that VET plays in providing the knowledge, skills and competencies necessary for young people entering the labour market; emphasises the need to invest in the quality and attractiveness of VET through the European Social Fund Plus (ESF+); recalls, therefore, the need to address this situation and develop solutions to keep young people in education, training or employment and the importance of ensuring their access to traineeships and apprenticeships, enabling them to gain their first work experience and facilitating their transition from education to employment as well as to create working conditions that enable an ageing workforce to remain in the labour market;

    10. Considers that, although there has been an improvement, persons with disabilities, especially women with disabilities, still face significant obstacles in the labour market, and that there is therefore a need for vocational and digital training, while promoting the inclusion of persons with disabilities, targeting the inactive labour force and groups with low participation in the labour market, including women, young people, older workers and persons with chronic diseases; calls on the Commission to update the EU Disability Strategy with new flagship initiatives and actions from 2025 onwards, such as a European Disability Employment and Skills Guarantee and the sharing of best practices such as the disability card, in particular to address social inclusion and independent living for people with disabilities, also ensuring their access to quality education, training and employment through guidance on retaining disability allowances;

    11. Expresses concern that Roma continue to face significant barriers to employment, with persistent biases limiting their prospects; notes that the EU Roma strategic framework for equality, inclusion, and participation highlights a lack of progress in employment access and a growing share of Roma youth not in employment, education, or training; emphasises the framework’s goal of halving the employment gap between Roma and the general population and ensuring that at least 60 % of Roma are in paid work by 2030; urges the Member States to adopt an integrated, equality-focused approach and to ensure that public policies and services effectively reach all Roma, including those in remote rural areas;

    12. Stresses the need to pay attention to the social and environmental aspects of competitiveness, emphasising the need for investments in education and training for all to ensure universal access to high-quality public education and professional training programmes, as well as sustainable practices to foster inclusive growth; underlines that social partners should play a key role in identifying and addressing skills needs across the EU;

    13. Calls on the Commission and the Member States to include specific recommendations on housing affordability in the European Semester and to promote housing investment; urges the Member States to ensure that housing investments support long-term quality housing solutions that are actually affordable for low-income and middle-income households, highlighting that investments in social and affordable housing are crucial in order to ensure and improve the quality of life for all; stresses the need for a better use of EU funding, such as through European Investment Bank financial instruments, in particular to support investments to increase the energy efficiency of buildings; calls on the Commission and the Member States to take decisive action to provide an EU regulatory framework for the housing sector, together with an assessment of Union policies, funds and bottlenecks that should facilitate the construction, conversion and renovation of accessible, affordable and energy-efficient housing, including social housing, that meets the needs of young people, people with reduced mobility, low- and middle-income groups, families at risk and people in more vulnerable situations, while protecting homeowners and those seeking access to home ownership from a further reduction in supply;

    14. Welcomes the announced European Affordable Housing Plan to support Member States in addressing the housing crisis and soaring rents; calls on the Commission to assess and publish which potential barriers on State aid rules affect housing accessibility; recalls that the Social Climate Fund aims to provide financial aid to Member States from 2026 to support vulnerable households, in particular with measures and investments intended to increase the energy efficiency of buildings, decarbonisation of heating and cooling of buildings and the integration in buildings of renewable energy generation and storage;

    15. Considers that homelessness is a dramatic social problem in the EU; calls for a single definition of homelessness in the EU, which would enable the systematic comparison and assessment of the extent of homelessness across different EU Member States; calls on the Commission to develop a strategy and work towards ending homelessness in the EU by 2030 by promoting access to affordable and decent housing as well as access to quality social services; urges the Member States to better use the available EU instruments, including the ESF+, in this matter[14];

    16. Calls on the Member States to design national homelessness strategies centred around housing-based solutions; welcomes the intention to deliver a Council recommendation on homelessness[15]; urges the Commission to further increase the ambition of the European Platform on Combating Homelessness, in particular by providing it with a dedicated budget;

    17. Considers that EU action is urgently needed to address the persistently high levels of poverty and social exclusion in the EU, particularly among children, young and older people, persons with disabilities, non-EU born individuals, LGTBI and Roma communities; highlights that access to quality social services should be prioritised, with binding targets to reduce homelessness and ensure energy security for vulnerable households; calls on the Commission to adopt the first-ever EU Anti-Poverty Strategy;

    18. Recalls the Union objective of transitioning from institutional to community or family-based care; calls on the Commission to put forward an action plan on deinstitutionalisation; stresses that this action plan should cover all groups still living in institutions, including children, persons with disabilities, people with mental health issues, people affected by homelessness and older people; calls on the Member States to make full use of the ESF+ funds as well as other relevant European and national funds in order to finalise the deinstitutionalisation process so as to ensure that every EU citizen can live in a family or community environment;

    19. Calls on the Commission to deliver a European action plan for mental health, in line with its recent recommendations[16], and to complement it with a directive on psychosocial risks in the workplace; calls on the Member States to strengthen access to mental health services and emotional support programmes for all, particularly children, young people and older people; requests a better use of the Social Scoreboard indicators to address the impact of precarious living conditions and uncertainty on mental health;

    20. Calls on the Commission to address loneliness by promoting a holistic EU strategy on loneliness and access to professional care; calls also for this EU strategy to address the socio-economic impact of loneliness on productivity and well-being by tackling issues such as rural isolation; urges the Member States to continue implementing the Council recommendation on access to affordable, quality long-term care with a view to ensuring access to quality care while ensuring decent working conditions for workers in the care sector, as well as for informal carers;

    21. Recognises that 44 million Europeans are frequent informal long-term caregivers, the majority of whom are women[17];

    22. Recognises the unique role of carers in society, and while the definition of care workers is not harmonised across the EU, the long-term care sector employs 6.4 million people across the EU;

    23. Is concerned that, in 2023, 94.6 million people in the EU were still at risk of poverty or social exclusion; stresses that without a paradigm shift in the approach to combating poverty, the European Union and its Member States will not achieve their poverty reduction objectives; believes that the announcement of the first-ever EU Anti-Poverty Strategy is a step in the right direction towards reversing the trend, but must provide a comprehensive approach to tackling the multidimensional aspects of poverty and social exclusion with concrete actions, strong implementation and monitoring; calls for this Strategy to encompass everybody experiencing poverty and social exclusion, first and foremost the most disadvantaged, but also specific measures for different groups such as persons experiencing in-work poverty, homeless people, people with disabilities, single-parent families and, above all, children in order to sustainably break the cycle of poverty; stresses that the transposition of the Minimum Wage Directive will be key to preventing and fighting poverty risks among workers, while reinforcing incentives to work, and welcomes the fact that several Member States have amended or plan to amend their minimum wage frameworks; is concerned about the rise of non-standard forms of employment where workers are more likely to face in-work poverty and find themselves without adequate legal protections; stresses that an EU framework directive on adequate minimum income and active inclusion, in compliance with the subsidiarity principle, would contribute to the goals of reducing poverty and fostering the integration of people absent from the labour market;

    24. Reiterates its call on the Commission to carefully monitor implementation of the Child Guarantee in all Member States as part of the European Semester and country-specific recommendations; reiterates its call for an increase in the funding of the European Child Guarantee with a dedicated budget of at least EUR 20 billion and for all Member States to allocate at least 5 % of their allocated ESF+ funds to fighting child poverty and promoting children’s well-being; considers that the country-specific recommendations should reflect Member States’ budgetary compliance with the minimum required allocation for tackling child poverty set out in the ESF+ Regulation[18]; calls on the Commission to provide an ambitious budget for the Child Guarantee in the next MFF in order to respond to the growing challenge of child poverty and social exclusion;

    25. Is concerned about national policies that create gaps in health coverage, increasing inequalities both within and between Member States, such as privatisation of public healthcare systems, co-payments and lack of coverage; highlights that these deepen poverty, erode health and well-being, and increase social inequalities within and across EU countries; warns that this also undermines the implementation of principle 16 of the EPSR and of SDG 3.8 on universal health coverage, as well as the EPSR’s overall objective of promoting upward social convergence in the EU, leaving no one behind; believes that the indicators used in the Social Scoreboard do not provide a comprehensive understanding of healthcare affordability;

    26. Underlines that employers need to foster intergenerational links within companies and intergenerational learning between younger and older workers, and vice versa; underlines that an ageing workforce can help a business develop new products and services to adapt to the needs of an ageing society in a more creative and productive way; calls, furthermore, for the creation of incentives to encourage volunteering and mentoring to induce the transfer of knowledge between generations;

    27. Warns that, according to European Central Bank reports, real wages are still below their pre-pandemic level, while productivity was roughly the same; agrees that this creates some room for a non-inflationary recovery in real wages and warns that if real wages do not recover, this would increase the risk of protracted economic weakness, which could cause scarring effects and would further dent productivity in the euro area relative to other parts of the world; believes that better enforcement of minimum wages and strengthening collective bargaining coverage can have a beneficial effect on levels of wage inequality, especially by helping more vulnerable workers at the bottom of the wage distribution who are increasingly left out;

    28. Calls for the Member States to ensure decent working conditions, comprising among other things decent wages, access to social protection, lifelong learning opportunities, occupational health and safety, a good work-life balance and the right to disconnect, reasonable working time, workers’ representation, democracy at work and collective agreements; urges the Member States to foster democracy at work, social dialogue and collective bargaining and to protect workers’ rights, particularly in the context of the green and digital transitions, and to ensure equal pay for equal work by men and women, enhance pay transparency and address gender-based inequality to close the gender pay gap in the EU;

    29. Recalls the importance of improving access to social protection for the self-employed and calls on the Commission to monitor the Member States’ national plans for the implementation of the Council Recommendation of 8 November 2019 on access to social protection for workers and the self-employed[19] as part of the country-specific recommendations; recalls, in this regard, as the rate of self-employed professionals in the cultural and creative sectors is more than double that in the general population, the 13 initiatives laid down in the Commission’s 21 February 2024 response to the European Parliament resolution of 21 November 2023 on an EU framework for the social and professional situation of artists and workers in the cultural and creative sectors[20] and calls on the Commission to start implementing them in cooperation with the Member States;

    30. Stresses that the role of social dialogue and social partners should be systematically integrated into the design and implementation of employment and social policies, ensuring the involvement of social partners at all levels;

    31. Calls for the implementation of policies that promote work-life balance and the right to disconnect, with the aim of improving the quality of life for all families and workers, for ensuring the implementation of the Work-Life Balance Directive[21] and of the European Care Strategy; calls on the Commission to put forward a legislative proposal to address teleworking and the right to disconnect; as well as a proposal for the creation of a European card for all types of large families and a European action plan for single parents, offering educational and social advantages; calls, ultimately, for initiatives to combat workforce exclusion as a consequence of longer periods of sick leave, to adapt the workplace and to promote flexible working conditions and to develop strategies to support workers’ return after longer periods of absence;

    32. Calls for demographic challenges to be prioritised in the EU’s cohesion policy and for concrete action at EU and national levels; calls on the Commission to prioritise the development of the Commission communication on harnessing talent in Europe’s regions and the ‘Talent Booster Mechanism’ in order to promote social cohesion and to step up funding for rural and outermost areas and regions with a high rate of depopulation, supporting quality job creation, public services, local development projects and basic infrastructure that favour the population’s ‘right to stay’, especially in the case of young people; highlights the importance of introducing specific measures to address regional inequalities in education and training, ensuring equal access to high-quality and affordable education for all;

    33. Is concerned that, despite improvements, several population groups are still significantly under-represented in the EU labour market, including women, older people, low- and medium-qualified people, persons with disabilities and people with a migrant or minority background; warns that  educational inequalities have deepened, further exacerbating the vulnerabilities of students from disadvantaged and migrant backgrounds; points out that, according to the JER, people with migrant or minority backgrounds can significantly benefit from targeted measures in order to address skills mismatches, improve language proficiency, combat discrimination and receive tailored and integrated support services; stresses the importance of strengthening efforts in the implementation of the 2021-27 Action Plan on Integration and Inclusion, which provides a common policy framework to support the Member States in developing national migrant integration policies;

    34. Calls on the Commission and the Council to prioritise reducing administrative burdens with the aim of simplification while respecting labour and social standards; believes that better support for SMEs and actual and potential entrepreneurs will improve the EU’s competitiveness and long-term sustainability, boost innovation and create quality jobs; notes that SMEs and self-employed professionals in all sectors are essential for the EU’s economic growth and thus the financing of social policies; urges the implementation of specific recommendations to improve the single market; takes note of the Commission’s publication of the ‘Competitiveness Compass’ on 29 January 2025[22];

    35. Calls on the Commission to conduct competitiveness checks on every new legislative proposal, taking into account the overall impact of EU legislation on companies, as well as on other EU policies and programmes;

    36. Considers that the social economy is an essential component of the EU’s social market economy and a driver for the implementation of the EPSR and its targets, often providing employment to vulnerable and excluded groups; calls on the Commission and the Member States to strengthen their support for all social economy enterprises but especially non-profit ones, as highlighted in the Social Economy Action Plan 2021 and the Liège Roadmap for the Social Economy, in order to promote quality, decent, inclusive work and the circular economy, to encourage the Member States to facilitate access to funding and to enhance the visibility of social economy actors; calls for the Commission to explore innovative funding mechanisms to support the development of the social economy in Europe[23] and to foster a dynamic and inclusive business environment;

    37. Believes that, in this year of transition, with the implementation of the revised economic governance rules, the Member States should align fiscal responsibility with sustainable and inclusive growth and employment, notes that the involvement of social partners, including in the development of medium-term fiscal structural plans, should be enhanced to contribute to the goals of the new economic governance framework;

    38. Welcomes the fact that the national medium-term fiscal structural plans, under the new economic governance framework, have to include the reforms and investments responding to the main challenges identified in the context of the European Semester and also to ensure debt sustainability while investing strategically in the principles of the EPSR with the aim of fostering upward social convergence;

    39. Is concerned that compliance with the country-specific recommendations (CSRs) remains low; reiterates its call, therefore, for an effective implementation of CSRs by the Member States so as to promote healthcare and sustainable pension systems, in line with principles 15 and 16 of the EPSR, and long-term prosperity for all citizens, taking into account the vulnerability of those workers whose careers are segmented, intermittent and subject to labour transitions; insists that the Commission should reinforce its dialogues with the Member States on the implementation of existing recommendations and of the Employment Guidelines as well as on current or future policy action to address identified challenges;

    40. Welcomes the establishment of a framework to identify risks to social convergence within the European Semester, for which Parliament called strongly; recalls that under this framework, the Commission assesses risks to upward social convergence in Member States and monitors progress on the implementation of the EPSR on the basis of the Social Scoreboard and of the principles of the Social Convergence Framework; welcomes the fact that the 2025 JER delivers country-specific analysis based on the principles of the Social Convergence Framework; calls on the Commission to further develop innovative quantitative and qualitative analysis tools under this new Framework in order to make optimal use of it in the future cycles of the European Semester;

    41. Welcomes the fact that the first analysis based on the principles of the Social Convergence Framework points to upward convergence in the labour market in 2023[24]; notes with concern that employment outcomes of under-represented groups still need to improve and that risks to upward convergence persist at European level in relation to skills development, ranging from early education to lifelong learning, and the social outcomes of at-risk-of-poverty and social exclusion rates; calls on the Commission to further analyse these risks to upward social convergence in the second stage of the analysis and to discuss with the Member States concerned the measures undertaken or envisaged to address these risks;

    42. Recognises the cost of living crisis, which has increased the burden on households, and the rising cost of housing, which, in conjunction with high energy costs, is contributing to high levels of energy poverty across the EU; calls, therefore, on the Commission and Member States to comprehensively address the root causes of this crisis by prioritising policies that promote economic resilience, social cohesion, and sustainable development;

    43. Warns of the social risks stemming from the crisis in the automotive sector, which is facing unprecedented pressure from both external and internal factors; calls on the Commission to pay attention to this sector and enhance social dialogue and the participation of workers in transition processes; stresses the urgent need for a coordinated EU response via an emergency task force of trade unions and employers to respond to the current crisis;

    44. Calls on the Commission to monitor data on restructuring and its impact on employment, such as by using the European Restructuring Monitor, to facilitate measures in support of restructuring and labour market transitions, and to consider highlighting national measures supporting a socially responsible way of restructuring in the European Semester;

    45. Calls on the Commission to monitor the development of minimum wages in the Member States following the transposition of the Minimum Wage Directive to determine whether the goal of ‘adequacy’ of minimum wages is being achieved;

    46. Is concerned about the Commission’s revision of the Macroeconomic Imbalance Procedure (MIP) Scoreboard, particularly the reduction in employment and social indicators, which are crucial for assessing the social and labour market situation in the Member States; regrets the fact that youth unemployment is no longer considered as a headline indicator, despite its relevance in identifying and addressing specific labour market challenges and in adopting adequate public policies; stresses that social standards indicators should be given greater consideration in the decision-making process; regrets the fact that the Commission did not duly consult Parliament and reminds the Commission of its obligation to closely cooperate with Parliament, the Council and social partners before drawing up the MIP scoreboard and the set of macroeconomic and macro-financial indicators for Member States; stresses that the implementation of the principles of the EPSR must be part of the MIP scoreboard;

    47. Considers that territorial and social cohesion are essential components of the competitiveness agenda, and legislation such as the European Instrument for Temporary Support to Mitigate Unemployment Risks in an Emergency (SURE) remain a positive example to inspire future EU initiatives;

    48. Considers that the Commission and the Member States should ensure that fiscal policies under the European Semester support investments aligned with the EPSR, particularly in areas such as decent and affordable housing, quality healthcare, education, and social protection systems, as these are critical for social cohesion and long-term economic sustainability and to address the challenges identified through social indicators;

    49. Stresses the need to address key challenges identified in the Social Scoreboard as ‘critical’ and ‘to watch’, including children at risk of poverty or social exclusion, the gender employment gap, housing cost overburden, childcare, and long-term care the disability employment gap, the impact of social transfers on reducing poverty, and basic digital skills[25];

    50. Stresses the negative impacts that the cost of living crisis has had on persons with disabilities;

    51. Urges the Member States to consider robust policies that ensure fair wages and improve working conditions, particularly for low-income and precarious workers;

    52. Calls on the Member States to strengthen social safety nets to provide adequate support to those whose income from employment is insufficient to meet basic living costs;

    53. Stresses the need for timely and harmonised data on social policies to improve evidence-based policymaking and targeted social investments; calls for improvements to be made to the Social Scoreboard in order to cover the 20 EPSR principles with the introduction of relevant indicators reflecting trends and causes of inequality, such as quality employment, wealth distribution, access to public services, adequate pensions, the homelessness rate, mental health and unemployment; recalls that the at-risk-of-poverty-or-social-exclusion (AROPE) indicator fails to reveal the causes of complex inequality; calls on the Commission and the Member States to develop a European data collection framework on social services to monitor the investment in and coverage of social services;

    54. Instructs its President to forward this resolution to the Council and the Commission.

    MIL OSI Europe News

  • MIL-OSI Europe: Portugal: EIB finances Galp’s Renewable Hydrogen and Biofuels projects in Sines with €430 million

    Source: European Investment Bank

    EIB

    • The two projects, already in construction at the Sines Refinery, represent a total investment of €650 million.
    • The Biofuels unit, financed with €250 million, will produce low-carbon fuels essential for the decarbonization of transport.
    • The Green Hydrogen production unit, financed with €180 million, will be one of the largest in Europe.

