Category: housing

  • MIL-OSI Economics: Richard Doornbosch: Sustainable tourism development in Curaçao – a balanced approach

    Source: Bank for International Settlements

    Presentation accompanying the speech 

    Introduction

    Good morning, ladies and gentlemen. It is a pleasure to speak to you at today’s CHATA Membership Meeting on a topic that is crucial to the future of our beautiful island: tourism development in Curaçao. This future encompasses not only the economic prospects of our country, but also our social well-being and environmental sustainability.

    In recent years, particularly following the COVID-19 pandemic, Curaçao has witnessed remarkable growth in its tourism sector. The island has successfully strengthened its appeal in both stay-over and cruise tourism. Today, tourist arrivals are at record highs, and the sector has firmly established itself as the leading driver of economic growth in Curaçao. According to estimates by the CBCS, tourism now contributes more than 23% to Curaçao’s GDP, representing approximately Cg. 1.4 billion. This figure includes also positive spillover effects to other sectors of the economy, such as transportation, real estate, and construction. This growth is particularly striking given that, until the mid-2000s, tourism accounted for only around 8% of GDP.

    Additionally, foreign exchange earnings from travel now represent approximately 50% of Curaçao’s total foreign exchange earnings from the export of goods and services. This excludes foreign exchange revenues from tourism-related sectors such as the transportation and rental services. Moreover, the tourism sector provides a significant number of both direct and indirect jobs for the people of Curaçao.


    With several ongoing and planned private investments, particularly in accommodation, the island’s capacity to host more visitors is expected to increase substantially in the coming years. However, the key question is how we can manage this growth while minimizing potential social and environmental costs. Today, I would like to outline an approach to achieving sustainable tourism development. Without such an approach, we risk locking ourselves into a mass tourism model with high long-term costs – costs that could take decades to reverse.

    Growth seen from a different perspective


    Before delving into this approach, allow me to provide a comparison of stay-over and cruise tourism development in Curaçao relative to Aruba and Sint Maarten. Since the 1980s, Aruba and Sint Maarten have experienced more rapid tourism growth than Curaçao. As a result, Curaçao lags behind both destinations in terms of tourism maturity. Aruba, with its well-established brand, consistently attracts high volumes of American tourists. Meanwhile, Sint Maarten continues to demonstrate resilience and adaptability despite facing natural setbacks. However, over the past 15 years, Curaçao has been narrowing the performance gap with its regional peers. Since 2016, it has even surpassed Sint Maarten in terms of stay-over visitor numbers. Aruba, however, still receives higher volumes of stay-over tourists than Curaçao.

    As for cruise tourism, up until the pandemic in 2020, Sint Maarten consistently outperformed both Curaçao and Aruba. In contrast, cruise tourism trends in the latter two countries have generally moved in tandem and on a comparable scale.


    Now, let us assess tourism development in the three countries from a different perspective by focusing on the visitor-to-resident ratio. This ratio is defined as the number of visitors, both stay-over and cruise together, divided by the total population. It may serve as an indicator of the pressure exerted on the environmental and social resources of a destination and its population.

    Although a cross-country comparison of the visitor-to-resident ratio should be interpreted with caution due to country-specific idiosyncrasies such as variations in tourism infrastructure and environmental considerations, this graph shows that the visitor-to-resident ratio in Sint Maarten has consistently remained higher than those of Aruba and Curaçao’s. In 2023, for example, Sint Maarten welcomed approximately 41 visitors for every resident. This ratio was 19 for Aruba and 8 for Curaçao. This disparity is related to Sint Maarten’s significantly larger cruise tourism sector. In fact, Curaçaos visitor-to-resident ratio consistently ranks the lowest among the three countries, indicating a younger stage of tourism maturity.


    Given the rapid growth in tourism that Curaçao has experienced over the past years, let us perform a back-of-the envelope calculation to project the potential development of our visitor-to-resident ratio. Assuming the total number of visitors increases by 8% annually over the next five years, while our population grows by an average of 0.1% per year, which aligns with the average population growth observed over the past decade, all other factors remaining equal, the visitor-to-resident ratio would reach 16 by 2030. The assumed 8% annual increase in the total number of visitors is based on the forecast for 2025 and 2026 outlined in Curaçao’s Strategic Tourism Destination Development Plan. As illustrated in the graph, the calculation suggests that the potential pressure on environmental and social resources could double compared to what we are experiencing at this moment.

    The Double-Edged Nature of Tourism Growth


    While tourism expansion undoubtedly presents significant opportunities in terms of value added, employment, and foreign exchange earnings, it also carries hidden costs and risks, that, if ignored, could threaten Curaçao’s long-term economic stability and quality of life.

    Rapid and uncontrolled tourism growth can impose substantial social costs. Uncontrolled expansion often leads to overcrowding, especially in peak seasons. For instance, the inner-city areas of Punda and Otrobanda become particularly congested on days when the harbor is filled with cruise ships. Beaches also become overcrowded with visitors, which not only affects residents’ quality of life but also diminishes visitors’ experience.

    In addition, a significant rise in tourist arrivals can lead to an increased cost of living. Currently, various construction projects of new hotels and residential buildings intended for Airbnb or tourist rentals are underway. As a result, housing prices have risen significantly over the last few years, making it difficult for locals to find affordable housing and thereby reducing their quality of life.

    Moreover, intensified tourism activity can escalate environmental degradation through increased pollution and loss of biodiversity, potentially diminishing the overall visitor experience in the long run. Curaçao’s unique ecosystems, coral reefs, and pristine beaches -its main attractions- are vulnerable assets that require vigilant stewardship to ensure they are not adversely affected by large scale tourism.

    Strong tourism growth can also put severe pressure on Curaçao’s public infrastructure. Already, increased road congestion is observable, particularly on the Caracasbaaiweg, a situation that will likely worsen with more stay-over arrivals. In addition, more visitors pose challenges for the provision of public goods such as sanitation and waste management, as well as utilities such as electricity production. Furthermore, capacity constraints at Curaçao International Airport could emerge as a bottleneck, limiting potential growth and reducing the overall attractiveness of Curaçao as a travel destination.

    People, profit and planet as principles for sustainable tourism development

    Recognizing both the opportunities and potential costs of tourism development, Curaçao stands at a pivotal crossroads. Instead of focusing on a mass tourism model, we must embrace a balanced approach to ensure that tourism contributes sustainably to our economic prosperity, environmental stewardship, and social well-being.

    Central to this strategy must be the clear identification of the type of tourists Curaçao seeks to attract. Sustainable tourism development should aim to welcome travelers who provide higher economic returns while imposing fewer social and environmental burdens. Attracting high-yield, low-impact visitors – those interested in immersive cultural experiences, culinary excellence, sustainable adventure tourism, or niche markets such as eco-tourism – will ensure more robust economic benefits for Curaçao. The focus should not be on volume but on value.


    The following graph compares the Average Daily Rate (ADR) of Curaçao with those of other Caribbean countries in 2023. ADR is a key performance indicator that reflects the average revenue earned per occupied room over a specific period. The fact that Curaçao ranks at the lower end of the selected Caribbean countries, with an ADR of USD224.67, implies that there is potential to increase the value that we derive from our tourism product.


    A robust and holistic framework for sustainable tourism development should be encapsulated by the “People, Profit, Planet” principle, emphasizing the balanced and interconnected approach needed for sustainable development.


    Let us first start with the first principle, ‘People’. Tourism must benefit the local population of Curaçao, enhancing their quality of life and providing ample opportunities for participation and growth. Equitable benefit-sharing through employment opportunities, training programs, and empowerment initiatives, including entrepreneurial skills, ensures that the community remains central to tourism development. In addition, actively engaging residents in decision-making processes helps ensure that tourism development aligns with local values and cultural heritage.

    The second principle is ‘Profit’, which focuses on economic sustainability. Curaçao’s tourism industry must continuously strive for economic viability, ensuring profitability for businesses, employment opportunities for locals, and tax revenues for the government. Emphasizing quality tourism experiences over quantity will encourage higher spending, extended visitor stays, and repeated visits, thus increasing overall economic sustainability.

    The final principle, ‘Planet’, emphasizes the critical importance of protecting Curaçao’s natural environment. Sustainable tourism development must prioritize minimizing ecological footprints through responsible practices, such as reduced waste generation, energy and water conservation, and biodiversity protection. Sustainable management of our natural resources should safeguard the unique beauty and biodiversity of Curaçao for future generations and maintain the island’s long-term attractiveness as a tourism destination.

    By harmonizing these three principles – People, Profit, and Planet – Curaçao can ensure a resilient and sustainable tourism sector that benefits all stakeholders equitably while safeguarding the island’s natural and cultural heritage.

    Understanding Tourism Carrying Capacity: Four Key Dimensions


    Assessing and respecting the tourism carrying capacity should also be an integral component of the sustainable tourism development framework. The United Nations World Tourism Organization (UNWTO) defines tourism carrying capacity as “the maximum number of people that may visit a tourist destination at the same time, without causing destruction of the physical, economic and sociocultural environment and an unacceptable decrease in the quality of visitors’ satisfaction”. Carrying capacity is a multi-dimensional concept and must be understood across four dimensions.

    The first dimension, economic carrying capacity, considers the ability of the economy to absorb and benefit from tourism without generating inflation, wage disparities, or unsustainable price increases in housing and basic goods. It evaluates whether tourism revenues are widely distributed or concentrated among a few sectors, and whether the benefits outweigh the potential displacement of local industries.

    The second dimension is the environmental carrying capacity. This dimension addresses the physical limits of Curaçao’s ecosystems to accommodate tourism. It focuses on the impact of tourism on coral reefs, beaches, water resources, waste generation, and biodiversity. Monitoring visitor volumes in environmentally sensitive areas and applying zoning, restoration, and eco-certification measures are key to staying within safe environmental limits.

    Meanwhile, the social carrying capacity reflects the ability of local communities to absorb tourism development without experiencing a decline in social cohesion, cultural integrity, or quality of life. It includes public attitudes toward tourism, perceived fairness in benefit-sharing, and tolerance for changes to local customs, space, and lifestyles.

    And finally, the fourth dimension, governance, plays a critical role in managing tourism sustainably. It includes the capacity of public institutions to plan, regulate, and monitor tourism development effectively. It also involves legal frameworks, inter-agency coordination, stakeholder engagement, data collection systems, and transparency mechanisms that ensure tourism growth aligns with public policy goals.

    By assessing and managing tourism within these four dimensions, Curaçao can avoid the risks of over-tourism and ensure that the island remains a vibrant, welcoming, and sustainable destination. In this regard, it is a positive development that Curaçao is proactively conducting a Destination Carrying Capacity Study to evaluate the economic, environmental and social impacts of strong tourism development.

    The next step in this approach would be to identify a long-term vision focused on quality, authenticity and environmental responsibility. This vision should be commonly shared by all key tourism stakeholders. Next, growth scenarios should be defined that set clear targets for, among other things, tourist arrivals, employment and reductions in ecological footprints – aligned with the island’s carrying capacity. In addition, the necessary investments in areas such as infrastructure, human capital and green innovation should be identified, along with relevant policy reforms, to strengthen the island’s carrying capacity and achieve the outlined long-term vision. Ultimately, all initiatives must align with the principles of People, Profit, and Planet to ensure economic viability, social inclusivity, and ecological integrity.

    Social cost-benefit analysis to effectively manage sustainable tourism development

    To effectively manage sustainable tourism development and prioritize tourism projects, the framework should include rigorous social cost-benefit analyses, particularly in the case of major tourism investment projects and public tourism-related infrastructure projects. These analyses extend beyond traditional economic evaluation and incorporate broader social and environmental dimensions that are critical for informed decision-making.

    Social cost-benefit analyses for tourism projects not only assess the direct economic contribution in terms of employment and tax revenues, but also the social impact of such projects, including their effect on community well-being, housing affordability, public infrastructure pressures and local quality of life in general. Also, these analyses assess the environmental impact of tourism projects such as ecological footprints, resource depletion and pollution levels.