    The European Investment Bank (EIB) has granted a €430 million loan for the construction of two key projects aimed at transforming Galp’s Sines Refinery, making a crucial contribution for the decarbonization of heavy-duty road transport and aviation.

    Galp is developing the Biofuels unit, already at a construction stage, in partnership with Japan’s Mitsui, as part of a total €400 million investment, of which €250 million is provided by the EIB. This unit will convert vegetable oils and residual fats into sustainable aviation fuel (SAF) and renewable diesel of biological origin (HVO) with identical characteristics to the fossil-based fuels used in regular combustion engines.

    This unit, set to begin production in 2026, will have the capacity to produce up to 270,000 tons of renewable fuels, enough for Portugal to comply with the European Union mandate for this type of fuels in aviation. SAF is essential for air transportation – responsible for about 3% of global greenhouse gas emissions – to begin its decarbonization journey.

    In parallel, Galp is building in the same site a 100MW electrolyser, a €250 million investment of which the EIB will finance €180 million. It is set to produce up to 15,000 tons of green hydrogen per year when it goes online next year, becoming one of the first operational units of its size in Europe.

    “These pioneering projects are a clear example of how we can combine financing, innovation, and our environmental commitment to promote a fair and sustainable energy transition,” said Jean-Christophe Laloux, Director General, Head of EU Lending and Advisory at the EIB. “By supporting the production of advanced biofuels and green hydrogen, we are contributing to a more energy-independent Europe that aligns with global climate goals.”

    “We have mobilized partners, private investment, and European financing to drive a transformative project that brings European and national energy and industrial policies to life,” said Ronald Doesburg, Galp’s Executive Board Member responsible for the Industrial area. “More is needed from energy companies, public funding and government support if we want to maintain Portugal’s relevance in an increasingly unstable world,” he concluded.

    The two projects support the goal of climate neutrality by 2050, in line with the European Green Deal, and strengthen the EU’s energy independence as outlined in the REPowerEU plan. The projects benefit from €22,5 in Recovery and Resilience Plan incentives.

    Background information   

    About the EIB  

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. 

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.   

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.   

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. 

    High-quality, up-to-date photos of our headquarters for media use are available here.

    About Galp

    Galp is an energy company committed to developing efficient and sustainable solutions in its operations and the integrated offerings it provides to its customers. We create simple, flexible, and competitive solutions for energy or mobility needs, catering to large industries, small and medium-sized enterprises, as well as individual consumers.

    Our portfolio includes various forms of energy – from electricity generated from renewable sources to natural gas and liquid fuels, including low-carbon options. As a producer, we engage in the extraction of oil and natural gas from reservoirs located kilometers below the ocean surface, and we are also one of the leading solar-based electricity producers in the Iberian region.

    We contribute to the economic development of the 10 countries where we operate and to the social progress of the communities that welcome us. Galp employs more than 7,000 people from 52 nationalities.

    MIL OSI Europe News

  • MIL-OSI Europe: Cyprus gets €72 million EIB loan for new national archaeological museum as EU bank publishes 2024 financing results in country

    Source: European Investment Bank

    • EIB provides €72 million loan to Cypriot government to build state-of-the-art archaeological museum in capital Nicosia
    • Credit for landmark Cypriot cultural project follows 2024 EIB Group financing in Cyprus totalling €225 million mainly for university-campus and road-network upgrades.
    • Latest annual results bring EIB Group support in Cyprus to €1.3 billion over past five years.

    The European Investment Bank (EIB) is providing the Cypriot government with a €72 million loan for a new national archaeological museum in the capital Nicosia. The EIB credit will be used to build the planned state-of-the-art Cyprus Archaeological Museum, which will serve as a cultural landmark while contributing to urban regeneration.

    The EIB Group, which also includes the European Investment Fund (EIF), today also announced that new financing in Cyprus in 2024 totalled €225 million. Top projects last year included EIB loans of €125 million for the Cyprus University of Technology (CUT) to build affordable student housing and upgrade campus facilities in Paphos and Limassol and €100 million for the Cypriot government to improve and expand road networks.

    “Our work in Cyprus is a testament to the transformative power of the EIB’s strategic financing,” said EIB Vice-President Kyriakos Kakouris. “In 2024, we reaffirmed our commitment to the country by supporting major projects in sustainable and affordable student housing as well as critical transport- infrastructure improvements, reinforcing social cohesion in the process.”

    Cultural landmark

    The planned Cyprus Archaeological Museum, whose construction is due to be completed in 2029 .will be located in the centre of Nicosia  and transform the area into a vibrant cultural hub. The museum will feature spacious exhibition halls equipped with cutting-edge technologies to enhance the presentation of Cyprus’s rich archaeological heritage, which dates to the Neolithic  period  and  extends to the Christian era.

    “The new museum will offer dedicated spaces for research, education and engagement with the scientific and cultural community, further strengthening Cyprus’s role in the global archaeological and cultural dialogue,” said EIB Vice-President Kyriacos Kakouris.

    It will house an extensive collection from Department of Antiquities of the Cypriot Culture Ministry’s

    “The Cyprus Archaeological Museum will stand as the country’s most significant cultural initiative,” said Cypriot Minister of Finance Makis Keravnos. “This is a crucial project for the Cypriot government and the people as it will revitalise and showcase – in the most fitting way – our country’s rich and diverse history. It will also create a dynamic cultural, recreational, and social hub in the heart of the city.”

    The new project includes a state-of-the-art 30,000 sqm museum and a 20,000 sqm landscaped public square, transforming the Nicosia area into a vibrant cultural hub.

    “For many years, it has been the state’s vision to establish a museum capable of housing, with the dignity they deserve, the memories of our archaeological past,” said Cypriot Minister of Transport, Communications and Works Alexis Vafeades. “This museum will become a place of attraction for people of all ages and nationalities, fostering inclusivity and sharing Cyprus’s rich archaeological history with the world.”

    2024 results

    The latest annual results from the EIB Group bring its total financing in Cyprus over the past five years to €1.3 billion. The annual average in the country since 2000 is €256 million.

    The EIB’s support for CUT last year included two financing agreements with the university totalling €108 million and one accord with the Municipality of Paphos amounting to €17 million. The project features the construction and renovation of academic and administrative spaces, along with the addition of 703 student accommodation units.

    In Limassol, the planned upgrades include the creation of a solar energy park to power the campus, making it energy self-sufficient.

    Part of the financing is supported by the InvestEU programme, marking its first initiative in Cyprus.

    The EIB’s support for Cypriot road development in 2024 was part of a €200 million package for such infrastructure in the country, with a second €100 million tranche expected to be signed in 2025. The projects, which involve road upgrades in various Cypriot regions, are expected to be completed by 2029.

    Background information  

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    MIL OSI Europe News

  • MIL-OSI Europe: Meeting of 29-30 January 2025

    Source: European Central Bank

    Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 29-30 January 2025

    27 February 2025

    1. Review of financial, economic and monetary developments and policy options

    Financial market developments

    Ms Schnabel noted that the financial market developments observed in the euro area after October 2024 had reversed since the Governing Council’s previous monetary policy meeting on 11-12 December 2024. The US presidential election in November had initially led to lower euro area bond yields and equity prices. Since the December monetary policy meeting, however, both risk-free yields and risk asset prices had moved substantially higher and had more than made up their previous declines. A less gloomy domestic macroeconomic outlook and an increase in the market’s outlook for inflation in the euro area on the back of higher energy prices had led investors to expect the ECB to proceed with a more gradual rate easing path.

    A bounce-back of euro area risk appetite had supported equity and corporate bond prices and had contained sovereign bond spreads. While the euro had also rebounded recently against the US dollar, it remained significantly weaker than before the US election.

    In euro money markets the year-end had been smooth. Money market conditions at the turn of the year had turned out to be more benign than anticipated, with a decline in repo rates and counterparties taking only limited recourse to the ECB’s standard refinancing operations.

    In the run-up to the US election and in its immediate aftermath, ten-year overnight index swap (OIS) rates in the euro area and the United States had decoupled, reflecting expectations of increasing macroeconomic divergence. However, since the Governing Council’s December monetary policy meeting, long-term interest rates had increased markedly in both the euro area and the United States. An assessment of the drivers of euro area long-term rates showed that both domestic and US factors had pushed yields up. But domestic factors – expected tighter ECB policy and a less gloomy euro area macroeconomic outlook – had mattered even more than US spillovers. These factors included a reduction in perceived downside risks to economic growth from tariffs and a stronger than anticipated January flash euro area Purchasing Managers’ Index (PMI).

    Taking a longer-term perspective on ten-year rates, since October 2022, when inflation had peaked at 10.6% and policy rates had just returned to positive territory, nominal OIS rates and their real counterparts had been broadly trending sideways. From that perspective, the recent uptick was modest and could be seen as a mean reversion to the new normal.

    A decomposition of the change in ten-year OIS rates since the start of 2022 showed that the dominant driver of persistently higher long-term yields compared with the “low-for-long” interest rate and inflation period had been the sharp rise in real rate expectations. A second major driver had been an increase in real term premia in the context of quantitative tightening. This increase had occurred mainly in 2022. Since 2023, real term premia had broadly trended sideways albeit with some volatility. Hence, the actual reduction of the ECB’s balance sheet had elicited only mild upward pressure on term premia. From a historical perspective, despite their recent increase, term premia in the euro area remained compressed compared with the pre-quantitative easing period.

    Since the December meeting, investors had revised up their expectations for HICP inflation (excluding tobacco) for 2025. Current inflation fixings (swap contracts linked to specific monthly releases in year-on-year euro area HICP inflation excluding tobacco) for this year stood above the 2% target. Higher energy prices had been a key driver of the reassessment of near-term inflation expectations. Evidence from option prices, calculated under the assumption of risk neutrality, suggested that the risk to inflation in financial markets had become broadly balanced, with the indicators across maturities having shifted discernibly upwards. Recent survey evidence suggested that risks of inflation overshooting the ECB’s target of 2% had resurfaced. Respondents generally saw a bigger risk of an inflation overshoot than of an inflation undershoot.

    The combination of a less gloomy macroeconomic outlook and stronger price pressures had led markets to reassess the ECB’s expected monetary policy path. Market pricing suggested expectations of a more gradual easing cycle with a higher terminal rate, pricing out the probability of a cut larger than 25 basis points at any of the next meetings. Overall, the size of expected cuts to the deposit facility rate in 2025 had dropped by around 40 basis points, with the end-year rate currently seen at 2.08%. Market expectations for 2025 stood above median expectations in the Survey of Monetary Analysts. Survey participants continued to expect a faster easing cycle, with cuts of 25 basis points at each of the Governing Council’s next four monetary policy meetings.

    The Federal Funds futures curve had continued to shift upwards, with markets currently expecting between one and two 25 basis point cuts by the end of 2025. The repricing of front-end yields since the Governing Council’s December meeting had been stronger in the euro area than in the United States. This would typically also be reflected in foreign exchange markets. However, the EUR/USD exchange rate had recently decoupled from interest rates, as the euro had initially continued to depreciate despite a narrowing interest rate differential, before recovering more recently. US dollar currency pairs had been affected by the US Administration’s comments, which had put upward pressure on the US dollar relative to trading partners’ currencies.

    Euro area equity markets had outperformed their US counterparts in recent weeks. A model decomposition using a standard dividend discount model for the euro area showed that rising risk-free yields had weighed significantly on euro area equity prices. However, this had been more than offset by higher dividends, and especially a compression of the risk premium, indicating improved investor risk sentiment towards the euro area, as also reflected in other risk asset prices. Corporate bond spreads had fallen across market segments, including high-yield bonds. Sovereign spreads relative to the ten-year German Bund had remained broadly stable or had even declined slightly. Relative to OIS rates, the spreads had also remained broadly stable. The Bund-OIS spread had returned to levels observed before the Eurosystem had started large-scale asset purchases in 2015, suggesting that the scarcity premium in the German government bond market had, by and large, normalised.

    Standard financial condition indices for the euro area had remained broadly stable since the December meeting. The easing impulse from higher equity prices had counterbalanced the tightening impulse stemming from higher short and long-term rates. In spite of the bounce-back in euro area real risk-free interest rates, the yield curve remained broadly within neutral territory.

    The global environment and economic and monetary developments in the euro area

    Starting with inflation in the euro area, Mr Lane noted that headline inflation, as expected, had increased to 2.4% in December, up from 2.2% in November. The increase primarily reflected a rise in energy inflation from -2.0% in November to 0.1% in December, due mainly to upward base effects. Food inflation had edged down to 2.6%. Core inflation was unchanged at 2.7% in December, with a slight decline in goods inflation, which had eased to 0.5%, offset by services inflation rising marginally to 4.0%.

    Developments in most indicators of underlying inflation had been consistent with a sustained return of inflation to the medium-term inflation target. The Persistent and Common Component of Inflation (PCCI), which had the best predictive power of any underlying inflation indicator for future headline inflation, had continued to hover around 2% in December, indicating that headline inflation was set to stabilise around the ECB’s inflation target. Domestic inflation, which closely tracked services inflation, stood at 4.2%, staying well above all the other indicators in December. However, the PCCI for services, which should act as an attractor for services and domestic inflation, had fallen to 2.3%.

    The anticipation of a downward shift in services inflation in the coming months also related to an expected deceleration in wage growth this year. Wages had been adjusting to the past inflation surge with a substantial delay, but the ECB wage tracker and the latest surveys pointed to moderation in wage pressures. According to the latest results of the Survey on the Access to Finance of Enterprises, firms expected wages to grow by 3.3% on average over the next 12 months, down from 3.5% in the previous survey round and 4.5% in the equivalent survey this time last year. This assessment was shared broadly across the forecasting community. Consensus Economics, for example, foresaw a decline in wage growth of about 1 percentage point between 2024 and 2025.

    Most measures of longer-term inflation expectations continued to stand at around 2%, despite an uptick over shorter horizons. Although, according to the Survey on the Access to Finance of Enterprises, the inflation expectations of firms had stabilised at 3% across horizons, the expectations of larger firms that were aware of the ECB’s inflation target showed convergence towards 2%. Consumer inflation expectations had edged up recently, especially for the near term. This could be explained at least partly by their higher sensitivity to actual inflation. There had also been an uptick in the near-term inflation expectations of professionals – as captured by the latest vintages of the Survey of Professional Forecasters and the Survey of Monetary Analysts, as well as market-based measures of inflation compensation. Over longer horizons, though, the inflation expectations of professional forecasters remained stable at levels consistent with the medium-term target of 2%.

    Headline inflation should fluctuate around its current level in the near term and then settle sustainably around the target. Easing labour cost pressures and the continuing impact of past monetary policy tightening should support the convergence to the inflation target.

    Turning to the international environment, global economic activity had remained robust around the turn of the year. The global composite PMI had held steady at 53.0 in the fourth quarter of 2024, owing mainly to the continued strength in the services sector that had counterbalanced weak manufacturing activity.

    Since the Governing Council’s previous meeting, the euro had remained broadly stable in nominal effective terms (+0.5%) and against the US dollar (+0.2%). Oil prices had seen a lot of volatility, but the latest price, at USD 78 per barrel, was only around 3½% above the spot oil price at the cut-off date for the December Eurosystem staff projections and 2.6% above the spot price at the time of the last meeting. With respect to gas prices, the spot price stood at €48 per MWh, 2.7% above the level at the cut-off date for the December projections and 6.8% higher than at the time of the last meeting.

    Following a comparatively robust third quarter, euro area GDP growth had likely moderated again in the last quarter of 2024 – confirmed by Eurostat’s preliminary flash estimate released on 30 January at 11:00 CET, with a growth rate of 0% for that quarter, later revised to 0.1%. Based on currently available information, private consumption growth had probably slowed in the fourth quarter amid subdued consumer confidence and heightened uncertainty. Housing investment had not yet picked up and there were no signs of an imminent expansion in business investment. Across sectors, industrial activity had been weak in the summer and had softened further in the last few months of 2024, with average industrial production excluding construction in October and November standing 0.4% below its third quarter level. The persistent weakness in manufacturing partly reflected structural factors, such as sectoral trends, losses in competitiveness and relatively high energy prices. However, manufacturing firms were also especially exposed to heightened uncertainty about global trade policies, regulatory costs and tight financing conditions. Service production had grown in the third quarter, but the expansion had likely moderated in the fourth quarter.

    The labour market was robust, with the unemployment rate falling to a historical low of 6.3% in November – with the figure for December (6.3%) and a revised figure for November (6.2%) released later on the morning of 30 January. However, survey evidence and model estimates suggested that euro area employment growth had probably softened in the fourth quarter.

    The fiscal stance for the euro area was now expected to be balanced in 2025, as opposed to the slight tightening foreseen in the December projections. Nevertheless, the current outlook for the fiscal stance was subject to considerable uncertainty.

    The euro area economy was set to remain subdued in the near term. The flash composite output PMI for January had ticked up to 50.2 driven by an improvement in manufacturing output, as the rate of contraction had eased compared with December. The January release had been 1.7 points above the average for the fourth quarter, but it still meant that the manufacturing sector had been in contractionary territory for nearly two years. The services business activity index had decelerated slightly to 51.4 in January, staying above the average of 50.9 in the fourth quarter of 2024 but still below the figure of 52.1 for the third quarter.

    Even with a subdued near-term outlook, the conditions for a recovery remained in place. Higher incomes should allow spending to rise. More affordable credit should also boost consumption and investment over time. And if trade tensions did not escalate, exports should also support the recovery as global demand rose.

    Turning to the monetary and financial analysis, bond yields, in both the euro area and globally, had increased significantly since the last meeting. At the same time, the ECB’s past interest rate cuts were gradually making it less expensive for firms and households to borrow. Lending rates on bank loans to firms and households for new business had continued to decline in November. In the same period, the cost of borrowing for firms had decreased by 15 basis points to 4.52% and stood 76 basis points below the cyclical peak observed in October 2023. The cost of issuing market-based debt had remained at 3.6% in November 2024. Mortgage rates had fallen by 8 basis points to 3.47% since October, 56 basis points lower than their peak in November 2023. However, the interest rates on existing corporate and household loan books remained high.