    One benefit of conducting social cost-benefit analyses is that they enable policymakers and stakeholders to explicitly evaluate both the positive and negative impacts of tourism development projects with a focus on society as a whole rather than only short-term financial gains. In addition, these analyses allow for the prioritization of tourism projects that provide genuine, sustainable benefits while minimizing negative externalities.

    Conducing social cost-benefit analyses is a complex, multi-dimensional exercise that demands technical expertise across several areas and extensive data. It is important that Curacao develops its own expertise in this area and focuses on having up to date economic, tourism, social and environmental data. This also requires cooperation and collaboration between public and private stakeholders.

    Conclusion


    Ladies and gentlemen, Curaçao has been experiencing robust growth in its tourism industry, becoming the main pillar of our economy. While this growth brings immediate economic benefits, it is crucial that we also focus on long-term development strategies that encompass economic progress, social well-being and environmental sustainability. By acknowledging and addressing the potential costs associated with tourism development we can implement measures to mitigate these challenges effectively.

    Today, I have outlined a balanced approach for sustainable tourism development centered around the principles of people, profit, and planet. In this regard, it is crucial that Curaçao continues advancing the initiatives outlined in its Strategic Tourism Development Destination Plan while also developing a comprehensive long-term strategy for sustainable tourism development that incorporates the concept of carrying capacity. Through a participatory process we must define acceptable levels of the economic, social and environmental impact of tourism on Curacao. Curacao is a unique tourist destination with potential to contribute even more significantly to Curacao’s economy. However, it is crucial that we also prioritize sustainability by steering away from mass tourism and focusing more on value rather than on volume. Sustainable tourism development can serve as a catalyst for economic prosperity, and social wellbeing while ensuring environmental preservation. By embracing this balanced approach, we can secure a thriving future for Curaçao that honors our heritage while safeguarding our natural resources for the generations to come.


    Thank you for your time and attention.

    MIL OSI Economics

  • MIL-OSI China: Xi’s diplomacy injects certainty, stability into turbulent world

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

    BEIJING, May 2 — Chinese President Xi Jinping has engaged in extensive diplomatic efforts both at home and abroad this spring, cementing a closer bond with neighboring countries, advocating unity and cooperation, and injecting certainty and stability into a turbulent world.

    CLOSER BOND WITH NEIGHBORING COUNTRIES

    In a world grappling with growing uncertainty and instability fueled by protectionism and unilateralism, China has reaffirmed the continuity and stability of its neighborhood diplomacy and its vision for lasting peace and shared development in Asia.

    The first major international event that China hosted in 2025 is the 9th Asian Winter Games from Feb. 7 to 14 in the city of Harbin, capital of northeast China’s Heilongjiang Province. It brought together leaders from many of China’s neighboring countries, including Brunei, Kyrgyzstan, Pakistan, Thailand and the Republic of Korea.

    At a banquet hosted by Xi and his wife, Peng Liyuan, ahead of the opening ceremony of the games, the Chinese leader called on Asia to uphold the common dream of peace and harmony, jointly respond to all sorts of security challenges, and contribute to building an equal and orderly multipolar world.

    Xi’s Southeast Asia visit, his first overseas trip this year, highlighted China’s dedication to deepening traditional ties, expanding practical cooperation, and advancing its vision of building a community with a shared future with its neighbors.

    From April 14 to 18, Xi paid state visits to Vietnam, Malaysia and Cambodia. China signed a record 108 cooperation documents with the three countries in total, which span a wide range of fields, from infrastructure to digital and green economy. A focal point of the tour was high-quality Belt and Road cooperation with the aim of enhancing regional connectivity and creating development opportunities.

    The trip came after a central conference on work related to neighboring countries held in Beijing from April 8 to 9. At the conference, Xi called for building a community with a shared future with neighboring countries and striving to open new ground for the country’s neighborhood work.

    The conference noted China’s relations with its neighboring countries are currently at their best in modern times, and are also entering a critical phase where regional dynamics and global transformations are deeply intertwined.

    A flurry of diplomatic activities show how China, a major country, gets along with its neighbors, international observers said.

    In his talks with Sri Lankan President Anura Kumara Dissanayake on Jan. 15, Xi said China will continue to support Sri Lanka in maintaining its national independence, sovereignty and territorial integrity.

    Extending condolences to Myanmar leader over the massive earthquake in late March, Xi said China is ready to provide assistance, and support efforts to overcome the disaster and rebuild homes at an early date.

    INJECTING CERTAINTY INTO WORLD

    Amid the international trade chaos caused by the so-called “reciprocal tariffs” of the United States, China has taken swift and firm countermeasures not only to safeguard its own legitimate rights and interests, but also to protect the common interests of the international community and defend international fairness and justice.

    On April 11, Xi had a three-hour-long meeting with Spanish Prime Minister Pedro Sanchez, who made his third trip to China in three years. Xi called on China and the EU to fulfill their international responsibilities, work together to safeguard economic globalization and the international trade environment, and jointly reject unilateral and bullying actions.

    Noting that China is an important partner of the EU, Sanchez said Spain always supports the stable development of EU-China relations. Facing the complex and challenging international situation, Spain and the EU are willing to strengthen communication and coordination with China to maintain the international trade order, he said.

    Malaysia is ASEAN chair and the Country Coordinator for ASEAN-China Dialogue Relations for 2025. On April 16, during a meeting with the visiting Chinese president, Malaysian Prime Minister Anwar Ibrahim said facing the rise of unilateralism, Malaysia is willing to strengthen cooperation with China to jointly address risks and challenges, noting that ASEAN will not endorse any unilaterally imposed tariffs, and will promote collective advancement through cooperation to maintain economic growth.

    On April 24, Xi held talks with Kenyan President William Ruto in Beijing, saying the fundamental purpose of China-Africa cooperation for win-win results and common development will not change, which is a welcome policy statement from a major country in a world full of uncertainty.

    Trade wars undermine the existing international rules and order, and Kenya appreciates China’s role as a stabilizer in the current volatile situation, Ruto said.

    After the talks, the two heads of state witnessed the signing of 20 cooperation documents in areas such as the Belt and Road Initiative, new and high technology, people-to-people and cultural exchanges, economy and trade, and media.

    As certainty and stability increasingly become scarce globally, not only political leaders but also business community turn to China for certainty and stability.

    On March 28, Xi met with more than 40 global chairmen and chief executive officers of foreign businesses as well as representatives of business councils, including leaders from FedEx Corporation, Mercedes-Benz Group AG, Sanofi SA, HSBC Holdings Plc, Hitachi Ltd., SK Hynix Inc and Saudi Aramco.

    A key message Xi sent is that China has been and will remain an ideal, secure, and promising destination for foreign investors, and that investing in China is investing in the future. He pointed out that China offers a vast stage for business development, vast market prospects, stable policy outlook, and a secure environment, making it a favored choice for foreign investment and business operations.

    Having the world’s second-largest consumer market and largest middle-income group, China offers great potential for investment and consumption. China is now a major trading partner with more than 150 countries and regions. China continues to build up industrial strength and foster institutional opening-up, drawing influential foreign investors such as tech giants and automakers into the world’s second-largest economy.

    Aramco is currently investing in projects in China that have a collective and total value of over 240 billion yuan, covering petrochemical projects and equity acquisition deals. Amin H. Nasser, president and CEO of the company, said: “China is becoming an oasis of certainty in an increasingly unpredictable global environment.”

    CALLING FOR SOLIDARITY

    This year marks the 80th anniversary of the victory of the World Anti-Fascist War and the founding of the United Nations. In response to the provocative actions of certain nations inciting great power strategic competition, China emphasizes the roles of major countries, the Global South and the UN in global peace and development.

    Xi talked with Russian President Vladimir Putin via video meeting on Jan. 21 and held a phone conversation with him on Feb. 24, conducting in-depth strategic communication on major international and regional issues and steering China-Russia relations at a critical moment.

    Despite changes in the international situation, China-Russia relations will proceed with ease, which will help each other’s development and revitalization, and inject stability and positive energy into international relations, Xi said.

    To develop relations with China is a strategic choice made by Russia with a long-term perspective, rather than an expedient measure, Putin told Xi, adding that the strategy is not subject to any temporary trend or external interference.

    In his phone conversation with European Council President Antonio Costa on Jan. 14, Xi said there exists no clash of fundamental interests or geopolitical conflicts between China and the EU, making them partners that can contribute to each other’s success.

    Both the EU and China respect the principles of the UN Charter, uphold multilateralism, safeguard free trade, and oppose bloc confrontation, and they should cooperate rather than compete, Costa said, adding that in this era full of challenges, the world needs closer EU-China cooperation to tackle global challenges such as climate change, and to contribute to world peace, stability and development.

    Global South is also a priority in Xi’s diplomatic agenda.

    On April 29, Xi visited the New Development Bank in Shanghai and met with Dilma Rousseff, president of the institution, calling the bank “a pioneering initiative for the unity and self-improvement of the Global South” and noting that the Global South countries have risen collectively into an important force in maintaining world peace, promoting common development and improving global governance.

    His other interactions on the Global South include sending congratulations respectively to the 38th African Union Summit and the 9th summit of the Community of Latin American and Caribbean States (CELAC), having in-depth exchanges on regional cooperation with leader of Malaysia, and hosting leaders of Grenada, Sri Lanka, Bangladesh, Azerbaijan and Kenya.

    As the rotating chair of the Shanghai Cooperation Organization (SCO), China will host an SCO summit this autumn in the northern city of Tianjin. China will also host the fourth ministerial meeting of the China-CELAC Forum in Beijing.

    Xi delivered a speech via video link at the Leaders Meeting on Climate and the Just Transition on April 23. Calling for adherence to multilateralism, Xi said that all countries should firmly safeguard the UN-centered international system and the international order underpinned by international law, and firmly safeguard international fairness and justice.

    “However the world may change, China will not slow down its climate actions, will not reduce its support for international cooperation, and will not cease its efforts to build a community with a shared future for mankind,” Xi said.

    “In these trying times, the world yearns for steadiness, reliability and purpose. We see this in China’s conduct,” said Malaysian Prime Minister Anwar Ibrahim. “Amid this turbulence, China has been a rational, strong and reliable partner. Malaysia values this consistency,” he said.

    MIL OSI China News

  • MIL-OSI Asia-Pac: 2.66m tax returns issued

    Source: Hong Kong Information Services

    The Inland Revenue Department today sent out about 2.66 million tax returns for individuals for the year of assessment 2024-25.

     

    Taxpayers should file their tax returns by June 2. For sole proprietors, a three-month period is allowed and the filing deadline is August 2. Those filing through eTAX will be granted a one-month extension.

     

    At a press conference this afternoon, Commissioner of Inland Revenue Benjamin Chan said that salaries tax, tax under personal assessment and profits tax for 2024-25 will be reduced by 100%, subject to a ceiling of $1,500 per case.

     

    From the year of assessment 2024-25, a two-tiered standard rates regime for salaries tax and tax under personal assessment has been implemented.

     

    When calculating the amount of salaries tax or tax under personal assessment at standard rates, the first $5 million of net income is subject to the standard rate of 15%, and the portion exceeding $5 million is subject to the standard rate of 16%.

     

    Also, there has been an increase in the deduction ceilings for home loan interest or domestic rent from $100,000 to $120,000 for taxpayers who were residing with their newborn children born on or after October 25, 2023.

     

    Furthermore, a new deduction for expenses on assisted reproductive services has been introduced, subject to a ceiling of $100,000.

     

    On the enhancement measures for the deduction of expenses under profits tax, there have been tax deductions for expenses incurred for reinstating the condition of leased premises to their original condition, and the time limit for claiming annual allowances in respect of industrial/commercial buildings or structures has been removed.

     

    Mr Chan added that in July, the department will launch three interconnected portals, namely Individual Tax Portal, Business Tax Portal and Tax Representative Portal, under eTAX to facilitate taxpayers and enhance the efficiency, reliability and accuracy of return filing.

     

    On revenue collection, the department collected $374.5 billion for 2024-25, an increase of 10% from the previous year.

     

    The revenue collection for 2025-26 is estimated at $401.4 billion, representing a 7% year-on-year increase.

    MIL OSI Asia Pacific News

  • MIL-OSI United Kingdom: VE Day 80th Anniversary Commemoration Service

    Source: City of Derby

    Derby City Council will be marking the 80th anniversary of VE Day with a special service at Derby Cathedral.

    The VE Day Anniversary Commemoration Service, a partnership between the Council, the Lord Lieutenant of Derbyshire, Derby Cathedral, the Royal British Legion, the University od Derby, and Derby Cathedral, will take place at 5:30pm on Thursday 8 May.

    This important occasion marks the 80th anniversary of Victory in Europe Day, a moment of profound historical significance. The service will honour and remember the immense sacrifices made by so many during the Second World War, and celebrate the peace and freedoms secured as a result.

    The commemorative service is open to all across Derby and Derbyshire. Following the service, guests are invited to remain for refreshments and to enjoy a special commemorative peal of the Cathedral bells.

    Councillor Ged Potter, Mayor of the City of Derby, said:

    As we prepare to mark the 80th anniversary of VE Day, we remember the courage and sacrifice of all those who played their part in the fight for our freedom. We particularly remember the Derby citizens who contributed to the war effort both on the frontlines and at home. This includes those who worked in our factories producing, among other things, the engines that powered much of the RAF.

    Elizabeth Fothergill CBE, Lord Lieutenant of Derbyshire, said:

    This 80th anniversary of VE Day is a time for reflection, remembrance and gratitude. It is an opportunity for our community to come together to honour those who served, those who sacrificed, and those who gave everything to secure the peace we are so fortunate to enjoy today.  I warmly encourage everyone to attend and take part in this meaningful commemoration.

    If you’re planning a street party, make sure you’ve read this guidance from the Government. It busts some common myths about what’s needed. There’s even more information and advice on the Street Party Site

    One of the key things you’ll need to do is apply to us for a road closure if you want to host a street party and your road isn’t already normally closed to traffic. Contact spacehire@derby.gov.uk for a road closure application form.

    MIL OSI United Kingdom

  • MIL-OSI Security: Man convicted of killing his 74-year-old neighbour

    Source: United Kingdom London Metropolitan Police

    A man has been convicted of killing his 74-year-old neighbour in a row over shutting a gate, following an investigation by the Metropolitan Police Service.

    A jury at Southwark Crown Court found Trevor Gocan, 57 (07.09.1967), of Odhams Walk, Covent Garden, guilty of manslaughter over the killing of James O’Neill – known as ‘Jim.’

    The assault occurred in Odhams Walk, close to both men’s homes, on Sunday, 6 October, 2024. The victim died in hospital almost a fortnight later, on Monday, 21 October.

    Detective Chief Inspector Wayne Jolley, from Specialist Crime South – who led the investigation – said: “Our thoughts are with the family and friends of Mr O’Neill, who lost a loved one in shocking circumstances.

    “The killer acted disgracefully, punching and kicking his victim in full view of members of the public – among them children – on a busy Sunday morning.

    “The jury’s verdict shows that casual, thuggish violence will not be tolerated on London’s streets. There was absolutely no excuse for Gocan’s conduct.”

    Around 12:00hrs on Sunday, 6 October, 2024, officers responded with the London Ambulance Service following reports that a man had been assaulted in Odhams Walk. Mr O’Neill was treated at the scene for multiple injuries. He was taken to hospital, where doctors established he was suffering from a bleed on the brain.

    Police learned that the assailant had gone into a nearby house. There they found and arrested Gocan, who turned out to be a resident at the address.

    A post-mortem examination found that Mr O’Neill’s death was caused by complications from a traumatic brain injury and rib injuries resulting from the assault.

    At interview, the defendant gave no comment. In court, he claimed he acted in self-defence when he attacked Mr O’Neill, following a row over gate.

    Gocan has been remanded in custody ahead of sentencing at Southwark Crown Court on Thursday, 26 June.

    Notes to editors: The family would like James O’Neill to be referred to as Jim in any coverage.

    MIL Security OSI

  • MIL-OSI Europe: Eucharistic Celebration on the sixth day of the Novendiali

    Source: The Holy See

    At 17.00 this afternoon, in the Vatican Basilica, the Eucharistic Celebration in memory of the Roman Pontiff Francis took place, on the sixth day of the Novendiali.
    The Papal Chapel was specially invited to the Celebration.
    The Concelebration was presided over by His Eminence Cardinal Víctor Manuel Fernández, former prefect of the Dicastery for the Doctrine of the Faith.
    The following is the homily delivered by His Eminence Cardinal Víctor Manuel Fernández during the course of the Holy Mass:

    Homily of His Eminence Cardinal Víctor Manuel Fernández
    This Easter, Christ tells us: “Everything that the Father gives me will come to me … and this is the will of the one who sent me, that I should not lose anything of what he gave me”. What immense gentleness these words have.
    Pope Francis is of Christ, he belongs to Him, and now that he has left this earth, he is fully of Christ. The Lord took Jorge Bergogliio to him from his baptism, and throughout all his existence. He is of Christ, who promised the fullness of life for him.
    You know the tenderness with which Pope Francis spoke of Christ, how he took pleasure in the sweet name of Jesus, as a good Jesuit. He knew well that he was His, and surely Christ did not leave him, He did not lose him. This is our hope, that we celebrate with Paschal joy under the precious light of this, today’s Gospel.
    We cannot ignore that we are also celebrating the day of workers, who were so close to Pope Francis’ heart.
    I remember a video he sent some time ago to a meeting of Argentinean businessmen. To them he said: “I will not tire of referring to the dignity of labour. Someone implied I propose a life without effort, or that I despise the culture of work”. Indeed, some dishonest people said that Pope Francis was defending the lazy, the drones, the delinquent, the idle.
    But he insisted: “Imagine if that can be said of me, a descendant of Piedmontese people, who did not come to this country hoping to be supported, but with a great desire to roll up their sleeves and build a future for their families”. You can tell they had annoyed him.
    Because for Pope Francis, work expresses and sustains the dignity of the human being, permitting him to develop his capacities, to help him grow in relationships, to feel like a collaborator with God in taking care of and improving this world, to make him feel useful to society and in solidarity with his loved ones. This is why work, regardless of hardships and difficulties, is a path of human maturation. And this is why he affirmed that work “is the best aid for the poor”. What is more, “there is no worse poverty than that which deprives of work and the dignity of work”.
    It is worth remembering his words during his journey to Genoa. He said that “the entire social pact is built around work”, and that when there are problems with work “it is democracy that goes into crisis”. Then he took up with admiration what the Italian Constitution says in Article 1: ‘Italy is a democratic republic, founded on work’.
    Behind this love for work is a strong conviction of Pope Francis: the infinite value of every human being, an immense dignity that must never be lost, that can never be ignored or forgotten.
    But every person is so worthy, and must be taken so seriously, that it is not just a question of giving him things, but of promoting him. That is, that he may develop all the good he has in him, that he may earn bread with the gifts God has given him, that he may develop his capacities. In this way, every person is promoted in all his or her dignity. And this is where work becomes so important.
    Now beware, Francis said. Another thing is some false talk of “meritocracy”. For it is one thing to assess a person’s merits and reward efforts. Another thing is the false “meritocracy”, which leads us to think that only those who are successful in life have merits.
    Let us take a look at a person who was born into a good family and was able to increase his wealth, lead a good life with a nice house, car, holidays abroad. Everything is good. He was lucky enough to grow up in the right conditions and performed meritorious deeds. Thus, with skills and time he has built a very comfortable life for himself and his children.
    At the same time, one who works with manual labour, with equal or greater merits due to the effort and time he has invested, has nothing. He did not have the good fortune to be born in the same context and, no matter how hard he works, he is barely able to survive.
    Let me tell you about a case I cannot forget: a young man I saw several times near my home in Buenos Aires. I would find him on the street, doing his job, which was to collect cartons and bottles to feed his family. I found him working when I went to university in the mornings, when I came back, and even working at night. Once, I asked him: “But how many hours do you work?” He replied: “Between twelve and fifteen hours a day. Because I have several children to support and I want them to have a better future than mine”.
    And so I asked him, “But how much time do you spend with them?” And he answered, “I have to choose, either I stay with them or I bring them food to eat”. Despite this, a well-dressed passer-by said to him, “Go and work, lazy!”. These words seemed to me horrendously cruel and vain. But these words can also be found hidden behind other, more elegant speeches.
    Pope Francis gave a prophetic cry against this false idea. And in several conversations, he made me notice: look, they lead us to think that the majority of poor people are poor because they have no “merit”. It seems that the one who has inherited a lot of goods is more worthy than the one who has worked hard all his life without being able to save anything or even buy a small house.
    That is why he stated in Evangelii gaudium that this model “does not appear to favour an investment in efforts to help the slow, the weak or the less talented to find opportunities in life” (EG 209).
    The same question always recurs: are the less giftted not human people? Do the weak not have the same dignity as we do? Must those who are born with fewer opportunities limit themselves merely to surviving? Is there no chance for them to have a job that enables them to grow, to develop, to create something better for their children? The value of our society depends on the answer we give to these questions.
    But allow me also to present Pope Francis as a worker. He not only spoke about the value of work, but all his life lived his mission with great effort, passion and commitment. For me, it was always a mystery to understand how he was able to bear such a demanding pace of work, also being an older man with several health problems. He not only worked in the morning with several meetings, audiences, celebrations and encounters, but also all the afternoon. And it seemed to me truly heroic that he summoned the little strength he had in his last days in order to be able to visit a prison.
    We cannot take him as an example, because he never took any holidays. In Buenos Aires, in the summer, if you could not find a priest, you could certainly find him. When he was in Argentina he never went out for dinner, to the theatre, to go for a stroll or to see a film; he never took a full day off. Instead, we normal beings could not resist. But his life was a stimulus to live our work generously.
    What I want to show, however, is the extent to which he understood that his work was his mission, his daily work was his response to God’s love, it was an expression of his concern for the good of others. And for these reasons work itself was his joy, his nourishment, his rest. He experienced what the first reading we heard says: “none of us lives for himself”.
    We ask for all workers, who sometimes have to work in unpleasant conditions, that they may find a way to live their work with dignity and hope, and that they may receive compensation that allows them to look forward with hope.
    But in this Mass, with the presence of the Vatican Curia, we take into account that we in the Curia also work. Indeed, we are workers who work to a timetable, who perform the tasks assigned to us, who must be responsible, and strive, and make sacrifices in our commitments.
    The responsibility of work is also for us, in the Curia, a path of maturation and fulfilment as Christians.
    Finally, allow me to recall Pope Francis’ love towards Saint Joseph, that strong and humble worker, that carpenter of a small forgotten village, who with his work took care of Mary and Jesus.
    And let us also recall that whenever Pope Francis had a serious problem, he placed a piece of paper with a supplication beneath the image of Saint Joseph. So, let us ask Saint Joseph in heaven to give a warm embrace to our dear Pope Francis.

    MIL OSI Europe News

  • MIL-OSI: Brookfield Business Partners Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, News, May 02, 2025 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the quarter ended March 31, 2025.

    “We had an active start to the year, generating over $1.5 billion from our capital recycling initiatives, progressing the acquisition of two market-leading industrial operations and investing approximately $140 million to repurchase our units and shares,” said Anuj Ranjan, CEO of Brookfield Business Partners. “During periods of uncertainty and volatility, our consistent strategy of owning market leading businesses and executing on our operational improvement plans is more important than ever. With the enhanced strength of our balance sheet, we are well positioned to support our capital allocation priorities and continue compounding long-term value for our investors.”

      Three Months Ended
    March 31,
    US$ millions (except per unit amounts), unaudited   2025   2024  
    Net income (loss) attributable to Unitholders1 $ 80 $ 48  
    Net income (loss) per limited partnership unit2 $ 0.38 $ 0.23  
         
    Adjusted EBITDA3 $ 591 $ 544  

    Net income attributable to Unitholders for the three months ended March 31, 2025 was $80 million ($0.38 per limited partnership unit) compared to net income of $48 million ($0.23 per limited partnership unit) in the prior period.