    Financing conditions remained tight. Although credit was expanding, lending to firms and households was subdued relative to historical averages. Annual growth in bank lending to firms had risen to 1.5% in December, up from 1% in November, as a result of strong monthly flows. But it remained well below the 4.3% historical average since January 1999. By contrast, growth in corporate debt securities issuance had moderated to 3.2% in annual terms, from 3.6% in November. This suggested that firms had substituted market-based long-term financing for bank-based borrowing amid tightening market conditions and in advance of increasing redemptions of long-term corporate bonds. Mortgage lending had continued to rise gradually but remained muted overall, with an annual growth rate of 1.1% in December after 0.9% in November. This was markedly below the long-term average of 5.1%.

    According to the latest euro area bank lending survey, the demand for loans by firms had increased slightly in the last quarter. At the same time, credit standards for loans to firms had tightened again, having broadly stabilised over the previous four quarters. This renewed tightening of credit standards for firms had been motivated by banks seeing higher risks to the economic outlook and their lower tolerance for taking on credit risk. This finding was consistent with the results of the Survey on the Access to Finance of Enterprises, in which firms had reported a small decline in the availability of bank loans and tougher non-rate lending conditions. Turning to households, the demand for mortgages had increased strongly as interest rates became more attractive and prospects for the property market improved. Credit standards for housing loans remained unchanged overall.

    Monetary policy considerations and policy options

    In summary, the disinflation process remained well on track. Inflation had continued to develop broadly in line with the staff projections and was set to return to the 2% medium-term target in the course of 2025. Most measures of underlying inflation suggested that inflation would settle around the target on a sustained basis. Domestic inflation remained high, mostly because wages and prices in certain sectors were still adjusting to the past inflation surge with a substantial delay. However, wage growth was expected to moderate and lower profit margins were partially buffering the impact of higher wage costs on inflation. The ECB’s recent interest rate cuts were gradually making new borrowing less expensive for firms and households. At the same time, financing conditions continued to be tight, also because monetary policy remained restrictive and past interest rate hikes were still being transmitted to the stock of credit, with some maturing loans being rolled over at higher rates. The economy was still facing headwinds, but rising real incomes and the gradually fading effects of restrictive monetary policy should support a pick-up in demand over time.

    Concerning the monetary policy decision at this meeting, it was proposed to lower the three key ECB interest rates by 25 basis points. In particular, lowering the deposit facility rate – the rate through which the ECB steered the monetary policy stance – was justified by the updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. The alternative – maintaining the deposit facility rate at the current level of 3.00% – would excessively dampen demand and therefore be inconsistent with the set of rate paths that best ensured inflation stabilised sustainably at the 2% medium-term target.

    Looking to the future, it was prudent to maintain agility, so as to be able to adjust the stance as appropriate on a meeting-by-meeting basis, and not to pre-commit to any particular rate path. In particular, monetary easing might proceed more slowly in the event of upside shocks to the inflation outlook and/or to economic momentum. Equally, in the event of downside shocks to the inflation outlook and/or to economic momentum, monetary easing might proceed more quickly.

    2. Governing Council’s discussion and monetary policy decisions

    Economic, monetary and financial analyses

    As regards the external environment, incoming data since the Governing Council’s previous monetary policy meeting had signalled robust global activity in the fourth quarter of 2024, with divergent paths across economies and an uncertain outlook for global trade. The euro had been broadly stable and energy commodity prices had increased. It was underlined that gas prices were currently over 60% higher than in 2024 because the average temperature during the previous winter had been very mild, whereas this winter was turning out to be considerably colder. This suggested that demand for gas would remain strong, as reserves needed to be replenished ahead of the next heating season, keeping gas prices high for the remainder of the year. In other commodity markets, metal prices were stable – subdued by weak activity in China and the potential negative impact of US tariffs – while food prices had increased.

    Members concurred that the outlook for the international economy remained highly uncertain. The United States was the only advanced economy that was showing sustained growth dynamics. Global trade might be hit hard if the new US Administration were to implement the measures it had announced. The challenges faced by the Chinese economy also remained visible in prices. Chinese inflation had declined further on the back of weak domestic demand. In this context, it was pointed out that, no matter how severe the new US trade measures turned out to be, the euro area would be affected either indirectly by disinflationary pressures or directly, in the event of retaliation, by higher inflation. In particular, if China were to redirect trade away from the United States and towards the euro area, this would make it easier to achieve lower inflation in the euro area but would have a negative impact on domestic activity, owing to greater international competition.

    With regard to economic activity in the euro area, it was widely recognised that incoming data since the last Governing Council meeting had been limited and, ahead of Eurostat’s indicator of GDP for the fourth quarter of 2024, had not brought any major surprises. Accordingly, it was argued that the December staff projections remained the most likely scenario, with the downside risks to growth that had been identified not yet materialising. The euro area economy had seen some encouraging signs in the January flash PMIs, although it had to be recognised that, in these uncertain times, hard data seemed more important than survey results. The outcome for the third quarter had surprised on the upside, showing tentative signs of a pick-up in consumption. Indications from the few national data already available for the fourth quarter pointed to a positive contribution from consumption. Despite all the prevailing uncertainties, it was still seen as plausible that, within a few quarters, there would be a consumption-driven recovery, with inflation back at target, policy rates broadly at neutral levels and continued full employment. Moreover, the latest information on credit flows and lending rates suggested that the gradual removal of monetary restrictiveness was already being transmitted to the economy, although the past tightening measures were still exerting lagged effects.

    The view was also expressed that the economic outlook in the December staff projections had likely been too optimistic and that there were signs of downside risks materialising. The ECB’s mechanical estimates pointed to very weak growth around the turn of the year and, compared with other institutions, the Eurosystem’s December staff projections had been among the most optimistic. Attention was drawn to the dichotomy between the performance of the two largest euro area economies and that of the rest of the euro area, which was largely due to country-specific factors.

    Recent forecasts from the Survey of Professional Forecasters, the Survey of Monetary Analysts and the International Monetary Fund once again suggested a downward revision of euro area economic growth for 2025 and 2026. Given this trend of downward revisions, doubts were expressed about the narrative of a consumption-driven economic recovery in 2025. Moreover, the December staff projections had not directly included the economic impact of possible US tariffs in the baseline, so it was hard to be optimistic about the economic outlook. The outlook for domestic demand had deteriorated, as consumer confidence remained weak and investment was not showing any convincing signs of a pick-up. The contribution from foreign demand, which had been the main driver of growth over the past two years, had also been declining since last spring. Moreover, uncertainty about potential tariffs to be imposed by the new US Administration was weighing further on the outlook. In the meantime, labour demand was losing momentum. The slowdown in economic activity had started to affect temporary employment: these jobs were always the first to disappear as the labour market weakened. At the same time, while the labour market had softened over recent months, it continued to be robust, with the unemployment rate staying low, at 6.3% in December. A solid job market and higher incomes should strengthen consumer confidence and allow spending to rise.

    There continued to be a strong dichotomy between a more dynamic services sector and a weak manufacturing sector. The services sector had remained robust thus far, with the PMI in expansionary territory and firms reporting solid demand. The extent to which the weakness in manufacturing was structural or cyclical was still open to debate, but there was a growing consensus that there was a large structural element, as high energy costs and strict regulation weighed on firms’ competitiveness. This was also reflected in weak export demand, despite the robust growth in global trade. All these factors also had an adverse impact on business investment in the industrial sector. This was seen as important to monitor, as a sustainable economic recovery also depended on a recovery in investment, especially in light of the vast longer-term investment needs of the euro area. Labour markets showed a dichotomy similar to the one observed in the economy more generally. While companies in the manufacturing sector were starting to lay off workers, employment in the services sector was growing. At the same time, concerns were expressed about the number of new vacancies, which had continued to fall. This two-speed economy, with manufacturing struggling and services resilient, was seen as indicating only weak growth ahead, especially in conjunction with the impending geopolitical tensions.

    Against this background, geopolitical and trade policy uncertainty was likely to continue to weigh on the euro area economy and was not expected to recede anytime soon. The point was made that if uncertainty were to remain high for a prolonged period, this would be very different from a shorter spell of uncertainty – and even more detrimental to investment. Therefore the economic recovery was unlikely to receive much support from investment for some time. Indeed, excluding Ireland, euro area business investment had been contracting recently and there were no signs of a turnaround. This would limit investment in physical and human capital further, dragging down potential output in the medium term. However, reference was also made to evidence from psychological studies, which suggested that the impact of higher uncertainty might diminish over time as agents’ perceptions and behaviour adapted.

    In this context, a remark was made on the importance of monetary and fiscal policies for enabling the economy to return to its previous growth path. Economic policies were meant to stabilise the economy and this stabilisation sometimes required a long time. After the pandemic, many economic indicators had returned to their pre-crisis levels, but this had not yet implied a return to pre-crisis growth paths, even though the output gap had closed in the meantime. A question was raised on bankruptcies, which were increasing in the euro area. To the extent that production capacity was being destroyed, the output gap might be closing because potential output growth was declining, and not because actual growth was increasing. However, it was also noted that bankruptcies were rising from an exceptionally low level and developments remained in line with historical regularities.

    Members reiterated that fiscal and structural policies should make the economy more productive, competitive and resilient. They welcomed the European Commission’s Competitiveness Compass, which provided a concrete roadmap for action. It was seen as crucial to follow up, with further concrete and ambitious structural policies, on Mario Draghi’s proposals for enhancing European competitiveness and on Enrico Letta’s proposals for empowering the Single Market. Governments should implement their commitments under the EU’s economic governance framework fully and without delay. This would help bring down budget deficits and debt ratios on a sustained basis, while prioritising growth-enhancing reforms and investment.

    Against this background, members assessed that the risks to economic growth remained tilted to the downside. Greater friction in global trade could weigh on euro area growth by dampening exports and weakening the global economy. Lower confidence could prevent consumption and investment from recovering as fast as expected. This could be amplified by geopolitical risks, such as Russia’s unjustified war against Ukraine and the tragic conflict in the Middle East, which could disrupt energy supplies and further weigh on global trade. Growth could also be lower if the lagged effects of monetary policy tightening lasted longer than expected. It could be higher if easier financing conditions and falling inflation allowed domestic consumption and investment to rebound faster.

    On price developments, members concurred with Mr Lane’s assessment that the incoming data confirmed disinflation was on track and that a return to the target in the course of 2025 was within reach. On the nominal side, there had been no major data surprises since the December Governing Council meeting and inflation expectations remained well anchored. Recent inflation data had been slightly below the December staff projections, but energy prices were on the rise. These two elements by and large offset one another. The inflation baseline from the December staff projections was therefore still a realistic scenario, indicating that inflation was on track to converge towards target in the course of 2025. Nevertheless, it was recalled that, for 2027, the contribution from the new Emissions Trading System (ETS2) assumptions was mechanically pushing the Eurosystem staff inflation projections above 2%. Furthermore, the market fixings for longer horizons suggested that there was a risk of undershooting the inflation target in 2026 and 2027. It was remarked that further downside revisions to the economic outlook would tend to imply a negative impact on the inflation outlook and an undershooting of inflation could not be ruled out.

    At the same time, the view was expressed that the risks to the December inflation projections were now tilted to the upside, so that the return to the 2% inflation target might take longer than previously expected. Although it was acknowledged that the momentum in services inflation had eased in recent months, the outlook for inflation remained heavily dependent on the evolution of services inflation, which accounted for around 75% of headline inflation. Services inflation was therefore widely seen as the key inflation component to monitor during the coming months. Services inflation had been stuck at roughly 4% for more than a year, while core inflation had also proven sluggish after an initial decline, remaining at around 2.7% for nearly a year. This raised the question as to where core inflation would eventually settle: in the past, services inflation and core inflation had typically been closely connected. It was also highlighted that, somewhat worryingly, the inflation rate for “early movers” in services had been trending up since its trough in April 2024 and was now standing well above the “followers” and the “late movers” at around 4.6%. This partly called into question the narrative behind the expected deceleration in services inflation. Moreover, the January flash PMI suggested that non-labour input costs, including energy and shipping costs, had increased significantly. The increase in the services sector had been particularly sharp, which was reflected in rising PMI selling prices for services – probably also fuelled by the tight labour market. As labour hoarding was a more widespread phenomenon in manufacturing, this implied that a potential pick-up in demand and the associated cyclical recovery in labour productivity would not necessarily dampen unit labour costs in the services sector to the same extent as in manufacturing.

    One main driver of the stickiness in services inflation was wage growth. Although wage growth was expected to decelerate in 2025, it would still stand at 4.5% in the second quarter of 2025 according to the ECB wage tracker. The pass-through of wages tended to be particularly strong in the services sector and occurred over an extended period of time, suggesting that the deceleration in wages might take some time to be reflected in lower services inflation. The forward-looking wage tracker was seen as fairly reliable, as it was based on existing contracts, whereas focusing too much on lagging wage data posed the risk of monetary policy falling behind the curve. This was particularly likely if negative growth risks eventually affected the labour market. Furthermore, a question was raised as to the potential implications for wage pressures of more restrictive labour migration policies.

    Overall, looking ahead there seemed reasons to believe that both services inflation and wage growth would slow down in line with the baseline scenario in the December staff projections. From the current quarter onwards, services inflation was expected to decline. However, in the early months of the year a number of services were set to be repriced, for instance in the insurance and tourism sectors, and there were many uncertainties surrounding this repricing. It was therefore seen as important to wait until March, when two more inflation releases and the new projections would be available, to reassess the inflation baseline as contained in the December staff projections.

    As regards longer-term inflation expectations, members took note of the latest developments in market-based measures of inflation compensation and survey-based indicators. The December Consumer Expectations Survey showed another increase in near-term inflation expectations, with inflation expectations 12 months ahead having already gradually picked up from 2.4% in September to 2.8% in December. Density-based expectations were even higher at 3%, with risks tilted to the upside. According to the Survey on the Access to Finance of Enterprises, firms’ median inflation expectations had also risen to 3%. However it was regarded as important to focus more on the change in inflation expectations than on the level of expectations when interpreting these surveys.

    As regards risks to the inflation outlook, with respect to the market-based measures, the view was expressed that there had been a shift in the balance of risks, pointing to upside risks to the December inflation outlook. In financial markets, inflation fixings for 2025 had shifted above the December short-term projections and inflation expectations had picked up across all tenors. In market surveys, risks of overshooting had resurfaced, with a larger share of respondents in the surveys seeing risks of an overshooting in 2025. Moreover, it was argued that tariffs, their implications for the exchange rate, and energy and food prices posed upside risks to inflation.

    Against this background, members considered that inflation could turn out higher if wages or profits increased by more than expected. Upside risks to inflation also stemmed from the heightened geopolitical tensions, which could push energy prices and freight costs higher in the near term and disrupt global trade. Moreover, extreme weather events, and the unfolding climate crisis more broadly, could drive up food prices by more than expected. By contrast, inflation might surprise on the downside if low confidence and concerns about geopolitical events prevented consumption and investment from recovering as fast as expected, if monetary policy dampened demand by more than expected, or if the economic environment in the rest of the world worsened unexpectedly. Greater friction in global trade would make the euro area inflation outlook more uncertain.

    Turning to the monetary and financial analysis, members broadly agreed with the assessment presented by Ms Schnabel and Mr Lane. It was noted that market interest rates in the euro area had risen since the Governing Council’s December monetary policy meeting, partly mirroring higher rates in global financial markets. Overall, financial conditions had been broadly stable, with higher short and long-term interest rates being counterbalanced by strong risk asset markets and a somewhat weaker exchange rate.

    Long-term interest rates had been rising more substantially than short-term ones, resulting in a steepening of the yield curve globally since last autumn. At the same time, it was underlined that the recent rise in long-term bond yields did not appear to be particularly striking when looking at developments over a longer time period. Over the past two years long-term rates had remained remarkably stable, especially when taking into account the pronounced variation in policy rates.

    The dynamics of market rates since the December Governing Council meeting had been similar on both sides of the Atlantic. This reflected higher term premia as well as a repricing of rate expectations. However, the relative contributions of the underlying drivers differed. In the United States, one factor driving up market interest rates had been an increase in inflation expectations, combined with the persistent strength of the US economy as well as concerns over prospects of higher budget deficits. This had led markets to price out some of the rate cuts that had been factored into the rate expectations prevailing before the Federal Open Market Committee meeting in December 2024. Uncertainty regarding the policies implemented by the new US Administration had also contributed to the sell-off in US government bonds. In Europe, term premia accounted for a significant part of the increase in long-term rates, which could be explained by a combination of factors. These included spillovers from the United States, concerns over the outlook for fiscal policy, and domestic and global policy uncertainty more broadly. Attention was also drawn to the potential impact of tighter monetary policy in Japan, the world’s largest creditor nation, with Japanese investors likely to start shifting their funds away from overseas investments towards domestic bond markets in response to rising yields.

    The passive reduction in the Eurosystem’s balance sheet, as maturing bonds were no longer reinvested, was also seen as exerting gradual upward pressure on term premia over longer horizons, although this had not been playing a significant role – especially not in developments since the last meeting. The reduction had been indicated well in advance and had already been priced in, to a significant extent, at the time the phasing out of reinvestment had been announced. The residual Eurosystem portfolios were still seen to be exerting substantial downside pressure on longer-term sovereign yields as compared with a situation in which asset holdings were absent. It was underlined that, while declining central bank holdings did affect financial conditions, quantitative tightening was operating gradually and smoothly in the background.

    In the context of the discussion on long-term yields, attention was drawn to the possibility that rising yields might also lead to financial stability risks, especially in view of the high level of valuations and leverage in the world economy. A further financial stability risk related to the prospect of a more deregulated financial system in the United States, including in the realm of crypto-assets. This could allow risks to build up in the years to come and sow the seeds of a future financial crisis.

    Turning to financing conditions, past interest rate cuts were gradually making it less expensive for firms and households to borrow. For new business, rates on bank loans to firms and households had continued to decline in November. However, the interest rates on existing loans remained high, and financing conditions remained tight.

    Although credit was expanding, lending to firms and households was subdued relative to historical averages. Growth in bank lending to firms had risen to 1.5% in December in annual terms, up from 1.0% in November. Mortgage lending had continued to rise gradually but remained muted overall, with an annual growth rate of 1.1% in December following 0.9% in November. Nevertheless, the increasing pace of loan growth was encouraging and suggested monetary easing was starting to be transmitted through the bank lending channel. Some comfort could also be taken from the lack of evidence of any negative impact on bank lending conditions from the decline in excess liquidity in the banking system.

    The bank lending survey was providing mixed signals, however. Credit standards for mortgages had been broadly unchanged in the fourth quarter, after easing for a while, and banks expected to tighten them in the next quarter. Banks had reported the third strongest increase in demand for mortgages since the start of the survey in 2003, driven primarily by more attractive interest rates. This indicated a turnaround in the housing market as property prices picked up. At the same time, credit standards for consumer credit had tightened in the fourth quarter, with standards for firms also tightening unexpectedly. The tightening had largely been driven by heightened perceptions of economic risk and reduced risk tolerance among banks.