    Adjusted EBITDA for the three months ended March 31, 2025 was $591 million compared to $544 million in the prior period. Current period results included contribution from the recent acquisition of our electric heat tracing systems manufacturer in January 2025. Prior period results included $37 million of contribution from disposed operations including our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    Operational Update

    The following table presents Adjusted EBITDA by segment:

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
    Industrials $ 304   $ 228  
    Business Services   213     205  
    Infrastructure Services   104     143  
    Corporate and Other   (30 )   (32 )
    Adjusted EBITDA $ 591   $ 544  

    Our Industrials segment generated Adjusted EBITDA of $304 million for the three months ended March 31, 2025, compared to $228 million during the same period in 2024. Current period results included $72 million of tax benefits at our advanced energy storage operation and contribution from our electric heat tracing manufacturer which was acquired in January 2025.

    Our Business Services segment generated Adjusted EBITDA of $213 million for the three months ended March 31, 2025, compared to $205 million during the same period in 2024. Strong performance at our residential mortgage insurer and increased contribution from our construction operation was partially offset by the impact of higher costs associated with technology upgrades at dealer software and technology services. Prior period results included contribution from our road fuels operation which was sold in July 2024.

    Our Infrastructure Services segment generated Adjusted EBITDA of $104 million for the three months ended March 31, 2025, compared to $143 million during the same period in 2024. Prior period results included contribution from our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    The following table presents Adjusted EFO4 by segment:

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
    Adjusted EFO    
    Industrials $ 130   $ 180  
    Business Services   117     168  
    Infrastructure Services   166     72  
    Corporate and Other   (68 )   (89 )

    Adjusted EFO in the current period included a $114 million of net gain related to the disposition of the shuttle tanker operation at our offshore oil services. Industrials Adjusted EFO included the impact of withholding taxes on a distribution received from our advanced energy storage operation during the quarter. Adjusted EFO in the prior period included $62 million of net gains primarily related to the sale of public securities and $50 million of other income related to a distribution at our entertainment operation.

    Strategic Initiatives

    • Specialty Equipment Manufacturer
      In February, we agreed to acquire Antylia Scientific, a leading manufacturer and distributor of critical consumables and testing equipment serving life sciences and environmental labs for approximately $1.3 billion. Brookfield Business Partners expects to invest approximately $160 million for an approximate 25% economic interest. The transaction is expected to close in the second quarter, subject to customary closing conditions and regulatory approvals.
    • Unit Repurchase Program
      During the quarter and subsequent to quarter end, we invested approximately $140 million to repurchase 5.9 million5 units and shares of Brookfield Business Partners at an average price of approximately $24 per unit and share. The repurchases were completed under our normal course issuer bid (NCIB) which we plan to renew once it expires in August this year.

    Liquidity

    We ended the quarter with approximately $2.4 billion of liquidity at the corporate level including $59 million of cash and liquid securities, $25 million of remaining preferred equity commitment from Brookfield Corporation and approximately $2.3 billion of availability on our corporate credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is $2.3 billion.

    Distribution

    The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on June 30, 2025 to unitholders of record as at the close of business on May 30, 2025.

    Additional Information

    The Board has reviewed and approved this news release, including the summarized unaudited interim consolidated financial statements contained herein.

    Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.

    Notes:

    1. Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
    2. Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three months ended March 31, 2025 which was 80.0 million (March 31, 2024: 74.3 million).
    3. Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on acquisitions/dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included in this news release.
    4. Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.
    5. Inclusive of all limited partnership units and BBUC exchangeable shares repurchased under our NCIB during the three months ended March 31, 2025 and up to market close on May 1, 2025, based on settlement date.

    Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

    Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

    Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please contact:

    Media:
    Marie Fuller
    Tel: +44 207 408 8375
    Email: marie.fuller@brookfield.com
    Investors:
    Alan Fleming
    Tel: +1 (416) 645-2736
    Email: alan.fleming@brookfield.com
       

    Conference Call and Quarterly Earnings Webcast Details

    Investors, analysts and other interested parties can access Brookfield Business Partners’ first quarter 2025 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.

    The results call can be accessed via webcast on May 2, 2025 at 10:00 a.m. Eastern Time at BBU2025Q1Webcast or participants can preregister at BBU2025Q1ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.

                               
    Brookfield Business Partners L.P.
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited March 31, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 3,442       $ 3,239  
    Financial assets     11,642         12,371  
    Accounts and other receivable, net     6,948         6,279  
    Inventory and other assets     5,063         5,728  
    Property, plant and equipment     12,529         13,232  
    Deferred income tax assets     1,767         1,744  
    Intangible assets     19,157         18,317  
    Equity accounted investments     2,307         2,325  
    Goodwill     13,032         12,239  
    Total Assets   $ 75,887       $ 75,474  
               
    Liabilities and Equity          
    Liabilities          
    Corporate borrowings   $ 1,017       $ 2,142  
    Accounts payable and other     15,085         16,691  
    Non-recourse borrowings in subsidiaries of the partnership     42,316         36,720  
    Deferred income tax liabilities     2,614         2,613  
               
    Equity          
    Limited partners $ 2,158       $ 1,752    
    Non-controlling interests attributable to:          
    Redemption-exchange units   1,246         1,644    
    Special limited partner              
    BBUC exchangeable shares   1,732         1,721    
    Preferred securities   740         740    
    Interest of others in operating subsidiaries   8,979         11,451    
          14,855         17,308  
    Total Liabilities and Equity   $ 75,887       $ 75,474  
                 
    Brookfield Business Partners L.P.
    Consolidated Statements of Operating Results
     
      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Revenues $ 6,749   $ 12,015  
    Direct operating costs   (5,402 )   (10,878 )
    General and administrative expenses   (311 )   (317 )
    Interest income (expense), net   (770 )   (796 )
    Equity accounted income (loss)   (8 )   23  
    Impairment reversal (expense), net       10  
    Gain (loss) on acquisitions/dispositions, net   214     15  
    Other income (expense), net   (83 )   116  
    Income (loss) before income tax   389     188  
    Income tax (expense) recovery    
    Current   (197 )   (90 )
    Deferred   64     105  
    Net income (loss) $ 256   $ 203  
    Attributable to:    
    Limited partners $ 30   $ 17  
    Non-controlling interests attributable to:    
    Redemption-exchange units   23     15  
    Special limited partner        
    BBUC exchangeable shares   27     16  
    Preferred securities   13     13  
    Interest of others in operating subsidiaries   163     142  
         
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
         
        Three Months Ended March 31, 2025
    US$ millions, unaudited   Business
    Services
      Infrastructure
    Services
      Industrials   Corporate
    and Other
      Total
                         
    Net income (loss)   $     $ 156     $ 145     $ (45 )   $ 256  
                         
    Add or subtract the following:                    
    Depreciation and amortization expense     222       165       343             730  
    Gain (loss) on acquisitions/dispositions, net           (214 )                 (214 )
    Other income (expense), net1     68       (79 )     93       1       83  
    Income tax (expense) recovery     18       25       101       (11 )     133  
    Equity accounted income (loss)     (3 )     26       (15 )           8  
    Interest income (expense), net     230       149       366       25       770  
    Equity accounted Adjusted EBITDA2     24       33       15             72  
    Amounts attributable to non-controlling interests3     (346 )     (157 )     (744 )           (1,247 )
    Adjusted EBITDA   $ 213     $ 104     $ 304     $ (30 )   $ 591  


    Notes:

    1. Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $125 million of gains recorded at our offshore oil services due to vessel upgrades and unrealized gains recorded on reclassification of property, plant and equipment to finance leases, $78 million of business separation expenses, stand-up costs and restructuring charges, $50 million of net revaluation losses, $35 million of transaction costs and $45 million of other expenses.
    2. Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
    3. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
         
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
         
        Three Months Ended March 31, 2024
    US$ millions, unaudited   Business
    Services
      Infrastructure
    Services
      Industrials   Corporate
    and Other
      Total
                         
    Net income (loss)   $ 240     $ (65 )   $ 98     $ (70 )   $ 203  
                         
    Add back or deduct the following:                    
    Depreciation and amortization expense     254       212       342             808  
    Impairment reversal (expense), net     (4 )     (12 )     6             (10 )
    Gain (loss) on acquisitions/dispositions, net     (15 )                       (15 )
    Other income (expense), net1     (140 )     (18 )     32       10       (116 )
    Income tax expense (recovery)     24       (3 )     (27 )     (9 )     (15 )
    Equity accounted income (loss)     (1 )     (4 )     (18 )           (23 )
    Interest income (expense), net     252       180       327       37       796  
    Equity accounted Adjusted EBITDA2     17       39       16             72  
    Amounts attributable to non-controlling interests3     (422 )     (186 )     (548 )           (1,156 )
    Adjusted EBITDA   $ 205     $ 143     $ 228     $ (32 )   $ 544  


    Notes:

    1. Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $158 million of net revaluation gains, $50 million of other income related to a distribution at our entertainment operation, $21 million of transaction costs, $19 million of business separation expenses, stand-up costs and restructuring charges and $52 million of other expenses.
    2. Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
    3. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.

    Brookfield Business Corporation Reports First Quarter 2025 Results

    BROOKFIELD, News, May 2, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the quarter ended March 31, 2025.

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Net income (loss) attributable to Brookfield Business Partners $ (58 ) $ (150 )

    Net loss attributable to Brookfield Business Partners for the three months ended March 31, 2025 was $58 million compared to net loss of $150 million during the same period in 2024. Current period results included $7 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS. As at March 31, 2025, the exchangeable and class B shares were remeasured to reflect the closing price of $23.46 per unit.

    Dividend

    The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on June 30, 2025 to shareholders of record as at the close of business on May 30, 2025.

    Additional Information

    Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.

    In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.

    Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

                               
    Brookfield Business Corporation
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited March 31, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 968       $ 1,008  
    Financial assets     324         353  
    Accounts and other receivable, net     3,397         3,229  
    Inventory, net     59         52  
    Other assets     641         627  
    Property, plant and equipment     2,479         2,480  
    Deferred income tax assets     206         197  
    Intangible assets     6,031         5,966  
    Equity accounted investments     201         198  
    Goodwill     4,993         4,988  
    Total Assets   $ 19,299       $ 19,098  
               
    Liabilities and Equity          
    Liabilities          
    Accounts payable and other   $ 5,371       $ 5,276  
    Non-recourse borrowings in subsidiaries of the company     8,711         8,490  
    Exchangeable and class B shares     1,682         1,709  
    Deferred income tax liabilities     951         988  
               
    Equity          
    Brookfield Business Partners $ (78 )     $ (59 )  
    Non-controlling interests   2,662         2,694    
          2,584         2,635  
    Total Liabilities and Equity   $ 19,299       $ 19,098  
       
    Brookfield Business Corporation
    Consolidated Statements of Operating Results
       
      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Revenues $ 1,966   $ 1,865  
    Direct operating costs   (1,789 )   (1,652 )
    General and administrative expenses   (75 )   (64 )
    Interest income (expense), net   (219 )   (210 )
    Equity accounted income (loss)   3     1  
    Impairment reversal (expense), net       (2 )
    Remeasurement of exchangeable and class B shares   (7 )   (111 )
    Other income (expense), net   (34 )   (11 )
    Income (loss) before income tax   (155 )   (184 )
    Income tax (expense) recovery    
    Current   (23 )   (44 )
    Deferred   43     54  
    Net income (loss) $ (135 ) $ (174 )
    Attributable to:    
    Brookfield Business Partners $ (58 ) $ (150 )
    Non-controlling interests   (77 )   (24 )


    Cautionary Statement Regarding Forward-looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational, or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 filed on Form 20-F.

    Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Statement Regarding the Use of a Non-IFRS Measure

    This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

    References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the first quarter ended March 31, 2025 furnished on Form 6-K.

    The MIL Network

  • MIL-OSI United Kingdom: Two new Non-Executive Board Members appointed to the Department for Culture, Media and Sport

    Source: United Kingdom – Executive Government & Departments

    News story

    Two new Non-Executive Board Members appointed to the Department for Culture, Media and Sport

    The Secretary of State has appointed Jude Kelly and Janet Pope as Non-Executive Board Members for terms of three years from 23 April 2025 to 22 April 2028.

    Jude Kelly

    Jude Kelly CBE is an internationally acclaimed creative leader who has founded and steered some of the world’s most prestigious cultural institutions, arts festivals, charities, and outreach programmes. A pioneer for social progress, Jude is renowned for championing inclusion, gender equality and diversity. She is the former Artistic Director of the Southbank Centre , founder Artistic Director of the West Yorkshire Playhouse ( now Leeds Playhouse) and the Founder and current Head of Global Advisory of WOW – Women of the World which runs festivals and programmes in  many parts of the UK including Bradford, Durham, Hull, Manchester Rotherham and internationally in 26 countries . Jude has directed over 200 theatre and opera productions, led the Culture programme for the London Olympic and Paralympic 2012 bid and was  a Cultural Leader in Residence for the World Economic Forum 2024. She is the eighth Master of St Catherine’s College, University of Oxford, a Board member of Creative UK and cultural adviser to The Eden Project. She is the inaugural Chair of One Creative North.

    Janet Pope

    Janet Pope is currently Chair of the Charities Aid Foundation (CAF) Bank and Environment and Social Purpose Committee Chair at Yorkshire Building Society. She is also a Trustee at StepChange, the debt advisory charity. Janet recently retired from her role as Chief of Staff and Chief Sustainability Officer at Lloyds Banking Group where she was a Group Director for more than ten years and previously Savings Director.  Her earlier roles include CEO Alliance Trust Savings, EVP Strategy at Visa and Retail Banking Director (Africa) at Standard Chartered Bank. Janet’s previous non-executive roles include board roles at the Banking Standards Board and government audit committee roles at DCLG and ODPM. Janet read Economics at the LSE and holds an MSc Economics and MBA from London University.

    As well as sitting on the Departmental Board, Janet has been appointed to chair the Department’s Audit and Risk Committee.

    Remuneration and Governance Code

    These roles receive an annual remuneration of £15,000 per annum (£20,000 for Audit and Risk role). These appointments have been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

    The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. 

    Jude Kelly has declared that she is a member of The Labour Party and canvassed on their behalf at the last general election.  Janet Pope has declared that she was a Labour  Councillor for the London Borough of Camden from 1986-1990, Chair of Camden Town with Primrose Hill Branch of Holborn & St Pancras Labour Party 2021-2023 and from 2024 she is currently Treasurer of Camden Central branch Holborn & St Pancras Labour Party 2024

    DCMS has around 400 regulated Public Appointment roles across 42 Public Bodies (https://www.gov.uk/government/organisations) including Arts Council England, Theatres Trust, the National Gallery, UK Sport and the Gambling Commission. DCMS is committed to ensuring that the boards of public bodies benefit from a range of talents, backgrounds, and perspectives, and welcome applications from across the country. To find out more about Public Appointments or to apply for a role visit the HM Government Public Appointments Website.

    Updates to this page

    Published 2 May 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: ICYMI: ICE Targets Major Human and Drug Smuggling Property In Oklahoma City

    Source: US Federal Emergency Management Agency

    Headline: ICYMI: ICE Targets Major Human and Drug Smuggling Property In Oklahoma City

    strong>WASHINGTON – Today, the Department of Homeland Security set the record straight regarding an April 24, 2025, execution of court-authorized search warrant at a home owned by a human smuggling suspect in Oklahoma City

    This lawful operation conducted by Immigration and Customs Enforcement (ICE), led by Homeland Security Investigations (HSI), targeted a property that is involved in a transitional human and drug smuggling organization which trafficked illegal aliens from Guatemala, Mexico, Colombia, Central South America and China around the interior of the United States

    Statement Attributable to Senior DHS Official:
    “The April 24 Oklahoma ICE operation was a lawful, court-authorized action explicitly targeting a property, that was a hub for human smuggling, not specific individuals, as falsely suggested by media reports

     
    “The day prior to the search warrant issuance and the day of the search warrant, HSI agents conducted surveillance, and confirmed via utility records that a member of the Lima Lopez Transnational Criminal Organization was still paying utilities at the residence

    The warrant, issued by a Federal Judge was based on an 84-page affidavit detailing probable cause that the address served as a “stash house” for human smuggling, authorizing the seizure of evidence such as electronic devices and documents, regardless of who was present

     
    “The warrant targeted the property itself, not specific individuals, and its execution was not contingent on the presence of any person

    HSI, with Oklahoma state police support, executed the warrant with precision, seizing electronic devices as authorized

    This court-authorized search was a critical strike against a dangerous human smuggling network in furtherance of our mission to protect American communities from the chaos unleashed by the Biden administration’s open-border policies

    “This is an ongoing investigation, and we have not ruled out current occupants involvement in the smuggling ring


    ICYMI: Get the Facts: Oklahoma home raided by ICE is owned by human smuggling suspect The indictment obtained by KOCO 5 shows eight Guatemalan nationals were the targets of the investigation

    KEY FACTS ABOUT THE OPERATION:
    FACT: As reported by KOCO 5, the indictment against, “shows eight Guatemalan nationals were the  targets of the investigation as part of the ‘Lima Lopez Transnational Criminal Organization

    ’ Their charges range from drugs, fraud, money laundering to re-entry after deportation


    FACT: The day prior to the search warrant issuance and the day of the search warrant, HSI agents conducted surveillance, and confirmed via utility records that known and confirmed gang members of the Lima Lopez Transnational Criminal Organization, were still paying utilities at the residence

     
    KOCO 5 reported that the owner of the home, Cidia Marleny Lima Lopez, “is allegedly a major player in the human smuggling case that agents have been working for years


    “Records show that she owns the home that was raided as well as another one in Oklahoma City,” KOCO added

    “Eight arrests were made in that investigation, which was years in the making and not part of any new immigration enforcement


    FACT: The warrant, issued by a Federal Judge was based on an 84-page affidavit detailing probable cause that the address served as a “stash house” for human and drug smuggling, authorizing the seizure of evidence such as electronic devices and documents, regardless of who was present

    FACT: The warrant targeted the property itself, not specific individuals, and its execution was not contingent on the presence of any person

    HSI, with Oklahoma state police support, executed the warrant with precision, seizing electronic devices as authorized

     
    KOCO 5 reported that this investigation began “prior to any recent changes to ICE policies


    CONCLUSION: This court-authorized search was a critical strike against a dangerous human and drug smuggling network in furtherance of our mission to protect American communities from the chaos unleashed by the Biden administration’s open-border policies

    MIL OSI USA News

  • MIL-OSI USA: 2025-59 HAWAIʻI CONDEMNS ADMINISTRATION’S ILLEGAL ATTEMPT TO INTERFERE WITH STATE LAWSUIT AGAINST BIG OIL, SUES FOSSIL FUEL INTERESTS FOR CLIMATE DECEPTION

    Source: US State of Hawaii

    2025-59 HAWAIʻI CONDEMNS ADMINISTRATION’S ILLEGAL ATTEMPT TO INTERFERE WITH STATE LAWSUIT AGAINST BIG OIL, SUES FOSSIL FUEL INTERESTS FOR CLIMATE DECEPTION

    Posted on May 1, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF THE ATTORNEY GENERAL

    KA ʻOIHANA O KA LOIO KUHINA

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    ANNE LOPEZ

    ATTORNEY GENERAL

    LOIO KUHINA

     

    HAWAIʻI CONDEMNS ADMINISTRATION’S ILLEGAL ATTEMPT TO INTERFERE WITH STATE LAWSUIT AGAINST BIG OIL

     

    Hawaiʻi Sues Fossil Fuel Interests for Climate Deception

     

    News Release 2025-59

     

    FOR IMMEDIATE RELEASE

    May 1, 2025

     

    HONOLULU – Attorney General Anne Lopez condemns the U.S. Department of Justice lawsuit, filed in the U.S. District Court for the District of Hawaiʻi on April 30, 2025, seeking to preemptively halt a separate lawsuit against Big Oil companies for their deceptive conduct leading to the current climate crisis: 

    Attorney General Lopez said: “We have an obligation to the people of Hawaiʻi, to do everything in our power to fight deceptive practices from these fossil fuel companies that erode Hawaiʻi’s public health, natural resources and economy. The federal lawsuit filed by the Justice Department attempts to block Hawaiʻi from holding the fossil fuel industry responsible for deceptive conduct that caused climate change damage to Hawaiʻi.” 

    Governor Josh Green, M.D. states: “Hawaiʻi suffered a devastating climate-driven, wildfire-initiated disaster on Maui that resulted in the tragic loss of 102 lives and billions of dollars in damage. This climate-related wildfire was the deadliest in United States history in more than a century.” 

    “The use of the United States Department of Justice to fight on behalf of the fossil fuel industry is deeply disturbing and is a direct attack on Hawaiʻi’s rights as a sovereign state,” added Attorney General Lopez. “The state of Hawaiʻi will not be deterred from moving forward with our climate deception lawsuit. My department will vigorously oppose this gross federal overreach.”

    Notwithstanding the federal lawsuit, Governor Josh Green M.D., and Attorney General Lopez today announced a lawsuit against fossil fuel companies for their deceptive conduct and failure to warn about their products’ climate change danger, now harming Hawaiʻi’s public health, infrastructure, natural resources and economy. The lawsuit was filed in the Circuit Court of the First Circuit.

    “The climate crisis is here, and the costs of surviving it are rising every day,” said Governor Green. “Hawaiʻi taxpayers should not have to foot that bill. The burden should fall on those who deceived and failed to warn consumers about the climate dangers lurking in their products. This lawsuit is about holding those parties accountable, shifting the costs of surviving the climate crisis back where they belong, and protecting Hawaiʻi citizens into the future.”

    The state’s lawsuit names seven groups of affiliated fossil fuel companies and the American Petroleum Institute, the largest oil and gas trade association in the United States. It alleges seven causes of action against all defendants, including violations of Hawaiʻi’s Unfair or Deceptive Acts or Practices Statute, failure to warn, harm to public trust resources, public and private nuisance, trespass, and negligence. The lawsuit also alleges civil aiding and abetting against the American Petroleum institute.

    “These defendants had a duty to warn people about the climate dangers associated with their products, or to mitigate those dangers. But they did neither of those things,” said Attorney General Lopez. “Instead, they put profits ahead of people and facilitated the increased use of their dangerous products through decades of deceptive conduct.  They violated Hawaiʻi law, harmed all Hawaiʻi residents, and will now be held accountable in a Hawaiʻi court.”

    The lawsuit filed today details the history of defendants’ deceptive conduct, and many of the resulting harms inflicted on the state of Hawaiʻi as a result of that conduct. Some key excerpts from the complaint filed today:

    • “Climate change has already impacted and will continue to harm Native Hawaiian traditional and customary practices including upland forest practices, traditional agriculture, and coastal and nearshore marine practices.” (para 274)
    • “As of 2021, 66 state-owned facilities have reported flooding from sea level rise and precipitation. These facilities include public housing complexes in Kāneʻohe, the Hulihe‘e Palace historic site, and the Kauaʻi and Oʻahu Community Correctional Centers.” (para 280)
    • “Moreover, 70 percent of the state’s beaches have already experienced erosion, and 13 miles of beach have been lost across the islands. These impacts will continue to worsen as the sea level rises further. By 2050, NOAA predicts that more than 90 percent of the state’s beaches will be receding.” (para 280)
    • “Climate impacts threaten Hawaiʻi water resources. As rainfall levels decline, Hawaiʻi will have decreasing access to freshwater… By 2030, the state may suffer from a freshwater shortfall of 100 million gallons per day.” (para 292)
    • “Climate change increases the threat of wildfires for Hawaiʻi. The 2023 Maui wildfires were the deadliest in modern U.S. history and the worst natural disaster in the history of the state. More than 100 lives were lost, and more than 2,200 structures were destroyed, causing $5.5 billion of damage.” (para 294)
    • “Climate change has, and will continue to have, constant, widespread, and severe impacts to the physical health of Hawaiʻi residents. Rising temperatures and intense heat waves, extreme weather events, related disruptions to health and emergency services, and increased proliferation of vector-borne disease and pathogens will and has already taken its toll.” (para 311)

    The lawsuit requests a jury trial and seeks relief in the form of compensatory, punitive, and natural resource damages; civil penalties; disgorgement of profits; and an order enjoining Defendants from engaging in the unfair or deceptive acts or practices described in the lawsuit, among others.