    Caution was advised on overinterpreting the tightening in credit standards for firms reported in the latest bank lending survey. The vast majority of banks had reported unchanged credit standards, with only a small share tightening standards somewhat and an even smaller share easing them slightly. However, it was recalled that the survey methodology for calculating net percentages, which typically involved subtracting a small percentage of easing banks from a small percentage of tightening banks, was an established feature of the survey. Also, that methodology had not detracted from the good predictive power of the net percentage statistic for future lending developments. Moreover, the information from the bank lending survey had also been corroborated by the Survey on the Access to Finance of Enterprises, which had pointed to a slight decrease in the availability of funds to firms. The latter survey was now carried out at a quarterly frequency and provided an important cross-check, based on the perspective of firms, of the information received from banks.

    Turning to the demand for loans by firms, although the bank lending survey had shown a slight increase in the fourth quarter it had remained weak overall, in line with subdued investment. It was remarked that the limited increase in firms’ demand for loans might mean they were expecting rates to be cut further and were waiting to borrow at lower rates. This suggested that the transmission of policy rate cuts was likely to be stronger as the end of the rate-cutting cycle approached. At the same time, it was argued that demand for loans to euro area firms was mainly being held back by economic and geopolitical uncertainty rather than the level of interest rates.

    Monetary policy stance and policy considerations

    Turning to the monetary policy stance, members assessed the data that had become available since the last monetary policy meeting in accordance with the three main elements the Governing Council had communicated in 2023 as shaping its reaction function. These comprised (i) the implications of the incoming economic and financial data for the inflation outlook, (ii) the dynamics of underlying inflation, and (iii) the strength of monetary policy transmission.

    Starting with the inflation outlook, members widely agreed that the incoming data were broadly in line with the medium-term inflation trajectory embedded in the December staff projections. Inflation had been slightly lower than expected in both November and December. The outlook remained heavily dependent on the evolution of services inflation, which had remained close to 4% for more than a year. However, the momentum of services inflation had eased in recent months and a further decrease in wage pressures was anticipated, especially in the second half of 2025. Oil and gas prices had been higher than embodied in the December projections and needed to be closely monitored, but up to now they did not suggest a major change to the baseline in the staff projections.

    Risks to the inflation outlook were seen as two-sided: upside risks were posed by the outlook for energy and food prices, a stronger US dollar and the still sticky services inflation, while a downside risk related to the possibility of growth being lower than expected. There was considerable uncertainty about the effect of possible US tariffs, but the estimated impact on euro area inflation was small and its sign was ambiguous, whereas the implications for economic growth were clearly negative. Further uncertainty stemmed from the possible downside pressures emanating from falling Chinese export prices.

    There was some evidence suggesting a shift in the balance of risks to the upside since December, as reflected, for example, in market surveys showing that the risk of inflation overshooting the target outweighed the risk of an undershooting. Although some of the survey-based inflation expectations as well as market-derived inflation compensation had been revised up slightly, members took comfort from the fact that longer-term measures of inflation expectations remained well anchored at 2%.

    Turning to underlying inflation, members concurred that developments in most measures of underlying inflation suggested that inflation would settle at around the target on a sustained basis. Core inflation had been sticky at around 2.7% for nearly a year but had also turned out lower than projected. A number of measures continued to show a certain degree of persistence, with domestic inflation remaining high and exclusion-based measures proving sticky at levels above 2%. In addition, the translation of wage moderation into a slower rise in domestic prices and unit labour costs was subject to lags and predicated on profit margins continuing their buffering role as well as a cyclical rebound in labour productivity. However, a main cause of stickiness in domestic inflation was services inflation, which was strongly influenced by wage growth, and this was expected to decelerate in the course of 2025.

    As regards the transmission of monetary policy, recent credit dynamics showed that monetary policy transmission was working. Both the past tightening and the subsequent gradual removal of restriction were feeding through to financing conditions, including lending rates and credit flows. It was highlighted that not all demand components had been equally responsive, with, in particular, business investment held back by high uncertainty and structural weaknesses. Companies widely cited having their own funds as a reason for not making loan applications, and the reason for not investing these funds was likely linked to the high levels of uncertainty, rather than to the level of interest rates. Hence low investment was not necessarily a sign of a restrictive monetary policy. At the same time, it was unclear how much of the past tightening was still in the pipeline. Similarly, it would take time for the full effect of recent monetary policy easing to reach the economy, with even variable rate loans typically adjusting with a lag, and the same being true for deposits.

    Monetary policy decisions and communication

    Against this background, all members agreed with the proposal by Mr Lane to lower the three key ECB interest rates by 25 basis points. Lowering the deposit facility rate – the rate through which the monetary policy stance was steered – was justified by the updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission.

    There was a clear case for a further 25 basis point rate cut at the current meeting, and such a step was supported by the incoming data. Members concurred that the disinflationary process was well on track, while the growth outlook continued to be weak. Although the goal had not yet been achieved and inflation was still expected to remain above target in the near term, confidence in a timely and sustained convergence had increased, as both headline and core inflation had recently come in below the ECB projections. In particular, a return of inflation to the 2% target in the course of 2025 was in line with the December staff baseline projections, which were constructed on the basis of an interest rate path that stood significantly below the present level of the forward curve.

    At the same time, it was underlined that high levels of uncertainty, lingering upside risks to energy and food prices, a strong labour market and high negotiated wage increases, as well as sticky services inflation, called for caution. Upside risks could delay a sustainable return to target, while inflation expectations might be more fragile after a long period of high inflation. Firms had also learned to raise their prices more quickly in response to new inflationary shocks. Moreover, the financial market reactions to heightened geopolitical uncertainty or risk aversion often led to an appreciation of the US dollar and might involve spikes in energy prices, which could be detrimental to the inflation outlook.

    Risks to the growth outlook remained tilted to the downside, which typically also implied downside risks to inflation over longer horizons. The outlook for economic activity was clouded by elevated uncertainty stemming from geopolitical tensions, fiscal policy concerns in the euro area and recent global trade frictions associated with potential future actions by the US Administration that might lead to a global economic slowdown. As long as the disinflation process remained on track, policy rates could be brought further towards a neutral level to avoid unnecessarily holding back the economy. Nevertheless, growth risks had not shifted to a degree that would call for an acceleration in the move towards a neutral stance. Moreover, it was argued that greater caution was needed on the size and pace of further rate cuts when policy rates were approaching neutral territory, in view of prevailing uncertainties.

    Lowering the deposit facility rate to 2.75% at the current meeting was also seen as appropriate from a risk-management perspective. On the one hand, it left sufficient optionality to react to the possible emergence of new price pressures. On the other hand, it addressed the risk of falling behind the curve in dialling back restriction and guarded against inflation falling below target.

    Looking ahead, it was regarded as premature for the Governing Council to discuss a possible landing zone for the key ECB interest rates as inflation converged sustainably to target. It was widely felt that even with the current deposit facility rate, it was relatively safe to make the assessment that monetary policy was still restrictive. This was also consistent with the fact that the economy was relatively weak. At the same time, the view was expressed that the natural or neutral rate was likely to be higher than before the pandemic, as the balance between the global demand for and supply of savings had changed over recent years. The main reasons for this were the high and rising global need for investment to deal with the green and digital transitions, the surge in public debt and increasing geopolitical fragmentation, which was reversing the global savings glut and reducing the supply of savings. A higher neutral rate implied that, with a further reduction in policy rates at the present meeting, rates would plausibly be getting close to neutral rate territory. This meant that the point was approaching where monetary policy might no longer be characterised as restrictive.

    In this context, the remark was made that the public debate about the natural or neutral rate among market analysts and observers was becoming more intense, with markets trying to gauge the Governing Council’s assessment of it as a proxy for the terminal rate in the current rate cycle. This debate was seen as misleading, however. The considerable uncertainty as to the level of the natural or neutral interest rate was recalled. While the natural rate could in theory be a longer-term reference point for assessing the monetary policy stance, it was an unobservable variable. Its practical usefulness in steering policy on a meeting-by-meeting basis was questionable, as estimates were subject to significant model and parameter uncertainty, so confidence bands were too large to give any clear guidance. Moreover, the natural rate was a steady state concept, which was hardly applicable in a rapidly changing environment – as at present – with continuous new shocks.

    Moreover, it was mentioned that a box describing the latest Eurosystem staff estimates of the natural rate would be published in the Economic Bulletin and pre-released on 7 February 2025. The box would emphasise the wide range of point estimates, the properties of the underlying models and the considerable statistical uncertainty surrounding each single point estimate. The view was expressed that there was no alternative to the Governing Council identifying, meeting by meeting, an appropriate policy rate path which was consistent with reaching the target over the medium term. Such an appropriate path could only be identified in real time, taking into account a sufficiently broad set of information.

    Turning to communication aspects, it was widely stressed that maintaining a data-dependent approach with full optionality at every meeting was prudent and continued to be warranted. The present environment of elevated uncertainty further strengthened the case for taking decisions meeting by meeting, with no room for forward guidance. The meeting-by-meeting approach, guided by the three-criteria framework, was serving the Governing Council well and members were comfortable with the way markets were interpreting the ECB’s reaction function. It was also remarked that data-dependence did not imply being backward-looking in calibrating policy. Monetary policy was, by definition, forward-looking, as it affected inflation in the future and the primary objective was defined over the medium term. Data took many forms, and all relevant information had to be considered in a timely manner.

    Taking into account the foregoing discussion among the members, upon a proposal by the President, the Governing Council took the monetary policy decisions as set out in the monetary policy press release. The members of the Governing Council subsequently finalised the monetary policy statement, which the President and the Vice-President would, as usual, deliver at the press conference following the Governing Council meeting.

    Monetary policy statement

    Monetary policy statement for the press conference of 30 January 2025

    Press release

    Monetary policy decisions

    Meeting of the ECB’s Governing Council, 29-30 January 2025

    Members

    • Ms Lagarde, President
    • Mr de Guindos, Vice-President
    • Mr Centeno
    • Mr Cipollone
    • Mr Demarco, temporarily replacing Mr Scicluna
    • Mr Dolenc, Deputy Governor of Banka Slovenije
    • Mr Elderson
    • Mr Escrivá*
    • Mr Holzmann
    • Mr Kālis, Acting Governor of Latvijas Banka
    • Mr Kažimír
    • Mr Knot
    • Mr Lane
    • Mr Makhlouf*
    • Mr Müller
    • Mr Nagel
    • Mr Panetta
    • Mr Patsalides*
    • Mr Rehn
    • Mr Reinesch
    • Ms Schnabel
    • Mr Šimkus
    • Mr Stournaras*
    • Mr Villeroy de Galhau
    • Mr Vujčić*
    • Mr Wunsch

    * Members not holding a voting right in January 2025 under Article 10.2 of the ESCB Statute.

    Other attendees

    • Mr Dombrovskis, Commissioner**
    • Ms Senkovic, Secretary, Director General Secretariat
    • Mr Rostagno, Secretary for monetary policy, Director General Monetary Policy
    • Mr Winkler, Deputy Secretary for monetary policy, Senior Adviser, DG Monetary Policy

    ** In accordance with Article 284 of the Treaty on the Functioning of the European Union.

    Accompanying persons

    • Mr Arpa
    • Ms Bénassy-Quéré
    • Mr Debrun
    • Mr Gavilán
    • Mr Gilbert
    • Mr Kaasik
    • Mr Koukoularides
    • Mr Lünnemann
    • Mr Madouros
    • Mr Martin
    • Mr Nicoletti Altimari
    • Mr Novo
    • Mr Rutkaste
    • Ms Schembri
    • Mr Šiaudinis
    • Mr Šošić
    • Mr Tavlas
    • Mr Ulbrich
    • Mr Välimäki
    • Ms Žumer Šujica

    Other ECB staff

    • Mr Proissl, Director General Communications
    • Mr Straub, Counsellor to the President
    • Ms Rahmouni-Rousseau, Director General Market Operations
    • Mr Arce, Director General Economics
    • Mr Sousa, Deputy Director General Economics

    Release of the next monetary policy account foreseen on 3 April 2025.

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Dubai ETO greets Year of Snake with gala dinners in Riyadh and Dubai (with photos)

    Source: Hong Kong Government special administrative region

         The Hong Kong Economic and Trade Office in Dubai (Dubai ETO), in collaboration with the Hong Kong Trade Development Council (HKTDC), hosted gala dinners in Riyadh, Saudi Arabia on February 24 (Riyadh time) and in Dubai, the United Arab Emirates (UAE) on February 25 (Dubai time) to celebrate the Year of Snake with Saudi and UAE communities, and promote Hong Kong as well as its unique advantages and culture to locals from various sectors.
          
         A total of over 450 guests from the government, business and cultural sectors as well as the local Hong Kong community attended the two gala dinners. Among them were the Minister of State for Foreign Trade of the UAE, Dr Thani bin Ahmed Al Zeyoudi, the Consul-General of the People’s Republic of China in Dubai, Ms Ou Boqian, and the Chairman of the Saudi Chinese Business Council, Mr Mohammed Al Ajlan.
          
         In his welcoming remarks to the guests, the Director-General of the Dubai ETO, Mr Damian Lee, highlighted the closer-than-ever relations and booming exchanges between Hong Kong and the Middle East region, marked by robust and active trade and economic co-operation as well as deepening collaboration in tourism, culture, education and many areas, since the establishment of the Dubai ETO more than three years ago and successive visits to Gulf countries by the Chief Executive and various Principal Officials.
          
         Mr Lee also shared with guests how Hong Kong’s distinctive advantages of having strong support of the country while maintaining unparalleled connectivity with the world render the city her role as a bridge linking the Mainland China and the rest of the world. He encouraged local business operators to make good use of Hong Kong’s measures dovetailing with national development strategies to expand their business in Hong Kong.
          
         “Like the virtuous snake in the Chinese zodiac, Hong Kong demonstrated her wisdom, flexibility and resilience amidst global uncertainties: in 2024, Hong Kong remained the world’s freest economy and the third-largest global financial centre with a record number of 10 000 non-local firms, a 10 per cent increase on the previous year and a testament to the abundant confidence of people from around the world. Hong Kong also launched the New Capital Investment Entrant Scheme last year, further enhancing our attractiveness to foreign capital and talents. In the Year of Snake ahead, Hong Kong and the Middle East will definitely build upon the strong foundation of our relationship for further collaborations.”
          
         The Dubai ETO also invited Legislative Council Member and Associate Vice-President of Lingnan University, Professor Lau Chi-pang, to deliver a keynote presentation, on Hong Kong’s rich intangible cultural heritage, as guests marvelled at the diversity, openness and the unique mix of Eastern and Western cultures of Hong Kong. During the dinners, representatives from Invest Hong Kong and HKTDC also shared respectively Hong Kong’s promising investment opportunities and the upcoming trade fairs and activities in Hong Kong, and encouraged local businesses to invest and join fairs in Hong Kong.
          
         The events also featured cultural performances, including the ancient Chinese theatrical art form from Sichuan opera – face-changing, as well as fascinating and interactive magic shows with Hong Kong elements by Louis Yan, an internationally renowned champion magician from Hong Kong who has won the Merlin Award, also known as the “Oscars” among professional magicians. The performances received enthusiastic applause from the audience who were deeply impressed by the beauty of the traditional Chinese culture and the authentic local culture of Hong Kong.                                       

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Chief Minister of Maharashtra and Union Minister of State for Power and New & Renewable Energy addressed the 2nd meeting of Group of Ministers on viability of distribution utilities.

    Source: Government of India (2)

    Chief Minister of Maharashtra and Union Minister of State for Power and New & Renewable Energy addressed the 2nd meeting of Group of Ministers on viability of distribution utilities.

    Renewable Energy as panacea for increasing supply and reducing cost of power

    Inflation-indexed and cost-reflective power tariffs need of the hour.

    Need for Regulatory Reforms for Power Distribution.

    Posted On: 27 FEB 2025 7:57PM by PIB Delhi

    The 2nd meeting of Group of Ministers (GoM), constituted for addressing issues related to viability of electricity distribution utilities, was held in Mumbai today in the presence of Shri Devendra Fadnavis, Hon’ble Chief Minister of Maharashtra, also holding the portfolio of Energy Ministry in the State, and Shri Shripad Yesso Naik, Hon’ble Union Minister of State for Power and New & Renewable Energy as Chairman of the GoM.

    Thiru V Senthil Balaji, Hon’ble Minister of Electricity, Tamil Nadu, Dr. Somendra Tomar, Hon’ble Minister of State for Energy, Uttar Pradesh, and Smt. Meghana Sakore Bordikar, Hon’ble Minister of State for Energy, Maharashtra attended the meeting. Shri Gottipati Ravikumar, Hon’ble Minister of Energy, Andhra Pradesh and Shri Heeralal Nagar, Hon’ble Minister of State for Energy, Rajasthan attended the meeting through video-conference. The meeting was also attended by officials from Central Government, State Governments and Power Utilities of member States, Power Finance Corporation (PFC) Ltd and REC Ltd.

    In his opening remarks, Union Minister of State welcomed Energy Ministers from the member States and thanked Chief Minister, Maharashtra, for hosting the meeting. He highlighted the discussions held in the first meeting of the GoM and the collective efforts required from the members for improvement in power Distribution sector. He highlighted about 4 key parameters and their relevance to improving viability of distribution utilities viz. Aggregate Technical and Commercial (AT&C) Loss, Gap between Average Cost of Supply and Average Revenue Realised (ACS-ARR Gap), Accumulated Losses and Outstanding debts.

    Union Minister expressed that every 1% increase of AT&C loss results in monetary losses for utilities in upwards of Rs. 10,000 Cr. He stressed upon the need for leveraging renewable energy (RE) for reducing cost of power in line with the initiatives taken by Maharashtra and Rajasthan. He highlighted about various short, medium and long term strategies to supplement the efforts towards viability of power distribution sector. He mentioned about the use of advanced technologies such as Artificial Intelligence for demand forecasting and power purchase optimisation, establishing mechanism for timely payment of Government dues, sharing best practices amongst DISCOMs, development of renewable energy, energy storage and expediting works under Revamped Distribution Sector Scheme (RDSS), as the key interventions.

    In his address Chief Minister of Maharashtra thanked Union Minister of State for having the 2nd meeting of the Group of Ministers in Mumbai. He commended that the measures taken by the Government of India will have far reaching impact on making country’s distribution sector stronger and healthier. He highlighted about the energy distribution across different consumer categories in the State. He emphasised on the need for expeditious growth of renewable sources of energy couple with energy storage solutions so as to meet the future challenges of energy transition and growing power demand.

    He further highlighted the efforts made by the State towards RE deployment under Mukhyamantri Saur Krishi Vahini Yojana facilitating day time power supply to farmers thereby reducing cost of power and reducing subsidy burden of the State. He mentioned that the State is expeditiously working towards solarization of all the Agricultural load feeders.