    A copy of the complaint as filed can be found here.

     

    * * *

     

    Media Contacts:

    Dave Day

    Special Assistant to the Attorney General

    Office: 808-586-1284                                                  

    Email: [email protected]

    Web: http://ag.hawaii.gov

     

    Toni Schwartz
    Public Information Officer
    Hawai‘i Department of the Attorney General
    Office: 808-586-1252
    Cell: 808-379-9249
    Email:
    [email protected] 

    Web: http://ag.hawaii.gov

    MIL OSI USA News

  • MIL-OSI NGOs: India: Authorities should urgently rehabilitate thousands displaced in two years of ethnic violence in Manipur

    Source: Amnesty International –

    The Government of India must prioritize humanitarian aid and immediately implement a clear, inclusive and time-bound plan for the safe and voluntary return of communities displaced by ethnic violence in Manipur, said Amnesty International, ahead of the second anniversary of the outbreak of violence.

    Since violence erupted on 3 May 2023 between the Meitei community and Kuki and other tribal hill communities, more than 50,000 internally displaced people (IDPs) from both communities continue to remain in relief camps across the state, living in inhumane conditions with limited access to healthcare, sanitation, and adequate nutrition.

    “It is unacceptable that the Indian government has failed to address the humanitarian needs and implement a comprehensive rehabilitation policy for displaced communities who remain in relief camps two years since the start of the ethnic violence in Manipur. This inaction has left tens of thousands in limbo, forced to endure life in inhumane conditions with no end in sight,” said Aakar Patel, chair of board, Amnesty International India.

    “Despite the devastating impact of the violence, including the loss of 260 lives, there has been no meaningful progress toward justice and accountability. The rehabilitation policy must also prioritize accountability for the grave human rights violations and abuses committed since May 2023.”

    According to the latest government data as per sources, more than 58,000 people are living in 281 relief camps across the state. Many others have fled to states like Mizoram and Meghalaya. Despite the imposition of President’s rule in Manipur in February 2025 which suspended the state government and extended central government’s rule in the state, the conditions have not improved.

    Fear and insecurity preventing return

    Key stakeholders in Manipur told Amnesty International that while many IDPs are desperate to return home because of the terrible living conditions, fear and insecurity persist. Numerous homes have been destroyed, while others remain occupied by vigilante groups, making return impossible without proper state intervention and guarantees of safety.

    Babloo Loitongbam, a human rights defender and lawyer from Imphal, said: “Thousands are still unable to return home – not by choice, but due to ongoing fear and insecurity.  As delays persist, frustration and resentment continue to grow among those affected… potentially creating a far more volatile and dangerous situation.”

    A community worker told Amnesty International: “If they go back to their homes, how can they sleep peacefully in a house where the roof and the walls are riddled with bullet holes? They need security and protection. And not many can afford to reconstruct their homes without assistance from the authorities.”

    Inhuman conditions in relief camps

    While the Union Home Ministry announced that it has provided INR 21,700,000 (256470 USD) for relief and rehabilitation during the 2024-25 fiscal year, the Home Minister Amit Shah on 3 April said that ‘discussions are ongoing’ regarding a rehabilitation package for the internally displaced people.

    A community worker from a relief camp, speaking on the condition of anonymity, told Amnesty International: “The health facilities in these camps are very bad. We regularly see outbreaks of measles, dysentery and fever…There are also people with illnesses like cancer and tuberculosis and many who need dialysis treatment. The only government hospital nearby doesn’t have the capacity to treat these patients and there aren’t many specialist doctors, which is worrying. We are getting some assistance from civil society and philanthropic organizations but nothing much from the state.”

    Another community worker told Amnesty International: “Sanitation is a big problem in these camps. More than 100 families are using two to three makeshift toilets right now. The living conditions are pathetic, cramped and very suffocating. My concern is also that they are provided with two meals a day and the quality of the food is not good.”

    Under international law, IDPs have the right to access to adequate housing, water, sanitation, health and other essential services, without discrimination, as anyone else living in India. The denial of access to these essential rights is a violation of the International Covenant on Economic, Social and Cultural Rights (ICESCR), which India ratified in 1979 and the UN Guiding Principles on Internal Displacement.

    Failure to ensure accountability

    Since May 2023, homes, businesses, villages, and places of worship have been burned, attacked, looted, and vandalized in the ongoing ethnic violence. Two years on, the authorities have failed to bring the suspected perpetrators of the human rights violations to account, and to provide access to justice and effective remedies for victims, thereby contributing to impunity.

    Benjamin Mate, Chairman of the Kuki Organisation for Human Rights Trust, said: “To ensure true progress in Manipur, the Government of India must appoint an independent commission to thoroughly investigate the role of senior officials, state bureaucrats, police officials, and armed groups during the ethnic violence over the past two years. Accountability is essential, and only through such a transparent and impartial inquiry can justice be delivered to the victims.”

    “The BJP-led administrations at both the state and central levels have not succeeded in bringing an end to the ongoing violence in Manipur. By consistently failing to hold those suspected of serious human rights violations accountable, the government risks signaling that such impunity will persist – ultimately paving the way for further abuses which unfortunately will impede any proposed rehabilitation policy in the coming days,” said Aakar Patel.

    MIL OSI NGO

  • MIL-OSI Asia-Pac: President of India launches Key Initiatives for Senior Citizens at ‘Ageing with Dignity’ Event at Rashtrapati Bhawan today

    Source: Government of India

    Posted On: 02 MAY 2025 3:20PM by PIB Delhi

    The President of India, Smt. Droupadi Murmu graced an event ‘Ageing with Dignity – Initiatives for the Welfare of Senior Citizens’, at Rashtrapati Bhawan Cultural Centre today (Rashtrapati Bhawan Press Release: https://pib.gov.in/PressReleasePage.aspx?PRID=2126092). The event organised by the Union Ministry of Social Justice and Empowerment witnessed the launch of the senior citizens welfare portal, the virtual inauguration of senior citizens homes, the distribution of Aids and Assistive devices and the signing of an MoU between the Department of Social Justice and Empowerment and Brahmakumaris organization. It brought together senior citizens, social organisations, school children, and spiritual leaders to reaffirm India’s traditional ethos of respecting and honouring the elderly.

     

     

    Speaking on the occasion, Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar, stated that policies are rooted in the values of respect and empathy for the elderly. The launch of the Senior Citizen Welfare Portal and the inauguration of senior citizen homes reflect the government’s strong commitment to inclusive development and active ageing. The event aimed at fostering an inclusive society for the senior citizens. It acknowledged the contribution of senior citizens, need for creating an inclusive environment, wisdom and experience bringing together diverse voices and spiritual leaders for the intergenerational bonding and welfare of our senior citizens. Other dignitaries gracing the event included Ministers of State for Social Justice and Empowerment, Dr. Ramdas Athawale and Shri B.L. Verma.

     

     

    The day began with an inspiring interaction between the President and ‘Unsung Heroes’, who have made selfless contributions to the nation across diverse fields—education, social reform, sports, arts and literature, history and community service. Some of the unsung heroes included the Padma Awardees. Their life stories and commitment to service inspired all present and underscored the quiet strength of India’s elderly population.

     

     

    A pledge was administered involving students, officials from Department, President Secretariat and other invitees symbolising intergenerational bonding and solidarity and the nation’s commitment to safeguarding the rights and dignity of senior citizens. The pledge serves as a reminder of the values of empathy, respect, and responsibility towards the elderly.

     

     

    A major highlight of the event was the launch of the Senior Citizen Welfare Portal by the President of India. The portal is envisioned as a comprehensive digital platform aimed at empowering elderly citizens through seamless access to government schemes, healthcare benefits, welfare services, and updates on relevant events. By bridging the information gap and promoting digital inclusion, it will enable senior citizens to lead more informed, independent, and fulfilling lives.

     

     

    Further strengthening the support ecosystem for the elderly, the President also virtually inaugurated five new Senior Citizen Homes located in Tawang (Arunachal Pradesh), Wokha (Nagaland), Vellore (Tamil Nadu), Anakapalli (Andhra Pradesh), and Nainital (Uttarakhand). These facilities, supported under the Ministry’s programme aligned with the Maintenance and Welfare of Parents and Senior Citizens (MWPSC) Act, are designed to provide safe, nurturing, and dignified living environments for indigent senior citizens across the country.

     

    Adding to the significance of the occasion, an MoU with the Brahma Kumaris was signed, reaffirming a collective commitment to inter-generational bonding, overall wellbeing and creating an inclusive society for the senior citizens. With decades of experience in fostering emotional balance and inner peace, the Brahma Kumaris will promote and conduct programmes on mental health, mindfulness, and spiritual enrichment for younger and older generations.

     

    Another major highlight was the distribution of Aids and Assistive Devices under the Rashtriya Vayoshri Yojana (RVY). The President handed over assistive items to eligible senior citizens, reaffirming the government’s resolve to address the health and mobility needs of the elderly. The event also highlighted the significance of preserving traditional knowledge, intergenerational values, and cultural continuity. Speakers emphasized that ‘active ageing’ is not just about physical well-being but also about emotional engagement, community participation, and mental enrichment.

     

     

     

    The event served as a platform to highlight the Government of India’s continued commitment to the welfare and empowerment of senior citizens. Through focused policy interventions, digital initiatives, and community-based support, the Ministry of Social Justice and Empowerment reiterates its dedication to ensuring that senior citizens across the country lead lives marked by dignity, security, and active participation in society.

     

    *****

    VM

    (Release ID: 2126125) Visitor Counter : 94

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: PRESIDENT OF INDIA GRACES AN EVENT ‘AGEING WITH DIGNITY’ INITIATIVES FOR WELFARE OF SENIOR CITIZENS

    Source: Government of India

    PRESIDENT OF INDIA GRACES AN EVENT ‘AGEING WITH DIGNITY’ INITIATIVES FOR WELFARE OF SENIOR CITIZENS

    ELDER PEOPLE ARE A LINK TO THE PAST AND ALSO GUIDES TO THE FUTURE, WE SHOULD VALUE THEIR GUIDANCE AND ENJOY THEIR VALUABLE COMPANY: PRESIDENT DROUPADI MURMU

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

    The President of India, Smt Droupadi Murmu graced an event ‘Ageing with Dignity’ – initiatives for the welfare of senior citizens at Rashtrapati Bhavan Cultural Centre today (May 2, 2025). The event organised by the Union Ministry of Social Justice and Empowerment witnessed the launch of the senior citizens welfare portal, the virtual inauguration of senior citizens homes, the distribution of Aids and Assistive devices and the signing of an MoU between the Department of Social Justice and Empowerment and Brahmakumaris organization.

    Speaking on the occasion, the President said that respecting parents and elders is part of our culture. It is, generally seen in families that children are very comfortable with their grandparents. Elders act as an emotional pillar for the family. Elders too remain physically and emotionally healthy when they see their family flourishing.

    The President said that in today’s competitive and quick-paced life, the support, inspiration and guidance of senior citizens is extremely important for our younger generation. Wealth of experiences and knowledge, which senior citizens have, can help the younger generation to face complex challenges. She said that old age is also a stage to spiritually empower oneself, analyze one’s life and actions, and live a meaningful life. Spiritually empowered senior citizens can lead the country and society towards greater prosperity and progress.