    He assured for improvement in AT&C loss figures of the State in the coming years. He mentioned about progress made by the State under the RDSS. He highlighted the importance of Resource Adequacy plan, use of AI tools etc. He requested support of Government of India (GoI) for early release of Gross Budgetary Support (GBS) under RDSS, reintroduction of schemes like UDAY (Ujjwal DISCOM Assurance Yojana), lowering interest rates on loans charged by REC Ltd. and Power Finance Corporation (PFC) Ltd., and waiver or reduction in their prepayment charges. He urged for having regulatory relaxations for allowing surplus of DISCOMs towards infrastructure development and reducing debt burden before passing it on further.

    Joint Secretary (Distribution), Ministry of Power made a presentation highlighting status of key financial and operational parameters of member States.

    The contours of the Action plan identifying the ways to reduce the outstanding debts and losses of the Distribution Utilities and the means to bring them into profits, were discussed in detail.

    State of Gujarat, as a special invitee, shared the best practices adopted and their journey toward making their DISCOMs profitable.

    The member States actively participated in the meeting and presented the overview of State DISCOMs. They gave valuable suggestions for improving the financial condition of DISCOMs. State of Maharashtra, Tamilnadu, Uttar Pradesh, Andhra Pradesh, and Rajasthan, made presentations covering status, reforms undertaken, best practices and way forward for the GoM.

    PRAYAS group made a presentation highlighting reforms that may be undertaken for having a financially viable distribution sector.

    The Group of Ministers reiterated its commitment and expressed resolve to take necessary measures for improving the financial viability of DISCOMs.

    In his closing remarks, Hon’ble Union Minister of State mentioned that the inputs/ suggestions provided by the States would be helpful in shaping the policies and further course of action and urged the member States to work upon the action points that have emerged during the meeting.

    It was also unanimously decided to have 3rd meeting of GoM in Uttar Pradesh in the month of March.

    *****

    JN / SK 

    (Release ID: 2106731) Visitor Counter : 55

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: India’s Gaming Revolution Goes Global: 20 finalists of Bharat Tech Triumph Program Season 3 to participate in WAVES Summit

    Source: Government of India

    India’s Gaming Revolution Goes Global: 20 finalists of Bharat Tech Triumph Program Season 3 to participate in WAVES Summit

    Groundbreaking Games and Indigenous Gaming IPs to be Presented before a Global Audience of Investors, Publishers and Industry Pioneers during May 1-4, 2025

    Posted On: 27 FEB 2025 6:19PM by PIB Mumbai

    : Mumbai, 27 February 2025

     

    Twenty winning game developers were declared at the end of the Grand Finale of third edition of Bharat Tech Triumph Program (BTTP) on Wednesday (February 26, 2025). The winners will now represent India at GDC 2025 (March 17-21, San Francisco), Start-Up Mahakumbh (April 3-5, India), and the World Audio Visual Entertainment Summit (WAVES) (May 1-4, India), showcasing their groundbreaking games and indigenous gaming IPs to a global audience of investors, publishers, and industry pioneers.

    BTTP is organized in collaboration with the Ministry of Information & Broadcasting (MIB), Government of India, and the Department for Promotion of Industry and Internal Trade (DPIIT), under Ministry of Commerce and Industry, Government of India, for championing India’s game development talent. It is a flagship initiative of Interactive Entertainment and Innovation Council (IEIC) and WinZO Games.

    The Tech Triumph Program’s Third Edition: A Gateway to Global and National Recognition

    Over three Editions, BTTP has witnessed participation from over 1500 of India’s best game developers and students, making it the definitive platform for fostering innovation and entrepreneurship for Made in India for the World technology & IP. This Edition is the most expansive yet, both in terms of participation and in unlocking market access and export opportunities. With an unprecedented pan-India reach, Edition 3 of the BTTP drew diverse participation from over 1000 gaming studios, indie developers, students from top IIT & IIMs, and tech startups across PC, mobile, console, and immersive platforms. For more information, visit www.thetechtriumph.com

    Winning games for Season 3 were evaluated by a jury of stalwarts from India’s top investors and business people, including Dr. Mukesh Aghi (CEO and President, US-India Strategic Partnership Forum), Padma Shri Prashanth Prakash (Founding Partner, Accel Partners), and Archana Jahagirdar (Founder and Managing Partner, Rukam Capital), Shri Sanjiv, Joint Secretary, DPIIT, and Rajesh Raju, Managing Director, Kalaari Capital.

    Find the list of winners from Tech Triumph Program (Bharat Edition) Season 3 here.

    India’s gaming sector is at an inflection point for innovation, growth, and export of technology and IP.

    The growing footprint of the BTTP comes at a critical juncture in the Indian gaming industry, which is witnessing exponential growth. As per a US-India Strategic Partnership Forum (USISPF) report, the Indian gaming opportunity currently stands at ~ USD 4 bn and is poised to breach the market size of USD 60 billion by 2034. BTTP is a direct response to this opportunity, designed to position India as a global leader in interactive entertainment, gaming technology, and indigenous IP creation. The initiative is aligned with Prime Minister Shri Narendra Modi’s vision of “Create in India for the World”, reinforcing his call for Indian creators to seize opportunities in gaming, AVGC (Animation, Visual effects, Gaming, and Comics), and digital storytelling. A programmatic intervention such as BTTP exemplifies the PM’s vision, aspirations, and talent of Indian game developers, and the potential to become a USD 60 billion global gaming market. It is the assimilation of the sector’s collective aspirations.

    The Joint Secretary, Ministry of Information and Broadcasting, Shri C Senthil Rajan said, “India’s AVGC-XR sector, currently employing around 2.6 lakh professionals, is set to expand significantly, with projections estimating a workforce of 23 lakh by 2032. Indian gaming professionals are already contributing to some of the most successful global titles, strengthening India’s reputation as a hub for creativity and technological innovation”. He further informed that the Ministry of Information & Broadcasting (MIB), which is playing a crucial role in shaping the future of India’s AVGC sector, has recognized its potential to drive economic growth and job creation and has launched strategic initiatives like the WAVES and the National Center of Excellence of AVGC-XR, which aims to position India as a global AVGC powerhouse. Through programs like the Create in India Challenge and the Tech Triumph Program, WAVES fosters collaboration between industry and academia, encourages original content creation, and facilitates international partnerships, he added.

    About WAVES 2025:

    The first World Audio Visual & Entertainment Summit (WAVES), a milestone event for the Media & Entertainment (M&E) sector, will be hosted by the Government of India in Mumbai, Maharashtra, from May 1 to 4, 2025.

    Whether you’re an industry professional, investor, creator, or innovator, the Summit offers the ultimate global platform to connect, collaborate, innovate and contribute to the M&E landscape.

    WAVES is set to magnify India’s creative strength, amplifying its position as a hub for content creation, intellectual property, and technological innovation. Industries and sectors in focus include Broadcasting, Print Media, Television, Radio, Films, Animation, Visual Effects, Gaming, Comics, Sound and Music, Advertising, Digital Media, Social Media Platforms, Generative AI, Augmented Reality (AR), Virtual Reality (VR), and Extended Reality (XR).

    Have questions? Find answers here 

    Come, Sail with us! Register for WAVES now (Coming soon!).

    WAVES 2025/ Nikita Joshi/Sriyanka Chatterjee/Preeti 

     

    Follow us on social media: @PIBMumbai     /PIBMumbai     /pibmumbai   pibmumbai[at]gmail[dot]com   /PIBMumbai     /pibmumbai

    (Release ID: 2106685) Visitor Counter : 37

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Members of public welcome to watch 15th National Games Triathlon test event

    Source: Hong Kong Government special administrative region

         The 15th National Games Triathlon test event will be held at the Central Harbourfront and Victoria Harbour on March 1 (Saturday) and 2 (Sunday). Members of the public are welcome to watch the races on-the-spot.
     
         A total of around 110 athletes from the Mainland, Hong Kong, and Macao will compete in the men’s individual, women’s individual, and mixed relay events, of whom 6 male athletes and 5 female athletes are from Hong Kong. The women’s individual and men’s individual races are scheduled for 8am and 10.30am respectively on March 1. The mixed relay race will take place at 2pm on March 2. It will be participated by 15 teams, each of which will comprise 2 male athletes and 2 female athletes.
     
         The starting point of the races will be located at the waterfront of the Wan Chai Temporary Promenade. Athletes will complete the swimming segment, immediately followed by the cycling segment and running segment. The cycling route will be between Golden Bauhinia Square in Wan Chai and International Finance Centre in Central, and the running route will mainly loop around the Central Harbourfront Promenade, passing by several iconic Hong Kong landmarks, including the Hong Kong Convention and Exhibition Centre, the Central Government Offices, the Legislative Council Complex, the Hong Kong Observation Wheel, with the finish line located at the Central Harbourfront Event Space. It is the first time that Hong Kong holds a triathlon mixed relay event and that part of the course and public seats are placed in the Central Harbourfront Event Space to facilitate the public viewing of the races.
     
         Members of the public who wish to have a close sight of the athletes competing in the races may visit the public viewing area at the Central and Western District Promenade (Central Section), which is accessible from MTR Admiralty Station Exit A via Tamar Park. No seating will be arranged. Tickets have been distributed to the public through the Triathlon Association of Hong Kong China. For those who possess a ticket may watch the event at the spectator stand in the Central Harbourfront Event Space after security check. Locations of the public viewing area and public entrance can be found in the annex. A small number of tickets have been reserved for each event day. Members of the public may get a ticket at the public entrance for admission while stocks last.
     
          Radio Television Hong Kong (RTHK) will provide live webcast of the events on the two days (RTHK weblink: www.rthk.hk/nationalgames and RTHK YouTube channel: www.youtube.com/RTHK).
     
         To facilitate the arrangement for the event, the Police will implement intermittent road closures and temporary road closure measures in the vicinities of Central Harbourfront and Wan Chai North (including Lung Wo Road, Yiu Sing Street, Lung Hop Street, Expo Drive, Expo Drive Central, and Expo Drive East). Intermittent road closures will be implemented from 5am to 8am on February 28, while temporary road closure measures will be put in place from 2am to 2pm on March 1 and from 8am to 6pm on March 2.
     
         In addition, the Police will set up a temporary restricted flying zone (RFZ), extending two kilometres outwards, from the race track from 7am to 1.30pm on March 1 and from 1pm to 5.30pm on March 2. No small unmanned aircraft, except those duly authorised, will be permitted to enter the zone. Details of the temporary RFZ will be shown on the electronic portal for small unmanned aircraft “eSUA”.
     
         For details of the special traffic and transport arrangements for the triathlon test event, members of the public may refer to the press release on the special traffic arrangements for the test event issued by the Police (www.info.gov.hk/gia/general/202502/24/P2025022400395.htm) and the Transport Department’s relevant notice (www.td.gov.hk/filemanager/en/content_13/TDN%20-Triathlon%20Test%20Event%20-%20eng%20v3.pdf), its mobile application “HKeMobility”, passenger notices issued by the relevant public transport operators.

    MIL OSI Asia Pacific News

  • MIL-OSI Security: Citrus Heights Woman Pleads Guilty to Participation in $1 Million Unemployment Insurance Benefits Fraud Scheme

    Source: Office of United States Attorneys

    SACRAMENTO, Calif. — Rochelle Pasley, 34, of Citrus Heights, pleaded guilty today to conspiracy to commit mail fraud, mail fraud, and aggravated identity theft, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, between June and December 2020, Pasley and Deshawn Oshaea Campbell, 36, of Citrus Heights, conspired to defraud by filing fraudulent unemployment insurance claims with the California Employment Development Department (EDD) seeking Pandemic Unemployment Assistance benefits under the CARES Act. During the conspiracy, the defendants obtained the identifying information of other individuals and used their identities to submit dozens of fraudulent claims. The claims represented, among other things, that the claimants had recently lost employment or were unable to find employment due to the COVID-19 pandemic. These claims were fraudulent because, for instance, many of the individuals whose identities were used did not reside in California and were thus ineligible for benefits from EDD.

    In the applications, the defendants used mailing addresses that were under their control, or under the control of their family and friends. EDD approved more than 50 of the fraudulent claims and authorized Bank of America to mail out EDD debit cards containing benefits. The defendants then obtained these debit cards and used them to withdraw the benefits at ATMs throughout California and to make direct purchases, all for their own benefit. The scheme resulted in EDD paying out over $1 million.

    This case is the product of an investigation by the U.S. Postal Inspection Service, the Department of Labor – Office of Inspector General, and the EDD – Investigation Division. Assistant U.S. Attorneys Jessica Delaney and Justin Lee are prosecuting the case.

    Pasley is scheduled to be sentenced by U.S. District Judge Daniel J. Calabretta on June 26, 2025. Pasley faces a maximum statutory penalty of 20 years in prison and a $250,000 fine for each count of conspiracy and mail fraud, and a mandatory, consecutive two-year prison term for aggravated identity theft. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

    Charges are pending against Campbell. Those charges are only allegations, and Campbell presumed innocent until and unless proven guilty beyond a reasonable doubt.

    MIL Security OSI

  • MIL-OSI Security: Nevada Man Sentenced to 11 Years in Prison for Sex Trafficking a Minor

    Source: Office of United States Attorneys

    PHOENIX, Ariz. – Tyree Eugene Rideaux, 31, of Henderson, Nevada, was sentenced on Tuesday by United States District Judge Diane J. Humetewa to 132 months in prison, followed by 15 years of supervised release. Rideaux pleaded guilty to Sex Trafficking of a Minor on September 16, 2024.   

    Rideaux met the 16-year-old minor, Jane Doe, at a party in Phoenix a short time before August 15, 2021. Jane Doe traveled with Rideaux and two other females to Inglewood, California. Rideaux told Jane Doe to pretend that she was 18 years old. Once in California, Rideaux placed Jane Doe on the “blade,” an area in a city known for high rates of prostitution. Rideaux assigned a fictitious name to Jane Doe and posted commercial sex advertisements of her online for sex buyers. Jane Doe gave the money she earned to Rideaux, as he directed her to do. On August 15, 2021, Jane Doe convinced a sex buyer to take her to a hospital where she could notify police and family, who returned her home.

    “Predators who traffic in teenagers and force them into prostitution to support the trafficker’s own lifestyle are deserving of the harshest sentences,” stated Rachel C. Hernandez, Acting United States Attorney. “I’m pleased with the excellent results in this case that came about through the diligent efforts of our law enforcement partners and our prosecutors.”

    “As law enforcement officers, we are used to handling difficult encounters, but few can prepare us for working on human trafficking investigations involving vulnerable children,” said ICE HSI Arizona Special Agent in Charge, Francisco B. Burrola. “HSI is committed to ensuring sex traffickers face the fullest extent of the law by putting them behind bars for years – significant prison time rightly awaits this trafficker.”

    Homeland Security Investigations conducted the investigation in this case. The United States Attorney’s Office, District of Arizona, Phoenix, handled the prosecutions.
     

    CASE NUMBER:           CR-23-01291-PHX-DJH
    RELEASE NUMBER:    2025-024_Rideaux

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

    MIL Security OSI

  • MIL-OSI Security: February Federal Grand Jury 2024-B Indictments Announced

    Source: Office of United States Attorneys

    United States Attorney Clint Johnson today announced the results of the February Federal Grand Jury 2024-B Indictments.

    The following individuals have been charged with violations of United States law in indictments returned by the Grand Jury. The return of an indictment is a method of informing a defendant of alleged violations of federal law, which must be proven in a court of law beyond a reasonable doubt to overcome a defendant’s presumption of innocence.

    Dylan Ray Alexander. Second Degree Murder in Indian Country; Carrying, Using, Brandishing, and Discharging a Firearm During and in Relation to a Crime of Violence. Alexander, 31, of Bartlesville and a member of the Cherokee Nation, is charged with unlawfully killing Kevin Holden and discharging a firearm during a crime of violence. The FBI, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and the Bartlesville Police Department are the investigative agencies. Assistant U.S. Attorneys Scott Dunn and Tara Heign are prosecuting the case. 25-CR-052

    Jeremiah Jacob Drake. Production of Child Pornography; Receipt and Distribution of Child Pornography; Possession of Child Pornography. Drake, 44, of Tulsa, is charged with coercing a minor child to produce sexually explicit content. He is additionally charged with receiving, possessing, and distributing sexually explicit material that depicts the sexual abuse of a minor child. Homeland Security Investigations and the Tulsa Police Department are the investigative agencies. Assistant U.S. Attorney Ashley Robert is prosecuting the case. 25-CR-056

    Carl Anthony Epps, II. Felon in Possession of a Firearm and Ammunition; Assault with a Dangerous Weapon with Intent to do Bodily Harm in Indian Country; Carrying, Using, and Brandishing a Firearm During and in Relation to a Crime of Violence in Indian Country (superseding).  Epps, 42, of Tulsa, is charged with possessing a firearm and ammunition, knowing he was previously convicted of felonies. Further, he is charged with using a dangerous weapon with intent to do bodily harm and brandishing a firearm during a crime of violence. The Bureau of Alcohol, Tobacco, Firearms and Explosives and the Tulsa Police Department are the investigative agencies. Assistant U.S. Attorney John W. Dowdell is prosecuting the case. 25-CR-007

    Anthony Wayne Jeremiah. Assault with a Dangerous Weapon with Intent to do Bodily Harm in Indian Country; Malicious Mischief in Indian Country; Felon in Possession of a Firearm and Ammunition. Jeremiah, 43, transient and a member of the Muscogee (Creek) Nation, is charged with assaulting the victim with a dangerous weapon and maliciously destroying the victim’s property. He is further charged with possessing a firearm and ammunition after previously being convicted of felonies. The FBI, the Bureau of Alcohol, Tobacco, Firearms and Explosives, Muscogee Creek Nation Lighthorse Police, and the Tulsa Police Department are the investigative agencies. Assistant U.S. Attorneys Scott Dunn and Emily Dewhurst are prosecuting the case. 25-CR-055

    Blake Alan Miller. Aggravated Sexual Abuse of a Minor Under 12 Years of Age in Indian Country. Miller, 41, of Forrest City, Arkansas, and a member of the Cherokee Nation, is charged with engaging in sexually explicit conduct with a child under 12 years old. The FBI is the investigative agency. Assistant U.S. Attorney Kate Brandon is prosecuting the case. 25-CR-045

    Gabriel Urquiza-Urquiza; Daisy Villanueva; Javier Rodarte; Ricardo Plateado-Martinez; Rosa Maria Olmos; Rafael Gonzalez; Joel Rosales Pina. Drug Conspiracy (Count 1); Firearms Conspiracy (Count 2); Firearms Trafficking (Count 3); Conspiracy to Commit Money Laundering (Count 4); Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity (Counts 5 & 6); Distribution of Methamphetamine (Count 7); Maintaining a Drug-Involved Premises (Count 8); Alien Unlawfully in the United States in Possession of Firearms (Count 9); Possession of Firearms in Furtherance of a Drug Trafficking Crime (Count 10); Illegal Export of Firearms (Count 11); Smuggling Firearms from the United States (Count 12); Unlawful Reentry of a Removed Alien (Count 13); Conspiracy to Import a Controlled Substance (second superseding). Urquiza-Urquiza, 26, a Mexican National; Villanueva, 24, of Oklahoma City; Rodarte, 26, of Moore; Plateado-Martinez, 34, of Broken Arrow; Olmos, 35, of Broken Arrow; Gonzales, 31, of Beaumont; and Pina, 40, a Mexican National are charged with conspiring to distribute over 500 grams of methamphetamine. Urquiza-Urquiza, Villanueva, Rodarte, Plateado-Martinez, Olmos, Gonzalez, and Pina are charged with conspiring to conceal or disguise proceeds from the transactions of methamphetamine distribution. Urquiza-Urquiza is charged with two counts of knowingly engaging in monetary transactions that involved criminally derived property valued at more than $10,000. Villanueva is also charged with intentionally distributing more than 500 grams of methamphetamine. Pina is further charged with maintaining a residence to distribute drugs. Urquiza-Urquiza, Gonzalez, and Pina are charged with conspiring to import more than 500 grams of methamphetamine from Mexico. Urquiza-Urquiza is also charged with possessing firearms, knowing he is an illegal alien unlawfully in the United States, and with possessing firearms in the furtherance of drug trafficking. He is additionally charged with willfully exporting and smuggling firearms from the United States to Mexico. The Drug Enforcement Administration, FBI, ICE Enforcement and Removal Operations Dallas Field Office, the Bureau of Alcohol, Tobacco, Firearms and Explosives, Tulsa Police Department, Tulsa County Sheriff’s Office, Broken Arrow Police Department, and Oklahoma City Police Department are the investigative agencies. Assistant U.S. Attorney David A. Nasar is prosecuting the case. 24-CR-131

    Adrian Marquez Rodriguez. Unlawful Reentry of a Removed Alien. Rodriguez, 46, a Mexican national, is charged with unlawfully reentering the United States after having been previously removed in Nov. 2005. ICE Enforcement and Removal Operations Dallas Field Office. Assistant U.S. Attorney Mandy Mackenzie is prosecuting the case. 25-CR-054

    Ronald Dewayne Thompson. Possession of Child Pornography; Abusive Sexual Contact with a Minor Under 12 Years of Age in Indian Country; Commission of Felony Sex Offense Involving a Minor by a Registered Sex Offender. Thompson, 33, of Claremore, is charged with possessing visual images and videos depicting the sexual abuse of children. He knowingly engaged in sexual conduct with a minor under 12 years of age. Additionally, Thompson knowingly is required to register and committed a felony involving a minor child. Homeland Security Investigations and the U.S. Probation and Pretrial Services Office are the investigative agencies. Assistant U.S. Attorney Alicia Hockenbury is prosecuting the case. 25-CR-058

    Delawnsha Lemar Tiger. Failure to Register as a Sex Offender. Tiger, 30, transient, is charged with knowingly failing to register as a sex offender in Dec. 2024. The U.S. Marshal Service is the investigative agency. Assistant U.S. Attorney Michele Hulgaard is prosecuting the case. 25-CR-053

    MIL Security OSI

  • MIL-OSI: Westamerica Bancorporation Announces Stock Repurchase Plan

    Source: GlobeNewswire (MIL-OSI)

    SAN RAFAEL, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Westamerica Bancorporation (NASDAQ: WABC) today approved a plan to repurchase, as conditions warrant, up to 2,000,000 shares of the Company’s common stock on the open market or in privately negotiated transactions prior to March 31, 2026. The repurchase plan represents approximately 7.5 percent of the Company’s common stock outstanding as of December 31, 2024.

    Chairman, President and CEO David Payne stated, “This stock repurchase plan recognizes Westamerica’s financial strength, conservative risk profile and reliable earnings stream.”

    Westamerica Bancorporation, through its wholly owned subsidiary, Westamerica Bank, operates banking and trust offices throughout Northern and Central California.

    Westamerica Bancorporation Web Address: www.westamerica.com

    For additional information contact:
    Westamerica Bancorporation
    1108 Fifth Avenue, San Rafael, CA 94901
    Robert A. Thorson – Investment Relations Contact, 707-863-6090
    investments@westamerica.com

    FORWARD-LOOKING INFORMATION:

    The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

    This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

    Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company’s most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2023 filed on Form 10-K and quarterly report for the quarter ended September 30, 2024 filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company’s business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2011, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.

    Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

    The MIL Network

  • MIL-Evening Report: Eating disorders don’t just affect teen girls. The risk may go up around pregnancy and menopause too

    Source: The Conversation (Au and NZ) – By Gemma Sharp, Professor, NHMRC Emerging Leadership Fellow & Senior Clinical Psychologist, The University of Queensland

    Drazen Zigic/Shutterstock

    Eating disorders impact more than 1.1 million people in Australia, representing 4.5% of the population. These disorders include binge eating disorder, bulimia nervosa, and anorexia nervosa.

    Meanwhile, more than 4.1 million people (18.9%) are affected by body dissatisfaction, a major risk factor for some types of eating disorders.

    But what image comes to mind first when you think of someone with an eating disorder or body image concerns? Is it a teenage girl? If so, you’re definitely not alone. This is often the image we see in popular media.

    Eating disorders and body image concerns are most common in teenage girls, but their prevalence in adults, particularly in women, aged in their 30s, 40s and 50s, is actually close behind.

    So what might be going on with girls and women in these particular age groups to create this heightened risk?

    The 3 ‘P’s

    We can consider women’s risk periods for body image issues and eating disorders as the three “P”s: puberty (teenagers), pregnancy (30s) and perimenopause and menopause (40s, 50s).

    A recent report from The Butterfly Foundation showed the three highest prevalence groups for body image concerns are teenage girls aged 15–17 (39.9%), women aged 55–64 (35.7%) and women aged 35–44 (32.6%).

    We acknowledge there’s a wide age range for when girls and women will go through these phases of life. For example, a small proportion of women will experience premature menopause before 40, and not all women will become pregnant.

    Variations in the way eating disorder symptoms are measured across different studies can make it difficult to draw direct comparisons, but here’s a snapshot of what the evidence tells us.

    Puberty

    In a review of studies looking at children aged six to adolescents aged 18, 30% of girls in this age group reported disordered eating, compared to 17% of boys. Rates of disordered eating were higher as children got older.

    Pregnancy

    During pregnancy, eating disorder prevalence is estimated at 7.5%. Almost 70% of women are dissatisfied with their body weight and figure in the post-partum period.

    Pregnancy can represent a major change in identity and self-perception.
    Pormezz/Shutterstock

    Perimenopause

    It’s estimated more than 73% of midlife women aged 42–52 are unsatisfied with their body weight. However, only a portion of these women would have been going through the menopause transition at the time of this study.

    The prevalence of eating disorders is around 3.5% in women over 40 and 1–2% in men at the same stage.

    So what’s going on?

    Although we’re not sure of the exact mechanisms underlying eating disorder and body dissatisfaction risk during the three “P”s, it’s likely a combination of factors are at play.

    These life stages involve significant reproductive hormonal changes (for example, fluctuations in oestrogen and progesterone) which can lead to increases in appetite or binge eating and changes in body composition. These changes can result in concerns about body weight and shape.

    These stages can also represent a major change in identity and self-perception. A girl going through puberty may be concerned about turning into an “adult woman” and changes in attitudes of those around her, such as unwanted sexual attention.

    Pregnancy obviously comes with significant body size and shape changes. Pregnant women may also feel their body is no longer their own.

    While social pressures to be thin can stop during pregnancy, social expectations arguably return after birth, demanding women “bounce back” to their pre-pregnancy shape and size quickly.

    Women going through menopause commonly express concerns about a loss of identity.
    In combination with changes in body composition and a perception their appearance is departing from youthful beauty ideals, this can intensify body dissatisfaction and increase the risk of eating disorders.

    These periods of life can each also be incredibly stressful, both physically and psychologically.

    For example, a girl going through puberty may be facing more adult responsibilities and stress at school. A pregnant woman could be taking care of a family while balancing work and other demands. A woman going through menopause could potentially be taking care of multiple generations (teenage children, ageing parents) while navigating the complexities of mid-life.

    Research has shown interpersonal problems and stressors can increase the risk of eating disorders.

    Body image concerns and eating disorders are not limited to teenage girls.
    transly/Unsplash, CC BY

    We need to do better

    Unfortunately most of the policy and research attention currently seems to be focused on preventing and treating eating disorders in adolescents rather than adults. There also appears to be a lack of understanding among health professionals about these issues in older women.

    In research I (Gemma) led with women who had experienced an eating disorder during menopause, participants expressed frustration with the lack of services that catered to people facing an eating disorder during this life stage. Participants also commonly said health professionals lacked education and training about eating disorders during menopause.

    We need to increase awareness among health professionals and the general public about the fact eating disorders and body image concerns can affect women of any age – not just teenage girls. This will hopefully empower more women to seek help without stigma, and enable better support and treatment.

    Jaycee Fuller from Bond University contributed to this article.

    If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14. For concerns around eating disorders or body image visit the Butterfly Foundation website or call the national helpline on 1800 33 4673.

    Gemma Sharp receives funding from an NHMRC Investigator Grant. She is the Founding Director and Member of the Consortium for Research in Eating Disorders.

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

    ref. Eating disorders don’t just affect teen girls. The risk may go up around pregnancy and menopause too – https://theconversation.com/eating-disorders-dont-just-affect-teen-girls-the-risk-may-go-up-around-pregnancy-and-menopause-too-250156

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Africa: European Investment Bank (EIB) backs Africa Finance Corporation $750 Million Climate Resilient Infrastructure Fund

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

    CAPE TOWN, South Africa, February 27, 2025/APO Group/ —

    The European Investment Bank (EIB) has committed to join Africa Finance Corporation (AFC) (www.AfricaFC.org) in financing a $750 million Infrastructure Climate Resilient Fund (ICRF). This landmark initiative will accelerate climate adaptation and sustainable infrastructure across Africa.

    As part of this commitment, the EIB today confirmed it will invest $52.48 million in the Fund, which is managed by AFC Capital Partners (ACP), the asset management arm of AFC. ACP has already secured a $253 million commitment from the Green Climate Fund (GCF), marking GCF’s largest-ever equity investment in Africa. In addition, the Nigeria Sovereign Investment Authority (NSIA) and two private African pension funds have also committed to the Fund, demonstrating robust institutional backing on the continent and internationally.

    The Infrastructure Climate Resilient Fund aims to accelerate climate adaptation in Africa by embedding resilience measures at every stage of infrastructure development—from design and construction to operation. Using blended finance to de-risk private investment, the Fund also integrates innovative tools such as climate risk parametric insurance to enhance protection against climate-related risks and losses. In addition, the Fund will provide technical assistance to enhance the capacity of countries seeking climate risk assessment and adaptation, aligning with the European Union’s Global Gateway initiative and the UN Sustainable Development Goals.

    The EIB formally signed the agreement at the Finance in Common Summit (FICS) in Cape Town today, demonstrating the close collaboration between the EIB, AFC, and other strategic partners.

    “The EIB is committed to supporting private sector investment in climate-resilient infrastructure, especially in regions most vulnerable to climate change,” EIB Vice-President Ambroise Fayolle stated at the ceremony today. “This partnership with the Africa Finance Corporation and the launch of ACP’s Infrastructure Climate Resilient Fund are a significant step towards accelerating Africa’s green and digital transition and ensuring a sustainable future for all. The EIB’s investment is not just about the initial capital injection; it is also intended to have a multiplier effect by attracting more investors, reducing risk, showcasing successful projects, and promoting best practices in climate finance.”

    ACP’s fund aims to demonstrate that Africa can pursue a climate-resilient and sustainable development path by addressing market failures, mitigating environmental risks, strengthening logistics, trade, and industrialization, and accelerating the continent’s digital and energy transition.

    “This Fund is crucial for bridging the funding gap for climate adaptation in Africa,” Samaila Zubairu, AFC’s President & CEO, said at the launch event today. “By focusing on climate-resilient infrastructure, we are not only securing our economic future but also creating opportunities for sustainable growth, and supporting job creation across the continent. We are glad to partner with the EIB and other investors who are committed to increasing the impact of climate finance.”

    Developing Climate-Resilient Infrastructure

    The ICRF focuses on Africa, the world’s most climate-vulnerable continent, by investing in infrastructure that can withstand the impacts of climate change while reducing carbon emissions. The Fund prioritizes resilient, low-carbon solutions across transport and logistics, clean energy, digital infrastructure, and industrial development, ensuring sustainable growth.

    ACP’s investment strategy evaluates climate risk across both physical and transition dimensions, including emissions and climate governance. The Fund is committed to ensuring that infrastructure assets are designed, built, and operated to withstand and adapt to evolving climate conditions. To achieve this, ACP will conduct rigorous climate risk screenings and assessments for every investment, establishing a new benchmark for selecting and implementing the most effective adaptation solutions.

    The Fund leverages a powerful partnership between three major institutions—EIB, AFC, and GCF—uniting their expertise, capital, and commitment to climate resilience. Aligned with the EIB’s Climate Bank Roadmap, ACP will draw on the proven track records and deep technical expertise of both EIB and AFC in infrastructure investment, creating a compelling platform to attract additional investors. Through this strategic collaboration, the $750 million fund is poised to unlock up to $3.7 billion in financing, accelerating the deployment of climate-resilient infrastructure across Africa.

    The GCF will play a critical role by providing technical assistance for due diligence and climate resilience monitoring while also covering the first-loss tranches on new investments, effectively de-risking projects and attracting private capital.

    Once operational, the Fund aims to invest in a diversified portfolio of 10 to 12 projects across Africa. It will also assist countries and entities in capacity building and deployment of climate risk assessment and adaptation solutions.

    Further Information

    Leveraging Partnerships

    The Fund is built on a powerful partnership between three major institutions: the European Investment Bank (EIB), Africa Finance Corporation (AFC), and the Green Climate Fund (GCF). Through its asset management arm, AFC Capital Partners (ACP), AFC is collaborating with the EIB to deploy the Fund, leveraging both institutions’ proven track records and technical expertise in infrastructure investment to attract additional investors. The partnership is further strengthened by the GCF’s critical role in providing first-loss protection and technical assistance, ensuring a robust framework for scaling climate-resilient infrastructure across Africa.

    Mobilizing Climate Finance

    The EIB’s $52.48 million commitment is a strategic step toward the Fund’s $750 million target, aimed at catalysing additional investments from both private and public sector partners into climate-resilient infrastructure. This commitment is expected to help mobilize approximately $3.7 billion in total financing, driving tangible, on-the-ground impact across Africa.

    Focusing on EIB’s core priorities agreed by ECOFIN

    The EIB investment will support the climate bank ambition to accelerate international action on adaptation and resilience. With an expected climate action and environmental sustainability contribution of about 80%, the operation will contribute to EIB’s objectives to dedicate (i) 50% of its financing toward climate action and environmental sustainability and (ii) 15% of its financing toward to climate adaptation by 2025. The Fund supports three of the five EU Global Gateway thematic priorities: i) climate and energy, ii) transport and iii) digital.

    Addressing Market Failures

    The EIB investment in ACP’s Infrastructure Climate Resilient Fund is intended to address the scarcity of equity capital for greenfield infrastructure projects, and to help overcome other market failures such as the lack of incentives for green energy solutions or market failures related to transport accessibility and digital connectivity. The Fund also aims to improve the efficiency of logistics and trade corridors and contribute to the digital and energy transition.

    Supporting the Green and Digital Transition

    By investing in clean energy and digital infrastructure, the Fund aims to support the broader green and digital transition in Africa and contribute to diversification and security of energy supply, as well as improved access to digital connectivity.

    Enhancing Capacity for Climate Risk Management

    ACP’s Infrastructure Climate Resilient Fund will provide technical assistance to build capacity for climate risk assessment and adaptation, with a focus on integrating climate risk considerations into project design and construction.

    Creating Jobs and Economic Opportunities

    Projects backed by ACP’s Infrastructure Climate Resilient Fund will contribute to job creation, economic growth, and improved quality of life in the target regions. These projects are expected to generate significant temporary employment during construction as well as permanent jobs during operation.

    Key projects in the ICRF pipeline, such as the Lobito Corridor, underscore AFC’s pivotal role in driving transformational and climate-resilient infrastructure investments across Africa. As the lead developer of the project, AFC is spearheading efforts to enhance regional connectivity and economic integration through the corridor, which is set to become a critical trade and logistics route linking Angola, the Democratic Republic of Congo (DRC), and Zambia.

    The Lobito Corridor is expected to unlock vast economic opportunities by facilitating efficient transportation of critical minerals, agricultural goods, and other commodities, reducing dependency on other congested export routes and fostering industrial development along the wider corridor. Alongside partners including the European Union, the United States Government, the African Development Bank and the governments of Angola, the Democratic Republic of Congo and Zambia, AFC is working to ensure the corridor is developed with climate resilience in mind, integrating sustainable infrastructure solutions that can withstand environmental challenges while promoting long-term economic growth.

    Beyond Lobito, the ICRF pipeline includes other strategic projects across transport, clean energy, and digital infrastructure, all designed to attract institutional investment and address Africa’s pressing infrastructure gap. Through these initiatives, ACP continues to highlight its commitment to mobilizing capital for projects that deliver both financial returns and lasting developmental impact.

    The investments backed by the Fund will actively promote the adoption of Environmental, Social, and Governance (ESG) best practices, including gender equality, protection, and anti-discrimination policies.

    De-risking Investments

    The Fund’s structure, with support from the EIB and other institutions like the Green Climate Fund (GCF), aims to de-risk climate investments.

    The GCF is providing grant funding to help with due diligence and monitoring of climate resilience, which can make the investments more attractive to other investors. Additionally, the Fund will integrate innovative climate risk insurance to complement traditional indemnity programs.

    Aligning with Global and Regional Objectives

    The EIB investment aligns with EU strategies, the African Union’s Agenda 2063, and the UN Sustainable Development Goals, and aims to support the implementation of Nationally Determined Contributions.

    MIL OSI Africa

  • MIL-OSI Africa: Heirs Energies Chief Executive Officer (CEO) Joins Congo Energy & Investment Forum (CEIF) as Congo Ramps up Oil Production

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

    BRAZZAVILLE, Republic of the Congo, February 27, 2025/APO Group/ —

    As Africa’s third-largest crude oil producer, the Republic of Congo has set an ambitious goal of increasing production to 500,000 barrels per day (bpd) by 2027. To attract new investment in exploration and production, the country is leveraging policy reforms and plans to launch a new licensing round in Q1 2025.

    With its production drive led by landmark projects from international oil companies, Congo has emerged as one of Africa’s most attractive oil markets. The participation of Osayande Igiehon, CEO of Nigerian integrated energy company Heirs Energies, at the Congo Energy & Investment Forum (CEIF) 2025 this March reflects the country’s growing appeal to indigenous African oil explorers and producers.