    The President said that elder people are a link to the past and also guides to the future. It is our collective responsibility as a nation to ensure that our seniors live their old age with dignity and activeness. She was happy to note that the Government is empowering senior citizens through various initiatives so that they can actively participate in all aspects of life. She urged all citizens to commit themselves to the happiness and well-being of the elderly, value their guidance and enjoy their valuable company.

    Please click here to see the President’s Speech- 

    ***

    MJPS/SR

    (Release ID: 2126092) Visitor Counter : 28

    MIL OSI Asia Pacific News

  • MIL-OSI Africa: Basketball Africa League (BAL) Debutant Kriol Star Defeats Home Team ASC Ville de Dakar in Overtime, Petro Beats Monastir

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

    DAKAR, Senegal, May 2, 2025/APO Group/ —

    Patrick McGlynn (29 points) and Ivan Almeida (22 points and nine rebounds) combined for 51 points and BAL debutant (BAL.NBA.com) Kriol Star (Cape Verde) beat home team ASC Ville de Dakar 95-92 in overtime on a night to remember in the packed Dakar Arena in Senegal last night. Dakar outrebounded the Star 58-34, which included 24 offensive rebounds, and led in second chance points 26-10, but finished the game with 16 turnovers, compared to the Star’s five. Makhtar Gueye led Dakar with 20 points and six rebounds, with Ater Majok adding 16 points, nine rebounds and two blocks.

    Earlier in the afternoon, the defending champion Petro de Luanda (Angola) beat the 2022 BAL champion US Monastir (Tunisia) 78-68. Four Petro players scored in double digits, including 21 points and 11 rebounds from Rigberto Mendoza. Led by Patrick Hardy Jr. (16 points), Monastir were more efficient from behind the arc (41.2 percent), but turned the ball over 21 times.

    With every team’s record tied (2 wins and 2 losses), and two games left to play for each contender, it will all come down to the final weekend of the competition. US Monastir will take on Kriol Star and ASC Ville de Dakar will face Petro de Luanda when the Sahara Conference continues on Saturday.  

    The 2025 Basketball Africa League season is reaching fans in 214 countries and territories in 17 languages through free-to-air and paid TV broadcast partnerships, including on Canal+, ESPN, FIBA’s digital platform Courtside 1891 and livestreaming on the NBA App, NBA.com, BAL.NBA.com and the BAL’s YouTube (apo-opa.co/4jATT1E) channel.

    MIL OSI Africa

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

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

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

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

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

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

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

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

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

    MIL OSI Africa

  • MIL-OSI Video: Foreign Affairs Day Celebration – 9:30 AM

    Source: United States of America – Department of State (video statements)

    Deputy Secretary of State Christopher Landau and Senior Bureau Official Lew Olowski deliver remarks at the Department of State’s 60th annual Foreign Affairs Day celebration, on May 2, 2025.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    X: https://x.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: https://www.state.gov/department-email-updates/

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
    White House website: https://www.whitehouse.gov/
    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=vOq__cvz85Y

    MIL OSI Video

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

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

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

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

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

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

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

    Presenter: Baroness Walmsley

    Music: Universfield on Pixabay

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

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

    MIL OSI Video

  • MIL-OSI Video: Gaza, Sudan & other topics – Daily Press Briefing | United Nations

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:

    – Gaza
    – Occupied Palestinian Territory
    – Sudan
    – Democratic Republic of the Congo
    – Afghanistan
    – Resident Coordinator – Maldives
    – Briefing Today

    GAZA
    In a statement today, Tom Fletcher, the Emergency Relief Coordinator, said that the hostages in Gaza must be released, but international law is unequivocal: As the occupying power, Israel must allow humanitarian support in. Aid, and the civilian lives it saves, should never be a bargaining chip, he said.
    Mr. Fletcher said that the humanitarian movement is independent, impartial and neutral and believes that all civilians are equally worthy of protection. But as the UN Secretary-General has made clear, the latest modality proposed by Israeli authorities does not meet the minimum bar for principled humanitarian support.
    He called on the Israeli authorities to lift this brutal blockade and let humanitarians save lives. And he told the civilians of Gaza: We won’t give up, even if the world has given you every reason to give up on us.

    OCCUPIED PALESTINIAN TERRITORY
    The Office for the Coordination of Humanitarian warns that humanitarian operations continue to be stifled by severe movement restrictions inside Gaza, as well as military activity and attacks that jeopardize the safety of aid workers and their premises.
    Recent strikes have reportedly hit residential buildings and tents sheltering displaced people, especially in Rafah and eastern Gaza City. As of this Tuesday, our humanitarian partners estimate that more than 423,000 people in Gaza have been displaced once again, with no safe place to go.
    With most commodities unavailable, attacks on humanitarian convoys and looting are increasing, including two incidents in Gaza City yesterday. This not only endangers the lives of aid workers but also disrupts their operations.
    The World Health Organization and its partners report severe shortages of vital medicines and medical equipment. They also warn that acute watery diarrhea cases have risen by 4 per cent compared to previous weeks, as the weather gets warmer and hygiene conditions continue to deteriorate.
    Meanwhile, our colleagues on the ground have not been enabled to retrieve remaining stocks of desperately needed fuel located in areas that require coordination with Israeli authorities. Eight out of nine such attempts have been denied by the Israeli authorities since mid-April.
    Our partners working to provide child protection support warn that children – who make up half of Gaza’s population – face escalating levels of trauma, violence and neglect, as ongoing military operations, mass displacement, and funding shortages disrupt education and critical child protection services.
    Meanwhile, in the West Bank, today marks 100 days since the Israeli operation in northern areas began, causing a wave of deaths, injuries, destruction and displacement. To date, some 40,000 Palestinians remain displaced and unable to return to their homes.
    The UN and our partners continue to respond to the deepening needs of displaced families, including by providing food, water and sanitation assistance, health services, psycho-social support and cash assistance. Since the beginning of the Israeli forces’ operation in the northern West Bank on 21 January, and as of yesterday, nearly 7,000 families have received a first round of cash assistance.

    Full Highlights: https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=01+May+2025

    https://www.youtube.com/watch?v=gbIzhVGa3mk

    MIL OSI Video

  • MIL-OSI Asia-Pac: “A Studio Called India:” Ernst & Young Report to be Released at WAVES 2025 tomorrow

    Source: Government of India

    Posted On: 02 MAY 2025 2:36PM by PIB Mumbai

    Mumbai, 2 May 2025

     

    India’s rise as a global content powerhouse is the focus of the report “A Studio Called India” by Ernst & Young which will be unveiled tomorrow at WAVES 2025 in Mumbai. The report underlines India’s growing influence in the global media and entertainment (M&E) landscape, driven by its expanding digital market, cultural diversity, and advanced production capabilities:

    • India’s diverse culture and advanced infrastructure make it a creative powerhouse
    • Animation and VFX costs are 40% to 60% lower in India and there is a large skilled workforce to support global production workflows
    • Indian content is gaining international acceptance, with up to 25% of views on global OTT platforms being generated outside of India

    The report aims to highlight India’s impressive growth and innovation in the M&E sector, positioning the country as a leader in global content creation. India is rapidly becoming a global content hub, driven by its expanding digital market, diverse cultural and linguistic heritage, and rich storytelling traditions that resonate with audiences worldwide.

    Key highlights of the Report will include:

    • Digital media takeover: In 2024, digital media overtook television to become the largest segment of India’s M&E sector, contributing over INR800 billion (US$9.4 billion) and accounting for 32% of sector revenues.
    • Content production: India produced approximately 200,000 hours of original content last year, including 1,600 films, 2,600 hours of premium OTT content, and 20,000 original songs. This positions India as one of the largest content- creation houses globally.
    • Technological advancements: AI and new technologies are revolutionizing the content industry in India. AI-driven platforms enhance the efficiency and quality of content production, enabling rapid creation of professional-grade videos, images, text, and music.
    • Live events surge: In 2024 alone, India hosted over 30,000 live events, including concerts featuring global artists like Ed Sheeran and Coldplay. Ticketed events have quadrupled in the last five years, highlighting the growing appetite for live entertainment.

    Talent pool expansion: The M&E sector employs 2.8 million people directly, with an additional 10 million in indirect employment. India’s scalable talent advantage is bolstered by its diverse cultural and linguistic landscape, fostering a thriving content ecosystem.

     

    * * *

    PIB TEAM WAVES 2025 | Rajith/ Lekshmipriya/ Darshana | 142

    (Release ID: 2126107) Visitor Counter : 21

    MIL OSI Asia Pacific News

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

    Source: Government of India

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

    Mumbai, 2 May 2025

     

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

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

    Key insights from the report will include:

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

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

     

    * * *

    PIB TEAM WAVES 2025 | Rajith/ Lekshmipriya/ Darshana | 141

    (Release ID: 2126106) Visitor Counter : 18

    MIL OSI Asia Pacific News

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

    Source: Hong Kong Government special administrative region

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

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

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

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

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

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

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

    Commentary

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

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

    Further information

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

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

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

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

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

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

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

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

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

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

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Crowd safety management measures and special arrangements for Cheung Chau Jiao Festival’s “floating colours” parade

    Source: Hong Kong Government special administrative region

    Police announced today (May 2) that the “floating colours” parade in Cheung Chau on May 5 is expected to draw a large number of spectators. Crowd safety management measures and special arrangements will be implemented. Police urge members of the public to plan their trips in advance.
     
    A. Crowd safety management measures
     
         Depending on crowd conditions, crowd safety management measures will be implemented on the following roads:
     
    – Pak She Street;
    – â� San Hing Street;
    – Tung Wan Road;
    – Praya Street;
    – Tai San Praya Road;
    – Tai Hing Tai Road;
    – Chung Hing Street;
    – Tai Tsoi Yuen Road;
    – Tai San Back Street;
    – Hing Lung Main Street;
    – â� San Hing Back Street;
    – Man Shun Lane; and
    – Kwok Man Road.
     
         “No staying zones” will be set up outside Cheung Chau Ferry Pier, Cheung Chau Public Pier and Shing Cheong Lane, where members of the public are prohibited from staying.
     
         Members of the public are advised to exercise tolerance and patience, and take heed of instructions of the Police on site. They are also reminded to look after the accompanying children and elderly.
     
    B. Ferry services
     
         To facilitate the dispersal of spectators from the “floating colours” parade, the ferry company will increase the frequency of trips between Central and Cheung Chau. Members of the public are advised to pay attention to the latest arrangements announced by the ferry company before leaving home.
     
         Police anticipate that the peak period for individuals departing from Cheung Chau will occur from 5pm to 6pm. During this time, those queuing at Cheung Chau Ferry Pier are advised to exercise patience and take heed of instructions of the Police on site. Members of the public are advised to avoid the peak time unless necessary.

    MIL OSI Asia Pacific News

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

    Source: Bank for International Settlements

    Intoduction

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

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

    Key metrics of the Cypriot Economy

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

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

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

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

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

    Domestic Economy

    Growth Outlook

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

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

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

    Fiscal Developments and Public Debt Reduction

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

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

    Inflation Trends

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

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

    The Cyprus Banking Sector

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

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

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

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

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

    Conclusion

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

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

    Thank you.

    MIL OSI Global Banks

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

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

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

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

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

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

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

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

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

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

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

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

    Threats from the state

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

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

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


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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Impunity is a fact of life

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

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

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

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

    News report by Al Jazeera English (February 2023)

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

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

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

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

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

    Safer, better ways of working

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

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

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

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

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

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




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


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

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

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

    Hostile environment puts progress at risk

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

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

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

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

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

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

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

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

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

    International impotence

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

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

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

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

    Journalist Lydia Cacho speaking at the 2020 Camden Conference.

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

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

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

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

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

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

    Activism is a risky business

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

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

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

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

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

    Journalism as the solution

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

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

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

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


    For you: more from our Insights series:

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

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

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

    MIL OSI – Global Reports

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

    Source: Bank for International Settlements

    Introduction

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

    Australia’s capital account and FX markets since the float

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

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

    MIL OSI Economics

  • MIL-OSI United Kingdom: UKHSA publishes new analysis of health inequalities in England

    Source: United Kingdom – Executive Government & Departments

    News story

    UKHSA publishes new analysis of health inequalities in England

    Data shows current state of health inequalities caused by infectious diseases, as well as environmental health hazards

    As part of its commitment to achieving equitable health security outcomes for everyone, the UK Health Security Agency is publishing (Friday 2 May) comprehensive new data, the Health Inequalities in Health Protection report. The report provides a high-level summary of the current state of health inequalities in England caused by infectious diseases, as well as environmental health hazards.

    The analysis mainly uses hospital admissions as a measure of infectious disease levels; key findings include:

    • people living in the 20% most deprived areas in England are almost twice as likely to be admitted to hospital due to infectious diseases than the least deprived
    • those living in the North-West are 30% more likely to be hospitalised for an infectious disease (3,600 per 100,000 admissions for Sept 23-Aug 24), compared to the England average (2,800 per 100,000)
    • areas of high levels of deprivation typically experience higher levels of air pollution than less deprived and less ethnically diverse areas
    • the scale of inequalities between ethnic groups varies by specific disease. For example, emergency admission rates for tuberculosis were 29 times higher for ‘Asian other ‘, 27 times higher for ‘Indian’ and 15 times higher for ‘Black African’, compared to ‘White British’
    • As well as the costs to the social, physical and mental health of our communities, it was estimated that inequalities in emergency infectious disease hospital admissions cost the NHS between £970 million and £1.5 billion in 2022-23.

    People living in deprived communities experience higher emergency hospital admission rates, compared to the least deprived communities; the data show these are:

    • twice as high for respiratory diseases in general and up to seven times higher specifically for tuberculosis and six times higher for measles.
    • twice as high for invasive infections in general, and up to 2.5 times higher specifically for sepsis
    • 1.7 times higher for gastrointestinal diseases

    People from more deprived areas are also disproportionately impacted by radiation, chemical, climate and environmental hazards through their exposure, direct impact on their health, and the exacerbation of existing health conditions​. Areas with high levels of deprivation typically have higher levels of air pollution than less deprived and less ethnically diverse areas.

    Dr Leonora Weil, Deputy Director for Health Equity and Inclusion at UKHSA said:

    The report reveals some stark facts on the state of inequalities in health security faced by some people, in particular those living in the most deprived communities and certain areas of the country, some ethnic groups, as well as excluded groups such as those experiencing homelessness.

    These health protection inequalities – where there are poorer health outcomes based on where you live, your socio-economic status or ethnicity are avoidable, pervasive, and preventable. That is why it is so important to shine a light on these findings to increase action to support communities to live longer and in better health.

    Going forward our data and analysis of the evidence will help us, and our partners apply a health equity lens to all our health security work, to inform how we better target effective health services and wider interventions to those most at need.

    This report is just the start. We need to build on these insights, as only through persistent and dedicated effort across all health organisations will we make a real difference to helping all people live longer and in better health.

    UKHSA’s approach to reducing health inequalities in health protection involves:

    • building our understanding of the people and places that experience these inequalities
    • taking a ‘people and place’ approach, working with local and national systems to support integrated, tailored and accessible interventions that better meet the needs of different communities and groups
    • working in partnership across national and local government, the NHS, the voluntary, faith and charity sector and communities themselves
    • equipping the UKHSA workforce with the capacity and capability to address inequalities in health protection in everything we do

    Inclusion health groups, such as people seeking asylum, people in prison, people experiencing homelessness and people who inject drugs are often disproportionately impacted by a range of infectious diseases. For example, it is estimated that over 80% of people in England living with chronic Hepatitis C have an injecting drug history. However, inclusion health groups are often not visible in routine health surveillance data.

    In addition to the social, physical and mental health costs to our communities, health inequalities also have a significant economic burden. It was estimated that inequalities in emergency infectious disease hospital admissions cost the NHS between £970 million and £1.5 billion in 2022-23. In a recent UKHSA report summarising infectious disease trends, it was estimated that infectious diseases were the primary reason for over 20% of hospital bed usage, at an annual cost of almost £6bn in 2023 to 2024.

    Updates to this page

    Published 2 May 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Would be street racers warned of consequences of breaching ban

    Source: City of Wolverhampton

    It comes after another individual admitted being in contempt of court following an incident of street racing, also known as car cruising, in Bearwood, Smethwick in late March.

    Qamar Hussain, of William Road, Smethwick, appeared before the High Court in Birmingham on Thursday 25 April and admitted racing against another vehicle along the Hagley Road between Wolverhampton Road and Bearwood Road. He received a 21 day custodial sentence, suspended for 12 months, and ordered to pay £2,950.30 in costs.

    The High Court injunction, led by the City of Wolverhampton Council on behalf of Dudley Council, Sandwell Council and Walsall Council and supported by West Midlands Police, prohibits people from participating in, as a driver, rider or passenger, street racing; from promoting, organising or publicising gatherings; or from participating as a spectator.

    The injunction covers the whole of the boroughs of Wolverhampton, Dudley, Sandwell and Walsall and anyone found to be breaching it will be in contempt of court and may be imprisoned, fined or have their assets seized. They may also be ordered to pay the council’s legal costs of any hearing.

    Councillor Obaida Ahmed, the City of Wolverhampton Council’s Cabinet Member for Digital and Community, said: “The existence of the street racing injunction is widely known across the Black Country, but we are still seeing occasional incidents such as the one which occurred in Smethwick in March.

    “As we have seen once again, the court will not hesitate to take tough action against anyone who breaches the injunction.

    “We know that street racing activity typically increases with the lighter nights and warmer weather of spring and summer, and anyone who is thinking of taking part in this wholly anti social activity should recognise the severe consequences that they will face.”

    Councillor Suzanne Hartwell, Sandwell Council’s Deputy Leader and Cabinet Member for Neighbourhoods and Community, added: “Street racing puts people’s lives at risk and can lead to tragedies on our roads.

    “This is the 10th person we have taken to court for breaching the injunction by racing on Sandwell’s roads, and we will continue to work in partnership with the police and other Black Country councils to respond to people’s concerns and protect our communities.”

    For more information about the street racing injunction, including copies of the latest documentation and court orders, including very recent orders made on 29 and 30 April, please visit the street racing pages of the applicants – Wolverhampton, Walsall, Sandwell, or Dudley – which are in the process of being updated.

    Incidents of street racing in Wolverhampton should be reported via asbu@wolverhamptonhomes.org.uk and in Sandwell at Report anti social behaviour, or to West Midlands Police on 101. In an emergency, always dial 999.

    Police are also inviting members of the public to submit dash cam or mobile phone footage of street racing events or dangerous driving via its Op Snap website.

    The High Court originally granted the full and final injunction in February 2024 with the injunction and power of arrest remaining in force until at least 2027 subject to annual review, the next of which is scheduled to take place on 26 February, 2026 at the High Court of Justice, King’s Bench Division, Birmingham District Registry at Birmingham Civil and Family Justice Centre, The Priory Courts, 33 Bull Street, Birmingham, B4 6DS.

    Any existing defendants who wish to file any evidence in respect of the review hearing should do so no later than 14 days before the hearing by writing to FAO: Black Country Car Cruise, Legal Services, City of Wolverhampton Council, Civic Centre, St Peter’s Square, Wolverhampton WV1 1RG, emailing litigation@wolverhampton.gov.uk or calling 01902 556556.

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Rapist who posed as professional photographer has sentence increased

    Source: United Kingdom – Government Statements

    Press release

    Rapist who posed as professional photographer has sentence increased

    A sexual predator who posed as a photographer to lure women to his home before sexually abusing them has sentence increased after Solicitor General intervenes.

    Anthony Williams (40), from Gloucester, has had his eight-year sentence increased to 12 years by the Court of Appeal after the Solicitor General referred his case under the Unduly Lenient Sentence (ULS) scheme.

    The court heard that Williams pretended to be a professional photographer, approaching women online and luring them to his makeshift studio at his home.

    During the photoshoot, Williams encouraged the women to undress before he sexually abused them.

    He carried out 17 attacks over the course of nine photoshoots between July 2021 and December 2021.

    In victim impact statements several women spoke about how much Williams had impacted their mental health. One victim said: “I find myself feeling like a mere shadow of my former self.”

    The Solicitor General Lucy Rigby KC MP said:

    Williams exploited and manipulated women into thinking they were taking part in professional photo shoots but this was just part of a grim scheme to brutally assault them for his own sexual gratification.

    Protecting women and girls is an absolute priority for this government and I would like to offer my sympathies to the victims. I welcome the court’s increase to this sentence.

    Anthony Williams was sentenced to eight years’ imprisonment on 22 January 2025 after a jury at Gloucester Crown Court found him guilty of 14 counts of sexual assault, two counts of assault by penetration and one count of rape. The court also imposed a Sexual Harm Prevention Order for life.

    On 15 April 2025 at the Court of Appeal, Anthony Williams had his sentence increased to 12 years.

    Updates to this page

    Published 2 May 2025

    MIL OSI United Kingdom

  • MIL-OSI: Municipality Finance issues a EUR 50 million tap under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    2 May 2025 at 11:00 am (EEST)

    Municipality Finance issues a EUR 50 million tap under its MTN programme

    On 5 May 2025 Municipality Finance Plc issues a new tranche in an amount of EUR 50 million to an existing benchmark issued on 29 August 2024. With the new tranche, the aggregate nominal amount of the benchmark is EUR 1.150 billion. The maturity date of the benchmark is 29 August 2029. The benchmark bears interest at a fixed rate of 2.500 % per annum.

    The new tranche is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 5 May 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.

    NatWest Markets N.V acts as the Dealer for the issue of the new tranche.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

    MuniFin builds a better and more sustainable future with its customers. Our customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network

  • MIL-OSI Economics: Sanjay Malhotra: India – a partner in progress and prosperity

    Source: Bank for International Settlements

    I am very happy to be here amongst you in this historic location. I thank CII and USISPF for giving me this opportunity to be present here and share my thoughts. Both CII and USISPF have played important roles in fostering partnerships in trade, technology, investment and innovation between India and USA. I compliment them for their efforts in strengthening the bond between two important economies. In my remarks today, I wish to present my perspective on how India is poised to be a dynamic powerhouse of opportunities, innovation, and sustainable growth in the years to come.

    The Indian economy has demonstrated remarkable resilience and dynamism. Over the past four years (2021-22 to 2024-25), it has recorded an average annual growth rate of 8.2 per cent. It was and continues to be the fastest-growing major economy in the world. This is a significant step up from the average growth rate of 6.6 per cent in the preceding decade (2010 to 2019).

    Even this year, our growth is expected to remain robust at 6.5 per cent. This is despite the tremendous increase in uncertainty and volatility in global financial markets. While this rate is lower than in recent years and falls short of India’s aspirations, it remains broadly in line with past trends and the highest among major economies.

    No wonder, over the last ten years, we have leapfrogged from the tenth largest economy to the fifth. In terms of purchasing power parity, we are already third. Even nominally, we are poised to become the third largest economy shortly. We aspire to become Viksit Bharat, i.e., a developed economy by 2047, when we complete 100 years of our independence. While there is indeed a scope for India’s growth trajectory to rise over the medium to long-term, I am sanguine of our continued success. There are a lot of positive factors that give me this confidence. Let me outline a few of these.

    Policy continuity and stability

    First and foremost, we are all aware of the research that shows that political and policy stability with certainty are prerequisites for long-term planning of investments to fuel growth in any economy. Our vibrant democracy has been able to ensure the same, especially since the initiation of economic reforms, despite change of political parties in government. Economic liberalisation focusing on market oriented policies has been a consistent theme across successive governments. While the pace and specific focus of reforms may have varied from time to time, the commitment to a more market-oriented economic structure has not changed. In a phased manner, almost all sectors have been opened up to 100% foreign direct investment (FDI). Almost 90% of the FDI is now under the automatic route. In the recent years, we have introduced a series of liberalisation measures to further open up the economy, particularly in key sectors such as Defence, Insurance, Petroleum & Natural Gas, Telecom, and Space.

    MIL OSI Economics