    The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société Nationale des Pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

    Heirs Energies currently operates OML 17 in the Niger Delta, onshore Nigeria. The asset includes 15 oil and gas fields with significant potential for growth, offering multiple low-risk opportunities to develop high-grade reserves. The company recently ramped up production to 53,000 bpd, making it one of Nigeria’s leading oil and gas producers. Through the participation of indigenous operators like Heirs Energies, CEIF 2025 is expected to provide valuable insights into how Congo can maximize the potential of its mature oil fields to meet its ambitious production targets.

    “Igiehon’s involvement in CEIF 2025 underscores the growing collaboration between Africa’s oil-producing nations. His participation highlights the potential for both local and international players to capitalize on new opportunities in the region’s evolving energy landscape,” states Sandra Jeque, Events and Project Director at Energy Capital & Power.

    By showcasing Congo’s strategic approach to sustainable oil production growth, CEIF 2025 will highlight the country’s expanding role in Africa’s energy market. Participants will gain firsthand insight into how collaboration between local and international stakeholders is key to unlocking the full potential of oil and gas projects set to transform the national energy landscape.

    MIL OSI Africa

  • MIL-OSI USA: Grassley, Bennet Launch Bill to Improve Kids’ Access to Life-Saving Medical Care

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    Download video HERE
    WASHINGTON – Senate Finance Committee Members Chuck Grassley (R-Iowa) and Michael Bennet (D-Colo.) introduced bipartisan legislation to improve health care access for children with complex medical conditions. The Accelerating Kids’ Access to Care Act simplifies out-of-state Medicaid screening and enrollment processes for pediatric care providers, while retaining key safeguards to preserve the integrity of the program. Rep. Mariannettee Miller-Meeks (R-Iowa) is leading companion legislation in the House of Representatives.
    “Moms and dads seeking life-saving care for their kids should be able to access it quickly and wherever it’s available. Families shouldn’t have to trip over red tape to reach the most effective specialist, treatment or procedure, whether around the corner or across state lines. Our bill simplifies the process so parents can ensure children with a rare disease or cancer diagnosis get the right specialized medical care,” Grassley said.
    “For children with complex medical conditions, bureaucratic red tape should not be an obstacle to care. This bipartisan legislation will make it easier for families to navigate our health care system and relieve some of the stress that they face to get their kids the care they need when they need it,” Bennet said.
    Click HERE to download broadcast-quality video of Grassley discussing the legislation.
    Click HERE for text of the legislation.
    Background:
    Children with complex medical conditions cannot always secure specialized care in their home states. When this happens, parents must work with their in-state providers and Medicaid officials to identify out-of-state providers who do offer that care. The process is riddled with regulatory hurdles that often delay, or even prohibit, children from receiving critical medical treatments. The Accelerating Kids’ Access to Care Act would alleviate these burdens for families, as well as providers.
    The legislation builds off the Grassley-Bennet ACE Kids Act, which was signed into law in 2019. Following the bill’s enactment, the lawmakers closely monitored implementation to ensure it would be executed as Congress intended. 
    Grassley was recognized in December 2024 for his persistent efforts to support children with disabilities and complex medical conditions. Learn more HERE.
    Support for the Accelerating Kids’ Access to Care Act:
    This bill is backed by children’s hospitals, patients and research organizations nationwide, including in Iowa:
    “As a specialty pediatric healthcare provider serving thousands of children and young adults with complex medical needs, ChildServe strongly supports the Accelerating Kids’ Access to Care Act,” said Teri Wahlig, M.D., ChildServe CEO. “This bipartisan legislation prioritizes access to quality healthcare, critical services and specialists for children with complex medical conditions by simplifying, standardizing and streamlining the referral process. It creates a more efficient pathway for children to receive the timely care they need. We are grateful to Senator Grassley and Senator Bennett for their continued dedication to advocating for children with complex medical needs.”
    “This legislation will be a lifeline for families across the country facing childhood cancer,” said E. Anders Kolb, MD, President and CEO of The Leukemia & Lymphoma Society. “By streamlining the Medicaid provider screening and enrollment process, we’ll spare families the anguish of needless treatment delays at a time when every day counts. We thank Senators Grassley and Bennet for introducing this bill and urge Congress to pass it quickly. Kids can’t wait.”
    “We are thrilled to see this important legislation reintroduced. The Accelerating Kids’ Access to Care Act has the potential to save lives. Our children must receive specialized care on their own timelines, without bureaucratic interference. We thank Sens. Grassley and Bennet for their work on behalf of our families,” said Mike Henry, Director of Advocacy, Pediatric Brain Tumor Foundation.
    Additional cosponsors of the legislation are Sens. Thom Tillis (R-N.C.), Jack Reed (D-R.I.), Dan Sullivan (R-Alaska), Raphael Warnock (D-Ga.), Roger Wicker (R-Miss.), Chris Coons (D-Del.), Mike Rounds (R-S.D.), Patty Murray (D-Wash.), John Boozman (R-Ark.), Jeff Merkley (D-Ore.), Josh Hawley (R-Mo.), John Fetterman (D-Penn.), Lisa Murkowski (R-Alaska), Tim Kaine (D-Va.), Marsha Blackburn (R-Tenn.), Gary Peters (D-Mich.), Eric Schmitt (R-Mo.), Mark Warner (D-Va.), Shelley Moore Capito (R-W.Va.), Elizabeth Warren (D-Mass.), Susan Collins (R-Maine), Tammy Duckworth (D-Ill.), Steve Daines (R-Mont.), Mark Kelly (D-Ariz.), Pete Ricketts (R-Neb.), Cory Booker (D-N.J.) and Deb Fischer (R-Neb.).
    -30-

    MIL OSI USA News

  • MIL-OSI USA: SEC Investor Advisory Committee to Examine the Disclosure of AI’s Impact on Company Operations; and Retail Investor Fraud in America at March 6 Meeting

    Source: Securities and Exchange Commission

    The Securities and Exchange Commission’s Investor Advisory Committee will hold a public meeting at the SEC Headquarters in Washington, D.C., on March 6, at 10 a.m. ET. The meeting will also be webcast on the SEC website.

    The committee will host two panels:

    • Disclosure of Artificial Intelligence’s Impact on Operations; and
    • Retail Investor Fraud in America

    The Committee will also discuss a potential recommendation regarding preserving investors’ ability to bring claims under Section 11 of the Securities Act of 1933. The full meeting agenda is available on the committee’s webpage.

    The Investor Advisory Committee, which focuses on investor-related interests, advises the Commission on regulatory priorities and various initiatives to help protect investors and promote the integrity of the U.S. securities markets. Established by statute, the committee is authorized by Congress to submit findings and recommendations to the Commission.

    To learn more about the Investor Advisory Committee visit the committee’s webpage.

    MIL OSI USA News

  • MIL-OSI USA: Warren, Blumenthal, Duckworth Ramp Up Investigation Into MOHELA’s Predatory Website Terms of Use

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 27, 2025

    Lawmakers hit loan servicer for efforts to infringe on borrowers’ legal rights 

    With Education Department’s future uncertain, MOHELA’s behavior raises concerns about ability to keep student loan servicers in check

    “MOHELA has imposed an exploitative set of Terms upon all borrowers that set up an account on its website…(Y)our response indicates a worrying disregard for borrowers’ rights.” 

    Text of Letter (PDF) | MOHELA Response to November 2024 Letter (PDF)

    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.), Tammy Duckworth (D-Ill.), and Richard Blumenthal (D-Conn.) wrote to the student loan servicer Missouri Higher Education Loan Authority (MOHELA) with continued concerns over its website’s Terms of Use (TOU), which appear to be written with the intent to relieve MOHELA of liability for severe misconduct and may infringe upon student loan borrowers’ legal rights.  

    MOHELA has repeatedly shirked its basic responsibilities as a federal student loan servicer and has been repeatedly penalized by ED for doing so. In November 2024, the Senators wrote to MOHELA to raise their initial concerns about the company’s tactics. The loan servicer’s response evaded questions, failed to provide a reasonable justification for the predatory provisions in its TOU, and made multiple false assertions. 

     In its response, MOHELA: 

    • Falsely claimed its TOU are in line with industry standards, even though MOHELA appears to have written its TOU to absolve it of much more severe wrongdoing compared to other major federal loan servicers’ TOU;
    • Provided unconvincing explanations for its TOU provisions disclaiming any responsibility that its website contain “accurate or reliable” information and disclaiming any responsibility for correcting any “defects” on the website; and
    • Failed to justify exploitative TOU sections that appear to undermine borrowers’ rights to hold MOHELA accountable for financial harms, including by limiting its liability to $100 “for all claims arising” from use of its website and making borrowers’ “sole (legal) remedy” for dissatisfaction with MOHELA’s website to stop using the website.  

    “MOHELA’s explanations fail to provide persuasive justifications for these provisions…(and the t)erms are clearly written and designed to absolve MOHELA of wide swaths of damages even in the cases of significant wrongdoing,” wrote the senators

    MOHELA’s terms may also violate federal consumer protection law. The Consumer Financial Protection Act (CFPA) prohibits abusive contracts, including those that take “unreasonable advantage” of “unequal bargaining power.” That could apply to MOHELA’s TOU, since borrowers assigned to MOHELA have no choice but to sign the TOU and cannot choose a different loan servicer. MOHELA did not address the senators’ concerns in this area. 

    The lawmakers urged the loan servicer to remove all predatory provisions from its TOU and asked MOHELA to provide clarity on its decision to impose it on borrowers by March 13, 2025.   

    Senator Warren has led the fight to reform our higher education system, cancel student loan debt, and hold student loan servicers accountable:

    • In February 2025, Senators Elizabeth Warren and Andy Kim (D-N.J.) released responses to Committee questions for the record from Donald Trump’s pick for Secretary of Education, Linda McMahon, in which McMahon states that she “wholeheartedly” agrees with Trump’s plans to abolish the Department of Education.
    • In February 2025, during the Senate’s consideration of the Republican budget resolution, Senators Elizabeth Warren and Ed Markey (D-Mass.) proposed an amendment to protect higher education funding in Massachusetts.   
    • In February 2025, Senators Elizabeth Warren, Jeff Merkley (D-Ore.), Ron Wyden (D-Ore.), and Amy Klobuchar (D-Minn.), led 32 Democratic senators in writing to President Donald Trump, demanding that he reject Congressional Republicans’ legislative plans to increase the cost of living, including education costs, for Americans after pledging to lower costs on “Day One” of his presidency.
    • In February 2025, in advance of her confirmation hearing, Senators Elizabeth Warren and Andy Kim (D-N.J.), sent Linda McMahon, Secretary-Designate for the U.S. Department of Education, a 12-page letter with 65 questions on her policy views. 
    • In February 2025, following Elon Musk and DOGE forcing their way into the Department of Education, Senator Elizabeth Warren and Minority Leader Schumer (D-N.Y.) led a coalition of Democrats in demanding the Department of Education launch an investigation into Musk and DOGE’s access to federal student loan data. 
    • In January 2025, Senator Elizabeth Warren sent Elon Musk, Chair of the Department of Government Efficiency (DOGE), a letter detailing over 30 proposals that would cut at least $2 trillion of wasteful government spending over the next decade, including through saving on education programs. 
    • In December 2024, Senators Elizabeth Warren, Richard Blumenthal (D-Conn.), Jeff Merkley (D-Ore.), and Ron Wyden (D-Ore.) revealed the alarming findings of a Senate investigation into millions of consumer credit reporting errors that occurred during the transfer of student loan accounts from Nelnet to MOHELA in 2023. The senators urged the CFPB and ED to investigate these errors and use their supervisory and enforcement authority to hold the appropriate parties accountable.
    • In December 2024, Senator Elizabeth Warren (D-Mass.) and Congresswoman Madeleine Dean (D-PA) led 24 lawmakers in sending a bicameral letter to Consumer Financial Protection Bureau Director Rohit Chopra and Federal Trade Commission Chair Lina Khan, revealing the results of their investigation into Navient regarding its cancellation process for the predatory, for-profit student loans in its portfolio and urging the agencies to hold the student loan servicer accountable for any violations of federal law. 
    • In November 2024, Senators Elizabeth Warren (D-Mass.), Richard Blumenthal (D-Conn.), Chris Van Hollen (D-Md.), and Tammy Duckworth (D-Ill.) sent a letter blasting MOHELA for abusing borrowers with potentially illegal, exploitative terms of use.
    • In October 2024, Senator Elizabeth Warren (D-Mass.) Dick Durbin (D-Ill.), Sheldon Whitehouse (D-R.I.), and Raphael Warnock (D-Ga.) sent a letter to the Department of Justice (DOJ) and Department of Education (ED) commending the agencies on their progress in helping borrowers who are struggling financially to discharge their student loans in bankruptcy and asking them to continue expanding awareness of the Biden-Harris administration’s new policy.
    • In October 2024, Senator Elizabeth Warren (D-Mass.) celebrated new federal student debt relief, bringing the total number of Americans who have had their debt canceled under the Public Service Loan Forgiveness (PSLF) program during the Biden-Harris Administration to a historic 1 million people and counting.
    • In September 2024, Senators Warren (D-Mass.) and Merkley (D-Ore.) released a new report examining the impact of the Biden-Harris administration’s new Higher Education Act rule, finding that low- and middle-income borrowers, seniors, women, and Black borrowers will receive enormous benefits from the new rule.
    • In August 2024, Senator Warren joined Senators Jeff Merkley, Ron Wyden (D-Ore.), and Richard Blumenthal (D-Conn.) to launch an investigation into the reported mishandling of student loan transfers by MOHELA, Nelnet and credit reporting agencies.
    • In August 2024, Senator Warren (D-Mass.) and Representative Madeleine Dean (D-Pa.) led over 30 lawmakers in a letter urging student loan servicer Navient to reform its flawed process to cancel the private student loans of borrowers who attended fraudulent, for-profit colleges.
    • In July 2024, Senators Warren, Ron Wyden, Chris Van Hollen, and Bernie Sanders, sent a letter to Secretary of Education Miguel Cardona, cautioning the Department of Education on Federal Student Aid’s transition to the Unified Servicing and Data Solution system.
    • In July 2024, Senators Warren, Schumer, and Sanders released a joint statement on the American Federation of Teachers’ lawsuit against MOHELA for allegedly overcharging and misleading student loan borrowers.
    • In May 2024, Senators Warren and King led their colleagues in a letter to Education Secretary Miguel Cardona, urging them to provide guidance and communication to borrowers as the Public Service Loan Forgiveness program transfers from MOHELA to the Department of Education. 
    • In May 2024, Senator Warren led a growing coalition of senators in urging the Department of Education to hold student loan servicer MOHELA accountable for its failures.
    • In May 2024, Senator Warren and 24 members of the U.S. Senate sent a letter to Senator Tammy Baldwin, Chair of the Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies, and Senator Shelley Moore Capito, Ranking Member of the Subcommittee, encouraging them to provide $2.7 billion in funding to the Office of Federal Student Aid (FSA) in fiscal year (FY) 2025.
    • In May 2024, Senators Warren, Carper, Kaine, and Representative Don Davis (D-N.C.) called on the Department of Defense (DoD) to release data on the Postsecondary Education Complaint System (PECS), a centralized database to track complaints against schools who participate in the Tuition Assistance (TA) and My Career Advancement Account Scholarship (MyCAA) program.
    • In April 2024, Senator Warren led eight of her colleagues in sending a letter to David L. Yowan, President and Chief Executive Officer of student loan servicer Navient, urging the servicer to cancel decades-old private student loans pushed onto borrowers attending fraudulent, for-profit colleges.
    • In April 2024, Senators Warren, Blumenthal, Markey, and Van Hollen released a new report: Servicing Scandals: Student Loan Servicers’ Failures During Return to Repayment, which reveals a decades-long pattern of student loan servicer incompetence and misconduct that has affected millions of borrowers nationwide.
    • In April 2024, Senator Elizabeth Warren led a hearing on student loan servicer Higher Education Loan Authority of the State of Missouri (MOHELA) and its failures during borrowers’ return to repayment, including MOHELA’s mismanagement of the Public Service Loan Forgiveness program. 
    • In March 2024, Senators Elizabeth Warren and Ron Wyden (D-Ore.), Chair of the Senate Finance Committee, along with U.S. Representatives Ayanna Pressley (D-Mass.), Pramila Jayapal (D-Wash.), Raúl Grijalva (D-Ariz.), and John Larson (D-Conn.), led their colleagues in calling on the Social Security Administration (SSA), the U.S. Department of the Treasury (Treasury), and the U.S. Department of Education to end the practice of offsetting Social Security benefits to pay off defaulted student loans. 
    • In February 2024, Senator Warren, Majority Leader Chuck Schumer (D-N.Y.), and Senator Bernie Sanders (I-Vt.) released a statement calling for an investigation into student loan mismanagement by MOHELA.
    • In January 2024, Senators Warren, Schumer, Sanders, Senator Raphael Warnock (D-Ga.), and Senator Alex Padilla (D-Calif.), along with Representative Ayanna Pressley, Assistant Democratic Leader Jim Clyburn (D-S.C.), Representative Frederica Wilson (D-Fla.), and Representative Ilhan Omar (D-Minn.), led their colleagues in calling on the Secretary of Education Miguel Cardona to host a fourth session of the student debt negotiated rulemaking to consider relief for borrowers experiencing financial hardship.
    • In December 2023, U.S. Senators Warren, Richard Blumenthal, Ed Markey,, and Chris Van Hollen (D-Md.) sent follow-up letters to student loan servicers – MOHELA, EdFinancial, Nelnet, and Maximus – raising concerns about borrowers’ problems with return to repayment, requesting information about the borrower experience, and pushing back on the servicers’ claim that budget shortfalls limit their ability provide quality customer service to millions of borrowers.
    • In December 2023, Senators Warren, Schumer, Sanders, Alex Padilla (D-CA), and Representatives Ayanna Pressley (D-Mass.), Ilhan Omar (D-Minn.), and Frederica Wilson (D-Fla.) sent a letter to the U.S. Secretary of Education Miguel Cardona, urging him to leverage his existing and full authority under the Higher Education Act to provide expanded student debt relief to working and middle-class borrowers.
    • In August 2023, Senator Warren, Congresswoman Ayanna Pressley, Senate Majority Leader Chuck Schumer (D-N.Y.), Senators Alex Padilla and Raphael Warnock (D-Ga.) and U.S. Representatives Ilhan Omar, Jim Clyburn, and Frederica Wilson led 79 other lawmakers in a letter to President Joe Biden, urging him to swiftly deliver on his promise to deliver student debt cancellation to working and middle class families by early 2024.
    • In October 2022, Senator Warren and Representative Ayanna Pressley (D-Mass.) visited communities across Massachusetts to celebrate the Biden administration’s student debt cancellation plan and help residents sign up for student loan relief. 
    • In March 2022, Senator Warren, along with Senate Democratic Whip Dick Durbin (D-Ill.), Senator Brown and Representatives Pramila Jayapal (D-Wash.) and Mark Takano (D-Calif.), urged Secretary of Education Miguel Cardona to swiftly discharge the loans of borrowers defrauded by predatory for-profit colleges and universities, including those operated by Corinthian College. 
    • In January 2022, Senator Warren, along with Senate Majority Leader Charles E. Schumer (D-N.Y.) and Representatives Jayapal, Pressley, Ilhan Omar (D-Minn.), and Katie Porter (D-Calif.) led more than 80 colleagues in a bicameral letter to the Department of Education calling for it to release the memo outlining the Biden administration’s legal authority to cancel federal student loan debt and immediately cancel up to $50,000 of debt for Federal student loan borrowers.
    • In April 2021, Senators Warren and Raphael Warnock (D-Ga.) led a group of colleagues in a letter to Education Secretary Miguel Cardona urging the Department of Education to take swift action to automatically remove all federally-held student loan borrowers from default.

    MIL OSI USA News

  • MIL-OSI Security: Former Navy Sailor Pleads Guilty to Plotting To Attack Naval Station Great Lakes in North Chicago, Ill.

    Source: Office of United States Attorneys

    CHICAGO — A former Navy sailor has pleaded guilty in federal court in Chicago to plotting to attack Naval Station Great Lakes in North Chicago, Ill., purportedly on behalf of Iran’s Islamic Revolutionary Guard Corps.

    XUANYU HARRY PANG, 38, of North Chicago, Ill., pleaded guilty to conspiring to and attempting to willfully injure and destroy national defense material, national defense premises, and national defense utilities, with the intent to injure, interfere with, and obstruct the national defense of the United States.  The guilty plea was entered on Nov. 5, 2024, in U.S. District Court for the Northern District of Illinois and ordered unsealed today.

    Pang is currently detained without bond in law enforcement custody. U.S. District Judge Jeremy C. Daniel has not yet set a sentencing date.  The conviction is punishable by a maximum sentence of 20 years in federal prison.

    The guilty plea was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, Sue Bai, head of the Justice Department’s National Security Division, David J. Scott of the FBI’s Counterterrorism Division, and Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI.  Substantial assistance was provided by the Naval Criminal Investigative Service.  The case was investigated by the Chicago Joint Terrorism Task Force, which is comprised of multiple federal, state, and local law enforcement agencies.  The case is being prosecuted by Assistant U.S. Attorneys Aaron Bond, Vikas Didwania, and Brandon Stone of the Northern District of Illinois, with assistance from Trial Attorneys John Cella and Charles Kovats of the National Security Division’s Counterterrorism Section.

    According to court records filed in the case, Pang communicated in the summer of 2021 with an individual in Colombia about potentially assisting with a plan involving Iranian actors to conduct an attack against the United States to avenge the death of Qasem Soleimani, a general of the IRGC Quds Force who was killed by the U.S. military in 2020. The Quds Force is a branch of the IRGC that conducts unconventional warfare and intelligence activities outside of Iran.

    A covert FBI employee, posing as an affiliate of the Quds Force, subsequently communicated online with the individual in Colombia about conducting an attack.  The individual in Colombia put the covert FBI employee in touch with Pang, who at the time was stationed and residing at Naval Station Great Lakes, court records show.  The pair communicated online through an encrypted messaging application about possible targets for the attack, including the Naval Station Great Lakes and other locations in the Chicago area.  Pang and the individual in Colombia agreed to help the covert FBI employee and his purported associates with their operation to conduct the attack in the United States, court records state.

    On three occasions in the fall of 2022, Pang personally met with another individual working with the FBI who was posing as an associate of the covert FBI employee.  The first meeting took place outside of the Ogilvie Transportation Center in downtown Chicago, and the two other meetings were held at a train station in Lake Bluff, Ill., court records show.  During the meetings in Lake Bluff, as the plot coalesced into an attack on the Naval Station, Pang displayed photos and videos on his phone of multiple locations inside the Naval Station.  He also provided two U.S. military uniforms – for operatives to wear inside the base during the attack – and a cell phone that could be used as a test for a detonator, the records show. 

    MIL Security OSI

  • MIL-OSI Security: Venezuelan National Accused of Federal Gun Crime

    Source: Office of United States Attorneys

    SALT LAKE CITY, Utah – A federal grand jury in Salt Lake City returned and indictment charging a Venezuelan national, restricted from possessing a firearm and ammunition, with a gun crime after an alleged shooting incident in Summit County, Utah.

    Manuel A. Pimentel-Gonzalez, 24, of Eagle Mountain, Utah, was initially charged by complaint on February 21, 2025.

    According to court documents, on May 19, 2024, a dispute erupted at a party at a rural property in Summit County. During the investigation, security footage depicted a heavily built male, later identified as Pimentel-Gonzalez, reach into a parked BMW X7 sport-utility vehicle and remove a large firearm with a wooden feature. Pimentel-Gonzalez then shouted profanities and insults in Spanish. Immediately after Pimentel-Gonzalez stepped away from the camera view, several gunshots were heard on the security footage. Investigators recovered at least 42 shell casings, four firearms, and bullet damage to vehicles at the scene.

    During the execution of a search warrant in Eagle Mountain, Utah, law enforcement located a white BMX sport-utility vehicle, with gunfire damage. Investigators also found Pimentel-Gonzalez with at least one gunshot wound that he attempted to treat himself. A Draco 92 9×19 mm firearm with a wooden feature was also seized and later linked to expended shell casings recovered from the shooting scene in Summit County. At the time of the shooting, Pimentel- Gonzalez was on probation for a prior state firearm conviction by a restricted person.

    Pimentel-Gonzalez is charged with being a felon in possession of a firearm and ammunition. His initial appearance on the indictment has yet to be scheduled before a U.S. Magistrate Judge at the Orrin G. Hatch United States District Courthouse in downtown Salt Lake City.

    Acting United States Attorney Felice John Viti for the District of Utah made the announcement.

    The case is being investigated by an ATF Task Force Officer assigned to the Utah Department of Corrections.

    The United States Attorney’s Office for the District of Utah is prosecuting the case.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce gun violence and other violent crime, and to make our neighborhoods safer for everyone.  On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.  For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    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 Security OSI

  • MIL-OSI Security: Drug Kingpin Sentenced To 27 Years As Part Of Ongoing Drug Trafficking Conspiracy

    Source: Office of United States Attorneys

              GRAND RAPIDS – Acting U.S. Attorney for the Western District of Michigan Andrew Birge today announced that United States District Judge Jane M. Beckering sentenced Jason Demyers, 44, a current resident of Arizona with significant ties to Lansing, Michigan, to serve 324 months in prison for his leadership of a multi-state drug trafficking conspiracy. During sentencing, Judge Beckering described Demyers as a “kingpin” in what she described as a “nationally orchestrated drug trafficking organization” that dealt massive amounts of both cocaine and methamphetamine. Demyers is the seventh defendant to be sentenced in the case.

              Demyers was one of the leaders of the drug trafficking conspiracy. His organization distributed kilograms of cocaine and methamphetamine in and around Detroit, Lansing, and Kalamazoo between August 2022 and July 2024. Demyers personally coordinated the shipment to Michigan of packages containing approximately ten kilograms of methamphetamine. He also worked with couriers who flew from Michigan to California carrying thousands of dollars earned from drug sales and then flew back to Michigan carrying kilograms of illegal drugs.

              During the pendency of the case, investigators seized approximately ten kilograms of methamphetamine, eight kilograms of cocaine, multiple pieces of real property used to facilitate the drug trafficking conspiracy, and jewelry valued at approximately $325,000.

              In total, the United States charged fourteen defendants as part of the organization. Twelve of the defendants have pled guilty, while two have entered into a pretrial diversion program. Of the defendants sentenced to date, the Court has imposed the following prison sentences:

    • Franchot Barnes – 324 months
    • Jomo Grady – 210 months
    • Evette Wallace – 110 months
    • Jamar Goins – 78 months
    • Lanise Moody – 40 months
    • Jonathan Conner – 37 months

              The remaining defendants are scheduled to be sentenced in May and June 2025.

              The Drug Enforcement Administration (DEA) and the Lansing Police Department (LPD) began the investigation into Demyers’ drug trafficking organization in October 2022, in partnership with Internal Revenue Service Criminal Investigation (IRS-CI) and the Kalamazoo County Sheriff’s Office.

              “Today’s sentencing of Jason Demyers for his lead role in a national drug trafficking organization is a victory for the American public and a defeat to drug traffickers everywhere. The special agents of IRS Criminal Investigation continue in their mission to disrupt the flow of ill-gotten gains that is the life-blood for these criminals,” said Special Agent in Charge Charles Miller, Detroit Field Office, IRS Criminal Investigation. “We will continue to be relentless in our mission to dismantle these drug trafficking organizations and bring the criminals who run them to justice.”

              “This case is a prime example of how a seemingly small investigation can evolve into a large-scale operation, thanks to the dedicated collaboration between our local, state, and federal partners,” said Lansing Police Chief Rob Backus. “By working together, we’re able to target and dismantle operations led by some of the most prolific offenders.”

              “DEA is committed to protecting communities throughout Michigan from drug traffickers who prey on the vulnerable,” said Acting Special Agent in Charge of the DEA Detroit Field Division Andrew Lawton. “Mr. Demyers ran a drug trafficking organization that funneled kilogram-quantities of drugs into Michigan along with an untold amount of misery and destruction. Together with our law enforcement partners, DEA will continue to identify, disrupt, and dismantle criminal organizations that threaten safety and disrupt communities.”

              This prosecution, dubbed Operation Cold as Ice, was part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

              Assistant United States Attorneys Stephanie M. Carowan and Austin J. Hakes prosecuted the case on behalf of the United States.

    ###

    MIL Security OSI

  • MIL-OSI USA: Cortez Masto, Grassley Continue Bipartisan Push to Invest in Local Law Enforcement

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Chuck Grassley (R-Iowa) reintroduced bipartisan legislation to increase grant funding for small law enforcement agencies in Nevada and across the country. The Invest to Protect Act would set aside $250 million to help local police invest in training, mental health support, and recruitment and retention. The bill is cosponsored by Senators Richard Durbin (D-Ill.), Richard Blumenthal (D-Conn.), Raphael Warnock (D-Ga.), Bill Cassidy (R-La.), Chris Coons (D-Del.), Susan Collins (R-Maine), Mark Kelly (D-Ariz.), and Todd Young (R-Ind.).
    “Nevada’s small police departments deserve more access to critical funding to keep communities safe,” said Senator Cortez Masto. “I’ll always stand up for our law enforcement, and this bipartisan bill is simple – it gets our police in rural, suburban, and Tribal communities the resources they need.”
    “Law enforcement in Iowa and across the nation are struggling with low recruitment and retention rates,” said Senator Grassley. “Our bipartisan bill would unlock access to critical resources, allowing local law enforcement to grow and strengthen their forces. As always, I’m proud to back the blue and will continue to protect and support our courageous officers.”
    The majority of law enforcement agencies in the U.S. are smaller than 175 full-time sworn officers, including all of Nevada’s rural sheriff’s departments and key suburban departments such as the Sparks Police Department. In Nevada and nationwide, these small departments often struggle to access critical resources. Cortez Masto’s bipartisan Invest to Protect Act would establish a grant program through the Community Oriented Policing Services (COPS) program to provide $250 million specifically to help these small law enforcement agencies make meaningful investments in their officers and communities. This bill is endorsed by the Fraternal Order of Police and the National Association of Police Organizations.
    As the former top law enforcement official in Nevada, Senator Cortez Masto has been a leading advocate in the Senate for our police officers and is part of the Senate Law Enforcement Caucus. She has secured historic funding for the Byrne JAG grant program, the leading source of criminal justice funding in the country. Her bipartisan bills to combat the crisis of law enforcement suicide and provide mental health resources to police officers have been signed into law by presidents of both parties. Her BADGES for Native Communities Act, to support the Bureau of Indian Affairs with law enforcement recruitment and retention, passed the Senate last Congress.

    MIL OSI USA News

  • MIL-OSI Canada: Investing in the Inuit economy and protecting Canada’s Northern ecosystems

    Source: Government of Canada – Prime Minister

    There is no relationship more important to Canada than the one it has with Indigenous Peoples, the original inhabitants and stewards of lands and waters in Canada since time immemorial. We remain committed to working with Indigenous partners to advance reconciliation, recognizing the role of Indigenous leadership in environmental stewardship, and helping ensure the world we leave to future generations is safe and healthy.

    Today, the Prime Minister, Justin Trudeau, was joined by the President of the Qikiqtani Inuit Association (QIA), Olayuk Akesuk, to announce the signing of the SINAA Project Finance for Permanence Agreement between the Government of Canada, the QIA, The Pew Charitable Trusts, and the Aajuraq Conservation Fund Society.

    Contributions to the SINAA Agreement include a planned $200 million from the Government of Canada, along with $70 million pledged from philanthropic donors in Canada and around the world. Over the next 15 years, these investments are projected to attract $318 million to the Qikiqtani region, with more jobs, opportunities, and Inuit-led stewardship of lands and waters. The agreement will also make meaningful progress in advancing the goal to conserve 30 per cent of oceans in Canada by 2030, adding an additional 3.68 per cent contribution to Canada’s water-based ecosystems.

    This milestone agreement in advancing Inuit-led conservation and reconciliation includes a new conservation plan to establish a robust and lasting network of proposed Inuit-led and protected water and land conservation areas in Canada’s Arctic. Protecting these areas will ensure the long-term health and sustainability of ecosystems, while safeguarding the well-being and ways of life of Inuit communities in the region. In Inuktitut, SINAA means “the floe edge”, where the open sea meets the frozen sea, becoming a vibrant ecosystem of marine life. With the SINAA Agreement, we will strengthen existing protected and conserved ecosystems through enhanced partnership with Inuit governance.

    To further support economic opportunities for the Qikiqtani Inuit, Fisheries and Oceans Canada and the QIA have signed the Qikiqtani Fisheries Agreement. The agreement provides funding over the next 10 years to support both acquiring access to offshore commercial fisheries, vessels and gear, and training to participate in offshore commercial fishing in adjacent waters.

    With these investments, we are building an economy based on conservation, investing in community infrastructure like the Arctic Bay Small Craft Harbour, and creating jobs where Inuit knowledge will be leveraged and valorized to protect Northern ecosystems.

    As one of the most biodiverse areas of the Arctic, the Qikiqtani region is home to some of the world’s most iconic species, including narwhals, whales, and polar bears. With today’s landmark agreement, we reaffirm our commitment to working alongside Inuit and Northern partners to protect these precious ecosystems that are so deeply intertwined with Inuit culture, economy, and well-being. Together, we are ensuring biodiversity and livelihoods are sustained for generations to come.

    Quotes

    “The Canadian Arctic has been home to vibrant ecosystems and Indigenous communities for generations. With today’s announcement, we are strengthening our commitment to protecting lands, waters, and wildlife, honouring Inuit-led conservation efforts, and walking forward on the shared path of reconciliation. Working together with provinces, territories, Inuit communities, and other partners, we can build a future where traditions, stories, and ways of life are preserved and celebrated.”

    “Today, we are reaching a historic milestone in Canadian history. The agreement signed today sets the foundations for Inuit-led and governed conservation efforts to protect our culture, lands, waters, and wildlife. Today is a proud day, and I thank the Government of Canada, donors, and the philanthropic community for seeing our vision and working with us to make it a reality.”

    “Canada is proud to be part of the SINAA Agreement advancing Inuit-led conservation in the Arctic. This agreement marks an important milestone in partnership and honours the vital role of Inuit stewardship in safeguarding the environment. Through this important partnership, we are supporting the well-being of Inuit in the Qikiqtani region today, while conserving ecosystems for our children and grandchildren.”

    “Nature and oceans are defining elements of Canada’s identity. Protecting them is crucial not only in the fight against biodiversity loss and climate change, but also in preserving our deep connection to nature and building a sustainable future – one where Indigenous traditions and knowledge are at the heart of our conservation efforts. We are proud to work with Inuit partners and territorial governments through the SINAA Agreement to advance new and enhanced Inuit-led marine conservation areas in the Arctic, ensuring that the region’s diverse and unique marine ecosystems can thrive.”

    Quick Facts

    • The Project Finance for Permanence (PFP) model provides for multi-partner investments and sustainable financing for large-scale conservation and sustainable development projects. These initiatives bring together Indigenous organizations, governments, and the philanthropic community to identify shared goals for protecting nature and ultimately halting biodiversity loss while advancing community well-being and reconciliation with Indigenous Peoples.
    • In recent years, the Government of Canada has made historic investments in Indigenous-led conservation projects, including through initiatives like the Indigenous Guardians program.
    • In December 2022, during the 15th Conference of the Parties (COP15) to the Convention on Biological Diversity in Montréal, Quebec, the federal government pledged to deliver up to $800 million in support of up to four Indigenous-led PFP initiatives. Today’s SINAA announcement is the third of these initiatives, following the launch of the Great Bear Sea PFP and the NWT Our Land for the Future PFP initiatives last year.
    • The SINAA Agreement (formerly the Qikiqtani PFP) is led by the Qikiqtani Inuit Association (QIA) and aims to conserve up to 3.68 per cent of the marine environment in Canada in addition to strengthening long-term existing protected areas that already contribute 8.60 per cent toward marine conservation targets.
    • Fisheries and Oceans Canada has collaborated with Parks Canada and Environment and Climate Change Canada to advance this innovative funding model where a minimum of one dollar will be contributed by philanthropic organizations for every four dollars contributed by the federal government. This includes a planned $200 million of federal funds plus $70 million pledged from philanthropic organizations to support Inuit-led conservation in Nunavut.
      • Together, these contributions will be managed and invested by the Aajuraq Conservation Fund Society, a Canadian-led society governed by members appointed by QIA and The Pew Charitable Trusts to generate durable, long-term financing for ongoing conservation and stewardship activities led by QIA.
    • The SINAA Agreement represents an important step in Inuit-led conservation in the Qikiqtani region. Key components of the SINAA Agreement include: 
      • A conservation plan that proposes several new protected and conserved areas and enhanced protections for existing areas.
      • Support for the Inuit stewardship (Nauttiqsuqtiit) program enabling Inuit partners to have eyes and ears on the water, land, and ice.
      • Support for Nauttiqsuqtiit Conservation Centres so that Inuit stewards have the proper equipment and work spaces to be stewards of the water, land, and ice.
      • Support for Inuit-led regional governance so that Inuit partners can implement an integrated and regional vision for conservation that takes into consideration local and regional perspectives along with Inuit knowledge.
    • The Government of Canada, QIA, and The Pew Charitable Trusts have engaged with the Government of Nunavut throughout the planning of the initiative and will continue to engage through the implementation, specifically through advancing the conservation plan.
    • Grounded in science, Indigenous knowledge, and local perspectives, Canada is committed to working with partners across the country to conserve 30 per cent of lands and waters by 2030.

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